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7KH'UDIW6KHOI3URVSHFWXVGDWHG1RYHPEHUZDV¿OHGZLWKWKH'HVLJQDWHG6WRFN([FKDQJHSXUVXDQWWRWKHSURYLVLRQVRIWKH6(%,'HEW5HJXODWLRQVDQGZDVRSHQ IRUSXEOLFFRPPHQWVIRUDSHULRGRIVHYHQ:RUNLQJ'D\VIURPWKHGDWHRI¿OLQJRIWKH'UDIW6KHOI3URVSHFWXVZLWKWKH'HVLJQDWHG6WRFN([FKDQJH ,668(6&+('8/( 75$1&+(,,668(23(1621 '(&(0%(5 75$1&+(,,668(&/26(621 -$18$5< In compliance with the proviso to Regulation 21A (1) of the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, as amended (“ Merchant Bankers Regulations ”), Edelweiss Financial Services Limited (“ EFSL ”) will be involved only in marketing of the Issue. ** The Tranche I Issue shall remain open for subscription on Working Days from 10 a.m. to 5 p.m. (Indian Standard Time) during the period indicated above, except that the Tranche I Issue may close on such earlier date or extended date as may be decided by the Board of Directors of our Company or duly constituted committee (“ Debentures Committee ”) thereof, authorised by the resolution of the Board dated October 25, 2018. In the event of an early closure or extension of the Tranche I Issue, our Company shall ensure that notice of the same is provided to the prospective investors through an advertisement in a daily national newspaper with wide circulation on or before such earlier or initial date of the Tranche I Issue closure. On the Tranche I Issue Closing Date, the Application Forms for Tranche I Issue will be accepted only between 10 a.m. and 3 p.m. (Indian Standard Time) and uploaded until 5 p.m. or such extended time as may be permitted by the Stock Exchanges. For further details please refer to the chapter titled “General Information” on page 17 of the Tranche I Prospectus. ***\ Beacon Trusteeship Limited pursuant to regulation 4(4) of SEBI Debt Regulations has by its letter dated November 12, 2018 given its consent for its appointment as Debenture Trustee to the Issue and for its name to be included in the Tranche I Prospectus and in all the subsequent periodical communications to be sent to the holders of the NCDs issued pursuant to this Issue. For further details please refer to the section titled “General Information - Debenture Trustee” on page 18 of the Tranche I Prospectus and see Annexure C. $ FRS\ RI WKH 6KHOI 3URVSHFWXV DQG WKH 7UDQFKH , 3URVSHFWXV KDV EHHQ ¿OHG ZLWK WKH 5HJLVWUDU RI &RPSDQLHV 0DKDUDVKWUD 0XPEDL LQ WHUPV RI VHFWLRQ DQG RI &RPSDQLHV$FW DORQJ ZLWK WKH HQGRUVHGFHUWL¿HG FRSLHV RI DOO requisite documents. 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On the Issue Closing Date Application 7KH1&'+ROGHU V IRUWKHWLPHEHLQJDSSHDULQJLQWKHUHFRUGRIEHQH¿FLDO Forms will be accepted only between 10:00 a.m. and 3:00 p.m. (Indian RZQHUV PDLQWDLQHG E\ WKH 'HSRVLWRU\ VKDOO EH WUHDWHG IRU DOO SXUSRVHV Standard Time) and uploaded until 5:00 p.m. (Indian Standard Time) or E\ RXU &RPSDQ\ WKH 'HEHQWXUH7UXVWHH WKH 'HSRVLWRULHV DQG DOO RWKHU such extended time as may be permitted by the Stock Exchanges. 