Series-7 IM dated

Shri Nagendra Nath Sinha, IAS

March 5, 2018

31 January 2019

February 07, 2019

R.K. Chaturvedi, May 18, 2018 Continuing Additional Secretary and Member (Administration) Asheesh Sharma May 18, 2018 Continuing Member (Finance) Subhash Chandra Garg, IAS July 2017 November 06, 2017 , IAS October 31, 2017 - Secretary, Department of Expenditure Shri Rajeeve Kumar, IAS May 16, 2017 June 27, 2017 Shri , IAS April 30, 2016 October 31, 2017 Secretary, Department of Expenditure Sh. Deepak Kumar June 27, 2017 May 16, 2018 Chairman, NHAI Shri Shashikanta Das August 31, 2015 February 28, 2017 Secretary, Department of Economic Affairs, Ministry of Finance Shri R. K. Pandey November 04, 2015 Continuing as a Member Member (Projects) Shri Sanjay Mitra January 01, 2016 May 24, 2017 Secretary, MoRTH Shri Anand Kumar Singh February 12, 2016 Continuing as a Member Member (Project) Shri Niraj Verma, IAS, March 14, 2016 August 23, 2018 Member (PPP) Mrs. Veena Ish, IAS August 04, 2016 September 07, 2017 Member (Admin) Shri D O Tawade August 30, 2016 Continuing as a Member

Member (Technical)

Shri Yudhvir Singh Malik, IAS November 28, 2016 Continuing as part time member Secretary to the Government of , from 27 June 2017 Department of Road Transport & Highways, Shri Rohit Kumar Singh, IAS December 21, 2016 May 17, 2018 Member (Finance) Smt. Sindushree Khullar April 2, 2012 March 09, 2015 Secretary, Planning Commission Shri R. P. Singh June 12, 2012 June 11, 2015 Chairman, NHAI Shri March 09, 2015 August 31, 2015 Secretary, Department of Economic Affairs, Ministry of Finance Shri Sudhir Kumar April 15, 2013 September 8, 2015. Member (PPP) Shri V. K Chibber February 01, 2013 December 31, 2015 Secretary, MoRTH Shri M. P. Sharma February 08, 2013 February 29, 2016 Member (Technical) Shri Satish Chandra April 03, 2013 April 02, 2016 Member (Finance) Shri R. P. Watal November 30, 2013 April 30, 2016 Secretary, Department of Expenditure Shri Raghav Chandra August 31, 2015 November 28, 2016 Chairman, NHAI Shri S.N. Das August 01, 2015 February 28, 2017 General (Road Development & Special Secretary) Shri Amitabh Kant November 06, 2017 Continuing as part time member CEO, NITI Aayog Shri Manoj Kumar March 01, 2017 June 30, 2017 Director General (RD) & Special Secretary Shri Bhesha Nand Singh, IES July 1, 2018 January 31, 2019 Director General (RD) & Special Secretary Shri I.K. Pandey, IES February 07, 2019 Continuing as part time member Director General (RD) & Special Secretary Shri Sanjeev Ranjan, September 17, 2018 March 03, 2019 Chairman, National Highways Authority of India Shri Nagendra Nath Sinha, March 5, 2019 Continuing as a Chairman

Shri Girish Chandra Murmu, IAS January 31, 2019 Continuing as a Member

Secretary, Department of Expenditure

there were 1014 arbitration cases and 730 court cases involving Rs. 55,34,497.00 lakh and USD 4.30 lakh in Arbitration and Rs. 7,43,905.00 Lakh and Euros 2.62 lakh in Court cases pending against the Issuer. Further, Issuer has also arranged bank guarantee to the tune of Rs. 7,051.00 lakh and fixed deposits of Rs. 90,749.00 lakh as per various court orders. Issuer has issued letters of credits to the tune of Rs. 61,948.00 lakh for payment of annuities. The contingent liabilities consist primarily of liabilities on account of legal disputes, bank guarantees, letters of credit etc. Further, the contingent liability of Issuer in respect of total project cost pertaining to EPC, consultancy and O&M contracts under implementation is Rs. 63,99,707.00 lakh, Rs. 4,03,886.00 lakh and Rs. 43,673.00 lakh respectively. These contingent liabilities, if determined against us in the future, may impact our business and the results of operations.

S. No. Name of SPV Fiscal 2017 Fiscal 2016 Fiscal 2015 1. Calcutta Haldia Port Road Company Limited (2,106.84) (2,968.57) (2,793.56) 2. Cochin Port Road Company Limited (2,252.02) (2,018.93) (1,728.76) 3. Moradabad Toll Road Company Limited 4.55 (28.93) (7.24) 4. New Mangalore Port Road Company Limited (1,717.46) (4,187.34) (2,921.84) 5. Paradip Port Road Company Limited (4,750.99) (5,793.83) (5,166.11) 6. Tuticorin Port Road Company Limited (1,881.46) (1,893.39) (2,184.83) 7. Ahmedabad Vadodra Expressway Company 225.72 (213.82) (266.62) Limited 8. Vishakhapatnam Port Road Company Limited 488.45 (717.16) 140.19

iv) Toll-Operate Transfer (TOT):

Government of India has approved Toll Operate and Transfer (TOT) model under which the Public funded projects operational for two years shall be put to bid wherein the right of collection and appropriation of fee shall be assigned for a pre-determined concession period (30 years) to Concessionaires (Developers/Investors) against upfront payment of a lump sum amount to NHAI. Operation and Maintenance (O&M) obligation of such projects shall be with the concessionaire till the completion of the concession period. Projects to be undertaken in the TOT model are to be treated as Public-private-partnership (PPP) projects.

The first bundle of TOT projects comprising of 9 project stretches aggregating to a length of 680km has already finalised and Letter of Award (LOA) has been issued. Apart from TOT Bundle-I, NHAI has also identified stretches of approximate length of 1640 kms under TOT in which condition survey and traffic studies is under progress.

