Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 500.00 ACUITE AA- | Stable | Assigned -
Bank Loan Ratings 2000.00 ACUITE AA- | Stable | Reaffirmed -
Non Convertible Debentures (NCD) 150.00 ACUITE AA- | Stable | Reaffirmed -
Non Convertible Debentures (NCD) 75.00 PP-MLD | ACUITE AA- | Stable | Reaffirmed -
Commercial Paper (CP) 100.00 - ACUITE A1+ | Reaffirmed
Total Outstanding 2825.00 - -
 
Rating Rationale

Acuité has assigned the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 500.00 Cr. bank facilities of Protium Finance Limited (PFL) (erstwhile Growth Source Financial Technologies Private Limited) (GSFTPL). The outlook is 'Stable'.

Acuité has reaffirmed the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 2000.00 Cr. bank facilities of Protium Finance Limited (PFL) (erstwhile Growth Source Financial Technologies Private Limited) (GSFTPL). The outlook is 'Stable'.

Acuité has reaffirmed the long-term rating of ‘ACUITE AA-’ (read as ACUITE double A minus) on the Rs. 150.00 Cr. Non-Convertible Debentures of Protium Finance Limited (PFL) (erstwhile Growth Source Financial Technologies Private Limited) (GSFTPL). The outlook is 'Stable'.

­Acuité has reaffirmed the long-term rating of ‘ACUITE PP-MLD AA-’ (read as ACUITE Principal Protected Market Linked Debentures double A minus) on the Rs. 75.00 Cr. principal protected market linked debentures of Protium Finance Limited (PFL) (erstwhile Growth Source Financial Technologies Private Limited) (GSFTPL). The outlook is 'Stable'.
­
Acuité has reaffirmed the short-term rating of ‘ACUITE A1+’ (read as ACUITE A one plus) on the Rs. 100.00 Cr. proposed commercial paper of Protium Finance Limited (PFL) (erstwhile Growth Source Financial Technologies Private Limited) (GSFTPL).

Rationale for the rating
The rating continues to factor in PFL’s experienced management, healthy capital structure and support from marquee investors. PFL is subsidiary of Consilience Capital Management; funded and backed by marquee global investors. As on Dec 31, 2023, the company reported networth of Rs. 2,254 Cr. (limited review) post capital infusion of Rs 837 Cr. from it's existing investors and Capital Adequacy Ratio (CAR) stood of 59.62 percent. The demonstrated growth in loan portfolio and extensive experience of the management in financial services has enabled PFL recently, to raise funds from banks at competitive rates. The rating further takes into consideration the increase in profitability and sustained growth in AUM and consistent growth in disbursements. PFL reported improvement in PAT for FY23 which stood at Rs. 63.13 Cr. as against Rs. 13.96 Cr. for FY22. PAT for 9MFY24 stood at Rs. 83.99 Cr. The RoAA improved to 2.64 percent for FY23 (P.Y: 1.17 percent). The rating also factors in PFL’s efficient risk management systems along with high level of digitization and collection processes as reflected in its overall on-time portfolio of 96.89 percent as on Dec 31, 2023 with an average collection efficiency of over 97.77 percent for six months ending Dec-23. PFL's disbursements momentum has seen significant traction with Rs. 3,141 Cr. disbursed for FY23 (P.Y: 1,857 Cr.). In 9MFY24, the company has disbursed Rs. 3,784 Cr. surpassing previous year levels. The rapid disbursements and branch expansion led to increase in loan portfolio which grew to Rs. 2908 Cr. as on March 31, 2023 from Rs. 1415 Cr. as on March 31, 2022. The AUM as on Mar 31, 2024 stood at 4,942 Cr (Provisional).
The rating, however, remains constrained by limited track record and low portfolio seasoning (majority of portfolio origination taken place in FY2022 & FY2023) and moderate granularity of the portfolio. The OPEX increased to 9.71 percent for FY23 as compared to 8.47 percent for FY22. The increase in OPEX is majorly due to the increase in staff expenses and other operating expenses incurred as a result of expansion. Further, the rating is constrained by the inherent risks of lending towards MSME segment. Going forward, the ability of the company sustain its growth momentum while keeping the OPEX and credit costs under control will be key credit monitorable.

