Press Release

Press Release

August 05, 2026

EMBABY GENERAL FINANCE INDIA PRIVATE LIMITED
Rating Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	30.00	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*	-	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	30.00	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuite has withdrawn its long-term rating on Rs.28.50 Cr. bank facilities of Embaby General Finance India Private Limited (EGFL) without assigning any rating as the instrument is fully repaid. The rating is being withdrawn on account of request received from the issuer and No Dues Certificate received from the lender.
Acuité has also withdrawn its rating on the proposed long-term bank facilities of Rs.1.50 Cr. of Embaby General Finance India Private Limited (EGFL) without assigning any rating as it is a proposed facility. The rating has been withdrawn on account of the request received from the issuer.

The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument.
The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

Embaby General Finance India Private Limited (EGFL) a Non-Banking Financial Company (NBFC) incorporated in November 2008 and based out of Kattappana, in the Idukki district of Kerala, mainly operates by providing loans against collateral of gold jewellery primarily to individuals having limited or no access to formal credit to meet their short term personal requirements. The late promoter, Mr. E.M. Baby, started in this business in the year 1966. Over the years, the company has expanded its presence across two districts (i.e., Idukki and Kottayam) with branch base of 23 as on March 31, 2024. The operations will remain confined to the state of Kerala over the medium term. Apart from loans against gold jewellery, it also provides money transfer facilities in India, foreign inward money transfer services, encashment of foreign currencies, etc. EGFL is the flagship company of the E.M. Baby Group, which also operates in hospitality, trade distribution, finance, industry, money exchange, and general insurance.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower:

Acuité has been requesting for latest information and latest No Default Statement from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information. 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

Potential triggers (individual or collective) for an upward rating action:

Not Applicable

Potential triggers (individual or collective) for a downward rating action:

Not Applicable

Liquidity Position

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

Outlook

Not Applicable

Other Factors affecting Rating

None

Key Financials :

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs Cr.	62.92	56.67
Total Income*	Rs Cr.	6.20	6.26
PAT	Rs Cr.	1.03	1.29
Networth	Rs Cr.	21.01	19.99
Return on Average Assets (ROAA)	(%)	1.72	2.14
Return on Net Worth (RoNW)	(%)	5.02	6.67
Total Debt/Tangible Net Worth (Gearing)	Times	1.86	1.70
Gross NPA’s	(%)	0.34	2.08
Net NPA’s	(%)	0.32	1.76

*Total income equals to Net Interest Income plus other income

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
22 May 2025	Proposed Long Term Bank Facility	Long Term	1.50	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	4.82	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Cash Credit	Long Term	12.32	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	4.43	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.69	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	1.37	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.17	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.06	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.11	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	2.11	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.21	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.29	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	1.49	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.43	ACUITE BB (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
29 Nov 2024	Working Capital Demand Loan (WCDL)	Long Term	0.21	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	0.17	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	0.06	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	0.11	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	2.11	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	0.29	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	1.49	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Term Loan	Long Term	0.43	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Proposed Long Term Bank Facility	Long Term	1.50	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Cash Credit	Long Term	4.82	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Cash Credit	Long Term	12.32	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	4.43	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	0.69	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
	Working Capital Demand Loan (WCDL)	Long Term	1.37	ACUITE BBB- \| Stable (Upgraded from ACUITE BB+)
26 Aug 2024	Cash Credit	Long Term	11.60	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	4.71	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.66	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	1.37	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.06	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.06	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.11	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.57	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.63	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	0.63	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Working Capital Demand Loan (WCDL)	Long Term	1.49	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.33	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
	Proposed Long Term Bank Facility	Long Term	7.78	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- \| Stable)
29 May 2023	Cash Credit	Long Term	11.60	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	4.71	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.66	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	1.37	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.06	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.06	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.11	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.57	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.63	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	0.63	ACUITE BBB- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	1.49	ACUITE BBB- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.33	ACUITE BBB- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	7.78	ACUITE BBB- \| Stable (Reaffirmed)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Federal Bank Limited	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	12.32	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
South Indian Bank	Not avl. / Not appl.	Cash Credit	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.82	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.50	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Feb 2024	Not avl. / Not appl.	15 Feb 2028	0.43	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	4.43	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.69	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.37	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.17	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.06	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.11	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.11	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.21	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.29	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*
Federal Bank Limited	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	1.49	Simple	ACUITE Not Applicable \| Withdrawn \| Issuer not co-operating*

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

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Yash Dharmale
Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.