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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Pass Through Certificates (PTCs) | 4.03 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 4.03 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long term rating on the Pass Through Certificates (PTCs) of Rs. 4.03 Cr. issued by NIMBUS 2022 SBL AQUATIC (the trust) under a securitisation transaction originated by Seeds Fincap Pvt Ltd (SFPL) (The Originator). The PTCs are backed by a pool of unsecured business loans with principal outstanding of Rs. 4.60 Cr (including over collateralisation).
The transaction has been paid in full. It has also been redeemed and all the contractual obligations and pay-outs to the investors have been duly completed. Hence, the rating is being withdrawn without assigning any rating. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective instrument/facility, and pursuant to a request received from the company in this regard, and the No Dues Confirmation received from the trustee. |
| About the Originator |
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Incorporated in 2019, Seeds Fincap Private Limited (SFPL) is a RBI registered non-deposit taking NBFC with its headquarters in Gurugram (Delhi). The company is currently Promoted by Mr Subhash Chandra Acharya as the CEO and Managing Director, and Mr Avishek Sarkar as a whole-time Director. They are engaged in providing unsecured loans to people/enterprises living in Tier II, III & IV Cities. It commenced its operations in February 2021, and currently operating in Haryana, Rajasthan, Uttar Pradesh, Bihar, and Uttarakhand with 54 branches as recorded on March 31, 2023.
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| Assessment of the Pool |
| Not applicable |
| Credit Enhancements (CE) |
| Not applicable |
| Transaction Structure |
| 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 |
| Rating Sensitivity |
| Not applicable |
| All Covenants (Applicable only for CE & SO Ratings) |
| Not applicable |
| All Assumptions |
| Not applicable |
| Liquidity Position |
| Not applicable |
| Outlook |
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Not applicable Other Factors Affecting the rating None |
| Key Financials - Originator | ||||||||||||||||||||||||||||||||||||||||
* Total income equals to Net Interest Income plus other income.
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| Any Other Information |
| None |
| Status of disclosure of all relevant information about the Obligation being Rated |
| Not applicable |
| Note on Complexity Levels of the Rated Instrument |
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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.
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| Applicable Criteria |
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• 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 • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm |
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