Aryadhan New CAM Format For NBFC Clean Version CAM & Annexures

M/s.
Aryadhan Financial Solutions Private Limited (AFSPL)

Proposal for Sanction of Additional Term Loan of Rs. 16.25 Crore for a period of 12
Months
Executive Summary
1) Customer Name – Aryadhan Financial Solutions Private Limited
Proposal Type Additional Term Month & Year Jan-2017

Loan Established
Commencement of 2017 Line of Business WAREHOUSE
Business RECEIPT FINANCE
(WRF) ON POST-
HARVEST SIDE
Bank Relation ~10 Months (Since Corporate Office/ Noida, Uttar
Vintage (in Months) May-2022) Registerd Office Pradesh/ Noida,
Uttar Pradesh
Auditor / since M/s Dass Gupta & Last Client visit 4th March, 2023
when Associates/ FY 2022 Date
Net worth as on Rs. 233.93 Crore CRAR (%) – As on 64.89%
31.12.2022 31.12.2022
Net NPA (%) – As on Nil TOL / ATNW – As 1.00x
31.12.2022 on 31.12.2022
Share of Banking 43.90% Our Exposure / 1.60% (Existing)
Exposure in Overall Tangible Net 8.55% (Proposed)
Resource Profile Worth of
(%)- Dec-22 Borrower
Company (%)
Top two states for Madhya Pradesh- ALM Mismatch No Negative
portfolio 20.92% (Within 1 Year Cumulative
Rajasthan- 17.49% Bucket) – Yes/ No mismatch
External Rating / CRISIL BBB- Internal Rating USFB 4
Date of rating (Reaffirmed: Revised
from Stable to
Positive)/
19.10.2022
Refer Annexure-9
Past External CRISIL BBB- Cash & Bank Rs. 94.57 Crore
Ratings (last 3 (Reaffirmed: Balance (Unencumbered)
ratings) Stable)/ 25.05.2022 (31.12.2022)
CRISIL BBB-
(Reaffirmed:
AUM (31.12.2022) Rs. 334.60 Crores
Stable)/ 21.04.2022
(Total Own)
CRISIL BBB-
(Reaffirmed:
Stable)/ 03.09.2021
Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 1 of 67

2) Proposed Proposal & Terms / Existing Exposure: If existing NIL, NA to be
mentioned
Existing Proposed
Particulars
Term Loan – I Term Loan – IV
Facility Term Loan Term Loan
Sanction Date 26.05.2022 NA
Sanctioned Amount ₹15.00 Crore ₹16.25 Crore
Total exposure on AFSPL shall not
O/s. Feb 28, 2023 ₹3.75 Crore
be more than ₹20.00 Crore
Tenor 12 months 12 months
11.25% floating linked 11.25% floating linked with last 12

with last 12 weeks weeks average 364 days T-Bill ~
Interest Rate @
average 364 days T-Bill ~ Quarterly Reset (Spread of 4.28%)
onboarding
Quarterly Reset (Spread
of 6.59%)
Current Interest Rate 12.51% NA
0.25% plus applicable 0.25% plus applicable taxes
Processing Fee
taxes
Primary: Book Debts of Primary: Book Debts of 110%
Security 110%
Cash Collateral: 5% Cash Collateral: 5%
12 Equal Monthly 12 Equal Monthly instalments
Repayment
instalments
PG Nil Nil
Arya Collateral Arya Collateral Warehousing

CG Warehousing Services Services Private Limited
Private Limited
Asset Classification Standard NA
Pending Compliance Nil NA
Peak Exposure: Our Peak exposure to the company shall be Rs. 20 Crore on disbursement
of proposed additional term loan of Rs. 16.25 Crores.
3) Exposure details under NBFC Industry:
Industry wise limit & exposure:

Amount
Particulars
(Rs. Crore)
NBFC Industry exposure Limit at Bank level 1250.00

Total NBFC Industry exposure at Bank level, including
1202.12
undisbursed. Excluding the repayment in the month of Mar-2023
Obligor wise Exposure, including undisbursed:

Obligor Limit Exposure
Single Obligor Limit 75.00 20.00*
Group Obligor Limit 100.00
Note: Existing exposure to Aryadhan Financial Services Private Limited is Rs. 3.75 Crores
which is proposed to be enhanced to Rs. 20 Crores with sanction of proposed additional
term loan of Rs. 16.25 Crores.
4) Key Shareholders / Partners

Type of No. of
Name % SH
Shareholder Shares
Promoter & 3056817 100.00%
Arya Collateral Warehousing Private Limited Promoter
Group
Promoter & 1 0.00%
Margapuri Prasanna Rao Promoter
Group
Total Promoter 3056818 100.00%
In addition to equity shares mentioned above, the parent company “Arya Collateral
Warehousing Private Limited” is holding 138028 numbers of Compulsory convertible non-
cumulative preference shares (CCPS) with face value of Rs. 100 each.
Shareholding of Promoter Group companies and its description are given in Annexure-
2
5) Board Members & Management Details

Board Members
Key management
Date
Yrs of
of Type of Designation / Since
Name Name associ
Appn Director when with Arya Group
ation
t
Chattanathan Mana 27.06.201
Devarajan ging 9 Chattanathan ~4
Managing Director/ Jul-19
Direc Devrajan Years
tor
Anand Direc 27.01.201 Anand ~9.5
Director/ Oct-12
Chandra tor 7 Chandra Years
Margapuri Direc 27.01.201 Margapuri ~9.5
Director/Sep-12
Prasanna Rao tor 7 Prasanna Rao Years

Kushal Nomi 03.04.201
Agrawal nee 8 Inderjeet ~4 Chief Business Officer/
Direc Singh Years Jan-19
tor
Joginder ~9 General Manager - Farm
Ralhan Years Vertica/ Dec-14
~8
Ritesh Raman Head Business/ Jul-13
Years
~2
Karthik KS Head Strategy/ Jun-21
Years
~5
Ankita Jain Credit Manager/ May-18
Years
Nisha ~3
Legal/ Sep-20
Choudhary Years
Daya Shankar ~2
Internal Audit/ Dec-21
Tapaswi Years
Currently company has 4 members board with Mr. Chattanathan Devarajan as Managing
Director and Mr. Kushal Agrawal as Independent Director.
There is no change in board of directors of Aryadhan Financial Solutions Private Limited
(AFSPL) since July-2019.
There is no director on board of Aryadhan Financial Solutions Private Limited (AFSPL)
which is on any bank board. Thus, there is no connected lending currentlyThere is no
change in board of directors of Aryadhan Financial Solutions Private Limited (AFSPL) since
July-2019.
Mr. Sandeep Katiyar moved out from the of Aryadhan Financial Services Private Limited
in October 2022 in search of better career opportunity. He was General Manager Finance
with AFSPL. Other than this, there is no major change in senior management in recent
past.
Detailed management background given at Annexure-3.

6) Company Brief profile
Pointers Details
Background of the Company Aryadhan Financial Solutions Private Limited (AFSPL)
was incorporated in Jan 2017.
AFSPL is a Non Deposit Taking NBFC (other than

Systemically important NBFC) registered with RBI as
an asset finance company and has and has its
registered office in Noida, Uttar Pradesh.
It is engaged in the business as a wholly-owned Non-
Banking Financial Company (NBFC) subsidiary of Arya
Collateral Warehousing Services Private Limited
(ACWSPL).

The company provides post-harvest commodity
financing in association with its parent which manages
more than 10,252 warehouses across the country.
AFSPL provides loans to farmers against the

commodities kept and managed at the parent’s
warehouses
Promoters Profile, Arya Collateral Warehousing Service Private Limited
Background and Past Track (ARYA) was incorporated 1982. In 2002, it forayed into
Collateral Management for management of stocks of
primarily agricultural produce. ARYA was promoted by
the J.M. Baxi Group that was established in the year
1916. M/s. J.M. Baxi & Company is India's largest and
most professional shipping and integrated end-to-end
logistics Agency offering an array of services that are
niche driven and unique in terms of customer focus,
quality, safety, technology, innovation and
professional competence.
Arya Collateral Warehousing Services Private Limited

(ACWSPL) is engaged in providing warehousing and
management of stocks primarily agricultural products.
The company offers warehousing and collateral
management, audits and surveillance, financial
inclusion and priority sector assistance, quality
certification, and assaying services. ACWSPL works
with farmers, farmer organizations, financial
institutions, agriculture corporations, development
actors, commodity exchanges, and international
players. The company’s clientele includes ADM,
Britannia, ITC Limited, Axis Bank, HDFC Bank, ICICI
Bank, Yes Bank, and RBL Bank.
ARYA was one of the first Collateral Management

Companies that was incorporated in India. ARYA was
incorporated with a Mission to deliver quality
warehousing solutions with an effective blend of
technology & business systems. The Company today
extends its expertise at various levels of the Agri
supply chain. It works extensively with Financial
Institutions and Commodity Exchanges to provide
efficient linkages to farmers and producer companies.
Target Customers for the Arya are Farmers, Farmer

Producer Organisations (FPO), Processors, Financial
Institutions, Agri Corporations, International Buyers

and Development Actors
Main products and geography It is involved in financing to Farmers, Farmer Producer

Organizations (FPO), Aggregators and Small Traders
Through Warehouse Receipt Finance (WRF) on Post-
Harvest Side.
The company is majorly into Warehouse Receipt

Financing contributing to ~95% to total AUM.
Top 6 commodities stored by Aryadhan are Paddy,

Soyabean, Maize, Wheat, Rice and Chana-Bengal Gram
Contributing to More Than 79% To AUM.
Aryadhan has operations in 14 States. ~30% of the

States Contributes to ~70% of the AUM. Top 4
contributors being Madhya Pradesh (~21%), Rajasthan
(~17%), Uttar Pradesh (16.13%) and Haryana (~12%).
Key changes if any Mr. Sandeep Katiyar moved out from the of Aryadhan
Financial Services Private Limited in October 2022 in
search of better career opportunity. He was General
Manager Finance with AFSPL.
Presently, Mr. Muktesh Pareek, Head - Finance &

Structured Product is managing his role.
Further, to strengthen the management at group

level, Ms Aprajita Saigal is appointed as group CFO in
Dec-22. She has 22+ years of work experience
including Airtel, Clix Capital, GE India, Aon Hewitt and
Deloitte Haskins and Sells. Her last role was Senior
Vice President Finance - CFO for Central Functions at
Airtel where she was responsible for driving Network
& IT strategy, performance management, cost
optimization & governance. Ms Saigal is a graduate
from Shriram College of Commerce and is a Chartered
Accountant.
Any other important update In FY23, Arya has planned to have another equity
round within and expecting infusion of $100 million in
Q1 of FY24. Out of this $50 million is planned to be
invested in Aryadhan Financial Solution Private
Limited.
Dedupe Checks No adverse comments
Detailed dedupe checks done including remarks at
Annexure-1.

7) Details of product offered by the company
Average
Average % of AUM
Name of the Average Tenor Ticket Size
Interest contribution
product (Months) (Rs. in
rate (Dec-22)
Crores)
Warehouse ~9 Months ~0.63 ~12.50% 95.08%

Receipt
Funding
FPO Funding ~4 months ~0.10 ~14.80% 0.79%

(Non
Commodity)
Bill Discounting ~9 Months ~2.25 ~10.50% 0.67%
linked with Lock in ~0.22 ~12.43% 0.33%

period that Arya
Lease Rental Collateral has with
Discounting warehouse owner
Top Up loan ~9 Months ~0.29 ~13.50% 0.09%
Note: Aryadhan Financial Solutions Private Limited has sanctioned loan of Rs. 34 cr to
Aryatech Platforms Private Limited and Loan outstanding as on 31st Dec, 2022 was
Rs.10.19 crores. (Contributing 3.05% to AUM,not included above). Aryatech Platforms
Private Limited is group company of AFSPL. Source of income of Aryatech Platform is
Collaboration fee, Storage & Handing Fee and Deferred Charges.
Detailed Products and Processes are given in Annexure-8
Exposure to TOP-20 Borrower is Rs. 121.16 Crores which is 36.21%% of total AUM of
Rs. 334.60 Crores at end of Dec-22. Details are given in Annexure-10
8) Details of equity infusion in the past:
Year Amount (Crore) Type of investor
FY 2018-19 11.48 Promoter and Promoter Group
9) Borrowing Profile:
The borrowing profile of the company is indicated in Annexure-4

9 a) A brief summary is presented as under:
Number O/S as on
%
Lender Type of December 31, 2022 ROI Range
Contribution
Lenders (Rs. in Crore)
NBFC/FI 9 141.99 10.20% to 12.55% 64.52%
Universal Bank 5 43.99 8.58% to 10.83% 19.99%
Group
1 22.00 11.53% to 11.63% 10.00%
Company
SFB 2 8.47 12.18% to 13.15% 3.85%
Multiple retail
subscribers to 3.60 11% 1.64%
NCD
Grand Total 17 220.05 100.00%
Comments: Share of Banks in the total resource profile is 43.90% including unutilised
working capital limits of Rs. 70 Crores from HSBC Bank and unutilised ODFD Limit from
Yes Bank. At outstanding level share of Banks (Universal Banks + SFB) is 23.84%.
Details about largest Lender: - Largest lender to the company is HSBC Bank with share
of 23.43% in total exposure including unutilised working capital limits. At Dec-22,
WCDL/Overdraft limit of Rs. 70 Crores sanctioned by HSBC remained un-availed. The limit
was sanctioned on 27.12.2022 at ROI of 8.58% for a tenor of 84 months. Aryadhan is in
relationship with HSBC Bank since May-2022.
At outstanding level as on Dec 31, 2022, WintWealth has highest exposure of Rs. 33.50
Crores (15.22% of total outstanding). any
The borrowing profile of the company is indicated in Annexure-4.

9 b) Details of any recent borrowings: -
Boo
Lend Sanctio ROI @ Tenor Cash
Facility Sanctio k
er n Sanctio PF (Month Collater
Type n Debt
Name Date n s) al
Rs Crs s
HSBC 27.12.20
Overdraft+WC 70.00 8.58% 84 110% Nil
Bank 22
DL
State
Bank 30.11.20 0.20
WCDL 28.00 9.65% 12 125% 5%
of 22 %
India
10) Financial & Operational Snapshot [Rs. crore]
FY20 FY21 FY 22 Dec-22 FY23 FY24

Particulars
(A) (A) (A) (Prov) (Proj) (Proj)
No. of States 10 13 15 14 14 14
Total staff 54 51 66 98
Disbursements 97.56 280.86 450.50 689.11
Gross Loan Portfolio 64.87 168.56 241.20 334.60 515.00 1055.01
On Balance Sheet 64.87 168.56 235.45 334.60 500.00 947.51
Managed Portfolio 0.00 0.00 5.75 0.00 15.00 107.50
Total Income 6.50 16.20 31.90 43.92 57.59 95.66
PAT -2.81 -2.24 3.95 5.61 6.61 11.68
Tangible NW 50.48 122.56 226.81 233.93 234.80 245.90
TOL 43.00 102.21 103.85 233.64 365.08 953.35
Total Assets 94.50 226.47 332.20 467.59 600.00 1200.00
Current Ratio
TOL / TNW 0.85 0.83 0.46 1.00 1.55 3.88
CRAR (%) 76.44% 65.80% 89.93% 64.89%
ROA (%) -4.44% -1.40% 1.41% 1.87% 1.42% 1.30%
GNPA In ₹ Cr 0.20 3.67 0.95 0.95
NNPA in ₹ Cr 0.18 0.35 0.00 0.00
GNPA (%) 0.31% 2.18% 0.41% 0.28%
NNPA (%) 0.28% 0.21% 0.00% 0.00%
Note: Projections are dated.

