Press Release IL&FS Financial Services Limited: Details of Instruments/facilities in Annexure-1

Press Release
IL&FS Financial Services Limited

September 17, 2018
Ratings
Amount 1
Facilities/Instruments Rating Rating Action
(Rs. crore)
Revised from CARE BB;
Non-convertible CARE D
4,800 [Double B] and removed from credit
debentures [Single D]
watch with negative implications
CARE D (RPS) Revised from CARE BB- (RPS)
Non-convertible [Single D [Double B Minus (Redeemable
Redeemable Cumulative 250 (Redeemable Preference Shares)]
Preference Shares Preference and removed credit watch with
Shares)] negative implications
CARE D
Subordinate Debt 1,100 [Double B] and removed from credit
[Single D]
CARE D
Long-term Bank Facilities 2,425 [Double B] and removed from credit
[Single D]
Revised from CARE A4
CARE D
Commercial Paper issue 4,000 [A Four] and removed from credit
[Single D]
Revised from CARE BB-;
CARE D [Double B Minus] and removed from
Perpetual Debt 200
[Single D] credit watch with negative
implications
12,775
(Rs. Twelve Thousand
Total
Seven Hundred Seventy
Five Crore only)
Details of instruments/facilities in Annexure-1
Detailed Rationale & Key Rating Drivers

The rating revision takes into account the recent instances of irregularities in servicing of debt by the company. The
liquidity profile of the group continues to be under stress on account of delay in raising funds from the promoters’ and
impending debt payments. Further, the company’s plans to raise funds from promoters are yet to be finalized.
Detailed description of the key rating drivers

