Kogta Financial ↗

Comfortable capitalisation supported by strong capital raising ability Since inception, KFL raised ~₹1,495.22 crore by existing and new private equity (PE) investors, demonstrating healthy capital raising ability.

In FY25, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan, which as bolstered the company’s TNW to ₹2,018.93 crore as on March 31, 2025 (PY: ₹1,250.87 crore), which further increased to ₹2,142.58 crore as on December 31, 2025, considering healthy accretion to reserves.

Comfortable capitalisation supported by internal accruals and strong capital raising ability Since inception, KFL has raised ~₹1,495.22 crore by existing and new private equity (PE) investors, demonstrating healthy capital raising ability.

In FY25, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan, which has bolstered the co mpany’s tangible net worth to ₹2,018.93 crore as on March 31, 2025 (PY: ₹1,250.87 crore), which further increased to ₹2,089 crore as on September 30, 2025.

This coincided with strategic shift of the company towards customer with better credit profiles and negative carry-on access liquidity due to primary capital infusion of ₹600 crore in June 2024, which was deployed in H2FY25.

Comfortable capitalisation supported by internal accruals and strong capital raising ability Since inception, KFL has raised ~₹1,495.22 crore by existing and new private equity (PE) investors, demonstrating healthy capital raising ability.

In FY25, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan, which has bolstered the co mpany’s tangible net worth to ₹2,018.93 crore as on March 31, 2025 (PY: ₹1,250.87 crore), which further increased to ₹2,089 crore as on September 30, 2025.

This coincided with strategic shift of the company towards customer with better credit profiles and negative carry-on access liquidity due to primary capital infusion of ₹600 crore in June 2024, which was deployed in H2FY25.

Comfortable capitalisation supported by internal accruals and strong capital raising ability Since inception, KFL has raised ~₹1,495.22 crore by existing and new PE investors, demonstrating healthy capital raising abil ity.

In FY25, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan, which has bolstered the company’s tangible net worth to ₹2,018.93 crore as on March 31, 2025 (PY: ₹1,250.87 crore), which further increased to ₹2,045 crore as on June 30, 2025.

This coincided with strategic shift of the company towards customer with better credit profiles and negative carry -on access liquidity due to primary capital infusion of ₹600 crore in June 2024, which was deployed in H2FY25.

Comfortable capitalisation supported by internal accruals and strong capital raising ability Since inception, KFL has raised ~₹1,495.22 crore by existing and new PE investors, demonstrating healthy capital raising abil ity.

In FY25, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan, which has bolstered the company’s tangible net worth to ₹2,018.93 crore as on March 31, 2025 (PY: ₹1,250.87 crore), which further increased to ₹2,045 crore as on June 30, 2025.

This coincided with strategic shift of company towards customer with better credit profiles and negative carry -on access liquidity due to primary capital infusion of ₹600 crore in June 2024, which was deployed in H2FY25.

Comfortable capitalisation supported by internal accruals and strong capital raising ability Since inception, KFL has raised ~₹1,495.22 crore by existing and new PE investors, demonstrating healthy capital raising abil ity.

In FY25, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan, which has bolstered the company’s tangible net worth to ₹2,018.93 crore as on March 31, 2025 (PY: ₹1,250.87 crore).

This coincided with strategic shift of company towards customer with better credit profiles and negative carry -on access liquidity due to primary capital infusion of ₹600 crore in June 2024, which was deployed in H2FY25.

Comfortable capital structure supported by internal accruals and healthy capital raising ability Since inception, KFL has raised ~₹1,495.22 crore by existing and new PE investors, demonstrating healthy capital raising ability.

In June 2024, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan, which has bolstered the company’s tangible net worth to ₹1,942 crore (PY: ₹1,218 crore) as on December 31, 2024.

Comfortable capital structure supported by internal accruals & healthy capital raising ability Since inception, KFL raised ~₹1,495.22 crore by existing and new PE investors, demonstrating healthy capital raising ability.

In June 2024, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan which has bolstered the company’s networth to ₹1,942 crore (PY: ₹1,218 crore) as on December 31, 2024.

Comfortable capital structure supported by internal accruals & healthy capital raising ability Since inception, KFL raised ~₹1,495.22 crore by existing and new PE investors, demonstrating healthy capital raising ability.