About the company
­Incorporated in 2019, Protium Finance Limited (PFL) erstwhile Growth Source Financial Technologies Private Limited (GFSTPL) is a Mumbai based NBFC engaged in lending secured and unsecured loans to MSME and Consumer finance segments. The company is promoted by Consilience Capital Management and led by Mr. Peeyush Misra (MD & CEO) who has over 2 decades of experience in risk management and running global businesses. PFL operates through a network of 87 branches spread across 75 districts/cities and having a presence in 17 states as on Dec 31, 2023.
 
Unsupported Rating
­Not Applicable
 
Analytical Approach
­Acuité has considered the standalone business and financial risk profile of PFL to arrive at the rating.
 
Key Rating Drivers

Strength
­E­xperienced management team; demonstrated support from marquee investors
PFL extends secured & unsecured loans towards MSME segments. The company also extends consumer finance loans through their channel partners. PFL is promoted by Consilience Capital Management which is backed by marquee global investors. Over the past two years of operations, PFL has received continuous support in the form of periodic capital infusion from the promoter company and are expected to support the growth plans as and when required. Consilience Capital Management have in total contributed around ~Rs. 1,255 Cr. in the form of equity and CCPS since FY2020. PFL is led by Mr. Peeyush Misra (MD & CEO) who has an experience spanning over two decades in risk management and running global businesses. He was earlier associated with Goldman Sachs (U.S.) as a Partner handling business including mortgages, asset backed securities, interest rate products amongst others. Mr. Peeyush is supported by other seasoned professionals like Mr. Amit Gupta, current CFO, who has more than two decades of experience in Indian financial services industry. PFL has also on board Mr. Praveen Kumar Gupta (ex-MD Retail & Digital Banking SBI) and Mrs. Anuradha Rao (ex-deputy MD; Strategy and Chief Digital Officer SBI; ex-MD & CEO of SBI Funds Management) acting as Independent Directors bringing in over 3 decades of experience in financial services industry. Ms. Dakshita Das and Mr Sitaraman Kunte were appointed as Independent Director on the Board of PFL on February 16, 2024 The management team also comprises of professionals with experience in SME, Consumer, Retail lending, Treasury & Risk Management, Fintech and Investment Banking.
Acuité believes that PFL’s business and credit profile over the near term will be supported by its ability to attract funding from diversified lenders/investors and confidence imposed by the investors in the business model of the company.

Healthy growth in AUM and sound asset quality
PFL commenced its business in February 2020. Over the years the company has expanded its presence in 17 states with its network of 87 branches spread across 75 districts/cities as on Dec 31, 2023. PFL has been identifying geographies suited to its loan products and expanding rapidly with opening new branches and engaging with channel partners. The company’s business sourcing model is a mix of branch led origination, via DSAs and partner origination. The company disbursed loans amounting to ~Rs. 382 Cr. in FY2021 and ~Rs. 1857 Cr. in FY2022. The disbursements for FY23 improved to Rs. 3141 Cr. The rapid branch expansion fuelled by disbursements has helped PFL to grow its loan portfolio to Rs. 2908 Cr. as on March 31, 2023 from Rs. 1415 Cr. as on March 31, 2022, and ~Rs. 321 Cr. as on March 31, 2021. The growth in loan portfolio was primarily funded by capital funds deployed by the company but PFL do have a diverse funding mix by accessing funds from Banks and NBFC/FI’s. The company has existing relationships with over 39 lending institutions as on Dec 31, 2023. PFL’s sound asset quality was marked by overall on time portfolio at 96.89 percent and GNPA at 1.54 percent as on December 31, 2023 which slightly deteriorated from 1.05 percent as on Sep-23. Overall average collection efficiency stood over 97.77 percent for six months ending Dec-23.
Acuité expects PFL to maintain the growth momentum in a sustainable manner while diversifying its resource mix and maintaining asset quality.
 

