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Ind-Swift Laboratories Ltd. Capital/Financing Update 2025

Nov 14, 2025

62552_rns_2025-11-14_dc4ec627-bd7b-4d96-b3c9-ad2c5441de58.pdf

Capital/Financing Update

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Ref: ISLL:CH:2025

Date: 14[th] November, 2025

The President The Vice President, Corporate Relationship Department Listing Compliance Department, BSE Limited National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5[th] Floor 25[th] Floor, Dalal Street, Plot No. C/2, G-Block, Mumbai 400 001 Bandra Kurla Complex, Bandra (E), Mumbai 400 051

ISIN: INE915B01019 BSE Scrip Code: 532305 NSE Symbol: INDSWFTLAB

SUB: MONITORING AGENCY REPORT FOR THE QUARTER ENDED 30[TH] SEPTEMBER 2025 FOR FUNDS RAISED THROUGH PREFERENTIAL ISSUE

Dear Sir/Ma’am,

Pursuant to Regulation 162A (4) of Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements), 2015, we are enclosing herewith Monitoring Agency Report issued by Care Ratings Limited, Monitoring Agency, for the quarter ended 30.09.2025 with respect to the Preferential Issue and allotment of 2,60,00,000 fully convertible warrants on preferential basis.

Kindly take note of the same and oblige.

Thanking you

For IND-SWIFT LABORATORIES LTD.

Pardeep Digitally signed by Pardeep Verma Verma Date: 2025.11.14 19:08:23 +05'30' PARDEEP VERMA VP-CORPORATE AFFAIRS & COMPANY SECRETARY

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No. CARE/NRO/GEN/2025-26/1142

The Board of Directors Ind-Swift Laboratories Limited

SCO 850, Shivalik Enclave, NAC, Manimajra, Chandigarh, Chandigarh - 160101

November 14, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the Preferential Issue of Ind-Swift Laboratories Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 314.60 crore of the Company and refer to our duties cast under Regulation 162A 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 12, 2024.

Request you to kindly take the same on records.

Thanking you, Yours faithfully,

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Sandeep Aggarwal

Associate Director [email protected]

CARE Ratings Limited

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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

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

CIN-L67190MH1993PLC071691

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Report of the Monitoring Agency

Name of the issuer: Ind-Swift Laboratories Limited For quarter ended: September 30, 2025

Name of the Monitoring Agency: CARE Ratings Limited

(a) Deviation from the objects: Yes, during Q2FY26, the company has claimed reimbursement of Rs.45.21 crore towards expansion of business of the Company or the Wholly Owned Subsidiaries related to previous quarter. However, same is not allowed as per the objects of the preferential issue. Additionally, we have not received complete supporting documents for reimbursement of expansion of business. As per bank statements, it has been observed that the company has invested Rs. 64.09 crore from the issue proceeds in Khandelwal Finance Private Ltd. (KFPL), a registered NBFC and a third-party entity.

(b) Range of Deviation: 14.37% of total issue amount

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: Sandeep Aggarwal Designation of Authorized person/Signing Authority: Associate Director

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CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion Phone: +91-120-445 2000 (East), Mumbai - 400 022 Phone: +91-22-6754 3456

Email: [email protected] • www.careedge.in

CIN-L67190MH1993PLC071691

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1) Issuer Details:

Name of the issuer : Ind-Swift Laboratories Limited Name of the promoter : Mr. Navrattan Munjal Industry/sector to which it belongs : Pharmaceuticals & Biotechnology - Pharmaceuticals Issue Details Issue Period : 18 months from date of allotment (Date of allotment: August 30, 2024) Type of issue (public/rights) : Preferential Issue Type of specified securities : Fully convertible warrants IPO Grading, if any : - Issue size (in crore) : Rs. 314.60 (CARE Ratings Limited is monitoring the gross proceeds pertaining to fresh issue under Preferential Issue)

2) Issue Details

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

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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CIN-L67190MH1993PLC071691

