Press Release AVIOM INDIA HOUSING FINANCE PRIVATE LIMITED November 22, 2023 Rating Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	31.11	ACUITE AA | Stable | Upgraded	-
Bank Loan Ratings	351.55	ACUITE BBB+ | Stable | Upgraded	-
Non Convertible Debentures (NCD)	201.50	ACUITE BBB+ | Stable | Upgraded	-
Total Outstanding Quantum (Rs. Cr)	584.16	-	-

Rating Rationale

­Acuité has upgraded the long-term rating to ‘ACUITE BBB+’ (read as ACUITE triple B plus) from ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs. 351.55 Cr. Bank Facilities of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'. Acuité has upgraded the long-term rating to ‘ACUITE AA’ (read as ACUITE double A) from ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 31.11 Cr. Bank Facilities of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'. Acuité has upgraded the long-term rating to ‘ACUITE BBB+’ (read as ACUITE triple B plus) from ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs. 201.50 Cr. Non-Convertible Debentures of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'. Rationale for the upgrade The rating upgrade factors in the sustained growth in scale of operations while maintaining asset quality metrics. The company’s AUM grew to Rs. 1,035 Cr. as on Mar-23 as against Rs. 725 Cr. as on Mar-22. With improvement in the disbursements, the AUM further increased to Rs. 1,275 Cr. as on Sep-23. The disbursements for H1FY24 stood at Rs. 413 Cr. vis-à-vis FY23 disbursements of Rs. 477 Cr. (Rs. 334 Cr. for FY22). The company’s asset quality remained stable as reflected by GNPA and NNPA of 0.58 percent and 0.32 percent as on Sep-23. In addition, the company’s capitalization improved in FY23 on the back of equity raise from existing and new investors. The CRAR and gearing levels improved to 40.58 percent and 3.7x as on Mar-23 from 31.87 percent and 4.48x as on Mar-22 respectively. In Oct-23, the company raised additional equity of Rs. 75 Cr. which is further expected to aid its capital buffers. The rating, however, remains constrained due to moderate profitability metrics driven by lower margins and high operating costs undertaken due to expansion. Further, the rating is also constrained by limited seasoning of the loan book since majority of the loans have been originated in the past 3-4 years. Going forward the ability of company to profitably scale up its operations, while maintaining asset quality will be key monitorable. Rating Rationale for one of the Bank Facilities In respect of facilities of Rs. 35.00 Cr. rated at ACUITE AA/Stable (current outstanding Rs. 31.11 Cr.), Acuite has been guided by the guarantee from the U.S. International Development Finance Corporation(guarantor), a US Government backed entity. The guarantor has provided guarantee with respect to repayment of the loan in case of default by the company.

About the company

­AVIOM India Housing Finance Private Limited (AIHPL) is a Delhi based housing finance company, founded by Ms. Kaajal Ilmi. AIHPL was incorporated in February 2016 and registered with NHB since August 2016. AIHPL is a social impact focused housing finance company catering to housing needs of customers with a focus on semi urban areas. The company extends loans to women for home purchase and construction, home extension and improvement and loan against property. As on September 30, 2023, AHIPL operates in 12 states with a network of 166 branches.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuite has considered the standalone financial and business risk profile of AIHPL to arrive at the rating.

