Press Release November 30, 2024 EDELWEISS FINANCIAL SERVICES LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	4400.00	ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications	-
Total Outstanding	4400.00	-	-
Total Withdrawn	0.00	-	-

Erratum: This Press release publishes the rectifications in the Key Financial section where one of the parameters for FY24 number was incorrectly captured in the original press release dated 7 June, 2024.

Rating Rationale

­­Acuité has reaffirmed its long-term rating of ‘ACUITE A+' (read as ACUITE A Plus) on the Rs.4400 Cr. non convertible debentures of EDELWEISS FINANCIAL SERVICES LIMITED. The rating is placed under rating watch with negative implication. Ratinale for the rating: The rating watch with negative implication is on account of material supervisory concern raised by RBI as it has directed ECL Finance Ltd (ECL) to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/ or closure of accounts in its normal course of business and Edelweiss Asset Reconstruction Company Limited (EARCL) to cease and desist from acquisition of financial assets including security receipts (SRs) and reorganising the existing SRs into senior and subordinate tranches. Acuité has discussed these issues with the Edelweiss management and understand that the impact on the wholesale lending business for Edelweiss group would be minimal as the company is already in the process of running down the whole book for last three years. With regards to ARC, AUM of the Edelweiss Asset Reconstruction Company (EARC) stood at ?31,590 crore as on March 31, 2024 against ?37,111 crore as on March 31, 2023. Acuite believes that ARC business can be significantly impacted on account of no new fresh acquisitions and the ambiguity around the valuation of the SRs . The company  intends  to be fully complaint on the regulatory observations and hence is  expected to submit the plan of action to regulators by 9th June 2024.    Acuité will keep on monitoring the same for its implications on the operational and financial performance  of the company along with impact on financial flexibility. The rating derives its strength on account of increase in earnings from operating activities which stood at Rs. 528.04 Cr. in FY24   from Rs. 405.56 Cr. in FY23. The earning profile is largely supported by fair value gains from asset revaluation.The management continues to focus primarily on fee-based businesses, accordingly, there has been a consistent decline in the group loan book along with ongoing concerns on the asset quality of the existing lending portfolio, particularly its wholesale book which is concentrated towards real estate assets. The stage 3 assets in the lending portfolio stood at Rs. 720 Cr(13.00%) as on March 31, 2024 from Rs. 794 Cr. (10.52%) as on March 31, 2023 (As per the revised data provided by the group).  Nevertheless, the rating continues to factor Edelweiss Group’s established track record in financial services, adequate capitalization levels and comfortable liquidity profile. The rating takes cognizance of the Group’s strategic intent on re-building its retail loan franchise with focus on the co-origination model, which will keep it asset light and provides granularity to loan portfolio. The rating factors in the growth in the Mutual Fund AUM, Alternative assets and the growth in number of policies issued in the insurance business. Acuite also notes that the insurance business has reached an Embedded Value breakeven, but it is expected to take a few more years and infusions from the parent before turning profitable. The rating also takes into consideration the group’s reducing debt and demonstrated resource raising ability. Acuité believes demonstrating sustainable improvement in profitability from the regular course of business operations and revenue streams in the evolving operating environment along with improvement in the asset quality would remain key rating monitorable.

About the Company

Headquartered in Mumbai, Edelweiss Financial Services Limited (EFSL), the holding company of Edelweiss Group, was incorporated in 1995 and has diversified its line of operations across various fund based and non-fund-based businesses.It is engaged in credit (comprising wholesale, retail, SME, and agricultural financing), non-credit businesses (comprising financial markets- related fee businesses, asset management and commodities) and life insurance. Mr. Rashesh Chandrakant Shah, Mr. Venkatchalam Arakoni Ramaswamy, Mrs. Vidya Shah, Mrs. Ashima Goyal, Mr. Ashok Kasaragod Kini and Mr. Shiva Kumar are the directors of the company.

