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HFCL LIMITED Capital/Financing Update 2025

Oct 17, 2025

61636_rns_2025-10-17_f4f3373c-29da-4e18-985c-82034ac6068d.pdf

Capital/Financing Update

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HFCL/SEC/25-26 October 17, 2025

BSE Ltd. National Stock Exchange of India Ltd. 1[st] Floor, New Trading Wing, Rotunda Building Exchange Plaza, 5[th] Floor, C – 1, Block G Phiroze Jeejeebhoy Towers, Dalal Street, Fort Bandra – Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 [email protected] [email protected] Security Code No.: 500183 Security Code No.: HFCL

  • RE: Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).

Subject: Monitoring Agency Report on the utilisation of proceeds raised through Qualified Institutions Placement for the Quarter ended September 30, 2025

Dear Sir(s)/ Madam,

We would like to inform that the Company had raised funds by way of allotment of 5,10,14,491 (Five Crores Ten Lakhs Fourteen Thousand Four Hundred and Ninety One) equity shares of face value of Re.1/- each, to qualified institutional buyers ("QIBs") , at a price of Rs.69/- per Equity Share (including premium of Rs.68/- per Equity Share) , pursuant to the resolution passed by the Board of Directors dated September 02, 2022, special resolution passed by the Shareholders at their 35[th] Annual General Meeting (AGM) held on 30[th] September, 2022, the preliminary placement document dated August 28, 2023, the placement document dated August 31, 2023 and resolution of the Fund Raising Committee of the Board of Directors dated August 31, 2023 (the “ Issue ”).

In terms of Regulations 32(6) of the SEBI Listing Regulations read with Regulation 173A(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations"), please find enclosed the Monitoring Agency Report for the quarter ended September 30, 2025, issued by CARE Ratings Limited, Monitoring Agency, appointed to monitor the utilisation of proceeds raised through issuance of equity shares by way of Qualified Institutions Placement.

You are requested to take the above information on records and disseminate the same on your respective websites.

Thanking you.

Yours faithfully,

For HFCL Limited

Digitally signed by Manoj Baid Manoj Date: 2025.10.17 Baid 16:23:09 +05'30'

(Manoj Baid) President & Company Secretary

Encl .: Monitoring Agency Report

Regd. Office & Works : 8, Electronics Complex, Chambaghat, Solan-173213 (H.P.) Tel: (01792) 230644, 230645, 230647 Fax: (01792) 231902 Corporate Identity Number: L64200HP1987PLC007466

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No. CARE/NRO/GEN/2025-26/1094

Monitoring Agency Report

The Board of Directors HFCL Limited

8, Commercial Complex, Masjid Moth, Greater Kailash – II, New Delhi – 110048, India

October 17, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the Qualified Institutions Placement of Equity Shares of HFCL Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Qualified Institutions Placement of Equity shares for the amount aggregating to Rs. 352.00 crore of the Company and refer to our duties cast under 173A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.

In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 28, 2023.

Request you to kindly take the same on records.

Thanking you, Yours faithfully,

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Anant Agarwal Associate Director [email protected]

CARE Ratings Limited

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9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

CIN-L67190MH1993PLC071691

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Report of the Monitoring Agency (MA)

Name of the issuer: HFCL Limited For quarter ended: September 30, 2025 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil

(b) Range of Deviation: Not Applicable

Declaration:

We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.

The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.

We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board.

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Signature:

Name and designation of the Authorized Signatory: Anant Agarwal Designation of Authorized person/Signing Authority: Associate Director

CARE Ratings Limited

9th floor, C-001/A2, Berger Towers, Sector 16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Road, Off Eastern Express Highway, Sion (East), Gautam Budh Nagar, Uttar Pradesh -201301 Mumbai - 400 022 Phone: +91-120-4452000 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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1) Issuer Details:

Name of the issuer Name of the promoter Industry/sector to which it belongs

: HFCL Limited : Mr. Mahendra Nahata : Telecommunications - Telecom Equipment & accessories

2) Issue Details

Issue Period : August 28, 2023 to August 31, 2023 Type of issue : Private placement Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size (in `crore) : Rs.352.00 crore