The inherent risks comprised of in the TOT MCA include amongst others:

Force Majeure Risk

Force Majeure risk pervades all through the specific provisions in the TOT MCAs and it is a major source of risk which directly affects the projects of NHAI and affects the output of the organization. Force Majeure cover the following events which pose a risk to the construction projects execution, namely any or all of Non-Political Event(s), Indirect Political Event(s) and Political Event(s) occurring in India which include the following:

Non-Political Events

act of God, epidemic, extremely adverse weather conditions or radioactive contamination or ionizing radiation, fire or explosion; strikes or boycotts; the discovery of geological conditions, toxic contamination or archaeological remains on the Site; any failure or delay of a Contractor but only to the extent caused by another Non-Political Event and which does not result in any offsetting compensation being payable to the concessionaire by or on behalf of such Contractor; any judgement or order of any court of competent jurisdiction or statutory authority made against the Concessionaire; any event or circumstances of a nature analogous to any of the foregoing.

Indirect Political Events

an act of war, invasion, armed conflict or act of foreign enemy, blockade, embargo, riot, insurrection, terrorist or military action; civil commotion or politically motivated sabotage which prevents collection of toll/fees; industry-wide or state-wide or India-wide strikes or industrial action which prevent collection of toll/fees; any failure of delay of a contractor to the extent caused by any Indirect Political Event and which does not result in any offsetting compensation being payable by the concessionaire by or on behalf of such contractor; any Indirect Political Event that causes a Non-Political Event; or any event or circumstances of a nature analogous to any of the foregoing

Political Events

change in Law effected by any governmental agency, only if consequences thereof cannot be dealt with under and in accordance with the provisions of the concession agreement; compulsory acquisition, in national interest, or expropriation of any project assets or rights of the concessionaire or of the contractors by any governmental agency. unlawful or unauthorised or without jurisdiction revocation of or refusal to renew or grant without valid cause any consent or approval required by developer. any failure or delay of a contractor but only to the extent caused by another Political Event and which does not result in any offsetting compensation being payable to the concessionaire by or on behalf of such contractor; or any event or circumstance of a nature analogous to any of the foregoing.

As on March 31, 2018, NHAI has a total strength of 1079 employees.

Total Length Already 4/6 Under Contracts under Balance length (Km.) Laned (Km.) Implementation Implementation for award (Km.) (Km.) (No.) NHDP Golden Quadrilateral 5,846 5,846 0 0 - North/South- 7,142 6625 318 28 199 East/West Phase I & II Port Connectivity 435 400 35 6 - NHDP Phase III 11,809 8269 2454 91 1086 NHDP Phase IV 13,203 6255 5318 126 1630 NHDP Phase V 6,500 2900 1927 46 1673 NHDP Phase VI 1,000 143 197 9 660 NHDP Phase VII 700 70 391 13 239 NHDP Total Other 5,560 1,862 3,698 92 - SARDP-NE 110 110 110 - 1 Total by the Issuer 52,305* 32,480 14,338 412 5,487 * Total 20,000 km was approved under NHDP Phase IV. Out of which 13,203 km as assigned to the Issuer and the remaining 6,791 km with MoRTH.

Elevated Road from Chennai Port Gate No.10 to Maduravoyal (NH-4) NH-47(Km. 337.15) (Cochin) to ICTT Vallarpadam (NH-47C)

As per the MoRTH Government of India the Issuer will develop 34,800 Km of highways under Bharatmala Pariyojana. The total length of 34,800 Km entrusted to NHAI consists of Bharatmala Pariyojana under Ph-I, (24,800 Km); existing NHDP projects under implementation (10,000 Km)

The objective of the project is to optimize the efficiency of freight and passenger movement across India by bridging critical infrastructure gaps while simultaneously creating direct and indirect employment and enhancing economic activity. The project lays a special emphasis on fulfilling the connectivity needs of backward and tribal areas, areas of economic activity, places of religious and tourist interest, border areas, coastal areas and trade routes with neighbouring countries. Therefore, the Issuer will be responsible for the development and maintenance of economic corridors, inter corridors and feeder routes, national corridor efficiency improvement, border and international connectivity roads, coastal and port connectivity roads and green-field expressways among others.

The overall fund requirementis of approximately Rs. 6,92,324 crore (Rs. 3,85,000 Crore for Bharatmala Pariyojana, Rs.1,50,000 crore for existing NHDP Projects executed by NHAI and Rs. 1,57,324 crore for other schemes being executed by other agencies for the five years period starting from Fiscal 2018 upto Fiscal 2023.NHAI has availed certain borrowings from Life Insurance Fund and Employees Provident Fund, rupee denominated Masala Bonds and is proposing to issue Bharatmala Bonds and private placement of long term bonds etc. For the total requirement of Rs. 6,92,324 crore NHAI intends to borrow Rs. 3,77,045 crore from GoI, Rs. 209279 crore by way of market borrowings and Rs. 1,06,000 crore from private investment (PPP).

EASTERN PERIPHERAL EXPRESSWAY

Eastern Peripheral Expressway having a length of 135 Kms was completed in a record time of 500 days much before the stipulated period of completion. This is a prestigious project of the Government of India which was expressway and the only expressway in India where the toll is charged for the actual journey undertaken by the users.

TOLL OPERATE TRANSFER MODEL (TOT)

NHAI bided a bundle of ten projects for ToT and the NHAI could fetch Rs. 9682 crore. This is the beginning of ToT model and NHAI in due course would be awarding the work of ToT for many more projects in the time to come. The ToTproceeds which has been deposited to Consolidated Fund of India (CFI) is ring fenced for road projects and thus will be utilized by NHAI for this purpose.

Awarded Awarded Cost Completed Category No. of Contracts Length in km (Rs. in Crore) No. of Length in km Contracts World Bank Funded Projects NHDP Phase I 18 983 5,538 18 982 GQ 18 983 5,538 18 982 Others - - - - - NHDP Phase II 10 408 2,587 10 409 (EW Corridors) Sub-Total A 28 1,391 8,125 28 1,391 ADB Funded Projects NHDP Phase I 10 615 1,866 10 615 GQ 9 567 1,807 9 567 Others 1 48 59 1 48 NHDP Phase II 31 1,638 7,565 30 1,584 (NS & EW Corridors) Sub-Total B 41 2,253 9,431 40 2,199 JBIC Funded Projects NHDP Phase I 7 150 634 7 150 GQ 5 111 333 5 111 Others 2 39 301 2 39 Sub-Total C 7 150 634 7 150 JICA ODA Funded Projects NHDP Phase III 1 127 1027 - - Sub-Total D 1 127 1027 - - Total (A+B+C+D) 77 3921 19217 75 3740 WB/NHAI 2 79 621 0 0

