IIFL : SE Errata - Board Meeting May 28, 2020

May 23, 2020

The Manager,	The Manager,
Listing Department,	Listing Department,
BSE Limited,	The National Stock Exchange of India Ltd.,
Phiroze Jeejeebhoy Tower,	Exchange Plaza, 5 Floor, Plot C/1, G Block,
Dalal Street,	Bandra - Kurla Complex, Bandra (E),
Mumbai 400 001.	Mumbai 400 051.
BSE Scrip Code: 532636	NSE Symbol: IIFL

Subject: Errata - Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, as amended from time to time ("Listing Regulations")

Dear Sir/ Madam,

We refer to our Credit Rating Intimation filed yesterday, i.e. May 22, 2020. In this regard, the intimation should be replaced and read as follows:

"We would like to inform that pursuant to the order passed by Hon'ble National Company Law Tribunal (NCLT) dated March 07, 2019 approving the Composite Scheme of Arrangement ('Scheme'), the merger of India Infoline Finance Limited with IIFL Finance Limited ('the Company') was effected on March 30, 2020. Pursuant to the said merger all debt instruments and bank facilities etc were transferred from India Infoline Finance Limited to IIFL Finance Limited.

In view of above, CARE Ratings Limited (CARE) has re-affirmed rating, i.e. [CARE] AA with change in outlook assigned from Stable to Negative to IIFL Finance Limited in place of India Infoline Finance Limited as per enclosed rating rationale."

Kindly take the above information on record and oblige.

Thanking you,

Yours faithfully,

For IIFL Finance Limited

(Formerly known as IIFL Holdings Limited)

Digitally signed by GAJENDRA SINGH THAKUR

DN: c=IN, o=Personal, postalCode=400101, st=Maharashtra, 2.5.4.20=e7891421a6d9fa5c42f966cfdee6ff312cfefa8bf5c9fcbbc c585914a03e066b, serialNumber=29975b32bf08e8e293decd2f540354981de234fe5 4c517a10204f492d7b40472, cn=GAJENDRA SINGH THAKUR Date: 2020.05.23 20:32:39 +05'30'

Gajendra Thakur

Company Secretary

Encl: As above

CC:

Singapore Exchange Securities Trading Limited

2, Shenton Way, #02-02, SGX Centre 1,

Singapore - 068 804

IIFL Finance Limited (formerly known as IIFL Holdings Limited)

CIN No.: L67100MH1995PLC093797

Corporate Office - 802, 8th Floor, Hub Town Solaris, N.S. Phadke Marg, Vijay Nagar, Andheri East, Mumbai 400069

Tel: [phone] .Fax: [phone]

Regd. Office - IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane - 400604 Tel: (91-22)

41035000. Fax: [phone] E-mail: [e-mail] Website: www.iifl.com

Press Release

IIFL Finance Limited (merged subsidiary India Infoline Finance Limited)

May 21, 2020

Rating:

Facilities/Instruments	Volume	Rating	Rating Action
(Rs. Cr)
	825.00
Non-Convertible Debentures (NCD)	(Eight hundred and twenty five	CARE AA; Negative
	crore only)
Subordinated Debt	100.00	CARE AA; Negative	Assigned
(One Hundred crore only)
Bank Facilities (Fund based -ST)	400.00	CARE AA; Negative
(Four Hundred crore only)

*Refer to Annexure I for further details. Detailed Rationale and Key Rating drivers:

The rating assigned to the various debt instruments and bank facilities of IIFL Finance Limited (merged subsidiary India Infoline Finance Limited) takes into consideration the strong operational, managerial and financial linkages with the IIFL Group along with a shared brand name. CARE continues to factor in the comfort derived from the comfortable solvency position at the consolidated level, strong institutional ownership (with shareholding of Fairfax Group of 29.87%), experienced management team, stable profitability parameters, and diversified resource base. The ratings also factors in moderation in asset quality parameters of IIFL Finance Limited on account of increase in slippages especially in the construction and real estate lending, moderate seasoning of the portfolio as well as concentration risk in loan portfolio. The ratings also reflect the adequate liquidity profile of the company with majority of it's portfolio retail in nature.

Going forward, asset quality particularly in the real estate book, capital adequacy and profitability are the key rating sensitivities.

