Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 988.73 ACUITE A | Stable | Assigned -
Bank Loan Ratings 2496.35 ACUITE A | Stable | Reaffirmed | Positive to Stable -
Non Convertible Debentures (NCD) 40.00 ACUITE A | Stable | Reaffirmed | Positive to Stable -
Total Outstanding Quantum (Rs. Cr) 3525.08 - -
 
Rating Rationale

Acuite has reaffirmed its long-term rating of 'ACUITE A' (read as ACUITE A) on Rs. 2,496.35 crore bank loan facilities of Cashpor Micro Credit. The outlook is revised from ‘Positive’ to ‘Stable’.

Acuite has reaffirmed its long-term rating of 'ACUITE A' (read as ACUITE A) on Rs. 40.00 crore Non-Convertible Debentures of Cashpor Micro Credit. The outlook is revised from ‘Positive’ to ‘Stable’.


Acuite has assigned the long-term rating of ‘ACUITE A’ (read as ACUITE A) on Rs. 988.73 crore bank loan facilities of Cashpor Micro Credit. The outlook is ‘Stable’.

Rationale for rating
The rating reaffirmation continues to factor in experienced management team, efficient operational structure, established business model and good governance framework. CMC has well established presence in microfinance lending of over two decades with a focus on financial inclusion via on and off book growth. As on March 31, 2023, CMCs portfolio has increased by 10.64% from March 31, 2022 and is stable at Rs. 4623.74 Crore. Further the AUM stood at Rs. 4,670.48 crore as on June 30, 2023. The rating also takes into account CMC’s prudent risk management practices and agile collections mechanism, which has helped CMC in maintaining sound asset quality as reflected in low Gross Non Performing Assets (GNPAs) of 0.41 percent as on June 30, 2023. A strong social angle whereby CMC passes on benefit of lower cost of funds besides various social and developmental initiatives has helped the company in maintaining healthy collections. The average monthly collection efficiency stood at 99.80 percent for the past 6 months ended June 30. 2023. The rating also takes into account an CMC’s healthy profitability metrics marked by ROAA of 2.83% during FY23.
These strengths are partially offset by the company’s modest capitalization levels and relatively high gearing ratio. As on March 31, 2023, CMC reported CAR and gearing of 17.94%  and 5.44x . The capitalization levels have improved to 18.79 percent and gearing reduced to 5.06 times as on June 30, 2023. Being a Section 8 company, Cashpor has inherent limitations in raising equity capital and which also constrains its balance sheet growth. The ratings are also constrained by CMC’s These risks are further elevated due to geographical concentration in Uttar Pradesh and Bihar (~84 percent of the total portfolio as on June 30, 2023) and the risks inherent to the nature of the business which renders the portfolios vulnerable to event risks such as natural calamities in the area of operations. Going forward, Company’s ability to maintain portfolio growth, ability to raise capital and curtailment of gearing levels will be key monitorable.


About the company

CMC began its operations in 1997 as Cashpor Financial and Technical Services (CFTS) for providing microfinance services to the ‘below poverty line’ (BPL) women in Mirzapur District (Uttar Pradesh). In 2002, CFTS transferred all its microfinance activities to CMC, a not for profit institution presently under Section 8 of The Companies Act (now also registered with RBI as NBFC-MFI). CMC is promoted by Prof. David S. Gibbons who founded Amanah Ikhtiar Malaysia, the first successful international replication of the Grameen Bank of Bangladesh. CMC’s shares are held by its holding company Cashpor Financial & Technical Services Pvt. Ltd., whose major shareholders are Cashpor Trust 78 percent and has attracted funding from Yunus Social Business Fund Bengaluru Private Limited, Mr. Vinod Khosla amongst others. CMC operates through a network of 782 branches in 106 districts across the states of Uttar Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh and Odissa.

