| Aptus Value Housing Finance’s latest certificate, confirmed by auditors Sundaram & Srinivasan, indicates a security cover ratio of 1.12 for its Non-Convertible Debentures (NCDs), signifying a healthy level of asset backing for investors. The certificate, a regulatory requirement under SEBI guidelines, details the assets pledged as security, including property, investments, and a substantial loan book. The exclusive security cover ratio of 1.12 means the value of assets dedicated solely to securing the NCDs is 1.12 times the outstanding debt. While the company utilized book values for certain assets, particularly loan receivables, due to a lack of readily available market values, the auditor confirmed compliance with covenants and agreement of book values with financial results. Investors should note the reliance on book values and monitor the quality of the loan receivables, which represent a significant portion of the asset base. |