Press Release August 28, 2024 AVIOM INDIA HOUSING FINANCE PRIVATE LIMITED Rating Assigned and Upgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	50.00	ACUITE A- | Stable | Assigned	-
Bank Loan Ratings	351.55	ACUITE A- | Stable | Upgraded	-
Bank Loan Ratings	31.11	ACUITE AA+ | Stable | Upgraded	-
Non Convertible Debentures (NCD)	201.50	ACUITE A- | Stable | Upgraded	-
Total Outstanding	634.16	-	-

Rating Rationale

­Acuité has upgraded the long-term rating to ‘ACUITE A-’ (read as ACUITE  A minus) from ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs. 351.55 Cr. Bank Facilities of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'. Acuité has upgraded the long-term rating to ‘ACUITE AA+’ (read as ACUITE double A plus) from ‘ACUITE AA’ (read as ACUITE double A ) on the Rs. 31.11 Cr. Bank Facilities of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'. Acuité has upgraded the long-term rating to ‘ACUITE A-’ (read as ACUITE  A minus) from ‘ACUITE BBB+’ (read as ACUITE triple B plus) on the Rs. 201.50 Cr. Non-Convertible Debentures of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'. Acuité has assigned the long-term rating to ‘ACUITE A-’ (read as ACUITE  A minus)  on the Rs. 50 Cr. Bank Facilities of AVIOM India Housing Finance Private Limited. The outlook is 'Stable'. Rationale for the upgrade The rating upgrade factors in the capital infusions, growth in profitability, consistent growth in AUM and disbursements while maintaining asset quality metrics. The company’s AUM grew to Rs. 1,727.78 Cr. as on Mar-24 as against Rs. 1034.85 Cr. as on Mar-23.  The disbursements for FY24 stood at Rs. 1094.14 Cr. vis-à-vis FY23 disbursements of Rs. 476.99 Cr. The company’s asset quality remained stable as reflected by GNPA and NNPA of 0.97 percent and 0.54 percent as on Mar-24. In addition, the company’s capitalization improved in FY24 due to equity raised from existing and new investors.The company is expected to raise additional equity in FY25 which is further expected to aid its capital buffers. The rating, however, remains constrained by high operating costs undertaken due to expansion. Further, the rating is also constrained by limited seasoning of the loan book .Going forward the ability of company to profitably scale up its operations through the newly established branches, 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 March 31, 2024, AHIPL operates in 13 states with a network of 268 branches.

Unsupported Rating

­Not Applicable

Analytical Approach

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

Key Rating Drivers

Strength

­Healthy Capitalisation levels Through equity and compulsory convertible preference shares,Aviom India Housing Finance has raised Rs 330 Cr. as on March 31, 2024. AIHPL has infused Rs 75 Cr. in FY24, from Teachers Insurance and Annuity Association of America (TIAA).Further, the networth of AIHPL stands at Rs 402.56 Cr. as on March 31, 2024. The CAR as on March 31, 2024 stands at 29.49%, with Tier I CAR being at 29.12%.Apart from Equity Funding, AIHPL has funds raised by way of Term Loans & NCD.Its other investors include Gojo and Company Inc, SABRE Partners AIF Trust and Capital 4Development Asia Fund Cooperative UA. The borrowing 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 in the near future.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. Improvements in Earning profile while maintaining Asset quality Aviom India Housing Finance has shown significant improvements in the earning profile  with a PAT of Rs 45.88 Cr. as on March 31, 2024 from Rs 16.06 Cr as on March 31, 2023.Consistent growth in AUM and disbursements, Increase in AUM from Rs 1034.85 in FY23 to Rs 1727.78 in FY24.The disbursements have increased from Rs 476.99 Cr. in FY23 to Rs 1094.14 Cr in FY24.The Asset quality as indicated by the GNPA and NNPA figures as on March 31, 2024 stand at 0.97% and 0.54% respectively.The on time portfolio is at ~84%.Aviom India Housing Finance has an overall collection efficiency of 99.58% for FY24.

Weakness

­Limited seasoning of the loan book AIHPL established its operations from FY2017 and provides home loans and Loan against Property for 7-10 years. The company has grown its loan book. Since 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 improved in the present environment, Acuite believes that going forward the ability of the company to maintain steady 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 13 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 three nominee directors and four female directors out of a total of seven 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

Liquidity Position

Adequate

The company had adequate liquidity position with cash and bank balances of Rs. 142.67 Cr. (Includes cash and cash equivalents+investments+ bank balances excluding lien marked deposits ). as on March 31, 2024. Further, the liquidity profile is supported by capital infusion of Rs. 75.00 Cr. in FY 24

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.

