Press Release

Press Release

September 04, 2026

SHREE RIDDHI SIDDHI BUILDWELL LIMITED
Rating Upgraded

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	54.50	ACUITE BBB \| Stable \| Upgraded	-	RBI
Bank Loan Ratings	0.00	170.50	-	ACUITE A3+ \| Upgraded	RBI
Total Outstanding	0.00	225.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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

Acuite has upgraded the long-term rating to ‘ACUITE BBB’ (read as ACUITE triple B ) from ‘ACUITE BBB-’ (read as ACUITE triple B minus) and the short-term rating to ‘ACUITE A3+’ (read as ACUITE A three plus) from ‘ACUITE A3’ (read as ACUITE A three) on the Rs. 225.00 Cr. bank facilities of Shree Riddhi Siddhi Buildwell Limited (SRSBL). The outlook has been revised from ‘Positive' to ‘Stable’

Rationale for Upgrade
The rating upgrade reflects the significant improvement in the company's scale of operations, with operating income increasing to Rs. 354 crore in FY26 as compared to Rs. 150.35 crore in the preceding year, supported by healthy order inflows from central and state government agencies. The company also benefits from a healthy and diversified unexecuted order book of Rs. 840.84 crore as on March 31, 2026, providing strong revenue visibility over the medium term. The rating further considers the improvement in the debt protection metrics. The rating also takes into account the company's healthy profitability, which remained at a comfortable level despite some moderation in operating margins owing to competitive bidding for specialized projects. Further, the company's liquidity position remains adequate, supported by healthy cash accruals, a comfortable current ratio, and sufficient cash balances to meet its debt repayment obligations.
The rating also derives comfort from the promoters' extensive experience in the construction sector, the company's established track record of project execution, and the presence of escalation clauses in most contracts, which provide partial protection against input cost fluctuations.
These strengths are, however, partly offset by intensive nature of the working capital cycle, as reflected in elevated inventory levels and a stretched operating cycle. Total debt increased to Rs. 119.29 crore as on March 31, 2026, to support higher working capital requirements and equipment procurement but the gearing remained at a moderate level of 1.40 times. The rating is further constrained by the company's exposure to execution and funding risks inherent in infrastructure projects.

About the Company

Agra-based, SRSBL was incorporated in 2010 by Dr. Pramod Kumar Jain, Mr. Ankur Jain, and Mr. Anuj Jain as a private limited company. SRSBL originally engaged in the real estate development business had also expanded into the field of civil construction and infrastructure development from FY2017. As of FY25, the company shifted its focus only on Civil and Road Construction contracts from government departments by gradually discontinuing real estate operations.

Unsupported Rating

Not Applicable

Analytical Approach

Acuite has considered a standalone approach to the business and the financial profile of Shree Riddhi Siddhi Buildwell Limited (SRSBL) to arrive at the rating.

Key Rating Drivers

Strengths

Experienced management

The promoters, Mr. Ankur Jain and Mr. Anuj Jain have experience of almost two decades in the real estate industry. SRSBL has now transitioned from a real estate developer to an EPC contractor focusing on infrastructure construction projects. Acuité believes that the company will be benefitted over the medium term on the back of experience of management.

Increased scale of operations and healthy profitability margins

The company has registered a 135% increase in their sales with a turnover of Rs. 354.00 Cr. in FY26 as against Rs. 150.35 Cr. in FY25. The increase is attributable to their order book from various government departments. Company is having a healthy mix of Civil and Road work order, all various Central and state Government agencies. The company had a total outstanding order book of Rs. 840.84 crore, providing strong revenue visibility as on March 31, 2026. Of this, approximately Rs. 400 crore to Rs. 410 crore is expected to be executed during FY27. Going forward, the company is expected to witness further increase in its scale of operations, supported by the healthy order book position over the medium term.
The company's EBITDA margin stood at 15.24% in FY26 as against 18.08% in the previous year. In FY26, the operating margin slightly moderated due to the nature of contracts executed coupled with a shift in the project execution mix towards building construction and hybrid structural works. The PAT margin stood at 5.81% in FY26, compared with 6.19% in FY25.

