Rationale

 The rating is based on limited cooperation from the entity since the time it was last rated in January 2024. As a part of its process and in accordance with its rating agreement with Brawn Laboratories Limited (BLL), ICRA has been sending repeated reminders to the entity for payment of surveillance fee that became due. Despite multiple requests by ICRA, the entity’s management has remained non-cooperative. In the absence of requisite cooperation and in line with the aforesaid policy of ICRA, the rating has been moved to the “Issuer Not Cooperating” category.