Press Release August 18, 2026 UP MONEY LIMITED - GAMBIT 08 2024 Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Pass Through Certificates (PTCs)	0.00	15.84	ACUITE D | SO | Reaffirmed | Issuer not co-operating*	-	RBI
Total Outstanding	0.00	15.84	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE D (SO)' (read as ACUITE D (Structured Obligation)) to the Pass Through Certificate (PTC) of Rs. 15.84 Cr. issued by GAMBIT 08 2024 under the securitisation transaction originated by UP MONEY LIMITED (The Originator). The rating is now flagged as “Issuer Not-Cooperating” and is based on the best available information. Non-cooperation by the issuer/borrower Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveilance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwilingness to provide information could be a sign of potential deterioration in its overal credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies. Limitation regarding information availability This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

About the Originator

­Ludhiana based UP Money Limited (UPL) started operations in November 2014 folowing the acquisition of Sukhjit Finance Ltd, a company incorporated on February 6, 1995 under the Companies Act, 1956. The company’s name was changed to UP Money Ltd w.e.f. March 2, 2015. The company is promoted by Mr. Ajit Singh Chawla and Mr. Sumel Singh Chawla. UPL offers affordable financing for micro, smal & medium enterprises (MSMEs) loans and two-wheeler loans, mainly for rural livelihood advancement, with the aim to provide finance for income generating activities, socio-economic development and financial inclusion.

Standalone Rating of the Originator (if rated by Acuite)

­ACUITE C | Reaffirmed | Issuer not co-operating ACUITE D | Reaffirmed & Downgraded | Issuer not co-operating

Rating Sensitivity

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

­No information provided by the issuer / available for Acuite to comment upon

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

­No information provided by the issuer / available for Acuite to comment upon

All Covenants

­The facilities comprising the pool shall be identified on the basis of the following criteria: No facility comprising the pool is classified as a "non-performing asset" for the purposes of the directions and guidelines of the RBI. Loans should not have been restructured or rescheduled; Compliance with "know your customer" norms specified by the RBI The pool should comply with the Minimum Holding Period requirements prescribed under the Securitisation Directions. No facility comprising the pool is overdue as on the Pool Cut Off Date. ­The following covenant is included in the transaction structure: If the PAR > 60 (including the write-offs) in respect of the Pool exceeds 10.00% of the initial pool principal, then the EIS shall be utilized to make principal payments to the Series A Investors until the time the PAR > 60 (including the write-offs) reduces to 10.00% of the initial pool principal or as long as the Series A1 PTCs are live (whichever is later). Servicer’s Events of Default and Consequences (a) Upon occurrence of one or more Servicer’s Event of Default, the Trustee (acting on the instructions of the Investors holding Majority Interest) may give a notice to the Servicer calling upon the Servicer to remedy the said Servicer’s Event(s) of Default. (b) In the event the Servicer fails to remedy the Servicer’s Event of Default within a period of 15 (Fifteen) days (or such lesser period as determined by the Trustee if giving such time period, would impact their interests) from the date of receipt of the aforesaid notice, the Trustee shall be entitled to (acting on the instructions of the Investors holding Majority Interest) terminate the services of the Servicer withimmediate effect by providing a written notice in this regard to the Servicer; provided however that the Rating Agency shall been provided with prior intimation of the termination of the services of the Servicer.  (c) In case of a change in the Servicer pursuant to a Servicer’s Event of Default and as per the terms of this Deed, the Servicer shall be liable to pay to the Trust all the costs and expenses which will be incurred by the Trust in replacing the Servicer or in the Trustee assuming the obligations of the Servicer by itself. In the event that the Servicer is replaced in accordance with the terms of this Deed, the Back-up Servicer’s Fee shall be as set out in the Back-up Servicer Agreement, and the Back-up Servicer’s Fee (as set out in paragraph 1 of Schedule 1 of the Back-up Servicer Agreement) shall be paid by the Trustee and such cost shall be borne by the entity being replaced. If the Servicer is unable to pay the said Back-up Servicer’s Fee, the same shall be paid from the Trust Fund. Further, the Servicer shall provide all such assistance and support as is required by the Trustee to ensure that there is no interruption in the servicing of the Loans for the time period between the Servicer being changed pursuant to the occurrence of a Servicer’s Event of Default and the time when the Servicer is replaced in accordance with this Deed and also provide all assistance to the Back-up Servicer as per the terms of the Back-up Servicer Agreement.  (d) Notwithstanding such termination, the Trustee shall be entitled to claim damages from the outgoing Servicer for losses sustained by the Trust on account of any act of negligence, misconduct, fraud or wilful default committed by the outgoing Servicer and detrimental to the interest of the Trust /Investors. (e) On the termination of the Servicer’s appointment, the Obligors shall be immediately notified and shall be directed to make payments to the Back-up Servicer / alternate servicer or to directly by credit to the Collection and Payout Account, in the event no such Back-up Servicer / alternate servicer is appointed, and any Receivables coming into the hands of the Servicer after such termination shall be held in trust by the Servicer for the benefit of the investor and shall be immediately deposited by the Servicer in the Collection and Payout Account. In the event the Receivables are not deposited by the Servicer into the Collection and Payout Account within 2 (Two) Business Days of such termination, then the Servicer shall be liable to pay a one-time penalty to the Trustee (acting on behalf of the Investors) the rates of which shall be notified by the Trustee to the Servicer at the relevant point of time. Further, the Servicer shall ensure that appropriate instructions are provided to the Obligors to make all payments through ECS and NACH such that the payments are credited to alternate servicer’s account or Back-up Servicer’s account and shall ensure that the Obligors have executed the NACH/ECS mandate directly in favour of alternate servicer’s account or Back-up Servicer’s account (as the case may be). (f)Immediately, on termination of the services of the Servicer, the Servicer shall transfer to the alternate servicer / Back-up Servicer (or to the Trustee in the event that no such alternate servicer is appointed), the custody of all Loan Agreements, Underlying Documents, cheques including post-dated cheques, drafts, instruments (if any), demand promissory notes, correspondence, records, information and monies held by the Servicer with respect to the Assets.

All Assumptions

­Acuité has arrived at a base case delinquency estimate basis its analysis of the company's historical 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 class, the borrower strata, economic risks, colection efficiency over the past several months as wel as the credit quality of the originator. Acuité also has simulated the potential losses to an extent by applying sensitivity analysis.

Liquidity Position

"No information provided by the issuer / available for Acuite to comment upon."

Outlook

­Not Applicable

Key Financials - Originator

­ Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets** Rs. Cr. 493.65 547.16 Total Income* Rs. Cr. 59.31 69.62 PAT Rs. Cr. 7.35 11.84 Net Worth Rs. Cr. 118.46 107.07 Return on Average Assets (RoAA) (%) 1.41 2.28 Return on Average Net Worth (RoNW) (%) 6.52 11.70 Total Debt/Tangible Net worth (Gearing) Times 3.07 3.99 Gross NPA (%) 2.28 1.42 Net NPA (%) 1.49 1.15 *Total income equals to Total Income net off interest expense **Total assets adjusted to Deferred Tax liability

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

Non-public information

­

Status of non-cooperation with previous CRA

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 29 Aug 2025 Pass Through Certificate Long Term 15.84 ACUITE D (SO ) (Downgraded from ACUITE A- (SO )) 06 Nov 2024 Pass Through Certificate Long Term 15.84 ACUITE A- (SO ) (Assigned)

­

Rating History - Originator (if applicable)

