CREDITACCESS GRAMEEN LIMITED NCD

Issue Size (Net)

up to Rs.1000 Crs

Credit Ratings

IND AA-/Stable by India Ratings & Research Private Limited

Issue Opening Date

August 24, 2023

Issue Closing Date

September 06, 2023

ROI Chart Term Sheet Company Highlights Financials Highlights Prospectus

Specific Terms for Each Series of NCDs
Series	I	II	III	IV	V	VI	VII	VIII
Frequency of Interest Payment	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative
Tenor	24 Months	24 Months	33 Months	33 Months	50 Months	50 Months	60 Months	60 Months
Coupon (% per annum) for NCD Holders in all Categories of Investors	9.10%	NA	9.25%	NA	9.40%	NA	9.70%	NA
Effective Yield (% per annum) for NCD Holders in all Categories of Investors	9.48%	9.48%	9.64%	9.64%	9.81%	9.81%	10.13%	10.13%
Redemption Amount (Rs. / NCD) on Maturity for NCD Holders in all Categories of Investors	Rs. 1000	Rs. 1198.82	Rs. 1,000	Rs. 1288.12	Rs. 1,000	Rs. 1477.11	Rs 1000	Rs 1621.19
Put/Call Option	NA

1.Company Information

CreditAccess Grameen Limited (“CA Grameen”) is a leading Indian micro-finance institution headquartered in Bengaluru, focused on providing joint liability group loans and micro-loans primarily to women customers predominantly in rural areas in India. According to MicroFinance Institutions Network, India, CA Grameen was the largest NBFC- MFI in India in terms of the gross loan portfolio as of March 2022.ii. As of September 30, 2022, CA Grameen had presence in 333 districts in the 14 states (Karnataka, Maharashtra, Madhya Pradesh, Tamil Nadu, Kerala, Odisha, Chhattisgarh, Goa, Bihar, Jharkhand, Gujarat, Rajasthan, Uttar Pradesh and West Bengal) and one union territory (Puducherry) in India through 1,684 branches and 16,018 employees, serving an active consolidated customer base of 38.0 lakhs, as of September 30, 2022.iii. CA Grameen’s Gross AUM (consolidated) was Rs. 16,539.11 crore as of September 30, 2022.iv. CA Grameen offers a diverse suite of lending products that cater to the critical needs of the customers throughout their life cycle and includes income generation, health care, education, festival celebration, home improvement, water, and sanitation. CA Grameen focuses predominantly on customers in rural areas in India, who largely lack access to the formal banking sector and present a latent opportunity for offering micro- loans.vii. CA Grameen’s consolidated operations are well-diversified at the district level, with no single district contributing more than 4% to their consolidated Gross AUM as of September 30, 2022. Further, out of a total of 333 districts where the company had branches as of September 30, 2022, around 92% of these districts individually represent less than 1% of the Company’s consolidated Gross AUM.

2. Ratings

The NCDs proposed to be issued under the Issue have been rated IND AA-/Stable for an amount of Rs. 1,500 crores by India Ratings vide their rating letter dated August 04, 2022 and further revalidated vide letter dated September 8, 2022.

3. STRENGTHS

i. Customer-centric business model resulting in high customer retention.

ii. Deep penetration in Rural areas built through calibrated, contiguous district based expansion

iii. Robust customer selection and risk management policies resulting in healthy asset quality

iv. Strong track record of financial performance and operating efficiency

v. Professional management team with extensive domain experience

4.CreditAccess Grameen NCD 2023 Registrar

Kfin Technologies Limited

KFintech, Tower-B, Plot No 31 & 32,

Financial District, Nanakramguda, Gachibowli,

Hyderabad, Telangana India - 500 032.

Phone: 04067162222, 04079611000

Email: cagl.ncdipo@kfintech.com

Website:Website: Website: Website:Website: https://kosmic.kfintech.com/ipostatus/

Key operating and financial metrics (on a standalone basis)

Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Net Fixed assets		26.15	18.37	24.19
Current assets		8793.97	8106.64	5958.36
Non-current assets		5974.98	4571.78	4679.11
Total assets	14739.95	14795.1	12696.79	10661.66

Non-Current Liabilities 5 (including maturities of long term borrowings and short term borrowings)
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Financial Liabilities (borrowings, trade payables, and other financial liabilities)		4901.59	4137.49	3407.42
Provisions		13.7	11.16	8.49

