Press Release May 07, 2025 NAMRA FINANCE LIMITED Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	810.00	ACUITE A | Negative | Reaffirmed	-
Non Convertible Debentures (NCD)	40.00	ACUITE A | Negative | Reaffirmed	-
Non Convertible Debentures (NCD)	5.20	Not Applicable | Withdrawn	-
Total Outstanding	850.00	-	-
Total Withdrawn	5.20	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE A’ (read as ACUITE A) on the Rs.810.00 Cr. bank facility of Namra Finance Limited (NFL). The outlook is 'Negative'. Acuité has reaffirmed the long-term rating of ‘ACUITE A’ (read as ACUITE A) on the Rs. 40.00 Cr. Non Convertible Debentures of Namra Finance Limited (NFL). The outlook is 'Negative'. Acuité has withdrawn the long-term rating on the Rs. 5.20 Cr. Proposed Principal Protected Market Linked Debentures of Namra Finance Limited (NFL) without assigning any rating as it is a proposed facility. The withdrawal is on account of request received from client and in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument. Rationale for 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 write-offs 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

­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. The company is based in Gujarat.

About the Group

­Incorporated in 1992 and promoted by Mr Jayendra Patel, Arman Financial Services Ltd (together with Namra Finance Ltd. 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 Ltd (Namra) on February 14, 2013. In March 2017, AFSL 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. AFSL, on a consolidated basis, operates in 10 states i.e Gujarat, Madhya Pradesh, Maharashtra, Uttar Pradesh, Jharkhand, Uttarakhand, Rajasthan, Haryana, Telangana and Bihar spread across 149 districts through a network of 402 branches with Assets Under Management (AUM) at Rs 2639 Cr.as on March 31, 2024. AFSL’s equity shares were listed on BSE in 1995.

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

­­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, Telangana, Madhya Pradesh, Uttar Pradesh, Maharashtra, Uttarakhand, Rajasthan, Haryana, Jharkhand and Bihar with a network of 402 branches spread across 149 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). NFL has adequate capitalization level with Capital Adequacy Ratio of 45.73 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

­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. 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.

ESG Factors Relevant for Rating

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

All Covenants

­a.The Capital Adequacy Ratio (as defined in NBFC Regulations) shall be maintained at or above 17% at all points in time.  Maintain Tier 1 ratio (as defined in NBFC Regulations) of 10% or higher at all points in time.  For the purpose of the calculations of the Capital Adequacy as mentioned above:   The first loss credit enhancement provided by the Company on securitization shall be reduced from Tier I Capital and Tier II Capital and the deduction shall be capped at 15% of the outstanding securitized portfolio. The first loss credit enhancement provided by the Company on Client Loans originated on behalf of other institutions shall be reduced from Tier I Capital and Tier II Capital without any ceiling. The deduction shall be made at 50 per cent from Tier I and 50 per cent from Tier II capital. It is also clarified that in computing the amount of subordinated debt eligible for inclusion in Tier II capital, the aforementioned subordinated debt shall be subject to discounting as provided in the NBFC Master Circular Maintain a ratio of A: B not greater 5.0% where A is PAR-90 and B is the Gross Loan Portfolio Maintain a ratio of A: B not greater than 20% where A is PAR-90 net of loan loss reserves and B is the Tangible Net Worth To maintain positive quarterly after-tax net income Maintain a ratio of outstanding off-balance sheet to Total assets less than 35% (Thirty-Five percent) Maintain positive cumulative mismatch of at least 5% of the total assets for all months up to 1 year Gross Loan Portfolio to Tangible Net worth not to exceed 7times. “Gross Loan Portfolio” shall include on balance sheet and off-balance sheet portfolio ''Off Balance Sheet Portfolio” shall mean principal balance of loans securitized, assigned, originated on behalf of other institutions in respect of which the Issuer has provided credit enhancements in any form or manner whatsoever "Tangible Net Worth" means the Net worth of the Company, net of intangible assets and deferred tax assets. “PAR-90” shall mean the outstanding principal amount of all client loans that have one or more instalments of principal past due for ninety days or more.

