Press Release September 11, 2026 VELICHAM FINANCE PRIVATE LIMITED - LOANX VERBENA JUL 2025 Rating Reaffirmed

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Pass Through Certificates (PTCs)	2.15	0.00	ACUITE BBB+ | SO | Reaffirmed	-	SEBI
Total Outstanding	2.15	0.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-

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 reaffirmed the long-term rating of  'ACUITE BBB + (SO)' (read as  ACUITE triple B plus (Structured Obligation))  Rs. 2.15 Cr. Pass Through Certificate(PTC) post the August Payout issued by LOANX VERBENA JUL 2025 (The Trust) under a securitisation transaction originated by VELICHAM FINANCE PRIVATE LIMITED (The Originator). The series A1 PTC is backed by a pool of loans consisting of secured and unsecured (and partially secured loans) MSME and Agri and allied  and Green loans which comprise a principal outstanding of Rs. 2.93 Cr. ( Inclusive of the 50% EIS utilisation) as per the August 2026 payout. The rating is based on the adherence to the structure, terms and covenants detailed in the executed trust deed, servicing agreement, legal opinion, assignment agreement, final term sheet and other documents relevant to the transaction.

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

­Experienced management in MSME segment VFPL is engaged in extending loans to MSMEs and for income generation purpose to women entrepreneurs in rural areas since 2016. The Company operates with a network of 59 branches as on March 31, 2026. The company is promoted by Mr. Nagarajan (MD) who has over three decades experience in the micro finance business and has been associated with various societies and micro-finance institutions. Mr. Nagarajan is the secretary of Bharathi Women Development Centre, a society that primarily offers unsecured Income generation loans (IGL) to Self Help Groups (SHG - Women) and under Joint Liability Group (JLG) model for economically weaker section of women borrowers. The society has been in operations since 1987 and over the years has established its track record in social and micro finance activities. Mr. Nagarajan is supported by Mr. Rahul Nagarajan (ED), who joined VFPL in 2019, in the day-to-day operations of the company. The Board of Directors also consists of Mr. Mathavan Krishna Kumar and Mr. Kangovi Vasu having close to three decades of experience in MFI, MSME and consulting services. The company also boasts strong technological capabilities, with its own Loan Origination System (LOS), Loan Management System (LMS), customer app, APIs integrated with Business Correspondent (BC) partners, and a proprietary credit engine. Acuité believes that established presence of the promoters in the MSME segment will be central to support the business risk profile of the company in the near to medium term.

Weaknesses

­Modest capital structure VFPL’s capital structure is modest marked by networth of Rs.35.40 Cr. for FY26 (Prov.). The gearing stood at 1.78 times and the CAR stood at 43.07 percent as on FY2026 (Prov.).  Acuite believes that further anticipated infusions are necessary to scale up the business and to keep the gearing under control and this would remian a key monitorable. Decline in AUM, profitability metrics and moderate asset quality VFPL's AUM stood at Rs.212.02 crore in March 2026 (Prov.) as against Rs.231.85 crore in March 2025. The off book portfolio of VFPL, consisting of BC arrangements, increased to Rs.132.86 Crore in March 31, 2026 (Prov.) from Rs. 114.62 crore as on March 31, 2025. Its own book loan portfolio has decreased to Rs. 79.16 crore in March 2026 (Prov.) as against Rs.117.23 crore in March 2025. The AUM growth was inline with the growth in disbursements for FY2025 & FY2026 (prov.) , which stood at Rs..170.94 Cr. from Rs.135.56 Cr. respectively. VFPL's PAT for FY2026 (Prov.) reduced to Rs.2.04 Cr. from Rs. 7.23 Cr. for FY2025. VFPL has asset quality with GNPAs deteriorating to 3.46 percent on March 31, 2026 (Prov.) Geographical concentration VFPL has presence majorly in Tamil Nadu with ~80 percent of the AUM spread across 31 districts as on March 31, 2026 (Prov.). This exposes the company to high geographical concentration risk. The company's performance is expected to remain exposed to competitive landscape in these regions and occurrence of events such as natural calamities, are likely to adversely impact the credit profile of the borrowers. Besides geography, the company will be exposed to competition and any changes in the regulatory framework thereby impacting credit profile of VFPL.

Assessment of the pool

­VFPL had Assets under management of Rs. 231.85 Cr. as on March 31, 2025 . The current pool being securitised comprises 3.36 percent of the total AUM. The underlying pool in the current Pass Through Certificate (PTC) transaction comprises of unsecured and secured ( and partially secured loans) MSME, Agri and allied and Green loans extended towards 528 borrowers, with an average ticket size of Rs. 2.02 lakhs, minimum ticket size of Rs. 75,000 and maximum of Rs. 15,00,000. The current average outstanding per borrower stands at Rs. 1.47 lakhs. The pool has weighted average seasoning of 13.75 months (minimum 4 months seasoning and maximum of 22 months seasoning).  All the loans under the pool are current as on pool cut-off date. The pool’s geographical concentration is high. About 79.4 percent of the borrowers are concentrated in Tamil Nadu based on the principal outstanding followed by Kerela with a concentration of 16.50%. The top 10 borrowers of pool constitute 15.85 percent of the pool principal o/s.

