Press Release

Press Release

May 06, 2026

MOTHI SPINNER PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	550.00	ACUITE A- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	15.00	-	ACUITE A2+ \| Reaffirmed	RBI
Total Outstanding	0.00	565.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed its long-term rating of ‘ACUITÉ A-’ (read as ACUITÉ A minus) and short-term rating of ‘ACUITÉ A2+’ (read as ACUITÉ A two plus) on the Rs.565.00 crore bank facilities of Mothi Spinner Private Limited (MSPL). The outlook is ‘Stable’.

Rationale for rating
The reaffirmation reflects the company’s sustained operating performance, supported by stable revenue albeit moderation in EBITDA margins and moderate working capital operations. The rating also factors in the extensive support from the promoters, and established customer and supplier relationships further supported by adequate liquidity position. The rating however remained constrained by moderate financial risk profile, vulnerability of profitability to input price volatility and stiff competition.

About the Company

Mothi Spinner Private Limited (MSPL) incorporated in 2000 is engaged in manufacturing of Viscose yarn. Besides regular viscose yarn, the company also manufactures viscose-flax yarn, viscose polyester, viscose cotton blend and various other types of yarn. The manufacturing facilities are located at Pallipalayam (Erode). The company is currently promoted by Mr. G. Rajamanickam, Mr. M. Chandrasekarran, Mr. G. Doraisamy, Mr. K. P. Balakrishnan, and Mr. V. Srinivasan.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has taken a standalone view of business and financial risk profile of MSPL to arrive at this rating.

Key Rating Drivers

Strengths

Experienced management with long track record of operations
MSPL was promoted by Mr. G. Rajamanickam, Mr. M. Chandrasekaran, Mr. G. Doraisamy, Mr. K. Subramani, Mr. K. P. Balakrishnan, and Mr. V. Srinivasan. The current management has more than three decades of experience in the textile business through other group concerns. Acuité believes that the experienced management is likely to help in the improvement of the business risk profile in the medium term.

Stable operating performance
The company reported an increase in revenue to Rs. 1,382.02 Cr. in FY25 from Rs. 1,212.36 Cr. in FY24, driven by improved price realizations and higher sales volumes. In FY26, revenues moderated to Rs. 1,320.00 Cr., primarily due to lower sales volumes. Operating profitability moderated during FY25, with operating profit margins stood at 11.61 percent as against 12.60 percent in FY24 and improved to 12.38 percent in FY26 (Est.). Overall, operating margins have remained range bound between 11 to 13 percent over the past three years. Further, profitability benefited from cost efficiencies, with nearly 90 percent of power requirements being met through captive sources. The PAT margin improved to 2.27 percent in FY25 from 1.85 percent in FY24 due to decrease in the interest cost.
Acuité believes that the operating performance of the company will improve over the medium term backed by improved operational efficiencies.

Moderate working capital management
The company’s working capital operations remain moderate, as reflected by gross current assets (GCA) days of 94 days as on March 31, 2025 and March 31, 2024. Inventory levels were stable at 31 days in both FY25 and FY24. Debtor days improved marginally to 49 days in FY25 from 51 days in FY24, against an average credit period of around 60 days extended to customers. Creditor days stood at 6 days in FY25 compared to 7 days in FY24, as the company receives limited credit from its major supplier, Grasim Industries. Further, the company has high reliance on bank borrowings, with average utilisation of cash credit limits at around 87.80 percent during the six months ended February 2026.
Acuite believes that, the working capital operations of the company would remain moderate in the near to medium term.

Weaknesses

Moderate financial risk profile
The company has moderate financial risk profile supported by an improvement in its tangible net worth, which stood at Rs. 276.12 Cr. as on March 31, 2025, compared to Rs. 244.63 Cr. as on March 31, 2024 due to accretion of profits to reserves. The gearing stood at 1.64 times as on March 31, 2025 from 1.99 times as on March 31, 2024. As on March 31, 2025, total debt comprised long-term borrowings of Rs. 149.64 Cr., unsecured loans of Rs. 1.69 Cr., short-term borrowings of Rs. 203.62 Cr. and CPLTD of Rs. 98.55 Cr. Further, the interest coverage ratio (ICR) marginally improved to 3.67 times in FY25 from 3.13 times in FY24, while the debt service coverage ratio (DSCR) moderated slightly to 1.08 times from 1.12 times. The total outside liabilities to tangible net worth (TOL/TNW) ratio improved to 1.88 times in FY25 from 2.27 times in FY24.
Acuité believes that the financial risk profile of the company will improve over the medium term backed by steady accruals and absence of major debt funded capex.

