Press Release

Press Release

May 07, 2025

ARMAN FINANCIAL SERVICES LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	70.00	ACUITE A \| Negative \| Reaffirmed	-
Non Convertible Debentures (NCD)	150.00	ACUITE A \| Negative \| Reaffirmed	-
Total Outstanding	220.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of 'ACUITE A’(read as ACUITE A) on the Rs.70.00 Cr. bank facility of Arman Financial Services Limited (AFSL). The outlook is 'Negative'.

Acuité has reaffirmed the long-term rating of ‘ACUITE A’ (read as ACUITE A)on the Rs. 150.00 Cr. Non Convertible Debentures of Arman Financial Services Limited (AFSL). The outlook is 'Negative'.

Rationale for the rating.
The rating factors in a significant deterioration in earnings profile, asset quality, which is due to the ongoing stress in the micro-finance (MFI) segment. The profitability has declined significantly from Rs.173.57 Cr. FY24 to Rs. 39.31 Cr. in 9MFY25 due to significant increase in credit cost and significant writeoffs in Q3FY25. The asset quality has deteriorated, marked by a GNPA of 4.13 percent as on December 31, 2024, where the GNPA was 2.91 percent respectively in March 31, 2024. However, the rating takes into account the comfortable capital base, liquidity position and gearing levels. Going forward, the ability of the group to improve its profitably by scale up its operations while mitigating asset quality risk would be a key rating monitorable.

About the Company

Incorporated in 1992 and promoted by Mr. Jayendra Patel, Arman Financial Services Limited (together with Namra Finance Limited referred to as “Arman Group”) is a non-deposit taking Non-Banking Financial Company registered with RBI. Arman commenced its operations with asset backed finance lending in the state of Gujarat. Following the RBI directive for creating a separate category of NBFC for lending to micro finance sector, the company was the first in India to obtain "NBFC-MFI"license for its wholly owned subsidiary -Namra Finance Limited (Namra) on February 14, 2013. In March 2017, Arman Financial Services Limited also commenced MSME Lending Business. The Company (Arman and Namra together) is mainly engaged into micro-financing and asset backed financing. The company offers two-wheeler and MSME financing and Joint Liability Group (JLG) financing. It is registered in Ahmedabad Gujarat. Arman Financial Services Limited, on a consolidated basis, operates in 10 states i.e Gujarat, Madhya Pradesh, Maharashtra, Uttar Pradesh, Uttarakhand, Rajasthan, Jharkhand, Telangana, Haryana and Bihar spread across 149 districts through a network of 402 branches with Assets Under Management (AUM) at Rs 1,642.15 Cr. as on December 31, 2022. Arman Financial Services Limited’s equity shares were listed on BSE in 1995. Currently, Mr. Jayendrabhai Bhailalbhai Patel, Mrs. Ritaben Jayendrabhai Patel, Mr. Alok Prasad, Mr. Yash Kaushik Shah, Mr. Aalok Jayendra Patel, Mr. Aakash Jayendra Patel, Mrs. Geeta Haresh Solanki are directors of the company.

About the Group

Namra Finance Limited (NFL) is a wholly owned subsidiary of AFSL which is a Non-Deposit taking NBFC registered with Reserve Bank of India, promoted by Mr. Jayendra Patel. Prior to May 2013, AFSL was engaged in the business of two-wheeler financing and microfinance lending business through Joint Liability Group (JLG) model. However, NFL got an NBFC – Micro Finance Institution license from RBI on February 14, 2013 and from May 2013, entire new microfinance lending is being carried out by NFL. Microfinance lending is presently the largest business segment of the group contributing ~83 percent of the total Assets under Management (AUM) as on March 31, 2024.

Unsupported Rating

Not Applicable.

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has consolidated the business and financial risk profiles of AFSL and NFL (Hereinafter referred to as ‘Arman Group’) for arriving at the rating. The consolidation is in view of common promoters and management, integrated businesses, shared brand name and significant operational and financial linkages between these entities.