About the Group

­­Headquartered in Mumbai, Edelweiss Financial Services Limited (EFSL), the holding company of Edelweiss Group, was incorporated in 1995 and has diversified its line of operations across various fund based and non-fund-based businesses. Edelweiss Group is promoted by Mr. Rashesh Shah and Mr. Venkat Ramaswamy and offers a bouquet of financial services to a diversified client base across domestic and global geographies. Its key line of business includes Credit (retail and corporate), Asset Management, Asset Reconstruction, Insurance (life and general) and Wealth management including Capital Markets. The Edelweiss Group comprises Edelweiss Financial Services Limited, 30 subsidiaries and associates as on March 31, 2023. Post divestment of significant stake in wealth management business, the number of subsidiaries and associate companies have changed. Edelweiss group has a pan India presence with a global footprint extending across geographies with offices in New York, Mauritius, Dubai, Singapore, Hong Kong and UK.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­­Acuité has adopted a consolidated approach on Edelweiss Financial Services Limited (EFSL) along with its 30 subsidiaries and associates as on March 31, 2023 , collectively referred to as ‘Edelweiss group’. The approach is driven by common promoters, shared brand name, significant operational and financial synergies between the companies. Acuité has rated secured NCDs as well as perpetual NCDs issued by Edelweiss group companies. It is pertinent to note that, Unsecured Subordinated Non-Convertible Debentures (i.e. Perpetual NCDs) are rated at a lower level vis-à-vis the regular secured debt instruments. This is in view of the significant loss absorption characteristics associated with these perpetual instruments. The issuer may be required to skip/defer the coupon/interest payment in case of certain events such as decline in CAR below regulatory thresholds.

Key Rating Drivers

Strength

­­Strong parentage Edelweiss Group is promoted by Mr. Rashesh Shah and Mr. Venkat Ramaswamy, who are seasoned professionals in the financial services industry with over two decades of experience. The promoters are supported by experienced professionals who are into financing, wealth, and asset management businesses. The group has a diverse business profile in financial services with presence in segments such as retail credit (including agri-finance), wholesale lending, warehousing services, asset reconstruction, asset management and insurance business. The various verticals of the group as mentioned above are now under the following broad categories i.e. Credit (retail and corporate), Asset Management, Asset Reconstruction and Insurance (life and general). The Group had consolidated loan book of Rs. 4854 Cr  as on March 31, 2024  as against Rs 6907 Cr  which retail credit is Rs. 3347 Cr and wholesale credit at Rs.593 Cr.The wholesale segment comprised loans to realtors and structured Credit. The Group has been attempting to gradually increase its exposure to retail segment and has entered in to deals with multiple banks for lending under co-origination model. It has taken several steps to reduce its exposure to the wholesale segment and reorient the portfolio toward small and mid-corporate lending segments. Besides the fund-based activities, Edelweiss Group also has an established franchise in asset management. The group had completed sale of its majority stake in wealth management business to PAG. As on March 31, 2023, the group had customer assets of about Rs.4,13,800 Cr. (about Rs. 3,57,700 Cr. as on March 31,2022). Most of the businesses of the group present significant synergies amongst themselves and growth potential both on the assets and liabilities side. The access to a pool of HNIs can be leveraged to create fund-based structures which can be utilized to support the AUM growth of the group. Acuité believes Edelweiss group’s established position in financial services and diversified range of fee and fund-based product offerings will continue to support its business risk profile. Diversified funding profile The group’s financial flexibility is supported by its demonstrated ability to mobilise resources from diversified set of investors across domestic banks, Institutional investors and lenders, foreign investors and domestic retail investors amongst others. The Group has attracted investments from reputed international investors such as CDPQ (Caisse de dépôt et placement du Québec), and PAG Asia. In the past, the Group also raised capital from KORA Management and Sanaka Capital. In July 2021, the Group announced stake sale of 70%, subject to regulatory approvals, in its insurance broking business to existing investor, Gallagher Insurance for consideration of ~Rs.308 Cr. As on March 31, 2023, borrowings stood at Rs.21,736 Cr. (borrowings adjusted for CBLOs and compulsorily convertible debentures stood at Rs.19,263 Cr). The group has raised ~Rs. 7909 Cr. in FY23 through public and private NCDs, Structured NCDs, CPs and bank borrowings. Acuité expects the Group to continue to benefit from diversified funding mix across domestic banks, Institutional investors and lenders, foreign investors and domestic retail investors amongst others. Adequate gearing levels and liquidity buffer The Group’s net worth stood at Rs. 6,744 Cr. as on March 31, 2023 (Rs. 6,537 Cr. as on March 31,2022).As on March 31,2024 the Group's net worth stood at Rs.6049.29 Cr. Concomitantly, capital adequacy of the NBFC business stood at 34.3 percent and HFC stood at 32 percent as on March 31, 2023.

