Unifinz Capital's bonds: the lender, the loans and the promise

1What stands behind my bond?

Every bond here is rated BBB−, the lowest step of the investment grade scale (chapter 10, judging a company bond).

Each bond on this page is a loan to one company, Unifinz Capital India Limited (UCIL). It is a non bank finance company (an NBFC: a lender registered with the RBI that does not take deposits) in the RBI's base layer, the tier for smaller NBFCs. It lends under the brand lendingplate, through an app and a website. Its bonds are NCDs, non convertible debentures, which never turn into shares. Every ISIN, the 12 character code on your demat statement, starts INE926R07.^{1, 6}

What the company lends

UCIL makes unsecured personal loans of ₹5,000 to ₹2.5 lakh, mostly to salaried people. An unsecured loan has nothing pledged behind it: if the borrower stops paying, there is no house or gold to sell. India Ratings describes 2 products. The short term personal loan (STPL) runs 20 to 50 days and was 65% of the book at 31st Mar 2026. The EMI loan runs 2 to 12 months. CRISIL puts the average loan at about 2 to 3 months. Borrowers must earn at least ₹17,000 a month in semi urban areas and ₹20,000 in cities, and their credit bureau scores sit mostly between 600 and 699.^{16, 18}

A 30 day loan is repaid and lent again about 12 times a year. In FY26, the year to 31st Mar 2026, UCIL lent out ₹2,745 crore in all against a book of ₹492.85 crore at the year end: each rupee went round about 5.6 times.^{16, 6} The money comes from 2 charges. A processing fee is charged on every loan, and interest is charged for the days the loan is out. CRISIL put fees at about 35.4% of total income at 31st Mar 2026.¹⁸

FY26 revenue from operations was ₹511.57 crore, 104% of the year end loan book (our calculation). India Ratings put the FY26 yield on loans at 174.7%, and in Dec 2025 wrote that the short loan's rate of interest "remained high at 164%", down from 284% a year earlier, with the EMI loan at 65%, down from 87%.^{11, 16, 14} The lendingplate website has shown a "Rate of Interest" of 12% to 30% a year since Oct 2025 (36% to 120% in 2023 captures), and the app listing says "APR ranges upto 36%".^{37, 38}

The rating agencies explain the difference through tenure and fees: a yearly rate earned on loans that last weeks, with a fee charged each time, adds up to more over a year than the rate printed on one loan. India Ratings notes management's plan to reduce the share of short loans and increase EMI loans.¹⁶ No company statement comparing the published rate band with the yield was found to 23rd Oct 2026.

Why bad loans show as 0%

A bank's report card on loans uses 3 stages. Stage 1 loans are paid on time. Stage 2 loans are late but under 90 days. Stage 3 loans are 90 days or more overdue, the old "non performing asset". Most lenders keep a Stage 3 loan on the books, with a provision against it, while they try to collect. UCIL takes it off the books instead. Its FY26 accounts say both EMI and short loans are written off once they are overdue beyond 90 days. A write off removes the loan from the book as a loss; the accounts add that collection efforts continue.⁷

UCIL reported Stage 3 loans of 0.00% at 31st Mar 2026 and 30th Jun 2026. The contractual amount written off in FY26 was ₹132.45 crore (₹29.14 crore in FY25), against FY26 profit after tax of ₹87.14 crore. A contractual amount can include interest and fees as well as principal.^{6, 7} India Ratings in Dec 2025 and CRISIL in Mar 2026 reported EMI loans being written off at 180 days.^{14, 17}

The agencies measure losses another way. They add the last 12 months of write offs back to the loans 90 days overdue and divide by the year's lending. On that basis CRISIL and India Ratings put FY26 at 4.8% of disbursements (5.9% in FY25), and CRISIL at 26.9% of the loan book.^{16, 18} Loans 1 to 89 days late were 16.8% of the book at 31st Mar 2026, per India Ratings.¹⁶

CRISIL calls the write off rule "an aggressive write-off policy" and says asset quality is best read on a disbursement basis given the short loans. The FY26 accounts state the 90 day rule as policy.^{18, 7}

Sections 2 to 4 follow the money: who runs and owns the company, where the cash for a coupon comes from, and who stands ahead of you. Sections 5 to 8 read the opinions and the paper: the ratings, the promises, the record, and what falls due when. Section 9 gives every series its own card. Section 10 is a monthly routine, and section 11 is the position on 23rd Oct 2026.

