Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 300.00 ACUITE A- | Stable | Reaffirmed -
Non Convertible Debentures (NCD) 100.00 PP-MLD | ACUITE A- | Stable | Reaffirmed -
Non Convertible Debentures (NCD) 45.00 ACUITE A- | Stable | Assigned -
Non Convertible Debentures (NCD) 60.00 ACUITE A- | Stable | Reaffirmed -
Total Outstanding Quantum (Rs. Cr) 505.00 - -
Total Withdrawn Quantum (Rs. Cr) 0.00 - -
 
Rating Rationale

­Acuité has reaffirmed the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 300.00 Cr. bank loan facilities of Satya MicroCapital Limited (SML). The outlook is ‘Stable’.
 
Acuité has reaffirmed the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 60.00 Cr. Non-Convertible Debentures of Satya MicroCapital Limited (SML). The outlook is ‘Stable’.

Acuité has reaffirmed the long-term rating of ‘ACUITE PP-MLD A-’ (read as ACUITE Principal Protected Market Linked Debentures A minus) on the Rs. 100.00 Cr. principal protected market linked debentures of Satya MicroCapital Limited (SML). The outlook is ‘Stable’.

Acuité has assigned the long-term rating of ‘ACUITE A-’ (read as ACUITE A minus) on the Rs. 45.00 Cr. Non-Convertible Debentures of Satya MicroCapital Limited (SML). The outlook is ‘Stable’.

 
The rating takes into account healthy capitalisation levels, resource raising ability & significant growth in AUM during FY22 and Q1FY 2023. SML’s Networth stood at Rs. 611.58 Cr as on June 2022, aided by equity infusion of Rs. 54.57 Cr. by the existing investor Gojo & Company, Inc. in the form of CCPS during Q1FY 2023. Post infusion coupled with conversion of CCPS into equity, the shareholding of Gojo & Company, Inc. has increased to 55.09 percent as on June 30, 2022, from 49.54 percent as on March 31, 2021 and from 24.42 percent as on March 31, 2020. The CAR levels stood at 22.95 percent as on March 31, 2022 (as per Ind AS) which increased to 25.95 percent as on June 30,2022. The credit profile of the company derives strength from its demonstrated ability to raise debt from diverse lenders. SML received sanctions of ~Rs. 2,768.6 Cr. in FY2022 and ~Rs. 502.40 Cr. in Q1FY 2023 in the form of terms loans, NCD’s and securitizations. The company reported increase in GNPA at 3.58 percent as on June 30, 2022 (Provisional), as against 3.33 percent as on March 31, 2022. These strengths are partially offset by the moderate profitability parameters and risks inherent to the nature of the business which renders the portfolios vulnerable to event risks such as natural calamities in the areas of operations. Going forward, continued promoter support, profitability and business growth are key monitorable.
 


About the company
­Delhi based, SML was incorporated in 1995. SML is promoted by Mr. Vivek Tiwari (MD, CEO & CIO). SML was acquired by current promoters in 2016 and subsequently registered as NBFC-MFI in 2018. SML is engaged in extending microfinance loans to woman borrowers (spouses/adult sons as their co-borrowers) organized in Joint Liability Groups in rural and semi- rural areas. SML also extends individual micro business loans to men and women in urban areas. SML operates through a network of 338 branches spread across 228 districts of 21 states on pan India basis as on March 31, 2022.
 
 
Analytical Approach
­­Acuité has considered the standalone business and financial risk profile of SML to arrive at the rating.
 