Weakness

­Moderate earning profile The Group reported profit after tax of Rs. 528.04 Cr in FY2024 which improved against 405.55 Cr from FY2023 and Rs. 212.07 Cr. in FY2022.The earning profile continued its dependency on fair value gains from asset revaluation and sale of businesses. The group have been reporting modest ROA, which has continuously been less than 1.00%. Acuité also takes notes of several measures taken by the Group to rationalize cost and improve profitability including co-origination model for building retail portfolio and focus on non-fund business streams. Acuité believes that Group’s ability to sustain improvement in earnings profile from regular course of business in the current operating environment coupled with the intense competition in the retail segment will be key rating monitorable. Constant pressure on asset quality While the decline in loan book continued, the asset quality indicators worsened due to a lower base. As per the revised data, the Group’s Gross stage 3 assets (GNPAs) at Rs 720 Cr(13.00% of lending book) on March 31,2024 as against Rs. 794 Cr (10.52% of lending book) on March 31, 2023. The NNPA stood at Rs 125 Cr (2.25%) and the provisioning stood at Rs. 156 Cr. (2.06 % of lending book). As on September 30, 2023, the Gross Stage 3 further moderated to 12.12 percent on account of degrowth in the book. Given that ~31% of the lending portfolio is still in the stage 2 bucket and the vulnerability in the wholesale lending book due to the exposure to real estate sector, the pressure on asset quality is likely to remain. The top 20 exposures accounted for ~30% of the overall loan book. The group’s wholesale segment mostly comprises exposures to real estate developers for their projects. The cash flows of these realtors and the quality of these exposures is linked to the revival in the real estate cycle. The group has already initiated steps to prune its exposure to the wholesale segment through various initiatives such as slowing down fresh sanctions and sell down of existing assets to dedicated funds and ARCs. Acuité believes that the Group’s ability to attain any significant improvement in asset quality amidst current economic environment will remain a key rating sensitivity. Reduced diversity of the group business There is a shift from the fund-based business model to non-fund based business by the group. This has impacted the revenue streams of the group. Owing to the stake sale, the share wealth business (EWM)a has been diluted to ~44 percent and after the issuance of share to Edelweiss shareholders it will be further diluted to ~14 percent by the end of August, 2023. The insurance business has a long gestation period. The income streams from the capital based business of the group has been generating losses continuously. This provides less stability to the income profile of the group where the ARC business, which is the key driver, is susceptible to the cyclicity and volatility of the industry and regulatory environment.

ESG Factors Relevant for Rating

­Edelweiss Group offers a bouquet of financial services to a diversified client base across domestic and global geographies. The Group has presence in segments such as retail credit (including agri-finance), wholesale lending, warehousing services, asset reconstruction, asset management and insurance business. Adoption and upkeep of strong business ethics is a sensitive material issue for the financial services business linked to capital markets to avoid fraud, insider trading and other anti-competitive behaviour. Other important governance issues relevant for the industry include management and board compensation, board independence as well as diversity, shareholder rights and role of audit committee. As regards the social factors, product or service quality has high materiality so as to minimise misinformation about the products to the customers and reduce reputational risks. For the industry, retention, and development of skilled manpower along with equal opportunity for employees is crucial. While data security is highly relevant due to company’s access to confidential client information, social initiatives such as enhancing financial literacy and improving financial inclusion are fairly important for the financial services sector. The material of environmental factors is low for this industry.   Edelweiss Group’s board comprises of eight directors with two women directors. Of the total eight directors, four are independent directors. The Group maintains adequate disclosures for business ethics which can be inferred from its policies relating to code of conduct, whistle blower protection and related party transactions. The Group has formed a Risk Committee with four out of five members being independent directors for among other things, identifying and evaluating risks and development, implementing and tracking risk management efforts. All the members of Audit Committee are independent directors. For redressal of grievances of the security holders, it has constituted a Stakeholders’ Relationship Committee. The Group also has a committee for appointment, remuneration and performance evaluation of the Board. On the social aspect, the Group has taken development and training initiatives towards career development of its employees. The Group has put in place data privacy policy to ensure adequate safeguards for collection, storage and processing of personal and sensitive information and data of customers and third parties. Further, the Group has set up EdelGive foundation, a grant-making foundation which is funding and supporting the growth of small to mid-sized grassroots NGOs committed to empowering vulnerable children, women, and communities. Over the last 13 years, EdelGive has supported over 150 organizations across 111 districts in 14 states of India.

