Press Release

Press Release

May 07, 2026

ANANYA FINANCE FOR INCLUSIVE GROWTH PRIVATE LIMITED - GYOMEI TRUST MARCH 2026
Rating Assigned

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Pass Through Certificates (PTCs)	0.00	16.58	Provisional \| ACUITE BBB+ \| SO \| Assigned	-	RBI
Total Outstanding	0.00	16.58	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has assigned the long-term rating of ‘ Provisional ACUITE BBB + (SO)’ (read as ACUITE triple B plus (Structured Obligation)) to the Pass Through Certificate(PTC) having an outstanding of Rs 16.58 Cr. issued by GYOMEI TRUST MARCH 2026 (The Trust) under a securitisation transaction originated by ANANYA FINANCE FOR INCLUSIVE GROWTH PRIVATE LIMITED (The Originator). The series A1 is backed by a pool of loans consisting of unsecured Agri and allied loans with a principal outstanding of Rs.18.43 Cr.

The rating is based on the strength of cash flows from the selected pool of contracts; the credit enhancement is available in the form of:
(i) OC of Rs 1.84 Cr.;
(ii) Cash collateral of Rs 1.84 Cr.; and
(iii) Excess Interest Spread of Rs 2.92 Cr.

The rating of the PTCs will be converted to final from provisional as following documents are received:

1. Trust Deed
2. Deed of Assignment
3. Servicer Agreement
4. Legal Opinion
5. Final Term Sheet
6. Accounts Agreement
7. Power of Attorney

About the Originator

Ahmedabad-based Ananya Finance for Inclusive Growth Private Limited (Ananya) was incorporated in 2009 and started its operations in 2010. Ananya is an NBFC set up by Friends of Women’s World Banking – India (FWWB). Ananya started operations by taking over FWWB’s Wholesale Microfinance Institution lending portfolio in April 2010. The NBFC has a diversified portfolio across Microfinance, Agrifinance and Impact MSME. Ananya operates through its headquarters in Ahmedabad and 25 partner branches from its co-lending/BC partnership as on March 31, 2025. Ananya started with wholesale lending to financial institutions engaged in micro-credit loans in 2010, expanding its lending activities to the agriculture sector in January 2015 and direct lending to individuals through NBFC & NBFC-MFIs in September 2020.

Standalone Rating of the Originator (if rated by Acuite)

ACUITE BB+ Negative

Assessment of the pool

Ananya Finance had Assets under management of Rs 315.76 Cr. as on March 31, 2026. The current pool being securitized comprises 0.05 percent of the total AUM. The underlying pool in the current Pass Through Certificate (PTC) transaction comprises of agriculture and allied loans extended towards 4915 JLG borrowers. The pool has an average ticket size of Rs. 0.50 lakhs, minimum ticket size of Rs. 0.30 lakh and maximum of Rs. 1.20 lakhs. The current average outstanding per borrower stands at Rs. 0.37 lakhs. The weighted average current tenure for pool is 24 months and has weighted average seasoning of 8.56 months. Hence, the pool has moderate seasoning. Of the outstanding pool, 29.81% of these borrowers are concentrated in Uttar Pradesh and 22.41% of these borrowers are concentrated in Rajasthan. The top 10 borrowers constitute 0.50% i.e. Rs. 0.09 Cr. of the of the pool which indicates low concentration risk.

Credit Enhancements (CE)

The rating is based on the strength of cash flows from the selected pool of contracts; the credit enhancement is available in the form of
(i) OC of Rs 1.84 Cr.;
(ii) Cash collateral of Rs 1.84 Cr.; and
(iii) Excess Interest Spread of Rs 2.92 Cr.

Transaction Structure

The rating of Series A1 addresses the timely payment of the interest on each payout dates and ultimate payment of principal on final maturity date to the series A1 investors, in accordance with the transaction documentation.

Brief Methodology

Parameters considered are seasoning of the pool, pool vs portfolio, portfolio cuts, amortisation of the pool, internal cash flow modelling, pool characteristics, static pool, dynamic DPDs to assign rating.

Legal Assessment

The provisional rating is based on a draft term sheet. The conversion of rating from provisional to final, shall include, besides other documents, the legal opinion to the satisfaction of Acuité. The legal opinion shall cover, adherence to RBI guidelines, true sale, constitution of the trust, bankruptcy remoteness and other related aspects.

Key Risks

Counterparty Risks

The underlying pool in the current Pass Through Certificate (PTC) transaction comprises of agriculture and allied loans extended towards 4915 JLG borrowers. The pool has average ticket size of Rs. 0.50 lakhs, minimum ticket size of Rs. 0.30 lakhs and maximum of Rs. 1.20 lakhs. Considering the vulnerable credit profile of the borrowers, the risk of delinquencies/defaults are elevated. These risks of delinquencies are partly mitigated, considering the efficacy of the originator’s origination and monitoring procedures.

Concentration Risks

The pool is geographical concentration as 29.81% of these borrowers are concentrated in Uttar Pradesh and 22.41% of these borrowers are concentrated in Rajasthan. The top 10 borrowers constitute 0.50% i.e. Rs. 0.09 Cr. of the of the pool which indicates low concentration risk.

Servicing Risk

There is limited track record of servicing PTCs, since, this is the first securitisation transactions for the originator rated by Acuite.

Regulatory Risk

In the event of a regulatory stipulation impacting the bankruptcy remoteness of the structure, the payouts to the PTC holders may be impacted.

Prepayment Risk

The pool is subject to prepayment risks since rate of interest is significantly high and borrowers may be inclined to shift to low cost options (based on availability). Further, the asset classes being Agri & Allied, the risk of prepayment remains high. In case of significant prepayments, the PTC holders will be exposed to interest rate risks, since the cash flows from prepayment will have to be deployed at lower interest rates.

