Press Release September 01, 2025 MAHASEMAM TRUST Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	380.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	380.00	-	-

Rating Rationale

Acuité has withdrawn the long-term rating on the Rs. 217.66 Cr. bank loan facilities of Mahasemam Trust without assigning any rating as the instruments are fully paid. The withdrawal is on account of request received from issuer and No Due Certificate received from the lender. Acuité has withdrawn the long-term rating on the Rs. 162.34 Cr.  proposed bank loan facilities of Mahasemam Trust without assigning any rating .The withdrawal is on account of request received from 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

­Mahasemam Trust (MT), incorporated in 1999, is a Madurai, Tamil Nadu-based trust engaged in microfinance activities. The trust is promoted by Dr.N.Sethuraman. The trust provides personal unsecured loans to its members across Tamil Nadu. MT follows a group based individual (JLG) lending methodology. Its borrowers primarily consist of artisans, MSME's and entrepreneurs both in rural and urban areas. The borrowers are organised in groups of 5-10 and each woman takes joint liability for other group members.

Unsupported Rating

­Not Applicable

Analytical Approach

­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 FY24 (Actual) (Actual) Total Assets Rs. Cr. 277.82 361.23 Total Income* Rs. Cr. 54.29 44.50 PAT Rs. Cr. 3.01 11.23 Net Worth Rs. Cr. 65.34 62.34 Return on Average Assets (RoAA) (%) 0.94 3.60 Return on Average Net Worth (RoNW) (%) 4.71 19.80 Debt/Equity Times 3.17 4.71 Gross NPA  (%) 0.06 0.05 Net NPA  (%) 0.06 0.05 *Total Income equals 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 08 Oct 2024 Term Loan Long Term 9.43 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 60.30 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 15.72 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 17.51 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 11.11 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.40 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.78 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 69.61 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 2.04 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.06 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 10.01 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.03 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 7.96 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.52 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.42 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 7.62 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 7.37 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 100.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 4.47 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.64 ACUITE BBB- | Stable (Reaffirmed) 04 Mar 2024 Term Loan Long Term 10.91 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.99 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 2.04 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 4.17 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 9.03 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 23.29 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 20.64 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 12.33 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 9.31 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.77 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.20 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 89.63 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 26.52 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 15.79 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 7.80 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 13.04 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 14.81 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 7.73 ACUITE BBB- | Stable (Reaffirmed) 05 Dec 2022 Term Loan Long Term 19.79 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 20.37 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.50 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.88 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 0.02 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.07 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.74 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.10 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.05 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.80 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 0.70 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.03 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.22 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.72 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 5.29 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 14.61 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 25.98 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 49.95 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 8.70 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 6.48 ACUITE BBB- | Stable (Assigned) 21 Sep 2022 Term Loan Long Term 23.53 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 22.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.37 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.10 ACUITE BBB- | Stable (Assigned)

­

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 Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 60.30 Simple Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 102.04 Simple Not Applicable|Withdrawn UCO Bank Not avl. / Not appl. Term Loan 24 Mar 2022 Not avl. / Not appl. 30 Mar 2025 2.03 Simple Not Applicable|Withdrawn Tamil Nadu Mercantile Bank Not avl. / Not appl. Term Loan 29 Oct 2022 Not avl. / Not appl. 29 Oct 2025 1.64 Simple Not Applicable|Withdrawn Indian Overseas Bank Not avl. / Not appl. Term Loan 28 Aug 2024 Not avl. / Not appl. 30 Sep 2027 15.00 Simple Not Applicable|Withdrawn Canara Bank Not avl. / Not appl. Term Loan 15 Feb 2024 Not avl. / Not appl. 15 Feb 2027 7.96 Simple Not Applicable|Withdrawn Federal Bank Not avl. / Not appl. Term Loan 29 Jul 2024 Not avl. / Not appl. 26 Aug 2027 15.00 Simple Not Applicable|Withdrawn State Bank of India Not avl. / Not appl. Term Loan 08 Mar 2022 Not avl. / Not appl. 07 Mar 2025 4.47 Simple Not Applicable|Withdrawn Indian Bank Not avl. / Not appl. Term Loan 30 Aug 2022 Not avl. / Not appl. 30 Aug 2025 9.43 Simple Not Applicable|Withdrawn State Bank of India Not avl. / Not appl. Term Loan 26 Aug 2022 Not avl. / Not appl. 15 Jun 2025 15.72 Simple Not Applicable|Withdrawn Indian Overseas Bank Not avl. / Not appl. Term Loan 30 Sep 2023 Not avl. / Not appl. 30 Sep 2026 17.51 Simple Not Applicable|Withdrawn Union Bank of India Not avl. / Not appl. Term Loan 15 Dec 2023 Not avl. / Not appl. 15 Dec 2026 5.52 Simple Not Applicable|Withdrawn Union Bank of India Not avl. / Not appl. Term Loan 31 Dec 2022 Not avl. / Not appl. 30 Dec 2025 5.42 Simple Not Applicable|Withdrawn Bank of India Not avl. / Not appl. Term Loan 30 Sep 2023 Not avl. / Not appl. 30 Sep 2026 7.62 Simple Not Applicable|Withdrawn Bank of India Not avl. / Not appl. Term Loan 30 Jan 2023 Not avl. / Not appl. 30 Jan 2026 7.37 Simple Not Applicable|Withdrawn Canara Bank Not avl. / Not appl. Term Loan 10 Aug 2023 Not avl. / Not appl. 10 Aug 2026 3.06 Simple Not Applicable|Withdrawn HDFC Bank Ltd Not avl. / Not appl. Term Loan 11 Oct 2023 Not avl. / Not appl. 11 Apr 2025 11.11 Simple Not Applicable|Withdrawn Indian Bank Not avl. / Not appl. Term Loan 17 Nov 2021 Not avl. / Not appl. 30 Nov 2024 2.40 Simple Not Applicable|Withdrawn UCO Bank Not avl. / Not appl. Term Loan 30 Nov 2023 Not avl. / Not appl. 30 Nov 2026 6.78 Simple Not Applicable|Withdrawn State Bank of India Not avl. / Not appl. Term Loan 30 Sep 2023 Not avl. / Not appl. 30 Sep 2026 69.61 Simple Not Applicable|Withdrawn Indian Bank Not avl. / Not appl. Term Loan 30 Jun 2023 Not avl. / Not appl. 30 Jan 2026 10.01 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh 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. 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.