Rating Sensitivity

­ Movement in earning profile indicated through RoAA Growth in AUM for retail lending Movement in the asset quality and collection efficiency Movement in cost of borrowings and liquidity buffers Changes in Regulatory environment

Liquidity Position

Adequate

­­EFSL’s liquidity profile is supported by the group’s centralised treasury operations and adequate liquidity position. The group has demonstrated the ability to raise medium to long term funding from banks/capital markets which should support the Group’s ability to plug any possible mismatches. The Group’s liquidity profile is supported by funding from diversified base i.e. banks and financial institutions along with capital market instruments like CBLO borrowings, Commercial Papers and NCDs.

Outlook : Not applicable

­

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY24 (Actual) FY23 (Actual) Total Assets Rs. Cr. 8498.59 10529.08 Total Income* Rs. Cr. 700.79 2785.95 PAT Rs. Cr. 695.21 2388.25 Net Worth Rs. Cr. 5462.85 7255.26 Return on Average Assets (RoAA) (%) 7.31 25.88 Return on Average Net Worth (RoNW) (%) 10.93 38.97 Debt/Equity Times 0.54 0.36 Gross NPA (%) - - Net NPA (%) - - *Total income equals to Net Interest Income plus other income Ratios as per Acuité calculations

Key Financials (Consolidated)

Particulars Unit FY24 (Actual) FY23 (Actual) Total Assets Rs. Cr. 41373.10 42852.70 Total Income* Rs. Cr. 6815.07 6058.02 PAT Rs. Cr. 528.04 405.56 Net Worth Rs. Cr. 6049.29 7846.23 Return on Average Assets (RoAA) (%) 1.25 0.95 Return on Average Net Worth (RoNW) (%) 7.61 5.26 Debt/Equity** Times 3.37 2.78 Gross NPA (%) 13.00 10.52 Net NPA (%) 2.25 2.06 ­ *Total income equals to Net Interest Income plus other income Ratios as per Acuité calculations **The borrowings adjusted for CBLOs and compulsorily convertible debentures stood at Rs.19,263 Cr. The adjusted networth with CCDs stood at~Rs. 7846 Cr. and the adjusted gearing at 2.78 times as per the auditor report submitted

