­Tamil Nadu based United Overseas Finance Limited (UOFL) is a non-deposit taking Non- Banking Financial Company. The company commenced its operations in 2007 and is engaged in financing used medium and heavy commercial vehicles (CVs) and providing SME loans against property. In FY2019, UOFL also commenced extending micro-credit loans to women borrowers through Joint Liability Group (JLG) model. UOFL is promoted by Mr. Prakash Chand Jain and his sons. The family was earlier engaged in the business of financing used CVs under proprietary concern and in 2007 they acquired an existing NBFC - Chordia Finance Private Limited and renamed it to United Overseas Finance Limited. The company has a presence in 12 districts across Tamil Nadu and Puducherry collectively through its direct sales agents and has four branches for operating its micro-financing activities as on March 31, 2021.

­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.

­The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

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

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

­Not Applicable

­Not Applicable

­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.