Press Release

Press Release

April 21, 2026

SKIPPER LIMITED
Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	847.20	ACUITE A \| Reaffirmed & Withdrawn	-	RBI
Bank Loan Ratings	0.00	6.24	Not Applicable \| Withdrawn	-	RBI
Bank Loan Ratings	0.00	2579.56	-	ACUITE A1 \| Reaffirmed & Withdrawn	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	3433.00	-	-	-

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Acuite has reaffirmed and withdrawn the long-term rating of 'ACUITE A' (read as ACUITE A) and short-term rating of 'ACUITE A1' (read as ACUITE A one) on Rs.3426.76 Cr. bank facilities of Skipper Limited (SL). The rating has been withdrawn on account of the request received from the issuer, and the NOCs (No Objection Certificate) received from the respective bankers.

Further, Acuite has withdrawn it’s the long-term rating of Rs.5.46 Cr. bank facility without assigning any rating as the instrument is fully paid of Skipper Limited (SL). The rating has been withdrawn on account of the request received from the issuer, and the NDC (No Dues Certificate) received from the respective bankers.

Acuité has also withdrawn its proposed long-term rating of Rs. 0.78 Cr. bank facility without assigning any rating as it is a proposed facility of Skipper Limited. The rating has been withdrawn on account of the request received from the issuer.

The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

Rationale for Rating
The rating reflects the continued healthy operating performance during 9MFY26 marked by a ~16% increase in revenue as compared to 9MFY25 supported by strong execution in the engineering segment and better plant utilization. Acuite also derives comfort from the healthy financial risk profile and strong liquidity position albeit moderate debt coverage indicators, low current ratio and presence of calibrated debt funded capex plans. The rating further draws comfort from SL’s strong market position in the power transmission and distribution manufacturing business and its promoter background with an experience of decades in the industry. The rating also factors in reputed client profile of the company supported by healthy order book position. The working capital cycle of the company has improved but remains intensive over the medium term. The ratings are constrained by susceptibility of margins to volatility in commodity price risk fluctuations and presence of customer concentration risk due to better margins and credit terms.
Acuite notes that the formation of wholly owned subsidiaries or branch offices in Brazil, Abu Dhabi Mainland, and the United States of America is to strengthen its global footprint. This is to facilitate the business activities related to the export of towers and poles.

About the Company

Skipper Limited (Skipper) is a Kolkata based company, incorporated in 1981. Present directors are, Mr. Sharan Bansal, Mr. Sajan Kumar Bansal, Mr. Devesh Bansal, Mr. Ashok Bhandari, Mr. Yash Pall Jain, Mr. Siddharth Bansal, Mr. Desh Raj Dogra, and Mr. Raj Kumar Patodi, Mrs. Richa Manoj Goyal and Mr. Pramod Kumar Shah. The company has a diversified business profile as it has three business segments, viz. engineering, polymer pipes and infrastructure. The engineering segment with capacities of 3,75,000 MTPA is into manufacturing of transmission tower, telecom towers, poles, distribution poles, angles, fasteners and railway structures. The polymer segment with manufacturing capacities of 62,000 MTPA is into manufacturing of various kinds of UPVC pipes, CPVC pipes, SWR pipes which are used for plumbing and irrigation purpose. Third segment is EPC where company executes projects related to power transmission. The company has four manufacturing units located in West Bengal and Assam with 3 units and 1 unit respectively. In addition, the company has a tower testing unit in West Bengal which is recognized under Department of Scientific and Industrial Research (DSIR).

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profiles of Skipper Limited to arrive at this rating.

Key Rating Drivers

Strengths

Diversified revenue profile

The company has a diversified business profile as reflected from its three business divisions, namely engineering goods, polymer, and infrastructure with 76%, 9% and 15% contribution to revenue in FY25. However, in 9MFY26, the engineering goods constitute high proportionate of revenues i.e. 80.03%. Moreover, the company has an established customer base which includes reputed construction, power transmission and distribution companies such as Saudi Electricity Company, Tata Projects Limited, Power Grid Corporation of India Limited (PGCIL), UP Power Transmission Corporation Limited, and Bharat Sanchar Nigam Limited (BSNL) among others. The company is a leading player in power transmission and distribution structure manufacturing segment and has more than 3 decades of operational track record. In addition, the company caters to both domestic (83%) and overseas markets (17%) across Middle East, North and South America during FY25. Further, the company has a large distribution channel in polymers division which includes 36900 (earlier 30,000) retail touch points across different states such as West Bengal, Odisha, and North-eastern India states. Acuite believe that the strong relation with customers and diversified revenue profile will help the company in scaling the operations over the medium term.

