PR

Press Release
FINO FINANCE PRIVATE LIMITED
November 22, 2023
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	20.00	ACUITE BB+ \| Reaffirmed \| Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	20.00	-	-

Rating Rationale

Acuite has reaffirmed the long-term rating of ACUITE BB+ (read as ACUITE double B plus) on the Rs 20.00 Crores bank facilities of Fino Finance Private Limited. The rating continues to be flagged as “Issuer Not-Cooperating” and is downgraded on account of information risk.

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.

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:

The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based

About the Rated Entity - Key Financials

The rated entity has not shared the latest financial statement for Acuite to comment.

Rating Sensitivity

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

All Covenants

Not Applicable

Liquidity Position

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

Outlook

Not Applicable

Other Factors affecting Rating

Not Applicable

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
24 Aug 2022	Cash Credit	Long Term	25.00	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Non Convertible Debentures	Long Term	25.00	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	11.82	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	32.86	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	2.50	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	5.42	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	3.71	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Non Convertible Debentures	Long Term	30.00	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	4.17	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	20.00	ACUITE BB+ ( Issuer not co-operating*)
	Term Loan	Long Term	20.00	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	6.61	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	8.00	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	3.33	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
	Term Loan	Long Term	4.08	ACUITE BB+ (Withdrawn and Issuer not co-operating*)
28 Jun 2021	Term Loan	Long Term	3.71	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	11.51	ACUITE BB+ (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	45.00	ACUITE BB+ (Withdrawn)
	Term Loan	Long Term	8.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Non Convertible Debentures	Long Term	30.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	11.82	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	32.86	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	20.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	20.00	ACUITE BB+ \| Stable (Assigned)
	Term Loan	Long Term	1.67	ACUITE BB+ (Withdrawn)
	Term Loan	Long Term	4.17	ACUITE BB+ (Withdrawn)
	Non Convertible Debentures	Long Term	25.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	2.22	ACUITE BB+ (Withdrawn)
	Term Loan	Long Term	2.50	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	1.67	ACUITE BB+ (Withdrawn)
	Term Loan	Long Term	2.26	ACUITE BB+ (Withdrawn)
	Cash Credit	Long Term	25.00	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	4.08	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	6.61	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Proposed Bank Facility	Long Term	161.03	ACUITE BB+ (Withdrawn)
	Term Loan	Long Term	10.61	ACUITE BB+ (Withdrawn)
	Term Loan	Long Term	4.17	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	4.17	ACUITE BB+ (Withdrawn)
	Term Loan	Long Term	5.42	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
	Term Loan	Long Term	3.19	ACUITE BB+ (Withdrawn)
	Term Loan	Long Term	3.33	ACUITE BB+ \| Stable (Downgraded from ACUITE BBB- \| Negative)
06 Jul 2020	Term Loan	Long Term	2.26	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	12.50	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	1.67	ACUITE BBB- \| Negative (Assigned)
	Proposed Bank Facility	Long Term	170.36	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	4.17	ACUITE BBB- \| Negative (Assigned)
	Non Convertible Debentures	Long Term	25.00	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	42.86	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	4.08	ACUITE BBB- \| Negative (Assigned)
	Non Convertible Debentures	Long Term	30.00	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	10.61	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	2.22	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	20.00	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	2.50	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	1.67	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	3.19	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	4.17	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	6.61	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	8.00	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	3.33	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	4.17	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	11.51	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	3.71	ACUITE BBB- \| Negative (Assigned)
	Cash Credit	Long Term	25.00	ACUITE BBB- \| Negative (Assigned)
	Term Loan	Long Term	5.42	ACUITE BBB- \| Negative (Assigned)
	Proposed Non Convertible Debentures	Long Term	45.00	ACUITE BBB- \| Negative (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
IDFC First Bank Limited	Not Applicable	Term Loan	Not available	Not available	Not available	20.00	Simple	ACUITE BB+ \| Reaffirmed \| Issuer not co-operating*

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Abhishek Singh Analyst - Rating Operations Tel: 022-49294065 abhishek.s@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.