Credit Enhancements (CE)

­The rating is based on the strength of cash flows from the selected pool of contracts; the credit enhancement is available in the form of the following as per the August  2026 payout : (i) Overcollateralisation of Rs 0.78 Cr. (ii)Cash collateral of Rs 0.39 Cr (iii) Excess Interest Spread of Rs 0.05 Cr

Transaction Structure

­The rating of Series A1 PTC addresses the timely payment of the interest on each payout dates and ultimate payment of principal on final maturity date to the series A1 PTC investors, in accordance with the transaction documentation. The transaction has a Partial Turbo PAR (50% EIS being utilized towards accelerated prepayment of Series A1 Principal) with expected principal repayment and timely/promised interest payments (a Timely Interest Ultimate Principal (TIUP) payment structure).

Brief Methodology

­Parameters considered are seasoning of the pool, pool vs portfolio, portfolio cuts, amortisation of the pool, internal cash flow modeling, pool characteristics, static pool, dynamic DPDs to assign final rating.

Legal Assessment

­The final rating is assigned based on the fulfilment of the structure, terms and covenants detailed in the executed trust deed, servicing agreement, legal opinion, accounts agreement, assignment agreement and other documents relevant to the transaction.

Key Risks

Counterparty Risks

­The initial pool had average ticket size of Rs. 2.02 lakhs, minimum ticket size of Rs. 0.75 lakhs and maximum of Rs.15 lakhs. Considering the vulnerable credit profile of the borrowers, the risk of delinquencies/defaults are elevated. These risks of delinquencies are partly mitigated, considering the efficacy of the originator’s origination and monitoring procedures.

Concentration Risks

­The initial pool of Rs.7.79 Cr. in the current PTC transaction comprised of unsecured, secured and partially secured loans( secured through equitable mortgages) MSME, Agri and Allied and Green loans extended towards 528 individual borrowers.The top 10 borrowers constituted 15.85 percent of the pool principal O/s.

Servicing Risk

­There is limited track record of servicing PTCs, since, this is one of the initial securitisation transactions for the originator rated by Acuite. Therefore, the servicing risk for the transaction remains high.

Regulatory Risk

­­In the event of a regulatory stipulation impacting the bankruptcy remoteness of the structure, the payouts to the PTC holders may be impacted.

Prepayment Risk

­The pool is subject to prepayment risks since rate of interest is significantly high and borrowers may be inclined to shift to low cost options (based on availability). Further, the asset classes being Agri & Allied Green and MSME loans, the risk of prepayment remains high. In case of significant prepayments, the PTC holders will be exposed to interest rate risks, since the cash flows from prepayment will have to be deployed at lower interest rates.

Commingling Risk

­The transaction is subject to commingling risk since there is a time gap between last collection date and transfer to payout account.

Rating sensitivity

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

­ Increase in the credit enhancement cover exceeding 40 percent  Improvement in the pool performance Adherence to terms and conditions, as stipulated in the Transaction Documents

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

­ Deterioration in asset quality of the underlying pool, including higher-than-expected delinquencies, defaults, or cumulative losses with PAR 90 exceeding 4 percent on a sustained basis Decrease in cover available for PTC payouts from the credit enhancement Weakening in collection efficiency at the servicer/originator level less than 90 percent on a continuous basis