Key Event:

Pursuant to Composite Scheme of Arrangement, under which IIFL Finance Limited had reorganised the Group structure and demerged IIFL Wealth Management Limited and IIFL Securities Limited in May 2019 thereby creating three distinct listed entities viz IIFL Finance Limited, IIFL Wealth Management Limited and IIFL Securities Limited; the Committee of Board of Directors of IIFL Finance Limited (Formerly known as IIFL Holdings Limited) at its meeting held on March 30, 2020, approved the effecting of the merger of India Infoline Finance Limited with the Company. IIFL Finance Limited (Holding Company) obtained an NBFC license in March 2020 post which India Infoline Finance Limited has been merged with IIFL Finance Limited. The merger was completed on March 30, 2020.

Rating Sensitivities:

Positive factors- Factors that could, individually or collectively, lead to positive rating action/upgrade:

• Improvement in profitability with ROTA exceeding 3% on sustained basis.
• Sustained improvement in overall asset quality parameters.

Negative factors- Factors that could, individually or collectively, lead to negative rating action/downgrade

• Further deterioration in asset quality with Net NPA to Networth ratio exceeding 10%
• Deterioration in profitability with ROTA falling below 1.00%.

Outlook: Negative

The revision in outlook to 'Negative' reflects the company's exposure to vulnerable asset class such as LAP, Developer financing and SME financing which are likely to impact the asset quality & collection metrics of the company due to the COVID related disruption in economic activities. While the company has continued to maintain the granularity of its loan portfolio, the trend in asset quality parameters of the company have seen some moderation. While on a consolidated level, the company seems to have adequate liquidity to manage the repayments during the next 3 months, the collection and trend in asset quality mainly to the aforementioned vulnerable segments shall be key monitorables going forward. The outlook may be revised to Stable if the company manages to maintain stable asset quality parameters (in the MSME, LAP, HL and Developer & Construction Finance segment) and profitability parameters.

CARE Ratings has taken note of the announcement of merger of India Infoline Finance ltd with its parent IIFL Finance Ltd.

Detailed description of the key rating drivers

Key Rating Strengths

Comfortable Solvency Parameters with ability to raise capital.

The company reported CRAR of 21.4% with Tier I of 17.9% as of December 31, 2019 (CRAR: 19.2% Tier I CAR: 16.0% as on March 31, 2019) compared to CRAR of 20.7% with Tier I CAR of 17.4% as on December 31, 2018. The improvement in capitalization levels were mainly attributed to improving internal accruals resulting in increase in tangible net-worth. Also,

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the subsidiaries remained adequately capitalized with IIFL Home Finance reporting CRAR and Tier I of 23.01% and 18.11%, respectively as on December 31, 2019, (21.02% and 15.82%, respectively, as on March 31, 2019) and Samasta Microfinance reporting CRAR and Tier I of 27.59% and 20.71%, respectively (20.51% and 13.51%, respectively, as on March 31, 2019). The company's overall gearing position improved from 6.68x at FYE2019 to 5.18x at Q3FY20 reflecting subdued environment for NBFC's to borrow as well as improvement in capital levels as mentioned above.

Strong Institutional Ownership and experienced managed team

As on March 31, majority shareholding of IIFL Finance Limited was held by Fairfax group at 29.87%, Promoters (24.94%), Foreign Investors ( 12.69 %), CDC Group PLC (15.46%), NRI (Repat) (4.20%) and Public & Others (12.84 %) . IIFL Finance Limited continues to have experienced professionals on its Board and key management team with strong experience in respective business segment. After the scheme of arrangement, Mr. Nirmal Jain and Mr. R Venkatraman continued to be part of the top common management. Mr. A.K. Purwar is the Independent Director of IIFL Finance Limited. He was the Chairman of State Bank of India the largest Bank in the country from November, 2002 to May, 2006. Mr. Chandran Ratnaswami is the Non-Executive Director of the company. He is a director and CEO of Fairfax India Holdings Corporation. Mr. R Venkatraman, is co-promoter and Managing Director of IIFL Finance Limited since 1999. Mr. N. Srinivasan representing CDC Group PLC on the Board of the Company.

Mr. Sumit Bali is the CEO of IIFL Finance Limited having more than 24 years of banking experience, including heading the retail asset portfolio of Kotak Mahindra Bank, Mr. Monu Ratra is the CEO IIFL Home Finance Limited and Mr. N. Venkatesh is the CEO of Samasta Microfinance Limited.