Key Rating Weaknesses
Delay in servicing of debt obligations: The issuing and paying agent (IPA) for the Commercial Paper (CP) of IL&FS
Financial Services (IFIN) had informed CARE on September 15, 2018 about delay by IFIN in meeting the repayments of its
CP issuances. IFIN had redemptions of Rs.105 crore to be paid on September 14, 2018 which were paid partly to the
investors (amounting Rs.80 crore) on account of insufficient funds in the CP redemption account. The balance amount
was received by the IPA post the NEFT cut-off time and simultaneously paid to the beneficiary account on the next day.
Earlier, IFIN had witnessed a delay in CP redemptions on August 28, 2018 and August 30, 2018 on account of technical
issue post which the company was barred from accessing CP markets till February 28, 2019 in compliance with the RBI
Commercial Paper directions, 2017.
Deterioration in financial risk profile of the parent company: The overall financial risk profile of the parent company -
Infrastructure Leasing and Financial Services Limited (IL&FS) has seen weakening on account of group’s elevated leverage
levels and moderation in credit profile of key business verticals i.e. energy vertical (housed in IL&FS Energy Development
Company Limited) and engineering vertical (housed in IL&FS Engineering and Construction Company Limited). CARE had
earlier downgraded the ratings of IEDCL to ‘CARE BB-; Credit watch with negative implications) and IECCL to ‘CARE BB;
Negative’.
Deterioration in asset quality: IFIN has been witnessing asset quality pressures for the last couple of years in sync with
the stressed environment prevailing in the economy, especially in the infrastructure sector. During FY18, IFIN’s asset
1
Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications
1 CARE Ratings Limited
Press Release
quality parameters saw deterioration on account of slippages in certain accounts as well as shift of NPA recognition from
120 days past due (dpd) to 90 dpd norm. IFIN reported Gross NPA Ratio (calculated on credit exposures) of 5.30% (P.Y.:
3.30%) and Net NPA Ratio of 3.49% (P.Y.: 2.36%) as on March 31, 2018. The company’s Net NPA to Net worth ratio stood
at 27.50% (P.Y.: 14.84%) as on March 31, 2018. In addition to provisioning for NPAs, IFIN has been conservatively creating
contingency provisions which stood at Rs.275 crore as on March 31, 2018 (P.Y.: Rs.450 crore) which (covers ~52% of Net
NPAs) providing some comfort.
Deterioration in liquidity profile: The liquidity profile of the company has seen significant deterioration on account of
impending debt servicing obligations in the near future and delay in funding support from the group on account of delay
in fund raising plans. The financial flexibility of the company is further impacted as IFIN would not be able to access the
Commercial Paper (CP) market for six month period in line with compliance with the Reserve Bank Commercial Paper
Directions, 2017.
Subdued financial performance: IFIN witnessed a marginal decline in total income during FY18 (refers to period from
April 01 to March 31) which was largely on account of stagnant growth in interest income on loan portfolio with Net
Interest Income increasing by only 9% during the year as compared to 32% in the previous year. The NIM expanded by 38
bps to 2.61% during FY18. IFIN saw rise in provisioning during FY18 (especially in Q4FY18) on account of higher provisions
required on NPA (Rs.176 crore), provision for diminution in investments (Rs.197 crore) and additional provision for
standard assets (Rs.121 crore) resulting in PBT reported sharp de-growth during the year to Rs.202 crore as against PBT of
Rs.323 crore during FY17. The company reported Profit after Tax (PAT) of Rs.100 crore during FY18 as against PAT of
Rs.209 crore during FY17 showing a sharp decline of 52.27%. IFIN’s Return on Total Assets (ROTA) declined significantly by
63 bps to 0.49% during the same period on account of a 52.27% decline in PAT in FY18 caused due to higher credit cost.
Customer concentration risk: IFIN’s funding is towards corporate loans and infrastructure loans which leads to higher
concentration risk. As on March 31, 2018, top 10 individual borrowers constituted around 20% of the total credit
exposure [March 31, 2017: 22%] and 161% of the tangible net-worth [March 31, 2017: 140%]. In the Promoter Funding
(PF) portfolio, top 10 exposures accounted for 85% of PF book as on March 31, 2018 [March 31, 2017: 66%] and 91% of
the tangible net-worth [March 31, 2017: 86%]. On Infrastructure loan side, top 10 exposures accounted for 45% of the
total infrastructure loan portfolio as on March 31, 2018 [March 31, 2017: 47%] and 148% of the tangible net-worth as on
March 31, 2018 [March 31, 2017: 116%]. On real estate loan side, top 5 exposures accounted for 44% of the total real
estate portfolio and 57% of the tangible net-worth as on March 31, 2018. On corporate loan side, top 5 exposures
accounted 36% of the total corporate loan portfolio and 75% of the tangible net-worth. As on March 31, 2018, Top 10
group exposures constituted around 26% of the total credit exposure [March 31, 2017: 28%] and 208% of the tangible
net-worth [March 31, 2017: 181%].
Compliance with regulatory norms within stipulated timelines: While reporting CAR, IFIN followed its own policy in
respect of the definition of 'companies in the same group', as approved by its Board of Directors since October, 2007. IFIN
treated each business verticals as separate group exposures for complying with the regulatory guidelines on prudential
norms. RBI, under the NBFC regulations, undertakes regular annual Inspection of the registered NBFC’s. RBI in its recent
inspection reports has asked IFIN to report CAR as required by the definition considered by RBI and has given time till
March 31, 2019 to comply with the NOF and CAR requirements as per RBI definition. Considering IFIN’s exposure to group
companies being significantly higher than its tangible net worth, IFIN would be required to either infuse significant
amount of equity capital or significantly reduce its exposure to group companies.
ILFS group has initiated strategic measures to de-leverage the books of IFIN by raising equity capital as well as reducing
the debt and reducing its exposure to group companies to comply with the regulatory norms. As a part of the plan, the
company has taken shareholder’s approval to increase its authorized capital to Rs. 2,750 crore from Rs.1,050 crore by way
of increase in equity capital and by creation of additional Compulsorily Convertible Cumulative Preference Shares (CCCPS)
and approval to raise Rs. 500 crore through issue of CCCPS on private placement basis. However, timely infusion of capital
(equity/preference) and exiting of exposures would be critical for IFIN in complying with the RBI stipulations by end of
FY19.
Key Rating Strengths: NA
Analytical approach:
CARE has analyzed standalone credit profile of IFIN along with IFIN’s financial, operational and managerial linkages with
its parent, IL&FS.
Applicable Criteria
Criteria on assigning Outlook to Credit Ratings
Press Release
CARE Policy on Default Recognition

