Press Release VEDIKA CREDIT CAPITAL LIMITED January 02, 2023 Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	750.00	ACUITE BBB+ | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	50.00	ACUITE BBB+ | Stable | Reaffirmed	-
Total Outstanding Quantum (Rs. Cr)	800.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs. 750.00 Cr. bank facilities and on the Rs. 50.00 Cr. Non-Convertible Debenture issue of Vedika Credit Capital Limited (VCCL). The outlook is ‘Stable’. Rationale for the rating The rating 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. During FY23, the promoter group infused capital of Rs.20.21Cr augmenting capitalization levels to 23.13% as on September 30, 2022^. VCCL was able to maintain comfortable asset quality metrics as on September 30, 2022 characterized by GNPA of 1.71% [September 30, 2021: 2.06%] and nil NNPAs. Despite disbursements picking up momentum post H2FY23, the company’s financial performance has improved owing to lower credit costs and curtailment of operating costs. The company's total AUM increased to Rs 816.25 Cr as in September 30, 2022 from Rs 745.72 Cr as in March 31, 2022. The company reported PAT of Rs. 23.25 Cr in FY2022. 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 gearing stood at 4.77x as on September 30, 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. All the financials for September 30, 2022 are provisional

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 November 30, 2022. 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) 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.

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 7-member Board led by Mr. Ummed Jain (Chairman), of which four are Directors and three are independent Directors 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 2022 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 November 30, 2021. The company’s AUM stood at Rs. 900.65 Cr. as on November 30, 2022 as compared to Rs. 745.72 Cr in FY22 and Rs. 517.99 Cr. in FY2021. 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 November 30, 2022, West Bengal and Bihar contributed 32.28 percent and 17.87 percent of VCCL’s portfolio, respectively. The balanced 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 November 30, 2022, microloans comprised 74 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 29.79 percent as on November 30, 2022 as against 22.1 percent as on March 31, 2022. The company takes off book exposure through the Business correspondent model for entities such as MAS Financial Services Limited, Reliance Commercial Finance Limited, IDFC First Bank Limited, SIDBI, IDBI and Fincare SFB. It has also entered into Co Lending arrangements to support its funding requirement. Going forward, AUM exposure will not only be organic but will also increase their managed portfolio through co-lending arrangements which will consequently result in growth of total loan book. 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 in September 30, 2022 stood comfortable at 23.13 percent (Tier 1: 20.86 percent) as against 20.05 percent (Tier 1: 16.76 percent) in FY2022. Equity infusion by the promoters will improve the capitalization buffers. During Q1FY23, the company received equity infusion of Rs. 20.21 Cr by promoters to support the capital adequacy levels. Further, in H2FY2023, there is expected to be an equity infusion of Rs. 15 Cr. In addition to this, the company received subscription to NCD amounting to Rs.22.90 Cr. This will improve company’s Tier II capital. The Company has plenty of borrowings in pipeline from various PSU, MFI/NBFC and PVT Banks. Under the CGTMSE scheme, the company has been able to borrow at lower rates for a longer tenor. 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 93.1 percent as on November 30, 2022 as against 92.2 percent in FY2022 and 91.6 percent in FY2021. Gross NPA has reduced from 2.01% in FY2022 to 1.71% as on November 30, 2022 whereas in FY21 it stood at 2.21%. Net NPA were nil on account of provisions made by the company. With marginal increase in AUM and lower cost of funds during H1FY2022, overall profitability had improved where Net Interest Income stood at Rs. 25.88 Cr. The same stood at Rs. 40.64 Cr in FY2022 against Rs. 41.81 Cr in FY2021. PAT had improved from Rs. 4.71 Cr in FY2021 to Rs. 23.25 Cr in FY2022. Further, half yearly PAT for FY2023 stood at Rs. 6.52 Cr. Due to improvement in profitability, ROAA stood at 3.92 percent in FY2022 as compared to 0.99 percent in FY2021 and annualized ROAA for H1FY2023 stood at 3.39 percent.

