Press Release

Press Release

July 09, 2026

VFS CAPITAL LIMITED(ERSTWHILE VILLAGE FINANCIAL SERVICES LIMITED)
Rating Downgraded and Issuer not co-operating

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Bank Loan Ratings	0.00	1047.98	ACUITE C \| Downgraded \| Issuer not co-operating*	-	RBI
Bank Loan Ratings	0.00	52.02	ACUITE D \| Downgraded \| Issuer not co-operating*	-	RBI
Total Outstanding	0.00	1100.00	-	-	-
Total Withdrawn	0.00	0.00	-	-	-
* The issuer did not co-operate; based on best available information.

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 downgraded its long-term rating to 'ACUITE D' (read as ACUITE D) from ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs.52.02 Cr. bank facilities of VFS CAPITAL LIMITED(ERSTWHILE VILLAGE FINANCIAL SERVICES LIMITED).

Acuité has downgraded its long-term rating to 'ACUITE C' (read as ACUITE C) from ‘ACUITE BB+’ (read as ACUITE double B plus) on the Rs.1047.98 Cr. bank facilities of VFS CAPITAL LIMITED(ERSTWHILE VILLAGE FINANCIAL SERVICES LIMITED).

The rating continues to be flagged as “Issuer Not-Cooperating” and is based on the best available information.

Rationale of Rating Downgrade:
The rating downgrade is on account of entity being listed in the CRIF Suit Filed Accounts as of May-2026

About the Company

Kolkata Based, VFS Capital Limited (Erstwhile Village Financial Services Limited) was incorporated in 1994. It is engaged in extending microfinance loans to woman borrowers organized in Joint Liability Groups. Currently, Mr. Sankar Datta, Mr. Ajit Kumar Maity, Mr. Kuldip Maity and Ms. Shivanjali Mehta are the directors of the company.

Unsupported Rating

Not Applicable.

Non-cooperation by the issuer/borrower:

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

ESG Factors Relevant for Rating

VFS Capital Limited erstwhile Village Financial Services Ltd belongs to the NBFC-MFI sector which facilitates lending to the unbanked population. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. The entity maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism and whistle blower policy. The board of directors of the company comprise of 6 directors out of which 3 are independent director. The audit committee is with the objective to monitor and provide an unbiased supervision of the management’s financial reporting process. VFSCL also maintains transparency in terms of disclosures pertaining to interest rate policy and its adherence to Fair Practice Code as disseminated by Reserve Bank of India's circular. VFSCL aims to empower women by providing micro loans to help them generate additional income opportunities, hence making an economic contribution by way of financial inclusion. It continues to work on several community development initiatives and has also developed a social performance management system to facilitate financial stability of its staff and clients. In digitalization, the Company promotes technology that encapsulates the entire MFI operations of the company on Application Service Provider model.

Rating Sensitivity

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

No information provided by the issuer / available for Acuite to comment upon.

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

No information provided by the issuer / available for Acuite to comment upon.

Liquidity Position

No information provided by the issuer / available for Acuite to comment upon.

Outlook

Not Applicable.

Other Factors affecting Rating

None.

Key Financials :

Particulars	Unit	FY25 (Actual)	FY24 (Actual)
Total Assets	Rs. Cr.	814.32	832.14
Total Income*	Rs. Cr.	101.40	98.93
PAT	Rs. Cr.	16.05	22.94
Net Worth	Rs. Cr.	221.06	205.01
Return on Average Assets (RoAA)	(%)	1.95	2.68
Return on Average Net Worth (RoNW)	(%)	7.53	11.85
Debt/Equity	Times	2.56	2.94
Gross NPA	(%)	-	1.81
Net NPA	(%)	-	0.08

*Total income equals to Net Interest Income plus other income.

*GNPA & NNPA numbers not available for FY25

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None.