Key Rating Drivers

Strength

Strength Established track record of operations with experienced promoters and management.
AFSL has been engaged in the financing business since 1992 and has demonstrated a long track record of operations through various business cycles. Arman commenced its operations with asset backed finance lending in the state of Gujarat and has built a strong experience of 29 years in the industry. Following the RBI directive for creating a separate category of NBFC for lending to micro finance sector, the company was the first in India to obtain "NBFCMFI" license for its wholly owned subsidiary - Namra Finance Ltd (Namra) on February 14, 2013. Accordingly, all the assets related to micro finance were transferred to Namra Finance Limited (NFL). In 2017, company began its MSME loan product segment. The group has geographical presence in the states of Gujarat, Madhya Pradesh, Uttar Pradesh, Maharashtra, Uttarakhand, Rajasthan, Haryana and Bihar with a network of 319 branches spread across 120 districts as on March 31, 2024. The company is promoted by Mr. Jayendra Patel, Vice Chairman and Managing Director, who has 35 years of senior managerial and board level experience in the finance sector. Mr. Patel is the founder member of Gujarat Finance Companies Association. He is supported by Mr. Aalok Patel, Joint Managing Director, who is also on the Board of the company and has more than 15 years of experience in the financial sector. Further, Mr. Alok Prasad is the present Chairman on the Board of AFSL, who is also on the Board of the company and is having 35 years of experience in regulatory, banking and financial services. He has been associated with MFIN as Founder Chief Executive Officer. The Board is well represented by nine directors with adequate and relevant experience in the corporate and finance domains. Acuité believes that the established presence of the promoters and management coupled with effective guidance from the directors on the board, will support the business risk profile of the company in the near to medium term.

Modest capital structure.
The group’s net worth stood at Rs. 858.81 Cr. as on December 31, 2024 (Rs. 812.69 Cr. as on March 31, 2024). AFSL has adequate capitalization level with Capital Adequacy Ratio of 39.45 percent as on December 31, 2024. The group's consolidated gearing levels stood moderate at 1.48 times as on December 31, 2024. (2.12 times as on March 31, 2024).

Weakness

Deteriorating asset quality.
The asset quality has deteriorated, marked by a GNPA of 4.13 percent as on December 31, 2024, whereas the GNPA levels were at 2.91 percent as on March 31, 2024. The total zero plus dpd as on December 31, 2024 stands at over 12 percent. Since lower collection efficiency rates is one of the predominant factors of stress in the MFI segment, AFSL has also struggled in this facet where the on-time portfolio has declined to ~87.54 percent as on December 31, 2024. On account high write-offs of Rs.125.71 Cr. as on December 31, 2024, the NNPA ratio remains comfortable at 0.67 percent as on December 31, 2024. Acuite believes that the ability of the company to profitably scale-up its operations while maintaining healthy asset quality will be key monitorable.

Moderate profitability; increasing credit cost.
The group reported a consolidated PAT of Rs. 173.57 Cr. in FY2024 and Rs.39.31 Cr. as on 9MFY25. The deterioration in earnings profile is also backed by increase in overall credit cost and write-offs. Credit cost have gone up to Rs.175.12 Cr. in 9MFY25 and respectively write offs have been proactively taken amounting to Rs.125.71 Cr. The group has established relationships with over 30 lenders; public and private sector bank and financial institutions. The debt profile of the group remains diverse with borrowings through Banks & SFBs, DFIs, NBFC/FIs. Going forward, Acuité expects the group to continue to benefit from a diversified funding mix and also believes that company's ability to contain and curb the credit costs will be a key monitorable.

