Press Release December 11, 2023 LAXMI INDIA FINANCE PRIVATE LIMITED (ERSTWHILE LAXMI INDIA FINLEASECAP PRIVATE LIMITED) Rating Assigned,Reaffirmed and Withdrawn

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	25.00	ACUITE A- | Stable | Assigned	-
Bank Loan Ratings	638.05	ACUITE A- | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	25.00	ACUITE A- | Stable | Reaffirmed	-
Non Convertible Debentures (NCD)	30.00	Not Applicable | Withdrawn	-
Total Outstanding	688.05	-	-
Total Withdrawn	30.00	-	-

Rating Rationale

­Acuité has assigned the long-term rating of Acuité A-(read as Acuité A minus) on the Rs. 25.00 crore bank facilities of Laxmi India Finance Private Limited (LIFPL). The outlook is 'stable' Acuité has reaffirmed the long-term rating of Acuité A-(read as Acuité A minus) on the Rs. 638.05 crore bank facilities of Laxmi India Finance Private Limited (LIFPL). The outlook is 'stable' Acuité has reaffirmed the long-term rating of Acuité A-(read as Acuité A minus) on the Rs. 25.00 crore non-convertible debentures of Laxmi India Finance Private Limited (LIFPL). The outlook is 'stable' Acuité has withdrawn the long term rating on the Rs. 30.00 crore non-convertible debentures of Laxmi India Finance Private Limited (LIFPL). The rating is being withdrawn on account of a request received from the company and NOC received from the debenture trustee. The rating withdrawal is in accordance with Acuité’s policy on rating withdrawals. The rating is not applicable as the NCD facility of Rs. 22.5 crore has been redeemed and the remaining Rs 7.5 cr was proposed NCD facility. Rationale for the rating The rating continues to factor in LIFPL’s adequate capitalization levels, healthy resource raising ability, and comfortable asset quality metrics. LIFPL’s CAR stood at 21.42 percent as of Sep 30, 2023. The capital structure of the company derives support from regular equity infusions, and Acuite expects continued infusions from the promoters over the medium term. The promoters had infused Rs. 9.88 crore during Q4 FY23. The credit profile of the company derives strength from its demonstrated ability to raise funds in the form of debt. LIFPL has been able to raise funds through various banks and FIs. During H1FY24, the company was able to raise fresh debt of around Rs. 181.80 crore in the form of term loans. While Acuite takes cognizance of asset quality challenges in the MSME sector, LIFPL has been able to maintain comfortable asset quality as marked by its on-time portfolio, which stood at 91.50 percent with a GNPA of 0.94 percent as of Sept 30, 2023. The rating further factors in LIFPL’s established track record of promoters who have over two decades of experience in the financial services industry and its ability to deploy the funds profitably. The rating is, however, constrained by the limited portfolio seasoning and geographical concentration of its loan portfolio. Geographical concentration risk continues to weigh on the credit profile of the company. Going forward, movement in asset quality or profitability metrics and any deterioration in capital structure or capitalization levels will be key credit indicators.

About the company

­Incorporated in 1996, LIFPL, a Jaipur-based company, registered as a non-deposit-taking NBFC with the RBI. LIFPL is led by Mr. Deepak Baid and Mrs. Prem Devi Baid and is engaged in vehicle financing, MSME catering to micro, small, and medium enterprises, and unsecured personal and business loans to individuals. The company commenced operations in April 2011 upon its merger with Deepak Finance & Leasing Company, a proprietorship firm engaged in extending credit in Rajasthan. Initially, the company financed 3-wheeler and 4-wheeler commercial and non-commercial vehicles in Jaipur and nearby areas and subsequently extended its operations to various rural and semi-urban areas in Rajasthan. The company operates through a network of 119 branches spread across three states as of March 31, 2023.

Unsupported Rating

­Not Applicable

Analytical Approach

­Acuité has considered standalone business and financial risk profile of LIFPL to arrive at the rating.

