Press Release October 11, 2024 INDITRADE MICROFINANCE LIMITED Rating Downgraded and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	76.83	ACUITE C | Reaffirmed	-
Bank Loan Ratings	36.13	ACUITE D | Downgraded	-
Non Convertible Debentures (NCD)	10.00	ACUITE D | Reaffirmed	-
Bank Loan Ratings	4.00	-	ACUITE A4 | Reaffirmed
Total Outstanding	126.96	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has downgraded the long-term rating to ‘ACUITE D' (read as ACUITE D) from ‘ACUITE C’ (read as ACUITE C) on the Rs. 36.13 Cr. bank facilities of Inditrade Microfinance Limited (IML). Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs. 76.83 Cr. bank facilities of Inditrade Microfinance Limited (IML) Acuité has reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A4) on the Rs. 4.00 Cr. bank facilities of Inditrade Microfinance Limited (IML) Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D)  on the Rs. 10.00 Cr. Non-Convertible debentures of Inditrade Microfinance Limited (IML). ­Reason for downgrade The rating is downgraded basis the written feedback received from one of the lender confirming the account being NPA.

About the Company

­­­Incorporated in 2016, Inditrade Microfinance Limited (IML, erstwhile Tree Microfinance Limited) is an NBFC-MFI engaged in extending microfinance loans to woman borrowers arranged in joint liability groups since 2017. The company has its head office in Mumbai and primarily operates, as of June 2023, through a network of 169 branches across 8 states and 1 Union territory namely Kerala, Tamil Nadu, Karnataka, Bihar, Gujrat, Maharashtra, Odisha, Madhya Pradesh and Puducherry. The company offers funding primarily for income generation activities and education loans for the borrower’s children. IML's Assets Under Management (AUM) stood at Rs. 515.08 Cr. (including off book exposure of Rs. 403.73 Cr.) as on September 30, 2023.

About the Group

­­­Inditrade Group operates through its flagship company Inditrade Capital Limited (ICL; formerly known as JRG Associates). The company was taken over by its promoter Mr. Sudip Bandyopadhyay in 2015 by acquiring 73.4 percent stake from Barings Private Equity Partners. The group is engaged in commodity financing and derivatives & commodity trading since 2016 and in microfinance lending since 2017. The group has commenced Micro Small and Medium Enterprises (MSME) Lending in 2018 and rural marketing and DSA business. ICL operates through 7 subsidiaries namely Inditrade Fincorp Limited (erstwhile JRG Fincorp Limited), Inditrade Microfinance Limited, Inditrade Business Consultants Limited, Inditrade scalerator limited (erstwhile Inditrade commodities Trading Limited), Inditrade Rural Marketing Limited (erstwhile Inditrade Derivatives and Commodities Limited), Inditrade Insurance & Broking Private Limited and Inditrade Technologies Limited (erstwhile Inditrade Housing Finance Limited). The group’s consolidated lending AUM stood at Rs. 718.74 Cr.as on September 30, 2023.

Unsupported Rating

­Not Applicable

Analytical Approach

Extent of Consolidation

•Full Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has taken a consolidated view on the business and financial risk profile of Inditrade Capital Limited and its subsidiaries hereinafter referred to as ‘Inditrade Group’ to arrive at the rating. The companies considered for consolidation are: · Inditrade Fincorp Limited (erstwhile JRG Fincorp Limited) · Inditrade Microfinance Limited (IML) · Inditrade Business Consultants Limited (IBCL) · Inditrade Scalerator limited (ISL) · Inditrade Rural Marketing Limited (IRML) · Inditrade Insurance & Broking Private Limited (IIBPL) · Inditrade Technologies Limited (ITL) The consolidation is in view of the common management, shared brand along with strong operational and financial synergies between the group companies.

