Press Release

Press Release

April 24, 2026

SHRI RAM MULTICOM 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	568.00	ACUITE A- \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	3.00	-	ACUITE A2+ \| Reaffirmed	RBI
Total Outstanding	0.00	571.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-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 the long-term rating to 'ACUITE A-' (read as ACUITE A minus) and the short-term rating to 'ACUITE A2+' (read as ACUITE A two Plus) on the of Rs. 571.00 Cr. bank facilities of Shri Ram Multicom Private Limited. The outlook remains ‘Stable’.

Rationale for Rating
The rating reflects the improvement and stabilisation of operations of Sarga Hotel Private Limited, driven by its second full year of operations under current management, with a rise in both occupancy levels and Average Room Rates (ARR). The performance improvement in hotel businesses, retail jewellery segment and stable rentals of malls in various group entities has also contributed to the growth in topline and profitability. The revenue and EBITDA margin stood at Rs.1468.75 Cr. and 12.44% respectively till January 2026. Although steel trading business has declined in FY 25 and 11MFY26 due to moderation in steel prices but still continues to be the larger contributor to the overall topline. The ratings also derive comfort from the group’s moderate financial risk profile, marked by an improving net worth and comfortable capital structure. Although overall debt levels and Debt/EBITDA remain elevated due to ongoing capex and take over of loan for hotels and periodic refurbishment requirements associated with hotel and mall businesses. Further, the rating factors in the group’s stable business risk profile, supported by diversified business interests that ensure consistent cash accruals sufficient to meet debt-servicing obligations. Liquidity remains adequate marked by sufficient cash accruals against long term debt repayments, surplus cash and bank balances, DSRA maintenance (as and where required as per key sanctioned terms), an efficient working capital cycle, moderate current ratio, moderate bank limit and planned debt-funded capex. The rating also benefits from the group’s long operational track record and experienced management although these strengths are partially offset by intense competition and inherent cyclical nature of the steel industry and the modest growth potential in the hotel business considering the nature of the business.

About the Company

Incorporated in 1998, Shri Ram Multicom Private Limited (SRMPL) is the flagship company of the Shri Ram Ozone group. SRMPL has developed and set up a budget category hotel named Fairfield Hotel, a brand owned by Marriott at Newtown, Rajarhat, Kolkata. SRMPL has an agreement of 25 years with Marriott for the same. Additionally, SRMPL operates commercial buildings, retail mall/ spaces in Kolkata and Dhanbad and is engaged as a forwarding agent for ACC Limited and Indian Oil Corporation Limited. The company has acquired 100% stake in Sarga Hotels Private Limited in FY24 and is currently operating Westin Hotels, Kolkata under it.

About the Group

Incorporated in 2004, Sarga Hotel Private Limited (SHPL) operates five-star hotel The Westin Kolkata Rajarhat at New Town, Kolkata. With 304 rooms and 16 suites, it’s the biggest Westin in Eastern India. Post acquisition, SRMPL is operating the hotel.

Incorporated in 2005, Shri Ram Residency Private Limited is part of the Shri Ram Ozone group and is engaged in developing of commercial and residential properties in Dhanbad. The company has already completed two projects Ozone Plaza(Commercial) and Blue Diamond (Residential) in the past.

Incorporated in 1996, Jalan Inter continental Hotels Private Limited is a Kolkata based company engaged in running a 5 star hotel, “Taj Vivanta”. In November 2018, the company was taken over through competitive bidding from National Company LawTribunal by the Shri Ram Ozone group in SRMPL.

Shri Ram Mall Private Limited was incorporated in 2006 engaged into construction of malls. Currently, the company is operating a mall in Dhanbad namely Ozone Galleria. In Dhanbad, this is the only mall, which started operations in FY 2008. The mall has an area of 3.5 lakh square feet and has anchor shops such as Big Bazaar, Pantaloons, Reliance trend, Reliance FP, Reliance digital etc. In addition to this it has a multiplex with 4 screens Currently, the mall has approximately 95 per cent occupancy.

Incorporated in 2012, Shri Ram Ozone Retail Private Limited (SRORPL) is a franchisee and an authorized dealer of Tanishq Jewellery (Gems & Jewellery division of Titan Industries Ltd) and is engaged in retailing of gold & platinum Jewellery studded with precious and semi-precious gems, bullions and gold watch studded with precious stones. . The company has showrooms in Kolkata, Ranchi and Dhanbad.

Incorporated in 2003, Shri Ram Precisions is a franchisee and an authorized dealer of Tanishq Jewellery (Gems & Jewellery division of Titan Industries Ltd) and is engaged in retailing of gold & platinum Jewellery studded with precious and semi-precious gems, bullions and gold watch studded with precious stones. The company has 2 showrooms in Dhanbad.

