Press Release January 22, 2024 BERAR FINANCE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	132.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	132.00	-	-

Rating Rationale

Acuité has withdrawn the long term facility on the Rs. 132.00 crore of Berar Finance Limited. The same is withdrawn without assigning any rating as the Instrument is fully repaid and no longer an outstanding obligation of the company. The rating is being withdrawn on account of the request received from the company and the NDC received from the banker’s as per Acuité’s policy on withdrawal of ratings as applicable to the respective facility/instrument.

About the company

­Incorporated in 1990, BFL is a Nagpur based Deposit-taking, Non-banking financial company registered with RBI effective 1998. The company is primarily engaged in financing of two wheelers, used cars, commercial vehicles, personal loans, trade loans and agri loans. BFL is promoted by Mr. M G Jawanjar and Mr. Sandeep Jawanjal among others. The company reported AUM of ~Rs 946 Cr. as on June 30, 2023.

Unsupported Rating

­Not applicable

Analytical Approach

­Not Applicable

Key Rating Drivers

Strength

­­Not Applicable

Weakness

­­Not Applicable

Rating Sensitivity

­­Not Applicable

Liquidity Position

­­Not Applicable

Outlook:

­Not Applicable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars Unit FY23 (Actual) FY22 (Actual) Total Assets Rs. Cr. 1131.40 1036.93 Total Income* Rs. Cr. 118.02 85.39 PAT Rs. Cr. 17.08 17.42 Net Worth Rs. Cr. 275.24 259.14 Return on Average Assets (RoAA) (%) 1.57 1.81 Return on Average Net Worth (RoNW) (%) 6.39 8.59 Debt/Equity Times 3.00 2.91 Gross NPA (%) 4.67 3.05 Net NPA (%) 3.03 2.25

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 • Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.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 Ratng Criteria “Complexity Level Of Financial Instruments”on www.acuite.in

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 14 Sep 2023 Term Loan Long Term 17.00 ACUITE A (CE) | Negative (Reaffirmed) Proposed Bank Facility Long Term 50.00 ACUITE BBB+ | Negative (Reaffirmed) Proposed Term Loan Long Term 65.00 ACUITE BBB+ | Negative (Reaffirmed) 15 Mar 2023 Proposed Term Loan Long Term 65.00 ACUITE BBB+ | Positive (Reaffirmed) Proposed Term Loan Long Term 50.00 ACUITE BBB+ | Positive (Assigned) Term Loan Long Term 17.00 ACUITE A (CE) | Positive (Reaffirmed) 15 Jul 2022 Term Loan Long Term 17.00 ACUITE A (CE) | Positive (Reaffirmed) Proposed Term Loan Long Term 65.00 ACUITE BBB+ | Positive (Reaffirmed) 13 Jan 2021 Term Loan Long Term 17.00 ACUITE A (CE) | Stable (Assigned) Proposed Term Loan Long Term 65.00 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 Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 50.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 65.00 Simple Not Applicable|Withdrawn Hinduja Leyland Finance Ltd. Not Applicable Term Loan Not available Not available 07 Nov 2023 17.00 Simple Not Applicable|Withdrawn

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Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Ramesh Metri Associate - Rating Operations Tel: 022-49294065 ramesh.metri@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@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.