Comments:
Branch/geography expansion: - At present Aryadhan Financial Solutions Pvt Ltd is
financing only against the commodities stored in the warehouses which are under control
of Arya Collateral Warehousing Services Private Limited. These warehouses are business
point for Arya Group. Presently, the group has warehouses at 864+ locations in 14 States.
Arya Group has presence at more than 10895 warehouses to provide Storage & Logistics
Solutions, Audits & Surveillance, Procurement Facilitation, Consultation and Financing.
Portfolio growth: - Portfolio has grown by 38.72% by the end of Dec-22 when compared
with Mar-22. The company is looking for total AUM of Rs. 500 Crores to Rs. 550 Crores by
end of FY23 and 25% to 30% growth in FY24 with total AUM of around Rs. 1050 Crores to
Rs. 1100 Crores.
Profitability: The company has achieved positive PAT for the first time in FY22. PAT for
the FY 22 is at ₹3.95 Crores. The company was in losses till FY 21 due to initial years of
operation.
There was a single case of fraud/ theft against the company in Q1 of FY 22 amounting to
Rs.95 lakhs where Stock was moved out with connivance of an employee and a borrower
from the State of Gujarat (provisioned @100%). The matter is under investigation by
Police. Based on the outcome of the investigation, insurance claim shall be filed.
Aryadhan is duly covered by insurance coverage on account of theft, burglary and
employee fraud (fidelity insurance). At present, this is the only case under NPA. Whole
outstanding of Rs.0.95 Crores is provisioned for. To control and document, Arya Collateral
has started installing Cameras with Artificial Intelligence (Presently, installed at more
than 450 warehouses). These Surveillance Camera’s with AI sends alerts on Warehouse
Activities (open alert, closer alert, shutter down alert, utilization alert, etc.), Vehicle
Movement (Truck seen at site, Truck Doc in time, Truck Doc out time, etc.) and People
Movement (when warehouse is closed, inside warehouse, outside warehouse, etc.)
There was an incident of Fire in FY22 where stock worth Rs. 0.62 Crores was burnt where
recovery on sale was around Rs. 0.08 Crores and remaining Rs. 0.52 Crores is written off.
The company has filed a claim with the insurance company and on settlement of the same
income shall be booked accordingly. The claim settlement is pending since quantity and
value of commodity lost due to fire could not be finalized between the insurance company
and Aryadhan Financial Solution Pvt Ltd. Presently, Aryadhan Financial Solution Pvt Ltd
is not expecting any substantial receipt from the claim settlement.
Cost of Borrowing/ Lending Rates: At Dec-22, average borrowing rate is ~11.25% and
average processing fee paid is ~0.50% whereas average lending rate is ~12.60% and
average processing fee charged ranges between 0.80% to 1%. Profitability is on account
of adequate level of capital invested in the company.
PAR number: - The increase in PAR numbers is cyclic in Dec/Jan. Borrowers wait for
increase in prices for selling the stored commodities. Disbursements against Commodities
stored in March/ April falls due towards December/January.
AUM Reconciliation: There is mismatch of Rs. 334.84- Rs. 334.60 = Rs. 0.24 Crore in
portfolio cuts and financials. Some customer’s repayment was there in Company’s pool
balance and adjusted subsequently. This led to difference in Portfolio cuts and financials.

Projection: - The company is Targeting AUM of Rs.500-550 Crores in FY23 and Rs. 1050-
1100 Crore in FY24.
The company has projected Leverage within 4x, NNPA within 3.00% and CRAR above 20%
for at the end of FY 23 & FY 24.
In FY23, Arya has planned to have another equity round within and expecting infusion of
$100 million in Q1 of FY24. Out of this $50 million is planned to be invested in Aryadhan
Financial Solution Private Limited.
Details about group companies is given in Annexure-11

11) Disbursement Trend
Month Amount in ₹ Crores Month Amount in ₹ Crores
Oct-21 30.61 Apr-22 137.06
Nov-21 29.45 May-22 147.60
Dec-21 44.58 Jun-22 92.03
Jan-22 33.93 Jul-22 19.16
Feb-22 44.62 Aug-22 10.90
Mar-22 104.78 Sep-22 28.37
Oct-22 35.39
Nov-22 126.05
Dec-22 92.55
Jan-23 91.09
Comment: From Apr-22 to Dec-22, the company has disbursed loans amounting to Rs.
689.11 Crores. Disbursement in Jan’23 was Rs. 91.09 Crores.
Overall targeted disbursement for FY23 is of ~Rs. 850 Crores.
12) Analysis of Delinquencies
Mar- Dec- Mar- Dec- Mar- Dec-
20 20 21 21 22 22
Portfolio
64.83 98.50 168.56 142.74 241.20 334.60
O/s
PAR>0 7.36% 2.98% 3.90% 8.98% 1.07% 5.98%
PAR>30 7.24% 2.14% 1.27% 2.23% 0.95% 1.69%
PAR>90 1.02% 0.39% 0.02% 0.56% 0.02% 0.43%
PAR>180 0.94% 0.00% 0.00% 0.21% 0.00% 0.28%

Comments-
 Reason for increase in delinquency: As understood, the increase in PAR numbers

is cyclic. Borrowers wait for increase in prices for selling the stored commodities.
Disbursements against Commodities stored in March/ April falls due towards
December/January.
 At Jan-23, PAR>0 has come down to 5.18%.
Collection Efficiency
Curren
Curren t and Over All
Openi Mont Monthl Over Prepay
t OD collectio
ng hly y Due ment
Collect collect n
Overd Dema Collect collect Collecti
Month ion ion Efficienc
ues nd ion ion on
Efficie Efficie y
ncy C ncy
(₹ in (₹ in (₹ In /B (%) (₹ in F=(C+E H=(C+E+
(₹ in Cr)
Cr) Cr) Cr) Cr) )/B G)/B
A B C D=C/B E F G H
Apr-22 2.48 6.16 1.15 18.67% 0.61 28.57% 30.33 520.94%
198.96
May-22 6.87 3.86 2.49 64.51% 5.19 34.30 1087.56%
%
100.00
Jun-22 3.05 4.05 2.45 60.49% 1.60 53.01 1408.89%
%
Jul-22 3.04 7.44 2.24 30.11% 0.85 41.53% 42.23 609.14%
Aug-22 7.40 9.14 1.95 21.33% 3.48 59.41% 64.52 765.32%
137.54
Sep-22 11.11 8.47 3.47 40.97% 8.18 58.96 833.65%
%
Oct-22 7.93 7.97 1.76 22.13% 3.92 71.35% 74.31 1003.80%
Nov-22 10.22 11.24 4.83 42.98% 5.80 94.60% 101.06 993.29%
Dec-22 10.82 25.91 10.67 41.16% 6.07 64.58% 59.28 293.36%
118.66
Jan-23 20.00 22.77 12.72 55.84% 14.30 93.64 529.89%
%
Comments-
Overall collection efficiency is more than 100% due to high prepayments and Bullet
Repayments.

12 b) Comments on Write-offs, Restructuring and Provisioning: Rs. in Crore
31.3.20 31.03.20 31.03.20 31.03.20 30.06.20 30.09.20 31.12.20
19 20 21 22 22 22 22
Audited Audited Audited Audited Prov. Prov. Prov.
Gross
0.15 0.20 3.67 0.95 0.95 0.95 0.95
NPAs
Provisio
n for 0.01 0.02 3.32 0.95 0.95 0.95 0.95
NPAs
Net
0.13 0.18 0.35 0.00 0.00 0.00 0.00
NPAs
Gross
Advanc 27.25 64.83 168.55 230.22 477.78 357.38 334.84
es
Gross
NPAs /
Gross 0.55% 0.31% 2.18% 0.41% 0.20% 0.27% 0.28%
Advanc
es
Net
Advanc 27.24 64.81 165.23 229.27 476.83 356.43 333.89
es
Net
NPAs /
Net 0.48% 0.28% 0.21% 0.00% 0.00% 0.00% 0.00%
Advanc
es
Loan
Write 0.00 0.00 3.67 0.52 0.00 0.00 0.00
off
Comments:
There was a single case of fraud/ theft against the company in Q1 of FY 22 amounting to
Rs.95 lakhs where Stock was moved out with connivance of an employee and a borrower
from the State of Gujarat (provisioned @100%). The matter is under investigation by
Police. Based on the outcome of the investigation, insurance claim shall be filed.
Aryadhan is duly covered by insurance coverage on account of theft, burglary and
employee fraud (fidelity insurance). At present, this is the only case under NPA. Whole
outstanding of Rs.0.95 Crores is provisioned for.
There was an incident of Fire in FY22 where stock worth Rs. 0.62 Crores was burnt where
recovery on sale was around Rs. 0.08 Crores and remaining Rs. 0.52 Crores is written off
as mentioned in the table above. The company has filed a claim with the insurance
company and on settlement of the same income shall be booked accordingly.
Portfolio cuts, and PAR analysis details (Statewise, Tenorwise, etc) are annexed in
Annexure-5.

13) Comments on Overall Liquidity:
ALM: There is no negative cumulative mismatch in any of the bucket.
Cash Position: Rs. In Crore
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Particulars
-22 -22 -22 -22 -22 -22 -22 -22 -22 -23
Opening Free Cash 86. 102 74. 61. 68. 106 100 140 130 94.
in Hand/Bank (a) 22 .52 53 46 61 .44 .69 .78 .20 57
176. 131. 103 45. 70. 76. 93. 141 83. 126
Add: Inflows (b)
02 46 .49 06 75 42 19 .96 74 .44
159. 159. 116 37. 32. 82. 53. 152 119 107
Less: Outflows (c)
72 44 .56 91 93 17 10 .53 .38 .52
Closing cash in 102 74. 61. 68. 106 100 140 130 94. 113
hand/bank (a+b-c) .52 53 46 61 .44 .69 .78 .20 57 .49
The company has cash & bank balance of Rs. 113.49 Crores at the end of Jan-23 (Rs. 94.57
Crores at Dec-22). Lien marked FDs are excluded for drawing cash flow.
The company generally keeps 3-4 months of liquidity to meet Repayment (Principle +
Interest) and Opex obligations.
Presently, company has proposals of ~Rs. 100 Crores including Utkarsh Small Finance
Bank.
Detailed Cash Flow and ALM analysis given at Annexure 6.
14a) Benchmark Ratios & Interest Rate Compliance
Company’s Actual as
S. No. Benchmark Ratios Criteria
on (Dec’22)
1 CRAR Minimum 18% 64.89%
2 TOL / ATNW Maximum 6x 1.00x
3% (Max), however given the
current pandemic impact the same
3 Net NPA Nil
can be relaxed for a reasonable
period on case-to-case basis.
No cumulative negative
4 ALM Mismatch Not within 1 year bucket
mismatch within 1 year
Share of Banking
Exposure in overall
5 Minimum 15% 43.90%
Resource Profile of
the NBFC
Our Exposure /
1.60% (Existing)
6 Tangible Net Worth of Maximum 20%
8.55% (Proposed)
borrower

Statutory compliance on Interest Rate:
1 Whether ROI offered is Fixed or Floating Floating

2 Rate of Interest proposed for current loan 11.25%
3 Fixed Rate of Interest No
3 Fixed Rate of Interest - One year MCLR NA
Whether ROI offered > One year MCLR
4 NA
[Fixed ROI offered cannot be below 1 yr MCLR]
5 Floating Rate of Interest Yes
6 Whether floating ROI Linked with External Benchmark Not Applicable
7 Reset frequency – Quarterly Yes
15) Regulatory checks & Prudential Exposure Norms:
15 a) Adherence done & Prudential Exposure Norms as below:

S. No. Defined Prudential Criteria Whether
Exposure Limit Complied
1 For Single Borrower within 5% of capital funds Yes
Exposure: (Tier I and Tier II capital) OR
20% of eligible Tier I capital
2 For Group Exposure: within 7.5% of capital funds Yes
(Tier I and Tier II capital) OR
25% of eligible Tier I Capital
3 Internal limit for aggregate 10% of the overall advances Yes

exposure to all NBFCs put as on the last completed
together quarter of the current
Financial Year.
4 Internal sub-limit (within 25% of the internal limit Yes
Internal Limit): defined for aggregate
Aggregate exposure to all exposure to all NBFCs put
NBFCs, having gold loans to together
the extent of 50 per cent or
more of their total financial
assets, taken together
15 b) Adherence done with regulatory and other checks: Detailed in Annexure-7
16) Any Other Matter of Material Importance- Nil

17) Key Risks and its Mitigants (From Risk Management Dept)
Key risks and it mitigates.
# Description of Key Risk Mitigants
1 AFSPL Top 20 Borrower Exposure share Nature of product of the company is not retail
increased from ~24% to ~36% of AUM in individual loan, these are primarily business
span of Seven Months loans. More than 95% of the loans carry LTV
within 80%. The Company follows strong credit
AFSPL Top 20 Borrower Exposure as per appraisal methodology where for ticket size
last sanction as on March 31, 2022 was ₹ above 1 Crore, they will assess the case basis
56.8cr and as on December 31, 2022 it Bank Statement and Financials with other due
jumped to ₹121.2cr. Such a sharp spike diligence including reference checks. Exposure
in high ticket exposures though backed of top 20 borrowers has increased however
by collateral & of short tenor exposure average ticket size as on December is 63 lakh
do proposes concentration risk & is a key only and delinquency of the portfolio and the
concern w.r.t Asset Quality in case of any collection efficiency are also well controlled.
of such exposure goes bad.
Arya Collateral has Price Monitoring System in
place with reference to which it issues Margin
Call Letters for reduction in coverage beyond
stipulation for the particular commodity. If
margin call is not responded by way of Payment
or providing additional acceptable commodity,
liquidation takes place as per process.
The company is focusing on warehouse receipt
funding being in sync with business of Parent
Company and financing on commodities stored
in professional warehouses under the control of
Arya Collateral only.
2 AFSPL resource profile comprises of Share of bank share increased from 14% in April
low share from Banking Channel 22 to 24% (At outstanding level share of Banks)
as of December 2022. Share of Banks in the
AFSPL over all borrowings as on total resource profile is 43.90% including
December 31, 2022, was ₹220.1cr and unutilized working capital limits of Rs. 70
Bank’s share in the total borrowings was Crores from HSBC Bank and unutilized ODFD
only 24% which is on a lower side and Limit from Yes Bank.
thus the cost of fund for AFSPL is
relatively higher. Latest sanction from HSBC in Dec-22 is at ROI of
8.58% and SBI in Nov-22 is at ROI of 9.65%.
Going forward, with the increase in vintage of
the operations, the company’s funding from
banks is presumed to be increased with
reduction in rates (as can be seen from the
trend mentioned above).
Presently, the company has proposal of around
Rs. 100 crores from banks including our bank in
advanced stage of sanction process.

