Press Release UGRO CAPITAL LIMITED December 20, 2022 Rating Downgraded

Product	Quantum (Rs. Cr)	Long Term Rating	Short Term Rating
Bank Loan Ratings	1650.00	ACUITE A | Stable | Downgraded	-
Non Convertible Debentures (NCD)	757.85	ACUITE A | Stable | Downgraded	-
Non Convertible Debentures (NCD)	150.00	PP-MLD | ACUITE A | Stable | Downgraded	-
Non Convertible Debentures (NCD)	139.70	PP-MLD | ACUITE AA- | CE | Stable | Downgraded	-
Commercial Paper (CP)	275.00	-	ACUITE A1 | Downgraded
Total Outstanding Quantum (Rs. Cr)	2972.55	-	-
Total Withdrawn Quantum (Rs. Cr)	0.00	-	-

Rating Rationale

Acuité has downgraded the long-term rating to ‘ACUITE A’ (read as ACUITE A) from ‘ACUITE A+’ (read as ACUITE A plus) to the Rs.1650.00 Cr. bank loan facilities (including proposed bank loan facilities) of UGRO CAPITAL LIMITED (UGRO). The outlook is ‘Stable’. Acuité has downgraded the long-term rating to ‘ACUITE A’ (read as ACUITE A) from ‘ACUITE A+’ (read as ACUITE A plus) to the Rs. 757.85 Cr. non-convertible debentures (including proposed non-convertible debentures) of UGRO CAPITAL LIMITED (UGRO). The outlook is ‘Stable’. Acuité has downgraded the long-term rating to ‘ACUITE PP-MLD A’ (read as ACUITE Principal Protected Market Linked Debentures A) from ‘ACUITE PP-MLD A+’ (read as ACUITE Principal Protected Market Linked Debentures A Plus) on the Rs.150.00 Cr. principal protected market linked debentures (including proposed facilities) of UGRO CAPITAL LIMITED (UGRO). The outlook is ‘Stable’. Acuité has downgraded the long-term rating to ‘ACUITE PP-MLD AA-(CE)’ (read as ACUITE Principal Protected Market Linked Debentures double A minus Credit Enhancement) from ‘ACUITE PP-MLD AA+(CE)’ (read as ACUITE Principal Protected Market Linked Debentures double A plus Credit Enhancement) on the Rs. 139.70 Cr principal protected market linked debentures of UGRO CAPITAL LIMITED (UGRO). The outlook is ‘Stable’. Acuité has downgraded the short-term rating to ‘ACUITE A1’ (read as ACUITE A One) from ‘ACUITE A1+’ (read as ACUITE A One Plus) to the Rs.275.00 Cr. commercial paper program (including proposed commercial paper program) of UGRO CAPITAL LIMITED (UGRO). Rationale for downgrade: The rating downgrade is on account of weaker-than-expected earning profile of UGRO as reflected by the low annualized RoAA (PAT/Average AUM) of 0.80 percent as of September 30, 2022 and high operating costs at ~63 percent of UGRO’s total income (i.e. net interest income and other operating income) for H1FY23. The pressure on the profitabilty is expected to continue for longer period than envisaged. Rating also factors in continuous challenge faced by UGRO in bringing down the cost of borrowings. The company reported their average cost of borrowings at 10.50 percent in H1FY23. Out of the Rs. ~1,200 Cr. debt raised in H1FY23, the term loan debt is roughly Rs. 650 Cr. out of which around Rs. 300 Cr. have been raised in the range of 11.00 percent to 12.67 percent. Acuité also takes note of the provisioning cover for Stage 3 assets at 31.9 percent as on September 30, 2022, which remains relatively low, given the substantial portion of the unsecured restructured book being part of the Stage 3 assets. The additional provisioning requirement might further impact the profibitabilty. UGRO reported marginal decline in the on-time portfolio for on book assets from 92.24 percent as on March 31, 2022 to 89.22 percent as on September 30, 2022. Acuité also takes note of the exit at senior management level during H1FY23. Further, in a span of 3-4 years, there has been exit of three CFO’s and various other senior management positions including the Business Head and HR Head. The rating however continues to take into account the strong and sustained traction in its business in FY2022 and H1FY23 with outstanding portfolio growing to about Rs. 4,375 Cr. as on September 30, 2022 (March 31, 2022: Rs. 2,969 Cr.; March 31, 2021: Rs. 1,317 Cr.). The rating further factors in the experienced management team supported by marquee investors. The rating also factors in the capitalization levels and moderate gearing levels. The capital adequacy ratio stood at 25 percent as on September 30, 2022, 34 percent as on March 31, 2022. The gearing levels stood moderate at 2.85 times as on September 30, 2022 against 1.86 times as on March 31, 2022. The rating also derives comfort from the business model, which is based on technology adoption at every stage, right from initial screening of the borrower to monitoring of the exposures at the post disbursal stage. Rating rationale for the downgrade of ACUITE PP-MLD AA-(CE) rated principal protected market linked debentures: Since the rating of the dual-recourse PP-MLD transactions were linked to the standalone rating of the company, a downgrade in UGRO’s standalone rating has had a bearing on the downgrade of the rating for these instruments. In addition, as per the Master Direction – Reserve Bank of India (Securitisation of Standard Assets) Directions, 2021, Acuité anticipates a heightened legal uncertainty in the dual recourse PP-MLD transactions. Furthermore, in the absence of a legal opinion validating the conformance of these transactions with the latest regulations, the legal risks involved remain moderately high. This may in turn also result in increased uncertainty in the credit enhanced and dual-recourse nature of these transactions.

