Everest Kanto Cylinder financials and balance sheet

NSE: EKCBSE: 532684Industrial ManufacturingSmall Cap

₹98.47₹2.08 (2.07%)BSE ₹98.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹100.55.

52-week range of traded prices to 23 Oct 2026

₹90.25Low, 30 Mar 2026₹154.55High, 27 Oct 2025

Market cap: ₹1,105 Cr1,363rd largest listed
P/E: 8.8
P/E without one-offs: 8.0
P/B: 0.8
Dividend yield: 0.71%
ROE: 9.6%
ROE without one-offs: 10.6%
ROCE: 8.4%
Debt to equity: 0.14
Volume, NSE: 1,57,66251.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Everest Kanto Cylinder annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.2% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,471
Materials and goods−745
Employee costs−176
Other expenses−347
Operating profit203
Depreciation−50
Other income+21
One-off items−0.3
Finance costs−14
Profit before tax160
Tax−13
Net profit147

What the company owns

Plant, investments and other assets₹991 Cr
Inventory₹526 Cr
Receivables₹224 Cr
Cash and bank₹89 Cr
Current investments₹64 Cr

What pays for it: net worth and liabilities

Net worth₹1,400 Cr
Other liabilities₹243 Cr
Borrowings₹199 Cr
Owed to suppliers₹52 Cr

Everest Kanto Cylinder business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Everest Kanto Cylinder segment results by quarter

Revenue by segment

₹1,507 CrTotal

India₹967 Cr64.2% of total
U.S.A and Hungary₹356 Cr23.6% of total
U.A.E (Dubai)₹152 Cr10.1% of total
Others₹32 Cr2.1% of total