3 AFSPL profitability in higher interest There is regular improvement in bank
rate regime highly susceptible borrowing, recently company has got the
sanction of Rs. 70.00 Crores from HSBC @ 8.58%
AFSPL average borrowing rate is ~11.25% of ROI and SBI has sanctioned@ 9.65%. Going
and average processing fee paid is forward with the increase in vintage of the
~0.50% whereas average lending rate is company, cost of funds is presumed to be
~12.60% and average processing fee decreased by way of borrowing from banks as
charged ranges between 0.80% to 1%. well as NBFCs where company is planning to
Profitability is on account of adequate add more from banking channel.
level of capital invested in the company.
Parent Company’s support in liquidity
AFSPL operational profitability would be management by way of regular fund infusion
under pressure in case of rising cost of has also given lenders additional comfort in its
fund regime & AFSPL inability to pass on risk management.
higher cost to its clients.
In the increasing regime of interest rates, peers
will also increase the interest rates. Aryadhan
Financial Solution Pvt Ltd has additional
comfort of funds in places without any cost
(funds from Arya Collateral). Further, Arya
Group is providing multiple integrated services
which increases stickiness of its clients.
4 AFSPL operational track record AFSPL is a 100% subsidiary of Arya Collateral.

limited. Aryadhan financing on commodities stored in
warehouses under the control of Arya
AFSPL started operations in FY19 only Collateral. The business model is such to
thus the operational track record is of provide integrated services under the roof of
only three years. This limitation added Arya Collateral. Arya Group has diversified in
with 100% dependency on the holding
terms of range of services provided by it
company for business growth, is a key
(Storage, Logistics, Audits & Surveillance,
concern going forward as AFSPL needs to
diversify its operations with other Procurement Facilitation, Consultancy, Stock
Warehouse Business Owners and with Certification, Buyer/ Supplier Collaboration,
more seasoning the real operational Financing, etc.) As informed by the
effectiveness will be exhibited by AFSPL. management as of now company does not
intend to diversify its operations with other
warehouse business owners.
NBFC Compliance Checklist as per ALCO approval:

# Description Reverts
1 Bank may avoid financing to the NBFC As per the best of our knowledge and visits
where there is doubt on end use of funds done along with credit team, we could not
find any misuse of funds borrowed for on
lending. In addition, we also use to obtain
end use certificate within the specified
utilization time with tagged receivable list
of clients certified by an external
Chartered Accountant (as per the
sanctioned terms and conditions). Apart

from this we also take book debts
certificate from management/CA certified
by on quarterly basis.
2 Bank may avoid financing to any NBFC The Company uses the funds for the
where part of the investments are not purpose as specified in sanction letter.
related to their regular business area. It Hence, there is no diversion of funds known
provides some signal of diversion of fund to us as per our records checked through
balance sheet of the company.
3 Bank needs to be more careful where

structure of the NBFC is more complex in As per the best of our knowledge the
terms of group company or related Company has not a complex structure.
company
4 Bank needs to be more careful in The Company is in comfortable position.

financing to any NBFC with rating of ‘BBB- Current rating of the Company is BBB- from
‘ as further small stress in the CRISIL, however company has sufficient
company/sector may lead to rating capital base, experienced senior
downgrade to non-investment grade management and strong board to manage
rating. the growth.
5 Bank need to be more watchful if any No such case, as the Company is growing
NBFC is reporting abnormal growth as carefully without any process lapse and
same may result into lapse in processes, compromising in asset quality. During our
compromising in asset quality and other pre-sanctioning visit with Credit team no
audit related issues. such instances were found.
6 NBFCs with no Asset Liability mismatch or As per the data provided by the company,
positive Asset Liability mismatch for the the Company is in comfortable ALM position
various time buckets should be preferred with no negative cumulative mismatch in
from financing point of view. any of the buckets.
7 Bank should prefer NBFCs where share of As on 31st December 2022 the company has
Bank funding is higher than share of total borrowing outstanding of ₹220.05
financing from NBFCs. As in the current crore out of which borrowing from Bank is
liquidity crunch, many of the corporate Rs. 24% at outstanding level, however it is
lending NBFCs will significantly slow down 44% including unutilized working capital
their funding to relatively smaller NBFCs. limits.
Hence NBFCs dependent on other NBFCs
for financing may lead to not able to
renew the facility.
Risk rating (Based on Revised Internal Rating Tool vetted by CRISIL research)
Name of Client M/s. Aryadhan Financial Solutions Private Limited

External Rating CRISIL BBB- (Positive)
Industry and Asset Class Risk 99%
Market Positioning 42%
Earning Quality 63%

Asset Quality 64%
Capital Strength 78%
Liquidity 79%
Management & Others 60%
Overall Score 67%
Explanation Fair
Nature of Case Moderate Safety
Internal Rating USFB 4
RAROC:
Benchmark Rate Actual Rate Deviation if any
Interest Rate based on 11.25% 11.25% No

RAROC
Interest rate benchmark 10.39%

as per Rate Matrix
Conclusion:
Aryadhan Financial Solutions Private Limited (AFSPL) is an existing client of the Bank with
w.e.f. May 2022. AFSPL open Term Loans as on date has the current outstanding as on
February 28, 2023, is ~₹3.75cr. The repayment record as on date is good with no delay of
a single day in schedule repayment. Major strengths of AFSPL are: -
a) The management team reflects an adequate level of depth of experience and
capability in the business of collateral management and warehousing of
agricultural produce. Aryadhan gets synergistic benefit from its parent company,
Arya Warehousing, in financing against agricultural collateral business.
b) AFSPL Net worth stood at ₹233.93cr as on December 31, 2022. AFSPL is having a
CRAR of ~65% as of December 31, 2022, which is way above the regulatory
requirement. Overall gearing is at 1x.
c) AFSPL GNPA- 90+DPD (including w/o) as per December 31, 2022, number is 0.43%
of AUM which is at comfortable level.
d) AFSPL had a Cash & Cash Equivalents Balance of ~ ₹95 Crores as on December 31,
2022. The company generally keeps liquidity to meet 3-4 months Debt repayment
and Opex obligations. ALM statement as of December 31, 2022, reflects no
cumulative negative mismatch in any of the buckets.
AFSPL is externally rated by CRISIL BBB- with Positive outlook. The Internal Rating of
AFSPL is USFB 4.
The key risks as highlighted above and given the justified remarks on the same. Risk
management supports for Enhancement in Term Loan for ₹16.25cr to AFSPL with
door-to-door tenor of 12 months, subject to following covenants:
 Based on RBI recent instruction of not reckoning External Rating of Rating

Agencies if it is not disclosed, we should also add a penal clause and charge

extra interest if the same is not complied by the Company through ECRAs
within an agreeable period.
 The overall (WSL + Treasury) NBFC industry exposure at Bank level with this
disbursement should not cross ₹ 1250 cr.
18) Justification, Deviation, Delegation & Recommendation (From Credit Dept): -
Justification for the Proposal –


 Experienced Promoters and Senior Mangement
 Availability of effective liquidation mechanism
 Comfortable liquidity position
 Operational linkages, synergies and financial support from the parent. Arya
Warehousing also keeps track of commodity prices and ensures Aryadhan sends
margin call notices to the borrowers
 Adequate capital position, supported by regular equity infusion
Delegation for the Proposal –

As per the Credit Approval Authorization Matrix (approved by the Board of the Bank in the
Board meeting held on Sep. 17, 2022 and vide circular no. USFB/CIR/CREDIT/2022-
23/07/115 dated Oct. 10, 2022), the delegation of powers vested with Senior Management
Credit Committee (SMCC) of the Bank for lending to Wholesale Corporates are upto ₹20.00
Crore to Borrowers with external rating below “A-“ or “Unrated” and upto ₹30.00 Crore
to Borrowers with external rating “A- & above“ and upto ₹40.00 Crore to Group with
external rating “A- & above”.
Given the proposed Exposure is of ₹20 Crores (existing + Proposed) and minimum external
rating of “BBB-” rated by CRISIL, present proposal falls under the purview of SMCC.
Accordingly, proposal is presented to SMCC for its approval.
Recommendation
Aryadhan Financial Solutions Private Limited is engaged in providing warehousing receipt
financing for the commodities stored under the control of its parent company Arya
Collateral Warehousing Services Private Limited. Aryadhan was incorporated in 2017
however it has expertise of above 2 decades through its parent company under whose
flagship it is into lending business. Arya Collateral is engaged in providing warehousing
and management of stocks primarily agricultural products. The company offers
warehousing and collateral management, audits and surveillance, financial inclusion and
priority sector assistance, quality certification, and assaying services. ACWSPL works with
farmers, farmer organizations, financial institutions, agriculture corporations,
development actors, commodity exchanges, and international players. The company’s
clientele includes ADM, Britannia, ITC Limited, Axis Bank, HDFC Bank, ICICI Bank, Yes
Bank, and RBL Bank.

Based on operations in 14 states, existing clientele, comfortable capital profile, scope for
deepening WRF Funding, availability of effective liquidation mechanism and comfortable
liquidity position; Additional Term loan of ₹16.25 Crores is being recommended.
Meeting at Borrower’s Corporate office at Noida, Uttar Pradesh was held on Mar 03, 2023.
The meeting was physically attended by Mr. Arjitkumar Manbahadur Singh (Credit Analyst,
Wholesale Banking) and Mr. Chandrasekhar Mahto (Relationship Manager- Wholesale
Banking-NBFC).
SMCC’s approval is being sought for the sanction as per terms and conditions detailed in
the Appendix to this note and summarized as below:
Detailed in the Appendix.
Recommended by:
Kanak Baid
(Credit Analyst, WSL Credit)
Kamal Amarlal Kapoor Mohit Wahi

(Head, Credit – Wholesale Lending) (Business Head, WSL – NBFC)

Final Loan Term Sheet
Amount Rs. 16.25 Crore
Nature Term Loan
Tenor 12 Months
Repayment Monthly
Frequency
Principal 12 Monthly
Interest 1st working day on subsequent month
Interest Rate 11.25% Floating with Quarterly Reset (364 days T Bill Rate, 6.97%
+ 4.28% spread)
Processing Fee 0.25% plus applicable taxes (Upfront)
Documentation Rs 15,000 plus applicable taxes (Upfront)

Charges
Monitoring Rs 15,000 plus applicable taxes (Annually)

Charges
Primary Security Primary: 1.10 x of Receivables. First and exclusive charge on Book
Debts/Loan assets of the Company to the extent of 110% of the
exposure created out of Utkarsh Small Finance Bank Ltd funding.
Cash Collateral 5% of the Loan Amount sanctioned in the form of FDR duly marked
lien in favour of Utkarsh Small Finance Bank till the entire tenor
of the loan (to be obtained before disbursement of the loan).
Personal Nil
Guarantee
Corporate Arya Collateral Warehousing Services Private Limited
Guarantee
Facility Purpose Onward lending in normal course of business
Source of Clients Repayment
Repayment
Date:
Place: VARANASI

Contents
Appendix Terms and Conditions
Annexure -1 Dedupe Checks
Annexure -2 Shareholding of Promoter Group companies and its description
Annexure- 3 Management background
Annexure- 4 Borrowing Profile
Annexure- 5 Portfolio cuts and PAR analysis
Annexure-6 ALM and Cash Flow analysis
Annexure-7 Adherence done with regulatory checks
Annexure-8 Products and Processes
Annexure-9 External Rating
Annexure-10 TOP 20 Borrowers
Annexure-11 Details of Group Companies

Appendix
Terms and Conditions:
A) Facility Term Loan
1 Limit ₹16.25 Crore
2 Currency ₹
 For onward lending in the normal course of business
3 Purpose  The funds cannot be utilized for onward lending or Capital Infusion
into any subsidiary or associate Company / associate NBFC.
4 Tenor of the loan 12 months
Primary: 1.10 x of Receivables. First and exclusive charge on Book
5 Security Debts/Loan assets of the Company to the extent of 110% of the
exposure created out of Utkarsh Small Finance Bank Ltd funding.
5% of the Loan Amount sanctioned in the form of FDR duly marked lien
6 Cash Collateral in favour of Utkarsh Small Finance Bank till the entire tenor of the
loan (to be obtained before disbursement of the loan).
11.25% Floating with Quarterly Reset (364 days T Bill Rate, 6.97% +
7 Rate of Interest
4.28% spread)
8 Processing fees 0.25% plus applicable taxes (Upfront)
Documentation
9 ₹ 15000 plus applicable taxes
Charges
Annual Monitoring
10 ₹ 15000 plus applicable taxes
Visit Charges
Personal Nil
11
Guarantee
Corporate Arya Collateral Warehousing Services Private Limited
12
Guarantee
Subsequent to each disbursement, the borrower shall submit list of
beneficiaries, amount of loan and purpose of loan utilization, signed
by a Chartered Accountant, within 60 days from the loan disbursement
date.
13 Draw down / Disbursement of loan is subject to:

(a) Tranche
 Utkarsh Small Finance Bank Ltd being satisfied regarding the
financial performance, portfolio quality, recovery rate, utilization
of loan etc.
 The borrower fulfilling all the obligations, as stipulated by RBI
applicable to NBFCs
13
Utilisation Period 30 days
(b)
The Loan shall be repaid in 12 Monthly Principal & Interest
instalments.
The repayments made shall be appropriated in the following order
a) Firstly, towards interest including additional interest payable
Tenor/Repayment under the loan agreement.
14
schedule b) Secondly, towards further interest and liquidated damages on
defaulted amounts
c) Thirdly, towards penalty on prepayment
d) Fourthly, towards repayment of instalment of principal due and
payable under this agreement

The borrower shall remit the repayment amount as per repayment
schedule of this agreement in the designated account of Utkarsh Small
Mode of Finance Bank Limited or shall provide a Debit Mandate/NACH from
15
Repayment their CC/OD accounts maintained with the Bank that has 10 per cent
or more of the exposure of the banking system of the borrower as per
guidelines Reverse Bank of India.
Interest payment Interest would be payable monthly, on the first working day of
16
frequency subsequent month, starting from the month of draw down.
Interest
17 Interest will be calculated on 365 days basis
calculation
If the Borrower wishes to prepay the facility amount, it may do so with
payment of Prepayment Premium of 2.0% on principal amount of the
loan prepaid The borrower will have to give advance written notice of
18 Prepayment 60 days, disclosing intention for foreclosure/ prepayment and the
source for the money for such foreclosure/ prepayment. The Lender
shall be entitled to reject any notice which is not given in advance of
60 days
Pre-commitment
19 Not Applicable
Conditions
i) The Company shall not invest / lend/extend advances to group or

subsidiary companies without written approval of the Bank.
ii) The borrower undertakes that the proposed term loan will be
covered under the rating with existing credit rating agency (CRISIL)
and same will be provided within period of 90 days from date of
disbursement to Utkarsh Small Finance Bank Ltd (USFBL).
iii) The borrower shall not issue corporate guarantee on behalf of its
group/sister concerns without prior written approval of Utkarsh
Small Finance Bank Ltd.
iv) Subsequent to each disbursement, the borrower shall submit list of

beneficiaries, amount of loan and purpose of loan utilization, duly
certified by a Chartered Accountant, within 60 days from the loan
20 Special Conditions
disbursement date
v) If the Bank finds that the profitability, the cash flow, and other
circumstances so warrant, the Bank may, on prior intimation to the
borrower, advise the borrower to prepay the loan on dates earlier
than the dates set out in the repayment schedule and also to
increase the repayment instalment amount.
vi) Utkarsh Small Finance Bank Ltd shall have the right to recall the
entire loan if it is not satisfied with the proper end use of funds or
the borrower commits default in payment of instalment towards
principal and/or interest on due date(s) or in the event of breach
or violation of any terms and conditions of the loan agreement
vii) The borrower shall agree to carry out the lending operations with
due diligence and efficiency, sound business practices and in

accordance with the code of conduct stipulated by Reserve Bank
of India (RBI) for Non-Banking Finance Companies (NBFC)
viii) All case of frauds/defalcation shall be reported forthwith to