Weakness
Susceptible to inherent risks amidst relatively low seasoned portfolio
PFL commenced its lending operation in February, 2020 extending MSME loans (secured against property) having a tenure of 10 years. The company also extends unsecured MSME loans having shorter tenure upto 3 years. PFL’s shorter duration loans also includes loss protected MSME and consumer finance loans through their channel partner having a tenure ranging 1.5-2 years. The company’s loan book of Rs. 2908 Cr. as on March 31, 2023 has grown significantly from Rs. 1415 Cr. as on March 31, 2022 and Rs. 321 Cr. as on March 31, 2021. Due to substantial growth in loan book in the last two years, majority of the portfolio has a seasoning of around 1-2 year as on March 31, 2023.
Around 73 percent of PFL’s portfolio as on Dec 31, 2023 accounts for MSME loans (secured against property) and 17 percent towards unsecured MSME loans. PFL’s overall credit profile is susceptible to concentration towards MSME loans which in turn are facing their own inherent risks and challenges. Further, since MSME loans are extended to self employed individuals for business purposes, the serviceability of these loans is directly dependent on the level of economic activity in the region. The company’s operations are fairly diversified in Maharashtra with ~17 percent followed by Karnataka with ~16 percent of the overall outstanding portfolio as on Dec 31, 2023. Occurrence of events such as slowdown in economic activity or shifting of activity to other geographies could impact the cash flows of the borrowers, thereby impacting credit profile of PFL. Relatively low seasoning of portfolio with inherent risk associated with MSME lending might result in increased asset quality pressures due to current operating environment.

Acuité believes that the company’s ability to maintain its asset quality given the low seasoned loan book and increased presence in the newer geographies will remain a key rating monitorables.

 
ESG Factors Relevant for Rating
­Protium Finance primarily lends to MSMEs. 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 community development, responsible financing including environmentally friendly projects and policies around data privacy. The industry, by nature has a low exposure to environmental risks. 
The entity maintains adequate transparency in its business ethics practices as can be inferred from the entity’s disclosures regarding related party transactions, vigil mechanism and whistle blower policy. The board of directors of the Protium comprise of 4 independent directors out of a total of 5 directors. The audit committee formed by the entity majorly comprises of independent directors with the objective to monitor and provide an unbiased supervision of the management’s financial reporting process. Protium also maintains transparency in terms of disclosures pertaining to interest rate policy and its adherence to Fair Practice Code as disseminated by Reserve Bank of India's circular.
 
Rating Sensitivity
­
  • Movement in profitability metrics on sustained basis
  • Movement in AUM while maintaining the asset quality
  • Movement in OPEX and credit cost
  • Changes in regulatory environment
 
Liquidity Position
Adequate
­The company reported no negative cumulative mis-matches in near to medium term as per ALM statement dated Dec 31, 2023.
 
Outlook: Stable
­Acuité believes that PFL's will maintain a 'stable' outlook for the medium term, as the credit profile will be supported by its experienced management, support from resourceful promoters’/investor base and healthy capitalisation levels. The outlook may be revised to ‘Positive’ in case the company is able to scale up its loan book significantly while maintaining its asset quality and profitability metrics. Conversely, the outlook may be revised to ‘Negative’ in case of significant deterioration in asset quality/profitability metrics.
 
Other Factors affecting Rating
­None
 
Key Financials - Standalone / Originator
­
Particulars Unit FY23 (Actual) FY22 (Actual)
Total Assets Rs. Cr. 2939.16 1842.02
Total Income* Rs. Cr. 361.01 152.08
PAT Rs. Cr. 63.13 13.96
Net Worth Rs. Cr. 1329.52 1255.57
Return on Average Assets (RoAA) (%) 2.64 1.17
Return on Average Net Worth (RoNW) (%) 4.88 1.61
Debt/Equity Times 0.89 0.30
Gross NPA (%) 0.65 0.16
Net NPA (%) 0.33 0.04
*Total income equals to Net Interest Income plus other income
 