About the company

­­­UGRO was originally incorporated as Chokhani Securities Limited in 1993. It is a systemically important non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI). In 2018, pursuant to a change in control and management, the company was renamed as UGRO Capital Limited. UGRO's equity shares, commercial paper and non-convertible debentures are listed on the Bombay Stock Exchange (BSE). The company's equity is also listed on the National Stock Exchange (NSE). UGRO is headed by Mr. Shachindra Nath, a seasoned finance professional, with more than two decades of experience in the financial services sector. He is the Promoter, Executive Vice Chairman and Managing Director of the company. UGRO is a Mumbai based company (registered office). It has more than 95 branches across the country as on September 30, 2022. UGRO lends to the MSME segment in nine specifically identified sectors i.e. Healthcare, Education, Chemicals, Food Processing/FMCG, Hospitality, Electrical Equipment’s and Components, Auto Components, Light Engineering and Micro-Enterprise segment. UGRO has built diversified distribution channels which consist of Branch led channel, Ecosystem consisting of Supply Chain & Machinery Finance, Partnership & Alliances for Co-lending with smaller NBFCs & FinTechs & Digital Channel.

Analytical Approach

­­­Acuité has considered the standalone financial and business risk profile of UGRO to arrive at the rating. Standalone rating considered for the Rs. 139.70 Cr PP-MLDs: ACUITE A/Stable

Key Rating Drivers

Strength

­­­Experienced management team supported by marquee investors UGRO commenced lending operations in 2019 with a focus on lending towards the Micro Small and Medium Enterprises (MSME) segment. The company is headed by Vice Chairman and Managing Director, Mr. Shachindra Nath. Mr. Nath has over two decades of experience in BFSI across insurance, asset management, lending and capital markets sectors. The company is supervised by a majority Independent Board consisting of experienced professional drawn from different background. The other members of the senior management team have experience of around two decades in BFSI sector. UGRO’s investors includes private equity players, insurance companies and family offices. The institutional investors include ADV Partners, NewQuest Asia Investments III Limited, PAG (PE firm with focus on the AsiaPacific region), Samena Capital (a MENA focused PE investment group). In addition to the Private Equity Investors UGRO through QIP and Private Placement also raised money from domestic AIFs, Insurances Companies, Family Offices. These investors have infused capital of ~Rs. 650 Cr in FY2019 and ~Rs. 240 Cr in FY2020. The ability to attract capital from a diverse set of investors in its initial stage of operations points to the credibility of the top management team. It also reflects the confidence in the business model and strategy. UGRO’s net worth stood at Rs. 967 Cr as on March 31, 2022 as compared to Rs. 952 Cr. as on March 31, 2021. As on September 30, 2022, the networth stood at Rs. 955 Cr. The capital adequacy ratio stood at 25 percent as on September 30, 2022, 34 percent as on March 31, 2022 and 65.02 percent as on March 31, 2021 (March 31, 2020: 88.25 percent). The gearing levels stood moderate at 2.85 times as on September 30, 2022, 1.86 times as on March 31, 2022 and 0.80 times as on March 31, 2021 (March 31, 2020: 0.28 times). Acuité believes, that the experienced management team, presence of marquee investors and comfortable capitalisation levels will support UGRO’s fund raising plans over the near to medium term. Business model based on high level of digitization and adherence to predefined policies UGRO’s business model is based on technology adoption at each and every stage, right from initial screening of the borrower to monitoring of the exposures, at the post disbursal stage. UGRO’s average ticket size is Rs. 15 lacs with maximum single party exposure of ~Rs. 5 Cr. Hence, the portfolio is expected to be granular in nature and with high degree of technological support for effective monitoring of the portfolio. UGRO’s target clientele are MSME units from nine identified sectors, which are Healthcare, Education, Chemicals, Food Processing/FMCG, Hospitality, Electrical Equipment’s and Components, Auto Components, Light Engineering and Micro Enterprise Segment. UGRO has identified these sectors from an indepth study and recommendations from external advisory agencies. UGRO divides these sectors into multiple sub – sectors and approach them with concept of eco system around them. The credit underwriting process and platforms are designed to ensure quick turnaround, without compromising on quality of the loan appraised. The company has put in place credit tools such as scorecards, which help in arriving at the credit decision. The management has developed detailed questionnaires for each sub segment, which help in identifying the key credit issues and sharpening the quality of credit decision. The systems and process are evaluated and reviewed from time to time to improve their efficacy to the credit process. The company has put in place safeguards to minimize the possibility of dilution of these processes. These include clauses in the Article of Association such as the right of appointment/termination of key managerial personnel directly to the board and ensuring granularity of the portfolio with loan of more than 1 per cent of its Net Worth or to any related party requiring majority board approval and a unanimous consent of its Asset Liability Committee. Acuité believes that while adherence to stringent underwriting standards may impact the pace of growth of UGRO, it will aid UGRO to maintain its asset quality in a steady operating environment. Strong and sustained business growth UGRO commenced its lending operations in January 2019 with a focus on lending towards MSME segment across eight identified sectors. The company has been gradually building a granular loan portfolio with a maximum single borrower exposure restricted to ~Rs. 5 Cr. The company witnessed strong and sustained traction in its business in FY2022 and H1FY23 with outstanding portfolio growing to about Rs. 4,375 Cr. as on September 30, 2022 (March 31, 2022: Rs. 2,969 Cr.; March 31, 2021: Rs. 1,317 Cr.). In terms of distribution channel wise, though disbursals picked up across all the channels viz. branch-led, partnership and alliances (including co-origination arrangements with NBFCs and loans to NBFCs for onward lending), ecosystem channel (machinery loans and supply chain finance) and pools buyout out from other NBFCs. For H1FY23, total disbursements stood at Rs. 3,012 Cr. (FY22 : Rs. 3,138 Cr.).

