Press Release October 09, 2024 AMBIT FINVEST PRIVATE LIMITED Rating Assigned,Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	100.00	ACUITE AA- | Stable | Assigned	-
Bank Loan Ratings	2500.00	ACUITE AA- | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	300.00	ACUITE AA- | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	130.00	Not Applicable | Withdrawn	-
Commercial Paper (CP)	65.00	-	ACUITE A1+ | Reaffirmed
Commercial Paper (CP)	85.00	-	Not Applicable | Withdrawn
Total Outstanding	2965.00	-	-
Total Withdrawn	215.00	-	-

Rating Rationale

­Acuité has assigned the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 100.00 Cr. bank facilities of Ambit Finvest Private Limited (AFPL). The outlook is ‘Stable’. Acuité has reaffirmed the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 2500.00 Cr. bank facilities of Ambit Finvest Private Limited (AFPL). The outlook is ‘Stable’. Acuité has reaffirmed the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 300.00 Cr. on the facility of non-convertible debentures of Ambit Finvest Private Limited (AFPL). The outlook is ‘Stable’. Acuité has reaffirmed the short term rating of ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs. 65.00 Cr. proposed commercial paper program of Ambit Finvest Private Limited (AFPL). Acuité has withdrawn the short term rating on the Rs.85.00 Cr. commercial paper program of Ambit Finvest Private Limited (AFPL) without assigning any rating. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the Company. Acuité has withdrawn the long term rating of Principal Protected Market Linked Debentures on the Rs. 100.00 Cr. PP-MLD facility of Ambit Finvest Private Limited (AFPL) without assigning any rating as the facility is fully repaid. Acuité has withdrawn the long term rating on the Rs. 30.00 Cr. of non-convertible debentures of Ambit Finvest Private Limited (AFPL) without assigning any rating as the facility is fully repaid. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the Company and No Objection Certificate received from the lender. Rationale for the rating. The rating continues to factor in AFPL’s experienced management, significant support from marquee investors and strong resource raising ability. The rating also takes into consideration the diversified business profile as well as the established presence of Ambit Group in investment banking and asset management businesses supported by strong management and wide base of institutional clients. The capital infusion in FY2020 from the marquee investor, Poonawalla Group has resulted in healthy capitalization levels and low leverage at AFPL along with stronger ability to raise funds from banks and financial institutions. At a consolidated level, Ambit Group’s networth stood at Rs. 1518.80 Cr. as on March 31, 2024. Acuité has also noted the shift in AFPL’s business strategy from structured finance book to a more granular SME lending which is expected to provide some cushion against asset quality shocks going forward. Some of these rating strengths however, are constrained by the geographic concentration and low seasoning of AFPL’s SME portfolio.On a consolidated level, the earnings quality of Ambit Group is susceptible to volatility since asignificant portion of its revenues is dependent on capital market conditions.

About the Company

Mumbai based, ­Incorporated in 2006, Ambit Finvest Private Limited is the systematically important NonBanking Financial Company (ND-SI NBFC) of Ambit Group. AFPL commenced its lending business in structured finance segment in 2011. Later, AFPL acquired the SME loan book of Finmax Credit & Finance Private Limited in September 2018 and commenced its SME lending business. Going forward, the company would only be focusing on SME and Retail segment.

About the Group

­Mumbai based Ambit Private Limited (APL), the holding company of the Ambit Group was incorporated in 1997 and has diversified line of business operations across various fund based and non-fund based businesses. Ambit Group is promoted by Mr. Ashok Wadhwa and offers customized solutions in the areas of Investment Banking (Corporate Finance and Equity Capital Markets), Institutional Equities & Research, Asset Management, Wealth Management and SME Lending. The Ambit Group comprises Ambit Private Limited and its 12 subsidiaries (as on March 31, 2023). Ambit group has pan India presence and has a global footprint with offices in Singapore and USA.

Unsupported Rating

­Not Applicable.

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has considered the consolidated view on the business and financial risk profile of Ambit Private Limited and its subsidiaries Ambit Finvest Private Limited and others to arrive at the rating. The approach is driven by common management, shared brand,and strong operational and financial synergies between the group companies.