 
Standalone (Unsupported) Rating
­None
 
Analytical Approach

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

 

Key Rating Drivers

Strength

Established presence in microfinance lending
Established in 1996-97, CMC has an established presence of over two decades in the microfinance sector. CMC is promoted by Prof. Gibbons, Chairperson, having vast experience in this sector. He is a PHD holder in Politics and Economics from Princeton University and a professor in University Sains Malaysia in Penang. He founded Amanah Ikhtiar Malaysia, the first successful international replication of the Grameen Bank of Bangladesh.. Prof. Gibbons chairs the Board of CMC and provides his strategic guidance and leadership to the Board. CMC’s Managing Director, Mr. Mukul Jaiswal, is a Chartered Accountant who has over a decade’s experience in the microfinance sector and has been associated with CMC for ~18 years.
In addition, CMC has on its board Ms. Moumita Sen Sarma, Ex-head of Microfinance and Sustainable Development at ABN AMRO Bank (RBS Foundational Bank); Mr. Bahram Navroz Vakil, who is a Masters in law holder from Columbia University, and is an advocate of the Bar Council of Maharashtra and Goa; Mr. Abhijit Sen, Ex-CFO Citi India Subcontinent. The board is supported by a seasoned and experienced management team who have been associated with CMC for long tenures. Mr. Mithilesh Maurya, General Manager Finance and Planning, has been associated with CMC for over ~25 years. Together they lend their significant expertise in the field of microfinance, corporate law and finance to CMC. Since CMC is focused on providing financial assistance to the lower economic strata of society it operates in regions with high concentration of below poverty line (BPL) population. Its area of operations are spread across 106 districts in the states of Uttar Pradesh, Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh and Odissa. CMC operates with a network of 782 branches as on June 30, 2023. Off the total branches 327 branches were located in Uttar Pradesh, 231 in Bihar, 68 in Chhattisgarh, 90 in Jharkhand, 38 in Madhya Pradesh and 28 in Odissa.
CMC’s Assets Under Management (AUM) increased to Rs.4670.48 Crore as on June30, 2023, of which on balance sheet exposures stood at Rs. 2774.48 Cr as on June 30, 2023 and off-balance sheet exposures stood at Rs. 1896.00 Cr as on June 30, 2023.

Acuité believes that CMC’s established track record of operations in the field of microfinance over two decades, has enabled it to gain impeccable creditability amongst lenders and stakeholders. The presence of established and experienced professionals and demonstrated track record of over two decades will support and strengthen its business risk profile.

Established    business model with   a   focus   on   off balance sheet growth; Demonstrated ability to maintain healthy asset quality
CMC commenced its operations in 1997 with primarily focus on lending to Joint Liability Group’s (JLG) of women, below poverty line. Presently the operations of CMC are spread across 782  branches in 106 districts (as on June 30, 2023) in Uttar Pradesh, Bihar, Jharkhand, Madhya Pradesh, Chhattisgarh and Odissa. The AUM was Rs. 4670.48 Cr. (as on June 30, 2023) which comprised on book portfolio of Rs. 2774.48 Cr. and off book portfolio of Rs. 1896. Cr. The management of CMC has consciously adopted a strategy of focusing on off book growth through business correspondent relationships with both private sector and public sector banks.
CMC has established business correspondent (BC) relationships with five leading public and private sector banks as on June 2023. It has also been able to sell down its portfolio through the direct assignment route. The off-balance sheet focus has helped in maintaining the liquidity while keeping the capital requirements modest levels.

CMC’s Return on Average Assets (RoAA) stood strong at 2.83% as on March 31, 2023 and 3.65% as on March 31, 2022. It is pertinent to mention here that since CMC has focus on financial inclusion towards the lower economic strata of the society, there is a very strong social angle to their lending activities and thus being a not for profit institution any reduction in cost of funds is passed on its borrowers over a period of time. Thus, the company has high customer retention ratio.  ~88 percent of the borrowers are existing borrowers who have availed loan facilities from CMC in the past.
CMC has managed to maintain a sound asset quality, reflected in low Gross Non Performing Assets (GNPAs) and comfortable collection efficiency.  CMC operates mainly in rural areas with ~54 percent borrowers in agriculture and allied activities as on March 31, 2023. The company has business model with a strong social angle whereby CMC passes on benefit of lower cost of funds besides various social and developmental initiatives. This has aided helped the company in maintaining healthy collection efficiency. CMC reported GNPA (on total AUM) of 0.39 percent as on March  31, 2023 and 0.55 percent as on March 31, 2022. The GNPA stood at 0.41 percent as on June 30, 2023. Further, the company has no restructured assets.
Acuité believes that CMC will benefit from the management’s strategy to augment its AUM through the capital light model and demonstrated ability to maintain a healthy asset quality across cycles and geographical regions.

