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Ind-Swift Laboratories Ltd. Capital/Financing Update 2026
62552_rns_2026-05-15_e71438ba-20bb-4f3a-93ec-095707c26664.pdf
Capital/Financing Update
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Ind-Swift Laboratories Limited
Registered Office
SCO 850, Shivalik Enclave,
NAC Manimajra, Sector 13,
Chandigarh – 160101 INDIA
[email protected]
0172-2730503, 2730920, 5061851-53
CIN No. L24232CH1995PLC015553
Date: 15th May, 2026
Ref.: ISLL:CH:2026
BSE Limited,
Phiroze Jeejeebhoy Towers,
25th Floor, Dalal Street,
Mumbai 400001
National Stock Exchange of India Limited,
Exchange Plaza, 5th Floor,
Plot No. C/2, G-Block,
Bandra Kurla Complex, Bandra (E),
Mumbai 400051
ISIN: INE915B01019
BSE Scrip Code: 532305
NSE Symbol: INDSWFTLAB
SUB: MONITORING AGENCY REPORT FOR THE QUARTER ENDED 31ST MARCH, 2026
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 as issued by Care Ratings Limited, Monitoring Agency, for the quarter ended 31.03.2026 with respect to utilisation of proceeds from the preferential issue.
The aforesaid report has been reviewed by the Audit Committee and taken on record by the Board.
Kindly take note of the same and oblige.
Thanking you
For IND-SWIFT LABORATORIES LTD.
PARDEEP VERMA
UPDATLY signed by
PARDEEP VERMA
Date: 2026.05.15
15:10:45 +05'30"
PARDEEP VERMA
VP-CORPORATE AFFAIRS &
COMPANY SECRETARY
Manufacturing Facilities:
Unit I: NH-21, Village Jawaharpur, Tehsil Derabassi, District SAS Nagar (Mohali), Punjab – 140507
Unit II: Phase 1, SIDCO Industrial Growth Centre, Samba, Jammu & Kashmir – 184121
0172-2730503, 2730920, 5061851-53
[email protected]
www.indswiftgroup.com
For verifying authenticity of this letter, please reach us by sending copy of same on [email protected]
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Careedge
RATINGS
No. CARE/NRO/GEN/2026-27/1052
The Board of Directors
Ind-Swift Laboratories Limited
SCO 850, Shivalik Enclave, NAC,
Manimajra, Chandigarh,
Chandigarh - 160101
May 15, 2026
Dear Sir/Ma’am,
Monitoring Agency Report for the quarter ended March 31, 2026 - 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 March 31, 2026, 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,
Sandeep Aggarwal
Associate Director
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
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
Careedge
RATINGS
Report of the Monitoring Agency
Name of the issuer: Ind-Swift Laboratories Limited
For quarter ended: March 31, 2026
Name of the Monitoring Agency: CARE Ratings Limited
(a) Deviation from the objects: No
(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.
Sandeep Aggarwal
Signature:
Name and designation of the Authorized Signatory: Sandeep Aggarwal
Designation of Authorized person/Signing Authority: Associate Director
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
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
Careedge
RATINGS
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
2) 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)
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
CIN-L67190MH1993PLC071691
Careedge
RATINGS
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? | Yes^ | CA Certificate*, Bank Statements, Management Certificate | ^As per management certificate, during Q4FY26, the company utilised issue proceeds of Rs.3.60 crore towards investment in existing or to be acquired subsidiaries. However, based on review of bank statements and invoices, it is observed that Rs.3.60 crore was transferred from the preferential issue account to the company's current account with ICICI Bank Limited. Of this, Rs.3.59 crore has been traced as transferred to the subsidiary, ISLL Middle East LLC-FZ, and the balance of Rs.0.01 crore remains unutilised in the current account. Additionally, commingling of funds (mixing of issue proceeds with other cash flows) has limited our ability to directly ascertain the end use of the issue proceeds. | |
| ^Additionally, during Q4FY26, in few transactions, the company transferred funds from its preferential issue account to its current account (ICICI Bank Limited) before payment to end customer. 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. | ||||
| ^At the time of allotment of convertible warrants, the | Due to AED exchange rate fluctuations exact amount could not be ascertained initially. The balance of Rs.83,615 was transferred back to the preferential issue account. | |||
| The end use of the issue proceeds can be easily ascertained, as out of Rs.3.60 crore, Rs.3.59 crore were transferred through the ICICI current account within few hours, on the same day, to the wholly owned subsidiary of the company. | ||||
| The transfer to current account was made as these were forex transactions, which could be done through Authorised Dealer (AD) bank only. The ICICI Bank being the AD bank for the said transaction, so the funds were transferred first to ICICI bank and |
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B,
Noida, Gautam Budh Nagar, Uttar Pradesh - 201301
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
CIN-L67190MH1993PLC071691
Careedge
RATINGS
| 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 |
|---|---|---|---|---|
| company received more than 25% of the total warrant issue price from Saral Incorporated VCC Sub Fund 1, amounting to Rs.8,12,491. However, as the allottee did not exercise the option to convert the warrants into equity within the stipulated time period of 18 months from the date of allotment (on or before February 28, 2026), the warrants allotted to Saral have lapsed. Consequently, the excess amount received was refunded to the allottee along with applicable bank/remittance charges of Rs.2370 from the preferential issue account. | then to the beneficiary foreign entity. | |||
