Press Release January 31, 2025 MANIPAL HOUSING FINANCE SYNDICATE LIMITED Rating Assigned and Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	50.00	ACUITE A- | Stable | Assigned	-
Bank Loan Ratings	350.93	ACUITE A- | Stable | Reaffirmed	-
Fixed Deposits (FD)	5.00	ACUITE A | Stable | Assigned	-
Fixed Deposits (FD)	75.00	ACUITE A | Stable | Reaffirmed	-
Total Outstanding	480.93	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 350.93 Cr. bank facilities of Manipal Housing Finance Syndicate Limited (MHFSL). The outlook is ‘Stable’. Acuité has assigned long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 50 Cr. bank facilities of Manipal Housing Finance Syndicate Limited (MHFSL).The outlook is ‘Stable’. Acuité has reaffirmed the long-term rating of ‘ACUITE A’ (read as ACUITE A) on the Rs. 75.00 Cr. fixed deposit program of Manipal Housing Finance Syndicate Limited (MHFSL). The outlook is ‘Stable’. Acuité has assigned the long-term rating of ‘ACUITE A’ (read as ACUITE A) on the Rs. 5.00 Cr. fixed deposit program of Manipal Housing Finance Syndicate Limited (MHFSL). The outlook is ‘Stable’. Rationale for the rating The rating continues to factors in MHFSL’s established presence in its areas of operations, experienced management and institutional support and representation on board of MHFSL by them. MHFSL’s capital structure remains healthy with Capital Adequacy Ratio (CAR) of 37.08 percent as on September 30, 2024 (38.04 percent as on March 31, 2024) and has demonstrated the ability to attract funding from banks and financial institutions at a competitive rate of interest. Acuité believes that the company is well positioned to benefit from the demand for housing finance and centralized in-house credit appraisal/ monitoring processes. Further, the company has increased its disbursements in the gold loan segment which has relatively shorter tenure and higher yields. In FY24, the disbursements towards the housing loan segment stood at 36.09 percent of the overall disbursements. (34.21 percent for H1FY25). The rating, however, remains constrained by the modest scale of operations and muted growth despite being in housing finance segment for over 3 decades.  Also, the business operations were geographically concentrated with around 99.74 percent of the loan portfolio concentrated in Karnataka as on September 30, 2024.

About the company

­Karnataka based Manipal Housing Finance Syndicate Limited (MHFSL) was incorporated in 1986 as a Public Limited Company by the Manipal Group in association with Syndicate Bank (now known as Canara Bank). The company is jointly promoted by Syndicate Bank and Manipal Group. Manipal Group holds 61.38 percent stake while Canara Bank holds around 7.05 percent stake in the company as on March 31, 2024. The company is led by Mr. T Sunil Pai. MHFSL is a deposit accepting Housing Finance Company registered with National Housing Bank (NHB) and is engaged in extending housing loans for purchase, construction, repairs and renovation of residential units largely to individuals. In addition to housing loan, MHFSL also extends mortgage loans and gold loans. MHFSL operates through its network of 40 branches spread across states of Karnataka, Tamil Nadu and Maharashtra.

Unsupported Rating

­Not Applicable

Analytical Approach

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

Key Rating Drivers

Strength

­Established presence in housing finance segment MHFSL was incorporated in 1986 by the Manipal Group and Syndicate Bank. MHFSL is a deposit accepting housing finance company and is registered with National Housing Bank. The company is engaged in extending housing loans, mortgage loans and gold loans. MHFSL has established its presence as a housing finance company, especially in Karnataka and caters to urban areas. The company majorly operates in Karnataka with majority of housing and mortgage loans and all of gold loans originating from the said state. The company benefits from its established presence in its area of operations with moderate growth and healthy asset quality. The company’s portfolio stood at Rs. 474.55 Cr. as on March 31, 2024 as compared to Rs. 457.64 Cr. as on March 31, 2023. The AUM stood at Rs 507.27 Cr. as on September 30, 2024. The company is headed by Mr. T Sunil Pai who is supported by seasoned professionals and directors nominated on board by Canara Bank. The prudent underwriting policies adopted by the management has enabled the company to maintain a sound asset quality with on-time portfolio at ~95.11 percent as on September 30, 2024 and gross nonperforming assets (GNPA) at 1.61 percent (improved from 1.98 percent as on September 30, 2023). Acuité believes that the company will benefit from its experienced promoters and established presence in the financial services industry. Healthy financial risk profile MHFSL’s networth stood at Rs. 113.06 Cr. as on March 31, 2024, and reported a healthy capital adequacy ratio (CAR) of 38.04 percent majorly comprising Tier 1 capital. The company’s leverage indicators have also improved to 3.37 times as on September 30, 2024 as compared to 3.66 times as on September 30, 2023 on the back of improved networth supported by retained earnings. The company has a strong lender profile comprising Banks and Financial Institutions, with total outstanding borrowings of ~ Rs. 395.23 cr. outstanding as on September 30, 2024. MHFSL’s profitability indicators are healthy marked by Net Interest Margin (NIM) which stood at 4.98 percent for FY24 albeit there is a slight deterioration from FY23 which was at 5.98 percent as on March 31, 2023 (5.72 percent as on March 31, 2022). Acuité believes that the company’s comfortable capitalization levels will support its growth plans over the medium term.

