Home Credit Finance Pvt. Ltd. (formerly known as Rajshree Auto Finance Pvt. Ltd.) Reg. Off.: Third Floor, Tower C, DLF Infinity Towers, DLF Cyber City, Phase-II, Gurugram, Haryana - 122002 CIN: U65910HR1997PTC047448, Tel. No.:- +91 124 4907600 Web: www.homecredit.co.in Email: [email protected]

Ref no: HCIN/LC/2020-21/30

August 13, 2020

To, Catalyst Trusteeship Limited, Windsor, 6th floor, Office No. 604, C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400098

Sub: Periodic report for listed non-convertible debentures for the Quarter ended June 30, 2020.

Dear Sir/Madam,

This is with reference to your letter (CTL/MUM/Compliance/Quarterly/2020-21/649) dated June 30, 2020, we would like to submit following information for the quarter ended on June 30, 2020: i. List of Debenture Holders as on June 30, 2020 – List of listed Debenture Holders as on June 30, 2020 is enclosed. ii. Details of any due and unpaid interest and principal payment – Nil. iii. Number and nature of grievances as on June 30, 2020 received from Debenture holders: Nil. iv. Statement that the assets of company issuing debentures and of the guarantors/security providers, if any, which are available by way of security are sufficient to discharge the interest and principal amount of debenture holder as and when they become due: Statement enclosed. v. Certificate from Practicing Chartered Accountant supporting the security cover certificate and giving the value of book debts/ receivables: Certificate enclosed. vi. Certificate from the Director/ Managing Director of the Company, certifying the value of the book debts/receivables: Certificate enclosed vii. A report from the lead bank regarding progress of the project: - Not Applicable. viii. A certificate from the Practicing Chartered Accountant in respect of utilisation of funds during the implementation period of the project: Not Applicable. ix. A certificate from the Practicing Chartered Accountant in respect of utilisation of funds in the case of debentures issued for financing working capital, at the end of year:- Not Applicable. However, the certificate from the Company’s Statutory Auditor shall be submitted on annual basis at the end of accounting year. x. Any significant change in composition of Board of Directors, if any, which may amount to change in control – There has been no change in composition of Board of Directors during the quarter ended on June 30, 2020 which may amount to change in control as defined in SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. xi. Details of requisite/pending (if any) information/ documents indicated as condition precedent/subsequent in debenture document/s in respect of NCD issuances: Nil. xii. A Certificate confirming that the properties secured for the Debentures are adequately insured (wherever applicable), and policies are in joint names of the Trustees: Not Applicable xiii. Revision in rating of the debentures: CRISIL Limited vide letter dated April 01, 2020 and India Ratings & Research Private Limited vide letter dated June 30, 2020 has revised the rating of various debentures of the

Company as per the following details:

S. Instruments Amount Interest ISIN Rating Rating Action No. (INR Rate Agency Crore) 1. NCD – Tranche VI 350.00* 12.05% INE172V07061 CRISIL Rating revised from 2. NCD – Tranche VII 375.00 12.07% INE172V07079 Limited CRISIL BBB+/Positive 3. NCD – Tranche VIII 225.00 11.92% INE172V07087 (CRISIL Triple B Plus; Positive; Outlook) to 4. NCD – Tranche IX 222.00 12.28% INE172V07103 CRISIL BBB+/Stable 5. NCD – Tranche X 400.00 13.20% INE172V07111 (CRISIL Triple B Plus; 6. NCD – Tranche XIII 75.00** 13.12% INE172V07129 Stable; Outlook) w.e.f from April 01, 2020 7. NCD – Tranche XIV 40.00*** 12.39% INE172V07137 India Rating revised from IND Ratings & A-/Stable (IND A 8. NCD – Tranche XVI 50.00 11.5-12.0% INE172V07160 Research Negative; Stable 9. NCD – Tranche XVII 65.00 11.5%- INE172V07178 Private Outlook) to IND A- 12.0% Limited /Negative (IND A Negative; Negative Outlook) w.e.f June 30, 2020.

*Tranche VI has been fully redeemed on July 31, 2020. **Amount of Tranche XIII reduced from INR 75.00 Crores to INR 18.75 Crores after ninth partial redemption of principal on June 26, 2020. ***Amount of Tranche XIV reduced from INR 40.00 Crores to INR 10 Crores after sixth partial redemption of principal on July 24, 2020.

