AI assistant
Pine Labs Limited — Capital/Financing Update 2026
May 15, 2026
60444_rns_2026-05-15_46c2246b-84b2-4d98-ab15-30ae5c2f832e.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
pine labs
7
Date: May 15, 2026
To,
BSE Limited,
20th Floor, P.J. Towers,
Dalal Street,
Mumbai - 400001.
BSE Scrip Code: 544606
National Stock Exchange of India Limited,
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex, Bandra (E),
Mumbai – 400 051
NSE Scrip Symbol: PINELABS
Sub: Monitoring Agency Report for the quarter ended March 31, 2026
Dear Sir/ Madam,
Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report for the quarter ended March 31, 2026, issued by CARE Ratings Limited, (the “Monitoring Agency”), appointed to monitor the utilization of proceeds of the Initial Public Issue (IPO) of the Company.
The above information will also be available on the website of the Company at https://www.pinelabs.com/investor-relations.
We request you to kindly take the above on record.
Thanking you,
For Pine Labs Limited
NEERAV Digitally signed by NEERAV MEHTA
MEHTA Date: 2026.05.15 18:56:43 +05'30'
Neerav Mehta
Company Secretary and Compliance Officer
Membership Number: A20949
Encl. a/a
Pine Labs Ltd. (Formerly known as Pine Labs Pvt. Ltd.),
Unit no. 1504, 15th Floor, A Wing, Plot no. C-70, The
Capital, G Block, BKC Bandra East, Mumbai - 400051
+022 6986 3600 [email protected]
CIN: L67100HR1998PLC113312
www.pinelabs.com
Registered office | Pine Labs Ltd. (Formerly known as Pine Labs Pvt. Ltd.), Unit no. 408, 4th Floor, Time Tower, MG road,
DLF QE, Gurgaon-122002, Haryana, India.
Careedge RATINGS
No. CARE/NRO/GEN/2026-27/1051
The Board of Directors
Pine Labs Limited
4th and 5th Floor, Tower 6, Techspace,
Plot No. B2, Arko Rd, Block B,
Noida-201309, Uttar Pradesh
May 15, 2026
Dear Sir/Ma’am,
Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the IPO of Pine Labs Limited (“the Company”)
We write in our capacity of Monitoring Agency for the Initial Public Offer (IPO) for the amount aggregating to Rs. 2,080.00 crore of the Company and refer to our duties cast under 41 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 October 30, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
Jatin Arora
Jatin Arora
Assistant Director
[email protected]
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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: Pine Labs Limited
For quarter ended: March 31, 2026
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.
Jatin Arora
Signature:
Name and designation of the Authorized Signatory: Jatin Arora
Designation of Authorized person/Signing Authority: Assistant Director
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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 : Pine Labs Limited
Name of the promoter : No Promoters
Industry/sector to which it belongs : Fintech Company
2) Issue Details
Issue Period : November 07, 2025, to November 11, 2025
Type of issue (public/rights) : Initial Public Officer
Type of specified securities : Equity Shares
IPO Grading, if any : Not Applicable
Issue size (in crore) : Rs. 2,080.00 crore
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 | Chartered Accountant certificate*, Bank statements and Management certificate | The proceeds from IPO utilized in Q4FY26 were as per the stated objects in the issue prospectus. | No comments |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? | Not applicable | Management certificate and Chartered Accountant certificate* | No material deviation | No comments |
| Whether the means of finance for the disclosed objects of the issue have changed? | No | Management certificate and Chartered Accountant certificate* | No change in means of finance | No comments |
| Is there any major deviation observed over the earlier monitoring agency reports? | Not applicable | Management certificate and Chartered Accountant certificate*, MA report for Q3FY26 | As compared to the earlier monitoring agency report, there is a deviation of ₹12.96 crore (0.6% of total IPO | The increase is due to the inclusion of GST amounting to ₹12.96 crore, which was inadvertently omitted in the earlier submission and has now |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
| 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 |
|---|---|---|---|---|
| proceeds) for issue expense amount in Q3FY26 has been seen. |
The management and CA had certified that issue expenses of ₹78.76 crore were incurred in Q3FY26 in their previous submission. However, latest CA certificate (May 14, 2026) and management certificate (May 13, 2026) specify issue expense of ₹91.72 crore was incurred in the Q3FY26. | been corrected. |