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Net worth = Equity Share Capital + Other Equity Less Deferred tax asset (net) * To be updated in the Shelf Prospectus # Assuming the Issue is fully subscribed. )RUGHWDLOVRQWKHWRWDORXWVWDQGLQJERUURZLQJRIRXU&RPSDQ\SOHDVHUHIHUWRWKHFKDSWHUWLWOHG³ Financial Indebtedness ´ EHJLQQLQJRQSDJH Key Operational and Financial Parameters $ VXPPDU\ RI RXU NH\ RSHUDWLRQDO DQG ¿QDQFLDO SDUDPHWHUV GHULYHG IURP 5HIRUPDWWHG )LQDQFLDO ,QIRUPDWLRQ IRU WKH ODVW WKUHH FRPSOHWHG )LQDQFLDO /(*$/$1'27+(5,1)250$7,21 DOORZHGWKHDSSOLFDWLRQV¿OHGE\8%+/DQGSHUPLWWHGWKH$SSHOODQWVWR Except as described below, there are no outstanding litigations including, VHOO HTXLW\ VKDUHV RI 86/ KHOG E\ WKHP WR 5HOD\ %9 DQG suits, criminal or civil prosecutions and taxation related proceedings against 'LDJHRSOFDQGRWKHUVDQGWRXVHWKHVDOHSURFHHGVWRPDNHSD\PHQWWR our Company and its Board of Directors that may have an adverse effect 8%+/¶V VHFXUHG FUHGLWRUV 7KH VDLG VKDUHV ZHUH SOHGJHG ZLWK YDULRXV on our business. 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2527+(5:,6($&48,5($1<6(&85,7,(62)7+,6,668(50$< (“ Merchant Bankers Regulations ”), Edelweiss Financial Services Limited '2 62 38568$1772 ,1'(3(1'(17 ,148,5<,19(67,*$7,21 (“ EFSL”) will be involved only in marketing of the Issue. $1' $1$/<6,6 $1' 6+$// 127 +$9( $1< &/$,0 $*$,167 7+( (;&+$1*( :+$762(9(5 %< 5($621 2) $1< /266 'LVFODLPHU&ODXVHRI%6( :+,&+0$<%(68))(5('%<68&+3(5621&216(48(1772 %6(/,0,7(' ³7+((;&+$1*(´ +$6*,9(1 VIDE ,76/(77(5 25,1&211(&7,21:,7+68&+68%6&5,37,21$&48,6,7,21 '$7(' '(&(0%(5 3(50,66,21 72 7+,6 &203$1< 72 :+(7+(5%<5($6212)$1<7+,1*67$7('2520,77('72 86( 7+( (;&+$1*(¶6 1$0( ,1 7+,6 2))(5 '2&80(17 $6 %(67$7('+(5(,125$1<27+(55($621:+$762(9(5 21(2)7+(672&.(;&+$1*(621:+,&+7+,6&203$1<¶6 ',6&/$,0(5&/$86(2)5%, 6(&85,7,(6 $5( 352326(' 72 %( /,67(' 7+( (;&+$1*( +$6 6&587,1,=(' 7+,6 2))(5 '2&80(17 )25 ,76 /,0,7(' 7+(&203$1<,6+$9,1*$9$/,'&(57,),&$7(2)5(*,675$7,21 ,17(51$/ 385326( 2) '(&,',1* 21 7+( 0$77(5 2) '$7(' $35,/ %($5,1* 5(*,675$7,21 12 1 *5$17,1* 7+( $)25(6$,' 3(50,66,21 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You must rely on 7+( 67$7(0(176 25 5(35(6(17$7,216 0$'( 25 23,1,216 your examination of our Company and this Issue, including the risks and (;35(66(' %< 7+( &203$1< $1' )25 5(3$<0(17 2) uncertainties involved. '(326,76',6&+$5*(2)/,$%,/,7<%<7+(&203$1< 5LVN)DFWRUV5HODWLQJWRRXU&RPSDQ\ 7UDFNUHFRUGRISDVWSXEOLFLVVXHVKDQGOHGE\WKH/HDG0DQDJHUV 1. High levels of customer defaults and the resultant non-performing assets 7KH WUDFN UHFRUG RI SDVW LVVXHV KDQGOHG E\ WKH /HDG 0DQDJHUV DV UHTXLUHG FRXOGDGYHUVHO\DIIHFWRXU&RPSDQ\¶VEXVLQHVV¿QDQFLDOFRQGLWLRQFDVK E\ 6(%, FLUFXODU QXPEHU &,50,56' GDWHG -DQXDU\ DUH ÀRZVUHVXOWVRIRSHUDWLRQVDQGIXWXUH¿QDQFLDOSHUIRUPDQFH DYDLODEOHDWWKHIROORZLQJZHEVLWHV 2. Our Company may be impacted by volatility in interest rates which 1DPHRI/HDG0DQDJH U Websit H could cause its Gross Spreads to decline, and consequently, affect its ,,)/+ROGLQJV/LPLWHG ZZZLLÀFDSFRP SUR¿WDELOLW\ (GHOZHLVV)LQDQFLDO6HUYLFHV/LPLWHG ZZZHGHOZHLVV¿QFRP 2XUWRSERUURZHUVKDYHDQH[SRVXUHRIDQG RIRXU $[LV%DQN/LPLWHG ZZZD[LVEDQNFRP total exposure as on March 31, 2018 and September 30, 2018, respectively. 