1) Details of the arrangement made to ensure the monitoring of issue proceeds:

Particulars Reply Source of information / certifications
considered by Monitoring Agency for
preparation of report
Comments of the
Monitoring Agency
Comments of
the
Board of
Directors
Whether all utilization is as per the disclosures in the Offer
Document?
No Chartered Accountant certificate*, Bank
statement and Placement Document
Refer Note 1 below No comments
received
Whether shareholder approval has been obtained in case of
material deviations# from expenditures disclosed in the Offer
Document?
Not applicable Not applicable Not applicable No comments
received
Whether the means of finance for the disclosed objects of the
issue have changed?
No Management Certificate Nil No comments
received
Is there any major deviation observed over the earlier monitoring
agency reports?
No Monitoring agency reports No deviation in earlier monitoring
agency reports
No comments
received
Whether all Government/statutory approvals related to the
object(s) have been obtained?
Yes Management Certificate Nil No comments
received
Whether all arrangements pertaining to technical
assistance/collaboration are in operation?
Not applicable Management Certificate Nil No comments
received
Are there any favorable/unfavorable events affecting the viability
of these object(s)?
No Quarterly Results, Management certificate
and other Disclosures: Note 1 given below
Nil No comments
received
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital
Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691

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Particulars Reply Source of information / certifications
considered by Monitoring Agency for
preparation of report
Comments of the
Monitoring Agency
Comments of
the
Board of
Directors
Is there any other relevant information that may materially affect
the decision making of the investors?
No ** No comments
received
  • Chartered Accountant certificate from Oswal Sunil & Company dated October 14, 2025

Where material deviation may be defined to mean:

  • a) Deviation in the objects or purposes for which the funds have been raised

b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.

Note 1: Funds incurred towards capital expenditure up to Q2FY26 were lower than the amount specified in the placement document. According to the company’s management, the lower utilization was primarily due to changes in the economic and geo-political environment, which adversely impacted market conditions for optical fiber cables. Consequently, the company undertook capital expenditure at a slower pace, resulting in part of the allocated funds towards capital expenditure remaining unutilized as of July 31, 2025, as per the timeline specified in the offer document. The company, in its Board meeting held on July 25, 2025, approved an extension of the timeline for utilization of the unutilized amount up to March 31, 2026. The company does not anticipate any impact on the cost or viability of the projects.

** During FY25 and Q1FY26, HFCL’s performance was affected by a slowdown in the optical fiber and telecom equipment segments, along with reduced EPC activity following project completions. Margins moderated due to lower fixed cost absorption and the continued impact of carrying expenses under the NFS project.

**Around 95% of the unutilized proceeds lying in the form of term deposits are assigned as margin against Capex LCs.

2) Details of objects to be monitored:

(i) Cost of objects –

Sr.
No
Item
Head
Source of information /
certifications considered by
Monitoring Agency for
preparation of report
Original cost Revised Comments of the Board of Directors Comments of the Board of Directors Comments of the Board of Directors

(as per the Offer
Document) in Rs.
Crore
Cost
in Rs.
Crore
Comments of the
Monitoring Agency
Reason for
cost
revision
Proposed
financing
option
Particulars of -firm
arrangements
made
1 Capital Expenditure Chartered Accountant certificate*,
Bank statement and Placement
Document
75.00 NA NA No
comments
received
No comments
received
No comments
received
2 Research and Development
Expenditure
Chartered Accountant certificate*,
Bank statement and Placement
Document
85.00 NA NA No
comments
received
No comments
received
No comments
received
3 Repayment/Prepayment of
Short term borrowings
Chartered Accountant certificate*,
Bank statement and Placement
Document
74.04 NA NA No
comments
received
No comments
received
No comments
received
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital
Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691