Awarded Awarded Cost Completed Category No. of Contracts Length in km (Rs. in Crore) No. of Length in km Contracts Grand Total 79 4000 19838 75 3740

394 293 392

CHAIRMAN

MEMBER MEMBER MEMBER MEMBER MEMBER (A) MEMBER (F) CVO (PPP) (PROJ) (Tech) (PROJ)

CGM CGM (Fin) & CGM (T) CGM (T) CGM (T) CGM (T) CGM (Vig) (Admin/HR-I & II) CGM (FA)

GM GM (Fin) GM (T) GM (T) GM (T) GM (T) DGM (Vig) (Admin/HR)

DGM/Manager DGM/Manager DGM/Manager DGM/Manager DGM/Manager DGM/Manager Manager (Vig) (Admin/HR) (Fin) (T) (T) (T) (T)

Name Ahmedabad Vadodara Expressway Company Limited Date of Incorporation April 05, 2000 Registered Office NHAI Corporate Office, Plot G - 5 & 6, Sector -10, Dwarka, -110065

Name Calcatta-Haldia Port Road Company limited Date of Incorporation December 26, 2000 Registered Office G 566, Sector-10, Dwarka, New Delhi-110 075

Name Cochin Port Road Company Limited Date of Incorporation January 19, 2004 Registered Office Room No. 101 5 & Sector 10 Dwarka, New Delhi 110045

Name Moradabad Toll Road Company Limited Date of Incorporation August 13, 1998 Registered Office 1 Eastern Avenue Maharani Bagh, Sector 10, Dwarka, New Delhi 110075, India

Name Mormugao Port Road Company Limited Date of Incorporation December 26, 2000 Registered Office G-586, Sector 10, Dwarka, New Delhi - 110045

Name Mumbai-JNPT Port Road Company Limited Date of Incorporation December 26, 2000 Registered Office G 566, Sector 10 Dwarka, Delhi - 110075

Name Tuticorin Port Road Company Limited Date of Incorporation January 19, 2004 Registered Office Room No. 101 G 5 & 6 Sector 10, Dwarka, New Delhi-110045

Name Paradip Port Road Company Limited Date of Incorporation January 19, 2004 Registered Office Room No. 101 G 5 & 6 Sector 10, Dwarka, New Delhi-110045

Name Vishakhapatnam Port Road Company Limited Date of Incorporation December 26, 2000 Registered Office G-526, Sector 10, Dwarka, New Delhi-110075

Name New Mangalore Port Road Company Limited Date of Incorporation January 19, 2004 Registered Office Room No. 101 G 5 & 6 Sector 10, Dwarka, New Delhi-110045

Name Chennai-Ennore Port Road Company Limited Date of Incorporation December 26, 2000 Registered Office G 526, Sector -10, Dwarka, New Delhi-110 075

Name Indian Highways Management Company Limited Date of Incorporation December 26, 2012 Registered Office Room No-402, NHAI HQ, Plot G-5 & 6, Sector -10, Dwarka, New Delhi- 110075

of NHAI

NHAI has not issued any shares against Capital and Capital Grants invested by GoI (in pursuance of NHAI Act).

The Capital of NHAI as on September 30, 2018, is set forth below:

Amount Particulars (` in lakhs) i) Capital u/s 12(i)(b) - Commencing Capital ii) Capital u/s 17 a) Capital Base 80,100.00 b) Cess Fund (up to March 31, 2018) 1,05,91,865.00 Add: 11,06,900.00 Cess fund received during Financial Year 2018-19 (up to September 30, 2018) c) Additional Budgetary Support (NHDP and 17,98,254 others) d) Capital Net off toll collection, negative 6,18,355.88 grant etc. upto March 31, 2010 e) Plough back of Toll Remittance, etc. w.e.f. 45,95,203.00 April 01, 2010 Less: (1,65,996.51) 1) Expenditure on Toll Collection Activities (up to w.e.f. April 1, 2010) 2) 17(Excess)/Surplus of Expenditure on Maintenance (4,05,513.76) of Highways over Maintenance Grant Received (w.e.f. April 1, 2010). 3) Plough back transferred to SPVs (17,407.23) 4) Transfer of Exceptional item from P & L A/c (40,310.88) Sub-Total 1,80,81,349.51 Total 1,81,61,449.51

Capital History of NHAI upto September 30, 2018

1) Capital Base build-up

There have been no changes in the Capital base build-up of NHAI in the last five years.

2) Cess Fund Build-up (` In lakhs) S. No. Date* Investor Amount Cumulative Amount 1. July 5, 2013 MoRTH, GoI 1,71,436.00 63,71,372.00 2. September 17, 2013 MoRTH, GoI 1,71,436.00 65,42,808.00 3. October 28, 2013 MoRTH, GoI 1,71,436.00 67,14,244.00 4. February 04, 2014 MoRTH, GoI 1,71,437.00 68,85,681.00

S. No. Date* Investor Amount Cumulative Amount 5. September 17, 2014 MoRTH, GoI 4,78,290.00 73,63,971.00 6. November 05, 2014 MoRTH, GoI 2,10,299.00 75,74,270.00 7. May 20, 2015 MoRTH, GoI 4,60,500.00 80,34,770.00 8. July 23, 2015 MoRTH, GoI 4,60,500.00 84,95,270.00 9. September 28, 2015 MoRTH, GoI 4,60,500.00 89,55,770.00 10. December 28, 2015 MoRTH, GoI 16,05,00.00 91,16,270.00 11. June 9, 2016 MoRTH, GoI 2,00,000.00 93,16,270.00 12. July 5, 2016 MoRTH, GoI 2,00,000.00 95,16,270.00 13. August 5, 2016 MoRTH, GoI 2,07,650.00 97,23,920.00 14. January 18, 2017 MoRTH, GoI (375,000.00) 93,48,920.00 15. April 17, 2017 MoRTH, GoI 3,85,736.00 97,34,656.00 16. July 17, 2017 MoRTH, GoI 3,85,736.00 1,01,20,392.00 17. September 26, 2017 MoRTH, GoI 3,71,473.00 1,04,91,865.00 18. December 20, 2017 MoRTH, GoI 1,00,000.00 1,05,91,865.00 19. April 12, 2018 MoRTH, GoI 4,02,300.00 1,09,94,165.00 20. June 15, 2018 MoRTH, GoI 4,02,300.00 1,13,96,465.00 21. September 19, 2018 MoRTH, GoI 3,02,300.00 1,16,98,765.00 * Date of Sanction and not the date of release of funds.

