Press Release September 29, 2026 ABANS FINANCE PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Non Convertible Debentures (NCD)	5.85	0.00	Not Applicable | Withdrawn	-	SEBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	5.85	0.00	-	-	-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­Acuité has withdrawn the long-term rating on the Rs. 5.85 Cr. principal protected market linked debentures of Abans Finance Private Limited (AFPL) without assigning any rating as it has been redeemed. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of confirmation received from the trustee.

About the company

­AFPL was formerly known as Sofed Comtrade Private Ltd. and incorporated in 1995 in Kolkata and is continuing now, with its registered office in Mumbai. Abans Finance Private Limited is a Non-Deposit NBFC and is engaged in advisory services like Investment Banking, Corporate Finance, Project Finance, Trade Finance and providing Business & Retail Loans against collateral security of immovable property, agri stocks, liquid assets like shares, other financial assets, gold jewelry, etc. AFPL also advances loans to other associate companies within the Abans Group. Mr.  Mahesh Kumar Cheruveedu is the whole time director and CEO of AFPL.

Unsupported Rating

­Not applicable

Analytical Approach

­Not applicable

Key Rating Drivers

Strength

­Not applicable

Weakness

­Not applicable

ESG Factors Relevant for Rating

AFSL, has a diversified revenue stream with a majority portion accruing from the financial services sector. 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 behavior. 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. The company’s board comprises of a total of six directors out of which three are independent directors and two are female directors. AFSL maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with stakeholder management committee. AFSL also maintains adequate level of transparency with regards to business ethics issues like related party transactions, investors grievances, litigations, and regulatory penalties for the group, if relevant. In terms of its social impact, AFSL is actively engaged in community development programmes through its CSR committee. For better servicing of its customers, the entity has disseminated a step by step guide for loan appraisal, the document requirements and its services and charges.

Rating Sensitivity

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

­Not applicable

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

­Not applicable

All Covenants

­Not applicable

Liquidity Position

­Not applicable

Outlook:

­Not Applicable

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY26 (Actual) FY25 (Actual) Total Assets Rs. Cr. 1011.37 1184.70 Total Income* Rs. Cr. (25.98) 68.38 PAT Rs. Cr. (35.36) 33.44 Net Worth Rs. Cr. 320.21 348.61 Return on Average Assets (RoAA) (%) (3.22) 2.91 Return on Average Net Worth (RoNW) (%) (10.57) 10.04 Debt/Equity Times 2.15 2.36 Gross NPA (%) - - Net NPA (%) - - *Total income equals to Net interest income, Net of sale & purchase of goods including net changes in inventories, Net gains/loss on fair value changes in derivatives, plus, other income

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

­Not applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 03 Oct 2025 Principal protected market linked debentures Long Term 1.50 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.11 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.50 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 5.25 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 2.60 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 2.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.60 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.80 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.80 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.70 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.90 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.62 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 2.52 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.01 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.90 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.45 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) 04 Oct 2024 Proposed principal protected market linked debentures Long Term 38.20 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.12 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 5.25 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.60 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.60 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.80 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.90 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.70 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.90 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.62 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.52 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.45 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) 06 Oct 2023 Principal protected market linked debentures Long Term 5.90 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 4.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.20 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.40 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.40 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.40 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 3.00 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.70 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 4.38 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 0.60 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.80 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 7.26 ACUITE Not Applicable (Withdrawn) Principal protected market linked debentures Long Term 1.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.60 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 2.60 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 25.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 25.00 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 5.25 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.50 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.12 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.50 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 1.80 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.80 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 0.90 ACUITE PP-MLD BBB+ | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 0.89 ACUITE PP-MLD BBB+ | Stable (Reaffirmed)

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nivedita Gokul Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

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 6 RBI 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 a Fixed Deposits raised by NBFCs, HFCs, FIs RBI 11 b Fixed Deposits raised by Banks 7 + 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 6 RBI 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) 7 + 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   1 Includes 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. 3 The 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. 6 By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues. 7 To be finalized following a discussion with the regulatory authorities.   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 8 Not applicable 8 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.