Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Pass Through Certificates (PTCs) 1.16 Not Applicable | Withdrawn -
Total Outstanding 0.00 - -
Total Withdrawn 1.16 - -
 
Rating Rationale

­Acuite has withdrawn the long-term rating on the Pass Through Certificates (PTCs) of Rs. 1.16 Cr. issued by ARITRA GROWTH 1 (the trust) under a securitisation transaction originated by VEDIKA CREDIT CAPITAL LIMITED (VCCL) (The Originator).

The transaction has been paid in full. It has also been redeemed and all the contractual obligations and pay-outs to the investors have been duly completed. Hence, the rating is being withdrawn without assigning any rating. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective instrument/facility, and pursuant to a request received from the company in this regard, and the No Dues Confirmation received from the trustee.

About the Originator
­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.
 
Assessment of the Pool
Not Applicable
 
Credit Enhancements (CE)
­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
Rating Sensitivity
­Not Applicable
 
All Assumptions
­Not Applicable
 
Liquidity Position
­Not Applicable
 
Outlook
­Not Applicable
 
Key Financials - Originator
­
Particulars Unit FY2024 (Actual) FY2023 (Actual)
Total Assets Rs. Cr. 1174.84 916.64

Total Income*

Rs. Cr.

114.41

81.07

PAT

Rs. Cr.

27.86

17.01

Networth Rs. Cr. 205.30 157.26
Return on Average Assets
(RoAA)
(%) 2.66 2.03
Return on Net worth (RoNW) (%) 15.37 12.99
Total Debt/Tangible Networth Times 4.59 4.68
Gross NPA (%) 0.73 0.89
Net NPA (%) 0.00 0.00
* Total Income is net of interest expenses
 
Any Other Information
­None
 
Status of disclosure of all relevant information about the Obligation being Rated
­Not Applicable
 
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
• Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm


Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
16 Jun 2023 Pass Through Certificate Long Term 1.16 ACUITE A (SO ) (Upgraded from ACUITE A- (SO ))
21 Jun 2022 Pass Through Certificate Long Term 12.64 ACUITE A- (SO ) (Assigned)
30 Mar 2022 Pass Through Certificate Long Term 12.64 ACUITE Provisional A- (SO ) (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Not Applicable Not avl. / Not appl. Pass Through Certificate 28 Mar 2022 10.50 22 Jan 2024 1.16 Highly Complex Not Applicable|Withdrawn

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