Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 2445.00 ACUITE BBB | Negative | Downgraded | Stable to Negative -
Bank Loan Ratings 2024.50 - ACUITE A3+ | Downgraded
Total Outstanding Quantum (Rs. Cr) 4469.50 - -
 
Rating Rationale

­Acuité has downgraded the long-term rating to ‘Acuité BBB’ (read as Acuité triple B) from ‘Acuité BBB+’ (read as Acuité triple B plus) and the short-term rating to 'Acuité A3+' (read as Acuité A three plus) from 'Acuité A2' (read as Acuité A two) on the Rs. 4469.50 crore bank facilities of ITI Limited (ITIL). The outlook is revised from 'stable' to 'negative'.

Rationale for rating
The rating downgrade is driven by the deterioration in operating performance of ITIL during FY2023, reflected in its declining scale of operations and cash losses resulting in stretched liquidity. The revenues stood at Rs. 1448 crore in FY2023 (31% lower) against Rs. 2081 crore in FY2022. The revenues have remained suppressed due to delays in getting PoC and technical clearances from the government authorities, along with delays in getting RoW permission from PWD. Further, due to lower turnover, the company could not achieve the required margins to meet its fixed costs, resulting in cash losses and adversely impacting its coverage indicators and liquidity. The rating, however, continues to draw comfort from the support and strong parentage, with the Government of India (GoI) holding a 90 percent stake in ITI Limited and its support for ITIL through the revival package and letter of comfort from DOT.

About the Company
­Incorporated in 1948, ITIL, India's first public sector undertaking became a public limited company in 1975. It is based out Bangalore and its Chairman and Managing Director is Mr. Rakesh Mohan Agarwal. The company manufactures telecom equipment including electronic switching exchanges, transmission equipment, microelectronic and telephone instruments to name a few. The company has six manufacturing facilities across India at Bengaluru (Karnataka), Naini (Uttar Pradesh), Rae Bareli (Uttar Pradesh), Mankapur (Uttar Pradesh), Palakkad (Kerala) and Srinagar (Jammu and Kashmir) with a network system unit at Bengaluru. Additionally, ITIL has three research and development units at Bengaluru, Karnataka.
 
Standalone (Unsupported) Rating
­Acuite BB+/ 'Negative'/ A4+
 
Analytical Approach
­Acuite has considered the standalone business and financial risk profile of ITIL while arriving at the rating. Acuite has also factored in the financial support ITIL will receive from Department of Telecommunication (DoT) on account of the Letter of Comfort extended by the later.
 

Key Rating Drivers

Strengths

Established track record of operations
ITIL has been engaged in the manufacturing of telecom equipment since 1948. The company is a preferred contractor for Bharat Sanchar Nigam Limited (BSNL), Mahanagar Telephone Nigam Limited (MTNL), and Indian Defence Services. As of March 31, 2023, the GoI held a 90 percent stake in the company. ITIL currently has executable projects worth more than Rs. 12,000 crore. Recently, it received an order from BSNL worth Rs. 4000 crore. Further, the company has been implementing projects such as BharatNet Phase I and Phase II. It has also won three tenders, viz., MahaNet, GujNet, and West Bengal, under the BharatNet Phase II Project, worth Rs. 4784 crore. Additionally, the company has its biggest order in progress for the Ministry of Defence for its ASCON Phase 4 project of around Rs. 8000 crore. The project has already been started and will be executed over the next 7 years.
Acuité believes that a healthy order book position, continued assistance from the government, and the long track record of the management will continue to support the business of the company.

Comfort on account of support from the Department of Telecommunication (DOT)
GOI continues to hold more than 90% of the entity as of March 31, 2023. It is the preferred entity of many government companies and departments. The company also has a priority quota under which 30 percent of BSNL, MTNL, and BBNL's procurements have to be met by the company. Since 2013, the government has been supporting ITIL financially as part of its revival plan for sick units. Under the revival plan, DOT (the Department of Telecommunication) has been constantly monitoring ITIL’s performance and infusing funds through unsecured loans and grants. The company, in total, has received around Rs. 1132 crore as a part of capex grants as of FY2023. This is used by ITIL for capex, product diversification, and capacity expansion. Further, DOT has also extended a Letter of Comfort, which ensures continuous support to ITIL in meeting its fund- and non-fund-based obligations.

