Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 6000.00 ACUITE AA- | Stable | Reaffirmed -
Commercial Paper (CP) 300.00 - ACUITE A1+ | Reaffirmed
Total Outstanding Quantum (Rs. Cr) 6300.00 - -
 
Rating Rationale

­Acuité has reaffirmed its long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 6000.00 Cr. bank facilities of MAS Financial Services Limited (MFSL). The outlook is 'Stable'.

Acuité has reaffirmed its short-term rating of ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs. 300.00 Cr. Proposed Commercial Paper Programme of MAS Financial Services Limited (MFSL).

Rationale for reaffirmation
The rating continues to factor in the strong management team, established presence in MSME and retail financing backed by extensive distribution network and partnership arrangements with various NBFCs. The rating considers the sustained improvement in the scale of operations marked by 35 percent growth in its AUM. The AUM of the group stood at Rs. 8,867.94 crore as on June 30, 2023 as against 6,565 crore as on March 31, 2022. The rating further factors in the strong resource raising ability, healthy asset quality metrics, healthy capital structure and liquidity buffers. The company’s capital adequacy remained strong at 25.31 percent with Tier I Capital of 21.11 percent as on June 30, 2023. The group has funding relationships with Banks and Financial Institutions with a lender base of over 30 lenders and well diversified resource profile. Additionally, the company maintains healthy liquidity in the form of sufficient cash and bank balance and unutilized lines to meets its funding requirements. The rating is however constrained by the scale of operations and high portfolio concentration in three states comprising ~74 percent of the AUM as on June 30, 2023. The rating further remains constrained on account of concentration in its Retail asset Channel (RAC) portfolio. Under the retail portfolio, the group has exposure to Micro enterprise loans (~25.81 percent as on June 2023). The inherent risk of large ticket size lending under the RAC portfolio and any deterioration in credit profile of borrowers under the micro enterprise portfolio continues to remain a key rating monitorable. Going forward, the ability of the group to profitably scale-up its operations while maintaining healthy asset qualitywill be key monitorable.


About MFSL

­Incorporated in 1995, Gujarat based MFSL, is the flagship company of MAS group (i.e. MAS Financial Services Limited (MFSL) and MAS Rural Housing and Mortgage Finance Limited - (MRHML)). MFSL is registered with RBI as a Non deposit-taking, non-banking financial company. MFSL provides financing directly and indirectly to Micro Enterprises (MEL), Small and Medium Enterprises (SME), along with loans for commercial vehicles and two wheelers. MFSL primarily operates in six states, namely, Rajasthan, Gujarat, Maharashtra, Tamil Nadu, Karnataka, Madhya Pradesh, Chhattisgarg and one Union Territory, National Capital Territory of Delhi, through a network of 155 branches as on June 30, 2023. MFSL’s equity shares were listed on BSE and NSE in October 2017, it currently has a market capitalization of Rs. 4,838 Cr. MFSL’s shareholders included marquee investors such as Axis Mutual Fund, IDFC Sterling Equity Fund, TATA AIA Life insurance and Vistra ITCL I Limited amongst others. The promoter and promoter group hold 73.64 percent of the equity shareholding in MFSL.

 
About MSFL’s subsidiary - MAS Rural Housing Mortgage Finance Limited (MRHMFL)

­MAS Rural Housing Mortgage Finance Limited (MRHMFL), incorporated in 2008, is a no deposit taking Housing Finance Company registered with National Housing Board. MFSL held 59.67 percent stake as on March 31, 2023 and the remaining is held by promoters of MFSL. The company is engaged in providing housing loans, commercial loans and project loans for affordable housing segment.

 

Analytical Approach

Extent of Consolidation
•Full Consolidation
Rationale for Consolidation or Parent / Group / Govt. Support

­Acuité has consolidated the business and financial risk profiles of MFSL, MRHMFL and the company’s newly incorporated subsidiary MASFIN Insurance Broking Private (MFIBL) (Hereinafter referred to as ‘MAS Group’) for arriving at the rating. The consolidation is in view of common promoters and management, integrated businesses, shared brand name, and significant operational and financial linkages between these entities.