Weakness

­­Moderate earnings profile The company posted profits (PAT) of Rs. 14.55 Cr. for FY2022 as compared to Rs. 28.73 Cr for FY2021. For H1FY23, the company reported PAT of Rs. 12.6 Cr. which included a deferred tax adjustment of Rs. 7.19 Cr. For the same period, PBT stood at 27.94 Cr. Acuité takes note of the sustained pressure on the earnings profile reflected by the annualized RoAA (PAT/Average AUM) of 0.80 percent as of September 30, 2022 and high operating costs at ~63 percent of UGRO’s total income (i.e. net interest income and other operating income) for H1FY23. Relatively high cost of borrowing UGRO's outstanding debt stood at Rs. 2,727 Cr. as on September 30, 2022. The company has a diversified exposure to over 65 lenders including private sector banks, public banks, NCDs, and access to funding via direct assignment and securitization transactions and term loans from other financial institutions. However, Acuité takes note of the continuous challenge faced by UGRO in bringing down the cost of borrowings. The company reported their average cost of borrowings at 10.50 percent in H1FY23. Out of the Rs. ~1,200 Cr. debt raised in H1FY23, the term loan debt is roughly Rs. 650 Cr. out of which around Rs. 300 Cr. have been raised in the range of 11.00 percent to 12.67 percent. ­Moderate improvement in asset quality UGRO’s on book GNPA stood at 2.3 percent as on March 31, 2022 as against 2.7 percent as on March 31, 2021. As on September 2022, the GNPA stood at 2.16 percent. The company’s restructured portfolio constitutes Rs.113.31 Cr. (2.59 percent of the AUM) as on September 30, 2022 (7.20 percent of the AUM as on September 30, 2021). The decline in the restructured book percentage is on account of growth in AUM. Majority of the restructuring was done in the Branch Led Portfolio within the Education & Hospitality sector. Acuité also takes note of the provisioning cover for Stage 3 assets at 31.9 percent as on September 30, 2022 which remains relatively low. Further, given the substantial portion of the unsecured restructured book being part of the Stage 3 assets, the additional provisioning required might further impact the earnings profile. The on time portfolio for on book assets decreased marginally from 92.24 percent as on March 31, 2022 to 89.22 percent as on September 30, 2022.

Assessment of Adequacy of Credit Enhancement

­­­The ACUITE PP-MLD AA-(CE) debentures shall be backed by an unconditional and irrevocable guarantee provided by the Trust. Further, the servicing of the debentures is supported by the internal accruals of UGRO and the guarantee provided by the Trust to which UGRO shall assign the pool with minimum cover of more than 1x of the MLD amount outstanding (including accrued unpaid interest). The guarantee shall be invoked on the occurrence of predefined trigger events.

ESG Factors Relevant for Rating

­­­UGRO 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. UGRO primarily lends to small businesses where access to funds is a challenge. The company proposes to facilitate financial inclusion and growth for MSMEs through secured or unsecured loans as well as supply chain finance. It is important for UGRO 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 and Smile Foundation, working under the ambit of UGRO, monitors the CSR activities of the company. The company has adequate corporate governance policies on whistle blower programme and related party transactions; 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. UGRO’s board comprises of 6 Independent Directors, which is more than 50 percent of the total board members.

Rating Sensitivity

Timely infusion of capital and its impact on the capital structure and gearing levels Movement in Cost of borrowing and maintenance of adequate liquidity Deviation in actual financial performance v/s company shared projections and profitability indicators to be tracked through RoAA and PPoP levels Movement in collection efficiency and provision coverage

Material Covenants

­­­UGRO is subject to covenants stipulated by its lenders/investors in respect of various parameters like capital structure, asset quality, among others.

Liquidity Position

Adequate

­Adequate ­­For ACUITE PP-MLD AA-(CE): Adequate The principal and interest on the PP-MLD are to be paid by the issuer on the final legal maturity date. The cash flows from the pool shall be utilised in case of occurrence of the trigger events. For unsupported rating ACUITE A: Adequate The company is adequately capitalised with networth of Rs. 955 Cr. coupled with moderate gearing of 2.85 times as on September 30, 2022. The company has the flexibility to raise funds through securitisation transactions. As per the asset liability management (ALM) statement dated September 30, 2022, UGRO has no negative cumulative mismatches in upto 6 months bucket. The company has cash and cash equivalents of about Rs. 168.39 Cr. as on September 30, 2022.

Outlook : Stable

­­­Acuité expects UGRO to maintain ‘Stable’ outlook over the near to medium term on account of experienced management team supported by marquee investors. The outlook may be revised to ‘Positive’ in case UGRO is able to contain asset quality risks within reasonable levels and sustain improving profitability parameters while scaling up its operations. Conversely, the outlook may be revised to ‘Negative’ in case of any challenges in scaling up of AUM or in case of any sharp deterioration in asset quality and profitability levels.

Other Factors affecting Rating

­Not applicable

Key Financials

Particulars Unit FY22 (Actual) FY21 (Actual) Total Assets Rs. Cr. 2810.41 1707.96 Total Income* Rs. Cr. 176.00 108.78 PAT Rs. Cr. 14.55 28.73 Net Worth Rs. Cr. 966.56 952.44 Return on Average Assets (RoAA)** (%) 0.64 1.98 Return on Average Net Worth (RoNW) (%) 1.52 3.07 Debt/Equity Times 1.86 0.80 Gross NPA (Owned Book) (%) 2.30 2.70 Net NPA (Owned Book) (%) 1.70 1.70 *Total income equals to Net Interest Income plus other income **As per Acuité calculations; RoAA based on On balance sheet portfolio

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 • Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm • Covered Bonds: https://www.acuite.in/view-rating-criteria-83.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.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