In June 2024, KFL raised fresh equity of ₹610 crore by Ontario Teacher’s Pension Plan which has bolstered the company’s networth to ₹1,902 crore (PY: ₹1,164 crore) as on September 30, 2024.

For the next one year, the company has debt obligations (including interest repayments) of ₹1,599.83 crore, against expected loan portfolio inflows of ₹3,550 crore and cash and cash equivalents of ₹960.12 crore.

Comfortable capital structure supported by internal accruals & healthy capital raising ability Since inception, KFL has raised around ₹895.97 crore from existing and new PE investors, demonstrating healthy capital raising ability.

For the next one year, the company has debt obligations (including interest repayments) of ₹1,336.96 crore, against inflows from loan portfolio of ₹2,565.42 crore and cash and cash equivalents of ₹550.06 crore.

Comfortable capital structure supported by regular equity infusions Following the equity infusion of ₹400 crore in May 2022, by both existing and new PE investors, as well as internal accruals, KFL’s tangible net worth increased to ₹1,111 crore as on March 31, 2023, from ₹633 as on March 31, 2022, thereby providing the balance sheet strength to undertake the next phase of growth.

For the next one year, the company has debt obligations including interest repayment of ₹1,840 Crore, operating expenses of ₹312 crore, vis-à-vis the inflows from loan portfolio of ₹3,280 Crore and cash & cash equivalents of ₹657 Crore.

Comfortable capital structure supported by regular equity infusions Following the equity infusion of ₹400 crore in May 2022, by both existing and new PE investors, as well as internal accruals, KFL’s tangible net worth increased to ₹1,111 crore as on March 31, 2023, from ₹633 as on March 31, 2022, thereby providing the balance sheet strength to undertake the next phase of growth.

The ratings assigned factor in the company’s successful completion of Series D round of institutional equity infusion of ₹400 crore that has bolstered its capital base as well as demonstrated ability to scale up the business, notwithstanding disruptions from the pandemic while managing asset quality metrics.

As on June 30, 2022, KFL has free cash and bank balance including FDRs of ₹337 crore and free current investments (mutual fund/equity market etc.) of ₹434 crore, combined with inflows from advances (excluding interest income) of ₹485 crore and undrawn bank lines of ₹66.50 crore, against its debt repayment obligation (excluding interest expense) of ₹867 crore for the next 12 months.

The rating factors in company’s successful completion of Series D round of institutional equity infusion of Rs.400 crore that has bolstered its capital base as well as demonstrated ability to scale up the business, notwithstanding disruptions from the pandemic while managing asset quality metrics.

As on March 31, 2022, KFL has free cash and bank balance including FDRs of Rs.263 crore and free current investments (mutual fund/equity market etc.) of Rs.281 crore, combined with inflows from advances (excluding interest income) of Rs.574 crore, against its debt repayment obligation (excluding interest expense) of Rs.773 crore for the next 12 months.

The rating revision factors in company’s successful completion of Series D round of institutional equity infusion of Rs.400 crore that has bolstered its capital base as well as demonstrated ability to scale up the business, notwithstanding disruptions from the pandemic while managing asset quality metrics.

As on March 31, 2022, KFL has free cash and bank balance including FDRs of Rs.263 crore and free current investments (mutual fund/equity market etc.) of Rs.281 crore, combined with inflows from advances (excluding interest income) of Rs.574 crore, against its debt repayment obligation (excluding interest expense) of Rs.773 crore for the next 12 months.

The transaction structure has‘credit events’, which provide for early repayment of the NCDs out of collections from the Covered Pool.

As on September 30, 2021, KFL had free cash and bank balance including free FDRs of Rs.341 crore and free current investments (mutual fund/equity market, etc) of Rs.172 crore, combined with inflows from advances (excluding interest income) of Rs.473 crore, against its debt repayment obligation (excluding interest expense) of Rs.661 crore for the next 12 months.

Of Rs.812 crore of disbursements in FY21, Rs.645 crore were disbursed only in Q4FY21, indicating a large proportion of its loan book being built recently.

As on September 30, 2021, KFL has free cash and bank balance including free FDRs of Rs.341 crore and Free Current investments (Mutual fund/Equity market etc.) of Rs.172 crore, combined with inflows from advances (excluding interest income) of Rs.473 crore, against its debt repayment obligation (excluding interest expense) of Rs.661 crore for the next 12 months.