Key Rating Drivers

Strength

­Experienced management, team driving portfolio growth at AFPL. Ambit Finvest Private Limited (AFPL) is led by Mr. Sanjay Sakhuja (Executive chairman) who has been associated with the Ambit group since 2003. Mr. Sakhuja is supported by experienced professional team comprising Mr. Sanjay Agarwal (CEO), Mr. Vikrant Narang (Deputy CEO) and Mr. Sanjay Dhoka (COO & CFO). Mr. Sanjay Agarwal heads the SME lending operations and has over two decades of experience in SME lending segment. The board also comprises independent directors Mr. K M Jayarao (ex Head – Global Credit Risk Management Group at ICICI Bank), Mr. Ameet Parikh and Ms. Shalini Kamath. The company also gains from expertise of senior advisor like Mr. Sunil Gulati (ex CRO at RBL Bank) AFPL was a captive NBFC of Ambit Group till August 2018, having an exposure to mostly structured finance segment. However, post fund raising the company has changed its lending strategy whereby it is significantly expanding its SME portfolio and has curtailed structured finance. AFPL has demonstrated growth in its scale of operations by expanding its network of branches to 169 across 11 states as on Mar 31, 2024. AFPL’s outstanding loan portfolio (AUM) stood at Rs. 3934.80 crore as on Mar 31, 2024 from Rs. 2714.47 crore as on March 31, 2023. The growth in portfolio was on account of healthy disbursements in FY2023 & FY2024 at around Rs. 1800 Cr.and Rs. 2,700 Cr. respectively. Acuité expects AFPL to maintain the growth momentum in its SME portfolio while diversifying its geographical reach. Funding from marquee investor comfortable capitalization levels. AFPL’s networth stood at Rs. 1022.25 Cr. as on Mar 31, 2024 (Rs. 703.03 Cr. as on March 31, 2023) and Rs. 668.02 Cr. as on March 31, 2022. During FY2020, Adar Poonawalla (CEO- Serum Institute of India) invested around Rs. 234.63 Cr. in AFPL for a 24.9 percent stake. The investment was done through affiliate companies namely Rising Sun Holdings Private Limited and Jeevadravya Bio-Pharma Private Limited. Post infusion and due to inherent risks in wholesale lending, the company has stopped structured lending and has been focusing on growing its SME and retail book. In addition to being high-yielding, SME and retail portfolio shall provide granularity to AFPL’s portfolio and help mitigate credit risk. The capitalization levels post equity infusion stood comfortable to support expansion plans of the company. AFPL’s Capital Adequacy Ratio (CAR) stood comfortable at 29.19 percent as on March 31, 2024 (27.61 percent as on March 31, 2023). AFPL’s gearing stood at 2.33 times as on Mar 31, 2024 (2.61 times as on March 31, 2023). Acuité believes that the company’s comfortable capitalization levels will support its growth plans over the medium term. Strong brand name and diversified business profile. Ambit Group is an established brand with presence in investment banking, institutional equities, asset management, global private client and SME lending businesses. Mr. Ashok Wadhwa is the Group Chief Executive Officer and founder of Ambit Group. He is recipient of several awards, including the Priyadarshini Academy award for outstanding contribution in the field of financial management. Within the investment banking segment, Ambit is consistently ranked amongst the top 10 M&Aadvisory firms in India. The group has advised over 160 transactions. Ambit has strategic business alliance with Daiwa Securities Group Inc., Japan for M&A advisory services in IndoJapan corridor and also has backing of QInvest to develop cross border M&A advisory services between MENA region and India. The group also caters to Mutual Fund, Insurance companies and FIIs. Ambit Finvest Private Limited (AFPL) the NBFC arm of the Ambit Group has a presence in SME and retail lending segment. Ambit Private Ltd (APL), the holding company along with the senior management hold around 65 percent stake in AFPL. It draws strength from common brand name, capital and management support. Over the last few years, AFPL has received funding support from the parent at regular intervals. It also benefits from operational synergies in the form of established corporate governance set up at group level and integration of support functions like accounting, finance, human resources. Acuité believes, Ambit group’s established position in financial services and diversified fund based and non-fund based business operations will continue to support its business risk profile. Healthy Earnings Profile. AFPL’s profitability indicators were healthy marked by Net Interest Margin (NIM) which stood at 11.64 percent as on March 31, 2024. Return on Average Assets (RoAA) has marginally declined to 1.32 percent as on March 31, 2024 from 1.48 percent as on March 31, 2023 due to increase in operating costs and Credit Cost. Similarly, Opex further increased by more than 90% on account of expansion of branch networks. Opex for FY2024 remained high at 11.64 percent. Acuité believes the earning profile of Ambit Group from the non-fund based business operations would remain susceptible to inherent risks in capital market and overall economic environment, while its fund based business operations would continue to drive the group’s future growth trajectory.