 

Key Rating Drivers

Strength


­­Established presence in microfinance lending coupled with experienced management and reputed investors, healthy growth in AUM
SML, a Delhi based NBFC-MFI, commenced microfinance lending to woman borrowers organized in Joint Liability Groups in 2016. The company is also engaged in extending individual micro business loans to women entrepreneurs in rural and semi-urban areas for income-generating activities. SML has well diversified portfolio spread across 21 states. As on May 31, 2022, Uttar Pradesh accounted for ~21 percent of portfolio, followed by Bihar for ~16 percent and ~9 percent for Punjab and ~8 percent for Haryana, and 7 percent for Rajasthan, and remaining accounting for other states like Odisha, Assam, Madhya Pradesh, Jharkhand, Tamil Nadu amongst others.
SML is managed by Mr. Vivek Tiwari (Managing Director, CEO & CIO). He has nearly two decades of experience in the microfinance space, social entrepreneurship, and impact investing. Prior to SML, Mr. Tiwari had about nine years of experience in Satin Credit Care Network limited (SCCL) as Chief Operating Officer.
SML’s equity shareholding includes Mr. Tiwari share (21.46 percent), Gojo & Company Inc (55.09 percent), Dia Vikas Capital Private limited (12.46 percent) and remaining 10.98 percent held by promoter’s family, friends, employees, and SATYA Employee Welfare Trust, as on June 30, 2022.
Gojo & company, Inc invested in SML, in from of compulsorily convertible preference capital, will be converted to equity which lead to increase its shareholding to 55.09 percent as on June 30, 2022 from 49.54 percent as on March 31, 2021 and from 24.42 percent as on March 31, 2020. Gojo & Company, Inc, a Tokyo based company, established in July 2014 has supported microfinance institutions in Cambodia, Sri Lanka, Myanmar and India. It has been actively involved in providing capital infusion to SML since its inception.
SML’s board comprises 8 members with one Managing Director, four Independent Director, one non- executive Director and two Nominee Directors. The Board of directors has a vast industry experience. The MD, CEO& CIO has been involved in microfinance and development sector for nearly 20 years and was associated with Satin Creditcare Network Ltd as the COO. The management has a good experience in the microfinance industry. SML’s board has representation from Gojo & Company, Inc. (Mr. Sanjay Gandhi & Mr Taejun Shin). Mr. Sanjay Gandhi, co-founder of Gojo & Company, Inc, joined the microfinance industry in 2003 and has international experience in MFI industry. Mr Taejun Shin is a Founder, Representative Director & CEO of Gojo & Company, Inc. SML continues to benefit from the expertise of their directors.
The established track record of promoters in microfinance lending has supported SML’s growth strategy. The company’s Asset Under Management (AUM) has grown significantly to Rs. 2,883.99 Cr. as on March 31, 2022 from Rs.1,476.16 Cr. as on March 31, 2021.Further it grew to Rs. 2,815.38 Cr. As on June 30, 2022(Provisional). The off-book portfolio stood at ~Rs. 522.47 Cr. as on June 30, 2022(Provisional), vis. a. vis ~Rs.590.1 Cr. as on March 31, 2022. SML has off- book exposure in the form of business correspondence relationships with Ananya Finance for Inclusive Growth Private Limited and DA transactions with 7 institutions. Acuité believes that SML’s business profile will continue to benefit from the established presence in microfinance lending backed by strong promoter support.

Healthy capital raising ability with diversified funding mix
SML’s net-worth increased to Rs. 611.58 Cr. as on June 30, 2022(Provisional)from Rs. 552.27 Cr. As on March 31, 2022.The company reported a capital adequacy ratio (CAR) of 22.95 percent comprising Tier 1 capital at 19.51 percent and Tier II capital at 3.44percent (as per Ind AS) as on March 31, 2022. Further the CAR improved to 25.95 percent as on June 30, 2022. The company’s leverage increased to 4.13 times as on March 31, 2022, from 2.79 times as on March 31, 2021. The company has a strong lender profile comprising Banks and Financial Institutions, with total debt increasing to Rs. 2315.57 Cr. outstanding as on June 30, 2022, as compared to Rs.1,127.08 Cr. outstanding as on March 31, 2021. SML’s borrowing profile comprised Term loans, NCD’s and subordinated debt from IDFC Capital, UC Inclusive Credit private Limited, Northern Arc Capital as on March 31, 2022. The ability to raise debt for microfinance activities remains challenging due to a very selective and cautious approach adopted by Banks and NBFC/FIs. However, SML has demonstrated access to funding from both banks and large NBFC/FIs. SML raised ~Rs.1,131 Cr. from various lenders in FY2021. With improved capitalization levels SML was further able to raise funds in the form of terms loans. NCD’s and securitizations of around ~Rs. 2,768.6 Cr. in FY2022.