Key Rating Drivers

Strength

Demonstrated ability to attract funding from diverse and marquee investors AIHPL is promoted by Ms. Kaajal Ilmi (MD & CEO). The company commenced its operations in 2017. Ms. Kaajal Ilmi has experience of over two decades in senior positions in leading companies like PVR, DLF, and Reliance ADAG. Presently, the day-to-day operations of the company are overseen by Ms. Kaajal Ilmi. The initial funding was provided by Ms. Kaajal Ilmi and her family members. Apart from promoter funding, under the leadership of Ms. Kaajal IImi, AIHPL has attracted funding from marquee investors like Insitor Impact Asia Fund, Gojo & Company and Capital 4 Development Asia Fund Cooperatif U.A (C4D). Insitor Impact Asia Fund, a Singapore based fund investing in Cambodia, India, Myanmar, and Pakistan, invested Rs. 15 Cr. in Series A CCPS & Equity Shares in FY2018 & FY2019. In FY2020, Gojo & Company, a Tokyo based fund, acquired stake in AIHPL by making a primary investment of ~Rs. 45 Cr. in Series B CCPS. They also made secondary investment in the company by taking over stake of Insitor Impact Asia Fund for ~Rs. 25 Cr. in the current fiscal. Gojo & Company, a Tokyo based fund, established in July 2014 investing in companies working towards financial inclusion. Capital 4 Development Asia Fund Cooperatif U.A. (C4D), Netherland based social impact fund established in 2013, invested ~Rs. 14 Cr. in Series B CCPS in FY2020. In FY23, the company raised equity from new and existing investors to the tune of Rs. 118 Cr. Apart from Equity Funding, AIHPL has funds raised by way of Term Loans & NCD. The borrowings outstanding as on September 30, 2023 stood at Rs. 1,159 Cr. The borrowing currently raised also includes funds (Rs. 35 Cr.) guaranteed by U.S. International Development Finance Corporation (DFC); a US Government owned entity. The company has demonstrated the ability to raise funding through diverse investors/lenders based. Acuite believes that AIHPL’s business and credit profile over the near term will be supported by its ability to attract funding from diversified lenders/investors and confidence imposed by the investors in the business model of the company. Granular Retail Portfolio with focus on Tier II and Tier III towns AIHPL provides small ticket size loans ranging between Rs. 2 Lakh to Rs. 5 Lakh for the purpose of home improvement, home extension, home purchase and construction and Loan against Property with Loan-to-Value (LTV) ranging 30 percent to 35 percent to borrowers in Tier II & Tier III towns. The borrower profile comprises of Small Vendors, Kirana Shop Owners, farmers, etc. The disbursements for H1FY24 stood at Rs. 413 Cr. vis-à-vis FY23 disbursements of Rs. 477 Cr. (Rs. 334 Cr. for FY22). AIHPL works on Hub & spoke model to optimize its returns on investment and expand its coverage. The company reported Asset under Management (AUM) of AUM grew to Rs. 1,035 Cr. as on Mar-23 as against Rs. 725 Cr. as on Mar-22. AUM as on September 30, 2023, stood at Rs. 1,275 Cr. The small ticket size of AIHPL’s loans and government focus on improving housing augurs well with companies like AIHPL since most of its loans will be eligible for Priority Sector Lending. AIHPL started its operations in 2017 with the state of Rajasthan and has gradually expanded its operations to 12 other states. The company has also expanded its active branch network from 117 branches as on September 30, 2022 to 166 branches as on September 30, 2023. Acuite believes that the company will benefit from its policy of granular portfolio and focus on tier II and Tier III towns.

Weakness

Limited seasoning of the loan book AIHPL established its operations from FY2017 and provides home loans and Loan against Property for 7-10 years. The company has grown its loan book to Rs. 1,275 Cr. as on Sep-23. The disbursements have picked up over the last three years. Since majority of the portfolio has been originated over the last three years, the seasoning of the portfolio is yet to be demonstrated. While the portfolio has been resilient in the present environment, the company’s ability to maintain growth in AUM while maintaining asset quality at health levels is yet to be demonstrated. Acuite believes that going forward the ability of the company to maintain growth in its AUM while maintaining its asset quality will be a key rating sensitivity.

ESG Factors Relevant for Rating

­Aviom India Housing Finance Private Limited (AIHPL) belongs to the housing finance sector which complements banks’ efforts in improving mortgage penetration in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contribution to financial inclusion and community development, responsible financing including funding of environmentally friendly housing projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. AIHPL addresses the housing finance needs of customers with a focus on semi urban areas and also extends loans to women for home purchase and construction. It has increased its penetration across 12 states and increasingly playing a larger role in financial inclusion. AIHPL maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism, insider trading and whistle blower policy. It also adheres to Reserve Bank of India’s Fair Practices Code and has the necessary interest rate and grievance redressal policies. The board of directors of the company comprises two nominee directors and a female director out of a total of five directors. AIHPL is led by their female director Ms. Kajal Ilmi (MD & CEO). The company works on several community development initiatives through its CSR projects.