 

Weakness

­Modest Capitalisation level likely to result in elevated gearing levels
CMC is a not for profit company, engaged in microfinance lending activities. Since CMC is a Section 8 Company, it limits the scope of attracting substantial equity infusion thereby leading to dependency on grants and profit accretion to improve the networth. Hence, CMC has mainly been relying on external borrowings from banks and NBFCs to support its growth plans. Its peak gearing over the past five years from FY2017 to FY2022 was at 7.88x as on March,
2017 which moved to 5.51x as on March 31, 2019, 5.88x as on March 31, 2020, 6.40x as on March 31, 2021, 5.79x as on March 31, 2022 and 5.44x as on March 31, 2023. Further the gearing levels stood at 5.06xx as on June 30, 2023. Not withstanding the high gearing levels, it is pertinent to note that CMC has been able to attract debt funding from the leading banks and NBFCs. This has helped the cost of funds to remain at optimal levels. The net worth of CMC as on March 31, 2023 was Rs. 506.91 Cr. as against Rs. 419.85 Cr. as on March 31, 2022. CMC’s Capital Adequacy ratio (CAR) stood at 17.94 percent as on March 31, 2023, which improved to 18.79 percent as on June 30, 2023. Acuite believes that, considering the current operating environment, CMC may have to explore a diversified lender base to maintain its growth momentum. Any challenges in attracting additional funding to support the growth in operations due to the leveraged capital structure may impede its growth plans and consequently impact its return metrics. CMC has attempted to tide over its capital constraints by building sizeable off balance sheet exposures.

Acuité believes that CMC’s ability of maintain its growth momentum without significant deterioration in gearing levels will be key rating monitorable.

Moderate geographic concentration; susceptible to risks inherent in microfinance segment
CMC’s operations are concentrated with Uttar Pradesh and Bihar accounting for 84 percent
(Uttar Pradesh accounting to 48 percent and Bihar 36 percent) of its total portfolio as on June 30,2023. Top 10 districts contributed to 34 percent of the AUM of which 7 districts were located in Uttar Pradesh (contributing ~20 percent of AUM) and remaining 3 districts were located in Bihar. While the geographical concentration of the portfolio continues, the company has expanded its branch network from 668 branches to 782 branches focusing in the state of Jharkhand and Orissa. Generally, the risk profile of a microfinance company with a geographically diversified portfolio is more resilient compared to that of an entity with a geographically concentrated portfolio. Additionally, any changes in the regulatory environment impeding the ability of entities like CMC to enforce collections, etc. will have an impact on its operational performance. Besides the regulatory risks, the inherent nature of the business renders the portfolios vulnerable to event risks such as natural calamities in the area of operations.
Acuité believes that being exposed to socially sensitive factors given the moderate geographic concentration, regulatory and event risks will continue to weigh on its credit profile over the near to medium term.

ESG Factors Relevant for Rating

Cashpor Micro Credit (CMC) is a micro finance lender registered as a not for profit institution (presently under Section 8 of The Companies Act 2013). 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 contributions to financial inclusion and community development, socially responsible investments and green products/services. The industry, by nature has a low exposure to environmental risks.
CMC maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding its whistle blower policy, investment policy and risk management policy. The entity also has a functional audit committee that operates at the board level. The board consists of nine members out of which two are independent directors and one female director with significant experience in the financial services sector. CMC provides microfinance services to the ‘below poverty line’ (BPL) women primarily in Uttar Pradesh, thereby playing an important role in enhancing financial inclusion. To create a social impact, CMC provides health and educational services to the marginalised communities in five states namely – Uttar Pradesh, Madhya Pradesh, Bihar, Jharkhand, and Chhattisgarh. It has appointed Community Health Facilitators to spread awareness, among its clients on basic health practices; the education programme focuses on providing quality education to the children of the beneficiaries. CMC has also developed, ‘Green Micro Credit’, supported under Poorest States Inclusive Growth (PSIG) programme of SIDBI. The green micro finance loan product is developed to promote tree plantation amongst matured income generating loan borrowers and suitably incentivise them by way of interest subvention; this initiative creates a long-term economic investment for the client while mitigating carbon emissions.

