Press Release

Press Release

November 19, 2024

CAPITAL INDIA FINANCE LIMITED
Rating Reaffirmed

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	775.00	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications	-
Bank Loan Ratings	25.00	-	ACUITE A2+ \| Reaffirmed \| Rating Watch with Developing Implications
Total Outstanding	800.00	-	-
Total Withdrawn	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 775.00 Cr. bank facilities of Capital India Finance Limited (CIFL). The rating has been placed under Watch with Developing Implications.

Acuité has reaffirmed the short-term rating of ‘ACUITE A2+’ (read as ACUITE A two plus ) on the Rs. 25.00 Cr. bank facilities of Capital India Finance Limited (CIFL). The rating has been placed under Watch with Developing Implications.

Rationale for Rating
The rating has been placed under Watch with Developing Implications for Acuite to evaluate the impact of the announcement made by Capital India Finance Limited (CIFL) regarding the divestment of its housing finance subsidiary Capital India Home Loans Limited (CIHL). Capital India Finance Limited (CIFL), in its board meeting held on October 16, 2024, approved the sale of its entire stake in housing finance subsidiary Capital India Home Loans Limited (CIHL) to Weaver Services Private Limited at an estimated consideration of Rs. 267 Cr. for 100.00% equity of CIHL. The transaction is subject to regulatory approval.

Acuité had been taking a consolidated approach (CIFL & CIHL) while assessing the credit risk profile of CIFL. Going forward, Acuité may need to adopt a standalone approach for assigning the ratings on CIFL. Acuité will try to understand the impact of the divestment of housing finance business on the outstanding rating, if any and will endeavour to resolve the rating watch at the earliest.

The rating continues to factor in Capital India Group’s seasoned management, significant support from investors and strong resource raising ability. The rating takes into account strong capitalization of the Capital India Finance Limited (at Standalone level) with networth of Rs. 606.54 Cr. and leverage of 1 times as on Mach 31, 2024 (Rs. 585.42 Cr. and leverage of 1.08 times as on March 31, 2023). The networth of CIFL (at standalone level) stands at Rs. 611.91 Cr. as on Jun-24. At the Consolidated level (CIFL & CIHL; excl. non-controlling interest), the capitalization is strong with a networth of Rs. 596.6 Cr. and leverage of 1.48 times as on March 31, 2024 (Rs. 574.6 Cr. and leverage of 1.56 times as on March 31, 2023). The rating also factors in asset quality marked by consolidated (CIFL & CIHL) GNPA of 1.65 percent as on March 31, 2024 (0.78 percent as on March 31, 2023) with some delinquencies in softer buckets as the portfolio gains seasoning. At standalone level (CIFL), the GNPA stands at 1.79 percent as on Jun-24 as compared to 1.8 percent as on Mar-24. Acuité has also noted a strategic shift towards more granular MSME lending (~75% of the portfolio) which is expected to provide some cushion against asset quality shocks going forward and diversification of its revenue streams by venturing into fee-based businesses i.e forex and remittance businesses. The rating further derives support from the contribution of the housing finance division and forex & remittance business i.e. CIHL’s loan portfolio grew to Rs. 451.30 Cr. as on March 31, 2024 (FY2023: Rs. 379.97 Cr.).
Some of these rating strengths however, are constrained with moderate profitability of the Capital India Group as seen in PAT of Rs. 21.34 Cr. as on March 31, 2024 as against Rs. 18.33 Cr. as on March 31, 2023 (consolidated CIFL & CIHL), though there is a YoY improvement in the PAT. At standalone level (CIFL), the PAT for Q1FY25 stands at Rs. 4.51 Cr. The branch expansion and the Group’s focus on granular portfolio resulting in lower yields have resulted in such moderate profitability. The rating also takes into consideration the rise in delinquencies (90+ dpd) in absolute terms as the portfolio gains seasoning.