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

­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 • 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 18 Dec 2023 Secured Retail Non-Convertible Debentures Long Term 25.67 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.44 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.98 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.90 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 54.49 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 49.76 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 20.16 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 119.82 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 36.73 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.51 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 47.20 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 23.85 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.31 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 7.81 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 38.06 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 28.06 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 78.06 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.22 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 31.10 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.17 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 75.80 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 77.76 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 16.61 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 60.56 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 83.39 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 11.94 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 73.70 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 489.78 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 29.70 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 80.90 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 82.35 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 44.52 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.76 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 28.40 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.12 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 21.50 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.73 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 57.71 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 42.10 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 22.53 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 122.00 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 32.36 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.30 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 5.71 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 29.71 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 36.61 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.15 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 78.51 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 28.06 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 8.63 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 34.43 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 11.17 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.67 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 68.66 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 29.84 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.92 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 34.56 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.23 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 1500.00 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 91.48 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 0.42 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 2.70 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.02 ACUITE A+ | Stable (Reaffirmed) 20 Jul 2023 Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 78.06 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.22 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 31.10 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.17 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 75.80 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 77.76 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 16.61 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 60.56 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 83.39 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 11.94 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 73.70 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 489.78 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 29.70 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 80.90 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 82.35 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 44.52 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.76 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 28.40 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.12 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 21.50 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.73 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 57.71 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 42.10 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 22.53 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 122.00 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 32.36 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.30 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.67 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.44 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.98 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.90 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 54.49 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 49.76 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 20.16 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 119.82 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 36.73 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.51 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 47.20 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 23.85 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.31 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 7.81 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 38.06 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 28.06 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.67 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 68.66 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 29.84 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.92 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 34.56 ACUITE A+ | Stable (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.23 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 1500.00 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 349.48 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 0.42 ACUITE A+ | Stable (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 2.70 ACUITE A+ | Stable (Reaffirmed) 03 Jul 2023 Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 78.06 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 13.22 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 31.10 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 12.17 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 75.80 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 77.76 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 16.61 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 60.56 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 83.39 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 11.94 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 73.70 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Proposed Secured Retail Non-Convertible Debentures Long Term 489.78 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 29.70 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 80.90 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 82.35 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 44.52 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 13.76 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 28.40 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 10.12 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 21.50 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 10.73 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 57.71 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 42.10 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 22.53 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 122.00 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 32.36 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 10.30 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 25.67 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 19.44 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 19.98 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 9.90 