Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 20.00 ACUITE BB+ | Reaffirmed | Issuer not co-operating* -
Total Outstanding 20.00 - -

Erratum: In the original PR dated November 22, 2023, downgraded was mentioned in the Rating Rationale

paragraph which was incorrect and which has now been revised in this version. 

Rating Rationale

­Acuite has reaffirmed the long-term rating of ACUITE BB+ (read as ACUITE double B plus) on the Rs 20.00 crore bank facilities of Fino Finance Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

About the Company
Fino Finance Private Limited (formerly known as Intrepid Finance and Leasing Private Limited) was incorporated in 1994. Fino Finance Private Limited was registered with the RBI in 2002 as a non-deposit taking NBFC. FINO Paytech Limited (hold co.) acquired Fino Finance Private Limited (FFPL) and since then its FINO Paytech Limited‘s wholly owned subsidiary in 2010.  is engaged in extending microfinance loans to women borrowers through the joint liability groups (JLG) in rural areas. The company has its registered office in Navi Mumbai, Maharashtra. Besides MFI loans, FFPL also extends MSME loans to the tune of 5% of the total loan book as on December 31, 2020. Mr. Srividya Venkataraman, Mr. Ashok Kasaragod Kini, Mr. Amit Kumar Jain are directors of the entity.
 
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 non-cooperation 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:
The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based
 
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statement for Acuite to comment.
 
Rating Sensitivity
No information provided by the issuer / available for Acuite to comment upon.
 
All Covenants (Applicable only for CE & SO Ratings)
­Not Applicable
 
Liquidity Position
­No information provided by the issuer / available for Acuite to comment upon.
 
Outlook
­Not Applicable
 
Other Factors affecting Rating
­Not Applicable
 
Status of non-cooperation with previous CRA
­Not Applicable
 
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

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.
 

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
IDFC First Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE BB+ | Reaffirmed | Issuer not co-operating*

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