Profit by segment

India₹119 Cr70.8% of total
U.S.A and Hungary₹47 Cr28.1% of total
U.A.E (Dubai)₹2 Cr1.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India
Revenue, ₹ crore
462
502
751
1,268
790
772
948
967
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
50
57
187
336
84
82
72
119
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
U.S.A and Hungary
Revenue, ₹ crore
118
127
89
193
284
263
374
356
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−13
−11
−41
11
−6
31
58
47
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
U.A.E (Dubai)
Revenue, ₹ crore
149
136
115
241
199
192
175
152
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
14
11
16
39
13
21
2
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
26
24
18
10
31
42
27
32
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
−2
0
−2
−2
−2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	755	788	973	1,712	1,304	1,269	1,525	1,507
Company revenue, as in its results	702	761	949	1,699	1,274	1,223	1,499	1,471
Revenue	462	502	751	1,268	790	772	948	967
Revenue growth	–	8.6%	49.7%	68.8%	−37.7%	−2.3%	22.9%	2.0%
Profit	50	57	187	336	84	82	72	119
Profit growth	–	13.5%	227.4%	79.3%	−74.9%	−3.1%	−11.5%	65.1%
Margin	10.9%	11.4%	24.9%	26.5%	10.7%	10.6%	7.6%	12.3%
Return on capital	13.4%	15.3%	37.0%	52.0%	12.9%	13.8%	9.9%	14.8%
Assets	456	468	605	780	749	688	837	907
Liabilities	80	95	99	135	94	96	106	104
Capital employed	376	373	505	645	655	592	731	804
Revenue	118	127	89	193	284	263	374	356
Revenue growth	–	8.0%	−30.1%	117.4%	47.0%	−7.4%	42.1%	−4.8%
Profit	−13	−11	−41	11	−6	31	58	47
Profit growth	–	–	–	–	–	–	86.0%	−18.7%
Margin	−10.7%	−9.0%	−45.8%	5.7%	−2.0%	11.9%	15.6%	13.3%
Return on capital	−7.6%	−7.3%	−31.0%	9.3%	−4.1%	17.0%	25.0%	14.2%
Assets	228	228	210	209	267	308	335	433
Liabilities	63	72	79	90	129	124	102	100
Capital employed	165	156	131	119	138	184	233	333
Revenue	149	136	115	241	199	192	175	152
Revenue growth	–	−8.8%	−15.4%	109.2%	−17.1%	−3.6%	−8.7%	−13.4%
Profit	14	11	16	39	13	21	2	2
Profit growth	–	−20.8%	42.1%	145.9%	−67.2%	64.0%	−89.9%	−17.8%
Margin	9.5%	8.2%	13.8%	16.3%	6.4%	11.0%	1.2%	1.2%
Return on capital	11.4%	7.1%	11.1%	17.1%	5.3%	8.8%	1.0%	0.9%
Assets	146	177	180	267	278	274	261	281
Liabilities	22	20	36	38	35	35	40	75
Capital employed	125	157	144	229	244	239	221	206
Revenue	26	24	18	10	31	42	27	32
Revenue growth	–	−8.7%	−24.7%	−43.3%	–	37.1%	−35.6%	16.8%
Profit	0	0	0	−2	0	−2	−2	−2
Margin	−0.4%	−1.9%	−0.2%	−22.8%	0.0%	−4.7%	−6.6%	−7.0%
Return on capital	−1.6%	−4.0%	−0.6%	−35.6%	0.0%	−7.2%	−3.2%	−2.0%
Assets	9	12	7	7	35	35	63	118
Liabilities	2	1	1	1	12	7	7	4
Capital employed	6	12	6	6	23	28	56	113
Revenue	1	0	0	0	–	–	–	–
Profit	−15	−5	−2	0	–	–	–	–
Margin	−2,722.2%	–	–	–	–	–	–	–
Return on capital	−17.7%	−6.9%	–	–	–	–	–	–
Assets	87	70	0	0	–	–	–	–
Liabilities	4	3	0	0	–	–	–	–
Capital employed	83	66	0	0	–	–	–	–
	–	–	–	0	–	–	–	–
Profit	–	–	–	1	–	–	–	–
Assets	–	–	–	0	–	–	–	–
Liabilities	–	–	–	0	–	–	–	–
Capital employed	–	–	–	0	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Everest Kanto Cylinder quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 11 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue from operations	568	542	702	761	949	1,699	1,274	1,223	1,499	1,471
	504	460	603	672	776	1,307	1,113	1,062	1,324	1,268
Materials and goods bought	284	250	364	420	493	892	731	648	818	745
Employee costs	–	–	80	83	87	101	110	129	149	176
Other expenses	–	–	159	169	197	315	273	285	357	347
Operating profit before depreciation	64	83	99	88	173	392	161	160	176	203
Operating margin	11.3%	15.2%	14.1%	11.6%	18.2%	23.1%	12.6%	13.1%	11.7%	13.8%
Materials, % of revenue	–	–	51.8%	55.3%	51.9%	52.5%	57.3%	53.0%	54.6%	50.6%
Employee costs, % of revenue	–	–	11.4%	10.9%	9.2%	5.9%	8.6%	10.5%	9.9%	12.0%
Other expenses, % of revenue	–	–	22.7%	22.2%	20.7%	18.5%	21.4%	23.3%	23.8%	23.6%
Depreciation and amortisation	43	32	30	43	35	35	40	39	41	50
Operating profit after depreciation	21	51	69	45	137	357	121	121	134	153
Other income	7	16	5	7	3	14	5	7	10	21
Finance costs	45	35	36	36	26	11	11	8	13	14
Profit before one-off items and tax	−17	32	38	16	115	360	116	120	130	160
One-off items	96	0	−12	1	33	11	−21	−2	−6	0
Profit before tax	79	32	26	17	147	371	95	118	124	160
	0	5	−47	10	56	107	19	21	26	13
Current tax	–	5	10	5	25	72	25	19	28	38
Deferred tax	–	0	−57	5	31	35	−6	2	−2	−25
Share of profit of joint ventures and associates	–	0	0	–	–	–	–	–	–	–
Profit from discontinued businesses	–	–	−15	−5	−2	1	–	–	–	–
	79	24	58	2	90	265	76	98	98	147
Belonging to the company's shareholders	79	–	59	3	90	265	76	99	98	147
Belonging to outside owners of subsidiaries	–	–	0	−1	0	0	0	−2	0	0
Other comprehensive income	–	–	15	19	1	13	28	10	15	64
Total comprehensive income	–	–	74	22	91	278	104	108	113	211
Net margin	13.9%	4.4%	–	–	9.5%	15.6%	6.0%	8.0%	6.5%	10.0%
Net margin without joint ventures and associates	–	4.4%	–	–	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Net margin is left blank for the years to Mar 2019 and Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 13 Jun	Mar 2020Filed 11 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	518	538	628	903	999	1,100	1,206	1,400
	518	538	628	903	999	1,101	1,206	1,400
Share capital	22	22	22	22	22	22	22	22
Reserves	495	516	606	880	977	1,078	1,184	1,377
Belonging to outside owners of subsidiaries	0	−1	0	0	0	0	0	0
	270	235	170	114	96	41	143	199
Repayable after a year	89	53	57	1	2	2	27	89
Repayable within a year	181	183	113	113	94	40	116	110
	397	405	327	342	321	264	340	275
Trade payables	58	68	72	98	57	56	73	52
Other financial liabilities	94	81	62	32	53	27	21	17
Other liabilities	59	67	70	89	109	139	124	92
Provisions	3	5	11	9	7	2	2	2
Tax owed	1	0	0	0	2	1	4	0
	106	93	91	46	52	49	68	219
Other financial liabilities	0	16	13	10	28	23	25	66
Provisions	18	25	21	22	15	16	9	13
Deferred tax	0	0	0	13	7	8	7	12
Liabilities going with businesses held for sale	4	3	–	–	–	–	–	–
	1,025	1,039	1,046	1,291	1,373	1,413	1,614	1,894
Held for sale or for a demerger	100	84	3	11	12	11	9	11
	413	440	433	448	486	527	639	866
Plant in use, after depreciation	328	338	301	322	368	387	391	560
Plant being built	18	26	46	38	64	82	160	162
Intangible assets	1	1	1	1	1	1	1	1
Intangible assets being developed	0	0	0	0	0	0	3	8
Property held to earn rent	0	0	11	11	23	23	25	25
Investments	3	3	3	3	3	3	4	4
Loans given	2	3	3	2	0	0	0	0
Other financial assets	2	0	14	14	3	10	11	9
Deferred tax	57	53	22	0	0	0	6	30
Trade receivables	0	0	9	11	4	3	1	0
Other assets	1	17	23	46	19	18	38	67
	512	515	610	832	875	875	967	1,017
Inventories	307	303	299	418	554	481	481	526
Trade receivables	122	118	163	226	184	173	250	224
Cash and cash equivalents	8	16	57	48	35	65	62	36
Other bank balances	22	23	13	13	15	27	17	53
Current investments	0	0	0	0	0	41	60	64
Loans given	16	2	1	2	2	1	1	0
Other financial assets	4	4	4	3	10	3	1	1
Tax paid in advance	0	5	0	0	0	5	0	0
Other assets	33	44	73	122	75	79	94	113
Net debt	240	197	99	53	46	−91	4	46