 
Rating Sensitivity

­

  • Changes in management & business model

  • Movement in profitability and asset quality

  • Changes in Capitalization levels

  • Changes in liquidity buffer

  • Changes in regulatory environment

 
All Covenants
­None
 
Liquidity Position
Adequate

­CMC’s liquidity buffers primarily depend on its cash inflows (collections from clients and loans from banks) vis. a vis. the cash outflows (disbursements, debt servicing commitments, operating expenses). The monthly collection efficiency of CMC improved to ~99.80 percent in June 2023 (as against Demand Raised). CMC has enough liquid balance in form of unencumbered cash and bank balances and unutilised bank lines to fulfill its fixed monthly obligations (Debt servicing obligations and operating expense). Apart from the collections from clients CMC is also augmenting its resources through the PCG Route and bank loans to support their liquidity.

 
Outlook: Stable

Acuité believes that CMC will maintain a 'Stable' outlook over the medium term supported by its established presence in the microfinance segment along with demonstrated ability to grow its AUM while maintaining healthy asset quality. The outlook may be revised to 'Positive' in case of higher than expected growth in AUM while maintaining key operating metrics and asset quality, liquidity and further, decline in capital adequacy levels. The outlook may be revised to 'Negative' in case of any headwinds faced in scaling up of operations or in case of any challenges in maintaining its asset quality, profitability metrics and capital adequacy parameters around existing levels.
­

 
Other Factors affecting Rating
None­
 
Key Financials - Standalone / Originator

­
Particulars Unit FY23 (Actual) FY22 (Actual)
Total Assets Rs. Cr. 3343.88 2909.21
Total Income* Rs. Cr. 372.81 343.49
PAT Rs. Cr. 88.57  97.93
Net Worth Rs. Cr. 506.91 419.85
Return on Average Assets (RoAA) (%) 2.83 3.65
Return on Average Net Worth (RoNW) (%) 19.11 26.41
Debt/Equity Times 5.44 5.79
Gross NPA (%) 0.39 0.55
Net NPA (%) 0.06 0.15

*Total income equals to Net Interest Income plus other income.
 
Status of non-cooperation with previous CRA (if applicable):
­None
 
Any other information
­ None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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.