The CRISIL Limited rating letter dated April 01, 2020 and India Ratings & Research Private Limited rating letter dated June 30, 2020 are enclosed. xiv. Updated information on default in payment of principal & interest on due dates, ISIN-wise BENPOS, Credit rating and DRR – Annexure A

Request you to please take the aforesaid information on record and oblige us.

Thanking You

For Home Credit India Finance Private Limited

Gaurav Sharma Company Secretary Membership No. A21729

Enclosures: 1. List of listed Debenture holders as on June 30, 2020. 2. Statement of eligible receivables and bank borrowing as on June 30, 2020. 3. Certificate for security cover and value of book debts/ receivables as on June 30, 2020. 4. Certificate from director certifying the value of book debts/ receivables. 5. CRISIL Limited rating letter dated April 01, 2020 and India Ratings & Research Private Limited dated June 30, 2020.

List of Listed Debenture Holders as on June 30, 2020

S. No Name of Address1 Face Value Total No. of Debenture Holder Debentures 1 AB 4 B.V. Strawinskylaan 933, 1077 XX INR 1,000,000 each 7,970 , The 2 PPF CO3 B.V. Strawinskylaan 933, 1077 XX INR 1,000,000 each 7,750 Amsterdam, The Netherlands 3 Mahindra and Sandhana House, 2nd Floor, 570, P. B. INR 250,0002 each 750 Mahindra Financial Marg, Worli, Mumbai-400018 Services Limited 4 Unifi AIF 11, Kakani Towers, Khader Nawaz, INR 37,500 each 3,890 Khan Road, Nungambakkam High Road, Chennai, Tamil Nadu-600006 5 Krazybee Services No. 296, Behind Jublee College, INR 37,500 each 110 Private Limited Ramamurthy Nagar, Bengaluru, 560036 6 Dishman Carbogen Bhadra Raj Chambers Swastik Cross INR 1,000,000 each 200 Amcis Limited Road Navrangpura Ahmedabad 380009 7 Harsh Anand Jain Office No.82, 8th Floor Maker INR 1,000,000 each 150 Chambers III Nariman Point Mumbai 400021 8 Asha Vasant Sheth 19 A Manek 11 L D Ruparel Marg INR 1,000,000 each 20 Malabar Hill Mumbai 400006 9 Prabhakar Devdas 1st Floor 883 11th Cross 23rd INR 1,000,000 each 20 Mallya Main560078 JP Nagar 2nd Phase Bangalore 560078 10 Gautam Dalmia 4, Scindia House New Delhi 110001 INR 1,000,000 each 10 11 Vikram Aditya And 620 Antriksh Bhawans 22 K G INR 1,000,000 each 10 Associates Pvt Ltd Marg New Delhi 110001 12 Indiraben 82, Safal Amrakunj At - Gokuldham INR 1,000,000 each 10 Bansibhai Patel Sanathal, Tal- Sanand Dist- Ahmedabad (Guj) 382210 13 Sandeep Baid 8a Abdul Rasul Avenue Kolkata INR 1,000,000 each 10 West Bengal 700026 14 Sandipa Flat No 06 3rd Floor Sonmarg 67 INR 1,000,000 each 10 Choudhury B Nepeansea Road Malabar Hill Mumbai 400006 15 Janak B Bhalaria 8, Madhu Parag, 69, Swastik Society INR 1,000,000 each 5 Nm Road, Juhu Scheme Nr Jamnabai School, Vile Parle W Mumbai, Maharashtra 400056 16 Akshay Gandhi U 28 12 DLF Phase III Gurgaon INR 1,000,000 each 5 Haryana 122002

17 Nadir Barjorji Godrej Boyce Mfg. Co.Ltd Accounts INR 1,000,000 each 5 Godrej Dept Plant 11 Pirojshanagar Vikhroli West Mumbai 400079 18 Sachin Chhabildas Sheth Chambers R No 5 1st Flr 21 INR 1,000,000 each 5 Sheth Dr. V B Gandhi Marg Fort Mumbai 400023

1 Address of Investors are included on the basis of the Transaction Documents/ BENPOS Statement as on June 30, 2020. 2 Face value of NCDs issued to Mahindra have been reduced from INR 333,333.33 to INR 250,000 after partial redemption on June 26, 2020.