Other Factors affecting Rating

­None

Key Financials - Standalone / Originator

­ Particulars Unit FY24 (Actual) FY23 (Actual) Total Assets Rs. Cr. 1872.08 1270.81 Total Income* Rs. Cr. 256.66 125.11 PAT Rs. Cr. 45.88 16.06 Net Worth Rs. Cr. 402.56 287.47 Return on Average Assets (RoAA) (%) 2.92 1.47 Return on Average Net Worth (RoNW) (%) 13.30 7.73 Debt/Equity Times 3.26 3.17 Gross NPA (%) 0.97 0.56 Net NPA (%) 0.54 0.32 *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 • 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 22 Nov 2023 Term Loan Long Term 1.32 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.67 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 7.04 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.69 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.37 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.13 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.86 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 7.59 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 3.59 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 3.53 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 6.25 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.52 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.55 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 5.52 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.75 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.52 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.49 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Working Capital Term Loan Long Term 1.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 24.60 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 21.30 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.08 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.23 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.17 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Loan Long Term 5.03 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 21.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Non Convertible Debentures Long Term 4.30 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 8.57 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 24.04 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 11.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 20.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 10.56 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 16.67 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 8.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 13.13 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 37.20 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Proposed Long Term Loan Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.33 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.33 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.25 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 40.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.94 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.31 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.25 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.09 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.94 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.12 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.87 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.58 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.12 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.88 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.43 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.77 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.09 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.65 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.23 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.64 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.19 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.31 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.44 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.18 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.81 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.38 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 4.41 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.13 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 1.85 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.60 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 2.02 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 31.11 ACUITE AA | Stable (Upgraded from ACUITE AA- | Stable) Term Loan Long Term 0.05 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 0.09 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) Term Loan Long Term 15.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable) 22 Nov 2022 Term Loan Long Term 1.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.31 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.09 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.88 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.43 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.77 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.09 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.23 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.64 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.31 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.44 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.18 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.38 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.41 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.85 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.02 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 31.11 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 0.05 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.09 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.32 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.37 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.86 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.53 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.55 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.75 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.49 ACUITE BBB | Stable (Reaffirmed) Working Capital Term Loan Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 24.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 21.30 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.23 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.17 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Loan Long Term 5.03 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 3.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 21.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 24.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 11.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 10.56 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 13.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 37.50 ACUITE BBB | Stable (Reaffirmed) 21 Dec 2021 Term Loan Long Term 0.98 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.88 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.90 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.41 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.36 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 33.06 ACUITE AA- | Stable (Reaffirmed) Term Loan Long Term 3.