Credit Rating

September 18, 2026 Manager – Listing Department, National Stock Exchange of India Limited Exchange Plaza, Plot No. C-1, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400 051, Subject: Intimation of withdrawal of Credit Rating by Infomerics Valuation and Rating Ltd at Company’s Request NSE Symbol – PANACHE Dear Sir/ Madam, With respect to the above-mentioned subject, this is to inform you that at the Company’s request and on submission of No-Objection Certificate from the Bankers of the Company, Infomerics Valuation and Rating Ltd has withdrawn its credit rating assigned on the bank facilities of the Company. A copy of report from the credit rating agency covering the rationale for withdrawal is enclosed herewith for your reference. Kindly take the above information on your record. Thanking you, Yours faithfully, For Panache Digilife Limited Harshil Chheda Company Secretary, Compliance Officer & Head - Legal Place: Mumbai Encl.: As above Press Release Panache Digilife Limited September 17, 2026 Rating Action Total Bank Loan Rs. 29.00 Crore Regulator^ Facilities Rated Long Term Rating IVR BB+/ Negative; ISSUER NOT COOPERATING* RBI (Withdrawn) ^Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. *Issuer did not cooperate; based on best available information Refer Annexures for details of facilities/instruments, facility wise lender details, and detailed explanation of covenants. Note: None of the Directors on Infomerics Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. Rationale Infomerics has withdrawn the ratings assigned to the bank facilities of Panache Digilife Limited (PDL), at the request of the company and based on the No Objection Certificate received from its banker in accordance with Infomerics Ratings policy on withdrawal. Infomerics does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. The Key Rating Drivers and their description, Liquidity Position, Rating Sensitivities and Key financial indicators have not been captured as the rated instruments are being withdrawn. The previous detailed rating rationale is available at the following link: Click Here Outlook: Not Applicable Analytical Approach Approach Comments Consolidation/ Standalone Standalone Parent/ Group Support Not Applicable About the Company: Panache Digilife Limited is engaged in the design, manufacturing, distribution, and servicing of ICT and IoT devices across diverse segments such as smart computing, digital classrooms, connected vehicles, retail IoT, healthcare tech, and OEM/ODM solutions. Founded by Amit Rambhia and Nikit Rambhia, the company began with white-box desktop assembly and has since expanded into Small Form Factor computing. Backed by in-house R&D, Panache has consistently developed innovative products over the past decade, supporting its position as a tech-driven electronics manufacturer in India. Page | 1 www.infomerics.com Press Release Applicable Criteria Policy on Issuer Not Cooperating Criteria of assigning Rating Outlook Rating Methodology for Manufacturing Companies Financial Ratios & Interpretation (Non-Financial Sector) Complexity Level of Rated Instruments/Facilities Policy on Default Recognition Policy of withdrawal of rating Status of non-cooperation with previous CRA: None Any other information: None Rating History for last three years Current Ratings (Year 2026-27) Rating History for the past 3 years Type Date(s) & Date(s) & Date(s) & Date(s) & Instrum Sr. (Long Amoun Rating(s) Rating(s) Rating(s) Rating(s) ents/ No. Term/ t (Rs. Rating assigned assigned assigned assigned Facilities Short Crore) in 2026- in 2025- in 2024- in 2023- Term) 27 26 25 24 Jul 31, 2026 Jun 18, 2025 -- -- IVR BB+/ IVR BB+/ Negative; ISSUER Negative; Fund based IVR BBB- 1. LT 29.00 NOT ISSUER NOT -- -- facilities /Stable COOPERATING* COOPERATIN and withdrawn G* *Issuer did not cooperate; based on best available information Annexure 1: Instrument/Facility Details Coup Size of Name of Date of Complexi ISI on Maturity Facility Rating Assigned/ Listing Regul Facility/ Issuanc ty N Rate/ Date (Rs. Outlook Status ator^ /Security e Indicator IRR Crore) IVR BB+/ Negative; ISSUER Cash -- -- -- -- 29.00 NOT NA RBI Simple Credit COOPERATING* and withdrawn# ^Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. *Issuer did not cooperate; based on best available information #The above action has been taken at the request of PDL and ‘No Objection Certificate’ received from the banker who have extended the rated facilities. The rating is being withdrawn in accordance with Infomerics’ Policy on Withdrawal of ratings Annexure 2: Facility wise lender details: Not Applicable Page | 2 www.infomerics.com Press Release Annexure 3: Detailed explanation of covenants of the rated Security/facilities: Not Applicable Annexure 4: List of companies considered for Consolidated/Combined analysis: Not Applicable Annexure 5: List of activities / instruments and names of regulators Sr. Instrument / activity Name Regulator of No. the instrument 1 Listed/Proposed to be listed Bonds/Debentures/Preference Shares SEBI 2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference Shares MCA 3 Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)* $ RBI 4 Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) * SEBI 5 Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) * RBI 6 Listed Commercial Paper and NCDs with original maturity less than 1 year RBI 7 Unlisted Commercial Paper and NCDs with original maturity less than 1 year RBI 8 Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ^ RBI 9 External Commercial Borrowings and other similar borrowings RBI 10 Certificates of Deposit RBI 11a Fixed Deposits raised by NBFCs, HFCs, FIs RBI 11b Fixed Deposits raised by Banks + 12 Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs MCA 13 Inter Corporate Deposits/Loans extended by Corporates MCA 14 Borrowing programme ~ - 15 Issuer Ratings # - 16 Credit Ratings for Capital Protection Oriented Schemes (by Mutual Funds and SEBI AIFs) 17 Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI 18 Listed Security Receipts $ RBI 19 Unlisted Security Receipts RBI 20 Independent Credit Evaluation (ICE) RBI 21 Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from + Banks/NBFCs/NHB/FIs) Page | 3 www.infomerics.com Press Release Sr. Instrument / activity Name Regulator of No. the instrument 22 Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / SEBI Preference Shares (all securities)) 23 Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / MCA Preference Shares (all securities)) 24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by Investor-side RBI) * Regulator such as IRDAI, PFRDA @ Footnotes: * Includes securitisation transactions involving assignee payout, acquirer's payout. ~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Infomerics Valuation and Rating Limited shall separately capture the rated quantum details along with names of respective regulators. ^Includes bank facilities such as liquidity facility, second loss [Showing first 8,000 characters — download PDF for full document]