Press Release March 19, 2024 VEDIKA CREDIT CAPITAL LIMITED Rating Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Non Convertible Debentures (NCD)	22.90	ACUITE BBB+ | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	27.10	Not Applicable | Withdrawn	-
Total Outstanding	22.90	-	-
Total Withdrawn	27.10	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B ­plus) on the Rs. 22.90 Cr. non convertible debentures of Vedika Credit Capital Limited (VCCL). The outlook is ‘Stable’. Acuité has withdrawn the long-term rating on the Rs. 20.00 Cr. Non-Convertible Debentures of Vedika Credit Capital Limited (VCCL).  The same is withdrawn without assigning any rating as the instrument is fully repaid and no longer an outstanding obligation of the company. The rating is being withdrawn on account of the request received from the company and the NDC received from the debenture trustee as per Acuite's Policy on withdrawal of ratings as applicable to the respective facility/instrument.  Further, ­Acuité has withdrawn the long-term rating on the Rs. 7.10 Cr. on the proposed Non-Convertible Debenture facility of Vedika Credit Capital Limited (VCCL). The same is withdrawn without assigning any rating as the instrument is not an outstanding obligation of the company. The rating is being withdrawn on account of the request received from the company and as per Acuite's Policy on withdrawal of ratings as applicable to the respective facility/instrument. Rationale for the rating ­The rating reaffirmation factors in comfortable capitalization levels supported by regular and timely equity infusion by promoter group, steady financial performance, comfortable asset quality metrics coupled with healthy provision buffers. VCCL was able to maintain comfortable asset quality metrics as on December 31, 2023 characterized by GNPA of 0.74% and nil NNPAs(GNPA of 0.89% and nil NNPAs as on March 31, 2023). The company's total AUM increased to Rs 1,229.18 Cr. as in December 31, 2023 from Rs 1,097.12 Cr. as on March 31, 2023 and Rs. 745.72 Cr. as on March 31, 2022. The company reported PAT of Rs. 17.01 Cr. in FY2023 (Rs. 16.82 Cr. for 9MFY24). The rating continues to factor in the long standing presence of the company in the microfinance sector adequate liquidity profile and comfortable resources raising ability. However, the rating is constrained by VCCL’s moderate scale of operations and its relatively leveraged capital structure whereby the gearing stood at 4.88x as on December 31, 2023 increasing from 4.68x as on March 31, 2023 (6.13x as on March 31, 2022). Going forward, VCCL’s ability to raise capital and profitably grow its loan portfolio while maintaining a conservative leverage level will be a key monitorable.

About the company

­­­Jharkhand based VCCL, is a Non-Banking Finance Company (NBFC) Micro Finance Institution (MFI) primarily engaged in extending Micro loans to women borrowers under the Joint Liability Group Model since 2007. The company has presence in 7 states, primarily in eastern India through a network of 192 branches as on December 31, 2023. The company was originally  incorporated in 1995 by a different set of owners and subsequently, the company was taken over in 2004 by the present promoters, Mr. Ummed Jain (Chairman) and his sons, Mr. Gautam Jain and Mr. Vikram Jain. Mr. Gautam Jain (Managing Director) and Mr. Vikram Jain (Whole time Director) was initially engaged in traditional financing and gradually instrumented his aim to transform his lending operations into a recognized and regulated NBFC-MFI - VCCL. The promoters are engaged in two wheeler financing through Vedika Fincorp Limited, a group company of VCCL.

Unsupported Rating

­Not Applicable

Analytical Approach

­­­Acuité has adopted a standalone approach on VCCL’s business and financial risk profile for arriving at the rating.