Key Rating Drivers

Strength

­Healthy capitalisation buffers likely to support near to medium term financial flexibility Inditrade Capital group is a mid-sized financial services group primarily focused on lending towards MSME sector and MF lending. The group is also engaged in commodity trading, rural marketing and DSA business for MSME services as well. The key promoter of the group is Mr. Sudip Bandyopadhyay, a chartered accountant with nearly three decades of experience in financial services. The board comprises of experienced professionals with experience in banking and financial services. The group presently has two major verticals i.e. microfinance lending and lending towards Micro, Small and Medium enterprises (MSME). The MSME finance activities are carried out through IFL and microfinance activities are carried out through IML. IML and IFL's consolidated lending AUM stood at Rs. 718.74 Cr. as on September 30, 2023 (increased from Rs. 537.67 Cr.as on March 31, 2022). The group has been equity funded, with a Networth of Rs. 193.63 Cr. and debt of Rs. 200.08 Cr. as on September 30, 2023. As on September 30, 2023, both companies, IML and IFL had adequate capitalization buffers (CAR) at 23.82 percent and 53.23 percent respectively. Acuité believes that Inditrade capital group shall continue to benefit from its experienced management and its prudent capital structure which will enable it to raise additional funding to support its growth requirements.

Weakness

­Decline in profitability The net profit of the group moderated to losses of Rs. (20.34) Cr. for FY23 as against profits of Rs. 3.68 Cr. for FY22. The same was due to high credit costs coupled with lower total income. The AUM majorly grew due to off-book disbursements in the form of BC partnerships, which was a result of group’s increased reliance on partnership model. The company earns fee income from the BC model and 100 percent of the loan exposure is on the partner’s book. The group made write-offs heavily in last 3 years impacting the bottom line eventually in FY2023. Acuité believes, given the challenges, the company’s ability to improve its profitability will be crucial.    Moderate asset quality metrics Consolidated IML and IFL’s on-book GNPA stood at 2.59 percent as on September 30, 2023 (5.68 percent as on June 30, 2023). The GNPA for IML at a standalone level worsened to 6.01 percent as on September 30, 2023 from 3.05 percent as on September 30, 2022. The same for IFL deteoriated to 6.42 percent as on September 30, 2023 from 3.57 percent as on September 30, 2022. The slippages has remained elevated giving rise to the GNPA. Further the group’s MSME portfolio is mainly located in urban and semi- urban regions with high concentration in Maharashtra. The company has total outstanding on book portfolio of Rs. 288.98 Cr. as on September 30, 2023. Acuité believes the company’s ability to manage the additional slippages while maintaining the portfolio collections will be crucial.

ESG Factors Relevant for Rating

­Inditrade Microfinance (IML) belongs to the NBFC-MFI sector which facilitates lending to the unbanked population. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. The entity maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism and whistle blower policy. The audit committee formed by the entity majorly comprises of independent directors with the objective to monitor and provide an unbiased supervision of the management’s financial reporting process. IML also maintains transparency in terms of disclosures pertaining to interest rate policy and its adherence to Fair Practice Code as disseminated by Reserve Bank of India's circular. IML aims to empower women by providing micro loans to help them generate additional income opportunities, hence making an economic contribution by way of financial inclusion. It continues to work on several community development initiatives. As per RBI’s guidelines on Information Technology framework for NBFCs, IML has constituted an IT strategy committee to ensure adequate control over issues like cyber security and data privacy.

Rating Sensitivity

­ Adverse movement in asset quality Movement in leverage indicators Stagnant loan portfolio Movement in profitability metrics

Liquidity Position

Poor

­Given the default in the principal payment in NCD by the company and its inability to service its debt obligation on time ,the liquidity position of the company  remains poor.

Outlook

­Not Applicable

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY24 (Actual) FY23 (Actual) Total Assets Rs. Cr. 143.75 202.60 Total Income* Rs. Cr. 53.41 16.36 PAT Rs. Cr. 4.99 (20.16) Net Worth Rs. Cr. 62.79 47.82 Return on Average Assets (RoAA) (%) 2.88 (7.26) Return on Average Net Worth (RoNW) (%) 9.03 (34.86) Debt/Equity Times 1.10 3.09 Gross NPA (%) NA 2.78 Net NPA (%) NA 1.91 *Total income equals to Net Interest Income plus other income

Key Financials (Consolidated)

­ Particulars Unit FY24 (Actual) FY23 (Actual) Total Assets Rs. Cr. 394.64 502.75 Total Income* Rs. Cr. 109.88 102.09 PAT Rs. Cr. 2.89 (20.34) Net Worth Rs. Cr. 193.61 193.57 Return on Average Assets (RoAA) (%) 0.64 (3.53) Return on Average Net Worth (RoNW) (%) 1.49 (9.97) Debt/Equity Times 0.81 1.35 Gross NPA (%) NA 1.93 Net NPA (%) NA 1.07 *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

