External Ratings

Bank Facilities Rating By Care Ratings Limited (CARE)

CARE Ratings Ltd (CARE) has upgraded the rating assigned to Long Term Bank Facilities availed by the Company from CARE A-; Outlook: Positive Single A Minus] to CARE A; Stable [Single A; Outlook Stable]. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk

CARE has upgraded the rating assigned to Short Term Bank Facilities availed by the Company from CARE A2+ [A Two Plus] to CARE A1 [A One]. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

CARE has upgraded the rating assigned to Medium Term Instruments i.e., Fixed Deposit Programme of the Company from CARE A-(FD); Outlook: Positive [Single A Minus (Fixed Deposit)] to CARE A (FD); Stable [Single A (Fixed Deposits); Outlook: Stable]. Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk

CARE has upgraded the rating assigned to Commercial Paper of the Company from CARE A2+ [A Two Plus] to CARE A1 [A One]. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

Corporate Governance Rating By CARE

CARE Rating Limited (CARE) has reaffirmed ‘CARE CGR 3+’ (three plus) rating assigned to the corporate governance practices adopted by the company. In CARE’S opinion, the company has adopted corporate governance practices whitch would provide its stakeholders adequate level of comfort on the degree of corporate governance.

Bank Facilities Rating BY ICRA Limited (ICRA)

ICRA Limited has upgraded the rating assigned to Long Term Bank Facilities availed by the Company from [ICRA] A- (pronounced ICRA A minus) to [ICRA]A (pronounced ICRA A). Instruments / Facilities with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments / facilities carry low credit risk.

ICRA Limited has upgraded the rating assigned to Short Term Bank Facilities availed by the Company from [ICRA]A2+ (pronounced ICRA A two plus) to [ICRA] A1 (pronounced ICRA A One). Instruments / Facilities with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments/facilities carry lowest credit risk.

ICRA Limited has upgraded the rating assigned to Medium Term Instrument i.e. Fixed Deposits Programme of the Company from MA (pronounced M A) to MA+ (pronounced MA plus). MA+ indicate adequate credit quality rating assigned by ICRA. The rated deposits carry average credit risk.

ICRA Limited has upgraded the rating assigned to Commercial Paper of the Company from [ICRA] A2+ (pronounced ICRA A two plus) to [ICRA]A1 (pronounced ICRA A one). Facilities / instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such Instruments carry lowest credit risk.

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