Status of non-cooperation with previous CRA (if applicable):
­Not Applicable
 
Any other information
­None
 
Applicable Criteria
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Banks And Financial Institutions: https://www.acuite.in/view-rating-criteria-45.htm
• Commercial Paper: https://www.acuite.in/view-rating-criteria-54.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.
 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
09 Jan 2024 Term Loan Long Term 15.28 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 6.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 21.05 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 34.62 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 24.67 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 22.22 ACUITE AA- | Stable (Reaffirmed)
Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- | Stable (Reaffirmed)
Term Loan Long Term 19.44 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 13.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 93.75 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 6.25 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE AA- | Stable (Reaffirmed)
External Commercial Borrowing Long Term 24.98 ACUITE AA- | Stable (Reaffirmed)
External Commercial Borrowing Long Term 166.56 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 120.88 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 10.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 100.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 18.15 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 62.49 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 18.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 18.75 ACUITE AA- | Stable (Reaffirmed)
Secured Overdraft Long Term 50.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 125.00 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.84 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.78 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.25 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 21.87 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 23.32 ACUITE AA- | Stable (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 35.56 ACUITE AA- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 0.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 6.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 8.27 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 17.19 ACUITE AA- | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 37.91 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 11.38 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.49 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 12.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Assigned)
Term Loan Long Term 50.00 ACUITE AA- | Stable (Assigned)
Proposed Long Term Bank Facility Long Term 94.12 ACUITE AA- | Stable (Assigned)
Working Capital Demand Loan (WCDL) Long Term 0.10 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE AA- | Stable (Reaffirmed)
Secured Overdraft Long Term 3.75 ACUITE AA- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 100.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 44.44 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 54.55 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 3.75 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 6.66 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 8.75 ACUITE AA- | Stable (Reaffirmed)
Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD AA- | Stable (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 18.79 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 58.74 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 58.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 18.33 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 9.37 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 16.66 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 21.15 ACUITE AA- | Stable (Reaffirmed)
Non-Covertible Debentures (NCD) Long Term 49.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 14.45 ACUITE AA- | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 55.03 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 37.50 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 10.42 ACUITE AA- | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Reaffirmed)
Proposed Commercial Paper Program Short Term 100.00 ACUITE A1+ (Reaffirmed)
30 Sep 2023 Proposed Commercial Paper Program Short Term 100.00 ACUITE A1+ (Reaffirmed)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 150.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Secured Overdraft Long Term 5.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Cash Credit Long Term 2.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Cash Credit Long Term 1.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Proposed Non Convertible Debentures Long Term 100.00 ACUITE AA- | Stable (Assigned)
Proposed Secured Non-Convertible Debentures Long Term 0.50 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 12.50 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 12.50 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 81.82 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 11.25 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 8.84 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 6.25 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 14.58 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 12.38 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 15.48 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 17.50 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 16.67 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 16.67 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 20.31 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 11.66 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Proposed Long Term Bank Facility Long Term 37.91 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 75.24 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 19.44 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 75.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 11.25 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 23.33 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 15.62 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 20.83 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 20.83 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 20.71 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 16.11 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 23.68 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 42.31 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 30.83 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 25.