Your bond is a loan to a lender of short, unsecured personal loans. It earns from fees and interest on money lent many times a year, and it removes loans from its books at 90 days overdue, so its Stage 3 figure reads 0%.

A lender is only as steady as the people who run and own it, so the story turns to them.

2Who runs and owns the company?

UCIL was incorporated in New Delhi on 2nd Jun 1982 as Shree Worstex Limited; the textile code in its company number dates from then. In 2016 and 2017 Pawan Kumar Mittal and Kiran Mittal, a married couple, took control through new shares and an open offer at ₹11.50 a share; the RBI approved the change of control on 16th Feb 2017. They joined the board on 27th Apr 2017. Lending under lendingplate began in Mar 2022, and the company took its present name on 27th Dec 2022.^{33, 1, 18}

Promoters are the people a company declares as its controlling owners. UCIL's declared promoters are the 2 Mittals. A promoter's stake can fall in 2 ways: new shares go to others (dilution), or the promoter sells.

How the holdings moved

The promoters held 70.44% in Jun 2024. Warrants (rights to buy shares later at a fixed price) issued in 2024 at ₹56.20 were converted on 31st Dec 2024 and 21st Mar 2025, and other new shares were sold at ₹211.05 and ₹420.50. By 30th Sep 2025 the promoters held 24.93%. Between 31st Mar and 30th Jun 2026 Pawan Kumar Mittal's holding fell from 60,59,500 to 49,02,125 shares and Kiran Mittal's from 48,50,000 to 38,80,000, taking the promoters to 19.84%.^{1, 3, 6} Kiran Mittal left the board on 1st May 2025 and Pawan Kumar Mittal on 31st Oct 2025, each citing personal reasons. No promoter has sat on the board since.^{31, 1}

The largest single holder is Paaven Bansal, with 89,15,350 shares, 20.14%, classed as a non promoter. UCIL's FY26 accounts call him an "investor having significant influence". His disclosure to BSE of 2nd Jan 2025 names Manoj Kumar Bansal as a person acting in concert, and the FY26 accounts list Manoj Bansal as a close family member of Paaven Bansal. Kotia Enterprises, a listed company whose board includes members of the Bansal family according to company registry mirrors, holds 5.65%. Together Paaven Bansal and Kotia hold 25.8% (our calculation). No filing seen declares Kotia as acting in concert with Paaven Bansal.^{27, 7, 28, 40}

Other holders on 30th Jun 2026 included Amicorp Capital (Mauritius) with 11.29%, Ayaan Finserve India with 8.47%, Vikas Goyal with 8.17% and Atika Goyal with 7.99%. The company had 2,035 shareholders.⁶

The warrant issue of 2026

On 15th Oct 2026 the board approved up to 98,01,000 warrants at ₹102, about ₹99.97 crore, 25% payable upfront, to 7 non promoter investors: Kotia Enterprises 37,85,000, Paaven Bansal 29,40,000, Vikas Goyal and Atika Goyal 11,33,000 each, Sonali Chatterjee 7,35,000, and 75,000 to others. Shareholders vote on 11th Nov 2026. On the notice's own fully diluted basis, which counts 40,95,000 employee options, Paaven Bansal would hold 20.38%, Kotia 10.81% and the promoters 15.10%.²⁷

The EGM notice states that "the existing promoters of the Company will continue to be in control".²⁷

Who runs it day to day

The board has 6 directors, none of them executive: 4 independent directors and 2 non executive directors, Manish Aggarwal and Ritu Sharma, the former chief financial officer (CFO). Kaushik Chatterjee has been chief executive since 7th Feb 2022. He is not a director. The first KID calls him "CEO and Founder of the Issuer", and he personally guarantees the first series only (section 4).^{6, 1, 2}

The CFO post was empty from 13th Oct 2025, when Ritu Sharma ceased as CFO, until 12th Jan 2026, when Ritu Tomar, the company secretary, became interim CFO; Vijay Kumar Singh became CFO on 7th Mar 2026. An independent director served from 12th Aug 2025 to 6th Oct 2025, 55 days. The statutory auditor appointed for 5 years in 2023 resigned in May 2025 (section 7).^{6, 30}

The company's filings give "personal reasons" for the promoters' exits from the board. No reason for the 55 day directorship was found in the GID, KIDs or BSE filings to 23rd Oct 2026.³¹

The declared promoters, the Mittals, have left the board and held 19.84% on 30th Jun 2026. Paaven Bansal, classed as a non promoter with significant influence, held 20.14%, and Kotia Enterprises 5.65%. A professional chief executive runs the company, and a warrant issue would raise the Bansal side's holdings further.