Diversified loan portfolio

IIFL Finance Limited caters to the credit requirements of a diverse customer base with a variety of products such as: Home Loans (34% of AUM at December 31, 2019), Gold Loans (21% of AUM), Small Business Loans (23% of AUM), Microfinance (8% of AUM), Developer and Construction Finance (13% of AUM) and Capital Market Finance (1% of AUM). The Company reported AUM of Rs.36,015 crore with core growth segments accounting for around 69% of AUM on December 31, 2019 (which includes Home Loans, Gold Loans, SME and MFI). Also, ~61% of HL, 48% of Business loans and 92% of microfinance loans were PSL compliant as on December 31, 2019. The Company's Retail : Wholesale proportion stood at 87 : 13 as on December 31, 2019.

Stable profitability parameters

The Company reported total income of Rs.5,016 crore during FY19 compared to Rs.3,921 crore during FY18. The improvement in profitability was attributed to increase in interest income mainly from products such as gold loans (18% of AUM as on March 31, 2019 compared to 13% of AUM as on March 31, 2017), business loans (24% of AUM as on March 31, 2019 compared to 30% of AUM as on March 31, 2017) and microfinance (7% of AUM as on March 31, 2019 compared to 1% of AUM as on March 31, 2017) segment. On the expense side, the Company's cost of borrowing increased during FY19 and 9MFY20 due to challenging environment, particularly for NBFC's to raise funds.

During 9MFY20, company reported PAT of Rs.444 crore (after adjusting for the impact of change in the rate of opening/deferred tax worth Rs.99 crore) on total income of Rs.3,498 crore against PAT of Rs.490 crore on total income of Rs.3,643 crore during 9MFY19. NIM increased to 6.82% as on March 31, 2019 compared to 5.79% as on March 31, 2018 and was 5.68% as on December 31, 2019. Return on Total Assets (ROTA) improved marginally from 1.69% as on March 31, 2018 to 2.26% as on March 31, 2019 and declined as on December 31, 2019 to 1.21%.

Diversified resource profile

Company has a diversified resource profile with declining reliance on short-term funding and increasing dependence on securitization/assignment. As majority of portfolio including 61% of home loans, 48% of business loans and 92% of microfinance loans are priority sector eligible assets, the Company has been able to securitize these assets in times of challenging funding environment. Company's share of funding through securitization/assignment increased from 14% as on March 31, 2017 to 27% as on March 31, 2019 and increased to 38% as on December 31, 2019.

Since FY19, company has raised Rs.300 crore through on-lending route with banks and Rs.244 crore from Public issue of bonds along with $100mn 5-year ECB during H1FY20. Post September 2019, upto March 2020, the company managed to raise to Rs.3,445 crore through Term loans and refinancing, Rs.975 crore through public issue of bonds and Rs.2,855 crore through ECB in the form of Medium Term Notes , along with funding of Rs.4,689 crore through securitization route. In terms of short-term borrowing, the Company's had Nil dependence as on December 31, 2019.

Key Rating Weaknesses

Moderate Asset Quality

The Company's asset quality challenges emanates mainly through its real estate book comprising of Developer Financing (9.6% of AUM at Q3FY20), LAP (14% at Q3FY20), and construction Finance (3.3% of AUM at Q3FY20). GNPA deteriorated

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for LAP segment from 1.72% at FY2019 to 2.15% at Q3FY20. The borrowers under the LAP segment are generally self employed or small business owners whose businesses are likely to be impacted due to the COVID related lockdown. As such, the collection and asset quality metrics are likely to suffer in this segment. The GNPA in Developer financing remains at elevated level of 5.1% at Q3FY20. While the company has restricted incremental funding under this segment, we believe the lockdown may lead to additional stress as sales velocity of the projects decline and the developers face refinancing challenges. The asset quality in MSME & others portfolio (8.1% of AUM at Q3FY20) has also worsened with GNPA's increasing from 5.78% at FY2019 to 6.52% at Q3FY20. We believe the asset quality in this portfolio is also likely to be impacted due to the lockdown. While the overall GNPA was 2.27% at Q3FY20 as against 1.96% at FY19, we believe that LAP, MSME and Developer financing may have a material impact on the asset quality going forward.

Limited seasoning of portfolio

Over the years, the Company has increased its share of high yielding products i.e. gold loans, business loans and microfinance. During March 31, 2017 to December 31, 2019, Gold loans have increased from 13% to 21% of AUM, Business loans increased from 30% to 22% of AUM whereas microfinance segment increased from 1% to 8% of AUM. Although gold loans have average tenor of less than 1 year, but business loans and home loans have longer tenor where the seasoning of the portfolio is yet to be witnessed.