Utkarsh Small Finance Bank Ltd with action taken/proposed report
ix) The company shall not invest/lend/extend advances to group or

subsidiaries companies without prior written approval of Utkarsh
x) The borrower shall not issue corporate guarantee on behalf of its

group/sister concerns without prior written approval of Utkarsh
xi) In the event of default committed by the company in complying

with the provisions of the Loan Agreement to be entered into by
the company for availing the present facility, the same shall be
deemed to be a default committed by the company under any Loan
Agreement / Facility Agreement entered into by the company for
availing any other facility / facilities.
xii) In the event of default committed by the company under any Loan
Agreement / Facility Agreement entered into by the company for
availing any other facility / facilities, the same shall be deemed to
be a default committed by the company under the provisions of
the Loan Agreement to be entered into by the company for availing
the present facility.
xiii) The facility either in part or full will not be used for investment
in Capital market, land acquisition, acquiring equity shares of
Indian company/ies, buyback of shares of Indian company or any
other purpose, which is prohibited or any illegal activity.
xiv) Utkarsh Small Finance Bank Ltd reserves the right to stipulate
such additional conditions at its sole discretion prior to the
disbursement of its above-mentioned committed amount.
xv) Utkarsh Small Finance Bank Ltd shall have right to sell, assign,
transfer or otherwise dispose of or any part of the rupee term loan
at any time.
xvi) The company shall furnish a certificate from a Chartered

Accountant regarding the utilization of fund / book debts within
60 days from the date of disbursement of each tranche of the Term
loan.
xvii) The loan sanction letter would be valid for 30 days from the
date of issue, within which the Company would be required to send
their acceptance of the sanction letter, as a token of their
acceptance of the stipulated terms/conditions with the duly
completed documentation.

xviii) M/s Aryadhan Financial Solutions Private Limited shall submit
quarterly reports on book debts duly certified by the practicing
Chartered Accountant/Chartered Accountant Firm. Any loan with
overdue of 90 days plus would be replaced by the customer with
fresh pool of 0 DPD. The borrower will share this certificate in
totality mentioning name and respective margin of the all other
lenders.
xix) Irrevocable Power of attorney in favour of Utkarsh Small

Finance Bank Ltd. to recover Book Debts directly from the
borrower and to create mortgage in favour of Utkarsh Small
Finance Bank Ltd. in the event of default by the Company
xx) At the time of sanction, the borrower shall provide a declaration

regarding their Unhedged Foreign Currency Exposure (UFCE). The
borrower shall subsequently provide such exposure certificates at
quarterly intervals within 45 days from the close of each quarter,
on self-certification basis. However, at least on an annual basis,
the borrower shall provide the certificate regarding UFCE, duly
certified by their statutory auditors prior to October 31st of every
year for the preceding financial year or declaration on UFCE has to
be mentioned in Audited Financial Statement.
xxi) The borrower would obtain Legal Entity Identifier (LEI)

registration within the stipulated timeline, as prescribed by the
Reserve Bank of India.
xxii) The Bank shall recover principal and interest, as and when due
from the borrower in the designated account of Utkarsh Small
Finance Bank Limited or shall provide a Debit Mandate/ NACH from
their CC/OD accounts maintained with the Bank that has 10
percent or more of the exposure of the banking system of the
borrower as per guidelines of Reserve Bank of India.
xxiii) The Borrower shall provide required approval to USBFL to

access its data from any Credit Information Company (CIC) in order
to ascertain the performance of its portfolio.
xxiv) Compliance with specific environmental & social management

conditions: Borrower confirms that:
Borrower shall not utilize funds borrowed from USFBL in providing
loans, funding or other support to Clients engaged in any of the
activities mentioned in the below activities
- Production or trade in any product or activity deemed illegal under

host country laws or regulations or international conventions and
agreements, or subject to international bans such as
pharmaceuticals, pesticides / herbicides, ozone depleting
substances, PCB’s, wildlife or product regulated under CITES.
- Production or trade in weapons and munitions.

- Production or trade in alcoholic beverages (excluding beer and
wine) This does not apply to project sponsors who are not
substantially involved in these activities. “Not substantially
involved” means that the activity concerned is ancillary to a
project sponsor’s primary operations.
- Production or trade in tobacco.
- Gambling, casinos and equivalent enterprises.
- Pornography
- Production or trade in radioactive materials. This does not apply
to the purchase of medical equipment quality control
Measurement) equipment and any equipment which the company
considers the radioactive source to be trivial and/ or adequately
shielded.
- Production or trade in unbonded asbestos fibers. This does not
apply to purchase and use of bonded asbestos cement sheeting
where the asbestos contend is less than twenty percent. (20%)
- Drift net fishing in the marine environment using nets in excess of
2.5 KM in length.
- Production or activities involving harmful or exploitative forms of
forced labour/harmful child labour. Forced labour means all work
or service, not voluntarily performed, that is extracted from an
individual under threat of force or penalty. Harmful child labour
means the employment of children that is economically exploitive,
or is likely to be hazardous to, to interfere with, the child’s
education, or to be harmful to the child’s health, or physical,
mental, spiritual, moral or social development.
- Production, trade, storage, or transport of significant volumes of
hazardous chemicals, or commercial scale usage of hazardous
chemicals. Hazardous chemicals include gasoline, kerosene, and
other petroleum products.
- Production or activities that impinge on the lands owned, or
claimed under adjudication, by indigenous peoples, without full
documented consent of such peoples.
- Prostitution.
xxv) The borrower undertakes that the proposed loan is not

extended for any activities undertaken by borrower which are not
eligible for bank credit as below:
a) Bills discounted / rediscounted by NBFCs, except for rediscounting
of bills discounted by NBFCs arising from sale of –
- commercial vehicles (including light commercial vehicles), and
- two-wheeler and three wheeler vehicles, subject to the following
conditions:
- the bills should have been drawn by the manufacturer on dealers
only;
- the bills should represent genuine sale transactions as may be
ascertained from the chassis / engine number; and
- before rediscounting the bills, banks should satisfy themselves
about the bona fides and track record of NBFCs which have
discounted the bills.

b) Investments of NBFCs both of current and long-term nature, in any
company / entity by way of shares, debentures, etc. However,
Stock Broking Companies may be provided need-based credit
against shares and debentures held by them as stock-in-trade.
c) Unsecured loans / inter-corporate deposits by NBFCs to / in any
company.
d) All types of loans and advances by NBFCs to their subsidiaries,
group companies / entities.
e) Finance to NBFCs for further lending to individuals for subscribing
to Initial Public Offerings (IPOs) and for purchase of shares from
secondary market.
Operational terms and conditions

The term loan facility are available for a period of 12 months
subject to review at periodical intervals wherein the facility may
Period of sanction
be continued/cancelled/reduced depending upon the conduct and
utilization of the facilities.
Inspection will be conducted at half yearly intervals by the Bank’s
functionaries. Inspections, if required will also be conducted by
Inspection
the Bank’s concurrent auditors or statutory auditors or officials of
RBI or any other re-financing agency
Provisional: within three months from the close of the accounting
Audited/unaudited year and within period of 60 days from end of each quarter.
financial Audited: within six months from the close of the accounting year
statements or within 15 days from filing with the regulator whichever is
earlier.
The Company shall create security stipulated by the Bank in a
Creation of form and manner satisfactory to the Bank prior to disbursement
charges and shall file particulars of charges with the Registrar of
Companies as prescribed by law.
i) Interest payable to unsecured lenders will be subservient to the
interest payable to Utkarsh Small Finance Bank Ltd.
ii) Company shall ensure that a minimum CRAR as per regulations

is maintained during currency of the loan.
iii) The company shall pay penal interest Default Interest Rate at
2% over the Documented Rate, which shall be levied from the
date of default of any of the covenants noted as under till the
date of compliance
Special Conditions
iv) The Bank reserves the unconditional right to cancel the
outstanding un-drawn commitments advanced/ to be advanced
under the CAL and/ or transaction documents (either fully or
partially) without giving any prior notice to the Borrower, on
the occurrence of any one or more of the following:
i. In case the overall limits/part of the overall limits are not
utilized by the borrower; or
ii. In case of deterioration in the creditworthiness of the
borrower in any manner whatsoever; or

iii. In case of non-compliance of the terms and conditions of
the transaction documents and/or CAL.
v) For the purpose of this clause, ‘deterioration in the

creditworthiness’ shall mean and include without limitation,
the following events:
a) downgrade of the rating of the borrower by a credit rating
agency;
b) inclusion of the borrower and/or any of its directors in the
Reserve Bank of India’s wilful defaulters list;
c) closure of a significant portion of the borrower’s operating
capacity;
d) any adverse comment from the auditor; and
e) any other reason/ event in the opinion of the Bank
constituting or which may constitute deterioration in the
creditworthiness
vi) The Borrower shall provide all information as may be

required by the Bank/ Lender from time to time in relation
to its foreign currency exposures and hedging details in
relation thereto.
vii) In the event of any change in applicable laws/ regulations

(including regulatory/statutory requirements pertaining to
provisioning norms and/or risk weightage), the Bank/
Lender shall have the right to recover the cost, in any
manner that it deems fit, including by way of revision in
spread/applicable rate.
viii) The Borrower will keep the Bank advised of any

circumstances adversely affecting their financial position
including any action taken by any creditor, Government
authority against them.
ix) The borrower will furnish information/documents including

quarterly/annual financial accounts as may be required by
the Bank for review of credit facility now sanctioned.
x) The borrower shall pay the charges to the Bank as per the
Banks standard schedule of charges for various services
rendered by the Bank.
xi) The Bank may at its sole discretion disclose such information
to such institution(s) / bank in connection with the credit
facilities granted to the borrower if requested by them.
xii) Loans to directors/ associates and other related entities

shall be made only with our prior consent in writing.
xiii) The borrower shall adhere to any other covenants stipulated

by the Bank from time to time.

xiv) The Bank will have the right to examine at all times, the
borrower’s books of accounts and to have the its offices/
sites inspected from time to time by officer(s) of the bank
and / or qualified auditors and / or technical experts and /
or management consultants of the Bank’s choice. Cost of
such inspection shall be borne by the borrower.
xv) The borrower shall not make any drastic change in its
management set up without the permission of the Bank.
xvi) Any other terms and conditions, which are not specifically
covered herein but stipulated in the sanction, should be
strictly complied with, including those stipulated by
other banks, if any, under multiple banking
arrangements.
xvii) The Bank will be free to suitably modify the terms and
conditions detailed above whenever considered necessary.
This will be done in consultation with the borrower.
xviii) The Bank reserves the right to discontinue the facility and
to withhold/stop any disbursement without giving any notice
in case of non-compliance/breach of any terms and
conditions stipulated herein and from time to time as also
in the relevant documents or any information/particulars
furnished to us is found to be incorrect or in case of any
development or situations in the opinion of the bank, its
interest will be/is likely to be prejudicially affected by such
continuation or disbursement.
xix) The borrower not to pay any consideration by way of

commission, brokerage, fees or any other form to guarantors
directly or indirectly.
xx) The Borrower and Guarantor(s) shall be deemed to have

given their express consent to the Bank to disclose the
information and data furnished by them to the Bank and also
those regarding the credit facility/ies to the Credit
Information Bureau (India) Ltd. (“CIBIL”), upon signing the
copy of the sanction letter. The Borrower and Guarantor(s)
further agree that they shall further execute such additional
documents as may be necessary for this purpose.
xxi) In the event of the borrower committing default in the

repayment of term loan instalments or payment of interest
on due dates, Utkarsh Small Finance Bank Ltd. shall have an
unqualified right to disclose the names of the Borrower and
its directors to the Reserve Bank of India (RBI). The borrower

shall give its consent to Utkarsh Small Finance Bank Ltd. and
/ or to RBI to publish its name and the names of its directors
as defaulters in such manner and through such medium as
Utkarsh Small Finance Bank Ltd. in their absolute discretion
may think fit. The aforesaid right shall be available to
Utkarsh Small Finance Bank Ltd. in addition to and not in
derogation of any other rights available under the Loan
Agreement or the General Conditions, as the case may be.
xxii) The Credit facilities granted will be subject to RBI guidelines

/ Bank’s policies from time to time.
xxiii) Company should not induct a person who is a director on the

Board of a Firm/Company, which has been identified as a
wilful defaulter. In case such a person is found to be on the
board of the Company, it would take expeditious and
effective steps for removal of the person from its Board.
xxiv) This sanction does not vest with the Borrower any right to
claim any damages against the Bank for any reason
whatsoever.
xxv) Confirmation to be submitted by the Borrower that the

amount of drawdown to be availed from USFB from time to
time (multiple tranche drawdown) will remain
unencumbered till the loan is fully deployed by us within
stipulated timeline and appropriate charge on the
underlying receivables pool in created in favour of USFB (30-
60 days) as per sanction terms.
xxvi) Confirmation to be submitted by the Borrower that the loan

to be availed from USFB by borrower will not be
released/provided to any Associate / Subsidiary company
(Equity / Investment / Unsecured loan / Fixed Asset creation
or any other form) during the tenor of loan.
xxvii) Confirmation to be submitted by the Borrower that without

prior written approval from USFB, borrower will not
establish/ form any new associate / subsidiary company
during the tenor of loan.
xxviii) The undertaking from the Borrower Company M/s

Aryadhan Financial Solutions Private Limited stating that
the end utilization of the funds from the loan proceeds
shall be used for the onward lending in the normal course
of business. The Borrower Company shall not utilize the
funds for onward lending to the subsidiary / associate
company in any form or manner and submit the written
undertaking to this confirmation prior to disbursement.

xxix) Declaration from M/s Aryadhan Financial Solutions Private
Limited on Multiple Banking Arrangement and Credit
Facilities being availed as per Annexure-1 of RBI Circular-
RBI/2008-2009/354 UBD.PCBNo. 36/13.05.000/2008-09
dated January 21, 2009
Default Rates-Penal Interest

Facility
Sl. / Nature Proposed default interest rate
Reckoning of default interest
No of (p. a.) payable monthly
Default
Penal In case of any default / delay in the Penal Interest @ 2% P.A. shall be
Interest repayment of principal instalments or charged on the outstanding
1. payment of interest, charges or both amount for the defaulted /
or other monies due on the facility. delayed period (calculated from
due date till the date of payment).
Penal Non-Submission or Delayed Penal Interest @ 2% P.A. shall be
interest submission of Book Debts / charged on the outstanding
Receivables Hypothecated to USFB amount for the defaulted /
2.
within 45 days from end of the delayed period (calculated from
quarter starting post the date of LUC due date till the date of
submission submission).
Penal Delay in submission of audited Penal Interest @ 2% P.A. shall be
interest financials as on 31st March of every charged on the outstanding
year amount post 30 days from the due
date allowed as per regulatory
3.
timelines for audited financials for
the defaulted / delayed period
(calculated from due date till the
date of submission).
Penal GNPA > 3% in any quarter (Half yearly Penal Interest @ 2% over and above
4.
interest testing ~ Mar & Sep) the documented rate shall be
Penal Capital Adequacy Ratio < 20% (to be charged on the outstanding
5. interest tested based on half yearly numbers – amount from the date of default of
March & Sep) any of these covenants till the
Penal Leverage of the Company (Total date of compliance.
interest Outside Liabilities/TNW, including
CCPS) > 3x shall be reckoned after
6. adjustment for contingent liabilities
and investment in subsidiaries. (to be
tested based half yearly numbers –
March & Sep).
7. Increase External Rating falls by one notch Rate of Interest shall be increased
in Rate from existing rating “BBB-“ from by 2% p.a. over and above the
of CRISIL Ratings. documented rate on the
Interest outstanding amount in case of
breach in rating covenant.
Covenant mentioned in clause 1 will be tested as and when repayments due. Covenant
mentioned in clause 2 and clause 4 will be tested on quarterly basis. Covenant mentioned
in clause 3, 5 & 6 will be tested on yearly basis and covenant mentioned in clause 7 will
be tested as and when next rating done.