Key Rating Drivers

Strength

­­­Established track record of operations VCCL commenced its lending operations since 2007 through a mix of Individual loans and Microloans. VCCL has a 6-member Board led by Mr. Ummed Jain (Chairman), of which three are Directors, two are independent Directors and one is nominee director who have over two decades of experience in the field of banking, law and social services. The strong managerial base has supported the growth strategy of the company. The company has increased its geographical presence from three states, i.e. Bihar, Jharkhand, and West Bengal in 2016 to seven states in 2023 by diversifying to Assam, Uttar Pradesh, Tripura and Odisha and increased network coverage from 44 branches as on March 31, 2016 to 192 branches as on December 31, 2023. The company’s AUM stood at Rs. 1229.17 Cr. as on December 31, 2023 as compared to Rs. 1097.12 Cr. in FY23 and Rs. 745.72 Cr. in FY2022. The company has also leveraged its capital funds to finance its business growth. The company has strengthened its operational presence over the years by diversifying its geographical penetration along with lower dependence towards a single product. Microfinance loans are usually disbursed in clusters and are lent to marginal borrowers with limited ability to absorb income shocks. The management has judiciously improved its geographical penetration resulting in a diverse borrower base spread across various districts and geographies. As on December 31, 2023, West Bengal and Bihar contributed 34.13 percent and 19.47 percent of VCCL’s portfolio, respectively. The balance portfolio was distributed across Jharkhand, Assam, Uttar Pradesh, Odisha and Tripura. The company also has individual exposure through business loans and cross sale products in case of regulatory restrictions on lending through the normal microfinance channels. As on December 31, 2023, microloans comprised 47.18 percent of the overall AUM, with the balance being contributed by cross sale and business loans. The company plans to balance its risk metrics for business loans by migrating its existing customers from small to medium level, this change in product mix will help them in improving its fee income. The contribution of off book exposure to overall AUM has increased to 33.40 percent as on December 31, 2023 as against 29.67 percent as on March 31, 2023. Acuité believes that VCCL’s established presence and long track record of operations in the area of operations will support its credit profile. Comfortable capitalization levels coupled with resources raising ability Capital Adequacy Ratio as on December 31, 2023 stood comfortable at 22.41 percent (Tier 1: 21.30 percent) as against 22.56 percent (Tier 1: 20.10 percent) in FY2023. Further, the company expects infusion of capital in near term which is expected to aid the current capital buffers. The company has plenty of borrowings in pipeline from various PSU, MFI/NBFC and PVT Banks. The ability of the company to raise capital, to maintain its capital adequacy levels will be key monitorable. Improvement in asset quality and financial performance The asset quality profile of the company has improved as characterized by sequential improvement in monthly collection efficiency rates and low pool of restructured assets. The asset quality is stable marked by its on time dpd portfolio at 94.48 percent as on FY2023 as against 92.22 percent in FY2022 and 91.61 percent in FY2021. Gross NPA has reduced from 0.89% in FY2023 to 0.74% as on December 31, 2023 whereas in FY22 it stood at 2.05%. Net NPA were nil on account of adequate provisions made by the company.

Weakness

­­­Leveraged capital structure VCCL engaged in unsecured lending to marginal income borrowers with limited ability to absorb income shocks. The company extends micro credit through the Joint Liability Group (JLG) model. It has over the years established a diverse resource base comprising of 30 lenders. As on December 31, 2023 the company had a net worth of Rs. 174.08 Cr. as compared to Rs. 157.26 Cr. as on March 31, 2023. The borrowings stood at Rs. 851.89 Cr. as against net worth of Rs. 174.08 Cr. taking the company’s gearing level to 4.88 times as on December 31, 2023 (4.68 times as on March 31, 2023). The debt comprises of Term loans from Banks/FIs, NCDs and subordinated debt from FI’s. The company has demonstrated significant fundraising ability from various banks and financial institutions. To support its liquidity, the company has also entered into Co-Lending arrangements. Acuité believes that the company’s ability to manage its gearing levels will be a key monitorable.

ESG Factors Relevant for Rating

­­­Vedika Credit Capital Limited (VCCL) belongs to the NBFC sector which complements bank lending in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. In terms of its business ethics, performance, the entity has maintained adequate disclosure regarding its Grievance Redressal, related party compliance and fair practice code. The board of directors of the company comprise of 2 independent directors out of a total of 6 directors with no female director. The entity has an audit committee, nomination and renumeration committee and corporate social responsibility committee. As per Reserve Bank of India (RBI) guidelines, the NBFC has an IT policy to oversee its cybersecurity. VCCL has also maintained disclosures regarding renumeration of its directors and key managerial personnel (KMP). VCCL aims to empower entrepreneurs that have limited access to the banking sector in India, hence making an economic contribution by way of financial inclusion. It continues to work on several community development initiatives through its corporate social responsibility projects.

