PR

Press Release
AVIOM INDIA HOUSING FINANCE PRIVATE LIMITED
November 22, 2022
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	31.11	ACUITE AA- \| Stable \| Reaffirmed	-
Bank Loan Ratings	351.55	ACUITE BBB \| Stable \| Reaffirmed	-
Non Convertible Debentures (NCD)	201.50	ACUITE BBB \| Stable \| Reaffirmed	-
Total Outstanding Quantum (Rs. Cr)	584.16	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs. 351.55 Cr. Bank Facilities of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'.
Acuité has reaffirmed the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 31.11 Cr. Bank Facilities of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'.
Acuité has reaffirmed the long-term rating of ‘ACUITE BBB’ (read as ACUITE triple B) on the Rs. 201.50 Cr. Non-Convertible Debentures of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'.

Rationale for the rating
The rating factors in experienced management and resourceful promoters. The Company has demonstrated its ability to attract funding from diverse and marquee investors over the years. The rating factors in the continued promoter support, the promoter infused Rs. 22 Cr in October 31, 2022. Besides equity funding, AIHPL has raised funds by way of debt from Banks & Financial Institutions. The company raised fresh debt of Rs 448.4 Cr in FY2022 & Rs 230 Cr as on July 31, 2022. Acuité takes note of the diversified lender base comprising of Banks, NBFCs and FIs. The rating also considers the granular portfolio with focus on Tier II & Tier III towns. The rating factors in the rapid growth in AUM from Rs. 462.72 Cr. as on March 31, 2021 to Rs. 725.42 Cr. as on March 31, 2022 and Rs. 885.44 Cr. as on September 2022; while maintaining the asset quality (GNPA; 0.33 percent as on March 31, 2022). The rating is, however, constrained due to moderate profitability metrics driven by relatively lower margins and high operating expenses. The rating is also constrained by limited season of the loan book as majority of the disbursements were made in the last three years.

Going forward the ability of company to profitably scale up its operations, while maintaining asset quality will be key monitorable.

Rating Rationale for one of the Bank Facilities
In respect of facilities of Rs. 35.00 Cr. rated at ACUITE AA-/Stable (current outstanding Rs. 31.11 Cr.), Acuite has been guided by the guarantee from the U.S. International Development Finance Corporation(guarantor), a US Government backed entity. The guarantor has provided guarantee with respect to repayment of the loan in case of default by the company.

About the company

AVIOM India Housing Finance Private Limited (AIHPL) is a Delhi based housing finance company, founded by Ms. Kaajal Ilmi. AIHPL was incorporated in February 2016 and registered with NHB since August 2016. AIHPL is a social impact focused housing finance company catering to housing needs of customers with a focus on semi urban areas. The company extends loans to women for home purchase and construction, home extension and improvement and loan against property.
As on September 30, 2022, AHIPL operates in 14 states with a network of 117 branches.

Analytical Approach

Acuite has considered the standalone financial and business risk profile of AIHPL to arrive at the rating.

