Press Release November 19, 2025 HUMANA FINANCIAL SERVICES PRIVATE LIMITED Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	100.00	ACUITE BB+ | Stable | Downgraded	-
Total Outstanding	100.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has downgraded its long-term rating of ‘ACUITE BBB-’ (read as ACUITE Triple B Minus) to 'ACUITE BB+’ (read as ACUITE Double B Plus) on the Rs. 100.00 Cr. bank loan facility of Humana Financial Services Private Limited. The outlook is ‘Stable’. Rationale for Rating The rating downgrade factors in the contraction in the overall asset book, deterioration in asset quality metrics and decline in the earnings profile. The company has seen a reduction in the total AUM from Rs 204.23 Cr. in FY 24 to Rs.159.52 Cr. in FY 25. The company has managed portfolio through BC partnerships with Yes Bank and CSB primarily and recently the company has onboarded Jana Small Finance Bank and Credifin as additional BC partners. The company's off book AUM stood at Rs 96.26 Cr. and on book AUM stood at Rs 63.26 Cr. for FY 25 as against Rs.111.20 Cr. and Rs.82.50 Cr. respectively for FY 24. For Q1FY 26, the company had a total AUM of Rs.141.89 Cr. the off book AUM stood at Rs.91.44 Cr. and on Book AUM stood at Rs.50.45 Cr. for the same period. The asset quality GNPA rose sharply from 1.58% in FY24 to 5.89% in FY25 and further to 8.81% in Q1FY26, indicating a steep deterioration in portfolio health. NNPA %  also increased from 0.36% to 0.97% and then to 2.84%. Collection efficiency (for monthly collections) has declined from 96.00 % in FY 24 to 90.16% in FY25., while overdue buckets, especially 90+ DPD, surged from 1.58% to 8.81%. The GNPA has increased to 9.19 % for Q2FY26.  Earnings have been adversely impacted due to higher provisioning and write off during FY 25 as against FY 24. Profit after tax of the company has declined from Rs.3.94 Cr. in FY 24 to a loss of Rs.1.25 Cr. in FY 25 and a loss of Rs.0.15 Cr. in Q1FY 26. However, these Weaknesses are offset with healthy capitalisation levels and having experienced management. Capital Adequacy overall has seen improvements with the CAR increasing from 28.63% in FY 24 to 49.49% in FY 25.

About the company

­Humana Financial Services Private Limited (HFSPL) is a Delhi based NBFC-MFI promoted by Mr.Kailash Khandelwal and Mr. Raj Kumar Singh. They both possess around 2 decades of experience. HFSPL received its license on 4th August 2017. The company started the microfinance activity from Feb 1, 2018 and as on 31st Mar ’25, the company is working in three states (Rajasthan, Haryana and Uttar Pradesh) with 37 branches and AUM of is Rs 159.52 Cr (Rs 63.26 Cr of Own Portfolio + Rs 96.26 Cr of BC Portfolio) serving total clientele base of 53,774 women. The AUM for Q1FY 26 stood at Rs 141.89 Cr. (Rs 50.45 Cr of Own Portfolio + Rs 91.44 Cr of BC Portfolio) serving total clientele base of 49,218 women.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of Humana Financial Services Private Limited to arrive at the rating

Key Rating Drivers

Strength

­Experienced management and adequate capitalization but low net worth base: Humana Financial Services Private Limited (HFSPL) is a Delhi based NBFC-MFI promoted by Mr.Kailash Khandelwal and Mr. Raj Kumar Singh. They both possess around two decades of experience. The company is working in three states (Rajasthan, Haryana, and Uttar Pradesh) with 37 branches, and the total loan outstanding is Rs.159.52 Cr. (Rs. 63.26 Cr. of Own Portfolio  + Rs. 96.26 Cr. of BC portfolio), serving a total clientele base of 53774 women in FY 25 ( Q1FY 26 : 49218). HFSPL's capital structure is marked by a low net worth base of Rs. 27.26 Cr. as on March 31, 2025 . (Rs. 27.51 Cr. as on March 31,2024)  and a gearing of 1.74 times as of March 31, 2025 (3.23 times as of March 31, 2024). The company has adequate capitalization levels. Overall, CAR stood high at 49.49 percent as of March 31, 2025 and 28.63 percent  as on March 31, 2024 . CAR is primarily composed of Tier I capital. Acuité believes that going forward, HFSPL will continue to benefit from its experienced management. However, the ability of the company to maintain adequate capitalization levels will be a key rating sensitivity.