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? | No material deviation | Management Certificate | Not applicable | No comments received |
| Whether the means of finance for the disclosed objects of the issue have changed? | No | Management Certificate | Not applicable | No comments received |
| Is there any major deviation observed over the earlier monitoring agency reports? | No | Management Certificate | No, there is no major deviation observed over the earlier monitoring agency reports. | No comments received |
| Whether all Government/statutory approvals related to the object(s) have been obtained? | No | Management Certificate | As per 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. | No comments received |
CARE Ratings Limited
9th Floor, C-001/A2, Berger Towers, Sector-16B,
Noida, Gautam Budh Nagar, Uttar Pradesh - 201301
Phone: +91-120-445 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
CIN-L67190MH1993PLC071691
Careedge
RATINGS
| 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 arrangements pertaining to technical assistance/collaboration are in operation? | Not applicable | Management Certificate | As per management certificate, same is not applicable | No comments received |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? | Yes | Bombay Stock Exchange website, Management Certificate | The non-exercise of the option to convert 65,00,000 warrants by one of the allottees i.e., Saral Incorporated VCC Sub Fund 1, within the stipulated period of 18 months from the date of allotment (on or before February 28, 2026), has resulted in lapse of the aforesaid warrants. Consequently, there is a shortfall in overall funds-raising of Rs.58.99 crore as per objects, which may adversely impact the viability and execution of the stated objects. | The company has sufficient internal accruals and cash balance for executing planned projects. |
| Is there any other relevant information that may materially affect the decision making of the investors? | Yes | Bombay Stock Exchange website | Even though the share price of the company was higher than the warrant exercise price (Rs.90.75) in Q4FY26, considering the market conditions, the allottee (Saral Incorporated VCC Sub Fund 1) has not exercised its option to convert 65,00,000 warrants into equity, resulting in shortfall of overall funds raise by Rs.58.99 crore. It may adversely impact the viability and execution of the stated objects. | The company has sufficient internal accruals and cash balance for executing planned projects. |
*Chartered Accountant Certificate from M/s Rattan Kaur & Associates (Statutory Auditor of Ind-Swift Laboratories Limited (ISLL)), dated May 12, 2026.
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,
Noida, Gautam Budh Nagar, Uttar Pradesh - 201301
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
CIN-L67190MH1993PLC071691
Careedge
RATINGS
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 | Revised Cost in Rs. Crore | Comments of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| 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 M/s Rattan Kaur & Associates (Statutory Auditor of Ind-Swift Laboratories Limited (ISLL)), dated May 12, 2026.
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
CIN-L67190MH1993PLC071691
Careedge
RATINGS
(ii) Progress in the objects –
| Sr. No | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document in Rs. Crore | Amount raised till date i.e. March 31, 2026 | Amount utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | |||||||
| 1 | Expansion of Business of the Company or the Wholly Owned Subsidiaries | CA Certificate*, Management Certificate, Bank Statements | 150.00 | 255.61 | 70.48 | 19.47 | 89.95 | 23.59 | During Q4FY26, Rs.19.47 crore has been utilised for payment of registration/ stamp duty charges, consideration price related to the purchase of land, building construction and advances towards procurement of machineries for the company's expansion plan.1 | No comments received | No comments received |
| 2 | Investment in existing or to be acquired Subsidiaries | CA Certificate*, Management Certificate, Bank Statements | 50.00 | 23.87 | 3.60 | 27.47 | During Q4FY26, an amount of Rs.3.60 crore was utilised towards investment in foreign subsidiary i.e., ISLL Middle East L.L.C-FZ.2 However, we are unable to comment on the valuation of the said investment. | The investment is made at the face value towards the equity capital of the wholly owned subsidiary Viz, ISLL Middle East L.L.C-FZ. | No comments received | ||
| 3 | Working Capital for existing business | CA Certificate*, Management Certificate, Bank Statements | 39.60 | 39.60 | - | 39.60 | Nil utilisation during Q4FY26, as the proceeds were fully utilized for working capital | 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: +91-120-445 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
CIN-L67190MH1993PLC071691
Careedge
RATINGS
| Sr. No | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document in Rs. Crore | Amount raised till date i.e. March 31, 2026 | Amount utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | |||||||
| requirements of the existing business in Q2FY26. | |||||||||||
| 4 | General Corporate purpose | CA Certificate*, Management Certificate, Bank Statements | 75.00 | 75.00 | - | 75.00 | Nil utilisation during Q4FY26, as the proceeds were fully utilized for general corporate purpose in Q2FY26. | No comments received | No comments received | ||
| Total | 314.60 | 255.61# | 208.95 | 23.07 | 232.02 | 23.59 |
*Chartered Accountant Certificate from M/s Rattan Kaur & Associates (Statutory Auditor of Ind-Swift Laboratories Limited (ISLL)), dated May 12, 2026.