Liquidity Position

Adequate

­NFL has adequately matched asset liability profile with a cumulative 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. 2053.57 1665.98 Total Income* Rs. Cr. 308.03 188.09 PAT Rs. Cr. 139.40 67.20 Net Worth Rs. Cr. 555.04 325.62 Return on Average Assets (RoAA) (%) 7.50 5.05 Return on Average Net Worth (RoNW) (%) 31.66 27.56 Debt/Equity Times 2.58 3.97 Gross NPA (%) 2.97 2.80 Net NPA (%) 0.16 0.05 *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 19.33 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 2.15 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 18.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 7.33 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 2.92 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 6.67 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 0.59 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 8.33 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 67.86 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 46.72 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 28.26 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 10.43 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 1.52 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 30.30 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 2.15 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 8.33 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 0.95 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 11.22 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 43.61 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 8.97 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 13.10 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 4.92 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 22.45 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 1.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 38.33 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 24.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 11.67 ACUITE A | Negative (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A | Negative (Reaffirmed) Proposed Term Loan Long Term 111.24 ACUITE A | Negative (Reaffirmed) Proposed Long Term Bank Facility Long Term 15.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 4.23 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 2.50 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 2.47 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 2.67 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 2.50 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 17.50 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 3.75 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 26.25 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 4.48 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 12.72 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 3.32 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 12.00 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 24.51 ACUITE A | Negative (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Negative (Reaffirmed) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A | Negative (Reaffirmed) 28 Feb 2025 Term Loan Long Term 2.15 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 2.50 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 4.23 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 8.75 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 46.72 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 11.22 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 12.72 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 6.67 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 30.30 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 13.10 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 8.33 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 11.67 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 12.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Proposed Term Loan Long Term 111.24 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 22.45 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 17.50 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 8.33 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 38.33 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 26.25 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 24.51 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 24.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 25.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 40.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 43.61 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 28.26 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 19.33 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 20.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 2.47 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 2.67 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Proposed Long Term Bank Facility Long Term 15.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 18.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 67.86 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 30.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 1.52 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 0.59 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 4.48 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 3.32 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 1.00 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 2.92 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 0.95 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 2.15 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 3.75 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 4.92 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 7.33 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 2.50 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 10.43 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Term Loan Long Term 8.97 ACUITE A | Negative (Reaffirmed (Stable to Negative)) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A | Negative (Reaffirmed (Stable to Negative)) 18 Nov 2024 Term Loan Long Term 10.43 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 67.86 ACUITE A | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 15.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 12.72 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.67 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 30.30 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 13.10 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.32 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.92 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.15 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 26.25 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.15 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 46.72 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 1.52 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 0.59 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.48 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 0.95 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.23 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 11.22 ACUITE A | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 11.67 ACUITE A | Stable (Reaffirmed) Proposed Term Loan Long Term 111.24 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 38.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 24.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 43.61 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.47 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 2.67 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.97 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 19.33 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 12.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 24.51 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.45 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 28.26 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 6.80 ACUITE Not Applicable (Withdrawn) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A | Stable (Reaffirmed) 13 Aug 2024 Term Loan Long Term 20.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 39.39 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 17.12 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 11.33 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 0.95 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 4.48 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 3.32 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 2.48 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 4.95 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 10.91 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 7.50 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 55.00 ACUITE A | Stable (Assigned) Term Loan Long Term 20.00 ACUITE A | Stable (Assigned) Term Loan Long Term 4.33 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 29.98 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 20.00 ACUITE A | Stable (Assigned) Term Loan Long Term 10.