Press Release

Press Release

August 07, 2026

NAVACHETANA MICROFIN SERVICES PRIVATE LIMITED
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	337.69	ACUITE C \| Reaffirmed \| Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	62.31	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-	RBI
Total Outstanding	0.00	400.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) and 'ACUITE D' (read as ACUITE D) on the Rs.400.00 crore bank facilities of Navachetana Microfin Services Private Limited (NMSPL). The rating continues to be flagged as “Issuer Not Cooperating” and is based on the best available information.

About the Company

Karnataka based Navachetana Microfin Services Private Limited (NMSPL) is a non-deposit taking NBFC-MFI. NMSPL is engaged in extending micro credit primarily to women borrowers through (JLG) model since 2009. The company is promoted by Mr. Nagendra Mali (Chairman & Managing Director). Mr. Mali has been engaged in microfinancing activities since 2006 under Navachetana Foundation which was originally established as Shri Doddaveereshwara Khadi and Village Industries Society in 1999. In 2008, the existing promoters acquired an NBFC Sree Santeshwara Credit and Investment Company Limited, renamed it as Navachetana Microfinance Services Private Limited and transitioned the microfinance business of Navachetana Foundation. The company operates through network of 161 branches spread across 38 districts in the state of Karnataka, Maharashtra and Tamil Nadu as on Dec 31, 2023.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower:

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivity

Potential triggers (individual or collective) for an upward rating action:

Not Applicable

Potential triggers (individual or collective) for a downward rating action:

Not Applicable

Liquidity Position

"No information provided by the issuer / available for Acuite to comment upon."

Outlook

Not Applicable

Other Factors affecting Rating

None

Key Financials :

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs. Cr.	550.98	400.26
Total Income*	Rs. Cr.	98.32	50.19
PAT	Rs. Cr.	13.79	5.15
Networth	Rs. Cr.	93.94	71.91
Return on Av erage Assets (RoAA)	(%)	2.90	1.42
Return on Net Worth (RoNW)	(%)	16.63	8.75
Total Debt/Tangible Net Worth (Gearing)	Times	4.62	4.23
Gross NPA’s	(%)	NA**	0.77
Net NPA’s	(%)	NA**	0

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.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

