Press Release

Press Release

October 10, 2025

INDITRADE MICROFINANCE LIMITED
Rating Reaffirmed and Issuer not co-operating

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	76.83	ACUITE C \| Reaffirmed \| Issuer not co-operating*	-
Bank Loan Ratings	36.13	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Non Convertible Debentures (NCD)	10.00	ACUITE D \| Reaffirmed \| Issuer not co-operating*	-
Bank Loan Ratings	4.00	-	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
Total Outstanding	126.96	-	-
Total Withdrawn	0.00	-	-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) on the Rs. 36.13 Cr. bank facilities of Inditrade Microfinance Limited (IML).

Acuité has reaffirmed the long-term rating of ‘ACUITE C’ (read as ACUITE C) on the Rs.76.83 Cr. bank facilities of Inditrade Microfinance Limited (IML)

Acuité has reaffirmed the short-term rating of ‘ACUITE A4’ (read as ACUITE A4) on the Rs. 4.00 Cr. bank facilities of Inditrade Microfinance Limited (IML)

Acuité has reaffirmed the long-term rating of ‘ACUITE D’ (read as ACUITE D) on the Rs. 10.00 Cr. Non-Convertible debentures of Inditrade Microfinance Limited (IML).

The rating is now flagged as “Issuer Not-Cooperating” and is constrained on account of information risk.

About the Company

Incorporated in 2016, Inditrade Microfinance Limited (IML, erstwhile Tree Microfinance Limited) is an NBFC-MFI engaged in extending microfinance loans to woman borrowers arranged in joint liability groups since 2017. The company has its head office in Mumbai and primarily operates, as of June 2023, through a network of 169 branches across 8 states and 1 Union territory namely Kerala, Tamil Nadu, Karnataka, Bihar, Gujrat, Maharashtra, Odisha, Madhya Pradesh and Puducherry. The company offers funding primarily for income generation activities and education loans for the borrower’s children.

About the Group

Inditrade Group operates through its flagship company Inditrade Capital Limited (ICL; formerly known as JRG Associates). The company was taken over by its promoter Mr. Sudip Bandyopadhyay in 2015 by acquiring 73.4 percent stake from Barings Private Equity Partners. The group is engaged in commodity financing and derivatives & commodity trading since 2016 and in microfinance lending since 2017. The group has commenced Micro Small and Medium Enterprises (MSME) Lending in 2018 and rural marketing and DSA business. ICL operates through 7 subsidiaries namely Inditrade Fincorp Limited (erstwhile JRG Fincorp Limited), Inditrade Microfinance Limited, Inditrade Business Consultants Limited, Inditrade scalerator limited (erstwhile Inditrade commodities Trading Limited), Inditrade Rural Marketing Limited (erstwhile Inditrade Derivatives and Commodities Limited), Inditrade Insurance & Broking Private Limited and Inditrade Technologies Limited (erstwhile Inditrade Housing Finance Limited).

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 an 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

This rating is based on information available from sources other than the issuer / borrower (in the absence of information provided by the issuer / borrower) . Acuite endeavoured to gather information about the entity/industry from the public domain. Any rating with the suffix 'Issuer not cooperating' is assigned without any management interaction with the issuer entity or any data / information from the entity. Sometimes this non co-operation by a rated entity may be due to a result of deterioration in the credit risk profile of the entity. Therefore, Acuité cautions lenders and investors regarding the use of such information, on which the indicative credit rating is based.

Rating Sensitivities

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

All Covenants

The company undertakes to maintain minimum 10% of the NCD principal amount outstanding, in a separate Debt Service Reserve Account (DSRA), in the form of bank fixed deposit, "AAA" rated debt securities, sovereign debt securities for the duration minimum covering the tenor of the NCDs or bank guarantee or bank balance in no lien account, in any combination. The above DSRA would be maintained at all times during the tenure of the NCDs.
Exclusive first ranking, exclusive and continuing charge via a deed of hypothecation over identified receivables on all present and future receivables of the issuer ("Hypothecated Assets") with a security cover of 1.25 times ("Minimum Security Cover") to be maintained on the outstanding amounts of the NCDs along with coupon thereon at all times during the tenor of the NCDs. ("Security")

Liquidity Position

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

Outlook: Not Applicable

Other Factors affecting Rating

None.

Key Financials:

Key Financials- Standalone

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs. Cr.	143.75	202.60
Total Income*	Rs. Cr.	53.41	16.36
PAT	Rs. Cr.	4.99	(20.16)
Net Worth	Rs. Cr.	62.79	47.82
Return on Average Assets (RoAA)	(%)	2.88	(7.26)
Return on Average Net Worth (RoNW)	(%)	9.03	(34.86)
Debt/Equity	Times	1.10	3.09
Gross NPA	(%)	NA	2.78
Net NPA	(%)	NA	1.91

*Total income equals to Net Interest Income plus other income

Key Financials- Consolidated

Particulars	Unit	FY24 (Actual)	FY23 (Actual)
Total Assets	Rs. Cr.	394.64	502.75
Total Income*	Rs. Cr.	109.92	102.09
PAT	Rs. Cr.	2.93	(20.34)
Net Worth	Rs. Cr.	193.61	193.57
Return on Average Assets (RoAA)	(%)	0.65	(3.53)
Return on Average Net Worth (RoNW)	(%)	1.51	(9.97)
Debt/Equity	Times	0.81	1.35
Gross NPA	(%)	NA	1.93
Net NPA	(%)	NA	1.07

*Total income equals to Net Interest Income plus other income

Status of non-cooperation with previous CRA

Not Applicable.

