Press Release

Press Release

June 15, 2026

FINOVA CAPITAL PRIVATE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	275.00	ACUITE A+ \| Stable \| Reaffirmed	-	RBI
Total Outstanding	0.00	275.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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

Acuité has reaffirmed the long term rating of ‘ACUITE A+’ (read as ACUITE A plus) on Rs. 275.00 Cr. bank facilities of Finova Capital Private Limited (FCPL). The outlook revised from 'Positive’ to 'Stable'.

Rationale for Rating

The outlook revision takes into account moderation in the company’s financial and business risk profile. The company reported PAT of Rs. 185 crore in FY2025 (FY2024: Rs. 151.51 crore), which is expected to be moderated at Rs. 165.67 crore in FY2026 (estimated). Consequently, net worth strengthened to Rs. 1,944.36 crore as on March 31, 2025 (March 31, 2024: Rs. 1,162.67 crore) and is expected to increase further to Rs. 2,110.87 crore in FY2026 (estimated). The rating favourably considers the comfortable capitalisation, with CAR at 47.15 percent as on March 31, 2025, expected to remain adequate at 43.37 percent as on March 31, 2026 (estimated). The AUM growth remained moderate, increasing to Rs. 3,476.98 crore as on March 31, 2025 (March 31, 2024: Rs. 2,656.05 crore) and is expected at Rs. 3,827.78 crore in FY2026 (estimated).
However, the rating is constrained by geographical concentration (~54.46 percent in Rajasthan), exposure to relatively riskier segments, and deterioration in asset quality, with GNPA at 2.39 percent in FY2025 (expected: 3.22 percent in FY2026 estimated) and NNPA at 1.40 percent (expected: 1.92 percent in FY2026 estimated).
Going forward, the company’s ability to scale operations, contain asset quality pressures, and sustain profitability will remain key monitorables.

About the company

Incorporated in 2015, Finova Capital Private Limited (FCPL) is a Jaipur based NBFC promoted by Mr. Mohit Sahney who has over 25+ years of experience in retail banking and financial services. The company is engaged in extending MSME loans and Home loans (both products secured against property). FCPL operates through a network of 448 branches spread across states of Rajasthan, Madhya Pradesh, Karnataka, Andhra Pradesh, Himachal Pradesh, Tamil Nadu, Uttar Pradesh, Delhi-NCR, Chhattisgarh, Haryana, Jharkhand, Uttarakhand, Punjab, Bihar, Odisha and Telangana as on March 31st, 2026.

Unsupported Rating

Not Applicable.

Analytical Approach

Acuité has considered the standalone business and financial risk profile of FCPL to arrive at the rating.

Key Rating Drivers

Strength

Established presence in MSME segment ; demonstrated support from marquee investors

FCPL’s borrower profile comprise MSME units providing services, small traders, retailers, businessmen and other local small business operators primarily engaged in providing essential services. The company was founded by Mr. Mohit Sahney (MD & CEO) and Mrs. Sunita Sahney (Executive Director). Mr. Mohit Sahney has an experience spanning over more than 25 years in retail banking and financial services. FCPL has been able to obtain funding from multiple investors to the tune of ~Rs. 1450 Cr. through compulsory convertible cumulative preference capital in five rounds of funding held in FY2018, FY2019, FY2021 and 2022, 2024. The company’s outstanding loan portfolio stood at Rs. 3476.98 Cr. as on March 31, 2025 (Rs.2656.05 Cr. as on March 31, 2024) and expected to be at Rs.3827.78 Cr. as on FY26 (estimated). FCPL has demonstrated growth in its scale of operations by expanding its network to 448 branches across states of Rajasthan, Madhya Pradesh, Uttar Pradesh, Delhi-NCR, Chhattisgarh, Haryana, Jharkhand, Punjab, Bihar, Andhra Pradesh, Karnataka, Himachal Pradesh, Tamil Nadu, Uttrakhand, Odisha and Telangana. Rajasthan still constitutes for major portion of the company’s portfolio. Acuité believes that the company’s growth prospects will be supported by the promoter’s extensive experience in the financial services sector fortified by support from marquee investors.