Liquidity Profile: Adequate

The ALM statement of the Company as on December 31, 2019, showed no negative cumulative mismatch up-to1-year bucket. The company had total contractual debt maturity of Rs.10,869 crore and inflows of Rs.11,568 crore from advances as on December 31 2019. The company has debt maturity of Rs.2,279 crore from April 2020 upto December 31, 2020, out of which Rs.865 crore is in the form of NCDs, and the balance is long term borrowing from banks, against which the Company had cash and cash equivalent of Rs.1,825 crore and unutilized bank lines of Rs.3,600 crore. Post September 2019, upto March 2020, the company managed to raise to Rs.3,445 crore through Term loans and refinancing, Rs.975 crore through public issue of bonds and Rs.2,855 crore through ECB in the form of Medium Term Notes, along with funding of Rs.4,689 crore through securitization route.

Analytical Approach:

CARE Ratings had earlier rated various debt instruments of India Infoline Finance Limited by considering the consolidated financials of below mentioned subsidiaries. After the merger of India Infoline finance limited with IIFL Finance Limited we continue the approach and consider the consolidated financials of IIFL Finance Limited (including merged subsidiary India Infoline Finance Limited). Further, we also factor in the synergies that IIFL Finance Limited will have with other IIFL group companies in terms of shared brand name and common promoters.

Subsidiaries considered as a part of consolidated financials:

• IIFL Home Finance Limited (100% holding)
• Samasta Microfinance Limited (98.89% holding)
• Clara Developers Private Limited (100% holding)

Applicable Criteria:

Criteria on assigning Outlook to Credit Ratings

CARE policy on Default Recognition

Rating Methodology: Factoring Linkages in Ratings

Rating Methodology-Non Banking Finance Companies (NBFC)

Rating Methodology-Housing Finance Companies

Financial ratios-Financial Sector

About the Company

IIFL Finance Limited (Erstwhile "IIFL Holdings Limited") (Bloomberg Code: IIFL IN, NSE: IIFL, BSE: 532636 ) is one of the leading players in the Indian financial services space. Prior to the Composite Scheme of Arrangement, IIFL Finance Limited was engaged in the business of financing, asset and wealth management, retail and institutional broking, financial products distribution and investment banking through its various subsidiaries. IIFL Finance Limited is a first generation venture which started as a research firm in 1995. IIFL Finance Limited was a pioneer in the retail equity broking industry with its launch of 5paisa trading platform which offered the lowest brokerage in the industry and freedom from traditional ways of transacting. IIFL's evolution from an entrepreneurial start-up in 1995 to a full range diversified financial services group is a story of steady growth by adapting to the dynamic business environment, without losing focus on its core domain of financial services.

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Post obtaining an NBFC license and merger of India Infoline Finance Limited with the Company (NBFC-ND-SI) in March 2020, IIFL Finance Limited became a systematically important, non-deposit accepting non-banking financial company (NBFC-ND-SI) and continues to cater to the credit requirements of underserved markets through its diversified offerings which include core products: Home Loans, Gold Loans, Small Business Loans and Microfinance; and other products: Developer and Construction Finance and Capital Market Finance. The Company reported AUM of Rs.36,015 crore with core growth segments accounting for around 69% of AUM as on December 31, 2019. (Rs.34,904 crore as on March 31, 2019).

IIFL Finance has wholly owned subsidiary, IIFL Home Finance Limited (housing finance company registered with NHB), engaged in retail mortgage finance. During FY17, IIFL ventured into the microfinance segment with the acquisition of Bengaluru-based microlender Samasta Microfinance Ltd (NBFC-MFI) registered with RBI. As on December 31, 2019, AUM of Samasta Microfinance Ltd was Rs.2,973 crore (Rs.2,285 crore as on March 31, 2019).

Brief Financials - IIFL Finance Limited (Consolidated)	(Rs. crore)
Particulars*		FY18 (A)		FY19 (A)
Total Income		3,921		5,016
PAT		465		729#
Total Assets*		31,649		32,859
Net NPA (%)		0.64		0.63
ROTA (%)		1.96		2.26

*as per IND AS. A: Audited; #: Including profit from sale of CV business; *: Net of Intangibles and Deferred Tax Assets (DTA). All ratios are as per CARE's calculations

Any other information: Not Applicable

Rating History for last three years: Please refer Annexure II

Annexure I: Instrument Details

Instrument Type

ISIN No

Date Of Maturity

Amount (Rs. Cr)

Coupon (%)

Existing Rating

Non-Convertible Debenture (NCD)

INE866I07750

02-Nov-20

287.50

10.20%

CARE AA; Negative

Non-Convertible Debenture (NCD)

INE866I07750

02-Nov-21

287.50

10.20%

CARE AA; Negative

Non-Convertible Debenture (NCD)

INE866I07BL1

29-Apr-21

250.00

8.00%

CARE AA; Negative

Total

825.00

Subordinated Debt

INE866I08246

19-Nov-27

100.00

8.70%

CARE AA; Negative

Total

100.00

Bank Facilities- (Fund Based-ST)

-

-

400.00

Total

400.00

Annexure II: 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

2020-2021

2019-2020

2018-2019

2017-2018

1.