Key Rating Drivers

Strength

­Established track record of promoters Mr. Deepak Baid, Managing Director and Promoter of LIFPL, has over two decades of experience in the financial services industry and has played a vital role in building the company's current scale and presence in Rajasthan. The Board of Directors comprises Mr. Deepak Baid (Managing Director), Mrs. Prem Devi Baid (Director), Mrs. Anisha Baid (Director), Anil Balkishan Patwardhan (Independent Director), Mr. Surendra Mehta (Independent Director), and Mr. Kishore Kumar Sansi (Independent Director). They have over a decade of experience in the financial services industry. The company has onboarded Mr. Yaduvendra Mathur (an independent director) to further strengthen the board. Over the years, LIFPL has successfully expanded its operations to 132 branches across Rajasthan, Gujarat, Madhya Pradesh and Chhatisgarh. The company’s AUM has grown to Rs. 686.77 crore as of March 31, 2023, as compared to Rs. 531.60 crore as of March 31, 2022. The AUM further grew to Rs 795.26 Cr as of Sept 30, 2023.  Acuité believes that the company’s growth prospects will be supported by the promoters experience in the industry along with their demonstrated track record of resource-raising ability. Moderate financial risk profile with a diversified funding mix LIFPL’s net worth stood at Rs. 159.27 crore as of Sept 30, 2023, and it reported an adequate capital adequacy ratio (CAR) of 21.42 percent, comprising Tier 1 capital at 20.14 percent. The company has a strong lender profile, comprising banks, both private and public, and financial institutions. LIFPL has demonstrated access to funding from both banks and large NBFCs and FIs and has been able to obtain disbursements of Rs 181.89 crore for H1FY2024 in the form of term loans. LIFPL’s financial risk profile saw a marginal moderation due to higher interest expenses and opex in H1FY2024. The company incurred higher opex of 7.44 percent (provisional and annualised) on account of branch expansion. The company opened 13 new branches during H1FY24, expanding its branch network to 132 branches as of Sept 30, 2023, as compared to 119 branches as of March 31, 2023. Company's NIM moderated to 9.14 percent in H1FY2024 (Prov) from 10.83 in FY2023 on account of high interest expense.  Acuité believes, going forward, that the ability of the company to mobilise low-cost funding through debt or sub-debt and its ability to deploy the funds profitably will be key factors to monitor. Fructification of new branches resulting in an improved earning profile would also be a key rating monitorable.

Weakness

­Susceptibility of asset quality to seasoning and concentration risk LIFPL forayed into the lending segment in 2011, but has commenced extending loans against property since 2015, with an average tenure of up to 5 years. The company’s loan book has grown significantly to Rs. 795 crore as of Sep 30, 2023, from Rs. 531.60 crore as of March 31, 2022. Further, the company’s operations are concentrated in Rajasthan, with 86 percent of the portfolio outstanding as of Sep 30, 2023. The company has started operations in Gujarat and Madhya Pradesh and plans to increase its presence. The occurrence of events such as a slowdown in economic activity or the shifting of activity to other geographies could impact the cash flows of the borrowers, thereby impacting their credit profiles. While Acuite takes cognizance of asset quality challenges in the MSME sector, LIFPL has been able to maintain its on-time portfolio at 91.50 percent with a GNPA of 0.94 percent and NNPA of 0.66 percent as of Sep 30, 2023. The GNPA and NNPA levels stood at 0.57 percent and 0.31 percent as of March 31, 2023, respectively, as compared to 2.84 percent and 1.89 percent as of March 31, 2022. The company’s ability to maintain its asset quality given the low-seasoned loan book and increased presence in the newer geographies will remain a key rating monitorable. Acuité believes that any significant deterioration in asset quality will adversely impact the credit risk profile and will remain a key rating sensitivity factor