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 22 Aug 2022 Term Loan Long Term 40.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 20.95 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Assigned) Non Convertible Debentures Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 332.96 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Non Convertible Debentures Long Term 20.40 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Assigned) Proposed Non Convertible Debentures Long Term 17.79 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 30.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Term Loan Long Term 68.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Assigned) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 19.44 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 10.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 50.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A+ | Stable (Assigned) Non Convertible Debentures Long Term 35.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A+ | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 75.00 ACUITE PP-MLD A+ | Stable (Assigned) Term Loan Long Term 35.02 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 44.01 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.38 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 25.00 ACUITE A+ | Stable (Assigned) Proposed Non Convertible Debentures Long Term 120.00 ACUITE A+ | Stable (Reaffirmed) Working Capital Demand Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 45.00 ACUITE A+ | Stable (Assigned) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A+ | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 50.00 ACUITE A+ | Stable (Assigned) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 28.88 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A+ | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 22.00 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.33 ACUITE A+ | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 20.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Term Loan Long Term 30.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.55 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 1.20 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1+ (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.75 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 43.34 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 35.15 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 16.11 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 6.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1+ (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 44.44 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 23.75 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Non Convertible Debentures Long Term 7.80 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 23.05 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 31.68 ACUITE A+ | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Working Capital Demand Loan Long Term 25.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 16.66 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 24.83 ACUITE A+ | Stable (Reaffirmed) 19 May 2022 Non Convertible Debentures Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 90.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 24.83 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 43.34 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A+ | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1+ (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 17.79 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 20.95 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Proposed Market Linked Debentures Long Term 50.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Term Loan Long Term 46.87 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.86 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 35.15 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Non Convertible Debentures Long Term 44.01 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.40 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 4.58 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 18.89 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 7.80 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 150.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A+ | Stable (Reaffirmed) 04 Mar 2022 Proposed Term Loan Long Term 35.15 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 22.00 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 20.95 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 5.00 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A+ | Stable (Reaffirmed) Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Proposed Term Loan Long Term 22.86 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Proposed Term Loan Long Term 45.00 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 4.58 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Proposed Commercial Paper Program Short Term 50.00 ACUITE A1+ (Assigned) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 6.03 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 46.87 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 200.00 ACUITE A+ | Stable (Assigned) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1+ (Reaffirmed) Term Loan Long Term 40.00 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1+ (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 43.34 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 150.00 ACUITE A+ | Stable (Assigned) Term Loan Long Term 90.00 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 22.03 ACUITE A+ | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 20.00 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 24.83 ACUITE A+ | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1+ (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A+ | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A+ | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A+ | Stable (Reaffirmed) Proposed Term Loan Long Term 18.89 ACUITE A+ | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A+ | Stable (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Reaffirmed) Proposed Term Loan Long Term 16.67 ACUITE A+ | Stable (Reaffirmed) 24 Feb 2022 Proposed Term Loan Long Term 22.86 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Upgraded from ACUITE A1) Proposed Term Loan Long Term 35.15 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Upgraded from ACUITE A1) Secured Overdraft Long Term 1.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 25.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Non Convertible Debentures Long Term 10.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 22.03 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 25.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 8.75 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Upgraded from ACUITE A1) Term Loan Long Term 25.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 46.87 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 43.34 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Commercial Paper Program Short Term 10.00 ACUITE A1+ (Upgraded from ACUITE A1) Proposed Term Loan Long Term 24.83 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Non Convertible Debentures Long Term 20.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 20.95 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 455.77 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Commercial Paper Program Short Term 30.00 ACUITE A1+ (Upgraded from ACUITE A1) Proposed Term Loan Long Term 5.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 45.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Commercial Paper Program Short Term 15.00 ACUITE A1+ (Upgraded from ACUITE A1) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Term Loan Long Term 6.03 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 8.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 90.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Non Convertible Debentures Long Term 25.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 8.75 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 0.20 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 22.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 18.89 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A+ | Stable (Upgraded from ACUITE A | Positive) Commercial Paper Program Short Term 25.00 ACUITE A1+ (Upgraded from ACUITE A1) Commercial Paper Program Short Term 20.00 ACUITE A1+ (Upgraded from ACUITE A1) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 16.67 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Term Loan Long Term 20.