Rating Sensitivity

­Significant changes in capital structure Growth in AUM while maintaining asset quality Changes in Regulatory environment

All Covenants

­AIHPL is subject to covenants stipulated by its lenders/investors in respect of various parameters.

Liquidity Position

Adequate

­As per ALM Statement as on September 30, 2023, there are no negative cumulative mismatches in any buckets upto 1 year. The company had adequate liquidity position with cash and cash equivalents of Rs. 22.30 Cr. as on September 30, 2023. Further, the liquidity profile is supported by capital infusion of Rs. 75.00 Cr. in October 2023.

Outlook:

­Acuité believes that AIHPL will benefit from its diversified funding profile and support from reputed investors. The outlook may be revised to ‘Positive’ if there is significantly higher than expected growth in AUM while maintaining asset quality and improving profitability metrics. Conversely, the outlook may be revised to ‘Negative’ in case of significant deterioration in asset quality or profitability parameters.

Other Factors affecting Rating

­Not applicable

Key Financials - Standalone / Originator

Particulars Unit FY23 (Actual) FY22 (Actual) Total Assets Rs. Cr. 1270.81 921.75 Total Income* Rs. Cr. 125.11 85.11 PAT Rs. Cr. 16.06 12.20 Net Worth Rs. Cr. 256.08 127.94 Return on Average Assets (RoAA) (%) 1.47 1.69 Return on Average Net Worth (RoNW) (%) 8.37 12.77 Debt/Equity Times 3.70 5.57 Gross NPA (%) 0.51 0.33 Net NPA (%) 0.27 0.20 *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