Commingling Risk

The transaction is subject to commingling risk since there is a time gap between last collection date and transfer to payout account.

Rating sensitivity

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

Increase in the Build-up of credit enhancement
Improvement in the pool performance
Adherence to terms and conditions, as stipulated in the Transaction Documents

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

Deterioration in asset quality of the underlying pool, including higher-than-expected delinquencies, defaults, or cumulative losses.
Decrease in cover available for SN (PTC) payouts from the credit enhancement
Weakening in collection efficiency at the servicer/originator level less than 90 percent on a continuous basis

All Covenants

The issuer has confirmed there are no covenants in the draft term sheet.

All Assumptions

Acuité has arrived at a base case delinquency estimate basis its analysis of the company's historical delinquencies and further applied appropriate stress factors to the base loss figures to arrive at the final loss estimates. The loss estimate also consider the risk profile of the particular asset class, the borrower strata, economic risks, collection efficiency over the past several months as well as the credit quality of the originator. Acuité also has simulated the potential losses to an extent of 7.5 percent by applying sensitivity analysis.

Liquidity Position

Adequate

The liquidity position in the transaction is adequate. The credit enhancement is available in the form of:
(i) Subordinated equity tranche of Rs 1.84 Cr.;
(ii) Cash collateral of Rs 1.84 Cr.; and
(iii) Excess Interest Spread of Rs 2.92 Cr.

Outlook: Not Applicable.

Key Financials - Originator

Particulars	Unit	FY25(Actual)	FY24(Actual)
Total Assets	Rs. Cr.	543.54	637.02
Total Income*	Rs. Cr.	48.00	30.40
PAT	Rs. Cr.	(34.73)	1.13
Net Worth	Rs. Cr.	131.18	149.30
Return on Average Assets (RoAA)	(%)	(5.88)	0.20
Return on Average Net Worth (RoNW)	(%)	(24.77)	0.91
Debt/Equity	Times	3.02	3.13
Gross NPA	(%)	0.58	2.03
Net NPA	(%)	0.47	1.45

*Total income equals to Net Interest Income plus other income

Supplementary disclosures for Provisional Ratings

Risks associated with the provisional nature of the credit rating

In case there are material changes in the terms of the transaction after the initial assignment of the provisional rating and post the completion of the issuance (corresponding to the part that has been issued) Acuité will withdraw the existing provisional rating and concurrently assign a fresh final rating in the same press release, basis the revised terms of the transaction.

Rating that would have been assigned in absence of the pending steps/ documentation

In the absence of the pending steps/documents the PTC structure would have become null and void, and Acuité would not have assigned any rating.

Timeline for conversion to Final Rating for a debt instrument proposed to be issued

The provisional rating shall be converted into a final rating within 90 days from the date of issuance of the proposed debt instrument. Under no circumstance shall the provisional rating continue upon the expiry of 180 days from the date of issuance of the proposed debt instrument.

Status of disclosure of all relevant information about the Obligation being Rated

Non Public information.

Any Other Factor Affecting Rating

Not Applicable

Any other information

None

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.

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
• Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm
• Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm

Rating History :

Not Applicable.

Rating History - Originator (if applicable)

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
11 Nov 2025	Secured Overdraft	Long Term	1.00	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	9.30	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	27.67	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	9.00	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Secured Overdraft	Long Term	1.00	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Secured Overdraft	Long Term	1.00	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	11.67	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	25.00	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	87.89	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Proposed Non Convertible Debentures	Long Term	0.28	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	54.00	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	12.72	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	7.58	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	5.32	ACUITE BB+ \| Negative (Downgraded from ACUITE BBB- \| Stable)
12 May 2025	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.30	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.67	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.58	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.32	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.00	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.67	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	87.89	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.28	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	54.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	12.72	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE Not Applicable (Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	17.00	ACUITE Not Applicable (Withdrawn)
05 Mar 2025	Proposed Long Term Bank Facility	Long Term	87.89	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	17.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	0.28	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	54.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.32	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.58	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.30	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.67	ACUITE BBB- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	12.72	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	11.67	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	30.00	ACUITE BBB- \| Stable (Assigned)
17 Jan 2025	Proposed Long Term Bank Facility	Long Term	112.89	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	17.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Proposed Non Convertible Debentures	Long Term	0.28	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	54.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	9.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	5.32	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Secured Overdraft	Long Term	1.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	7.58	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	9.30	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	27.67	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	12.72	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
	Term Loan	Long Term	11.67	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Stable)
19 Jan 2024	Proposed Long Term Bank Facility	Long Term	78.34	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE BBB \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	17.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	13.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	54.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.91	ACUITE BBB (Reaffirmed & Withdrawn)
	Term Loan	Long Term	3.60	ACUITE BBB (Reaffirmed & Withdrawn)
	Term Loan	Long Term	3.81	ACUITE BBB (Reaffirmed & Withdrawn)
	Term Loan	Long Term	3.00	ACUITE BBB (Reaffirmed & Withdrawn)
	Term Loan	Long Term	0.30	ACUITE Not Applicable (Withdrawn)
	Term Loan	Long Term	0.95	ACUITE Not Applicable (Withdrawn)
14 Apr 2023	Proposed Long Term Bank Facility	Long Term	139.75	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.82	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE BBB \| Stable (Assigned)
	Secured Overdraft	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	28.20	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	11.90	ACUITE BBB \| Stable (Reaffirmed)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Pass Through Certificate	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	16.58	Highly Complex	Provisional \| ACUITE BBB+ \| SO \| Assigned

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Tejas Chaugule
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.