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 3.33 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 40.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Cash Credit Long Term 10.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Non Convertible Debentures Long Term 35.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Non Convertible Debentures Long Term 50.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Term Loan Long Term 25.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1+ (Upgraded from ACUITE A1) Term Loan Long Term 10.00 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) Proposed Term Loan Long Term 4.58 ACUITE A+ | Stable (Upgraded from ACUITE A | Positive) 09 Dec 2021 Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Positive (Reaffirmed) Proposed Commercial Paper Program Short Term 45.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A | Positive (Assigned) Term Loan Long Term 4.58 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 90.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 46.87 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 15.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 20.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 25.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 20.95 ACUITE A1 | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A1 | Positive (Reaffirmed) Term Loan Long Term 18.89 ACUITE A1 | Positive (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A1 | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Short Term 8.75 ACUITE A1 (Reaffirmed) Term Loan Long Term 20.00 ACUITE A1 | Positive (Reaffirmed) Term Loan Long Term 90.00 ACUITE A1 | Positive (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Positive (Reaffirmed) Proposed Commercial Paper Program Long Term 45.00 ACUITE A1 | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 30.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A1 | Positive (Reaffirmed) Term Loan Long Term 40.00 ACUITE A1 | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 24.83 ACUITE A1 | Positive (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 30.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 25.00 ACUITE A1 | Positive (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 107.85 ACUITE A | Positive (Assigned) Term Loan Long Term 6.03 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A1 | Positive (Reaffirmed) Commercial Paper Program Long Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 22.03 ACUITE A1 | Positive (Reaffirmed) Commercial Paper Program Long Term 15.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 35.15 ACUITE A1 | Positive (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 46.87 ACUITE A1 | Positive (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 4.58 ACUITE A1 | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Positive (Reaffirmed) 30 Nov 2021 Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Positive (Reaffirmed) Proposed Commercial Paper Program Long Term 65.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Positive (Reaffirmed) Proposed Commercial Paper Program Long Term 65.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 75.00 ACUITE A1 (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A1 | Positive (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Positive (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 50.00 ACUITE A1 (Assigned) Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 24.83 ACUITE A1 | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 40.00 ACUITE A1 | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 4.58 ACUITE A1 | Positive (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.00 ACUITE A1 | Positive (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 90.00 ACUITE A1 | Positive (Reaffirmed) Term Loan Long Term 45.00 ACUITE A1 | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A | Positive (Assigned) Term Loan Long Term 3.33 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A1 | Positive (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A1 | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 46.87 ACUITE A1 | Positive (Reaffirmed) Term Loan Short Term 22.03 ACUITE A1 (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 50.00 ACUITE A1 (Assigned) Term Loan Long Term 90.00 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 46.87 ACUITE A | Positive (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 3.33 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 Non Convertible Debentures Long Term 145.00 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Proposed Market Linked Debentures Long Term 25.00 ACUITE PP-MLD A | Positive (Assigned) Term Loan Long Term 4.58 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Commercial Paper Program Short Term 75.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Positive (Reaffirmed) 28 Oct 2021 Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 4.58 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 65.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Long Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 90.00 ACUITE A | Positive (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 46.87 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Short Term 75.00 ACUITE A1 (Assigned) Term Loan Long Term 22.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) 11 Oct 2021 Proposed Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Assigned) Non Convertible Debentures Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 10.00 ACUITE A1 (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 65.00 ACUITE A1 (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 46.87 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 4.58 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 65.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Positive (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 145.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 150.00 ACUITE A (Withdrawn) Term Loan Long Term 90.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Positive (Reaffirmed) 24 Sep 2021 Non Convertible Debentures Long Term 20.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 46.87 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 21.00 ACUITE A1 (Withdrawn) Term Loan Long Term 90.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Positive (Reaffirmed) Proposed Non Convertible Debentures Long Term 150.00 ACUITE A | Positive (Assigned) Term Loan Long Term 22.03 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 65.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 4.58 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 65.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Positive (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 145.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) 21 Sep 2021 Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 4.58 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 22.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 44.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 90.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 46.87 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 145.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Positive (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Positive (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Positive (Reaffirmed) Non Convertible Debentures Long Term 65.00 ACUITE A | Positive (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Positive (Reaffirmed) Proposed Term Loan Long Term 455.77 ACUITE A | Positive (Reaffirmed) Commercial Paper Program Long Term 21.00 ACUITE A1 (Reaffirmed) 02 Sep 2021 Proposed Term Loan Long Term 0.20 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Assigned) Secured Overdraft Long Term 1.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 45.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Proposed Term Loan Long Term 592.77 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 44.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 18.89 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.58 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 24.83 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 46.87 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 43.34 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 35.15 ACUITE A | Stable (Reaffirmed) 26 Aug 2021 Term Loan Long Term 24.83 ACUITE A | Stable (Assigned) Proposed Commercial Paper Program Short Term 44.