Healthy financial risk profile.

FCPL’s networth stood at Rs. 1994.36 Cr. as on FY25 and expected to be at Rs.2110.87 Cr. as on FY26 (estimated) reported a healthy capital adequacy ratio (CAR) of 47.15 percent mostly comprising Tier 1 capital (47.08 percent) as on FY25. The company has a diversified lender profile comprising Banks and NBFC/FI’s. with total debt of Rs. 2358.14 Cr. outstanding as on March, 2025 and expected to be at Rs.2756.40 Cr. as on FY26 (estimated). FCPL’s profitability indicators are also healthy marked by Net Interest Margin (NIM) which stood at 15.30 percent as on March 31, 2025. The company’s Return on Average Assets (RoAA) stood at 4.96 percent as on March 31, 2025. Operating Expense to Earning Assets stood at 6.46 percent as on March 31, 2025. Acuité believes that the company’s comfortable capitalization levels will support its growth plans over the medium term.

Weakness

Relatively low seasoned portfolio; likelihood of elevated stress in asset quality.
FCPL commenced its lending operation in March, 2016 extending MSME loans (secured against property) having an average tenure of upto 6-7 years. FCPL’s overall credit profile is susceptible to concentration towards MSME loan which in turn are facing their own inherent risks and challenges. Further, since MSME loans are extended to self-employed individuals for business purposes, the serviceability of these loans is directly dependent on the level of economic activity in the region. Majority of the FCPL’s MSME borrowers comprise services providers, small traders, retailers, businessmen and other local small business operators. The company’s operations are concentrated in Rajasthan with ~54.46 percent of the overall outstanding portfolio as on March, 2025. Further, the low seasoning of the loan portfolio and deterioration in asset quality remain key concerns, with GNPA increasing to 2.39 percent as on FY2025 and expected to rise to 3.22 percent in FY2026 (estimated), while NNPA stood at 1.40 percent as on FY2025 and is expected at 1.92 percent in FY2026 (estimated). These factors may exert pressure on the company’s credit profile and earnings stability going forward. Acuité believes that the company’s ability to maintain its asset quality given the low seasoned loan book.

ESG Factors Relevant for Rating

The company’s Environmental, Social, and Governance (ESG) profile is supported by its focus on financial inclusion, with a lending model catering to underserved and semi-urban/rural segments, thereby facilitating access to formal credit and contributing to inclusive economic development. From a governance standpoint, the company benefits from an experienced management team, structured risk management practices, and established operational systems, supporting business stability and oversight. However, the geographical concentration of operations (~54.46 percent in Rajasthan) remains a key monitorable from a diversification perspective. Overall, the company’s ESG profile is considered adequate, with continued emphasis on geographical diversification and strengthening governance frameworks being important.

Rating Sensitivity

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

Significant growth in AUM and disbursements.
Significant improvements in profitability metrics.

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

Deterioration in asset quality metrics, collection efficiency.
GNPA greater than 5 percent

Liquidity Position

Adequate

FCPL’s liquidity profile remains adequate, supported by a well-matched ALM with no negative cumulative mismatches in the near to medium term as on March 31, 2026. The company maintains cash and cash equivalents of Rs.99.8 Cr. (as on March 31, 2025), providing a buffer for immediate obligations. Liquidity is further supported by stable collections from its retail portfolio and established lender relationships, ensuring continued access to funding. The company’s borrowings are expected to be at Rs.2756.40 Cr. in FY26 (estimated), with moderate leverage Debt/Equity 1.31 times, indicating prudent gearing and manageable refinancing risk. Additionally, strong investor backing enhances financial flexibility, resulting in an overall comfortable liquidity position, supported by steady accruals and funding access.

Outlook - Stable

Other Factors affecting Rating

None.

Key Financials - Standalone / Originator

Particulars	Unit	FY25 (Actual)	FY24 (Actual)
Total Assets	Rs. Cr.	4344.04	3111.45
Total Income*	Rs. Cr.	561.67	398.61
PAT	Rs. Cr.	185	151.51
Net Worth	Rs. Cr.	1944.36	1162.67
Return on Average Assets (RoAA)	(%)	4.96	5.85
Return on Average Net Worth (RoNW)	(%)	11.91	13.95
Debt/Equity	Times	1.21	1.64
Gross NPA	(%)	2.39	1.79
Net NPA	(%)	1.40	0.99

*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
• 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
17 Mar 2025	Term Loan	Long Term	26.43	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	24.29	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	22.33	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	31.70	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	3.83	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	12.79	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	5.60	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	3.14	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	4.09	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	5.80	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	4.02	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	4.40	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	3.17	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	4.58	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	2.88	ACUITE A+ \| Positive (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	46.78	ACUITE A+ \| Positive (Reaffirmed)
	Term Loan	Long Term	69.17	ACUITE A+ \| Positive (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
28 Aug 2024	Term Loan	Long Term	6.64	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	27.16	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	7.92	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	6.47	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	6.02	ACUITE A+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	69.76	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.60	ACUITE A+ \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.98	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	1.87	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.19	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	6.71	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.21	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.48	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	16.82	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.17	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	37.07	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	27.14	ACUITE A+ \| Stable (Reaffirmed)
	Term Loan	Long Term	29.29	ACUITE A+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE Not Applicable (Withdrawn)
	Principal protected market linked debentures	Long Term	10.00	ACUITE Not Applicable (Withdrawn)
	Principal protected market linked debentures	Long Term	10.00	ACUITE Not Applicable (Withdrawn)
	Principal protected market linked debentures	Long Term	10.00	ACUITE Not Applicable (Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	15.00	ACUITE Not Applicable (Withdrawn)
29 Sep 2023	Term Loan	Long Term	11.67	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	7.46	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	8.79	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	8.27	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	7.67	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	6.48	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	5.99	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	10.15	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	7.80	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	21.37	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	6.67	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Proposed Non Convertible Debentures	Long Term	15.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	1.43	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	11.57	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	4.68	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	43.18	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	32.59	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Proposed Long Term Bank Facility	Long Term	72.68	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Term Loan	Long Term	6.55	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE A+ \| Stable (Upgraded from ACUITE A \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE Not Applicable (Withdrawn)
	Principal protected market linked debentures	Long Term	10.00	ACUITE PP-MLD A+ \| Stable (Upgraded from ACUITE PP-MLD A \| Stable)
	Principal protected market linked debentures	Long Term	10.00	ACUITE PP-MLD A+ \| Stable (Upgraded from ACUITE PP-MLD A \| Stable)
	Proposed principal protected market linked debentures	Long Term	10.00	ACUITE PP-MLD A+ \| Stable (Upgraded from ACUITE PP-MLD A \| Stable)

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
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.	130.83	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 Jun 2021	Not avl. / Not appl.	23 Jun 2026	0.52	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
Federal Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2021	Not avl. / Not appl.	30 Jun 2026	0.27	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
Capital Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Jun 2021	Not avl. / Not appl.	31 May 2028	3.88	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
DCB Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Aug 2021	Not avl. / Not appl.	30 Jul 2027	1.99	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Sep 2021	Not avl. / Not appl.	31 Aug 2026	0.63	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2021	Not avl. / Not appl.	30 Sep 2028	3.70	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Dec 2021	Not avl. / Not appl.	30 Apr 2027	5.25	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
Ujjivan Small Finance Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Dec 2021	Not avl. / Not appl.	31 Dec 2026	1.33	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Oct 2021	Not avl. / Not appl.	31 Jan 2029	21.65	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
YES BANK LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 Feb 2023	Not avl. / Not appl.	28 Feb 2028	13.28	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2023	Not avl. / Not appl.	30 Sep 2030	18.93	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Mar 2024	Not avl. / Not appl.	31 Mar 2031	21.07	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable
RBL Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	19 Dec 2024	Not avl. / Not appl.	30 Jan 2030	51.67	Simple	ACUITE A+ \| Stable \| Reaffirmed \| Positive to Stable

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

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.