Press Release October 27, 2025 STERLING AND WILSON PRIVATE LIMITED Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1873.57	ACUITE C | Downgraded	-
Bank Loan Ratings	256.43	-	ACUITE A4 | Downgraded
Total Outstanding	2130.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has downgraded its long-term rating to 'ACUITE C' (read as ACUITE C) from 'ACUITE BB'(read as ACUITE double B) on Rs. 1873.57 Cr. bank facilities of Sterling and Wilson Private Limited (SWPL). Acuité has downgraded its short-term rating to 'ACUITE A4' (read as ACUITE A four) from 'ACUITE A4+' (read as ACUITE A four plus) on Rs. 256.43 Cr. bank facilities of Sterling and Wilson Private Limited (SWPL). Rationale for Downgrade The rating downgrade is on account of instances of delay in servicing of debt obligation by the company in the recent past as per the Auditors report in FY25 financials.

About the Company

Incorporated in 1974, Mumbai based Sterling and Wilson Private Limited is an electromechanical engineering company providing MEP services. Other business verticals of the Company include substation and transmission lines, data centre solutions, operation & maintenance services, and hybrid energy division.  Currently Mr. Khurshed Yazdi Daruvala, Mr. Zarine Yazdi Daruvala, Mr. Vinod Bhandawat, Mr. Umesh Narain Khanna and Mr. Vasanth Ramesan are the directors of the company.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has considered the standalone business and financial risk profile of Sterling and Wilson Private Limited (SWPL) to arrive at the rating.

Key Rating Drivers

Strengths

­Strong Parentage, long track record of operations and diverse product profile Sterling and Wilson Private Limited (SWPL) is a part of Shapoorji Pallonji Group and is promoted by Shapoorji Pallonji and Company Private Limited (SPCPL) and Mr. Khurshed Daruvala. Established in 1927 as Wilson Electric Works, SWPL was incorporated in 1974. SWPL is an electro-mechanical engineering company providing MEP services. Other business verticals of the Company include substation and transmission lines, data centre solutions, operation & maintenance services, and hybrid energy division. SWPL’s diverse portfolio includes high voltage and low voltage electrical systems, HVAC systems, diesel generating sets (DG Sets), solar power generation, structured data cabling, integrated fire alarm system, security systems, etc.

Weaknesses

­Instance of delays in servicing of debt obligation As per the qualifications in the auditor’s report dated June 30, 2025, there was a delay in servicing a debt facility around the financial year-end. In an unrated facility the interest servicing of Rs. 8.50 Cr. was delayed by 4 days and subsequently settled on April 11, 2025. The report attributes to the delay to year-end operational activities from the company’s end. This instance has resulted in a qualified opinion in the financial statements for FY25. Further, the account was standard as on 15th April 2025 as per the lenders feedback.

Rating Sensitivities

­Timely servicing of debt obligations

Liquidity Position

Adequate

SWPL has adequate liquidity position marked by sufficient net cash accruals against its maturing debt obligation. The company had a net cash accrual of Rs. 39.58 Cr. in FY25 as against the maturing debt obligation of Rs. 8.91 Cr. during the same period.

Outlook: Not Applicable

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Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	1586.76	1912.53
PAT	Rs. Cr.	26.37	(146.86)
PAT Margin	(%)	1.66	(7.68)
Total Debt/Tangible Net Worth	Times	0.99	0.63
PBDIT/Interest	Times	1.35	0.22

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 30 Jul 2024 Working Capital Demand Loan (WCDL) Short Term 9.00 ACUITE A4+ (Assigned) Working Capital Demand Loan (WCDL) Short Term 54.00 ACUITE A4+ (Assigned) Working Capital Demand Loan (WCDL) Short Term 6.00 ACUITE A4+ (Assigned) Proposed Short Term Bank Facility Short Term 153.93 ACUITE A4+ (Assigned) Letter of Credit Short Term 224.00 ACUITE A4+ (Assigned) Letter of Credit Short Term 29.46 ACUITE A4+ (Assigned) Cash Credit Long Term 6.00 ACUITE BB | Stable (Assigned) Cash Credit Long Term 12.00 ACUITE BB | Stable (Assigned) Cash Credit Long Term 0.05 ACUITE BB | Stable (Assigned) Cash Credit Long Term 5.00 ACUITE BB | Stable (Assigned) Cash Credit Long Term 24.00 ACUITE BB | Stable (Assigned) Cash Credit Long Term 76.00 ACUITE BB | Stable (Assigned) Secured Overdraft Long Term 21.00 ACUITE BB | Stable (Assigned) Cash Credit Long Term 1.00 ACUITE BB | Stable (Assigned) Proposed Long Term Bank Facility Long Term 116.15 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 651.00 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 200.00 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 126.54 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 123.00 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 50.00 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 95.00 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 52.80 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 39.00 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 37.57 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 15.50 ACUITE BB | Stable (Assigned) Bank Guarantee (BLR) Long Term 2.00 ACUITE BB | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating IDBI Bank Ltd. Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 84.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) DBS Bank Ltd Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 45.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) ICICI BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 38.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) IDFC First Bank Limited Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 51.30 Simple ACUITE C | Downgraded ( from ACUITE BB ) INDUSIND BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.50 Simple ACUITE C | Downgraded ( from ACUITE BB ) YES BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.21 Simple ACUITE C | Downgraded ( from ACUITE BB ) AXIS BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.41 Simple ACUITE C | Downgraded ( from ACUITE BB ) RBL Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) Union Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 515.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) Exim Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 200.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) State Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) ICICI BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) IDFC First Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) Union Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 69.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 22.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) IDBI Bank Ltd. Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) YES BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.05 Simple ACUITE C | Downgraded ( from ACUITE BB ) AXIS BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) Union Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 85.00 Simple ACUITE A4 | Downgraded ( from ACUITE A4+ ) State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.00 Simple ACUITE A4 | Downgraded ( from ACUITE A4+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 664.10 Simple ACUITE C | Downgraded ( from ACUITE BB ) Not Applicable Not avl. / Not appl. Proposed Short Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 153.93 Simple ACUITE A4 | Downgraded ( from ACUITE A4+ ) DBS Bank Ltd Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE C | Downgraded ( from ACUITE BB ) INDUSIND BANK LIMITED Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple ACUITE A4 | Downgraded ( from ACUITE A4+ ) IDBI Bank Ltd. Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 9.00 Simple ACUITE A4 | Downgraded ( from ACUITE A4+ )

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Contacts

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

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.