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 16.67 ACUITE A | Stable (Assigned) Term Loan Long Term 35.15 ACUITE A | Stable (Assigned) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Assigned) Term Loan Long Term 8.75 ACUITE A | Stable (Assigned) Proposed Term Loan Long Term 592.77 ACUITE A | Stable (Assigned) Term Loan Long Term 43.34 ACUITE A | Stable (Assigned) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 8.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 46.87 ACUITE A | Stable (Assigned) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.86 ACUITE A | Stable (Assigned) Term Loan Long Term 45.00 ACUITE A | Stable (Assigned) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Assigned) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 22.03 ACUITE A | Stable (Assigned) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 3.33 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Proposed Term Loan Long Term 0.20 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 5.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Secured Overdraft Long Term 1.00 ACUITE A | Stable (Assigned) Term Loan Long Term 6.03 ACUITE A | Stable (Assigned) Proposed Non Convertible Debentures Long Term 20.00 ACUITE Provisional PP-MLD AA+(CE) | Stable (Assigned) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 20.95 ACUITE A | Stable (Assigned) Term Loan Long Term 20.00 ACUITE A | Stable (Assigned) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Assigned) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 25.00 ACUITE A | Stable (Assigned) Term Loan Long Term 18.89 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 4.58 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.75 ACUITE A | Stable (Assigned) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) 11 Aug 2021 Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.50 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 50.00 ACUITE PP-MLD AA+(CE) | Stable (Assigned) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Bank Facility Long Term 13.63 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.38 ACUITE A | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 44.00 ACUITE A1 (Reaffirmed) 05 Aug 2021 Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Proposed Bank Facility Long Term 13.63 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE Provisional PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE Provisional PP-MLD AA+(CE) | Stable (Assigned) Principal protected market linked debentures Long Term 10.00 ACUITE PP-MLD AA+(CE) (Withdrawn) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Term Loan Long Term 8.50 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.38 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 44.00 ACUITE A1 (Reaffirmed) 22 Jul 2021 Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Assigned) Non Convertible Debentures Long Term 10.00 ACUITE Provisional PP-MLD AA+(CE) | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.38 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.50 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Proposed Bank Facility Long Term 13.63 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 44.00 ACUITE A1 (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) 09 Jul 2021 Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 44.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 30.00 ACUITE Provisional PP-MLD AA+(CE) | Stable (Assigned) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Proposed Bank Facility Long Term 13.63 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.50 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.38 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed) 28 May 2021 Principal protected market linked debentures Long Term 20.00 ACUITE PP-MLD AA+(CE) | Stable (Assigned) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 0.30 ACUITE Provisional PP-MLD AA+(CE) (Withdrawn) Proposed Bank Facility Long Term 13.63 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.50 ACUITE A | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 44.00 ACUITE A1 (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.38 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) 21 May 2021 Proposed Commercial Paper Program Short Term 44.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.38 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 25.00 ACUITE A1 (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Proposed Bank Facility Long Term 13.63 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 0.30 ACUITE Provisional PP-MLD AA+(CE) | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Proposed Non Convertible Debentures Long Term 20.00 ACUITE Provisional PP-MLD AA+(CE) | Stable (Assigned) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.50 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) 05 May 2021 Commercial Paper Program Long Term 21.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Long Term 10.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 8.50 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Long Term 25.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Principal protected market linked debentures Long Term 29.70 ACUITE PP-MLD AA+(CE) | Stable (Assigned) Proposed Non Convertible Debentures Long Term 0.30 ACUITE Provisional PP-MLD AA+(CE) | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Proposed Bank Facility Long Term 13.63 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.38 ACUITE A | Stable (Reaffirmed) Proposed Commercial Paper Program Long Term 44.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) 28 Apr 2021 Commercial Paper Program Long Term 25.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 6.38 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Proposed Commercial Paper Program Long Term 44.00 ACUITE A1 (Reaffirmed) Commercial Paper Program Long Term 21.00 ACUITE A1 (Reaffirmed) Term Loan Long Term 8.50 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 65.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 25.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 30.00 ACUITE Provisional PP-MLD AA+(CE) | Stable (Assigned) Term Loan Long Term 5.24 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Proposed Bank Facility Long Term 13.63 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Long Term 10.00 ACUITE A1 (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 6.25 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) 24 Dec 2020 Proposed Non Convertible Debentures Long Term 145.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 40.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 9.50 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 10.00 ACUITE A1 (Reaffirmed) Proposed Non Convertible Debentures Long Term 150.00 ACUITE A | Stable (Assigned) Non Convertible Debentures Long Term 20.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.14 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.76 ACUITE A | Stable (Reaffirmed) Proposed Commercial Paper Program Short Term 69.00 ACUITE A1 (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 35.00 ACUITE A | Stable (Reaffirmed) Commercial Paper Program Short Term 21.00 ACUITE A1 (Reaffirmed) Proposed Bank Facility Long Term 7.68 ACUITE A | Stable (Reaffirmed) Non Convertible Debentures Long Term 50.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 7.92 ACUITE A | Stable (Reaffirmed) 08 May 2020 Term Loan Long Term 4.83 ACUITE A | Stable (Assigned) Proposed Non Convertible Debentures Long Term 200.00 ACUITE A | Stable (Assigned) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 100.00 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Proposed Term Loan Long Term 10.00 ACUITE A | Stable (Assigned) Proposed Bank Facility Long Term 50.17 ACUITE A | Stable (Reaffirmed) Term Loan Long Term 10.00 ACUITE A | Stable (Assigned) Proposed Commercial Paper Program Short Term 100.00 ACUITE A1 (Reaffirmed) 31 Jan 2020 Pass Through Certificates Long Term 28.01 ACUITE Provisional AA- (SO) | Stable (Assigned) 27 Nov 2019 Pass Through Certificates Long Term 24.38 ACUITE A- (SO) | Stable (Assigned) 04 Oct 2019 Pass Through Certificate Long Term 24.38 ACUITE Provisional A- (SO) | Stable (Assigned) 25 Sep 2019 Term Loan Long Term 15.00 ACUITE A | Stable (Reaffirmed) Proposed Non Convertible Debentures Long Term 100.00 ACUITE A | Stable (Assigned) Proposed Commercial Paper Program Short Term 100.00 ACUITE A1 (Reaffirmed) Proposed Term Loan Long Term 75.00 ACUITE A | Stable (Reaffirmed) Cash Credit Long Term 10.00 ACUITE A | Stable (Reaffirmed) 06 Aug 2019 Term Loan Long Term 15.00 ACUITE A | Stable (Assigned) Proposed Term Loan Long Term 75.00 ACUITE A | Stable (Assigned) Cash Credit Long Term 10.00 ACUITE A | Stable (Assigned) Proposed Commercial Paper Program Short Term 100.00 ACUITE A1 (Assigned)