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Proposed Term Loan Long Term 32.53 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 30.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 30.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 3.48 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 3.67 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Proposed Long Term Bank Facility Long Term 15.00 ACUITE A | Stable (Assigned) Term Loan Long Term 22.92 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 61.78 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 50.00 ACUITE A | Stable (Assigned) Term Loan Long Term 7.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 40.00 ACUITE A | Stable (Assigned) Term Loan Long Term 13.95 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 14.97 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 2.98 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 35.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 29.96 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 11.25 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 3.75 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 4.17 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 3.50 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 7.67 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 16.67 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 48.33 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 1.52 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 16.08 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 18.75 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Term Loan Long Term 8.33 ACUITE A | Stable (Upgraded from ACUITE A- | Stable) Principal protected market linked debentures Long Term 6.80 ACUITE PP-MLD A | Stable (Upgraded from ACUITE PP-MLD A- | Stable) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A | Stable (Upgraded from ACUITE PP-MLD A- | Stable) 18 Apr 2024 Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.97 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.12 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 35.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.23 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.99 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 64.36 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.64 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.79 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.81 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 40.99 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.07 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.80 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.17 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 1.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.03 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.90 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.37 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 0.84 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 3.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 110.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.12 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.57 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.10 ACUITE A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 30.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 6.80 ACUITE PP-MLD A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A- | Stable (Reaffirmed) 03 Apr 2024 Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.03 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.67 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 4.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.86 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.44 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.70 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.37 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 69.52 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.64 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.07 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.76 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 173.00 ACUITE A- | Stable (Assigned) Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.88 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.14 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.10 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 6.80 ACUITE PP-MLD A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A- | Stable (Reaffirmed) 09 Feb 2024 Term Loan Long Term 5.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.88 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.76 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.86 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 69.52 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.10 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 19.44 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 40.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.03 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.07 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.70 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.64 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.67 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 67.65 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.37 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.24 ACUITE A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 6.80 ACUITE PP-MLD A- | Stable (Reaffirmed) 18 Aug 2023 Term Loan Long Term 16.36 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.37 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.49 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.67 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 27.48 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.94 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 24.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.46 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 85.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 40.00 ACUITE A- | Stable (Assigned) Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.40 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.23 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.70 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.01 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.12 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.52 ACUITE A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 6.80 ACUITE PP-MLD A- | Stable (Reaffirmed) 06 Jul 2023 Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.69 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.40 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.55 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.02 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.70 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.52 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.85 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.67 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.87 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.13 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.49 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 3.14 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.88 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 70.