Press Release

Press Release

May 21, 2026

WEST BENGAL INFRASTRUCTURE DEVELOPMENT FINANCE CORPORATION LIMITED
Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	4768.70	ACUITE A \| Stable \| Reaffirmed	-	RBI
Bank Loan Ratings	0.00	1498.00	Not Applicable \| Withdrawn	-	RBI
Total Outstanding	0.00	4768.70	-	-	-
Total Withdrawn	0.00	1498.00	-	-	-

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 of ‘ACUITE A’ (read as ACUITE A) on the Rs. 4768.70 Cr. bank facilities of West Bengal Infrastructure Development Finance Corporation Limited (WBIDFC). The outlook remains ‘Stable’.

Acuité has withdrawn the long-term rating on the Rs.1498.00 Cr. Proposed Bank loan facilities of West Bengal Infrastructure Development Finance Corporation Limited (WBIDFC) without assigning any rating. The withdrawal is based on receipt of the request from the issuer and is in accordance with Acuite's policy of withdrawal for the respective instrument/facility.

Rationale for Rating
The rating factors in the benefits to WBIDFC derived from the ownership of Government of West Bengal (holds ~100 percent) and its strategic importance in providing credit to key infrastructure projects in West Bengal. The rating also considers the experienced managerial board at WBIDFC and comfortable capitalization levels. The company’s Capital Adequacy Ratio (CAR) increased to 95.05 percent as on March 31, 2026 (Prov.), from 82.45 percent as of March 31, 2025. The company had reported a decline in loan book to Rs 4053.61 Cr. (Rs 4052.72 Cr. post Ind-AS adjustment ) as on March 31, 2026 (Prov.) from Rs 4778.93 Cr. as on March 31, 2025 and Rs.4817.17 Cr. as on March 31, 2024. The reduction in AUM FY26 (Prov.) was due to lower state government proposals and the state elections as stated by the management. WBIDFC majorly lends to its state government entities and projects and receives guarantee from GoWB for the same. WBIDC’s asset quality stood healthy marked by GNPA of 0.00 percent as on March 31, 2025 due to prudent underwriting practices. As on March 31, 2026 (Prov.), the GNPA and NNPA both stand at 0.00 percent respectively. On account of the ownership benefits derived from the state government, the corporation enjoys strong resource raising ability at lower cost of funds thereby maintaining comfortable liquidity buffers to meet its funding requirements. These strengths are partially offset by large ticket size exposures and limited flexibility to go beyond its existing area and scope of operations.

Going forward, continued assistance from GoWB, WBIDFC’s ability to profitably grow its loan portfolio while containing any additional slippages will be a key rating monitorable.

About the company

WBIDFC, a wholly-owned subsidiary of Government of West Bengal (GoWB), was incorporated in 1997 with an objective to assist infrastructure development in West Bengal. The company’s primary objective is to mobilise funds from debt market and banks and on lend it to various state level enterprises, joint sector and Private sector companies. Besides Infrastructure, the company has also provided funding to the department of food and supplies among others.

Unsupported Rating

Not Applicable

Analytical Approach

Acuité has adopted a standalone approach while assessing the business and financial risk profile of WBIDFC and has factored in benefits emanating from the ownership by Government of West Bengal. GoWB’s financial assistance to WBIDFC is in the form of its ~100 per cent equity ownership and its guarantee for certain borrowings of WBIDFC. Besides financial assistance, GoWB also extends managerial assistance through Board representation.

Key Rating Drivers

Strength

Assistance provided by Government of West Bengal
WBIDFC is an RBI registered non-deposit taking NBFC engaged in financing for infrastructure development in West Bengal. The current board comprises Dr. Abhirup Sarkar (Chairman), Mr. Manas Dhar (Managing Director) along with various professionals and bureaucrats representing Government of West Bengal (GoWB). This provides strong managerial assistance on an ongoing basis to WBIDFC. WBIDFC’s funding profile is assisted by the State Government’s moral obligation to assist the capitalization levels both on an ongoing basis and in the event of distress. GoWB is ~100 per cent stakeholder in the corporation and is expected to provide assistance to the corporation given its key role as a financier for infrastructure development in the state. WBIDFC’s capitalization levels remained adequate at 95.05 percent as on March 31, 2026 (Prov.). WBIDFC’s funding mix comprises equity contribution from GoWB and borrowings from banks. The Company’s outstanding debt has decreased from Rs 4959.94 Cr. as on March 31, 2024 to Rs 4622.76 Cr. as on March 31, 2025. The outstanding debt reduced to Rs 3677.55 Cr. as on March 31, 2026 (Prov.). The company’s borrowings comprised of bank borrowings (term loans and overdrafts). The ownership by the GoWB enables WBIDFC to borrow at fine pricing from various banks and institutions. Given the linkages with the West Bengal Government and its role in facilitating funding for several state enterprises as well as companies that play an important role in the state economy, Acuité believes that WBIDFC will continue to receive need based assistance in future as well. Since the assistance from GoWB is critical to the rating, the credit profile of West Bengal state is of key importance. Any further deterioration in the state metrics could impact the headroom to assist entities like WBIDFC, for whom it is obligated to provide assistance either on account of an explicit assistance arrangement or an implicit understanding with the lenders. The fiscal position and credit profile of West Bengal state will be a key rating sensitivity.
Acuité believes that the company will continue to benefit from strong financial and managerial assistance from the State Government on an ongoing basis over the medium term.