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 54.49 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 49.76 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 20.16 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 119.82 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 36.73 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 15.51 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 47.20 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 23.85 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 13.31 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 7.81 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 38.06 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 28.06 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 10.67 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 68.66 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 29.84 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 9.92 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 34.56 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Secured Retail Non-Convertible Debentures Long Term 12.23 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Proposed Secured Retail Non-Convertible Debentures Long Term 1500.00 ACUITE A+ | Stable (Assigned) Proposed Secured Retail Non-Convertible Debentures Long Term 349.48 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Proposed Secured Retail Non-Convertible Debentures Long Term 0.42 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) Proposed Secured Retail Non-Convertible Debentures Long Term 2.70 ACUITE A+ | Stable (Downgraded from ACUITE AA- | Negative) 07 Dec 2022 Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 78.06 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.22 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 31.10 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.17 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 75.80 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 77.76 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 16.61 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 60.56 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 83.39 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 11.94 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 73.70 ACUITE AA- | Negative (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 492.90 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 29.70 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 80.90 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 82.35 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 44.52 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.76 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 28.40 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.12 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 21.50 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.73 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 57.71 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 42.10 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 22.53 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 122.00 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 32.36 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 10.30 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 25.67 ACUITE AA- | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.44 ACUITE AA- | Negative (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 1000.00 ACUITE AA- | Negative (Assigned) 05 Aug 2022 Proposed Secured Retail Non-Convertible Debentures Long Term 181.30 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 400.00 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 13.22 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 31.10 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 12.17 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 75.80 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 77.76 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 16.61 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 60.56 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 83.39 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 11.94 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 73.70 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Proposed Secured Retail Non-Convertible Debentures Long Term 354.00 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 29.70 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 80.90 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 82.35 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 44.52 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 13.76 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 28.40 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) Secured Retail Non-Convertible Debentures Long Term 10.12 ACUITE AA- | Negative (Downgraded from ACUITE AA | Negative) 04 Feb 2022 Proposed Secured Retail Non-Convertible Debentures Long Term 181.30 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 400.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.22 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 31.10 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.17 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 75.80 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 77.76 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 16.61 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 60.56 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 83.39 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 11.94 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 73.70 ACUITE AA | Negative (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 643.75 ACUITE AA | Negative (Reaffirmed) 04 Jan 2022 Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE AA | Negative (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 1100.00 ACUITE AA | Negative (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 181.30 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 400.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE AA | Negative (Reaffirmed) 24 Sep 2021 Secured Retail Non-Convertible Debentures Long Term 400.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE AA | Negative (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 1100.00 ACUITE AA | Negative (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 181.30 ACUITE AA | Negative (Reaffirmed) 31 Aug 2021 Proposed Secured Retail Non-Convertible Debentures Long Term 1500.00 ACUITE AA | Negative (Reaffirmed) Proposed Secured Retail Non-Convertible Debentures Long Term 181.30 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 15.72 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.13 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.30 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.11 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 81.92 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 12.50 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 50.02 ACUITE AA | Negative (Reaffirmed) 23 Jul 2021 Proposed Secured Retail Non-Convertible Debentures Long Term 1500.00 ACUITE AA | Negative (Assigned) Proposed Secured Retail Non-Convertible Debentures Long Term 181.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 16.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 82.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 50.00 ACUITE AA | Negative (Reaffirmed) 19 Jul 2021 Proposed Secured Retail Non-Convertible Debentures Long Term 1500.00 ACUITE AA | Negative (Assigned) Proposed Non Convertible Debentures Long Term 181.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 16.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 19.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 9.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 30.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 82.