Press Release November 19, 2025 SATIN FINSERV LIMITED - NIMBUS 2023 SBL WENGER Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Pass Through Certificates (PTCs)	0.85	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	0.85	-	-

Rating Rationale

Acuité has withdrawn the long-term rating on the Rs. 0.85 Cr. Pass Through Certificate of Satin Finserv Limited, the trust being Nimbus 2023 SBL Wenger,  without assigning any rating as the instrument is fully paid. The withdrawal is on account of request received from issuer, No Due Certificate received from the trustee and in accordance with Acuite's policy on withdrawal of ratings as applicable to the respective facility / instrument.

About the Originator

­Incorporated in 2018, SFL is a 100 percent subsidiary of Satin Creditcare Network Limited (SCNL), the flagship company of Satin group. Satin Finserv Limited (SFL) obtained its license from RBI in 2019. SFL is engaged in the business of providing various financial services to entrepreneurs, MSMEs and individual businesses, as well as lending to other MFI companies. SFL offers products in the retail segment, with ticket size upto Rs. 3.5 Lakh and wholesale segment, with ticket size up to Rs. 5 Cr. The company will be focusing on the retail segment for the near future. The present directors of the company are Mr. Harvinder Pal Singh, Mr. Anil Kumar Kalra, Mr. Sundeep Kumar Mehta and, Ms. Jyoti Ahluwalia. The company is based in Gurugram, Haryana.

Standalone Rating of the Originator ((if rated by Acuite)

­ACUITE A-/Reaffirmed & Withdrawn

Assessment of the Pool

­Not Applicable

Transaction Structure

­Not Applicable

Brief Methodology

­Not Applicable

Legal Assessment

­Not Applicable

Key Risks

Counter Party Risks

­Not Applicable

Concentration Risks

Not Applicable

Servicing Risks

Not Applicable

Regulatory Risks

Not Applicable

Prepayment Risks

Not Applicable

Commingling Risk

Not Applicable

Credit Enhancements (CE)

­Not Applicable.???????

Rating Sensitivity

­Not Applicable.???????

All Covenants

­Not Applicable.???????

All Assumptions

­Not Applicable.???????

Liquidity Position

­Not Applicable

Outlook

­Not Applicable.???????

Key Financials - Originator

Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets Rs. Cr. 632.58 447.14 Total Income* Rs. Cr. 82.68 91.93 PAT Rs. Cr. 7.45 5.15 Net Worth Rs. Cr. 190.25 182.79 Return on Average Assets (RoAA) (%) 1.38 1.35 Return on Average Net Worth (RoNW) (%) 4.00 3.21 Total Debt/Tangible Net worth (Gearing) Times 2.31 1.39 Gross NPA (%) 4.84 4.86 Net NPA (%) 2.86 3.20 *Total income equals to Net Interest Income plus other income **All ratios are as per Acuité's calculations

Status of disclosure of all relevant information about the Obligation being Rated

Non-public information

Any Other Information

­None.

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.

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 • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm

Rating History - PTC

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 13 Jun 2025 Pass Through Certificate Long Term 0.85 ACUITE A- (SO ) (Reaffirmed) 14 Jun 2024 Pass Through Certificate Long Term 4.01 ACUITE A- (SO ) (Reaffirmed) 16 Jun 2023 Pass Through Certificate Long Term 7.03 ACUITE A- (SO ) (Assigned) 28 Apr 2023 Pass Through Certificate Long Term 7.03 ACUITE Provisional A- (SO ) (Assigned)

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Rating History - Originator (if applicable)

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 19 Nov 2024 Term Loan Long Term 16.96 ACUITE A- (Reaffirmed & Withdrawn) Proposed Long Term Bank Facility Long Term 33.04 ACUITE Not Applicable (Withdrawn) 15 Feb 2024 Term Loan Long Term 16.96 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Long Term Bank Facility Long Term 33.04 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) 17 Nov 2022 Term Loan Long Term 16.96 ACUITE BBB+ | Stable (Assigned) Proposed Long Term Bank Facility Long Term 33.04 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. Pass Through Certificate Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.85 Highly Complex 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.