7UXVW,QYHVWPHQW$GYLVRUV3ULYDWH/LPLWHG ZZZWUXVWJURXSLQ Our inability to maintain relationship with such customers or any default /LVWLQJ and non-payment in future or credit losses of our single borrower or $QDSSOLFDWLRQZLOOEHPDGHWRWKH6WRFN([FKDQJHVIRU SHUPLVVLRQ WR GHDO group exposure where we have a substantial exposure could materially LQDQGIRUDQRI¿FLDOTXRWDWLRQRIRXU1&'V%6(KDVEHHQDSSRLQWHGDVWKH DQGDGYHUVHO\DIIHFWRXUEXVLQHVVIXWXUH¿QDQFLDOSHUIRUPDQFHDQGUHVXOWV 'HVLJQDWHG6WRFN([FKDQJH of operations. ,I SHUPLVVLRQV WR GHDO LQ DQG IRU DQ RI¿FLDO TXRWDWLRQ RI RXU 1&'V DUH QRW 4. Our Company is subject to supervision and regulation by the RBI, as JUDQWHG E\ 16( DQGRU %6( RXU &RPSDQ\ ZLOO IRUWKZLWK UHSD\ ZLWKRXW an NBFC-ND-SI, and other regulatory authorities and changes in the LQWHUHVW DOO PRQH\V UHFHLYHG IURP WKH$SSOLFDQWV LQ SXUVXDQFH RI WKH 6KHOI RBI’s regulations and other regulations, and the regulation governing 3URVSHFWXVDQGWKHUHOHYDQW7UDQFKH3URVSHFWXV HV our Company or the industry in which our Company operates could adversely affect its business. 2XU &RPSDQ\ VKDOO HQVXUH WKDW DOO VWHSV IRU WKH FRPSOHWLRQ RI WKH QHFHVVDU\ IRUPDOLWLHVIRUOLVWLQJDQGFRPPHQFHPHQWRIWUDGLQJDWDOOWKH6WRFN([FKDQJHV 5. Our Company’s inability to comply with observations made by the RBI PHQWLRQHGDERYHDUHWDNHQZLWKLQZRUNLQJGD\VIURPWKHGDWHRIFORVXUHRI or any adverse action by the RBI may have a material adverse effect on WKHUHOHYDQW7UDQFKH,VVXH LWVEXVLQHVV¿QDQFLDOFRQGLWLRQFDVKÀRZVDQGUHVXOWVRIRSHUDWLRQV )RU WKH DYRLGDQFH RI GRXEW LW LV KHUHE\ FODUL¿HG WKDW LQ WKH HYHQW RI QRQ 2XU &RPSDQ\¶V LQDELOLW\ WR REWDLQ UHQHZ RU PDLQWDLQ WKH VWDWXWRU\ VXEVFULSWLRQ WR DQ\ RQH RU PRUH RI WKH 6HULHV2SWLRQV VXFK 1&'V ZLWK and regulatory permits and approvals which are required to operate its 6HULHV V 2SWLRQ V VKDOOQRWEHOLVWHG existing or future businesses may have a material adverse effect on its EXVLQHVV¿QDQFLDOFRQGLWLRQFDVKÀRZVDQGUHVXOWVRIRSHUDWLRQV )RUIXUWKHUGHWDLOVSOHDVHUHIHUSDJH RIWKH6KHOI3URVSHFWXV 7. Our Company may not be able to recover the full value of collateral 5,6.)$&7256 RU DPRXQWV ZKLFK DUH VXI¿FLHQW WR FRYHU WKH RXWVWDQGLQJ DPRXQWV GXH An investment in NCDs involves a certain degree of risk. You should carefully under defaulted loans on a timely basis or at all and as a result, which consider all the information contained in the Shelf Prospectus, including the FRXOG DGYHUVHO\ DIIHFW LWV ¿QDQFLDO FRQGLWLRQ FDVK ÀRZV DQG UHVXOWV RI risks and uncertainties described below, before making an investment decision. operations. The risk factors set forth below do not purport to be complete or comprehensive 8. Our Company extends margin funding loans or loans against securities in terms of all the risk factors that may arise in connection with our business to our Company’s clients and any default by a client coupled with a or any decision to purchase, own or dispose of the NCDs. The following risk downturn in the stock markets could result in substantial losses for our factors are determined on the basis of their materiality. In