3) Additional Budgetary Support (NHDP and others) Build-up (` In lakhs) S. Date* Investor Amount Cumulative Amount No. 1. March 26, 2013 MoRTH 20,074.00 508,462.00 2. March 26, 2013 MoRTH 4,811.00 513,273.00 3. February 18, 2013 MoRTH 115,954.00 629,227.00 4. March 31, 2013 MoRTH 7,058.00 636,285.00 5. May 08, 2013 MoRTH 10,000.00 646,285.00 6. June 27, 2013 MoRTH 40,000.00 686,285.00 7. January 13, 2014 MoRTH 17,826.00 704,111.00 8. January 13, 2014 MoRTH 17,214.00 721,325.00 9. 31-Mar-15 MoRTH 60,000.00 781,325.00 10. March 29, 2016 MoRTH 37,027.00 818,352.00 11. April 29, 2016 MoRTH 1,000.00 819,352.00 12. Jun 02, 2016 MoRTH 10,000.00 829,352.00 13. September 23, 2016 MoRTH 375,000.00 1,204,352.00 14. January 12, 2017 MoRTH 4,000.00 1,208,352.00 15. March 09, 2017 MoRTH 100,000.00 1,308,352.00 16. March 23, 2017 MoRTH 50,902.00 1,359,254.00 17. 31-Mar-17 MoRTH 24,000.00 1,383,254.00 18. April 03, 2017 MoRTH 13,000.00 1,396,254.00 19. December 26, 2017 MoRTH 150,000.00 1,546,254.00 20. February 23, 2017 MoRTH 150,000.00 1,696,254.00 21. March 07, 2018 MoRTH 90,000.00 1,786,254.00 22. March 19, 2018 MoRTH 12,000.00 1,798,254.00

*Date of Sanction and not the date of release of funds. 4) Capital Net off toll collection, negative grant etc. upto March 31, 2010

The GoI has decided that from April 1, 2010 onwards, the toll revenue, shared revenue and negative grant collected by NHAI should be deposited in the Consolidated Fund of India and additional budgetary provisions would be provided for expenditure from the Consolidated Fund of India in line with the amount deposited by NHAI in Consolidated Fund of India.

Accordingly, net current liability of pre April 1 2010 period on account of toll and negative grant etc. stood at Rs. 618,355.88 lakhs. This amount had already been utilised on project development and was no longer payable to GoI. During Financial Year 2012-13, the same has been transferred to capital.

5) Additional Budgetary Support (Plough back of Toll Remittance, etc.) Build-up (` in lakhs) S. Date* Investor Amount Cumulative Amount No. 1. June 26, 2013 MoRTH, GoI 1,19,250.00 7,28,539.00 2. September 24, 2013 MoRTH, GoI 1,19,250.00 8,47,789.00 3. October 28, 2013 MoRTH, GoI 1,19,250.00 9,67,039.00 4. December 27, 2013 MoRTH, GoI 1,19,250.00 10,86,289.00 5. July 26, 2014 MoRTH, GoI 1,36,200.00 12,22,489.00 6. September 17, 2014 MoRTH, GoI 1,36,200.00 13,58,689.00 7. October 27, 2014 MoRTH, GoI 1,36,200.00 14,94,889.00 8. December 31, 2014 MoRTH, GoI 1,36,200.00 16,31,089.00 9. May 25, 2015 MoRTH, GoI 1,62,500.00 17,93,589.00 10. July 30, 2015 MoRTH, GoI 1,62,500.00 19,56,089.00 11. September 30, 2015 MoRTH, GoI 1,62,500.00 21,18,589.00 12. December 14, 2015 MoRTH, GoI 1,62,500.00 22,81,089.00 13. May 17, 2016 MoRTH, GoI 1,25,000.00 24,06,089.00 14. July 28, 2016 MoRTH, GoI 1,25,000.00 25,31,089.00 15. September 23, 2016 MoRTH, GoI 1,25,000.00 26,56,089.00 16. January 18, 2017 MoRTH, GoI 3,75,000.00 30,31,089.00 17. April 20, 2017 MoRTH, GoI 2,11,553.00 32,42,642.00 18. July 17,2017 MoRTH, GoI 2,11,554.00 3,454,196.00 19. September 26, 2017 MoRTH, GoI 2,11,554.00 3,665,750.00 20. December 20, 2017 MoRTH, GoI 2,11,553.00 38,77,303.00 21. April 12, 2018 MoRTH, GoI 2,39,300.00 41,16,603.00 22. June 15, 2018 MoRTH, GoI 2,39,300.00 43,55,903.00 23. September 19, 2018 MoRTH, GoI 2,39,300.00 45,95,203.00 * Date of Sanction and not the date of release of funds.

1,50,308.60*

* Allotment against amount of Rs. 3,52,91.40 lakh has not yet been completed and hence not included.

** At premium of Rs. 45.45 Lakh. *** At a premium of Rs. 169.83 Lakh.

12. Taxable secured 30 years 8.4535 2,06,020.00 August 2, 2018 August AAA by CRISIL, Redeemable non from % 2, 2048 AAA by CARE AAA convertible Deemed payable by India Ratings bonds, in the Date of annuall AAA by ICRA nature of Allotment y debentures (Private Placement) 13. Taxable secured 30 years 8.1905 205520.00 December 21, 2018 Decemb AAA by CRISIL, Redeemable non from % er 21, AAA by CARE AAA convertible Deemed payable 2048 by India Ratings bonds, in the Date of annuall AAA by ICRA nature of Allotment y debentures (Private Placement) 14. Taxable secured 10 years 8.37% 167500.00 January 21, 2019 January AAA by CRISIL, Redeemable non from payable 21, 2028 AAA by CARE AAA convertible Deemed annuall by India Ratings bonds, in the Date of y AAA by ICRA nature of Allotment debentures (Private Placement) 15. Taxable secured 10 years 8.49% 200000200000 February 05, 2019 February AAA by CRISIL, Redeemable non from payable 05, 2029 AAA by CARE AAA convertible Deemed annuall by India Ratings bonds, in the Date of y AAA by ICRA nature of Allotment debentures (Private Placement)