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Annexure - Details of instruments rated

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 Sep 11 2020 13.00 Not Applicable 10.00 Simple ACUITE A | Stable | Downgraded The Kangra Central Cooperative Bank Ltd INE583D14014 Commercial Paper Program Jul 15 2020 7.95 Jul 15 2021 10.00 Simple ACUITE A1 | Downgraded The Kangra Central Cooperative Bank Ltd INE583D14048 Commercial Paper Program Jul 13 2021 7.1 Jul 13 2022 20.00 Simple ACUITE A1 | Downgraded The Kangra Central Cooperative Bank Ltd INE583D14055 Commercial Paper Program Sep 28 2021 Not Applicable Sep 28 2022 30.00 Simple ACUITE A1 | Downgraded The Kangra Central Cooperative Bank Ltd INE583D14030 Commercial Paper Program Mar 5 2021 7.10 Mar 4 2022 25.00 Simple ACUITE A1 | Downgraded Incred Capital Finacial Services Private Ltd. INE583D14063 Commercial Paper Program Oct 27 2021 Not Applicable Feb 7 2022 25.00 Simple ACUITE A1 | Downgraded Incred Capital Finacial Services Private Ltd. INE583D14063 Commercial Paper Program Nov 3 2021 Not Applicable Feb 7 2022 25.00 Simple ACUITE A1 | Downgraded Not Applicable INE583D14071 Commercial Paper Program Nov 3 2021 Not Applicable Feb 1 2022 15.00 Simple ACUITE A1 | Downgraded Not Applicable INE583D14089 Commercial Paper Program Nov 3 2021 Not Applicable Apr 29 2022 30.00 Simple ACUITE A1 | Downgraded Not Applicable INE583D07026 Non-Convertible Debentures (NCD) Jun 8 2020 10.00 Jun 8 2023 50.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07042 Non-Convertible Debentures (NCD) Jun 26 2020 10.00 Dec 26 2021 50.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07059 Non-Convertible Debentures (NCD) Sep 11 2020 10.25 Mar 9 2021 35.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07067 Non-Convertible Debentures (NCD) Oct 21 2020 9.88 Apr 21 2022 20.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07083 Non-Convertible Debentures (NCD) Dec 31 2020 10.25 Jun 30 2022 10.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07091 Non-Convertible Debentures (NCD) Dec 31 2020 10.50 Jun 30 2022 50.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07109 Non-Convertible Debentures (NCD) Mar 26 2021 11.55 Dec 31 2024 25.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D08024 Non-Convertible Debentures (NCD) Mar 17 2022 11.50 Dec 31 2024 10.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07232 Non-Convertible Debentures (NCD) Mar 29 2022 11.70 May 29 2025 50.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07240 Non-Convertible Debentures (NCD) May 5 2022 10.00 Nov 4 2023 20.40 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07257 Non-Convertible Debentures (NCD) May 5 2022 10.15 Aug 5 2024 7.80 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07265 Non-Convertible Debentures (NCD) May 5 2022 10.40 May 5 2025 44.01 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable INE583D07273 Principal protected market linked debentures Not Applicable Not Applicable Not Applicable 130.00 Complex PP-MLD | ACUITE A | Stable | Downgraded Not Applicable INE583D07117 Principal protected market linked debentures Apr 30 2021 Not Applicable Nov 4 2022 29.70 Complex PP-MLD | ACUITE AA- | CE | Stable | Downgraded Not Applicable INE583D07125 Principal protected market linked debentures May 25 2021 Not Applicable May 25 2029 20.00 Complex PP-MLD | ACUITE AA- | CE | Stable | Downgraded Not Applicable INE583D07133 Principal protected market linked debentures Jul 20 2021 Not Applicable Jul 20 2029 20.00 Complex PP-MLD | ACUITE AA- | CE | Stable | Downgraded Not Applicable INE583D07141 Principal protected market linked debentures Aug 6 2021 Not Applicable Aug 6 2029 50.00 Complex PP-MLD | ACUITE AA- | CE | Stable | Downgraded Not Applicable INE583D07158 Principal protected market linked debentures Aug 31 2021 9.10 Sep 5 2023 20.00 Complex PP-MLD | ACUITE AA- | CE | Stable | Downgraded Not Applicable Not Applicable Proposed Commercial Paper Program Not Applicable Not Applicable Not Applicable 45.00 Simple ACUITE A1 | Downgraded Not Applicable Not Applicable Proposed Commercial Paper Program Not Applicable Not Applicable Not Applicable 50.00 Simple ACUITE A1 | Downgraded Not Applicable Not Applicable Proposed Long Term Loan Not Applicable Not Applicable Not Applicable 332.96 Simple ACUITE A | Stable | Downgraded Not Applicable Not Applicable Proposed Market Linked Debentures Not Applicable Not Applicable Not Applicable 20.00 Highly Complex PP-MLD | ACUITE A | Stable | Downgraded Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 65.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 50.00 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 107.85 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable Not Applicable Proposed Non Convertible Debentures Not Applicable Not Applicable Not Applicable 17.79 Simple / Complex ACUITE A | Stable | Downgraded Not Applicable Not Applicable Proposed Secured Non-Convertible Debentures Not Applicable Not Applicable Not Applicable 120.00 Simple / Complex ACUITE A | Stable | Downgraded Indian Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 10.00 Simple ACUITE A | Stable | Downgraded Federal Bank Not Applicable Secured Overdraft Apr 29 2021 Not Applicable Not Applicable 1.00 Simple ACUITE A | Stable | Downgraded A U Small Finance Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 45.00 Simple ACUITE A | Stable | Downgraded A U Small Finance Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 25.00 Simple ACUITE A | Stable | Downgraded Bandhan Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 1.00 Simple ACUITE A | Stable | Downgraded Barclays Bank Not Applicable Secured Overdraft Not Applicable Not Applicable Not Applicable 31.68 Simple ACUITE A | Stable | Downgraded Not Applicable INE583D07281 Secured Retail Non-Convertible Debentures Not Applicable Not Applicable Not Applicable 25.00 Simple / Complex ACUITE A | Stable | Downgraded Utkarsh Small Finance Bank Ltd. Not Applicable Term Loan Not available Not available Not available 25.38 Simple ACUITE A | Stable | Downgraded ESAF Small Finance Bank Not Applicable Term Loan Jan 16 2020 11.75 Dec 10 2022 1.20 Simple ACUITE A | Stable | Downgraded Canara Bank Not Applicable Term Loan Jun 15 2020 10.05 Jun 15 2025 6.00 Simple ACUITE A | Stable | Downgraded IDFC First Bank Limited Not Applicable Term Loan Sep 11 2020 12.00 Aug 31 2024 28.88 Simple ACUITE A | Stable | Downgraded Bandhan Bank Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE A | Stable | Downgraded Capital Small Finance Bank Not Applicable Term Loan Not available Not available Not available 23.05 Simple ACUITE A | Stable | Downgraded DCB Bank Limited Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE A | Stable | Downgraded Federal Bank Not Applicable Term Loan Not available Not available Not available 10.00 Simple ACUITE A | Stable | Downgraded Federal Bank Not Applicable Term Loan Not available Not available Not available 18.75 Simple ACUITE A | Stable | Downgraded IDBI Bank Ltd. Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE A | Stable | Downgraded IDFC First Bank Limited Not Applicable Term Loan Not available Not available Not available 68.75 Simple ACUITE A | Stable | Downgraded Bank of Maharashtra Not Applicable Term Loan Not available Not available Not available 30.00 Simple ACUITE A | Stable | Downgraded MAS Financials Services Limited Not Applicable Term Loan Mar 26 2021 Not available Not available 18.89 Simple ACUITE A | Stable | Downgraded A U Small Finance Bank Not Applicable Term Loan Dec 30 2020 11.00 Jan 3 2024 10.55 Simple ACUITE A | Stable | Downgraded Capri Global Capital Ltd. Not Applicable Term Loan Mar 25 2021 12.00 Apr 15 2023 8.75 Simple ACUITE A | Stable | Downgraded ESAF Small Finance Bank Not Applicable Term Loan Jul 2 2020 11.35 Dec 10 2022 15.00 Simple ACUITE A | Stable | Downgraded Federal Bank Not Applicable Term Loan Jun 28 2021 Not available Not available 3.33 Simple ACUITE A | Stable | Downgraded Hinduja Leyland Finance Ltd. Not Applicable Term Loan Aug 29 2019 11.75 Aug 29 2022 6.03 Simple ACUITE A | Stable | Downgraded Hinduja Leyland Finance Ltd. Not Applicable Term Loan Mar 19 2020 11.75 Mar 19 2023 20.95 Simple ACUITE A | Stable | Downgraded Indian Bank Not Applicable Term Loan Dec 31 2020 9.70 Dec 30 2023 15.00 Simple ACUITE A | Stable | Downgraded KISETSU SAISON FINANCE (INDIA) PRIVATE LIMITED Not Applicable Term Loan Jun 30 2021 Not available Dec 25 2023 25.00 Simple ACUITE A | Stable | Downgraded Manaveeya Financial Services Ltd. (OIKO) Not Applicable Term Loan Mar 16 2021 12.00 Dec 30 2023 35.15 Simple ACUITE A | Stable | Downgraded MAS Financial Service Ltd. Not Applicable Term Loan Not available 12.75 Sep 23 2022 8.75 Simple ACUITE A | Stable | Downgraded MAS Financials Services Limited Not Applicable Term Loan Mar 30 2021 11.50 Oct 5 2023 45.00 Simple ACUITE A | Stable | Downgraded Northern Arc Capital (formerly IFMR Capital Not Applicable Term Loan Feb 26 2021 11.50 Sep 15 2023 43.34 Simple ACUITE A | Stable | Downgraded State Bank of India Not Applicable Term Loan Mar 30 2021 9.75 May 29 2025 35.02 Simple ACUITE A | Stable | Downgraded Sundaram Finance Ltd. Not Applicable Term Loan Mar 31 2021 12.00 Sep 22 2023 22.03 Simple ACUITE A | Stable | Downgraded Vivrit Capital Private Ltd. Not Applicable Term Loan Not available 11.20 Not available 24.83 Simple ACUITE A | Stable | Downgraded South Indian Bank Not Applicable Term Loan Not available Not available Not available 16.66 Simple ACUITE A | Stable | Downgraded Canara Bank Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE A | Stable | Downgraded Small Industries Development Bank of India Not Applicable Term Loan Sep 14 2021 6 Sep 13 2022 18.00 Simple ACUITE A | Stable | Downgraded KISETSU SAISON FINANCE (INDIA) PRIVATE LIMITED Not Applicable Term Loan Sep 16 2021 11 Mar 16 2024 25.00 Simple ACUITE A | Stable | Downgraded Hinduja Leyland Finance Ltd. Not Applicable Term Loan Aug 31 2021 11 Aug 30 2024 22.00 Simple ACUITE A | Stable | Downgraded Canara Bank Not Applicable Term Loan Not available Not available Not available 23.75 Simple ACUITE A | Stable | Downgraded ESAF Small Finance Bank Not Applicable Term Loan Not available Not available Not available 18.33 Simple ACUITE A | Stable | Downgraded Kotak Mahindra Bank Not Applicable Term Loan Not available Not available Not available 44.44 Simple ACUITE A | Stable | Downgraded Indian Bank Not Applicable Term Loan Not available Not available Not available 15.00 Simple ACUITE A | Stable | Downgraded Indian Overseas Bank Not Applicable Term Loan Not available Not available Not available 50.00 Simple ACUITE A | Stable | Downgraded Jana Small Finance Bank Ltd. Not Applicable Term Loan Not available Not available Not available 50.00 Simple ACUITE A | Stable | Downgraded Karnataka Bank Ltd Not Applicable Term Loan Not available Not available Not available 20.00 Simple ACUITE A | Stable | Downgraded Punjab and Sind Bank Not Applicable Term Loan Not available Not available Not available 50.00 Simple ACUITE A | Stable | Downgraded RBL Bank Not Applicable Term Loan Not available Not available Not available 25.00 Simple ACUITE A | Stable | Downgraded SBM Bank (India) Ltd. Not Applicable Term Loan Not available Not available Not available 19.44 Simple ACUITE A | Stable | Downgraded State Bank of India Not Applicable Term Loan Not available Not available Not available 30.00 Simple ACUITE A | Stable | Downgraded State Bank of India Not Applicable Term Loan Not available Not available Not available 40.00 Simple ACUITE A | Stable | Downgraded Ujjivan Small Finance Bank Not Applicable Term Loan Not available Not available Not available 16.11 Simple ACUITE A | Stable | Downgraded Dhanlaxmi Bank Ltd Not Applicable Term Loan Not available Not available Not available 10.00 Simple ACUITE A | Stable | Downgraded RBL Bank Not Applicable Working Capital Demand Loan (WCDL) Not available Not available Not available 25.00 Simple ACUITE A | Stable | Downgraded Kotak Mahindra Bank Not Applicable Working Capital Demand Loan (WCDL) Not available Not available Not available 25.00 Simple ACUITE A | Stable | Downgraded

Contacts

Analytical	Rating Desk
Yash Bhalotia Analyst-Rating Operations Tel: 022-49294065 yash.bhalotia@acuite.in	Varsha Bist Senior Manager-Rating Operations Tel: 022-49294011 rating.desk@acuite.in

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­Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité.