ACUITE BB- | Downgraded | Issuer not co-operating*
-
RBI
Total Outstanding
0.00
20.00
-
-
-
Total Withdrawn
0.00
0.00
-
-
-
* 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
Acuité has downgraded the long-term rating to ‘ACUITE BB-’ (read as ACUITE double B minus) from 'ACUITE BB' (read as ACUITE double B) on the Rs 20.00 Crore bank facilities of Fino Finance Private Limited on account of information risk. The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.
About the Company
Fino Finance Private Limited (formerly known as Intrepid Finance and Leasing Private Limited) was incorporated in 1994. Fino Finance Private Limited was registered with the RBI in 2002 as a non-deposit taking NBFC. FINO Paytech Limited (hold co.) acquired Fino Finance Private Limited (FFPL) and since then its FINO Paytech Limited‘s wholly owned subsidiary in 2010. is engaged in extending microfinance loans to women borrowers through the joint liability groups (JLG) in rural areas. The company has its registered office in Navi Mumbai, Maharashtra. Besides MFI loans, FFPL also extends MSME loans to the tune of 5% of the total loan book as on December 31, 2020. Mr. Srividya Venkataraman, Mr. Ashok Kasaragod Kini, Mr. Amit Kumar Jain are directors of the entity.
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 surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date. 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
About the Rated Entity - Key Financials
The rated entity has not shared the latest financial statements despite repeated requests.
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."
ACUITE BB
(Downgraded & Issuer not co-operating* from ACUITE BB+)
22 Nov 2023
Term Loan
Long Term
20.00
ACUITE BB+
(Reaffirmed & Issuer not co-operating*)
* The issuer did not co-operate; based on best available information.
Lender’s Name
ISIN
Facilities
Listing Status
Regulated By
Date Of Issuance
Coupon Rate
Maturity Date
Quantum (Rs. Cr.)
Complexity Level
Rating
IDFC First Bank Limited
Not avl. / Not appl.
Term Loan
Unlisted
RBI
Not avl. / Not appl.
Not avl. / Not appl.
Not avl. / Not appl.
20.00
Simple
ACUITE BB- | Downgraded | Issuer not co-operating* ( from ACUITE BB )
* 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.