ESG Factors Relevant for Rating

Laxmi India Finance Private Limited (LIFPL) belongs to the Non-Banking Financial Companies (NBFC) sector, which complements bank lending in India. Some of the material governance issues for the sector are policies and practises with regards to business ethics, board diversity and independence, compensation structure for the board and KMPs, the role of the audit committee, and shareholders’ rights. On the social aspect, some of the critical issues for the sector are contributions to financial inclusion and community development, sustainable financing, including environmentally friendly projects, and policies around data privacy. The industry, by nature, has low exposure to environmental risks. While LIFPL was primarily engaged in extending retail credit towards MSME, LAP, and vehicle finance loans, it has expanded its borrower base and has been focusing on SME loans, which support financial inclusion by financing smaller businesses. The board of directors of the company consists of 4 independent directors and 2 female directors out of a total of 7 directors. The company maintains adequate disclosures with respect to the various board-level committees, mainly the audit committee, nomination and remuneration committee, and stakeholder management committee. The company also maintains an adequate level of transparency with regards to business ethics issues like related party transactions, investors, grievances, litigations, and regulatory penalties for the group, if relevant. In terms of its social impact, LIFPL is actively engaged in community development programmes through its CSR activities.­

Rating Sensitivity

Movement in gearing levels Timely infusion of capital Movement in profitabilty metrics Changes in regulatory environment ­

All Covenants

­LIFPL is subjected to covenants stipulated by its lenders/investors in respect of various parameters like capital structure, asset quality among others.

Liquidity Position

Adequate

­­LIFPL’s overall liquidity profile remains adequate. The company’s assets and liabilities are well matched with no deficit in any of the time buckets upto 5 years as on Sept 30, 2023. LIFPL has maintained cash and cash equivalents of Rs. 60.63 Cr. as on Sep 30, 2023.

Outlook: Stable

­Acuité believes that LIFPL will maintain a ‘Stable’ outlook over the near to medium owing to established track record of promoters in lending and their resource raising ability while maintaining asset quality and profitability metrics. The outlook may be revised to ‘Positive’ in case of higher than envisaged growth in loan portfolio while maintaining profitability and asset quality metrics. Conversely, the outlook may be revised to ‘Negative’ in case of any deterioration in asset quality or profitability metrics or elevation in gearing levels or in case of headwinds faced by promoters in raising resources in a timely and profitable manner or in case of any deterioration in capital structure or capitalization levels.

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY23 (Actual) FY22 (Actual) Total Assets Rs. Cr. 788.10 559.99 Total Income* Rs. Cr. 65.62 48.34 PAT Rs. Cr. 15.39 14.88 Net Worth Rs. Cr. 152.75 127.42 Return on Average Assets (RoAA) (%) 2.28 2.78 Return on Average Net Worth (RoNW) (%) 10.99  13.11 Total Debt/Tangible Net worth (Gearing) Times 4.10 3.23 Gross NPA (%) 0.57 2.84 Net NPA (%) 0.31 1.89 *Total income equals to Net Interest Income plus other income.

Status of non-cooperation with previous CRA (if applicable):

