PR

Press Release
ICL FINCORP LIMITED
December 12, 2022
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	20.00	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*	-
Non Convertible Debentures (NCD)	100.00	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*	-
Total Outstanding Quantum (Rs. Cr)	120.00	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

Acuité has reaffirmed the long-term rating of ‘ACUITE B+’ (read as ACUITE single B plus) on the Rs. 120.00 crore bank facilities and NCDs of ICL Fincorp Limited(IFL). The rating continues to be flagged as “Issuer Not-Cooperating” based on account of information risk.

About the Company

IFL was established in 1991 and started its non-banking financial services operation in 1999 with the approval of Reserve Bank of India. The company acquired a Chennai based NBFC company, Jawahar Finance Company, and renamed it as ‘Irinjalakuda Credits and Leasing Company Limited’ in 1999. The company was renamed to ‘ICL Fincorp Ltd’ in June 2016. IFL is based in Irinjalakuda, Thrissur, Kerala. The company started lending against consumer durables and later ventured into gold loans in 2013. The company currently offers gold loans, small business loans, personal loans, loan against property (LAP), and two-wheeler loan. The promoter is also engaged in real estate, chits, and tours and travel businesses through separate companies.The registered office of the company is in Chennai.The directors of the company are Mr. Ambadath Aiyyappan Bala, Ms. Kakkeri Kochakkan Wilson, Mr. Kuzhuppilly Govinda Menon Anilkumar, Ms. Sreejith Surendran Pillai, Ms. Umadevi Anilkumar and Mr. Shinto Stanly.

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 due date.
Acuité believes that information risk is a critical component in such ratings, and noncooperation 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 endeavoured 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 ratingis based.

Rating Sensitivities

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

Material Covenants

None

Liquidity Position

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

Outlook

Not Applicable

Key Financials:

Particulars	Unit	FY22 (Actual)	FY21 (Actual)
Total Assets	Rs. Cr.	456.53	385.31
Total Income*	Rs. Cr.	48.12	41.74
PAT	Rs. Cr.	2.00	1.42
Net Worth	Rs. Cr.	73.19	71.56
Return on Average Assets (RoAA)	(%)	0.48	0.74
Return on Average Net Worth (RoNW)	(%)	2.77	3.98
Total Debt/ Tangible Networth (Gearing)	Times	5.17	4.34
Gross NPA	(%)	NA	NA
Net NPA	(%)	NA	NA

Status of non-cooperation with previous CRA

None

Any other information

Acuité is yet to receive the latest No Default Statement (NDS) from the rated entity, despite repeated requests and follow-ups.

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.