ESG Factors Relevant for Rating

Arman Financial Services Limited (AFSL) belongs to the NBFC sector which complements bank lending in India. 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. AFSL focuses towards overcoming the financial inclusion gap through vehicle finance and microfinance in semi-rural and rural areas. The entity has corporate governance policies on whistle-blower programme and vigil mechanism. The NBFC outlines the policies related to diversity, sexual harassment, and ethical business practices in its code of conduct and also has a high transparency in terms of disclosures related to board and management compensation. AFSL’s CSR policy focuses on development of marginalized communities and initiatives such as Hygiene Awareness programmes among rural women in Gujarat. As part of the ‘green initiative’, the company has switched to electronic mode to send annual reports or Notice of AGM to the shareholders and depository participants.

Rating Sensitivity

Movement in leverage.
Movement in asset quality and collection efficiency.
Movement in capitalization and liquidity buffers.
Movement in profitability metrics.

All Covenants

The Financial covenants to be tested on a consolidated basis shall be as under:

Capital Adequacy Ratio of 18% (eighteen percent) or such other higher threshold as may be prescribed by the RBI from time to time;
The ratio of Financial Indebtedness to Tangible Net Worth shall not exceed 5.5x for the tenor of the instrument.
The Company shall at all times maintain a ratio of (x) the sum of Portfolio at Risk over 90 days plus Restructured Loans plus Net Charge-Offs during the last 12 months divided by (y) the Outstanding Gross Loan Portfolio of not greater than 5%.
The Company shall maintain the ratio of the sum of (x) Portfolio at Risk over 90 days + Restructured Loans – Loan Loss Reserve) divided by (y) Tier 1 Capital of no more than 10%
GNPA of not more than 5%
NNPA of not more than 2%
Other covenants as agreed in transaction documents

All the above covenants shall be tested on quarterly basis on June 30, September 30, December 31, March 31

Liquidity Position

Adequate

AFSL has adequately matched asset liability profile with accumulative surplus in all maturity buckets. The group has adequate liquidity buffers by way of sufficient cash and cash equivalents of Rs. ~524.73 Cr. as on March 31, 2024.

Outlook

Negative.

Other Factors affecting Rating

None.

Key Financials - Standalone / Originator

Particulars	Unit	FY24 (Actual)	FY23(Actual)
Total Assets	Rs. Cr.	844.01	563.83
Total Income*	Rs. Cr.	90.39	65.30
PAT	Rs. Cr.	37.90	28.36
Net Worth	Rs. Cr.	534.88	229.36
Return on Average Assets (RoAA)	(%)	5.38	6.40
Return on Average Net Worth (RoNW)	(%)	9.92	15.32
Debt/Equity	Times	0.54	1.40
Gross NPA	(%)	2.65	2.64
Net NPA	(%)	0.99	0.47

*Total income equals to Net Interest Income plus other income

Key Financials (Consolidated)

Particulars	Unit	FY24 (Actual)	FY23(Actual)
Total Assets	Rs. Cr.	2615.90	2022.70
Total Income*	Rs. Cr.	395.72	251.65
PAT	Rs. Cr.	173.57	93.81
Net Worth	Rs. Cr.	812.69	365.69
Return on Average Assets (RoAA)	(%)	7.48	5.78
Return on Average Net Worth (RoNW)	(%)	29.46	32.44
Debt/Equity	Times	2.12	4.39
Gross NPA	(%)	2.91	2.79
Net NPA	(%)	0.31	0.16