Annexure-1 Dedupe Checks
CIBIL Checks
CIBIL CIBIL Report Delinquencies, if
Name of Company/Directors Remarks
Score Date any
ARYADHAN FINANCIAL SOLUTIONS Nil
NA 10.03.2023 -
PRIVATE LIMITED
ARYA COLLATERAL WAREHOUSING CMR- 10.03.2023 Nil -
SERVICES PRIVATE LIMITED 1
ARYADHAN FOUNDATION FOR 10.03.2023 Nil
NA -
EQUITABLE AGRICULTURE
ARYATECH PLATFORMS PRIVATE 10.03.2023 Nil
NA
LIMITED
ANAND CHANDRA 796 10.03.2023 Nil -
DEVARAJAN CHATTANATHAN 805 10.03.2023 Nil -
MARGAPURI PRASANNA RAO 790 10.03.2023 Nil -
NA- Not Available
Other Due Diligence:
Due Diligence Date of Remarks

Check
CRILC ARYADHAN FINANCIAL SOLUTIONS 10.03.2023 Reported Standard by lending banks. No

PRIVATE LIMITED adverse observation.
ARYA COLLATERAL 10.03.2023 Reported Standard by lending banks. No

WAREHOUSING SERVICES PRIVATE adverse observation.
LIMITED
ARYADHAN FOUNDATION FOR 10.03.2023 No match found
ARYATECH PLATFORMS PRIVATE 10.03.2023 Reported Standard by lending banks. No
LIMITED adverse observation.
ANAND CHANDRA 10.03.2023 No match found
DEVARAJAN CHATTANATHAN 10.03.2023 Reported Standard by lending bank (ICICI).

No adverse findings.
MARGAPURI PRASANNA RAO 10.03.2023 No match found
KUSHAL AGRAWAL 10.03.2023 No match found
CFR ARYADHAN FINANCIAL SOLUTIONS 10.03.2023 No match found

PRIVATE LIMITED
ARYA COLLATERAL 10.03.2023 No match found

WAREHOUSING SERVICES PRIVATE
LIMITED
ARYADHAN FOUNDATION FOR 10.03.2023 No match found


ARYATECH PLATFORMS PRIVATE 10.03.2023 No match found
LIMITED
ANAND CHANDRA 10.03.2023 No match found
DEVARAJAN CHATTANATHAN 10.03.2023 No match found
MARGAPURI PRASANNA RAO 10.03.2023 No match found
KUSHAL AGRAWAL 10.03.2023 No match found
MCA Site Verification of Directors & 11.03.2023 No adverse observation

Company
Save Risk 11.03.2023 No adverse observations.
Strike Off companies 11.03.2023 Active
RBI Defaulter’s List (CIC Suit Filed & Non 10.03.2023 No match found in the name of the
Suit Filed Accounts- Wilful Defaulters ₹ 25 company and its directors.
Lacs & above on CIBIL site)
Change of Statutory Auditor 11.03.2023 There is a change in auditors in

compliance with RBI Circular dated April
27, 2021 on appointment/ re-appointment
of Auditor.
M/s. BSR & Co LLP was Statutory Auditor
from 2019 to 2021. They resigned on Nov
25, 2021 to comply with RBI Circular.
M/s Dass Gupta & Associates were
appointed as Statutory Auditors of the
Company for the Financial Year 2021-2026
and to hold the office of Statutory
Auditors from the conclusion of this (5th)
Annual General Meeting till conclusion of
10th Annual General Meeting of the
Company..
Holding & Subsidiary Companies 11.03.2023 Arya Collateral Warehousing Services

Private Limited is holding company of
Aryadhan Financial Solutions Private
Limited.
Aryadhan Foundation For Equitable

Agriculture is subsidiary company to
Aryadhan Financial Solutions Private
Limited.

Annexure-2 Detailed List of shareholders and its description
Shareholding Pattern as on Dec 31, 2022
Aryadhan Financial Solutions Private Limited is 100% subsidiary of Arya Collateral
Warehousing Private Limited. Shareholding pattern of Arya Collateral Warehousing
Private Limited is given below:
Class
Name of Promoter/ % of Holding
of No. of No. of Shares on
Shareholde Non (On Fully
Share Shares Fully Diluted Basis
r Promoter Diluted Basis)
s
Mr.
Prasanna Promoter Equity 9.43%
50,917 50,917
Rao
Mr. Anand
Promoter Equity 5.30%
Chandra 28,617 28,617
Mr.
Devarajan
Promoter Equity 2.84%
Chattanath 15,342 15,342
an
Mr. Krishna Non
Equity 8.82%
B Kotak Promoter 47,653 47,653
Mr. Dhruv K Non
Equity 2.94%
Kotak Promoter 15,885 15,885
Mr. Vir K Non
Equity 2.94%
Kotak Promoter 15,885 15,885
Mr.
Non
Gurpreet Equity 6.98%
Promoter 37,684 37,684
Dhaliwal
Non
ESOP Equity 5.00%
Promoter 27,000 27,000
Non
Aspada Equity 0.02%
Promoter 100 100
Non
Aspada CCPS 15.43%
Promoter 97,285 83,342
Non
Omnivore Equity 0.00%
Promoter 10 10
Non
Omnivore CCPS 6.63%
Promoter 35,802 35,802
Lightrock
Non
Growth CCPS 3.10%
Promoter 16,751 16,751
Fund
Non
Omnivore CCPS 2.14%
Promoter 11,552 11,552
Omnivore Non
Equity 0.79%
Secondary Promoter 4,250 4,250
Lightrock
Non
Growth CCPS 3.15%
Promoter 16,998 16,998
Fund

Non
Quona CCPS 8.99%
Promoter 48,519 48,519
LR India Non
CCPS 4.77%
Holdings Promoter 25,743 25,743
Non
Quona CCPS 1.34%
Promoter 7,231 7,231
Lightrock
Non
Growth CCPS 1.93%
Promoter 10,413 10,413
Fund
Asia Impact Non
Equity 0.00%
Invest S.A. Promoter 10 10
Asia Impact Non
CCPS 7.46%
Invest S.A. Promoter 40,290 40,290
Total5,53,93 5,39,994 100.00%

7
Promoters holding is 17.57% on diluted basis.
Investors Profile
Name Profile Key Area of Investment
Lightstone Fund S.A is Luxembourg Lightstone and Aspada invest in

domiciled a reserved alternative sustainable companies in the
investment fund and was agriculture, fintech, post-harvest
established as an umbrella fund solutions, healthcare and education
structure with initially one sub- space. Some of notable investments are
fund, i.e. Lightstone Global Fund. INI Farms which is connecting farmers of
Lightstone Fund S.A. is managed fresh produce to market, Waycool Foods
Aspada which is connecting farmers with
by its Alternative Investment Fund
Investment organized players, Capital Float is
Manager i.e. LGT Capital Partners
Company & leading digital lenders for SMEs and
Limited.
Lightstone consumer, Neogrowth which is
Fund S.A. Aspada Investment Company is a providing credit to SMEs, and Aye
(Affiliates) Mauritius domiciled Company. It Finance which providing finance to
invests in companies that create Micro Enterprises. Other investments in
positive social impact. It has the the agri and fintech sectors include
LGT Group and Soros Economic Ummeed Housing Finance, Shiksha
Development Fund as it Finance, Varthana Finance, Vivriti,
shareholders. Smartcoin, EM3 Agri Services, Allfresh
Supply Management, Siddhivinayak Agri
Processing and Lawrencedale Agri
Processing.
Omnivore has keen interest in Key investments of Omnivore are

Omnivore
Farmer Platforms, Rural Fintech, Agnext which is solving problem of
Partners India
Precision Agriculture, Agri Biotech quality testing at farm level for
Fund 2
and post-harvest technologies. farmers, Dehaat which is providing end-

to-end solutions and services to the
farming community in India, Gramcover
which is a composite insurance broking
firm focused on insurance product
design and tech enabled distribution for
rural India and Skymet, which is the
pioneer in IoT in the area of weather
industry.
Accion Quona Inclusion Fund Key investment of Quona are Indiamart

invests in fintech innovators that which os largest B2B discovery
are advancing inclusion of bottom platform, ZestMoney which is India's
of pyramid. It’s investing that leading digital consumer lending brand
Accion Quona gives back in the form of more for customers with no or limited credit
Inclusion Fund financially secure families and history, SMECorner which provides
more prosperous businesses. They affordable long term secured and
invest in emerging markets across unsecured credit products to MSMEs,
South and Southeast Asia, Africa Shubham which provides affordable
and Latin America. housing finance and Neogrowth which is
providing credit to SMEs.
Asia Impact Asia Impact helps to integrate rural

It is a fund of Credit Access with
Investment under-served farming communities
headquarter in Switzerland.
S.A. across Asia to markets at scale.

Annexure-3 Management background
Board of Directors
Name Designation DOJ Profile

Chattanathan Managing 27.06.2019 He is Co-Founder of Arya Group. He has an experience of more than 11 years in ICICI Bank as
Devarajan Director Group Product Head and Inclusive Banking. He was rated as one of the best top 10 DGM's in the
area of Innovation and Managing change, 2006/07.
Anand Director 27.01.2017 He is Co-Founder of Arya Group. He has an experience of 15+ years in Agri-Commodity Based
Chandra financing.
He has worked at ICICI BHank for around 9 years where his last role was Product Head-
Commodity / Farmer Finance & Warehouse construction. He was with ICICI Bank till Nov-2012.
He is a post graduate from National Institute of Agricultural Extension Management.
Margapuri Director 27.01.2017 He is Co-Founder of Arya Group. He has experience of working in the Cooperative marketing,
Prasanna Rao FMCG Sales and Agri-financing sectors for the last 15+ years. As part of his 8-year stint at ICICI
Bank, he has headed the Agri-commodity finance business till Sep-2011. He is PGDRM in Rural
Management from Institute of Rural Management Anand.
Kushal Nominee 03.04.2018 He has an experience of more than 10 years in the field of Finance and Investing business. He
Agrawal Director has been part of Aspada group for more than 6 years and have valuable experience as a Investor
in various fields of Business and is currently Board Member of 6 companies engaged in various
business like Agri Processing, Hospital group, Logistics and Supply Management company.
Directors/Partner on the board of other companies/LLP:

Name Designation DOJ Other Directorship & Partnership
Chattanathan Devarajan Managing Director 27.06.2019  Aryatech Platforms Private Limited
 Arya Collateral Warehousing Services Private Limited
Anand Chandra Director 27.01.2017  Aryatech Platforms Private Limited
 Agri Warehousing Service Providers (India) Association
 Aryadhan Foundation For Equitable Agriculture
Margapuri Prasanna Rao Director 27.01.2017  Aryatech Platforms Private Limited
 Aryadhan Foundation For Equitable Agriculture
 Vriddhi Rural Prosperity Services Private Limited
Kushal Agrawal Nominee Director 03.04.2018  Lightrock Investment Advisors Private Limited
 Lightrock Corporate Services Private Limited
 Be Well Hospitals Private Limited
 Allfresh Supply Management Private Limited
 LR India Investment Managers Ifsc Llp
There is no change in board of directors of Aryadhan Financial Solutions Private Limited (AFSPL) since July-2019.
There is no director on board of Aryadhan Financial Solutions Private Limited (AFSPL) which is on any bank board. Thus, there is no
connected lending currently.
Senior Management:
Since
with Educational
Name Designation Brief profile
Arya qualification
Group

PG Diploma in
Public Relations
and Journalism
from School of
Communication He is Co-Founder of Arya Group. He has an experience of
and Management more than 11 years in ICICI Bank as Group Product Head and
Chattanathan Managing Jul-
Studies, Kochi, Inclusive Banking. He was rated as one of the best top 10
Devrajan Director 2019
B.Sc DGM's in the area of Innovation and Managing change,
(Agriculture) 2006/07.
from SV
Agriculture
College Tirupati,
CAIIB an DFS
Chevening
Financial
Services
Fellowship from
Kings College,
London in 2018,
He is Co-Founder of Arya Group. He has experience of
PG Diploma in
working in the Cooperative marketing, FMCG Sales and Agri-
Rural
Margapuri Sep- financing sectors for the last 15+ years. As part of his 8-year
Director Management
Prasanna Rao 2012 stint at ICICI Bank, he has headed the Agri-commodity
from Institute of
finance business till Sep-2011. He is PGDRM in Rural
Rural
Management from Institute of Rural Management Anand.
Management,
Anand (IRMA) in
1999, Bachelor
of Science
(B.Sc.) from
Ravenshaw

College, Cuttack
in 1997
B.Sc (in
Agriculture) 2002
– Allahabad
Agriculture
Institute Deemed
University,
Allahabad
Post Graduate
Diploma in
Management He is Co-Founder of Arya Group. He has an experience of
(Agri Business 15+ years in Agri-Commodity Based financing.
Management) He has worked at ICICI BHank for around 9 years where his
Anand Oct-
Director 2004 - National last role was Product Head- Commodity / Farmer Finance &
Chandra 2012
Institute of Warehouse construction. He was with ICICI Bank till Nov-
Agricultural 2012. He is a post graduate from National Institute of
Extension Agricultural Extension Management.
Management,
Hyderabad
Food &
Agribusiness
Management
Program 2006 -
Cornell
University,
Ithaca, New York
MBA in Agri Inderjeet Singh is a veteran in Agri Business and has been
Inderjeet Chief Business Jan- Business form associated with rural lending, Commodity Funding,
Singh Officer 2019 Govind Ballabh Collateral management and other facets of Agri Business
Pant Krishi Evam for more than 20 years now. He has worked with