Not Applicable

Any other information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 13 Jun 2023 Term Loan Long Term 9.09 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.07 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.55 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 24.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.21 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.46 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.47 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.79 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.57 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.74 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.50 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.94 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.52 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.70 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.50 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 (Withdrawn) Term Loan Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 6.67 ACUITE A- | Stable (Reaffirmed) Proposed Bank Facility Long Term 16.53 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.89 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.37 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.43 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.48 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.81 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.77 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.22 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.68 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.96 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.21 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.94 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.98 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 3.67 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.47 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.60 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.62 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.88 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 75.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.05 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.58 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.12 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.06 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.37 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.97 ACUITE A- | Stable (Reaffirmed) Secured Overdraft Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.15 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.37 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.68 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.78 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.12 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.60 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.81 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.47 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.63 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 19.98 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE A- | Stable (Reaffirmed) 07 Dec 2022 Term Loan Long Term 8.89 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.17 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 10.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.29 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.23 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.94 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.05 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.20 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.64 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.11 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.40 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.47 ACUITE A- | Stable (Reaffirmed) Proposed Bank Facility Long Term 8.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 18.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.32 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.56 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.10 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.52 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.98 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.81 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.36 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.62 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.28 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.68 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.19 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 5.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 20.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.35 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.36 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.10 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.86 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.46 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.19 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.68 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.59 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.77 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.88 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.32 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.92 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.56 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.56 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.43 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.46 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.20 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 14.66 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.99 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.88 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.24 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.99 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.21 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 23.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 11.82 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.75 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.38 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.13 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.27 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 23.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.90 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.74 ACUITE A- | Stable (Reaffirmed) 31 May 2022 Term Loan Long Term 2.78 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 13.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.14 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.32 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.82 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 1.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.31 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.61 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.29 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.98 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.37 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.29 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.76 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 21.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.29 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.97 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.11 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.72 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.58 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.92 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.08 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.49 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.07 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.64 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.06 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.14 ACUITE A- | Stable (Reaffirmed) Proposed Bank Facility Long Term 3.69 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.41 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 12.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.70 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 10.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 10.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.66 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.26 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 3.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.67 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.88 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.04 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.92 ACUITE A- | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.43 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.13 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.95 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.19 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.00 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.95 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.15 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.79 ACUITE A- | Stable (Reaffirmed) Proposed Bank Facility Long Term 77.