19 Ruchi Agarwal H No 102/2 Kirti Apartments INR 1,000,000 each 5 Mayur Vihar Phase 1 Delhi 110091 20 Sheetal Praatul 4th Fl Flat 48 Gulistan Plot 13, INR 1,000,000 each 5 Dalal Berhamji Gamadia Rd 26 Wb Mumbai 000000 21 Radha Krishan Indira Steels Pvt Ltd Indra Palace INR 1,000,000 each 3 Aggarwal H Block Connaught Circus New Delhi 110001 22 Karan Singh Uberoi Vanmali Flat No 1002 Plot No 14 INR 1,000,000 each 3 Vill Borla Moti Baug V K Patil Marg Chembur Mumbai 400071 23 Anil Kumar Dua H No Eg 1/18 Garden Estate M G INR 1,000,000 each 2 Road Gurgaon Haryana India 24 Vijay Aggarwal Indra Steels Pvt Ltd Indra Palace H INR 1,000,000 each 2 Block Connaught Circus New Delhi 110001 25 Kapil Aggarwal 18 Yamuna Marg Civil Lines Delhi INR 1,000,000 each 2 HUF 110054 26 Shyla Annu E-102 ,Jalvayu Vihar, Powai, INR 1,000,000 each 2 Mathew Mumbai 400076 27 Ajay Ramniranjan Flat No 2303 B Wing Ashok INR 1,000,000 each 1 Poddar Gardens, T.J Road, Sewri W, Mumbai 400007. 28 Rittesh Kumaar 307 Elephanta Heights Sector 10 INR 1,000,000 each 1 Narnoli C/O Dwarka Delhi 110075 Rittesh Kumar Narnoli Huf 29 Dilip Kumar C-304 Jalvayu Vihar INR 1,000,000 each 1 Adishankracharya Marg Powai Mumbai 400076 30 Medha Dua Eg1/18 Garden Estate Dlf Ph 3 INR 1,000,000 each 1 Gurgaon 122002

31 Urmil Gupta A-230, First Floor New Friends INR 1,000,000 each 1 Colony New Delhi 110065

32 Gulshan Kumar E G-1/18, Garden Estate Dlf Phase 3 INR 1,000,000 each 1 Dua Gurgaon Haryana 122002

33 Leela Doulatram 501 Sangeet Sarita Saher Agiary INR 1,000,000 each 1 Buxani Lane Bhulabhai Desai Road Mumbai 400026

34 Indira 702, Shikhar Complex Near INR 1,000,000 each 1 Tarunchandra Mithakhali Six Road Navrangpura Jariwala Ahmedabad 380009

35 Nitin Agarwala Nirman Shilpa 3rd Flr Unit N 6 Plt N INR 1,000,000 each 1 94 Sec 12 Vashi Navi Mumbai 400703 36 Nikhil R Agarwal Dreams 1 C 1804 Lbs Marg INR 1,000,000 each 1 Bhandup West Mumbai 400078

37 Abhay Singh E 202 Jalvayu Vihar Near Sm INR 1,000,000 each 1 Shetty School Hiranandani Powai

Mumbai 400076 38 Rajiv Kapur H No J 2/8 Ground Floor Railway INR 1,000,000 each 1 Road Near Park View Apartment Vijay Ratan Vihar Gurgaon Haryana 122001 39 Shivakumar Fl 14 U Ramaniyam Pushkar 2 INR 1,000,000 each 1 Srinivasan Kalaignar Karunanidhi Salai Sholinganallur Kancheepuram 600119 40 Kamalam Flat 14 V Ramaniyam Pushkar 2 INR 1,000,000 each 1 Shivakumar Kalaignar Karunanidhi Salai Next To Metro Water Office Sholinganallur 600119 41 Harikesh D601 Purva Whitehall Sarjapur, INR 1,000,000 each 1 Ananthamurthy Road Near More Mall Bangalore South Bengaluru Karnataka 560035 42 Sharat Chandra Millenium Towers, Bldg No. A6, INR 1,000,000 each 1 Sahu Flat No.6, Sector-9, Sanpada Navi Mumbai 400705 43 Rajnikanta G Patni 310-316, Raheja Chambers Free INR 1,000,000 each 20 Press Journal Marg Nariman Point Mumbai 400021 44 Ashokkumar S 310 316, 3rd Flr Raheja Chambers INR 1,000,000 each 20 Patni F Press Journal Marg, Nariman Point Mumbai 400021 45 Arihant 310-316, Raheja Chambers Free INR 1,000,000 each 20 Gajendrakumar Press Journal Marg, Nariman Point Patni Mumbai 400021 46 Vasundhara 310-316 , Raheja Chambers Free INR 1,000,000 each 20 Apoorva Patni Press Journal Marg, Nariman Point Mumbai 400021 47 Raj Kumar 142 Munirka Enclave New Delhi INR 1,000,000 each 4 110067 48 Janak B Bhalaria 8, Madhu Parag, 69, Swastik Society INR 1,000,000 each 3 Nm Road, Juhu Scheme Nr Jamnabai School, Vile Parle W Mumbai, Maharashtra 400056 49 Shruti Vikas 2302 23rd Floor Ashok Garden INR 1,000,000 each 2 Makharia Tower Ii F Wing T J Road Sewrimumbai Maharashtra 400015 50 Punjab Hydro B-37, Sector 1 Noida Uttar INR 1,000,000 each 15 Power Private Pradesh 201301 Limited 51 Sonali Anand Satnam Apartments Flat 75 Cuffe INR 1,000,000 each 2 Mittal Parade Mumbai 400005 52 Anuradha Navin Flat No 76 Satnam Apartments INR 1,000,000 each 7 Mittal Cuffe Parade World Trade Center Colaba Mumbai 400005 53 Nina Sawhney Shivtirth Bldg No 1 Flat No 20 INR 1,000,000 each 1 Bhulabhai Desai Rd Hajiali Circle Cumballa Hill Mumbai 400026