Key Rating Drivers

Strength

­Established presence in MSME lending through an extensive branch network and partnerships with other players
MFSL, the group’s flagship company, commenced operations in 1995 by extending credit to Micro, Small and Medium Enterprises (MSMEs) and two-wheeler financing. The group gradually expanded its geographical reach to other states beyond Gujarat and diversified its product portfolio to include Commercial Vehicle Loans including used car loans and tractor loans. Established in 2008, MRHMFL, a subsidiary of MFSL, has a presence in housing, commercial and project loans with a focus on affordable housing segment. Further, during August 2022, the group has incorporated a new subsidiary MASFIN Insurance Broking Private (MFIBL) which will be providing insurance broking services and is yet to start its operations.
Presently, MAS group’s operations are spread over eight states and the group operates through a network of 155 branches. MAS group also has established relationships with dealers and intermediaries for supporting their forays in commercial vehicle and two-wheeler segments. Besides direct lending to MSME and CV segment, the Group lends to NBFCs and MFIs for onward lending to the above segments.
The operations of the group are headed by Mr. Kamlesh Gandhi (Founder, Chairman and Managing Director), who has over three decades of experience in the financial services sector. He is supported by team of professionals with significant experience in various functional areas. The entity's Asset under Management has improved to Rs. 8,867.94 Cr. as on June 30, 2023 as against Rs.8,505.89 Cr. as on March 31, 2023. (Rs. 6,565.15 Cr. as on March 31, 2022.
Acuité believes that MAS Group’s business profile will continue to benefit from the established presence in the retail and MSME segment across diverse product categories, backed by strong managerial support and established distribution network/partnership arrangements with various NBFCs.

Healthy Capitalization levels; Business model based on regular sell downs expected to sustain the healthy capital buffers
MFSL’s capitalisation levels continue to remain healthy reflected by overall Capital Adequacy Ratio of 25.31 percent as on June 30, 2023 (25.24 percent as on March 31, 2023), mainly by way of Tier I capital of 21.11 percent (20.79 percent as on March 31, 2023). The group’s capital structure is supported by networth of Rs. 1,544.67 crore as on March 31, 2023 which has improved from Rs. 1,372.53 crore as on March 31, 2022.
The entity's Assets under Management (AUM) has grown from Rs. 1,391 Cr. as on March 31, 2014 to Rs. 8,867.94 Cr. as on June 30, 2023 (on balance sheet exposure Rs. 7,015.18 Cr and Off balance sheet exposure of Rs. 1.852.76 Cr.).
The philosophy of MAS group to sell down a portion of its originated loans on a regular basis helps in managing its liquidity, profitability and also its capital requirements. Since a part of the portfolio is assigned on a regular basis, the growth in the on-book portfolio is limited, thereby keeping its capital and debt requirements relatively moderate. The healthy performance of the past pools over a period has enabled the company to regularly raise funds through this route from various banks. The continued appetite for the group’s pools reflects the confidence, the bankers (buyers of pool) have in the group’s underwriting and monitoring standards.
Acuité believes that MAS group has demonstrated the resilience to grow across various business cycles and will be able to sustain its financial position on the back of its healthy capitalization buffers and maintaining a prudent capital structure.

Strong resource raising ability and diversified funding profile
MAS group has established relationships with over 30 lenders; public and private sector bank and financial institutions, some of these banks engage in both lending via bank borrowings and purchase of pools i.e. direct assignment transactions. ~90 percent of MAS on book exposures comprises of loans qualify for priority sector lending, which has high acceptability among banks for direct assignment transactions. The funding mix (based on AUM) comprises of bank borrowings (term loans and cash credit limits) along with resources raised through direct assignment transactions. As on June 30, 2023, the funding mix comprised direct assignment funding of 24 percent (including co-lending), cash credit of 17 percent, term loan of 48 percent, non-convertible debentures of 8 percent and subordinated debt of 3 percent. Additionally, the company maintains healthy liquidity in the form of adequate cash and bank balance of Rs 775.96 Cr. and unutilized lines of Rs 1633.73 Cr. as on June 30, 2023 to meets its funding requirements.
Acuité expects the Group to continue to benefit from diversified funding mix and the Group’s ability to raise resources from various banks and financial institutions.