Ownership tells you who decides. The cash for your coupon comes from the business itself, and from what it borrows.

3Where does the money for my coupon come from?

A lender pays its bondholders in this order. Borrowers repay loans with interest and fees. Out of that come credit losses (loans that are never repaid), running costs (staff, marketing, collections), the interest on the lender's own borrowing, and tax. What is left is profit. Principal on the lender's own bonds is repaid from loans coming back, or from new borrowing that replaces the old (refinancing), or from new money from shareholders (equity).

Plate UZ.1 above puts FY26 into rupees for every ₹100 lent: ₹18.64 earned, ₹6.84 lost to bad loans, ₹6.24 of running costs, ₹1.29 of interest on borrowing, ₹1.10 of tax and ₹3.17 of profit (our calculation from the audited accounts). India Ratings puts profit at 3.2% of disbursements in FY26 and 3.9% in FY25.^{7, 16} The largest operating cost was business promotion, ₹101.85 crore in FY26 against ₹35.92 crore in FY25.⁷

The quarters: revenue against credit losses

An impairment charge is what the accounts set aside or write off for loans that may not be repaid. When it grows faster than revenue, less is left for everything below it.

Impairment took 32.1% of revenue in the quarter to 30th Jun 2025, 36.7% over FY26 and 46.2% in the quarter to 30th Jun 2026: ₹83.21 crore of ₹180.21 crore. Quarterly profit after tax peaked at ₹27.06 crore in the quarter to 31st Dec 2025, then fell for 2 quarters running, to ₹19.22 crore and ₹17.35 crore. The quarter to 30th Jun 2026 was 3.2% above the same quarter a year earlier.^{10, 11, 12}

The company's results filings report the figures without comment on the trend. India Ratings says it "anticipates continued profitability growth, contingent on UCIL maintaining effective control over credit costs", and CRISIL lists "Adverse movement in asset quality metrics" among its downward factors.^{16, 18}

Where the borrowed money comes from

A lender lends more than its own capital by borrowing. UCIL borrows from 3 kinds of lender: term loans from other NBFCs and a bank; inter corporate deposits (ICDs), loans from other companies, some of them shareholders; and NCDs like yours.

On 30th Sep 2025 UCIL had no NCDs: 70.7% of its ₹133.50 crore of borrowing was term loans and 29.3% ICDs, which India Ratings described as "from existing shareholders". The first NCD was allotted on 24th Feb 2026. By 30th Jun 2026 NCDs were 54.9% of ₹408.26 crore at carrying value and 59.0% of borrowed principal at face value. Term loans came from 21 NBFCs and one bank, ICICI Bank, with ₹9.72 crore; the largest single lender, Shine Star Build-Cap, had ₹72.29 crore.^{13, 14, 6} 4 more series, ₹200 crore in all, were issued from Jul to Oct 2026, so NCD face value outstanding reached ₹462.90 crore by 8th Oct 2026.^{23, 24}

What the borrowing costs

The FY26 accounts carry the first ₹105 crore of NCDs at ₹89.01 crore, after an "EIR Impact" of ₹15.99 crore, 15.2% of face value. The effective interest rate (EIR) method spreads upfront costs of a loan over its life. The same note gives the NCDs' "effective yield" as 13% a year. The KIDs list other fees and commissions of 3.82% of issue size for the first series and 1.50% to 5.06% for later ones; none names a recipient.^{7, 2, 6} The FY26 cash flow note shows ₹18.34 crore of "interest paid" on debt securities, against a first coupon of ₹96,16,251 paid on 31st Mar 2026.^{7, 21} Finance cost was ₹23.48 crore in the quarter to 30th Jun 2026, against ₹11.67 crore in the quarter before: about 27% a year of average borrowing on our rough calculation, which upfront costs and mid quarter issues both affect. India Ratings put the FY26 weighted cost of funds at about 18%.^{10, 16}

The documents do not explain the difference between the ₹15.99 crore and the fees listed in the KIDs, or what the rest of the ₹18.34 crore paid for. No company statement on either was found to 23rd Oct 2026.

Money from people linked to the shareholders

A related party is a person or company close enough to the business that deals with it must be disclosed: directors, large holders, their families and companies.

