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PRODOCS SOLUTIONS LIMITED — Regulatory Filings 2026
May 12, 2026
60257_rns_2026-05-12_af311aa1-81e4-4b25-9bb6-3e49fa1d0305.pdf
Regulatory Filings
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prodocs
PRODOCS SOLUTIONS LIMITED
Regd. Office: 6/19 1ST FLOOR TRANSMISSION HOUSE, COMPOUND N0 82 MIDC, NR M V ROAD, ANDHERI EAST MUMBAI -MH 400059; Tel: 022-62315800; Email: [email protected] ; website: www.prodocssolution.com CIN: L72900MH2019PLC322408;
Prodocs: CS/Reg-32/2026-27
Date: 12-05-2026
To,
Department of Corporate Services
BSE Limited,
P J Tower, Dalal Street,
Mumbai 400 001
Sub: Monitoring Agency Report on the utilization of proceeds raised through issuance of Equity Shares by way of Public Issue of Prodocs Solutions Limited
Ref: Regulation 32 of SEBI (LODR) Regulations, 2015
Dear Sir,
Pursuant to Regulation 262 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed herewith Monitoring Agency Report issued by Infomerics Valuation and Rating Ltd in respect of the utilization of the proceeds raised through issuance of Equity Shares by way of Public Issue of the Company for the quarter ended March 31, 2026.
Kindly acknowledge receipt of the same and take it on record.
Thanking you,
Yours faithfully,
For PRODOCS SOLUTIONS LIMITED
Meghha Trivedi
Company Secretary & Compliance Officer.
FCS No: F11110
Encl: as above
1
Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELLED CREDIT RATING AGENCY
Monitoring Agency Report for Product Solutions Limited for the Quarter ended March 31, 2026
0
Infometrics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
Monitoring Agency Report
May 12, 2026
To
Prodocs Solutions Limited
6/19, 1st Floor, Transmission House,
Compound No. 82, MIDC, Andheri East
Mumbai – 400059
Dear Sir,
Monitoring Agency Report for the Quarter ended March 31, 2026 - in relation to the Initial Public issue of Prodocs Solutions Limited (“The Company”)
We write in our capacity of Monitoring Agency for the initial public issue of fresh equity shares for the amount aggregating to Rs. 22.08 crore of the Company and refer to our duties cast under 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018 (SEBI ICDR 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 21 November 2025.
Request you to kindly take the same on records.
Thanking you,
For and on behalf of Infometrics Valuation and Rating Limited
GAURAV NAVEEN JAIN
Digitally signed by GAURAV NAVEEN JAIN
Date: 2026.05.12 12:09:31 +05'30'
Gaurav Jain
(Director - Ratings)
Infomerics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANIELLED CREDIT RATING AGENCY
Report of the Monitoring Agency
Name of the Issuer: Prodocs Solutions Limited
For quarter ended: March 31, 2026
Name of the Monitoring Agency: Infomerics Valuation and Rating Limited
(a) Deviation from the objects: Nil (Refer Note 1 below)
(b) Range of Deviation: NA
Note 1: As per prospectus, a minimum of Rs. 2.00 crore out of the total Rs. 4.43 crore earmarked for object No. 1 and entire Rs. 3.29 crore earmarked for General Corporate Purposes were to be utilized by end of Q4 FY2026. However, the company is yet to utilize any amount towards the object No. 1 and Rs. 0.02 crore towards General Corporate Purposes is also yet to be utilized. Further, as per prospectus page no. 96, the extent to which the company is unable to utilize any portion of the Net Proceeds towards the objects of the prospectus in accordance with the estimated schedule, the company shall deploy the Net Proceeds in the subsequent fiscal years towards these objects. Considering the same, the delay in utilization is not reported as deviation.
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
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Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
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 declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer.
We further declare that this report provides true and fair view of the utilization of issue proceeds.