Key Rating Drivers

Strength

Demonstrated ability to attract funding from diverse and marquee investors
AIHPL has been promoted by Ms. Kaajal Ilmi (MD & CEO). The company commenced its operations in 2017. Ms. Kaajal Ilmi has experience of over two decades in senior positions in leading companies like PVR, DLF, and Reliance ADAG. Presently, the day-to-day operations of the company are overseen by Ms. Kaajal Ilmi. The initial funding was provided by Ms. Kaajal Ilmi and her family members. Apart from promoter funding, under the leadership of Ms. Kaajal IImi, AIHPL has attracted funding from marquee investors like Insitor Impact Asia Fund, Gojo & Company and Capital 4 Development Asia Fund Cooperatif U.A (C4D).
Insitor Impact Asia Fund, a Singapore based fund investing in Cambodia, India, Myanmar, and Pakistan, invested Rs. 15 Cr. in Series A CCPS & Equity Shares in FY2018 & FY2019. In FY2020, Gojo & Company, a Tokyo based fund, acquired stake in AIHPL by making a primary investment of ~Rs. 45 Cr. in Series B CCPS. They also made secondary investment in the company by taking over stake of Insitor Impact Asia Fund for ~Rs. 25 Cr. in the current fiscal. Gojo & Company, a Tokyo based fund, established in July 2014 investing in companies working towards financial inclusion. Capital 4 Development Asia Fund Cooperatif U.A. (C4D), Netherland based social impact fund established in 2013, invested ~Rs. 14 Cr. in Series B CCPS in FY2020. At present, ~32.90 percent is held by Ms. Kaajal Ilmi, Gojo & company holds 39.03 percent and the fresh investor SABRE Partners AIF Trust holds 12.80 percent on a fully diluted basis (post conversion of CCPS) as on October 31, 2022. The board comprises of other than two promoters, two nominee directors representing Gojo & Company and C4D. AIHPL raised capital funds in the form of CCPS from Sabre Partners amounting to Rs. 59.00 Cr. during the months of September and October 2021. The promoter funding continues for the company, with the promoter infusing ~Rs. 22 Cr in October 2022.
Apart from Equity Funding, AIHPL has funds raised by way of Term Loans & NCD. The borrowings outstanding as on October 31, 2022 stood at Rs. 830.61Cr. The borrowing currently raised also includes funds (Rs. 35 Cr) guaranteed by U.S. International Development Finance Corporation (DFC); a US Government owned entity. The company has demonstrated the ability to raise funding through diverse investors/lenders based.

Acuite believes that AIHPL’s business and credit profile over the near term will be supported by its ability to attract funding from diversified lenders/investors and confidence imposed by the investors in the business model of the company.

Granular Retail Portfolio with focus on Tier II and Tier III towns

AIHPL provides small ticket size loans ranging between Rs. 2 Lakh to Rs. 5 Lakh for the purpose of home improvement, home extension, home purchase and construction and Loan against Property with Loan-to-Value (LTV) ranging 30 percent to 35 percent to borrowers in Tier II & Tier III towns. The borrower profile comprises of Small Vendors, Kirana Shop Owners, farmers, etc. The disbursements in the FY2022 increased to Rs. 334.13 Cr. as compared to Rs. 242.69 Cr. in FY2021. The disbursements further grew to Rs 233.52 Cr as on Sept 30, 2022. AIHPL works on Hub & spoke model to optimize its returns on investment and expand its coverage. The company reported Asset under Management (AUM) of Rs. 725.42 Cr. as on March 31, 2022 as compared to Rs. 462.72 Cr. as on March 31, 2021. AUM as on September 30, 2022, stood at Rs. 885.44 Cr. The small ticket size of AIHPL’s loans and government focus on improving housing augurs well with companies like AIHPL since most of its loans will be eligible for Priority Sector Lending.
AIHPL started its operations in 2017 with the state of Rajasthan and has gradually expanded its operations to 13 other states. The company has also expanded its active branch network to 117 Branches as on September 30, 2022 which previously stood at 104 branches as on March 31, 2021. The company has diversify its loan book across geographies by reducing exposure towards Rajasthan to 29 percent as on September 30, 2022. The home state constituted to 48.71 percent of the total AUM as on March 31, 2022. Top 10 branches contributes to ~34 percent of the AUM. As the company has diversified its operations to newer geographies the dependence on Rajasthan is expected to reduce further.

Acuite believes that the company will benefit from its policy of granular portfolio and focus on tier II and Tier III towns.

Weakness

Limited Seasoning of the book

AIHPL established its operations from FY2017 and provides home loans and Loan against Property for 7-10 years. The company has built an AUM of Rs. 885.44 Cr. as on September 30, 2022 as compared to Rs. 725.42 Cr. as on March 31, 2022 and Rs. 462.72 Cr. as on March 31, 2021. The disbursements have picked up over the last couple of years, Rs. 334.13 in FY2022 and Rs 242.68 Cr in FY2021. The company has further disbursed Rs 233.52 Cr as on September 30, 2022. As the majority of the portfolio has been originated over the last three years, the seasoning of the portfolio is yet to be demonstrated. While the portfolio has been resilient in the present environment, the company’s ability to maintain growth in AUM while maintaining asset quality at health levels is yet to be demonstrated.

Acuite believes that going forward the ability of the company to maintain growth in its AUM while maintaining its asset quality will be a key rating sensitivity.

