Press Release

Press Release

August 03, 2026

VELICHAM FINANCE PRIVATE LIMITED - PROCYON 06 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Rating Withdrawn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Pass Through Certificates (PTCs)	0.00	0.38	Not Applicable \| Withdrawn	-	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	0.38	-	-	-

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Acuité has withdrawn the long-term rating on the Rs. 0.38 Cr. Pass Through Certificate of VELICHAM FINANCE PRIVATE LIMITED, the trust being PROCYON 06 2024, without assigning any rating as the instrument is fully paid. The withdrawal is on account of withdrawal request received from the 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

Not Applicable

Outlook: Not Applicable

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

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

Non-public information

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	0.38	ACUITE BBB (SO ) (Reaffirmed)
10 Oct 2024	Pass Through Certificate	Long Term	6.66	ACUITE BBB (SO ) (Assigned)

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	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	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)
05 Jul 2024	Term Loan	Long Term	4.60	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	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	1.04	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	1.39	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)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Listing Status	Regulated By	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	Not avl. / Not appl.	Pass Through Certificate	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	10 Oct 2025	0.38	Highly Complex	ACUITE Not Applicable \| Withdrawn

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

¹Includes 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.
³The 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.

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.