54 Hassan Kamruddin Jluesh Terese 766 B J Road Bandra INR 1,000,000 each 10 Bhanji West Mumbai, 400050

55 Poddar Tyres 5/D Court Chambers 35 New INR 1,000,000 each 80 Limited Marine Lines Mumbai, 400020

56 Nigam Chawla N-5 Block-N Kailash Colony New INR 1,000,000 each 5 Delhi 110065

57 Nadir Barjorji Godrej Boyce Mfg.Co.Ltd Accounts INR 1,000,000 each 5 Godrej Dept Plant 11 Pirojshanagar Vikhroli West Mumbai 400079 58 Sejal Ketan Sheth D/1503/1504 Tower Ii D Wing INR 1,000,000 each 3 Ashok Gardens Chsl Tokersey Jivraj Road Sewree Mumbai Maharashtra 400015 59 Uday Bhanu No 172 A1 Rose Dale Oter Circle INR 1,000,000 each 1 Cherukoori White Field Bangalore 560066 60 Uday Kumr Flat No-903 9th Floor Garnet Lapiz INR 1,000,000 each 1 Dattatrey Lazui Lane No 5b Off South Main Dharmadhikari Road Koregaon Park Mumbai Maharashtra 411001 61 N R Padmanabhan Shanbaug, Plot No 79 Flat No 27, R INR 1,000,000 each 2 A Kidwai Road Wadala Mumbai 400031 62 Mahavir Shivlal 15, Vincent Court, Dr. Ambedkar INR 1,000,000 each 1 Kothari Road Dadar East Mumbai 400014 63 Nikhil Nanda D 201 Defence Colony New Delhi, INR 1,000,000 each 10 Delhi, India 110024 64 Bahram Navroz Flat No 2 Ground Floor Wadia INR 1,000,000 each 5 Vakil House 22 Hughes Road 5 Khareghat Colony Mumbai 400007 65 Sailaja D Nair 4/11 Aankan Apartments Nr. INR 1,000,000 each 1 Govardan Party Plot Thaltej Ahmedabad 380059 66 Bioworth India Kemwell House 11 Tumkur Road INR 1,000,000 each 10 Private Limited Bangalore 560022 67 Cyrus Nallaseth 102 Belmont 37 D L Jagmohandas INR 1,000,000 each 10 Marg Mumbai 400036 68 Bharati Kamalendu B 301 3rd Floor Sagar Darshan H B INR 1,000,000 each 3 Dasgupta Marg Prabhadevi Mumbai 400025 69 Ketaki Vasant 401 Anand Bhavan Babulnath 2nd INR 1,000,000 each 20 Sheth Cross Lane Chowpatty Mumbai 70 Mukul Jain Apartment No 145 14th Floor INR 1,000,000 each 1 Wellington Estate Dlf Phase 5 Galleria Dlf Iv Gurgaon 122009 71 Skan Marine 310-311 Raheja Arcade Sector Ii INR 1,000,000 each 10 Services Pvt Ltd Cbd Bellapur Navi Mumbai 72 Neha Bagaria Kemwell House No 11 Tumkur INR 1,000,000 each 40 Road Bangalore 560022 73 Kutar Moti Phiroze Jenkins House Flat No 8 1st Floor INR 1,000,000 each 6 Henry Road Colaba Mumbai 400001 74 Shukla Dipten Room No 1401 14th Floor Raheja INR 1,000,000 each 5 Putatunda Regency S Koli Wada Rd 29 Sion E Mumbai 400022 75 Shivam Jindal G 28 Sector 27 Noida 201301 INR 1,000,000 each 11 76 Nisreen Azim Tapia 121 Bennett Villa 27 Wodehouse INR 1,000,000 each 2 Road Colaba Mumbai 400039