Weakness

Risks inherent in big ticket lending:
WBIDFC’s mandate is to offer financial assistance for infrastructure development. The company had reported a decline in loan book to Rs. 4053.61 Cr. as on March 31, 2026 (Prov.)(Rs 4052.72 Cr. post Ind-AS adjustment ) from Rs.4778.93 Cr. as on March 31, 2025 and Rs 4817.17 Cr. as on March 31, 2024. The reduction in AUM FY26 (Prov.) was due to lower state government proposals and the state elections as stated by the management. WBIDFC majorly lends to its state government entities and projects and receives guarantee from GoWB for the same. WBIDC’s asset quality stood healthy marked by GNPA of 0.00 percent as on March 31, 2025 due to prudent underwriting practices. As on March 31, 2026 (Prov.), the GNPA and NNPA both stand at 0.00 percent respectively. Besides the risk of delinquency in large exposures, WBIDFC is also exposed to the risk of prepayments or delays in offtake in respect of sanctioned exposures. Since any improvement in operating performance is linked to growth in the loan book, the company will have to maintain a healthy pipeline of disbursements.
Acuité believes that the company’s ability to manage the risks inherent in the wholesale lending segment will remain a key rating sensitivity.

Limited operational flexibility amidst an intensely competitive landscape:
WBIDFC’s objective is to extend financial assistance to the infrastructure development in the state of West Bengal. The company has primarily focused on lending to Public sector, Private sector entities and entities owned and managed by Government of West Bengal. For FY26, the corporation has a 90-95 percent lending to the Public sector and state government backed entities, while the remaining being Private Sector entities. The company’s resource base comprises equity from GoWB and funding from banks and institutions. Currently on a networth base of Rs. 1528.49 Cr. as on March 31, 2026 (Prov), the company is geared at 2.41 times for the same period as there were no fresh borrowings for the year. As the borrowings increase, the overall cost of funds will be increasingly linked to the interest rates on these incremental debts. The likelihood of raising debt through GoWB guarantees is linked to the Government’s willingness to extend further guarantees. Since WBIDFC is required to pay guarantee commission to the Government for any guarantees, it adds to the cost of funding through that route. Hence, the company has always endeavoured to raise funds on the strength of its standalone credit profile. The ability to access funds at competitive rates will be a key determinant of its future cost of funding. WBIDFC’s mandate of lending to Infrastructure projects/ entities in the State of West Bengal limits the lendable options in an intensely competitive environment.
Acuité believes that against the above competitive backdrop and limited flexibility to go beyond its existing area and scope of operations, WBIDFC will have to maintain a healthy roster of highly rated Private and Public sector borrowers to sustain its profitability and growth.

ESG Factors Relevant for Rating

WBIDFC is a wholly-owned subsidiary of Government of West Bengal (GoWB), primary objective is to mobilise funds from debt market and banks and lend it to various state level enterprises, joint sector and Private sector companies. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions financial inclusion and social development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. WBIDFC board of directors comprises of Chairman , Managing Director, Independent Director and three directors.

Rating Sensitivity

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

Credit profile, ownership benefit from Government of West Bengal
Profitability and asset quality metrics
Improvement in AUM and disbursement growth

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

Gearing greater than 6 times
Deterioration in asset quality metrics, collection efficiency ;Rising write-offs or provisions

Liquidity Position

Adequate

The company’s total debt stood at Rs. 3677.55 Cr. as on March 31, 2026 (Prov.) comprising term loans & overdraft facilities from Banks. The company had maintained cash and cash and equivalents of ~Rs. 213 Cr. as on March 31,2026 (Prov.) and Rs 1202.16 Cr as on December 31, 2025. Additionally, the corporation has a adequate liquidity position as per ALM statement as on March 31, 2026 (Prov.). There are no cumulative negative mismatches in the near to medium term period.

Outlook: Stable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY26 (Provisional)	FY25 (Actual)
Total Assets	Rs Cr.	5239.03	6101.16
Total Income*	Rs Cr.	148.29	139.30
PAT	Rs Cr.	77.49	69.78
Networth	Rs Cr.	1528.49	1451.00
Return on Average Assets (ROAA)	(%)	1.37	1.12
Return on Net Worth (RoNW)	(%)	5.20	4.93
Total Debt/Tangible Net Worth (Gearing)	Times	2.41	3.19
Gross NPA’s	(%)	0.00	0.00
Net NPA’s	(%)	0.00	0.00

*Total income equals to Net Interest Income plus other income

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

Not Applicable

Any other information

None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.htm
• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm
• State Government Ratings : https://www.acuite.in/view-rating-criteria-26.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
20 Feb 2025	Secured Overdraft	Long Term	500.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	145.80	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	100.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	18.73	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	180.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	192.40	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	850.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	450.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	464.86	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	359.89	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	965.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	440.02	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	600.00	ACUITE A \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	400.00	ACUITE A \| Stable (Assigned)
02 Aug 2024	Secured Overdraft	Long Term	500.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	187.46	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	300.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	450.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	56.23	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	220.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	899.99	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	228.23	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	464.86	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	359.93	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	1000.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	312.54	ACUITE A (Reaffirmed & Withdrawn)
	Term Loan	Long Term	393.77	ACUITE A (Reaffirmed & Withdrawn)
	Term Loan	Long Term	180.00	ACUITE A (Reaffirmed & Withdrawn)
	Term Loan	Long Term	271.77	ACUITE A (Reaffirmed & Withdrawn)
	Term Loan	Long Term	100.01	ACUITE A (Reaffirmed & Withdrawn)
	Term Loan	Long Term	50.00	ACUITE A (Reaffirmed & Withdrawn)
	Term Loan	Long Term	135.14	ACUITE A (Reaffirmed & Withdrawn)
	Term Loan	Long Term	90.07	ACUITE A (Reaffirmed & Withdrawn)
	Term Loan	Long Term	50.00	ACUITE Not Applicable (Withdrawn)
05 May 2023	Secured Overdraft	Long Term	500.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	500.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	200.00	ACUITE A \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	300.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	450.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	400.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	500.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	1000.00	ACUITE A \| Stable (Assigned)
	Term Loan	Long Term	1000.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	500.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	600.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	450.00	ACUITE A \| Stable (Reaffirmed)

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
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.	1498.00	Simple	ACUITE Not Applicable \| Withdrawn
Punjab National Bank	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	500.00	Simple	ACUITE A \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A \| Stable \| Reaffirmed
BANK OF INDIA (BOI)	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE A \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE A \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Feb 2020	Not avl. / Not appl.	28 Feb 2027	79.99	Simple	ACUITE A \| Stable \| Reaffirmed
BANK OF INDIA (BOI)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Oct 2019	Not avl. / Not appl.	31 Jul 2027	103.23	Simple	ACUITE A \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Mar 2021	Not avl. / Not appl.	30 Apr 2033	724.99	Simple	ACUITE A \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Mar 2021	Not avl. / Not appl.	30 Jun 2033	359.76	Simple	ACUITE A \| Stable \| Reaffirmed
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Mar 2021	Not avl. / Not appl.	30 Apr 2033	435.00	Simple	ACUITE A \| Stable \| Reaffirmed
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Jun 2021	Not avl. / Not appl.	30 Apr 2033	326.14	Simple	ACUITE A \| Stable \| Reaffirmed
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	25 Nov 2021	Not avl. / Not appl.	30 Jun 2029	757.50	Simple	ACUITE A \| Stable \| Reaffirmed
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Mar 2021	Not avl. / Not appl.	30 Sep 2026	14.27	Simple	ACUITE A \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	31 Aug 2029	524.98	Simple	ACUITE A \| Stable \| Reaffirmed
Punjab National Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jul 2024	Not avl. / Not appl.	30 Jul 2031	242.84	Simple	ACUITE A \| Stable \| Reaffirmed

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No.	Company Name
1	West Bengal Infrastructure Development Finance Corporation Limited
2	Government of West Bengal

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nattasha Venkatesh
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	SEBI
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	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
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	SEBI
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)	RBI
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.

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 ⁶	Not applicable

⁶ 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.