Rating History

Date	Name of Instruments/Facilities	Term	Amount (Rs. Cr)	Rating/Outlook
16 Dec 2021	Cash Credit	Long Term	4.00	ACUITE B+ (Downgraded and Issuer not co-operating*)
	Non Convertible Debentures	Long Term	100.00	ACUITE B+ (Downgraded and Issuer not co-operating*)
	Proposed Bank Facility	Long Term	16.00	ACUITE B+ (Downgraded and Issuer not co-operating*)
14 Dec 2020	Non Convertible Debentures	Long Term	0.54	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.35	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.90	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.47	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	1.39	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.54	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.54	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.43	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.33	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.13	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.44	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.43	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.40	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.21	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.46	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.29	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.60	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.18	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.84	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.15	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.28	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.81	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.53	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.87	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.40	ACUITE BB- (Issuer not co-operating*)
Proposed Bank Facility	Long Term	16.00	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.00	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.29	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.37	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.85	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.27	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.20	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.23	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.86	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.33	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.42	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.20	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.38	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.78	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.42	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.35	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.18	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.71	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.15	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.75	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.72	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.36	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.67	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.45	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.31	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.75	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.72	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.63	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.65	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.60	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.36	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.97	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.65	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.60	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.46	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.45	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.51	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.15	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.23	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.92	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.32	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.64	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.31	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.42	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.34	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.27	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.33	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.21	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.63	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.20	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.41	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Proposed Non Convertible Debentures	Long Term	7.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.63	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.39	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.47	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.79	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.13	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.38	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.15	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.44	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.31	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.29	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.80	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.41	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.62	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.37	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.71	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.27	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.59	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.13	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.41	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.73	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.66	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.56	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.39	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.67	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.56	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.91	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.44	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.46	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.77	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.23	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.42	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.34	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.50	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.21	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.51	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.60	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.38	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.13	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.46	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.77	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.38	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.47	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Cash Credit	Long Term	4.00	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.73	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.51	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.70	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.72	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.43	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.33	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.29	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.23	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.21	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.49	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
16 Dec 2019	Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.44	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	1.05	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.15	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.33	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.38	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.31	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.46	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.87	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.80	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.27	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.37	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.66	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.31	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.71	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.65	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.60	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.43	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.51	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.63	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.46	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.13	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.46	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.38	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.79	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.13	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.72	ACUITE BB- (Issuer not co-operating*)
	Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.60	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.65	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.33	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.35	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.40	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.90	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.35	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.23	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.43	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.44	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.64	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.20	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.21	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.81	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.39	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.42	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.40	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.39	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.97	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.15	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.46	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.50	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.62	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.86	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.77	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.29	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.47	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.34	ACUITE BB- (Issuer not co-operating*)
Proposed Bank Facility	Long Term	16.00	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.72	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.73	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.42	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.38	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.54	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.27	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.42	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.21	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.29	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.85	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.42	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.63	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.29	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.60	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.32	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.31	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.37	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.84	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.20	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.63	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.20	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.78	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.67	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.54	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.23	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.70	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.15	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.45	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.67	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.56	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.13	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.26	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.39	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	7.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.54	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.77	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.59	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.13	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.45	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.75	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.56	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.60	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.41	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.47	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.15	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.07	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.91	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.53	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.73	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.49	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.09	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.34	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.28	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.23	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.22	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.43	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.36	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.18	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.51	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.12	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.00	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.36	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.19	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.72	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.25	ACUITE BB- (Issuer not co-operating*)
Cash Credit	Long Term	4.00	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.92	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.14	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.21	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.04	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.38	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.01	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.41	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.23	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.30	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.47	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.11	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.02	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.52	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.05	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.41	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.03	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.44	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.21	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.75	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.33	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.08	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.06	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.18	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.29	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.27	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.24	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.33	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.51	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.71	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.17	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	1.16	ACUITE BB- (Issuer not co-operating*)
Non Convertible Debentures	Long Term	0.10	ACUITE BB- (Issuer not co-operating*)
14 Jan 2019	Proposed Bank Facility	Long Term	16.00	ACUITE BB+ \| Stable (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	7.04	ACUITE BB+ \| Stable (Reaffirmed)
	Cash Credit	Long Term	4.00	ACUITE BB+ \| Stable (Reaffirmed)
	Non Convertible Debentures	Long Term	92.96	ACUITE BB+ \| 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
Dhanlaxmi Bank Ltd	Not Applicable	Cash Credit	Not Applicable	Not Applicable	Not Applicable	4.00	Simple	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not Applicable	Non-Convertible Debentures (NCD)	Not Applicable	Not Applicable	Not Applicable	100.00	Simple / Complex	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not Applicable	Proposed Long Term Bank Facility	Not Applicable	Not Applicable	Not Applicable	16.00	Simple	ACUITE B+ \| Reaffirmed \| Issuer not co-operating*

Contacts

Analytical	Rating Desk
Aditya Gupta Vice President-Rating Operations Tel: 022-49294041 aditya.gupta@acuite.in Radhika Kolwankar Analyst-Rating Operations Tel: 022-49294065 radhika.kolwankar@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

About Acuité Ratings & Research

Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai.

Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.