77 Adil Kekoo Gandhy Swastik Court Flat 9 4 Th Floor INR 1,000,000 each 10 Maharishi Karve Marg Churchgate Mumbai 400020 78 Vinod Mohan Flat No P68 6th Flr Pearl Block INR 1,000,000 each 3 Lahori Golden Enclave Complex Old Airport Road Next To Manipal Hospital Bangalore 79 Anand S Karekar 91 Dhawalgiri Yashodham Gen A K INR 1,000,000 each 2 Vaidya Marg Goregaon East Opp Dindoshi Bus Depot Mumbai 400063 80 Lalit Aggarwal C 10 First Floor N D S E South Ext INR 1,000,000 each 1 Ii Andrewsganj S O South Delhi New Delhi 110049 81 Sanjiv Sarita B 37 Sector 1 Noida 201301 INR 1,000,000 each 15 Consulting Private Limited 82 Deepak Chandnani 2nd Floor Kings Palace Plot No 91 INR 1,000,000 each 5 Andheri East Shere E Punjab Colony Mumbai 400093 83 Naresh Kanayalal Plot No 12 Clarke Town Thapar INR 1,000,000 each 5 Jaisinghani Marg Nagpur 440004 84 Sandipa Flat No 06 3rd Floor Sonmarg 67 B INR 1,000,000 each 3 Choudhury Nepeansea Road Malabar Hill Mumbai 400006 85 Rohini Parthiv 14 15 Dalamal Court 7 18 Worli Sea INR 1,000,000 each 2 Desai Face Worli Mumbai 400018 86 IMA PG India Plot No R 677 Midc Ttc Industrial INR 1,000,000 each 20 Private Limited Aera Thane Belapur Road Rabale Navimumbai 400701 87 Harbir Singh Sidhu C 2005 6 Lake Lucerne Lake INR 1,000,000 each 15 Homes Powai Powai Iit Mumbai 400076 88 Arun Vishwanath 701 Citadel 18 B L D Ruparel Marg INR 1,000,000 each 20 Naik Malabar Hill Mumbai 400006 89 Manali S 901 Tiara Tower Central Avenue INR 1,000,000 each 2 Bambolkar Santacruz West Mumbai 400054

90 Smita Yashesh 701 Pushpanjali 7th Flr Plot 8 Off INR 1,000,000 each 1 Worah 10th Rd Vithal Ngr Soc Jvpd Vileparle Mumbai 400049 91 Snehal Anand 8 Pushpanjali Vithal Nagar Society, INR 1,000,000 each 1 Mehta 10th Road Juhu, Vile Parle, West Mumbai, Maharashtra 400049 92 Kumar Keswani 46 4th Floor Satnam Apartments INR 1,000,000 each 10 93 Cuffe Parade Opp World Trade Centre Mumbai Maharashtra 400005 93 Meena Hiranand 56 Sangini Banglow Near Avsar INR 1,000,000 each 1 Savlani Party Plot Thaltej Daskroi, Ahmedabad Gujarat ,India 380059 94 Mohit Vijaykumar B 1001 Juhu Trishul Building INR 1,000,000 each 10 Gupta Gulmohar Cross Road No-6 Jvpd Scheme Mumbai Maharashtra India 400049