Comfortable asset quality supported by digital collections
SML reported comfortable asset quality as reflected in on-time portfolio at 92.76 percent as on June 30, 2022 (93 percent as on March 31, 2022) and collection efficiency at ~94 percent for March 2022. Given the risks inherent to microfinance segment, a surge in the delinquencies has been observed, the company reported GNPA at 3.58 percent as on June 30, 2022, as against 3.33 percent as on March 31, 2022.The company has made Impairment loss allowance of Rs. 39.99 Cr. as on March 31, 2022. SML’s restructured portfolio comprised ~7 percent of its on-book portfolio as on March 31,2022. Prudent risk management practices and digital collections mechanism have helped SML in maintaining asset quality metrics. SML established various collection points by collaborating with banks in its operating area which enabled smooth collections.
Acuité believes, going forward, the ability of the company to maintain comfortable capitalization levels along with stable asset quality in the light of continuously evolving economic scenario will be a key monitorable.

 

Weakness


­Moderate profitability parameters
The company’s Asset under Management (AUM) has increased to Rs. 2,883.99 Cr as on March 31, 2022 from Rs. 1,476.16 Cr as on March 31, 2021. The company saw an increase in its Net interest income to Rs. 369.98 Cr for FY2022 from Rs. 255.30 Cr for FY2021. The company has reported a PAT of Rs 32.50 Cr in FY2022. The profitability metrics stood moderate marked by NIM at 8.59 percent for FY2022 as against 10.59 percent for FY2021 (as per Acuité’s calculation). RoTA (Return on Total Assets) and RoAA (Return on Average Assets) also stood moderate at 1.13 percent and 1.46 percent for FY2022 as against 0.65 percent and 0.76 percent for FY2021, respectively.
Acuite believes that going forward ability of the company to grow its loan portfolio while improving its profitability will be key monitorable

Susceptibility to risks inherent to microfinance segment
SML primarily extends unsecured loans to economically challenged borrowers who have limited ability to absorb income shocks. Since financial assistance to economic challenged borrowers is a sensitive issue, from government stand point the regulatory dispensation in respect of the policies becomes relevant. Any changes in the regulatory environment impeding the ability of entities like SML to enforce collections, etc will have an impact on its operational performance. Besides the regulatory risks, the inherent nature of the business renders the portfolios vulnerable to event risks such as natural calamities in the area of operations.
Acuité believes that containing additional slippages while maintaining the growth in the loan portfolio will be crucial.
 

ESG Factors Relevant for Rating
­Satya MicroCapital Limited (SML) belongs to the NBFC-MFI sector which facilitates lending to the unbanked population. 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 company comprise of 3 independent directors and 2 female directors out of a total of 7 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. SML 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.
SML aims to empower women by providing micro loans to help them generate additional income opportunities, hence making an economic contribution by way of financial inclusion. It continues to work on several community development initiatives and has also developed a social performance management system to facilitate financial stability of its staff and clients. As per RBI’s guidelines on Information Technology framework for NBFCs, SML has constituted an IT strategy committee to ensure adequate control over issues like cyber security and data privacy.

 
 
Rating Sensitivity
­
  • Movement in collection efficiency and asset quality
  • Continued funding support from promoters as well as capital raising ability
  • Movement in Liquidity buffers
  • Changes in regulatory environment
 
Liquidity Position
Adequate
­­SML’s liquidity buffers primarily depend on its cash inflows (collections from clients and loans from banks) vis. a vis. the cash outflows (disbursements, debt servicing commitments, operating expenses). Since SML established various collection points by collaborating with number of banks available in its operating area, this enable SML to maintain its monthly collection rate in the range of 81-95 percent. As per ALM statement as on March 31, 2022, SML has no negative cumulative mismatches in any buckets upto 2 years. As per ALM Statement dated March 31, 2022, around Rs. 1720.36 Cr. ~ 75 percent of borrowings mature within 2 years against Rs. 2225.56 Cr. ~96 percent of total advances in same period. SML maintained unencumbered cash and bank balances of ~Rs. 127.84 Cr. as on March 31, 2022 and maintained unencumbered FD at ~Rs. 20 Cr. Acuité believes that the SML has adequate liquidity to meet its debt obligation in near to medium term.
 
 
Outlook - Stable

­Acuité believes that SML will maintain a 'Stable' outlook over the medium term supported by its established presence in the microfinance segment along with demonstrated ability to grow its AUM while maintaining healthy asset quality. The outlook may be revised to 'Positive' in case of higher than expected growth in AUM while maintaining key operating metrics, asset quality and liquidity. The outlook may be revised to 'Negative' in case of any headwinds faced in scaling up of operations or in case of any challenges in maintaining its asset quality, profitability metrics and capital adequacy parameters around existing levels.
 

 
Other Factors affecting Rating
­None
 
Key Financials - Standalone / Originator
­
Particulars Unit FY22 (Actual) FY21 (Actual)
Total Assets Rs. Cr. 2880.81 1580.12
Total Income* Rs. Cr. 230.44 139.41
PAT Rs. Cr. 32.50 10.22
Net Worth Rs. Cr. 552.27 404.43
Return on Average Assets (RoAA) (%) 1.46 0.76
Return on Average Net Worth (RoNW) (%) 6.79 3.55
Total Debt/ Tangible Networth (Gearing) Times 4.13 2.79
Gross NPA (%) 3.33 1.54
Net NPA (%) 2.53 0.64
*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
• 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
• 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

https://www.acuite.in/view-rating-criteria-55.htm

 

 