Stable financial performance
At a consolidated level, the group’s Profit after Tax (PAT) grew at Rs. 205.82 Cr. as on March 31, 2023 as against Rs 161.20 Cr. as on March 31, 2022 (Rs 145.5 Cr. as on March 31, 2021). The group has maintained stable profitability despite increase in its operating expenses led by increase in its branch network. The operating expenses of the group as a percentage of its earning assets increased to 2.38 percent in FY23 as against 1.87 percent in FY22. The profitability continues to be healthy as reflected in the Return on Average Assets (ROAA) of 2.88 percent and Net Interest Margin (NIM) of 5.99 for FY23.
Acuité expects the Group to sustain improvement in earning’s profile in the current operating environment.

Weakness

­Significant exposure to NBFC loans; susceptible to asset quality moderation
MAS group has high exposure to segments such as NBFCs and MFIs (also referred to as RAC) and MSME’s. The group’s exposure to NBFCs and MFIs including partnership arrangements as a proportion to the overall AUM was ~35 percent as on June 30, 2023. MAS group has a policy of lending to NBFCs and MFIs for onward lending towards loans to MSME segment, Commercial Vehicle and Two Wheelers loans i.e. segments in which MAS group has its presence and the dynamics of which is understood by these NBFCs/MFIs. Notwithstanding the controls and the monitoring practices adopted by MAS in this segment, the group remains exposed to the risks inherent in large ticket lending, since most of the borrowers are typically small to medium size NBFCs (asset size less than Rs. 500 Cr.), where the track record is yet to be fully established. The group also engages in partnership agreements with various NBFCs out of which some are backed by FLDG. These NBFCs do the sourcing, monitoring and servicing of the loans for MAS.
Acuité believes that the group’s ability to profitably scale up its operations under the new regulatory guidelines while containing asset quality pressures will remain a key rating monitorable.

ESG Factors Relevant for Rating

­MFSL belongs to the NBFC sector which complements bank lending in India. Some of the material governance issues for the financial services sector are policies and practices with regard to business ethics, board diversity and independence, compensation structure for board and KMPs, role of the audit committee and shareholders’ rights. On the social aspect, some of the critical issues for the sector are the contributions to financial inclusion and social development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. MFSL offers financial services for Micro Enterprises Loans, SME Loans, Home Loans, Two-Wheeler Loans, Used Car Loans, and Commercial Vehicle Loans to satisfy their varied needs. The company primarily focuses on the vast lower income and middle-income groups of the society, spread across urban, semi urban, and rural areas, and including formal and informal sector. They are leveraging on the distribution network of partner MFINBFCS/NBFCS/HFCs/franchisees, thus extending financial services to the underpenetrated states and the BOP segment. It is important for MFSL to assess the sustainability factors mainly related to environment, social and corporate governance practices for its lending portfolio. It has a well-articulated CSR policy, aiming to support the advancement of education, to provide access to healthcare and other health initiatives/projects for the less privileged. The Company prefers to make contributions to the local area and areas around it where it operates, for spending the amount earmarked for CSR activities. It is the company’s continuous endeavor to increase its CSR impact and spend over the coming years, supplemented with continued focus towards rural development, promoting health and sanitation. The company has a well-placed grievance redressal mechanism; it has made adequate disclosures related to board and management compensation and outlines the policies related to diversity and ethical business practices in its code of conduct. The company’s board comprises of four independent directors out of total six directors which includes two female directors.

 
Rating Sensitivity
  • ­Movement in leverage indicators
  • Sharp movement in asset quality and profitability metrics
  • Regulatory framework governing the priority sector lending and direct assignment transactions
 
All Covenants

­MFSL is subject to covenants stipulated by its lenders/investors in respect of various parameters like capital structure, debt to equity ratio among others.

 
Liquidity Position
Adequate

­MFSL has adequately matched asset-liability profile as on June 30, 2023 with a cumulative surplus in all maturity buckets. The company’s assets comprise short to medium term (average of 18-24 months) exposures depending on the asset class against which the borrowings are in the form of two to three-year term loans and cash credit limits. The company has adequate liquidity buffers marked by cash and bank balances of Rs. 775.96 crore.

 
Outlook: Stable

­Acuité believes that MFSL will maintain a ‘Stable’ outlook over the near to medium term owing to its established presence in the key operating segment (i.e. MSME, MFI) and healthy capitalization buffers. The outlook may be revised to ‘Positive’ in case of significant and sustainable growth in its AUM while maintaining profitability, asset quality and capitalization indicators. Conversely, the outlook may be revised to ‘Negative’ in case of significantly higher than expected asset quality pressures or profitability margins.

