Press Release

June 22, 2026

SUSTAINABLE SPINNING AND COMMODITIES PRIVATE LIMITED
Rating Upgraded

Product	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	99.50	ACUITE BBB- \| Stable \| Upgraded	-	RBI
Bank Loan Ratings	4.50	-	ACUITE A3 \| Upgraded	RBI
Total Outstanding	104.00	-	-	-
Total Withdrawn	0.00	-	-	-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 upgraded the long-term rating to ‘ACUITE BBB-' (read as ACUITE Triple B Minus) from 'ACUITE C & ACUITE D' (read as ACUITE C and ACUITE D) on the Rs. 99.50 crore bank facilities of Sustainable Spinning and Commodities Private Limited (SSCPL). The outlook is 'Stable'.

Further, Acuite has also upgraded the short-term rating to 'ACUITE A3' (read as ACUITE A Three) from 'ACUITE D/ACUITE A4' (read as ACUITE D and ACUITE A Four) on Rs. 4.50 crore bank facilities of Sustainable Spinning and Commodities Private Limited (SSCPL).

Rational for rating
The rating was earlier downgraded to ‘Acuite C/A4’ and ‘Acuite D’ following delays reflected in the credit information company report for the month of December 2024; however, during the current review, such delays were again observed in the same lending institution’s account in the month of April 2026. These delays were not due to the inability or unwillingness of the borrower but were attributed to technical reasons beyond the borrower’s control. Acuite ascertained that SSCPL had the necessary funds in the account continuously until the date of curing of the default. The same has been confirmed by the lender through written confirmation and verified bank statements, which show that the dues were cleared within three working days. Accordingly, Acuite has considered the accelerated post-default curing period as the default was cured within three working days. Further, the rating also factors in the sustained improvement in the scale of operations and net profitability margins, albeit with moderation in revenues during FY25. The rating continues to derive comfort from the group's established operational track record and experience of the management. Additionally, the group has a moderate financial risk profile marked by modest net worth, moderate gearing, and adequate debt protection metrics. The proposed IPO proceeds are also expected to support the overall financial risk profile of the group through improvement in net worth and capital structure. The liquidity position of the group is adequate, supported by sufficient cash accruals against maturing debt repayment obligations. However, the rating is constrained by moderately intensive working capital operations and susceptibility of profitability to volatility in raw material prices in an intensely competitive and fragmented textile industry.

About the Company

Gujarat-based, Sustainable Spinning and Commodities Private Limited (SSCPL) was incorporated in 2012. The company specializes in manufacturing cotton yarn, with an installed capacity of 42,432 spindles and 1,200 rotors. The utilised capacity ranges between 22–25 MT per day, depending on the production of various yarn counts, including 20, 30, 34, 36, and 40. The current directors are Mr. Mohamedhasanain Husenali Narsinh, Mrs. Minajbanu Husenali Narsinh, Mr. Husenali Yusufali Narsinh, and Mrs. Fatema Mohmadhasnein Narsinh. The company sources 50 per cent of its cotton bale requirement from its group company, Milan Ginning and Pressing Limited (MGPL), while the remainder is procured from other local ginning operators in Gujarat. SSCPL exports approximately 90 per cent of its production to countries such as Europe and Bangladesh, among others. The manufacturing facility is situated in Gujarat.

About the Group

Gujarat-based, Milan group was established in 1995 by Mr. Husenali Yusufali Narsinh. The group consists of 3 companies, namely Sustainable Spinning and Commodities Private Limited (SSCPL), Milan Ginning Pressing Limited (MGPL) and K R Solvent LLP(KRSLLP). The group is engaged in manufacturing and trading of cotton yarn, cotton bales, cotton linter, cottonseed meal, cottonseed hulk and cotton seed oil.

Unsupported Rating

Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has consolidated the business and financial risk profiles of Sustainable Spinning and Commodities Private Limited (SSCPL), Milan Ginning Pressing Limited (MGPL) and K R Solvent LLP (KRSLLP) together known as the ‘Milan Group’ (MG), to arrive at this rating. The consolidation is on account of common management, similar line of business, high level of integration and strong operational linkages.

Key Rating Drivers

Strengths

Experienced management and established track record of operations
The promoters have over three decades of experience in the textile industry, coupled with a long track record of operations, which has enabled the company to establish strong relationships with its stakeholders. Over the years, the management has developed long-term associations with reputed players in the textile industry. The company exports its products to various countries such as Bangladesh, China, Europe, and Egypt, catering to international clients and is one of the leading ginning and pressing companies in India. Acuite believes that the extensive experience of the management is likely to positively impact the business risk profile of the company over the near to medium term.

Stable operating scale with growth exhibited in FY2026 albeit moderation in profitability
The group’s revenue moderated to Rs. 862.14 crore in FY25 as compared to Rs. 896.10 crore in FY24, primarily due to reduced demand in export markets during the year. With lower exports, the company shifted sales towards the domestic market, where realizations and profitability are comparatively lower, thereby impacting overall revenue and margins. However, the group reported revenue of Rs. 927.82 crore in FY26 (Est.), with improvement driven by better domestic demand and improved price realizations. The operating profit margin moderated to 4.22 per cent in FY25 from 4.54 per cent in FY24, mainly due to higher raw material costs. However, the PAT margin improved marginally to 1.51 per cent in FY25 from 1.37 per cent in FY24, supported by lower depreciation and interest costs. Acuite believes that the group’s ability to improve revenues while sustaining profitability margins will remain a key monitorable.

Moderate Financial Risk Profile

The group has a moderate financial risk profile, characterized by a modest net worth, moderate gearing, and adequate debt protection metrics. The net worth improved to Rs. 131.20 crore in FY25 from Rs. 108.02 crore in FY24, supported by profit retention and equity infusion during the year. Further, the net worth is expected to improve over the near term on account of IPO (Milan Ginning Pressing Limited) proceeds being added to reserves, which will strengthen the capital base and support overall financial risk profile of the group. The gearing ratio improved marginally to 1.00 times as of March 31, 2025, compared to 1.05 times as on March 31, 2024. Total debt increased to Rs. 131.48 crore from Rs. 113.14 crore, comprising Rs. 47.18 crore of long-term debt, Rs. 50.64 crore of short-term debt, Rs. 20.43 crore unsecured loans from promoters/directors, and Rs. 13.23 crore of maturing debt repayment obligations. The TOL/TNW ratio stood at 2.31 times as of March 31, 2025. The Interest Coverage Ratio (ICR) improved to 3.32 times in FY25 from 3.23 times in FY24, while the Debt Service Coverage Ratio (DSCR) improved to 1.36 times in FY25 from 1.27 times in FY24. This improvement is mainly due to better operating profitability and relatively lower interest costs during the year. Acuite believes that the group’s financial risk profile is expected to improve over the near to medium term on the back of proposed IPO in the group.

Weaknesses

Moderately intensive working capital operations

The group’s working capital operations are moderately intensive marked by an average gross current asset (GCA) at 126 days from FY23 to FY25. The GCA days improved slightly to 122 days in FY25 from 130 days in FY2024, primarily due to a reduction in the receivables period and inventory holding during the year. The group improved its inventory days to 28 days in FY2025 from 32 days in FY2024, reflecting marginal improvement in inventory management. The average inventory holding period of the group is around 30 days. However, debtor days remained rangebound at 74 days in FY2025 from 75 days in FY2024. The average credit period extended to its customers is around 60- 90 days. Furthermore, the creditor days stood at 62 days in FY2025 from 96 days in FY2024. The average credit period allowed by suppliers is around 60-90 days.
Acuité believes the group's ability to improve its working capital cycle over the medium term will remain a key rating monitorable.

Susceptibility of profitability to volatility in raw material prices in an intensely competitive and fragmented textile industry
The group operates in a highly competitive textile industry, characterised by the presence of several organised and unorganised players, which limits pricing power and bargaining ability. The group remains exposed to volatility in cotton prices in both domestic and international markets. Acuite believes the group’s ability to pass on increases in raw material costs to customers will be critical for sustaining its margins and overall credit profile. Further, fluctuations in cotton prices due to global demand–supply imbalances may exert pressure on profitability over the near to medium term.

Rating Sensitivities

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

Significant growth in revenues above Rs. 1000 crore along with improvement in operating margins on a sustained basis
Improvement in working capital management with GCA below 100 days
Strengthening of capital structure of the group post IPO

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

Significant decline in revenues and profitability
Elongation in working capital cycle exerting pressure on liquidity
Deterioration in financial risk profile due to higher-than-expected addition of debt with DSCR below 1.20 times consistently

Liquidity Position

Adequate

The group’s liquidity position is adequate, supported by net cash accruals of Rs. 22.33 crore in FY25, which comfortably cover the maturing debt obligations of Rs. 13.37 crore during the same period. Going forward, the group is expected to generate net cash accruals in the range of Rs. 25.00 to 30.00 crore, which are expected to sufficiently cover its maturing debt obligations of Rs. 9.00 to 13.00 crore. Cash and bank balances stood at Rs. 0.58 crore as of March 31, 2025, while the current ratio remained moderate at 1.25 times in FY25. Working capital operations are moderately intensive, with gross current asset improving to 122 days in FY25 from 130 days in FY24. However, the average utilization of fund-based working capital limits remained high at around ~94.24 per cent over the 06 months ended March 2026.
Acuite believes that the group’s liquidity position will remain adequate, supported by steady cash accruals, although high working capital utilization will remain a key monitorable.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 25 (Actual)	FY 24 (Actual)
Operating Income	Rs. Cr.	862.14	896.10
PAT	Rs. Cr.	13.00	12.23
PAT Margin	(%)	1.51	1.37
Total Debt/Tangible Net Worth	Times	1.00	1.05
PBDIT/Interest	Times	3.32	3.23

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
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.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
24 Mar 2025	Bank Guarantee/Letter of Guarantee	Short Term	1.50	ACUITE A4 (Downgraded from ACUITE A3)
	Term Loan	Long Term	12.65	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	10.87	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	4.00	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.36	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.13	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	3.79	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.36	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	0.25	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	3.80	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	5.91	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.44	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	12.83	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.28	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	4.73	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	0.27	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Working Capital Term Loan	Long Term	7.32	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	8.00	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Bank Guarantee/Letter of Guarantee	Short Term	3.00	ACUITE D (Downgraded from ACUITE A3)
	Cash Credit	Long Term	4.00	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	13.51	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
13 Aug 2024	Bank Guarantee/Letter of Guarantee	Short Term	3.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	1.50	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	8.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.65	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.51	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	10.87	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.44	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.83	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.28	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.73	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.27	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	7.32	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.36	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.13	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	3.79	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.36	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.25	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	3.80	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.91	ACUITE BBB- \| Stable (Reaffirmed)
16 May 2023	Bank Guarantee/Letter of Guarantee	Short Term	3.00	ACUITE A3 (Reaffirmed)
	Bank Guarantee/Letter of Guarantee	Short Term	1.50	ACUITE A3 (Reaffirmed)
	Cash Credit	Long Term	8.00	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.65	ACUITE BBB- \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.51	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	10.87	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.44	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.83	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.28	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.73	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.27	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	7.32	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.36	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.13	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	3.79	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.36	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	0.25	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	3.80	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.91	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
State Bank of India	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.00	Simple	ACUITE A3 \| Upgraded ( from ACUITE D )
Bank Of Baroda	Not avl. / Not appl.	Bank Guarantee/Letter of Guarantee	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.50	Simple	ACUITE A3 \| Upgraded ( from ACUITE A4 )
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	8.00	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
Bank Of Baroda	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.00	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE C )
Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.00	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
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.	34.02	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE C )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	30 Jun 2030	0.94	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2032	2.33	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2021	Not avl. / Not appl.	01 Dec 2028	1.49	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE C )
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2032	0.95	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2037	1.22	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Jul 2024	Not avl. / Not appl.	31 Oct 2034	15.59	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE C )
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Sep 2024	Not avl. / Not appl.	31 Mar 2035	2.00	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Dec 2034	19.10	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2027	3.19	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE D )
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Mar 2027	2.67	Simple	ACUITE BBB- \| Stable \| Upgraded ( from ACUITE C )

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

Sr. No.	Name of Entities
1	Sustainable Spinning and Commodities Private Limited
2	Milan Ginning Pressing Limited
3	K R Solvent LLP

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Dheeraj Salian
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.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

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.