Sharika Enterprises Limited has submitted a detailed clarification to BSE Limited regarding the delayed disclosure of completion of tenure of its Non-Executive Independent Director. The company's response addresses BSE's inquiry dated February 24, 2026, concerning additional details required under SEBI circular dated November 11, 2024.

Director Tenure Completion Details

The clarification centers on Mr. Arvind Kumar Koul (DIN: 09045833), whose tenure as Non-Executive Independent Director completed on January 31, 2026. The company provided comprehensive details about the cessation in compliance with regulatory requirements.

Regulatory Compliance Timeline

The company acknowledged a delay in meeting the prescribed disclosure timeline under SEBI regulations. According to Regulation 30(6) read with Schedule III of the SEBI (LODR) Regulations, 2015, the disclosure was required within 24 hours of the event occurrence.

Company's Response and Remedial Measures

Sharika Enterprises attributed the delayed disclosure to administrative oversight, emphasizing that the delay was inadvertent and without any mala fide intent. The company expressed sincere regret for the delay and outlined corrective measures.

The key remedial actions include:

• Implementation of additional internal control measures
• Enhanced procedures to ensure timely disclosures
• Strict adherence to regulatory timelines going forward
• Submission of revised corporate announcement along with the explanation

Regulatory Documentation

The company submitted the clarification through Company Secretary & Compliance Officer Pushpa Yadav, who digitally signed the communication on February 24, 2026. The response included Annexure A containing detailed disclosures as required under SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Sharika Enterprises requested BSE to take the submission on record and condone the inadvertent delay, demonstrating the company's commitment to regulatory compliance and transparency in corporate governance matters.

Sharika enterprises Limited has announced a credit rating downgrade for its bank facilities, as communicated to BSE Limited on February 24, 2026. Infomerics Valuation and Rating Limited has revised the company's long-term bank facilities rating downward, reflecting deteriorating financial performance during the current fiscal year.

Rating Changes Overview

The credit rating agency has made specific adjustments to the company's facility ratings:

The downgrade primarily affects the long-term facilities, while short-term facilities maintain their IVR A4 rating. The proposed facilities have also been adjusted to reflect the new long-term rating structure.

Rationale Behind the Downgrade

Infomerics Ratings has attributed the downgrade to sustained decline in revenue and EBITDA losses during 9MFY26, which indicates poor operating performance. This deterioration in financial metrics has prompted the rating agency to reassess the company's creditworthiness and adjust the ratings accordingly.

Despite the downgrade, the ratings continue to derive strength from several positive factors:

• Moderate order book providing near-term revenue visibility
• Moderate capital structure and net worth
• Growing scale of operations
• Continued support from experienced management

Operational Challenges

The company faces several constraints that have impacted its rating assessment. The intensive working capital cycle affects cash flow management, while susceptibility of profitability to volatile input prices creates earnings uncertainty. Additionally, the company operates in a highly fragmented and competitive industry, which pressures margins and market positioning.

Outlook and Compliance

Infomerics has assigned a stable outlook to the revised ratings, reflecting continued support from experienced management. The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, ensuring transparency with stakeholders regarding material changes in credit ratings.