In absence of EOD, the SPV shall utilize cash flows realized from assigned vehicle loan receivables a) to meet statutory/regulatory due owed by the SPV Trust, b) meet the security cover of 1.17x by acquiring additional receivables* and c) pay down the contribution of the issuer in the order of cash waterfall.  Besides primary obligation of the Issuer to repay the NCD, the NCDs would be supported by (to be made available before deemed date of allotment): o an irrevocable and unconditional guarantee from the SPV backed by first and exclusive hypothecation of vehicle loan receivables (“Assets”)

All the loans in the pool are fully disbursed loans; 3.

The pool is moderately concentrated in terms of geography, with the top three states accounting for 76.35% of total pool POS; the top 5 branches comprise around 13.80% of the pool principal. 7. ~95% of the contracts in the pool have not availed the moratoriu m During the entire tenor of the NCD of ~36 months from the Deemed Date of Allotment, the Company shall on a monthly basis assign additional loans that meet the eligibility criteria set out in Annexure II to the SPV such that the amounts outstandin g under the loans constituting the Assets (which loans do not have any overdue for 60 days o

As on May 31, 2021, KFL has free cash and bank balance including free FDRs of Rs.45.85 crore, unutilized working capital limits of Rs.50 crore, unutilized OD against FD of Rs.155.25 crore and free c urrent investments (mutual fund/equity market etc.) of Rs. 145.87 crore against its debt repayment obligation of Rs.100.89 crore in next 3 months (June 01, 2021 to August 31, 2021) and Rs. 487.52 crore in next one year (June 01, 2021 to May 31, 2022). 2 CARE Ratings Limited Press Release Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: 1.

As on May 31, 2021, KFL has free cash and bank balance including free FDRs of Rs.45.85 crore, unutilized working capital limits of Rs.50 crore, unutilized OD against FD of Rs.155.25 crore and free c urrent investments (mutual fund/equity market etc.) of Rs. 145.87 crore against its debt repayment obligation of Rs.100.89 crore in next 3 months (June 01, 2021 to August 31, 2021) and Rs. 487.52 crore in next one year (June 01, 2021 to May 31, 2022). 2 CARE Ratings Limited Press Release Rating Sensitivities Positive Factors - Factors that could lead to positive rating action/upgrade: 1.

Of Rs.812 crore of disbursements in FY21, Rs.645 crore were disbursed only in Q4FY21, indicating a large proportion of its loan book being built recently.

As on June 30, 2021, KFL has free cash and bank balance including free FDRs of Rs.138 crore and Free Current investments (Mutual fund/Equity market etc.) of Rs.142 crore, combined with inflows from advances (including interest income) of Rs.536 crore, against its debt repayment obligation(including interest expense)of Rs.747 crore in next 1 year.

All the loans in the pool are ful ly disbursed loans; 3.

The pool is moderately concentrated in terms of geography, with the top three states accounting for 76.35% of total pool POS; the top 5 branches comprise around 13.80% of the pool principal. 7. ~95% of the contracts in the pool have not availed the moratoriu m  During the entire tenor of the NCD of ~36 months from the Deemed Date of Allotment, the Company shall on a monthly basis assign additional loans that meet the eligibility criteria set out in Annexure II to the SPV such that the amounts outstanding under the loans constituting the Assets (which loans do not have any overdue for 60 days

As on May 31, 2021, KFL has free cash and bank balance including free FDRs of Rs.45.85 crore, unutilized working capital limits of Rs.50 crore , unutilized OD against FD of Rs.155.25 crore and free current investments (mutual fund/equity market etc.) of Rs. 145.87 crore against its debt repayment obligation of Rs.100.89 crore in next 3 months (June 01, 2021 to August 31, 2021) and Rs. 487.52 crore in next one year (June 01, 2021 to May 31, 2022).

As on May 31, 2021, KFL has free cash and bank balance including free FDRs of Rs.45.85 crore, unutilized working capital limits of Rs.50 crore , unutilized OD against FD of Rs.155.25 crore and free current investments (mutual fund/equity market etc.) of Rs. 145.87 crore against its debt repayment obligation of Rs.100.89 crore in next 3 months (June 01, 2021 to August 31, 2021) and Rs. 487.52 crore in next one year (June 01, 2021 to May 31, 2022).

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net -worth and Capital Adequacy ratio.