Weakness

­Relatively low seasoned portfolio; moderate asset quality. AFPL commenced its operations in structured finance business in 2011 and the company has stopped disbursements in this segment post equity infusion since March 2020. Further, AFPL commenced its SME lending operations after acquiring the SME portfolio from Finmax in September 2018 and would be focusing on the SME and Retail segment going forward. Loans offered under SME lending have an average tenure ranging between 1-3 years for unsecured loans and 10-15 years for secured loans. Unsecured loans comprise 28 percent of the total SME portfolio while rest are secured. The company’s loan book of Rs. 3062.85 Cr. as on March 31, 2024 (Rs 2279.62 Cr. as on Mar'23) has grown significantly from Rs. 1,333 Cr. as on March 31, 2022. Due to substantial growth in SME book in the last few years, ~ 85 percent of the overall portfolio had a seasoning of less than two years as on March 31, 2024. The company has geographical concentration in states of Maharashtra, Delhi and Gujarat (incl. Head Office) with the same constituting 29.63 percent of o/s SME portfolio and significant presence in large urban centers. AFPL is making concentrated approach to diversify its geographical presence and has expanded its branch network from 30 branches as on March 31, 2021 to 169 branches as on March 31, 2024 (158 branches as on Jun'23). Along with this, the company is also targeting penetration in Tier 2 and Tier 3 cities while adding customized products in its offerings. AFPL reported significant growth in portfolio while maintaining asset quality with on-time portfolio at 92.09 percent, gross non-performing asset (GNPA) at 2.57 percent and nonperforming asset (NPA) at 1.34 percent as on March 31, 2024. Acuité believes that the company’s ability to maintain its asset quality given the low seasoned SME loan book and increased presence in the newer geographies will remain a key rating monitorable

ESG Factors Relevant for Rating

­Ambit Private Limited (APL), 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 nine directors out of which three are independent directors and three are non-executive directors. APL maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with stakeholder management committee. APL 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, APL is actively engaged in community development programmes through its CSR committee.

Rating Sensitivity

­Any significant deterioration in collection efficiency and asset quality. Any material changes in the earnings of the Ambit Group. Any regulatory developments in the sector

Liquidity Position

Adequate

­AFPL’s overall liquidity profile remains adequate with no negative cumulative mismatches in near to medium term as per ALM dated Mar 31, 2024. The company has maintained unencumbered Cash and bank balances and bank deposits of around Rs. 142.44 Cr. as on Mar 31, 2024. The borrowing profile of AFPL of ~Rs. 2367.25 Cr. as on Mar 31, 2024 comprised Term loans (~82 percent) from Banks and NBFC/FIs, MLD’s & NCD’s (~14 percent). AFPL’s total collection efficiency for scheduled demand for six months ended Mar 2024 was 95.53 percent.

Outlook: Stable

­On account of AFPL’s steady scale up in lending operations with focus on granular SME loan portfolio and comfortable capitalization along with synergies with the Ambit group and the Group’s diversified business risk profile, Acuité maintains a ‘Stable’ outlook. The outlook may be revised to ‘Positive’ if there is a significant increase in the scale of the business along with sustained improvement in profitability while maintaining asset quality at AFPL and significant revenue and business growth of Ambit Group. The outlook may be revised to ‘Negative’ in case of sustained pressure on earnings/profitability indicators or asset quality of AFPL and lower than expected business growth of Ambit group.

Other Factors affecting Rating

­None.

Key Financials - Standalone / Originator

­ Particulars Unit FY24 (Actual) FY23(Actual) Total Assets Rs. Cr. 3572.21 2654.87 Total Income* Rs. Cr. 357.05 221.99 PAT Rs. Cr. 41.11 33.07 Net Worth Rs. Cr. 1022.25 703.03 Return on Average Assets (RoAA) (%) 1.32 1.48 Return on Average Net Worth (RoNW) (%) 4.77 4.82 Debt/Equity Times 2.33 2.61 Gross NPA (%) 2.57 2.24 Net NPA (%) 1.34 1.33 *Total income equals to Net Interest Income plus other income

Key Financials (Consolidated)

