Press Release

Press Release

October 22, 2024

FUTURE ENTERPRISES LIMITED
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1275.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Fixed Deposits (FD)	700.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Non Convertible Debentures (NCD)	1454.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Bank Loan Ratings	602.00	-	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Commercial Paper (CP)	500.00	-	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Total Outstanding	4531.00	-	-
Total Withdrawn	0.00	-	-
* The issuer did not co-operate; based on best available information.

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) and short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 1877.00 crore bank facilities of Future Enterprises Limited (FEL).

Acuité has also reaffirmed the short-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 500.00 crore Commercial Paper Programme of FEL. Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 1454.00 crore Non- Convertible debentures of FEL. Further, Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 700 crore of Fixed Deposit Programme FEL. The rating continues to be flagged as “Issuer Not Co-operating” and is based on the best available information.

About the Company

Future Enterprises Limited (FEL) was establish in the year 1987. It owns the physical assets and other retail infrastructure associated with the retail activity of FRL, apart from the strategic inv estments in various other companies in Future Group like Future bazaar India Limited, Future Supply Chain Solutions Limited, and Future Media (India) Limited among others. Further, FEL is also engaged in e-retail, media ventures and global sourcing of food, fashion, footwear and others from international markets among other businesses. FEL has its registered office based in Mumbai. Mr. Kishore Biyani, key promoter continues to be associated with both, FEL and FRL. There are significant inter-company transactions between FRL and FEL pertaining to sale and purchases etc.

About the Group

Future Group is an Indian private conglomerate, headquartered in Mumbai. The company is known for having a significant prominence in Indian retail and fashion sectors, with popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central etc. and for having notable presence in integrated foods and FMCG manufacturing sectors. Future Retail (initially Pantaloons Retail India Ltd (PRIL) and Future Lifestyle Fashions, two operating companies of Future Group, are among the top retail companies listed in BSE with respect to assets and in NSE with respect to market capitalization.
Future Retail Limited
Mumbai Based , Future Retail Limited was incorporated in 2007. The flagship company of the Future Group (one of India’s largest retailers), is engaged mainly in value retailing. FRL, the retail arm of Future Group, operates diverse and multiple retail formats, namely Big Bazaar, FBB, Easy day, E-zone etc. As on March 2021, the company operates across 1308 large and small format stores spread across 397 cities in India with an area of around 15.69 million sq. ft. and a mixed format of large and small stores across Big Bazaar, Food Bazaar, Foodhall, ezone and others. It is promoted by Mr. Ravindra Dhariwal, Mr. Kishore Laxminarayan Biyani , Mr. Jacob Mathew.

Unsupported Rating

Not Applicable

Non-cooperation by the issuer/borrower:

Acuité has been requesting for data, information and undertakings from the rated entity for conducting surveillance & review of the rating. However, the issuer/borrower failed to submit such information before the due date.
Acuité believes that information risk is a critical component in such ratings, and non-cooperation by the issuer along with unwillingness to provide information could be a sign of potential deterioration in its overall credit quality.
This rating is, therefore, being flagged as “Issuer not-cooperating”, in line with prevailing SEBI regulations and Acuité’s policies.

Limitation regarding information availability:

The rating is based on information available from sources other than the issuer/borrower (in the absence of information provided by the issuer/borrower). Acuité endeavored to gather information about the entity/industry from the public domain. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivity

"No information provided by the issuer / available for Acuite to comment upon."

Liquidity Position

"No information provided by the issuer / available for Acuite to comment upon."

Outlook

Not Applicable

Other Factors affecting Rating

None

Key Financials :

The rated entity has not shared the latest financial statement for Acuite to comment.