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.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 • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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 08 Apr 2024 Proposed Term Loan Long Term 43.54 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 0.50 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 4.88 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 11.50 ACUITE C (Downgraded from ACUITE BBB- | Stable) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE D (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 6.25 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 3.75 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 2.81 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 6.02 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 4.09 ACUITE C (Downgraded from ACUITE BBB- | Stable) Secured Overdraft Long Term 0.96 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 10.00 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 2.00 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 8.33 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Long Term 8.33 ACUITE C (Downgraded from ACUITE BBB- | Stable) Term Loan Short Term 4.00 ACUITE A4 (Downgraded from ACUITE A3+) 13 Feb 2024 Term Loan Long Term 0.54 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 5.86 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 1.25 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Proposed Non Convertible Debentures Long Term 20.00 ACUITE Not Applicable (Withdrawn) Secured Overdraft Long Term 0.96 ACUITE BBB- | Stable (Upgraded from ACUITE C) Term Loan Long Term 10.00 ACUITE BBB- | Stable (Upgraded from ACUITE C) Term Loan Short Term 0.50 ACUITE A3+ (Upgraded & Withdrawn from ACUITE A4) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB- | Stable (Upgraded from ACUITE C) Term Loan Long Term 10.42 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Term Loan Long Term 6.25 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Term Loan Long Term 4.69 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Term Loan Long Term 9.20 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Term Loan Long Term 9.00 ACUITE Not Applicable (Withdrawn) Secured Overdraft Long Term 2.95 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 6.82 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Term Loan Long Term 7.00 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Term Loan Long Term 8.14 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Term Loan Long Term 10.42 ACUITE BBB- (Upgraded & Withdrawn from ACUITE C) Proposed Term Loan Long Term 43.54 ACUITE BBB- | Stable (Upgraded from ACUITE C) Term Loan Long Term 4.88 ACUITE BBB- | Stable (Upgraded from ACUITE C) Term Loan Long Term 11.50 ACUITE BBB- | Stable (Upgraded from ACUITE C) 05 Dec 2023 Term Loan Long Term 9.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Secured Overdraft Long Term 0.96 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 10.91 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Secured Overdraft Long Term 2.95 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 9.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 15.22 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 7.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 16.67 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB+) Proposed Non Convertible Debentures Long Term 20.00 ACUITE Provisional C (Downgraded & Issuer not co-operating* from ACUITE Provisional BBB+) Term Loan Long Term 11.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 4.88 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 1.75 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 5.86 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE Not Applicable (Withdrawn) Term Loan Short Term 4.50 ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A2) Proposed Term Loan Long Term 43.54 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 0.54 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 16.47 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) Term Loan Long Term 18.75 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB) 06 Dec 2022 Term Loan Short Term 4.50 ACUITE A2 (Downgraded (Rating Watch with Developing Implications) from ACUITE A2+) Term Loan Long Term 0.54 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Proposed Term Loan Long Term 43.54 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB+ (Downgraded (Rating Watch with Developing Implications) from ACUITE A- | Negative) Term Loan Long Term 5.86 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 1.75 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 4.88 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 11.50 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Proposed Non Convertible Debentures Long Term 20.00 ACUITE Provisional BBB+ (Downgraded (Rating Watch with Developing Implications) from ACUITE Provisional