­ Particulars Unit FY24 (Actual) FY23(Actual) Total Assets Rs. Cr. 4253.46 3157.04 Total Income* Rs. Cr. 758.11 497.67 PAT Rs. Cr. 164.16 105.86 Net Worth Rs. Cr. 1518.80 1124.56 Return on Average Assets (RoAA) (%) 4.43 3.87 Return on Average Net Worth (RoNW) (%) 12.46 10.19 Debt/Equity Times 1.64 1.68 Gross NPA (%) - - Net NPA (%) - - *Total income equals to Net Interest Income plus other income

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 14 Nov 2023 Term Loan Long Term 18.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 48.39 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 29.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.60 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 7.78 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.44 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.74 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.05 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 70.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.86 ACUITE AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 25.56 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.46 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 31.99 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 225.30 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed) Unsecured subordinated non-convertible debenture Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 47.20 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.49 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 48.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.46 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.13 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 31.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.55 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.31 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.40 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.46 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 52.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.52 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.72 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.43 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.22 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.49 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 71.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.33 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 200.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 35.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 196.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 1.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 220.50 ACUITE AA- | Stable (Assigned) Proposed Commercial Paper Program Short Term 65.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) 03 Jul 2023 Term Loan Long Term 4.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 37.49 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.09 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 3.71 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.08 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.02 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 56.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.20 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.89 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.31 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.65 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 54.62 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 39.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.76 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.11 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.78 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.24 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 80.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.49 ACUITE AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 32.22 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 41.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.30 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 36.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 216.24 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.74 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed) Unsecured subordinated non-convertible debenture Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 49.98 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 57.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.03 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 150.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 24.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 49.00 ACUITE AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE Not Applicable (Withdrawn) Proposed principal protected market linked debentures Long Term 100.00 ACUITE Not Applicable (Withdrawn) Proposed Commercial Paper Program Short Term 90.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) 24 Mar 2023 Term Loan Long Term 11.36 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 4.96 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.47 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 16.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.31 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 28.12 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 60.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 24.98 ACUITE AA- | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 150.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 4.58 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 26.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 37.49 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.58 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.31 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.31 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 58.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 39.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.06 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.48 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.22 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 85.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.93 ACUITE AA- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 47.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 37.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.57 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 38.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 390.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 27.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.74 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 49.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 58.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 100.00 ACUITE AA- | Stable (Assigned) Proposed Non Convertible Debentures Long Term 150.00 ACUITE AA- | Stable (Assigned) 29 Nov 2022 Term Loan Long Term 15.56 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.61 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 90.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.68 ACUITE AA- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 37.78 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 524.35 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned) Proposed Commercial Paper Program Short Term 150.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 6.24 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.56 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 40.62 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.63 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.87 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.20 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.59 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.58 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 63.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 36.10 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 17.36 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.18 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 62.47 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 44.99 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.29 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.89 ACUITE AA- | Stable (Reaffirmed) 28 Jun 2022 Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Proposed principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- | Stable (Assigned) Proposed principal protected market linked debentures Long Term 150.00 ACUITE PP-MLD AA- | Stable (Assigned) Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 700.00 ACUITE AA- | Stable (Assigned) Proposed Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 100.00 ACUITE A1+ (Assigned) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.61 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 73.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 41.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.45 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.02 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 6.65 ACUITE AA- | Stable (Reaffirmed) Principal protected market linked debentures Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.44 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) 07 Mar 2022 Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 41.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.45 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 6.21 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.02 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 1.50 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 155.15 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.80 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.44 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.61 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 26.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 30.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 73.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 15.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 21.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) 03 Nov 2021 Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.72 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 24.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 101.89 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.43 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.72 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.73 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.09 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.73 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.38 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.64 ACUITE AA- | Stable (Reaffirmed) 13 Oct 2021 Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.72 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.92 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 24.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 100.00 ACUITE PP-MLD AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 251.89 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 19.43 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.72 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 22.73 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.09 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.73 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 9.38 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 11.67 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.64 ACUITE AA- | Stable (Reaffirmed) 29 Jun 2021 Non-Covertible Debentures (NCD) Long Term 100.00 ACUITE Provisional PP-MLD AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.60 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.74 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.91 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.18 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 56.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 32.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.11 ACUITE AA- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 30.00 ACUITE AA- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 267.46 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) 05 Apr 2021 Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 289.96 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 21.11 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 14.17 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 32.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 56.25 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.18 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 15.91 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 13.74 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 23.60 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 100.00 ACUITE Provisional PP-MLD AA- | Stable (Assigned) 20 Mar 2021 Term Loan Long Term 8.33 ACUITE AA- | Stable (Assigned) Term Loan Long Term 2.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 13.74 ACUITE AA- | Stable (Assigned) Term Loan Long Term 23.60 ACUITE AA- | Stable (Assigned) Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 3.00 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 3.75 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 20.00 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 10.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 21.11 ACUITE AA- | Stable (Assigned) Term Loan Long Term 14.17 ACUITE AA- | Stable (Assigned) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Assigned) Term Loan Long Term 32.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 56.25 ACUITE AA- | Stable (Assigned) Term Loan Long Term 12.50 ACUITE AA- | Stable (Assigned) Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 8.18 ACUITE AA- | Stable (Assigned) Term Loan Long Term 15.91 ACUITE AA- | Stable (Assigned) Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 2.50 ACUITE AA- | Stable (Assigned) Cash Credit Long Term 5.00 ACUITE AA- | Stable (Assigned) Proposed Long Term Bank Facility Long Term 396.96 ACUITE AA- | Stable (Assigned) Non-Covertible Debentures (NCD) Long Term 100.00 ACUITE Provisional PP-MLD AA- | Stable (Assigned)

