Press Release February 03, 2025 AVIOM INDIA HOUSING FINANCE PRIVATE LIMITED Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	432.66	ACUITE D | Reaffirmed | Issuer not co-operating*	-
Non Convertible Debentures (NCD)	201.50	ACUITE D | Reaffirmed | Issuer not co-operating*	-
Total Outstanding	634.16	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

­Acuité has reaffirmed the long-term rating to ‘ACUITE D’ (read as ACUITE  D) on the Rs. 432.66 Cr. Bank Facilities of AVIOM India Housing Finance Private Limited. Acuité has reaffirmed the long-term rating to ‘ACUITE D’ (read as ACUITE  D ) on the Rs. 201.50 Cr. Non-Convertible Debentures of AVIOM India Housing Finance Private Limited.  Rationale for Rating Acuite takes cognizance of the recent action by Rerserve Bank of India (RBI) wherein it has superseded the board of directors of Aviom India Housing Finance Pvt Ltd and has filed an application for the insolvency resolution process under IBC. RBI has also appointed an Advisory Committee to advise the Administrator of Aviom India Housing Finance Private Limited.The members of the Advisory Committee are as follows: Shri Paritosh Tripathi, ex-CGM,  State Bank of India, Shri Rajneesh Sharma, ex-CGM, Bank of Baroda and Shri Sanjaya Gupta, ex-MD & CEO, PNB Housing Finance Limited.The reaffirmation of the rating takes into account the lender feedback received, wherein additional lenders have notified that their exposures with the company are SMA-1, it also factors in the public notice by the company dated November 2024, disclosing discrepancies in the company's books of accounts, fraud within the company and liquidity consraints as mentioned in the press release dated November 28, 2024. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best information available.

About the Company

­New Delhi Based,Aviom India Housing Finance Private Limited it was incorporated in 2016. The Company extends loans to women for home purchase and construction, home extension and improvement and loan against property. Currently Mr. Kunal Sikka, Ms. Kaajal Aijaz Ilmi, Mr. Sannovanda Machaiah Swathi, and Mr. Stephen Dongwon Lee are the directors of the company.

Unsupported Rating

­Not Applicable

Non-cooperation by the issuer/borrower:

­­Acuité has been requesting for data, information and undertakings from the rated entity for conducting review of the rating. However, the issuer/borrower failed to submit such information and.Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivity

No information provided by the issuer/available for Acuite to comment upon.

Liquidity Position

­No information provided by the issuer/available for Acuite to comment upon.

Outlook

­Not Applicable

Other Factors affecting Rating

­None

Key Financials :

­Given that there have been misrepresentation of information in the annual reports for the previous years, there will be a restatement of the previously submitted financial data.Hence, the financials for the company have not been provided.