Any other information

None.

Applicable Criteria

• 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
• 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
11 Oct 2024	Term Loan	Short Term	4.00	ACUITE A4 (Reaffirmed)
	Secured Overdraft	Long Term	0.96	ACUITE C (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE C (Reaffirmed)
	Term Loan	Long Term	2.00	ACUITE C (Reaffirmed)
	Term Loan	Long Term	8.33	ACUITE C (Reaffirmed)
	Proposed Term Loan	Long Term	43.54	ACUITE C (Reaffirmed)
	Term Loan	Long Term	0.50	ACUITE C (Reaffirmed)
	Term Loan	Long Term	11.50	ACUITE C (Reaffirmed)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE D (Reaffirmed)
	Term Loan	Long Term	6.25	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	3.75	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	2.81	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	6.02	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	4.09	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	4.88	ACUITE D (Downgraded from ACUITE C)
	Term Loan	Long Term	8.33	ACUITE D (Downgraded from ACUITE C)
08 Apr 2024	Term Loan	Short Term	4.00	ACUITE A4 (Downgraded from ACUITE A3+)
	Proposed Term Loan	Long Term	43.54	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	0.50	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	4.88	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	11.50	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	6.25	ACUITE C (Downgraded from ACUITE BBB-)
	Term Loan	Long Term	3.75	ACUITE C (Downgraded from ACUITE BBB-)
	Term Loan	Long Term	2.81	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	6.02	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	4.09	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Secured Overdraft	Long Term	0.96	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	10.00	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	2.00	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	8.33	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Term Loan	Long Term	8.33	ACUITE C (Downgraded from ACUITE BBB- \| Stable)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE D (Downgraded from ACUITE BBB- \| Stable)
13 Feb 2024	Term Loan	Short Term	0.50	ACUITE A3+ (Upgraded & Withdrawn from ACUITE A4)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	7.00	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	8.14	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	10.42	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Proposed Term Loan	Long Term	43.54	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	4.88	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	11.50	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Secured Overdraft	Long Term	0.96	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	10.00	ACUITE BBB- \| Stable (Upgraded from ACUITE C)
	Term Loan	Long Term	1.25	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	10.42	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	6.25	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	4.69	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	9.20	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	6.82	ACUITE BBB- (Upgraded & Withdrawn from ACUITE C)
	Term Loan	Long Term	9.00	ACUITE Not Applicable (Withdrawn)
	Secured Overdraft	Long Term	2.95	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	20.00	ACUITE Not Applicable (Withdrawn)
	Term Loan	Long Term	0.54	ACUITE Not Applicable (Withdrawn)
	Term Loan	Long Term	5.86	ACUITE Not Applicable (Withdrawn)
05 Dec 2023	Term Loan	Short Term	4.50	ACUITE A4 (Downgraded & Issuer not co-operating* from ACUITE A2)
	Term Loan	Long Term	9.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	10.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Secured Overdraft	Long Term	0.96	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	10.91	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Secured Overdraft	Long Term	2.95	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	9.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	15.22	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	7.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	10.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	16.67	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB+)
	Term Loan	Long Term	11.50	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	4.88	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	1.75	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	5.86	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Proposed Term Loan	Long Term	43.54	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	0.54	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	16.47	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Term Loan	Long Term	18.75	ACUITE C (Downgraded & Issuer not co-operating* from ACUITE BBB)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE Not Applicable (Withdrawn)
	Proposed Non Convertible Debentures	Long Term	20.00	ACUITE Provisional C (Downgraded & Issuer not co-operating* from ACUITE Provisional BBB+)
06 Dec 2022	Term Loan	Short Term	4.50	ACUITE A2 (Downgraded from ACUITE A2+)
	Term Loan	Long Term	5.86	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	1.75	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	4.88	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	11.50	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	0.54	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Proposed Term Loan	Long Term	43.54	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	16.67	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	10.00	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	7.50	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	15.22	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	9.00	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Secured Overdraft	Long Term	2.95	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	10.91	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Secured Overdraft	Long Term	0.96	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	10.00	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	9.00	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	16.47	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Term Loan	Long Term	18.75	ACUITE BBB (Downgraded from ACUITE BBB+ \| Negative)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE BBB+ (Downgraded from ACUITE A- \| Negative)
	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE BBB+ (Downgraded from ACUITE A- \| Negative)
	Proposed Non Convertible Debentures	Long Term	20.00	ACUITE Provisional BBB+ (Downgraded from ACUITE Provisional A- \| Negative)
04 Apr 2022	Non-Covertible Debentures (NCD)	Long Term	10.00	ACUITE A- \| Negative (Assigned)
	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE A- \| Negative (Reaffirmed)
	Term Loan	Short Term	10.00	ACUITE A2+ (Reaffirmed)
	Term Loan	Long Term	14.50	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.75	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	9.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Long Term Loan	Long Term	45.94	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Long Term Bank Facility	Long Term	50.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	25.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	15.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	10.00	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	20.00	ACUITE Provisional A- \| Negative (Reaffirmed)
07 Jan 2022	Non-Covertible Debentures (NCD)	Long Term	20.00	ACUITE A- \| Negative (Reaffirmed)
	Non-Covertible Debentures (NCD)	Short Term	20.00	ACUITE A2+ (Reaffirmed & Withdrawn)
	Proposed Long Term Loan	Long Term	45.94	ACUITE BBB+ \| Negative (Reaffirmed)
	Term Loan	Long Term	2.81	ACUITE BBB+ \| Negative (Reaffirmed)
	Proposed Non Convertible Debentures	Long Term	50.00	ACUITE Provisional A- (Reaffirmed & Withdrawn)