ESG Factors Relevant for Rating

Aviom India Housing Finance Private Limited (AIHPL) belongs to the housing finance sector which complements banks’ efforts in improving mortgage penetration in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contribution to financial inclusion and community development, responsible financing including funding of environmentally friendly housing projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. AIHPL addresses the housing finance needs of customers with a focus on semi urban areas and also extends loans to women for home purchase and construction. It has increased its penetration across 14 states and increasingly playing a larger role in financial inclusion.
AIHPL maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism, insider trading and whistle blower policy. It also adheres to Reserve Bank of India’s Fair Practices Code and has the necessary interest rate and grievance redressal policies. The board of directors of the company comprises two nominee directors and a female director out of a total of five directors. AIHPL is led by their female director Ms. Kajal Ilmi (MD & CEO). The company works on several community development initiatives through its CSR projects.

Rating Sensitivity

Significant changes in capital structure
Growth in AUM while maintaining asset quality
Changes in Regulatory environment

Material Covenants

AIHPL is subject to covenants stipulated by its lenders/investors in respect of various parameters. As per confirmation received from client, vide mail dated May 14, 2021. ‘The company is complying with the material covenants imposed by its lenders/investors.

Liquidity Position

Adequate

As per ALM Statement as on June 30, 2022, there are no negative cumulative mismatches in any buckets upto 1 year. The company had adequate liquidity position with Cash and Bank Balances of Rs. 77.80 Cr. as on June 30, 202. Further, the liquidity profile is supported by capital infusion of Rs.22.00 Cr. in October 2022.

Outlook - Stable

Acuité believes that AIHPL will benefit from its diversified funding profile and support from reputed investors. The outlook may be revised to ‘Positive’ if there is significantly higher than expected growth in AUM while maintaining asset quality and improving profitability metrics. Conversely, the outlook may be revised to ‘Negative’ in case of significant deterioration in asset quality or profitability parameters.

Key Financials - Standalone / Originator

Particulars	Unit	FY22 (Actual)	FY21 (Actual)
Total Assets	Rs. Cr.	921.75	525.65
Total Income*	Rs. Cr.	85.11	46.83
PAT	Rs. Cr.	12.20	-0.62
Net Worth	Rs. Cr.	153.49	84.23
Return on Average Assets (RoAA)	(%)	1.69	-0.12
Return on Average Net Worth (RoNW)	(%)	10.26	-0.72
Debt/Equity	Times	4.48	4.93
Gross NPA (Owned portfolio)	(%)	0.33	-
Net NPA (Owned portfolio)	(%)	0.20	-

*Total income equals to Net Interest Income plus other income.

