Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 1032.00 ACUITE C | Downgraded -
Bank Loan Ratings 150.00 - ACUITE A4 | Downgraded
Total Outstanding 1182.00 - -
Total Withdrawn 0.00 - -
 
Rating Rationale

­Acuite has downgraded its long-term rating to 'ACUITE C' (read as ACUITE C) from 'ACUITE BBB+' (read as ACUITE triple B plus) and short-term rating to 'ACUITE A4' (read as ACUITE A four) from 'ACUITE A2' (read as ACUITE A two) on Rs.1182.00 Cr. bank facilities of Uralungal Labour Contract Cooperative Society Limited (ULCCS).

Rationale for downgrade:
The rating downgrade is primarily on account of delays in servicing multiple commercial vehicle loans during December 2025, as observed in the ULCCS's credit bureau information report (CRIF).

Acuite has adopted accelerated curing period for ULCCS, as these delays were entirely due to operational reasons beyond the control of the issuer and not due to liquidity issues, as evidenced by the surplus available in the bank accounts. Further, these delays were cured within 2 days as confirmed by the lender's feedback and bank statements.

About the Company

­ULCCS, was formed in a rural pocket in Malabar region in North Kerala. ULCCS was formed in 1925 by the disciples of eminent social reformer Sri Guru Vagbhatananda in a village called Uralungal near Vatakara in Kozhikode District of Kerala. ULCCS undertakes civil construction work in Infrastructure development in Kerala and is one of the most preferred organizations for development of roads, bridges, buildings and allied infrastructure. Major clients of the Society include National Highways Department for Highway projects, Public Works Department of Govt. of Kerala (GoK) for State Road Development, Central Ministries such as Ministry of Panchayat Raj for rural roads under Pradhan Mantri Gram Sadak Yojana (PMGSY), several state government ministries such as Local Self Government, Co-operation, Tourism etc., and a host of reputed private enterprises. ULCCS has grown to be the biggest Labour Contract Society in the State, providing direct employment to more than 18,000 workers all over Kerala. It has grown to be called a Total Solution Provider (TSP) in the construction sector for Kerala State government departments like Finance, Co-operation, Local Self Government, Labour Department, information Technology and Tourism. Known for its history of completing the projects within the timeframe, without compromising on quality, Uralungal Labour Contract Cooperative Society Limited has been recognised by the United Nations Development Programme (UNDP) as a model Cooperative. It is the only primary cooperative society in India to be a member of the International Cooperative Alliance (ICA). It is also an accredited agency of the National Skill Development Council (NSDC).  The entity is promoted by Mr. Remeshan Palery, Mr. Shaju S, Mr. Anandan K, Mr. Valsan C, Mr. Surendran M M, Mr. Prakasan P, Mr. Padmanaban M, Mr. Suresh Babu P K, Mr. Aji K T K, Mr. Rajan K T, Mrs. Anupa Sasi, Mr. Shijin T T, Mrs. Sreeja Murali.
 
Unsupported Rating
­Not applicable
 
Analytical Approach

­Acuité has taken the standalone view of the business and financial risk profile of ULCCS. 
 
Key Rating Drivers

Strengths

­Long track record in civil construction with GoK as the major stakeholder
ULCCS was formed in 1925, undertakes civil construction work in Infrastructure development in Kerala and is involved in construction of roads, bridges, buildings and allied infrastructure. Government of Kerala has increased its share holding by additional 10 percent in ULCCS in FY2024. Currently, major shareholder of the Society is Government of Kerala which owns 84.7 per cent of the issued shares and the rest are held by the members of the society. Major clients of the Society include National Highways Department for Highway projects, Public Works Department of Govt. of Kerala for State Road Development, Central Ministries such as Ministry of Panchayat Raj for rural roads under Pradhan Mantri Gram Sadak Yojana (PMGSY), several state government ministries such as Local Self Government, Co-operation, Tourism etc., and a host of reputed private enterprises.

Preferential treatment from Government of Kerala:
The Kerala government provides certain types of support and preferences to labour contract societies. This includes direct financial support as share capital contribution, loan or subsidy, concessions and preferences while awarding public works tenders. Further, in cases when the lowest tender is from a Private Contractor, Labour Contract Cooperative Society will be awarded the work at up to 10 per cent above the lowest tender rates and over and above this, cooperative societies will be exempted from payment of Security Deposit and Earnest Money Deposit. They also benefit from advance payment of up to 20per cent of the cost of work depending on the projects. Acuite believe that the referential status from the Government of Kerala will support the ULCCS over the medium term.


Weaknesses

Dependence on labour - intensive execution and cost pressures:
ULCCS remains exposed to execution risks inherent in labour-intensive EPC operations, given its cooperative structure with large employee base. ULCCS's cost profile is vulnerable to fluctuations in labour costs, wage revisions and productivity variations, which may exert pressure on operating margins, particularly in fixed price contracts. The society's dependence on timely mobilization of manpower for multiple concurrent projects can also affect execution efficiency, potentially leading to time and cost overruns.