Grow Money Capital, which the FY26 accounts list as significantly influenced by Paaven Bansal, had ₹16.00 crore lent to UCIL at 31st Mar 2026 (₹10.00 crore a year earlier); FY26 interest was ₹3.25 crore, at least about 20% of the closing balance (our calculation). The loan does not appear in the 30th Jun 2026 lender list. Yourtemplatebox Web Services, a company of director Manish Aggarwal and a 1.13% holder, was repaid ₹9.10 crore in FY26 with ₹0.86 crore of interest.^{7, 6} The KID of Aug 2026 caps borrowing from companies of any 5% shareholder at ₹30 crore.⁶

No company statement on the rate charged by Grow Money was found in the GID, KIDs, BSE filings or press to 23rd Oct 2026. Section 7 records how the related party notes for FY25 and FY26 differ.

New equity

CRISIL counts about ₹57 crore of equity put in since lending began, ₹54 crore of it in FY25. India Ratings expects the company to "need to infuse fresh equity" after FY27. The warrant issue of Oct 2026 would bring up to ₹99.97 crore, 25% of it upfront and the rest when warrants convert within 18 months.^{18, 16, 27}

Your coupon is paid from fees and interest on short loans, after credit losses that took 46.2% of revenue in the quarter to 30th Jun 2026. Within 4 months of the first issue, NCDs became the largest source of borrowed money, and new equity is planned through warrants.

If the cash runs short, a holder turns to what was set aside for the bond.

4Who stands ahead of me?

The KID for the first series, 07019, promises 1.30 times security cover: loans owed to UCIL by its own borrowers, worth 1.30 times what the series owes, set aside for its holders. It adds a personal guarantee from the chief executive, Kaushik Chatterjee.²

A bond is secured when specific assets are set aside that holders can claim if the company does not pay. For a lender those assets are its loans, called book debts or receivables. A hypothecation gives the bondholders' trustee a claim on them while they stay with the company. It is exclusive when no other lender shares the same loans. A personal guarantee is one person's promise to pay if the company does not. The queue works like a counter that may run out of cash (chapter 12, weird bonds): each secured lender stands first for the loans charged to it.

Loans of 20 to 50 days do not sit still. The pool behind a series is replaced as loans are repaid. The 07019 KID requires any charged loan more than 15 days overdue to be replaced within 15 business days, and a monthly statement of the charged loans to go to the trustee within 10 days of each month end. Neither is published.²

What each series has

Sources: KIDs^{2, 3, 4, 5, 6}; allotment filings of 16th Sep and 8th Oct 2026²⁴.

Who else holds the same kind of security

The term loans from 21 NBFCs and ICICI Bank are "secured against loan receivable and personal guarantee of CEO of the company", per the FY26 accounts. Each lender's charge sits on its own identified loans, so the bonds and the term lenders draw on different parts of the same book.^{7, 6} The quarterly security cover statement filed with the results of 8th Aug 2026 covers every series; the auditor certified that cover was maintained and all trust deed covenants met at 30th Jun 2026.¹⁰

Guarantees given to other lenders

A default loss guarantee (DLG) is a promise by a loan app company to cover a partner lender's first losses on loans it sourced. RBI rules cap it at 5% of the covered loans.

UCIL's accounts show contingent liabilities, amounts the company may have to pay in future, as "Nil" for FY25 and FY26. The same accounts disclose, among the RBI notes, a performance security obligation of ₹1.62 crore on a ₹32.36 crore book managed for other NBFCs as their business correspondent at 31st Mar 2026, backed by ₹1.94 crore of deposits. UCIL's website showed ₹98.78 crore of partner lenders' loans covered by its DLG at 30th Sep 2026 (₹56.70 crore at 31st May 2026), naming the lenders only as "Lender 1" and "Lender 2". At the 5% cap the guarantee would be at most about ₹4.9 crore (our calculation).^{7, 35} The lendingplate partner page names Grow Money Capital and Avinash Capital Markets as its digital lending partners; no document seen ties either name to a DLG figure. According to RBI's directory of lending apps as viewed on 23rd Oct 2026, the lendingplate app is listed under UCIL and both of these lenders.^{36, 39}

The website page itself is the company's disclosure of the arrangement. No company statement on why the DLG is not shown as a contingent liability was found.³⁵

Each series has its own exclusive charge on a pool of short loans that is replaced as loans are repaid. Promised cover fell from 1.30 times on the first series to 1.10 times on the later ones, and only the first carries the chief executive's personal guarantee.