GAURAV NAVEEN JAIN
Digitally signed by GAURAV NAVEEN JAIN
Date: 2026.05.12 12:09:50 +05'30'
Signature:
Name of the Authorized Person/Signing Authority: Gaurav Jain
Designation of Authorized person/Signing Authority: Director - Ratings
Seal of the Monitoring Agency:
Date: May 12, 2026
5
Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELLED CREDIT RATING AGENCY
1) Issuer Details:
Name of the issuer: Prodocs Solutions Limited
Names of the promoters of the issuer: Nidhi Parth Sheth
Manan H Kothari
Pallavi Hiren Kothari
Forum Abhay Kapashi
Onus Digital Services Private Limited
Industry/sector to which it belongs: The Company is engaged in providing Business Process Outsourcing services.
2) Issue Details:
Issue Period: December 08, 2025, to December 10, 2025 (Anchor offer opened / closed on December 05, 2025)
Type of issue (public/rights): Public Issue & Offer for Sale
Type of specified securities: Equity shares
Grading: Not Applicable
Total Issue size (Rs in Crores): Rs. 27.60 crores (Note No. 1 and Note 2)
Note 1
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Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
The offer comprised of 20,00,000 equity shares of Rs. 10 each at an offer price of Rs. 138.00 per equity share, aggregating to Rs. 27.60 crore, including a fresh issue of 16,00,000 equity shares aggregating to Rs. 22.08 crore and an offer for sale of 4,00,000 equity shares aggregating to Rs. 5.52 crore.
Note 2
| Particulars | Fresh Issue (Rs. in crore) | Offer for Sale (Rs. in crore) | Total (Rs. in crore) |
|---|---|---|---|
| Gross Proceeds Received from IPO | 22.08 | 5.52 | 27.60 |
| Less: Issue Related Expenses | 2.17* | 0.54* | 2.71* |
| Net Proceeds | 19.91 | 4.98 | 24.89 |
*Issue related expenses as per prospectus
Note: Total amount earmarked for issue related expenses is Rs. 2.71 crore, out of which Rs. 2.17 crore to be borne by the Company and Rs. 0.54 crore to be borne by the Selling Shareholders. During Q4 FY2026 the company utilized Rs. 0.41 crore towards the issue related expenses.
2) 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 Monitoring Agency | Comments of Board of Directors |
|---|---|---|---|---|
| Whether all the utilization is as per disclosure in Offer Document? | Utilizations are as per the objects mentioned in offer document. | Bank Statement, CA Certificate*, Management Declaration^, Invoices, Prospectus | Refer Note 1 | No comments |
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| Whether Shareholder approval is obtained in case of material deviations from expenditures disclosed in Offer Document? | Not applicable as no deviations in the expenditure incurred. | Not Applicable | Not Applicable | No comments |
|---|---|---|---|---|
| Whether means of finance for disclosed objects of the Issue has changed? | There is no change in the means of finance for disclosed objects | Not Applicable | No Applicable | No comments |
| Any major deviation observed over the earlier monitoring agency reports? | Not Applicable | Not Applicable | Not Applicable | No comments |
| Whether all Government / Statutory approvals related to the object(s) obtained? | Yes | Principal approval from BSE | No Comments | No comments |
| Whether all arrangements pertaining to technical assistance/collaboration in operation? | Not Applicable | Not Applicable | Not Applicable | No comments |
| Any favourable events improving object(s) viability | There are no events affecting the viability of these objects. | Not applicable | No Comments | No comments |
Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
| Any unfavourable events affecting object(s) viability | There are no events affecting the viability of these objects. | Not applicable | No Comments | No comments |
|---|---|---|---|---|
| Any other relevant information that may materially affect the decision making of the investors | There is no other relevant information that may affect the decision making of the investor | Not applicable | No Comments | No comments |
*The above details are verified by the auditor of the Company i.e. A. K. Kocchar & Associates, Chartered Accountants vide its CA certificate dated 07 May 2026.
Management declaration dated 05 May 2026.