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

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
15 Sep 2025	Term Loan	Long Term	2.08	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	48.60	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	0.40	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	4.27	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	4.89	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	0.10	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	3.75	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	22.92	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	9.62	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	35.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	0.57	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	10.47	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	4.27	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	63.11	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	7.62	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	22.21	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	6.82	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	20.45	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	18.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	30.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	6.67	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	9.50	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	40.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.08	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	5.45	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	8.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Proposed Term Loan	Long Term	271.11	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Proposed Term Loan	Long Term	200.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.68	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	13.48	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	9.69	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	4.01	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	3.21	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	7.44	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	19.79	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	11.50	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	14.39	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	8.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	9.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	19.20	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.50	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	2.15	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	16.92	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	34.78	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	15.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	12.78	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	5.18	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	7.67	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	7.67	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
	Term Loan	Long Term	15.00	ACUITE BB+ (Downgraded & Issuer not co-operating* from ACUITE BBB+ \| Stable)
27 Jun 2024	Term Loan	Long Term	4.27	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	6.82	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	7.44	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	19.20	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.15	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	16.92	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	34.78	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	12.78	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.18	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	7.67	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	11.50	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	3.75	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.01	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	7.67	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	22.21	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.10	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	3.21	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	48.60	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	19.79	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	14.39	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	10.47	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.27	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	63.11	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	7.62	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.08	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.40	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	0.57	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	8.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.69	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	20.45	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	18.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.68	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	8.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	200.00	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	2.08	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.50	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	5.45	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	9.62	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	4.89	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	13.48	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	22.92	ACUITE BBB+ \| Stable (Reaffirmed)
	Proposed Term Loan	Long Term	271.11	ACUITE BBB+ \| Stable (Reaffirmed)
	Term Loan	Long Term	6.67	ACUITE BBB+ \| Stable (Reaffirmed)
30 Mar 2023	Term Loan	Long Term	1.48	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.24	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.41	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.14	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	9.09	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.63	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	0.71	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	11.08	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	1.98	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	6.76	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	7.89	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	5.15	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	3.45	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	25.50	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	29.94	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	12.75	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	42.99	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	10.48	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	50.50	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	4.28	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	13.54	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	20.92	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.20	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Term Loan	Long Term	248.96	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	38.37	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	6.19	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	8.89	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	23.75	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	17.82	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	10.08	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	27.25	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	11.14	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	24.99	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	8.75	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	18.18	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	4.24	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	8.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	20.98	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	13.80	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Term Loan	Long Term	200.00	ACUITE BBB+ \| Negative (Reaffirmed)
* The issuer did not co-operate; based on best available information.

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.	Proposed Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	271.11	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Apr 2027	48.60	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Hinduja Leyland Finance Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Sep 2025	13.48	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Apr 2026	22.92	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Dec 2026	35.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jun 2025	7.44	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Dec 2025	19.79	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Apr 2026	11.50	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
MK Ventures Capital	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 May 2025	15.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Dec 2025	19.20	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Shine Star Build Cap Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jun 2024	2.15	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Shine Star Build Cap Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jan 2025	16.92	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Shine Star Build Cap Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Apr 2025	34.78	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Shine Star Build Cap Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 May 2025	15.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Shine Star Build Cap Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Nov 2024	12.78	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Shine Star Build Cap Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Aug 2024	5.18	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Shine Star Build Cap Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Nov 2024	7.67	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Shine Star Build Cap Private Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Nov 2024	7.67	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 May 2027	40.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Feb 2026	22.21	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Aug 2026	20.45	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Feb 2027	18.00	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Micro Units Development and Refinance Agency bank (MUDRA)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Feb 2025	14.39	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
BANK OF MAHARASHTRA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jun 2024	4.27	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Sep 2024	3.75	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Sep 2024	4.01	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Dec 2024	3.21	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
SLICE SMALL FINANCE BANK LIMITED (ERSTWHILE NORTH EAST SMALL FINANCE BANK LIMITED)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Feb 2026	6.67	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jun 2026	10.47	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jul 2024	4.27	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Jun 2026	63.11	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
SBM Bank (India) Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Nov 2024	2.50	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
UCO BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Aug 2025	7.62	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Union Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Feb 2025	6.82	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Cholamandalam Investment Finance Company Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 Nov 2024	2.68	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Maanaveeya Development & Finance Private Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	Not avl. / Not appl.	Not avl. / Not appl.	01 May 2025	8.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Tata Capital Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	29 Feb 2020	Not avl. / Not appl.	01 Oct 2024	2.08	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
BANK OF MAHARASHTRA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Mar 2021	Not avl. / Not appl.	01 Jun 2024	0.40	Simple	ACUITE D \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
IDFC First Bank Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Mar 2019	Not avl. / Not appl.	01 Aug 2025	30.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
State Bank of India	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Jul 2021	Not avl. / Not appl.	08 Mar 2024	0.57	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	31 Dec 2020	Not avl. / Not appl.	01 Mar 2026	8.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	24 Aug 2021	Not avl. / Not appl.	01 Aug 2024	4.89	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
National Bank for Agriculture and Rural Development (NABARD)	Not avl. / Not appl.	Term Loan	Unlisted	RBI	03 Sep 2021	Not avl. / Not appl.	03 Mar 2023	9.00	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	Unlisted	RBI	03 Sep 2021	Not avl. / Not appl.	01 Sep 2024	9.69	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Bank Of Baroda	Not avl. / Not appl.	Term Loan	Unlisted	RBI	30 Sep 2021	Not avl. / Not appl.	30 Sep 2024	2.08	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA	Not avl. / Not appl.	Term Loan	Unlisted	RBI	14 Oct 2021	Not avl. / Not appl.	01 Sep 2024	9.50	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Maanaveeya Development & Finance Private Limited	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Dec 2021	Not avl. / Not appl.	01 Dec 2024	5.45	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
INDIAN OVERSEAS BANK	Not avl. / Not appl.	Term Loan	Unlisted	RBI	01 Mar 2022	Not avl. / Not appl.	01 Sep 2025	9.62	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )
Canara Bank	Not avl. / Not appl.	Term Loan	Unlisted	RBI	21 Dec 2020	Not avl. / Not appl.	01 Jun 2024	0.10	Simple	ACUITE C \| Downgraded \| Issuer not co-operating* ( from ACUITE BB+ )

* The issuer did not co-operate; based on best available information.

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

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

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.