Press Release May 16, 2025 UGRO CAPITAL LIMITED - AVENGER 2022- MARCH SERIES Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Pass Through Certificates (PTCs)	1.16	ACUITE AA- | SO | Reaffirmed	-
Total Outstanding	1.16	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating ‘ACUITE AA-(SO)’ (read as ACUITE double A minus (Structured Obligation)) to the Pass Through Certificates (PTCs) of Rs. 1.16 Cr. issued by Avenger 2022 – March Series (The Trust) under a securitisation transaction originated by Ugro Capital Limited (Ugro) (The Originator). The PTCs are backed by a pool of machinery loans. The rating factors in the timely payment of interest on monthly payment dates and ultimate payment of principal in accordance with transaction documentation. The transaction is structured at par. The rating is based on the strength of cash flows from the selected pool of contracts and the credit enhancement available in the form of i. Cash collateral of Rs 1.99 Cr. ii. Over-collateralisation of Rs. 0.99 Cr. iii. Excess Interest Spread (EIS) of Rs 0.10 Cr

About the Originator

­UGRO was originally incorporated as Chokhani Securities Limited in 1993. It is a systemically important non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). In 2018, pursuant to a change in control and management, the company was renamed as UGRO Capital Limited. UGRO's equity shares, and non-convertible debentures are listed on the Bombay Stock Exchange (BSE). The company's equity is also listed on the National Stock Exchange (NSE). UGRO is headed by Mr. Shachindra Nath, a seasoned finance professional, with more than two decades of experience in the financial services sector. He is the Promoter, Executive Vice Chairman and Managing Director of the company. UGRO is a Mumbai based company (registered office). It has 235 branches across the country as on March 31, 2025. UGRO lends to the MSME segment in nine specifically identified sectors i.e. Healthcare, Education, Chemicals, Food Processing/FMCG, Hospitality, Electrical Equipment’s and Components, Auto Components, Light Engineering and Micro-Enterprise segment. UGRO has built diversified distribution channels which consist of Branch led channel, Ecosystem consisting of Supply Chain & Machinery Finance, Partnership & Alliances for Co-lending with smaller NBFCs & FinTechs & Digital Channel.

Standalone Rating of the Originator ((if rated by Acuite)

­Acuite A | Stable

Assessment of the Pool

­­As per the initial rating, the underlying pool in the current Pass Through Certificate (PTC) transaction consists of machinery loans extended towards 48 individual borrowers, with an average ticket size of Rs. 49.50 lakhs. The current average outstanding per borrower stands at Rs. 24.26 lakhs. The weighted average original tenure for pool is of 57.38 months (minimum 37 months & maximum 62 months). The pool has a healthy weighted average seasoning of 12.73 months (minimum 11 months seasoning and maximum of 18 months seasoning). 99.4% of the loans in the pool did not avail the moratorium that was available during the pandemic period and none of the loans in the pool went into the non-current bucket since origination, which reflect its healthy asset quality. The underlying machinery for the loans include Computer Numerical Controls (47%), Laser cutting (24%), Vertical Machining Centre (7%), etc. While 41.2% of the customers are companies, the remaining 32.6% are corporate firms and the rest are individuals/ proprietorship. 28.11% of these borrowers are concentrated in Maharashtra followed by 16.71% in Haryana, and the remaining belong to other states. The top 5 borrowers of pool constitute 35.7% (i.e. Rs.6.14 Cr) of the pool principal O/s.  Currently, there are 24 borrowers outstanding,there has been no utilisation of credit enhancement in the transaction, thus signalling healthy repayment in the transaction,the pool has amortised by 89.18%.

Transaction Structure

­The rating factors in the timely payment of interest on monthly payment dates and ultimate payment of principal in accordance with transaction documentation. The transaction is structured at par.

Brief Methodology

­Parameters considered are seasoning of the pool, pool vs portfolio, portfolio cuts, amortisation of the pool, internal cash flow modeling, pool characteristics, static pool, dynamic DPDs to assign rating.

Legal Assessment

­The final rating is assigned based on the fulfilment of the structure, terms and covenants detailed in the executed trust deed, servicing agreement, legal opinion, accounts agreement, assignment agreement and other documents relevant to the transaction.

Key Risks

Counter Party Risks

­The loans are machinery loans with an average ticket size of Rs. 49.50 lakhs. Considering the moderately vulnerable credit profile of the borrowers, the risk of delinquencies/defaults are moderate. These risks of delinquencies are partly mitigated, considering the efficacy of the originator’s underwriting processes, coupled with the systems and process put in place for post disbursement monitoring.