Criteria for Short Term Instruments
Criteria for placing rating on credit watch
Rating Methodology: Factoring Linkages in Ratings
Rating Methodology- Non Banking Finance Companies
Financial ratios - Financial Sector
About the Company

Incorporated in September 1995, IL&FS Financial Services Ltd is registered as systemically Important Non Deposit taking
Non-Banking Financial Company (NBFC-ND-SI). IFIN is a 100% subsidiary of IL&FS Ltd (rated ‘CARE BB; / CARE A4 credit
watch with negative implications). IFIN’s business profile is broadly divided into investment banking business (asset &
structured finance), project debt syndication business, corporate advisory services business and project finance advisory.
IFIN has international presence through its fully owned subsidiaries in Singapore, United Kingdom, Hong Kong and Dubai.
These subsidiaries were set up mainly to assist corporates for their overseas borrowing, through private equity,
syndication and advisory services.
Brief financials of IFIN are presented below:
Particulars (Rs. crore) FY17 (A) FY18 (A)
Total income 2,346 2,294
PAT 209 100
Total Assets (adjusted for Intangible assets) 19,363 21,655
Net NPA (%) 2.36 3.49
ROTA (%) (PAT/Average Total Assets) 1.12 0.49
A: Audited
Status of non-cooperation with previous CRA: Not Applicable
Any other information: Not Applicable
Rating History for last three years: Please refer Annexure-2
Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity.
This classification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome
to write to [email protected] for any clarifications.
Analyst Contact:
Name: Aditya Acharekar
Tel: 022- 6754 3528
Mobile: +91- 9819013971
Email: [email protected]:
About CARE Ratings:

CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading
credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also
recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of
its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum
of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form
an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading
service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the
international best practices.