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Complexity Level Of Financial Instruments: https://www.acuite.in/view-rating-criteria-55.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 22 Nov 2022 Term Loan Long Term 0.05 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 24.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.02 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.23 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 21.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.31 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.32 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 3.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.77 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.75 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 31.11 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 8.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.09 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.55 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 21.30 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.37 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 11.50 ACUITE BBB | Stable (Reaffirmed) Proposed Bank Facility Long Term 5.03 ACUITE BBB | Stable (Reaffirmed) Working Capital Term Loan Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.64 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.38 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.41 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.53 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.85 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.88 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.18 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 21.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 24.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 10.56 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.43 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.09 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 37.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 14.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.23 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.59 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 30.00 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 13.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.31 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.86 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.44 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.09 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.49 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) 21 Dec 2021 Non Convertible Debentures Long Term 30.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 37.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.98 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.73 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.98 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.37 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.94 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.98 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.11 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.78 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.34 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 14.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.83 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 23.15 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.88 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.54 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 23.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 0.43 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.03 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.14 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.15 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.20 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.41 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 33.06 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 2.40 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.15 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 22.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.10 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.79 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 27.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.96 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.16 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 3.06 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.90 ACUITE BBB | Stable (Reaffirmed) Proposed Bank Facility Long Term 62.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.92 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.72 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.14 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.36 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.74 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.16 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.30 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.80 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.90 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.84 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.26 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.42 ACUITE BBB | Stable (Reaffirmed) 19 Oct 2021 Term Loan Long Term 25.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.89 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.36 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 22.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.49 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.63 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.87 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.82 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.61 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.18 ACUITE BBB | Stable (Reaffirmed) Proposed Bank Facility Long Term 0.26 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.03 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.28 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 9.54 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.00 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 37.