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

Not Applicable

Any other information

Not Applicable

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Complexity Level Of Financial Instruments: https://www.acuite.in/view-rating-criteria-55.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
21 Dec 2021	Term Loan	Long Term	6.98	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.98	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.37	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.94	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.98	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.11	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.78	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.71	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.13	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.34	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	14.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	23.15	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.88	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.04	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.54	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	23.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	0.43	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.03	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.14	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.15	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.20	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.04	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.41	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.04	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	33.06	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.40	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.67	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.15	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	22.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.10	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.79	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	27.59	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.96	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.16	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.06	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.90	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	62.67	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.17	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.92	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.72	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.04	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	6.14	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.74	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.16	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.17	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.30	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.80	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.90	ACUITE BBB \| Stable (Reaffirmed)
Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.25	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	0.69	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	6.60	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.84	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	7.26	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.59	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	8.19	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.13	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	0.42	ACUITE BBB \| Stable (Reaffirmed)
Non Convertible Debentures	Long Term	30.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	0.89	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
Non Convertible Debentures	Long Term	37.50	ACUITE BBB \| Stable (Reaffirmed)
19 Oct 2021	Term Loan	Long Term	25.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.89	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	22.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.49	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.63	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.87	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.61	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.12	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.18	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	0.26	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.03	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.13	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.28	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.54	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.00	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	37.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.19	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.08	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	14.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.62	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.18	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.99	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.78	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.69	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	30.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.22	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.57	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	0.62	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.57	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.24	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.17	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.51	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	6.71	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	6.06	ACUITE BBB \| Stable (Reaffirmed)
Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.08	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.84	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	0.60	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.71	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.70	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.45	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.86	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.62	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	9.31	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
