Press Release February 10, 2025 MARWADI SHARES AND FINANCE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	100.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	100.00	-	-

Rating Rationale

Acuité has withdrawn long term rating on Rs. 100 Crore principal protected market linked debentures instrument of Marwadi Shares and Finance Limited (MSFL) without assigning any rating as Instrument is fully repaid and no longer an outstanding obligation of the company. The rating is being withdrawn on account of the request received from the company and the No Due Certificate received from the trustee as per Acuité’s policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Company

­Gujarat based, Marwadi Shares and Finance Limited (MSFL) was incorporated by first generation entrepreneurs Mr. Ketan Marwadi, Mr. Deven Marwadi and Mr. Sandeep Marwadi in 1992 with an objective to provide financial services to meet the emerging needs of the investor community. The Company became a corporate member of the National Stock Exchange of India (NSE) in 1996 and launched depository services of Depository Participant under National Securities Depository Limited (NSDL) in 1999. MSFL has a branch network of around 111 branches and franchise/sub-broker network of around 481.

Unsupported Rating

­Not Applicable.

Analytical Approach

­Not Applicable.

Key Rating Drivers

Strengths

­Not Applicable.

Weaknesses

­Not Applicable.

Rating Sensitivities

­Not Applicable.

Liquidity Position

­Not Applicable.

Outlook

­Not Applicable.

Other Factors affecting Rating

­None.

Key Financials :

­ Particulars Unit FY24 (Actual) FY23(Actual) Opreating Income* Rs. Cr. 705.60 354.18 PAT Rs. Cr. 325.62 113.78 PAT Margin (%) 46.15 32.12 Total debt / Tangible net worth Rs..Cr 1.00 0.51 PBDIT / Interest Rs. Cr 6.22 4.01 *Total income equals to Net Interest Income plus other income

Status of non-cooperation with previous CRA (if applicable)

­Not Applicable.

Any other information

­None.

Applicable Criteria

• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm • Service Sector: https://www.acuite.in/view-rating-criteria-50.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 08 Mar 2024 Principal protected market linked debentures Long Term 100.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD A- | Stable (Reaffirmed) 09 Mar 2023 Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD A- | Stable (Reaffirmed) 20 Sep 2022 Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD A- | Stable (Assigned) 23 Mar 2022 Proposed principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD A- | Stable (Assigned)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable INE138I08034 Principal protected market linked debentures 03 Oct 2022 Not avl. / Not appl. 03 Jun 2024 100.00 Complex Not Applicable|Withdrawn

Contacts

Mohit Jain Senior Vice President - Rating Operations Tejas Chaugule Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.