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.46 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.08 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 14.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 1.62 ACUITE BBB | Stable (Reaffirmed) Working Capital Term Loan Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 9.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.18 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.99 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.78 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.36 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.69 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 30.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 2.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.83 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.22 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.57 ACUITE BBB | Stable (Reaffirmed) Proposed Bank Facility Long Term 0.62 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.73 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.73 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.24 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.51 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.06 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.84 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.70 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.45 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.86 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.62 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 9.31 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.82 ACUITE BBB | Stable (Reaffirmed) 06 Sep 2021 Term Loan Long Term 0.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.51 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 5.00 ACUITE BBB | Stable 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Loan Long Term 0.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.24 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 14.50 ACUITE BBB | Stable (Assigned) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.49 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.83 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.22 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.70 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.18 ACUITE BBB | Stable (Reaffirmed) 16 Feb 2021 Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.90 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.54 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.38 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.61 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.35 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.20 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.66 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.14 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.86 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.10 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.96 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.83 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.19 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 15.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 0.70 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.62 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.53 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.61 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.03 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.52 ACUITE BBB | Stable (Reaffirmed) Proposed Bank Facility Long Term 36.39 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.54 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.24 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.99 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.01 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) 08 Dec 2020 Term Loan Long Term 3.75 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.83 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.78 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.75 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.42 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.27 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.98 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.68 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 9.77 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.85 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.76 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.44 ACUITE BBB | Stable (Reaffirmed) Proposed Bank Facility Long Term 0.02 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.22 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.85 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.92 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.07 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.93 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.92 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 5.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 1.16 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.51 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 10.11 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.47 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.99 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.92 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.21 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 10.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 1.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.13 ACUITE BBB | Stable (Reaffirmed) 04 Nov 2020 Term Loan Long Term 1.94 ACUITE BBB | Stable (Assigned) Term Loan Long Term 40.