How likely the promises are to be kept is what rating agencies try to judge.

5What do the rating agencies say?

On 21st Jul 2026 India Ratings affirmed UCIL at IND BBB−/Stable. 2 days later CRISIL reaffirmed Crisil BBB−/Stable. Each agency rates some of the series: India Ratings 07019, 07043 and 07076; CRISIL 07027, 07035, 07050 and 07068.^{16, 18, 24}

A credit rating is an agency's opinion of how likely a borrower is to pay interest and principal in full and on time (chapter 10). BBB− is the lowest grade still called investment grade; one step, or notch, down is BB+. An outlook of Stable means the agency expects no change soon. Agencies are paid by the companies they rate, and both releases say so.

Every rating on record

Sources: India Ratings^{14, 15, 16}; CRISIL^{17, 18, 19, 20}. India Ratings states "Not applicable" for non cooperation with a previous agency; no earlier rating by any agency was found. No ICRA, CARE, Acuité, Infomerics or Brickwork rating was found, and no rating action after the cyber frauds of 20th and 23rd Oct 2026 was found as of 26th Oct 2026.^{14, 26, 46}

What each agency relies on

India Ratings lists as strengths a "technology-centric business model", a "comfortable earnings profile" and adequate capital, and as weaknesses "inherent vulnerability in asset quality", a concentrated funding profile and "macro regulatory risks", including "the risk of penalties & embargo for non-adherence" to KYC, pricing and key fact statement rules.¹⁶ CRISIL credits "adequate capital position and healthy earnings profile" and weighs them against "small, albeit growing, scale", a "volatile asset quality profile" and a "relatively high cost of funding".¹⁸ CRISIL also records that "Unifinz will not make any incremental disbursements unless it has adequate resources to meet maturing debt", with ₹64 crore of free cash on 17th Jul 2026 and average monthly collections of about ₹210 crore.¹⁸

Each agency prints triggers: the developments that could move the rating.

• India Ratings, negative: sustained deterioration in asset quality, trouble raising funds, "leverage (debt/tangible net worth) exceeding 2.5x on a sustained basis", sustained losses, or rule changes that hit the business model.¹⁶
• CRISIL, downward: "Increase in the steady state gearing of above 2.5-3 times", and asset quality that hurts earnings. Upward: losses after write offs under 4.0% of disbursements, sustained profits, and cheaper, wider funding.¹⁸

On 30th Jun 2026 debt was 2.54 times tangible net worth on principal outstanding and 2.32 times on book value (our calculation from the KID and the Reg 52(4) figures). India Ratings' test is "sustained", and the ₹200 crore of NCDs issued after 30th Jun 2026 is not yet in any reported ratio.^{6, 10, 13}

The earlier years, in the older rationales

CRISIL's first rationale, of 20th Mar 2026, prints the years before the ratings. Loans more than 90 days overdue were 22.5% of the book at 31st Mar 2023 and 34.4% at 31st Mar 2024; the company lost ₹0.6 crore in FY23 and ₹1.1 crore in FY24, and its debt was 7.4 times its net worth at 31st Mar 2024.¹⁷ The FY24 auditor wrote that the company "did not comply with the minimum Capital to Risk (Weighted) Assets Ratio (CRAR) as required by the Reserve Bank of India (RBI) as of the year-end", and had complied after the year end; CRAR was 4.10% at 31st Mar 2024.⁹ Equity raised in FY25 restored it to 52.48%.¹¹

The agencies revise their own past figures. India Ratings gave loans 1 to 89 days late in FY24 as 45.5% in Dec 2025 and 12.7% in Jul 2026; CRISIL gave FY25's losses after write offs as 26.5% of the book in Mar 2026 and 32.7% in Jul 2026.^{14, 16, 17, 18} Neither release explains the change.

No company statement on either agency's rationale was found in BSE filings or press to 23rd Oct 2026.

Both agencies rate UCIL and its NCDs BBB−/Stable, citing earnings and capital on one side and asset quality and funding on the other. Each has printed the leverage and loss levels that would move the rating.

Ratings are opinions. The bond's own paper holds the promises, and several of those promises are tied to the rating.

6What did the company promise?