Unsecured loan from State Bank of India Amount (in lakh Rs.) Name of the Type Loan Interest/Coupon Repayment Facility Amount Bank of Facility Documentation Rate Sanctioned availed State Bank of Term Loan Loan Monthly MCLR Door to door tenor of 10 25,00,000.00 12,00,000 India Agreement Rate + 9 bps years (Availability plus dated August moratorium period of 3 02, 2018 years and repayment period of 7 years)

Bond Series XVIII Rs. 6,65,741.30 lacs Financial Year 2017-2018 AAA by CRISIL, CARE, ICRA, immovable property located at Ahmedabad, IRRPL Gujarat ranking pari-passu with the mortgage(s) created and/ or to be created on the 5.25% p.a. said property for securing the bonds or any Annual other instruments Financial Year 2020-2021 SBICAP Trustee Company Limited

Debt Facility Bond Series XIX Amount Rs. 150308.60 lacs* Raised in Financial Year 2018-2019 Credit Rating AAA by CRISIL, CARE, ICRA, immovable property located at Ahmedabad, IRRPL Gujarat ranking pari-passu with the mortgage(s) created and/ or to be created on the Coupon Rate 5.75% p.a. said property for securing the bonds or any Interest Payment Annual other instruments Maturing in Financial Year 2023-2024 Bond Trustee Vistra ITCL India Ltd * Allotment against amount of Rs. 3,52,91.40 lakh has not yet been completed and hence not included.

Debt Facility Series-II 2018-19 Bonds have been secured against immovable Amount Rs. 206020.00 lacs Property situated at Ahmedabad and fixed Raised in Financial Year 2018-19 assets of NHAI being highway projects Credit Rating AAA by CRISIL, CARE, ICRA, comprising of all superstructures including IRRPL highway lightings, road barriers and dividers, Coupon Rate 8.4535% p.a. culverts, bridges, flyovers and all other super Interest Payment Annual structures constructed on national highways as Maturing in Financial Year 2048-49 entrusted to NHAI [except those under the Bond Trustee VISTRA (ITCL) India Limited Surat Manor Tollway Project and Projects awarded under ToT.

1 LIFE INSURANCE CORPORATION OF INDIA 2,10,00,00,00,000 2 CBT EPF 2,00,00,00,00,000 3 WIPRO LIMITED 15,76,41,88,000 4 STATE BANK OF INDIA 14,96,08,44,000 THE HONGKONG AND SHANGHAI BANKING 5 CORP. LTD. 14,58,26,94,000 6 NPS TRUST 13,95,60,00,000 7 HDFC TRUSTEE COMPANY LTD. MUTUAL FUNDS 11,60,00,00,000 8 IDFC BANK LIMITED 9,91,15,46,000 9 BANK OF INDIA 9,80,00,00,000 10 PUNJAB NATIONAL BANK 9,18,00,00,000 The investments by above entities through their sub-schemes with same PAN have been clubbed

ABRIDGED FINANCIAL INFORMATION

REFORMATTED STATEMENT OF ASSETS AND LIABILITIES ( in lakhs) AS AT MARCH 31 SL. Particulars Schedule Nos. 2017 2016 2015 (1) (2) (3) (4) (5) I.

SOURCES OF FUNDS 1

Shareholders' Fund a) Capital 1 13,959,380.47 12,551,457.89 10,452,040.18 b) Reserves & Surplus 2 0.00 748.68 45.46 2

Grants a) Capital 3 1,365,643.01 1,366,280.32 1,366,901.41 3 Borrowings 4 7,538,464.71 4,527,036.70 2,489,285.59 TOTAL 22,863,488.18 18,445,523.58 14,308,272.64 II.

APPLICATION OF FUNDS 1 5 Fixed Assets a) Gross Block 12,533.36 11,870.62 11,238.39 b) Less: Depreciation 7,857.39 7,217.40 6,462.96 c) Net Block 4,675.97 4,653.21 4,775.43 d) Less: Assets created out of 612.58 612.58 612.58

Grants e) Assets held on behalf of 21,772,656.62 17,645,402.50 14,079,731.46 GOI (Completed & ongoing)

Total 21,776,720.00 17,649,443.14 14,083,894.32 2 Investment (At cost) 6 90,959.00 121,652.89 121,625.00 3 Current Assets, Loans and 7 Advance a) Inventories - - b) Sundry Debtors - - c) Deposits, Loans & 3,295,320.19 2,577,831.04 1,426,624.21

Advances d) Interest accrued on deposit 1,399.71 2,826.98 4,402.19 52,628.05 59,569.52 e) Interest accrued and due on 34,975.69 CALA deposits f) Cash & Bank Balance 837,680.26 674,079.72 267,235.23 sub total 4,187,028.21 3,314,307.25 1,733,237.32

Less: Current Liabilities and Provisions a) Liabilities 8 3,187,098.88 2,636,198.49 1,627,412.69 b) Provisions 9 4,120.15 3,681.20 3,071.31 AS AT MARCH 31 SL. Particulars Schedule Nos. 2017 2016 2015 (1) (2) (3) (4) (5) sub total 3,191,219.03 2,639,879.69 1,630,484.00 Net Current Assets 995,809.18 674,427.56 102,753.32 4 Misc. Expenditure (to the - - - 10 extent not written off) 5 Profit & Loss Account - - -

(Debit balance, if any) 6 Significant Accounting - - - 18 Policies 7 Notes on Accounts 19 - - - TOTAL 22,863,488.18 18,445,523.58 14,308,272.64 REFORMATTED STATEMENT OF PROFIT AND LOSS ACCOUNT

(Rs In Lacs) FOR THE YEAR ENDED MARCH 31 Particulars Schedule 2017 2015 2016 Sl.Nos. (5) (1) (2) (3) (4)

I. INCOME a) Value of Work done - - - b) Other income 11 1,353.35 1,293.36 1,694.84 c) Interest (Gross) 12 1.06 0.88 1.18 d) Grant-in-aid for -

maintenance of Highways - 13 - - - e) Net Increase/Decrease in work-in-progress (+)/(-) TOTAL INCOME 1,354.40 1,294.24 1,696.01

II. EXPENDITURE a) Construction Stores/ - - Material consumed Other

stores, spares & tools etc. consumed

Work Expenses: 14 - - - a) Personnel & 15 27,282.06 22,537.20 20,799.86

Administrative Expenses b) Finance Charges 16 14.71 7.76 7.18 c) Depreciation 771.52 870.43 683.27 d) Assets of Small Value 22.01 21.50 16.83