| Whether all Government/statutory approvals related to the object(s) have been obtained? | Not applicable | Management certificate and Chartered Accountant certificate | No comments | No comments |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | Not applicable | Management certificate and Chartered Accountant certificate | No comments | No comments |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? | No | Management certificate and Chartered Accountant certificate | No comments | No comments |
| Is there any other relevant information that may materially affect the decision making of the investors? | No | Management certificate and Chartered Accountant certificate | No comments | No comments |
- Chartered Accountant certificate from J.C. Bhalla & Co Chartered Accountants dated May 14, 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: +91-120-4452000
CIN-L67190MH1993PLC07169
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
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 | Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company | Chartered Accountant (CA) certificate*, Management certificate, Bank statements, Offer Document | 532.00 | Not applicable | No comments | No comments | No comments | No comments |
| 2 | Investment in certain of our Subsidiaries, namely Qwik silver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | CA certificate*, Management certificate, Bank statements, Offer Document | 60.00 | Not applicable | No comments | No comments | No comments | No comments |
| 3 | Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points and technology development initiatives | CA certificate*, Management certificate, Bank statements, Offer Document | 760.00 | Not applicable | No comments | No comments | No comments | No comments |
| 3.a. | Investment in IT assets and expenditure towards cloud infrastructure | CA certificate*, Management certificate, Bank statements, Offer Document | 230.00 | Not applicable | No comments | No comments | No comments | No comments |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
| 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 | ||||||
| 3.b. | Expenditure towards procurement of DCPs | CA certificate*, Management certificate, Bank statements, Offer Document | 430.00 | Not applicable | No comments | No comments | No comments | No comments |
| 3.c. | Expenditure towards technology development initiatives | CA certificate*, Management certificate, Bank statements, Offer Document | 100.00 | Not applicable | No comments | No comments | No comments | No comments |
| 4 | General corporate purposes and unidentified inorganic acquisitions | CA certificate*, Management certificate, Bank statements, Offer Document | 626.33 | Not applicable | No comments | No comments | No comments | No comments |
| 5 | IPO Expenses | CA certificate*, Management certificate, Bank statements, Offer Document | 101.67 | Not applicable | No comments | No comments | No comments | No comments |
| Total | 2,080.00 |
- Chartered Accountant certificate from J.C. Bhalla & Co Chartered Accountants dated May 14, 2026
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
(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 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 | IPO Expenses | CA certificate*, Management certificate, Bank statements, Offer Document | 101.67 | 91.72 | 0.00 | 91.72 | 9.95 | Nil utilisation in Q4FY26. However, there is a discrepancy of ₹12.96 crore for offer expense amount in Q3FY26. Management and CA had certified that issue expenses of ₹78.76 crore were incurred in Q3FY26 in their previous submission. However, latest CA certificate (May 14, 2026) and management certificate (May 13, 2026) specify issue expense of ₹91.72 crore was incurred in the Q3FY26. | No comments | No comments |
| 2 | Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company | CA certificate*, Management certificate, Bank statements, Offer Document | 532.00 | 532.00 | 0.00 | 532.00 | 0.00 | Entire utilisation towards the object had completed in Q3FY26. | No comments | No comments |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
| 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 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 | ||||||
| 3 | Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | CA certificate*, Management certificate, Bank statements, Offer Document | 60.00 | 0.00 | 59.99 | 59.99 | 0.01 | During Q4FY26, the company utilised ₹59.99 crore towards the object. | ||
| From company's monitoring account, an amount of ₹59.99 crore was transferred to the Synergistics Financials Networks Private Limited's (subsidiary on Pine Labs) bank account on January 27, 2026. Then Synergistics Financials, on January 29, 2026, converted ₹60.65 crore (including non-IPO amount of ₹0.66 crore) into USD 6.59 million. | ||||||||||
| Thereafter, transfers were made as follows: | No comments | No comments |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
| 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 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 | ||||||