Incorporated in 2010, Ozone Logistics Private Limited is part of the Shri Ram Ozone group and is engaged in wholesale trading of TMT and other iron and steel items. The company is the sole distributor of Electrosteel Steels Limited and Jindal Steel and Power Limited in Jharkhand and West Bengal. The company has a total of 4 warehouses across all the locations.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has combined and consolidated the financial and business risk profiles of Shri Ram Multicom Private Limited with its subsidiaries, Shri Ram Mall Private Limited, Shri Ram Residency Private Limited, Shri Ram Ozone Retail Private Limited, Shri Ram Precision, Ozone Logistics Private Limited, Jalan Inter Continental Hotels Private Limited, Shri Ram Precisions and Sarga Hotel Private Limited and others (Refer Annexure 2). This is on account of common promoters, holding-subsidiary relationship, fungibility of cash flows and corporate guarantee provided by Shri Ram Multicom Private Limited to certain subsidiaries and other inter corporate guarantees. The group is herein referred to as the Shri Ram Ozone group.

Key Rating Drivers

Strengths

Long track record of operations and experienced management

The group enjoys an established presence in its core markets of West Bengal and Jharkhand, enabling consistent customer traction across its hospitality, mall, dealership of jewellery, distribution of TMT bars and real estate/commercial estate businesses.
Initially, the group started as clearing & forwarding agent and development of residential and commercial projects. The group is managed by Mr. Pradeep Kumar Sonthalia, who possesses vast experience of over two decades in the industry. Currently, his son, Mr. Nityanand Sonthalia is actively involved in the day-to-day operations of the group. Acuite believes the group’s established market presence, long track record of operations and vast experience of the promoters in these industries would continue to support the group’s business risk profile going forward.

Diversified business with major contribution from distribution of TMT bars

The group’s major revenue stream continues to originate from the distribution of TMT bars manufactured by Electrosteel Steels Limited and Jindal Steel and Power Limited. This trading business is undertaken through Ozone Logistics Private Limited, contributed nearly 55% of the group’s total revenues in FY25. In addition, the group generates healthy revenues from its jewellery division, operating Tanishq, Mia and Caratlane showrooms across Kolkata, Ranchi and Dhanbad basis 10MFY26.
The group also benefits from steady rental income through leased commercial properties in Jharkhand, which have maintained consistently high occupancy levels and have witnessed moderate rental growth over the years due to price escalations. The group has also leased out the retail area of its Fairfield by Marriott hotel to reputed brands, ensuring stable cash inflows.
Furthermore, the group operates Taj Vivanta and Fairfield by Marriott, Kolkata, strategically located at premium locations. With the acquisition of Sarga Hotel Private Limited, the group took over the operations of The Westin Kolkata from FY24, further expanding its hospitality footprint taking the room key tally to 683 rooms. Overall, the revenue of the group stood at Rs.1468.75 Cr till January 2026.
The group remains in a capex phase to scale up its business profile and is constructing a mall and a hotel presently. Acuité believes that although the group’s debt levels remain considerably high, the stable cash flows from its leased properties, coupled with the strong contribution from steel trading activities are expected to support steady cash accruals and help maintain a stable business risk profile over the medium term.

Moderate Financial Risk Profile
The financial risk profile is moderate marked by improving networth, high gearing and comfortable debt protection metrics. The tangible net worth of the group stood at Rs.750.26 Cr as on March 31, 2025, as against Rs.696.02 Cr. as on March 31, 2024, due to accretion to reserves. The debt protection metrices of the group is marked by Interest coverage ratio (ICR) of 2.91 times and debt service coverage ratio (DSCR) of 1.41 times for FY2025. Debt/EBITDA stood at 5.07 times in FY25 as against 4.20 times in FY24 due to hotel and mall business. Acuite is of the opinion that the debt protection metrics are expected to remain on similar levels due to ongoing or addition of capex. The gearing of the group stood at 1.36 times in FY25 as against 1.15 times in FY24. The net cash accruals to total debt (NCA/TD) stood moderate at 0.11 times in FY2025. Acuite believes that the financial risk profile of the group is expected to remain moderate due to debt funded capex plans over the medium term and moderate debt protection metrics.

Efficient working capital cycle
The working capital cycle of the group is marked by Gross Current Assets (GCA) of 129 days on 31st March 2025 as compared to 99 days on 31st March 2024 on account of surplus cash and bank balances as the company maintains at least 10% of debt as cash and bank balances. The inventory days stood at 55 days on 31st March 2025 as compared to 45 days as on 31st March 2024 due to higher stock levels maintained in response to gold prices. Also, the debtor days stood comfortable at 7 days as on 31^st March 2025 as against 8 days on 31st March 2024. The group has a cash and carry model of business. Acuite believes that the working capital cycle of the group will remain on similar level as evident from efficient collection mechanism over the medium term.

Weaknesses

Intense competition and inherent cyclical nature of the steel industry
The downstream steel industry remains heavily fragmented and unorganised. The company is exposed to intense competitive pressures from large number of organised and unorganised players along with its exposure to inherent cyclical nature of the steel industry. Additionally, prices of raw materials and products are highly volatile in nature.

Ongoing capex plans of the group
To expand the business profile of the group, it is currently undertaking 4 projects– mall construction in Shri Ram Multicom Private Limited (SRMPL) by the name of Platinum Mall , mall development in Patna in JV with PS Srijan Group under Bailey Properties Private Limited (BPPL) by the name of Baileys Square, a hotel development in Shri Ram Multicom Private Limited by the name of Ozone High Street (under Taj brand) and acquisition of 6 floor of Westin hotel which was not a part of NCLT acquisition in Sarga Hotel Private Limited. The cumulative project cost is expected to be around Rs.500 Cr. to be funded by debt and internal accruals (not inclusive of mall development cost under BPPL which will be reflected in investments of ~Rs.100 Cr.). The expected timeline of completion of the projects- hotel development under SRMPL and mall development under Bailey Properties Private Limited – is by end of October 2026 (FY2027). However, since the group undertakes project developments on an ongoing basis, timely completion of the projects as well as addition of new projects which may affect the group's financial risk profile, will remain a key monitorable.

ESG Factors Relevant for Rating

Environment: This industry has lower environmental risk. key material issues such as green supply chain and green products can influence environmental scores. Additionally, GHG emissions, energy efficiency, environmental management, waste management and green products are significant environmental issues in the wholesale trade industry. Social: The industry is primarily exposed to social issues such as, community support & development, employee safety, employment quality, product quality and human rights. Additionally, key material issues such as product responsibility, product safety, responsible procurement and employee development have a significant impact on the social scores for this industry. Governance: Corporate governance is a key risk for this industry. This industry is exposed to key issues such as anti-competitive behaviour, business ethics, management compensation, board independence and corrupt practices. Moreover, board diversity & compensation, audit committee functioning, anti-takeover mechanism, financial audit & control and shareholders’ rights are the key material issues for this industry.

Rating Sensitivities

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

Timely execution and stabilization of large debt funded capex plans of the group
DSCR more than 2 times
Debt/EBITDA below 3 times

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

Weak hotel occupancy/ARR <75% due to market downturn
DSCR remains <1.0x
Debt to equity more than 2 times

Liquidity Position

Adequate

The group’s liquidity remains adequate marked by sufficient net cash accruals of Rs. 108.44 Cr. as on March 31, 2025, as against Rs. 57.56 Cr. long term debt obligations over the same period. The current ratio of the group stood moderate at 2.16 times in FY2025. The cash and bank balance stood at Rs.174.55 Cr. for FY2025 as against Rs.89.27 Cr. in FY24. The fund-based limit utilization (consolidated) stood at 45.20% over the fifteen months ended Jan 2026. The group maintains DSRA of Rs.15 Cr. equivalent to 1.5 months of debt servicing obligations. Acuite believes that the liquidity of the group is likely to remain adequate over the medium term on account of comfortable cash accruals against debt repayments, surplus bank balances along with DSRA maintenance, financial flexibility of promoters, moderate current ratio, moderate bank limit utilization and debt funded capex plans over the medium term.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	1609.13	1691.90
PAT	Rs. Cr.	53.14	105.66
PAT Margin	(%)	3.30	6.24
Total Debt/Tangible Net Worth	Times	1.36	1.15
PBDIT/Interest	Times	2.91	3.13

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

Not Applicable

Any Other Information

None

Applicable Criteria

• 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
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm
• Lease Rental Discounting : https://www.acuite.in/view-rating-criteria-106.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
31 Mar 2026	Term Loan	Long Term	23.72	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	92.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Secured Overdraft	Long Term	5.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Lease Rental Discounting	Long Term	25.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	21.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	18.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	17.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Secured Overdraft	Long Term	5.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Working Capital Term Loan	Long Term	8.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	6.50	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	110.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Proposed Long Term Bank Facility	Long Term	127.87	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	10.50	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	90.00	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	5.13	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.78	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Secured Overdraft	Long Term	0.50	ACUITE A- \| Stable (Upgraded from ACUITE BBB+ \| Stable)
	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A2+ (Upgraded from ACUITE A2)
20 May 2025	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	1.70	ACUITE A2 (Reaffirmed)
	Term Loan	Long Term	110.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.13	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.78	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	23.72	ACUITE BBB+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	0.50	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	20.19	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	18.76	ACUITE BBB+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	8.66	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	7.18	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Lease Rental Discounting	Long Term	25.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	22.94	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	11.44	ACUITE BBB+ \| Stable (Reaffirmed)
14 Apr 2025	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A2 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	1.70	ACUITE A2 (Reaffirmed)
	Term Loan	Long Term	110.00	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	11.44	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.13	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.78	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	23.72	ACUITE BBB+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	0.50	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Lease Rental Discounting	Long Term	2.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Lease Rental Discounting	Long Term	23.00	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	22.94	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	20.19	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	18.76	ACUITE BBB+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	8.66	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	7.18	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE BBB+ \| Stable (Assigned)
24 May 2024	Bank Guarantee/Letter of Guarantee	Short Term	5.24	ACUITE A2 (Reaffirmed)
	Term Loan	Long Term	64.86	ACUITE BBB+ \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	13.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	6.92	ACUITE BBB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	4.25	ACUITE BBB+ \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	7.93	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	21.31	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	19.69	ACUITE BBB+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	9.09	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.20	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	24.50	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	11.70	ACUITE BBB+ \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE BBB+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	9.01	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	1.20	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	1.60	ACUITE BBB+ \| Stable (Assigned)
	Secured Overdraft	Long Term	0.50	ACUITE BBB+ \| Stable (Reaffirmed)
29 Mar 2024	Bank Guarantee/Letter of Guarantee	Short Term	5.24	ACUITE A2 (Upgraded from ACUITE A3+)
	Term Loan	Long Term	24.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	21.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Secured Overdraft	Long Term	5.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Working Capital Term Loan	Long Term	10.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Proposed Long Term Bank Facility	Long Term	1.06	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	66.40	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Working Capital Term Loan	Long Term	13.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Working Capital Term Loan	Long Term	7.05	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Cash Credit	Long Term	5.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Secured Overdraft	Long Term	4.25	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
	Covid Emergency Line.	Long Term	8.00	ACUITE BBB+ \| Stable (Upgraded from ACUITE BBB \| Stable)
02 May 2023	Bank Guarantee/Letter of Guarantee	Short Term	5.24	ACUITE A3+ (Reaffirmed)
	Term Loan	Long Term	81.00	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	16.00	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	16.00	ACUITE BBB \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	4.25	ACUITE BBB \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	8.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	34.51	ACUITE BBB \| Stable (Reaffirmed)

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
AXIS BANK LIMITED	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE A2+ \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Lease Rental Discounting	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2039	25.00	Simple	ACUITE A- \| Stable \| 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.	127.87	Simple	ACUITE A- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A- \| Stable \| Reaffirmed
Bandhan Bank	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.50	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Feb 2033	18.00	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Feb 2033	17.00	Simple	ACUITE A- \| Stable \| Reaffirmed
THE FEDERAL BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	11 Sep 2038	5.13	Simple	ACUITE A- \| Stable \| Reaffirmed
Bandhan Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Jan 2036	23.72	Simple	ACUITE A- \| Stable \| Reaffirmed
KOTAK MAHINDRA BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Feb 2036	10.50	Simple	ACUITE A- \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Apr 2035	21.00	Simple	ACUITE A- \| Stable \| Reaffirmed
THE FEDERAL BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	11 Sep 2038	2.78	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2034	6.50	Simple	ACUITE A- \| Stable \| Reaffirmed
AXIS BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2036	92.00	Simple	ACUITE A- \| Stable \| Reaffirmed
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	18 Nov 2036	110.00	Simple	ACUITE A- \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2040	90.00	Simple	ACUITE A- \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Feb 2033	8.00	Simple	ACUITE A- \| Stable \| Reaffirmed

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

Sr. No.	Company name
1	Shri Ram Multicom Private Limited
2	Shri Ram Ozone Retail Private Limited
3	Ozone Logistics Private Limited
4	Sonotel Hospitality Private Limited
5	Airan Entertainments Private Limited
6	Shri Ram Residency Private Limited
7	Johal Automobiles Private Limited
8	Jalan Inter Continental Hotels Private Limited
9	Baliey Realty LLP
10	Shri Ram Ozone Distribution Private Limited
11	Kashish Distributors Private Limited
12	Shri Ram Mall Private Limited
13	Sonotel Hotels & Resorts Private Limited
14	Shri Ram Ozone Townships Private Limited
15	Galleria Estates Private Limited
16	Shri Ram Precisions
17	Shri Ram Ozone Realty LLP
18	Ozone Industries Private Limited
19	Bailey properties Private Limited
20	Sarga Hotel Private Limited

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Manvi Khaitan
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.