Press Release
Disclaimer
CARE’s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the
concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtained
from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or
completeness of any information and is not responsible for any errors or omissions or for the results obtained from the
use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee,
based on the amount and type of bank facilities/instruments.
In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is based on the capital deployed by the
partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of
withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial
performance and other relevant factors.
Annexure-1: Details of Instruments/Facilities
Date of Coupon Maturity Size of the Issue Rating assigned along with
Name of the instruments
Issuance Rate Date (Rs. crore) Rating Outlook
CARE D (Removed from
Debentures-Non Convertible Debentures 17-Sep-13 10.50% 17-Sep-18 175.00 credit watch with negative
implications)
Debentures-Non Convertible Debentures 18-Sep-13 10.50% 28-Aug-18 50.00 credit watch with negative
implications)
Debentures-Non Convertible Debentures 03-Jul-14 9.50% 03-Jul-19 253.00 credit watch with negative
implications)
implications)
Debentures-Non Convertible Debentures 28-Aug-14 9.60% 28-Aug-19 37.25 credit watch with negative
implications)
implications)
Debentures-Non Convertible Debentures 21-Mar-16 8.90% 21-Mar-19 37.00 credit watch with negative
implications)
implications)
Debentures-Non Convertible Debentures 23-Mar-16 8.88% 15-May-19 50.00 credit watch with negative
implications)
implications)
implications)
implications)
implications)
Debentures-Non Convertible Debentures 31-Mar-16 8.90% 31-Mar-21 5.00
credit watch with negative
Press Release
implications)
implications)
Debentures-Non Convertible Debentures 03-Jun-16 8.75% 03-Dec-18 15.00 credit watch with negative
implications)
Debentures-Non Convertible Debentures 03-Jun-16 8.75% 03-Jun-19 15.00 credit watch with negative
implications)
implications)
implications)
implications)
implications)
implications)
implications)
implications)
implications)
implications)
implications)
implications)
implications)
implications)
Debentures-Non Convertible Debentures 09-Aug-16 8.54% 08-Nov-19 100.00 credit watch with negative
implications)
implications)
Debentures-Non Convertible Debentures 12-Sep-16 8.51% 12-Sep-26 100.00
credit watch with negative
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implications)
implications)
implications)
Debentures-Non Convertible Debentures 06-Dec-16 8.65% 06-Jun-21 75.00 credit watch with negative
implications)
Debentures-Non Convertible Debentures 06-Dec-16 8.65% 06-Jun-22 75.00 credit watch with negative
implications)
Debentures-Non Convertible Debentures 06-Dec-16 8.65% 06-Dec-21 300.00 credit watch with negative
implications)
implications)
implications)
Debentures-Non Convertible Debentures 20-Feb-17 8.50% 20-Feb-27 50.00 credit watch with negative
implications)
Debentures-Non Convertible Debentures 05-Apr-17 8.23% 05-Apr-27 100.00 credit watch with negative
implications)
implications)
implications)
implications)
implications)
implications)
implications)
Debentures-Non Convertible Debentures 16-Apr-18 8.70% 16-Apr-25 100.00 credit watch with negative
implications)
3-May-25
Debentures-Non Convertible Debentures 3-May-18 8.70% 100.00 credit watch with negative
implications)
4-Jul-23
Debentures-Non Convertible Debentures 4-Jul-18 9.30% 50.00 credit watch with negative
implications)
Debentures-Non Convertible Debentures CARE D (Removed from
- - - 1,147.75
(Proposed) credit watch with negative
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implications)
Preference Shares-Non Convertible
30-Mar-16 - 30-Mar-21 250.00 credit watch with negative
Redeemable Preference Share
implications)
Debt-Subordinate Debt 28-Dec-11 10.30% 28-Dec-21 200.00 credit watch with negative
implications)
Debt-Subordinate Debt 22-Mar-12 10.30% 22-Mar-22 200.00 credit watch with negative
implications)
Debt-Subordinate Debt 29-Jun-12 10.15% 29-Jun-22 200.00 credit watch with negative
implications)
Debt-Subordinate Debt 27-Nov-12 9.55% 27-Nov-22 100.00 credit watch with negative
implications)
Debt-Subordinate Debt 28-Feb-13 9.55% 28-Feb-23 100.00 credit watch with negative
implications)
Debt-Subordinate Debt 27-Jan-16 8.90% 27-Jan-26 35.00 credit watch with negative
implications)
Debt-Subordinate Debt 22-Mar-16 9.03% 22-Mar-26 65.00 credit watch with negative
implications)
Debt-Subordinate Debt 29-Sep-16 8.69% 29-Sep-26 100.00 credit watch with negative
implications)
Debt-Subordinate Debt 23-Apr-18 8.90% 23-Apr-28 100.00 credit watch with negative
implications)
Debt-Perpetual Debt 29-Dec-17 8.80% Perpetual 100.00 credit watch with negative
implications)
Debt-Perpetual Debt 22-Mar-18 9.00% Perpetual 100.00 credit watch with negative
implications)
Fund-based-LT- Term Loan - - 09-Feb-20 2,425.00 credit watch with negative
implications)
Short Term instruments - Commercial Paper Up to 1
- - 4,000.00 credit watch with negative
issue year
implications)
Annexure-2: Rating History of last three years

Sr. No. Name of the Current Ratings Rating history
Instrument/Bank Type Amount Rating Date(s) & Date(s) & Date(s) & Date(s) &
Facilities Outstanding Rating(s) Rating(s) Rating(s) Rating(s)
(Rs. crore) assigned in assigned in assigned in assigned in
2018-2019 2017-2018 2016-2017 2015-2016
1. Commercial Paper ST 4000.00 CARE D 1) CARE A4 1)CARE A1+ 1)CARE A1+; 1)CARE A1+
(Credit watch (27-Mar-18) Stable (31-Mar-16)
with negative 2)CARE A1+ (28-Mar-17) 2)CARE A1+
implications) (07-Mar-18) 2)CARE A1+ (17-Nov-15)
(09-Sep-18) 3)CARE A1+ (10-Oct-16)
2) CARE A1+ (08-Nov-17)
(16-Aug-18) 4)CARE A1+;
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2018-2019 2017-2018 2016-2017 2015-2016
Stable
(09-Oct-17)
2. Debt-Subordinate Debt LT 600.00 CARE D 1)CARE BB 1)CARE AAA; 1)CARE AAA; 1)CARE AAA
(Credit watch Stable Stable (17-Nov-15)
with negative (09-Oct-17) (28-Mar-17)
implications) 2)CARE AAA
(09-Sep-18) (10-Oct-16)
2) CARE AA+;
credit watch
with negative
implications
(16-Aug-18)
(09-Sep-18) (10-Oct-16)
2) CARE AA+;
credit watch
with negative
implications
(16-Aug-18)
4. Debentures-Non LT 400.00 CARE D 1)CARE BB 1)CARE AAA; 1)CARE AAA; 1)CARE AAA
Convertible Debentures (Credit watch Stable Stable (17-Nov-15)
with negative (07-Mar-18) (28-Mar-17)
implications) 2)CARE AAA; 2)CARE AAA
(09-Sep-18) Stable (10-Oct-16)
2) CARE AA+; (09-Oct-17) 3)CARE AAA
credit watch (18-May-16)
with negative
implications
(16-Aug-18)
(09-Sep-18) (10-Oct-16)
2) CARE AA+;
credit watch
with negative
implications
(16-Aug-18)
with negative
implications
(16-Aug-18)