Annexure - Details of instruments rated

Lender’s Name	ISIN	Facilities	Date Of Issuance	Coupon Rate	Maturity Date	Quantum (Rs. Cr.)	Complexity Level	Rating
Not Applicable	INE02Y107057	Non-Convertible Debentures (NCD)	30 Mar 2022	10	30 Mar 2024	10.00	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Not Applicable	Not avl. / Not appl.	Proposed Term Loan	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	43.54	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bandhan Bank	Not avl. / Not appl.	Secured Overdraft	Not avl. / Not appl.	Not avl. / Not appl.	Not avl. / Not appl.	0.96	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Capital First Ltd.	Not avl. / Not appl.	Term Loan	11 Mar 2017	Not avl. / Not appl.	11 Mar 2024	10.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bandhan Bank	Not avl. / Not appl.	Term Loan	28 Mar 2022	Not avl. / Not appl.	28 Mar 2024	2.00	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Union Bank of India	Not avl. / Not appl.	Term Loan	29 Dec 2021	Not avl. / Not appl.	29 Dec 2024	8.33	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Indian Overseas Bank	Not avl. / Not appl.	Term Loan	13 Oct 2021	Not avl. / Not appl.	13 Oct 2024	8.33	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Small Industries Development Bank of India	Not avl. / Not appl.	Term Loan	10 Aug 2021	Not avl. / Not appl.	10 Aug 2024	4.00	Simple	ACUITE A4 \| Reaffirmed \| Issuer not co-operating*
Dhanlaxmi Bank Ltd	Not avl. / Not appl.	Term Loan	16 Apr 2021	Not avl. / Not appl.	16 Apr 2024	0.50	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
Bank of Baroda	Not avl. / Not appl.	Term Loan	16 Sep 2021	Not avl. / Not appl.	16 Sep 2023	4.88	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Small Industries Development Bank of India	Not avl. / Not appl.	Term Loan	10 Aug 2021	Not avl. / Not appl.	10 Aug 2024	11.50	Simple	ACUITE C \| Reaffirmed \| Issuer not co-operating*
State Bank of India	Not avl. / Not appl.	Term Loan	01 Jul 2021	Not avl. / Not appl.	01 Jul 2024	6.25	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Canara Bank	Not avl. / Not appl.	Term Loan	24 Sep 2021	Not avl. / Not appl.	24 Sep 2024	3.75	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
IDBI Bank Ltd.	Not avl. / Not appl.	Term Loan	06 Sep 2021	Not avl. / Not appl.	06 Sep 2024	2.81	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Indian Bank	Not avl. / Not appl.	Term Loan	26 Oct 2021	Not avl. / Not appl.	26 Jul 2024	6.02	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*
Bank of India	Not avl. / Not appl.	Term Loan	29 Sep 2021	Not avl. / Not appl.	29 Sep 2024	4.09	Simple	ACUITE D \| Reaffirmed \| Issuer not co-operating*

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

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

Sr. No.	Company Name
1	Inditrade Capital Limited (ICL)
2	Inditrade Microfinance Limited (IML)
3	Inditrade Fincorp Limited (erstwhile JRG Fincorp Limited)
4	Inditrade Business Consultants Limited (IBCL)
5	Inditrade Scalerator limited (ISL)
6	Inditrade Rural Marketing Limited (IRML)
7	Inditrade Insurance & Broking Private Limited (IIBPL)
8	Inditrade Technologies Limited (ITL)

Disclosure of list of non-cooperative issuers

• Listed :- https://www.acuite.in/Non-Cooperative_Issuer_Listed.php
• Unlisted :- https://www.acuite.in/Non-Cooperative_Issuer_Unlisted.php

Contacts

Mohit Jain
Chief Analytical Officer - Rating Operations

Dhruvi Chauhan
Associate Analyst - Rating Operations

Contact details exclusively for investors and lenders

Mob: +91 8591310146
Email ID: analyticalsupport@acuite.in

About Acuité Ratings & Research

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

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

Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.