Press Release

Press Release

September 02, 2024

JAGARAN MICROFIN PRIVATE LIMITED
Rating Downgraded and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	374.77	ACUITE BB+ \| Stable \| Downgraded	-
Bank Loan Ratings	50.23	Not Applicable \| Withdrawn	-
Total Outstanding	374.77	-	-
Total Withdrawn	50.23	-	-

Rating Rationale

Acuité has downgraded the long-term rating from 'ACUITE BBB-' (read as ACUITE triple B minus) to 'ACUITE BB+’ (read as ACUITE double B plus) on the Rs. 374.77 crore bank facilities of Jagaran Microfin Private Limited (JMPL). The outlook is 'Stable'.
Acuité has Withdrawn the long-term rating on the Rs. 50.23 Cr. Bank Loan Facility of Jagaran Microfin Private Limited (JMPL) without assigning any rating as the facility is fully repaid. The rating withdrawal is in accordance with Acuite’s policy on withdrawal of rating as applicable to the respective facility / instrument. The rating is being withdrawn on account of request received from the Company and No Dues Certificate and No Objection Certificate received from the lender.

Reasons for downgrading:
The rating downgrade reflects the continued deterioration in operating performance and financial performance in FY24. Company reported the loss of Rs. 35.55 Cr. in FY24 against the profit of Rs. 2.96 Cr. in FY23. Net interest income declined to Rs. 22.34 crore in FY24, compared to Rs. 28.28 crore in FY23, due to a reduction in spread resulting from higher interest expenses in FY24. Gearing has also increased to 4.13 times in FY24, up from 3.16 times in FY23. In FY24. The company’s performance has also been significantly lower than Acuite's expectations. The rating continuous to take into account the company’s moderate scale of operations, geographical concentration, and declining profitability. Rating remains supported by experience level of promoters and moderate capitalization levels.
Going forward, JMPL’s ability to continue building its loan portfolio while addressing the declining profitability would be key rating sensitivities.

About the company

Jagaran Microfin Private Limited (JMPL) (formerly SBT Consultants Private Limited) is promoted by GTFS Multi Services Limited, a holding company with 63.12 percent shareholding as of March 31, 2024. The company commenced its operations in microfinance lending in 2010. It commenced its operations in West Bengal to provide microloans to low-income active entrepreneurs, urban and rural producers, traders, small-scale farmers, and self-employed persons under the joint lending group (JLG) model. Over the past 14 years, the company has built a borrower base of 1,69,695 individuals spread across 141 branches in 35 districts in West Bengal, Bihar, Jharkhand, Orissa, and Assam.

Unsupported Rating

Not Applicable

Analytical Approach

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

Key Rating Drivers

Strength

Established presence in microfinance sector
Set up in 2010, JMPL has an established presence of around a decade in the microfinance sector. It has a board with reputed members who maintain strong oversight on the business. The board of directors of the company comprises of three whole time directors, one non-independent director and three independent directors. Its Chairman, Mr. Dipankar Chatterjee is a CA and has more than 36 years of experience. The other board members include Mr. Rana Som (Independent Director), Ex-Chairman and Managing Director of NMDC Limited and Hindustan Copper Limited, Mr. Subrata Gupta (Independent Director), ex- Managing Director of NABFINS Limited, Ms. Sandip Das (Non-Executive, Non-Independent Director) (Since August 2005 he is practicing in his individual capacity under the name and style Sandip Das & Associates), Mr. Sourav Ghosh (Joint Managing Director) and Ms. Aatreyee Majumder (Executive Director). The board is adequately supported by an experienced management team, headed by CEO & MD, Mr. Jaydeep Ghosh, who has over two decades of experience in the BFSI segment.
The management along with the board has instituted good governance and control mechanisms with the separate presence of both audit and inspection departments who submit reports to the board on a regular presence. The company operates across 141 branches in 35 districts of West Bengal, Bihar, Jharkhand, Orissa and Assam. JMPL’s AUM increased to Rs. 400.40 Cr. in FY2024 from Rs. 351.16 Cr. in FY2023. The company is looking to expand further in the eastern and the northeastern states where the microfinance penetration is relatively low.
The company is also planning to infuse capital in coming FY25 of Rs. 20 Cr. which will cover their losses and act as a support.
Acuité believes that JMPL will continue to benefit from its well devised governance structures, experienced management, and its significant track record in the microfinance sector.