Concentration Risks

­Since the pool consists of 24 borrowers, moderate concentration risks remain. However, the significant amortisation of the pool and the track record so far of the borrowers mitigate this risk to some extent.

Servicing Risks

­There is limited track record of servicing machinery loans PTCs, since this is the second machinery loans PTC transaction for the originator with Acuité.

Regulatory Risks

­In the event of a regulatory stipulation impacting the bankruptcy remoteness of the structure, the payouts to the PTC holders may be impacted.

Prepayment Risks

­The pool is subject to prepayment risks since rate of interest is relatively high and borrowers may be inclined to shift to low cost options (based on availability). In case of significant prepayments, the PTC holders will be exposed to interest rate risks, since the cash flows from prepayment will have to be deployed at lower interest rates.

Commingling Risk

­The transaction is subject to commingling risk since there is a time gap between last collection date and transfer to payout account.

Credit Enhancements (CE)

­The rating is based on the strength of cash flows from the selected pool of contracts and the credit enhancement available in the form of i. Cash collateral of Rs 1.99 Cr. ii. Over-collateralisation of Rs. 0.99 Cr. iii. Excess Interest Spread (EIS) of Rs. 0.10 Cr.

Rating Sensitivity

­ Collection performance of the underlying pool. Credit quality of the underlying borrowers. Any utilization of the cash collateral

All Covenants

­The following covenant is included in the transaction structure: The collection in month M will be deposited into the Collection and Pay-out Account (CPA) in the month (M+1). MRR of 10% in the form of -Fixed deposit of 10% of Pool Principal Waterfall Mechanism On each Payout Date the amounts present in the collection and payment account by way of: proceeds realised by the Trustee from the Receivables in the Collection Period immediately preceding the relevant Payout Date and deposited in the collection and payment account by the Servicer; any amounts then available in the collection and payment account; and amounts drawn, to the extent necessary, from the Credit Enhancement and transferred to the collection and payments account in accordance with the Transaction Documents,shall be utilized by the Trustee in the following order of priority. Until the Series A1 PTCs are outstanding payment of all statutory and regulatory dues; payment of any fees and expenses incurred by the Trustee or any fees payable to service providers and/ or any other amounts expressly provided for in the Transaction Documents; payment of overdue interest payments due to Series A1 PTCs; payment of interest payments due to the Series A1 PTCs; payment of expected Series A1 Principal (which includes any unpaid expected Series A1 Principal pertaining to earlier periods, payable to Series A1 Investors); any prepayments would be utilized for payment of Series A1 PTCs Principal; reimbursement of the Credit Enhancement (to the extent drawn on any Payout Date and not already reimbursed); and payment to the Residual Beneficiary. Following payment of the Series A1 PTCs in full payment of all statutory and regulatory dues; the payment of senior costs and any other amounts expressly provided for in the Transaction Documents; and payment to the Residual Beneficiary.

All Assumptions

Acuité has arrived at a base case delinquency estimate basis its analysis of the company's static pool and further applied appropriate stress factors to the base loss figures to arrive at the final loss estimates. The loss estimate also consider the risk profile of the particular asset classes, the borrower strata, economic risks, collection efficiency over the past several months as well as the credit quality of the originator. Acuité also has simulated the potential losses to an extent by applying sensitivity analysis.

Liquidity Position

Adequate

­­The liquidity in the transaction is adequate. ­The credit enhancement is available in the form of i. Cash collateral of Rs 1.99 Cr. ii. Over-collateralisation of Rs. 0.99 Cr. iii. Excess Interest Spread (EIS) of Rs. 0.10 Cr.

Outlook: Not Applicable

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Key Financials - Originator

­ Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets Rs. Cr. 9168.31 6277.02 Total Income* Rs. Cr. 814.08 638.76 PAT Rs. Cr. 143.93 119.34 Net Worth Rs. Cr. 2046.39 1438.36 Return on Average Assets (RoAA)** (%) 1.86 2.26 Return on Average Net Worth (RoNW) (%) 8.26 9.85 Debt/Equity Times 3.37 3.24 Gross NPA (Owned Book) (%) 2.35 3.09 Net NPA (Owned Book) (%) 1.32 1.64 *Total income equals to Net Interest Income plus other income **RoAA is as per Acuité calculations, and is on average Total Assets;

Status of disclosure of all relevant information about the Obligation being Rated

Non-public information

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Any Other Factor Affecting Rating

­None

Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite)

Not applicable

Any Other Information

­None

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.