 
Other Factors affecting Rating
­None
 
Key Financials (Consolidated)

­

Particulars

Unit

FY23 (Actual)

FY22 (Actual)

Total Assets

Rs. Cr.

7,994.43

6,294.35

Total Income*

Rs. Cr.

492.76

351.06

PAT

Rs. Cr.

205.82

161.20

Net Worth

Rs. Cr.

1,544.67

1,372.53

Return on Average Assets (RoAA)

(%)

2.88

2.76

Return on Average Net Worth (RoNW)

(%)

14.11

12.53

Debt/Equity

Times

3.97

3.23

Gross NPA

(%)

1.96%

2.00%

Net NPA

(%)

1.18%

1.15%


*Total income equals to Net Interest Income plus other income

 
Status of non-cooperation with previous CRA (if applicable)
­None
 
Any Other Information
­None
 
Applicable Criteria

 

 
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
07 Sep 2023 Term Loan Long Term 83.33 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 400.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 6.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 27.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 66.67 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 200.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 40.91 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 6.67 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 29.17 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 29.15 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 115.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 150.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 4.31 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 92.31 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 1.39 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 125.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 68.29 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 150.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 150.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 65.13 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 36.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 37.24 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 92.55 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 21.11 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 138.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 34.09 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.13 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 91.69 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 250.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 240.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 26.67 ACUITE AA- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 356.42 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 93.75 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 135.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 11.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 400.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Cash Credit Long Term 75.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 74.98 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 120.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 290.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 68.40 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 40.17 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.83 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 112.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 55.59 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 193.75 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 11.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 130.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 38.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 83.33 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 60.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 47.95 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 77.10 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 26.61 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.64 ACUITE AA- | Stable (Reaffirmed)
07 Sep 2022 Term Loan Long Term 18.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 90.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 175.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 7.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 4.17 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 200.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 200.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 7.64 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 42.84 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 94.98 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.84 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 160.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 26.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 290.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 135.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 7.29 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 1500.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 7.35 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 17.95 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 400.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 54.55 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 60.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 83.30 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 285.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 46.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 63.99 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 41.66 ACUITE AA- | Stable (Reaffirmed)
Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Term Loan Long Term 76.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 41.67 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 75.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 77.85 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 26.67 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 117.96 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 91.67 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 38.89 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 19.83 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 250.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 84.21 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 120.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 110.44 ACUITE AA- | Stable (Reaffirmed)