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.73 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.34 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.82 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.19 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.58 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.98 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.48 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 24.93 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.90 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.95 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.74 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.78 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.33 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.16 ACUITE A- | Stable (Reaffirmed) 11 Apr 2022 Term Loan Long Term 21.25 ACUITE A- | Stable (Assigned) Term Loan Long Term 3.64 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 9.43 ACUITE A- | Stable (Assigned) Term Loan Long Term 3.33 ACUITE A- | Stable (Assigned) Term Loan Long Term 4.06 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.50 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.78 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.58 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.33 ACUITE A- | Stable (Assigned) Term Loan Long Term 4.34 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.79 ACUITE A- | Stable (Assigned) Term Loan Long Term 3.15 ACUITE A- | Stable (Assigned) Term Loan Long Term 6.29 ACUITE A- | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.19 ACUITE A- | Stable (Assigned) Term Loan Long Term 3.15 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.31 ACUITE A- | Stable (Assigned) Term Loan Long Term 6.67 ACUITE A- | Stable (Assigned) Term Loan Long Term 7.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 5.45 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.72 ACUITE A- | Stable (Assigned) Term Loan Long Term 5.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 24.93 ACUITE A- | Stable (Assigned) Term Loan Long Term 10.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.90 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE A- | Stable (Assigned) Term Loan Long Term 9.15 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.95 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.66 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.75 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 1.95 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.08 ACUITE A- | Stable (Assigned) Term Loan Long Term 5.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.82 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.95 ACUITE A- | Stable (Assigned) Term Loan Long Term 13.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 15.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 7.07 ACUITE A- | Stable (Assigned) Term Loan Long Term 4.76 ACUITE A- | Stable (Assigned) Term Loan Long Term 15.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.14 ACUITE A- | Stable (Assigned) Cash Credit Long Term 1.00 ACUITE A- | Stable (Assigned) Cash Credit Long Term 5.00 ACUITE A- | Stable (Reaffirmed) Non Convertible Debentures Long Term 2.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.19 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.25 ACUITE A- | Stable (Assigned) Term Loan Long Term 6.11 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 6.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.73 ACUITE A- | Stable (Assigned) Term Loan Long Term 15.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.98 ACUITE A- | Stable (Assigned) Term Loan Long Term 12.75 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.74 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.92 ACUITE A- | Stable (Assigned) Term Loan Long Term 2.92 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.97 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.16 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.98 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 2.13 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.14 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.70 ACUITE A- | Stable (Assigned) Term Loan Long Term 7.50 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.25 ACUITE A- | Stable (Assigned) Term Loan Long Term 6.49 ACUITE A- | Stable (Assigned) Term Loan Long Term 5.32 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.83 ACUITE A- | Stable (Assigned) Proposed Bank Facility Long Term 3.69 ACUITE A- | Stable (Assigned) Term Loan Long Term 3.61 ACUITE A- | Stable (Assigned) Term Loan Long Term 9.88 ACUITE A- | Stable (Assigned) Term Loan Long Term 10.00 ACUITE A- | Stable (Assigned) Term Loan Long Term 1.82 ACUITE A- | Stable (Assigned) Term Loan Long Term 2.04 ACUITE A- | Stable (Assigned) Proposed Non Convertible Debentures Long Term 7.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.29 ACUITE A- | Stable (Assigned) Term Loan Long Term 2.50 ACUITE A- | Stable (Assigned) Term Loan Long Term 0.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 4.26 ACUITE A- | Stable (Assigned) Term Loan Long Term 4.58 ACUITE A- | Stable (Assigned) Term Loan Long Term 2.08 ACUITE A- | Stable (Assigned) Term Loan Long Term 10.00 ACUITE A- | Stable (Assigned) Proposed Bank Facility Long Term 77.25 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 0.42 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 2.29 ACUITE A- | Stable (Assigned) Term Loan Long Term 4.48 ACUITE A- | Stable (Assigned) Term Loan Long Term 5.50 ACUITE A- | Stable (Reaffirmed) Term Loan Long Term 8.37 ACUITE A- | Stable (Assigned) Term Loan Long Term 6.41 ACUITE A- | Stable (Assigned) Term Loan Long Term 2.78 ACUITE A- | Stable (Reaffirmed) 30 Mar 2022 Term Loan Long Term 2.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.50 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 7.48 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 0.23 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 20.83 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Non Convertible Debentures Long Term 4.17 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.81 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.27 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 10.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.73 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Cash Credit Long Term 5.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Term Loan Long Term 4.09 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.71 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.48 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 6.92 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.57 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 7.44 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.38 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.86 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 2.74 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 10.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 7.49 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.80 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Proposed Non Convertible Debentures Long Term 5.83 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.63 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Cash Credit Long Term 5.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.43 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 1.73 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 4.52 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 13.03 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) Term Loan Long Term 7.88 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable) 07 May 2021 Proposed Bank Facility Long Term 4.09 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.48 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 7.49 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 4.57 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 1.80 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 1.50 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 4.43 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 1.63 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 7.44 ACUITE BBB+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 5.83 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 4.86 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.71 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 20.83 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed) Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 0.23 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 1.73 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 7.48 ACUITE BBB+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 4.17 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 4.52 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 6.92 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 7.88 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 1.27 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.74 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 1.38 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 13.03 ACUITE BBB+ | Stable (Reaffirmed) Term Loan Long Term 1.73 ACUITE BBB+ | Stable (Reaffirmed) 26 Jun 2020 Term Loan Long Term 3.92 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 3.16 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 0.11 ACUITE BBB+ (Withdrawn) Term Loan Long Term 9.09 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 6.38 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 3.20 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 11.44 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 3.60 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 3.50 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 2.44 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 10.80 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 9.00 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 24.20 ACUITE BBB+ | Negative (Assigned) Cash Credit Long Term 5.00 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 2.01 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 8.00 ACUITE BBB+ | Negative (Assigned) Term Loan Long Term 2.50 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 0.11 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 2.68 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 2.50 ACUITE BBB+ | Negative (Reaffirmed) Proposed Non Convertible Debentures Long Term 10.00 ACUITE BBB+ | Negative (Assigned) Term Loan Long Term 7.69 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 3.75 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 1.11 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 1.16 ACUITE BBB+ (Withdrawn) Term Loan Long Term 2.77 ACUITE BBB+ | Negative (Reaffirmed) Term Loan Long Term 15.87 ACUITE BBB+ | Negative (Reaffirmed)