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3) 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 CA Certificate*,
Bank Statements,
Management
Certificate, Placement
document		 During Q2FY26, the company has claimed
reimbursement
of
Rs.45.21
crore
towards
expansion of business of the Company or the
Wholly Owned Subsidiaries related to previous
quarter. However, same is not allowed as per the
objects of the preferential issue.
As per bank statements, the company has
invested Rs. 64.09 crore from the issue proceeds
in Khandelwal Finance Private Ltd. (KFPL), a
registered NBFC and a third-party entity.
Additionally, the company has transferred
majority of the funds from its monitoring account
to its multiple current accounts or overdraft
account before payment during Q2FY26. While
we have reviewed the bank statements, the
commingling of funds (mixing proceeds with
other cash flows) has limited our ability to directly
ascertain the utilization of the issue proceeds.		 The Hon’ble NCLT, Chandigarh vide its order
dated July 17, 2025 allowed the merger of the
group company, Ind-Swift Limited with the
company with appointed date as March 31, 2024.
Till
the
order
of
the
merger,
the
expansion/advances towards expansion in the
group company which was funded by the
company from its own resources (through
Finance facility) was not accounted for by the
company in the utilization proceeds. Consequent
to the order of the merger, the company has
availed all the capital expenditure done for the
group company towards the utilization of the
proceeds for the approved purpose viz. Capital
expansion for the company. The amount re-
imbursed is the one which has been actually
spent on the approved purposes which is fully
verifiable from the bank statements. The
company is presently sitting on a cash reserve of
475 crores (approx.) which are lying in the
various
deposit
schemes
of
the
Banks/Equity/Public Companies NCDs. Similarly,
the amount reimbursed has been invested in the
registered NBFC for utilization at the appropriate

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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
time. The full timely disclosure of the same was
given to the Stock exchanges at the time of the
investment.
Whether shareholder approval has been
obtained in case of material deviations#
from expenditures disclosed in the Offer
Document?		 No Management
Certificate,
Bank Statements		 Approval not obtained by the company for
reimbursement of Rs.45.21 crore towards
expansion of business of the Company or the
Wholly Owned Subsidiaries related to previous
quarter.		 Since, the utilization is for the very such purpose
for which the funds have been raised so no need
for the shareholders’ approval has arisen
Whether the means of finance for the
disclosed objects of the issue have
changed?		 No Management Certificate Not Applicable Not Applicable
Is there any major deviation observed
over the earlier monitoring agency
reports?		 Yes Management
Certificate,
Bank Statements		 During Q2FY26, the company has claimed
reimbursement
of
Rs.45.21
crore
towards
expansion of business of the Company or the
Wholly Owned Subsidiaries related to previous
quarter. However, same is not allowed as per the
objects of the preferential issue.
As per bank statements, the company has
invested Rs. 64.09 crore from the issue proceeds
in Khandelwal Finance Private Ltd. (KFPL), a
registered NBFC and a third-party entity.		 The Hon’ble NCLT, Chandigarh vide its order
dated July 17, 2025 allowed the merger of the
group company, Ind-Swift Limited with the
Company with appointed date as March 31, 2024.
Till the order of the merger, the expansion in the
group company which was funded by the
company from its own resources was not
accounted for by the company in the utilization
proceeds. Consequent to the order of the merger,
the company has availed all the capital
expenditure done for the group company towards
the utilization of the proceeds for the approved
purpose viz. Capital expansion for the company.
The amount reimbursed has been invested in the

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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
registered NBFC and not utilized by the company.
The full timely disclosure of the same was given
to the Stock exchanges at the time of the
investment.
Whether
all
Government/statutory
approvals related to the object(s) have
been obtained?		 No Management Certificate All the relevant approvals required as mentioned
in the placement document are in place.
However,
government/statutory
approvals
related to capex will be obtained as and when
required as per the project status.		 The government approvals shall be obtained as
and when the same are applicable/required. At
present there is no government approval
pending
Whether all arrangements pertaining to
technical assistance/collaboration are in
operation?		 No Management Certificate As per management certificate, same is Not
Applicable		 Not Applicable
Are there any favorable/unfavorable
events affecting the viability of these
object(s)?		 No Bombay Stock
Exchange website/
Management Certificate		 Not Applicable Not Applicable
Is there any other relevant information
that may materially affect the decision
making of the investors?		 Yes Bank statements,
Bombay Stock
Exchange website		 As per bank statements, it has been observed
that the company has invested Rs.64.09 crore
from the issue proceeds in Khandelwal Finance
Private Ltd. (KFPL), a registered NBFC and a
third-party entity.
After receiving shareholders’ approval, the
company
sold
its
Active
Pharmaceutical
Ingredients
(APIs)
business
and
Contract
Research and Manufacturing Services (CRAMS)		 The investment has been done in the secured
Optionally Convertible Redeemable Preference
Shares bearing rate of interest of 8.25% in order
to have better return from the spare funds with
the company. The Preferential issue was raised
post completion of the slump sale of the
company. Infact post launch of the present
preferential issue, the Hon’ble NCLT, Chandigarh
has approved the merger of the group company,
Ind-Swift Limited with the company thereby, thus

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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
during Q4FY24 to repay debt obligations of both
the company and its group company (Ind-Swift
Limited). The company on a standalone basis had
negligible operations in FY25 and Q1FY26, as the
major business segment had already been sold.
Ind-Swift Limited, a group company involved in
the formulations business, is merged with the
company after obtaining the necessary approvals.
On July 17, 2025, the Hon’ble National Company
Law Tribunal, Chandigarh Bench (NCLT) had
approved the scheme of arrangement for
amalgamation of Ind-Swift Limited with the
company. Effective date of the scheme of
amalgamation was August 8, 2025.		 ensuring sustained operations and future growth
prospects for the new Investors and all
stakeholders.