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Source of information / Original cost Revised Comments of the Board of Directors
Sr. Item certifications considered by (as per the Offer Cost Comments of the Reason for Proposed Particulars of -firm
No Head Monitoring Agency for Document) in Rs. in Rs. Monitoring Agency cost financing arrangements
preparation of report Crore Crore revision option made
Chartered Accountant certificate, No No comments No comments
Funding Working Capital
4 Bank statement and Placement 75.00 NA NA comments received received
requirements
Document received
Chartered Accountant certificate
, No No comments No comments
5 General corporate purposes Bank statement and Placement 33.46 NA NA comments received received
Document received
Total 342.50
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  • Chartered Accountant certificate Oswal Sunil & Company dated October 14, 2025

– (ii) Progress in the objects

Sr.
No
Item
Head
Source of information/
certifications
considered by
Monitoring Agency for
preparation of report
Amount utilised in Rs. Crore Amount utilised in Rs. Crore Amount utilised in Rs. Crore Comments of the
Monitoring Agency
Comments of the
Board of Directors
Comments of the
Board of Directors
Amount
proposed
in the
Offer
Document
As at
beginning
of the
quarter
At the Unutilised Reasons
for idle
funds
Proposed
course of
action
During
end of amount
the
quarter
the
quarter
1 Capital
Expenditure
Chartered Accountant
certificate*, Bank
statements, Placement
Document
75.00 16.80 15.51 32.31 42.69 During Q2FY26, company has
expensed
Rs.
15.51
crore
towards capital expenditure as
per the stated objects of the
issue.
Out
of
the
total
expenditure Rs. 4.40 crores were
incurred
in
the
form
of
reimbursements
against
the
capital expenditure incurred by
the company through its CC
account in Q1FY26
No
comments
received
No
comments
received
2 Research and
Development
Expenditure
Chartered Accountant
certificate*, Bank
statements, Placement
Document
85.00 85.00 - 85.00 - Nil
for
the
quarter
ended
September 30, 2025.
No
comments
received
No
comments
received
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
4th Floor, Godrej Coliseum, Somaiya Hospital
Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691

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Comments of the
Source of information/ Amount Amount utilised in Rs. Crore
Board of Directors
certifications proposed
Sr. Item As at At the Unutilised Comments of the
considered by in the During Reasons Proposed
No Head beginning end of amount Monitoring Agency
Monitoring Agency for Offer the for idle course of
of the the
preparation of report Document quarter funds action
quarter quarter
Repayment/ Chartered Accountant No No
Prepayment of certificate, Bank Nil for the quarter ended comments comments
3 74.04 74.04 - 74.04 -
Short term statements, Placement September 30, 2025. received received
borrowings Document
Funding Chartered Accountant No No
Working certificate
, Bank Nil for the quarter ended comments comments
4 75.00 75.00 - 75.00 -
Capital statements, Placement September 30, 2025. received received
requirement Document
Chartered Accountant No No
General
certificate, Bank Nil for the quarter ended comments comments
5 Corporate 33.46 33.65^ - 33.65^ -
statements, Placement September 30, 2025. received received
Purposes
Document
Total 342.50 284.49 15.51 300.00^ 42.69
----- End of picture text -----*

  • Chartered Accountant certificate from Oswal Sunil & Company dated October 14, 2025

^ As outlined in the placement document, the anticipated expenses for the issue were projected at Rs. 9.50 crore. However, the expenses incurred as of December 31, 2023, amounted to Rs. 9.31 crore. The remaining Rs. 0.19 crore, initially held in escrow, was transferred to the monitoring account in Q3FY24. Subsequently, the company utilized this sum as GCP during the quarter ended March 31, 2024, in accordance with the placement document.

(iii) Deployment of unutilized public issue proceeds:

Sr. No. Name of the Bank Type of account Amount in (Rs.
Crore)
Source of information / certifications considered by
Monitoring Agency for preparation of report
1 State Bank of India Fixed Deposit– 4587 2.57
2 State Bank of India Fixed Deposit– 2035 10.93
3 State Bank of India Fixed Deposit– 1803 10.93
4 State Bank of India Fixed Deposit– 8493 10.98
5 State Bank of India Fixed Deposit– 1098 3.25
6 State Bank of India Fixed Deposit– 5659 0.08
7 State Bank of India Fixed Deposit– 0394 5.00
8 State Bank of India Monitoring account 0.01
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC071691
4th Floor, Godrej Coliseum, Somaiya Hospital
Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in

