Press Release June 20, 2025 NKG INFRASTRUCTURE LIMITED Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	290.00	ACUITE C | Downgraded	-
Bank Loan Ratings	100.00	ACUITE D | Downgraded	-
Bank Loan Ratings	555.00	-	ACUITE A4 | Downgraded
Bank Loan Ratings	495.00	-	ACUITE D | Downgraded
Total Outstanding	1440.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has downgraded its long-term rating to 'ACUITE D' (read as ACUITE D) from 'ACUITE BBB+'(read as ACUITE triple B plus) on Rs.100.00 Cr. bank facilities of NKG Infrastructure Limited (NKG). Acuité has downgraded its long-term rating to 'ACUITE C' (read as ACUITE C) from 'ACUITE BBB+'(read as ACUITE triple B plus) on Rs. 290.00 Cr. bank facilities of NKG Infrastructure Limited (NKG). Acuité has downgraded its short-term rating to 'ACUITE D' (read as ACUITE D) from 'ACUITE A2+' (read as ACUITE A two plus) on the Rs. 495.00 Cr. bank facilities of NKG Infrastructure Limited (NKG). Acuité has downgraded its short-term rating to 'ACUITE A4' (read as ACUITE A four) from ‘ACUITE A2+' (read as ACUITE A two plus) on Rs. 555.00 Cr. bank facilities of NKG Infrastructure Limited (NKG). Rationale for Downgrade The rating downgrade is on account of instances of delay in servicing of debt obligation by the company in the recent past as per written confirmation received from the banker's and the same has been reflected in its credit information bureau report (CRIF). This includes LC devolvements, delays in repayment of principal and interest on term loans, and continuous overdrawals in working capital facilities.

About the Company

­NKG was originally set up by Mr. Naresh Kumar Garg and his family members in 1976 as a partnership firm, NK Garg and Company. In 1989 the company was reconstituted as Private limited and in 2005 as Public limited Company. During its initial years of operations, NKG was involved in construction of roads in and around Ghaziabad (Uttar Pradesh). With 30 years of experience in the construction industry, NKG has completed over 500 infrastructure projects in 15 different Indian states across various sectors like roads, bridges, buildings, water and sewage treatment plants, water pipelines, rainwater harvesting, electric transmission distribution stations/substations, and solar power plants. Major clients of the company are the public limited and Government owned like National Highway Authority of India (NHAI), Public Works Department in major states (PWD), Airport Authority of India (AAI), Employees’ State Insurance (ESI), HSCC, NBCC, CPWD, DG-MAP, AIMS, MES, B&R Company India Limited, UPRNN etc.

Unsupported Rating

­Not applicable

Analytical Approach

­Acuité has taken a standalone view of the business and financial risk profile of NKG Infrastructure Limited to arrive at the rating.

Key Rating Drivers

Strengths

­Established track record of operations NKG was originally set up by Mr. Naresh Kumar Garg and his family members in 1976 as a partnership firm, NK Garg and Company. The firm was reconstituted as a private limited company, NK Garg and Company Pvt Ltd, in 1989, changed the name as NKG Infrastructure Pvt Ltd in 2005 and as a public limited company with the current name in 2006. The company has a long track record of more than four decades in the execution and construction of infrastructure projects in different states.

Weaknesses

Instance of delays in servicing of debt obligation There have been recurring delays in the servicing of debt obligations by the company in the recent past as per written confirmation received from the banker's and the same has been reflected in its credit information bureau report (CRIF). The account has been classified as SMA-1 by the bankers.

ESG Factors Relevant for Rating

­The infrastructure development industry has a significant social impact since it is a labour-intensive business. Further, community support and development, employee safety and human rights are material factors from the social perspective. Governance issues that assume relevance include board and management compensation, shareholders rights and board diversity. The extent of direct or indirect emissions and the efficiency of deployment of vehicle fleets and heavy machinery has a considerable impact in the environmental performance of this industry. Since material costs are relatively high, strategies should be in place to reduce wastages and recycle raw materials to the extent possible to minimise the environmental impact.  NKG adheres to execute the project with consistent cost control and quality assurance. The social initiatives of NKG includes activities like eye donation camps, blood donation camps, plantation activities and development of 200 houses for labour forces. The company conducts the social events for the upliftment of labour forces. On the corporate governance front, the company applies internal governance structures such as Code of Conduct, Business Excellence Model and Code of corporate disclosure policies. Also, the NKG has separate Audit Committee and Nomination and Remuneration Committee.