06 Sep 2021	Term Loan	Long Term	0.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.51	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.49	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	22.50	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	6.71	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE AA- \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	14.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.99	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.19	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.12	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.71	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.78	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.45	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.84	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.31	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.28	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.70	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.18	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.03	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.62	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.89	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	0.26	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.61	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.13	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.86	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.60	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.33	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	25.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
Non Convertible Debentures	Long Term	37.50	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	6.06	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.63	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.24	ACUITE BBB \| Stable (Reaffirmed)
Proposed Bank Facility	Long Term	0.62	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.18	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.50	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.22	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.62	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.69	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	9.54	ACUITE BBB \| Stable (Reaffirmed)
13 Jul 2021	Term Loan	Long Term	2.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.70	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.99	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.69	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.22	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.31	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.78	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.33	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.71	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE AA- \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.61	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	37.50	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.84	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.13	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.18	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.28	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.19	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.45	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.63	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.49	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.57	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	0.26	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.86	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.03	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	6.71	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
Non Convertible Debentures	Long Term	14.50	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.24	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.51	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	9.54	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.12	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.62	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	6.06	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.87	ACUITE BBB \| Stable (Reaffirmed)
Proposed Bank Facility	Long Term	0.62	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.18	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	25.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.62	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.58	ACUITE BBB \| Stable (Reaffirmed)
03 Jun 2021	Term Loan	Long Term	2.08	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.89	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	0.26	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.61	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.36	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.62	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.86	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE AA- \| Stable (Reaffirmed)
	Term Loan	Long Term	4.03	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.54	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.87	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	14.50	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.18	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	6.71	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.31	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	5.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.24	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.22	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.51	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.12	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.49	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.45	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.62	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.87	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.71	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.13	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	7.08	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.19	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.63	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.69	ACUITE BBB \| Stable (Reaffirmed)
Proposed Bank Facility	Long Term	0.62	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.28	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	6.06	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.70	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.18	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.78	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.17	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.99	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	4.84	ACUITE BBB \| Stable (Reaffirmed)