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
	85	165	106	226	58	142
	107	242	123	252	83	183
	−71	−172	−45	80	−97	−45
Receivables	−62	−73	68	23	−88	−7
Inventories	0	−114	−115	78	8	−20
Payables	0	62	−29	−2	−17	−18
Other working capital	−9	−47	30	−19	0	0
Tax paid	−22	−77	−17	−25	−25	−41
Capital spending	31	82	83	66	121	173
Free cash flow	55	83	23	160	−63	−32
	74	−60	−79	−121	−120	−200
Plant and property sold	3	1	1	0	1	0
Companies bought	0	0	0	0	0	0
Interest received	1	1	1	2	3	3
Dividends received	0	0	0	0	0	0
	−118	−113	−43	−74	77	31
Borrowings raised	26	0	21	0	101	70
Borrowings repaid	−111	−71	−41	−55	0	−15
Interest paid	−29	−15	−10	−7	−11	−12
Lease payments	−4	−5	−5	0	−5	0
Dividends paid	0	3	8	8	8	8
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	42	−8	−15	32	15	−28

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Everest Kanto Cylinder dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 11 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Earnings per share	₹7.01	₹2.39	₹5.23	₹0.26	₹8.02	₹23.64	₹6.79	₹8.84	₹8.73	₹13.09
Diluted earnings per share	₹7.01	–	₹5.23	₹0.26	₹8.02	₹23.64	₹6.79	₹8.84	₹8.73	₹13.09
Dividend per share	–	–	–	–	₹0.30	₹0.70	₹0.70	₹0.70	₹0.70	₹0.70
Book value per share	–	–	₹46.14	₹47.99	₹55.99	₹80.45	₹89.04	₹98.09	₹107.52	₹124.77
Dividend payout	–	–	–	–	3.7%	3.0%	10.3%	7.9%	8.0%	5.3%
Shareholder yield	–	–	–	–	0.0%	0.1%	0.8%	0.5%	0.6%	0.8%
Market cap at the year end (₹ crore)	412	474	303	122	879	2,540	1,011	1,474	1,329	1,020