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 29 lenders. As on September 30, 2022 the company had a net worth of Rs. 131.35 Cr. as compared to Rs. 104.71 Cr. as on March 31, 2022. The increase in Networth was mainly due to equity infusion by the promoters. The borrowings stood at Rs. 626.83 Cr. as against net worth of Rs. 131.35 Cr. taking the company’s gearing level to 4.77 times as on September 30, 2022 (6.13 times as on March 31, 2022). The debt comprises 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 arrangement. 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

Material Covenants

­None

Liquidity Position - Adequate

Adequate

­VCCL’s liquidity profile is adequate, with positive cumulative mismatches across most of the buckets as per the ALM statement as of September 30, 2022. The monthly collection efficiency of the company has improved to 93.25 percent in Nov’22 from 91.77 percent in Nov’21. Currently, the company has quarterly debt obligations of Rs. 94.95 Cr with operating expenses of Rs 8.75 Cr and quarterly collections of Rs. 95.21 Cr. Furthermore, they have cash and bank balance of Rs. 56.85 Cr as on September 30, 2022.

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 FY22 (Actual) FY21 (Actual)** Total Assets Rs. Cr. 756.23 429.60 Total Income* Rs. Cr. 51.27 49.73 PAT Rs. Cr. 23.25 4.71 Networth Rs. Cr. 104.71 81.73 Return on Average Assets (RoAA) (%) 3.92 0.99 Return on Net Worth (RoNW) (%) 24.94 7.18 Total Debt/Tangible Net Worth (Gearing)   Times 6.13 4.28 Gross NPA’s (%) 2.01 2.21 Net NPA’s (%) 0.00 0.00 * Total income equals to Net interest income plus other income **FY21 financials reinstated as per Ind-AS.

Status of non-cooperation with previous CRA (if applicable):

­None

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 03 Jan 2022 Term Loan Long Term 14.12 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 13.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Non Convertible Debentures Long Term 50.00 ACUITE BBB+ (Withdrawn) Proposed Commercial Paper Program Long Term 30.00 ACUITE A2 (Withdrawn) Term Loan Long Term 10.00 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 30.00 ACUITE BBB+ | Stable (Assigned) Proposed Non Convertible Debentures Short Term 50.00 ACUITE A2 (Withdrawn) Term Loan Long Term 69.03 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 4.17 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 25.00 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 1.76 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 5.65 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non Convertible Debentures Long Term 20.00 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 20.00 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 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 6.67 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.68 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Bank Facility Long Term 75.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 60.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Assigned) Term Loan Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Non Convertible Debentures Long Term 30.00 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 50.00 ACUITE BBB+ | Stable (Assigned) Proposed Bank Facility Long Term 54.85 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 9.62 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 1.79 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 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) 17 Feb 2021 Term Loan Long Term 5.38 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.76 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Short Term 50.00 ACUITE A3+ (Reaffirmed) Proposed Non Convertible Debentures Long Term 80.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 46.29 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.17 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 3.82 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.48 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Standby Line of Credit Long Term 30.00 ACUITE BBB | Stable (Reaffirmed) Standby Line of Credit Long Term 13.20 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 203.04 ACUITE BBB | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.74 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 13.58 ACUITE BBB | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 30.00 ACUITE A3+ (Reaffirmed) Term Loan Long Term 13.