­

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating IDBI Bank Ltd. Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.75 Simple ACUITE AA- | Stable | Reaffirmed Indusind Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE AA- | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE AA- | Stable | Reaffirmed Federal Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE AA- | Stable | Reaffirmed A U Small Finance Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE AA- | Stable | Reaffirmed Kotak Mahindra Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE AA- | Stable | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE AA- | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE AA- | Stable | Reaffirmed Bandhan Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE AA- | Stable | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE AA- | Stable | Reaffirmed Not Applicable INE985V14070 Commercial Paper Program 29 Mar 2023 Not avl. / Not appl. 28 Jun 2023 30.00 Simple Not Applicable|Withdrawn Not Applicable INE985V14088 Commercial Paper Program 29 Mar 2023 Not avl. / Not appl. 30 Jun 2023 30.00 Simple Not Applicable|Withdrawn Not Applicable INE985V14146 Commercial Paper Program Not avl. / Not appl. Not avl. / Not appl. 15 Dec 2023 25.00 Simple Not Applicable|Withdrawn Not Applicable INE985V07058 Non-Convertible Debentures (NCD) 28 Mar 2023 9.5 27 Mar 2026 49.00 Simple ACUITE AA- | Stable | Reaffirmed Not Applicable INE985V07066 Non-Convertible Debentures (NCD) 16 May 2023 9.5 15 May 2026 49.00 Simple ACUITE AA- | Stable | Reaffirmed Not Applicable INE985V07033 Non-Convertible Debentures (NCD) 30 Jun 2021 Not avl. / Not appl. 30 Jun 2024 30.00 Simple Not Applicable|Withdrawn Not Applicable INE985V07041 Principal protected market linked debentures 01 Jul 2022 Not avl. / Not appl. 28 Jun 2024 100.00 Complex Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Commercial Paper Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A1+ | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Commercial Paper Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.00 Simple ACUITE A1+ | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 270.39 Simple ACUITE AA- | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 211.33 Simple ACUITE AA- | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE AA- | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE AA- | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 150.00 Simple ACUITE AA- | Stable | Reaffirmed Aditya Birla Finance Limited Not avl. / Not appl. Term Loan 20 Mar 2023 Not avl. / Not appl. 03 Apr 2026 16.21 Simple ACUITE AA- | Stable | Reaffirmed Kotak Mahindra Bank Not avl. / Not appl. Term Loan 23 Mar 2023 Not avl. / Not appl. 30 Mar 2026 17.50 Simple ACUITE AA- | Stable | Reaffirmed Karnataka Bank Ltd Not avl. / Not appl. Term Loan 15 Mar 2023 Not avl. / Not appl. 28 Mar 2028 37.50 Simple ACUITE AA- | Stable | Reaffirmed Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 22 Mar 2023 Not avl. / Not appl. 05 Apr 2026 12.22 Simple ACUITE AA- | Stable | Reaffirmed Indusind Bank Ltd Not avl. / Not appl. Term Loan 30 Mar 2023 Not avl. / Not appl. 31 Mar 2026 52.50 Simple ACUITE AA- | Stable | Reaffirmed A U Small Finance Bank Not avl. / Not appl. Term Loan 24 May 2023 Not avl. / Not appl. 18 Jun 2026 16.00 Simple ACUITE