About the Company

CIFL is a middle layer non deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India. The company is engaged in extending credit towards MSME segment in form of Loan against Property having a portfolio vintage of more than 5 years. Presently, the company has expanded its borrower base and has been focusing on MSME business lending from their earlier exposure towards real estate financing.
The company commenced its lending operations in November 2017. Presently, CIFL is led by Mr. Keshav Porwal (Managing Director) and Mr. Pinank Shah ( CEO ), each having an experience of more than two decades in financial services. The company’s equity is listed on the Bombay Stock Exchange (BSE) and has a market capitalisation of Rs. 909.10 Cr as on June 13, 2024. Around 73 percent of CIFL’s equity is held by Capital India Corp Private Limited (CICPL). CICPL is a “Core Investment Company” registered with the RBI and is promoted by Mr. Sumit K. Narvar. Mr. Narvar is a first-generation entrepreneur, who has mentored and built businesses in Fintech and Financial services space along with development of commercial and residential real estate projects majorly in NCR/North India. All his Investee companies are managed by an independent professional management team. There are no cross holdings between financial service business and real estate business. Besides the promoter holding, CIFL has been able to attract funding from reputed investors such as Dharampal Satyapal Group, RJ Corp Limited, Sudhir Power Limited among others.

Unsupported Rating

Not applicable

Analytical Approach

Extent of Consolidation

•Proportionate or Moderate Consolidation

Rationale for Consolidation or Parent / Group / Govt. Support

Acuité has adopted a consolidated approach and considered the business and financial risk profile of Capital India Finance Limited (CIFL) and its subsidiaries as on March 31, 2024, Capital India Home Loans Limited (CIHL) and Capital India Assets Management Private Limited (CIAM) for arriving at the rating.
CIHL is a subsidiary of CIFL with 99.9 percent shareholding as on March 31, 2024 and extends credit towards the affordable home loan segment. CIAM is a 100 percent subsidiary of CIFL, there were no major operations in CIAM at present.
Other than this, CIFL also has its stake in Rapipay Fintech Pvt. Ltd. of 52.5% as on Mar 31, 2024.
Acuité has not considered Rapipay in consolidated approach as this is stated as one time investment and the Capital India Finance Limited does not intend to make any further investment in Rapipay. Further, Rapipay has a separate operational and management team.

Key Rating Drivers

Strength

Experienced management team backed by resourceful investors
Capital India Group has strong backing from its investors and experienced management team. The Group is promoted by Narvar Family and is led by senior professionals such as Mr. Keshav Porwal (Managing Director) and Mr. Pinank Shah ( CEO ) along with other senior management team with relevant experience in lending domain. Mr. Keshav Porwal has more than two decades of experience in Financial Services sector and brings considerable experience in successfully closing large and complex transactions involving PE investments and restructuring of medium size companies, etc. Mr. Pinank Shah is a seasoned leader with over two decades of experience in financial services and has a proven history of establishing businesses and guiding diverse teams to success. CIFL’s Board comprises of six members of which five are independent Directors. The Board includes reputed personnel with extensive industry experience panning across the Indian Banking system, Administration and the RBI. The day to day operations are managed by seasoned professionals with relevant expertise in MSME lending business and other domains. CIFL is backed by domestic long-term investors such as Capital India Corp Private Limited (holding 73 percent), Dharampal Satyapal Group (holding 13.45 percent), RJ Corp Limited (holding 4.90 percent) among others.
The ability to attract funding from diverse investors has supported the company’s capitalisation levels. The company has a networth (consolidated CIFL & CIHL; excl. non-controlling interest) of Rs. 596.6 Cr. as on March 31, 2024 (Rs. 574.6 Cr. as on March 31, 2023). The company’s capital adequacy ratio remains comfortable with capital adequacy of 36.58 percent for CIFL (standalone) and 56.38 percent for CIHL (standalone) as on March 31, 2024(35.92 percent for CIFL (standalone) and 58.10 percent for CIHL (standalone) as on March 31, 2023). CIFL as low gearing levels at 1 time as on March 31, 2024 (1.08 times as on March 31,2023) at Standalone level. At Consolidated CIFL & CIHL as well the gearing is low at 1.48 times as on March 31, 2024 (1.56 times as on March 31, 2023).
Acuité believes that CIFL’s consolidated business profile will be supported by expertise of seasoned professional managing the day to day operations and the support from the resourceful investors.