21 May 2021	Term Loan	Long Term	2.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.51	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.45	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.54	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.70	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	1.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	15.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	5.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.71	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.03	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.19	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.18	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	0.62	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.69	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.86	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.18	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	0.26	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.22	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.99	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.84	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.13	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.24	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	6.06	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	8.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.63	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.62	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE AA- \| Stable (Assigned)
	Term Loan	Long Term	4.28	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.62	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.61	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.33	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	6.71	ACUITE BBB \| Stable (Assigned)
Term Loan	Long Term	9.31	ACUITE BBB \| Stable (Assigned)
Term Loan	Long Term	0.36	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	2.12	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
Term Loan	Long Term	2.00	ACUITE BBB \| Stable (Assigned)
Term Loan	Long Term	7.08	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	1.78	ACUITE BBB \| Stable (Assigned)
Term Loan	Long Term	2.08	ACUITE BBB \| Stable (Reaffirmed)
Non Convertible Debentures	Long Term	14.50	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	5.00	ACUITE BBB \| Stable (Assigned)
Term Loan	Long Term	0.57	ACUITE BBB \| Stable (Assigned)
Term Loan	Long Term	1.49	ACUITE BBB \| Stable (Reaffirmed)
Term Loan	Long Term	3.73	ACUITE BBB \| Stable (Reaffirmed)
15 Apr 2021	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.99	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.08	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	15.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.82	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.19	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.62	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.18	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.73	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.63	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	22.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.69	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.46	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	48.93	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.45	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.60	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.24	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	14.50	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.49	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.69	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.71	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.22	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.70	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.18	ACUITE BBB \| Stable (Reaffirmed)
16 Feb 2021	Term Loan	Long Term	3.33	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.90	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.71	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.65	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.57	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.52	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.54	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.38	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.19	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.61	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.65	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.35	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	6.20	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.66	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.14	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.86	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.10	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.12	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.96	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.19	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	15.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	0.70	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.19	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.62	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.53	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.61	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.03	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.08	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.52	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	36.39	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.54	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	8.24	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.91	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.99	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.01	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.17	ACUITE BBB \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Reaffirmed)
08 Dec 2020	Term Loan	Long Term	3.75	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.83	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.78	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.75	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.42	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.27	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.98	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.68	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	9.77	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.17	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.85	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.76	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.44	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Bank Facility	Long Term	0.02	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.12	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.22	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.12	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	1.87	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.85	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.89	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.59	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.92	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.58	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.07	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.93	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.92	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	5.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.16	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.51	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	10.11	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	7.50	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.47	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	0.99	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	4.92	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	5.21	ACUITE BBB \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	10.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.94	ACUITE BBB \| Stable (Reaffirmed)
