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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Pass Through Certificates (PTCs) | 9.51 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 9.51 | - | - |
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Rating Rationale |
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Acuité has withdrawn the long term rating on the Pass Through Certificates (PTCs) of Rs. 9.51 Cr. issued by PEGASUS 11 2022 (the trust) under a securitisation transaction originated by INDITRADE MICROFINANCE LIMITED (IML) (The Originator).
The transaction has been paid in full. It has also been redeemed and all the contractual obligations and pay-outs to the investors have been duly completed. Hence, the rating is being withdrawn without assigning any rating. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective instrument/facility, and pursuant to a request received from the company in this regard, and the No Dues Confirmation received from the trustee. |
| About the Originator |
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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. IML's Assets Under Management (AUM) stood at Rs. 515.08 Cr. (including off book exposure of Rs. 403.73 Cr.) as on September 30, 2023.
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| Assessment of the Pool |
| Not applicable |
| Credit Enhancements (CE) |
| Not applicable |
| Transaction Structure |
| Not applicable |
| Legal Assessment |
| Not applicable |
| Key Risks |
| Counter Party Risks |
| Not applicable |
| Concentration Risks |
| Not applicable |
| Servicing Risks |
| Not applicable |
| Regulatory Risks |
| Not applicable |
| Prepayment Risks |
| Not applicable |
| Commingling Risk |
| Not applicable |
| Rating Sensitivity |
| Not applicable |
| All Covenants (Applicable only for CE & SO Ratings) |
| Not applicable |
| All Assumptions |
| Not applicable |
| Liquidity Position |
| Not applicable |
| Outlook: Not Applicable |
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| Key Financials - Originator | ||||||||||||||||||||||||||||||||||||||||
*Total income equals to Net Interest Income plus other income
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| Any Other Information |
| Not applicable |
| Status of disclosure of all relevant information about the Obligation being Rated |
| Not applicable |
| Note on Complexity Levels of the Rated Instrument |
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In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
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| Applicable Criteria |
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• 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 • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm |
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