*Chartered Accountant Certificate from Rattan Kaur & Associates (Statutory Auditors of Ind-Swift Laboratories Limited (ISLL)) dated November 13, 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.

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion (East), Phone: +91-120-445 2000 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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4)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
(as per the
Offer
Document) in
Rs. Crore		 Comments of the Board of Directors Comments of the Board of Directors Comments of the Board of Directors
Revised Cost
in Rs. Crore		 Comments
of the
Monitoring
Agency		 Reason for cost
revision		 Proposed
financing
option		 Particulars of
-firm
arrangements
made
1 Expansion of Business of the
Company or the Wholly
Owned Subsidiaries		 Extra Ordinary General Meeting
Resolution, CA Certificate*,
Management Certificate		 150.00 - Not Applicable No comments
received		 No comments
received		 No comments
received
2 Investment in existing or to
be acquired Subsidiaries		 Extra Ordinary General Meeting
Resolution, CA Certificate*,
Management Certificate		 50.00 - No comments
received		 No comments
received		 No comments
received
3 Working Capital for existing
business		 Extra Ordinary General Meeting
Resolution, CA Certificate*,
Management Certificate		 39.60 - No comments
received		 No comments
received		 No comments
received
4 General Corporate purpose Extra Ordinary General Meeting
Resolution, CA Certificate*,
Management Certificate		 75.00 - No comments
received		 No comments
received		 No comments
received
Total 314.60 -

*Chartered Accountant Certificate from Rattan Kaur & Associates (Statutory Auditors of Ind-Swift Laboratories Limited (ISLL)) dated November 13, 2025.

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

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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CIN-L67190MH1993PLC071691

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– (ii) Progress in the objects

Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation
of report		 Comments of the Board of
Directors		 Comments of the Board of
Directors
Amount as
proposed
in the
Offer
Document
in Rs.
Crore		 Amount utilised in Rs. Crore Total
 Comments of the
Monitoring Agency
Amount
raised
till date
i.e. Sep
30, 2025
As at
beginning
of the
quarter in
Rs. Crore		 Reasons for
idle funds		 Proposed
course of
action
During At the
unutilised

the		 end of
amount
i
quarter the
n Rs.
crore

in Rs.		 quarter
Crore in Rs.
Crore
1 Expansion
of Business
of
the
Company or
the
Wholly
Owned
Subsidiaries		 CA Certificate*,
Management
Certificate,
Bank
Statements		 150.00 209.41 14.37 56.111 70.48 0.46 During
Q2FY26,
the
company
has
claimed
reimbursement of Rs.45.21
crore towards expansion of
business of the Company or
the
Wholly
Owned
Subsidiaries
related
to
previous quarter. However,
same is not allowed as per
the
objects
of
the
preferential issue.
During Q2FY26, Rs.10.90
crore have been utilised for
payment
of
registration/
stamp duty charges related
to the purchase of land,
building construction and
advances
towards
procurement of machineries
for
the
company’s
expansion plan.3		 No comments
received		 No comments
received
2 Investment
in existing or		 CA Certificate*,
Management		 50.00 - 23.87 23.87 During Q2FY26, the funds
have been utilised towards		 No comments
received		 No comments
received

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Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation
of report		 Comments of the Board of
Directors		 Comments of the Board of
Directors
Amount as
proposed
in the
Offer
Document
in Rs.
Crore		 Amount utilised in Rs. Crore Total
 Comments of the
Monitoring Agency
Amount
raised
till date
i.e. Sep
30, 2025
As at
beginning
of the
quarter in
Rs. Crore		 Reasons for
idle funds		 Proposed
course of
action
During At the
unutilised

the		 end of
amount
i
quarter the
n Rs.
crore

in Rs.		 quarter
Crore in Rs.
Crore
to
be
acquired
Subsidiaries		 Certificate,
Bank
Statements		 investment
in
foreign
subsidiary i.e., ISLL Middle
East L.L.C-FZ.3
However, we are unable to
comment on the valuation
of the said investment.
3 Working
Capital
for
existing
business		 CA Certificate*,
Management
Certificate,
Bank
Statements		 39.60 7.00 32.602 39.60 During Q2FY26, the funds
have been utilised towards
repayment
of
overdraft
facility.3		 No comments
received		 No comments
received
4 General
Corporate
purpose		 CA Certificate*,
Management
Certificate,
Bank
Statements		 75.00 71.24 3.76 75.00 The
funds
have
been
utilized by the company for
consultation charges, TDS
payment,
repayment
of
overdraft,
payment
of
salary, job work charges
and
miscellaneous
expenses.3		 No comments
received		 No comments
received
Total 314.60 209.41# 92.61 116.34 208.95 0.46
  • *Chartered Accountant Certificate from Rattan Kaur & Associates (Statutory Auditors of Ind-Swift Laboratories Limited (ISLL)) dated November 13, 2025.