Status of non-cooperation with previous CRA

Not Applicable

Any other information

None

Applicable Criteria

• Trading Entities: https://www.acuite.in/view-rating-criteria-61.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
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm
• Fixed Deposit Programmes: https://www.acuite.in/view-rating-criteria-64.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
27 Oct 2023	Commercial Paper Program	Short Term	400.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Commercial Paper Program	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	129.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	147.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	41.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	50.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	110.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Fixed Deposit Program	Long Term	700.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	180.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Non Convertible Debentures	Long Term	300.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	80.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	59.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	88.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	87.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	6.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	27.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	2.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	23.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	45.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	40.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	150.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	56.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	14.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	60.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	15.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Long Term Bank Facility	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
01 Nov 2022	Commercial Paper Program	Short Term	400.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Commercial Paper Program	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	129.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	147.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	41.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	50.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	110.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Letter of Credit	Short Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Fixed Deposit Program	Long Term	700.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	180.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Non Convertible Debentures	Long Term	300.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	80.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	59.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	88.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	87.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	6.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	27.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	2.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	23.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	45.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	40.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	10.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	120.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	30.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	150.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Term Loan	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	56.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	14.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	100.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	60.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Cash Credit	Long Term	15.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
	Proposed Long Term Bank Facility	Long Term	200.00	ACUITE D (Reaffirmed & Issuer not co-operating*)
05 Nov 2021	Proposed Non Convertible Debentures	Long Term	196.00	ACUITE Provisional D (Reaffirmed & Withdrawn)
	Letter of Credit	Short Term	25.00	ACUITE D (Reaffirmed)
	Letter of Credit	Short Term	110.00	ACUITE D (Reaffirmed)
	Letter of Credit	Short Term	50.00	ACUITE D (Reaffirmed)
	Letter of Credit	Short Term	41.00	ACUITE D (Reaffirmed)
	Letter of Credit	Short Term	100.00	ACUITE D (Reaffirmed)
	Letter of Credit	Short Term	147.00	ACUITE D (Reaffirmed)
	Letter of Credit	Short Term	129.00	ACUITE D (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	200.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	15.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	60.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	100.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	18.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	72.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	14.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	56.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	100.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	150.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	200.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	30.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	120.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	10.00	ACUITE D (Reaffirmed)
	Cash Credit	Long Term	40.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	26.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	24.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	45.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	23.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	2.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	18.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	27.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	29.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	6.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	30.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	87.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	75.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	88.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	25.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	59.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	80.00	ACUITE D (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	300.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	180.00	ACUITE D (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	120.00	ACUITE D (Reaffirmed)
	Fixed Deposit Program	Long Term	700.00	ACUITE D (Reaffirmed)
	Commercial Paper Program	Short Term	100.00	ACUITE D (Reaffirmed)
	Commercial Paper Program	Short Term	400.00	ACUITE D (Reaffirmed)
* The issuer did not co-operate; based on best available information.

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Axis Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	40.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Axis Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	10.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Central Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	120.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Central Bank of India	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Overseas Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	56.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Overseas Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	14.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
DBS Bank Ltd	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	72.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
DBS Bank Ltd	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
South Indian Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	72.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	60.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not avl. / Not appl.	Cash Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	15.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Commercial Paper Program	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	400.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Commercial Paper Program	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Fixed Deposit Program	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	700.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Axis Bank	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	129.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Central Bank of India	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	147.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Overseas Bank	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	100.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
DBS Bank Ltd	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	41.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
South Indian Bank	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	50.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	110.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Punjab National Bank	Not avl. / Not appl.	Letter of Credit	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07925	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	120.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07933	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	180.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07966	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	80.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07974	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	120.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07644	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07651	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	59.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07669	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07594	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	88.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07602	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	75.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07610	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	87.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07404	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07412	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	25.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07420	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	20.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07438	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	30.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07446	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	6.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07453	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	29.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07461	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	27.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07479	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	18.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07578	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	2.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07586	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	23.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07545	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	45.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07552	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	24.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	INE623B07560	Non-Convertible Debentures (NCD)	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	26.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Long Term Bank Facility	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	200.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Non Convertible Debentures	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	300.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	16 Apr 2016	Not avl. / Not appl.	31 Jan 2023	200.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	19 Oct 2019	Not avl. / Not appl.	29 Jan 2024	150.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	05 Jun 2018	Not avl. / Not appl.	30 Jun 2025	100.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*

* The issuer did not co-operate; based on best available information.

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Mohit Jain
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Abhishek Singh
Analyst - Rating Operations

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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.