Moderate Financial Risk Profile

The financial risk profile of the company is moderate marked by tangible net-worth of Rs. 85.01 Cr. as on 31st March 2026 as against Rs. 64.53 Cr. as on 31st March 2025. The improvement is on account of accretion of profits to reserves. Acuite has considered unsecured loans of Rs. 20 Cr. as part of networth since this amount is subordinated to bank debt. The total debt of the company stood at Rs. 119.29 Cr. as on 31st March 2026 against Rs. 80.91 Cr. as on 31st March 2025. The increase in the total debt is because of the increase in unsecured loans which stood at Rs. 32.90 Cr. in FY2026 as against Rs. 17.48 Cr. in FY2025 and term loans contracted for procurement of equipment. The increase in short-term debt is primarily attributable to the higher working capital requirements due to the enhanced turnover levels. Furthermore, the company's working capital limits have been enhanced in FY2027 to support the increased scale of operations. The gearing stood at 1.40 times in FY26 as against 1.25 times in FY25. The interest coverage ratio of the company stood at 3.05 times in FY26 as against 2.65 times in FY25 . The debt service coverage ratio stood at 1.83 times in FY26 as against 1.50 times in FY25. The TOL/TNW stood at 2.88 times in FY26 as against 2.40 times in FY25. Acuité believes that the financial risk profile of the company is expected to be maintained at similar levels over the medium term driven by steady accruals and in the absence of any debt funded capex plans.

Weaknesses

Intensive Working Capital Operations

The working capital operations of the company though improved but remained intensive marked by GCA days which stood at 268 days as on as on 31st March 2026 against 368 days as on 31st March 2025 . The inventory days of the company stood at 220 days as on 31st March 2026 against 246 days as on 31st March 2025. The heavy inventory is on account of WIP of Rs. 160.50 Cr in FY26. The debtor days of the company stood at 49 days as on 31st March 2026 against 72 days as on 31st March 2026. However, because of the nature of government orders, major billing is done during closing of the financial year thus leading to a skewed debtor collection period. On the other hand, the creditor days of the company stood at 90 days as on 31st March 2026 against 90 days as on 31st March 2025. Acuité believes that the company is likely to remain in the same level with as there are no changes in the managements policy.

Tender-Based Operations
The company operates in a highly competitive, tender-driven EPC industry, where aggressive bidding limits margins and profitability remains exposed to fluctuations in input costs, project execution risks, and delays. Maintaining operational efficiency and cost control is therefore critical to sustaining profitability.

Rating Sensitivities

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

Revenue growth above Rs. 500 crore with healthy margins.
Timely execution of order book .
Improvement in leverage and debt protection metrics.
Better working capital cycle and lower reliance on short-term debt.

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

Sharp decline in profitability due to execution issues or pricing pressure.
Leverage weakens, with gearing above 1.75x or interest coverage below 2.5x.
Working capital cycle stretches, increasing borrowing dependence.
Delays, weak order inflows, or order cancellations impact revenue and cash flows.

Liquidity Position

Adequate

The liquidity profile of the company is adequate. The company generated net cash accruals of Rs. 30.49 Cr. as on as on 31st March 2026 as against the debt repayment obligations of Rs. 8.32 Cr. in the same period. With the addition of new orders and high mobilization cost initially involved in new contract, there is increase in borrowing in the form of Working Capital and Equipment Loans. Company is generating sufficient cash profit for repayment of these commitments. The current ratio of the company remained modest at 1.29 times as on 31st March 2026 as against 1.18 times as on 31st March 2025 because of the increase in the payables. The cash and bank balance stood at Rs. 0.33 Cr. as in FY2026 as against Rs 3.13 Cr. in FY2025. The NCA/TD stood at 0.26 times in FY26 as against 0.18 times in FY25. Further, the average bank limit utilization at the month end balance stood high at 91.16% for 7 months ended July 2026. Acuité believes that the liquidity of the company is likely to remain adequate over the medium term on account of steady cash accruals and absence of any major debt funded capex plans.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	354.00	150.35
PAT	Rs. Cr.	20.55	9.31
PAT Margin	(%)	5.81	6.19
Total Debt/Tangible Net Worth	Times	1.40	1.25
PBDIT/Interest	Times	3.05	2.65

