Press Release November 12, 2024 SRG HOUSING FINANCE LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	25.00	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	25.00	-	-

Rating Rationale

Ac­uité has withdrawn the long-term rating on the Rs. 25.00 Cr. Non Convertible Debentures facility of SRG Housing Finance Limited without assigning any rating as the instrument is fully repaid. The withdrawal is on account of request received from client and NOC (No Objection Certificate) received from the trustee. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the company

­­SRG Housing Finance Limited (which was originally incorporated as Vitalise Finlease Private Limited in 1999 and later renamed in 2000 as SRG Housing Finance Private Limited) is an Udaipur based Housing Finance Company (HFC). In 2002, the company was registered as HFC with National Housing Bank and in 2004 was reconstituted as a public limited company. SHFL is engaged in extending Home loans and Loan against property. The company is promoted by Mr. Vinod Kumar Jain who has over two decades of experience in financial services. SHFL is listed on BSE platform. The company operates through a network of 65 branches spread across five states namely, Rajasthan, Madhya Pradesh, Gujarat, New Delhi and Maharashtra as on March 31, 2024.

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 FY24 (Actual) FY23(Actual) Total Assets Rs. Cr. 665.26 508.64 Total Income* Rs. Cr. 75.85 56.68 PAT Rs. Cr. 21.06 17.06 Net Worth Rs. Cr. 159.67 133.26 Return on Average Assets (RoAA) (%) 3.59 3.69 Return on Average Net Worth (RoNW) (%) 14.38 13.81 Debt/Equity Times 3.08 2.68 Gross NPA (%) 2.29 2.50 Net NPA (%) 0.69 0.51 *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 • 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 28 Nov 2023 Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB | Stable (Reaffirmed) 28 Nov 2022 Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB | Stable (Reaffirmed) 01 Dec 2021 Non-Covertible Debentures (NCD) Long Term 25.00 ACUITE BBB | 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 INE559N07041 Non-Convertible Debentures (NCD) 10 Dec 2020 10.45 10 Dec 2023 25.00 Simple Not Applicable|Withdrawn

Contacts

Mohit Jain Senior Vice President - Rating Operations Tejas Chaugule 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.