Chennai (Tamil Nadu) [India], June 21 (ANI/NewsVoir): Acuite Ratings & Research Limited, a SEBI registered and RBI accredited credit rating agency, assigns the long-term rating of 'ACUITE A-' (read as ACUITE A minus) on the facilities of Dvara Kshetriya Gramin Financial Services Private Limited (Dvara KGFS) with the outlook on the long-term rating set at stable.
The rating factors in all the continuous support of founder-promoter Dvara Trust (erstwhile IFMR Trust) and also takes into consideration Dvara KGFS's established presence in its areas of operations and demonstrated growth of its AUM which stood at Rs. 1,107.79 Cr. as on March 31, 2021. The company has maintained a conservative leverage of 3 times as on March 31, 2021.
Commenting on the rating, Joby C O, Chief Executive Officer, Dvara KGFS, said, "'ACUITE A-' rating by Acuite Ratings & Research Limited reinforces the trust reposed on Dvara KGFS by various lenders both domestic and foreign. It is truly a proud moment for Dvara KGFS to upgrade the ratings to A- and hopes it help us to broad base our fund raising to more lenders with more competitive rates."
Highlighting the importance of the upgrade, Vijayakumar G, Chief Financial Officer, Dvara KGFS, said, "We see Liquidity flow for the NBFC's should be continuous and this rating upgrade to A- during these difficult times would give the company more access into capital markets resulting in reduction of cost of funds during FY22."
Dvara KGFS, a systematically important NBFC in the Dvara Group regulated by RBI, works with a mission to maximise the financial well-being of every individual and every enterprise by providing complete access to financial services in remote rural India.
Dvara KGFS has a strong presence in Tamil Nadu, Uttarakhand, Karnataka, Chhattisgarh and Odisha, spread across 42 districts with 258 branches and more than 1 million enrolled customers. It has started its operations in Jharkhand recently.
Acuite Ratings & Research Limited is a full-service Credit Rating Agency registered with the Securities and Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI), for Bank Loan Ratings under BASEL-II norms in the year 2012.
Since then, it has assigned more than 8,700 credit ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in BKC, Mumbai.
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