Regular fund infusion has led to improvement in KFL’s tangible net worth to Rs.542.63crore as on March 31, 2020 (as per IND-AS) and to Rs.571.66 crore as on December 31, 2020.

During 9MFY21, KFL raised Rs.464.00 crore in the form of term loans /Overdrafts/NCDs at an average interest rate of 10.34% p.a.

Adequate L iquidity: Liquidity of KFL as on March 31, 2020 has been adequate along with average working capital limit utilization remaining at 27.74% for 12 months ending November 30, 2020; further KFL has comfortable ALM with no cumulative mismatch in any of the tim e buckets up -to 3 years as on January 31, 2021 .

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs. 81.59 crore and unutilized working capital limits of Rs. 157.03 crore (including Overdraft against Fixed deposits) as on February 28, 2021 against its debt repayment obligation of Rs. 85.81 crore in next 3 months ( March 01, 2021 to May 31, 2021) and Rs.368.45 crore in next one year (March 01, 2021 to February 28, 2022.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs. 81.59 crore and unutilized working capital limits of Rs. 157.03 crore (including Overdraft against Fixed deposits) as on February 28, 2021 against its debt repayment obligation of Rs. 85.81 crore in next 3 months ( March 01, 2021 to May 31, 2021) and Rs.368.45 crore in next one year (March 01, 2021 to February 28, 2022.

Any short term debt outstandin g whether secured or unsecured, availed of in lieu of long term debt or by way of bridge financing for long term debt d.

As on March 31, 2020, the average working capital limit utilization stood at 27.74% for 12 months ending November 30, 2020 and further KFL had comfortable ALM with no cumulative mismatch in any of the time buckets up-to 3 years as on September 30, 2020.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.81.09 crore and unutilized working capital limits of Rs.39.82 crore (including Overdraft against Fixed deposits) as on November 30, 2020 against its debt repayment obligation of Rs.78.75 crore in next 3 months (December 01, 2020 to February 28, 2021) and Rs.265.31 crore in next one year (December 01, 2020 to November 30, 2021).

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.81.09 crore and unutilized working capital limits of Rs.39.82 crore (including Overdraft against Fixed deposits) as on November 30, 2020 against its debt repayment obligation of Rs.78.75 crore in next 3 months (December 01, 2020 to February 28, 2021) and Rs.265.31 crore in next one year (December 01, 2020 to November 30, 2021).

KFL has raised funds of around Rs.305.50 crore in 7MFY21 (Upto October 31, 2020) under the normal sanctions, TLTRO, PCG scheme and securitization.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net -worth and Capital Adequacy ratio.

Regular fund infusion has led to improvement in KFL’s tangible net worth to Rs.542.63 crore as on March 31, 2020 (as per IND-AS) and to Rs.571.66 crore as on December 31, 2020.

During 9MFY21, KFL raised Rs.464.00 crore in the fo rm of term loans /Overdrafts /NCDs at an average interest rate of 10.34% p.a.

Adequate Liquidity: Liquidity of KFL as on March 31, 2020 has been adequate along with average working capital limit utilization remaining at 27.74% for 12 months ending November 30, 2020; further KFL has comfortable ALM with no cumulative mismatch in any of the time buckets up-to 3 years as on December 31, 2020.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.72.92 crore and unutilized working capital limits of Rs.104.86 crore (including Overdraft against Fixed deposits) as on January 31, 2021 against its debt repayment obligation of Rs.82.15 crore in next 3 months (February 01, 2021 to April 30, 2021) and Rs.385.66 crore in next one year (February 01, 2021 to January 31, 2022).

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.72.92 crore and unutilized working capital limits of Rs.104.86 crore (including Overdraft against Fixed deposits) as on January 31, 2021 against its debt repayment obligation of Rs.82.15 crore in next 3 months (February 01, 2021 to April 30, 2021) and Rs.385.66 crore in next one year (February 01, 2021 to January 31, 2022).

Any short term debt outstanding whether secured or unsecured, availed of in lieu of long term debt or by way of bridge financing for long term debt d.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Regular fund infusion has led to improvement in KFL’s tangible net worth to Rs.542.63crore as on March 31, 2020 (as per IND-AS) and to Rs.571.66 crore as onDecember 31, 2020.

During 9MFY21, KFL raised Rs.464.00 crore in the form of term loans /Overdrafts /NCDs at an average interest rate of 10 .34% p.a.