Diversified Business Profile
Capital India Finance Limited has diversified business profile, its NBFC segment extends credit towards MSME segment in form of Loan against Property. Over, the past years the company has strategically shifted its focus towards more granular MSME portfolio and has been significantly reducing its exposure towards its legacy real estate book wherein, no new disbursements are being made. Capital India Home Loans Limited (CIHL), incorporated in 2017, extends credit towards affordable home loan segment. CIHL’s loan portfolio (own book) (standalone) grew from Rs. 348.06 Cr. as on March 31, 2023 to Rs. 388.68 Cr. as on March 31, 2024. The strategy of the Group is to build a relatively smaller ticket sized, well diversified and granular loan book across all product offerings and geographies. CIFL’s AUM (consolidated; CIFL & CIHL) grew from Rs. 1268.76 Cr. as on March 31, 2023. to Rs. 1336.19 Cr. as on March 31, 2024.
Apart, from its lending-based activities of Capital India group has also developed its fee based business namely RemitX to diversify its revenue stream. Capital India under the brand name of RemitX holds AD II license from RBI (since Sep 2020) to conduct foreign exchange business. RemitX is an integrated foreign exchange service provider and focuses on provide end to end forex and travel solutions leveraging technology. RemitX which has generated PBT of Rs. 9.10 Cr. during FY2024 as against Rs. 4.87 Cr. during FY2023.

Weakness

Moderate earning profile
CIFL’s (consolidated CIFL & CIHL) earning profile remained moderate as reflected by its ROAA at 1.38 percent in FY2024 though improving from 1.28 percent in FY2023, and reported a PAT of Rs 21.3 Cr in FY2024. CIHL’s ROAA moderated to 0.29 percent in FY24 from 1 percent in FY2023 on the basis of increased operating cost and dip in it’s NIM. The operating expense to earning assets increased from 8.09 percent in FY23 to 8.17 percent in FY24 and the NIM stood at 8.31 percent in FY2024 from 9.15 percent in FY23.

ESG Factors Relevant for Rating

Capital India Finance Limited (CIFL) belongs to the Non-Banking Financial Companies (NBFC) sector which complements bank lending in India. Some of the material governance issues for the sector are policies and practices with regards 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 contributions to financial inclusion and community development, sustainable financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. While CIFL was earlier engaged in extending wholesale credit towards real estate, LAP and corporate/structured finance loans, it has expanded its borrower base and has been focusing on MSME loans which supports financial inclusion by financing of smaller businesses. The Capital India's board comprises of a total of six directors out of which five are independent directors and including two female directors. The Chairman of the Board is Mr. Vinod Kumar Somani. Mr. Somani is a Chartered Accountant and senior partner with M/s KG Somani & Co. and has expert knowledge of Finance, Companies Act and Taxation. Other Board members include reputed personnel industry with extensive experience in industries panning across the Indian Banking system, Administration and the RBI. The group companies maintains adequate disclosures with respect to the various board level committees mainly audit committee, nomination and renumeration committee along with other committees. The group companies also maintains adequate level of transparency with regards to business ethics issues like related party transactions, investors grievances, litigations, and regulatory penalties for the group, if relevant. In terms of its social impact, CIFL is actively engaged in community development programmes through its CSR activities.

Rating Sensitivity

Movement in AUM and disbursement volumes
Improvement in profitability metrices reflected through NIM & RoAA
Movement in collection efficiency and asset quality
Collection from real estate exposure
Movement in liquidity buffers

Liquidity Position

Adequate

Business growth of CIFL has majorly been supported by equity funds, the company has now started to leverage its capital structure as reflected in gearing of 1.48 times as on March 31, 2024 (1.56 times as on March 31, 2023) (consolidated; CIFL & CIHL). CIFL at consolidate level was able to obtain fundings from banks/lenders in the form of Term loans and Working capital facilities in FY2024. CIFL had total cash and cash equivalents of Rs. 204.32 Cr. as on March 31, 2024 (consolidated; CIFL & CIHL). Besides this, the group has undrawn bank facilities of Rs. 37 Cr. The liquidity position of the company is expected to support the business growth of the company over the near term.