	Term Loan	Long Term	3.13	ACUITE BBB \| Stable (Reaffirmed)
04 Nov 2020	Term Loan	Long Term	1.94	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	40.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.89	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.12	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.92	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	5.21	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.59	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.58	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.89	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	5.12	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	7.27	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.51	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.85	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.68	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.00	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.81	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.92	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.44	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.07	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	7.93	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	7.50	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.22	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.58	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	5.85	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.83	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	9.77	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.76	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.75	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.78	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.17	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.87	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	0.92	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	0.99	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	3.13	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	2.42	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.98	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.75	ACUITE BBB \| Stable (Assigned)
	Proposed Bank Facility	Long Term	0.02	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.89	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	10.11	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	4.47	ACUITE BBB \| Stable (Assigned)
	Term Loan	Long Term	1.16	ACUITE BBB \| Stable (Assigned)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	INE0E2307039	Non-Convertible Debentures (NCD)	Dec 8 2020	13.50	Dec 8 2021	5.00	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307039	Non-Convertible Debentures (NCD)	Dec 22 2020	14.00	Dec 22 2023	10.00	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307047	Non-Convertible Debentures (NCD)	Feb 10 2021	14.00	Feb 10 2023	15.00	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307054	Non-Convertible Debentures (NCD)	May 4 2021	12.40	May 4 2026	14.50	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307062	Non-Convertible Debentures (NCD)	May 6 2021	12.40	May 6 2026	22.00	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307120	Non-Convertible Debentures (NCD)	Jan 27 2022	Not Applicable	Jul 27 2025	21.00	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307120	Non-Convertible Debentures (NCD)	Jan 27 2022	Not Applicable	Jul 27 2025	21.00	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307088	Non-Convertible Debentures (NCD)	Jul 6 2021	12.40	Jul 6 2024	22.00	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307104	Non-Convertible Debentures (NCD)	Oct 27 2021	Not Applicable	Sep 30 2026	30.00	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	INE0E2307096	Non-Convertible Debentures (NCD)	Jul 30 2021	Not Applicable	Jul 30 2026	37.50	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	Not Applicable	Proposed Long Term Loan	Not Applicable	Not Applicable	Not Applicable	5.03	Simple	ACUITE BBB \| Stable \| Reaffirmed
Not Applicable	Not Applicable	Proposed Non Convertible Debentures	Not Applicable	Not Applicable	Not Applicable	3.50	Simple / Complex	ACUITE BBB \| Stable \| Reaffirmed
State Bank of India	Not Applicable	Term Loan	Feb 16 2021	9.90	May 1 2028	24.60	Simple	ACUITE BBB \| Stable \| Reaffirmed
National Housing Bank	Not Applicable	Term Loan	Mar 30 2021	6.10	Mar 31 2028	21.30	Simple	ACUITE BBB \| Stable \| Reaffirmed
Incred Capital Finacial Services Private Ltd.	Not Applicable	Term Loan	Feb 27 2021	14.00	Mar 10 2023	4.08	Simple	ACUITE BBB \| Stable \| Reaffirmed
Alwar General Finance Co. Pvt. Ltd.	Not Applicable	Term Loan	Mar 6 2021	15.50	Mar 15 2023	1.23	Simple	ACUITE BBB \| Stable \| Reaffirmed
Usha Financial Services Private Limited	Not Applicable	Term Loan	Mar 26 2021	16.00	Sep 25 2022	1.17	Simple	ACUITE BBB \| Stable \| Reaffirmed
ESAF Small Finance Bank	Not Applicable	Term Loan	Dec 27 2021	Not available	Dec 10 2024	8.57	Simple	ACUITE BBB \| Stable \| Reaffirmed
LIC Housing Finance Ltd.	Not Applicable	Term Loan	Mar 28 2022	Not available	Mar 28 2027	24.04	Simple	ACUITE BBB \| Stable \| Reaffirmed
HDFC Bank Ltd	Not Applicable	Term Loan	Mar 28 2022	Not available	Mar 28 2027	11.50	Simple	ACUITE BBB \| Stable \| Reaffirmed
HDFC Bank Ltd	Not Applicable	Term Loan	Jun 30 2022	Not available	Dec 30 2024	20.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
Federal Bank	Not Applicable	Term Loan	Sep 20 2021	Not available	Mar 17 2023	10.56	Simple	ACUITE BBB \| Stable \| Reaffirmed
Federal Bank	Not Applicable	Term Loan	Feb 28 2022	Not available	Feb 28 2024	16.67	Simple	ACUITE BBB \| Stable \| Reaffirmed
Indian Bank	Not Applicable	Term Loan	Mar 31 2022	Not available	Mar 31 2025	8.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
SBM Bank (India) Ltd.	Not Applicable	Term Loan	Mar 28 2022	Not available	Mar 28 2026	13.13	Simple	ACUITE BBB \| Stable \| Reaffirmed
LIC Housing Finance Ltd.	Not Applicable	Term Loan	Not available	Not available	Not available	25.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
National Housing Bank	Not Applicable	Term Loan	Jul 1 2020	7.05	Mar 31 2025	4.41	Simple	ACUITE BBB \| Stable \| Reaffirmed
Western Capital Advisiors Pvt. Ltd.	Not Applicable	Term Loan	Jul 30 2020	14.00	Jul 31 2022	0.13	Simple	ACUITE BBB \| Stable \| Reaffirmed