Charged Off Exceptional Item Provision for diminution in 40,310.88 -

the value of investment Less: Provision transferred to (40310.88) -

capital (Sch-1) TOTAL EXPENDITURE 28,090.3 23,436.89 21,507.14 Profit (+)/Loss (-) for the

year (26,735.89) (22,142.65) (19,811.00) Add: Prior Period Items

net(+/-) 17 (1135.83) (747.01) (832.30) Less: Net Establishment 27,871.73 22,889.66 20,643.43 Expenses for the year

transferred to CWIP (Sch- 5)

Less/Add: Provision for - Taxation - - - -

Net Profit - - - - Less: Transfer to Capital Reserve - - - Less: Transfer to other specific Reserve/Fund Less/Add: Transfer - - - to/Transfer from General Reserve (+/-) - - - Less/Add: Surplus brought forward from previous year - - - Surplus carried to Balance Sheet

REFORMATTED STATEMENT OF CASH FLOW

(Rs. in lakhs) FOR THE YEAR ENDED MARCH 31 Particulars SL.Nos. 2017 2016 2015 (1) (3) (4) (5)

A. Cash flow from operating activities: Net profit before tax (26,735.89) (22,142.65) (19,811.13)

Adjustments for: Depreciation 771.52 870.43 683.27 Profit/(Loss )on sale of assets (2.77) (3.55) (8.33) Interest income (1.06) (0.88) (1.18)

Operating profit before working (25,968.20) (21,276.65) (19,137.36)

capital changes Adjustments for: (Increase)/Decrease in Deposits, Loans (717,489.15) (1,151,472.74) (427,786.46)

& Advances Increase in liabilities 550,900.39 1,008,785.80 321,133.65 Increase in Provision for gratuity and 438.95 609.89 673.60

Leave encashment

Cash flow before extraordinary item (192,118.01) (163,353.7) (125,116.57)

& prior period items Prior period items (1135.83) (747.01) (832.30) Net cash generated from operating (193,253.85) (164,110.71) (125,948.87)

activities

B. Cash flow from investing activities: Purchase of fixed assets (803.66) (757.79) (1905.46) Realization from sale of assets 12.16 13.13 25.25 Increase in Capital Work in progress (3,866,631.06) (3,450,701.69) (1,698,326.15) Increase in investment (9617.00) (27.88) (722.12) Interest Income 162,085.61 96,759.82 110,727.53 Capital Reserve (Receipts) 20,349.00 11,188.98 10,769.86 Interest and other expenditure on 54EC - (222,770.32) (1,178,087.42)

Net cash used in investing activities (3,694,604.95) (3,566,295.75) (1,757,518.50)

C. Cash flow from financing activities: Cess funds received from Govt of 232,650.00 1,542,000.00 688,589.00

India Capital additional budgetary receipts 564,902.00 37,027.00 60,000.00 FOR THE YEAR ENDED MARCH 31 Particulars SL.Nos. 2017 2016 2015 (1) (3) (4) (5) EAP Grant utilized towards revenue (637.31) (621.09) (445.03)

expenditure (748.68) - -

Adjusted Plough back of Toll 650,681.46 520,390.71 433,072.96

Remittance, etc Net decrease in loan from ADBdue to (6,133.29) (159.09) (683.98) exchange loss after adjustment of pre payments 557,274.20 428,117.00 Proceeds from issue of 54 EC Capital 334,340.40 Gains Tax Free Bonds Proceeds from issue of Tax Free - 1,900,703.22 -

Bonds 2015-16, including premium Proceeds from issue of Taxable Bonds 2,754,500.00 - - Redemption of Capital Gains Tax Free (294,212.90) (290,206.80) (251,151.50)

Bonds (406,816.15) Interest and other expenditure on Bonds

Net cash used in financing activities 4,051,459.33 4,137,250.94 1,263,721.84 Net increase/(decrease) in cash and 203,911.43 406,844.49 (619,745.53)

cash equivalents Opening cash and cash equivalents 674,079.72 267,235.23 886,980.76

Closing cash and cash equivalents 877,991.14 674,079.72 267,235.23

Notes:

Cash and cash equivalents include: Cash and cheques in hand / in transit 114.81 4.39 38.57 Balance with banks: -In Current 811,682.59 73,702.27 98,690.56

Account - In FD account 25,882.86 600,372.95 168,506.10 Balance as per books of account 837,680.26 674,079.72 267,235.23

March 29, 2018 | Mumbai

CRISIL has assigned its rating on the long-term borrowing programme of Rs 62,000 crore and reaffirmed its 'CRISIL AAA/Stable' rating on the tax-free bonds of Rs 34,000 crore and Rs 92,118 crore tax-free bonds and long-term borrowing programme of National Highways Authority of India (NHAI).

The rating continues to reflect NHAI's strategic importance to the Government of India (GoI), and strong financial risk profile, driven by continued support from GoI.

NHAI, constituted by an act of the Indian Parliament, is the nodal agency for implementing the National Highways Development Project (NHDP) for the government. NHDP, worth over Rs.247000 Crore, is one of the largest projects in the country. GoI has identified road sector reforms as a key area for removing infrastructure bottlenecks. The government's thrust on building roads and highway infrastructure is reflected in the 11% increase in total outlay (budgetary allocation & internal and extra budgetary resources) to Ministry of Road Transport in the Budget 2017-18 over the revised estimates for 2016-17.

* NHAI has a strong financial position, predominantly because of the continuous GoI support for its projects, by way of allocation of fuel cess funds and budgetary resources, as well as flexibility to raise funds through capital gains bonds and tax-free infrastructure bonds. NHAI received Rs 2326.5 crore of the cess funds in fiscal 2017. Cess allocation was reduced in fiscal 2017 and therefore, reliance on external borrowing was also increased in the same fiscal. Cess income till September 2017 has been around Rs 11,249 crore while borrowings for the same period have been around Rs 20,400 crore. As per the budgetary allocation for 2018-19, cess allocation would be around Rs 21,100 crore.

NHAI also receives additional budgetary support for the development of national highways, and grants and loans for execution of externally aided projects. The funds provided by GoI are also used for servicing NHAI's debt and meeting other capital and operational expenses.