Weakness

Deterioration in the asset quality: The company reported a deterioration in asset quality with the decline in on time portfolio of 96.8 percent to 91.17 percent in FY 25 and ~89 percent for Q1 FY 26 and Q2FY 26 respectively. The company reported a GNPA of 1.58 percent and NNPA of 0.36  percent for FY 24 which has seen a significant deterioration to a GNPA at 5.89 percent for FY 25, this further saw a deterioration to a GNPA at 8.81 percent in Q1FY 26 and 9.19 percent in Q2FY 26 respectively. Collection efficiency ( for monthly collections) has declined from 96.00 % in FY 24 to 90.16% in FY25. Going forward, further deterioration in the asset quality of the portfolio would be key monitorables. Geographical concentration risk: HFSPL has its operations spreads across 3 states spanning 22 districts through its branch network of 37 branches , but the company has most of its loan portfolio concentrated in the state of Rajasthan with ~45 percent of the total AUM for Q1FY26 followed by Uttar Pradesh with ~31 percent and the rest in the state of Haryana which comprised of ~23 percent of the total AUM for the same period. While in FY 25, there was concentration for Rajasthan (~43 percent), Uttar Pradesh (~34  percent) and Haryana (~22 percent). The company still has high dependence on the BC portfolio, over the years and this evident in FY 25 where the overall AUM stood at Rs 159.52 Cr. where the off book AUM stood at Rs 96.26 Cr. and on book AUM stood at Rs 63.26 Cr. This saw a significant reduction from the reported AUM of Rs 204.23 Cr. in FY 24 . For Q1FY26, the AUM stood at Rs 141.89 Cr. which comprised of off book AUM at Rs 91.44 Cr. and on Book AUM at 50.45 Cr. For Q2FY26, the AUM stood at Rs 134.94 Cr. ( owned book : Rs 38.35 Cr. and managed book: Rs 96.59 Cr). HFSPL takes off book exposure through business correspondence (BC). As on September 2025 its BC portfolio is highly dependent on its partnership with YES bank ,CSB Bank. The company has recently onboarded Jana Small Finance Bank and Credifin in Q2 FY 26. The company is started disbursement for a new product offering through LAP loans which will done through the BC partnership of Credifin in the existing branches. Decline in earnings profile Reduction in earnings due to increase in provisioning and write off during FY 25 as against FY 24. Profit after tax of the company has declined from Rs 3.94 Cr. in FY 24 to a loss of Rs 1.25 Cr. in FY 25 and a loss of Rs 0.15 Cr. in Q1FY 26. The company has been impacted by deterioration in the overall portfolio. The RoAA has decreased from 3.62 % in FY 24 to (1.21)% in FY 25. The return on average TNW decreased from 15.44 % to (4.56)% in FY 25.

Rating Sensitivity

­ Movement in collection efficiency and asset quality Movement in liquidity buffers Movement in profitability metric Changes in regulatory environment

Liquidity Position

Adequate

The Liquidity position is adequate with no negative mismatches as per the June 2025 ALM statement provided.Cash and cash equivalents stood  at Rs 9.28 Cr. in FY24 which significantly decreased to Rs 3.41 Cr. in FY 25 to Rs 2.91 Cr. as per Prov June 25. The company has debt obligations of Rs 30.15 Cr. for a period of one year from June 25 as against collections from advances amounting to Rs. 35.3 Cr. for the same period.

Outlook: Stable

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Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets** Rs Cr. 84.95 122.22 Total Income* Rs Cr. 23.18 20.53 PAT Rs Cr. (1.25) 3.94 Networth Rs Cr. 27.26 27.51 Return on Average Assets (ROAA) (%) (1.21) 3.62 Return on Net Worth (RoNW) (%) (4.56) 15.44 Total Debt/Tangible Net Worth (Gearing) Times 1.74 3.23 Gross NPA’s (%) 5.89 1.58 Net NPA’s (%) 0.97 0.36 ­*Total income equals to Net Interest Income plus other income ** Total Assets adjusted for deferred tax assets ***Ratios are as per Acuite's calculations