Current Liabilities 4 (including maturities of long-term borrowings)
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Financial Liabilities (borrowings, trade payables, and other financial liabilities)		5915.9	4895.12	4560.05
Other non-financial liabilities	14.09	11.14	9.69	9.09
Provisions	28.09	11.41	8.52	7.53
Current tax liabilities (net)		1.56
Equity (including other equity)	4332.21	3939.8	3634.81	2669.08
Total equity and liabilities	14739.95	14795.1	12696.79	10661.66

Profit and Loss
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Total revenue	1293.47	2291.2	2031.14	1684.36
From operations	1292.19	2289.39	2027.79	1683.49
Other income	1.28	1.81	3.35	0.87
Total Expenses		1778.56	1836.85	1233.47
Exceptional Items	-	0	0	0
Profit / (Loss) before tax	385.9	512.64	194.29	450.89
Profit / (Loss) after tax	291.29	382.14	142.39	327.5
Other comprehensive income	3.6	-85.64	32.3	-27.33
Total comprehensive income	294.89	296.5	174.69	300.17

Cash Flow
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Net cash used in/generated from operating activities	-285.34	-1968.56	-364.32	-2301.95
Net cash used in / generated from investing activities	-297.73	-189.25	-31.67	-635.82
Net cash used in financing activities	-433.12	1684.38	1705.96	2928.66
Add : Opening cash and cash equivalents as at the beginning of the year	1401.16	1874.59	564.62	573.73
Cash and cash equivalents	411.97	1401.16	1874.59	564.62

Additional information
Particulars	September 30, 2022 (Standalone)	Fiscal 2022	Fiscal 2021	Fiscal 2020
Net worth	4276.85	3979.68	3588.8	2655.2
Cash and Cash Equivalents	411.97	1401.16	1874.59	564.62
Assets under Management	-	13731.72	11341.11	9896.49
Off Balance Sheets Assets		1162.25	1101.4	413.15
Total Debts to Total assets	68.29%	70.87%	69.16%	73.37%
Debt Service Coverage Ratios		NA	NA	NA
Interest Income		2124.79	1877.13	1617.19
Interest Expense		788.13	740.07	571.03
Interest service coverage ratio		NA	NA	NA
Provisioning & Write-Offs		449.44	646.9	238.98
Gross Stage 3 (%)	1.73%	3.16%	4.39%	1.51%
Net Stage 3 (%)	0.47%	0.95%	1.40%	0.37%
Tier I Capital Adequacy Ratio (%)	28.24%	25.87%	30.50%	22.30%
Tier II Capital Adequacy Ratio (%)	0.72%	0.67%	1.25%	1.30%

Issuer	CreditAccess Grameen Limited
Instrument	Dematerialized form
Issue Opens on	24 August, 2023
Issue Closes on	06 September, 2023
Issue Size	Public issue by the Company of secured redeemable non-convertible debentures of face value of Rs.1,000 each (“NCDs”) for an amount up to Rs.400 Crs (“Base Issue Size”) with a green shoe option of Rs. Rs.600 Crs aggregating up to Rs.1000 Crs
Issue Price / Face Value	1,000 per NCD
Minimum Application	Rs. 10,000 (10 NCD) collectively across all Options
Credit Rating	“IND AA-/Stable by India Ratings & Research Private Limited
Registrar	Kfin Technologies Limited
Basis of allotment	First come First serve
Listing	The NCDs are proposed to be listed on BSE within 6 Working Days from the respective Tranche Issue Closing Date.
Allocation Ratio	QIB:25%, Corporate:30%, HNI:20% and Retail Individual : 25%

Specific Terms for Each Series of NCDs
Series	I	II	III	IV	V	VI	VII	VIII
Frequency of Interest Payment	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative	Monthly	Cumulative
Tenor	24 Months	24 Months	32 Months	33 Months	50 Months	50 Months	60 Months	60 Months
Coupon (% per annum) for NCD Holders in all Categories of Investors	9.10%	NA	9.25%	NA	9.40	NA	9.70%	NA
Effective Yield (% per annum) for NCD Holders in all Categories of Investors	9.48%	9.48%	9.64%	9.64%	9.81%	9.81%	10.13%	10.13%
Redemption Amount (Rs. / NCD) on Maturity for NCD Holders in all Categories of Investors	Rs. 1,000	Rs. 1198.82	Rs. 1,000	Rs. 1288.12	Rs. 1,000	Rs. 1477.11	Rs 1000	Rs. 1621.19
Put/Call Option	NA

Prospectus File

Download