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.89 ACUITE BBB | Stable (Assigned) Term Loan Long Term 3.12 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.92 ACUITE BBB | Stable (Assigned) Term Loan Long Term 5.21 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.59 ACUITE BBB | Stable (Assigned) Term Loan Long Term 3.58 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.89 ACUITE BBB | Stable (Assigned) Term Loan Long Term 5.12 ACUITE BBB | Stable (Assigned) Term Loan Long Term 7.27 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.51 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.85 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.68 ACUITE BBB | Stable (Assigned) Term Loan Long Term 1.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 2.81 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.92 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.44 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.07 ACUITE BBB | Stable (Assigned) Term Loan Long Term 7.93 ACUITE BBB | Stable (Assigned) Term Loan Long Term 7.50 ACUITE BBB | Stable (Assigned) Term Loan Long Term 2.22 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.58 ACUITE BBB | Stable (Assigned) Term Loan Long Term 5.85 ACUITE BBB | Stable (Assigned) Term Loan Long Term 2.83 ACUITE BBB | Stable (Assigned) Term Loan Long Term 9.77 ACUITE BBB | Stable (Assigned) Term Loan Long Term 3.76 ACUITE BBB | Stable (Assigned) Term Loan Long Term 3.75 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.78 ACUITE BBB | Stable (Assigned) Term Loan Long Term 2.17 ACUITE BBB | Stable (Assigned) Term Loan Long Term 1.87 ACUITE BBB | Stable (Assigned) Term Loan Long Term 0.92 ACUITE BBB | Stable (Assigned) Term Loan Long Term 0.99 ACUITE BBB | Stable (Assigned) Term Loan Long Term 3.13 ACUITE BBB | Stable (Assigned) Term Loan Long Term 2.42 ACUITE BBB | Stable (Assigned) Term Loan Long Term 1.98 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.75 ACUITE BBB | Stable (Assigned) Proposed Bank Facility Long Term 0.02 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.89 ACUITE BBB | Stable (Assigned) Term Loan Long Term 10.11 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.47 ACUITE BBB | Stable (Assigned) Term Loan Long Term 1.16 ACUITE BBB | Stable (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 INE0E2307021 Non-Convertible Debentures (NCD) 06 Jan 2021 13.50 06 Jan 2024 5.00 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307039 Non-Convertible Debentures (NCD) 22 Dec 2020 14.00 22 Dec 2023 10.00 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307047 Non-Convertible Debentures (NCD) 10 Feb 2021 14.00 10 Feb 2023 15.00 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307054 Non-Convertible Debentures (NCD) 04 May 2021 12.40 04 May 2026 14.50 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307062 Non-Convertible Debentures (NCD) 06 May 2021 12.40 06 May 2026 22.00 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307120 Non-Convertible Debentures (NCD) 27 Jan 2022 11.76 07 May 2025 21.00 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307120 Non-Convertible Debentures (NCD) 27 Jan 2022 11.76 07 May 2025 21.00 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307104 Non-Convertible Debentures (NCD) 27 Oct 2021 Not Applicable 30 Sep 2026 30.00 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307096 Non-Convertible Debentures (NCD) 30 Jul 2021 Not Applicable 30 Jul 2026 37.20 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable INE0E2307088 Non-Convertible Debentures (NCD) 06 Jul 2021 11.76 15 Jul 2024 21.50 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 5.03 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE BBB+ | Stable | Upgraded Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 4.30 Simple ACUITE BBB+ | Stable | Upgraded Tourism Finance Corporation of India Not Applicable Term Loan Not available Not available Not available 15.00 Simple ACUITE BBB+ | Stable | Upgraded State Bank of India Not Applicable Term Loan 16 Feb 2021 9.90 01 May 2028 24.60 Simple ACUITE BBB+ | Stable | Upgraded National Housing Bank Not Applicable Term Loan 30 Mar 2021 6.10 31 Mar 2028 21.30 Simple ACUITE BBB+ | Stable | Upgraded Incred Capital Finacial Services Private Ltd. Not Applicable Term Loan 27 Feb 2021 14.00 10 Mar 2023 4.08 Simple ACUITE BBB+ | Stable | Upgraded Alwar General Finance Co. Pvt. Ltd. Not Applicable Term Loan 06 Mar 2021 15.50 15 Mar 2023 1.23 Simple ACUITE BBB+ | Stable | Upgraded Usha Financial Services Private Limited Not Applicable Term Loan 26 Mar 2021 16.00 25 Sep 2022 1.17 Simple ACUITE BBB+ | Stable | Upgraded ESAF Small Finance Bank Not Applicable Term Loan 27 Dec 2021 Not available 10 Dec 2024 8.57 Simple ACUITE BBB+ | Stable | Upgraded LIC Housing Finance Ltd. Not Applicable Term Loan 28 Mar 2022 Not available 28 Mar 2027 24.04 Simple ACUITE BBB+ | Stable | Upgraded HDFC Bank Ltd Not Applicable Term Loan 28 Mar 2022 Not available 28 Mar 2027 11.50 Simple ACUITE BBB+ | Stable | Upgraded HDFC Bank Ltd Not Applicable Term Loan 30 Jun 2022 Not available 30 Dec 2024 20.00 Simple ACUITE BBB+ | Stable | Upgraded Federal Bank Not Applicable Term Loan 20 Sep 2021 Not available 17 Mar 2023 10.56 Simple ACUITE BBB+ | Stable | Upgraded Federal Bank Not Applicable Term Loan 28 Feb 2022 Not available 28 Feb 2024 16.67 Simple ACUITE BBB+ | Stable | Upgraded Indian Bank Not Applicable Term Loan 31 Mar 2022 Not available 31 Mar 2025 8.00 Simple ACUITE BBB+ | Stable | Upgraded SBM Bank (India) Ltd. Not Applicable Term Loan 28 Mar 2022 Not available 28 Mar 2026 13.13 Simple ACUITE BBB+ | Stable | Upgraded National Housing Bank Not Applicable Term Loan 01 Jul 2020 7.05 31 Mar 2025 4.41 Simple ACUITE BBB+ | Stable | Upgraded Western Capital Advisiors Pvt. Ltd. Not Applicable Term Loan 30 Jul 2020 14.00 31 Jul 2022 0.13 Simple ACUITE BBB+ | Stable | Upgraded MAS Financial Service Ltd. Not Applicable Term Loan 29 Jul 2020 13.95 24 Jul 2024 1.85 Simple ACUITE BBB+ | Stable | Upgraded Caspian Impact Investment Private Ltd. Not Applicable Term Loan 30 Jul 2020 14.00 29 Jul 2024 2.60 Simple ACUITE BBB+ | Stable | Upgraded Vivrit Capital Private Ltd. Not Applicable Term Loan 29 Jul 2020 14.00 28 Jul 2023 2.02 Simple ACUITE BBB+ | Stable | Upgraded Indusind Bank Ltd Not Applicable Term Loan 30 Jul 2020 11.95 29 Apr 2030 31.11 Simple ACUITE AA | Stable | Upgraded Agile Finserv Private Limited Not Applicable