Outlook: Not Applicable

Other Factors affecting Rating

None

Key Financials - Standalone / Originator

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs. Cr.	1236.84	1270.61
Total Income*	Rs. Cr.	123.11	100.47
PAT	Rs. Cr.	20.10	15.05
Net Worth	Rs. Cr.	606.54	585.42
Return on Average Assets (RoAA)	(%)	1.60	1.21
Return on Average Net Worth (RoNW)	(%)	3.37	2.60
Debt/Equity	Times	1.00	1.08
Gross NPA (Owned portfolio)	(%)	1.80	0.71
Net NPA (Owned portfolio)	(%)	0.82	0.34

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

Key Financials (Consolidated)

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs. Cr.	1560.1	1531.8
Total Income*	Rs. Cr.	159.98	133.56
PAT	Rs. Cr.	21.34	18.33
Net Worth	Rs. Cr.	596.6	574.6
Return on Average Assets (RoAA)	(%)	1.38	1.28
Return on Average Net Worth (RoNW)	(%)	3.64	3.23
Debt/Equity	Times	1.48	1.56
Gross NPA	(%)	1.65	0.78
Net NPA	(%)	0.83	0.4

*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

• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm
• Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.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
06 Sep 2024	Term Loan	Long Term	27.47	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.47	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.26	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	42.19	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.61	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.19	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.94	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	220.11	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.07	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	28.80	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	79.04	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.12	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	33.32	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.89	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.27	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.83	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
16 Jul 2024	Term Loan	Long Term	33.32	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Demand Loan (WCDL)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.89	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.27	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.76	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	27.47	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.47	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.26	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	42.19	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.61	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	1.36	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	17.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.19	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.94	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	217.99	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.07	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	28.80	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	79.04	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.67	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	12.12	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	5.83	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE Not Applicable (Withdrawn)
31 Jul 2023	Term Loan	Long Term	9.09	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	7.66	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.70	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	6.82	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.28	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	64.72	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	14.58	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.15	ACUITE A- \| Stable (Reaffirmed)
	Working Capital Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.83	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	129.48	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	60.94	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	21.21	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.44	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	57.60	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE Not Applicable (Withdrawn)
31 Jan 2023	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- (Reaffirmed & Withdrawn)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE A- (Reaffirmed & Withdrawn)
	Term Loan	Long Term	13.64	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	3.18	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	0.02	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	41.69	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	9.56	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	29.17	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	76.48	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	18.75	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	42.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	37.49	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	22.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.61	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	261.10	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	70.31	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Reaffirmed)
07 Mar 2022	Term Loan	Long Term	21.97	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	78.49	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	24.22	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	16.68	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	13.64	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	175.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	100.00	ACUITE A- \| Stable (Assigned)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Cash Credit	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Short Term Bank Facility	Short Term	25.00	ACUITE A2+ (Assigned)
20 Dec 2021	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	20.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.01	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	24.22	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	217.29	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	23.48	ACUITE A- \| Stable (Reaffirmed)
25 Jun 2021	Term Loan	Long Term	41.67	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	40.00	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	2.50	ACUITE A- \| Stable (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	35.00	ACUITE A- \| Stable (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	390.83	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	50.00	ACUITE A- \| Stable (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE A- \| Stable (Reaffirmed)