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
15 Dec 2022 Term Loan Long Term 2.49 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 95.42 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 19.79 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 1.83 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 7.85 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 42.86 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 12.50 ACUITE A | Positive (Reaffirmed)
Secured Overdraft Long Term 15.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 7.49 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 24.99 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 6.61 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 22.97 ACUITE A | Positive (Reaffirmed)
Non Convertible Debentures Long Term 40.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 10.88 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed)
Proposed Long Term Loan Long Term 188.44 ACUITE A (Withdrawn)
Term Loan Long Term 87.50 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 47.92 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 11.99 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 163.61 ACUITE A | Positive (Reaffirmed)
Proposed Term Loan Long Term 32.30 ACUITE A (Withdrawn)
Term Loan Long Term 100.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 14.90 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 75.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 7.14 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 19.42 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 3.41 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 40.82 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 500.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 12.50 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 6.80 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 13.59 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 27.30 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 61.36 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 120.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 22.68 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 24.27 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 47.91 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 13.62 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 10.09 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 48.47 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 53.19 ACUITE A | Positive (Reaffirmed)
Proposed Long Term Loan Long Term 162.31 ACUITE A (Withdrawn)
Term Loan Long Term 2.25 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 300.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 82.43 ACUITE A | Positive (Reaffirmed)
30 Nov 2022 Proposed Term Loan Long Term 32.30 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 14.90 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 47.91 ACUITE A | Positive (Assigned)
Term Loan Long Term 15.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 10.09 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 22.97 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 10.88 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 61.36 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 82.43 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 3.41 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 87.50 ACUITE A | Positive (Reaffirmed)
Proposed Long Term Loan Long Term 162.31 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 13.59 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 163.61 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 95.42 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 40.82 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 47.92 ACUITE A | Positive (Assigned)
Term Loan Long Term 48.47 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 300.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 24.27 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 19.42 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 500.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 42.86 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 120.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 19.79 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 2.25 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 12.50 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 27.30 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 11.99 ACUITE A | Positive (Reaffirmed)
Non Convertible Debentures Long Term 40.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 7.49 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 13.62 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed)
Secured Overdraft Long Term 15.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 7.85 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 75.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 20.83 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 24.99 ACUITE A | Positive (Reaffirmed)
Proposed Long Term Loan Long Term 188.44 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 6.80 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 6.61 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 22.68 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 1.83 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 12.50 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 7.14 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 2.49 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 53.19 ACUITE A | Positive (Reaffirmed)
11 Jul 2022 Term Loan Long Term 23.14 ACUITE A | Positive (Assigned)
Non Convertible Debentures Long Term 40.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 150.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 101.83 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 15.88 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 8.23 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 2.71 ACUITE A | Positive (Reaffirmed)
Non Convertible Debentures Long Term 37.50 ACUITE A (Withdrawn)
Term Loan Long Term 30.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 10.84 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 30.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 22.72 ACUITE A | Positive (Reaffirmed)
Non Convertible Debentures Long Term 16.67 ACUITE A (Withdrawn)
Term Loan Long Term 50.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 17.05 ACUITE A | Positive (Reaffirmed)
External Commercial Borrowing Long Term 21.50 ACUITE A (Withdrawn)
Term Loan Long Term 5.83 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 49.91 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 187.87 ACUITE A | Positive (Assigned)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 26.22 ACUITE A (Withdrawn)
Proposed Term Loan Long Term 909.77 ACUITE A (Withdrawn)
Term Loan Long Term 25.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 37.50 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 6.24 ACUITE A (Withdrawn)
Term Loan Long Term 2.75 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 4.76 ACUITE A (Withdrawn)
Proposed Term Loan Long Term 32.30 ACUITE A | Positive (Assigned)
Term Loan Long Term 79.55 ACUITE A | Positive (Assigned)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 250.00 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 3.68 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 16.34 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 18.57 ACUITE A (Withdrawn)
Term Loan Long Term 23.41 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 16.63 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 5.28 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 118.18 ACUITE A | Positive (Assigned)
Term Loan Long Term 12.13 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 2.91 ACUITE A (Withdrawn)
Non Convertible Debentures Long Term 100.00 ACUITE A (Withdrawn)
Term Loan Long Term 12.42 ACUITE A (Withdrawn)
Term Loan Long Term 11.90 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 30.33 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 26.19 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 3.63 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 160.00 ACUITE A | Positive (Assigned)
