Press Release September 19, 2025 UP MONEY LIMITED - GRIPX SAGE 06 2024 Rating Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Pass Through Certificates (PTCs)	2.27	Not Applicable | Withdrawn	-
Total Outstanding	0.00	-	-
Total Withdrawn	2.27	-	-

Rating Rationale

­­­Acuité has withdrawn the long-term rating on the Rs. 2.27 Cr. Pass Through Certificate of UP MONEY LIMITED, the trust being GRIPX SAGE 06 2024,  without assigning any rating as the instrument is fully paid. The withdrawal is on account of redemption of the PTC as 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

­­Ludhiana based ­­UP Money Limited (UPL) started operations in November 2014 following the acquisition of Sukhjit Finance Ltd, a company incorporated on February 6, 1995 under the Companies Act, 1956. The company’s name was changed to UP Money Ltd w.e.f. March 2, 2015. The company is promoted by Mr. Ajit Singh Chawla and Mr. Sumel Singh Chawla. UPL offers affordable financing for micro, small & medium enterprises (MSMEs) loans and two-wheeler loans, mainly for rural livelihood advancement, with the aim to provide finance for income generating activities, socio-economic development and financial inclusion.

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

­­Acuite C/ INC

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 (Prov.) FY24 (Actual) Total Assets** Rs. Cr. 493.71 547.16 Total Income* Rs. Cr. 59.83 69.62 PAT Rs. Cr. 7.24 11.84 Net Worth Rs. Cr. 118.34 107.07 Return on Average Assets (RoAA) (%) 1.39 2.28 Return on Average Net Worth (RoNW) (%) 6.42 11.70 Total Debt/Tangible Net worth (Gearing) Times 3.07 3.99 Gross NPA (%) 2.28 1.42 Net NPA (%) 1.49 1.15 *Total income equals to Total Income net off interest expense **Total assets adjusted to Deferred Tax liability

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 19 Sep 2024 Pass Through Certificate Long Term 14.43 ACUITE A- (SO ) (Assigned) 02 Jul 2024 Pass Through Certificate Long Term 14.43 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 08 Sep 2025 Term Loan Long Term 0.93 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Cash Credit Long Term 5.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.94 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 25.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Working Capital Term Loan Long Term 2.50 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 5.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Proposed Term Loan Long Term 43.25 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 1.89 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 11.25 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 9.20 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Cash Credit Long Term 1.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.74 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Cash Credit Long Term 3.75 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 8.35 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 13.51 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 6.82 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 3.18 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 10.00 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 1.81 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.10 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 6.66 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.81 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 8.14 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) Term Loan Long Term 2.17 ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BB+) 01 Sep 2025 Term Loan Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 5.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 1.81 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 8.35 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 25.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 6.66 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 13.51 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 9.20 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Cash Credit Long Term 1.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 3.18 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 10.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Proposed Long Term Loan Long Term 43.25 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.10 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.81 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Cash Credit Long Term 3.75 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.74 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.94 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Working Capital Term Loan Long Term 2.50 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 0.93 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 2.17 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 8.14 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 1.89 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Cash Credit Long Term 5.00 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 6.82 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) Term Loan Long Term 11.25 ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB- | Stable) 15 Nov 2024 Term Loan Long Term 6.66 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.18 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.81 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.89 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.94 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 11.25 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.10 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 13.51 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 78.85 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.35 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 9.20 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.14 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.74 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB- | Stable (Reaffirmed) 22 Oct 2024 Term Loan Long Term 2.94 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.14 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 11.25 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 9.20 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.10 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.89 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 3.75 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.81 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 48.85 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.35 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.18 ACUITE BBB- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.82 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.66 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.74 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 13.51 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Loan Long Term 30.00 ACUITE BBB- | Stable (Assigned) 25 Sep 2023 Term Loan Long Term 2.22 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 15.77 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 1.96 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 1.13 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 5.11 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 1.86 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 12.36 ACUITE BBB- | Positive (Reaffirmed) Cash Credit Long Term 3.75 ACUITE BBB- | Positive (Reaffirmed) Cash Credit Long Term 5.00 ACUITE BBB- | Positive (Reaffirmed) Cash Credit Long Term 2.00 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 4.66 ACUITE BBB- | Positive (Reaffirmed) Proposed Long Term Loan Long Term 41.17 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 12.93 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 8.64 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 3.06 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 1.00 ACUITE BBB- | Positive (Reaffirmed) Proposed Long Term Bank Facility Long Term 20.00 ACUITE BBB- | Positive (Assigned) Term Loan Long Term 13.48 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE BBB- | Positive (Reaffirmed) Term Loan Long Term 3.90 ACUITE BBB- | Positive (Reaffirmed) 07 Nov 2022 Term Loan Long Term 0.67 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 15.77 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 5.24 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 1.72 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 2.05 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 7.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 0.93 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 6.57 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE BBB- | Stable (Assigned) Cash Credit Long Term 3.75 ACUITE BBB- | Stable (Assigned) Cash Credit Long Term 5.00 ACUITE BBB- | Stable (Assigned) Cash Credit Long Term 2.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 6.06 ACUITE BBB- | Stable (Assigned) Proposed Long Term Loan Long Term 68.24 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 INE0XP815016 Pass Through Certificate 21 Jun 2024 12.50 17 Aug 2026 2.27 Highly Complex Not Applicable|Withdrawn

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Nattasha Venkatesh 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.