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 13.00 ACUITE AA | Negative (Reaffirmed) Secured Retail Non-Convertible Debentures Long Term 50.00 ACUITE AA | Negative (Reaffirmed) 06 Apr 2021 Proposed Secured Retail Non-Convertible Debentures Long Term 400.00 ACUITE AA | Negative (Reaffirmed) 04 Mar 2021 Proposed Secured Retail Non-Convertible Debentures Long Term 400.00 ACUITE AA | Negative (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 Secured Retail Non-Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 489.78 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed Secured Retail Non-Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1500.00 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed Secured Retail Non-Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 91.48 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed Secured Retail Non-Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.42 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable Not avl. / Not appl. Proposed Secured Retail Non-Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.70 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07EA2 Secured Retail Non-Convertible Debentures 21 Jul 2023 8.95 21 Jul 2025 10.02 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07EB0 Secured Retail Non-Convertible Debentures 21 Jul 2023 Not avl. / Not appl. 21 Jul 2025 5.71 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07ED6 Secured Retail Non-Convertible Debentures 21 Jul 2023 9.6 21 Jul 2026 29.71 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07EC8 Secured Retail Non-Convertible Debentures 21 Jul 2023 9.2 21 Jul 2026 36.61 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07EE4 Secured Retail Non-Convertible Debentures 21 Jul 2023 Not avl. / Not appl. 21 Jul 2026 15.15 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07EG9 Secured Retail Non-Convertible Debentures 21 Jul 2023 9.67 21 Jul 2028 78.51 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07EH7 Secured Retail Non-Convertible Debentures 21 Jul 2023 10.1 21 Jul 2028 28.06 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07EF1 Secured Retail Non-Convertible Debentures 21 Jul 2023 Not avl. / Not appl. 21 Jul 2028 8.63 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07EI5 Secured Retail Non-Convertible Debentures 21 Jul 2023 10 21 Jul 2023 34.43 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DZ1 Secured Retail Non-Convertible Debentures 21 Jul 2023 11.17 21 Jul 2023 11.17 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07BV4 Secured Retail Non-Convertible Debentures 29 Apr 2021 9.10 29 Apr 2024 50.02 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07BW2 Secured Retail Non-Convertible Debentures 29 Apr 2021 Not avl. / Not appl. 29 Apr 2024 12.50 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07BX0 Secured Retail Non-Convertible Debentures 29 Apr 2021 9.16 29 Apr 2026 81.92 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07BY8 Secured Retail Non-Convertible Debentures 29 Apr 2021 9.55 29 Apr 2026 30.11 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07BZ5 Secured Retail Non-Convertible Debentures 29 Apr 2021 Not avl. / Not appl. 29 Apr 2026 9.30 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CA6 Secured Retail Non-Convertible Debentures 29 Apr 2021 9.30 29 Apr 2031 19.13 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CB4 Secured Retail Non-Convertible Debentures 29 Apr 2021 9.70 29 Apr 2031 15.72 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CC2 Secured Retail Non-Convertible Debentures 10 Sep 2021 8.75 10 Sep 2024 78.06 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CU4 Secured Retail Non-Convertible Debentures 28 Dec 2021 9.70 28 Dec 2031 13.22 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CT6 Secured Retail Non-Convertible Debentures 28 Dec 2021 9.30 28 Dec 2031 31.10 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CS8 Secured Retail Non-Convertible Debentures 28 Dec 2021 Not avl. / Not appl. 28 Dec 2026 12.17 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CR0 Secured Retail Non-Convertible Debentures 28 Dec 2021 9.55 28 Dec 2026 75.80 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CQ2 Secured Retail Non-Convertible Debentures 28 Dec 2021 9.15 28 Dec 2026 77.76 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CP4 Secured Retail Non-Convertible Debentures 28 Dec 2021 Not avl. / Not appl. 28 Dec 2024 16.61 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CO7 Secured Retail Non-Convertible Debentures 28 Dec 2021 9.10 28 Dec 2024 60.56 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CN9 Secured Retail Non-Convertible Debentures 28 Dec 2021 8.75 28 Dec 2024 83.39 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CM1 Secured Retail Non-Convertible Debentures 28 Dec 2021 Not avl. / Not appl. 28 Dec 2023 11.94 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CL3 Secured Retail Non-Convertible Debentures 28 Dec 2021 8.75 28 Dec 2023 73.70 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CE8 Secured Retail Non-Convertible Debentures 10 Sep 2021 Not avl. / Not appl. 10 Sep 2024 29.70 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CD0 Secured Retail Non-Convertible Debentures 10 Sep 2021 9.10 10 Sep 2024 80.90 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CF5 Secured Retail Non-Convertible Debentures 10 Sep 2021 9.15 10 Sep 2026 82.35 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CG3 Secured Retail Non-Convertible Debentures 10 Sep 2021 9.55 10 Sep 2026 44.52 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CH1 Secured Retail Non-Convertible Debentures 10 Sep 2021 Not avl. / Not appl. 10 Sep 2026 13.76 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CI9 Secured Retail Non-Convertible Debentures 10 Sep 2021 9.30 10 Sep 2031 28.40 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CJ7 Secured Retail Non-Convertible Debentures 10 Sep 2021 9.70 10 Sep 2031 10.12 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CV2 Secured Retail Non-Convertible Debentures 20 Oct 2022 8.85 20 Oct 2024 21.50 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CW0 Secured Retail Non-Convertible Debentures 20 Oct 2022 Not avl. / Not appl. 20 Oct 2024 10.73 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CX8 Secured Retail Non-Convertible Debentures 20 Oct 2022 8.90 20 Oct 2025 57.71 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CY6 Secured Retail Non-Convertible Debentures 20 Oct 2022 9.25 20 Oct 2025 42.10 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07CZ3 Secured Retail Non-Convertible Debentures 20 Oct 2022 Not avl. / Not appl. 20 Oct 2025 22.53 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DB2 Secured Retail Non-Convertible Debentures 20 Oct 2022 9.35 20 Oct 2027 122.00 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DC0 Secured Retail Non-Convertible Debentures 20 Oct 2022 9.75 20 Oct 2027 32.36 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DA4 Secured Retail Non-Convertible Debentures 20 Oct 2022 Not avl. / Not appl. 20 Oct 2027 10.30 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DD8 Secured Retail Non-Convertible Debentures 20 Oct 2022 9.65 20 Oct 2032 25.67 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DE6 Secured Retail Non-Convertible Debentures 20 Oct 2022 10.1 20 Oct 2032 19.44 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DF3 Secured Retail Non-Convertible Debentures 20 Jan 2023 9.000 20 Jan 2025 19.98 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DO5 Secured Retail Non-Convertible Debentures 20 Jan 2023 Not avl. / Not appl. 20 Jan 2025 9.90 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DM9 Secured Retail Non-Convertible Debentures 20 Jan 2023 9.20 20 Jan 2026 54.49 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DN7 Secured Retail Non-Convertible Debentures 20 Jan 2023 9.600 20 Jan 2026 49.76 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DL1 Secured Retail Non-Convertible Debentures 20 Jan 2023 Not avl. / Not appl. 20 Jan 2026 20.16 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DK3 Secured Retail Non-Convertible Debentures 20 Jan 2023 9.670 20 Jan 2028 119.82 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DJ5 Secured Retail Non-Convertible Debentures 20 Jan 2023 10.100 20 Jan 2028 36.73 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DG1 Secured Retail Non-Convertible Debentures 20 Jan 2023 Not avl. / Not appl. 20 Jan 2028 15.51 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DH9 Secured Retail Non-Convertible Debentures 20 Jan 2023 10.000 20 Jan 2033 47.20 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DI7 Secured Retail Non-Convertible Debentures 20 Jan 2023 10.450 20 Jan 2033 23.85 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DQ0 Secured Retail Non-Convertible Debentures 27 Apr 2023 8.950 27 Apr 2025 13.31 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DR8 Secured Retail Non-Convertible Debentures 27 Apr 2023 Not avl. / Not appl. 27 Apr 2025 7.81 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DP2 Secured Retail Non-Convertible Debentures 27 Apr 2023 9.200 27 Apr 2026 38.06 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DS6 Secured Retail Non-Convertible Debentures 27 Apr 2023 9.600 27 Apr 2026 28.06 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DU2 Secured Retail Non-Convertible Debentures 27 Apr 2023 Not avl. / Not appl. 27 Apr 2026 10.67 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DT4 Secured Retail Non-Convertible Debentures 27 Apr 2023 9.670 27 Apr 2028 68.66 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DV0 Secured Retail Non-Convertible Debentures 27 Apr 2023 10.100 27 Apr 2028 29.84 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DW8 Secured Retail Non-Convertible Debentures 27 Apr 2023 Not avl. / Not appl. 27 Apr 2028 9.92 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DX6 Secured Retail Non-Convertible Debentures 27 Apr 2023 10.000 27 Apr 2033 34.56 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications Not Applicable INE532F07DY4 Secured Retail Non-Convertible Debentures 27 Apr 2023 10.450 27 Apr 2033 12.23 Simple ACUITE A+ | Reaffirmed | Rating Watch with Negative Implications