NHAI is one of the two bodies authorised to float bonds that qualify for capital gains tax exemption under Section 54 EC of the Income Tax Act, 1961. CRISIL believes NHAI will continue to receive the Government of India's direct and indirect support in implementation of National Highway Development Programme (NHDP). The outlook may be revised to 'Negative' in case of any reduction in NHAI's strategic importance to, and support from GoI.

NHAI, set up under the National Highways Authority of India Act, 1988, began operations in February 1995. It is responsible for developing, maintaining, and managing national highways. NHAI is mandated to implement NHDP, India's largest-ever highways project. The project originally had five phases, and two phases'covering expressways (Phase VI), and construction of ring roads, grade-separated intersections, flyovers, and bypasses (Phase VII)'were added later. As on May 31, 2017, the project covered 48,793 kilometre (km). The Golden Quadrilateral project, which covers 5846 km, is complete. The North-South-East-West (NSEW) corridor was 92% complete. Of the 11,809 km under Phase III (connecting state capitals and places of tourist and commercial importance with NHDP Phases I and II), 65% is complete, while 18% is under implementation. Phases IV, V and VII are 31%, 39% and 3% complete, respectively, while Phase VI is in the early stages of awarding and implementation.

NHAI is also responsible for implementing other national highway projects, mainly those ensuring connectivity with major ports. NHAI awards projects for development on an engineering-procurement-construction and build-operate- transfer (BOT) toll and annuity basis; as well as projects on a BOT hybrid'annuity basis and also on TOT basis.

Not applicable

CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments. CRISIL INE906B07CA1 Tax Free Bonds 25-Jan-12 8.20% 24-Jan-22 6714 AAA/Stable CRISIL INE906B07CB9 Tax Free Bonds 25-Jan-12 8.30% 24-Jan-27 3286 AAA/Stable CRISIL INE906B07DA9 Tax Free Bonds 22-Nov-13 8.35% 21-Nov-23 452 AAA/Stable CRISIL INE906B07DB7 Tax Free Bonds 22-Nov-13 8.48% 21-Nov-28 850 AAA/Stable CRISIL INE906B07DC5 Tax Free Bonds 5-Feb-14 8.27% 4-Feb-24 475 AAA/Stable CRISIL INE906B07DD3 Tax Free Bonds 5-Feb-14 8.52% 4-Feb-24 301 AAA/Stable CRISIL INE906B07DE1 Tax Free Bonds 5-Feb-14 8.50% 4-Feb-29 1732 AAA/Stable CRISIL INE906B07DF8 Tax Free Bonds 5-Feb-14 8.75% 4-Feb-29 1190 AAA/Stable CRISIL INE906B07EE9 Tax Free Bonds 18-Sep-15 7.11% 17-Sep-25 549 AAA/Stable CRISIL INE906B07EF6 Tax Free Bonds 18-Sep-15 7.28% 17-Sep-30 3323 AAA/Stable CRISIL INE906B07EG4 Tax Free Bonds 11-Jan-16 7.14% 10-Jan-26 686 AAA/Stable CRISIL INE906B07EH2 Tax Free Bonds 11-Jan-16 7.39% 10-Jan-26 656 AAA/Stable CRISIL INE906B07EI0 Tax Free Bonds 11-Jan-16 7.35% 10-Jan-31 5983 AAA/Stable CRISIL INE906B07EJ8 Tax Free Bonds 11-Jan-16 7.60% 10-Jan-31 2675 AAA/Stable CRISIL INE906B07EK6 Tax Free Bonds 18-Feb-16 7.02% 17-Feb-26 455 AAA/Stable CRISIL INE906B07EL4 Tax Free Bonds 18-Feb-16 7.39% 17-Feb-31 1373 AAA/Stable CRISIL INE906B07EM2 Tax Free Bonds 9-Mar-16 7.04% 8-Mar-26 98 AAA/Stable CRISIL INE906B07EN0 Tax Free Bonds 9-Mar-16 7.29% 8-Mar-26 192 AAA/Stable CRISIL INE906B07EO8 Tax Free Bonds 9-Mar-16 7.39% 8-Mar-31 1882 AAA/Stable CRISIL INE906B07EP5 Tax Free Bonds 9-Mar-16 7.69% 8-Mar-31 1128 AAA/Stable NHAI Taxable CRISIL INE906B07FB2 3-Aug-16 8.03% 3-Aug-41 5000 Bond Series-I AAA/Stable NHAI Taxable CRISIL INE906B07FD8 1-Sep-16 7.68% 30-Aug-41 5000 Bond Series-I AAA/Stable NHAI Taxable CRISIL INE906B07FE6 23-Dec-16 7.17% 23-Dec-21 5020 Bond Series-I AAA/Stable NHAI Taxable CRISIL INE906B07FF3 24-Jan-17 7.22% 24-Jan-47 8500 Bond Series-I AAA/Stable NHAI Taxable CRISIL INE906B07FG1 20-Mar-17 7.60% 18-Mar-22 4025 Bond Series-I AAA/Stable INE906B07FT4 NHAI Taxable CRISIL 06-June-2017 7.27% 06-June-2022 1525 Bonds AAA/Stable INE906B07FU2 NHAI Taxable CRISIL 16-June-2017 7.24% 16-June-2047 5000 Bonds AAA/Stable INE906B07FV0 NHAI Taxable CRISIL 14-July-2017 7.14% 14-July-2047 3500 Bonds AAA/Stable INE906B07FW8 NHAI Taxable CRISIL 24-Aug-2017 7.38% 24-Aug-2038 5000 Bonds AAA/Stable INE906B07FX6 NHAI Taxable 06- CRISIL 7.11% 06-Nov-2022 850 Bonds November-2017 AAA/Stable INE906B08021 NHAI Taxable 22- CRISIL 22-Nov-2017 7.64% 5000 Bonds November-2032 AAA/Stable 54EC Capital Gain Tax CRISIL INE906B07EQ3 30-Apr-16 6.00% 30-Apr-19 270 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07ER1 31-May-16 6.00% 31-May-19 367 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07ES9 30-Jun-16 6.00% 30-Jun-19 441 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07ET7 31-July-16 6.00% 31-July-19 521 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07EU5 31-Aug-16 6.00% 31-Aug-19 417 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07FC0 30-Sep-16 6.00% 30-Sep-19 455 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07EV3 31-Oct-16 6.00% 31-Oct-19 433 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07EW1 30-Nov-16 6.00% 30-Nov-19 566 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07EX9 31-Dec-16 5.25% 31-Dec-19 455 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07EY7 31-Jan-17 5.25% 31-Jan-20 392 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07EZ4 28-Feb-17 5.25% 28-Feb-20 376 Exemption AAA/Stable Bonds 54EC Capital Gain Tax CRISIL INE906B07FA4 31-Mar-17 5.25% 31-Mar-20 880 Exemption AAA/Stable Bonds 54EC Bonds CRISIL INE906B07FH9 30-Apr-2017 5.25 30-Apr-2020 277.94 -2017-18 AAA/Stable 54EC Bonds INE906B07FI7 CRISIL -2017-18 31-May-2017 5.25 31-May-2020 345.07 AAA/Stable