AA- | Stable | Reaffirmed Yes Bank Ltd Not avl. / Not appl. Term Loan 13 Jun 2023 Not avl. / Not appl. 01 Jun 2028 24.42 Simple ACUITE AA- | Stable | Reaffirmed A U Small Finance Bank Not avl. / Not appl. Term Loan 28 Oct 2022 Not avl. / Not appl. 03 Nov 2025 14.17 Simple ACUITE AA- | Stable | Reaffirmed UCO Bank Not avl. / Not appl. Term Loan 26 Sep 2022 Not avl. / Not appl. 15 Nov 2027 17.50 Simple ACUITE AA- | Stable | Reaffirmed Indusind Bank Ltd Not avl. / Not appl. Term Loan 19 Apr 2022 Not avl. / Not appl. 02 Jun 2025 20.00 Simple ACUITE AA- | Stable | Reaffirmed Bank of Maharashtra Not avl. / Not appl. Term Loan 15 Dec 2022 Not avl. / Not appl. 30 Dec 2027 15.55 Simple ACUITE AA- | Stable | Reaffirmed Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan 26 Dec 2022 Not avl. / Not appl. 31 Dec 2025 12.50 Simple ACUITE AA- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 28 Dec 2022 Not avl. / Not appl. 30 Dec 2027 38.85 Simple ACUITE AA- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 23 Nov 2022 Not avl. / Not appl. 31 Dec 2027 21.00 Simple ACUITE AA- | Stable | Reaffirmed Bandhan Bank Not avl. / Not appl. Term Loan 27 Dec 2022 Not avl. / Not appl. 30 Dec 2026 38.75 Simple ACUITE AA- | Stable | Reaffirmed Small Industries Development Bank of India Not avl. / Not appl. Term Loan 18 Jan 2023 Not avl. / Not appl. 10 Jan 2026 31.84 Simple ACUITE AA- | Stable | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Term Loan 08 Jul 2022 Not avl. / Not appl. 30 Aug 2025 6.77 Simple ACUITE AA- | Stable | Reaffirmed Bank of Baroda Not avl. / Not appl. Term Loan 27 Jun 2023 Not avl. / Not appl. 28 Jun 2028 60.00 Simple ACUITE AA- | Stable | Reaffirmed DCB Bank Limited Not avl. / Not appl. Term Loan 27 Jun 2023 Not avl. / Not appl. 30 Jun 2028 40.00 Simple ACUITE AA- | Stable | Reaffirmed Utkarsh Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 27 Jun 2023 Not avl. / Not appl. 15 Jul 2026 20.83 Simple ACUITE AA- | Stable | Reaffirmed TATA Capital Financial Service Ltd. Not avl. / Not appl. Term Loan 06 Jul 2023 Not avl. / Not appl. 26 Jul 2026 19.09 Simple ACUITE AA- | Stable | Reaffirmed ICICI Bank Ltd Not avl. / Not appl. Term Loan 25 Jul 2023 Not avl. / Not appl. 31 Jul 2025 27.08 Simple ACUITE AA- | Stable | Reaffirmed Federal Bank Not avl. / Not appl. Term Loan 10 Aug 2023 Not avl. / Not appl. 18 Aug 2028 21.25 Simple ACUITE AA- | Stable | Reaffirmed IDFC First Bank Limited Not avl. / Not appl. Term Loan 12 Sep 2023 Not avl. / Not appl. 27 Feb 2028 177.08 Simple ACUITE AA- | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 25 Sep 2023 Not avl. / Not appl. 30 Sep 2028 42.50 Simple ACUITE AA- | Stable | Reaffirmed Capital Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 20 Sep 2023 Not avl. / Not appl. 01 Dec 2026 20.50 Simple ACUITE AA- | Stable | Reaffirmed KISETSU SAISON FINANCE (INDIA) PRIVATE LIMITED Not avl. / Not appl. Term Loan 06 Sep 2023 Not avl. / Not appl. 15 Sep 2026 26.25 Simple ACUITE AA- | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 02 Aug 2023 Not avl. / Not appl. 29 Sep 2028 167.48 Simple ACUITE AA- | Stable | Reaffirmed Yes Bank Ltd Not avl. / Not appl. Term Loan 13 Jun 2023 Not avl. / Not appl. 01 Aug 2028 0.88 Simple ACUITE AA- | Stable | Reaffirmed Dhanlaxmi Bank Ltd Not avl. / Not appl. Term Loan 25 Aug 2023 Not avl. / Not appl. 31 Oct 2026 