| - USD 2.73 million to Qwiksilver Solutions Pte. Ltd. (Singapore) on February 4, 2026; | ||||||||||
| - USD 2.20 million to Pine Payment Solutions (Malaysia) on February 9, 2026; and | ||||||||||
| - USD 1.66 million to Pine Labs Payment Services (Dubai) on March 26, 2026 | ||||||||||
| ₹0.01 crore remains unutilised at end of Q4 FY26. | ||||||||||
| 4 | Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points and | CA certificate*, Management certificate, Bank statements, Offer Document | 760.00 | 0.00 | 106.17 | 106.17 | 653.83 | ₹106.17 crore has been utilized as per offer document towards the stated object. | No comments | No comments |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
| 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 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 | ||||||
| technology development initiatives | ||||||||||
| 5 | General corporate purposes and unidentified inorganic acquisitions | CA certificate*, Management certificate, Bank statements, Offer Document | 626.33 | 0.00 | 7.40 | 7.40 | 618.93 | The company has incurred expenses of ₹2.40 crore towards procurement of DCP/POS stands and bases, as part of its regular business operations and ₹5.00 crore towards inorganic acquisitions. Management has approved utilization of ₹2.40 crore towards GCP via mail dated May 13, 2026. | No comments | No comments |
| Total | 2,080.00 | 623.72 | 173.56 | 797.28 | 1282.72 |
- Chartered Accountant certificate from J.C. Bhalla & Co Chartered Accountants dated May 14, 2026
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B,
Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
(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 | ICICI Bank (FD no. 003110162407) | 100.00 | May 23, 2026 | - | 6.30 | 100.00 |
| 2 | ICICI Bank (FD no. 003113438120) | 100.00 | November 21, 2026 | - | 6.15 | 100.00 |
| 3 | ICICI Bank (FD no. 003113438121) | 200.00 | May 25, 2026 | - | 5.85 | 200.00 |
| 4 | Axis Bank (FD no. 925040110228352) | 300.00 | November 21, 2026 | - | 6.40 | 300.00 |
| 6 | HDFC Bank (FD no. 50301249988738) | 500.00 | November 22, 2026 | - | 6.40 | 500.00 |
| 7 | HDFC Bank (FD no. 50301308992519) | 72.44 | April 21, 2026 | - | 6.25 | 72.44 |
| Money in monitoring account | 0.33 | 0.33 | ||||
| Money in public offer account | 9.95 | 9.95 | ||||
| Total | 1,282.72 | 1,282.72 |
(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 | ||
| Repayment / prepayment, in full or in part, of certain borrowings availed of by our Company | FY2026 | FY2026 | No Delay | No comments | No comments |
| Investment in certain of our Subsidiaries, namely Qwikcilver Singapore, Pine Payment Solutions, Malaysia and Pine Labs UAE for expanding our presence outside India | FY2028 | On going | No Delay | No comments | No comments |
| Investment in IT assets, expenditure towards cloud infrastructure, procurement of digital check-out points and technology development initiatives | On going | No comments | No comments | ||
| General corporate purposes and unidentified inorganic acquisitions | On going | No comments | No comments |
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
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 purposes and unidentified inorganic acquisitions | 7.40 | Management Certificate, CA Certificate* and Bank statement | The company has incurred expenses of ₹2.40 crore towards procurement of DCP/POS stands and bases, as part of its regular business operations and ₹5.00 crore towards inorganic acquisitions. | |
| Management has approved utilization of ₹2.40 crore towards GCP via mail dated May 13, 2026. | No comments | ||||
| Total |
- Chartered Accountant certificate from J.C. Bhalla & Co Chartered Accountants dated May 14, 2026
^ Section from the offer document related to GCP: "Our Company intends to deploy the balance Net Proceeds aggregating up to ₹ 76.33 crore in utilizing the proceeds earmarked for general corporate purposes."
As per offer document, "Our Company intends to deploy the balance Net Proceeds aggregating to ₹ 520.00 crore towards general corporate purposes, to drive our business growth, including, amongst other things, payment of lease expense, payment of fees to consultants, employee related expenses, insurance, repairs and maintenance and payments of taxes and duties, and any other purpose in the ordinary course of business as may be approved by our management or a duly appointed committee from time to time, subject to compliance with applicable laws."
CARE Ratings Limited
9th floor, C-001/A2, Berger Towers, Sector 16B, Noida,
Gautam Budh Nagar, Uttar Pradesh -201301
Phone: +91-120-4452000
CIN-L67190MH1993PLC07169
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
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 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 -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-L67190MH1993PLC07169