Susceptibility of profitability to input price volatility and increasing competition
Leading players like MSPL depend on domestic VSF producers like Grasim and imports for their raw material requirements. The profitability is susceptible to changes in the prices of these raw material i.e. viscose staple fibre (VSF), any adverse price movement are likely to impact the operating margins of VFY manufacturers. Recently the industry has been facing competition from imports of VFY from countries like China which has impacted the margins of players.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

Sustain growth in revenues and improvement in profitability margins
Improvement in financial risk profile with DSCR above 1.80 times on a sustained basis

Potential triggers (individual or collective) for a downward rating action:

Significant decline in revenues and profitability margins
Deterioration in financial risk profile on the back of unexpected debt funded capex or higher working capital requirements
Elongation in working capital cycle above 100 days

Liquidity Position

Adequate

The company’s liquidity position is adequate marked by net cash accruals of Rs. 107.11 Cr. in FY25 against maturing debt obligations of Rs. 95.59 Cr. over the same period. Going forward, cash accruals are estimated to remain in the range of Rs. 124–138 Cr. during FY26 to FY28, while the corresponding debt repayments are expected to be lower, in the range of Rs. 38–65 Cr. Further, the company has high reliance on bank borrowings, with average utilisation of cash credit limits at around 87.80 percent during the six months ended February 2026. The company has cash and bank balance of Rs. 0.90 Cr. as on March 31, 2025, while the current ratio stood at 1.07 times as on March 31, 2025.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	1382.02	1212.36
PAT	Rs. Cr.	31.44	22.47
PAT Margin	(%)	2.27	1.85
Total Debt/Tangible Net Worth	Times	1.64	1.99
PBDIT/Interest	Times	3.67	3.13

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
05 Feb 2025	Term Loan	Long Term	6.13	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	5.25	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.53	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	7.54	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	13.21	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	1.68	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	29.75	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	39.75	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.83	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	30.35	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	3.94	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	10.12	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	86.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	27.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	7.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	5.01	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	18.25	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	6.47	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	70.56	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.62	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	13.82	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	8.13	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	17.08	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	21.76	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	12.52	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.02	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	4.46	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	13.45	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Cash Credit	Long Term	2.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Proposed Long Term Bank Facility	Long Term	0.81	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	24.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	7.96	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	8.46	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	0.54	ACUITE A- \| Stable (Assigned)
	Letter of Credit	Short Term	5.00	ACUITE A2+ (Upgraded from ACUITE A2)
	Letter of Credit	Short Term	10.00	ACUITE A2+ (Upgraded from ACUITE A2)
	Letter of Credit	Short Term	5.00	ACUITE A2+ (Upgraded from ACUITE A2)
	Letter of Credit	Short Term	5.00	ACUITE A2+ (Assigned)
08 Nov 2023	Letter of Credit	Short Term	5.00	ACUITE A2 (Downgraded from ACUITE A2+)
	Letter of Credit	Short Term	10.00	ACUITE A2 (Downgraded from ACUITE A2+)
	Letter of Credit	Short Term	5.00	ACUITE A2 (Downgraded from ACUITE A2+)
	Cash Credit	Long Term	2.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Proposed Long Term Bank Facility	Long Term	0.24	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	17.76	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	61.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	27.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	7.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	8.95	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	18.25	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.25	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	10.38	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	85.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	2.90	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	4.16	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	2.12	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	9.62	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	2.95	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	12.65	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	6.81	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	15.93	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	2.69	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	19.75	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	3.20	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	41.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	6.43	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	20.18	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	10.93	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	27.36	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	26.35	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	15.44	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	3.03	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	8.49	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	7.00	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	18.00	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	16.18	ACUITE BBB+ \| Stable (Downgraded from ACUITE A- \| Stable)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	86.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	27.00	Simple	ACUITE A- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	17.00	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	71.75	Simple	ACUITE A- \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	29.75	Simple	ACUITE A- \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	39.75	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A- \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A2+ \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A2+ \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A2+ \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.78	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Oct 2024	Not avl. / Not appl.	31 May 2029	13.88	Simple	ACUITE A- \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Sep 2024	Not avl. / Not appl.	25 Sep 2029	6.76	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	14 Jun 2024	Not avl. / Not appl.	14 Dec 2029	5.63	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Nov 2025	Not avl. / Not appl.	04 Apr 2028	9.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Nov 2025	Not avl. / Not appl.	27 Mar 2031	11.63	Simple	ACUITE A- \| Stable \| Reaffirmed
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2023	Not avl. / Not appl.	29 Feb 2028	8.80	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Jun 2023	Not avl. / Not appl.	12 May 2029	47.81	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Jul 2024	Not avl. / Not appl.	04 Jun 2028	1.20	Simple	ACUITE A- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2022	Not avl. / Not appl.	30 Jun 2026	2.92	Simple	ACUITE A- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Aug 2024	Not avl. / Not appl.	29 Jul 2028	1.72	Simple	ACUITE A- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Jan 2024	Not avl. / Not appl.	31 Dec 2027	0.87	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Oct 2021	Not avl. / Not appl.	30 Mar 2028	6.22	Simple	ACUITE A- \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Dec 2023	Not avl. / Not appl.	18 Nov 2027	1.33	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Sep 2023	Not avl. / Not appl.	21 May 2028	17.92	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Sep 2021	Not avl. / Not appl.	25 Aug 2027	4.89	Simple	ACUITE A- \| Stable \| Reaffirmed
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Apr 2023	Not avl. / Not appl.	27 Feb 2029	4.60	Simple	ACUITE A- \| Stable \| Reaffirmed
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Jan 2023	Not avl. / Not appl.	07 Sep 2028	14.34	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Feb 2024	Not avl. / Not appl.	28 Feb 2028	7.78	Simple	ACUITE A- \| Stable \| Reaffirmed
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Jan 2024	Not avl. / Not appl.	07 Dec 2026	0.67	Simple	ACUITE A- \| Stable \| Reaffirmed
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A- \| Stable \| Reaffirmed
INDUSIND BANK LIMITED	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	55.00	Simple	ACUITE A- \| Stable \| Reaffirmed

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Anuja Bele
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁴ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.