Adequate Liquidity: Liquidity of KFL as on March 31, 2020 has been adequate along with average working capital limit utilization remaining at 27.74% for 12 months ending November 30, 2020; further KFL has comfortable ALM with no cumulative mismatch in any of the time buckets up -to 3 years as on December 31, 2020 .

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs. 72.92 crore and unutilize d working capital limits of Rs. 104.86 crore (including Overdraft against Fixed deposits) as on January 31, 2021 against its debt repayment obligation of Rs. 82.15 crore in next 3 months (February 01, 2021 to April 30, 2021) and Rs. 385.66 crore in next one y ear (February 01, 2021 to January 31, 2022 ).

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs. 72.92 crore and unutilize d working capital limits of Rs. 104.86 crore (including Overdraft against Fixed deposits) as on January 31, 2021 against its debt repayment obligation of Rs. 82.15 crore in next 3 months (February 01, 2021 to April 30, 2021) and Rs. 385.66 crore in next one y ear (February 01, 2021 to January 31, 2022 ).

As on March 31, 2020, the average working capital limit utilization stood at 27.74% for 12 months ending November 30, 2020 and further KFL had comfortable ALM with no cumulative mismatch in any of the time buckets up-to 3 years as on September 30, 2020.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.81.09 crore and unutilized working capital limits of Rs.39.82 crore (including Overdraft against Fixed deposits) as on November 30, 2020 against its debt repayment obligation of Rs.78.75 crore in next 3 months (December 01, 2020 to February 28, 2021) and Rs.265.31 crore in next one year (December 01, 2020 to November 30, 2021).

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.81.09 crore and unutilized working capital limits of Rs.39.82 crore (including Overdraft against Fixed deposits) as on November 30, 2020 against its debt repayment obligation of Rs.78.75 crore in next 3 months (December 01, 2020 to February 28, 2021) and Rs.265.31 crore in next one year (December 01, 2020 to November 30, 2021).

KFL has raised funds of around Rs.305.50 crore in 7MFY21 (Upto October 31, 2020) under the normal sanctions, TLTRO, PCG scheme and securitization.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net -worth and Capital Adequacy ratio.

Regular fund infusion has led to improvement in KFL’s tangible net worth to Rs.542.63 crore as on March 31, 2020 (as per IND -AS) and to Rs.564.59 crore as on September 30, 2020.

During 9MFY21, KFL raised Rs.464.00 crore in the form of term loans/NCDs at an average interest rate of 10.34% p.a.

Adequate Liquidity: Liquidity of KFL as on March 31, 2020 has been adequate along with average working capital limit utilization remaining at 27.74% for 12 months ending November 30, 2020; further KFL has comfortable ALM with no cumulative mismatch in any of the time buckets up-to 3 years as on September 30, 2020.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.81.09 crore and un utilized working capital limits of Rs.39.82 crore (including Overdraft against Fixed deposits) as on November 30, 2020 against its debt repayment obligation of Rs.78.75 crore in next 3 months (December 01, 2020 to February 28, 2021) and Rs.265.31 crore in next one year (December 01, 2020 to November 30, 2021).

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.81.09 crore and un utilized working capital limits of Rs.39.82 crore (including Overdraft against Fixed deposits) as on November 30, 2020 against its debt repayment obligation of Rs.78.75 crore in next 3 months (December 01, 2020 to February 28, 2021) and Rs.265.31 crore in next one year (December 01, 2020 to November 30, 2021).

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Regular fund infusion led to improvement in KFL’s tangible net worth to Rs.218.19 crore (as per IND-AS) as on March 31, 2019 which further increased to Rs.542.63 crore as on March 31, 2020 (as per IND-AS) and to Rs.564.59 crore as on September 30, 2020.

During 7MFY21, KFL raised Rs.267.50 crore in the form of term loans/NCDs at an average interest rate of 9.96% p.a. 2 CARE Ratings Limited Press Release Moderately diversified product portfolio: The loan portfolio of KFL is moderately diversified with CV (comprising 46.26% of total O/s portfolio (AUM) as on March 31, 2020), MUV (8.17%), Four Wheeler loans (17.60%), LAP (19.84%), Tractor & Industrial Machinery, Tool & Equipment (7.70%) and short term personal loans (0.21%).

