External Ratings

CARE

Bank Facilities / Debt Instruments Ratings by CARE Ratings Limited

CARE Ratings Limited (CARE) has upgraded the rating assigned to Long Term Bank Facilities availed by the Company from CARE AA-; Stable (Double A Minus; Outlook: Stable) to CARE AA; Stable (Double A; Outlook: Stable) and Fixed Deposit of the Company from CARE AA-; Stable [Double A Minus; Outlook: Stable] to CARE AA; Stable (Double A; Outlook: Stable) respectively. 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

CARE has reaffirmed the rating assigned to Short Term Bank Facilities and Commercial Paper availed by the Company to CARE A1+ (A One Plus). 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.

ICRA

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 A). Instruments / Facilities with this rating are considered to have 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 very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

ICRA Limited has migrated the outstanding rating i.e. MAA- (Stable) on the medium-term rating scale assigned to the fixed deposits programme of the Company to [ICRAJAA- (Stable) on the long-term rating scale, pursuant to Securities and Exchange Board of India (“SEBI”) circular SEBI/HO/MIRSD/MIRSD_CRADT/P/CIR/2021/594 dated July 16, 2021 regarding standardizing the rating scales used by the credit rating agencies. Such rated deposits programme carries low 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 very strong degree of safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

INDIA RATINGS

Bank Facilities Rating by India Ratings and Research Private Limited

India Ratings and Research Private Limited has Upgraded the ratings to the Company’s Debt Instruments: – Long Term Bank Facilities (Working Capital / Term Loans / 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 Upgraded the ratings to 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.