Every KID contains this promise about capital:

Promises like this are covenants: conditions written into a bond on top of paying on time (chapter 10). The capital adequacy ratio (CRAR) is a lender's own capital divided by its loans, weighted by risk; a higher ratio means more of the lender's own money absorbs losses before lenders lose. UCIL's bonds use 4 kinds of covenant. Money tests cap bad loans and debt and set floors for capital, net worth and cash, checked each quarter. Rating step ups raise the coupon if a rating falls. Events of default list situations that let holders treat the bond as in default, even with no payment missed. Holding covenants say who must own and run the company. The debenture trustee, the SEBI registered firm that acts for all holders and checks the covenants, is Vardhman Trusteeship for every series.^{2, 6}

CRAR was 26.92% at 31st Mar 2026 and 22.20% at 30th Jun 2026, 0.20 above the floor.¹⁰ Tier 1 capital, the core part, was 20.95%.¹⁰

How the terms changed from series to series

Sources: KIDs^{2, 3, 4, 5, 6}. Every series also requires debt of at most 3 times tangible net worth, a loan book of at least ₹300 crore and tangible net worth of at least ₹100 crore. A holder put is the holder's right to hand the bond back early on a set date, here below face value. The KIDs for 07068 and 07076 are not on file; the allotment filings show 1.10 times cover and 4% extra interest a year on any payment default.²⁴

Who must own and run the company

Kaushik Chatterjee is not on any board list in the GID or the KIDs, and neither promoter has held a board seat since 31st Oct 2025, before the first KID. Whether the trustee waived or interpreted these clauses is not in the record.^{1, 6}

07019 to 07043 also bar any new shares that take the promoter group below 15% "on a fully diluted basis". On that basis the EGM notice puts the promoters at 15.10% after the warrants and employee options. 07019 further bars any promoter group sale or pledge of shares without the trustee's consent, with an exception for dilution from new shares; whether consent was given for the sales of Jun 2026 is not in the record.^{2, 27} 07050 replaces these clauses with a block: Paaven Bansal, Vikas Goyal, Atika Goyal, Pawan Kumar Mittal, Kiran Mittal and Kaushik Chatterjee must together hold at least 51%. The 5 with disclosed holdings had 56.2% at 30th Sep 2026, 55.6% after the warrants, or 51.7% if all options are also exercised (our calculation).^{6, 27}

The auditor's limited review of the quarter to 30th Jun 2026 certifies "compliance with all the covenants as mentioned in the Debenture Trust Deeds". The quarterly covenant certificates go to the trustee and are not published.^{10, 2}

The bonds test capital, bad loans, debt and cash each quarter and tie the coupon to the rating. Later series promise less cover and a smaller step up and add holder puts. Capital sat 0.20 above its floor at 30th Jun 2026, and the clauses on who runs the company describe a board the company no longer has.

Promises are on paper. The record shows what happened.

7What does the record show?

Each matter below opens to the same facts: what, when, the source, its status as the record shows it, and the company's position. Outcomes are given only as the record shows them. Nothing here is a finding of wrongdoing by any person or company.

Every coupon due by 23rd Oct 2026 shows as paid, with one holder's ₹269 paid a day late for missing bank details. The record also holds a police search the company says does not concern it, 2 cyber frauds 3 days apart totalling about ₹14.97 crore, 2 auditor resignations, short tenures on the board and in finance, and figures that differ between filings.

The last part of the story is the calendar: when principal falls due.

8What falls due, and when?

A bullet bond repays all its principal on one date. Every UCIL series is a bullet. A lender of short loans repays its own debt from loans coming back, so the question is whether collections, new borrowing or new equity meet each date.

Sources: KIDs^{2, 3, 4, 5, 6}; ISIN statement and allotment filings^{23, 24}. Platforms show puts at 95% on 07068 and 07076; no KID for either is on file.⁴²

₹462.90 crore of NCD principal falls due between May 2027 and May 2028, more if holders use their puts first. The coupons on all 7 series come to about ₹56.6 crore a year, about ₹4.7 crore a month (our calculation).^{23, 24} The schedule of the term loans, ₹179.72 crore at 30th Jun 2026, is not published.¹³ India Ratings noted that about 80.8% of loans fell due within 6 months at 31st Mar 2026, against 59% of borrowings. The liquidity statement for 30th Jun 2026 shows a shortfall of ₹151.48 crore in the 1 to 3 year bucket, where the NCD maturities sit, covered by surpluses in earlier buckets.^{16, 6}

UCIL's identified bond principal falls due from May 2027 to May 2028, with holder puts on 4 series in 2027. Loans to borrowers fall due much faster than the bonds, which the company's liquidity statements show as surpluses in the early buckets.