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 18.75 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 20.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Cash Credit Long Term 1.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 22.57 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Working Capital Demand Loan (WCDL) Long Term 0.10 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Non-Covertible Debentures (NCD) Long Term 49.50 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 87.50 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 14.99 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Proposed Long Term Bank Facility Long Term 199.18 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 45.83 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 22.92 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 18.33 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Secured Overdraft Long Term 50.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Cash Credit Long Term 1.00 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
Term Loan Long Term 23.33 ACUITE AA- | Stable (Upgraded from ACUITE A+ | Positive)
24 Apr 2023 Proposed Commercial Paper Program Short Term 100.00 ACUITE A1+ (Reaffirmed)
Proposed Long Term Bank Facility Long Term 12.27 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 83.52 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 21.53 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 83.33 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 12.50 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 95.45 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 10.05 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 7.50 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 16.67 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 14.36 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 17.46 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 21.88 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 14.16 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.92 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.92 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE A+ | Positive (Reaffirmed)
Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Positive (Reaffirmed)
Term Loan Long Term 22.57 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 17.78 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 24.99 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 46.15 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 33.92 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD A+ | Positive (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 24.39 ACUITE A+ | Positive (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 0.10 ACUITE A+ | Positive (Reaffirmed)
Proposed Secured Non-Convertible Debentures Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 15.00 ACUITE A+ | Positive (Assigned)
Proposed Long Term Bank Facility Long Term 385.00 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A+ | Positive (Reaffirmed)
Secured Overdraft Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
10 Apr 2023 Term Loan Long Term 20.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 100.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 16.25 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 10.45 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 8.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 15.03 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.11 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.50 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 21.88 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A+ | Positive (Reaffirmed)
Proposed Long Term Bank Facility Long Term 67.53 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 86.25 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.22 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 86.11 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 12.92 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 26.67 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 19.79 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.92 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE A+ | Positive (Reaffirmed)
Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Positive (Reaffirmed)
Term Loan Long Term 23.19 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.33 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 24.99 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 34.94 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD A+ | Positive (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 0.10 ACUITE A+ | Positive (Reaffirmed)
Proposed Secured Non-Convertible Debentures Long Term 50.00 ACUITE A+ | Positive (Assigned)
Proposed Commercial Paper Program Short Term 100.00 ACUITE A1+ (Reaffirmed)
16 Feb 2023 Term Loan Long Term 37.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD A+ | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 19.44 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 24.40 ACUITE A+ | Positive (Reaffirmed)
Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Positive (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 21.88 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 28.33 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 13.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 91.67 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 23.61 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 91.75 ACUITE A+ | Positive (Reaffirmed)
Proposed Long Term Bank Facility Long Term 82.34 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 16.67 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 23.44 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.50 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 19.42 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 16.31 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 10.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 11.24 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.75 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 109.09 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Proposed Commercial Paper Program Short Term 100.00 ACUITE A1+ (Assigned)
12 Dec 2022 Cash Credit Long Term 2.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE A+ | Positive (Reaffirmed)
Proposed Long Term Bank Facility Long Term 53.23 ACUITE A+ | Positive (Reaffirmed)
Proposed principal protected market linked debentures Long Term 75.00 ACUITE PP-MLD A+ | Positive (Assigned)
Term Loan Long Term 29.17 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 29.17 ACUITE A+ | Positive (Reaffirmed)
