Press Release

Press Release

September 07, 2026

TRUST CAPITAL SERVICES INDIA PRIVATE LIMITED
Rating Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	730.00	Not Applicable \| Withdrawn	-	RBI
Non Convertible Debentures (NCD)	0.00	200.00	Not Applicable \| Withdrawn	-	MCA
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	930.00	-	-	-

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Acuité has withdrawn its long-term rating on the Rs. 730.00 Cr. bank loan facilities without assigning any rating of Trust Capital Services India Private Limited.
Acuité has withdrawn its long-term rating on the Rs 200.00 Cr. Non convertible debenture facility without assigning any rating of Trust Capital Services India Private Limited.

The rating has been withdrawn on account of request received from the issuer.
The rating has been withdrawn as per Acuité's policy on withdrawal of ratings as applicable to the respective facility / instrument with MCA Index of Charges where the company stands amalgamated and the NCLT order of demerger of Trust Capital Services Private Limited to Trust Investment Advisors Private Limited & Trust Capital & Stock Brokers Private Limited.

About the company

Mumbai based, Trust Capital Services India Private Limited, the previous holding company of the Trust group was incorporated in 1994. The company is the flagship company of Trust group. It is a deposit-based member of BSE and a SEBI registered Stockbroker taking proprietary trading positions. It is engaged in the activities of dealing in Government securities & bonds. Mrs. Nipa Utpal Sheth, Mrs. Nisha Sandip Mehta and Mr. Abhishek Kumar Kedia are directors of the entity.

Trust Group has entered into a composite Scheme of Arrangement (“the Scheme”) for amalgamation of its business division other than trading segment / undertaking from Trust Capital Services (India) Private Limited to Trust Investment Advisors Private Limited and the respective shareholders of the two companies, under Sections 230 to 232 of the Companies Act, 2013 and the same has been approved by the Hon’ble National Company Law Tribunal, (NCLT) Mumbai Bench on 14th February 2025.

Unsupported Rating

Not Applicable

Analytical Approach

Not Applicable

Key Rating Drivers

Strength

Not Applicable

Weakness

Not Applicable

ESG Factors Relevant for Rating

Trust Group has a diversified revenue stream with a majority portion accruing from the financial services sector. Adoption and upkeep of strong business ethics is a sensitive material issue for the financial services business linked to capital markets to avoid fraud, insider trading and other anti-competitive behavior. Other important governance issues relevant for the industry include management and board compensation, board independence as well as diversity, shareholder rights and role of audit committee. As regards the social factors, product or service quality has high materiality so as to minimise misinformation about the products to the customers and reduce reputational risks. For the industry, retention, and development of skilled manpower along with equal opportunity for employees is crucial. While data security is highly relevant due to company’s access to confidential client information, social initiatives such as enhancing financial literacy and improving financial inclusion are fairly important for the financial services sector. The material of environmental factors is low for this industry. Trust Group board comprises a total of seven directors out of which two are women directors. The Group maintains adequate disclosures with respect to the various board level committees, mainly Audit Committee, Nomination and Remuneration Committee along with Stakeholder Relationship Committee. The Group also maintains adequate level of transparency with regards to business ethics issues which can be inferred from its policies relating to code of conduct, whistleblower protection and related party transactions. In terms of its social impact, the Group is promoting healthcare by providing support for treatment of cancer patients.

Rating Sensitivity

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

Not Applicable

Outlook : Not Applicable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY25 (Provisional)	FY24 (Actual)
Total Assets	Rs. Cr.	1035.78	1423.79
Total Income*	Rs. Cr.	55.28	51.07
PAT	Rs. Cr.	15.47	16.22
Net Worth	Rs. Cr.	141.72	126.25
Return on Average Assets (RoAA)	(%)	1.26	1.19
Return on Average Net Worth (RoNW)	(%)	11.54	13.71
Debt/Equity	Times	4.94	7.99
Gross NPA	(%)	N/a	N/a
Net NPA	(%)	N/a	N/a

*Total income equals to Net Interest Income plus other income

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
• Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.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
12 Sep 2025	Secured Overdraft	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	5.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	125.00	ACUITE AA+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	20.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	30.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	50.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	4.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	16.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
12 Sep 2024	Secured Overdraft	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	125.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	5.00	ACUITE AA+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	20.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	50.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	30.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	4.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	16.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
25 Jun 2024	Secured Overdraft	Long Term	200.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	30.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	5.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	125.00	ACUITE AA+ \| Stable (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE AA+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	20.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	50.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	30.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	125.00	ACUITE Not Applicable (Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE Not Applicable (Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	16.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	4.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
13 Mar 2024	Secured Overdraft	Long Term	90.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	125.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	140.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	5.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE AA+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	20.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	50.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	30.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	125.00	ACUITE Provisional AA+ \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	16.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	4.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
12 Apr 2023	Non-Covertible Debentures (NCD)	Long Term	125.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	140.00	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	90.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	5.00	ACUITE AA+ \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	50.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	30.00	ACUITE AA+ (CE) \| Stable (Assigned)
	Cash Credit	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	20.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	4.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	16.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
22 Mar 2023	Proposed Long Term Bank Facility	Long Term	140.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	125.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE AA- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	90.00	ACUITE AA- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	21.00	ACUITE AA+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE AA+ \| Stable (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	5.00	ACUITE AA+ \| Stable (Assigned)
	Secured Overdraft	Long Term	50.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Cash Credit	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	20.00	ACUITE AA+ (CE) \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE Not Applicable (Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	100.00	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	4.00	ACUITE Provisional AA+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	16.00	ACUITE Provisional AA+ \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	INE05TX07074	Non-Convertible Debentures (NCD)	Unlisted	MCA	29 Sep 2022	8.95	03 Apr 2026	29.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	INE05TX07058	Non-Convertible Debentures (NCD)	Unlisted	MCA	29 Mar 2022	8.00	29 Mar 2027	5.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	INE05TX07074	Non-Convertible Debentures (NCD)	Unlisted	MCA	29 Sep 2022	8.95	03 Apr 2026	21.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	INE05TX07090	Non-Convertible Debentures (NCD)	Unlisted	MCA	27 Mar 2024	8.50	22 Mar 2027	125.00	Simple	ACUITE Not Applicable \| 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.	30.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	16.00	Simple	ACUITE Not Applicable \| Withdrawn
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Unlisted	MCA	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.00	Simple	ACUITE Not Applicable \| Withdrawn
THE KARUR VYSYA BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE Not Applicable \| Withdrawn
AXIS BANK LIMITED	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE Not Applicable \| Withdrawn
SBM Bank (India) Ltd.	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE Not Applicable \| Withdrawn
SBM Bank (India) Ltd.	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE Not Applicable \| Withdrawn
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.	50.00	Simple	ACUITE Not Applicable \| Withdrawn

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Eshan Jain
Senior Manager - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹ ⁶	RBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11 a	Fixed Deposits raised by NBFCs, HFCs, FIs	RBI
11 b	Fixed Deposits raised by Banks ⁷	+
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts ⁶	RBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) ⁷	+
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.
⁶ By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues.
⁷ To be finalized following a discussion with the regulatory authorities.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁸	Not applicable

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.