Weakness

Decline in profitability
The company’s profitability metrics has declined as compared to FY23. JMPL’s Net Interest income declined at Rs. 22.34 Cr. in FY2024 as against Rs. 28.28 Cr. in FY2023. For FY2024, PAT declined at Rs. (35.55) Cr. as compared to Rs 2.96 Cr. for FY2023, which adds uncertainty to the profitability position in FY2025. Further, JMPL’s RoAA decreased to (8.29) percent in FY2024 as compared to 0.73 percent in FY2023. Acuité believes that the ability of the company to be profitable will depend on its operational efficiencies and ability to maintain growth momentum.
Muted growth in disbursements and AUM and Higher Gearing.
JMPL is engaged in micro-lending activities to low-income active entrepreneurs, urban and rural producers, traders and small-scale farmers and self-employed people. The operations are spread across West Bengal, Bihar, Jharkhand, Odisha, and Assam. Acuite believes that moderate geographical concentration of its portfolio will continue to weigh on its credit profile over the near to medium term. Although the disbursement has been higher in FY24 Rs. 400.40 Cr as compared to that in FY23 Rs. 351.16 Cr. The company's gearing has increased to 4.13 times in FY24 as compared to 3.16 times in FY23.
Acuite believes that any challenges in collections and disbursements is also likely to impact the asset quality. Going forward, the ability of the company to grow its AUM will be a key factor in the scalability of a business while maintaining the profitability.
Moderate capitalization level
The capital structure is supported by Networth of Rs. 81.96 Cr. and Borrowings. Gearing increased to 4.13 times as on March 31, 2024 (FY2023: 3.16 times), mainly on account of increase in borrowings. The entity raised capital of Rs. 15.00 Cr. in FY 23-24 and Rs. 6.00 Cr. in FY 22-23 from the existing shareholders, which helped bolster its capitalisation profile. As on March 31, 2024, JMPL has funding relationships with 33 lenders. The funding profile is comprised of bank loans ,FIs/NBFCs, debentures & subordinated debt. . Acuité believes, going forward, the ability of the company to raise capital and to deploy the funds profitably will be a key rating monitorable.

ESG Factors Relevant for Rating

Jagaran Microfin Private Limited (JMPL) (erstwhile SBT Consultants Private Limited) is promoted by GTFS Multi Services Limited, holding company with 63.12 percent shareholding as on March 31, 2024. Some of the material governance issues for the sector are policies and practices with regards 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, sustainable 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 board of directors of the company comprises of three whole time directors, one non-independent director and three independent directors.

Rating Sensitivity

Movement in asset quality and profitability metrics
Scalability of operations over the medium term
Movement in capitalization levels
Changes in regulatory environment governing microfinance activities

Liquidity Position

Adequate

JMPL’s liquidity profile remained adequate as on March 31, 2024, with no negative cumulative mismatches in any of the buckets as per the reported liquidity statement. JMPL’s unencumbered cash and cash equivalents stood at Rs. 65.31 Cr. as on March 31, 2024. Its liquidity buffers primarily depend on its cash inflows (collections from clients and loans from banks) vis. a vis. the cash outflows (disbursements, debt servicing commitments, operating expenses). Acuité believes that the ability to raise long term funding and ability to raise collection efficiency to optimal levels will be critical to maintaining a stable liquidity profile.

Outlook: Stable

Acuité believes that JMPL's credit profile will maintain a ‘Stable’ outlook owing to its established track record of operations, expected improvement in capitalization levels and collection efficiency along with adequate liquidity buffers. The outlook may be revised to ‘Positive’ in case JMPL is able to demonstrate better than expected performance while maintaining asset quality and gearing levels. Conversely, the outlook may be revised to ‘Negative’ in case of continued deterioration in asset quality indicators or higher than anticipated gearing levels.

Other Factors affecting Rating

None.

Key Financials - Standalone / Originator

Particulars	Unit	FY24 (Actual)	FY23(Actual)
Total Assets	Rs. Cr.	419.08	438.30
Total Income*	Rs. Cr.	28.66	31.43
PAT	Rs. Cr.	(35.55)	2.96
Net Worth	Rs. Cr.	81.96	102.62
Return on Average Assets (RoAA)	(%)	(8.29)	0.73
Return on Average Net Worth (RoNW)	(%)	(38.52)	3.01
Debt/Equity	Times	4.13	3.16
Gross NPA (Owned portfolio)	(%)	0	4.91
Net NPA (Owned portfolio)	(%)	0	1.60

*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
05 Jun 2023	Term Loan	Long Term	0.57	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	5.93	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	1.18	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	0.90	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	0.33	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Proposed Long Term Bank Facility	Long Term	179.19	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	3.96	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	19.20	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	13.35	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	0.75	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	12.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	8.19	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	18.03	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	20.60	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	0.83	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	37.45	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	2.10	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	4.85	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	7.34	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	3.86	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	5.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	15.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	8.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	5.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	4.62	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	8.13	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	5.00	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Term Loan	Long Term	8.64	ACUITE BBB- \| Stable (Downgraded from ACUITE BBB \| Negative)
	Proposed Long Term Bank Facility	Long Term	25.00	ACUITE BBB- \| Stable (Assigned)
10 May 2022	Term Loan	Long Term	2.08	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	6.71	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.21	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	1.75	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	4.00	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	9.38	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	11.35	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	4.61	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	0.17	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	0.79	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	1.23	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Proposed Long Term Bank Facility	Long Term	56.47	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Proposed Long Term Bank Facility	Long Term	116.54	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	0.27	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	1.50	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	6.67	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	31.82	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	25.02	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	1.00	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	20.00	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	23.17	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	12.50	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	30.76	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	30.00	ACUITE BBB \| Negative (Downgraded from ACUITE BBB+ \| Stable)
15 Jan 2021	Proposed Long Term Bank Facility	Long Term	150.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	56.47	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	7.48	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	1.51	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.51	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.31	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.02	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	1.88	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.23	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.93	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	3.16	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	10.73	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.73	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.71	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.44	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	8.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	8.92	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	19.25	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	14.06	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	1.06	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	28.56	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	10.50	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	26.44	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.16	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.21	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.62	ACUITE BBB+ \| Stable (Reaffirmed)

