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UGRO CAPITAL LIMITED UPGRADED RATING ‘IND A1+’ FOR SHORT-TERM AND ‘IND A+’ FOR LONG-TERM INSTRUMENTS BY INDIA RATINGS

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DataTech NBFC’s Strategic Vision and Robust Performance Propel Rating Upgrade

MUMBAI, India, Aug. 1, 2024 /PRNewswire/ — UGRO Capital, a leading DataTech NBFC focused on MSME lending, has achieved a significant milestone by receiving the highest rating of ‘IND A1+’ for its short-term instrument – Commercial Papers (CP) for 7 to 365 days for issue size of INR 2,000 million, as assigned by India Ratings and Research (Ind-Ra). This rating upgrade underscores UGRO’s robust performance and strategic vision, highlighting its significant achievements and strong growth trajectory.

Further, Ind-Ra has upgraded the Company’s Non-convertible debentures (NCDs) to ‘IND A+’ from ‘IND A’ with Stable outlook for issue size of INR 8,500 million, Bank loans to ‘IND A+’/Stable for issue size of INR 18,500 million and Sub-debt to ‘IND A+’/Stable for issue size of INR 500 million. The rating upgrade reflects UGRO’s rapid expansion and growth in franchise, driven by its diverse funding mix, healthy capital buffers, and comprehensive product offerings tailored to MSMEs. UGRO’s geographic and sectoral diversification, along with its strategic partnerships and technological advancements, have been pivotal in achieving this milestone.

Mr. Shachindra Nath, Founder and Managing Director of UGRO Capital, expressed his enthusiasm about the rating upgrade, stating, “We are thrilled to receive the highest rating of ‘IND A+’ from India Ratings and Research. This upgrade is a testament to our strategic vision, robust financial performance, and unwavering commitment to our belief since inception – that MSME Accha Hai. India’s MSME need affordable cost of borrowing, UGRO ability to lend at affordable rates is a function of its own cost of borrowing and hopefully lenders would take notice of this upgrade and our cost of borrowing would come down over period of time with this rating upgrade.”

UGRO’s asset under management (AUM) saw a multi-fold increase, reaching INR 90.4 billion at the end of FY24 from INR 13.2 billion at the end of FY21. This growth was significantly supported by its off-book portfolio, which grew to INR 40.8 billion from just INR 0.11 billion in FY21. The on-book AUM also showed a robust compound annual growth rate (CAGR) of 56% during the same period.

The company has successfully forged 12 co-lending and co-origination partnerships, including 6 with public sector banks, and nearly 30 fintech partnerships. UGRO has also expanded its branch network from 25 to over 150, with plans to increase to 250 branches, emphasizing micro-branches.

UGRO has demonstrated a strong track record of capital raising, with significant equity infusions totalling INR 12.7 billion in the fourth quarter of FY24 and additional capital raised in Q1FY25. The company’s capital base stood at INR 14.38 billion at the end of FY24 and would have 27 billion Capital by end of FY 26. It has a capital adequacy ratio of 20.75% and a steady leverage ratio of 3.2x.

UGRO continues to focus on funding MSMEs with diversified exposure across various segments, including property-secured loans, machinery financing, retailer financing, and business loans. The company’s strategic shift towards high-yielding products and increased emphasis on micro-loans is expected to enhance profitability and margins.

Investments in technology infrastructure, data analytics, and a blend of physical and digital frameworks have positioned UGRO Capital for continued growth. The acquisition of MyShubhLife, an embedded finance fintech platform, will further enable UGRO to target the high-yielding retailer financing segment.

UGRO’s funding mix is well-diversified, with mobilized funds from 57 financiers, including major public and private sector banks. The company maintains a strong liquidity position, with a total liquidity of around INR 7.0 billion at the end of Q1FY25, covering debt obligations for 3 months without considering collections.

About UGRO Capital Ltd (NSE: UGROCAP) (BSE: 511742)

UGRO Capital Limited is a DataTech Lending platform, listed on NSE and BSE, pursuing its mission of “Solving the Unsolved” for the small business credit gap in India, on the back of its formidable distribution reach and its Data-tech approach.

The Company’s prowess in Data Analytics and strong Technology architecture allows for customized sourcing platforms for each sourcing channel. GRO Plus module which has uberized intermediated sourcing, GRO Chain, a supply chain financing platform with automated end-to-end approval and flow of invoices, GRO Xstream platform for co-lending, an upstream and downstream integration with fintechs and liability providers, and GRO X application to deliver embedded financing option to MSMEs. 