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

­Not Applicable

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 21 Aug 2024 Term Loan Long Term 0.43 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.52 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.14 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.38 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.53 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.73 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.24 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.97 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.06 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.40 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.43 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.57 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.67 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.80 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.46 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 19.13 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.29 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.25 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.90 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.16 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.87 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.22 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.42 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.38 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.86 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.16 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.17 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.70 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.54 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.67 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.56 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.65 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.65 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.37 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.92 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.30 ACUITE BBB- | Stable (Reaffirmed) 24 May 2023 Term Loan Long Term 4.77 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.59 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.30 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.37 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.30 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.36 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.87 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.48 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.49 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.53 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.73 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.48 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.05 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.39 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.92 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.75 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.45 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.56 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.61 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.83 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 11.64 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.12 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.00 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 18.83 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) 21 Jun 2022 Proposed Long Term Loan Long Term 38.27 ACUITE BBB- | Stable (Assigned) Proposed Long Term Loan Long Term 25.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 1.64 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.12 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.18 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.67 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.70 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.74 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.87 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 1.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 1.60 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.29 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.50 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.50 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.65 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 3.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 3.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 3.27 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 10.00 ACUITE BBB- | 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 Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 67.50 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Arohan Financial Services Limited Not avl. / Not appl. Term Loan 15 Mar 2024 Not avl. / Not appl. 16 Mar 2026 0.90 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Arohan Financial Services Limited Not avl. / Not appl. Term Loan 30 Aug 2023 Not avl. / Not appl. 28 Aug 2025 2.90 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) DCB Bank Limited Not avl. / Not appl. Term Loan 31 Jan 2024 Not avl. / Not appl. 31 Mar 2026 1.00 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Caspian Impact Investment Private Ltd. Not avl. / Not appl. Term Loan 25 Jan 2024 Not avl. / Not appl. 29 Dec 2025 0.26 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Caspian Impact Investment Private Ltd. Not avl. / Not appl. Term Loan 28 Dec 2023 Not avl. / Not appl. 29 Dec 2025 0.17 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Grow Money Capital Private Limited (Erstwhile Eclear Leasing & Finance Private Limited) Not avl. / Not appl. Term Loan 02 Mar 2024 Not avl. / Not appl. 05 Mar 2026 0.71 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Friends of WWB Not avl. / Not appl. Term Loan 05 Mar 2024 Not avl. / Not appl. 28 Feb 2026 0.35 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Friends of WWB Not avl. / Not appl. Term Loan 31 Oct 2023 Not avl. / Not appl. 31 Oct 2025 1.30 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) IDFC First Bank Limited Not avl. / Not appl. Term Loan 22 Apr 2024 Not avl. / Not appl. 22 Apr 2026 1.25 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Incred Financial Services Limited Not avl. / Not appl. Term Loan 30 May 2024 Not avl. / Not appl. 10 Jun 2026 1.48 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Maanaveeya Development & Finance Private Limited Not avl. / Not appl. Term Loan 30 Mar 2024 Not avl. / Not appl. 30 Nov 2025 0.60 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Nabsamruddhi Finance Limited Not avl. / Not appl. Term Loan 22 Dec 2023 Not avl. / Not appl. 31 Dec 2025 0.48 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Vivriti Capital Limited Not avl. / Not appl. Term Loan 12 Dec 2023 Not avl. / Not appl. 05 Dec 2025 0.42 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) A U Small Finance Bank Not avl. / Not appl. Term Loan 29 Jun 2024 Not avl. / Not appl. 18 Jun 2026 2.57 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Friends of WWB Not avl. / Not appl. Term Loan 26 Sep 2025 Not avl. / Not appl. 30 Sep 2027 1.50 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Usha Financial Services Limited Not avl. / Not appl. Term Loan 27 Dec 2024 Not avl. / Not appl. 24 Dec 2026 0.93 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) UC Inclusive Credit Private Limited Not avl. / Not appl. Term Loan 28 Sep 2024 Not avl. / Not appl. 08 May 2027 4.07 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Maanaveeya Development & Finance Private Limited Not avl. / Not appl. Term Loan 30 Mar 2024 Not avl. / Not appl. 30 Nov 2025 1.23 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) State Bank of India Not avl. / Not appl. Term Loan 24 Jan 2022 Not avl. / Not appl. 30 Dec 2024 1.14 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) State Bank of India Not avl. / Not appl. Term Loan 31 Dec 2021 Not avl. / Not appl. 31 Jan 2025 0.38 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) Union Bank of India Not avl. / Not appl. Term Loan 04 Mar 2023 Not avl. / Not appl. 30 Apr 2026 3.06 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- ) State Bank of India Not avl. / Not appl. Term Loan 28 Dec 2022 Not avl. / Not appl. 27 Jan 2026 5.80 Simple ACUITE BB+ | Stable | Downgraded ( from ACUITE BBB- )

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh 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.