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
23 Sep 2022 Term Loan Long Term 4.59 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.02 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.30 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.91 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 36.45 ACUITE A- | Stable (Reaffirmed)
Non Convertible Debentures Long Term 24.00 ACUITE A- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 40.09 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 11.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 22.50 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 14.18 ACUITE A- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 11.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 11.46 ACUITE A- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 50.00 ACUITE PP-MLD A- | Stable (Assigned)
Non Convertible Debentures Long Term 50.00 ACUITE PP-MLD A- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 100.00 ACUITE A- | Stable (Reaffirmed)
Non Convertible Debentures Long Term 25.00 ACUITE A- | Stable (Reaffirmed)
02 Sep 2022 Term Loan Long Term 22.50 ACUITE A- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 100.00 ACUITE A- | Stable (Reaffirmed)
Non Convertible Debentures Long Term 25.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 11.46 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.02 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 2.30 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 14.18 ACUITE A- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 40.09 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 10.91 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.59 ACUITE A- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 11.00 ACUITE A- | Stable (Reaffirmed)
Non Convertible Debentures Long Term 24.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 11.00 ACUITE A- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 50.00 ACUITE PP-MLD A- | Stable (Assigned)
Term Loan Long Term 2.50 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 36.45 ACUITE A- | Stable (Reaffirmed)
05 Aug 2022 Term Loan Long Term 5.15 ACUITE A- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 100.00 ACUITE A- | Stable (Assigned)
Proposed Bank Facility Long Term 74.20 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 27.00 ACUITE A- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 4.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 12.31 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 12.83 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 5.43 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 3.75 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 15.71 ACUITE A- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 56.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 3.62 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed)
20 May 2022 Term Loan Long Term 15.71 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 3.75 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 40.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 27.00 ACUITE A- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 4.00 ACUITE A- | Stable (Assigned)
Proposed Bank Facility Long Term 24.20 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 12.83 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 5.43 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 12.31 ACUITE A- | Stable (Reaffirmed)
Proposed Non Convertible Debentures Long Term 56.00 ACUITE A- | Stable (Assigned)
Term Loan Long Term 3.62 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 5.15 ACUITE A- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 50.00 ACUITE A- | Stable (Assigned)
03 Feb 2022 Term Loan Long Term 6.25 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 14.17 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 5.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 17.19 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 6.24 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 0.71 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 4.91 ACUITE A- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 51.86 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 13.67 ACUITE A- | Stable (Reaffirmed)
24 Nov 2021 Term Loan Long Term 30.00 ACUITE A- | Stable (Reaffirmed)
Proposed Bank Facility Long Term 43.11 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 6.15 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 7.30 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 6.25 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 7.04 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 1.53 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 15.00 ACUITE A- | Stable (Reaffirmed)
Term Loan Long Term 18.62 ACUITE A- | Stable (Reaffirmed)
06 Aug 2021 Proposed Bank Facility Long Term 150.00 ACUITE A- | Stable (Upgraded from ACUITE BBB+ | Stable)
26 May 2020 Proposed Bank Facility Long Term 150.00 ACUITE BBB+ | Stable (Assigned)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum (Rs. Cr.) Rating
Not Applicable INE982X07275 Non-Convertible Debentures (NCD) 30-05-2022 Not Applicable 29-02-2024 25.00 ACUITE A- | Stable | Reaffirmed
Not Applicable INE982X07259 Non-Convertible Debentures (NCD) 23-05-2022 Not Applicable 23-02-2024 24.00 ACUITE A- | Stable | Reaffirmed
Not Applicable INE982X07309 Principal protected market linked debentures Not Applicable Not Applicable Not Applicable 50.00 PP-MLD | ACUITE A- | Stable | Reaffirmed
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 40.09 ACUITE A- | Stable | Reaffirmed
Not Applicable Not Applicable Proposed Long Term Bank Facility Not Applicable Not Applicable Not Applicable 100.00 ACUITE A- | Stable | Reaffirmed
Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 11.00 ACUITE A- | Stable | Reaffirmed
Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 45.00 ACUITE A- | Stable | Assigned
Not Applicable Not Applicable Proposed principal protected market linked debentures Not Applicable Not Applicable Not Applicable 50.00 PP-MLD | ACUITE A- | Stable | Reaffirmed
Capital Small Finance Bank Not Applicable Term Loan 13-05-2022 Not available 01-09-2024 11.00 ACUITE A- | Stable | Reaffirmed
Federal Bank Not Applicable Term Loan 10-06-2022 Not available 30-09-2027 36.45 ACUITE A- | Stable | Reaffirmed
Federal Bank Not Applicable Term Loan 29-03-2022 Not available 29-03-2024 40.00 ACUITE A- | Stable | Reaffirmed
Nabsamruddhi Finance Limited Not Applicable Term Loan 04-09-2020 Not available 30-09-2023 4.59 ACUITE A- | Stable | Reaffirmed
Suryoday Small Finance Bank Limited Not Applicable Term Loan 26-10-2020 Not available 05-11-2022 2.30 ACUITE A- | Stable | Reaffirmed
Federal Bank Not Applicable Term Loan 30-12-2020 Not available 31-12-2022 2.50 ACUITE A- | Stable | Reaffirmed
Capital Small Finance Bank Not Applicable Term Loan 17-03-2021 Not available 01-04-2023 4.02 ACUITE A- | Stable | Reaffirmed
Nabsamruddhi Finance Limited Not Applicable Term Loan 28-06-2021 Not available 30-06-2024 14.18 ACUITE A- | Stable | Reaffirmed
Capital Small Finance Bank Not Applicable Term Loan 23-08-2021 Not available 01-03-2024 10.91 ACUITE A- | Stable | Reaffirmed
Federal Bank Not Applicable Term Loan 09-09-2021 Not available 10-09-2023 22.50 ACUITE A- | Stable | Reaffirmed
Suryoday Small Finance Bank Limited Not Applicable Term Loan 24-09-2021 Not available 05-04-2024 11.46 ACUITE A- | Stable | Reaffirmed
­

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