External Ratings

Bank Facilities / Debt Instruments Ratings by CARE Ratings Limited

CARE has reaffirmed rating as CARE AA+; Stable (Double A Plus; Outlook: Stable) for Long Term Bank Facilities and Short Term Bank Facilities/ Commercial Paper availed by the Company. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

Further Fixed Deposit rating is withdrawn, as per request of the Company. No Fixed Deposit raised or repayable by the Company during the year and Fixed Deposit outstanding or payable is Nil as on date.

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 as [ICRA] AA+ (Stable) (pronounced as ICRA double AA Plus Stable). Instruments / Facilities with this rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

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

ICRA Limited has reaffirmed the rating assigned to Commercial Paper of the Company as [ICRA] A1+ (pronounced ICRA A One Plus). Instruments / Facilities with this rating are considered to have a very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

Bank Facilities Rating by India Ratings and Research Private Limited

India Ratings and Research Private Limited has upgraded the ratings with Stable Outlook for the Company’s Debt Instruments: – Long Term Bank Facilities (Working Capital / Debt Instrument) availed by the Company as IND AA +/ Stable Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk.

India Ratings and Research Private Limited has reaffirmed the ratings for the Company’s Debt Instruments- Short Term Bank Facilities (Working Capital) / Commercial Paper availed by the Company as IND A1+. Instruments with this rating are considered to have very strong degree of safety regarding timely payment of financial obligations. Such instruments carry very lowest credit risk.