Debentures-Non

LT

825.00

CARE AA;

-

-

-

-

Convertible

Negative

Debentures

2.

Debt-Subordinate

LT

100.00

CARE AA;

-

-

-

-

Debt

Negative

3.

Bank Facilities (Fund

ST

400.0

CARE AA;

-

-

-

-

Based-ST)

Negative

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 [e-mail] any clarifications.

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Contact us

Media Contact

Mradul Mishra

Contact no. -[phone]

Email ID [e-mail]

Analyst Contact 1

Mr. Abhijit Urankar

Contact no.- 022-6754 3669

Email [e-mail]

Analyst Contact 2

Mr. Sanjay Kumar Agarwal

Contact no. : [phone] / 582

Email [e-mail]

Business Development Contact

Name: : Ankur Sachdeva

Contact no. : 91 98196 98985

Email ID :[e-mail]

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.

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. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, 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. CARE is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE's rating.

Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

**For detailed Rationale Report and subscription information, please contact us at www.careratings.com

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India Infoline Finance Limited

May 21, 2020

Ratings

	Facilities/Instruments			Amount			Rating1			Rating Action
			(Rs. Cr)
Non-ConvertibleDebentures (NCD)	-		-
Long Term Bank Facilities	-		-			Withdrawn*
Preference Shares	-		-
Subordinated Debt	-		-

• In line with CARE Withdrawal Policy, post the merger of India Infoline Finance Limited with IIFL Finance Limited w.e.f March 30, 2020 all the liabilities and consequently the above mentioned CARE debt instruments will now be transferred to the parent entity i.e IIFL Finance Limited. Details of instruments / facilities given in Annexure - 1

Detailed Rationale and Key Rating drivers:

CARE has withdrawn the rating assigned to the various debt instruments of India Infoline Finance Limite with immediate effect, as the company has merged into it's parent entity i.e IIFL Finance Limited w.e.f March 30, 2020 and subsequent to the merger all the liabilities and consequently the above mentioned CARE debt instruments will now be transferred to the parent entity i.e IIFL Finance Limited. This is in line with CARE's Withdrawal policy.

Analytical approach: Not Applicable

Applicable Criteria

Policy on Withdrawal of ratings

About the Company

India Infoline Finance Limited was incorporated in 2004 under the flagship of IIFL Finance Limited. India Infoline is a systematically important, non-deposit accepting non-banking financial company (NBFC-ND-SI), catering to the credit requirements of underserved markets through its diversified offerings which include core products: Home Loans, Gold Loans, Small Business Loans and Microfinance; and other products: Developer and Construction Finance and Capital Market Finance. The Company reported AUM of Rs.36,015 crore with core growth segments accounting for around 69% of AUM as on December 31, 2019. (Rs.34,904 crore as on March 31, 2019).

IIFL Finance has wholly owned subsidiary, IIFL Home Finance Limited (housing finance company registered with NHB), engaged in retail mortgage finance. During FY17, IIFL ventured into the microfinance segment with the acquisition of Bengaluru-based microlender Samasta Microfinance Ltd (NBFC-MFI) registered with RBI. As on December 31, 2019, AUM of Samasta Microfinance Ltd was Rs.2,973 crore (Rs.2,285 crore as on March 31, 2019).

Brief Financials - India Infoline Finance Limited (Consolidated)		(Rs. crore)
Particulars*		FY18 (A)	FY19 (A)
Total Income		3,921	5,016
PAT		465	729#
Total Assets*		31,649	32,859
Net NPA (%)		0.64	0.63
ROTA (%)		1.96	2.26

*as per IND AS. A: Audited; #: Including profit from sale of CV business; *: Net of Intangibles and Deferred Tax Assets (DTA). All ratios are as per CARE's calculations

Status of non-cooperation with previous CRA: Not Applicable

Any other information: Not Applicable

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

1 Complete definition of the ratings assigned are available at www.careratings.comand other CARE publications

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Annexure-1: Details of Instruments/Facilities

Instrument Type

ISIN

Date Of

Amount (Rs.

