Press Release April 14, 2025 SATYA MICROCAPITAL LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	75.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	75.00	-	-

Rating Rationale

­Acuité has withdrawn the long-term rating on the Rs. 25.00 Cr. Non-Convertible Debentures facilities of Satya MicroCapital Limited (SML) without assigning any rating as the instrument is fully repaid. The withdrawal is on account of request received from client, NOC (No Objection Certificate) received from the trustee. Acuité has withdrawn the long-term rating on the Rs. 5.00 Cr. Proposed Principal protected market linked debentures facilities of Satya MicroCapital Limited (SML) without assigning any rating as it is a proposed facility. The withdrawal is on account of request received from client. Acuité has withdrawn the long-term rating on the Rs. 45.00 Cr. Principal protected market linked debentures facilities of Satya MicroCapital Limited (SML) without assigning any rating as the instrument is fully repaid. The withdrawal is on account of request received from client, NOC (No Objection Certificate) received from the trustee. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the company

­Delhi based, SML was incorporated in 1995. SML is promoted by Mr. Vivek Tiwari (MD, CEO & CIO). SML was acquired by current promoters in 2016 and subsequently registered as NBFCMFI in 2018. SML is engaged in extending microfinance loans to woman borrowers (spouses/adult sons as their co-borrowers) organized in Joint Liability Groups in rural and semirural areas. SML also extends individual micro business loans to men and women in urban areas.

Unsupported Rating

­Not Applicable.

Analytical Approach

­Not Applicable.

Key Rating Drivers

Strength

­Not Applicable.

Weakness

­Not Applicable.

ESG Factors Relevant for Rating

­Satya MicroCapital Limited (SML) belongs to the NBFC-MFI sector which facilitates lending to the unbanked population. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. The entity maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism and whistle blower policy. The board of directors of the company comprise of 4 independent directors and 2 female directors out of a total of 8 directors. The audit committee formed by the entity majorly comprises of independent directors with the objective to monitor and provide an unbiased supervision of the management’s financial reporting process. SML also maintains transparency in terms of disclosures pertaining to interest rate policy and its adherence to Fair Practice Code as disseminated by Reserve Bank of India's circular. SML aims to empower women by providing micro loans to help them generate additional income opportunities, hence making an economic contribution byway of financial inclusion. It continues to work on several community development initiatives and has also developed a social performance management system to facilitate financial stability of its staff and clients. As per RBI’s guidelines on Information Technology framework for NBFCs, SML has constituted an IT strategy committee to ensure adequate control over issues like cyber security and data privacy.

Rating Sensitivity

­Not Applicable.

Liquidity Position

­Not Applicable.

Outlook

­Not Applicable

Other Factors affecting Rating

­None.

Key Financials - Standalone / Originator

­ Particulars Unit FY24 (Actual) FY23(Actual) Total Assets Rs. Cr. 5960.28 4658.2 Total Income* Rs. Cr. 747.68 438.68 PAT Rs. Cr. 130.91 53.04 Net Worth Rs. Cr. 1025.37 832.36 Return on Average Assets (RoAA) (%) 2.47 1.41 Return on Average Net Worth (RoNW) (%) 14.09 7.68 Debt/Equity Times 4.73 4.53 Gross NPA (%) 2.17 1.3 Net NPA (%) 0.99 0.47 *Total income equals to Net Interest Income plus other income

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

­Not Applicable

Interaction with Audit Committee anytime in the last 12 months (applicable for rated-listed / proposed to be listed debt securities being reviewed by Acuite)

Although Acuite requested an interaction with the Audit Committee the issuer entity was unable to arrange it.

Any other information

­None.