Weaknesses

Significant deterioration in the operating performance along with the working capital-intensive nature of operations.
The company reported revenue of Rs. 1448 crore in FY2023, which has decreased by around 31% compared to Rs. 2081 crore in FY2022 and Rs. 2434.26 crore in FY2021. The revenues during FY2023 have been suppressed due to delays in getting PoC and technical clearances from the government authorities, along with delays in getting RoW permission from PWD. Further, due to lower turnover, the company could not achieve the required margins to meet its fixed costs, resulting in cash losses. The company reported negative EBITDA of Rs. 101 crore in FY2023 against Rs. 329 crore in FY2022. Further, ITIL’s operations are working capital intensive in nature, as reflected in its high GCA days. The GCA days stood at 1655 in FY2023 against 1154 in FY2022 and 841 in FY2021. These are dominated by elongated receivables (debtor days: 687 during FY2023 against 582 days in FY2022) on account of old legacy projects with slow-moving receivables. Until a long-term resolution of those issues is reached, operations are expected to remain working capital intensive. However, this has led to a higher reliance on bank borrowings, and bank limits are almost fully utilised for the six-month period ending May 2023.
Acuité believes that operations of ITIL are expected to remain working capital intensive over the medium term, and its ability to restrict further elongation of working capital will remain a key rating sensitivity.

Exposure to customer concentration risk
ITIL's customer base is heavily dominated by the Ministry of Defence, major PSUs, and government agencies like BSNL, MTNL, etc. Its current order book constitutes more than 60% of the order value from the Ministry of Defence alone. The company has a limited order base from private players. However, the risk is mitigated to quite some extent by the fact that ITIL holds a priority quota in the tenders floated by the GOI for any of the telecommunication projects.
Acuité believes that the ability of the company to expand its customer base in order to further mitigate the risk will be critical.

ESG Factors Relevant for Rating

­Environment
Carbon emissions, biodiversity, and energy efficiency are material issues for the communications industry. The installation and maintenance of fibre-optic cables, mobile base stations, radios, and satellite dishes can contribute to greenhouse gas emissions and negatively impact biodiversity. The company has undertaken initiatives to reduce overall energy consumption.
Social
Social issues are a key risk for the telecommunications industry, with occupational health and safety being a prominent issue due to the worker's close proximity to electromagnetic fields, exposure to electricity, and extreme heights. Consistent service delivery and the desired customer experience are key to achieving product quality. Diversity and inclusion practises, data privacy, and security are other vital matters. The social performance score of ITI Limited has experienced an increase since the last report, primarily due to community support and development, employee safety, and product responsibility. The company has adopted a policy on data privacy and human rights. Additionally, it offers training and career development programmes to its employees.
Governance
The telecommunications industry is highly exposed to risks associated with regulatory compliance and ethical business practises during bids, spectrum auctioning, and licencing. Furthermore, board administration, committee functioning, and financial auditing are material issues for this industry. The company has undertaken programmes to prevent corruption and improve business ethics. Further, the company complies with the Companies Act 2013 for external auditor rotation and audit committees, SEBI listing regulations for related party transactions, and the prohibition of insider trading.
 
Rating Sensitivities
  • ­Improvement in the scale of operations and operating margins leading to improvement in financial risk profile
  • Any further deterioration in the working capital cycle and liquidity profile.
 
Material covenants
­None
 
Liquidity Position
Stretched

ITIL’s liquidity is stretched considering the losses that it suffered on EBITDA levels during FY2023. Due to delays in getting approvals from the Ministry of Defence for its ASCON Phase 4 project, the order executions that were expected during FY2023, have not materialised. This has resulted in deteriorating revenues. Further, due to increased material and other costs, the EBITDA margins have remained negative. Additionally, ITIL has highly working capital-intensive operations, with a GCA of 1655 days in FY2023 compared to 1154 days in FY2022. This is mainly dominated by high receivables along with legacy debtors pertaining to earlier years. This increases the company's dependence on bank borrowings to fund its working capital requirements, adversely impacting its liquidity profile. The CC and WCDL accounts were almost completely utilised for the last six months, which ended May 23. However, the risk is mitigated to some extent as the company receives support from the DOT to meet its repayment obligations.
 