27 May 2022 Term Loan Long Term 160.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 7.29 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 290.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 117.96 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 200.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 250.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 19.83 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 400.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 26.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 76.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 90.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 17.95 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 91.67 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 63.99 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 135.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 120.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Term Loan Long Term 42.84 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 200.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 285.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.84 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 26.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 110.44 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 60.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 84.21 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 7.35 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 40.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 7.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 54.55 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 75.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 38.89 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 7.64 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 41.66 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 83.30 ACUITE AA- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 175.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 4.17 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 41.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 46.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 94.98 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 77.85 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 18.25 ACUITE AA- | Stable (Reaffirmed)
29 Sep 2021 Term Loan Long Term 3.11 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 60.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 739.40 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 22.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.37 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 76.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.50 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 125.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 75.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.61 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 250.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 190.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Term Loan Long Term 16.31 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 105.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 7.66 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 28.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 13.89 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 1.56 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 120.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 36.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 30.75 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 14.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.58 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 114.75 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 290.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.83 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 40.42 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 154.88 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 400.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 80.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 63.71 ACUITE AA- | Stable (Reaffirmed)
23 Jul 2021 Term Loan Long Term 7.66 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 40.42 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 3.11 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 105.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 190.00 ACUITE AA- | Stable (Assigned)
Cash Credit Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 250.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 30.75 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 120.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.61 ACUITE AA- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 80.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.31 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 28.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.37 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 75.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 75.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 76.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 300.00 ACUITE AA- (Withdrawn)
Cash Credit Long Term 60.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 45.83 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 400.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 63.71 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 13.89 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 1.56 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 1054.40 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 114.75 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 10.00 ACUITE AA- | Stable (Assigned)
Cash Credit Long Term 150.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 154.88 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 36.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 14.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 22.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Cash Credit Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.58 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 290.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
31 Jul 2020 Term Loan Long Term 49.14 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 46.45 ACUITE AA- (Withdrawn)
Term Loan Long Term 12.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Proposed Cash Credit Long Term 205.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 2.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 49.08 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 24.31 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 3.47 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 104.17 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 191.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 21.46 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.72 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 72.73 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 60.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 22.03 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 84.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 23.97 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 0.12 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 8.89 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.37 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 30.72 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.79 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 200.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 4.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 300.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 846.70 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 1795.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 24.31 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 10.72 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 300.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 200.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 4.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 84.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 2.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 30.72 ACUITE AA- | Stable (Reaffirmed)
Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 3.47 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.79 ACUITE AA- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 205.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 104.17 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 72.73 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 0.12 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 21.46 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 1795.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 33.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 22.03 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 191.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 49.08 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 46.45 ACUITE AA- (Withdrawn)
Term Loan Long Term 30.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 846.70 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 49.14 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 8.89 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 60.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.37 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 23.97 ACUITE AA- | Stable (Reaffirmed)
06 Mar 2020 Term Loan Long Term 120.83 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 20.00 ACUITE AA- (Withdrawn)
Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Term Loan Long Term 6.64 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 35.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 936.11 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 6.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 60.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 90.91 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 6.30 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 34.37 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 97.50 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 14.10 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.14 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.56 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 1.67 ACUITE AA- (Withdrawn)
Term Loan Long Term 38.89 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 1.25 ACUITE AA- (Withdrawn)
Cash Credit Long Term 1795.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned)
Proposed Cash Credit Long Term 205.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.96 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 46.45 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 31.55 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 200.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 5.00 ACUITE AA- (Withdrawn)
Term Loan Long Term 6.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 37.50 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE AA- (Withdrawn)
Term Loan Long Term 100.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 13.19 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 29.74 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 22.92 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 1.90 ACUITE AA- (Withdrawn)
Term Loan Long Term 31.05 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 14.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 38.98 ACUITE AA- | Stable (Reaffirmed)
26 Feb 2020 Proposed Commercial Paper Program Short Term 300.00 ACUITE A1+ (Reaffirmed)
Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 1.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 67.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 52.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 22.76 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 13.89 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 1.90 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 20.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 20.83 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.12 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 1835.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 56.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 43.87 ACUITE AA- | Stable (Reaffirmed)
Proposed Cash Credit Long Term 165.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 1.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 17.22 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 45.53 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 5.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Term Loan Long Term 617.51 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 23.45 ACUITE AA- | Stable (Reaffirmed)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Complexity Level Rating
IDFC First Bank Limited Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE AA- | Stable | Reaffirmed
Indusind Bank Ltd Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 75.00 Simple ACUITE AA- | Stable | Reaffirmed
State Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 290.00 Simple ACUITE AA- | Stable | Reaffirmed
Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 100.00 Simple ACUITE AA- | Stable | Reaffirmed
IDBI Bank Ltd. Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 150.00 Simple ACUITE AA- | Stable | Reaffirmed
Baroda Gujarat Gramin Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE AA- | Stable | Reaffirmed
South Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE AA- | Stable | Reaffirmed
Bank of Baroda Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 400.00 Simple ACUITE AA- | Stable | Reaffirmed
Indian Overseas Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 50.00 Simple ACUITE AA- | Stable | Reaffirmed
Bank of Maharashtra Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 60.00 Simple ACUITE AA- | Stable | Reaffirmed
Union Bank of India Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 120.00 Simple ACUITE AA- | Stable | Reaffirmed
Tamil Nadu Mercantile Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 30.00 Simple ACUITE AA- | Stable | Reaffirmed
Punjab National Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 250.00 Simple ACUITE AA- | Stable | Reaffirmed
Indian Bank Not Applicable Cash Credit Not Applicable Not Applicable Not Applicable 200.00 Simple ACUITE AA- | Stable | Reaffirmed