Proposed Long Term Bank Facility Long Term 44.86 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 118.18 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 21.25 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 12.02 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 11.25 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 17.57 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.70 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.92 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.92 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.33 ACUITE A+ | Positive (Reaffirmed)
Proposed Long Term Bank Facility Long Term 110.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 97.24 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 24.31 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 97.22 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 30.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE A+ | Positive (Reaffirmed)
02 Dec 2022 Term Loan Long Term 17.57 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 97.24 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 24.31 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 97.22 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 15.00 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 30.00 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Assigned)
Cash Credit Long Term 5.00 ACUITE A+ | Positive (Assigned)
Cash Credit Long Term 2.00 ACUITE A+ | Positive (Assigned)
Cash Credit Long Term 1.00 ACUITE A+ | Positive (Assigned)
Proposed Long Term Bank Facility Long Term 53.23 ACUITE A+ | Positive (Assigned)
Term Loan Long Term 29.17 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 29.17 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 118.18 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.70 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.92 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 22.92 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 18.33 ACUITE A+ | Positive (Reaffirmed)
Proposed Long Term Bank Facility Long Term 44.86 ACUITE A+ | Positive (Reaffirmed)
Proposed Long Term Bank Facility Long Term 110.83 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 21.25 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 12.02 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 11.25 ACUITE A+ | Positive (Reaffirmed)
Term Loan Long Term 20.83 ACUITE A+ | Positive (Reaffirmed)
19 Sep 2022 Term Loan Long Term 33.33 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 35.42 ACUITE A+ | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 15.64 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 127.27 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 23.75 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 12.78 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 12.50 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 22.92 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 18.82 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 22.57 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 50.00 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 25.00 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 25.00 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 25.00 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 20.00 ACUITE A+ | Stable (Assigned)
Proposed Long Term Bank Facility Long Term 105.00 ACUITE A+ | Stable (Assigned)
04 Jul 2022 Term Loan Long Term 37.50 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 39.58 ACUITE A+ | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 58.22 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 140.91 ACUITE A+ | Stable (Reaffirmed)
Term Loan Long Term 26.25 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 13.90 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 13.75 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 25.00 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 20.00 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 23.79 ACUITE A+ | Stable (Reaffirmed)
Proposed Long Term Bank Facility Long Term 1.10 ACUITE A+ | Stable (Assigned)
25 Jan 2022 Term Loan Long Term 150.00 ACUITE A+ | Stable (Assigned)
Proposed Long Term Bank Facility Long Term 50.00 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 50.00 ACUITE A+ | Stable (Assigned)
Term Loan Long Term 50.00 ACUITE A+ | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Federal Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE AA- | Stable | Reaffirmed
IDFC First Bank Limited Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE AA- | Stable | Reaffirmed
Kotak Mahindra Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE AA- | Stable | Reaffirmed
Union Bank of India Not avl. / Not appl. External Commercial Borrowing Not avl. / Not appl. Not avl. / Not appl. 30 Jan 2027 83.10 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not avl. / Not appl. External Commercial Borrowing Not avl. / Not appl. Not avl. / Not appl. 19 Oct 2026 24.98 Simple ACUITE AA- | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. External Commercial Borrowing Not avl. / Not appl. Not avl. / Not appl. 19 Oct 2026 166.56 Simple ACUITE AA- | Stable | Reaffirmed
Not Applicable INE0O3507024 Non-Convertible Debentures (NCD) 17 Apr 2023 9.79 25 Apr 2025 49.50 Simple ACUITE AA- | Stable | Reaffirmed
Not Applicable INE0O3507016 Principal protected market linked debentures 22 Dec 2022 Not avl. / Not appl. 22 Sep 2024 50.00 Complex PP-MLD | ACUITE AA- | Stable | Reaffirmed
Not Applicable Not avl. / Not appl. Proposed Commercial Paper Program Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE A1+ | Reaffirmed
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 101.44 Simple ACUITE AA- | Stable | Reaffirmed
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 146.47 Simple ACUITE AA- | Stable | Reaffirmed
Not Applicable Not avl. / Not appl. Proposed Long Term Bank Facility Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 45.00 Simple ACUITE AA- | Stable | Assigned
Not Applicable Not avl. / Not appl. Proposed Market Linked Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Highly Complex PP-MLD | ACUITE AA- | Stable | Reaffirmed
Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE AA- | Stable | Reaffirmed
Not Applicable Not avl. / Not appl. Proposed Non Convertible Debentures Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple ACUITE AA- | Stable | Reaffirmed
Bandhan Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE AA- | Stable | Reaffirmed
Kotak Mahindra Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not avl. / Not appl. Secured Overdraft Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 75.00 Simple ACUITE AA- | Stable | Assigned
