Press Release

Press Release

April 10, 2026

RICHLINE FINANCE LIMITED
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	7.49	ACUITE C \| Reaffirmed \| Issuer not co-operating*	-
Bank Loan Ratings	7.51	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Total Outstanding	15.00	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE D' (read as ACUITE D) on the Rs.7.51 Cr. bank facilities of Richline Finance Limited (RFL).

Acuité has reaffirmed the long-term rating of ‘ACUITE C' (read as ACUITE C) on the Rs.7.49 Cr. proposed bank facilities of Richline Finance Limited (RFL).

The rating is now flagged as “Issuer Not-Cooperating” and is based on the best information available.

About the Company

Richline finance Limited (RFL) was incorporated in 1991 under Indian Companies Act 1956 and registered with RBI as an NBFC.The company is promoted by Mr. Srinivasan (Managing Director), Mr. Pon Bhuvaneswari (Promoter-Director) and Mr. Murugesh M (Promoter-Director). The present directors took over the company in 2014. Mr. Srinivasan (MD) has over two decades experience in the Exports of Garments and Textile. Mr. Srinivasan (MD) is supported by Mrs Pon Bhuvaneswari who actively manages the day to day operations of the company and branch. Mr. Murugesh M is responsible for HR and Compliances.The Company is engaged in lending MSME loans in the range of Rs 50,000 to Rs. 1,00,000. The Company operates in Tamil Nadu with a network of 9 Branches as on December 31, 2023.

Unsupported Rating

Not applicable

Non-cooperation by the issuer/borrower

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. Acuité believes that information risk is a critical component in such ratings, and noncooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is therefore being flagged as “Issuer not cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

No information provided by the issuer / available for Acuite to comment upon.

Potential triggers (individual or collective) for a downward rating action:

No information provided by the issuer / available for Acuite to comment upon.

Liquidity Position

No information provided by the issuer / available for Acuite to comment upon.

Outlook: Not applicable

Other Factors affecting Rating

None

Key Financials:

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs. Cr.	13.97	10.82
Total Income*	Rs. Cr.	2.00	1.29
PAT	Rs. Cr.	0.23	0.19
Networth	Rs. Cr.	4.11	3.88
Return on Average Assets (RoAA)	(%)	1.89	2.44
Return on Average Net Worth (RoNW)	(%)	5.87	5.11
Debt/Equity	Times	2.24	1.66
Gross NPA’s	(%)	- **	0.83
Net NPA’s	(%)	- **	0.83

* Total income equals to Net interest income plus other income
** Figures unavailable

Status of non-cooperation with previous CRA

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
20 Jan 2025	Proposed Long Term Bank Facility	Long Term	7.49	ACUITE C (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	0.37	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	0.45	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	0.50	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	0.05	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	0.23	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	0.31	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	5.50	ACUITE D (Downgraded from ACUITE B+ \| Stable)
	Term Loan	Long Term	0.10	ACUITE D (Downgraded from ACUITE B+ \| Stable)
11 Apr 2024	Working Capital Demand Loan (WCDL)	Long Term	5.50	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.05	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.10	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.23	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.31	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.50	ACUITE B+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	7.49	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.45	ACUITE B+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.37	ACUITE B+ \| Stable (Reaffirmed)
13 Jan 2023	Working Capital Demand Loan (WCDL)	Long Term	5.50	ACUITE B+ \| Stable (Assigned)
	Term Loan	Long Term	0.23	ACUITE B+ \| Stable (Assigned)
	Proposed Long Term Bank Facility	Long Term	9.27	ACUITE B+ \| Stable (Assigned)

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.	7.49	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Rar Fincare Limited	Not avl. / Not appl.	Term Loan	07 Nov 2022	Not avl. / Not appl.	19 Nov 2024	0.10	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Rar Fincare Limited	Not avl. / Not appl.	Term Loan	23 Aug 2023	Not avl. / Not appl.	28 Aug 2025	0.23	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
FINSTARS CAPITAL LIMITED	Not avl. / Not appl.	Term Loan	30 Jun 2023	Not avl. / Not appl.	05 Feb 2025	0.31	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
FINSTARS CAPITAL LIMITED	Not avl. / Not appl.	Term Loan	08 Feb 2024	Not avl. / Not appl.	24 Nov 2025	0.50	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Shriram Transport Finance Company Ltd.	Not avl. / Not appl.	Term Loan	07 Jul 2023	Not avl. / Not appl.	20 Jul 2025	0.37	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Shriram Transport Finance Company Ltd.	Not avl. / Not appl.	Term Loan	04 Nov 2023	Not avl. / Not appl.	10 Nov 2025	0.45	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Rar Fincare Limited	Not avl. / Not appl.	Term Loan	08 Jun 2022	Not avl. / Not appl.	17 Jun 2024	0.05	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	5.50	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Nivedita Gokul
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.