Liquidity: Adequate Liquidity of KFL as on March 31, 2020 has been adequate along with average working capital limit utilization remaining at 27.74% for 12 months ending November 30, 2020; further KFL has comfortable ALM with no cumulative mismatch in any of the time buckets up-to 3 years as on September 30, 2020.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.81.09 crore and unutilized working capital limits of Rs.39.82 crore (including Overdraft against Fixed deposits) as on November 30, 2020 against its debt repayment obligation of Rs.78.75 crore in next 3 months (December 01, 2020 to February 28, 2021) and Rs.265.31 crore in next one year (December 01, 2020 to November 30, 2021).

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.81.09 crore and unutilized working capital limits of Rs.39.82 crore (including Overdraft against Fixed deposits) as on November 30, 2020 against its debt repayment obligation of Rs.78.75 crore in next 3 months (December 01, 2020 to February 28, 2021) and Rs.265.31 crore in next one year (December 01, 2020 to November 30, 2021).

KFL has raised funds of around Rs.305.50 crore in 7MFY21 (Upto October 31, 2020) under the normal sanctions, TLTRO, PCG scheme and securitization.

Debentures-Non Convertible Debentures Simple Annexure -4: Detailed explanation of covenants of the rated instrument For Proposed PP -MLD issue (of Rs.24.00 crore) Instruments Detailed explanation A.

For Proposed NCD issue (of Rs.25.00 crore) Instruments Detailed explanation A.

Non-Financial covenants None For NCD issue (INE192U07103) and Proposed NCD issue (Rs.50.00 crore) Instruments Detailed explanation A.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Regular fund infusion led to improvement in KFL’s tangible net worth to Rs.218.19 crore (as per IND-AS) as on March 31, 2019 which further increased to Rs.542.63 crore as on March 31, 2020 (as per IND-AS).

During 7MFY21, KFL raised Rs.267.50 crore in the fo rm of term loans/NCDs at an average interest rate of 9.96% p.a.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.112.40 crore and unutilized working capital limits of Rs. 21.30 crore (including Overdraft against Fixed deposits) as on October 31, 2020 against its de bt repayment obligat ion of Rs.79.64 crore in next 3 months ( November 01, 2020 to January 31, 202 1) and Rs.156.88 crore in H2FY21 .

KFL has raised funds of around Rs. 305.50 crore in 7 MFY21 (Upto October 31, 2020 ) under the normal sanctions, TLTRO , PCG scheme and securitization .

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Regular fund infusion led to improvement in KFL’s tangible net worth to Rs.218.19 crore (as per IND -AS) as on March 31, 2019 which further 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. 1 CARE Ratings Limited Press Release increased to Rs.542.63 crore as on March 31, 2020 (as per IND-AS).

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.15.10 crore and unutilized working capital limits of Rs.102.68 crore (including Overdraft against Fixed deposits) as on August 31, 2020 against its debt repayment obligation of Rs.71.06 crore in next 3 months (Sep 01, 2020 to Nov 30, 2020) and Rs.136.18 crore in H2FY21.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.15.10 crore and unutilized working capital limits of Rs.102.68 crore (including Overdraft against Fixed deposits) as on August 31, 2020 against its debt repayment obligation of Rs.71.06 crore in next 3 months (Sep 01, 2020 to Nov 30, 2020) and Rs.136.18 crore in H2FY21.

KFL has raised funds of around Rs.177.50 crore in 5MFY21 (Upto August 31, 2020) under the normal sanctions, TLTRO and PCG scheme.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.12.60 crore and unutilized working capital limits of Rs. 99.36 crore (including Overdraft against Fixed deposits) as on August 11, 2020 against its debt repayment obligation of Rs.38.69 crore in next 3 months (August 11, 2020 to September 30, 2020) and Rs.136.18 crore in H2FY21 .

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.12.60 crore and unutilized working capital limits of Rs. 99.36 crore (including Overdraft against Fixed deposits) as on August 11, 2020 against its debt repayment obligation of Rs.38.69 crore in next 3 months (August 11, 2020 to September 30, 2020) and Rs.136.18 crore in H2FY21 .

KFL has raised funds of around Rs.122.50 crore in 4MFY21 (Upto July 31, 2020) under the normal sanctions, TLTRO and PCG scheme.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.12.60 crore and unutilized working capital limits of Rs. 99.36 crore (including Overdraft against Fixed deposits) as on August 11, 2020 against its debt repayment ob ligation of Rs.38.69 crore in next 3 months (August 11, 2020 to October 31, 2020) and Rs.136.18 crore in H2FY21 .