Term Loan Long Term 18.07 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 23.96 ACUITE A | Positive (Assigned)
Term Loan Long Term 15.00 ACUITE A | Positive (Reaffirmed)
Proposed Non Convertible Debentures Long Term 45.83 ACUITE A (Withdrawn)
Term Loan Long Term 4.93 ACUITE A (Withdrawn)
Term Loan Long Term 24.90 ACUITE A | Positive (Reaffirmed)
Term Loan Long Term 65.00 ACUITE A | Positive (Assigned)
Secured Overdraft Long Term 15.00 ACUITE A | Positive (Reaffirmed)
02 Dec 2021 Term Loan Long Term 42.43 ACUITE A | Stable (Reaffirmed)
External Commercial Borrowing Long Term 21.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 16.67 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.57 ACUITE A | Stable (Reaffirmed)
Non Convertible Debentures Long Term 16.67 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 20.24 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 45.83 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 26.22 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.95 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 31.81 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 9.08 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 135.78 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 6.24 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 12.42 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 28.72 ACUITE A | Stable (Reaffirmed)
Non Convertible Debentures Long Term 100.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 46.72 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 40.48 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 62.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 4.76 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 11.67 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 27.76 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 21.96 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.90 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 19.25 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 65.89 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Non Convertible Debentures Long Term 37.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 40.93 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2.91 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 5.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 250.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 40.91 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.59 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 150.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 35.42 ACUITE A | Stable (Reaffirmed)
Proposed Term Loan Long Term 577.18 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 4.93 ACUITE A | Stable (Reaffirmed)
27 Mar 2021 Term Loan Long Term 7.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 42.85 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed)
Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.33 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 42.86 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 150.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 12.83 ACUITE A | Stable (Reaffirmed)
Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2.22 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 62.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 68.18 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 45.02 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 73.36 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 17.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 43.73 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2.86 ACUITE A | Stable (Reaffirmed)
Proposed Bank Facility Long Term 21.50 ACUITE A | Stable (Reaffirmed)
Non Convertible Debentures Long Term 100.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 61.42 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 17.27 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 21.37 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.04 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Proposed Bank Facility Long Term 9.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Assigned)
Proposed Bank Facility Long Term 9.31 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 150.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 36.82 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 65.54 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 55.28 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 7.80 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 7.34 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 13.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 8.25 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.91 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 250.00 ACUITE A | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 40.88 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 40.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 16.67 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 5.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.01 ACUITE A | Stable (Reaffirmed)
04 Dec 2020 Proposed Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 9.33 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 35.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 21.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 5.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 3.57 ACUITE A | Stable (Reaffirmed)
Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 28.55 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.85 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 14.93 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 20.45 ACUITE A | Stable (Assigned)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 85.71 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 57.14 ACUITE A | Stable (Reaffirmed)
Proposed Bank Facility Long Term 0.92 ACUITE A | Stable (Assigned)
Term Loan Long Term 12.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 64.29 ACUITE A | Stable (Reaffirmed)
Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 6.67 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 86.68 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.34 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 48.48 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 4.17 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 57.52 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Non Convertible Debentures Long Term 100.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 69.04 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 43.63 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 9.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 250.00 ACUITE A | Stable (Reaffirmed)
Proposed Bank Facility Long Term 1.08 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 16.78 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 4.58 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 8.28 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 3.61 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 0.17 ACUITE A (Withdrawn)
Term Loan Long Term 3.03 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 9.17 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 9.52 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 60.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 59.36 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 27.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 0.83 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 75.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 1.00 ACUITE A (Withdrawn)
Term Loan Long Term 32.38 ACUITE A | Stable (Reaffirmed)
11 Sep 2020 Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 6.04 ACUITE A | Stable (Reaffirmed)
