Press Release May 13, 2025 UGRO CAPITAL LIMITED - NIMBUS 2022 ML MAVERICK Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Pass Through Certificates (PTCs)	3.24	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	3.24	-	-

Rating Rationale

­Acuité has withdrawn the long-term rating on the Rs. 3.24 Cr. Pass Through Certificate of UGRO CAPITAL LIMITED, the trust being NIMBUS 2022 ML MAVERICK,  without assigning any rating as the instrument is fully paid. The withdrawal is on account of request received from issuer, NDC received from the trustee and in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument.

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

­­Not Applicable

Transaction Structure

­­Not Applicable

Brief Methodology

­­Not Applicable

Legal Assessment

­­Not Applicable

Key Risks

Counter Party Risks

­­Not Applicable

Concentration Risks

­­Not Applicable

Servicing Risks

­­Not Applicable

Regulatory Risks

­­Not Applicable

Prepayment Risks

­­Not Applicable

Commingling Risk

­­Not Applicable

Credit Enhancements (CE)

­­Not Applicable

Rating Sensitivity

­­Not Applicable

All Covenants

­­Not Applicable

All Assumptions

­­Not Applicable

Liquidity Position

­­Not Applicable

Outlook

­­Not Applicable

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 **As per Acuité calculations;

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

Non-public information

­

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

­Not Applicable

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 3.24 ACUITE AA- (SO ) (Reaffirmed) 17 May 2023 Pass Through Certificate Long Term 7.39 ACUITE AA- (SO ) (Reaffirmed) 17 May 2022 Pass Through Certificate Long Term 13.10 ACUITE AA- (SO ) (Assigned)

­

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 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) 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 50.00 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) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 50.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 15.00 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) 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) 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) 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 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) Term Loan Long Term 25.00 ACUITE A (Reaffirmed & Withdrawn) Term Loan Long Term 22.00 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) 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) 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) 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) Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed) 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) 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) 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 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) Proposed Long Term Loan Long Term 332.96 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 18.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 50.00 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 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) 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) 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 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) 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) 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 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 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) 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) Working Capital Demand Loan (WCDL) 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 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 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) 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) 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 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) 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) 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 75.00 ACUITE PP-MLD A+ | Stable (Assigned) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD A+ | Stable (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) 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 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) 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 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) 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) 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 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 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) 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) 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 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) 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) 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 10.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Assigned) 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 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 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 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) 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) 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 from PP-MLD ACUITE A | Positive (Positive to Stable)) 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 11 Mar 2022 10.00 17 Jul 2026 3.24 Highly Complex Not Applicable|Withdrawn

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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.