A- | Negative) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB+ (Downgraded (Rating Watch with Developing Implications) from ACUITE A- | Negative) Term Loan Long Term 16.67 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 10.00 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 7.50 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 15.22 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 9.00 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Secured Overdraft Long Term 2.95 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 10.91 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Secured Overdraft Long Term 0.96 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 10.00 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 9.00 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 16.47 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) Term Loan Long Term 18.75 ACUITE BBB (Downgraded (Rating Watch with Developing Implications) from ACUITE BBB+ | Negative) 04 Apr 2022 Term Loan Short Term 10.00 ACUITE A2+ (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB+ | Negative (Reaffirmed) Proposed Long Term Loan Long Term 45.94 ACUITE BBB+ | Negative (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A- | Negative (Reaffirmed) Term Loan Long Term 14.50 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 2.75 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 9.00 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 15.00 ACUITE BBB+ | Negative (Reaffirmed) Proposed Non Convertible Debentures Long Term 20.00 ACUITE Provisional A- | Negative (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE A- | Negative (Assigned) Proposed Long Term Bank Facility Long Term 50.00 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 25.00 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 15.00 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 10.00 ACUITE BBB+ | Negative (Reaffirmed) 07 Jan 2022 Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE A- | Negative (Reaffirmed) Proposed Long Term Loan Long Term 45.94 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB+ | Negative (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE Provisional A- (Reaffirmed & Withdrawn) Non-Covertible Debentures (NCD) Short Term 20.00 ACUITE A2+ (Reaffirmed & Withdrawn)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating Not Applicable INE02Y107057 Non-Convertible Debentures (NCD) 30 Mar 2022 10 30 Mar 2024 10.00 Simple ACUITE D | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 43.54 Simple ACUITE C | Reaffirmed Bandhan Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.96 Simple ACUITE C | Reaffirmed Capital First Ltd. Not avl. / Not appl. Term Loan 11 Mar 2017 Not avl. / Not appl. 11 Mar 2024 10.00 Simple ACUITE C | Reaffirmed Bandhan Bank Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Mar 2024 2.00 Simple ACUITE C | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 29 Dec 2021 Not avl. / Not appl. 29 Dec 2024 8.33 Simple ACUITE C | Reaffirmed Indian Overseas Bank Not avl. / Not appl. Term Loan 13 Oct 2021 Not avl. / Not appl. 13 Oct 2024 8.33 Simple ACUITE D | Downgraded ( from ACUITE C ) Small Industries Development Bank of India Not avl. / Not appl. Term Loan 10 Aug 2021 Not avl. / Not appl. 10 Aug 2024 4.00 Simple ACUITE A4 | Reaffirmed Dhanlaxmi Bank Ltd Not avl. / Not appl. Term Loan 16 Apr 2021 Not avl. / Not appl. 16 Apr 2024 0.50 Simple ACUITE C | Reaffirmed Bank of Baroda Not avl. / Not appl. Term Loan 16 Sep 2021 Not avl. / Not appl. 16 Sep 2023 4.88 Simple ACUITE D | Downgraded ( from ACUITE C ) Small Industries Development Bank of India Not avl. / Not appl. Term Loan 10 Aug 2021 Not avl. / Not appl. 10 Aug 2024 11.50 Simple ACUITE C | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 01 Jul 2021 Not avl. / Not appl. 01 Jul 2024 6.25 Simple ACUITE D | Downgraded ( from ACUITE C ) Canara Bank Not avl. / Not appl. Term Loan 24 Sep 2021 Not avl. / Not appl. 24 Sep 2024 3.75 Simple ACUITE D | Downgraded ( from ACUITE C ) IDBI Bank Ltd. Not avl. / Not appl. Term Loan 06 Sep 2021 Not avl. / Not appl. 06 Sep 2024 2.81 Simple ACUITE D | Downgraded ( from ACUITE C ) Indian Bank Not avl. / Not appl. Term Loan 26 Oct 2021 Not avl. / Not appl. 26 Jul 2024 6.02 Simple ACUITE D | Downgraded ( from ACUITE C ) Bank of India Not avl. / Not appl. Term Loan 29 Sep 2021 Not avl. / Not appl. 29 Sep 2024 4.09 Simple ACUITE D | Downgraded ( from ACUITE C )

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr. No. Company Name 1 Inditrade Capital Limited (ICL) 2 Inditrade Microfinance Limited (IML) 3 Inditrade Fincorp Limited (erstwhile JRG Fincorp Limited) 4 Inditrade Business Consultants Limited (IBCL) 5 Inditrade Scalerator limited (ISL) 6 Inditrade Rural Marketing Limited (IRML) 7 Inditrade Insurance & Broking Private Limited (IIBPL) 8 Inditrade Technologies Limited (ITL)

Contacts

Mohit Jain Senior Vice President - Rating Operations Shabad Palakkal Associate 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.