Weakness

­­Moderate growth in business operations with geographic concentration MHFSL has been engaged in housing finance segment for over 3 decades. The company extends home loans and mortgage loans having an average tenure of 14-15 years. MHFSL also forayed into extending gold loans with a tenure of 1 year. MHFSL has been growing its business moderately with outstanding loan portfolio of Rs. 474.55 Cr. as on March 31, 2024 as compared to Rs. 457.64 Cr. as on March 31, 2023. The AUM stood at Rs 507.27 Cr. as on September 30, 2024. The CAGR for 3 years on the portfolio stood at 1 percent as on FY24. The entity has been focusing on expanding its presence in its established area of operations which has resulted the company in maintaining very low operating expenses to earning assets in the range of 1.50 to 1.80 percent over the past 3 financial years. The company has not been aggressive on growth and has been focusing towards maintaining healthy asset quality. MHFSL has been able to maintain its asset quality with on time portfolio at around ~95.11 percent as on September 30, 2024. MHFSL majorly operates in the state of Karnataka. With a network of 40 branches the company extends housing loans and mortgage loans only through its 6 branches and rest 34 branches extend gold loans and help in sourcing of housing and mortgage loans. A major portion of the portfolio comprises of housing and mortgage loans and gold loans constituting the rest. The company’s operations are majorly concentrated in Karnataka. Acuité believes, going forward, the ability of the company to mobilize additional funding through debt /equity and its ability to deploy the funds profitably while maintaining its asset quality will be key rating sensitivity.

Rating Sensitivity

­ ­Movement in collection efficiency and asset quality Movement in AUM and disbursement levels Movement in liquidity buffers Movement in profitability metric Changes in regulatory environment

Liquidity Position

Adequate

­MHFSL’s overall liquidity profile remains adequate with no negative cumulative mismatches in near to medium term as per ALM dated September 30, 2024. The company has maintained cash and bank balances of ~Rs. 8.08 Cr. as on September 30, 2024.

Outlook:

­Stable

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY24 (Actual) FY23 (Actual) Total Assets Rs. Cr. 505.94 487.39 Total Income* Rs. Cr. 24.08 27.34 PAT Rs. Cr. 11.54 10.81 Net Worth Rs. Cr. 113.06 102.16 Return on Average Assets (RoAA) (%) 2.32 2.27 Return on Average Net Worth (RoNW) (%) 10.73 11.14 Debt/Equity Times 3.28 3.56 Gross NPA (%) 1.24 2.52 Net NPA (%) 0.00 0.57 *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 • Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Fixed Deposit Programmes: https://www.acuite.in/view-rating-criteria-64.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 18 Mar 2024 Fixed Deposit Program Long Term 10.00 ACUITE A | Stable (Reaffirmed) Fixed Deposit Program Long Term 5.00 ACUITE A | Stable (Reaffirmed) Fixed Deposit Program Long Term 20.00 ACUITE A | Stable (Reaffirmed) Fixed Deposit Program Long Term 40.00 ACUITE A | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 33.44 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 15.93 ACUITE A- | Stable (Assigned) Term Loan Long Term 9.16 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.05 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 29.90 ACUITE A- | Stable (Assigned) Term Loan Long Term 19.85 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.41 ACUITE A- | Stable (Assigned) Term Loan Long Term 20.51 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.41 ACUITE A- | Stable (Assigned) Term Loan Long Term 5.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.66 ACUITE A- | Stable (Assigned) Term Loan Long Term 3.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.41 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.69 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.67 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.21 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.86 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.69 ACUITE A- | Stable (Assigned) Term Loan Long Term 13.95 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.13 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.97 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.62 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.16 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.21 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.62 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.58 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.04 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.19 ACUITE A- | Stable (Reaffirmed) 02 Feb 2024 Fixed Deposit Program Long Term 20.00 ACUITE A | Stable (Assigned) 17 Jan 2024 Fixed Deposit Program Long Term 10.00 ACUITE A | Stable (Reaffirmed) Fixed Deposit Program Long Term 5.00 ACUITE A | Stable (Reaffirmed) Fixed Deposit Program Long Term 40.00 ACUITE A | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 20.60 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.51 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.85 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.54 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 0.46 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 0.18 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 0.29 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 0.29 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 0.22 ACUITE Not Applicable (Withdrawn) Term Loan Long Term 3.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.30 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.16 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.05 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.46 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.62 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.79 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 2.47 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 6.06 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 3.89 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 3.09 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 3.13 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.96 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 2.25 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.39 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.04 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.00 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.00 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 0.11 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 2.43 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 2.03 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 3.29 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.08 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 2.50 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 2.50 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.00 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 1.50 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 3.00 ACUITE A- (Reaffirmed & Withdrawn) 17 Jan 2023 Fixed Deposit Program Long Term 40.00 ACUITE A | Stable (Reaffirmed) Fixed Deposit Program Long Term 10.00 ACUITE A | Stable (Reaffirmed) Fixed Deposit Program Long Term 5.00 ACUITE A | Stable (Assigned) Proposed Long Term Bank Facility Long Term 46.72 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.85 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.51 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.30 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 25.00 ACUITE A- (Reaffirmed & Withdrawn) Term Loan Long Term 0.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.40 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.65 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.68 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.16 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.71 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.12 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.64 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.97 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.03 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.48 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.80 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.10 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.86 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.46 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.29 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.29 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.22 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 17.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.26 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.16 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.54 ACUITE A- | Stable (Reaffirmed) 30 Jun 2022 Fixed Deposit Program Long Term 40.00 ACUITE A | Stable (Reaffirmed) Fixed Deposit Program Long Term 10.00 ACUITE A | Stable (Assigned) Proposed Long Term Bank Facility Long Term 56.51 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.59 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.95 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.80 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 25.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.58 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.47 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.32 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.81 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.39 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.12 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.92 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.32 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.76 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.81 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.68 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.96 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.80 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.87 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 21.62 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.87 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.02 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.86 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.78 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.41 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.14 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.11 ACUITE A- | Stable (Reaffirmed) 31 Jan 2022 Fixed Deposit Program Long Term 40.00 ACUITE FA | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 25.00 ACUITE A- (Reaffirmed & Withdrawn) Proposed Long Term Bank Facility Long Term 56.51 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.59 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.78 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.86 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.02 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.87 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 21.62 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.91 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.18 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.87 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 16.80 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.96 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.68 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.81 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.76 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.32 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.92 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.12 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.39 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.81 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.32 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.47 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.58 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 25.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.80 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.95 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.41 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.14 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.11 ACUITE A- | Stable (Reaffirmed)