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	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	175.30	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Not Applicable	Not avl. / Not appl.	Proposed Short Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A2+ \| Reaffirmed \| Rating Watch with Developing Implications
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	13 Sep 2024	Not avl. / Not appl.	27 Sep 2027	15.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Jana Small Finance Bank Ltd.	Not avl. / Not appl.	Term Loan	25 Sep 2024	Not avl. / Not appl.	03 Nov 2027	25.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
A U Small Finance Bank	Not avl. / Not appl.	Term Loan	28 Sep 2024	Not avl. / Not appl.	18 Sep 2026	25.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
State Bank of India	Not avl. / Not appl.	Term Loan	30 Sep 2024	Not avl. / Not appl.	30 Sep 2029	50.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Bank of Baroda	Not avl. / Not appl.	Term Loan	28 Jul 2022	Not avl. / Not appl.	28 Jul 2026	37.50	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Hinduja Leyland Finance Ltd.	Not avl. / Not appl.	Term Loan	23 Dec 2022	Not avl. / Not appl.	23 Dec 2026	9.18	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Small Industries Development Bank of India	Not avl. / Not appl.	Term Loan	17 Mar 2023	Not avl. / Not appl.	17 Jun 2025	21.60	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
State Bank of India	Not avl. / Not appl.	Term Loan	29 Mar 2023	Not avl. / Not appl.	29 Mar 2028	73.78	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	24 Mar 2023	Not avl. / Not appl.	24 Mar 2028	15.56	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
ICICI Bank Ltd	Not avl. / Not appl.	Term Loan	30 Aug 2023	Not avl. / Not appl.	30 Aug 2025	4.58	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	05 Sep 2023	Not avl. / Not appl.	05 Sep 2028	16.84	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Bandhan Bank	Not avl. / Not appl.	Term Loan	29 Sep 2023	Not avl. / Not appl.	29 Sep 2026	10.46	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Union Bank of India	Not avl. / Not appl.	Term Loan	15 Dec 2023	Not avl. / Not appl.	15 Dec 2027	24.36	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
RBL Bank	Not avl. / Not appl.	Term Loan	16 Apr 2024	Not avl. / Not appl.	16 Apr 2025	14.58	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Indian Overseas Bank	Not avl. / Not appl.	Term Loan	03 May 2024	Not avl. / Not appl.	03 May 2029	50.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	03 Sep 2022	Not avl. / Not appl.	03 Sep 2025	9.85	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Indian Bank	Not avl. / Not appl.	Term Loan	28 Jun 2023	Not avl. / Not appl.	28 Jun 2026	29.15	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
State Bank of India	Not avl. / Not appl.	Term Loan	24 Jun 2021	Not avl. / Not appl.	30 Nov 2025	1.35	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
State Bank of India	Not avl. / Not appl.	Term Loan	21 Sep 2021	Not avl. / Not appl.	30 Nov 2025	15.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
State Bank of India	Not avl. / Not appl.	Term Loan	30 Sep 2021	Not avl. / Not appl.	30 Nov 2025	10.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Punjab and Sind Bank	Not avl. / Not appl.	Term Loan	30 Sep 2021	Not avl. / Not appl.	30 Sep 2026	15.55	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
State Bank of India	Not avl. / Not appl.	Term Loan	14 Dec 2021	Not avl. / Not appl.	31 Mar 2026	35.30	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
TATA Capital Financial Service Ltd.	Not avl. / Not appl.	Term Loan	18 Dec 2021	Not avl. / Not appl.	05 Jan 2025	4.17	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
UCO Bank	Not avl. / Not appl.	Term Loan	11 Feb 2022	Not avl. / Not appl.	30 Mar 2027	24.97	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Indian Bank	Not avl. / Not appl.	Term Loan	24 Feb 2022	Not avl. / Not appl.	28 Feb 2025	8.30	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Indian Overseas Bank	Not avl. / Not appl.	Term Loan	01 Mar 2022	Not avl. / Not appl.	30 Sep 2027	13.75	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
Canara Bank	Not avl. / Not appl.	Term Loan	22 Mar 2022	Not avl. / Not appl.	30 Mar 2027	13.87	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications
State Bank of India	Not avl. / Not appl.	Working Capital Demand Loan (WCDL)	14 Dec 2021	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE A- \| Reaffirmed \| Rating Watch with Developing Implications

*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

Sr.No.	Company Name
1	Capital India Finance Limited
2	Capital India Home Loans Limited
3	Capital India Assets Management Private Limited

Contacts

Mohit Jain
Senior Vice President - Rating Operations

Nivedita Gokul
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@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.