Press Release October 21, 2026 SHARE INDIA SECURITIES LIMITED Rating Upgraded & Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	2.00	ACUITE A+ | Upgraded & Withdrawn	-	RBI
Bank Loan Ratings	0.00	68.00	Not Applicable | Withdrawn	-	RBI
Non Convertible Debentures (NCD)	0.00	150.00	Not Applicable | Withdrawn	-	MCA
Bank Loan Ratings	0.00	949.00	-	ACUITE A1+ | Upgraded & Withdrawn	RBI
Bank Loan Ratings	0.00	381.00	-	Not Applicable | Withdrawn	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	1550.00	-	-	-

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

Acuite has withdrawn its long-term rating on the proposed principal protected market linked debentures of Rs. 150 Cr. of Share India Securities Limited (SISL) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer. Acuite has withdrawn its long-term and short-term rating on the proposed bank facilities of Rs. 110 Cr. of Share India Securities Limited (SISL) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer. Acuite has withdrawn its long-term and short-term rating on the bank facilities of Rs. 339 Cr. of Share India Securities Limited (SISL) without assigning any rating as the Instrument is fully repaid. The rating is being withdrawn on account of request received from the issuer, and No Dues Certificate (NDC) received from the lender. Acuite has upgraded and withdrawn its long-term rating from ‘ACUITE BB+’ (read as ACUITE double B plus) to ‘ACUITE A+’ (read as ACUITE A plus) on the Rs. 2.00 crore bank facilities of Share India Securities Limited (SISL). The rating has been withdrawn on account of the request received from the issuer along with No objection certificate (NOC) received from the lender. Acuite has upgraded and withdrawn its short-term rating from ‘ACUITE A4+’ (read as ACUITE A four plus)  to ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs. 949.00 crore bank facilities of Share India Securities Limited (SISL). The rating has been withdrawn on account of the request received from the issuer along with No objection certificate (NOC) received from the lender. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. Rationale for Upgrade The rating upgrade considers the migration from 'Issuer Non-Cooperating' status. The rating factors SISL’s healthy capital structure, the promoters' experience in capital markets, the company's established position in its segment with strong market share, and adequate risk management systems. The networth (consolidated) improved to Rs. 2,651.10 Cr. as on March 31, 2026 from Rs. 2,344.25 Cr. as on March 31, 2025 owing to internal accruals. The company’s earning profile for FY2026 has largely been on similar levels vis-à-vis FY2025. The rating is constrained on account of SISL’s susceptibility to the level of volatility in the capital markets as well as highly competitive landscape in broking business. The rating also factors in the company's elevated share of proprietary trading revenue as percentage share of total revenue book during FY2025 & FY2026.

About the Company

­Share India Securities Limited (SISL) was incorporated in 1994 and offers broking services in various segments and providing depository services, distribution of mutual funds, and insurance broking. The company became a corporate member of the Bombay stock exchange in the year 2000 and launched depository services of Depository Participant under Central Depository Services Limited (CDSL) in 2010. SISL is headquartered in Gujarat and has a Head office in Mumbai. SISL has over 225 branches and franchises as on June 30, 2026.

About the Group

­The Share India Group is promoted by Mr. Sachin Gupta, Mr. Praveen Gupta and Mr. Rajesh Gupta. The group is engaged in various activities like Broking (Equity, F&O, Currency & Commodity Segment), Proprietary Trading, Wealth Management, Portfolio Management, Depository Participant, NBFC, Insurance and Merchant Banking. Broking services and trading activities remain the core activities of the Group.

Unsupported Rating

­Not applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuite has taken consolidated business and financial risk profile of Share India Securities Limited, Share India Capital Services Private Limited,Share India Algoplus Private Limited (Formerly Total Commodities (India) Private Limited), Share India Securities (IFSC) Private Limited, Share India Fincap Private Limited, Total Securities (IFSC) Private Limited, Share India Global Pte. Ltd., Share India Smile Foundation, Algowire Trading Technologies Private Limited, Utrade Solutions Private Limited, Silverleaf Securities Research Private Limited, Share India Insurance Brokers Private Limited, together referred to as Share India Group. The consolidation is in view of the common shareholding, management and significant operational and financial linkages between the various companies of the group.