Ratios

Consolidated, years to March.Everest Kanto Cylinder PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 13 Jun	Mar 2020Filed 11 Jul	Mar 2021Filed 25 Jun	Mar 2022Filed 8 Jun	Mar 2023Filed 30 May	Mar 2024Filed 14 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 29 May
Revenue growth	12.2%	−4.4%	–	8.3%	24.8%	79.0%	−25.0%	−4.0%	22.6%	−1.9%
Operating profit growth	444.5%	29.1%	–	−10.7%	95.6%	126.9%	−58.9%	−0.3%	9.4%	15.7%
Net profit growth	–	−69.8%	–	−96.3%	4,102.8%	194.8%	−71.4%	28.6%	0.1%	50.1%
Earnings per share growth	–	−65.9%	–	−95.0%	2,984.6%	194.8%	−71.3%	30.2%	−1.2%	49.9%
	–	–	11.3%	0.6%	15.4%	34.6%	8.0%	9.5%	8.5%	11.3%
	–	–	–	−10.8 pts	14.9 pts	19.2 pts	−26.6 pts	1.4 pts	−1.0 pts	2.8 pts
From the net margin	–	–	–	–	–	10.0 pts	−21.4 pts	2.9 pts	−1.8 pts	4.5 pts
From asset turnover	–	–	–	–	–	15.2 pts	−4.5 pts	−0.9 pts	1.0 pts	−2.0 pts
From borrowing	–	–	–	–	–	−5.9 pts	−0.7 pts	−0.5 pts	−0.1 pts	0.3 pts
Return on capital employed	–	–	8.7%	5.8%	17.2%	35.1%	11.1%	10.6%	9.9%	9.6%
Cash conversion	–	–	–	–	94.9%	62.3%	139.8%	232.0%	59.4%	96.7%
Interest cover	0.5	1.5	1.9	1.3	5.3	33.5	10.9	15.9	9.9	10.6
Debt to equity	–	–	0.52	0.44	0.27	0.13	0.10	0.04	0.12	0.14
Receivable days	–	–	63	57	63	49	53	52	61	55
Inventory days	–	–	308	263	221	171	277	271	214	258
Payable days	–	–	58	59	53	40	28	31	32	26
Cash conversion cycle, days	–	–	313	261	231	179	301	291	243	288
Working capital days	–	–	139	122	125	116	171	155	147	174
Asset turnover	–	–	0.68	0.74	0.91	1.45	0.96	0.88	0.99	0.84
Assets per rupee of net worth	–	–	1.98	1.95	1.79	1.53	1.40	1.33	1.31	1.35
Sales per rupee of plant	–	–	2.14	2.25	3.16	5.27	3.46	3.16	3.84	2.63
Capital spending to depreciation	–	–	–	–	0.87	2.34	2.10	1.68	2.92	3.46
Plant being built, % of plant in use	–	–	5.6%	7.8%	15.4%	11.8%	17.5%	21.2%	40.9%	29.0%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2019: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020 and Mar 2021: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.4%
Cash from operations against operating profit: 69.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.3%	9.2%	4.9%
Profit growth, yearly rate	–	10.3%	24.5%
Return on equity, average	–	14.4%	9.7%
Return on capital employed, average	–	15.3%	10.0%
Operating margin, average	14.5%	14.9%	12.9%
Net margin, average	–	9.2%	8.2%
Asset turnover, average	–	1.02	0.90
Cash conversion cycle, days, average	–	261	274
Interest cover, average	9.1	16.2	12.1
Debt to equity, average	–	0.10	0.10

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	698	426	142
Cash from investing	−580	−441	−200
Cash from financing	−122	34	31
Capital spending	526	361	173
Dividends paid	35	24	8
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	193	172	70
Borrowings repaid	182	70	15

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	7	5	8	4	6
Altman Z-scorePublished threshold 1.81	–	–	2.05	1.87	3.85	7.63	4.29	5.57	4.66	3.81
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.18	−1.57	−2.71	−2.88	−1.91	−2.52
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−6.70	13.72	3.64	−0.55	10.54	11.69
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.83	1.13	1.44	1.25
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−11.06	13.05	−40.20	6.24	−2.00	21.84	−8.58
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−16.86	−18.53	−41.19	50.71	−1.88	−26.28	18.49
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.99	2.55	2.81	−3.13	0.21	0.54	1.29
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.50	–	0.67	0.75	1.41	3.56	0.74
Effective tax ratePublished threshold 17.16 per cent	0.19	14.48	−178.27	60.41	37.80	28.77	19.88	17.41	21.15	8.12
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	8.05	2.38	−4.16	0.70	−17.65

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
28 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash CreditLong-term scale	CARE A-Review, Re-affirm	Stable	84
28 Sep 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE A-Review, Re-affirm	Stable	32.84
28 Sep 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LCShort-term scale	CARE A2+Review, Re-affirm		63

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.