Note 1: As per prospectus, a minimum of Rs. 2.00 crore out of the total Rs. 4.43 crore earmarked for object No. 1 and entire Rs. 3.29 crore earmarked for General Corporate Purposes were to be utilized by end of Q4 FY2026. However, the company is yet to utilize any amount towards the object No. 1 and Rs. 0.02 crore towards General Corporate Purposes is also yet to be utilized. Further, as per prospectus page no. 96, the extent to which the company is unable to utilize any portion of the Net Proceeds towards the objects of the prospectus in accordance with the estimated schedule, the company shall deploy the Net Proceeds in the subsequent fiscal years towards these objects. Considering the same, the delay in utilization is not reported as deviation.
Material Deviation would mean
a) deviation in the objects or purposes for which the funds have been raised
b) deviation in the amount of funds actually utilised by more than 10% of the amount projected in the offer document
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4) Details of object(s)s to be monitored:
(i) Cost of object(s)-
| Sl. 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 Monitoring Agency | Comments of Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason of cost revision | Proposed financing option | Particulars of firm arrangements made | ||||||
| 1 | Design, development, implementation & support for a tailored software to meet the specific needs of the company | CA Certificate, Management Declaration^ and Final Prospectus* | 4.43 | Not Applicable | No comments | No comments | No comments | No comments |
| 2 | Funding capital expenditure towards purchase & installation of IT equipment, computer hardware, and other ancillary equipment | CA Certificate, Management Declaration^ and Final Prospectus* | 3.92 | Not Applicable | No comments | No comments | No comments | No comments |
Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
| 3 | Repayment and / or pre-payment, in full or part, of certain outstanding borrowings availed by the company | CA Certificate, Management Declaration^ and Final Prospectus* | 3.77 | Not Applicable | No comments | No comments | No comments | No comments |
|---|---|---|---|---|---|---|---|---|
| 4 | Funding working capital requirements of the company | CA Certificate, Management Declaration^ and Final Prospectus* | 4.50 | Not Applicable | No comments | No comments | No comments | No comments |
| 5 | General Corporate Purposes | CA Certificate, Management Declaration^ and Final Prospectus* | 3.29 | Not Applicable | No comments | No comments | No comments | No comments |
| 6 | Issue Related Expenses | CA Certificate, Management Declaration^ and Final Prospectus* | 2.17 | Not Applicable | No Comments | No comments | No comments | No comments |
| TOTAL | 22.08 |
CA Certificate dated 07 May 2026, issued by the statutory auditor of the Company i.e. A. K. Kocchar & Associates, Chartered Accountants.
*Sourced from final prospectus dated 10 December 2025
Management declaration dated 05 May 2026.
(ii) Progress in the object(s)-
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| Sl. 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 March 31, 2026 (Rs. crore) | Amount utilized | Unutilised amount in Rs. crore | Comments of Monitoring Agency | Comments of Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at Beginning of Q4 FY2026 | During Q4 FY2026 | At the end of Q4 FY2026 | Reason of idle funds | Proposed Course of Action | |||||||
| 1 | Design, development, implementation & support for a tailored software to meet the specific needs of the company | CA Certificate*, Management Declaration^, Bank Statements | 4.43 | 4.43 | - | - | - | 4.43 | Refer Note 1 | No comments | No comments |
| 2 | Funding capital expenditure towards purchase & installation of | Bank Statements, Invoices, Ledgers, CA | 3.92 | 3.92 | 0.77 | 3.15 | 3.92 | - | Utilization is as per the objects of the issue | No comments | No comments |
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| IT equipment, computer hardware, and other ancillary equipment | Certificate*, Management Declaration^, Prospectus | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 | Repayment and / or pre-payment, in full or part, of certain outstanding borrowings availed by the company | Bank Statements, Email confirmation, CA Certificate*, Management Declaration^, Prospectus | 3.77 | 3.77 | 3.61 | 0.16 | 3.77 | - | Utilization is as per the objects of the issue | No comments | No comments |
| 4 | Funding working capital requirements of the company | CA Certificate*, Management Declaration^, Bank Statements | 4.50 | 4.50 | - | 1.50 | 1.50 | 3.00 | Utilization is as per the prospectus | No comments | No comments |
| 5 | General Corporate Purposes | Bank Statements, Invoices, Ledgers, CA Certificate*, Management | 3.29 | 3.29 | 0.24 | 3.03 | 3.27 | 0.02 | Refer Note 1 | No comments | No comments |
Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
| Declaration^, Prospectus | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 | Issue Related Expenses | Bank Statement, Invoices, Ledgers, CA Certificate*, Management Declaration^ | 2.17 | 2.17 | 1.43 | 0.41 | 1.84 | 0.33 | Utilization is as per the prospectus | No comments | No comments |