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 20 Mar 2026 Term Loan Long Term 1.81 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 8.35 ACUITE C (Reaffirmed & Issuer not co-operating*) Proposed Long Term Loan Long Term 43.25 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.10 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.81 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Cash Credit Long Term 3.75 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.74 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.94 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Working Capital Term Loan Long Term 2.50 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 8.14 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 1.89 ACUITE D (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 5.00 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 6.82 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 11.25 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 10.00 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 0.93 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.17 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 5.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 6.66 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 13.51 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 9.20 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Cash Credit Long Term 1.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 3.18 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 10.00 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 25.00 ACUITE D (Reaffirmed & Issuer not co-operating*) 18 Mar 2026 Term Loan Long Term 1.81 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 8.35 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 5.00 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.17 ACUITE C (Reaffirmed & Issuer not co-operating*) Proposed Long Term Loan Long Term 43.25 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.10 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.81 ACUITE C (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 3.75 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.74 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.94 ACUITE C (Reaffirmed & Issuer not co-operating*) Working Capital Term Loan Long Term 2.50 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 0.93 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 6.66 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 10.00 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 9.20 ACUITE C (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 1.00 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 3.18 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 25.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 8.14 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 1.89 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Cash Credit Long Term 5.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 6.82 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 11.25 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 13.51 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) 08 Sep 2025 Term Loan Long Term 0.93 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Cash Credit Long Term 5.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.94 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 25.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Working Capital Term Loan Long Term 2.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 5.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Proposed Term Loan Long Term 43.25 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 1.89 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 11.25 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 9.20 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Cash Credit Long Term 1.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.74 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Cash Credit Long Term 3.75 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 8.35 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 13.51 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 6.82 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 3.18 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 1.81 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.10 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 6.66 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.81 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 8.14 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.17 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) 01 Sep 2025 Term Loan Long Term 1.81 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 8.35 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 25.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 6.66 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 13.51 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 9.20 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Cash Credit Long Term 1.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 3.18 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Proposed Long Term Loan Long Term 43.25 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.10 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.81 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Cash Credit Long Term 3.75 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.74 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.94 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Working Capital Term Loan Long Term 2.50 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 0.93 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.17 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 8.14 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 1.89 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Cash Credit Long Term 5.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 6.82 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 11.25 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 5.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) 15 Nov 2024 Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.18 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.81 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.89 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.94 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 11.25 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.10 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 13.51 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 78.85 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.35 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.66 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 9.20 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.14 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.74 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB- | Stable (Reaffirmed) 22 Oct 2024 Term Loan Long Term 9.20 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.10 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.89 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.81 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 48.85 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.35 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.18 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.66 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.74 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 13.51 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 30.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.94 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.14 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 11.25 ACUITE BBB- | Stable (Reaffirmed) 25 Sep 2023 Term Loan Long Term 3.90 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 2.22 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 15.77 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 1.96 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 1.13 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 5.11 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 1.86 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 12.36 ACUITE BBB- | Positive (Reaffirmed) Cash Credit Long Term 3.75 ACUITE BBB- | Positive (Reaffirmed) Cash Credit Long Term 5.00 ACUITE BBB- | Positive (Reaffirmed) Cash Credit Long Term 2.00 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 4.66 ACUITE BBB- | Positive (Reaffirmed) Proposed Long Term Loan Long Term 41.17 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 12.93 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 8.64 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 3.06 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 1.00 ACUITE BBB- | Positive (Reaffirmed) Proposed Long Term Bank Facility Long Term 20.00 ACUITE BBB- | Positive (Assigned) Term Loan Long Term 13.48 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE BBB- | Positive (Reaffirmed)

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php • Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

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

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below: A. Rating Activity:   Sr. No. Instrument / activity Name Regulator of the instrument 1 Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities) SEBI 2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) MCA 3 Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)1 6 RBI 4 Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)1 SEBI 5 Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)1 RBI 6 Listed Commercial Paper and NCDs with original maturity less than 1 year RBI 7 Unlisted Commercial Paper and NCDs with original maturity less than 1 year RBI 8 Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs 2 RBI 9 External Commercial Borrowings and other similar borrowings RBI 10 Certificates of Deposit RBI 11 a Fixed Deposits raised by NBFCs, HFCs, FIs RBI 11 b Fixed Deposits raised by Banks 7 + 12 Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs MCA 13 Inter Corporate Deposits/Loans extended by Corporates MCA 14 Borrowing programme 3 - 15 Issuer Ratings 4 - 16 Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) SEBI 17 Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI 18 Listed Security Receipts 6 RBI 19 Unlisted Security Receipts RBI 20 Independent Credit Evaluation (ICE) RBI 21 Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) 7 + 22 Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) SEBI 23 Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities)) MCA 24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 Investor-side Regulator such as IRDAI, PFRDA 5   1 Includes securitisation transactions involving assignee payout, acquirer's payout. 2 Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. 3 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included. 6 By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues. 7 To be finalized following a discussion with the regulatory authorities.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 8 Not applicable 8 permitted by SEBI vide SEBI Master Circular for CRAs. Disclosure on instruments / activities and names of regulators: A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference: https://acuite.in/Activities-and-Regulators.html   About Acuité Ratings & Research­ Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.