Press Release January 20, 2026 KIFS TRADE CAPITAL PRIVATE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	300.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	300.00	-	-

Rating Rationale

­Acuité has withdrawn the long-term rating on the Rs. 300.00 Cr. proposed bank facility without assigning any rating for Kifs Trade Capital Private Limited. The withdrawal is on account of a request received from the issuer. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the company

­­Incorporated in 2012, Gujarat based, KIFS Trade Capital Private Limited (KTCPL) is a SEBI registered Intermediary and accordingly carrying out its business as a stock broker member. The company’s operations are spread across 14 branches located in 4 states as on March 31,2023. The company also having wide spread network of Sub-brokers and dealers. The company also provides funding facility for Primary market investment for retail category (IPO Financing). KTCPL is promoted by the KIFS (Khandwala Integrated Financial Services) Group. The group is engaged in the businesses of capital markets activities since 1987 with presence in segments such as stocks and commodities broking, bullion refining and portfolio management services as well as any movable/ immovable properties. KTCPL is owned by KIFS International LLP through promoters, Mr. Rajesh Khandwala, Mr. Vimal Khandwala and Mr. Jayesh Khandwala.

Unsupported Rating

­Not Applicable

Key Rating Drivers

Strength

­Not Applicable

Weakness

­Not Applicable

Rating Sensitivity

­Not Applicable

Liquidity Position

­Not Applicable

Outlook:

­Not Applicable

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY25 (Actual) FY24 (Actual) Operating Income Rs Cr. 112.35 140.97 PAT Rs Cr. 24.11 267.30 PAT Margin % 21.46 189.61 Total Debt/Tangible Networth Times 0.04 0.10 PBDIT/Interest Times 3.04 22.23 *Operating Income does not include interest on FDs and Other Income **Ratios are as per Acuite's calculation

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 • Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.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 31 Oct 2024 Proposed Bank Guarantee Long Term 300.00 ACUITE A- | Stable (Reaffirmed) 04 Aug 2023 Proposed Bank Guarantee Long Term 300.00 ACUITE A- | Stable (Upgraded from ACUITE BB+) 16 May 2023 Bank Guarantee (BLR) Long Term 200.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE A | Stable) Proposed Bank Guarantee Long Term 100.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE A | Stable)

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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 Not avl. / Not appl. Proposed Bank Guarantee Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 300.00 Simple ACUITE Not Applicable | Withdrawn

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Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Yash Dharmale 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. 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.