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	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	216.41	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Bank of Baroda	Not avl. / Not appl.	Term Loan	30 Sep 2021	Not avl. / Not appl.	02 Nov 2024	1.46	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Bank of Maharashtra	Not avl. / Not appl.	Term Loan	24 Sep 2021	Not avl. / Not appl.	29 Sep 2024	6.31	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	30 Mar 2022	Not avl. / Not appl.	30 Sep 2024	0.21	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Punjab National Bank	Not avl. / Not appl.	Term Loan	06 Sep 2021	Not avl. / Not appl.	26 Sep 2024	5.30	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
State Bank of India	Not avl. / Not appl.	Term Loan	29 Jan 2022	Not avl. / Not appl.	30 Jan 2025	9.39	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
State Bank of India	Not avl. / Not appl.	Term Loan	07 Sep 2022	Not avl. / Not appl.	28 Sep 2025	22.25	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
UCO Bank	Not avl. / Not appl.	Term Loan	31 Dec 2022	Not avl. / Not appl.	30 Mar 2026	4.95	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Usha Financial Services Private Limited	Not avl. / Not appl.	Term Loan	06 Feb 2023	Not avl. / Not appl.	13 Feb 2025	3.31	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	23 Mar 2023	Not avl. / Not appl.	30 Mar 2026	3.33	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
ICICI Bank Ltd	Not avl. / Not appl.	Term Loan	24 Mar 2023	Not avl. / Not appl.	30 Sep 2024	5.29	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
NABFINS Limited	Not avl. / Not appl.	Term Loan	23 Feb 2023	Not avl. / Not appl.	13 Mar 2025	4.36	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
ESAF Small Finance Bank	Not avl. / Not appl.	Term Loan	02 Feb 2023	Not avl. / Not appl.	14 Feb 2025	2.64	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Grow Money Capital Private Limited (Erstwhile Eclear Leasing & Finance Private Limited)	Not avl. / Not appl.	Term Loan	01 Dec 2022	Not avl. / Not appl.	13 Jun 2024	6.11	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Oiko Credit	Not avl. / Not appl.	Term Loan	29 Dec 2022	Not avl. / Not appl.	29 Dec 2024	5.62	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
BlackSoil Capital Private Limited	Not avl. / Not appl.	Term Loan	03 Nov 2022	Not avl. / Not appl.	20 Mar 2025	2.50	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Nabsamruddhi Finance Limited	Not avl. / Not appl.	Term Loan	11 Sep 2022	Not avl. / Not appl.	11 Sep 2025	5.58	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Union Bank of India	Not avl. / Not appl.	Term Loan	26 Dec 2023	Not avl. / Not appl.	27 Dec 2026	18.33	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Oiko Credit	Not avl. / Not appl.	Term Loan	15 Mar 2024	Not avl. / Not appl.	20 Mar 2026	7.50	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Electronica Finance Ltd.	Not avl. / Not appl.	Term Loan	27 Apr 2023	Not avl. / Not appl.	02 May 2025	1.86	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Indian Overseas Bank	Not avl. / Not appl.	Term Loan	26 Jun 2023	Not avl. / Not appl.	27 Jun 2025	7.50	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Indian Overseas Bank	Not avl. / Not appl.	Term Loan	15 Mar 2024	Not avl. / Not appl.	30 Mar 2026	20.00	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Nabkisan Finance Limit	Not avl. / Not appl.	Term Loan	26 Jul 2023	Not avl. / Not appl.	30 Jul 2025	6.52	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
SBM Bank (India) Ltd.	Not avl. / Not appl.	Term Loan	21 Jul 2023	Not avl. / Not appl.	30 Jul 2025	3.33	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Usha Financial Services Private Limited	Not avl. / Not appl.	Term Loan	22 Dec 2023	Not avl. / Not appl.	29 Dec 2025	4.71	Simple	ACUITE BB+ \| Stable \| Downgraded ( from ACUITE BBB- )
Electronica Finance Ltd.	Not avl. / Not appl.	Term Loan	29 Jun 2022	Not avl. / Not appl.	29 Jun 2024	2.10	Simple	Not Applicable\|Withdrawn
Union Bank of India	Not avl. / Not appl.	Term Loan	08 Dec 2022	Not avl. / Not appl.	22 Dec 2025	4.85	Simple	Not Applicable\|Withdrawn
Nabkisan Finance Limit	Not avl. / Not appl.	Term Loan	06 Mar 2020	Not avl. / Not appl.	04 Dec 2023	0.83	Simple	Not Applicable\|Withdrawn
Indian Overseas Bank	Not avl. / Not appl.	Term Loan	25 Mar 2022	Not avl. / Not appl.	27 Mar 2024	12.00	Simple	Not Applicable\|Withdrawn
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	28 Aug 2021	Not avl. / Not appl.	30 Aug 2023	8.19	Simple	Not Applicable\|Withdrawn
Canara Bank	Not avl. / Not appl.	Term Loan	13 Aug 2021	Not avl. / Not appl.	12 Aug 2024	13.35	Simple	Not Applicable\|Withdrawn
Canara Bank	Not avl. / Not appl.	Term Loan	11 Oct 2019	Not avl. / Not appl.	28 Jun 2023	0.57	Simple	Not Applicable\|Withdrawn
Punjab National Bank	Not avl. / Not appl.	Term Loan	03 Dec 2019	Not avl. / Not appl.	16 Jul 2024	5.93	Simple	Not Applicable\|Withdrawn
State Bank of India	Not avl. / Not appl.	Term Loan	21 Jan 2020	Not avl. / Not appl.	27 Jun 2023	1.18	Simple	Not Applicable\|Withdrawn
UCO Bank	Not avl. / Not appl.	Term Loan	06 Jan 2020	Not avl. / Not appl.	05 Jul 2023	0.90	Simple	Not Applicable\|Withdrawn
Habitat Micro Build India Housing Finance Company Pvt. Ltd.	Not avl. / Not appl.	Term Loan	25 Feb 2019	Not avl. / Not appl.	27 Jul 2023	0.33	Simple	Not Applicable\|Withdrawn

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Tejas Chaugule Associate Analyst - Rating Operations Tel: 022-49294065 tejas.chaugule@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.