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
26 Sep 2025	Bank Guarantee/Letter of Guarantee	Short Term	41.50	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	39.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	10.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	35.00	ACUITE A3 (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Positive (Reaffirmed)
	Covid Emergency Line.	Long Term	1.50	ACUITE BBB- \| Positive (Reaffirmed)
	Cash Credit	Long Term	3.00	ACUITE BBB- \| Positive (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE BBB- \| Positive (Assigned)
	Term Loan	Long Term	1.11	ACUITE BBB- \| Positive (Reaffirmed)
	Secured Overdraft	Long Term	10.00	ACUITE BBB- \| Positive (Assigned)
	Secured Overdraft	Long Term	3.00	ACUITE BBB- \| Positive (Reaffirmed)
	Term Loan	Long Term	0.69	ACUITE BBB- \| Positive (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB- \| Positive (Assigned)
	Term Loan	Long Term	3.76	ACUITE BBB- \| Positive (Assigned)
	Proposed Long Term Bank Facility	Long Term	10.20	ACUITE BBB- \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	2.24	ACUITE BBB- \| Positive (Assigned)
21 Jul 2025	Bank Guarantee/Letter of Guarantee	Short Term	41.50	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	39.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Covid Emergency Line.	Long Term	1.50	ACUITE BBB- \| Positive (Reaffirmed)
	Secured Overdraft	Long Term	3.00	ACUITE BBB- \| Positive (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE BBB- \| Positive (Reaffirmed)
	Secured Overdraft	Long Term	3.00	ACUITE BBB- \| Positive (Reaffirmed)
	Term Loan	Long Term	1.48	ACUITE BBB- \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	4.52	ACUITE BBB- \| Positive (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Positive (Reaffirmed)
28 May 2024	Bank Guarantee/Letter of Guarantee	Short Term	41.50	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	39.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	15.00	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	4.52	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	3.00	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	3.00	ACUITE BBB- \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.50	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.48	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE BBB- \| Stable (Reaffirmed)
28 Feb 2023	Bank Guarantee/Letter of Guarantee	Short Term	13.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	28.50	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	11.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	16.00	ACUITE A3 (Assigned)
	Bank Guarantee (BLR)	Short Term	10.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	5.00	ACUITE A3 (Assigned)
	Cash Credit	Long Term	7.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	3.00	ACUITE BBB- \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	21.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	1.00	ACUITE BBB- \| Stable (Assigned)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	2.00	ACUITE BBB- \| Stable (Assigned)
	Secured Overdraft	Long Term	2.00	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Assigned)
	Covid Emergency Line.	Long Term	1.50	ACUITE BBB- \| Stable (Assigned)
	Term Loan	Long Term	2.00	ACUITE BBB- \| Stable (Assigned)

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
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	54.00	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
YES BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	35.00	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
ICICI BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	41.50	Simple	ACUITE A3+ \| Upgraded ( from ACUITE A3 )
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.	10.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
ICICI 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 BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
YES BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
AXIS BANK LIMITED	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
AXIS BANK LIMITED	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	13 May 2022	Not avl. / Not appl.	28 Feb 2027	0.29	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
YES BANK LIMITED	Not avl. / Not appl.	Dropline Overdraft	Unlisted	RBI	14 Nov 2024	Not avl. / Not appl.	14 Nov 2031	3.17	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
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.	2.76	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Jan 2024	Not avl. / Not appl.	07 Jan 2027	0.28	Simple	ACUITE BBB \| Stable \| Upgraded \| Positive to Stable ( from ACUITE BBB- )

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Prashant Dey
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 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

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.
³The 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.

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.