Proposed Bank Facility Long Term 610.65 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 3.89 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.27 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 14.29 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 9.80 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 4.23 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 68.75 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 71.43 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 4.17 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 21.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 87.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 0.17 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 93.34 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 60.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 7.14 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 32.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 75.92 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 11.46 ACUITE A | Stable (Reaffirmed)
Secured Overdraft Long Term 15.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 191.82 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Proposed Term Loan Long Term 9.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 9.17 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 4.76 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 7.14 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 44.76 ACUITE A | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 200.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Not Applicable INE094P07051 Non-Convertible Debentures (NCD) 29 Jun 2022 10.00 29 Dec 2025 40.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 721.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Indusind Bank Ltd Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 15.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
A U Small Finance Bank Not Applicable Term Loan Not available Not available Not available 8.33 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
SBM Bank (India) Ltd. Not Applicable Term Loan Not available Not available Not available 9.99 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
SBM Bank (India) Ltd. Not Applicable Term Loan Not available Not available Not available 8.13 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Indian Bank Not Applicable Term Loan Not available Not available Not available 14.37 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Bandhan Bank Not Applicable Term Loan Not available Not available Not available 21.43 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Indian Bank Not Applicable Term Loan Not available Not available Not available 15.99 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Indian Bank Not Applicable Term Loan Not available Not available Not available 15.99 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Kotak Mahindra Bank Not Applicable Term Loan Not available Not available Not available 20.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Bandhan Bank Not Applicable Term Loan Not available Not available Not available 57.14 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Union Bank of India Not Applicable Term Loan Not available Not available Not available 69.62 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 22.92 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Axis Bank Not Applicable Term Loan Not available Not available Not available 27.18 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Canara Bank Not Applicable Term Loan Not available Not available Not available 16.50 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Nabsamruddhi Finance Limited Not Applicable Term Loan Not available Not available Not available 1.39 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Union Bank of India Not Applicable Term Loan Not available Not available Not available 13.53 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
UCO Bank Not Applicable Term Loan Not available Not available Not available 4.42 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
UCO Bank Not Applicable Term Loan Not available Not available Not available 30.19 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Micro Units Development and Refinance Agency bank (MUDRA) Not Applicable Term Loan Not available Not available Not available 24.24 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
State Bank of India Not Applicable Term Loan Not available Not available Not available 90.81 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Micro Units Development and Refinance Agency bank (MUDRA) Not Applicable Term Loan Not available Not available Not available 65.62 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Federal Bank Not Applicable Term Loan Not available Not available Not available 17.79 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Indian Bank Not Applicable Term Loan Not available Not available Not available 6.10 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
ICICI Bank Ltd Not Applicable Term Loan Not available Not available Not available 500.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Kotak Mahindra Bank Not Applicable Term Loan Not available Not available Not available 60.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
IDFC First Bank Limited Not Applicable Term Loan Not available Not available Not available 87.50 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 22.92 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
DBS Bank Ltd Not Applicable Term Loan Not available Not available Not available 6.82 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
DBS Bank Ltd Not Applicable Term Loan Not available Not available Not available 14.29 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
DBS Bank Ltd Not Applicable Term Loan Not available Not available Not available 21.43 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
ESAF Small Finance Bank Not Applicable Term Loan Not available Not available Not available 8.31 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Hero Fincorp Ltd. Not Applicable Term Loan Not available Not available Not available 49.06 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Indian Overseas Bank Not Applicable Term Loan Not available Not available Not available 13.55 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Micro Units Development and Refinance Agency bank (MUDRA) Not Applicable Term Loan Not available Not available Not available 75.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 60.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
IDFC First Bank Limited Not Applicable Term Loan Not available Not available Not available 37.50 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 235.00 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
TATA Capital Financial Service Ltd. Not Applicable Term Loan Not available Not available Not available 7.29 Simple ACUITE A | Stable | Reaffirmed | Positive to Stable
Axis Bank Not Applicable Term Loan Not available Not available Not available 149.97 Simple ACUITE A | Stable | Assigned
ESAF Small Finance Bank Not Applicable Term Loan Not available Not available Not available 22.40 Simple ACUITE A | Stable | Assigned
DBS Bank Ltd Not Applicable Term Loan Not available Not available Not available 85.71 Simple ACUITE A | Stable | Assigned
CSB Bank Limited Not Applicable Term Loan Not available Not available Not available 50.00 Simple ACUITE A | Stable | Assigned
Hero Fincorp Ltd. Not Applicable Term Loan Not available Not available Not available 50.00 Simple ACUITE A | Stable | Assigned
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 43.75 Simple ACUITE A | Stable | Assigned
Federal Bank Not Applicable Term Loan Not available Not available Not available 125.00 Simple ACUITE A | Stable | Assigned
Federal Bank Not Applicable Term Loan Not available Not available Not available 75.00 Simple ACUITE A | Stable | Assigned
RBL Bank Not Applicable Term Loan Not available Not available Not available 92.50 Simple ACUITE A | Stable | Assigned
DBS Bank Ltd Not Applicable Term Loan Not available Not available Not available 50.00 Simple ACUITE A | Stable | Assigned
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE A | Stable | Assigned
Bandhan Bank Not Applicable Term Loan Not available Not available Not available 150.00 Simple ACUITE A | Stable | Assigned
Suryoday Small Finance Bank Limited Not Applicable Term Loan Not available Not available Not available 44.40 Simple ACUITE A | Stable | Assigned
SBM Bank (India) Ltd. Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE A | Stable | Assigned
­

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