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Date	Entity Name			Rating Action
17th Apr 25	FINECRETE ECO-BLOCKS PRIVATE LIMITED			Instrument & Lender Details FINECRETE ECO-BLOCKS PRIVATE LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 2 + 8 = I am not a robot
	Cash Credit	Long-term	INR 10 Cr	ACUITE D
	Term Loan	Long-term	INR 36 Cr	ACUITE D
17th Apr 25	FOSSIL BUSINESS SOLUTION PRIVATE LIMITED			Instrument & Lender Details FOSSIL BUSINESS SOLUTION PRIVATE LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 2 + 5 = I am not a robot
	Cash Credit	Long-term	INR 5 Cr	ACUITE B
	Term Loan	Long-term	INR 0.5 Cr	ACUITE B
	Proposed Long Term Bank Facility	Long-term	INR 3.5 Cr	ACUITE B
	Bank Guarantee (BLR)	Short-term	INR 1 Cr	ACUITE A4
17th Apr 25	HIGH END QUALITY CONSTRUCTIONS PRIVATE LIMITED			Instrument & Lender Details HIGH END QUALITY CONSTRUCTIONS PRIVATE LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 8 + 5 = I am not a robot
	Secured Overdraft	Long-term	INR 4.2 Cr	ACUITE B-
	Proposed Secured Overdraft	Long-term	INR 15.8 Cr	ACUITE B-
	Bank Guarantee (BLR)	Short-term	INR 5 Cr	ACUITE A4
17th Apr 25	K I INTERNATIONAL LIMITED			Instrument & Lender Details K I INTERNATIONAL LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 5 + 7 = I am not a robot
	Cash Credit	Long-term	INR 35 Cr	ACUITE D
	Proposed Cash Credit	Long-term	INR 15 Cr	ACUITE D
	Letter of Credit	Short-term	INR 90 Cr	ACUITE D
	Proposed Letter of Credit	Short-term	INR 30 Cr	ACUITE D
17th Apr 25	M H KHANUSIYA			Instrument & Lender Details M H KHANUSIYA To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 4 + 5 = I am not a robot
	Cash Credit	Long-term	INR 15 Cr	ACUITE B
	Bank Guarantee (BLR)	Short-term	INR 25 Cr	ACUITE A4
17th Apr 25	MM SHARDA RARE EARTHS PRIVATE LIMITED			Instrument & Lender Details MM SHARDA RARE EARTHS PRIVATE LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 2 + 5 = I am not a robot
	Proposed Cash Credit	Long-term	INR 8 Cr	ACUITE B-
17th Apr 25	ROHIT TRADING COMPANY			Instrument & Lender Details ROHIT TRADING COMPANY To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 8 + 3 = I am not a robot
	Cash Credit	Long-term	INR 2 Cr	ACUITE C
	Cash Credit	Long-term	INR 6.5 Cr	ACUITE C
17th Apr 25	GUJARAT STATE INVESTMENTS LIMITED			Instrument & Lender Details GUJARAT STATE INVESTMENTS LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 5 + 3 = I am not a robot
	Non-Covertible Debentures (NCD)	Long-term	INR 2000 Cr	ACUITE AA Stable
	Non-Covertible Debentures (NCD)	Long-term	INR 1000 Cr	ACUITE Not Applicable
17th Apr 25	MUFIN GREEN FINANCE LIMITED (ERSTWHILE APM FINVEST LIMITED)			Instrument & Lender Details MUFIN GREEN FINANCE LIMITED (ERSTWHILE APM FINVEST LIMITED) To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 7 + 4 = I am not a robot
	Term Loan	Long-term	INR 4.58 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 1.71 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 18.19 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 1.43 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 7 Cr	ACUITE A- Stable
	Proposed Long Term Bank Facility	Long-term	INR 18.42 Cr	ACUITE A- Stable
	Proposed Bond	Long-term	INR 85 Cr	ACUITE A- Stable
	Non-Covertible Debentures (NCD)	Long-term	INR 7.5 Cr	ACUITE A- Stable
	Non-Covertible Debentures (NCD)	Long-term	INR 58.18 Cr	ACUITE A- Stable
	Proposed Non Convertible Debentures	Long-term	INR 5.66 Cr	ACUITE A- Stable
	Proposed Long Term Bank Facility	Long-term	INR 69.69 Cr	ACUITE A- Stable
	Proposed Non Convertible Debentures	Long-term	INR 1.82 Cr	ACUITE A- Stable
	Non-Covertible Debentures (NCD)	Long-term	INR 24.84 Cr	ACUITE A- Stable
	Proposed Long Term Bank Facility	Long-term	INR 20 Cr	ACUITE A- Stable
	Non-Covertible Debentures (NCD)	Long-term	INR 22 Cr	ACUITE A- Stable
	Non-Covertible Debentures (NCD)	Long-term	INR 30 Cr	ACUITE A- Stable
	Bond	Long-term	INR 15 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 3.27 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 5.33 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 10.19 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 14.44 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 9.45 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 10 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 3.09 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 9.13 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 37.5 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 8.75 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 4.44 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 1.82 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 7.29 Cr	ACUITE A- Stable
	Term Loan	Long-term	INR 4.28 Cr	ACUITE A- Stable
16th Apr 25	EVOLVENTE TECHNOLOGIES PRIVATE LIMITED (ERSTWHILE VESAN ENGINEERING PRIVATE LIMITED)			Instrument & Lender Details EVOLVENTE TECHNOLOGIES PRIVATE LIMITED (ERSTWHILE VESAN ENGINEERING PRIVATE LIMITED) To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 6 + 2 = I am not a robot
	Term Loan	Long-term	INR 1.09 Cr	ACUITE BBB- Negative
	Cash Credit	Long-term	INR 8 Cr	ACUITE BBB- Negative
	Term Loan	Long-term	INR 0.14 Cr	ACUITE BBB- Negative
	Term Loan	Long-term	INR 3.39 Cr	ACUITE BBB- Negative
	Term Loan	Long-term	INR 6.66 Cr	ACUITE BBB- Negative
	Term Loan	Long-term	INR 0.76 Cr	ACUITE BBB- Negative
	Proposed Long Term Loan	Long-term	INR 3.96 Cr	ACUITE BBB- Negative
	Letter of Credit	Short-term	INR 2 Cr	ACUITE A3
16th Apr 25	RAWATSONS ENGINEERS PRIVATE LIMITED			Instrument & Lender Details RAWATSONS ENGINEERS PRIVATE LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 5 + 6 = I am not a robot
	Cash Credit	Long-term	INR 10.5 Cr	ACUITE BB-
	Bank Guarantee (BLR)	Short-term	INR 17 Cr	ACUITE A4
	Stand By Line of Credit	Short-term	INR 1.5 Cr	ACUITE A4
16th Apr 25	SAFEFLEX INTERNATIONAL LIMITED			Instrument & Lender Details SAFEFLEX INTERNATIONAL LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 9 + 5 = I am not a robot
	PC/PCFC	Long-term	INR 23.75 Cr	ACUITE C
	PC/PCFC	Long-term	INR 13 Cr	ACUITE C
	Cash Credit	Long-term	INR 29 Cr	ACUITE C
	Letter of Credit	Short-term	INR 2.5 Cr	ACUITE A4
	Proposed Short Term Bank Facility	Short-term	INR 1.75 Cr	ACUITE Not Applicable
16th Apr 25	UNIQUE MOTORS PRIVATE LIMITED			Instrument & Lender Details UNIQUE MOTORS PRIVATE LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 2 + 8 = I am not a robot
	Cash Credit	Long-term	INR 9 Cr	ACUITE Not Applicable
16th Apr 25	VEDIKA CREDIT CAPITAL LIMITED			Instrument & Lender Details VEDIKA CREDIT CAPITAL LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 1 + 6 = I am not a robot
	Non-Covertible Debentures (NCD)	Long-term	INR 22.9 Cr	ACUITE BBB+ Stable
16th Apr 25	KOMAL EXPORTS			Instrument & Lender Details KOMAL EXPORTS To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 2 + 9 = I am not a robot
	Cash Credit	Long-term	INR 18 Cr	ACUITE BBB- Stable
	Proposed Long Term Bank Facility	Long-term	INR 5 Cr	ACUITE BBB- Stable
16th Apr 25	PAREKH TIMBER TRADERS			Instrument & Lender Details PAREKH TIMBER TRADERS To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 1 + 2 = I am not a robot
	Cash Credit	Long-term	INR 1.95 Cr	ACUITE BB- Stable
	Proposed Long Term Bank Facility	Long-term	INR 0.05 Cr	ACUITE BB- Stable
	Letter of Credit	Short-term	INR 10.5 Cr	ACUITE A4
16th Apr 25	AMEET ENTERPRISES			Instrument & Lender Details AMEET ENTERPRISES To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 5 + 4 = I am not a robot
	Cash Credit	Long-term	INR 10 Cr	ACUITE Not Applicable
	Letter of Credit	Short-term	INR 15 Cr	ACUITE Not Applicable
	Letter of Credit	Short-term	INR 55 Cr	ACUITE Not Applicable
	Letter of Credit	Short-term	INR 45 Cr	ACUITE Not Applicable
15th Apr 25	ARMAN FINANCIAL SERVICES LIMITED			Instrument & Lender Details ARMAN FINANCIAL SERVICES LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 5 + 5 = I am not a robot
	Cash Credit	Long-term	INR 2 Cr	ACUITE A Negative
	Cash Credit	Long-term	INR 0.5 Cr	ACUITE A Negative
	Term Loan	Long-term	INR 0.56 Cr	ACUITE A Negative
	Term Loan	Long-term	INR 3.06 Cr	ACUITE A Negative
	Term Loan	Long-term	INR 0.29 Cr	ACUITE A Negative
	Proposed Long Term Bank Facility	Long-term	INR 21.16 Cr	ACUITE A Negative
	Term Loan	Long-term	INR 6 Cr	ACUITE A Negative
	Term Loan	Long-term	INR 1.43 Cr	ACUITE A Negative
	Non-Covertible Debentures (NCD)	Long-term	INR 30 Cr	ACUITE Not Applicable
	Proposed Non Convertible Debentures	Long-term	INR 1 Cr	ACUITE A Negative
	Non-Covertible Debentures (NCD)	Long-term	INR 25 Cr	ACUITE A Negative
	Proposed Non Convertible Debentures	Long-term	INR 0.2 Cr	ACUITE A Negative
	Term Loan	Long-term	INR 15 Cr	ACUITE A Negative
	Term Loan	Long-term	INR 20 Cr	ACUITE A Negative
	Non-Covertible Debentures (NCD)	Long-term	INR 49.8 Cr	ACUITE A Negative
	Non-Covertible Debentures (NCD)	Long-term	INR 24 Cr	ACUITE A Negative
	Proposed Non Convertible Debentures	Long-term	INR 50 Cr	ACUITE A Negative
15th Apr 25	VRIDDHI INFRATECH INDIA PRIVATE LIMITED			Instrument & Lender Details VRIDDHI INFRATECH INDIA PRIVATE LIMITED To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 9 + 5 = I am not a robot
	Bank Guarantee (BLR)	Short-term	INR 32.5 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 36.3 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 33 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 20 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 12.5 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 22 Cr	ACUITE A3+
	Cash Credit	Long-term	INR 7.5 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 2 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 1 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 5 Cr	ACUITE BBB Stable
	Proposed Long Term Bank Facility	Long-term	INR 0.2 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 3 Cr	ACUITE BBB Stable
15th Apr 25	INSOLARE ENERGY LIMITED (ERSTWHILE INSOLARE ENERGY PRIVATE LIMITED)			Instrument & Lender Details INSOLARE ENERGY LIMITED (ERSTWHILE INSOLARE ENERGY PRIVATE LIMITED) To: CC: Note: By clicking on send button you shall be sharing a copy of rating release on the mentioned Email IDs. Captcha 9 + 3 = I am not a robot
	Bank Guarantee (BLR)	Short-term	INR 11.5 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 21.5 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 15 Cr	ACUITE A3+
	Proposed Bank Guarantee	Short-term	INR 45.6 Cr	ACUITE A3+
	Proposed Bank Guarantee	Short-term	INR 4.35 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 15 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 15 Cr	ACUITE A3+
	Bank Guarantee (BLR)	Short-term	INR 14 Cr	ACUITE A3+
	Term Loan	Long-term	INR 3.42 Cr	ACUITE BBB Stable
	Term Loan	Long-term	INR 0.88 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 10 Cr	ACUITE BBB Stable
	Term Loan	Long-term	INR 0.85 Cr	ACUITE BBB Stable
	Working Capital Demand Loan (WCDL)	Long-term	INR 15 Cr	ACUITE BBB Stable
	Working Capital Term Loan	Long-term	INR 5 Cr	ACUITE BBB Stable
	Working Capital Term Loan	Long-term	INR 9.65 Cr	ACUITE BBB Stable
	Term Loan	Long-term	INR 2.75 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 10 Cr	ACUITE BBB Stable
	Proposed Cash Credit	Long-term	INR 25 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 10 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 9.5 Cr	ACUITE BBB Stable
	Cash Credit	Long-term	INR 11 Cr	ACUITE BBB Stable