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.44 ACUITE BBB | Stable (Reaffirmed) 01 Oct 2020 Term Loan Long Term 1.19 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 4.42 ACUITE BBB | Negative (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 5.07 ACUITE BBB | Negative (Reaffirmed) Proposed Non Convertible Debentures Short Term 50.00 ACUITE A3+ (Reaffirmed) Term Loan Long Term 3.50 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 136.06 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 7.03 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 3.66 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 12.33 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 2.31 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 27.00 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 0.78 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 14.69 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 4.49 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 7.62 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 2.64 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 62.20 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 3.08 ACUITE BBB | Negative (Reaffirmed) Standby Line of Credit Long Term 40.00 ACUITE BBB | Negative (Reaffirmed) Proposed Non Convertible Debentures Long Term 80.00 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 17.11 ACUITE BBB | Negative (Reaffirmed) Standby Line of Credit Long Term 20.00 ACUITE BBB | Negative (Reaffirmed) Proposed Commercial Paper Program Short Term 30.00 ACUITE A3+ (Assigned) Term Loan Long Term 8.93 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 4.67 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 9.12 ACUITE BBB | Negative (Reaffirmed) Term Loan Long Term 2.10 ACUITE BBB | Negative (Reaffirmed) 17 Sep 2020 Term Loan Long Term 0.78 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 9.12 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 7.03 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 62.20 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 0.55 ACUITE BBB (Withdrawn) Term Loan Long Term 7.62 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 8.93 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 12.33 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 2.10 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 5.07 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 2.64 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Standby Line of Credit Long Term 20.00 ACUITE BBB | Negative (Assigned) Term Loan Long Term 4.67 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 136.06 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 4.42 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 3.66 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 0.56 ACUITE BBB (Withdrawn) Term Loan Long Term 14.69 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Proposed Non Convertible Debentures Long Term 80.00 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Proposed Non Convertible Debentures Short Term 50.00 ACUITE A3+ (Assigned) Term Loan Long Term 27.00 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 3.50 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 4.49 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 2.31 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 1.19 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Non Convertible Debentures Long Term 20.00 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Standby Line of Credit Long Term 40.00 ACUITE BBB | Negative (Assigned) Term Loan Long Term 3.08 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) Term Loan Long Term 1.78 ACUITE BBB (Withdrawn) Term Loan Long Term 17.11 ACUITE BBB | Negative (Downgraded from ACUITE BBB+) 18 May 2020 Term Loan Long Term 1.78 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 8.83 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 4.76 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 167.66 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 3.00 ACUITE BBB+ (Assigned) Term Loan Long Term 5.51 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 9.52 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 30.00 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 65.35 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 0.56 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 2.29 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 6.50 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 1.35 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 2.53 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 14.87 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 0.55 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 16.11 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 2.22 ACUITE BBB+ (Assigned) Term Loan Long Term 10.00 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 20.00 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 6.12 ACUITE BBB+ (Ratings Under Watch) Proposed Non Convertible Debentures Long Term 100.00 ACUITE BBB+ (Assigned) Term Loan Long Term 0.46 ACUITE BBB+ (Withdrawn) Term Loan Long Term 2.63 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 7.71 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 5.00 ACUITE BBB+ (Ratings Under Watch) Term Loan Long Term 5.15 ACUITE BBB+ (Ratings Under Watch)