During Q4FY26, the company raised Rs.46.28 crore from conversion of share warrants into equity shares by Essix Biosciences Limited. At the time of allotment of convertible warrants, the company received more than 25% of the total warrant issue price from Saral Incorporated VCC Sub Fund 1, amounting to Rs.8,12,491. However, as the allottee did not exercise the option to convert the warrants into equity within the stipulated time period of 18 months from the date of allotment (on or before February 28, 2026), the warrants allotted to Saral have lapsed and the upfront subscription amount of Rs.19.66 crore (being 25% of the issue price) received at the time of allotment stands forfeited by the company. Consequently, the excess amount received was refunded to the allottee along with applicable bank/remittance charges of Rs.2370 from preferential issue account. Thus, the same has been adjusted from the total amount raised till March 31, 2026.
Further, as the allowed tenure for conversion of 65,00,000 warrants into equity has expired, the balance amount of Rs.58.99 crore will not be received from the allottee; Saral Incorporated VCC Sub Fund 1. Consequently, the monitoring requirement in respect of the overall preferential issue proceeds stands revised to Rs.255.61 crore.
Note 1: During Q4FY26, in few transactions, the company transferred funds from its preferential issue account to its current account (ICICI Bank Limited) before payment to end customer. 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.
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
CIN-L67190MH1993PLC071691
Careedge
RATINGS
Note 2: As per management certificate, during Q4FY26, the company utilised issue proceeds of Rs.3.60 crore towards investment in existing or to be acquired subsidiaries. However, based on review of bank statements and invoices, it is observed that Rs.3.60 crore was transferred from the preferential issue account to the company's current account with ICICI Bank Limited. Of this, Rs.3.59 crore has been traced as transferred to the subsidiary, ISLL Middle East LLC-FZ, and the balance of Rs. 0.01 crore remains unutilised in the current account. However, as per management email-dated May 12, 2026, it is reversed to preferential issue account on May 11, 2026. Additionally, commingling of funds (mixing of issue proceeds with other cash flows) has limited our ability to directly ascertain the end use of the issue proceeds.
(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 | Fixed Deposit in AU Small Finance Bank (Account No. 2603252642818247/1) | 23.50 | May 25, 2027 | 0.02 | 7.45% | 23.50 |
| 2 | Balance in Warrants Receipt Account – Bank of India (Account no. 620020110000489) | 0.11 | - | - | - | 0.11 |
| Less: Interest income earned in Q4FY26 on liquidated Fixed Deposit Receipts (FDRs) | 0.02 | - | - | - | 0.02 | |
| Total unutilized proceeds | 23.59 | 23.59 |
(iv) Delay in implementation of the object(s) –
| Objects | Completion Date | Delay (no. of days/ months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the offer document | Actual | Reason of delay | Proposed course of action | ||
| Expansion of Business of the Company or the Wholly Owned Subsidiaries | December 31, 2027 | Ongoing | Not applicable | No comments received | No comments received |
| Investment in existing or to be acquired Subsidiaries | December 31, 2026 | Ongoing | Not applicable | No comments received | No comments received |
| Working Capital for existing business | December 31, 2026 | Completed in Q2FY26 | No delay | No comments received | No comments received |
| General Corporate purpose | December 31, 2026 | Completed in Q2FY26 | No delay | 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: +91-120-445 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
CIN-L67190MH1993PLC071691
Careedge
RATINGS
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Sr. No | Item Head | Amount in Rs. Crore | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1 | General Corporate purpose | - | CA Certificate*, Management Certificate, Bank Statements | Nil utilisation during Q4FY26, as the proceeds were fully utilized for general corporate purpose in Q2FY26. | No comments received |
| Total | - |
*Chartered Accountant Certificate from M/s Rattan Kaur & Associates (Statutory Auditor of Ind-Swift Laboratories Limited (ISLL)), dated May 12, 2026.
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
CIN-L67190MH1993PLC071691
Careedge RATINGS
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
CIN-L67190MH1993PLC071691