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

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

Note on complexity levels of the rated instrument

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

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 28 Nov 2024 Non-Covertible Debentures (NCD) Long Term 21.50 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Proposed Non Convertible Debentures Long Term 2.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 8.57 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 24.04 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 11.50 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 20.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 10.56 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 16.67 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 8.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 4.41 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.23 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.64 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.19 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.31 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.44 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.18 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.81 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.38 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 4.65 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.33 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.33 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.25 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 40.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.94 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.13 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.86 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 7.59 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 3.59 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 3.53 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 6.25 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 4.52 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.55 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 5.52 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.75 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 4.52 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 4.49 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Working Capital Term Loan Long Term 1.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 24.60 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 21.30 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 4.08 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.94 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.12 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.87 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.58 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.12 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.88 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.43 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.77 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.09 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.13 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.85 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.60 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 2.02 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 31.11 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE AA+ | Stable) Term Loan Long Term 0.05 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 13.13 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Non-Covertible Debentures (NCD) Long Term 37.20 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 15.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 15.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Proposed Non Convertible Debentures Long Term 0.30 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Proposed Non Convertible Debentures Long Term 0.50 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Proposed Long Term Loan Long Term 0.03 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Proposed Non Convertible Debentures Long Term 1.50 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Proposed Long Term Bank Facility Long Term 21.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 19.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.23 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.17 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.31 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.25 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.09 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.09 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.32 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 4.67 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 7.04 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 1.69 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) Term Loan Long Term 0.37 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE A- | Stable) 28 Aug 2024 Term Loan Long Term 2.19 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.31 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.44 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.18 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.81 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.38 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.41 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.13 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.85 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.60 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.33 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.33 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.25 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 40.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.94 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.31 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.25 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.09 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.94 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.12 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.87 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.58 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.12 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.88 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.43 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.77 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.09 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.65 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.23 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.64 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.02 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 20.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 10.56 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 16.67 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 8.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 13.13 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 37.20 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 15.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 15.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Long Term Bank Facility Long Term 50.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.05 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.09 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.32 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.67 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 7.04 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.69 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.37 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.13 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.86 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 7.59 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 3.59 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 3.53 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 6.25 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.52 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.55 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 5.52 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.75 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.52 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.49 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Working Capital Term Loan Long Term 1.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 24.60 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 21.30 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.08 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.23 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.17 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Long Term Loan Long Term 0.03 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 21.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Non Convertible Debentures Long Term 4.30 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 8.57 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 24.04 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 11.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 31.11 ACUITE AA+ | Stable (Upgraded from ACUITE AA | Stable) 22 Nov 2023 Term Loan Long Term 31.11 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Term Loan Long Term 0.05 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.09 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.33 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.33 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.25 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 40.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.94 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.31 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.25 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.09 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.94 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.12 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.87 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.58 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.12 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.88 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.43 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.77 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.09 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.65 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.23 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.64 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.19 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.31 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.44 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.18 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.81 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.38 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.41 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.13 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.85 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.60 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.02 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.32 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.67 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 7.04 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.69 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.37 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.13 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.86 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 7.59 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 3.59 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 3.53 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 6.25 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.52 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.55 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 5.52 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.75 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.52 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.49 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Working Capital Term Loan Long Term 1.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 24.60 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 21.30 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.08 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.23 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.17 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Loan Long Term 5.03 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 21.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Non Convertible Debentures Long Term 4.30 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 8.57 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 24.04 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 11.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 10.56 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 16.67 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 8.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 13.13 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 37.20 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 15.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) 22 Nov 2022 Term Loan Long Term 31.11 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.05 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.09 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.32 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.37 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.86 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.53 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.55 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.75 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.49 ACUITE BBB | Stable (Reaffirmed) Working Capital Term Loan Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 24.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 21.30 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.23 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.17 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Loan Long Term 5.03 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 3.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 24.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 11.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 10.56 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.31 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.09 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.88 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.43 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.77 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.09 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.23 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.64 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.31 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.44 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.18 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.38 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.41 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.85 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.02 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 13.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 37.50 ACUITE BBB | Stable (Reaffirmed) * The issuer did not co-operate; based on best available information.