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Annexure - Details of instruments rated

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating IDFC First Bank Limited Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A- | Stable | Reaffirmed Not Applicable INE06WU07056 Non-Convertible Debentures (NCD) 02 Jun 2022 13.50 02 Apr 2025 10.00 Simple ACUITE A- | Stable | Reaffirmed A.K Capital Services Ltd. INE06WU07049 Non-Convertible Debentures (NCD) 31 Mar 2021 13.75 30 Jun 2023 20.00 Simple Not Applicable|Withdrawn Bank of Baroda INE06WU07015 Non-Convertible Debentures (NCD) 14 Jul 2020 11.50 14 Jul 2023 2.50 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 2.61 Simple ACUITE A- | Stable | Reaffirmed Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE A- | Stable | Reaffirmed Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 2.50 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 5.00 Simple Not Applicable|Withdrawn Not Applicable Not Applicable Proposed Secured Non-Convertible Debentures Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A- | Stable | Reaffirmed Bandhan Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A- | Stable | Reaffirmed ESAF Small Finance Bank Not Applicable Term Loan Not available Not available Not available 2.00 Simple ACUITE A- | Stable | Reaffirmed ESAF Small Finance Bank Not Applicable Term Loan Not available Not available Not available 12.56 Simple ACUITE A- | Stable | Reaffirmed Indian Overseas Bank Not Applicable Term Loan Not available Not available Not available 14.17 Simple ACUITE A- | Stable | Reaffirmed Kotak Mahindra Bank Not Applicable Term Loan Not available Not available Not available 12.50 Simple ACUITE A- | Stable | Reaffirmed Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan Not available Not available Not available 26.52 Simple ACUITE A- | Stable | Reaffirmed State Bank of India Not Applicable Term Loan Not available Not available Not available 68.72 Simple ACUITE A- | Stable | Reaffirmed Bajaj Finance Ltd. Not Applicable Term Loan Not available Not available Not available 9.44 Simple ACUITE A- | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not Applicable Term Loan Not available Not available Not available 15.00 Simple ACUITE A- | Stable | Reaffirmed IDFC First Bank Limited Not Applicable Term Loan Not available Not available Not available 30.00 Simple ACUITE A- | Stable | Reaffirmed MANAVEEYA DEVELOPMENT AND FINANCE PRIVATE LIMITED Not Applicable Term Loan Not available Not available Not available 8.00 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 9.37 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 7.50 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 4.79 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 7.50 Simple ACUITE A- | Stable | Reaffirmed Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan Not available Not available Not available 19.45 Simple ACUITE A- | Stable | Reaffirmed STCI Finance Ltd. Not Applicable Term Loan Not available Not available Not available 10.00 Simple ACUITE A- | Stable | Reaffirmed Suryoday Small Finance Bank Limited Not Applicable Term Loan Not available Not available Not available 9.54 Simple ACUITE A- | Stable | Reaffirmed A K Capital Finance Pvt. Ltd. Not Applicable Term Loan Not available Not available Not available 5.56 Simple ACUITE A- | Stable | Reaffirmed A K Capital Finance Pvt. Ltd. Not Applicable Term Loan Not available Not available Not available 6.67 Simple ACUITE A- | Stable | Reaffirmed A U Small Finance Bank Not Applicable Term Loan Not available Not available Not available 4.38 Simple ACUITE A- | Stable | Reaffirmed Capital Small Finance Bank Ltd. Not Applicable Term Loan Not available Not available Not available 5.40 Simple ACUITE A- | Stable | Reaffirmed Federal Bank Not Applicable Term Loan Not available Not available Not available 7.29 Simple ACUITE A- | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not Applicable Term Loan Not available Not available Not available 10.64 Simple ACUITE A- | Stable | Reaffirmed IDFC First