Coupon

Existing

No

Maturity

Cr)

(%)

Rating

Non-Convertible Debenture (NCD)

-

-

-

-

Withdrawn

Non-Convertible Debenture (NCD)

-

-

-

-

Withdrawn

Non-Convertible Debenture (NCD)

-

-

-

-

Withdrawn

Non-Convertible Debenture (NCD)

-

-

-

-

Withdrawn

Non-Convertible Debenture (NCD)

-

-

-

-

Withdrawn

Non-Convertible Debenture (NCD)

-

-

-

-

Withdrawn

Proposed Non-Convertible Debenture

-

-

-

-

(NCD)

Subordinated Debt

-

-

-

-

Withdrawn

Proposed Subordinated Debt

-

-

-

-

Withdrawn

LT-BankFacility-Term Loan

-

-

-

-

Withdrawn

LT-Bank Facility Cash Credit

-

-

-

-

Withdrawn

LT-Bank Facility Cash Credit

-

-

-

-

Withdrawn

LT-Bank Facility Cash Credit

-

-

-

-

Withdrawn

LT-Bank Facility Cash Credit

-

-

-

-

Withdrawn

LT-BankFacility-Proposed

-

-

-

-

Withdrawn

Non-Convertible Redeemable

-

-

-

-

Withdrawn

Preference Share

-

-

-

-

Withdrawn

Total

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Annexure-2: Rating History of last three years

Sr.	Name of the		Current Ratings		Rating history
No.	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 2018-	assigned in
							2020-2021	2019-2020	2019	2017-2018
1.	Debentures-Non	LT	-	-	-	-	1)Withdrawn	1)CARE AA;
		Convertible						(08-Jan-19)	Positive
		Debentures							(09-Feb-18)
										2)CARE AA;
										Positive
										(11-Jul-17)
2.	Debentures-Non	LT	-	-	-	-	1)Withdrawn	1)CARE AA;
		Convertible						(08-Jan-19)	Positive
		Debentures							(09-Feb-18)
										2)CARE AA;
										Positive
										(11-Jul-17)
3.	Fund-based - LT-Term	LT	-	Withdrawn	-	1)CARE AA;	1)CARE AA;	1)CARE AA;
		Loan					Stable	Stable	Positive
								(08-Jan-20)	(14-Mar-19)	(09-Feb-18)
									2)CARE AA;	2)CARE AA;
									Positive	Positive
									(08-Jan-19)	(11-Jul-17)
4.	Fund-based - LT-Cash	LT	-	Withdrawn	-	1)CARE AA;	1)CARE AA;	1)CARE AA;
		Credit					Stable	Stable	Positive
								(08-Jan-20)	(14-Mar-19)	(09-Feb-18)
									2)CARE AA;	2)CARE AA;
									Positive	Positive
									(08-Jan-19)	(11-Jul-17)
5.	Debentures-Non	LT	-	Withdrawn	-	1)CARE AA;	1)CARE AA;	1)CARE AA;
		Convertible					Stable	Stable	Positive
		Debentures					(08-Jan-20)	(14-Mar-19)	(09-Feb-18)
									2)CARE AA;	2)CARE AA;
									Positive	Positive
									(08-Jan-19)	(11-Jul-17)
6.	Preference Shares-Non	LT	-	Withdrawn	-	1)CARE AA	1)CARE AA (RPS);	1)CARE AA
		Convertible					(RPS);	Stable	(RPS);
		Redeemable					Stable	(14-Mar-19)	Positive
		Preference Share					(08-Jan-20)	2)CARE AA (RPS);	(09-Feb-18)
									Positive	2)CARE AA
									(08-Jan-19)	(RPS);
										Positive
										(11-Jul-17)
7.	Debt-Subordinate Debt	LT	-	Withdrawn	-	1)CARE AA;	1)CARE AA;	1)CARE AA;
								Stable	Stable	Positive
								(08-Jan-20)	(14-Mar-19)	(09-Feb-18)
									2)CARE AA;	2)CARE AA;
									Positive	Positive
									(08-Jan-19)	(17-Nov-17)
		3							CARE Ratings Limited

Press Release

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 [e-mail] for any clarifications.

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Contact no. : 91 98196 98985

Email ID :[e-mail]

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.

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. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, 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. CARE is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE's rating.

Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

**For detailed Rationale Report and subscription information, please contact us at www.careratings.com

4	CARE Ratings Limited