determining the Company. materiality of risk factors, we have considered risks which may not be material 9. Our Company’s business requires substantial capital and any disruption in individually but may be material when considered collectively, which may have the sources of its funding or an increase in its average cost of borrowings a qualitative impact though not quantitative, which may not be material at present but may have a material impact in the future. Additional risks, which FRXOGKDYHDPDWHULDODGYHUVHHIIHFWRQLWVOLTXLGLW\¿QDQFLDOFRQGLWLRQ are currently unknown, if materialises, may in the future have a material DQGFDVKÀRZV DGYHUVH HIIHFW RQ RXU EXVLQHVV ¿QDQFLDO FRQGLWLRQ FDVK ÀRZV DQG UHVXOWV RI 2XU&RPSDQ\¶VVLJQL¿FDQWLQGHEWHGQHVVDQGWKHFRQGLWLRQVDQGUHVWULFWLRQV operations. The market prices of the NCDs could decline due to such risks LPSRVHGE\LWV¿QDQFLQJDUUDQJHPHQWVFRXOGUHVWULFWLWVDELOLW\WRFRQGXFW and you may lose all or part of your investment. its business and operations in the manner our Company desires. 8QOHVV VSHFL¿HG RU TXDQWL¿HG LQ WKH UHOHYDQW ULVN IDFWRUV EHORZ ZH DUH QRW :HDUHUHTXLUHGWRSUHSDUHRXU¿QDQFLDOVWDWHPHQWVZLWKHIIHFWIURP$SULO LQDSRVLWLRQWRTXDQWLI\WKH¿QDQFLDORURWKHULPSOLFDWLRQRIDQ\RIWKHULVNV 1, 2018 under the Ind AS. As Ind AS differs in various respects from described in this section. The Shelf Prospectus also contains forward-looking ,QGLDQ *$$3RXU ¿QDQFLDO VWDWHPHQWV IRU WKH ¿QDQFLDO \HDU PD\ statements that involve risks and uncertainties. Our results could differ QRWEHFRPSDUDEOHWRRXUKLVWRULFDO¿QDQFLDOVWDWHPHQWV materially from those anticipated in these forward-looking statements as a 7KH ¿QDQFLQJ LQGXVWU\ LV EHFRPLQJ LQFUHDVLQJO\ FRPSHWLWLYH DQG RXU result of certain factors, including events described below and elsewhere in Company’s growth will depend on its ability to compete effectively. the Shelf Prospectus. Unless otherwise stated and unless the context requires 13. We and certain of our Directors are involved in certain legal and other RWKHUZLVH WKH ¿QDQFLDO LQIRUPDWLRQ XVHG LQ WKLV VHFWLRQ LV GHULYHG IURP proceedings and there can be no assurance that we and our Directors and should be read in conjunction with Reformatted Standalone Financial will be successful in any of these legal actions. In the event we are Information of our Company. unsuccessful in litigating any of the disputes, our business and results 7KH¿QDQFLDOLQIRUPDWLRQIRUKDOI\HDUHQGHG6HSWHPEHUDQG¿QDQFLDO of operations may be adversely affected. information upto and for the year ended March 18 are not comparable as they are prepared under different GAAPs. ECL FINANCE LIMITED IN THE NATURE OF FORM 2A - MEMORANDUM CONTAINING SALIENT FEATURES OF THE PROSPECTUS 14. Our business requires raising substantial capital through borrowings and in our Company’s business differs from the standards of some of its any disruption in funding sources would have a material adverse effect counterparts. RQRXUOLTXLGLW\¿QDQFLDOFRQGLWLRQDQGRUFDVKÀRZV 32. Our Company’s business is dependent on relationships established through 2XU&RPSDQ\PD\EHH[SRVHGWRÀXFWXDWLRQVLQWKHPDUNHWYDOXHVRILWV