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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 D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307039 Non-Convertible Debentures (NCD) 22 Dec 2020 14.00 22 Dec 2023 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307047 Non-Convertible Debentures (NCD) 10 Feb 2021 14.00 10 Feb 2023 15.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307054 Non-Convertible Debentures (NCD) 04 May 2021 12.40 04 May 2026 14.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307211 Non-Convertible Debentures (NCD) 06 May 2021 12.40 06 May 2026 22.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307120 Non-Convertible Debentures (NCD) 27 Jan 2022 11.76 05 Jul 2025 21.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307120 Non-Convertible Debentures (NCD) 27 Jan 2022 11.76 05 Jul 2025 21.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307112 Non-Convertible Debentures (NCD) 16 Nov 2021 11.70 13 Nov 2027 30.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307096 Non-Convertible Debentures (NCD) 30 Jul 2021 Not avl. / Not appl. 30 Jul 2026 37.20 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable INE0E2307088 Non-Convertible Debentures (NCD) 06 Jul 2021 11.76 15 Jul 2024 21.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 21.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.03 Simple ACUITE D | Reaffirmed | Issuer not co-operating* 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 D | Reaffirmed | Issuer not co-operating* Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.30 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Utkarsh Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 26 Aug 2024 Not avl. / Not appl. 25 Aug 2028 19.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Tourism Finance Corporation of India Not avl. / Not appl. Term Loan 19 Dec 2022 Not avl. / Not appl. 15 Mar 2026 15.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Suryoday Small Finance Bank Limited Not avl. / Not appl. Term Loan 05 Oct 2023 Not avl. / Not appl. 05 Oct 2027 15.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Bank of Maharashtra Not avl. / Not appl. Term Loan 31 Aug 2024 Not avl. / Not appl. 31 Aug 2029 10.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* State Bank of India Not avl. / Not appl. Term Loan 16 Feb 2021 Not avl. / Not appl. 01 May 2028 24.60 Simple ACUITE D | Reaffirmed | Issuer not co-operating* National Housing Bank Not avl. / Not appl. Term Loan 30 Mar 2021 Not avl. / Not appl. 31 Mar 2028 21.30 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Incred Capital Finacial Services Private Ltd. Not avl. / Not appl. Term Loan 27 Feb 2021 Not avl. / Not appl. 10 Mar 2023 4.08 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Alwar General Finance Co. Pvt. Ltd. Not avl. / Not appl. Term Loan 06 Mar 2021 Not avl. / Not appl. 15 Mar 2023 1.23 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Usha Financial Services Private Limited Not avl. / Not appl. Term Loan 26 Mar 2021 Not avl. / Not appl. 25 Sep 2022 1.17 Simple ACUITE D | Reaffirmed | Issuer not co-operating* ESAF Small Finance Bank Not avl. / Not appl. Term Loan 27 Dec 2021 Not avl. / Not appl. 10 Dec 2024 8.57 Simple ACUITE D | Reaffirmed | Issuer not co-operating* LIC Housing Finance Ltd. Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Mar 2027 24.04 Simple ACUITE D | Reaffirmed | Issuer not co-operating* HDFC Bank Ltd Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Mar 2027 11.50 Simple ACUITE D | Reaffirmed | Issuer not co-operating* HDFC Bank Ltd Not avl. / Not appl. Term Loan 30 Jun 2022 Not avl. / Not appl. 30 Dec 2024 20.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Federal Bank Not avl. / Not appl. Term Loan 20 Sep 2021 Not avl. / Not appl. 17 Mar 2023 10.56 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Federal Bank Not avl. / Not appl. Term Loan 28 Feb 2022 Not avl. / Not appl. 28 Feb 2024 16.67 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Indian Bank Not avl. / Not appl. Term Loan 31 Mar 2022 Not avl. / Not appl. 31 Mar 2025 8.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* SBM Bank (India) Ltd. Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Mar 2026 13.13 Simple ACUITE D | Reaffirmed | Issuer not co-operating* National Housing Bank Not avl. / Not appl. Term Loan 01 Jul 2020 Not avl. / Not appl. 31 Mar 2025 4.41 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Western Capital Advisiors Pvt. Ltd. Not avl. / Not appl. Term Loan 30 Jul 2020 Not avl. / Not appl. 31 Jul 2022 0.13 Simple ACUITE D | Reaffirmed | Issuer not co-operating* MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 29 Jul 2020 Not avl. / Not appl. 24 Jul 2024 1.85 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Caspian Impact Investment Private Ltd. Not avl. / Not appl. Term Loan 30 Jul 2020 Not avl. / Not appl. 29 Jul 2024 2.60 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Vivrit Capital Private Ltd. Not avl. / Not appl. Term Loan 29 Jul 2020 Not avl. / Not appl. 28 Jul 2023 2.02 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Indusind Bank Ltd Not avl. / Not appl. Term Loan 30 Jul 2020 Not avl. / Not appl. 29 Apr 2030 31.11 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Agile Finserv Private Limited Not avl. / Not appl. Term Loan 10 Jul 2020 Not avl. / Not appl. 09 Jul 2022 0.05 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Exclusive Leasing And Finance Private Limited Not avl. / Not appl. Term Loan 17 Jul 2020 Not avl. / Not appl. 09 Aug 2022 0.09 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Ambit Finvest Pvt. Ltd. Not avl. / Not appl. Term Loan 31 Aug 2020 Not avl. / Not appl. 04 Aug 2023 1.32 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 31 Aug 2020 Not avl. / Not appl. 31 Aug 2023 4.67 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Hinduja Housing Finance Limited Not avl. / Not appl. Term Loan 31 Aug 2020 Not avl. / Not appl. 30 Aug 2025 7.04 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Eclear Leasing & Finance Private Not avl. / Not appl. Term Loan 03 Sep 2020 Not avl. / Not appl. 