Press Release August 03, 2026 VELICHAM FINANCE PRIVATE LIMITED - LOANX 07 2024 Rating Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Pass Through Certificates (PTCs)	0.00	0.54	Not Applicable | Withdrawn	-	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	0.54	-	-	-

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­­Acuité has withdrawn the long-term rating on the Rs. 0.54 Cr. Pass Through Certificate of VELICHAM FINANCE PRIVATE LIMITED, the trust being LOANX 07 2024,  without assigning any rating as the instrument is fully paid. The withdrawal is on account of the withdrawal request received from issuer, 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.

About the Originator

­Chennai based Velicham Finance Private Limited (VFPL) is an NBFC engaged in extending secured and unsecured loans towards MSME borrowers and income generation loans. Velicham Finance Private Limited (VFPL) has its genesis with Bharathi Women Development Centre (BWDC), which was established in December 1987 as a Society by Mr. Nagarajan Muthukrishnan, who is the Managing Director of Velicham Finance Private Limited (VFPL). The company operates in Tamil Nadu, Puducherry, Maharashtra, Telangana and Kerala with a network of 59 branches as on March 31, 2026.

Standalone Rating of the Originator (if rated by Acuite)

­Acuite BBB-/Stable

Key Rating Drivers

Strengths

Not Applicable

Weaknesses

Not Applicable

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

• Strong• Adequate• Poor• Stretched

­Not Applicable

Outlook: Not Applicable

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Key Financials - Originator

­ Particulars Unit FY26(Prov.) FY25(Actual) Total Assets Rs. Cr. 106.96 140.57 Total Income* Rs. Cr. 28.17 28.94 PAT Rs. Cr. 2.04 7.23 Net Worth Rs. Cr. 35.40 32.37 Return on Average Assets (RoAA) (%) 1.65 5.42 Return on Average Net Worth (RoNW) (%) 6.01 25.59 Debt/Equity Times 1.78 3.04 Gross NPA (%) 3.46 2.55 Net NPA (%) 3.04 2.27 *Total income equals to Net Interest Income plus other income

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

Non-public information

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Any Other Factor Affecting Rating

­­Not Applicable

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 10 Oct 2025 Pass Through Certificate Long Term 0.54 ACUITE BBB+ (SO ) (Reaffirmed) 10 Oct 2024 Pass Through Certificate Long Term 7.98 ACUITE BBB+ (SO ) (Assigned)

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Rating History - Originator (if applicable)

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 03 Oct 2025 Term Loan Long Term 4.37 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.39 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 20.51 ACUITE BBB- | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 100.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.17 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.56 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 5.77 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.55 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.67 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.15 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.88 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.91 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 3.11 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.75 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.84 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.92 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.92 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.83 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.00 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 4.50 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 6.13 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.19 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.12 ACUITE BBB- | Stable (Reaffirmed) Secured Overdraft Long Term 0.08 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.70 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.17 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.51 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.35 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.17 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.30 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.49 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.71 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.19 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.76 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.39 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.68 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 8.68 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 1.07 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.76 ACUITE BBB- | Stable (Reaffirmed) 05 Jul 2024 Term Loan Long Term 0.70 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 4.60 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.39 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.47 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 2.49 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.86 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.17 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.55 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.35 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.78 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 12.30 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Proposed Long Term Bank Facility Long Term 17.38 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.04 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.84 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.70 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.80 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.56 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 2.41 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.88 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.85 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Proposed Long Term Bank Facility Long Term 100.00 ACUITE BBB- | Stable (Assigned) Term Loan Long Term 1.94 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 2.50 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.92 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.17 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 5.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 2.50 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 4.83 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.70 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.83 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 0.74 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 1.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 20.67 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Secured Overdraft Long Term 0.08 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) Term Loan Long Term 2.00 ACUITE BBB- | Stable (Upgraded from ACUITE BB+ | Positive) 07 Jun 2023 Term Loan Long Term 2.32 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 0.46 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 3.50 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 1.33 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 3.43 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 6.04 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 2.00 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 0.05 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 0.36 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 0.13 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 0.90 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 5.19 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 0.87 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 1.73 ACUITE BB+ | Positive (Reaffirmed) Term Loan Long Term 17.91 ACUITE BB+ | Positive (Reaffirmed) Proposed Long Term Bank Facility Long Term 0.38 ACUITE BB+ | Positive (Reaffirmed) Proposed Long Term Bank Facility Long Term 3.40 ACUITE BB+ | Positive (Reaffirmed) Proposed Long Term Bank Facility Long Term 50.00 ACUITE BB+ | Positive (Assigned)

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. 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