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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. Fixed Deposit Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE A | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Fixed Deposit Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 20.00 Simple ACUITE A | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Fixed Deposit Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE A | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Fixed Deposit Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 40.00 Simple ACUITE A | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Fixed Deposit Program 30 Sep 2024 Not avl. / Not appl. 22 May 2025 1.00 Simple ACUITE A | Stable | Assigned Not Applicable Not avl. / Not appl. Fixed Deposit Program 30 Sep 2024 Not avl. / Not appl. 02 Jun 2025 2.00 Simple ACUITE A | Stable | Assigned Not Applicable Not avl. / Not appl. Fixed Deposit Program 30 Sep 2024 Not avl. / Not appl. 23 Sep 2025 2.00 Simple ACUITE A | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 41.93 Simple ACUITE A- | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 18.46 Simple ACUITE A- | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 15.04 Simple ACUITE A- | Stable | Assigned Canara Bank Not avl. / Not appl. Term Loan 28 Sep 2021 Not avl. / Not appl. 28 Mar 2029 14.49 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 28 Jul 2022 Not avl. / Not appl. 28 Jul 2032 16.80 Simple ACUITE A- | Stable | Reaffirmed Federal Bank Not avl. / Not appl. Term Loan 29 Jun 2022 Not avl. / Not appl. 28 Jun 2025 1.28 Simple ACUITE A- | Stable | Reaffirmed Federal Bank Not avl. / Not appl. Term Loan 30 Apr 2022 Not avl. / Not appl. 10 May 2027 2.10 Simple ACUITE A- | Stable | Reaffirmed Indian Overseas Bank Not avl. / Not appl. Term Loan 29 Nov 2022 Not avl. / Not appl. 28 Nov 2032 8.00 Simple ACUITE A- | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 14 Aug 2023 Not avl. / Not appl. 15 Aug 2033 4.47 Simple ACUITE A- | Stable | Reaffirmed South Indian Bank Not avl. / Not appl. Term Loan 07 Dec 2022 Not avl. / Not appl. 07 Dec 2029 7.21 Simple ACUITE A- | Stable | Reaffirmed South Indian Bank Not avl. / Not appl. Term Loan 29 Sep 2023 Not avl. / Not appl. 25 Sep 2030 1.90 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 09 Feb 2023 Not avl. / Not appl. 09 Aug 2033 26.05 Simple ACUITE A- | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 14 Aug 2023 Not avl. / Not appl. 15 Aug 2033 9.25 Simple ACUITE A- | Stable | Reaffirmed South Indian Bank Not avl. / Not appl. Term Loan 29 Sep 2023 Not avl. / Not appl. 25 Sep 2030 6.40 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 23 Nov 2023 Not avl. / Not appl. 23 Feb 2034 23.07 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 28 Jun 2024 Not avl. / Not appl. 28 Jun 2034 29.25 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 28 Jul 2022 Not avl. / Not appl. 28 Jul 3032 7.41 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 28 Sep 2021 Not avl. / Not appl. 28 Mar 2029 5.41 Simple ACUITE A- | Stable | Reaffirmed Federal Bank Not avl. / Not appl. Term Loan 29 Jun 2022 Not avl. / Not appl. 28 Jun 2025 0.66 Simple ACUITE A- | Stable | Reaffirmed Indian Overseas Bank Not avl. / Not appl. Term Loan 20 Jun 2020 Not avl. / Not appl. 19 Jun 2030 0.69 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 17 Feb 2017 Not avl. / Not appl. 28 Jan 2027 8.18 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 14 Sep 2014 Not avl. / Not appl. 26 Aug 2024 0.60 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 14 Dec 2014 Not avl. / Not appl. 28 Dec 2024 1.44 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 15 Jun 2015 Not avl. / Not appl. 28 May 2025 7.59 Simple ACUITE A- | Stable | Reaffirmed Indian Overseas Bank Not avl. / Not appl. Term Loan 18 Mar 2018 Not avl. / Not appl. 03 Mar 2028 3.74 Simple ACUITE A- | Stable | Reaffirmed Indian Overseas Bank Not avl. / Not appl. Term Loan 20 Jun 2020 Not avl. / Not appl. 19 Jun 2030 2.61 Simple ACUITE A- | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 17 Jun 2017 Not avl. / Not appl. 30 Nov 2027 10.13 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 15 Mar 2015 Not avl. / Not appl. 30 Jun 2025 2.45 Simple ACUITE A- | Stable | Reaffirmed Canara Bank Not avl. / Not appl. Term Loan 16 Dec 2016 Not avl. / Not appl. 27 Dec 2026 5.59 Simple ACUITE A- | Stable | Reaffirmed Punjab National Bank Not avl. / Not appl. Term Loan 18 Feb 2018 Not avl. / Not appl. 28 Mar 2028 0.40 Simple ACUITE A- | Stable | Reaffirmed Punjab National Bank Not avl. / Not appl. Term Loan 19 Mar 2019 Not avl. / Not appl. 30 Sep 2028 11.55 Simple ACUITE A- | Stable | Reaffirmed Punjab National Bank Not avl. / Not appl. Term Loan 15 Sep 2015 Not avl. / Not appl. 30 Mar 2029 10.60 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 15 Nov 2015 Not avl. / Not appl. 28 Nov 2025 4.37 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 18 Oct 2018 Not avl. / Not appl. 30 Mar 2026 5.68 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 18 Oct 2018 Not avl. / Not appl. 23 Nov 2028 4.91 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 17 Mar 2017 Not avl. / Not appl. 28 Nov 2028 7.33 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 17 Mar 2017 Not avl. / Not appl. 30 Mar 2027 11.28 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 19 Apr 2019 Not avl. / Not appl. 30 Jun 2029 14.12 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not avl. / Not appl. Term Loan 19 Oct 2019 Not avl. / Not appl. 30 Jun 2031 8.80 Simple ACUITE A- | Stable | Reaffirmed Federal Bank Not avl. / Not appl. Term Loan 17 Feb 2017 Not avl. / Not appl. 31 Aug 2027 3.87 Simple ACUITE A- | Stable | Reaffirmed State Bank of India Not avl. / Not appl. Term Loan 15 Sep 2015 Not avl. / Not appl. 09 Aug 2025 0.86 Simple ACUITE A- | Stable | Reaffirmed Bajaj Finance Ltd. Not avl. / Not appl. Term Loan 31 May 2024 Not avl. / Not appl. 05 Jun 2029 9.17 Simple ACUITE A- | Stable | Assigned Indian Overseas Bank Not avl. / Not appl. Term Loan 22 Nov 2024 Not avl. / Not appl. 01 May 2035 2.00 Simple ACUITE A- | Stable | Assigned Federal Bank Not avl. / Not appl. Term Loan 24 Sep 2024 Not avl. / Not appl. 24 Sep 2027 11.71 Simple ACUITE A- | Stable | Assigned Federal Bank Not avl. / Not appl. Term Loan 30 Apr 2024 Not avl. / Not appl. 24 Apr 2027 12.08 Simple ACUITE A- | Stable | Assigned

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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. 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.