Outlook: Negative

­Acuité believes ITIL’s outlook to remain ‘Negative’ over the medium term, marked by deteriorated revenues, a stretched liquidity position, and a negative PAT during FY2023. The rating may be downgraded in the event of further deterioration in the earning profile. The outlook may be revised to 'Stable' in the event of the resolution of old receivables, thereby improving the liquidity position.
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 23 (Actual) FY 22 (Actual)
Operating Income Rs. Cr. 1448.00 2081.00
PAT Rs. Cr. (360.10) 121.06
PAT Margin (%) (24.87) 5.82
Total Debt/Tangible Net Worth Times 0.80 0.62
PBDIT/Interest Times (0.48) 1.89
Status of non-cooperation with previous CRA (if applicable)
­BWR vide its rating rationale dated March 2023 has tagged ITIL as Issuer Not Co-operating
 
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
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Entities In Manufacturing Sector:- https://www.acuite.in/view-rating-criteria-59.htm
• Service Sector: https://www.acuite.in/view-rating-criteria-50.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
08 Sep 2022 Cash Credit Long Term 150.00 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 55.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE BBB+ | Stable (Reaffirmed)
Working Capital Term Loan Long Term 120.00 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 21.00 ACUITE A2 (Reaffirmed)
Bank Guarantee Short Term 5.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 54.00 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 30.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 36.00 ACUITE A2 (Reaffirmed)
Working Capital Term Loan Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 48.00 ACUITE A2 (Reaffirmed)
Bank Guarantee Short Term 16.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 70.00 ACUITE A2 (Reaffirmed)
Bank Guarantee Short Term 10.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 200.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 44.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Cash Credit Long Term 367.64 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 109.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 36.00 ACUITE A2 (Reaffirmed)
Bank Guarantee Short Term 1.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 50.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 371.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Bank Guarantee Short Term 209.07 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 46.00 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 89.40 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 125.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Cash Credit Long Term 615.16 ACUITE BBB+ | Stable (Assigned)
Working Capital Demand Loan Long Term 4.70 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 290.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 385.00 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 744.03 ACUITE A2 (Reaffirmed)
10 Jun 2021 Working Capital Term Loan Long Term 120.00 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 290.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 77.40 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 16.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 385.00 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 48.00 ACUITE A2 (Reaffirmed)
Proposed Letter of Credit Short Term 837.34 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 378.60 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 89.40 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 46.00 ACUITE BBB+ | Stable (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 109.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 44.00 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 998.00 ACUITE A2 (Reaffirmed)
Bank Guarantee Short Term 36.00 ACUITE A2 (Reaffirmed)
Bank Guarantee Short Term 10.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 54.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Bank Facility Long Term 167.90 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 1.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 55.00 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 8.60 ACUITE A2 (Reaffirmed)
Letter of Credit Short Term 30.00 ACUITE A2 (Reaffirmed)
Working Capital Demand Loan Long Term 12.10 ACUITE BBB+ | Stable (Reaffirmed)
Bank Guarantee Short Term 21.00 ACUITE A2 (Reaffirmed)
13 Mar 2020 Cash Credit Long Term 44.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Cash Credit Long Term 77.40 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Bank Guarantee Short Term 425.34 ACUITE A2 (CE) (Reaffirmed)
Proposed Bank Guarantee Short Term 404.00 ACUITE A2 (CE) (Reaffirmed)
Letter of Credit Short Term 89.40 ACUITE A2 (CE) (Reaffirmed)
Bank Guarantee Short Term 5.00 ACUITE A2 (CE) (Reaffirmed)
Bank Guarantee Short Term 10.00 ACUITE A2 (CE) (Reaffirmed)
Bank Guarantee Short Term 36.00 ACUITE A2 (CE) (Reaffirmed)
Cash Credit Long Term 128.60 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Letter of Credit Short Term 30.00 ACUITE A2 (CE) (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Bank Guarantee Short Term 1.00 ACUITE A2 (CE) (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Cash Credit Long Term 635.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Letter of Credit Short Term 109.00 ACUITE A2 (CE) (Reaffirmed)
Letter of Credit Short Term 20.00 ACUITE A2 (CE) (Reaffirmed)
Bank Guarantee Short Term 800.00 ACUITE A2 (CE) (Reaffirmed)
Cash Credit Long Term 20.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Letter of Credit Short Term 48.00 ACUITE A2 (CE) (Reaffirmed)
Letter of Credit Short Term 35.00 ACUITE A2 (CE) (Reaffirmed)
Letter of Credit Short Term 5.00 ACUITE A2 (CE) (Reaffirmed)
Letter of Credit Short Term 200.00 ACUITE A2 (CE) (Reaffirmed)
Bank Guarantee Short Term 290.00 ACUITE A2 (CE) (Reaffirmed)
Bank Guarantee Short Term 17.00 ACUITE A2 (CE) (Reaffirmed)
Bank Guarantee Short Term 4.00 ACUITE A2 (CE) (Reaffirmed)