54EC Bonds INE906B07FJ5 CRISIL -2017-18 30-June-2017 5.25 30-June-2020 379.11 AAA/Stable

54EC Bonds INE906B07FK3 CRISIL -2017-18 31-July-2017 5.25 31-July-2020 515.3 AAA/Stable

54EC Bonds INE906B07FL1 CRISIL -2017-18 31-Aug-2017 5.25 31-Aug-2020 418.72 AAA/Stable

54EC Bonds INE906B07FM9 CRISIL -2017-18 30-Sep-2017 5.25 30-Sep-2020 470.06 AAA/Stable

54EC Bonds INE906B07FN7 CRISIL -2017-18 31-Oct-2017 5.25 31-Oct-2020 456.99 AAA/Stable

54EC Bonds INE906B07FO5 CRISIL -2017-18 30-Nov-2017 5.25 30-Nov-2020 508.7 AAA/Stable

54EC Bonds INE906B07FP2 CRISIL -2017-18 31-Dec-2017 5.25 30-Dec-2020 544.02 AAA/Stable

54EC Bonds INE906B07FQ0 CRISIL -2017-18 31-Jan-2018 5.25 31-Jan-2021 536.88 AAA/Stable

54EC Bonds INE906B07FR8 CRISIL -2017-18 28-Feb-2018 5.25 28-Feb-2021 565.31 AAA/Stable

CRISIL NA Masala Bonds* 18-May-2017 7.3% 18-May-2022 3000 AAA/Stable CRISIL NA NSSF Loan* 17-Jan-2018 7.7% 17-Jan-2028 10000 AAA/Stable Long term CRISIL NA borrowing NA NA NA 20106.9 AAA/Stable programme^ Long term CRISIL NA borrowing NA NA NA 62000 AAA/Stable programme^ CRISIL CRISIL No Rating No Rating No Rating No Rating LT 154118 AAA/Stabl AAA/Stabl Change Change Change Change e e

CRISIL Withdraw No Rating No Rating LT -- -- 26-05-17 AAA/Stabl al Change Change e

CRISIL CRISIL No Rating No Rating No Rating No Rating LT 34000 AAA/Stabl AAA/Stabl Change Change Change Change e e

Timings: 10.00 am to 7.00 pm Media Relations Senior Director - CRISIL Ratings Toll free Number:1800 267 1301

D: +91 22 3342 3895 D:+91 22 3342 3023 For a copy of Rationales / Rating Reports: B: +91 22 3342 3000 [email protected] [email protected] [email protected]

For Analytical queries: Director - CRISIL Ratings [email protected] Media Relations D:+91 22 3342 3162 D: +91 22 3342 1818 [email protected] B: +91 22 3342 3000 [email protected] Rating Analyst - CRISIL Ratings

Media Relations B:+91 124 672 2000 [email protected] D: +91 22 3342 1835 B: +91 22 3342 3000 [email protected] Note for Media: This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc.

CRISIL is a leading agile and innovative, global analytics company driven by its mission of making markets function better. We are India’s foremost provider of ratings, data, research, analytics and solutions. A strong track record of growth, culture of innovation and global footprint sets us apart. We have delivered independent opinions, actionable insights, and efficient solutions to over 1,00,000 customers.

We are majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK

CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of independence, analytical rigour and innovation, CRISIL sets the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 24,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. Over 1,10,000 MSMEs have been rated by us.

CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of S&P Global Inc. and its subsidiaries (collectively, the “Company) you may find of interest.

For further information, or to let us know your preferences with respect to receiving marketing materials, please visit https://www.crisil.com/en/home/privacy-and-cookie- notice.html. You can view the Company’s Customer Privacy at https://www.spglobal.com/corporate-privacy-policy

Last updated: April 2016

This disclaimer forms part of and applies to each credit rating report and/or credit rating rationale that we provide (each a “Report”). For the avoidance of doubt, the term “Report” includes the information, ratings and other content forming part of the Report. The Report is intended for the jurisdiction of India only. This Report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or use of this Report does not create a client relationship between CRISIL and the user.

We are not aware that any user intends to rely on the Report or of the manner in which a user intends to use the Report. In preparing our Report we have not taken into consideration the objectives or particular needs of any particular user. It is made abundantly clear that the Report is not intended to and does not constitute an investment advice. The Report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains. The Report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

Ratings from CRISIL Rating are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities / instruments or to make any investment decisions. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. CRISIL assumes no obligation to update its opinions following publication in any form or format although CRISIL may disseminate its opinions and analysis. CRISIL rating contained in the Report is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment or other business decisions. The recipients of the Report should rely on their own judgment and take their own professional advice before acting on the Report in any way.

Neither CRISIL nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, “CRISIL Parties”) guarantee the accuracy, completeness or adequacy of the Report, and no CRISIL Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Report. EACH CRISIL PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Report even if advised of the possibility of such damages.

CRISIL Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors. CRISIL’s public ratings and analysis as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any) are made available on its web sites, www.crisil.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee – more details about CRISIL ratings are available here: www.crisilratings.com.

CRISIL and its affiliates do not act as a fiduciary. While CRISIL has obtained information from sources it believes to be reliable, CRISIL does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives and / or relies in its Reports. CRISIL keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of CRISIL may have information that is not available to other CRISIL business units. CRISIL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. CRISIL has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. For details please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html

CRISIL’s rating criteria are generally available without charge to the public on the CRISIL public web site, www.crisil.com. For latest rating information on any instrument of any company rated by CRISIL you may contact CRISIL RATING DESK at [email protected], or at (0091) 1800 267 1301.

This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL.

All rights reserved @ CRISIL