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 6.80 ACUITE PP-MLD A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A- | Stable (Reaffirmed) 19 May 2023 Term Loan Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.85 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.67 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.87 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.13 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.49 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 3.14 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.69 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.40 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.55 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.02 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.70 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.52 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.88 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 85.00 ACUITE A- | Stable (Assigned) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 6.80 ACUITE PP-MLD A- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 5.20 ACUITE PP-MLD A- | Stable (Reaffirmed) 12 Jan 2023 Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.17 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 46.45 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.69 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.66 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.97 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.39 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.14 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.10 ACUITE A- | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 5.20 ACUITE PP-MLD A- | Stable (Reaffirmed) Market Linked Debentures Long Term 30.00 ACUITE PP-MLD A- | Stable (Reaffirmed) Market Linked Debentures Long Term 6.80 ACUITE PP-MLD A- | Stable (Reaffirmed) 30 Sep 2022 Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.57 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.20 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.79 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.94 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.36 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 21.96 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.58 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed) Proposed Term Loan Long Term 12.02 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE A- | Stable (Assigned) Proposed Term Loan Long Term 22.00 ACUITE A- | Stable (Assigned) Proposed Market Linked Debentures Long Term 42.00 ACUITE PP-MLD A- | Stable (Assigned) 19 May 2022 Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.57 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.20 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.79 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.94 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.36 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 43.56 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 0.46 ACUITE A- | Stable (Assigned) Term Loan Long Term 19.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 21.96 ACUITE A- | Stable (Assigned) Term Loan Long Term 17.58 ACUITE A- | Stable (Assigned) Term Loan Long Term 30.00 ACUITE 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 INE229U07103 Non-Convertible Debentures (NCD) 25 Aug 2023 11.95 25 May 2026 40.00 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. 15.00 Simple ACUITE A | Negative | Reaffirmed Not Applicable Not avl. / Not appl. Proposed principal protected market linked debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.20 Complex Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 153.47 Simple ACUITE A | Negative | Reaffirmed DCB Bank Limited Not avl. / Not appl. Term Loan 19 Feb 2024 Not avl. / Not appl. 19 Feb 2026 14.85 Simple ACUITE A | Negative | Reaffirmed SBM Bank (India) Ltd. Not avl. / Not appl. Term Loan 19 Mar 2024 Not avl. / Not appl. 19 Jun 2026 12.50 Simple ACUITE A | Negative | Reaffirmed Dhanlaxmi Bank Ltd Not avl. / Not appl. Term Loan 14 Mar 2024 Not avl. / Not appl. 13 Mar 2027 6.66 Simple ACUITE A | Negative | Reaffirmed Small Industries Development Bank of India Not avl. / Not appl. Term Loan 11 Sep 2023 Not avl. / Not appl. 11 Sep 2026 28.33 Simple ACUITE A | Negative | Reaffirmed IDBI Bank Ltd. Not avl. / Not appl. Term Loan 31 Jan 2024 Not avl. / Not appl. 31 Jan 2026 17.49 Simple ACUITE A | Negative | Reaffirmed Axis Bank Not avl. / Not appl. Term Loan 18 Mar 2024 Not avl. / Not appl. 18 Mar 2026 16.33 Simple ACUITE A | Negative | Reaffirmed CSB Bank Limited Not avl. / Not appl. Term Loan 24 Nov 2023 Not avl. / Not appl. 24 May 2026 9.07 Simple ACUITE A | Negative | Reaffirmed Federal Bank Not avl. / Not appl. Term Loan 28 Nov 2023 Not avl. / Not appl. 28 Nov 2026 17.93 Simple ACUITE A | Negative | Reaffirmed Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan 01 Dec 2023 Not avl. / Not appl. 01 Dec 2025 6.67 Simple ACUITE A | Negative | Reaffirmed Karnataka Bank Ltd Not avl. / Not appl. Term Loan 30 Sep 2023 Not avl. / Not appl. 30 Sep 2026 8.97 Simple ACUITE A | Negative | Reaffirmed Small Industries Development Bank of India Not avl. / Not appl. Term Loan 27 Oct 2023 Not avl. / Not appl. 27 Oct 2026 19.00 Simple ACUITE A | Negative | Reaffirmed Small Industries Development Bank of India Not avl. / Not appl. Term Loan 23 Nov 2023 Not avl. / Not appl. 23 Nov 2026 18.00 Simple ACUITE A | Negative | Reaffirmed Standard Chartered Bank Not avl. / Not appl. Term Loan 08 Apr 2024 Not avl. / Not appl. 08 Apr 2026 39.99 Simple ACUITE A | Negative | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan 11 Mar 2024 Not avl. / Not appl. 11 Jun 2026 21.63 Simple ACUITE A | Negative | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 30 Apr 2023 Not avl. / Not appl. 31 Mar 2026 15.98 Simple ACUITE A | Negative | Reaffirmed Indian Overseas Bank Not avl. / Not appl. Term Loan 19 Jan 2024 Not avl. / Not appl. 19 Jan 2027 15.33 Simple ACUITE A | Negative | Reaffirmed SBM Bank (India) Ltd. Not avl. / Not appl. Term Loan 06 Apr 2024 Not avl. / Not appl. 06 Jul 2026 15.00 Simple ACUITE A | Negative | Reaffirmed Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 18 Dec 2022 Not avl. / Not appl. 18 Dec 2025 1.50 Simple ACUITE A | Negative | Reaffirmed Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 18 Jan 2023 Not avl. / Not appl. 18 Jan 2026 1.66 Simple ACUITE A | Negative | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 28 Sep 2021 Not avl. / Not appl. 28 Sep 2024 4.48 Simple ACUITE A | Negative | Reaffirmed Small Industries Development Bank of India Not avl. / Not appl. Term Loan 22 Oct 2021 Not avl. / Not appl. 22 Oct 2024 1.00 Simple ACUITE A | Negative | Reaffirmed Kotak Mahindra Bank Not avl. / Not appl. Term Loan 30 Apr 2022 Not avl. / Not appl. 30 Jul 2024 1.67 Simple ACUITE A | Negative | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan 20 May 2022 Not avl. / Not appl. 20 Aug 2024 0.95 Simple ACUITE A | Negative | Reaffirmed Indian Overseas Bank Not avl. / Not appl. Term Loan 31 Aug 2022 Not avl. / Not appl. 31 Aug 2025 3.33 Simple ACUITE A | Negative | Reaffirmed UCO Bank Not avl. / Not appl. Term Loan 10 Feb 2023 Not avl. / Not appl. 10 Feb 2026 6.69 Simple ACUITE A | Negative | Reaffirmed CSB Bank Limited Not avl. / Not appl. Term Loan 17 Dec 2022 Not avl. / Not appl. 17 Jun 2025 2.93 Simple ACUITE A | Negative | Reaffirmed Dhanlaxmi Bank Ltd Not avl. / Not appl. Term Loan 15 Oct 2022 Not avl. / Not appl. 15 Oct 2025 1.26 Simple ACUITE A | Negative | Reaffirmed Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 18 Nov 2022 Not avl. / Not appl. 18 Nov 2025 1.50 Simple ACUITE A | Negative | Reaffirmed Capital Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 21 Jan 2023 Not avl. / Not appl. 21 Jan 2025 0.57 Simple ACUITE A | Negative | Reaffirmed Bank of Baroda Not avl. / Not appl. Term Loan 31 May 2023 Not avl. / Not appl. 31 May 2026 6.25 Simple ACUITE A | Negative | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 29 Apr 2023 Not avl. / Not appl. 29 Apr 2026 30.79 Simple ACUITE A | Negative | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan 07 Jun 2023 Not avl. / Not appl. 07 Sep 2025 9.37 Simple ACUITE A | Negative | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 28 Sep 2021 Not avl. / Not appl. 28 Sep 2024 9.24 Simple ACUITE A | Negative | Reaffirmed South Indian Bank Not avl. / Not appl. Term Loan 05 Sep 2023 Not avl. / Not appl. 05 Sep 2026 5.00 Simple ACUITE A | Negative | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 28 Jun 2023 Not avl. / Not appl. 28 Jun 2026 21.21 Simple ACUITE A | Negative | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 09 Aug 2024 Not avl. / Not appl. 09 Aug 2027 14.47 Simple ACUITE A | Negative | Reaffirmed ICICI Bank Ltd Not avl. / Not appl. Term Loan 23 Nov 2023 Not avl. / Not appl. 23 Nov 2025 45.93 Simple ACUITE A | Negative | Reaffirmed Utkarsh Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 25 Oct 2024 Not avl. / Not appl. 25 Oct 2026 23.75 Simple ACUITE A | Negative | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan 21 Feb 2025 Not avl. / Not appl. 21 Jul 2028 133.00 Simple ACUITE A | Negative | Reaffirmed Bank of Baroda Not avl. / Not appl. Term Loan 23 Sep 2024 Not avl. / Not appl. 23 Sep 2027 27.50 Simple ACUITE A | Negative | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 07 Jun 2026 3.75 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.

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

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