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.20 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.26 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.15 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.11 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.90 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.72 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.16 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.16 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.94 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.06 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.96 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.14 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.84 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.14 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.43 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.83 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.25 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.73 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.03 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.67 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 22.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 37.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Loan Long Term 62.67 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.10 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.98 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 23.15 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 27.59 ACUITE BBB | Stable (Reaffirmed) Working Capital Term Loan Long Term 1.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.74 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.54 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.30 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.37 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.15 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.79 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.34 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.78 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.04 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.42 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.59 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.98 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.80 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.92 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.40 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.33 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 23.00 ACUITE BBB | Stable (Assigned) Non-Covertible Debentures (NCD) Long Term 30.00 ACUITE BBB | Stable (Reaffirmed) 19 Oct 2021 Term Loan Long Term 3.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.54 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.35 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long 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Stable (Reaffirmed) Term Loan Long Term 3.54 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.61 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.38 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.66 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.03 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.96 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.62 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.20 ACUITE BBB | Stable 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Term Loan Long Term 7.86 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.14 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.03 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed) Term Loan Long 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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 1.83 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.18 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.70 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.36 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.46 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.22 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.60 ACUITE BBB | Stable (Reaffirmed) Working Capital Term Loan Long Term 1.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 35.00 ACUITE AA- | Stable (Assigned) Term Loan Long Term 2.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 3.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 10.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 25.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 15.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 5.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 6.71 ACUITE BBB | Stable (Assigned) Term Loan Long Term 2.86 ACUITE BBB | Stable (Assigned) Term Loan Long Term 9.31 ACUITE BBB | Stable (Assigned) Term Loan Long Term 1.78 ACUITE BBB | Stable (Assigned) Term Loan Long Term 9.54 ACUITE BBB | Stable (Assigned) Term Loan Long Term 10.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.84 ACUITE BBB | Stable (Assigned) Term Loan Long Term 6.06 ACUITE BBB | Stable (Assigned) Term Loan Long Term 10.00 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.28 ACUITE BBB | Stable (Assigned) Term Loan Long Term 0.57 ACUITE BBB | Stable (Assigned) Term Loan Long Term 1.62 ACUITE BBB | Stable (Assigned) Term Loan Long Term 4.13 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 9.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.61 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.51 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.73 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.03 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.82 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.73 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.62 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 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 2.18 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.24 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.82 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.99 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.63 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 0.26 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 0.62 ACUITE BBB | Stable (Assigned) Non-Covertible Debentures (NCD) Long Term 14.50 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 22.00 ACUITE BBB | Stable (Reaffirmed) 15 Apr 2021 Term Loan Long Term 0.60 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.58 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 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 0.46 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.36 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.70 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.18 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.50 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.57 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 1.89 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.63 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.99 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.82 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.24 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.18 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.45 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.36 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.62 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.69 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.73 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.82 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.19 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 15.00 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 48.93 ACUITE BBB | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 22.00 ACUITE BBB | Stable (Assigned) Proposed Non Convertible Debentures Long Term 14.50 ACUITE BBB | Stable (Assigned) Term Loan Long Term 5.