Press Release

Press Release

October 22, 2026

VASWANI INDUSTRIES LIMITED
Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	75.54	ACUITE BBB \| Stable \| Assigned	-	RBI
Bank Loan Ratings	0.00	284.00	ACUITE BBB \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	65.00	-	ACUITE A3+ \| Reaffirmed	RBI
Total Outstanding	0.00	424.54	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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

Rating Rationale

Acuité has reaffirmed the long-term rating to ‘ACUITE BBB’ (read as ACUITE Triple B) and the short-term rating to ‘ACUITE A3+’ (read as ACUITE A three plus) on the Rs.349.00 Cr. bank facilities of Vaswani Industries Limited (VIL). The outlook is 'Stable'.

Further, Acuité has also assigned the long-term rating to ‘ACUITE BBB’ (read as ACUITE Triple B) on the Rs.75.54 Cr. bank facilities of Vaswani Industries Limited (VIL). The outlook is 'Stable'.

Rationale for rating
The rating reaffirmation reflects the improvement in the company's operating performance during FY26, supported by higher sales volumes following the enhancement of billet manufacturing capacity and lower power costs resulting from commissioning of captive solar power plant. The benefits of reduced power costs and an improved product mix are expected to continue supporting the company's profitability going forward. The rating further derives strength from the company's established sponge iron and billet manufacturing operations, experienced promoters, adequate liquidity position, and moderate working capital management.
However, the rating remains constrained by the company's leveraged capital structure and moderate debt protection metrics, primarily on account of recent and ongoing debt-funded capital expenditure. The ability of the company to improve its leverage and debt coverage indicators over the medium term remains a key rating monitorable. The rating is further constrained by the inherently cyclical nature of the steel industry and the company's presence in a highly fragmented and competitive industry, which limits pricing flexibility and bargaining power.

About the Company

Incorporated in 2003 and headquartered in Raipur, Chhattisgarh, Vaswani Industries Limited (VIL) is engaged in the manufacturing of sponge iron and billets with an installed capacity of 90,000 MT per annum and 150,000 MT per annum respectively. VIL also has captive power generation facilities comprising 11.5 MW, including 9 MW from waste heat recovery boilers (WHRBs) and 2.5 MW from a coal-based power plant. Further, the company operationalized a 66 MW captive solar power plant in FY26.
The current directors of the company are Mr. Yashwant Vaswani, Mr. Rituraj Peswani, Mr. Satya Narayan Gupta, Mr. Chittaranjan Parida, Mr. Devendra Kumar Jain, Mr. Pawan Kumar Jha and Ms. Supriya Goya.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has considered the standalone business and financial risk profile of the VIL to arrive at the rating

Key Rating Drivers

Strengths

Established operations in steel industry supported by experienced promoters
The company has established operations in the steel industry for over two decades and operates a semi-integrated manufacturing facility with installed capacities of 90,000 MTPA of sponge iron and 150,000 MTPA of billets (enhanced from 66,000 MTPA in December 2025). The company has also commissioned a total of 66 MW captive solar power plant by December 2025, which supports its energy requirements and reduce power costs. Further, it is currently undertaking a modernization project involving installation of a ladle refining furnace (LRF), vacuum degassing (VD) unit, and sponge iron scrap feeding system which is expected to improve product quality, operational efficiency, and product diversification.
The company is promoted by Mr. Ravi Vaswani, who possesses over three decades of experience in the steel industry. The day-to-day operations are managed by Mr. Kushal Vaswani, supported by an experienced management team.
Acuité believes that the promoters' extensive industry experience and long-standing relationships with customers and suppliers have enabled the company to maintain stable business operations and continued order inflows.

Growing scale of operations with improving margins
VIL demonstrated healthy growth in its scale of operations over the last three years, with operating income increasing to Rs.467.15 crore in FY26 from Rs.411.96 crore in FY25 and Rs.389.39 crore in FY24. The growth in FY26 was primarily driven by higher billet sales volumes following the commissioning of the enhanced billet manufacturing capacity. Further, the company reported revenue of Rs.117.86 crore in Q1 FY27, broadly in line with Rs.114.28 crore in Q1 FY26. The muted revenue growth was primarily on account of a change in the accounting treatment of captive power transactions, wherein inter-divisional power sales and purchases, which were earlier accounted for on a gross basis, are now presented on a net basis.
The company's operating profitability has also improved, with EBITDA margins increasing to 8.59% in FY26 from 6.63% in FY25, supported by a favourable product mix with a higher contribution from billet sales. Going forward, profitability is expected to benefit from lower power costs owing to the captive solar power plant. Accordingly, the company reported a healthy EBITDA margin of 11.93% in Q1 FY27 and are expected to remain healthy over the medium term.

Moderate working capital operations
The company's working capital operations remained moderate, as reflected by gross current assets (GCA) of 111 days in FY26 compared to 122 days in FY25. The working capital cycle is primarily driven by inventory holdings and other current assets, which largely comprise advances to suppliers. Inventory days increased to 70 days in FY26 from 63 days in FY25, owing to the company's practice of maintaining adequate raw material inventory to ensure uninterrupted operations and adjusting inventory levels based on market conditions. Debtor days, although increased, remained comfortable at 12 days in FY26 compared to 7 days in FY25. Further, the company receives support from suppliers in the form of credit periods, reflected in creditor days of 51 days in FY26 as against 47 days in FY25. Consequently, reliance on bank borrowings for working capital requirements remained moderate, with average utilization of fund-based and non-fund-based working capital limits at 79.58% and 76.82%, respectively, during the six months ended July 2026.

Weaknesses

Leveraged capital structure driven by debt funded capex
Following the successful commissioning of the enhanced billet capacity and captive solar power plant, the company has undertaken a new capex with a total project cost of Rs.77.10 crore, funded through a mix of internal accruals and term debt of Rs.55.00 crore. Consequently, total borrowings increased significantly to Rs.267.27 crore as on March 31, 2026, from Rs.146.53 crore as on March 31, 2025, and are expected to rise further upon full disbursement of the sanctioned term loan and additional working capital borrowings availed in FY27. The company's net worth improved to Rs.152.16 crore in FY26 from Rs.139.55 crore in FY25 (including unsecured loans of Rs.9.72 crore treated as quasi equity). However, the gearing remained elevated at 1.76 times as on March 31, 2026, compared to 1.05 times as on March 31, 2025, and is expected to increase further in the near term due. The Debt/EBITDA ratio stood at 6.53 times as on March 31, 2026, as against 5.73 times as on March 31, 2025. Further, debt protection metrics moderated, with the debt service coverage ratio (DSCR) declining to 1.37 times in FY26 from 2.10 times in FY25 and the interest coverage ratio (ICR) declining to 2.33 times in FY26 from 3.20 times in FY25, with increase in debt levels. Going ahead, financial risk profile is expected to improve over the medium term with increase in cash accruals which remains a key rating monitorable.

Inherent cyclical nature of the steel industry
The company's performance remains susceptible to the cyclical nature of the steel industry, as demand for steel products is closely linked to domestic and global economic conditions. End-user segments such as real estate, infrastructure, construction, and engineering also exhibit cyclical trends, which can result in fluctuations in steel demand and realizations. Consequently, any prolonged slowdown in economic activity or a significant decline in steel demand may adversely impact the company's revenues, operating margins, and cash accruals, and will remain a key monitorable..

Presence in a highly fragmented industry with limited pricing flexibility
The iron and steel industry remains highly fragmented and competitive, with the presence of a large number of organized and unorganized players. Further, the commoditized nature of steel products limits the company's ability to exercise significant pricing power, thereby constraining profitability and margins. However, the ongoing capex towards the installation of a ladle refining furnace (LRF), vacuum degassing (VD) unit, and related facilities is expected to improve product quality and enable the manufacture of higher-grade billets. This is likely to enhance the product mix, improve realizations, and reduce the company's exposure to intense competition in the commodity-grade steel segment.

Rating Sensitivities

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

Growth in operating performance with timely capex completion leading to higher-than-expected generation of net cash accruals.
Improvement in financial risk profile with Debt/EBITDA falling below 2.5 times

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

Any decline in operating performance resulting in fall in net cash accruals below Rs.20 crores.
Higher than expected increase in debt levels impacting the financial risk profile
Elongation in working capital intensity

Liquidity Position

Adequate

The company's liquidity position is adequate, as reflected by net cash accruals (NCA) of Rs.13.60 crore in FY26 against long-term debt repayments of Rs.5.16 crore during the same period. Going forward, the company is expected to generate adequate NCA of Rs.26-33 crore against debt repayment obligations of Rs.15-25 crore over the next two years. The current ratio remained moderate at 1.24 times as on March 31, 2026. Further, the company-maintained cash and bank balances of Rs.4.68 crore as on March 31, 2026. The average utilization of fund-based and non-fund-based working capital limits remained moderate at 79.58% and 76.82%, respectively, during the last six months ended July 2026. Additionally, the company has availed ECLGS loans in the current year to support its growing working capital requirements.

Outlook - Stable

Other Factors affecting Rating

None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	467.15	411.96
PAT	Rs. Cr.	4.24	8.60
PAT Margin	(%)	0.91	2.09
Total Debt/Tangible Net Worth	Times	1.76	1.05
PBDIT/Interest	Times	2.33	3.20

Status of non-cooperation with previous CRA (if applicable)

Not Applicable

Any other information

None

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Manufacturing Entities: https://www.acuite.in/view-rating-criteria-59.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
06 Jan 2026	Letter of Credit	Short Term	12.00	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	2.00	ACUITE A3+ (Assigned)
	Letter of Credit	Short Term	15.00	ACUITE A3+ (Assigned)
	Bank Guarantee (BLR)	Short Term	18.00	ACUITE A3+ (Assigned)
	Letter of Credit	Short Term	18.00	ACUITE A3+ (Assigned)
	Cash Credit	Long Term	33.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.75	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	96.80	ACUITE BBB \| Stable (Assigned)
	Cash Credit	Long Term	17.00	ACUITE BBB \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	0.25	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	85.20	ACUITE BBB \| Stable (Assigned)
02 Nov 2023	Letter of Credit	Short Term	11.00	ACUITE A4+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A4+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
	Letter of Credit	Short Term	12.00	ACUITE A4+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE BB+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
	Stand By Line of Credit	Long Term	4.95	ACUITE BB+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE BB+ (Reaffirmed & Withdrawn & Issuer not co-operating*)
	Cash Credit	Long Term	7.00	ACUITE Not Applicable (Withdrawn)
	Bank Guarantee (BLR)	Short Term	1.00	ACUITE Not Applicable (Withdrawn)
	Letter of Credit	Short Term	5.00	ACUITE Not Applicable (Withdrawn)
18 Oct 2023	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	12.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Bank Guarantee (BLR)	Short Term	1.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	5.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	11.00	ACUITE A4+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
	Stand By Line of Credit	Long Term	4.95	ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	7.00	ACUITE BB+ (Reaffirmed & Issuer not co-operating*)
06 Oct 2023	Bank Guarantee (BLR)	Short Term	3.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Letter of Credit	Short Term	12.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Bank Guarantee (BLR)	Short Term	1.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Letter of Credit	Short Term	5.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Letter of Credit	Short Term	11.00	ACUITE A4+ (Downgraded & Issuer not co-operating* from ACUITE A3)
	Cash Credit	Long Term	7.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	18.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Stand By Line of Credit	Long Term	4.95	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	10.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
State Bank of India	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE A3+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Bank Guarantee (BLR)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE A3+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	23.38	Simple	ACUITE BBB \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	33.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.62	Simple	ACUITE BBB \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Channel/Dealer/Vendor Financing	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.00	Simple	ACUITE BBB \| Stable \| Assigned
Union Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.00	Simple	ACUITE A3+ \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE A3+ \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Letter of Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE A3+ \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	3.40	Simple	ACUITE BBB \| Stable \| Assigned
Indian Renewable Energy Development Agency Ltd. (IREDA)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Jul 2024	Not avl. / Not appl.	31 Dec 2037	83.40	Simple	ACUITE BBB \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Jul 2025	Not avl. / Not appl.	31 Mar 2038	95.79	Simple	ACUITE BBB \| Stable \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	05 Jan 2024	Not avl. / Not appl.	05 Dec 2027	0.78	Simple	ACUITE BBB \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Dec 2024	Not avl. / Not appl.	28 Feb 2032	37.65	Simple	ACUITE BBB \| Stable \| Reaffirmed
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Mar 2026	Not avl. / Not appl.	01 Mar 2036	38.50	Simple	ACUITE BBB \| Stable \| Assigned
H D F C Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Mar 2026	Not avl. / Not appl.	01 Mar 2036	16.50	Simple	ACUITE BBB \| Stable \| Assigned
Union Bank of India	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	12 Jun 2026	Not avl. / Not appl.	31 May 2031	1.93	Simple	ACUITE BBB \| Stable \| Assigned
State Bank of India	Not avl. / Not appl.	Working Capital Term Loan	Unlisted	RBI	12 Jun 2026	Not avl. / Not appl.	31 May 2031	6.59	Simple	ACUITE BBB \| Stable \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Parth Patel
Senior 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

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

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

B. Other activities:

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

⁸ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

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

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

About Acuité Ratings & Research

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

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

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