That is the shared story. Your own bond's terms are on its card.

9Find your bond

Find the ISIN from your demat statement in the first column, then open its card. Every series has ₹10,000 face value, a monthly coupon and a single repayment at maturity, so each has its own card.

Sources: ISIN statement of 6th Oct 2026 and allotment filings^{23, 24}; KIDs^{2, 3, 4, 5, 6}. The ISIN INE926R07076 for the 11% series allotted on 8th Oct 2026 comes from platform listings, not from the company's filing, which gives no ISIN.⁴² Sizes include reissues under the same ISIN.

Each coupon is principal × coupon rate × days in the period ÷ days in the year, on the actual day count; a year with a 29th Feb counts 366 days (chapter 4, accrued interest and record dates). The first coupon of each series covers the days from allotment, so it is larger or smaller than the rest.

A ₹10,000 bond from UCIL pays a coupon every month and the whole ₹10,000 back on one date. 4 series also let a holder hand the bond back early, at 95% or 97% of face, on set dates.

Your card gives your dates. Section 10 turns them into a routine.

10What should I check every month?

A holder cannot see inside the company, but the company must tell the exchange certain things on fixed dates, and must send the trustee more. The routine below uses public pages and your own statements. It says what a normal month looks like and what counts as a change worth noting. A change worth noting is something to write down, read in full and ask about. It is not a signal to do anything with the bond.

Your bond's dates

Sources: KIDs^{2, 6}; Reg 60 notices²²; SEBI's listing rules⁴⁵. The record date is the day the registrar takes the list of holders; whoever holds the bond that day gets the next coupon (chapter 4). A purchase that settles after the record date does not carry that month's coupon. The company has used the calendar date even when it fell on a holiday, such as Saturday 17th Oct 2026. Each payment certificate (Reg 57) is due within 1 working day of the payment. On bseindia.com, search "Unifinz" and open Corporate Announcements.²²

The next 12 months

Coupon per ₹10,000 bond before TDS, the payment date with weekends moved to the next business day, and the record date in brackets. Mumbai bank holidays are not applied: in 2026 the 1st Apr coupon was paid on 31st Mar and the 1st May coupon on 2nd May. 07068 and 07076 are our calculation.^{2, 3, 4, 5, 6, 21}

07043's record dates are the same as the 13% series. Put windows in these months: 07027 on 1st May and 1st Aug 2027 (notice 1st to 15th of the month before), 07035 on 1st Jun and 1st Sep 2027, 07043 on 1st Sep 2027 (notice 1st to 16th Aug), and 07050 on 20th Aug 2027. The trustee must give 21 days' notice of each window, so keep your email with your depository participant up to date.^{3, 4, 5, 6}

Every month

Sources: BSE filings^{21, 22}; KIDs^{2, 6}; SEBI's listing rules⁴⁵; chapter 13 (my bond stopped paying).

Every quarter

Sources: KIDs^{2, 6}; BSE filings¹⁰; company website^{13, 35}; SEBI's listing rules⁴⁵.

Every half year and every year

• After 30th Sep and 31st Mar: the half yearly ISIN statement on BSE. Normal: every ISIN, with the amount that matches the allotments. Worth noting: an amount that differs, an ISIN missing, or a partial redemption or put.²³
• Each half year: the chief executive's net worth certificate as guarantor of 07019 goes to the trustee within 75 days. Ask the trustee whether it arrived.²
• Every year: audited results within 60 days of 31st Mar; the annual report and AGM with the auditor's name; each agency's yearly review; a new top holders table whenever a new KID is filed.⁴⁵

Documents owed to the trustee that are not published

Sources: KIDs^{2, 6}.

When something is worth noting

Write it down with the date and the link. Read the filing in full. Check whether the trustee or the agency has said anything. Then ask the contacts in section 12, quoting your ISIN and the number of bonds you hold. If a complaint is not resolved, SEBI's SCORES system and BSE's investor services cell take investor complaints.

Each month: the record date notice, the payment certificate, the other announcements, both agencies, the trustee, the price and your tax record. Each quarter: results, the security cover statement and the liquidity disclosure.

Those checks describe any month. The next section is one dated snapshot.

11Status on 23rd Oct 2026

This section is the only part of the page tied to one date. The items on the cyber frauds were checked again on 26th Oct 2026; the rest are as of 23rd Oct 2026. It will be refreshed; the story above will not change unless the mechanism does.

Open questions on 23rd Oct 2026, with the fraud items as of 26th Oct 2026

• Was 07068's coupon of 16th Oct 2026 paid on the due date, and where is its Reg 57 certificate?
• How much of each amount, ₹7,69,26,114 of 20th Oct and ₹7,27,48,394 of 23rd Oct 2026, has been recovered?
• Is either loss covered by insurance or by the bank?
• How has the suspension of the disbursal API since 23rd Oct 2026 affected lending, and how are loans being disbursed meanwhile?
• Was the trustee given details of each fraud within the 15 calendar days that clause (f)(iv) of the 07050 KID allows for a fraud above 1% of the loan book? Will the agencies be told under the KIDs' material adverse effect clauses?
• Were the payment or authorisation controls on the disbursal engine changed between the first incident and the second, and have they changed since?
• What was CRAR at 30th Sep 2026, after ₹100 crore more of NCDs and before any warrant money?
• Has the trustee waived or interpreted the holding covenants on Kaushik Chatterjee's board seat and a promoter's executive role?
• Did the trustee consent to the promoter share sales of Jun 2026 under 07019's clause on promoter sales?
• What explains the ₹15.99 crore NCD discount and the rest of the ₹18.34 crore of "interest paid" on NCDs in FY26? Who received the fees listed in the KIDs?
• Why do the RBI format liquidity statements show ₹67.97 crore and ₹79.59 crore of non performing loans, and performing loans beyond 1 year?
• Which lenders are "Lender 1" and "Lender 2" on the DLG page, and what is the guarantee in rupees?
• Why were Paaven Bansal and Grow Money left out of the FY25 related party note, and what rate did Grow Money charge?
• What were the chief executive's reimbursed expenses of ₹2.06 crore and ₹2.22 crore?
• What came of the Bengaluru FIR, and has the company been asked for anything further?
• Where are the KIDs for 07068 and 07076, and which agency rates 07068?

On 23rd Oct 2026 every coupon with a filed certificate had been paid, both agencies rated the company BBB−/Stable, and capital sat 0.20 above its covenant floor. The frauds of 20th and 23rd Oct 2026 (no recovery disclosed by 26th Oct), the 07068 certificate and the warrant vote were not yet resolved on the public record.

12Who can I ask?

The contacts below are the official ones printed in the bonds' KIDs and in the agencies' rating releases. Each can answer some questions and not others. The suggested questions are examples, drawn from the open questions above.

Where to find today's figures

Every figure on this page is dated. This is where to find the current one.

13Words used on this page

ALM statement

A table of a lender's loans and debts sorted by when they fall due.

BBB−

The lowest grade still called investment grade.

Bullet

A bond that repays all its principal on one date.

Coupon

The interest a bond pays, as a percentage of face value.

Covenant

A promise written into the bond, beyond paying on time.

CRAR

A lender's capital divided by its risk weighted loans.

Debenture trustee

The SEBI registered firm that acts for all holders and keeps the security.

DLG

Default loss guarantee: a promise to cover a partner lender's first losses.

Event of default

A situation in the terms that lets holders treat the bond as in default.

GID, KID

The offer documents: the General Information Document for the company, the Key Information Document for one series.

Hypothecation

A charge on assets, here loans, that stay with the company.

ICD

Inter corporate deposit: a loan from another company.

Impairment

The amount the accounts set aside or write off for loans that may not be repaid.

ISIN

The 12 character code for one security.

NBFC

A finance company registered with the RBI that is not a bank.

NCD

Non convertible debenture: a bond that never turns into shares.

Notch

One step on the rating scale, such as BBB− to BB+.

Put

The holder's right to hand the bond back early, on a set date and price.

Record date

The day the list of holders for the next payment is taken.

Reg 57 certificate

A listed company's filing that it has paid what was due on its bonds.

Security cover

The value of the assets set aside, divided by what the bond owes.

Stage 3

Loans 90 days or more overdue that are still on the books.

Step up

A rise in the coupon written into the terms, here on a rating cut.

TDS

Tax deducted at source from each coupon and deposited in your name.

Write off

Removing a loan from the books as a loss.

Yield

The yearly return at a given price, if every payment arrives on schedule.