its branches with its clients. Any events that harm these relationships investment and other asset portfolio including closure of branches or the loss of our Company’s key personnel 2XU &RPSDQ\ PD\ QRW EH DEOH WR VXFFHVVIXOO\ VXVWDLQ LWV JURZWK UDWH RUHPSOR\HHVPD\OHDGWRDGHFOLQHLQRXU&RPSDQ\¶VUHYHQXHDQGSUR¿WV Our Company’s inability to implement its growth strategy effectively Further, our Company’s results of operations could be adversely affected FRXOGDGYHUVHO\DIIHFWLWVEXVLQHVVDQG¿QDQFLDOUHVXOWV in the event of any disputes with its employees. 17. Our Company’s growth will depend on our Company’s continued ability 6LJQL¿FDQW IUDXG V\VWHP IDLOXUH RU FDODPLWLHV FRXOG DGYHUVHO\ LPSDFW to access funds at competitive rates which is dependent on a number of our Company’s business. factors including our Company’s ability to maintain its credit ratings. 34. Our Company’s reliance on any misleading or misrepresented information 18. Any change in control of our Promoter or our Company or any other provided by potential customers or counterparties or an inaccurate credit factor affecting the business and reputation of our Promoter may have appraisal by our Company’s employees may affect its credit judgments, a concurrent adverse effect on our Company’s reputation, business and as well as the value of and title to the collateral, which may adversely results of operations and may correspondingly adversely affect our affect its reputation, business and results of operations. JRRGZLOORSHUDWLRQVDQGSUR¿WDELOLW\ 35. Our Company may not be able to detect money-laundering and other 19. Our ability to borrow from various banks may be restricted on account illegal or improper activities fully or on a timely basis, which could of guidelines issued by the RBI imposing restrictions on banks in relation expose it to additional liability and harm its business or reputation. to their exposure to NBFCs which could have an impact on our business 2XU &RPSDQ\ LV H[SRVHG WR ÀXFWXDWLRQV LQ WKH PDUNHW YDOXHV RI LWV and could affect our growth, margins and business operations. investment and other asset portfolio. 20. Our Company may face asset-liability mismatches which could affect its 2XU&RPSDQ\PD\H[SHULHQFHGLI¿FXOWLHVLQH[SDQGLQJLWVEXVLQHVVLQWR liquidity and consequently may adversely affect our Company’s operations new regions and markets in India and introducing its complete range of DQGSUR¿WDELOLW\ products in each of its branches. $V DW 6HSWHPEHU ZKROHVDOH PRUWJDJH ¿QDQFLQJ DQG UHWDLO 38. The SMEs to which our Company provides loans may not perform as mortgages-loans against property amounted to ` 88,978.44 million and expected and our Company may not be able to control the non-performance ` PLOOLRQ UHVSHFWLYHO\ DQG FRQVWLWXWHG DQG of such businesses. respectively, of our Company’s Loan Book as per Ind AS. 39. Our Company is dependent on the Edelweiss Group’s goodwill and brand 22. Our Company’s inability to recover the amounts due from customers to name. Any change in control of the Edelweiss Group or our Company or whom it has provided