MAS Financial Service Ltd.	Not Applicable	Term Loan	Jul 29 2020	13.95	Jul 24 2024	1.85	Simple	ACUITE BBB \| Stable \| Reaffirmed
Caspian Impact Investment Private Ltd.	Not Applicable	Term Loan	Jul 30 2020	14.00	Jul 29 2024	2.60	Simple	ACUITE BBB \| Stable \| Reaffirmed
Vivrit Capital Private Ltd.	Not Applicable	Term Loan	Jul 29 2020	14.00	Jul 28 2023	2.02	Simple	ACUITE BBB \| Stable \| Reaffirmed
Indusind Bank Ltd	Not Applicable	Term Loan	Jul 30 2020	11.95	Apr 29 2030	31.11	Simple	ACUITE AA- \| Stable \| Reaffirmed
Agile Finserv Private Limited	Not Applicable	Term Loan	Jul 10 2020	12.75	Jul 9 2022	0.05	Simple	ACUITE BBB \| Stable \| Reaffirmed
Exclusive Leasing And Finance Private Limited	Not Applicable	Term Loan	Jul 17 2020	12.75	Aug 9 2022	0.09	Simple	ACUITE BBB \| Stable \| Reaffirmed
Ambit Finvest Pvt. Ltd.	Not Applicable	Term Loan	Aug 31 2020	14.00	Aug 4 2023	1.32	Simple	ACUITE BBB \| Stable \| Reaffirmed
Jana Small Finance Bank Ltd.	Not Applicable	Term Loan	Aug 31 2020	14.00	Aug 31 2023	4.67	Simple	ACUITE BBB \| Stable \| Reaffirmed
Hinduja Housing Finance Limited	Not Applicable	Term Loan	Aug 31 2020	13.90	Aug 30 2025	7.04	Simple	ACUITE BBB \| Stable \| Reaffirmed
Eclear Leasing & Finance Private	Not Applicable	Term Loan	Sep 3 2020	14.00	Mar 15 2023	1.69	Simple	ACUITE BBB \| Stable \| Reaffirmed
Agile Finserv Private Limited	Not Applicable	Term Loan	Sep 25 2020	12.75	Oct 9 2022	0.37	Simple	ACUITE BBB \| Stable \| Reaffirmed
PHF Leasing Limited	Not Applicable	Term Loan	Sep 30 2020	12.75	Oct 14 2022	0.13	Simple	ACUITE BBB \| Stable \| Reaffirmed
India Finsec Limited	Not Applicable	Term Loan	Nov 6 2020	13.90	Apr 4 2023	1.86	Simple	ACUITE BBB \| Stable \| Reaffirmed
Hinduja Housing Finance Limited	Not Applicable	Term Loan	Nov 24 2020	13.90	Nov 29 2025	7.59	Simple	ACUITE BBB \| Stable \| Reaffirmed
UC Inclusive Private Ltd.	Not Applicable	Term Loan	Nov 30 2020	13.90	Nov 30 2023	3.59	Simple	ACUITE BBB \| Stable \| Reaffirmed
Capital India Finance Limited	Not Applicable	Term Loan	Dec 23 2020	13.90	Jan 14 2025	3.53	Simple	ACUITE BBB \| Stable \| Reaffirmed
Sundaram Home Finance Ltd.	Not Applicable	Term Loan	Dec 15 2020	13.90	Dec 31 2024	6.25	Simple	ACUITE BBB \| Stable \| Reaffirmed
Northern Arc Capital (formerly IFMR Capital	Not Applicable	Term Loan	Apr 3 2021	Not available	Apr 3 2023	4.52	Simple	ACUITE BBB \| Stable \| Reaffirmed
Exclusive Leasing And Finance Private Limited	Not Applicable	Term Loan	Dec 1 2020	12.75	Dec 9 2022	0.55	Simple	ACUITE BBB \| Stable \| Reaffirmed
Jana Small Finance Bank Ltd.	Not Applicable	Term Loan	Dec 23 2020	14.00	Dec 20 2023	5.52	Simple	ACUITE BBB \| Stable \| Reaffirmed
Ashv Finance (formally known as Intellegrow)	Not Applicable	Term Loan	Jan 5 2021	15.00	Jan 5 2024	1.75	Simple	ACUITE BBB \| Stable \| Reaffirmed
Caspian Impact Investment Private Ltd.	Not Applicable	Term Loan	Jan 29 2021	14.00	Jan 29 2025	4.52	Simple	ACUITE BBB \| Stable \| Reaffirmed
National Housing Bank	Not Applicable	Term Loan	Jan 29 2021	6.10	Feb 28 2031	4.49	Simple	ACUITE BBB \| Stable \| Reaffirmed
A U Small Finance Bank	Not Applicable	Term Loan	Sep 27 2018	13	Oct 14 2023	1.33	Simple	ACUITE BBB \| Stable \| Reaffirmed
A U Small Finance Bank	Not Applicable	Term Loan	Jan 30 2019	14.25	Feb 17 2024	1.33	Simple	ACUITE BBB \| Stable \| Reaffirmed
A U Small Finance Bank	Not Applicable	Term Loan	May 31 2019	13.95	Jun 2 2023	1.25	Simple	ACUITE BBB \| Stable \| Reaffirmed
IDFC First Bank Limited	Not Applicable	Term Loan	May 3 2018	13.00	Apr 30 2030	40.00	Simple	ACUITE BBB \| Stable \| Reaffirmed
Hinduja Housing Finance Limited	Not Applicable	Term Loan	Mar 30 2019	13.45	Mar 30 2024	1.94	Simple	ACUITE BBB \| Stable \| Reaffirmed
MAS Financial Service Ltd.	Not Applicable	Term Loan	Sep 25 2018	13.75	Sep 22 2022	0.31	Simple	ACUITE BBB \| Stable \| Reaffirmed
MAS Financial Service Ltd.	Not Applicable	Term Loan	Oct 31 2018	15.25	Sep 22 2022	0.25	Simple	ACUITE BBB \| Stable \| Reaffirmed
MAS Financial Service Ltd.	Not Applicable	Term Loan	May 28 2019	13.70	May 24 2023	1.09	Simple	ACUITE BBB \| Stable \| Reaffirmed
MAS Financial Service Ltd.	Not Applicable	Term Loan	Mar 25 2019	13.70	Mar 23 2023	0.94	Simple	ACUITE BBB \| Stable \| Reaffirmed
Mannapuram Finance Ltd.	Not Applicable	Term Loan	Dec 28 2018	13.50	Dec 30 2023	1.12	Simple	ACUITE BBB \| Stable \| Reaffirmed
Mannapuram Finance Ltd.	Not Applicable	Term Loan	Feb 13 2019	13.50	Feb 28 2024	2.87	Simple	ACUITE BBB \| Stable \| Reaffirmed
Northern Arc Capital (formerly IFMR Capital	Not Applicable	Term Loan	Nov 26 2018	12.95	Jan 24 2023	1.58	Simple	ACUITE BBB \| Stable \| Reaffirmed
Northern Arc Capital (formerly IFMR Capital	Not Applicable	Term Loan	Mar 25 2019	14.75	Mar 23 2023	2.12	Simple	ACUITE BBB \| Stable \| Reaffirmed
Northern Arc Capital (formerly IFMR Capital	Not Applicable	Term Loan	Jul 5 2019	13.90	Jun 4 2023	1.88	Simple	ACUITE BBB \| Stable \| Reaffirmed
UC Inclusive Private Ltd.	Not Applicable	Term Loan	Nov 28 2019	15.50	Nov 30 2022	0.43	Simple	ACUITE BBB \| Stable \| Reaffirmed
Caspian Impact Investment Private Ltd.	Not Applicable	Term Loan	Nov 27 2019	14.00	Nov 26 2023	1.77	Simple	ACUITE BBB \| Stable \| Reaffirmed
Hinduja Leyland Finance Ltd.	Not Applicable	Term Loan	Nov 27 2019	13.80	Nov 27 2023	2.09	Simple	ACUITE BBB \| Stable \| Reaffirmed
Jana Small Finance Bank Ltd.	Not Applicable	Term Loan	Dec 9 2019	14.00	Jan 2 2024	4.65	Simple	ACUITE BBB \| Stable \| Reaffirmed
Northern Arc Capital (formerly IFMR Capital	Not Applicable	Term Loan	Dec 20 2019	14.00	Dec 25 2023	2.23	Simple	ACUITE BBB \| Stable \| Reaffirmed
Northern Arc Capital (formerly IFMR Capital	Not Applicable	Term Loan	Dec 31 2019	14.00	Jan 4 2024	1.64	Simple	ACUITE BBB \| Stable \| Reaffirmed
Vivrit Capital Private Ltd.	Not Applicable	Term Loan	Dec 19 2019	14.00	Dec 18 2023	2.19	Simple	ACUITE BBB \| Stable \| Reaffirmed
Hinduja Leyland Finance Ltd.	Not Applicable	Term Loan	Nov 27 2019	13.80	Jan 26 2024	2.31	Simple	ACUITE BBB \| Stable \| Reaffirmed
Northern Arc Capital (formerly IFMR Capital	Not Applicable	Term Loan	Jan 31 2020	14.00	Feb 4 2024	2.44	Simple	ACUITE BBB \| Stable \| Reaffirmed
Hero Fincorp Ltd.	Not Applicable	Term Loan	Mar 3 2020	14.00	Mar 2 2023	2.18	Simple	ACUITE BBB \| Stable \| Reaffirmed
Jana Small Finance Bank Ltd.	Not Applicable	Term Loan	Feb 28 2020	14.00	Mar 2 2023	2.81	Simple	ACUITE BBB \| Stable \| Reaffirmed
Vivrit Capital Private Ltd.	Not Applicable	Term Loan	Mar 12 2020	14.00	Mar 11 2024	2.38	Simple	ACUITE BBB \| Stable \| Reaffirmed
Axis Bank	Not Applicable	Working Capital Term Loan	Jan 30 2021	Not available	Jan 30 2022	1.00	Simple	ACUITE BBB \| Stable \| Reaffirmed

Contacts

Analytical	Rating Desk
Mohit Jain Senior Vice President-Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Nitin Chavan Analyst-Rating Operations Tel: 022-49294065 nitin.chavan@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

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.