Key Rating Drivers

Strength

Promoters experience in capital markets The company has been engaged in capital markets for around 3 decades having presence in almost all segments such as equity, derivatives, currency, commodities. The Company has Trading & Clearing membership of NSE & BSE and is a depository participant of CDSL. The Share India Group is promoted by Mr. Sachin Gupta, Mr. Praveen Gupta and Mr. Rajesh Gupta. The group is engaged in various activities like Broking (Equity, F&O, Currency & Commodity Segment), Proprietary Trading, Wealth Management, Portfolio Management, Depository Participant, NBFC, Insurance and Merchant Banking. Broking services and trading activities remain the core activities of the Group. SISL is led by Mr. Kamlesh Shah (MD) and his professional team. The company has been through various business cycles and have emerged strong as seen in their robust financial and operational profile.Mr. Kamlesh Shah (MD) has around 2 decades of experience in capital markets and has developed strong expertise in securities market trends, compliance and business development strategies Mr. Shah also serves as a President of the Association of National Exchanges Members of India (ANMI) and is also a member of the Advisory Board of BSE Brokers Forum, as well as the former Vice-President of Commodity Participants Association of India. The management team is responsible for day-to-day trading activities across various segments and other surveillance measures as a part of risk management practices and networking and communications aspects.  Adequate Risk Management Systems SISL has adequate risk management system. It manages risk by monitoring Value-at-Risk (VaR), time-based squaring off, value-based squaring off etc. The backend operations team also manages risk through monitoring every transaction that takes place. This is particularly relevant for its proprietary trading positions. Strong capitalisation and moderate profitability The capitalisation remains strong indicated by the net worth which stood at Rs. 2,651.10 Cr. as on March 31, 2026 as compared to Rs. 2,344.25 Cr. as on March 31, 2025 owing to internal accruals. However, SISL’s PAT margins which stood at 22.67 percent as on March 31, 2025 marginally declined to 22.07 percent as on March 31, 2026. SISL reported a slight decrease in PAT (consolidated) from Rs. 328.08 Cr. for FY2025 to Rs. 324.44 Cr. for FY2026.

Weakness

Susceptibility to uncertainties inherent in the capital markets business; low proportion of brokerage income Broking is a highly volatile and cyclical business with the presence of a large number of established players who provide significant competition to the other fragmented and small players. The company's operating performance is linked to the capital markets, which are inherently volatile as they are driven by economic and political factors as well as investor sentiments. Trading volume and earnings depend heavily on the level of trading activity in capital market. The company’s revenue has been significantly dependent on trading income which constitutes majority portion of the revenues and is inherently volatile.

ESG Factors Relevant for Rating

­Share India Securities Limited, has a diversified revenue stream with a majority portion accruing from the financial services sector. Adoption and upkeep of strong business ethics is a sensitive material issue for the financial services business linked to capital markets to avoid fraud, insider trading and other anti-competitive behaviour. Other important governance issues relevant for the industry include management and board compensation, board independence as well as diversity, shareholder rights and role of audit committee. As regards the social factors, product or service quality has high materiality so as to minimise misinformation about the products to the customers and reduce reputational risks. For the industry, retention, and development of skilled manpower along with equal opportunity for employees is crucial. While data security is highly relevant due to company’s access to confidential client information, social initiatives such as enhancing financial literacy and improving financial inclusion are fairly important for the financial services sector. The material of environmental factors is low for this industry. The company’s board comprises of a total of fourteen directors out of which seven are independent directors and two are female directors. SISL maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with stakeholder management committee. SISL also maintains adequate level of transparency with regards to business ethics issues like related party transactions, investors grievances, litigations, and regulatory penalties for the group, if relevant. In terms of its social impact, SISL is actively engaged in community development programmes through its CSR committee.

Rating Sensitivity

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

­Not applicable

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

­Not applicable

Liquidity Position

Adequate

­SISL has bank facilities comprising of bank guarantee and overdraft facilities, which are used for margin requirements. The bank guarantees are almost fully utilized, while overdraft facilities have low utilization level. The company had maintained unencumbered cash and cash equivalents of Rs 522.77  Cr. as on March 31, 2026.  Acuité believes the liquidity position will remain adequate in the near to medium term.