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr. No. Company Name 1 Edelweiss Asset Reconstruction Company Limited 2 Nuvama Wealth and Investment Limited (formerly known as Edelweiss Broking Limited) 3 Nuvama Wealth Finance Limited (Erstwhile Edelweiss Finance and Investments Limited) 4 Edelweiss Asset Management Limited (EAML) 5 Edelweiss Tokio Life Insurance Company Limited (ETLI) 6 ZUNO General Insurance Limited (formerly known as Edelweiss General Insurance Company Limited) 7 Edelweiss Gallagher Insurance Brokers Limited (EGIBL) 8 Edelweiss Rural & Corporate Services Limited 9 EdelGive Foundation 10 Allium Finance Private Limited 11 Edelcap Securitites Limited 12 Edelweiss Securitites and Investments Private Limited 13 ECAP Securities & Investments Limited (Formerly known as ECAP Equities Limited) 14 Edel Investments Limited 15 EC International Limited 16 Comtrade Commodities Services Limited (formerly known as Edelweiss Comtrade limited) 17 Edelweiss Multi Strategy Fund Advisors LLP 18 Edelweiss Private Equity Tech Fund 19 Edelweiss Value and Growth Fund 20 India Credit Investment Fund II 21 India Credit Investment Fund III 22 Nuvama Investment Advisors LLC (Formerly known as EAAA LLC) 23 Edelweiss Alternative Asset Advisors Pte. Limited 24 Edelweiss Investment Adviser Limited 25 Edelweiss Resolution Advisors LLP 26 EW Special Opportunities Advisors LLC 27 Edelweiss Trusteeship Company Limited 28 Edelweiss International (Singapore) Pte. Limited 29 Nuvama Custodial Services Limited (Formerly known as Edelweiss Capital Services Limited) 30 Edelweiss Retail Assets Managers Limited 31 Sekura India Management Limited 32 Edelweiss Global Wealth Management Limited 33 Nuvama Wealth Management Limited (Formerly known as Edelweiss Securitites Limited) 34 Nuvama Clearing Services Limited (formerly known as Edelweiss Custodial Services Limited) 35 Nuvama Financial Services Inc. (Formerly known as Edelweiss Financial Services Inc.) 36 Nuvama Investment Advisors Private Limited (formerly known as Edelweiss Investment Advisors Private Limited) 37 Nuvama Investment Advisors (Hongkong) Private Limited (formerly known as Edelweiss Securities (Hong Kong) Private Limited) 38 Nuvama Financial Services (UK) Limited (formerly known as Edelweiss Financial Services (UK) Limited) 39 Nuvama Capital Services (IFSC) Limited (formerly known as Edelweiss Securitities (IFSC) Limited) 40 Nuvama Asset Management Limited (Formerly known as ESL Securitites Limited) 41 Pickright Technologies Private Limited

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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.