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Sr. No.
Name of the Bank
Type of account
Amount in (Rs.
Crore)
Source of information / certifications considered by
Monitoring Agency for preparation of report
Total 43.74^
  • Chartered Accountant certificate from Oswal Sunil & Company dated October 14, 2025

^ Total unutilized balance is Rs. 42.69 crore as of Sep 30, 2025. This balance is held in the form of fixed deposits with SBI Bank, totaling Rs 43.74 crore (including interest of Rs. 1.05 crore), while the remaining Rs 0.01 crore is lying in the monitoring account with SBI Bank. Around 95% of the unutilized proceeds lying in the form of term deposits are assigned as margin against Capex LCs.

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Amount
Type of instrument and name of the Earning Return on Market Value as at the end of
Sr. No. invested Maturity date
entity invested in (Rs. crores) Investment (%) quarter
(Rs. crores)
Fixed Deposit, State Bank of India 10.98 5.10%
1 November 22, 2025 NA NA
(42459678493)
Fixed Deposit, State Bank of India 10.93 November 21, 2025 5.10% NA
2 NA
(42547132035)
Fixed Deposit, State Bank of India 10.93 November 21, 2025 5.10% NA
3 NA
(42547131803)
Fixed Deposit, State Bank of India 0.08 January 30, 2026 6.80% NA
4 NA
(43766385659)
Fixed Deposit, State Bank of India 2.57 January 30, 2026 6.80% NA
5 NA
(43766384587)
Fixed Deposit, State Bank of India 3.25 January 03, 2026 5.10%
6 NA NA
(42861881098)
Fixed Deposit, State Bank of India 5.00 December 30, 2025 7.00%
7 NA NA
(43663900394)
8 Monitoring Account, State Bank of India 0.01 NA NA NA NA
----- End of picture text -----

– (iv) Delay in implementation of the object(s)

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----- Start of picture text -----

Completion Date Comments of the Board of Directors
Delay (no. of days/
Objects As per the Placement Proposed course of
Actual months) Reason of delay
document action
----- End of picture text -----

Objects
Completion Date
Delay (no. of days/
months)
Comments of the Board of Directors
As per the Placement
document
Actual
Reason of delay
Proposed course of
action
Objects
Completion Date
Delay (no. of days/
months)
Comments of the Board of Directors
As per the Placement
document
Actual
Reason of delay
Proposed course of
action
Objects
Completion Date
Delay (no. of days/
months)
Comments of the Board of Directors
As per the Placement
document
Actual
Reason of delay
Proposed course of
action
Objects
Completion Date
Delay (no. of days/
months)
Comments of the Board of Directors
As per the Placement
document
Actual
Reason of delay
Proposed course of
action
Objects
Completion Date
Delay (no. of days/
months)
Comments of the Board of Directors
As per the Placement
document
Actual
Reason of delay
Proposed course of
action
Objects
Completion Date
Delay (no. of days/
months)
Comments of the Board of Directors
As per the Placement
document
Actual
Reason of delay
Proposed course of
action
Capital Expenditure Rs 75.00 Cr by 31st July
2025
In Progress, Rs. 32.31 Cr
incurred till Q2FY26
Delay (Exact number of
days of delay not
The delay was primarily
due to changes in the
economic
and
geo-



The
Board
at
its
meeting held on July
25, 2025, approved an
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC071691
4th Floor, Godrej Coliseum, Somaiya Hospital
Road, Off Eastern Express Highway, Sion (East),
Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in