Outlook: Not applicable

­

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY26 (Actuals) FY25 (Actuals) Operating Income Rs. Cr 1227.22 1136.28 PAT Rs. Cr 297.69 246.63 PAT Margin (%) 24.26 21.71 Total debt/Tangible net worth Times 0.26 0.19 PBDIT/Interest Times 4.92 5.92

Key Financials (Consolidated)

­ Particulars Unit FY26 (Actuals) FY25 (Actuals) Operating Income Rs. Cr 1470.20 1447.04 PAT Rs. Cr 324.44 328.08 PAT Margin (%) 22.07 22.67 Total debt/Tangible net worth Times 0.26 0.22 PBDIT/Interest Times 4.49 6.01

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

­Not applicable

Any Other Information

­None

Applicable Criteria

• Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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 28 May 2026 Bank Guarantee (BLR) Short Term 230.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 90.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 150.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 175.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 49.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 200.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 80.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 99.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 150.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 30.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Proposed Short Term Bank Facility Short Term 52.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Bank Guarantee (BLR) Short Term 25.00 ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A1+) Secured Overdraft Long Term 2.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE A+ | Stable) Secured Overdraft Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE A+ | Stable) Proposed Long Term Loan Long Term 58.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE A+ | Stable) Proposed principal protected market linked debentures Long Term 150.00 ACUITE PP-MLD BB+ (Downgraded & Issuer not co-operating* from ACUITE PP-MLD A+ | Stable) 02 Jun 2025 Secured Overdraft Long Term 2.00 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 58.00 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee (BLR) Short Term 49.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 200.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 80.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 99.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 150.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 175.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 150.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 30.00 ACUITE A1+ (Reaffirmed) Proposed Short Term Bank Facility Short Term 52.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 25.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 90.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 230.00 ACUITE A1+ (Reaffirmed) Proposed principal protected market linked debentures Long Term 150.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) 02 Jan 2025 Secured Overdraft Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 58.00 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 2.00 ACUITE A+ | Stable (Reaffirmed) Bank Guarantee (BLR) Short Term 99.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 230.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 175.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 150.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 80.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 90.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 200.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 30.00 ACUITE A1+ (Reaffirmed) Proposed Short Term Bank Facility Short Term 52.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 25.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 49.00 ACUITE A1+ (Reaffirmed) Bank Guarantee (BLR) Short Term 150.00 ACUITE A1+ (Reaffirmed) Proposed principal protected market linked debentures Long Term 150.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) 03 Jan 2024 Proposed Long Term Loan Long Term 57.75 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Secured Overdraft Long Term 10.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Secured Overdraft Long Term 0.25 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Secured Overdraft Long Term 2.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Stable) Bank Guarantee (BLR) Short Term 175.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 50.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 15.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 200.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 90.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 325.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 300.00 ACUITE A1+ (Upgraded from ACUITE A1) Bank Guarantee (BLR) Short Term 40.00 ACUITE A1+ (Upgraded from ACUITE A1) Proposed Short Term Bank Facility Short Term 135.00 ACUITE A1+ (Upgraded from ACUITE A1) Proposed principal protected market linked debentures Long Term 150.00 ACUITE PP-MLD A+ | Stable (Upgraded from ACUITE PP-MLD A | Stable) 03 Jan 2023 Proposed Long Term Loan Long Term 57.75 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 10.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 0.25 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 2.00 ACUITE A | Stable (Reaffirmed) Bank Guarantee (BLR) Short Term 175.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 325.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 300.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 40.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 90.00 ACUITE A1 (Reaffirmed) Bank Guarantee (BLR) Short Term 200.00 ACUITE A1 (Assigned) Bank Guarantee (BLR) Short Term 50.00 ACUITE A1 (Assigned) Bank Guarantee (BLR) Short Term 15.00 ACUITE A1 (Assigned) Proposed Short Term Bank Facility Short Term 135.00 ACUITE A1 (Assigned) Proposed principal protected market linked debentures Long Term 150.00 ACUITE PP-MLD A | Stable (Reaffirmed)

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No. Company name 1 Share India Securities Limited 2 Share India Capital Services Private Limited 3 Share India Fincap Private Limited 4 Share India Global Pte. Ltd. 5 Share India Smile Foundation 6 Share India Wealth Multiplier Solutions Private Limited 7 Share India Securities (IFSC) Private Limited 8 Total Securities (IFSC) Private Limited 9 Share India AlgoPlus Private Limited 10 Algowire Trading Technologies Private Limited 11 uTrade Solutions Private Limited 12 Share India Insurance Brokers Private Limited 13 Silverleaf Securities Research Private Limited 14 Share India Cred Capital Private Limited

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nivedita Gokul 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 6 RBI 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 a Fixed Deposits raised by NBFCs, HFCs, FIs RBI 11 b Fixed Deposits raised by Banks 7 + 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 6 RBI 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) 7 + 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   1 Includes 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. 3 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. 4 There 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. 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. 6 By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues. 7 To be finalized following a discussion with the regulatory authorities.   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 8 Not applicable 8 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. 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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.