Press Release May 08, 2026 UP MONEY LIMITED - VEGA 02 2024 Rating Withdrawn and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Pass Through Certificates (PTCs)	0.00	1.30	ACUITE Not Applicable | Withdrawn | Issuer not co-operating*	-	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	1.30	-	-	-
* The issuer did not co-operate; based on best available information.

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

­Acuité has withdrawn the long-term rating on the Rs. 1.30 Cr. Pass Through Certificate of UP MONEY LIMITED, the trust being VEGA 02 2024, without assigning any rating as the instrument is fully paid. The withdrawal is on account of the 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. The rating is now flagged as “Issuer Not-Cooperating” on account of information risk and is based on the best available information.

About the Originator

­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 two-wheeler loans and micro, small & medium enterprises (MSMEs), mainly for rural livelihood advancement, with the aim to provide finance for income generating activities, socio-economic development and financial inclusion. The company has its registered office located at Ludhiana, Punjab.

Standalone Rating of the Originator (if rated by Acuite)

ACUITE C | Reaffirmed | Issuer not co-operating ACUITE D | Reaffirmed & Downgraded | Issuer not co-operating Non-cooperation by the issuer/borrower Acuité has been requesting for latest information and latest No Default Statement from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information. This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies. Limitation regarding information availability This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

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

Potential triggers (individual or collective) for an upward rating action:

­Not Applicable

Potential triggers (individual or collective) for a downward rating action:

­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. 493.65 547.16 Total Income* Rs. Cr. 59.31 69.62 PAT Rs. Cr. 7.35 11.84 Net Worth Rs. Cr. 118.46 107.07 Return on Average Assets (RoAA) (%) 1.41 2.28 Return on Average Net Worth (RoNW) (%) 6.52 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

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

Non-public information

­

Any Other Information

The issuer did not co-operate; based on best available information

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 29 May 2025 Pass Through Certificate Long Term 1.30 ACUITE BBB+ (SO ) (Reaffirmed) Pass Through Certificate Long Term 9.47 ACUITE Not Applicable (Withdrawn) 29 May 2024 Pass Through Certificate Long Term 9.47 ACUITE A- (SO ) (Assigned) Pass Through Certificate Long Term 1.58 ACUITE BBB+ (SO ) (Assigned) 07 Mar 2024 Pass Through Certificate Long Term 9.47 ACUITE Provisional A- (SO ) (Assigned) Pass Through Certificate Long Term 1.58 ACUITE Provisional BBB+ (SO ) (Assigned)

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Rating History - Originator (if applicable)

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 20 Mar 2026 Proposed Long Term Loan Long Term 43.25 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 1.81 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 8.35 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 6.66 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 13.51 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 9.20 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Cash Credit Long Term 1.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 3.18 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 10.00 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 25.00 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 1.89 ACUITE D (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 5.00 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 6.82 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 11.25 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 10.00 ACUITE D (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 0.93 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.17 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 5.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.10 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.81 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Cash Credit Long Term 3.75 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.74 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 2.94 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Working Capital Term Loan Long Term 2.50 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 8.14 ACUITE D (Reaffirmed & Issuer not co-operating*) 18 Mar 2026 Term Loan Long Term 6.66 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 10.00 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 1.81 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 8.35 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 9.20 ACUITE C (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 1.00 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 5.00 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.94 ACUITE C (Reaffirmed & Issuer not co-operating*) Working Capital Term Loan Long Term 2.50 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 0.93 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.17 ACUITE C (Reaffirmed & Issuer not co-operating*) Proposed Long Term Loan Long Term 43.25 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.10 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.81 ACUITE C (Reaffirmed & Issuer not co-operating*) Cash Credit Long Term 3.75 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 2.74 ACUITE C (Reaffirmed & Issuer not co-operating*) Term Loan Long Term 8.14 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 1.89 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Cash Credit Long Term 5.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 6.82 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 11.25 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 3.18 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 10.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 13.51 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) Term Loan Long Term 25.00 ACUITE D (Downgraded & Issuer not co-operating* from ACUITE C) 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 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) 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) 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) 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) 15 Nov 2024 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) 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) 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)

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Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php • Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

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

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below: A. Rating Activity:   Sr. No. Instrument / activity Name Regulator of the instrument 1 Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities) SEBI 2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) MCA 3 Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)1 SEBI 4 Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)1 SEBI 5 Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)1 RBI 6 Listed Commercial Paper and NCDs with original maturity less than 1 year RBI 7 Unlisted Commercial Paper and NCDs with original maturity less than 1 year RBI 8 Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs 2 RBI 9 External Commercial Borrowings and other similar borrowings RBI 10 Certificates of Deposit RBI 11 Fixed Deposits raised by NBFCs, Banks, HFCs, FIs RBI 12 Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs MCA 13 Inter Corporate Deposits/Loans extended by Corporates MCA 14 Borrowing programme 3 - 15 Issuer Ratings 4 - 16 Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) SEBI 17 Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI 18 Listed Security Receipts SEBI 19 Unlisted Security Receipts RBI 20 Independent Credit Evaluation (ICE) RBI 21 Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) RBI 22 Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) SEBI 23 Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities)) MCA 24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 Investor-side Regulator such as IRDAI, PFRDA 5   1 Includes securitisation transactions involving assignee payout, acquirer's payout. 2 Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. 3 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 Not applicable 6 permitted by SEBI vide SEBI Master Circular for CRAs. Disclosure on instruments / activities and names of regulators: A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference: https://acuite.in/Activities-and-Regulators.html   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. 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