| Total | 22.08 | 22.08 | 6.05 | 8.25 | 14.30 | 7.78 |
Certificate issued by the statutory auditor, i.e. A. K. Kocchar & Associates, Chartered Accountants, dated 07 May 2026
*Sourced from prospectus issued by the company dated December 10, 2025
^Management declaration dated 05 May 2026
Note 1: As per prospectus, a minimum of Rs. 2.00 crore out of the total Rs. 4.43 crore earmarked for object No. 1 and entire Rs. 3.29 crore earmarked for General Corporate Purposes were to be utilized by end of Q4 FY2026. However, the company is yet to utilize any amount towards the object No. 1 and Rs. 0.02 crore towards General Corporate Purposes is also yet to be utilized. Further, as per prospectus page no. 96, the extent to which the company is unable to utilize any portion of the Net Proceeds towards the objects of the prospectus in accordance with the estimated schedule, the company shall deploy the Net Proceeds in the subsequent fiscal years towards these objects. Considering the same, the delay in utilization is not reported as deviation.
Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
*Brief description of Object(s):
| S. No. | Name of the object(s) | Brief description of the object(s) |
|---|---|---|
| 1 | Design, development, implementation & support for a tailored software to meet the specific needs of the company | In order to enhance operational efficiency, reduce costs, improve service accuracy, and deliver scalable solutions, the Company proposes to invest Rs. 4.43 crore of the Net Proceeds of the Offer towards the development and deployment of multiple AI-based software solutions. |
| The proposed investment in above modules shall cover costs related to software Development (multi-module platform), UI/UX development, cloud infrastructure setup, Data Security and Compliance Measures, Contingency & Escalation Buffer and API Integration & Licensing Tools. The application will be developed by a contracted development partners, with deployment and testing targeted within 5 Months of project initiation. | ||
| 2 | Funding capital expenditure towards purchase & installation of IT equipment, computer hardware, and other ancillary equipment | Funding the capital expenditure (CapEx) requirements for the office, specifically regarding computers and related accessories, involves allocating resources to purchase necessary hardware and technology upgrades. This includes acquiring desktop computers, laptops, monitors, and other essential peripherals such as keyboards, and mouse. A well-planned approach ensures that the equipment meets current and future operational needs, improves productivity, and keeps the office's technological infrastructure up to date. Properly allocating funds for these CapEx requirements will provide a solid foundation for efficient work processes and long-term growth. |
| 3 | Repayment and / or pre-payment, in full or part, of certain outstanding borrowings availed by the company | The Company proposes to utilize an aggregate amount of Rs. 3.77 crore from the Net Proceeds towards repayment and / or prepayment of certain borrowings availed by the Company. Payment of interest, prepayment penalty or premium, if any, and other related costs may be made by out of the Net Proceeds. The repayment and/or prepayment of certain loans by utilizing the Net Proceeds will help reduce the outstanding indebtedness. Further, the Company believes that it will reduce the debt-servicing costs and improve its debt-to-equity ratio and enable utilization of internal accruals for further investment in business growth and expansion. |
| 4 | Funding working capital requirements of the company | On the basis of existing and estimated working capital requirement of the Company, and key assumptions for such working capital requirements, the Board pursuant to its resolution dated November 18, 2025, has |
Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
(iii) Deployment of unutilized Issue proceeds-
| Sl. no. | Type of instrument where amount invested | Amount invested (in Crores) | Maturity date | Earnings (in Crores) | Return on Investment (ROI %) | Market Value as at the end of H1 FY 2026 |
|---|---|---|---|---|---|---|
| 1 | Balance in Axis Bank Monitoring Account No. 925020055861751 | 2.12 | - | - | - | 2.12 |
| 2 | Multiple FDs placed with Axis Bank | 5.43 | - | - | - | 5.43 |
| 3 | Axis Bank EEFC Current Account - 925020027290918 | 0.23* | - | - | - | 0.23* |
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Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
*The company had made an advance payment in USD 24,900 towards object No. 1, however due to some technical issues the amount was refunded back in EEFC account. Thus, the balance reflecting in EEFC account is in form of USD balance of 24900. Considering the closing rate of Rs. 93.48 per USD, the balance in INR terms is arrived at Rs. 0.23 crore. We have verified the proforma invoice and payment entry from the monitoring account and verified the Axis Bank EEFC Current Account in this regard.