unsecured loans in a timely manner, or at all, and any other factor affecting the business and reputation of the Edelweiss its customers failure to comply with applicable statutory or regulatory Group may have a concurrent adverse effect on our Company’s reputation, requirements in relation to such loans could adversely affect our Company’s business and results of operations. RSHUDWLRQVDQGSUR¿WDELOLW\ 40. Our Company has entered into related party transactions and may continue 23. A decline in our Company’s capital adequacy ratio could restrict its WR HQWHU LQWR UHODWHG SDUW\ WUDQVDFWLRQV ZKLFK PD\ LQYROYH FRQÀLFW RI future business growth. interest. 2XU FRQWLQJHQW OLDELOLWLHV FRXOG DGYHUVHO\ DIIHFW RXU ¿QDQFLDO FRQGLWLRQ 41. Our Company’s Promoter, Directors and related entities have interests in DQGFDVKÀRZV a number of entities which are in businesses similar to our Company’s 25. We introduce new products for our customers and there is no assurance EXVLQHVV DQG WKLV PD\ UHVXOW LQ SRWHQWLDO FRQÀLFWV RI LQWHUHVW ZLWK RXU WKDWRXUQHZSURGXFWVZLOOEHSUR¿WDEOHLQWKHIXWXUH Company. 7KHQHZEDQNUXSWF\FRGHLQ,QGLDPD\DIIHFWRXUULJKWVWRUHFRYHUORDQV 6LJQL¿FDQWGLIIHUHQFHVH[LVWEHWZHHQ,QGLDQ*$$3XVHG WR SUHSDUH RXU from borrowers. &RPSDQ\¶V¿QDQFLDOVWDWHPHQWVDQGRWKHUDFFRXQWLQJSULQFLSOHVVXFKDV IFRS, with which investors may be more familiar. Further, our Company 27. Our Company’s success depends, to a large extent, upon its management will be subject to a number of new accounting standards as part of its team and key personnel and its ability to attract, train and retain WUDQVLWLRQWR,1' $6 WKDWPD\VLJQL¿FDQWO\LPSDFWLWV¿QDQFLDOVWDWHPHQWV such persons. Our Company’s inability to attract and retain talented in future reporting periods. professionals or the loss of key management personnel may have an DGYHUVHLPSDFWRQLWVEXVLQHVVDQGIXWXUH¿QDQFLDOSHUIRUPDQFH 43. Certain facts and statistics are derived from publications not independently YHUL¿HGE\RXU&RPSDQ\WKH/HDG0DQDJHUVRUWKHLUUHVSHFWLYHDGYLVRUV 28. A failure or inadequacy in our Company’s information technology and telecommunication systems or its inability to adapt to rapid technological :H GR QRW RZQ WKH SUHPLVHV ZKHUH RXU EUDQFK RI¿FHV DUH ORFDWHG DQG FKDQJHVPD\DGYHUVHO\DIIHFWLWVEXVLQHVVUHVXOWVRIRSHUDWLRQ¿QDQFLDO in the event our rights over the properties is not renewed or is revoked FRQGLWLRQDQGFDVKÀRZV or is renewed on terms less favourable to us, our business activities may be disrupted. 29. Our Company is exposed to operational risks, including employee QHJOLJHQFHSHWW\WKHIWEXUJODU\DQGHPEH]]OHPHQWDQGIUDXGE\HPSOR\HHV 45. Security provided for the Issue may not be enforceable if the security agents, customers or third parties, which could harm our Company’s SURYLGHGIRUWKH,VVXHLVFODVVL¿HGDVµ$VVHWV¶XQGHUWKH,7$FWDQGZLOO UHVXOWVRIRSHUDWLRQVDQG¿QDQFLDOSRVLWLRQ be void as against any claim in respect of any tax or any other sum payable by our Company. 