Press Release

2018-2019 2017-2018 2016-2017 2015-2016
(09-Sep-18) (10-Oct-16)
2) CARE AA+;
credit watch
with negative
implications
(16-Aug-18)
with negative
implications
(16-Aug-18)
9. Preference Shares-Non LT 250.00 CARE D 1)CARE BB- 1)CARE AAA 1)CARE AAA 1)CARE AAA
Convertible Redeemable (RPS) (Credit (RPS); Stable (RPS); Stable (RPS)
Preference Share watch with (09-Oct-17) (28-Mar-17) (31-Mar-16)
negative 2)CARE AAA
implications) (RPS)
(09-Sep-18) (10-Oct-16)
2) CARE AA 3)CARE AAA
(RPS); credit (RPS)
watch with (18-May-16)
negative
implications
(16-Aug-18)
10. Debentures-Non LT 400.00 CARE D 1) 1)CARE BB 1)CARE AAA; 1)CARE AAA; -
Convertible Debentures (Credit watch Stable Stable
credit watch (11-Jul-16)
with negative
implications
(16-Aug-18)
11. Debentures-Non LT 1000.00 CARE D 1)CARE BB 1)CARE AAA; 1)CARE AAA; -
2)CARE AA+; (09-Oct-17)
credit watch
with negative
implications
(16-Aug-18)
12. Debt-Subordinate Debt LT 100.00 CARE D 1)CARE BB 1)CARE AAA; 1)CARE AAA; -
(Credit watch Stable Stable

Press Release

2018-2019 2017-2018 2016-2017 2015-2016
(09-Sep-18) (10-Oct-16)
1)
CARE AA+;
credit watch
with negative
implications
(16-Aug-18)
13. Debentures-Non LT 1500.00 CARE D 1)CARE BB 1)CARE AAA; 1)CARE AAA; -
(09-Sep-18) Stable (15-Nov-16)
2)CARE AA+; (09-Oct-17)
credit watch
with negative
implications
(16-Aug-18)
14. Debt-Subordinate Debt LT 100.00 CARE D 1)CARE BB 1)CARE AAA; 1)CARE AAA; -
(Credit watch Stable Stable
implications)
(09-Sep-18)
2) CARE AA+;
credit watch
with negative
implications
(16-Aug-18)
15. Fund-based - LT-Term LT 2425.00 CARE D 1)CARE BB 1)CARE AAA; 1)CARE AAA; -
Loan (Credit watch Stable Stable
implications)
(09-Sep-18)
2)CARE AA+
(Credit watch
with negative
implications)
(16-Aug-18)
16. Debt-Perpetual Debt LT 200.00 CARE D 1)CARE BB- 1)CARE AA+; - -
(Credit watch Stable
with negative (18-Dec-17)
implications) 2)CARE AA+;
(09-Sep-18) Stable
2) CARE AA; (09-Oct-17)
credit watch
with negative
implications
(16-Aug-18)