(iv) Delay in implementation of the object(s)-
| Object(s) Name | Completion Date | Delay (No. of days/ months) | Comments of Board of Directors | ||
|---|---|---|---|---|---|
| As per Offer Document | Actual | Reason of delay | Proposed Course of Action | ||
| Design, development, implementation & support for a tailored software to meet the specific needs of the company | Till FY2027 | Yet to commence | Refer Note 1 | No comments | No comments |
| Funding capital expenditure towards purchase & installation of IT equipment, computer hardware, and other ancillary equipment | Till FY2026 | Completed | No Delay | No comments | No comments |
Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANELED CREDIT RATING AGENCY
| Repayment and / or pre-payment, in full or part, of certain outstanding borrowings availed by the company | Till FY2026 | Completed | No Delay | No comments | No comments |
|---|---|---|---|---|---|
| Funding working capital requirements of the company | Till FY2027 | Ongoing | No Delay | No comments | No comments |
| General Corporate Purposes | Till FY2026 | Ongoing | Refer Note 1 | No comments | No comments |
Note 1: As per prospectus, a minimum of Rs. 2.00 crore out of the total Rs. 4.43 crore earmarked for object No. 1 and entire of Rs. 3.29 crore earmarked for General Corporate Purposes were to be utilized by end of Q4 FY2026. The company is yet to utilize the entire amount towards the object No. 1 and Rs. 0.02 crore towards General Corporate Purposes is also yet to be utilized. However, as per prospectus page no. 96, the extent to which the company is unable to utilize any portion of the Net Proceeds towards the objects of the prospectus in accordance with the estimated schedule, the company shall deploy the Net Proceeds in the subsequent fiscal years towards these objects. Considering the same, the delay in utilization is not reported as deviation.
v) Details of utilisation of Proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| S. No. | Item Head | Amount in Rs. Crore | Source of Information/Certifications Considered by the Monitoring agency for preparation of report | Comments of Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1 | Salary and Staff Welfare expenses | 1.91 | Invoices, Ledgers, Bank Statements | No Comments | No comments |
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| 2 | Rent | 0.23 | Invoices, Ledgers, Bank Statements | No Comments | No comments |
|---|---|---|---|---|---|
| 3 | Repayment of Loans | 0.30 | Bank Statements | No Comments | No comments |
| 4 | Payment of TDS | 0.29 | Payment Challan, Bank Statements | No Comments | No comments |
| 5 | Software Customization Charges | 0.10 | Invoices, Ledgers, Bank Statements | No Comments | No comments |
| 6 | Miscellaneous | 0.20 | Invoices, Bank Statements | No Comments | No comments |
| Total | 3.03 |
*The above details are verified by statutory auditor, A. K. Kocchar, Chartered Accountants vide its CA certificate dated 07 May 2026.
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Infometics Ratings
SEBI REGISTERED / RBI ACCREDITED / NSIC
EMPANIELLED CREDIT RATING AGENCY
DISCLAIMERS:
This Report is prepared by Infometics Valuation and Rating Limited (hereinafter referred to as "Monitoring Agency" / "MA" / "IVRL"). 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.
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 auditors/independent chartered accountant appointed by the Issuer believed by it to be accurate and reliable.
> 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.
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 auditors, lawyers, chartered engineers or other experts, and relies on in its reports.
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.
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