Healthy scale of operations and stable profitability

The revenue of the company stood healthy at Rs.3886.10 Cr in 9MFY26 as against Rs.3336.60 Cr in 9MFY25, registering an increase of 16% mainly driven by strong execution in the engineering division. The strong business profile, together with regular yet calibrated capex undertaken over the years for capacity expansion has helped to scale up its revenues as well as improving operational efficiencies along with volume-driven cost efficiencies. The margin in exports is 2% higher than domestic orders contributing to overall profitability.
In 9MFY26, despite subdued demand in the polymer segment, growth is anticipated in the plumbing segment, supported by outreach programs. The infrastructure segment also experienced slower execution due to the rainy season. The company has an order book of Rs. 9009 Cr. as of December 2025 which includes 90% from the domestic market (of Rs. 8108.10 Cr.) and the remaining 10% from the exports (of Rs. 900.90 Cr.) along with short term orders received and executed during the year.
The company is also in advance stages of finalizing long term supply agreements with Had-Fab Limited (UK) and PLP Poland (Belos) S.A. by Q1FY27. Additionally, the company entered into an agreement with Lubrizol to manufacture advanced CPVC piping which will help in better pricing and improved margins. These are expected to strengthen its global supply.
The company’s profitability has marginally improved with operating profit margin of 10.27 percent in 9MFY2026 compared to 9.83 per cent in 9MFY25. This has been a result of focus on better quality contracts in engineering division, higher plant utilization and expansion into new markets. In 9MFY26, the PAT margin stood at 3.39% compared to 3.04% in 9MFY25. Acuite believes that the profitability margin will improve on account of benefits of economies, addition of capacities leading to increase in exports and order inflows.

Healthy Financial Risk Profile albeit moderate debt protection metrics

The financial risk profile of the company is marked by healthy net worth, gearing below unity and moderate debt protection metrics. The tangible net worth of the company stood at Rs.1181.71 Cr. as on March 31, 2025, as compared to Rs.890.16 Cr. as on March 31, 2024, due to accretion to reserves and right issue of shares of which proceeds of Rs.147.25 Cr. during FY25. Furthermore, gearing of the company continues to stand below unity at 0.63 times as on 31 March 31, 2025, despite a significant increase in external borrowings in FY2024. Further, the company has plans to undertake external debt for capacity expansion plans. The company has repaid its unsecured loans as it stood at Rs.28.44 Cr. in FY25 as against Rs.45.91 Cr. in FY24. The Total Outside Liabilities/Tangible Net Worth (TOL/TNW) stood at 1.87 times as on March 31, 2025, as compared to 2.52 times as on March 31,2024. The debt protection metrics of the company has marginally improved but remains moderate marked by Interest coverage ratio (ICR) of 2.22 times and debt service coverage ratio (DSCR) of 1.57 times for FY2025 against 2.13 times and 1.33 times for FY24, respectively. The net cash accruals to total debt (NCA/TD) stood healthy at 0.28 times in FY2025. Going forward, Acuite believes that the financial risk profile will remain healthy supported by healthy internal accrual generation, even though the company is expected to incur capex to expand its engineering capacities.

Weaknesses

Intensive working capital cycle

The working capital cycle of the company has improved but remained intensive marked by high gross current asset days of 172 days for FY2025 as compared to 243 days for FY2024. Further, the working capital cycle has increased in H1FY26. Although there has been marked improvement in inventory cycle and debtor collection, the inventory days are slightly on higher side due to its integrated manufacturing model. The company has in-house facilities for rolling mills, fasteners, towers and poles testing. The inventory days stood at 105 days in FY2025 as compared to 148 days in FY2024 largely because the capacity utilization has improved leading to reduction in inventory cycle. The debtors stood at 57 days in FY2025 compared to 89 days in FY2024. Against this, the creditor days stood at 140 days as on March 31, 2025, as against 219 days as on March 31, 2025. Acuite believes that the working capital operations of the company will remain on similar levels over the medium term.