The credit scoring model GRO Score (3.0) a statistical framework using AI / ML driven statistical model to risk rank customers is revolutionizing the MSME credit by providing on-tap financing like consumer financing in India.

UGRO has executed Co-lending model in India which is prevalent in the West through Co-Lending relationships with 10+ Large Public Sector Banks and large NBFCs and built a sizeable off-balance sheet asset of more than 46% of its AUM through the GRO Xstream platform.

The Company is backed by marquee institutional investors (raised INR 900+ Cr of equity capital in 2018, INR 340 Cr in 2023 and INR 1265 Cr in 2024) and aims to capture 1% market share over the next three years. For more information, please visit: http://www.ugrocapital.com/

 

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Meet With Culture: Exquisite Craftsmanship of Traditional Chinese Architecture

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2 hours ago

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December 22, 2024

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BEIJING, Dec. 22, 2024 /PRNewswire/ — The Temple of Agriculture in Beijing played a significant role during the Ming (1368-1644) and Qing (1644-1911) dynasties. Over nearly 600 years, 25 emperors personally visited or sent ministers to perform spring farming ceremonies and offer sacrifices to Shennong, the god of agriculture.

 

Built in 1420 during the Yongle reign, the temple’s predecessor was the Temple of Mountains and Rivers in Nanjing. When Emperor Zhu Di moved the Ming capital to Beijing, he constructed a larger temple inspired by the Nanjing temple, which gradually evolved into the Temple of Agriculture.

The Taisui Hall, the largest building complex in the temple, now serves as a major exhibition hall of the Beijing Ancient Architecture Museum, showcasing models of classical Chinese buildings and demonstrating the solemnity of royal architecture.

Ancient Chinese architecture is predominantly wooden-structured, chosen for its availability, versatility, and earthquake resistance. Artisans developed sophisticated techniques in material selection and construction. The wooden framework consists of columns, beams, girders, and purlins, with innovative structural forms like lifting-beam and piercing-bracket structures.

A unique architectural element is the dougong (bracket sets), which supports weight and connects beam frames with column walls. Mortise-tenon joints were invented to create elastic frameworks by connecting different components.

While discussing the Temple of Agriculture, it’s worth noting another remarkable example of architectural hierarchy which could be found in the Temple of Heaven. The hierarchy of architectural designs reflected social stratification, with eave structures like the triple-layered eaves of the Hall of Prayer for Good Harvest representing the highest-level architectural design.

Over centuries, the Temple of Agriculture has transformed from an imperial garden to a public park and a museum for historical architecture, now standing as a significant cultural landmark that symbolizes China’s agricultural civilization and architectural heritage along Beijing’s Central Axis.

Quickly join Alexandre to study and explore the traditional Chinese architecture.
https://youtu.be/YpA03WiZ9Wc

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SOURCE China International Communications Group

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Second Opinion Expert Announces Filing of U.S. Patent for Method of Generating Medical Opinions Using Artificial Intelligence

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2 hours ago

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December 22, 2024

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Patent leverages AI technology to improve patient outcomes and reduce cost of care

DANA POINT, Calif., Dec. 22, 2024 /PRNewswire-PRWeb/ — SecondOpinionExpert, Inc. (SOE), a leading healthcare technology company, announced today that it has filed patent application 133902-0002UT01 with the United States Patent and Trademark Office entitled “Method and Apparatus for Generating Automated Medical Opinions Using Artificial Intelligence.” The patent covers the company’s proprietary system that communicates a medical opinion to a user based on a trained model that uses artificial intelligence (AI) or machine learning (ML).

“In the near future, we’ll launch our free app, enabling users to access high-quality medical opinions. This innovative app empowers individuals with insightful medical guidance that improves health and saves lives,” said Steve Krause, President of SecondOpinionExpert, Inc.”

Medical second opinions have traditionally been obtained by seeking out another healthcare professional who reviews the patient’s medical records, diagnoses, and tests. However, the rapidly increasing complexity of medical information, the demand for faster turnaround times, and the limitations of human expert availability have created a need for automated systems that utilize AI to generate both first and second medical opinions.

Artificial intelligence has made significant strides in medical diagnostics, including image recognition, predictive modeling, and natural language processing (NLP). These advancements present an opportunity to augment traditional second opinion systems by automatically processing patient medical records, diagnostic tests, and clinical data to generate high-quality first and second medical opinions.

