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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 40.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 40.00 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long-term rating on the Rs. 40 Cr. non convertible debenture (NCD) facilities without assigning any rating of Clix Housing Finance Limited (CHFL). The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.The rating is being withdrawn on account of request received from the company and No Dues confirmation received from the trustee.
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| About the Company |
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Clix Housing Finance Limited, a wholly owned subsidiary of Clix Capital, is a housing finance company, registered with the National Housing Bank (NHB). The company was incorporated in 2016 and commenced its operations in 2018. Clix Housing Finance Limited added as a new entity to focus on mortgage and housing finance products. It benefits from capital infusion by, and synergies with, Clix Capital Services Private Limited.The company has its registered office located at New Delhi. The current directors of the company are Mr. Kaushik Ramakrishnan, Mr. Vikram Rathi and Ms. Aparna Bihany
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| About the Group |
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Delhi based, Clix Capital Services Private Limited (formerly known as GE Money Financial Services Private Ltd), and Clix Finance India Private Limited, was originally set up by GE Group in 1994. In 2016, Mr Pramod Bhasin and Mr Anil Chawla (promoter holding 15 percent), former top executives at GE India along with the backing from private equity firm AION Capital Partners Limited (85 percent stake)acquired these businesses from GE Group via management buy in arrangement. AION is a joint venture between ICICI Venture Funds and US Headquartered Global private Equity Fund Apollo Global Management LLC, which ended in 2020, and currently, Apollo Global Management LLC is directly managing the Group. In 2022, for simplifying its corporate structure, the company merged its subsidiary Clix Finance India Pvt. Ltd. with main entity Clix Capital.
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| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Extent of Consolidation: Not Applicable |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Not Applicable |
| Key Rating Drivers |
| Strength |
| Not Applicable |
| Weakness |
| Not Applicable
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| ESG Factors Relevant for Rating |
| Not Applicable |
| Rating Sensitivity |
| Not Applicable |
| Liquidity Position |
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Not Applicable
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| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Key Financials - Standalone / Originator | ||||||||||||||||||||||||||||||||||||||||
**Total Assets are net off deferred taxes |
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| Key Financials (Consolidated) | ||||||||||||||||||||||||||||||||||||||||
**Total Assets are net off deferred taxes |
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| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any Other Information |
| None |
| Applicable Criteria |
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• 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. |
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| *Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support) | ||||||
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