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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 18 Feb 2025 Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB | Stable (Downgraded from ACUITE BBB+) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE Not Applicable (Withdrawn) Proposed Non Convertible Debentures Long Term 11.00 ACUITE Not Applicable (Withdrawn) Proposed principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD BBB | Stable (Downgraded from ACUITE PP-MLD BBB+) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD BBB | Stable (Downgraded from ACUITE PP-MLD BBB+) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD BBB | Stable (Downgraded from ACUITE PP-MLD BBB+) 30 Oct 2024 Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Proposed Non Convertible Debentures Long Term 7.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Proposed Non Convertible Debentures Long Term 4.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Non-Covertible Debentures (NCD) Long Term 24.00 ACUITE Not Applicable (Withdrawn) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 50.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Proposed principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD BBB+ (Reaffirmed (Rating Watch with Developing Implications)) 14 Aug 2024 Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Proposed Non Convertible Debentures Long Term 7.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Proposed Non Convertible Debentures Long Term 4.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Non-Covertible Debentures (NCD) Long Term 24.00 ACUITE BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Proposed principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD BBB+ (Reaffirmed (Rating Watch with Developing Implications)) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD BBB+ (Reaffirmed (Rating Watch with Developing Implications)) 28 Aug 2023 Term Loan Long Term 69.44 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 34.29 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 3.72 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 0.94 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 1.25 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 2.86 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 12.60 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 9.48 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 18.00 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 10.05 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 10.94 ACUITE BBB+ (Reaffirmed & Withdrawn) Term Loan Long Term 36.45 ACUITE BBB+ (Reaffirmed & Withdrawn) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 11.00 ACUITE BBB+ | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 24.00 ACUITE BBB+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 40.09 ACUITE Not Applicable (Withdrawn) Proposed Long Term Bank Facility Long Term 49.89 ACUITE Not Applicable (Withdrawn) Proposed principal protected market linked debentures Long Term 5.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 15.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) 07 Dec 2022 Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 24.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Proposed Non Convertible Debentures Long Term 11.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Proposed Non Convertible Debentures Long Term 45.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 34.29 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 3.72 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 0.94 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 1.25 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 2.86 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 12.60 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 9.48 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 18.00 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 10.05 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Proposed Long Term Bank Facility Long Term 49.89 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 10.94 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 36.45 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Proposed Long Term Bank Facility Long Term 40.09 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Term Loan Long Term 69.44 ACUITE BBB+ | Stable (Downgraded from ACUITE A- | Stable) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD BBB+ | Stable (Downgraded from ACUITE PP-MLD A- | Stable) Proposed principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD BBB+ | Stable (Downgraded from ACUITE PP-MLD A- | Stable) 30 Sep 2022 Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.59 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.30 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.02 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.46 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 11.00 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 100.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 36.45 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 40.09 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 24.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 45.00 ACUITE A- | Stable (Assigned) Proposed principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD A- | Stable (Reaffirmed) 23 Sep 2022 Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.59 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.30 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.02 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.46 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 11.00 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 100.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 36.45 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 40.09 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 24.00 ACUITE A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD A- | Stable (Assigned) 02 Sep 2022 Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.59 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.30 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.02 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.46 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 11.00 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 100.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 36.45 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 40.09 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 24.00 ACUITE A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD A- | Stable (Assigned) 05 Aug 2022 Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.43 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.62 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.71 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 27.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.83 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 56.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 74.20 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 100.00 ACUITE A- | Stable (Assigned) 20 May 2022 Term Loan Long Term 15.71 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 27.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 4.00 ACUITE A- | Stable (Assigned) Proposed Bank Facility Long Term 24.20 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.43 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.31 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 56.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 3.62 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.15 ACUITE A- | Stable (Reaffirmed) Proposed Bank Facility Long Term 50.00 ACUITE A- | Stable (Assigned) 03 Feb 2022 Term Loan Long Term 14.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.67 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.19 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.71 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 51.86 ACUITE A- | Stable (Reaffirmed)

­

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 INE982X07341 Non-Convertible Debentures (NCD) 20 Oct 2022 12.75 20 Oct 2025 25.00 Simple Not Applicable|Withdrawn Not Applicable INE982X07317 Principal protected market linked debentures 28 Sep 2022 Not avl. / Not appl. 31 Oct 2025 30.00 Complex Not Applicable|Withdrawn Not Applicable INE982X07325 Principal protected market linked debentures 28 Sep 2022 Not avl. / Not appl. 31 Oct 2024 15.00 Complex Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed principal protected market linked debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 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.