Rating Sensitivities

­Timely servicing of debt obligations

Liquidity Position

Poor

­Liquidity position of the company is poor as there have been instances of delays in servicing of debt obligations in recent past.

Outlook: Not Applicable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 24 (Actual)	FY 23 (Actual)
Operating Income	Rs. Cr.	2249.98	1527.51
PAT	Rs. Cr.	45.72	59.59
PAT Margin	(%)	2.03	3.90
Total Debt/Tangible Net Worth	Times	0.30	0.33
PBDIT/Interest	Times	3.18	3.52

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 • Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.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 03 Jan 2025 Bank Guarantee (BLR) Short Term 140.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 100.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 395.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 50.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 97.50 ACUITE A2+ (Reaffirmed) Proposed Bank Guarantee Short Term 100.00 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 77.50 ACUITE A2+ (Reaffirmed) Bank Guarantee (BLR) Short Term 90.00 ACUITE A2+ (Reaffirmed) Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 35.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 7.64 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.01 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 22.50 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 17.50 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE BBB+ | Stable (Reaffirmed) Proposed Cash Credit Long Term 64.65 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 5.39 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 9.90 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 12.10 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.18 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.59 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 7.03 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.90 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 0.81 ACUITE BBB+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 23.20 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.08 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.40 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.27 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.34 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.65 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 0.51 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 0.47 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 4.19 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 2.04 ACUITE BBB+ | Stable (Assigned) Proposed Long Term Loan Long Term 28.65 ACUITE BBB+ | Stable (Assigned) 03 Jul 2024 Bank Guarantee (BLR) Short Term 395.00 ACUITE A2+ (Downgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 100.00 ACUITE A2+ (Downgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 90.00 ACUITE A2+ (Downgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 50.00 ACUITE A2+ (Downgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 140.00 ACUITE A2+ (Downgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 97.50 ACUITE A2+ (Downgraded from ACUITE A1) Proposed Bank Guarantee Short Term 100.00 ACUITE A2+ (Downgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 77.50 ACUITE A2+ (Downgraded from ACUITE A1) Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Cash Credit Long Term 35.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Cash Credit Long Term 22.50 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Cash Credit Long Term 100.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Cash Credit Long Term 17.50 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Cash Credit Long Term 20.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Proposed Cash Credit Long Term 64.65 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 10.72 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 8.58 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 13.49 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 2.18 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 7.03 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 0.81 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Proposed Long Term Loan Long Term 12.69 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 0.12 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 0.50 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 0.15 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 1.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 0.39 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 12.25 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 0.40 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 0.04 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) 05 Apr 2023 Cash Credit Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Proposed Cash Credit Long Term 69.68 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 100.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 22.50 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 17.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.64 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.97 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.39 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.89 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.48 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.40 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 35.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.98 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Bank Guarantee (BLR) Short Term 395.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 100.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 90.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 77.50 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 50.00 ACUITE A1 (Reaffirmed) Proposed Bank Guarantee Short Term 197.50 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 140.00 ACUITE A1 (Reaffirmed) 04 Mar 2022 Term Loan Long Term 18.29 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.12 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.82 ACUITE A- | Stable (Assigned) Term Loan Long Term 4.85 ACUITE A- | Stable (Assigned) Proposed Long Term Loan Long Term 54.21 ACUITE A- | Stable (Assigned) Cash Credit Long Term 30.00 ACUITE A- | Stable (Assigned) Cash Credit Long Term 10.00 ACUITE A- | Stable (Assigned) Proposed Cash Credit Long Term 35.00 ACUITE A- | Stable (Assigned) Cash Credit Long Term 100.00 ACUITE A- | Stable (Assigned) Cash Credit Long Term 57.50 ACUITE A- | Stable (Assigned) Cash Credit Long Term 17.50 ACUITE A- | Stable (Assigned) Term Loan Long Term 10.59 ACUITE A- | Stable (Assigned) Term Loan Long Term 2.39 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.11 ACUITE A- | Stable (Assigned) Term Loan Long Term 8.62 ACUITE A- | Stable (Assigned) Bank Guarantee (BLR) Short Term 395.00 ACUITE A1 (Assigned) Bank Guarantee (BLR) Short Term 110.00 ACUITE A1 (Assigned) Bank Guarantee (BLR) Short Term 90.00 ACUITE A1 (Assigned) Bank Guarantee (BLR) Short Term 50.00 ACUITE A1 (Assigned) Bank Guarantee (BLR) Short Term 50.00 ACUITE A1 (Assigned) Proposed Bank Guarantee Short Term 355.00 ACUITE A1 (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating State Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 395.00 Simple ACUITE D | Downgraded ( from ACUITE A2+ ) ICICI Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE D | Downgraded ( from ACUITE A2+ ) Axis Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 90.00 Simple ACUITE A4 | Downgraded ( from ACUITE A2+ ) Central Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A4 | Downgraded ( from ACUITE A2+ ) Canara Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 140.00 Simple ACUITE A4 | Downgraded ( from ACUITE A2+ ) Punjab National Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 97.50 Simple ACUITE A4 | Downgraded ( from ACUITE A2+ ) Union Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 77.50 Simple ACUITE A4 | Downgraded ( from ACUITE A2+ ) Axis Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 22.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE D | Downgraded ( from ACUITE BBB+ ) ICICI Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Central Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 17.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Canara Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 35.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Bank Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE A4 | Downgraded ( from ACUITE A2+ ) Not Applicable Not avl. / Not appl. Proposed Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 64.65 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 23.20 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 28.65 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan 07 Apr 2022 Not avl. / Not appl. 07 Mar 2026 0.08 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) MERCEDES-BENZ FINANCIAL SERVICES INDIA PRIVATE LIMITED (ERSTWHILE DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED) Not avl. / Not appl. Term Loan 18 May 2022 Not avl. / Not appl. 18 Apr 2027 0.40 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Tata Motors Finance Solutions Ltd. Not avl. / Not appl. Term Loan 02 Feb 2020 Not avl. / Not appl. 11 Sep 2024 1.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Unity Small Finance Bank Limited Not avl. / Not appl. Term Loan 04 Jan 2024 Not avl. / Not appl. 04 Jun 2025 0.27 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 02 Sep 2023 Not avl. / Not appl. 02 Aug 2028 0.34 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Aditya Birla Finance Limited Not avl. / Not appl. Term Loan 01 Feb 2024 Not avl. / Not appl. 05 Aug 2025 0.65 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) IDFC First Bank Limited Not avl. / Not appl. Term Loan 05 Jan 2024 Not avl. / Not appl. 03 Feb 2026 0.51 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) IDFC First Bank Limited Not avl. / Not appl. Term Loan 06 Jun 2024 Not avl. / Not appl. 10 Jun 2028 0.47 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) IDFC First Bank Limited Not avl. / Not appl. Term Loan 08 Jul 2024 Not avl. / Not appl. 10 Jun 2028 4.19 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Tata Motors Finance Limited Not avl. / Not appl. Term Loan 02 Mar 2024 Not avl. / Not appl. 02 Feb 2026 2.04 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Axis Bank Not avl. / Not appl. Term Loan 20 Sep 2019 Not avl. / Not appl. 10 Aug 2028 7.64 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) HDB Financial Services Ltd. Not avl. / Not appl. Term Loan 04 Nov 2021 Not avl. / Not appl. 04 Sep 2026 5.39 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) HDFC Bank Ltd Not avl. / Not appl. Term Loan 05 Oct 2019 Not avl. / Not appl. 05 Jan 2025 0.01 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Indusind Bank Ltd Not avl. / Not appl. Term Loan 04 Feb 2020 Not avl. / Not appl. 10 Sep 2027 12.10 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Kotak Mahindra Bank Not avl. / Not appl. Term Loan 15 Oct 2018 Not avl. / Not appl. 20 Oct 2026 9.90 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Kotak Mahindra Prime Limited Not avl. / Not appl. Term Loan 02 May 2019 Not avl. / Not appl. 05 Nov 2028 4.77 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Mahindra & Mahindra Financial Services Ltd. Not avl. / Not appl. Term Loan 10 Dec 2019 Not avl. / Not appl. 10 Mar 2026 7.93 Simple ACUITE C | Downgraded ( from ACUITE BBB+ ) Tata Motors Finance Limited Not avl. / Not appl. Term Loan 02 Feb 2020 Not avl. / Not appl. 11 Sep 2024 0.81 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nidhi Gala Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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.