ESG Factors Relevant for Rating
­ULCCS’s cooperative structure underpins strong social practices, including labour welfare, skill development, and inclusive employment. The society demonstrates commitment to environmental sustainability through initiatives such as waste management, site restoration, and adherence to pollution control norms. Governance is supported by well-defined processes and robust statutory compliance frameworks, ensuring transparency and accountability.
 
Rating Sensitivities

  • Improvement in revenue while maintaining profitability levels.

  • Improvement in financial risk profile and liquidity.

  • Any significant increase in proportion of unbilled revenue leading to deterioration in liquidity position of the society.

  • Deterioration in working capital operations.
 
Liquidity position: Adequate

The society’s liquidity position is adequate due to availability of the funds from general public and support from Kerala Government, in the form of loans from Kerala State Cooperative Banks. Given the preferential treatment received by the Society from the Government of Kerala and the stability of the public deposits, the liquidity position of the Society is expected to stay adequate over medium term. Furthermore, the delays observed in the month of December 2025 were due to operational issues beyond the control of the issuer and not due to liquidity issues.
 
Outlook: Not applicable
­
 
Other Factors affecting Rating
­None
 

Particulars Unit FY 24 (Actual) FY 23 (Actual)
Operating Income Rs. Cr. 2011.42 2398.23
PAT Rs. Cr. 4.60 4.68
PAT Margin (%) 0.23 0.20
Total Debt/Tangible Net Worth Times 6.34 6.26
PBDIT/Interest Times 1.12 1.14
Status of non-cooperation with previous CRA (if applicable)
­Not applicable
 
Any other information
­None
 
Applicable Criteria
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
06 Dec 2024 Bank Guarantee (BLR) Short Term 150.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 3.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 6.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 5.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 0.70 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 32.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 4.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 8.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 12.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 650.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 27.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Reaffirmed)
Proposed Term Loan Long Term 0.15 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 18.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 3.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 2.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 0.35 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 17.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 1.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 1.25 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 8.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 5.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 13.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 3.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 1.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 2.40 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 26.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 1.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 36.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 7.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 0.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 21.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 6.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 0.25 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 1.90 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 3.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 6.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 3.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 16.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 1.50 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 11.00 ACUITE BBB+ | Stable (Reaffirmed)
Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Reaffirmed)
29 Sep 2023 Bank Guarantee (BLR) Short Term 150.00 ACUITE A2 (Reaffirmed)
Cash Credit Long Term 12.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 8.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 4.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 32.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 0.70 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 2.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 5.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 1.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 6.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 3.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 11.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 1.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 16.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 3.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 6.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 3.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 1.90 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 0.25 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 6.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 21.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 0.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 7.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 36.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 1.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 26.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 2.40 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 1.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 3.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 13.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 5.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 8.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 10.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 1.25 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 1.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 17.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 0.35 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 2.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 3.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 18.50 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Proposed Term Loan Long Term 0.15 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 5.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 27.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 650.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
Cash Credit Long Term 2.00 ACUITE BBB+ | Stable (Upgraded from ACUITE BBB | Stable)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)		 Complexity Level Rating
KERALA STATE CO-OPERATIVE BANK LIMITED Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 150.00 Simple ACUITE A4 | Downgraded ( from ACUITE A2 )
KERALA STATE CO-OPERATIVE BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 650.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Badagara Co-operative Rural Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 27.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Beypore Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Calicut North Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 18.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Calicut Vellala Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Chathamangalam Service Co-operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Cheekilode Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.35 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Chelannur Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 17.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Chemanchery Service Co-operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Cherukulathur Service Co-operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.25 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Chombal Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Chorode Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Edacheri Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Eramala Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 13.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Feroke Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
lrlngal Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
lringallur Palazhi Service Co-op Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kadalundy Serv ice Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kakkodi Service Co-op. Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.40 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kakkattil Co-Operative Rural Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 26.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kakkur Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Karannur Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 36.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Karanthur Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 7.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kodiyathoor Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kommeri Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 21.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kunnamangalam Co- operative Rural Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kuruvattoor Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.25 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Kuttiadi Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.90 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Mantharathur Co- operative Rural Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Mannur Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Mavoor Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Meppayyur Co- operative Town Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Meppayyur Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Mukkam Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Nadakkuthazha Service Co-op. Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 16.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Nadapuram Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Naduvannur Regional Co-Operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 11.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Nanminda Co-operative Rural Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Olavanna Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 3.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Onchlyam Service Co- Operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
PANANGAD SERVICE CO-OPERATIVE BANK LIMITED Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 6.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Panniyankara Service Co-operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Pantheerankave Service Co-operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Payyoli Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.50 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Peruvayal Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.70 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Purameri Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 10.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Ramanattukara Service Co-operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 32.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Thiruvambadi Service Co-operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 5.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Ulliyeri Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 4.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Uralungal Service Co- operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 8.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Vengeri Service Co- op.Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 12.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Villiappally Panchayath Serv ice Co-operative Bank Ltd Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2.00 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )
Not Applicable Not avl. / Not appl. Proposed Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 0.15 Simple ACUITE C | Downgraded ( from ACUITE BBB+ )

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