Customer concentration risk in order book and its timely execution

Of the total order book of Rs. 9009 Cr. as of December 2025. The company received bigger orders from Power Grid Corporation of India Limited (PGCIL) for execution of 765 and 800 KV transmission line projects across Rajasthan and Andhra Pradesh due to better credit terms and margins. This constitutes around 70% of the total order book. Therefore, leads to higher customer concentration risk in the order book and timely execution and payments from these customers will remain monitorable. Further, there are multiple orders from other players across the geographies.

ESG Factors Relevant for Rating

Skipper Limited's ESG initiatives reflect a comprehensive commitment to sustainability, community engagement, and ethical governance. Environmentally, they have reduced carbon emissions by ~3000 MT CO2 equivalent through rooftop solar power and eco-friendly industrial processes, with a 9.7% drop in energy use over the past year and rainwater harvesting measures boosting conservation. Socially, the company fosters a safe and inclusive culture, certified as a Great Place to Work for three consecutive years, while its CSR efforts span educational scholarships, school infrastructure, animal welfare, and village development. On the governance front, Skipper emphasizes product sustainability through Green Pro and IS 14025 certifications, advanced pollution control systems, and life-cycle assessments that align operations with stringent global ESG standards. Skipper Limited becomes Eastern India’s first in its segment to publish an EPD for Hot Dip Galvanized steel towers and poles, showcasing its commitment to sustainability. This third-party verified declaration empowers eco-conscious infrastructure decisions and aligns Skipper with global decarbonization goals.

Rating Sensitivities

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

Strong

Skipper has liquidity marked by strong net cash accruals of Rs.209.12 Cr. as on March 31, 2025, as against Rs.56.00 Cr. long term debt obligations over the same period. The current ratio of the company stood low at 1.19 times in FY2025 (current asset does not include lien marked fixed deposits in this calculation). The adjusted current ratio stood at 1.26 times in FY2025 (including lien marked fixed deposits in current assets). The cash and bank balance stood at Rs. 5.75 Cr. for FY 2025. Moreover, the bank limit utilization of the company has been ~70% on an average for both fund based and non-fund based limits. However, the working capital cycle is high marked by gross current asset days of 172 days for FY2025 as compared to 243 days for FY2024. Further, the working capital cycle has increased in H1FY26. Furthermore, the Company has capex plans in next 2-3 years to further increase its existing capacities to 600000 MT by FY29, which is expected to be funded by a mix of term loans and internal accruals, yet the liquidity is expected to be comfortable.

Outlook

Not Applicable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	4624.48	3282.04
PAT	Rs. Cr.	145.83	74.68
PAT Margin	(%)	3.15	2.28
Total Debt/Tangible Net Worth	Times	0.63	0.67
PBDIT/Interest	Times	2.22	2.13

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

Not Applicable

Any other information

None

Applicable Criteria

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

Note on complexity levels of the rated instrument

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

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
19 Sep 2025	Term Loan	Long Term	10.48	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	31.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	78.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.37	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	3.31	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	140.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	27.92	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	34.13	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	24.98	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	140.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	4.07	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.78	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	33.39	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	75.00	ACUITE A \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	4.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	102.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	9.22	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.04	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.39	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	26.36	ACUITE A \| Stable (Reaffirmed)
	Forward Contracts	Short Term	2.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	45.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	1.70	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	1.96	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	120.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	10.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	225.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	60.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	34.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	19.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	2.40	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	30.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	30.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	102.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	91.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	485.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	400.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	3.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	155.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	8.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	200.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	94.00	ACUITE A1 (Reaffirmed)
	Bills Discounting	Short Term	50.00	ACUITE A1 (Reaffirmed)
14 Aug 2025	Cash Credit	Long Term	15.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	75.00	ACUITE A \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	4.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	102.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.37	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	3.31	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	34.13	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	0.78	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	27.92	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	78.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	10.48	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	26.36	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	140.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	24.98	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	4.07	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	1.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.39	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	31.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	33.39	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	9.22	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	1.04	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	140.00	ACUITE A \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	34.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	19.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	2.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	1.96	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	30.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	30.00	ACUITE A1 (Assigned)
	Bills Discounting	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	91.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	2.40	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	60.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	200.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	94.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	45.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	1.70	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	40.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	30.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	90.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	155.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	8.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	120.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	10.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	225.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	485.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	400.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	3.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	102.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A1 (Reaffirmed)
26 Nov 2024	Cash Credit	Long Term	90.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	29.67	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	102.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	42.57	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	33.92	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	2.90	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	4.30	ACUITE A \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	15.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	34.27	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	5.21	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	125.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	75.00	ACUITE A \| Stable (Assigned)
	Cash Credit	Long Term	78.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	11.81	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	13.10	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	31.00	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	2.95	ACUITE A \| Stable (Reaffirmed)
	Covid Emergency Line.	Long Term	8.50	ACUITE A \| Stable (Reaffirmed)
	Letter of Credit	Short Term	28.50	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	380.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	3.00	ACUITE A1 (Reaffirmed)
	Bills Discounting	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	85.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	36.50	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	85.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	449.80	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	3.50	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	151.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	25.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	94.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	45.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	75.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	60.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	12.00	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	27.50	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	81.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	22.50	ACUITE A1 (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	8.00	ACUITE A1 (Assigned)
	Forward Contracts	Short Term	1.70	ACUITE A1 (Assigned)
	Forward Contracts	Short Term	1.20	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1 (Reaffirmed)
	Bills Discounting	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Forward Contracts	Short Term	2.00	ACUITE A1 (Assigned)
	Forward Contracts	Short Term	1.00	ACUITE A1 (Assigned)
	Forward Contracts	Short Term	2.40	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	119.00	ACUITE A1 (Reaffirmed)
	Bills Discounting	Short Term	100.00	ACUITE A1 (Reaffirmed)
	Letter of Credit	Short Term	15.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	40.20	ACUITE A1 (Assigned)
	Letter of Credit	Short Term	29.00	ACUITE A1 (Reaffirmed)
22 Jul 2024	Covid Emergency Line.	Long Term	4.75	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	50.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	48.19	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	125.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	15.00	ACUITE A \| Stable (Assigned)
	Covid Emergency Line.	Long Term	10.26	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	25.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Covid Emergency Line.	Long Term	3.77	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	14.85	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	35.91	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	31.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	142.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Covid Emergency Line.	Long Term	37.78	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Covid Emergency Line.	Long Term	3.64	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	78.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Covid Emergency Line.	Long Term	12.96	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	50.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Proposed Long Term Bank Facility	Long Term	0.81	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	90.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	32.79	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Covid Emergency Line.	Long Term	7.29	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	24.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Bank Guarantee (BLR)	Short Term	36.50	ACUITE A1 (Upgraded from ACUITE A2+)
	Bills Discounting	Short Term	50.00	ACUITE A1 (Assigned)
	Letter of Credit	Short Term	45.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee (BLR)	Short Term	100.50	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	380.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	29.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee (BLR)	Short Term	75.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	25.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bills Discounting	Short Term	50.00	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	22.50	ACUITE A1 (Assigned)
	Bank Guarantee (BLR)	Short Term	154.50	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	28.50	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	91.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee (BLR)	Short Term	27.50	ACUITE A1 (Assigned)
	Letter of Credit	Short Term	111.50	ACUITE A1 (Upgraded from ACUITE A2+)
	Bank Guarantee (BLR)	Short Term	94.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	60.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	12.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Letter of Credit	Short Term	3.00	ACUITE A1 (Assigned)
	Letter of Credit	Short Term	85.00	ACUITE A1 (Upgraded from ACUITE A2+)
	Bills Discounting	Short Term	100.00	ACUITE A1 (Assigned)
09 Oct 2023	Cash Credit	Long Term	142.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	125.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	90.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	78.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	30.27	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	59.66	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	141.58	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	31.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.55	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.94	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	154.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	28.50	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	36.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	111.50	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	94.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	80.00	ACUITE A2+ (Assigned)
	Letter of Credit	Short Term	45.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	70.00	ACUITE A2+ (Assigned)
	Bank Guarantee (BLR)	Short Term	75.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	25.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	85.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	199.50	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	250.00	ACUITE A2+ (Assigned)
	Letter of Credit	Short Term	130.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	250.00	ACUITE A2+ (Assigned)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	29.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	40.50	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	60.00	ACUITE A2+ (Assigned)
	Letter of Credit	Short Term	21.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	70.00	ACUITE A2+ (Assigned)
02 Aug 2023	Cash Credit	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	18.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	84.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	125.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	67.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.75	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.48	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	60.40	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	32.26	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	22.39	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.13	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	6.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	37.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.55	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.94	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.62	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.80	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	28.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	42.18	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	20.90	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.10	ACUITE A- \| Stable (Assigned)
	Letter of Credit	Short Term	50.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	40.50	ACUITE A2+ (Assigned)
	Letter of Credit	Short Term	21.00	ACUITE A2+ (Assigned)
	Bank Guarantee (BLR)	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	21.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	36.50	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	144.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	65.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	46.50	ACUITE A2+ (Assigned)
	Bank Guarantee (BLR)	Short Term	94.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	45.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	75.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	25.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	50.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	60.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	199.50	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	80.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	150.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	29.00	ACUITE A2+ (Reaffirmed)
	Bank Guarantee (BLR)	Short Term	100.00	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	3.79	ACUITE A2+ (Reaffirmed)
	Letter of Credit	Short Term	3.71	ACUITE A2+ (Assigned)
	Letter of Credit	Short Term	25.00	ACUITE A2+ (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
Indian Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	102.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Canara Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Bank Of Baroda	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	94.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
BANK OF INDIA (BOI)	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	34.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	90.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Punjab National Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	485.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Union Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	225.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Exim Bank	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
UCO BANK	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	150.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
HSBC Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
IDBI Bank Ltd.	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 A1 \| Reaffirmed & Withdrawn
Federal Bank Limited	Not avl. / Not appl.	Bills Discounting	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	78.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
HSBC Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	102.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	24.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
BANK OF INDIA (BOI)	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	140.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	140.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
Canara Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	31.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
UCO BANK	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
BANK OF INDIA (BOI)	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Feb 2026	1.39	Simple	ACUITE Not Applicable \| Withdrawn
State Bank of India	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	28 Feb 2026	4.07	Simple	ACUITE Not Applicable \| Withdrawn
Punjab National Bank	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2027	1.37	Simple	ACUITE A \| Reaffirmed & Withdrawn
Union Bank of India	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2027	26.36	Simple	ACUITE A \| Reaffirmed & Withdrawn
Indian Bank	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2026	1.04	Simple	ACUITE A \| Reaffirmed & Withdrawn
Punjab National Bank	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2026	3.31	Simple	ACUITE A \| Reaffirmed & Withdrawn
Indian Bank	Not avl. / Not appl.	Covid Emergency Line.	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2028	9.22	Simple	ACUITE A \| Reaffirmed & Withdrawn
State Bank of India	Not avl. / Not appl.	Forward Contracts	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Bank Of Baroda	Not avl. / Not appl.	Forward Contracts	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.70	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Union Bank of India	Not avl. / Not appl.	Forward Contracts	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.96	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
UCO BANK	Not avl. / Not appl.	Forward Contracts	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Canara Bank	Not avl. / Not appl.	Forward Contracts	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Indian Bank	Not avl. / Not appl.	Forward Contracts	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.40	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Punjab National Bank	Not avl. / Not appl.	Forward Contracts	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.50	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
UCO BANK	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	120.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
IDBI Bank Ltd.	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Indian Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	91.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Bank Of Baroda	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Canara Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	19.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Union Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
Punjab National Bank	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	400.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
State Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	155.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
HSBC Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE A1 \| Reaffirmed & Withdrawn
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.	0.78	Simple	ACUITE Not Applicable \| Withdrawn
ICICI BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	21 Sep 2029	75.00	Simple	ACUITE A \| Reaffirmed & Withdrawn
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2028	10.48	Simple	ACUITE A \| Reaffirmed & Withdrawn
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Sep 2028	27.92	Simple	ACUITE A \| Reaffirmed & Withdrawn
Exim Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2029	33.39	Simple	ACUITE A \| Reaffirmed & Withdrawn
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Sep 2027	34.13	Simple	ACUITE A \| Reaffirmed & Withdrawn
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	29 Jun 2029	24.98	Simple	ACUITE A \| Reaffirmed & Withdrawn
IDBI Bank Ltd.	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.00	Simple	ACUITE A \| Reaffirmed & Withdrawn

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.