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Completion Date Comments of the Board of Directors
Delay (no. of days/
Objects As per the Placement Proposed course of
Actual months) Reason of delay
document action
ascertainable), Refer political landscape, extension of the
Note 1 below which adversely timeline for utilization of
impacted market the unutilized amount
conditions for optical up to March 31, 2026.
fibre cables. The company does not
Consequently, the anticipate any impact
company undertook on the cost or viability
capital expenditure at a of the projects.
slower pace, resulting in
part of the allocated
funds towards capital
expenditure remaining
unutilized as of July 31,
2025, as per the
timeline specified in the
offer document
Rs. 85.00 Cr by September No comments received No comments received
Research and Development Expenditure Rs. 85.00 Cr by May 2026 No Delays
2024
Repayment/Prepayment of Short-term Rs. 74.04 Cr by September No comments received No comments received
Rs. 74.04 Cr by July 2025 No Delays
borrowings 2023
Rs. 75.00 Cr by September No comments received No comments received
Funding Working Capital requirements Rs. 75.00 Cr by Fiscal 2024 No Delays
2023
General corporate purposes From time to time March 2024 No Delays No comments received No comments received
----- End of picture text -----

u�liza�on was primarily due to changes in the economic and geo-poli�cal environment, which adversely impacted market condi�ons for op�cal fiber cables. Consequently, the company undertook capital expenditure at a slower pace, resul�ng in part of the allocated funds towards capital expenditure remaining unu�lized as of July 31, 2025, as per the �meline specified in the offer document. The company, in its Board mee�ng held on July 25, 2025, approved an extension of the �meline for u�liza�on of the unu�lized amount up to March 31, 2026. The company does not an�cipate any impact on the cost or viability of the projects.

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CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

CIN-L67190MH1993PLC071691

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3) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:

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Source of information /
Amount certifications considered by Comments of the
Sr. No Item Head^ Comments of Monitoring Agency
in Rs. Crore Monitoring Agency for preparation Board of Directors
of report
^The objects of the issue may include, but not restricted towards
strategic initiatives, investments in subsidiaries of our Company,
opening or setting up new offices, business development initiatives
including marketing & branding expenses, acquiring fixed assets
(other than those mentioned as part of capital expenditure),
meeting any expense of our Company, including salaries and
wages, rent, administration, insurance, repairs and maintenance,
General Corporate Chartered Accountant certificate, Bank
1 33.46 payment of taxes and duties, ESG / renewable energy, meeting No comments received
Purposes statement, and Placement Document
expenses incurred in the ordinary course of business and towards
any exigencies. Accordingly, company has expensed the GCP over
ongoing general corporate expenses. The allocated amount of Rs.
33.46 cr and balance Rs. 0.19 crores of issue expenses were
already expensed as per object of issue.
Nil amount incurred for quarter ended September 30, 2025.
Total 33.46
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  • Chartered Accountant certificate from Oswal Sunil & Company dated October 14, 2025

^ Section from the offer document related to GCP: Mentioned above

11

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Disclaimers to MA report:

a) This Report is prepared by CARE Ra�ngs Ltd (hereina�er referred to as “Monitoring Agency/MA” ). The MA has taken utmost care to ensure accuracy and objec�vity while developing this Report based on the informa�on provided by the Issuer and informa�on obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not cons�tute the opinion of MA to deal in any security of the Issuer in any manner whatsoever.

b) This Report has to be seen in its en�rety; the selec�ve review of por�ons of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the informa�on provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditor/internal auditor which is peer reviewed audit firm/peer reviewed audit firm appointed by the Issuer believed by it to be accurate and reliable.

c) Nothing contained in this Report is capable or intended to create any legally binding obliga�ons on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said informa�on. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabili�es whatsoever to the users of this Report.

expert to the extent defined under Sec�on 2(38) of the Companies Act, 2013. While the MA has obtained informa�on from sources it believes to be reliable, it does not perform an audit and undertakes no independent verifica�on of any informa�on/ cer�fica�ons/ statements it receives from statutory auditors/internal auditor which is peer reviewed audit firm/peer reviewed audit firm (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.

pertains. As an example, the MA may rate the issuer or any debt instruments / facili�es issued or proposed to be issued by the issuer that is subject ma�er of this report. The MA may receive separate compensa�on for its ra�ngs and certain credit-related analyses, normally from issuers or underwriters of the instruments, facili�es, securi�es or from obligors.

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CARE Ratings Limited 9th floor, C-001/A2, Berger Towers, Sector 16B, Noida, Gautam Budh Nagar, Uttar Pradesh -201301 Phone: +91-120-4452000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] , www.careedge.in

CIN-L67190MH1993PLC071691