Praudyogik institutions like UPL, ICICI Bank, HDFC Bank, Soc Gen, DBS
Vishwavidyalaya Bank and NBHC during this period. During this period, he
in 2000, MSc (Ag. has been involved with ideation of new concepts and
Economics) from products which include warehouse receipt finance,
Govind Ballabh corporate linked farmer funding etc. He has worked with
Pant Krishi Evam leading Agri-input companies, Banks and collateral
Praudyogik management companies and has exposure to sales of agri
Vishwavidyalaya inputs, rural, agri and SME lending, Collateral
in 1998 management and agri warehousing. He is a post-graduate
from GB Pant university of agriculture and Technology.
B. E. (Mech) Over fifteen years of experience in agricultural or rural
from C R State value chain activities. Successfully completed two years
College of Engg, of procurement with Maharashtra SRLM with UNDP for
Murthal, in 1998, women collectives and FPOs in Vidharbha region. Some
PG Diploma in other important highlights are mentioned below:
Rural Conducted business planning and capacity building for
Management BoDs of Women Farmer Collectives in Gujarat and FPOs in
(IRMA) in 2005, Maharashtra on value chain, Financial literacy and
Certificate Marketing. Developed models of price risk based on prices
program on of agri commodities to mitigate risk of reduction of prices
Joginder General Manager Dec-
‘Dairy stocked by FPOs. Acted as Training Facilitator in 4 ‘Milk
Ralhan - Farm Vertical 2014
Technology for Launch Competence Building Training Programmes’ for all
Non-Dairy sales staff of 16 MMOs across India and Key facilitator in 5
Technologists’ ‘Self-Leadership Development Programmes’ for Wholesale
organized by SMC Distributors (WDs) of Delhi and Haryana region. Managing
College of Dairy overall sales activities of value chain of dairy range for
Science, Anand improving systems and implementation of best practices
in Dec 2005, Web in distribution mainly channel, finances and marketing to
based course on ensure cost reduction and improvement in product
‘Certificate in servicing. Estimation of the overall CBF (Commodity based
Project Finance) potential of Maharashtra and Madhya Pradesh

Management’ and the current gap vis-à-vis the existing CBF book of the
from Project state.
Management
Associates, India
(www.pmguruonl
ine.com) in
2007,
Management
Development
Programme
(MDP) on
‘Enhancing Sales
Force
Performance’ at
Indian Institute
of Management,
Ahmedabad
(IIMA) in Jan
2008
Mr. Ritesh Raman is working as business head-
Warehousing & Collateral Management. He has work
MBA (Agri experience of 20 years. Has previously worked as Head-
Jul-
Ritesh Raman Head Business Business) from Agri Infrastructure at Frontier Growth Advisors, Zonal
2013
NIAM. Manager-CCMG at ICICI Bank, Area Manager at NCMSL,
Sales Executive at Dow Agrosciences, and Senior Sales
Executive at United Phosphorus Limited.
Karthk Sundararaman has work experience of over 10
BTech (NIT,
Jun- years. He has earlier worked with ECTP and Bunge North
Karthik KS Head Strategy Tiruchirappalli),
2021 America. He was wide experience in Commodity Risk
Management.

Qualified CA in 2018. Worked as Audit Manager at Rajesh
May- Chartered
Ankita Jain Credit Manager Jain & Co from Jun 2016 to May 2018 before joining Arya
2018 Accountant, ICAI
Group.
Nisha Sep- Associated with Arya Group since Sep 2020. She worked
Legal LLB
Choudhary 2020 for 4 A Securities Limited before joining Arya Group.
Mr. DS Tapaswi is Head- Internal Audit & Surveillance at

Arya Group. He is ex-navy officer. Has worked in Indian
Navy from Feb 1995 to Feb 2010. He hasar worked with
Daya Shankar Dec-
Internal Audit B Sc Indian Commodities where he reported to DIG, Indian
Tapaswi 2021
Commodities. He worked with Arya form 2012 to 2017 then
rejoined Arya in Dec-2021 after working with CGR
Collateral Management and Kalyx Warehousing Pvt Ltd.
Mr. Sandeep Katiyar moved out from the of Aryadhan Financial Services Private Limited in October 2022 in search of better career
opportunity. He was General Manager Finance with AFSPL. Presently, Mr. Muktesh Pareek, Head - Finance & Structured Product is managing
his role.
Other than this, there is no major change in senior management in recent past.

Annexure-4 Borrowing Profile
Borrowing Details Lender wise (Rs. In Crore) at end of Dec-22
Sr
Lender Name Type O/s O/s %
No.
1 WintWealth NBFC/FI 33.50 15.22%
2 State Bank of India Universal Bank 28.00 12.72%
3 responsAbility (ECB) NBFC/FI 22.47 10.21%
Arya Collateral Warehousing
4 Group Company 22.00 10.00%
(responsAbility)
5 Vivriti Asset Management NBFC/FI 22.00 10.00%
6 MAS Financial Services Ltd NBFC/FI 20.83 9.47%
7 Northern Arc NBFC/FI 20.03 9.10%
8 Vivriti Capital NBFC/FI 12.50 5.68%
9 DCB Bank Ltd. Universal Bank 10.89 4.95%
10 Utkarsh Small Finance Bank SFB 6.25 2.84%
Kisetsu Saison Finance (India)
11 NBFC/FI 5.00 2.27%
Private Limited
12 ICICI Bank Ltd. Universal Bank 3.75 1.70%
Multiple retail
13 Secured non-convertible debentures 3.60 1.64%
subscribers
14 Nabkisan Finance Ltd. NBFC/FI 3.32 1.51%
15 Tata Capital NBFC/FI 2.33 1.06%
16 ESAF Small Finance Bank SFB 2.22 1.01%
17 Yes Bank Ltd. Universal Bank 1.35 0.61%
18 HSBC Bank Universal Bank 0.00 0.00%
220.05 100.00%

Annexure-5 Portfolio cuts and PAR analysis- Rs.in Crore
State-wise Distribution of Portfolio and PAR at the end of Dec-22
State O/s O/s % PAR>0 PAR>30 PAR>90 PAR>180

MADHYA PRADESH 69.99 20.92% 3.78% 1.45% 0.31% 0.00%
RAJASTHAN 58.53 17.49% 9.72% 0.37% 0.00% 0.00%
UTTAR PRADESH 53.97 16.13% 1.33% 0.00% 0.00% 0.00%
HARYANA 39.82 11.90% 1.46% 1.46% 0.00% 0.00%
BIHAR 32.36 9.67% 20.15% 5.39% 0.00% 0.00%
MAHARASHTRA 24.31 7.27% 5.49% 2.53% 0.41% 0.00%
DELHI 19.38 5.79% 0.00% 0.00% 0.00% 0.00%
Other 7 States 36.24 10.83% 6.92% 4.04% 3.15% 2.63%
Total 334.60 100.00% 5.98% 1.69% 0.43% 0.28%
Comment: Top 5 States contributes ~76% to total AUM, highest being Madhya Pradesh with
~21% share. PAR>180 days is Rs.0.95 Crores and is from the State of Gujarat lent to a
trader against Cumin Seeds.
Entity Type-wise Distribution of Portfolio and PAR at the end of Dec-22
Entity O/s O/s % PAR>0 PAR>30 PAR>90 PAR>180

Trader 257.83 77.06% 6.55% 1.69% 0.45% 0.37%
Company 37.05 11.07% 1.57% 1.57% 0.00% 0.00%
Farmer 23.64 7.07% 9.84% 2.56% 1.20% 0.00%
FPO 16.07 4.80% 1.21% 0.64% 0.00% 0.00%
Total 334.60 100.00% 5.98% 1.69% 0.43% 0.28%
Comment: Among the targeted segment, highest contributor to AUM are Traders with
share of ~77% in AUM.
Commodity-wise Distribution of Portfolio and PAR at the end of Dec-22
COMMODITY O/s O/s % PAR>0 PAR>30 PAR>90 PAR>180

PADDY 71.44 21.35% 0.30% 0.28% 0.06% 0.00%
SOYABEAN 61.12 18.27% 1.21% 0.42% 0.00% 0.00%
MAIZE 42.04 12.56% 5.37% 4.13% 0.00% 0.00%
WHEAT 38.66 11.55% 13.99% 0.02% 0.00% 0.00%
RICE 35.76 10.69% 2.24% 1.28% 0.60% 0.00%
CHANA-BENGAL GRAM 16.16 4.83% 19.81% 2.66% 0.50% 0.00%
Others 69.42 20.75% 10.62% 3.67% 1.60% 1.37%
Total 334.60 100.00% 5.98% 1.69% 0.43% 0.28%

Comment: Lending against Paddy, Soyabean, Maize, Rice, etc. have contributed to the
majority of the AUM.
Product Type-wise Distribution of Portfolio and PAR at the end of Dec-22
PAR>3 PAR>9 PAR>18

O/s O/s % PAR>0
Product Type 0 0 0
WRF 318.13 95.08% 6.20% 1.77% 0.46% 0.30%
Loan against Receivables 10.19 3.05% 0.00% 0.00% 0.00% 0.00%
FPO Funding (Non
2.63 0.79% 0.00% 0.00% 0.00% 0.00%
Commodity)
Bill Discounting 2.25 0.67% 0.00% 0.00% 0.00% 0.00%
LRD 1.10 0.33% 0.00% 0.00% 0.00% 0.00%
100.00
0.29 0.09% 0.00% 0.00% 0.00%
Top Up Loan %
334.6 100.00
5.98% 1.69% 0.43% 0.28%
Total 0 %
Comment: AFSPL is focusing on its core product Warehouse Receipt Funding with
concentration around 95%.
Tenor-wise Distribution of Portfolio and PAR at the end of Dec-22
Loan Tenor O/s O/s % PAR>0 PAR>30 PAR>90 PAR>180

Upto 3 Months 9.66 2.89% 2.93% 0.00% 0.00% 0.00%
3-6 Months 17.03 5.09% 42.34% 13.67% 0.00% 0.00%
6-9 months 306.84 91.70% 4.08% 1.08% 0.47% 0.31%
Above 9 months 1.06 0.32% 0.00% 0.00% 0.00% 0.00%
Total 334.60 100.00% 5.98% 1.69% 0.43% 0.28%
Comment: ~92% of the lending is for a tenor ranging between 6 months to 9 months
(~91% for a tenor of 9 months).
LTV-wise Distribution of Portfolio and PAR at the end of Dec-22
LTV Bucket O/s O/s % PAR>0 PAR>30 PAR>90 PAR>180

Upto 50% 0.23 0.07% 24.19% 0.00% 0.00% 0.00%
>=50% and <70% 104.71 31.29% 10.36% 2.96% 1.39% 0.91%
>=70% and <80% 213.01 63.66% 4.13% 1.19% 0.00% 0.00%
>=80% 14.02 4.19% 2.07% 0.00% 0.00% 0.00%
Charge on current assets 2.63 0.79% 0.00% 0.00% 0.00% 0.00%
Total 334.60 100.00% 5.98% 1.69% 0.43% 0.28%
Comment: ~95% of the lending is within the LTV of 80%.

ROI-wise Distribution of Portfolio and PAR at the end of Dec-22
Rate of Interest O/s O/s % PAR>0 PAR>30 PAR>90 PAR>180

Less than 12% 61.58 18.40% 12.25% 3.78% 0.00% 0.00%
>=12% and <13% 138.02 41.25% 2.41% 0.42% 0.15% 0.00%
>=13% and <14% 119.12 35.60% 6.12% 1.86% 0.88% 0.80%
>=14% and <15% 14.83 4.43% 12.36% 3.45% 1.27% 0.00%
>=15% 1.05 0.31% 0.00% 0.00% 0.00% 0.00%
Total 334.60 100.00% 5.98% 1.69% 0.43% 0.28%
Comment: ~ 82% of the portfolio has ROI greater than 12%. Weighted Average Cost of
Funds is ~11.30% excluding processing fee and ~12% including processing fee paid to the
lenders.
Ticket Size-wise Distribution of Portfolio and PAR at the end of Dec-22
LTS Bucket O/s O/s % PAR>0 PAR>30 PAR>90 PAR>180

Upto 5 lacs 25.99 7.77% 8.49% 3.60% 1.13% 0.16%
>5 lacs and <=10 lacs 51.12 15.28% 6.42% 2.17% 0.49% 0.00%
>10 lacs and <=50 lacs 212.49 63.51% 3.87% 0.21% 0.00% 0.00%
>50 lacs and <=1 crore 16.69 4.99% 8.95% 8.95% 5.46% 5.46%
More than 1 crore 28.31 8.46% 16.97% 5.86% 0.00% 0.00%
Total 334.60 100.00% 5.98% 1.69% 0.43% 0.28%
Comment: ~77% of the portfolio has ticket size above Rs. 10 lakhs (disbursement basis).

Annexure-6 ALM and Cash Flow Analysis
ALM as on 31.12.2022 (Rs. in Crore)
15 days
Over one Over two Over 3 Over 6 Over 1 Over 3
0 day 8 days to 30/31
month months months months year and years Over 5
Particulars to 7 to 14 days Total
and upto and upto and upto and upto upto 3 and upto years
days days (One
2 months 3 months 6 months 1 year years 5 years
month)
A. OUTFLOWS
1.Capital 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 31.95 31.95
2.Reserves &
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 202.00 202.00
Surplus
3.Gifts, Grants,
Donations & 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Benefactions
4.Bonds & Notes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5.Deposits 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6.Borrowings 4.35 0.28 10.30 32.48 50.94 32.87 38.08 28.29 22.47 0.00 220.06
7.Current
Liabilities & 0.47 0.03 0.25 2.36 0.94 3.26 3.64 0.09 0.00 1.73 12.76
Provisions
8.Statutory Dues 0.34 0.01 0.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.82
9.Unclaimed
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deposits
10.Any Other
Unclaimed 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Amount

11.Debt Service
Realisation 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Account
12.Other
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Outflows
13.Outflows On
Account of Off
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Balance Sheet
(OBS) Exposure
A. TOTAL
OUTFLOWS (A) 5.15 0.32 11.02 34.84 51.88 36.13 41.72 28.38 22.47 235.68 467.59
(Sum of 1 to 13)
A1. Cumulative
5.15 5.47 16.49 51.32 103.20 139.33 181.05 209.43 231.90 467.59 467.59
Outflows
B. INFLOWS
1. Cash (In 1 to
30/31 day time- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
bucket)
2. Remittance in
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Transit
3. Balances With
50.82 0.00 15.00 10.00 11.04 11.88 1.46 6.12 0.00 0.00 106.33
Banks
4.Investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.01
5.Advances
25.32 3.62 17.55 40.69 30.94 34.71 191.32 1.07 0.00 0.00 345.22
(Performing)
6.Gross Non-
Performing Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.95 0.95
(GNPA)
7. Inflows From
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Assets On Lease

8. Fixed Assets
(Excluding Assets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.76 0.76
On Lease)
9. Other Assets : 0.14 0.00 0.44 1.19 5.40 3.09 3.94 0.05 0.04 0.01 14.32
10.Security
Finance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Transactions
11.Inflows On
Account of Off
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Balance Sheet
(OBS) Exposure
B. TOTAL
INFLOWS (B) 76.29 3.62 32.99 51.89 47.38 49.67 196.73 7.24 0.04 1.73 467.59
(Sum of 1 to 11)
C. Mismatch (B -
71.14 3.30 21.98 17.05 -4.50 13.54 155.01 -21.14 -22.43 -233.95 0.00
A)
D. Cumulative
71.14 74.44 96.42 113.47 108.96 122.51 277.52 256.38 233.95 0.00 0.00
Mismatch
Comment: There is no negative cumulative mismatch in any of the buckets.
Cash Flow from Mar-22 to Jan-22 (Rs.in Crores)
May- Jul-
Particulars Apr-22 Jun-22 Aug-22
22 22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23
Opening Cash in Hand/Bank
86.22 102.52 74.53 61.46 68.61
(Unencumbered) 106.44 100.69 140.78 130.20 94.57