Not Applicable Not Applicable Proposed Cash Credit Not Applicable Not Applicable Not Applicable 115.00 Simple ACUITE AA- | Stable | Reaffirmed
Not Applicable Not Applicable Proposed Commercial Paper Program Not Applicable Not Applicable Not Applicable 300.00 Simple ACUITE A1+ | Reaffirmed
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 356.42 Simple ACUITE AA- | Stable | Reaffirmed
Not Applicable Not Applicable Proposed Term Loan Not Applicable Not Applicable Not Applicable 65.13 Simple ACUITE AA- | Stable | Reaffirmed
HDFC Bank Ltd Not Applicable Term Loan 28 Jun 2021 Not available 07 Jul 2024 26.61 Simple ACUITE AA- | Stable | Reaffirmed
Bajaj Finance Ltd. Not Applicable Term Loan 26 Mar 2021 Not available 26 Mar 2024 6.67 Simple ACUITE AA- | Stable | Reaffirmed
State Bank of India Not Applicable Term Loan 31 Aug 2019 Not available 30 Jun 2023 6.50 Simple ACUITE AA- | Stable | Reaffirmed
State Bank of India Not Applicable Term Loan 20 Dec 2019 Not available 30 Nov 2023 38.25 Simple ACUITE AA- | Stable | Reaffirmed
Bank of India Not Applicable Term Loan 30 Mar 2021 Not available 31 Mar 2026 47.95 Simple ACUITE AA- | Stable | Reaffirmed
HDFC Bank Ltd Not Applicable Term Loan 23 Mar 2018 Not available 07 Feb 2026 40.17 Simple ACUITE AA- | Stable | Reaffirmed
HDFC Bank Ltd Not Applicable Term Loan 24 Feb 2020 Not available 07 Mar 2023 4.31 Simple ACUITE AA- | Stable | Reaffirmed
HDFC Bank Ltd Not Applicable Term Loan 26 Feb 2021 Not available 07 Mar 2024 21.11 Simple ACUITE AA- | Stable | Reaffirmed
Bajaj Finance Ltd. Not Applicable Term Loan 20 Feb 2020 Not available 20 Feb 2023 1.39 Simple ACUITE AA- | Stable | Reaffirmed
Bajaj Finance Ltd. Not Applicable Term Loan 20 Feb 2020 Not available 17 Aug 2026 25.00 Simple ACUITE AA- | Stable | Reaffirmed
Bajaj Finance Ltd. Not Applicable Term Loan 28 Dec 2020 Not available 23 Dec 2023 11.33 Simple ACUITE AA- | Stable | Reaffirmed
Federal Bank Not Applicable Term Loan 31 Mar 2021 Not available 30 Mar 2024 16.67 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not Applicable Term Loan 30 Mar 2021 Not available 31 Mar 2024 10.00 Simple ACUITE AA- | Stable | Reaffirmed
Indian Bank Not Applicable Term Loan 19 Mar 2021 Not available 28 Feb 2026 55.59 Simple ACUITE AA- | Stable | Reaffirmed
Union Bank of India Not Applicable Term Loan 31 Mar 2020 Not available 31 Mar 2025 77.10 Simple ACUITE AA- | Stable | Reaffirmed
SBM Bank (India) Ltd. Not Applicable Term Loan 26 Mar 2021 Not available 26 Mar 2025 11.25 Simple ACUITE AA- | Stable | Reaffirmed
DBS Bank Ltd Not Applicable Term Loan 31 Mar 2021 Not available 30 Mar 2024 34.09 Simple ACUITE AA- | Stable | Reaffirmed
Karnataka Bank Ltd Not Applicable Term Loan 16 Sep 2021 Not available 16 Aug 2024 29.15 Simple ACUITE AA- | Stable | Reaffirmed
Bank of Maharashtra Not Applicable Term Loan 05 Aug 2021 Not available 05 Aug 2026 112.50 Simple ACUITE AA- | Stable | Reaffirmed
DBS Bank Ltd Not Applicable Term Loan 31 Mar 2022 Not available 31 May 2022 40.91 Simple ACUITE AA- | Stable | Reaffirmed
Union Bank of India Not Applicable Term Loan 30 Mar 2021 Not available 31 Mar 2026 68.40 Simple ACUITE AA- | Stable | Reaffirmed
Nabard Financial Services Limited Not Applicable Term Loan 19 Feb 2021 Not available 31 Dec 2025 130.00 Simple ACUITE AA- | Stable | Reaffirmed
Bajaj Finance Ltd. Not Applicable Term Loan 30 Sep 2021 Not available 30 Sep 2024 29.17 Simple ACUITE AA- | Stable | Reaffirmed
HDFC Bank Ltd Not Applicable Term Loan 30 Nov 2021 Not available 07 Dec 2024 33.64 Simple ACUITE AA- | Stable | Reaffirmed
Canara Bank Not Applicable Term Loan 23 Dec 2021 Not available 31 Dec 2026 74.98 Simple ACUITE AA- | Stable | Reaffirmed
Indian Bank Not Applicable Term Loan 27 Dec 2021 Not available 24 Dec 2026 83.33 Simple ACUITE AA- | Stable | Reaffirmed
Union Bank of India Not Applicable Term Loan 31 Dec 2021 Not available 31 Dec 2026 240.00 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not Applicable Term Loan 29 Dec 2021 Not available 31 Dec 2024 66.67 Simple ACUITE AA- | Stable | Reaffirmed
ICICI Bank Ltd Not Applicable Term Loan 14 Mar 2022 Not available 31 Mar 2025 45.00 Simple ACUITE AA- | Stable | Reaffirmed
Bank of Baroda Not Applicable Term Loan 25 Mar 2022 Not available 31 Mar 2025 150.00 Simple ACUITE AA- | Stable | Reaffirmed
Bandhan Bank Not Applicable Term Loan Not available Not available Not available 93.75 Simple ACUITE AA- | Stable | Reaffirmed
Aditya Birla Finance Limited Not Applicable Term Loan 08 Jun 2022 Not available 05 Jun 2025 36.67 Simple ACUITE AA- | Stable | Reaffirmed
HDFC Bank Ltd Not Applicable Term Loan 10 May 2022 Not available 07 May 2025 37.24 Simple ACUITE AA- | Stable | Reaffirmed
Bank of Maharashtra Not Applicable Term Loan 30 Jun 2022 Not available 30 Jun 2027 135.00 Simple ACUITE AA- | Stable | Reaffirmed
Dhanlaxmi Bank Ltd Not Applicable Term Loan 23 Sep 2022 Not available 23 Sep 2025 27.50 Simple ACUITE AA- | Stable | Reaffirmed
Kotak Mahindra Bank Not Applicable Term Loan 29 Jun 2022 Not available 29 Jun 2025 83.33 Simple ACUITE AA- | Stable | Reaffirmed
Federal Bank Not Applicable Term Loan 29 Jun 2022 Not available 29 Jun 2025 33.13 Simple ACUITE AA- | Stable | Reaffirmed
Utkarsh Small Finance Bank Ltd. Not Applicable Term Loan 31 Aug 2022 Not available 25 Aug 2025 26.67 Simple ACUITE AA- | Stable | Reaffirmed
Bajaj Finance Ltd. Not Applicable Term Loan 26 Aug 2022 Not available 26 Aug 2025 68.29 Simple ACUITE AA- | Stable | Reaffirmed
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 138.00 Simple ACUITE AA- | Stable | Reaffirmed
Micro Units Development and Refinance Agency bank (MUDRA) Not Applicable Term Loan Not available Not available Not available 125.00 Simple ACUITE AA- | Stable | Reaffirmed
Sundaram Finance Ltd. Not Applicable Term Loan 13 Sep 2022 Not available 10 Sep 2025 92.55 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not Applicable Term Loan Not available Not available Not available 92.31 Simple ACUITE AA- | Stable | Reaffirmed
CSB Bank Limited Not Applicable Term Loan Not available Not available Not available 45.83 Simple ACUITE AA- | Stable | Reaffirmed
HDFC Bank Ltd Not Applicable Term Loan Not available Not available Not available 91.69 Simple ACUITE AA- | Stable | Reaffirmed
IDFC First Bank Limited Not Applicable Term Loan Not available Not available Not available 193.75 Simple ACUITE AA- | Stable | Reaffirmed
Small Industries Development Bank of India Not Applicable Term Loan Not available Not available Not available 150.00 Simple ACUITE AA- | Stable | Reaffirmed
State Bank of India Not Applicable Term Loan Not available Not available Not available 400.00 Simple ACUITE AA- | Stable | Reaffirmed
South Indian Bank Not Applicable Term Loan Not available Not available Not available 20.00 Simple ACUITE AA- | Stable | Reaffirmed
Indian Bank Not Applicable Term Loan Not available Not available Not available 150.00 Simple ACUITE AA- | Stable | Reaffirmed
­

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