Bank Limited Not Applicable Term Loan Not available Not available Not available 18.75 Simple ACUITE A- | Stable | Reaffirmed Nabkisan Finance Limit Not Applicable Term Loan Not available Not available Not available 5.83 Simple ACUITE A- | Stable | Reaffirmed Nabsamruddhi Finance Limited Not Applicable Term Loan Not available Not available Not available 10.28 Simple ACUITE A- | Stable | Reaffirmed STCI Finance Ltd. Not Applicable Term Loan Not available Not available Not available 12.19 Simple ACUITE A- | Stable | Reaffirmed Suryoday Small Finance Bank Limited Not Applicable Term Loan Not available Not available Not available 4.56 Simple ACUITE A- | Stable | Reaffirmed TATA Capital Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 9.37 Simple ACUITE A- | Stable | Reaffirmed UCO Bank Not Applicable Term Loan Not available Not available Not available 12.00 Simple ACUITE A- | Stable | Reaffirmed Vivrit Capital Private Ltd. Not Applicable Term Loan Not available Not available Not available 2.64 Simple ACUITE A- | Stable | Reaffirmed Vivrit Capital Private Ltd. Not Applicable Term Loan Not available Not available Not available 2.64 Simple ACUITE A- | Stable | Reaffirmed Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 15.02 Simple ACUITE A- | Stable | Reaffirmed Indian Bank Not Applicable Term Loan Not available Not available Not available 18.88 Simple ACUITE A- | Stable | Reaffirmed Mannapuram Finance Ltd. Not Applicable Term Loan Not available Not available Not available 16.61 Simple ACUITE A- | Stable | Reaffirmed IDBI Bank Ltd. Not Applicable Term Loan Not available Not available Not available 13.50 Simple ACUITE A- | Stable | Reaffirmed CSB Bank Limited Not Applicable Term Loan Not available Not available Not available 13.20 Simple ACUITE A- | Stable | Reaffirmed Capital Small Finance Bank Ltd. Not Applicable Term Loan Not available Not available Not available 4.00 Simple ACUITE A- | Stable | Reaffirmed Maanaveeya Development & Finance Private Limited Not Applicable Term Loan Not available Not available Not available 9.09 Simple ACUITE A- | Stable | Reaffirmed Cholamandalam Investment Finance Company Ltd. Not Applicable Term Loan Not available Not available Not available 4.06 Simple ACUITE A- | Stable | Reaffirmed Bandhan Bank Not Applicable Term Loan Not available Not available Not available 22.05 Simple ACUITE A- | Stable | Reaffirmed IDFC First Bank Limited Not Applicable Term Loan Not available Not available Not available 0.68 Simple ACUITE A- | Stable | Reaffirmed Nabsamruddhi Finance Limited Not Applicable Term Loan Not available Not available Not available 0.24 Simple ACUITE A- | Stable | Reaffirmed Nabkisan Finance Limit Not Applicable Term Loan Not available Not available Not available 1.98 Simple ACUITE A- | Stable | Reaffirmed Maanaveeya Development & Finance Private Limited Not Applicable Term Loan Not available Not available Not available 5.82 Simple ACUITE A- | Stable | Reaffirmed ESAF Small Finance Bank Not Applicable Term Loan Not available Not available Not available 2.00 Simple ACUITE A- | Stable | Reaffirmed Punjab National Bank Not Applicable Term Loan Not available Not available Not available 2.47 Simple ACUITE A- | Stable | Reaffirmed Bandhan Bank Not Applicable Term Loan Not available Not available Not available 7.50 Simple ACUITE A- | Stable | Reaffirmed A U Small Finance Bank Not Applicable Term Loan Not available Not available Not available 0.14 Simple ACUITE A- | Stable | Reaffirmed IDFC First Bank Limited Not Applicable Term Loan Not available Not available Not available 0.83 Simple ACUITE A- | Stable | Reaffirmed A U Small Finance Bank Not Applicable Term Loan Not available Not available Not available 0.97 Simple ACUITE A- | Stable | Reaffirmed A U Small Finance Bank Not Applicable Term Loan Not available Not available Not available 1.94 Simple ACUITE A- | Stable | Reaffirmed Bandhan Bank Not Applicable Term Loan Not available Not available Not available 8.00 Simple ACUITE A- | Stable | Reaffirmed State Bank of India Not Applicable Term Loan Not available