CSB Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Jan 2027 25.00 Simple ACUITE AA- | Stable | Reaffirmed
DCB Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Jun 2027 20.31 Simple ACUITE AA- | Stable | Reaffirmed
IDBI Bank Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 01 Jun 2027 21.64 Simple ACUITE AA- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Sep 2026 19.23 Simple ACUITE AA- | Stable | Reaffirmed
A U Small Finance Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 18 Aug 2026 32.22 Simple ACUITE AA- | Stable | Reaffirmed
Kotak Mahindra Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 05 Aug 2026 40.28 Simple ACUITE AA- | Stable | Reaffirmed
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 24 Aug 2028 23.68 Simple ACUITE AA- | Stable | Reaffirmed
Yes Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 28 Feb 2025 15.28 Simple ACUITE AA- | Stable | Reaffirmed
Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Aug 2026 12.08 Simple ACUITE AA- | Stable | Reaffirmed
IDFC First Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 20 Sep 2027 87.50 Simple ACUITE AA- | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Oct 2028 114.73 Simple ACUITE AA- | Stable | Reaffirmed
Maharashtra Gramin Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 01 Nov 2029 9.99 Simple ACUITE AA- | Stable | Reaffirmed
Indian Overseas Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Nov 2030 100.00 Simple ACUITE AA- | Stable | Reaffirmed
Bajaj Finance Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Nov 2026 22.92 Simple ACUITE AA- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Mar 2027 23.08 Simple ACUITE AA- | Stable | Reaffirmed
Indian Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Dec 2026 45.83 Simple ACUITE AA- | Stable | Reaffirmed
Karur Vysya Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Dec 2027 24.14 Simple ACUITE AA- | Stable | Reaffirmed
Bandhan Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Dec 2026 47.22 Simple ACUITE AA- | Stable | Reaffirmed
Bajaj Finance Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 04 Oct 2025 15.83 Simple ACUITE AA- | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 16 Jun 2028 23.62 Simple ACUITE AA- | Stable | Reaffirmed
Small Industries Development Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 10 Jun 2026 112.50 Simple ACUITE AA- | Stable | Reaffirmed
Indusind Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2025 49.99 Simple ACUITE AA- | Stable | Reaffirmed
Maharashtra Gramin Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 01 Apr 2029 13.90 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 15 Mar 2026 33.33 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 15 Mar 2026 16.67 Simple ACUITE AA- | Stable | Reaffirmed
TATA Capital Financial Service Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 05 Mar 2026 13.33 Simple ACUITE AA- | Stable | Reaffirmed
Mahindra & Mahindra Financial Services Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Nov 2025 14.82 Simple ACUITE AA- | Stable | Reaffirmed
Ujjivan Small Finance Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Nov 2025 11.11 Simple ACUITE AA- | Stable | Reaffirmed
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 09 Dec 2027 19.74 Simple ACUITE AA- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2026 30.77 Simple ACUITE AA- | Stable | Reaffirmed
Kotak Mahindra Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Dec 2025 21.58 Simple ACUITE AA- | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 29 Dec 2027 20.83 Simple ACUITE AA- | Stable | Reaffirmed
South Indian Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 27 Jan 2027 14.99 Simple ACUITE AA- | Stable | Reaffirmed
Indian Overseas Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2028 17.27 Simple ACUITE AA- | Stable | Reaffirmed
Mahindra & Mahindra Financial Services Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 13 Feb 2026 16.83 Simple ACUITE AA- | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 20 Sep 2025 50.49 Simple ACUITE AA- | Stable | Reaffirmed
Bandhan Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 22 Sep 2025 13.19 Simple ACUITE AA- | Stable | Reaffirmed
IDFC First Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Sep 2025 50.00 Simple ACUITE AA- | Stable | Reaffirmed
A U Small Finance Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Sep 2025 15.83 Simple ACUITE AA- | Stable | Reaffirmed
Kotak Mahindra Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 01 Oct 2024 6.25 Simple ACUITE AA- | Stable | Reaffirmed
Axis Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 07 Oct 2025 14.58 Simple ACUITE AA- | Stable | Reaffirmed
SBM Bank (India) Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Oct 2025 14.58 Simple ACUITE AA- | Stable | Reaffirmed
IDFC First Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2024 40.91 Simple ACUITE AA- | Stable | Reaffirmed
Hinduja Leyland Finance Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Dec 2024 5.03 Simple ACUITE AA- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Mar 2025 8.33 Simple ACUITE AA- | Stable | Reaffirmed
Suryoday Small Finance Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 05 May 2025 6.14 Simple ACUITE AA- | Stable | Reaffirmed
Capital Small Finance Bank Ltd. Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 01 Apr 2025 9.26 Simple ACUITE AA- | Stable | Reaffirmed
Karnataka Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 31 Mar 2025 9.99 Simple ACUITE AA- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 15 Jun 2025 10.42 Simple ACUITE AA- | Stable | Reaffirmed
DCB Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Jun 2025 10.42 Simple ACUITE AA- | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 25 Aug 2026 15.63 Simple ACUITE AA- | Stable | Reaffirmed
CSB Bank Limited Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 25 Aug 2024 4.16 Simple ACUITE AA- | Stable | Reaffirmed
Federal Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Jun 2027 100.00 Simple ACUITE AA- | Stable | Assigned
Indusind Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 28 Mar 2027 100.00 Simple ACUITE AA- | Stable | Assigned
Karnataka Bank Ltd Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Jan 2027 50.00 Simple ACUITE AA- | Stable | Assigned
Nabkisan Finance Limit Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 01 Apr 2027 30.00 Simple ACUITE AA- | Stable | Assigned
Union Bank of India Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 30 Mar 2029 50.00 Simple ACUITE AA- | Stable | Assigned
A U Small Finance Bank Not avl. / Not appl. Term Loan Not avl. / Not appl. Not avl. / Not appl. 18 Apr 2027 50.00 Simple ACUITE AA- | Stable | Assigned

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