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm

Rating History - PTC

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 16 May 2024 Pass Through Certificate Long Term 7.68 ACUITE AA- (SO ) (Reaffirmed) 17 May 2023 Pass Through Certificate Long Term 13.62 ACUITE AA- (SO ) (Reaffirmed) 17 May 2022 Pass Through Certificate Long Term 18.98 ACUITE AA- (SO ) (Assigned) 14 Apr 2022 Pass Through Certificate Long Term 18.98 ACUITE Provisional AA- (SO ) (Assigned)

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Rating History - Originator (if applicable)

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 05 Jul 2024 Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE Not Applicable (Withdrawn) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 130.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 15.00 ACUITE Not Applicable (Withdrawn) 06 Jul 2023 Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 44.44 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.38 ACUITE A (Reaffirmed & Withdrawn) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 20.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) 27 Mar 2023 Term Loan Long Term 1.20 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 6.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 28.88 ACUITE A (Reaffirmed & Withdrawn) Cash Credit Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 1.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 30.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 31.68 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 23.05 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 18.75 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 68.75 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 10.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 20.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 50.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 19.44 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 30.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 40.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 16.11 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 46.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 26.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 39.17 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 11.55 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.28 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 44.44 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.38 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 45.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 43.34 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 35.02 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 24.83 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 16.66 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 23.75 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 18.33 ACUITE A (Reaffirmed & Withdrawn) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 45.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 18.89 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 10.55 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 8.75 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn) Secured Overdraft Long Term 1.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 3.33 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 6.03 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 20.95 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 15.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 35.15 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 22.00 ACUITE A (Reaffirmed & Withdrawn) Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Proposed Non Convertible Debentures Long Term 13.64 ACUITE Not Applicable (Withdrawn) Proposed principal protected market linked debentures Long Term 5.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE Not Applicable (Withdrawn) Proposed Non Convertible Debentures Long Term 65.00 ACUITE Not Applicable (Withdrawn) Proposed Long Term Loan Long Term 332.96 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 18.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 15.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 30.00 ACUITE Not Applicable (Withdrawn) Proposed Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) Proposed Commercial Paper Program Short Term 50.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 10.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 20.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 30.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) Commercial Paper Program Short Term 25.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) 21 Feb 2023 Term Loan Long Term 18.89 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.55 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A | Stable (Reaffirmed) Proposed Secured Non-Convertible Debentures Long Term 120.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 1.20 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 28.88 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 35.02 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 16.66 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Proposed Long Term Loan Long Term 332.96 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 17.79 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 23.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 44.44 ACUITE A | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.38 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 45.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 25.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 31.68 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 23.05 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 68.75 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 19.44 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 16.11 ACUITE A | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1 (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1 (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn) Proposed Market Linked Debentures Long Term 20.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- (CE) | Stable (Reaffirmed) 20 Dec 2022 Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Proposed Non Convertible Debentures Long Term 17.79 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Secured Overdraft Long Term 45.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Secured Overdraft Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Secured Overdraft Long Term 1.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 30.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Secured Overdraft Long Term 31.68 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 23.05 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 10.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 18.75 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 68.75 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Secured Overdraft Long Term 10.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 15.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 50.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 50.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 20.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 50.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 19.44 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 30.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 40.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 16.11 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 10.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 23.75 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 18.33 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 25.38 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Proposed Secured Non-Convertible Debentures Long Term 120.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 28.88 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Cash Credit Long Term 10.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 10.55 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 8.75 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 15.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Secured Overdraft Long Term 1.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 3.33 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 6.03 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 20.95 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 15.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 35.15 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 8.75 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 45.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 43.34 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 35.02 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 22.03 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 24.83 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 16.66 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 18.89 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 1.20 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 6.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 22.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Proposed Long Term Loan Long Term 332.96 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 18.