The company has received more than 25% of the total warrant issue price to the tune of Rs.8,12,491 from one of the allottees; Saral Incorporated VCC Sub Fund 1 which is yet to be returned. The investor has yet to exercise their right to convert warrants into equity. During Q2FY26, on receipt of funds of Rs.68.06 crore from HCP Investments, the company has allotted

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion (East), Phone: +91-120-445 2000 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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75,00,000 equity shares upon conversion of equivalent number of warrants and on receipt of funds of Rs.26.32 crore from Essix Biosciences Limited, the company has allotted 29,00,000 equity shares upon conversion of equivalent number of warrants.

Note 1: During Q2FY26, total utilisation under the mentioned object has been shown after adjusting refunds received of Rs.0.90 crore in the preferential account due to cancellation of land purchase deal done with parties in earlier quarters. It could not be concluded as the parties were unable to finalize mutually acceptable terms, and hence the deal did not go through. Thus, the same has been shown at net off value.

Note 2: During Q2FY26, total utilisation under the mentioned object has been shown after giving effect of Rs.0.27 crore reversed from the overdraft account in the preferential account.

Note 3: The company had majorly transferred the funds from its monitoring account to its multiple current accounts and overdraft account for utilisation during Q2FY26. While we have reviewed the bank statements, the commingling of funds (mixing proceeds with other cash flows) has limited our ability to directly ascertain the utilization of the issue proceeds. However, the company has confirmed that the funds were utilized in accordance with the objectives stated in the offer document, as supported by management and CA certificate.

(iii) Deployment of unutilized proceeds:

Sr. No. Type of instrument and name of the
entity invested in		 Amount invested Maturity date Earning Return on
Investment (%)		 Market Value as at the
end of quarter
1 Balance in Warrants Receipt Account –
Bank of India (620020110000489)		 0.46 - - - 0.46
Total unutilized proceeds 0.46 0.46

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

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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CIN-L67190MH1993PLC071691

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

Completion Date Delay Comments of the Board of Directors Comments of the Board of Directors
Objects As per the offer
(no. of days/		 Proposed course of
Reason of delay

document		 Actual months)
action
Expansion of Business of the Company or the Wholly Owned
Subsidiaries		 December 31, 2027 Ongoing Not applicable Ongoing NA
Investment in existing or to be acquired Subsidiaries December 31, 2026 Ongoing Not applicable Ongoing NA
Working Capital for existing business December 31, 2026 Q2FY26 No delay No Delay NA
General Corporate purpose December 31, 2026 Q2FY26 No delay No Delay NA

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

Source of information /
Sr. No
Item Head^		 Amount
in Rs. Crore		 certifications considered by
Monitoring Agency for
preparation of report
Comments of Monitoring Agency		 Comments of the Board of
Directors
1 Consultation charges 0.68 The funds have been utilized by the company for
2 Payment of TDS 0.09 consultation charges, TDS payment, repayment of overdraft,
payment of salary, job work charges and miscellaneous
3 Repayment of Overdraft 0.29 expenses. The company had majorly transferred the funds
4
5
6		 Payment ofjob work
Salary paid
Miscellaneous expenses		 1.20
1.49
0.00#		 Bank Statements, Management
Certificate, CA Certificate*
from its monitoring account to its multiple current accounts
and overdraft account for utilisation during Q2FY26. While
we have reviewed the bank statements, the commingling of
funds (mixing proceeds with other cash flows) has limited
our ability to directly ascertain the utilization of the issue		 No comments received
proceeds. However, the company has confirmed that the
Total 3.76 funds were utilized in accordance with the objectives stated
in the offer document, as supported by management and CA
certificate.
*Chartered Accountant Certificate from Rattan Kaur & Associates (Statutory Auditors of Ind-Swift Laboratories Limited (ISLL)) dated November 13, 2025.
#Includes Rs.3,766/- only.
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital
Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion (East),
Phone: +91-120-445 2000 Mumbai - 400 022
Phone: +91-22-6754 3456
Email: [email protected] • www.careedge.in
CIN-L67190MH1993PLC071691
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Disclaimers to MA report:

a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as “Monitoring Agency/MA” ). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. 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.

b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditor/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 obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. 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 liabilities whatsoever to the users of this Report. d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from statutory auditors/peer reviewed audit firm (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.

e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

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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CIN-L67190MH1993PLC071691

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