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.87 ACUITE BBB | Stable (Reaffirmed) 16 Feb 2021 Non-Covertible Debentures (NCD) Long Term 5.00 ACUITE BBB | Stable (Reaffirmed) Non-Covertible Debentures (NCD) Long Term 10.00 ACUITE BBB | Stable (Reaffirmed) Proposed Long Term Bank Facility Long Term 36.39 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 2.83 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.53 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.12 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.54 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.61 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 0.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.71 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.38 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.81 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.87 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.66 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.03 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.96 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.62 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 6.20 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.17 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.52 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 2.35 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.57 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 1.54 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.65 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.90 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 8.24 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.01 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.10 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.99 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.08 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.19 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 3.61 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 5.91 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 7.86 ACUITE BBB | Stable (Reaffirmed) Term Loan Long Term 4.14 ACUITE BBB | Stable (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 Not Applicable INE0E2307021 Non-Convertible Debentures (NCD) 06 Jan 2021 13.50 06 Jan 2024 5.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307039 Non-Convertible Debentures (NCD) 22 Dec 2020 14.00 22 Dec 2023 10.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307047 Non-Convertible Debentures (NCD) 10 Feb 2021 14.00 10 Feb 2023 15.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307054 Non-Convertible Debentures (NCD) 04 May 2021 12.40 04 May 2026 14.50 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307211 Non-Convertible Debentures (NCD) 06 May 2021 12.40 06 May 2026 22.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307120 Non-Convertible Debentures (NCD) 27 Jan 2022 11.76 05 Jul 2025 21.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307120 Non-Convertible Debentures (NCD) 27 Jan 2022 11.76 05 Jul 2025 21.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307112 Non-Convertible Debentures (NCD) 16 Nov 2021 11.70 13 Nov 2027 30.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307096 Non-Convertible Debentures (NCD) 30 Jul 2021 Not avl. / Not appl. 30 Jul 2026 37.20 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable INE0E2307088 Non-Convertible Debentures (NCD) 06 Jul 2021 11.76 15 Jul 2024 21.50 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A- | Stable | Assigned Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.03 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.30 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Tourism Finance Corporation of India Not avl. / Not appl. Term Loan 19 Dec 2022 Not avl. / Not appl. 15 Mar 2026 15.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Suryoday Small Finance Bank Limited Not avl. / Not appl. Term Loan 13 Sep 2023 Not avl. / Not appl. 05 Oct 2027 15.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) State Bank of India Not avl. / Not appl. Term Loan 16 Feb 2021 Not avl. / Not appl. 01 May 2028 24.60 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) National Housing Bank Not avl. / Not appl. Term Loan 30 Mar 2021 Not avl. / Not appl. 31 Mar 2028 21.30 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Incred Capital Finacial Services Private Ltd. Not avl. / Not appl. Term Loan 27 Feb 2021 Not avl. / Not appl. 10 Mar 2023 4.08 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Alwar General Finance Co. Pvt. Ltd. Not avl. / Not appl. Term Loan 06 Mar 2021 Not avl. / Not appl. 15 Mar 2023 1.23 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Usha Financial Services Private Limited Not avl. / Not appl. Term Loan 26 Mar 2021 Not avl. / Not appl. 25 Sep 2022 1.17 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) ESAF Small Finance Bank Not avl. / Not appl. Term Loan 27 Dec 2021 Not avl. / Not appl. 10 Dec 2024 8.57 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) LIC Housing Finance Ltd. Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Mar 2027 24.04 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) HDFC Bank Ltd Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Mar 2027 11.50 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) HDFC Bank Ltd Not avl. / Not appl. Term Loan 30 Jun 2022 Not avl. / Not appl. 30 Dec 2024 20.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Federal Bank Not avl. / Not appl. Term Loan 20 Sep 2021 Not avl. / Not appl. 17 Mar 2023 10.56 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Federal Bank Not avl. / Not appl. Term Loan 28 Feb 2022 Not avl. / Not appl. 28 Feb 2024 16.67 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Indian Bank Not avl. / Not appl. Term Loan 31 Mar 2022 Not avl. / Not appl. 31 Mar 2025 8.