Press Release November 26, 2025 B B BANTHIA FINANCE PRIVATE LIMITED Rating Assigned

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	25.00	ACUITE BBB- | Stable | Assigned	-
Total Outstanding	25.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has assigned the long-term rating of ‘ACUITE BBB-’ (read as ACUITE triple B minus) on the Rs. 25.00 crore bank facilities of B B Banthia Finance Private Limited. The outlook is 'Stable'. Rationale for the rating The rating factors in the experienced promoters, moderate asset quality and comfortable capitalization levels. BBBFL reported a CRAR of 23.45 percent and gearing level stood at 3.33 times as on March 31, 2025. The rating takes into consideration in the company’s lending profile towards liquid gold loans & improvement in disbursal levels. The rating further draws comfort from moderate asset quality metrics marked by on time portfolio at 94.76 percent and Gross Non-Performing Assets (GNPA) at 1.14% as on March 31, 2025. Profitability has also improved in FY25 as PAT is Rs.4.25 Cr. as compared with FY24 it was Rs.3.29 Cr. The rating is, however, constrained by the company's geographical concentration, modest scale of operations, and highly competitive business of gold loans. Going forward, the company’s ability to raise capital and profitably scale-up its loan portfolio while maintaining the asset quality will be a key monitorable.

About the company

­Incorporated in 1997, B B Banthia Finance Private Limited is registered in 776, M.G. Road, Mumbai City, Panvel, Maharashtra, India, 410206. The company is a rural financing company that caters to the financial needs of the rural sector. This is done by providing “loan against gold” to serve this sector from three locations at Panvel, Mohopada and Karjat. The directors include Mr. Rajesh Birdichand Banthia, Mr. Gaurav Shailesh Banthia, Mr. Suyog Rajesh Banthia.

Unsupported Rating

­Not Applicable.

Analytical Approach

­Acuité has considered the standalone financial and business risk profile of B B Banthia Finance Private Limited to arrive at the rating.

Key Rating Drivers

Strength

­Experienced promoters The promoters have more than two decades of experience and a strong understanding of customer profile in the region they operate. Given the company’s long track record of presence of more than four decades in the state of Maharashtra, the company has built up good credibility among the borrowers. The company is promoted by Mr. Rajesh B. Banthia and his family members. He holds ~47.41 percent of shares individually of BBBFL as on March 31, 2025, while rest of the shareholding is held by other family members. The day-to-day operation of BBBFL is led by Mr. Rajesh B. Banthia who is supported by his team of professionals. Acuité believes that BBBFL will continue to benefit from its established presence of the B B Banthia Group and experience of the promoters in the gold loan segment. Reasonable Asset Quality Asset quality has shown improvement, marked by on-time portfolio at 94.76 percent as on March 31, 2025. BBBFL reported a Gross NPA of 1.14% and Net NPA of 0.90% as on FY25. The improvement was led by the management’s focus on collection toward delinquent assets. Going forward, the company’s ability to maintain asset quality will be a key monitorable and risk arising from adverse gold prices would be critical.

Weakness

­Moderate scale of Operations with high geographical concentration. The company commenced its operation in 1997 and currently has a loan portfolio of Rs. 101.08 Cr. as on March 31, 2025 as against Rs. 86.10 Cr. as on March 31, 2024, and Rs.63.14 Cr. in FY2023. BBBFL is a mid-sized but a stable growing player in gold loans. The company's portfolio is currently concentrated in 1 district in Maharashtra and has a branch base of 8 branches as on March 31, 2025. Going forward, BBBFL plans to expand its network of branches in the coming FY. The company's performance is expected to remain exposed to the competitive landscape in these regions and the occurrence of events such as natural calamities, may adversely impact the credit profile of the borrowers. Moreover, BBBFL does plan to penetrate this segment by opening more branches in the coming year which would help build its foundation in these communities. Acuité believes that geographical concentration will continue to weigh on the company’s credit profile, however the development in how this specific niche of operating in rural areas is developed would be key a monitorable. Limited financial flexibility The capital structure of BBBFL is supported by a net worth of Rs. 23.47 Cr, Total Debt of Rs. 78.14 Cr. and resultant gearing of 3.33 times as on March 31, 2025. BBBFL has a modest resource profile with a relationship with only two banks. The other funding source includes privately placed debentures, placed with close friends and relatives, and remains largely dependent on promoters for funding requirements. Acuite believes that the ability of the company to mobilise additional funding through debt/equity will be critical.

Rating Sensitivity

­Ability to raise capital Profitable scale up in operations Movement in profitability metric Changes in the regulatory environment

Liquidity Position

Adequate

BBBFL overall liquidity profile remains adequate with no negative cumulative mismatches in the near-to-medium term as per the ALM dated March 31, 2025. The company has cash & bank balances of Rs. 0.38 Crore as of March 31, 2025.

Outlook - Stable

­

Other Factors affecting Rating

­None.

Key Financials - Standalone / Originator

­ Particulars Unit FY25(Actual) FY24(Actual) Total Assets Rs. Cr. 105.20 89.67 Total Income* Rs. Cr. 10.00 7.52 PAT Rs. Cr. 4.25 3.29 Net Worth Rs. Cr. 23.47 19.22 Return on Average Assets (RoAA) (%) 4.36 4.09 Return on Average Net Worth (RoNW) (%) 19.93 18.70 Debt/Equity Times 3.33 3.53 Gross NPA (%) 1.14 2.17 Net NPA (%) 0.90 1.90 *Total income equals to Net Interest Income plus other income.

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

­None

Any other information

­None.

Applicable Criteria

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

Note on complexity levels of the rated instrument

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

Rating History :

­Not Applicable.

Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE BBB- | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.96 Simple ACUITE BBB- | Stable | Assigned State Bank of India Not avl. / Not appl. Term Loan 23 May 2022 Not avl. / Not appl. 23 Apr 2028 3.52 Simple ACUITE BBB- | Stable | Assigned State Bank of India Not avl. / Not appl. Term Loan 23 Dec 2023 Not avl. / Not appl. 23 Nov 2026 0.52 Simple ACUITE BBB- | Stable | Assigned

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Tejas Chaugule 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.