KFL has raised funds of around Rs.122.50 crore in 4MFY21 (Upto July 31, 2020) under the normal sanctions, TLTRO and PCG scheme.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net -worth and Capital Adequacy ratio.

Regular fund infusion led to improvement in KFL’s tangible net worth to Rs.218.19 crore (as per IND-AS) as on March 31, 2019 which further increased to Rs.542.63 crore as on March 31, 2020 (as per IND-AS).

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance and liquid investments of Rs.10.10 crore and unutilized working capital limits of Rs.118.16 crore (including Overdraft against Fixed deposits) as on June 27, 2020 against its debt repayment obligation of Rs.83.78 crore in Q2FY21.

As per KFL’s management, it had free cash and bank balance and liquid investments of Rs.10.10 crore and unutilized working capital limits of Rs.118.16 crore (including Overdraft against Fixed deposits) as on June 27, 2020 against its debt repayment obligation of Rs.83.78 crore in Q2FY21.

KFL has raised debt of around Rs.57.50 crore in last two months ended June, 2020.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net -worth and Capital Adequacy ratio.

Regular fund infusion led to improvement in KFL’s tangible net worth to Rs.218.19 crore (as per IND-AS) as on March 31, 2019 which further increased to Rs.542.63 crore as on March 31, 2020 (as per IND-AS).

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance and liquid investments of Rs.10.10 crore and unutilized working capital limits of Rs. 118.16 crore (including Overdraft against Fixed deposits) as on June 27, 2020 against its debt repayment obligation of Rs.83.78 crore in Q2FY21.

As per KFL’s management, it had free cash and bank balance and liquid investments of Rs.10.10 crore and unutilized working capital limits of Rs. 118.16 crore (including Overdraft against Fixed deposits) as on June 27, 2020 against its debt repayment obligation of Rs.83.78 crore in Q2FY21.

KFL has raised debt of around Rs.57.50 crore in last two months ended June, 2020.

The rating also factors KFL’s ability to raise funds from PE investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Further, the company has raised equity of Rs.301.00 crore in October 2019 which has provided additional liquidity cushion.

KFL had free cash and bank balance and liquid investments of Rs.20.70 crore and unutilized working capital limits of Rs.104.81 crore (including Overdraft against Fixed deposits) as on Apr il 01, 2020 against the debt repayment obligation of Rs.162.23 crore during H1FY21.

KFL had free cash and bank balance and liquid investments of Rs.20.70 crore and unutilized working capital limits of Rs.104.81 crore (including Overdraft against Fixed deposits) as on Apr il 01, 2020 against the debt repayment obligation of Rs.162.23 crore during H1FY21.

The rating also factors KFL’s ability to raise funds from PE investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Regular fund infusion led to improvement in KFL’s net worth to Rs.228.70 crore as on March 31, 2019 and is envisaged to stand at around Rs.562 crore by March, 2020.

Apart from accessing bank facilities; it has raised funds to the tune of Rs.15 crore by issuing NCDs to Northern Arc Investment Managers Private Limited in H1FY20.

Further, the company has raised equity of Rs.301.00 crore in October 2019 which has provided additional liquidity cushion.

KFL had free cash and bank balance and liquid investments of Rs.63.99 crore as on March 31, 2019 against the debt repayment obligation of Rs.125.44 crore during FY20.

KFL had free cash and bank balance and liquid investments of Rs.63.99 crore as on March 31, 2019 against the debt repayment obligation of Rs.125.44 crore during FY20.

Furthermore, KFL has free cash and cash equivalents of Rs.56.00 crore and sanctioned but not availed/unutilized bank lines at Rs.200.00 crore as on December 30, 2019 which underpins its liquidity.

The rating also factors KFL’s ability to raise funds from PE investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Regular fund infusion led to improvement in KFL’s net worth to Rs.228.70 crore as on March 31, 2019 and is envisaged to stand at around Rs.562 crore by March, 2020.

Apart from accessing bank facilities; it has raised funds to the tune of Rs.15 crore by issuing NCDs to Northern Arc Investment Managers Private Limited in H1FY20.

Further, the company has raised equity of Rs.301.00 crore in October 2019 which has provided additional liquidity cushion.