Rating Sensitivity

­Ability to raise capital Movement in liquidity buffers Movement in gearing levels Decline in AUM Profitability metrics Changes in regulatory environment

Liquidity Position

Adequate

­­­VCCL’s liquidity profile is adequate, with positive cumulative mismatches across most of the buckets as per the ALM statement as of December 31, 2023. The monthly collection efficiency of the company has improved to 97.44 percent in December 2023 from 93.57 percent in March 2023. Currently, the company has debt obligations of Rs. 229.52 Cr. for next 6 months. Furthermore, they have cash and bank balance of Rs. 97.96 Cr. as on December 31, 2023

Outlook - Stable

­Acuité believes that VCCL’s credit profile will maintain a ‘Stable’ outlook owing to its established track record of operations, expected improvement in capitalization levels and collection efficiency along with adequate liquidity buffers. The outlook may be revised to ‘Positive’ in case VCCL is able to demonstrate better than expected performance while maintaining asset quality and gearing levels. Conversely, the outlook may be revised to ‘Negative’ in case of continuing challenges in attaining optimal gearing levels

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

Particulars Unit FY23 (Actual) FY22 (Actual) Total Assets Rs. Cr. 916.64 756.23 Total Income* Rs. Cr. 81.07 51.27 PAT Rs. Cr. 17.01 23.25 Net Worth Rs. Cr. 157.26 104.71 Return on Average Assets (RoAA) (%) 2.03 3.92 Return on Average Net Worth (RoNW) (%) 12.99 24.94 Total Debt/Tangible Net worth (Gearing) Times 4.68 6.13 Gross NPA (%) 0.89 2.05 Net NPA (%) 0 0 * 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 20 Mar 2023 Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 182.84 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Proposed Non Convertible Debentures Long Term 30.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 5.37 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 5.84 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 0.64 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 2.22 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 8.00 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 15.66 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 2.92 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 36.58 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 0.11 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 0.47 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 11.84 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 17.50 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 6.39 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 15.33 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 11.72 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 20.00 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 15.00 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 3.54 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 9.53 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 9.17 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 10.14 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 51.91 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 22.81 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 5.72 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 11.78 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 17.48 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 13.75 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 14.38 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 20.00 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 48.00 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 38.00 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 62.85 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 13.67 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 21.71 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) Term Loan Long Term 17.13 ACUITE BBB+ | Not Applicable (Reaffirmed & Withdrawn) 02 Jan 2023 Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB+ | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 182.84 ACUITE BBB+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 30.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 5.37 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 5.84 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 15.66 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.92 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 36.58 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.11 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.47 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.64 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.22 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 17.48 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 17.13 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 11.84 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 17.50 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 6.39 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 15.33 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 11.72 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 3.54 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 9.53 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 9.17 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 10.14 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 51.91 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 22.81 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 5.72 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 11.78 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 13.75 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 14.38 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 48.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 38.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 62.85 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 13.67 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 21.71 ACUITE BBB+ | Stable (Reaffirmed) 03 Jan 2022 Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Commercial Paper Program Short Term 30.00 ACUITE A2 (Upgraded & Withdrawn) Proposed Long Term Bank Facility Long Term 54.85 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Loan Long Term 75.00 ACUITE BBB+ | Stable (Assigned) Proposed Non Convertible Debentures Long Term 30.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Non Convertible Debentures Short Term 50.00 ACUITE A2 (Upgraded & Withdrawn) Proposed Non Convertible Debentures Long Term 50.00 ACUITE BBB+ | Not Applicable (Upgraded & Withdrawn) Special Liquidity Scheme Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Special Liquidity Scheme Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 60.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 50.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 30.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 25.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 29.17 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 13.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.40 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 25.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 100.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 6.67 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 5.65 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.68 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.79 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 69.03 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 3.85 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 25.01 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.46 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 14.12 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.17 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.76 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 19.77 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 9.62 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) 17 Feb 2021 Non-Covertible Debentures (NCD) Long Term 20.00 ACUITE BBB | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 30.00 ACUITE A3+ (Reaffirmed) Proposed Non Convertible Debentures Short Term 50.00 ACUITE A3+ (Reaffirmed) Proposed Non Convertible Debentures Long Term 80.00 ACUITE BBB | Stable (Reaffirmed) Stand By Line of Credit Long Term 13.20 ACUITE BBB | Stable (Reaffirmed) Stand By Line of Credit Long Term 30.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 13.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 46.29 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.48 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.38 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.36 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.76 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.82 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.74 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.44 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 13.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 203.04 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 INE04HY07021 Non-Convertible Debentures (NCD) 08 Apr 2022 11.42 08 Dec 2025 22.90 Simple ACUITE BBB+ | Stable | Reaffirmed Not Applicable INE04HY07013 Non-Convertible Debentures (NCD) 12 Aug 2020 12.5 12 Aug 2023 20.00 Simple Not Applicable|Withdrawn Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.10 Simple Not Applicable|Withdrawn

Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Rohit Advani Lead Analyst - Rating Operations Tel: 022-49294065 rohit.advani@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in Tel: 022-49294011 rating.desk@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.