Proposed Cash Credit Long Term 200.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Cash Credit Long Term 24.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Letter of Credit Short Term 8.60 ACUITE A2 (CE) (Reaffirmed)
Cash Credit Long Term 46.00 ACUITE BBB+ (CE) | Stable (Reaffirmed)
Bank Guarantee Short Term 22.00 ACUITE A2 (CE) (Reaffirmed)
23 Jan 2020 Cash Credit Long Term 52.60 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 76.00 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Bank Guarantee Short Term 10.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Bank Guarantee Short Term 5.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Letter of Credit Short Term 84.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Letter of Credit Short Term 30.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Bank Guarantee Short Term 16.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Bank Guarantee Short Term 17.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Letter of Credit Short Term 60.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Bank Guarantee Short Term 6.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Cash Credit Long Term 46.00 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 77.40 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Letter of Credit Short Term 8.60 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Cash Credit Long Term 10.00 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Proposed Bank Guarantee Short Term 3754.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Cash Credit Long Term 24.00 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Bank Guarantee Short Term 55.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Cash Credit Long Term 10.00 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Letter of Credit Short Term 344.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Cash Credit Long Term 20.00 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Letter of Credit Short Term 20.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Letter of Credit Short Term 5.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Letter of Credit Short Term 29.40 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Letter of Credit Short Term 35.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Bank Guarantee Short Term 1.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Cash Credit Long Term 635.00 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
Bank Guarantee Short Term 4.00 ACUITE A2 (CE) (Upgraded from ACUITE A3+)
Cash Credit Long Term 44.00 ACUITE BBB+ (CE) | Stable (Upgraded from ACUITE BBB | Stable)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
Bank of Baroda Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 744.03 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Canara Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 4.60 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Central Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Punjab National Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 36.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Indian Bank Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Union Bank of India Not Applicable Bank Guarantee (BLR) Not Applicable Not Applicable Not Applicable 21.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Bank of Baroda Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 16.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
State Bank of India Not Applicable Bank Guarantee/Letter of Guarantee Not Applicable Not Applicable Not Applicable 290.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Canara Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 77.40 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 385.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 378.60 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Central Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 44.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 46.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 54.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 150.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 125.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Bank of Baroda Not Applicable Covid Emergency Line. Not Applicable Not Applicable Not Applicable 4.70 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Bank of Baroda Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 89.40 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 109.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Punjab National Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 48.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Central Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Canara Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 14.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Bank of Baroda Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 200.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Indian Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 50.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
State Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 70.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Indian Bank Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 5.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Union Bank of India Not Applicable Letter of Credit Not Applicable Not Applicable Not Applicable 55.00 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Not Applicable Not Applicable Proposed Bank Guarantee Not Applicable Not Applicable Not Applicable 236.47 Simple ACUITE A3+ | Downgraded ( from ACUITE A2 )
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 335.14 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 615.16 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )
Canara Bank Not Applicable Working Capital Term Loan Not available Not available Not available 120.00 Simple ACUITE BBB | Negative | Downgraded | Stable to Negative ( from ACUITE BBB+ )

Contacts
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About Acuité Ratings & Research
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