KFL had free cash and bank balance and liquid investments of Rs.63.99 crore as on March 31, 2019 against the debt repayment obligation of Rs.125.44 crore during FY20.

KFL had free cash and bank balance and liquid investments of Rs.63.99 crore as on March 31, 2019 against the debt repayment obligation of Rs.125.44 crore during FY20.

Outlook: (INE192U08044) Stable] Stable] 55 Total Instruments (Rupees Fifty Fivecrore only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The revision in the rating of Kogta Financial (India) Ltd (KFL) is mainly on account of fund infusion of Rs.301.00 crore by the PE investors in October 2019 which led to augmentation in its net-worth and Capital Adequacy ratio.

Regular fund infusion led to improvement in KFL’s net worth to Rs.228.70 crore as on March 31, 2019 and is envisaged to stand at around Rs.562 crore by March, 2020.

Apart from accessing bank facilities; it has raised funds to the tune of Rs.15 crore by issuing NCDs to Micro Vest Affiliated funds in H1FY20.

Further, the company has raised equity of Rs.301.00 crore in October 2019 which has provided the additional liquidity cushion.

KFL had free cash and bank balance and liquid investments of Rs.63.99 crore as on March 31, 2019 against the debt repayment obligation of Rs.125.44 crore during FY20.

KFL had free cash and bank balance and liquid investments of Rs.63.99 crore as on March 31, 2019 against the debt repayment obligation of Rs.125.44 crore during FY20.

Outlook Stable) 15.00 Total Instruments (Rupees Fifteen crore only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Kogta Financial (India) Ltd (KFL) continues to derive strength from increased net-worth base following recent equity infusion of Rs.154.25 crore in November 2018 by the PE investors which also led to improvement in capital adequacy, long experience of the promoters in the financing industry and growth in operational scale.

Further, the company reported unencumbered cash and cash equivalents of Rs.11.44 crore as on March 31, 2019.

Key rating weaknesses Moderate asset quality with moderate earnings profile: KFL’s NIM has been declining for last three years mai5nly because of increase in debt availed to fund its loan portfolio.

The rating also factors KFL’s ability to raise funds from Private Equity (PE) investors in recent years as reflected from the fund infusion of Rs.301.00 crore by PE investors in October 2019 which led to augmentation in its net -worth and Capital Adequacy ratio.

Regular fund infusion has led to improvement in KFL’s tangible net worth to Rs.542.63 crore as on March 31, 2020 (as per IND-AS) and to Rs.571.66 crore as on December 31, 2020.

During 9MFY21, KFL raised Rs.464.00 crore in the form of term loans /Overdrafts /NCDs at an average interest rate of 10.34% p.a.

Adequate Liquidity: Liquidity of KFL as on March 31, 2020 has been adequate along with average working capital limit utilization remaining at 27.74% for 12 months ending November 30, 2020; further KFL has comfortable ALM with no cumulative mismatch in any of the time buckets up -to 3 years as on December 31, 2020.

Its liquidity has been aided by fund infusion in the form of CCPS of Rs.301.00 crore in October 2019.

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.72.92 crore and unutilized working capital limits of Rs.104.86 crore (including Overdraft against Fixed deposits) as on January 31, 2021 against its debt repayment obligation of Rs.82.15 crore in next 3 months (February 01, 2021 to April 30, 2021) and Rs.385.66 crore in next one year (February 01, 2021 to January 31, 2022) .

As per KFL’s management, it had free cash and bank balance (including free Fixed deposits) and liquid investments of Rs.72.92 crore and unutilized working capital limits of Rs.104.86 crore (including Overdraft against Fixed deposits) as on January 31, 2021 against its debt repayment obligation of Rs.82.15 crore in next 3 months (February 01, 2021 to April 30, 2021) and Rs.385.66 crore in next one year (February 01, 2021 to January 31, 2022) .

Outlook: Stable] 40 Total Instruments (Rupees Forty crore only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers The revision in the rating of Kogta Financial (India) Ltd (KFL) is mainly on account of equity infusion of Rs.154.25 crore by the PE investors in November, 2018 which led to augment in net-worth and Capital Adequacy ratio.

Further, the company has unencumbered cash and cash equivalents of Rs.14.31 crore as on March 31, 2018.

Key Rating Weaknesses Moderate asset quality with moderate earnings profile: KFL’s NIM has been declining for last three years mainly because of increase in debt availed to fund its loan portfolio.