Press Release November 20, 2025 VENUS INDIA ASSET-FINANCE PRIVATE LIMITED Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	100.00	ACUITE BBB- | Stable | Reaffirmed	-
Total Outstanding	100.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

­Acuité has reaffirmed its long-term rating of ‘ACUITE BBB-’ (read as ACUTE triple B minus) on the Rs. 100.00 Cr. bank loan facility of Venus India Asset-Finance Private Limited (VIAFPL). The outlook is ‘Stable’. Rationale for the rating : The rating reaffirmation is on account of comfortable capital structure and the company's track record in wholesale lending operations. The capitalization of the company is supported by high tangible net worth of Rs.228.18 crore as on March 31,2025 as against Rs.213.28 Cr. as on March 31,2024. Thecompany reported a gearing level at 0.22 times as on March 31,2025 as compared to 0.15 times as on FY24. However, the rating is constrained by weak asset quality and VIAFPL's limited financial flexibilty as indicated by its borrowing profile which consist of only one lender as on March 31,2025 .The GNPA as on March 31,2025 stood at 9.41 percent as against 7.80 percent as on March 31,2024. The rating is further constrained by VIAFPL's loan portfolio as most of the loan exposure is towards real estate sector. Moving Forward ,Venus's abilty to expand its operations while maintaining its asset quality will be crucial for enhancing its credit profile.

About the company

­Venus India Asset-Finance Private Limited was registered with the Reserve Bank of India (RBI) as a non-deposit accepting nonbanking financial company (NBFC; loan company) in October 2000. It commenced operations in 2013 as a wholesale credit institution that offered debt products to small and growing businesses in India. As on March 31, 2025, the company had assets under management (AUM) of Rs. 239.06 crore. Venus Capital Management, through its fund, Venus India Structured Finance (Offshore) Fund (VISFF), took over Venus in 2013 with the objective of lending to small-and-medium-sized companies in India. The registered office is located at Delhi.

Unsupported Rating

­Not Applicable.

Analytical Approach

­Acuité has considered the standalone business and financial risk profile of VIAFPL to arrive at the rating.

Key Rating Drivers

Strength

­Experienced Management: Venus Board consist of Mr. Gaurav Goel and Dr. Doraswami Srinivas .Mr Gaurav Goel is a business management graduate from the American College of London, UK, and an alumnus of the Harvard Business School. He is also a shareholder in the company since inception. He has been the President of Entrepreneurs Organization (EO), Delhi Chapter, for the year 2006-07 and is the President of the Young Presidents Organisation (YPO), Delhi Chapter for the year 2012-13. He also serves on various committees of CII and Indian Sugar Mills Association (ISMA).Dr. Doraiswamy Srinivas is a Director in Venus India Asset-Finance Private Limited and the Venus India Structured Finance Fund. He is also the Deputy Chairman of Arundel.Dr. Srinivas was formerly a director of private placements and related financial advisory services at Guinness Mahon Capital Markets in London and at Swiss Bank Corporation International in New York where he had responsibility for structuring and placement of asset-backed, debt, equity and equity linked securities.   Adequate capital base: ­Venus capitalization profile is robust relative to its current operational scale evidenced by CRAR of 81.51 percent as on March 31,2025; well above the minimum regulatory requirement of 15%.The networth of the company stood at Rs 228.18 Cr. as on March 31, 2025 as against Rs 213.28 Cr. as on March 31, 2024 underpinned by low  gearing of 0.22 times as on March 31, 2025.

Weakness

­Modest Scale of Operations: VIAFPL commenced its lending operations in 2013 as a wholesale credit institution that offered debt products to small and growing businesses in India. As on March 31, 2025, the company had assets under management (AUM) of Rs. 239.06 crore. The company has its presence spread across 8 states. The top 4 states ( Maharashtra, Delhi, Haryana, and Telangana) account for ~95 percent of the total POS as on March 31, 2025. The company offers loans with ticket size ranging between Rs 15 Cr. to 16 Cr. The loans have a tenure upto 12 months to 84 months. Going forward VIAFPL would be focusing on granularity of portfolio by diversifying into other asset classes. Given the track record of operations their continued growth while maintaining asset quality in near to medium term will be a key monitorable. Acuité believes, the ability of the company to mobilize additional funding, will be crucial to the credit profile of the company. Weak Asset Quality Over the years, the company's Non-Performing Asset (NPA) levels have declined, aided by the rigorous underwriting of loans and the resolution of legacy NPA accounts. However, the Gross NPA (GNPA) ratio remains elevated at 9.41% as on March 31, 2025 as compared to FY24 where it stood at 7.80%. In recent years, management has concentrated on resolving this asset, resulting in positive recoveries and the complete rundown of this transaction exposure. The company has no further plans to acquire any structured accounts from banks. Following the resolution of this structured transaction, management is now focused on portfolio growth with an emphasis on improved credit quality going forward. Acuite believes the company's ability to diversify its loan portfolio while maintaining its asset quality will be key monitorable.

Rating Sensitivity

­Movement in Asset Quality and Collection Efficiency. Movement in Profitability Metrics Growth in Scale of Operations

Liquidity Position

Adequate

­VIAFPL's overall liquidity profile remains well matched with no negative cumulative mismatches in near to medium term as per ALM dated March 31, 2025. The company’s liquidity position is supported by Cash and Bank Balance of Rs 4.36 Cr. as on March 31, 2025.

Outlook - Stable

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Other Factors affecting Rating

­None.

Key Financials - Standalone / Originator

Particulars Unit FY25 (Actual) FY24 (Actual) Total Assets Rs. Cr. 286.95 261.70 Total Income* Rs. Cr. 35.36 26.29 PAT Rs. Cr. 14.94 15.57 Net Worth Rs. Cr. 228.18 213.28 Return on Average Assets (RoAA) (%) 5.45 5.90 Return on Average Net Worth (RoNW) (%) 6.77 7.58 Debt/Equity Times 0.22 0.15 Gross NPA (%) 9.41 7.80 Net NPA (%) 7.23 1.55 *Total income equals to Net Interest Income plus other income

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

­Not Applicable

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 22 Aug 2024 Cash Credit Long Term 75.00 ACUITE BBB- | Stable (Assigned) Proposed Term Loan Long Term 25.00 ACUITE BBB- | Stable (Assigned)

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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 Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 75.00 Simple ACUITE BBB- | Stable | Reaffirmed Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE BBB- | Stable | Reaffirmed

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Tejas Chaugule Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@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. 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.