Term Loan 10 Jul 2020 12.75 09 Jul 2022 0.05 Simple ACUITE BBB+ | Stable | Upgraded Exclusive Leasing And Finance Private Limited Not Applicable Term Loan 17 Jul 2020 12.75 09 Aug 2022 0.09 Simple ACUITE BBB+ | Stable | Upgraded Ambit Finvest Pvt. Ltd. Not Applicable Term Loan 31 Aug 2020 14.00 04 Aug 2023 1.32 Simple ACUITE BBB+ | Stable | Upgraded Jana Small Finance Bank Ltd. Not Applicable Term Loan 31 Aug 2020 14.00 31 Aug 2023 4.67 Simple ACUITE BBB+ | Stable | Upgraded Hinduja Housing Finance Limited Not Applicable Term Loan 31 Aug 2020 13.90 30 Aug 2025 7.04 Simple ACUITE BBB+ | Stable | Upgraded Eclear Leasing & Finance Private Not Applicable Term Loan 03 Sep 2020 14.00 15 Mar 2023 1.69 Simple ACUITE BBB+ | Stable | Upgraded Agile Finserv Private Limited Not Applicable Term Loan 25 Sep 2020 12.75 09 Oct 2022 0.37 Simple ACUITE BBB+ | Stable | Upgraded PHF Leasing Limited Not Applicable Term Loan 30 Sep 2020 12.75 14 Oct 2022 0.13 Simple ACUITE BBB+ | Stable | Upgraded India Finsec Limited Not Applicable Term Loan 06 Nov 2020 13.90 04 Apr 2023 1.86 Simple ACUITE BBB+ | Stable | Upgraded Hinduja Housing Finance Limited Not Applicable Term Loan 24 Nov 2020 13.90 29 Nov 2025 7.59 Simple ACUITE BBB+ | Stable | Upgraded UC Inclusive Private Ltd. Not Applicable Term Loan 30 Nov 2020 13.90 30 Nov 2023 3.59 Simple ACUITE BBB+ | Stable | Upgraded Capital India Finance Limited Not Applicable Term Loan 23 Dec 2020 13.90 14 Jan 2025 3.53 Simple ACUITE BBB+ | Stable | Upgraded Sundaram Home Finance Ltd. Not Applicable Term Loan 15 Dec 2020 13.90 31 Dec 2024 6.25 Simple ACUITE BBB+ | Stable | Upgraded Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan 03 Apr 2021 Not available 03 Apr 2023 4.52 Simple ACUITE BBB+ | Stable | Upgraded Exclusive Leasing And Finance Private Limited Not Applicable Term Loan 01 Dec 2020 12.75 09 Dec 2022 0.55 Simple ACUITE BBB+ | Stable | Upgraded Jana Small Finance Bank Ltd. Not Applicable Term Loan 23 Dec 2020 14.00 20 Dec 2023 5.52 Simple ACUITE BBB+ | Stable | Upgraded Ashv Finance (formally known as Intellegrow) Not Applicable Term Loan 05 Jan 2021 15.00 05 Jan 2024 1.75 Simple ACUITE BBB+ | Stable | Upgraded Caspian Impact Investment Private Ltd. Not Applicable Term Loan 29 Jan 2021 14.00 29 Jan 2025 4.52 Simple ACUITE BBB+ | Stable | Upgraded National Housing Bank Not Applicable Term Loan 29 Jan 2021 6.10 28 Feb 2031 4.49 Simple ACUITE BBB+ | Stable | Upgraded A U Small Finance Bank Not Applicable Term Loan 27 Sep 2018 13 14 Oct 2023 1.33 Simple ACUITE BBB+ | Stable | Upgraded A U Small Finance Bank Not Applicable Term Loan 30 Jan 2019 14.25 17 Feb 2024 1.33 Simple ACUITE BBB+ | Stable | Upgraded A U Small Finance Bank Not Applicable Term Loan 31 May 2019 13.95 02 Jun 2023 1.25 Simple ACUITE BBB+ | Stable | Upgraded IDFC First Bank Limited Not Applicable Term Loan 03 May 2018 13.00 30 Apr 2030 40.00 Simple ACUITE BBB+ | Stable | Upgraded Hinduja Housing Finance Limited Not Applicable Term Loan 30 Mar 2019 13.45 30 Mar 2024 1.94 Simple ACUITE BBB+ | Stable | Upgraded MAS Financial Service Ltd. Not Applicable Term Loan 25 Sep 2018 13.75 22 Sep 2022 0.31 Simple ACUITE BBB+ | Stable | Upgraded MAS Financial Service Ltd. Not Applicable Term Loan 31 Oct 2018 15.25 22 Sep 2022 0.25 Simple ACUITE BBB+ | Stable | Upgraded MAS Financial Service Ltd. Not Applicable Term Loan 28 May 2019 13.70 24 May 2023 1.09 Simple ACUITE BBB+ | Stable | Upgraded MAS Financial Service Ltd. Not Applicable Term Loan 25 Mar 2019 13.70 23 Mar 2023 0.94 Simple ACUITE BBB+ | Stable | Upgraded Mannapuram Finance Ltd. Not Applicable Term Loan 28 Dec 2018 13.50 30 Dec 2023 1.12 Simple ACUITE BBB+ | Stable | Upgraded Mannapuram Finance Ltd. Not Applicable Term Loan 13 Feb 2019 13.50 28 Feb 2024 2.87 Simple ACUITE BBB+ | Stable | Upgraded Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan 26 Nov 2018 12.95 24 Jan 2023 1.58 Simple ACUITE BBB+ | Stable | Upgraded Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan 25 Mar 2019 14.75 23 Mar 2023 2.12 Simple ACUITE BBB+ | Stable | Upgraded Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan 05 Jul 2019 13.90 04 Jun 2023 1.88 Simple ACUITE BBB+ | Stable | Upgraded UC Inclusive Private Ltd. Not Applicable Term Loan 28 Nov 2019 15.50 30 Nov 2022 0.43 Simple ACUITE BBB+ | Stable | Upgraded Caspian Impact Investment Private Ltd. Not Applicable Term Loan 27 Nov 2019 14.00 26 Nov 2023 1.77 Simple ACUITE BBB+ | Stable | Upgraded Hinduja Leyland Finance Ltd. Not Applicable Term Loan 27 Nov 2019 13.80 27 Nov 2023 2.09 Simple ACUITE BBB+ | Stable | Upgraded Jana Small Finance Bank Ltd. Not Applicable Term Loan 09 Dec 2019 14.00 02 Jan 2024 4.65 Simple ACUITE BBB+ | Stable | Upgraded Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan 20 Dec 2019 14.00 25 Dec 2023 2.23 Simple ACUITE BBB+ | Stable | Upgraded Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan 31 Dec 2019 14.00 04 Jan 2024 1.64 Simple ACUITE BBB+ | Stable | Upgraded Vivrit Capital Private Ltd. Not Applicable Term Loan 19 Dec 2019 14.00 18 Dec 2023 2.19 Simple ACUITE BBB+ | Stable | Upgraded Hinduja Leyland Finance Ltd. Not Applicable Term Loan 27 Nov 2019 13.80 26 Jan 2024 2.31 Simple ACUITE BBB+ | Stable | Upgraded Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan 31 Jan 2020 14.00 04 Feb 2024 2.44 Simple ACUITE BBB+ | Stable | Upgraded Hero Fincorp Ltd. Not Applicable Term Loan 03 Mar 2020 14.00 02 Mar 2023 2.18 Simple ACUITE BBB+ | Stable | Upgraded Jana Small Finance Bank Ltd. Not Applicable Term Loan 28 Feb 2020 14.00 02 Mar 2023 2.81 Simple ACUITE BBB+ | Stable | Upgraded Vivrit Capital Private Ltd. Not Applicable Term Loan 12 Mar 2020 14.00 11 Mar 2024 2.38 Simple ACUITE BBB+ | Stable | Upgraded Axis Bank Not Applicable Working Capital Term Loan 30 Jan 2021 Not available 30 Jan 2022 1.00 Simple ACUITE BBB+ | Stable | Upgraded

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Yash Bhalotia Senior Analyst - Rating Operations Tel: 022-49294065 yash.bhalotia@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@acuite.in

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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.