SecondOpinionExpert’s technology increases the quality and efficiency of healthcare delivery, improves healthcare access and empowers doctors and patients to make better informed medical decisions. The HIPAA-compliant patented platform leverages recent advancements in artificial intelligence, machine learning and electronic medical record systems enabling the company to provide fast, reliable and secure online medical opinions. The system provides patients greater peace of mind by leveraging the power of AI and ML.

“Our patent-pending AI enabled technology platform provides a cost-effective choice that improves patient care,” said Steve Krause, President, SecondOpinionExpert, Inc. “In the near future, we look forward to launching our user-friendly app that will be initially free of charge. People using our platform will be able to quickly obtain high quality medical opinions while avoiding unnecessary travel time and expense, knowing that they will be getting insightful medical guidance that improves health and saves lives.”

About SecondOpinionExpert

SOE’s mission is to provide innovative medical technology solutions to improve healthcare while reducing costs.

Our patented HIPAA-compliant platform leverages recent advancements in artificial intelligence, machine learning and electronic medical record systems, enabling the company to provide fast, reliable and secure online medical opinions to inform both diagnosis and treatment planning. We empower patients, providers and payors to work together to make the best possible medical decisions, leading to better health outcomes and greater peace of mind for patients. SOE’s panel of 400+ board-certified medical specialists are available to render expert opinions informed as needed by AI and genomics.

SOE also owns and/or manages a rapidly growing network of facilities for post-acute care and substance treatment. Our proprietary platform for Electronic Medical Records (EMR) empowers best practices in administration and medical services.

Our proprietary TeleMedics Mobile Platform empowers and chronicles on-site visits from qualified medics or nurses. Mobile staff provide the human connection, capturing vitals and doing diagnostics and therapeutics, with the patient’s doctor participating as needed through live video. We work with our affiliate Intra Care, Inc. to provide superior home health and hospice care. We provide Remote Patient Monitoring (RPM) delivered through a strategic relationship with KangarooHealth, in-home respirators delivered and monitored by SOE affiliate Momentum Equipment and Pandemic Response through our MaxVax solution.

Additional information can be found at SOE.CARE

Media Contact

Jay Kilberg, Second Opinion Expert, Inc., 1 917.543.6285, jay.kilberg@soe.care, https://soe.care

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SOURCE Second Opinion Expert, Inc.

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The 6th “My China Story” International Short Video Competition Award Ceremony Held in Harbin

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2 hours ago

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December 22, 2024

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HARBIN, China, Dec. 22, 2024 /PRNewswire/ — The 6th “My China Story” International Short Video Competition Award Ceremony was held in Harbin, northeast China’s Heilongjiang Province on December 19, 2024.

Du Zhanyuan, member of the Standing Committee of the 14th National Committee of the Chinese People’s Political Consultative Conference and president of China International Communications Group, and He Liangjun, member of the Standing Committee of the Heilongjiang Provincial Committee of the Communist Party of China (CPC) and director of the Publicity Department of the CPC Heilongjiang Provincial Committee, addressed the ceremony respectively. Lan Feng, member of the Standing Committee of the CPC Harbin Municipal Committee and director of the Publicity Department of the CPC Harbin Municipal Committee, attended the event. The ceremony was also attended by 300 other people from home and abroad, including Chinese and international video creators, experts, judges, and representatives from the publicity departments at different levels across the country, as well as representatives from various corporations.

For this year, the competition received a total of 59,559 videos from more than 130 countries and regions around the globe. After three rounds of strict comparison and appraisal by more than 30 professional Chinese and international judges from the fields of media, film and television, Internet, and international communication, 112 pieces of all videos finally won awards in different categories.

Heilongjiang, the northernmost and easternmost province of China, boasts a long history and rich culture. Harbin, the capital city of Heilongjiang Province, is famous for its local culture, music, art and architecture of Chinese and Western integrated styles as well as its openness and inclusiveness, making the city a unique source of inspiration to tell China stories to the world.

Under the theme of “Heaven of Ice and Snow, City of Charm and Vigor”, this year’s competition highlights the feature of the host city Harbin, attracting a lot of participants to make videos surrounding the topic. From the perspective of international creators, these short videos together present a dynamic Harbin and a charming Heilongjiang, as well as show a real China to the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-6th-my-china-story-international-short-video-competition-award-ceremony-held-in-harbin-302337936.html

SOURCE “My China Story” International Short Video Competition Organizing Committee

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