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Term Loan Long Term 44.44 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable) Commercial Paper Program Short Term 30.00 ACUITE A1 (Downgraded from ACUITE A1+) Commercial Paper Program Short Term 25.00 ACUITE A1 (Downgraded from ACUITE A1+) Commercial Paper Program Short Term 10.00 ACUITE A1 (Downgraded from ACUITE A1+) Commercial Paper Program Short Term 25.00 ACUITE A1 (Downgraded from ACUITE A1+) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1 (Downgraded from ACUITE A1+) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1 (Downgraded from ACUITE A1+) Commercial Paper Program Short Term 15.00 ACUITE A1 (Downgraded from ACUITE A1+) Commercial Paper Program Short Term 30.00 ACUITE A1 (Downgraded from ACUITE A1+) Commercial Paper Program Short Term 20.00 ACUITE A1 (Downgraded from ACUITE A1+) Commercial Paper Program Short Term 25.00 ACUITE A1 (Downgraded from ACUITE A1+) Proposed Market Linked Debentures Long Term 20.00 ACUITE PP-MLD A | Stable (Downgraded from ACUITE PP-MLD A+ | Stable) Principal protected market linked debentures Long Term 130.00 ACUITE PP-MLD A | Stable (Downgraded from ACUITE PP-MLD A+ | Stable) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Downgraded from ACUITE PP-MLD AA+ (CE) | Stable) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA- (CE) | Stable (Downgraded from ACUITE PP-MLD AA+ (CE) | Stable) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Downgraded from ACUITE PP-MLD AA+ (CE) | Stable) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA- (CE) | Stable (Downgraded from ACUITE PP-MLD AA+ (CE) | Stable) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- (CE) | Stable (Downgraded from ACUITE PP-MLD AA+ (CE) | Stable) 22 Aug 2022 Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 68.75 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 10.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 15.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 50.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 25.00 ACUITE A+ | Stable (Assigned) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 19.44 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 40.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 16.11 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 35.15 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 43.34 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 35.02 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 24.83 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 16.66 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 332.96 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 17.79 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 23.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.33 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 44.44 ACUITE A+ | Stable (Reaffirmed) Working Capital Demand Loan (WCDL) Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.38 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 45.00 ACUITE A+ | Stable (Assigned) Secured Overdraft Long Term 25.00 ACUITE A+ | Stable (Assigned) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A+ | Stable (Assigned) Secured Overdraft Long Term 31.68 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 23.05 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 18.75 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Non-Convertible Debentures Long Term 120.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 1.20 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 6.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 28.88 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.55 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.95 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 20.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 75.00 ACUITE PP-MLD A+ | Stable (Assigned) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) 19 May 2022 Proposed Long Term Loan Long Term 150.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 17.79 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.40 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 7.80 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 44.01 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 90.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 4.58 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.86 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.95 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 35.15 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 43.34 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 46.87 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 24.83 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 0.20 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 455.77 ACUITE A+ | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 50.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) 04 Mar 2022 Proposed Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 90.00 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 455.77 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 0.20 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 24.83 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 46.87 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 43.34 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 35.15 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.95 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Proposed Long Term Loan Long Term 150.00 ACUITE A+ | Stable (Assigned) Proposed Non Convertible Debentures Long Term 200.00 ACUITE A+ | Stable (Assigned) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 4.58 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.86 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Assigned) Proposed Non Convertible Debentures Long Term 25.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE PP-MLD AA+ (CE) (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE PP-MLD AA+ (CE) (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE PP-MLD AA+ (CE) (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE PP-MLD AA+ (CE) (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 29.70 ACUITE PP-MLD AA+ (CE) (Reaffirmed) 24 Feb 2022 Proposed Term Loan Long Term 22.86 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 35.15 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 25.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 22.03 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 25.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 25.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 46.87 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 43.34 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 24.83 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 20.95 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 455.77 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 5.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 45.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 6.03 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 8.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 90.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 8.75 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 0.20 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 22.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 18.89 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 8.75 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 16.67 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 20.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 3.33 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 40.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Non-Covertible Debentures (NCD) Long Term 35.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 25.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Term Loan Long Term 10.00 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Proposed Term Loan Long Term 4.58 ACUITE A+ | Stable (Upgraded (Positive to stable) from ACUITE A | Positive) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Upgraded from ACUITE A1) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Upgraded from ACUITE A1) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Upgraded from ACUITE A1) Commercial Paper Program Short Term 10.00 ACUITE A1+ (Upgraded from ACUITE A1) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Upgraded from ACUITE A1) Commercial Paper Program Short Term 15.00 ACUITE A1+ (Upgraded from ACUITE A1) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Upgraded from ACUITE A1) Commercial Paper Program Short Term 20.00 ACUITE A1+ (Upgraded from ACUITE A1) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1+ (Upgraded from ACUITE A1) Proposed Non Convertible Debentures Long Term 25.00 ACUITE PP-MLD A+ | Stable (Upgraded (Positive to stable) from ACUITE PP-MLD A | Positive) Non-Covertible Debentures (NCD) Long Term 29.70 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 50.00 ACUITE PP-MLD AA+ (CE) | Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable Not avl. / Not appl. Pass Through Certificate 29 Mar 2022 9.75 15 Sep 2026 1.16 Highly Complex ACUITE AA- | SO | Reaffirmed

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Contacts

Mohit Jain Senior Vice President - Rating Operations Nattasha Venkatesh 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.