All Covenants

­The originator has confirmed that there are no covenants. However, the “Trigger Events and Servicer Events of Default(s)” as captured in the term sheet are as under: Pool related events: The Cumulative Collection Efficiency of the Pool for any Collection Period falls below 92.50% (ninety two decimal five percent), or the Monthly Collection Efficiency of the Pool for any Collection Period falls below 90.00% (ninety percent); More than 6% (six percent) of the Facilities/loans forming part of the Total Pool have days past due (DPD) of more than 90 (Ninety) days (PAR 90) during the tenure of the instrument; The rating of the Series A1 PTCs falls 1 notch or more below its rating as on the Settlement Date; The Eligibility/Selection Criteria is not in compliance with any statutory or any regulatory requirements; The Underlying Documents or Transaction Documents become unenforceable or inadequately stamped; The Trustee refuses to provide consent to the Servicer for any matter pertaining to a change in business, change of control or disposal of assets of the Servicer for which consent has been requested from Trustee under the Servicing Agreement; and/or If the Cash Collateral is drawn to make any payments to the Series A1 PTC holders; Seller related events: If the Seller defaults in making any payment in respect of any financial indebtedness availed by the Seller; or any event has occurred under any document related to the financial indebtedness of the Seller that has resulted in the acceleration of the payment of such financial indebtedness by the Seller; Rating downgrade of the Seller below BBB-, by any rating agency; The occurrence of an ‘Insolvency-Related Event’ with regard to the Seller, or if there is any proceeding commenced by the RBI, wherein such event or proceeding is not stayed, vacated, and/or dismissed (as the case may be) within 60 (sixty) calendar days of commencement of such event or proceeding; The capital adequacy ratio of the Seller (determined in accordance with the applicable directions and instructions of the RBI) falls below 18.0% (eighteen percent); or Seller is restrained from carrying on its business (including lending business) by RBI (or any other governmental authority), or any material action is taken against the Seller by RBI (or any other governmental authority); The rating of any other securitisation transactions (which are active and not closed, and where the Seller is the ‘originator’) is downgraded by 2 or more notches by the relevant rating agency(ies) from the rating assigned to such securitisation transactions as on the date of its execution;   The occurrence of any one or more of the following events (“Seller Event(s) of Default”): any assigned receivables not meeting the Eligibility Criteria;      the Underlying Document(s) or Transaction Documents become unenforceable on account of incompleteness/fraud (to the extent attributable to the Seller) in such documents;                                                                  Willful default, fraud or gross negligence;and/or any breach of covenants or the representations or warranties made by the Seller being incorrect in any respect. Servicer EODs: The Cumulative Collection Efficiency of the Pool for any Collection Period falls below 92.50% (ninety two decimal five percent) or the Monthly Collection Efficiency of the Pool for any Collection Period falls below 90.00% (ninety percent), and the fall in collection and recovery is not attributable to any events linked to the Obligors; If the Servicer defaults in making any payment in respect of any financial indebtedness availed by the Servicer or any event has occurred under any document related to the financial indebtedness of the Servicer that has resulted in the acceleration of the payment of such financial indebtedness by the Servicer; The rating of any other securitisation transactions (which are active and not closed, and where the Servicer is the ‘originator’) is downgraded by 2 or more notches by the relevant rating agency(ies) from the rating assigned to such securitisation transactions as on the Execution Date; The rating of the Series A1 PTCs falls 2 notches or more below its rating as on the Settlement Date; The occurrence of an ‘Insolvency-Related Event’ with regard to the Servicer, or if there is any proceeding commenced by the RBI, wherein such event or proceeding is not stayed, vacated, and/or dismissed (as the case may be) within 60 (sixty) calendar days of commencement of such event or proceeding; Willful default, fraud or gross negligence; Breach of any representations and warranties or any covenants, including obligation to deposit receivables into the CPA on the pay-in date; The tangible net-worth of Servicer falling below INR 25,00,00,000 (Rupees Twenty Five Crores Only); The Underlying Documents becoming unenforceable (including on account of payment of deficient stamp duty) or unlawful on account of the failure of the Servicer to obtain any authorisation required by or from any governmental authority; Breach of any RBI regulations; Failure of two successive discretionary audits (by the Trustee) testing the ability of the Servicer to meet the standards with respect to collection standards, management, governance, internal systems and processes, and data integrity, as may be required by the Trustee. The Trustee may authorize an independent entity to conduct such discretionary audits conducted on its behalf on a quarterly basis or such other frequency as may be prescribed by the Trustee; Servicer commits default in respect of the amount of any debt or any claim against it and such default has a material adverse effect on the ability of the Servicer to continue to perform its obligations under the Transaction Documents or is likely to be prejudicial to the receivables in any way; If there is an occurrence of an event which, in the opinion of the Beneficiaries holding Majority Interest, jeopardizes the Servicer’s ability to service the Identified Receivables; and/or Rating downgrade of the Servicer below BBB-, by any rating agency. Consequences of Trigger Events and Servicer EODs: At issuance, the transaction has a partial turbo par structure, with 50% EIS in the structure being utilized towards accelerated prepayment of Series A1 Principal, however, upon the occurrence of any of the Pool or Seller related events (F1 or F2), 100% EIS in the structure will be trapped and will be utilized towards accelerated prepayment of Series A1 Principal till the time Series A1 PTCs are outstanding (“Conditions For 100% EIS Trapping”).

All Assumptions

­Acuité has arrived at a base case delinquency estimate basis its analysis of the company's historical delinquencies and further applied appropriate stress factors to the base loss figures to arrive at the final loss estimates. The loss estimate also consider the risk profile of the particular asset class, the borrower strata, economic risks, collection efficiency over the past several months as well as the credit quality of the originator. Acuité also has simulated the potential losses to an extent by applying sensitivity analysis.

Liquidity Position

Adequate

The liquidity position for the PTC transaction is adequate. Apart from the scheduled monthly collections, the credit enhancement in the form of  cash collateral available in the transaction amounts to Rs 0.39 Cr., overcollateralization of Rs 0.78 Cr and excess interest spread of Rs 0.05 Cr.

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 Infornation

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

• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm

Rating History - PTC

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 12 Sep 2025 Pass Through Certificate Long Term 7.01 ACUITE BBB+ (SO ) (Assigned) 01 Sep 2025 Pass Through Certificate Long Term 7.01 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 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) 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 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) Secured Overdraft Long Term 0.08 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 2.76 ACUITE BBB- | Stable (Reaffirmed) Term Loan Long Term 0.39 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 1.04 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) 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) 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 6 RBI 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 a Fixed Deposits raised by NBFCs, HFCs, FIs RBI 11 b Fixed Deposits raised by Banks 7 + 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 6 RBI 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) 7 + 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. 6 By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues. 7 To be finalized following a discussion with the regulatory authorities.   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 8 Not applicable 8 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. 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. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.