30. Our Company’s insurance coverage may not adequately protect our Company against losses which could adversely affect our Company’s :H UHO\ RQ GLUHFW VHOOLQJ DJHQWV '6$V WR VHOO RXU SURGXFWV DFURVV WKH EXVLQHVV¿QDQFLDOFRQGLWLRQFDVKÀRZVDQGUHVXOWVRIRSHUDWLRQV country. These DSAs may not perform their obligations satisfactorily or LQFRPSOLDQFHZLWKODZRUPD\EHSDUWRIXQODZIXOXQHWKLFDO EHKDYLRU 31. Our Company’s ability to assess, monitor and manage risks inherent which may adversely affect the business and reputation of our Company. ECL FINANCE LIMITED IN THE NATURE OF FORM 2A - MEMORANDUM CONTAINING SALIENT FEATURES OF THE PROSPECTUS 47. We may be required to bear additional tax liability for previous assessment of operations. \HDUV ZKLFK FRXOG DGYHUVHO\ DIIHFW RXU ¿QDQFLDO FRQGLWLRQ DQG FDVK 7HUURULVWDWWDFNVFLYLOXQUHVWDQGRWKHUDFWVRIYLROHQFHRUZDULQYROYLQJ ÀRZV ,QGLD DQG RWKHU FRXQWULHV FRXOG DGYHUVHO\ DIIHFW WKH ¿QDQFLDO PDUNHWV 48. Our lending operations involve cash collection which may be susceptible and our business. to loss or misappropriation or fraud by our employees. This may adversely 70. Natural calamities could have a negative impact on the Indian economy affect our business, operations and ability to recruit and retain employees. and could adversely affect our Company’s business. 49. We rely on third-party service providers who may not perform their )RU IXUWKHU GHWDLOV SOHDVH UHIHU ³5LVN )DFWRUV´ RQ SDJH QR RI WKH 6KHOI obligations satisfactorily or in compliance with law. 3URVSHFWXV 5LVNVSHUWDLQLQJWRWKLV,VVXH 0$7(5,$/&2175$&76$1''2&80(176)25 ,IZHGRQRWJHQHUDWHDGHTXDWHSUR¿WVZHPD\QRWEHDEOHWRPDLQWDLQ ,163(&7,21 an adequate DRR for the NCDs issued pursuant to the Shelf Prospectus, which may have a bearing on the timely redemption of the NCDs by our 7KH&RQWUDFWV QRWEHLQJFRQWUDFWVHQWHUHGLQWRLQWKHRUGLQDU\FRXUVHRIEXVLQHVV Company. FDUULHGRQE\RXU&RPSDQ\RUHQWHUHGLQWRPRUHWKDQ WZR \HDUV EHIRUH WKH GDWHRIWKH7UDQFKH,3URVSHFWXV ZKLFKDUHRUPD\EHGHHPHGPDWHULDOKDYH 51. Changes in interest rates may affect the price of our NCDs. EHHQHQWHUHGRUDUHWREHHQWHUHGLQWRE\RXU&RPSDQ\7KHVH&RQWUDFWVZKLFK 52. You may not be able to recover, on a timely basis or at all, the full DUHRUPD\EHGHHPHGPDWHULDOVKDOOEHDWWDFKHGWRWKHFRS\RIWKH7UDQFKH YDOXHRIWKHRXWVWDQGLQJDPRXQWVDQGRUWKHLQWHUHVWDFFUXHGWKHUHRQLQ , 3URVSHFWXV WR EH GHOLYHUHG WR WKH 5HJLVWUDU RI &RPSDQLHV 0XPEDL IRU connection with the NCDs. UHJLVWUDWLRQDQGDOVRWKHGRFXPHQWVIRULQVSHFWLRQUHIHUUHGWRKHUHXQGHUPD\ 53. There is no assurance that the NCDs issued pursuant to this Issue will EHLQVSHFWHGDWWKHUHJLVWHUHGRI¿FHRIRXU&RPSDQ\IURPDPWR be listed on Stock Exchanges in a timely manner, or at all. SPRQ:RUNLQJ'D\VIURPWKHGDWHRIWKH¿OLQJRIWKH7UDQFKH,3URVSHFWXV 54. Any downgrading in credit rating of our NCDs may affect the value of ZLWK6WRFN([FKDQJHVXQWLOWKH7UDQFKH,,VVXH&ORVLQJ'DWH NCDs and thus our ability to raise further debts. )RUIXUWKHUGHWDLOVUHIHUWR0DWHULDO&RQWUDFWVDQG'RFXPHQWVIRU,QVSHFWLRQRQ SDJHV RIWKH6KHOI3URVSHFWXV 6HFXULWLHV RQ RXU 1&'V PD\ EH H[FOXVLYH DQGRU UDQN SDUL SDVVX ZLWK any of our Company’s secured obligations (with the exceptions of any '(&/$5$7,21 exclusive charge created by the Company). :H WKH 'LUHFWRUV RI WKH &RPSDQ\ KHUHE\ FHUWLI\ DQG GHFODUH WKDW DOO