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) SBM Bank (India) Ltd. Not avl. / Not appl. Term Loan 28 Mar 2022 Not avl. / Not appl. 28 Mar 2026 13.13 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) National Housing Bank Not avl. / Not appl. Term Loan 01 Jul 2020 Not avl. / Not appl. 31 Mar 2025 4.41 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Western Capital Advisiors Pvt. Ltd. Not avl. / Not appl. Term Loan 30 Jul 2020 Not avl. / Not appl. 31 Jul 2022 0.13 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 29 Jul 2020 Not avl. / Not appl. 24 Jul 2024 1.85 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Caspian Impact Investment Private Ltd. Not avl. / Not appl. Term Loan 30 Jul 2020 Not avl. / Not appl. 29 Jul 2024 2.60 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Vivrit Capital Private Ltd. Not avl. / Not appl. Term Loan 29 Jul 2020 Not avl. / Not appl. 28 Jul 2023 2.02 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Indusind Bank Ltd Not avl. / Not appl. Term Loan 30 Jul 2020 Not avl. / Not appl. 29 Apr 2030 31.11 Simple ACUITE AA+ | Stable | Upgraded ( from ACUITE AA ) Agile Finserv Private Limited Not avl. / Not appl. Term Loan 10 Jul 2020 Not avl. / Not appl. 09 Jul 2022 0.05 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Exclusive Leasing And Finance Private Limited Not avl. / Not appl. Term Loan 17 Jul 2020 Not avl. / Not appl. 09 Aug 2022 0.09 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Ambit Finvest Pvt. Ltd. Not avl. / Not appl. Term Loan 31 Aug 2020 Not avl. / Not appl. 04 Aug 2023 1.32 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 31 Aug 2020 Not avl. / Not appl. 31 Aug 2023 4.67 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Hinduja Housing Finance Limited Not avl. / Not appl. Term Loan 31 Aug 2020 Not avl. / Not appl. 30 Aug 2025 7.04 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Eclear Leasing & Finance Private Not avl. / Not appl. Term Loan 03 Sep 2020 Not avl. / Not appl. 15 Mar 2023 1.69 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Agile Finserv Private Limited Not avl. / Not appl. Term Loan 25 Sep 2020 Not avl. / Not appl. 09 Oct 2022 0.37 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) PHF Leasing Limited Not avl. / Not appl. Term Loan 30 Sep 2020 Not avl. / Not appl. 14 Oct 2022 0.13 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) India Finsec Limited Not avl. / Not appl. Term Loan 06 Nov 2020 Not avl. / Not appl. 04 Apr 2023 1.86 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Hinduja Housing Finance Limited Not avl. / Not appl. Term Loan 24 Nov 2020 Not avl. / Not appl. 29 Nov 2025 7.59 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) UC Inclusive Private Ltd. Not avl. / Not appl. Term Loan 30 Nov 2020 Not avl. / Not appl. 30 Nov 2023 3.59 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Capital India Finance Limited Not avl. / Not appl. Term Loan 23 Dec 2020 Not avl. / Not appl. 14 Jan 2025 3.53 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Sundaram Home Finance Ltd. Not avl. / Not appl. Term Loan 15 Dec 2020 Not avl. / Not appl. 31 Dec 2024 6.25 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 03 Apr 2021 Not avl. / Not appl. 03 Apr 2023 4.52 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Exclusive Leasing And Finance Private Limited Not avl. / Not appl. Term Loan 01 Dec 2020 Not avl. / Not appl. 09 Dec 2022 0.55 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 23 Dec 2020 Not avl. / Not appl. 20 Dec 2023 5.52 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Ashv Finance (formally known as Intellegrow) Not avl. / Not appl. Term Loan 05 Jan 2021 Not avl. / Not appl. 05 Jan 2024 1.75 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Caspian Impact Investment Private Ltd. Not avl. / Not appl. Term Loan 29 Jan 2021 Not avl. / Not appl. 29 Jan 2025 4.52 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) National Housing Bank Not avl. / Not appl. Term Loan 29 Jan 2021 Not avl. / Not appl. 28 Feb 2031 4.49 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) A U Small Finance Bank Not avl. / Not appl. Term Loan 27 Sep 2018 Not avl. / Not appl. 14 Oct 2023 1.33 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) A U Small Finance Bank Not avl. / Not appl. Term Loan 30 Jan 2019 Not avl. / Not appl. 17 Feb 2024 1.33 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) A U Small Finance Bank Not avl. / Not appl. Term Loan 31 May 2019 Not avl. / Not appl. 02 Jun 2023 1.25 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) IDFC First Bank Limited Not avl. / Not appl. Term Loan 03 May 2018 Not avl. / Not appl. 30 Apr 2030 40.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Hinduja Housing Finance Limited Not avl. / Not appl. Term Loan 30 Mar 2019 Not avl. / Not appl. 30 Mar 2024 1.94 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 25 Sep 2018 Not avl. / Not appl. 22 Sep 2022 0.31 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 31 Oct 2018 Not avl. / Not appl. 22 Sep 2022 0.25 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 28 May 2019 Not avl. / Not appl. 24 May 2023 1.09 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) MAS Financial Service Ltd. Not avl. / Not appl. Term Loan 25 Mar 2019 Not avl. / Not appl. 23 Mar 2023 0.94 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Mannapuram Finance Ltd. Not avl. / Not appl. Term Loan 28 Dec 2018 Not avl. / Not appl. 30 Dec 2023 1.12 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Mannapuram Finance Ltd. Not avl. / Not appl. Term Loan 13 Feb 2019 Not avl. / Not appl. 28 Feb 2024 2.87 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 26 Nov 2018 Not avl. / Not appl. 24 Jan 2023 1.58 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 25 Mar 2019 Not avl. / Not appl. 23 Mar 2023 2.12 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 05 Jul 2019 Not avl. / Not appl. 04 Jun 2023 1.88 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) UC Inclusive Private Ltd. Not avl. / Not appl. Term Loan 28 Nov 2019 Not avl. / Not appl. 30 Nov 2022 0.43 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Caspian Impact Investment Private Ltd. Not avl. / Not appl. Term Loan 27 Nov 2019 Not avl. / Not appl. 26 Nov 2023 1.77 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan 27 Nov 2019 Not avl. / Not appl. 27 Nov 2023 2.09 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 09 Dec 2019 Not avl. / Not appl. 02 Jan 2024 4.65 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 20 Dec 2019 Not avl. / Not appl. 25 Dec 2023 2.23 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 31 Dec 2019 Not avl. / Not appl. 04 Jan 2024 1.64 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Vivrit Capital Private Ltd. Not avl. / Not appl. Term Loan 19 Dec 2019 Not avl. / Not appl. 18 Dec 2023 2.19 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan 27 Nov 2019 Not avl. / Not appl. 26 Jan 2024 2.31 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Northern Arc Capital (formerly IFMR Capital Not avl. / Not appl. Term Loan 31 Jan 2020 Not avl. / Not appl. 04 Feb 2024 2.44 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Hero Fincorp Ltd. Not avl. / Not appl. Term Loan 03 Mar 2020 Not avl. / Not appl. 02 Mar 2023 2.18 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Jana Small Finance Bank Ltd. Not avl. / Not appl. Term Loan 28 Feb 2020 Not avl. / Not appl. 02 Mar 2023 2.81 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Vivrit Capital Private Ltd. Not avl. / Not appl. Term Loan 12 Mar 2020 Not avl. / Not appl. 11 Mar 2024 2.38 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ ) Axis Bank Not avl. / Not appl. Working Capital Term Loan 30 Jan 2021 Not avl. / Not appl. 30 Jan 2022 1.00 Simple ACUITE A- | Stable | Upgraded ( from ACUITE BBB+ )

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Contacts

Analytical Details	Contact Details
Mohit Jain Senior Vice President - Rating Operations Tel: 022–49294017 mohit.jain@acuite.in Nattasha Venkatesh Associate Analyst - Rating Operations Tel: 022-49294065 nattasha.venkatesh@acuite.in	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in 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. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating.