Intimation of withdrawal of Credit Rating.

September 24, 2026 The Manager, Listing Department, BSE Limited P J Towers, 1st Floor, Dalal Street, Mumbai - 400001 Scrip Code: 543391 Dear Sir/Madam, Sub: Intimation of Withdrawal of Credit Rating under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that at the request of the Company and basis the no- objection certificate received from the Lender, CRISIL Ratings Limited (“CRISIL”) has withdrawn the rating assigned to the Company’s long-term bank facilities in accordance with CRISIL’s policy on withdrawal of bank loan ratings. A copy of CRISIL’s Press Release dated September 24, 2026 as published on its website today is enclosed herewith. We request you to kindly take the above document on record. Thanking you. Yours faithfully, For Suyog Gurbaxani Funicular Ropeways Limited Ameya Dhananjay Bodas Company Secretary & Compliance Officer Membership No.: A50027 Encl.: A/a CONFIDENTIAL RL/SYGFRPL/405099/BLR/0926/159745 September 24, 2026 Mr. Rajkumar Gurbaxani Director Suyog Gurbaxani Funicular Ropeways Limited 1st Floor, Suyog Industrial Estate, 41, Lal Bahadur Shastri Marg, Vikhroli West, Mumbai, Maharashtra Mumbai City - 400083 1234567890 Dear Mr. Rajkumar Gurbaxani, Re: Withdrawal of Crisil Ratings on the bank facilities of Suyog Gurbaxani Funicular Ropeways Limited All ratings assigned by Crisil Ratings are kept under continuous surveillance and review. This is in relation to your letter dated September 10, 2026 requesting Crisil Ratings to withdraw its outstanding rating on the captioned bank loan facilities. Crisil Ratings products / activities or ratings of instruments other than securities that are listed or proposed to be listed may fall under the purview of financial sector regulators (FSRs) other than SEBI. In respect of such products / activities or ratings (under the purview of other FSRs such as Reserve Bank of India (RBI), Ministry of Corporate Affairs (MCA), Insurance Regulatory and Development Authority of India (IRDAI), among others), the grievance / dispute redressal and investor protection mechanisms available under SEBI regulations shall not be applicable. A list of products/activities or ratings of instruments falling under the purview of various FSRs along with the names of respective FSRs has been duly disclosed by Crisil Ratings on its website. A link to the same has been provided below for ready reference: https://www.crisilratings.com/en/home/our-business/ratings/regulatory-disclosures/list-of-activities-instruments-and- names-of-regulators.html Crisil Ratings has, after due consideration, withdrawn the ratings assigned to the captioned bank loan facility. The details of these facilities are given below. Total Bank Loan Facilities Rated Rs.35 Crore Long Term Rating Crisil BBB/Stable (Rating Reaffirmed and Withdrawn) (Bank-wise details as per Annexure 1) Should you require any clarification, please feel free to get in touch with us. With warm regards, Yours sincerely, Rushabh Pramod Borkar Nivedita Shibu Associate Director - Crisil Ratings Director - Crisil Ratings Disclaimer: A rating by Crisil Ratings reflects Crisil Ratings’ current opinion on the likelihood of timely payment of the obligations under the rated instrument, and does not constitute an audit of the rated entity by Crisil Ratings. Our ratings are based on information provided by the issuer or obtained by Crisil Ratings from sources it considers reliable. Crisil Ratings does not guarantee the completeness or accuracy of the information on which the rating is based. A rating by Crisil Ratings is not a recommendation to buy / sell or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. Crisil Ratings has a practice of keeping all its ratings under surveillance and ratings are revised as and when circumstances so warrant. Crisil Ratings is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of its ratings. Crisil Ratings’ criteria are available without charge to the public on the web site, www.crisilratings.com. Crisil Ratings or its associates may have other commercial transactions with the company/entity. For the latest rating information on any instrument of any company rated by Crisil Ratings, please visit www.crisilratings.com or contact Customer Service Helpdesk at Crisilratingdesk@crisil.com or at 1800-267-3850 Annexure 1 - Bank-wise details of various facility classes (outstanding facilities) Amount (Rs. S.No. Bank Facility Bank Outstanding Rating in Crore) 1 Long Term Loan Union Bank of India 35 Withdrawn Total 35 Annexure: List of instruments and names of regulators of the instruments As required by SEBI CRA Circular dated Feb 10, 2026, a list of activities or instruments falling under the purview of various FSRs, along with the names of respective FSRs, is being disclosed below: A. Rating activities Sr. No. Instrument / activity Name Regulator of the instruments 1 Listed/Proposed to be listed bonds/debentures/preference share (all securities) SEBI 2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) 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 Mutal Funds and AIFs) SEBI 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 Bank/NBFCs/NHB/Fis) + 22 Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all SEBI securities)) 23 Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all MCA securities)) 24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) * Investor-side regulator such as IRDAI, PFRDA @ * 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), Crisil Ratings Limited shall separately capture the rated quantum details along with names of respective regulators. ^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. # There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. @ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included. $. By [Showing first 8,000 characters — download PDF for full document]