WKH 2XU&RPSDQ\PD\UDLVHIXUWKHUERUURZLQJVDQGFKDUJHLWVDVVHWVDIWHU UHOHYDQWSURYLVLRQVRIWKH&RPSDQLHV$FWDQGUXOHVSUHVFULEHG WKHUHXQGHU WR receipt of necessary consents from its existing lenders. WKHH[WHQWDSSOLFDEOHDVRQWKLVGDWHWKHJXLGHOLQHVLVVXHGE\WKH*RYHUQPHQW 57. Payments to be made on the NCDs will be subordinated to certain RI,QGLDDQGWKHUHJXODWLRQVDQGJXLGHOLQHVDQGFLUFXODUVLVVXHGE\WKH5HVHUYH tax and other liabilities preferred by law. In the event of bankruptcy, %DQN RI ,QGLD DQG WKH 6HFXULWLHV DQG ([FKDQJH %RDUG RI ,QGLD HVWDEOLVKHG OLTXLGDWLRQ RU ZLQGLQJXS WKHUH PD\ QRW EH VXI¿FLHQW DVVHWV UHPDLQLQJ XQGHU6HFWLRQRIWKH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD$FW DV to pay amounts due on the NCDs. DPHQGHGDVWKHFDVHPD\EHLQFOXGLQJWKH6HFXULWLHVDQG ([FKDQJH %RDUG RI,QGLD ,VVXHDQG/LVWLQJRI'HEW6HFXULWLHV 5HJXODWLRQVDVDPHQGHG 58. You may be subject to taxes arising on the sale of the NCDs. SURYLVLRQVXQGHUWKH6HFXULWLHV&RQWUDFWV 5HJXODWLRQ $FW DVDPHQGHG 59. There may be no active market for the non-convertible debentures on DQGUXOHVPDGHWKHUHXQGHULQFOXGLQJWKH6HFXULWLHV&RQWUDFWV 5HJXODWLRQ 5XOHV the WDM segment of the stock exchange. As a result, the liquidity and DVDPHQGHGLQFRQQHFWLRQZLWKWKH,VVXHKDYHEHHQFRPSOLHGZLWKDQG market prices of the non-convertible debentures may fail to develop and QRVWDWHPHQWPDGHLQ3URVSHFWXVLVFRQWUDU\WRWKHUHOHYDQWSURYLVLRQVRIDQ\ may accordingly be adversely affected. DFWVUXOHVUHJXODWLRQVJXLGHOLQHVDQGFLUFXODUVDVDSSOLFDEOHWRWKH3URVSHFWXV 7KHIXQGUHTXLUHPHQWDQGGHSOR\PHQWPHQWLRQHGLQWKH 2EMHFWV RI WKH :HIXUWKHUFHUWLI\WKDWDOOWKHGLVFORVXUHVDQGVWDWHPHQWVLQWKH3URVSHFWXVDUH ,VVXHKDYHQRWEHHQDSSUDLVHGE\DQ\EDQNRU¿QDQFLDOLQVWLWXWLRQ WUXHDFFXUDWHDQGFRUUHFWLQDOOPDWHULDOUHVSHFWVDQGGRQRWRPLWGLVFORVXUH 7KHUHPD\EHDGHOD\LQPDNLQJUHIXQGWR$SSOLFDQWV RIDQ\PDWHULDOIDFWZKLFKPD\PDNHWKHVWDWHPHQWVPDGHWKHUHLQLQOLJKWRI ([WHUQDO5LVNV FLUFXPVWDQFHVXQGHUZKLFKWKH\ZHUHPDGHPLVOHDGLQJDQGWKDWWKH3URVSHFWXV GRHVQRWFRQWDLQDQ\PLVVWDWHPHQWV 2XU &RPSDQ\¶V UHVXOWV RI RSHUDWLRQV KDYH EHHQ DQG PD\ FRQWLQXH WR EHDGYHUVHO\DIIHFWHGE\,QGLDQDQGLQWHUQDWLRQDO¿QDQFLDOPDUNHWVDQG 6LJQHGE\WKH'LUHFWRUVRIRXU&RPSDQ\ economic conditions. 5DVKHVK6KDK $Q\ DGYHUVH FKDQJH LQ ,QGLD¶V FUHGLW UDWLQJ E\ DQ LQWHUQDWLRQDO UDWLQJ (Managing Director) DJHQF\FRXOGDGYHUVHO\DIIHFWRXU&RPSDQ\¶VEXVLQHVVDQGSUR¿WDELOLW\ 5DYLSUDNDVK5%XEQD 7KHLQVWDELOLW\RIHFRQRPLFSROLFLHVDQGWKHSROLWLFDO VLWXDWLRQ LQ ,QGLD (Managing Director) FRXOGDGYHUVHO\DIIHFWWKH,QGLDQ¿QDQFLQJLQGXVWU\ +LPDQVKX.DML )LQDQFLDOGLI¿FXOWLHVDQGRWKHUSUREOHPVLQFHUWDLQ¿QDQFLDOLQVWLWXWLRQV (Executive Director) in India could cause our Company’s business to suffer and adversely affect our Company’s results of operations. 319HQNDWDFKDODP (Independent Director) $Q\ YRODWLOLW\ LQ WKH H[FKDQJH UDWH PD\ OHDG WR D GHFOLQH LQ ,QGLD¶V foreign exchange reserves and may affect liquidity and interest rates in %LVZDPRKDQ0DKDSDWUD the Indian economy, which could adversely impact our Company. (Independent Director) &RPSDQLHV RSHUDWLQJ LQ ,QGLD DUH VXEMHFW WR D YDULHW\ RI WD[HV DQG 9LG\D6KDK surcharges. 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