20.00 Simple ACUITE AA- | Stable | Reaffirmed HDFC Bank Ltd Not avl. / Not appl. Term Loan 08 Jul 2022 Not avl. / Not appl. 30 Aug 2025 15.56 Simple ACUITE AA- | Stable | Reaffirmed South Indian Bank Not avl. / Not appl. Term Loan 16 Sep 2022 Not avl. / Not appl. 14 Oct 2027 13.99 Simple ACUITE AA- | Stable | Reaffirmed IDBI Bank Ltd. Not avl. / Not appl. Term Loan 22 Aug 2022 Not avl. / Not appl. 09 Sep 2027 16.25 Simple ACUITE AA- | Stable | Reaffirmed Federal Bank Not avl. / Not appl. Term Loan 06 Sep 2022 Not avl. / Not appl. 20 Sep 2027 32.50 Simple ACUITE AA- | Stable | Reaffirmed TATA Capital Financial Service Ltd. Not avl. / Not appl. Term Loan 28 Jun 2022 Not avl. / Not appl. 26 Sep 2025 20.83 Simple ACUITE AA- | Stable | Reaffirmed Nabkisan Finance Limit Not avl. / Not appl. Term Loan 22 Sep 2022 Not avl. / Not appl. 01 Sep 2026 22.49 Simple ACUITE AA- | Stable | Reaffirmed Aditya Birla Finance Limited Not avl. / Not appl. Term Loan 19 Sep 2022 Not avl. / Not appl. 01 Oct 2025 12.03 Simple ACUITE AA- | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 26 Jul 2022 Not avl. / Not appl. 30 Sep 2027 25.99 Simple ACUITE AA- | Stable | Reaffirmed Indian Overseas Bank Not avl. / Not appl. Term Loan 18 Feb 2022 Not avl. / Not appl. 31 Dec 2026 13.87 Simple ACUITE AA- | Stable | Reaffirmed Dhanlaxmi Bank Ltd Not avl. / Not appl. Term Loan 11 Feb 2022 Not avl. / Not appl. 21 Mar 2025 7.50 Simple ACUITE AA- | Stable | Reaffirmed Bank of Baroda Not avl. / Not appl. Term Loan 29 Mar 2022 Not avl. / Not appl. 31 Mar 2027 55.00 Simple ACUITE AA- | Stable | Reaffirmed Yes Bank Ltd Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Apr 2027 14.91 Simple ACUITE AA- | Stable | Reaffirmed Bank of Baroda Not avl. / Not appl. Term Loan 25 Sep 2019 Not avl. / Not appl. 30 Sep 2024 3.75 Simple ACUITE AA- | Stable | Reaffirmed DCB Bank Limited Not avl. / Not appl. Term Loan 14 Jan 2021 Not avl. / Not appl. 29 Jan 2026 21.87 Simple ACUITE AA- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 03 Apr 2020 Not avl. / Not appl. 31 Mar 2025 4.14 Simple ACUITE AA- | Stable | Reaffirmed Catholic Syrian Bank Not avl. / Not appl. Term Loan 15 Feb 2021 Not avl. / Not appl. 26 Feb 2026 8.75 Simple ACUITE AA- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 10 Dec 2021 Not avl. / Not appl. 30 Jun 2026 13.26 Simple ACUITE AA- | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 22 Oct 2021 Not avl. / Not appl. 29 Dec 2026 36.69 Simple ACUITE AA- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 28 Dec 2021 Not avl. / Not appl. 31 Jan 2025 14.99 Simple ACUITE AA- | Stable | Reaffirmed Bandhan Bank Not avl. / Not appl. Term Loan 29 Jan 2022 Not avl. / Not appl. 01 Feb 2026 6.15 Simple ACUITE AA- | Stable | Reaffirmed Utkarsh Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 29 Nov 2021 Not avl. / Not appl. 25 Nov 2024 2.78 Simple ACUITE AA- | Stable | Reaffirmed Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 21 Jan 2022 Not avl. / Not appl. 31 Jan 2025 4.44 Simple ACUITE AA- | Stable | Reaffirmed Federal Bank Not avl. / Not appl. Term Loan 11 Mar 2021 Not avl. / Not appl. 24 Mar 2026 8.75 Simple ACUITE AA- | Stable | Reaffirmed Indian Bank Not avl. / Not appl. Term Loan 02 Mar 2021 Not avl. / Not appl. 30 May 2026 9.98 Simple ACUITE AA- | Stable | Reaffirmed Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan 25 Aug 2021 Not avl. / Not appl. 31 Aug 2024 2.08 Simple ACUITE AA- | Stable | Reaffirmed IDBI Bank Ltd. Not avl. / Not appl. Term Loan 20 Mar 2021 Not avl. / Not appl. 31 Mar 2026 8.75 Simple ACUITE AA- | Stable | Reaffirmed Catholic Syrian Bank Not avl. / Not appl. Term Loan 20 Sep 2021 Not avl. / Not appl. 30 Sep 2026 10.80 Simple ACUITE AA- | Stable | Reaffirmed Bank of Maharashtra Not avl. / Not appl. Term Loan 26 Aug 2021 Not avl. / Not appl. 26 Sep 2026 16.87 Simple ACUITE AA- | Stable | Reaffirmed National Bank for Agriculture and Rural Development (NABARD) Not avl. / Not appl. Term Loan 20 Sep 2021 Not avl. / Not appl. 31 Dec 2026 37.50 Simple ACUITE AA- | Stable | Reaffirmed A U Small Finance Bank Not avl. / Not appl. Term Loan 27 Oct 2021 Not avl. / Not appl. 03 Nov 2024 3.47 Simple ACUITE AA- | Stable | Reaffirmed South Indian Bank Not avl. / Not appl. Term Loan 29 Nov 2021 Not avl. / Not appl. 28 Nov 2025 5.62 Simple ACUITE AA- | Stable | Reaffirmed Punjab and Sind Bank Not avl. / Not appl. Term Loan 29 Dec 2023 Not avl. / Not appl. 31 Dec 2028 67.50 Simple ACUITE AA- | Stable | Reaffirmed Karur Vysya Bank Not avl. / Not appl. Term Loan 22 Sep 2023 Not avl. / Not appl. 30 Nov 2026 36.36 Simple ACUITE AA- | Stable | Reaffirmed Small Industries Development Bank of India Not avl. / Not appl. Term Loan 16 Feb 2024 Not avl. / Not appl. 10 Mar 2029 100.00 Simple ACUITE AA- | Stable | Reaffirmed Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 14 Feb 2024 Not avl. / Not appl. 22 Feb 2027 27.50 Simple ACUITE AA- | Stable | Reaffirmed City Union Bank Ltd Not avl. / Not appl. Term Loan 06 Mar 2024 Not avl. / Not appl. 27 Mar 2027 18.33 Simple ACUITE AA- | Stable | Reaffirmed Kotak Mahindra Bank Not avl. / Not appl. Term Loan 19 Mar 2024 Not avl. / Not appl. 27 Mar 2027 22.92 Simple ACUITE AA- | Stable | Reaffirmed Nabkisan Finance Limit Not avl. / Not appl. Term Loan 29 Feb 2024 Not avl. / Not appl. 01 Apr 2027 30.00 Simple ACUITE AA- | Stable | Reaffirmed Nabsamruddhi Finance Limited Not avl. / Not appl. Term Loan 21 Mar 2024 Not avl. / Not appl. 01 Apr 2029 49.14 Simple ACUITE AA- | Stable | Reaffirmed Indusind Bank Ltd Not avl. / Not appl. Term Loan 26 Mar 2024 Not avl. / Not appl. 28 Jun 2027 75.00 Simple ACUITE AA- | Stable | Reaffirmed Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan 29 May 2024 Not avl. / Not appl. 30 Jun 2027 30.00 Simple ACUITE AA- | Stable | Reaffirmed Not Applicable INE985V08015 Unsecured subordinated non-convertible debenture 30 Nov 2022 11.00 30 May 2028 50.00 Complex ACUITE AA- | Stable | Reaffirmed

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

Sr. No Name of the companies 1 Ambit Capital Private Limited 2 Ambit Finvest Private limited  3 Ambit Housing Finance Private Limited 4 Ambit Investment Advisors Private Limited  5 Ambit Wealth Advisors Private Limited  6 Pragma Business Ventures Private Limited 7 Pragma Advisors LPP 8 Ambit Investments 9 Ambit Principal Investments 10 AP Real Estate Fund Advisory Services Private Limited  11 Ambit Singapore Pte. Limited 12 Ambit American Inc. 13 Ambit Mauritius Investment Managers Private Limited 14 Ambit Wealth Private Limited  ­

Contacts

Mohit Jain Senior Vice President - Rating Operations Tejas Chaugule Associate Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.