The Company does not concur with the ratings assigned by Infomerics, since they have relied on an outdated data prior to the restructuring agreement entered into by the Company with its lender viz. Authum Investment and Infrastructure (Authum). Infomerics has overlooked the crucial fact that the Company has fully repaid the sustainable debt amount due to Authum and has also settled the outstanding dues of Life Insurance Corporation of India.

As on date, the Company's outstanding debt comprises only of Non-Convertible Debentures of Rs. 50 crore (Interest Rate 5%) maturing in the year 2028. The Company continues to make timely interest payments on due obligations. Further, Authum holds Rs. 150 crore of Non-Convertible Preference Shares (Coupon Rate 0.10%) issued by the Company which is due for redemption from the year 2028.

Further, the Company has sufficient liquidity position comprising of cash and cash equivalents amounting to Rs. 79.61 crore as on 30 June 2025.

Given the above, the Company is not in agreement with assigned ratings and is in discussions with Infomerics to conclude the rating process.