Press Release
CONTACT
Head Office Mumbai
Ms. Meenal Sikchi Mr. Ankur Sachdeva
Cell: + 91 98190 09839 Cell: + 91 98196 98985
E-mail: [email protected] E-mail: [email protected]
Ms. Rashmi Narvankar Mr. Saikat Roy

Cell: + 91 99675 70636 Cell: + 91 98209 98779
E-mail: [email protected] E-mail: [email protected]
CARE Ratings Limited

(Formerly known as Credit Analysis & Research Ltd.)
Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022
Tel: +91-22-6754 3456 | Fax: +91-22-6754 3457 | E-mail: [email protected]
AHMEDABAD
Mr. Deepak Prajapati JAIPUR
32, Titanium, Prahaladnagar Corporate Road, Mr. Nikhil Soni
Satellite, Ahmedabad - 380 015 304, Pashupati Akshat Heights, Plot No. D-91,
Cell: +91-9099028864 Madho Singh Road, Near Collectorate Circle,
Tel: +91-79-4026 5656 Bani Park, Jaipur - 302 016.
E-mail: [email protected] Cell: +91 – 95490 33222
Tel: +91-141-402 0213 / 14
BENGALURU E-mail: [email protected]
Mr. V Pradeep Kumar
Unit No. 1101-1102, 11th Floor, Prestige Meridian II, KOLKATA
No. 30, M.G. Road, Bangalore - 560 001. Ms. Priti Agarwal
Cell: +91 98407 54521 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.)
Tel: +91-80-4115 0445, 4165 4529 10A, Shakespeare Sarani, Kolkata - 700 071.
Email: [email protected] Cell: +91-98319 67110
Tel: +91-33- 4018 1600
CHANDIGARH E-mail: [email protected]
Mr. Anand Jha
SCF No. 54-55, NEW DELHI
First Floor, Phase 11, Ms. Swati Agrawal
Sector 65, Mohali - 160062 13th Floor, E-1 Block, Videocon Tower,
Chandigarh Jhandewalan Extension, New Delhi - 110 055.
Cell: +91 85111-53511/99251-42264 Cell: +91-98117 45677
Tel: +91- 0172-490-4000/01 Tel: +91-11-4533 3200
Email: [email protected] E-mail: [email protected]
CHENNAI PUNE
Mr. V Pradeep Kumar Mr.Pratim Banerjee
Unit No. O-509/C, Spencer Plaza, 5th Floor, 9th Floor, Pride Kumar Senate,
No. 769, Anna Salai, Chennai - 600 002. Plot No. 970, Bhamburda, Senapati Bapat Road,
Cell: +91 98407 54521 Shivaji Nagar, Pune - 411 015.
Tel: +91-44-2849 7812 / 0811 Cell: +91-98361 07331
Email: [email protected] Tel: +91-20- 4000 9000
E-mail: [email protected]
COIMBATORE
Mr. V Pradeep Kumar CIN - L67190MH1993PLC071691
T-3, 3rd Floor, Manchester Square
Puliakulam Road, Coimbatore - 641 037.
Tel: +91-422-4332399 / 4502399
Email: [email protected]
HYDERABAD
Mr. Ramesh Bob
401, Ashoka Scintilla, 3-6-502, Himayat Nagar,
Hyderabad - 500 029.
Cell : + 91 90520 00521
Tel: +91-40-4010 2030
E-mail: [email protected]

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IL&FS Financial Services Limited

Detailed Rationale & Key Rating Drivers

Detailed description of the key rating drivers

Key Rating Strengths: NA

CARE Policy on Default Recognition

About the Company

Status of non-cooperation with previous CRA: Not Applicable

Any other information: Not Applicable

Rating History for last three years: Please refer Annexure-2

About CARE Ratings:

3 CARE Ratings Limited

Annexure-1: Details of Instruments/Facilities

Annexure-2: Rating History of last three years

Sr. No. Name of the Current Ratings Rating history

8 CARE Ratings Limited

Sr. No. Name of the Current Ratings Rating history

9 CARE Ratings Limited

Sr. No. Name of the Current Ratings Rating history

10 CARE Ratings Limited

Ms. Rashmi Narvankar Mr. Saikat Roy

CARE Ratings Limited

11 CARE Ratings Limited

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