*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

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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
15 Apr 2025	Term Loan	Long Term	15.00	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A \| Negative (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	21.16	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE A \| Negative (Assigned)
	Cash Credit	Long Term	2.00	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A \| Negative (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE Not Applicable (Withdrawn)
28 Feb 2025	Term Loan	Long Term	15.00	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Term Loan	Long Term	20.00	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Cash Credit	Long Term	2.00	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Cash Credit	Long Term	0.50	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Term Loan	Long Term	0.56	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Term Loan	Long Term	3.06	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Term Loan	Long Term	0.29	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Proposed Long Term Bank Facility	Long Term	21.16	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Term Loan	Long Term	6.00	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Term Loan	Long Term	1.43	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Negative (Reaffirmed (Stable to Negative))
18 Nov 2024	Proposed Long Term Bank Facility	Long Term	21.16	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	6.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE Not Applicable (Withdrawn)
	Principal protected market linked debentures	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
16 Aug 2024	Cash Credit	Long Term	2.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Cash Credit	Long Term	0.50	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.56	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	3.06	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	0.29	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Proposed Long Term Bank Facility	Long Term	21.16	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	6.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	1.43	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Proposed Non Convertible Debentures	Long Term	0.20	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	15.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Term Loan	Long Term	20.00	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	49.80	ACUITE A \| Stable (Upgraded from ACUITE A- \| Stable)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A \| Stable (Upgraded from ACUITE PP-MLD A- \| Stable)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A \| Stable (Upgraded from ACUITE PP-MLD A- \| Stable)
18 Apr 2024	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	39.79	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.37	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
03 Apr 2024	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	39.79	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.37	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
09 Feb 2024	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	39.79	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.37	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.43	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
21 Aug 2023	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.33	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	31.97	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	1.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	49.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
06 Jul 2023	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	31.97	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.33	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.29	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Proposed Non Convertible Debentures	Long Term	25.00	ACUITE A- \| Stable (Assigned)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
19 May 2023	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	31.97	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.33	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.29	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Principal protected market linked debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
12 Jan 2023	Cash Credit	Long Term	2.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.29	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	17.30	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	27.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.29	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Market Linked Debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Reaffirmed)
	Proposed Market Linked Debentures	Long Term	25.00	ACUITE PP-MLD A- \| Stable (Assigned)
30 Sep 2022	Cash Credit	Long Term	2.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.42	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	13.60	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	27.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.86	ACUITE A- \| Stable (Reaffirmed)
	Proposed Secured Non-Convertible Debentures	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Market Linked Debentures	Long Term	20.00	ACUITE PP-MLD A- \| Stable (Assigned)
11 Apr 2022	Proposed Long Term Bank Facility	Long Term	11.93	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	27.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.86	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.67	ACUITE A- \| Stable (Reaffirmed)
	Proposed Secured Non-Convertible Debentures	Long Term	30.00	ACUITE A- \| Stable (Assigned)
	Cash Credit	Long Term	2.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	5.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	0.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.42	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
IDFC First Bank Limited	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.50	Simple	ACUITE A \| Negative \| Reaffirmed
Not Applicable	INE109C07089	Non-Convertible Debentures (NCD)	19 Jul 2023	8.82	19 Jul 2025	25.00	Simple	ACUITE A \| Negative \| Reaffirmed
Not Applicable	INE109C07097	Non-Convertible Debentures (NCD)	25 Apr 2024	10.20	25 Jan 2026	49.80	Simple	ACUITE A \| Negative \| Reaffirmed
Not Applicable	INE109C07089	Non-Convertible Debentures (NCD)	19 Jul 2023	8.82	19 Jul 2025	24.00	Simple	ACUITE A \| Negative \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	26.78	Simple	ACUITE A \| Negative \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.20	Simple	ACUITE A \| Negative \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE A \| Negative \| Reaffirmed
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.00	Simple	ACUITE A \| Negative \| Reaffirmed
Kotak Mahindra Bank	Not avl. / Not appl.	Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	10 Mar 2025	15.00	Simple	ACUITE A \| Negative \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	12 Mar 2024	Not avl. / Not appl.	12 Jun 2026	20.00	Simple	ACUITE A \| Negative \| Reaffirmed
State Bank of India	Not avl. / Not appl.	Term Loan	30 Mar 2022	Not avl. / Not appl.	30 Mar 2025	6.00	Simple	ACUITE A \| Negative \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	08 Mar 2022	Not avl. / Not appl.	08 Mar 2024	1.43	Simple	ACUITE A \| Negative \| Reaffirmed
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	22 Dec 2020	Not avl. / Not appl.	22 Dec 2022	0.29	Simple	ACUITE A \| Negative \| Reaffirmed

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Particular	Company
1)	Arman Financial Services Limited.
2)	Namra Finance Limited.

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