Borrowing/Securitization 142.50 88.15 45.00 0.89
- - - 25.00 4.35 -
Equity
- - - - - - - - - -
Collections 33.52 43.31 58.49 44.17 70.75 76.42 93.19 116.96 79.39 126.44
Total Cash/Receivables 176.02 131.46 103.49 45.06 70.75 76.42 93.19 141.96 83.74 126.44
Less: Payables
Fresh disbursements 135.61 147.51 92.03 19.16 10.90 28.37 35.39 126.05 92.55 91.09
Borrowings -Repayments towards
22.97 10.52 20.25 17.42 20.64
TL/CC/ICD's 52.32 16.42 25.22 25.32 15.05
Any other expenses 3.00
- - - - - - - - -
Total Payables 159.72 159.44 116.56 37.91 32.93 82.17 53.10 152.53 119.38 107.52
Closing cash in hand/bank
102.52 74.53 61.46 68.61 106.44
(Unencumbered) 100.69 140.78 130.20 94.57 113.49

Annexure-7 Adherence done with regulatory checks
We confirm that
1. As per approved prudential exposure norms in credit policy, the proposed exposure limit to
Aryadhan Financial Solutions Private Limited does not exceed 5% of Capital funds (Tier I
+Tier II) or 20% of eligible Tier I capital as on 31.03.2022
2. The proposed group exposure limit in case of Aryadhan Financial Solutions Private Limited
does not exceed 7.5% of eligible Capital funds (Tier I + Tier II) or 25% of eligible Tier I
capital as on 31.03.2022.
3. At least 50% of the loan portfolio of USFB constitutes loan & advances up to ₹25 lakhs
4. The proposed exposure is not an exposure to the promoters, major shareholder, and/or the
relatives of the promoter of our Bank
5. There is no commitment for granting any loan or advance to or on behalf of any of our
Directors and/or to any firm in which any of our Directors is interested as a Partner, Manager,
employee and/or any company (not being a subsidiary or a Sec.25 company) of which any of
the Directors of the Bank is a Director, Managing Agent, Manager, Employee or guarantor or
in which he holds a substantial interest
6. The present exposure is not an exposure to relatives of the Bank's Chairman / Managing
Director or other Directors (including Chairman / Managing Director) or Director of other banks
and their relatives, Directors of Scheduled Co-operative Banks and their relatives, Directors
of Subsidiaries / Trustees of Mutual Funds / Venture Capital Funds set up by our Bank or other
banks etc.
7. The aggregate exposure (including non-funded exposure) to all `large borrowers' does not
exceed 800% of Bank’s `capital funds' (as defined for the purpose of extant exposure norms
of RBI).
8. That the present exposure is not under regulatory retail exposure & the granularity criteria
for regulatory retail exposure is not applicable
9. The present exposure, being exposure to an NBFC, does not exceed 10% of the Bank’s Capital
fund, as per the last audited balance sheet
10. The present exposure is not a foreign currency exposure & the Bank does not have any
unhedged foreign currency exposure to the corporate & hence no monitoring is required.
11. Legal Entity Identifier (LEI) as per RBI guidelines. - As per RBI guidelines, large borrowers
having total exposure to Scheduled Commercial Banks (SCBs) between ₹100 Crore to ₹500
Crore are required to obtain LEI registration on or before 31 st March, 2019 & those with
exposure from ₹50 Crore to ₹100 Crore are required to obtain the LEI registration on or before
31st December, 2019. Aryadhan Financial Solutions Private Limited has obtained LEI
registration.
12. The proposed loan is not extended for any activities undertaken by NBFCs which are not
eligible for bank credit as below:
(i) Bills discounted / rediscounted by NBFCs, except for rediscounting of bills discounted by
NBFCs arising from sale of -
a) commercial vehicles (including light commercial vehicles), and
b) two wheeler and three wheeler vehicles, subject to the following conditions:
 the bills should have been drawn by the manufacturer on dealers only;
 the bills should represent genuine sale transactions as may be ascertained from the chassis /
engine number; and
 before rediscounting the bills, banks should satisfy themselves about the bona fides and track
record of NBFCs which have discounted the bills.
(ii) Investments of NBFCs both of current and long-term nature, in any company / entity by way
of shares, debentures, etc. However, Stock Broking Companies may be provided need-based
credit against shares and debentures held by them as stock-in-trade.
(iii) Unsecured loans / inter-corporate deposits by NBFCs to / in any company.
(iv) All types of loans and advances by NBFCs to their subsidiaries, group companies / entities.
(v) Finance to NBFCs for further lending to individuals for subscribing to Initial Public Offerings
(IPOs) and for purchase of shares from secondary market.

Annexure-8 Products and Processes
Product Details
Product Details P1 P2 P3 P4 P5
FPO
Lease
Warehous Bill Funding
Rental Top Up
Product Name e Receipt Discounti (Non
Discounti loan
Funding ng Commodit
ng
y)
Working Working Working Working Working
Purpose of Loan
Capital Capital Capital Capital Capital
Upto 10 Upto 50 Upto 50
Ticket Size Upto 2 cr Upto 3 cr
cr lacs lacs
Average Ticket Size (Rs.in
0.63 0.22 0.29 2.25 0.10
Crores)
linked
with Lock
in period
that Arya Upto 4
Tenor 9 months 9 months 9 months
Collateral months
has with
warehous
e owner
linked
with Lock
in period
~9 that Arya ~9 ~9
Average Tenor ~4 months
Months Collateral Months Months
has with
warehous
e owner
ROI Range 10%-15% 12%-15% 10%-15% 9%-12% 14%-16%
Average ROI ~12.50% ~12.43% ~13.50% ~10.50% ~14.80%
Rent
Agri Charge on
Payments
Type of Security Commodi Invoices current
by Arya
ty assets
Collateral
130%-
Security Coverage (%) 130% 100% 100%
150%
Guarantee
0.80%- 0.80%- 0.80%- 0.25%-
Process Fee Nil
1.00% 1.00% 1.00% 1.00%
24% p.a. 24% p.a. 24% p.a. 24% p.a. 24% p.a.
Penal for the for the for the for the for the OD
OD Period OD Period OD Period OD Period Period
Single Single Single Single Single
Bullet Bullet Bullet Bullet Bullet
Repayment frequency
Repayme Repayme Repayme Repayme Repaymen
nt nt nt nt t
O/s. as on 31-12-2022 (Rs.in
Crores) 318.13 1.10 0.29 2.25 2.63
PAR >0 (Rs.in Crores)
19.71 - 0.29 - -

PAR >30(Rs.in Crores)
5.64 - - - -
PAR>90 (Rs.in Crores)
1.45 - - - -
PAR>180(Rs.in Crores)
0.95 - - - -
PAR >0 (%) 6.20% 0.00% 100.00% 0.00% 0.00%
PAR >30 (%) 1.77% 0.00% 0.00% 0.00% 0.00%
PAR>90 (%) 0.46% 0.00% 0.00% 0.00% 0.00%
PAR>180 (%) 0.30% 0.00% 0.00% 0.00% 0.00%
Aryadhan Financial Solutions Private Limited has sanctioned loan of Rs. 34 cr to Aryatech
Platforms Private Limited and Loan outstanding as on 31st Dec, 2022 was Rs.10.19 crores.
(Contributing 3.05% to AUM,not included above). Aryatech Platforms Private Limited is
group company of AFSPL.
Processes
The company is focusing on warehouse receipt funding being in sync with business of
Parent Company.
Aryadhan Financial Solution has defined policy in place for Sourcing, Credit Appraisal,
Operations, Disbursement, Price Monitoring and collection functions. Brief is covered
below:
Sourcing: Sourcing is done broadly through Warehouse Owners, Traders in Mandi,

Corporate Clients, Online Platform (Aryatech Platforms Private Limited). For all cases,
Business Development Executives (BDE) are assigned who do Field Investigation, reference
check, KYC Verification and login the case online.
Credit Appraisal: For Ticket size upto Rs. 1 Crore, Only KYC is required for sanction of a
case. The case gets sanctioned in Straight Through Process if CIBIL Report is clean (i.e.,
no overdue, no written off, no sub-standard reporting, no suit filed status, etc.). If
adverse reporting is found, the case comes to credit for verification. Then case is
sanctioned based on justification/clearance proof provided by the applicant.
(In last year 876 Cases were logged in. Out of this 842 were sanctioned. 546 were
sanctioned without any deviation (in Straight through process) and 296 were sanctioned
with deviation. Rejection ratio stood at ~4% last year. ~65% of the approved cases were
through Straight Through Process)
For ticket size above 1 Crore, Bank Statement and Financials are obtained along with KYC.
Vintage of 3 years and Financials of 2 years is verified to ensure EBITA>1%, NCA positive
for last year, Total Debt/NCA<12, Total Debt/TNW<5, etc. Deviation to be approved by
any of the directors.
Negative profile of Customers/Commodities/locations are pre-defined for upfront

exclusion. Further, category wise maximum individual limit is defined (e.g., farmers- Rs.
50 lakhs, Agri Enterprises- Rs.200 lakhs, Farm Producer Organisations- Rs.200 lakhs). The
assessment for the borrowers is carried out by Credit, Risk and Operations group (CROP).
Checking is done for Borrower’s limit expiry date and tracking the same on 15th of every
month for the facility due for expiry in the next month. Renewal processes to be initiated

for customers for whom No overdue (overdue for repayment and margin call) or No frauds
reported. In case there is rejection of renewal, the currency extension is done for a
maximum period of 180 days from date of original expiry. The facility is closed post
repayment of loan. During the period of currency extension, no further disbursement is
done till the same is approved by CROP. For borrowers against which liquidation process
has been initiated / completed renewal will not be done. For renewing such facility
approval to be taken from GM(FV). If facility is not renewed, then the borrower’s details
are updated in the defaulters list of ARYA/Aryadhan by CROP.
Disbursement: For disbursement, pre-defined process is followed as summarised below:

 The Borrower executes the Loan Borrower Documents as stipulated by Aryadhan
 The documents are sent to the Credit and Operations (CROP) for assessment of
the limits
 The limits are assessed, account is opened in eCBF or any other system as approved
by the management from time to time and limit set up is done
 Stock of commodity is deposited in the designated Warehouses and WR /SR is
collected.
 The borrower / deposits the WR / SR with the PWH vertical official.
 Price information from the nearby mandis/market yard/ reliable sources
(Commodities Control Dot Com or any other approved source) will be supplied to /
collected by the Farm Vertical.
 The stock is insured fully against fire & allied perils and 10% for burglary (NA in
CWC/ SWC) to be ascertained by collecting a copy of the insurance policy or
acknowledgement of the premium received by PWCM vertical.
 Disbursements of the facility amount will be in single or multiple tranches only on
depositing stocks at the Designated Warehouses and fulfilling the pre-disbursement
conditions.
 Documents will be received through Process Flow System. Scanned documents to
be received for disbursement purpose.
 Disbursement will be done by NEFT/RTGS transfer into the account / transfer into
the borrower account through Aryadhan. (Processing fee is collected at the time of
disbursement, i.e., disbursement is made net off processing fee.
Disbursement is made maintaining sanctioned LTV. For disbursement limit

assessment valuation of the commodity is carried out. The value of commodities as
security shall be the lower of the following:
 Value of goods as reflected in the warehouse / stock receipt.
 Value of goods based on the average / modal prices prevailing on the previous
working day of date of disbursement, from the nearest mandi.
Price Monitoring:
 CROP monitors the commodity price on a weekly basis. The published daily prices
of nearest Agriculture Produce Marketing Committee (APMC) / Market yard / Price
data from reliable sources / Agents appointed by the Bank is used as benchmark.
Price collected from one location from any one of the above source and the same is
considered.
 Margin is triggered by the ARYA at the breach of trigger margin as specified by
CROP. i.e. when the total outstanding (loan principal + interest charge for total no.
of months) as a percentage of the market value of the security exceeds (100-trigger
margin%)

 The borrower is provided a response time of 10 working days from issue of Margin
deficiency intimation letter to repay part of the outstanding amount.
 ARYA shall report to Aryadhan within 10 working days from issue of Margin
deficiency intimation letter, about the repayment made by the borrower.
 In case the borrower does not respond to the margin call within 10 working days,
then ARYA arrange Aryadhan to send a Margin call notice to the borrower. The
borrower has to resolve the margin call by depositing cash only, otherwise Aryadhan
shall initiate the process of liquidation stock at the end of the 15 working day after
the issue of Margin deficiency intimation letter. Local traders / processors are
contacted for liquidation of stocks. ARYA PWCM Vertical will assist the NBFC in
liquidation of stocks (for liquidation, auction is done where minimum 2 bids must be
received.)
 In case the prices go up within the margin call period of 10 days the Aryadhan sets
off the margin call against the price rise.
 In cases where the variety wise prices are not available, the lowest price for the
commodity in the respective mandi would be considered for margin monitoring.
 In cases where a commodity is not traded in a particular mandi on a specific day,
the following prices are considered in the given order of priority:
I. The prices from a nearby mandi for the commodity
II. The prices from a mandi within the state for the commodity
III. The prices from a mandi from the nearby state for the commodity
 The preference for the considering the price detail for disbursement and margin
monitoring from the given source in the following order of priority.
I. Commodities Control Dot com/ Any other reliable source
II. NCDEX / MCX
III. On Mandy’s letter head 4. Published price data
Portfolio Monitoring
 Monthly reports on the portfolio performance are submitted to CROP Head
 Random field audits are conducted by IA headed by GM of ARYA / Aryadhan or by
Third party audit
 End use declaration will be taken from the borrowers
 Head IA reports irregularities in the portfolio created under the Program to MD on
a monthly basis.
 Overdue: - Any amount, which is not paid on the due date. The program will be
reviewed within 15 days, if at any point of time, total outstanding in the accounts
with overdue exceeds 5% of the total outstanding under the program
 Default: - Non-servicing of interest / principal for 60 days from due date. The
performance of the portfolio would be reviewed at the sanctioning committee along
with the assessment criteria, if at any point of time the total outstanding in default
accounts exceed 2% of the total outstanding under the program and all fresh sanctions
would be suspended, pending such review.
Insurance
The stock of commodity lien to NBFC will be insured to the full value and endorsed
in favor of Aryadhan by the PWCM / borrower. The insurance would be assigned to
Aryadhan before the disbursal of the loan for warehouses as decided. The PWCM
Vertical has to ensure that the Private Licensed warehouses have taken requisite
insurance as required. The stock to be insured against fire for full value and theft

and allied perils as per market practice. CROP to monitor the same and prepare MIS
on a weekly basis for the same
Repayment:
The borrower would do fund transfer in Aryadhan’s Bank account and provide receipt
of NEFT/RTGS to PWCM vertical; fax/scan the image of receipt along with release
request to the ARYA. All Releases will happen only on realisation of clear fund in
account. CROP will confirm receiving of fund by viewing rights of Aryadhan account.
Reminder Call Letter

CROP follows the practice of sending reminder call letter on weekly basis to FV (Farm
Vertical)
Reminder Call Letter 1 Before 30 days of Loan Due Date

Reminder Call Letter 2 Before 15 days of Loan Due Date
OVERDUE
The overdue will be tracked on a weekly basis and MIS for the same will be generated
CROP CROP Preparation and updating of

overdue list for warehouse receipts
before 30 days of becoming overdue
CROP Mail intimation for overdue of
Warehouse receipt to FV addressing
borrower
FV FV Informing borrower to resolve the
overdue
FV FV If overdues are not resolved
within 30 days. The cases to be taken
forward for Liquidation. Recall
notice must be given before sale
Liquidation:
In events of default by borrowers, the stock liquidation process is initiated by
providing relevant notices to the borrowers. At the time of default, a notice is sent
to the borrower by Aryadhan through ARYA granting him 7-10 days to repay the loan
failing which the stocks will be liquidated. If the first notice is dishonoured, then
Aryadhan will proceed for selling the produce after intimating the borrower.
The loss in these transactions is defined as the difference between the total
outstanding due from the borrower (Inclusive of all interest and any dues including
penal interest) and that of the recovery amount.
Fraud Reporting process

ARYA Business / FV/Aryadhan will make the initial efforts for recovery of dues. A
crack team for each case would be working to ensure recovery of dues. The crack
team would normally be formed for fraud amount of Rs. 10.0 lakh and above.
However, it may also be formed for smaller frauds. The crack team would constitute

representative from FV, PWCM & CROP. The team would be led by Business / FV. The
responsibilities of teams are spelt out as under:
➢ Team Leader: Will be responsible for driving recovery efforts/negotiations/legal
action/police action/compliance with Fraud Monitoring Committee (FVC)
recommendations. The team leader would be supported by PWCM, CROP and FV
team.
➢ CROP: Will support team leader and be responsible for provide all data/document
support including
➢ PWCM: Will support team for stock management (storage/transfer/grading) etc.