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
15 May 2025	Term Loan	Long Term	11.47	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	5.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	50.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Proposed Long Term Loan	Long Term	7.77	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.42	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.55	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Secured Overdraft	Long Term	1.93	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	6.35	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	5.29	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	4.47	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.67	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	8.15	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	1.28	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	12.25	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.63	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	10.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	1.10	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	6.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	10.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.70	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.32	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	1.48	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	1.86	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	11.25	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	6.39	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	15.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	6.91	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.18	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	35.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.33	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.85	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	17.84	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	12.61	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	3.61	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.06	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	3.16	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	45.35	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.41	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.26	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	1.07	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	1.77	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	2.11	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	8.34	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.76	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	6.63	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	12.00	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	12.50	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	20.00	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	1.26	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	4.02	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.28	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	4.40	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
	Term Loan	Long Term	0.46	ACUITE D (Downgraded & Issuer not co-operating* from ACUITE BBB \| Stable)
07 Mar 2024	Term Loan	Long Term	20.88	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.85	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	13.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.18	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.34	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	6.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	13.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.55	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.65	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	12.37	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.84	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.88	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	11.47	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.68	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.47	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.47	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.61	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.70	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.20	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.02	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.92	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.92	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	67.65	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	48.98	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Long Term Loan	Long Term	2.75	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.18	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.42	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.96	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.04	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.23	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.26	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.61	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.63	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.66	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.48	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.43	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.84	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	11.25	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	13.38	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.46	ACUITE BBB \| Stable (Reaffirmed)
	Secured Overdraft	Long Term	2.98	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.94	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.27	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.85	ACUITE BBB \| Stable (Reaffirmed)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Proposed Long Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	7.77	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Secured Overdraft	Unlisted	RBI	23 Jul 2021	Not avl. / Not appl.	Not avl. / Not appl.	1.93	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Tamil Nadu Grama Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	20 Oct 2022	Not avl. / Not appl.	10 Jun 2024	1.77	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Tamil Nadu Grama Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Feb 2023	Not avl. / Not appl.	23 Mar 2026	2.11	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Tamil Nadu Grama Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	16 Sep 2023	Not avl. / Not appl.	12 Dec 2026	8.34	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Feb 2024	Not avl. / Not appl.	28 Aug 2026	12.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Tourism Finance Corporation of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Feb 2024	Not avl. / Not appl.	21 Feb 2026	10.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Mar 2024	Not avl. / Not appl.	27 Mar 2027	50.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Mar 2024	Not avl. / Not appl.	28 Mar 2027	15.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Feb 2023	Not avl. / Not appl.	10 Feb 2026	0.18	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Rar Fincare Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Oct 2022	Not avl. / Not appl.	30 Oct 2024	0.32	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	09 Apr 2021	Not avl. / Not appl.	08 Jul 2024	0.76	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
TATA Capital Financial Service Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	08 Jun 2022	Not avl. / Not appl.	10 Jun 2024	0.63	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Kissandhan Agri Financial Services Private Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2023	Not avl. / Not appl.	31 Mar 2025	1.07	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Nabard Financial Services Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	18 Feb 2023	Not avl. / Not appl.	15 Mar 2025	1.10	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Rar Fincare Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Aug 2023	Not avl. / Not appl.	29 Aug 2025	1.48	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Sundaram Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	17 Sep 2022	Not avl. / Not appl.	17 Oct 2024	1.28	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Sep 2021	Not avl. / Not appl.	01 Sep 2024	1.26	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Rar Fincare Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	27 Jan 2024	Not avl. / Not appl.	25 Jan 2026	1.86	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Cholamandalam Investment Finance Company Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Nov 2022	Not avl. / Not appl.	01 Dec 2024	2.06	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
IKF Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Jul 2023	Not avl. / Not appl.	26 Jul 2026	2.42	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Mannapuram Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Mar 2023	Not avl. / Not appl.	15 Mar 2025	2.67	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Cholamandalam Investment Finance Company Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Oct 2023	Not avl. / Not appl.	21 Oct 2025	3.16	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Karnataka State Financial Corporation	Not avl. / Not appl.	Term Loan	Unlisted	RBI	28 Mar 2022	Not avl. / Not appl.	10 Mar 2026	4.47	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
MANAVEEYA DEVELOPMENT AND FINANCE PRIVATE LIMITED	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Mar 2023	Not avl. / Not appl.	21 Mar 2025	6.50	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Shriram Finance Corporation Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	22 Oct 2023	Not avl. / Not appl.	17 Oct 2025	8.15	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Vivriti Capital Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2023	Not avl. / Not appl.	30 Jun 2025	10.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Sundaram Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Oct 2023	Not avl. / Not appl.	30 Sep 2025	12.25	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	08 Dec 2023	Not avl. / Not appl.	01 Dec 2026	35.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	08 Nov 2022	Not avl. / Not appl.	08 Feb 2026	6.63	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2022	Not avl. / Not appl.	30 Mar 2025	17.84	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Dec 2021	Not avl. / Not appl.	30 Dec 2025	4.40	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Dec 2023	Not avl. / Not appl.	22 Dec 2026	12.61	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Karnataka State Financial Corporation	Not avl. / Not appl.	Term Loan	Unlisted	RBI	10 Apr 2023	Not avl. / Not appl.	10 Nov 2026	5.29	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Jan 2023	Not avl. / Not appl.	31 Dec 2025	11.25	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	02 Mar 2020	Not avl. / Not appl.	30 Jul 2024	0.46	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Dec 2022	Not avl. / Not appl.	30 Mar 2025	3.61	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	15 Mar 2018	Not avl. / Not appl.	13 Mar 2024	11.47	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Aug 2021	Not avl. / Not appl.	21 Aug 2024	4.02	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Jun 2021	Not avl. / Not appl.	15 Jun 2025	6.39	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Jul 2020	Not avl. / Not appl.	30 Aug 2024	0.28	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	07 Sep 2022	Not avl. / Not appl.	30 Aug 2025	2.33	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
South Indian Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Mar 2020	Not avl. / Not appl.	20 Aug 2024	0.85	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Karanataka Grameena Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2023	Not avl. / Not appl.	30 Jun 2026	6.35	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Real Touch Finance Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Sep 2022	Not avl. / Not appl.	05 Sep 2024	0.70	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
TATA Capital Financial Service Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Mar 2023	Not avl. / Not appl.	15 Mar 2025	2.50	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	13 May 2022	Not avl. / Not appl.	12 Apr 2025	6.91	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
City Union Bank Ltd	Not avl. / Not appl.	Term Loan	Unlisted	RBI	23 May 2022	Not avl. / Not appl.	23 May 2027	2.26	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	17 Mar 2022	Not avl. / Not appl.	10 Mar 2025	5.50	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
BANK OF INDIA (BOI)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	11 Nov 2021	Not avl. / Not appl.	01 Sep 2024	2.41	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2023	Not avl. / Not appl.	27 Sep 2026	12.50	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Aug 2021	Not avl. / Not appl.	03 Aug 2024	2.55	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Mar 2024	Not avl. / Not appl.	29 Mar 2027	20.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	26 Apr 2023	Not avl. / Not appl.	31 Jul 2026	45.35	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Sahil Sawant
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below:
A. Rating Activity:

Sr. No.	Instrument / activity Name	Regulator of the instrument
1	Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)¹	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)¹	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ²	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFCs, Banks, HFCs, FIs	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ³	-
15	Issuer Ratings ⁴	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs)	RBI
22	Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities))	SEBI
23	Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) ¹	Investor-side Regulator such as IRDAI, PFRDA ⁵

¹Includes securitisation transactions involving assignee payout, acquirer's payout.

² Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.
³The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators.
⁴ There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.
⁵ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.

B. Other activities:

Sr. No.	Activity Name	Regulator of the activity
1	Monitoring Agency	SEBI
2	Research activities, incidental to rating, such as research for Economy, Industries and Companies ⁶	Not applicable

⁶ permitted by SEBI vide SEBI Master Circular for CRAs.

Disclosure on instruments / activities and names of regulators:

A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference:

https://acuite.in/Activities-and-Regulators.html

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.