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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 INE04HY07013 Non-Convertible Debentures (NCD) Aug 12 2020 12.5 Aug 12 2023 20.00 Simple / Complex ACUITE BBB+ | Stable | Reaffirmed Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 182.84 Simple ACUITE BBB+ | Stable | Reaffirmed Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 30.00 Simple / Complex ACUITE BBB+ | Stable | Reaffirmed Punjab National Bank Not Applicable Term Loan Sep 11 2019 11.15 Mar 11 2024 5.37 Simple ACUITE BBB+ | Stable | Reaffirmed IDFC First Bank Limited Not Applicable Term Loan Jun 7 2018 13 Not available 5.84 Simple ACUITE BBB+ | Stable | Reaffirmed Canara Bank Not Applicable Term Loan Nov 22 2019 11.35 Jan 22 2023 0.64 Simple ACUITE BBB+ | Stable | Reaffirmed Canara Bank Not Applicable Term Loan Mar 24 2021 12.45 Mar 24 2024 2.22 Simple ACUITE BBB+ | Stable | Reaffirmed Capital Small Finance Bank Not Applicable Term Loan Aug 23 2021 10.80 Feb 23 2024 8.00 Simple ACUITE BBB+ | Stable | Reaffirmed Bank of Maharashtra Not Applicable Term Loan Sep 24 2021 9.30 Sep 24 2024 15.66 Simple ACUITE BBB+ | Stable | Reaffirmed ESAF Small Finance Bank Not Applicable Term Loan Sep 28 2021 13.5 Jan 28 2024 2.92 Simple ACUITE BBB+ | Stable | Reaffirmed State Bank of India Not Applicable Term Loan Mar 9 2021 10.75 Jun 9 2024 36.58 Simple ACUITE BBB+ | Stable | Reaffirmed Punjab National Bank Not Applicable Term Loan Aug 27 2019 12.10 Aug 27 2022 0.11 Simple ACUITE BBB+ | Stable | Reaffirmed Bank of Maharashtra Not Applicable Term Loan Sep 18 2019 10.25 Sep 18 2022 0.47 Simple ACUITE BBB+ | Stable | Reaffirmed Small Industries Development Bank of India Not Applicable Term Loan Jun 1 2020 9.00 Jun 1 2022 11.84 Simple ACUITE BBB+ | Stable | Reaffirmed Indian Overseas Bank Not Applicable Term Loan May 4 2021 1.55 Aug 4 2024 17.50 Simple ACUITE BBB+ | Stable | Reaffirmed Union Bank of India Not Applicable Term Loan Jul 17 2021 10.10 Oct 17 2024 6.39 Simple ACUITE BBB+ | Stable | Reaffirmed Punjab National Bank Not Applicable Term Loan Aug 27 2021 9.30 Aug 27 2024 15.33 Simple ACUITE BBB+ | Stable | Reaffirmed IDBI Bank Ltd. Not Applicable Term Loan Dec 28 2021 9.60 Apr 30 2025 11.72 Simple ACUITE BBB+ | Stable | Reaffirmed ICICI Bank Ltd Not Applicable Term Loan Oct 3 2021 9.25 Oct 31 2023 20.00 Simple ACUITE BBB+ | Stable | Reaffirmed Nabkisan Finance Limit Not Applicable Term Loan Not available 14.50 Not available 15.00 Simple ACUITE BBB+ | Stable | Reaffirmed ESAF Small Finance Bank Not Applicable Term Loan Not available Not available Not available 3.54 Simple ACUITE BBB+ | Stable | Reaffirmed ESAF Small Finance Bank Not Applicable Term Loan Not available Not available Not available 9.53 Simple ACUITE BBB+ | Stable | Reaffirmed Canara Bank Not Applicable Term Loan Not available Not available Not available 9.17 Simple ACUITE BBB+ | Stable | Reaffirmed Bank of Maharashtra Not Applicable Term Loan Not available Not available Not available 10.14 Simple ACUITE BBB+ | Stable | Reaffirmed State Bank of India Not Applicable Term Loan Not available Not available Not available 51.91 Simple ACUITE BBB+ | Stable | Reaffirmed Indian Overseas Bank Not Applicable Term Loan Not available Not available Not available 22.81 Simple ACUITE BBB+ | Stable | Reaffirmed Union Bank of India Not Applicable Term Loan Not available Not available Not available 5.72 Simple ACUITE BBB+ | Stable | Reaffirmed Bank of Baroda Not Applicable Term Loan Not available Not available Not available 11.78 Simple ACUITE BBB+ | Stable | Reaffirmed Bank of India Not Applicable Term Loan Not available Not available Not available 17.48 Simple ACUITE BBB+ | Stable | Reaffirmed IDBI Bank Ltd. Not Applicable Term Loan Not available Not available Not available 13.75 Simple ACUITE BBB+ | Stable | Reaffirmed IDBI Bank Ltd. Not Applicable Term Loan Not available Not available Not available 14.38 Simple ACUITE BBB+ | Stable | Reaffirmed Micro Units Development and Refinance Agency bank (MUDRA) Not Applicable Term Loan Not available Not available Not available 20.00 Simple ACUITE BBB+ | Stable | Reaffirmed State Bank of India Not Applicable Term Loan Not available Not available Not available 48.00 Simple ACUITE BBB+ | Stable | Reaffirmed National Bank for Agriculture and Rural Development (NABARD) Not Applicable Term Loan Not available Not available Not available 38.00 Simple ACUITE BBB+ | Stable | Reaffirmed State Bank of India Not Applicable Term Loan Not available Not available Not available 62.85 Simple ACUITE BBB+ | Stable | Reaffirmed Indian Bank Not Applicable Term Loan Not available Not available Not available 13.67 Simple ACUITE BBB+ | Stable | Reaffirmed Indian Bank Not Applicable Term Loan Not available Not available Not available 21.71 Simple ACUITE BBB+ | Stable | Reaffirmed Central Bank of India Not Applicable Term Loan Not available Not available Not available 17.13 Simple ACUITE BBB+ | Stable | Reaffirmed

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Contacts

Analytical	Rating Desk
Sumit Kumar Pramanik Associate Vice President-Rating Operations Tel: 022-49294065 sumit.pramanik@acuite.in	Varsha Bist Senior Manager-Rating Operations 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.