Annexure-9 External Rating
External Rating Details:
Instrument CRA Rating/Grading Action since last rating RR Date

CRISIL BBB-/
Positive (Revised
Long Term Rating CRISIL Reaffirmed Oct 22, 2022
from Stable to
Positive)
CRISIL BBB-/
Non-Convertible Stable (Revised
CRISIL Reaffirmed Oct 22, 2022
Debentures from Stable to
Positive)
Key Rating Factors:
Credit Rating Key Rating Strength Key Rating Weaknesses

Agency
 Operational linkages,  Limited track record of
synergies and financial operations
support from the parent  Lack of seasoning in portfolio
 Arya Warehousing also keeps  Modest yet improving earnings
track of commodity prices profile
and ensures Aryadhan sends
CRISIL
margin call notices to the
borrowers
 Adequate capital position,
supported by regular equity
infusion

Annexure-10 TOP 20 Borrowers
Rs. in Crores
Exposure to Top-20 is towards working capital loan (single Bullet repayment terms) as detailed below:
Sr. No Name of Borrower Sanctioned Outstanding Tenure (Months) Location DPD
1 ARYATECH PLATFORMS PRIVATE LIMITED 34.00 10.19 9 Gautam Buddha Nagar Regular
2 LABHANSHI MULTITRADE PRIVATE LIMITED 10.00 10.00 9 Indore Regular
3 Nutrilite Agro Products Private limited 10.00 9.91 9 North Delhi Regular
4 M/S PATIDAR BROTHERS 10.00 9.86 9 Pratapghar 1-30 Days
5 S S Butoliya 10.00 8.46 9 Chandrapur Regular
6 M/S KUBER AGRO INDUSTRIES 8.00 7.92 9 Karnal Regular
7 M/S GEETANJALI SPICES 10.00 6.82 9 Guna Regular
8 Kishan Sewa Kendra 10.00 6.70 9 Patna 1-30 Days
9 R K WAREHOUSE 8.00 6.28 9 Jaipur Regular

10 ZARAH ENTERPRISE 10.00 6.00 9 Kolkata Regular
11 Nisa Industries 5.00 5.00 9 Bareilly Regular
12 Gaurav Gupta And company 4.00 4.00 7 Etah Regular
13 M/s B.S CONTRACTOR 4.00 4.00 9 Etah Regular
14 M/S B.R TRADERS 4.00 4.00 9 Etah Regular
15 BAGTAWAR MAL GOVIND RAM 4.00 3.98 9 Jodhpur Regular
16 Satnam Rice Mill 4.00 3.95 9 Kaithal Regular
17 Amit Agro Agencies 10.00 3.93 9 Chhindwara Regular
18 PADMAWATI SEEDS & AGRITECH 7.00 3.78 9 Pratapghar Regular
19 S S FOODS 4.00 3.28 9 Karnal Regular
20 Kashi Trading Co. 4.00 3.10 9 Kanpur Nagar Regular
170.00 121.16
Note: As confirmed by the company, M/s Patidar Brothers and M/s Kishan Sewa Kendra have cleared overdue.

Annexure-11 Details of Group Companies
Arya Collateral Warehousing Service Private Limited (ARYA) was incorporated 1982. In
2002, it forayed into Collateral Management for management of stocks of primarily
agricultural produce. ARYA was promoted by the J.M. Baxi Group that was established in
the year 1916. M/s. J.M. Baxi & Company is India's largest and most professional shipping
and integrated end-to-end logistics Agency offering an array of services that are niche
driven and unique in terms of customer focus, quality, safety, technology, innovation and
professional competence.
Arya Collateral Warehousing Services Private Limited (ACWSPL) is engaged in providing

warehousing and management of stocks primarily agricultural products. The company
offers warehousing and collateral management, audits and surveillance, financial
inclusion and priority sector assistance, quality certification, and assaying services.
ACWSPL works with farmers, farmer organizations, financial institutions, agriculture
corporations, development actors, commodity exchanges, and international players. The
company’s clientele includes ADM, Britannia, ITC Limited, Axis Bank, HDFC Bank, ICICI
Bank, Yes Bank, and RBL Bank.
ARYA was one of the first Collateral Management Companies that was incorporated in
India. ARYA was incorporated with a Mission to deliver quality warehousing solutions with
an effective blend of technology & business systems. The Company today extends its
expertise at various levels of the Agri supply chain. It works extensively with Financial
Institutions and Commodity Exchanges to provide efficient linkages to farmers and
producer companies.
Target Customers for the Arya are Farmers, Farmer Producer Organisations (FPO),
Processors, Financial Institutions, Agri Corporations, International Buyers and
Development Actors
Arya has presence in 10560 Warehouses in 800+ locations to provide services to its target
customers. At group level, Arya broadly provides following services:
 Professional Warehousing
 Collateral Management
 Agri-Warehousing Marketplace
 Audit & Surveillance
 Consulting
 Finance
Professional Warehousing
ARYA provides cost-effective warehousing solutions at strategic locations anywhere in the
country. We advise clients on storage and preservation norms for commodities and follow
it through with impeccable execution for best quality storage strengthened by specialised
quality testing and pest control mechanisms. This is supported by a web-based software
application (with access to Clients), thorough Audit processes and adequate Insurance
coverage.

Collateral Management
As a collateral manager, ARYA evaluates the suitability and value of the commodity
collateral on behalf of these lenders. We take custody of such collateral and maintain it
through the loan period. Arya also arranges to dispose of such collateral on behalf of
Banks in case of defaults.
Agri-Warehousing Marketplace
ARYA has launched A2Z Godaam platform in Aug-20 which is a first comprehensive
warehousing platform integrating warehouse discovery with integrated fulfilment
(warehousing, finance and services on one platform). Now this service is being provided
by Aryatech Platforms which is a wholly owned subsidiary of Arya Collateral Warehousing
Services Pvt. Ltd. This provides exponential expansion in warehouse discovery and reach.
Services include Finance, Insurance, Warehouse Management, Preservation, Logistics &
Handling, Monitoring, Quality Testing and Commodity Marketplace.
Audit & Surveillance

The audits and surveillance packages provided by ARYA involve carrying out third party
audits / surveillance of the stocks / assets that are financed by financial institutions,
Agribusiness Corporations and FMCG majors. The format of such reports is customized to
the need of each Bank / Financial Institution.
Consulting
Arya provides knowledge services on Agri-financing, Warehousing, Priority sector and
FPOs which include unique bundle of consulting & implementation.
Finance
Financial services are provided by Aryadhan Financial Solutions Pvt. Ltd. which is a wholly
owned subsidiary of Arya Collateral Warehousing Services Pvt. Ltd. ARYADHAN has been
formed to fulfil the financial requirements of farmers, farmer organizations and agri value
chain players by extending post-harvest commodity finance loans. ARYADHAN has been
incorporated on January 27, 2017 with the purpose of acting as a Non-Banking Finance
Company (NBFC). An approval has been received from RBI with licence no N-12.00459
dated 16th August, 2017. At present Aryadhan Financial Solutions Pvt Ltd is financing only
against the commodities stored in the warehouses which are under control of Arya
Collateral Warehousing Services Private Limited.
Arya has acquired Prakshep Tech Solutions Private Limited, a Bengaluru based tech
company in last FY. The Company is engaged in the collection, analysis, presentation,

and delivery of geospatial information. The company provides services such as Geospatial
data processing and mapping, 3D GiS and visualization, aerial survey and lidar. The
company was incorporated in 2018 and has its registered office located in Bangalore,
Karnataka.
Standalone Key metrics of Arya Collateral Warehousing Service Private Limited are
as under: Rs.in Crores
Particulars FY20 FY21 FY 22 Jun-22 Dec-22
Aud. Aud. Aud UnAud. UnAud.
Revenue 123.84 181.91 166.80 58.17 172.50
Other Income 0.64 3.88 5.13 1.56 5.31
Total Income 124.48 185.79 171.93 59.73 177.81
Purchases 22.87 56.94 1.06 0.00 0.00
Finance Cost 0.64 4.19 4.28 0.79 2.49
Administrative Expenses 2.61 4.03 4.94 0.72 4.60
Employee Expenses 20.61 28.74 36.03 12.03 35.85
Cost of Services 70.01 88.92 120.22 40.06 124.36
Depreciation 0.93 1.16 1.43 0.28 1.01
PBT 6.81 1.81 3.97 5.85 9.50
Current Tax 2.14 1.06 1.45 1.80 3.00
Deferred Tax -0.14 -0.43 -0.38
PAT 4.81 1.18 2.90 4.05 6.50
NW 81.61 164.00 456.96 461.00 464.68
Adjusted NW 25.07 9.03 126.64 130.69 130.24
Total Debt 9.29 49.76 23.40 30.24 31.24
TOL 21.05 67.36 52.37 65.66 72.64
Cash & Bank 4.36 3.14 72.57 129.87 129.87
Investment 55.81 153.81 328.81 328.81 332.76
Total Assets 102.66 231.36 509.33 526.66 537.32
Debt / ANW 0.37 5.51 0.18 0.23 0.24
TOL / ANW 0.84 7.46 0.41 0.50 0.56
Interest Coverage 122.48 22.93 30.35 59.47 55.16
Comments:
Revenue: On an average Arya Collateral receives Storage income of Rs.70 per tonne per
month for the commodities it stores. Other than this, Arya Collateral receives fee as
collateral managers from lenders. Arya Collateral receives 1% of outstanding from
Aryadhan Solutions for collateral management under transfer pricing mechanism.
Capital: Arya Collateral’s Networth is Rs.464.68 Crores and Adjusted Networth is

Rs.130.24 as at Dec-22. The company is successful in inviting regular fund infusions year
on year from willing investors. In Jan 2022, Arya Collateral raised capital of Rs.165.38
Crores (Equity-Rs. 0.45 Crore & Preference- Rs. 164.93 Crores). Equity was raised at
premium of Rs.1714 per share where nominal value per share is Rs. 100. Preference
Capital (CCPS) was raised at premium of Rs.40834.64 per share where nominal value per
share is Rs.100.

In FY23, Arya has planned to have another equity round within and expecting infusion of
$100 million in Q1 of FY24. Out of this $50 million is planned to be invested in Aryadhan
Financial Solution Private Limited.
Warehousing: Arya has taken all warehouses on lease only. It enters into 11 months’ lease.
Operational Snapshot of Arya Collateral Warehousing Service Private Limited is given

below:
Particulars At Jan-23
Number of States Served 14

Number of Warehouses Served 289
Number of Customers 477
Number of Loans Disbursed (YTD) 5691
Storage At Jan-23
No of Warehouse 864
Total Stock (000 MT) 1598
AUM (INR Cr) 5238
Retail Volume (000 MT) 860
No of Clients 1864
Stock Funded by Bank (000 MT) 515
Stock Funded by Own Balance Sheet (000 MT) 127
Collateral Mgmt At Jan-23
No of Warehouse 1501
Total Stock (000 MT) 1534
AUM (INR Cr) 5512
No of Banks Empanelled 28
Commodities Under Mgmt 61

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Aryadhan Financial Solutions Private Limited (AFSPL)

1) Customer Name – Aryadhan Financial Solutions Private Limited

Proposal Type Additional Term Month & Year Jan-2017

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 1 of 67

11.25% floating linked 11.25% floating linked with last 12

Arya Collateral Arya Collateral Warehousing

3) Exposure details under NBFC Industry:

Industry wise limit & exposure:

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 2 of 67

Obligor wise Exposure, including undisbursed:

4) Key Shareholders / Partners

5) Board Members & Management Details

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 3 of 67

Detailed management background given at Annexure-3.

AFSPL is a Non Deposit Taking NBFC (other than

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 4 of 67

AFSPL provides loans to farmers against the

Arya Collateral Warehousing Services Private Limited

ARYA was one of the first Collateral Management

Target Customers for the Arya are Farmers, Farmer

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 5 of 67

Main products and geography It is involved in financing to Farmers, Farmer Producer

The company is majorly into Warehouse Receipt

Top 6 commodities stored by Aryadhan are Paddy,

Aryadhan has operations in 14 States. ~30% of the

Presently, Mr. Muktesh Pareek, Head - Finance &

Further, to strengthen the management at group

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 6 of 67

Warehouse ~9 Months ~0.63 ~12.50% 95.08%

FPO Funding ~4 months ~0.10 ~14.80% 0.79%

Bill Discounting ~9 Months ~2.25 ~10.50% 0.67%

linked with Lock in ~0.22 ~12.43% 0.33%

Top Up loan ~9 Months ~0.29 ~13.50% 0.09%

8) Details of equity infusion in the past:

Year Amount (Crore) Type of investor

FY 2018-19 11.48 Promoter and Promoter Group

FY 2019-20 42.00 Promoter and Promoter Group

FY 2020-21 75.01 Promoter and Promoter Group

FY 2021-22 100.00 Promoter and Promoter Group

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 7 of 67

Universal Bank 5 43.99 8.58% to 10.83% 19.99%

SFB 2 8.47 12.18% to 13.15% 3.85%

Grand Total 17 220.05 100.00%

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 8 of 67

10) Financial & Operational Snapshot [Rs. crore]

FY20 FY21 FY 22 Dec-22 FY23 FY24

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 9 of 67

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 10 of 67

Details about group companies is given in Annexure-11

Month Amount in ₹ Crores Month Amount in ₹ Crores

Oct-21 30.61 Apr-22 137.06

Nov-21 29.45 May-22 147.60

Dec-21 44.58 Jun-22 92.03

Jan-22 33.93 Jul-22 19.16

Feb-22 44.62 Aug-22 10.90

Mar-22 104.78 Sep-22 28.37

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 11 of 67

 Reason for increase in delinquency: As understood, the increase in PAR numbers

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 12 of 67

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 13 of 67

14a) Benchmark Ratios & Interest Rate Compliance

Aryadhan Financial Solutions Private Limited - CAM & Annexures Page 14 of 67