Not available Not available 13.33 Simple ACUITE A- | Stable | Reaffirmed State Bank of India Not Applicable Term Loan Not available Not available Not available 17.92 Simple ACUITE A- | Stable | Reaffirmed Capital Small Finance Bank Ltd. Not Applicable Term Loan Not available Not available Not available 1.53 Simple ACUITE A- | Stable | Reaffirmed Capital Small Finance Bank Ltd. Not Applicable Term Loan Not available Not available Not available 2.87 Simple ACUITE A- | Stable | Reaffirmed Dhanlaxmi Bank Ltd Not Applicable Term Loan Not available Not available Not available 2.74 Simple ACUITE A- | Stable | Reaffirmed Federal Bank Not Applicable Term Loan Not available Not available Not available 5.00 Simple ACUITE A- | Stable | Reaffirmed Utkarsh Small Finance Bank Ltd. Not Applicable Term Loan Not available Not available Not available 2.52 Simple ACUITE A- | Stable | Reaffirmed Capital India Finance Limited Not Applicable Term Loan Not available Not available Not available 0.81 Simple ACUITE A- | Stable | Reaffirmed Capital India Finance Limited Not Applicable Term Loan Not available Not available Not available 0.99 Simple ACUITE A- | Stable | Reaffirmed Electronica Finance Ltd. Not Applicable Term Loan Not available Not available Not available 2.03 Simple ACUITE A- | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not Applicable Term Loan Not available Not available Not available 1.50 Simple ACUITE A- | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not Applicable Term Loan Not available Not available Not available 2.79 Simple ACUITE A- | Stable | Reaffirmed IKF Finance Ltd. Not Applicable Term Loan Not available Not available Not available 2.67 Simple ACUITE A- | Stable | Reaffirmed IKF Finance Ltd. Not Applicable Term Loan Not available Not available Not available 2.50 Simple ACUITE A- | Stable | Reaffirmed Incred Capital Finacial Services Private Ltd. Not Applicable Term Loan Not available Not available Not available 0.24 Simple ACUITE A- | Stable | Reaffirmed Incred Capital Finacial Services Private Ltd. Not Applicable Term Loan Not available Not available Not available 1.15 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 0.11 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 0.31 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 0.31 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 0.52 Simple ACUITE A- | Stable | Reaffirmed MAS Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 1.00 Simple ACUITE A- | Stable | Reaffirmed Micro Units Development and Refinance Agency bank (MUDRA) Not Applicable Term Loan Not available Not available Not available 0.22 Simple ACUITE A- | Stable | Reaffirmed Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan Not available Not available Not available 0.56 Simple ACUITE A- | Stable | Reaffirmed TATA Capital Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 2.71 Simple ACUITE A- | Stable | Reaffirmed IKF Finance Ltd. Not Applicable Term Loan Not available Not available Not available 3.88 Simple ACUITE A- | Stable | Reaffirmed Cholamandalam Investment Finance Company Ltd. Not Applicable Term Loan Not available Not available Not available 4.04 Simple ACUITE A- | Stable | Reaffirmed Utkarsh Small Finance Bank Ltd. Not Applicable Term Loan Not available Not available Not available 4.69 Simple ACUITE A- | Stable | Reaffirmed Shriram Transport Finance Company Ltd. Not Applicable Term Loan Not available Not available Not available 5.79 Simple ACUITE A- | Stable | Reaffirmed Hinduja Leyland Finance Ltd. Not Applicable Term Loan Not available Not available Not available 5.47 Simple ACUITE A- | Stable | Reaffirmed Muthoot Capital Service Ltd. Not Applicable Term Loan Not available Not available Not available 5.00 Simple ACUITE A- | Stable | Reaffirmed Union Bank of India Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE A- | Stable | Assigned

Contacts

Analytical Details	Contact Details
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About Acuité Ratings & Research

­Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.