15 Mar 2023 1.69 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Agile Finserv Private Limited Not avl. / Not appl. Term Loan 25 Sep 2020 Not avl. / Not appl. 09 Oct 2022 0.37 Simple ACUITE D | Reaffirmed | Issuer not co-operating* PHF Leasing Limited Not avl. / Not appl. Term Loan 30 Sep 2020 Not avl. / Not appl. 14 Oct 2022 0.13 Simple ACUITE D | Reaffirmed | Issuer not co-operating* India Finsec Limited Not avl. / Not appl. Term Loan 06 Nov 2020 Not avl. / Not appl. 04 Apr 2023 1.86 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Hinduja Housing Finance Limited Not avl. / Not appl. Term Loan 24 Nov 2020 Not avl. / Not appl. 29 Nov 2025 7.59 Simple ACUITE D | Reaffirmed | Issuer not co-operating* UC Inclusive Private Ltd. Not avl. / Not appl. Term Loan 30 Nov 2020 Not avl. / Not appl. 30 Nov 2023 3.59 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Capital India Finance Limited Not avl. / Not appl. Term Loan 23 Dec 2020 Not avl. / Not appl. 14 Jan 2025 3.53 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Sundaram Home Finance Ltd. Not avl. / Not appl. Term Loan 15 Dec 2020 Not avl. / Not appl. 31 Dec 2024 6.25 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 03 Apr 2021 Not avl. / Not appl. 03 Apr 2023 4.52 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Exclusive Leasing And Finance Private Limited Not avl. / Not appl. Term Loan 01 Dec 2020 Not avl. / Not appl. 09 Dec 2022 0.55 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 23 Dec 2020 Not avl. / Not appl. 20 Dec 2023 5.52 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Ashv Finance (formally known as Intellegrow) Not avl. / Not appl. Term Loan 05 Jan 2021 Not avl. / Not appl. 05 Jan 2024 1.75 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Caspian Impact Investment Private Ltd. Not avl. / Not appl. Term Loan 29 Jan 2021 Not avl. / Not appl. 29 Jan 2025 4.52 Simple ACUITE D | Reaffirmed | Issuer not co-operating* National Housing Bank Not avl. / Not appl. Term Loan 29 Jan 2021 Not avl. / Not appl. 28 Feb 2031 4.49 Simple ACUITE D | Reaffirmed | Issuer not co-operating* A U Small Finance Bank Not avl. / Not appl. Term Loan 27 Sep 2018 Not avl. / Not appl. 14 Oct 2023 1.33 Simple ACUITE D | Reaffirmed | Issuer not co-operating* A U Small Finance Bank Not avl. / Not appl. Term Loan 30 Jan 2019 Not avl. / Not appl. 17 Feb 2024 1.33 Simple ACUITE D | Reaffirmed | Issuer not co-operating* A U Small Finance Bank Not avl. / Not appl. Term Loan 31 May 2019 Not avl. / Not appl. 02 Jun 2023 1.25 Simple ACUITE D | Reaffirmed | Issuer not co-operating* IDFC First Bank Limited Not avl. / Not appl. Term Loan 03 May 2018 Not avl. / Not appl. 30 Apr 2030 40.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Hinduja Housing Finance Limited Not avl. / Not appl. Term Loan 30 Mar 2019 Not avl. / Not appl. 30 Mar 2024 1.94 Simple ACUITE D | Reaffirmed | Issuer not co-operating* MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 25 Sep 2018 Not avl. / Not appl. 22 Sep 2022 0.31 Simple ACUITE D | Reaffirmed | Issuer not co-operating* MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 31 Oct 2018 Not avl. / Not appl. 22 Sep 2022 0.25 Simple ACUITE D | Reaffirmed | Issuer not co-operating* MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 28 May 2019 Not avl. / Not appl. 24 May 2023 1.09 Simple ACUITE D | Reaffirmed | Issuer not co-operating* MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 25 Mar 2019 Not avl. / Not appl. 23 Mar 2023 0.94 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Mannapuram Finance Ltd. Not avl. / Not appl. Term Loan 28 Dec 2018 Not avl. / Not appl. 30 Dec 2023 1.12 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Mannapuram Finance Ltd. Not avl. / Not appl. Term Loan 13 Feb 2019 Not avl. / Not appl. 28 Feb 2024 2.87 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 26 Nov 2018 Not avl. / Not appl. 24 Jan 2023 1.58 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 25 Mar 2019 Not avl. / Not appl. 23 Mar 2023 2.12 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 05 Jul 2019 Not avl. / Not appl. 04 Jun 2023 1.88 Simple ACUITE D | Reaffirmed | Issuer not co-operating* UC Inclusive Private Ltd. Not avl. / Not appl. Term Loan 28 Nov 2019 Not avl. / Not appl. 30 Nov 2022 0.43 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Caspian Impact Investment Private Ltd. Not avl. / Not appl. Term Loan 27 Nov 2019 Not avl. / Not appl. 26 Nov 2023 1.77 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan 27 Nov 2019 Not avl. / Not appl. 27 Nov 2023 2.09 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 09 Dec 2019 Not avl. / Not appl. 02 Jan 2024 4.65 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 20 Dec 2019 Not avl. / Not appl. 25 Dec 2023 2.23 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 31 Dec 2019 Not avl. / Not appl. 04 Jan 2024 1.64 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Vivrit Capital Private Ltd. Not avl. / Not appl. Term Loan 19 Dec 2019 Not avl. / Not appl. 18 Dec 2023 2.19 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan 27 Nov 2019 Not avl. / Not appl. 26 Jan 2024 2.31 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 31 Jan 2020 Not avl. / Not appl. 04 Feb 2024 2.44 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Hero Fincorp Ltd. Not avl. / Not appl. Term Loan 03 Mar 2020 Not avl. / Not appl. 02 Mar 2023 2.18 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 28 Feb 2020 Not avl. / Not appl. 02 Mar 2023 2.81 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Vivrit Capital Private Ltd. Not avl. / Not appl. Term Loan 12 Mar 2020 Not avl. / Not appl. 11 Mar 2024 2.38 Simple ACUITE D | Reaffirmed | Issuer not co-operating* Axis Bank Not avl. / Not appl. Working Capital Term Loan 30 Jan 2021 Not avl. / Not appl. 30 Jan 2022 1.00 Simple ACUITE D | Reaffirmed | Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

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Contacts

Mohit Jain Senior Vice President - Rating Operations Nattasha Venkatesh 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. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.