95 Narayan Jaindram 702 Plazzo Opulence Mangal INR 1,000,000 each 1

Chandna Nevatia Chs Ltd 10 B Sarojini Road Santacruz West Mumbai Mumbai Suburban Mumbai Maharashtra 400054 96 S Ravi Pent House, United Homes Pai INR 1,000,000 each 1 Layout K R Puram P O Bangalore 560016 97 Anish Paul Flat No 112, 11th Floor Wing C INR 1,000,000 each 10 Kalpataru Sparkle Gandhi Nagar Bandra East Mumbai 400051 98 Jainesh Mahendra 4-C, Pravin Apartment, Sundervan, INR 1,000,000 each 1 Vora S.V.Road, Vile Parle ( West ) Mumbai 400056 99 Akay Filtips Pvt Ltd 21, Nariman Bhavan Nariman Point INR 1,000,000 each 1 Mumbai 400021 100 Mercurigold Mann No 2 And 3 1st Floor Jeevan INR 1,000,000 each 20 Ind Pvt Ltd Bheema Nagar Main Road Hal 3rd Stage Bangalore 560075 101 Dishman Carbogen Bhadra Raj Chambers Swastik Cross INR 1,000,000 each 50 Amcis Limited Road Navrangpura Ahmedabad 380009 102 Ashok Saligram C 42 Akash Tower Nr Judgess INR 1,000,000 each 1 Modi Bunglow Premchand Nagar Rd Bodakdev Ahmedabad 380054 103 Vimlesh Chhotalal 86 Mount Unique, 62/A Pedder INR 1,000,000 each 15 Shah Road. Mumbai 400026 104 Vipul Kantilal Shah Rajvi, A/11/42, Rajawadi Coop Soc., INR 1,000,000 each 2 Rajawadi, Ghatkopar Mumbai 400077 105 Pratima Prakash Flat No.7,2nd Floor,Kailash INR 1,000,000 each 2 Shah Prakash,R.N.N.Marg, Ghatkopar (E), Mumbai 400077 106 Binda Prasad Misra Bajaj Electricals Ltd 1st Floor INR 1,000,000 each 22 Bombay Life Bldg 45-47 Veer Nariman Rd Mumbai 400001 107 Binda Prasad Misra Bajaj Electricals Limited 1st Floor INR 1,000,000 each 34 Bombay Life Bldg 45-47 Veer Nariman Rd Mumbai 400001 108 J B Boda & Co Pvt Maker Bhavan No-1 Sir Vithaldas INR 1,000,000 each 7 Ltd Thackersey Marg Mumbai 400020 109 Falguni Atul Mehta S/22 Parekh Market 39 Kennedy INR 1,000,000 each 1 Bridge Mumbai 400004 Total 21,620

Home Credit India Finance Private Limited# Provisional Statement of Eligible Receivables and bank borrowing as of 30th June, 2020 (For Catalyst Trusteeship Ltd.) S.No.Particulars Amount (Rs) Bank Borrowing A. Calculation of Eligible Loan Receivables 1 Loan Receivables 76,338,607,000 - 2 Less: Receivables past Days-Past-Due more than 90 days 7,144,187,000 3 Less: Loan against Property (if any) - 4 Less: Loan against Shares (if any) - Less: Bills discounted / rediscounted by NBFC (except bills 5 discounting arising from sale of commercial vehicles, two wheeler/ three wheelers) - Less: Finance to individuals for subscribing to IPO or purchase of 6 shares from secondary market - 7 Eligible loan receivables (1 – (2+3+4+5+6)) 69,194,420,000

B. Outstanding bank borrowing Amount (Rs.) Northern ARC - VIII 187,501,000 Bonds Outstanding- Tranche VI 3,500,000,000 Bonds Outstanding- Tranche VII 3,750,000,000 Bonds Outstanding- Tranche VIII 2,250,000,000 Bonds Outstanding- Tranche IX 2,220,000,000 Bonds Outstanding- Tranche X 4,000,000,000 Axis Bank 100,000,000 HDFC Bank 500,000,000 Bonds outstanding-Mahindra Finance 187,500,000 Bonds outstanding-Unifi 150,000,000 Bonds outstanding- JM Financial 578,004,483 Venus India Assets Finance_1 31,249,993 IndusInd Bank 100,000,000 Deutsche Bank 2,200,000,000 PPF Co3 BV - ECB 1 1,760,000,000 AB4 BV - ECB 2 1,750,000,000 Venus India Assets Finance_2 75,000,000 AB4 BV - ECB 3 3,500,000,000 Bonds outstanding- JM Financial 728,529,025 PPF Co3 BV - ECB 4 3,000,000,000 AB4 BV- ECB 5 3,000,000,000 PPF Co3 BV - ECB 6 5,000,000,000 AB4 BV- ECB 7 5,500,000,000 PPF Co3 BV - ECB 8 4,400,000,000 Total 48,467,784,501 # Provisional numbers

Page 1 of 3 Home Credit India Finance Private Limited# Table A: S.No.Particulars Amount (Rs) 1 Loan Receivables Two Wheeler Loans 368,224,000 Consumer Durable Loans 12,315,669,000 Cash Loan 63,654,714,000 2 Loan against Property (if any) - 3 Loan against Shares (if any) - Bills discounting arising from sale of commercial vehicles, two 4 wheeler/ three wheelers - 5 Bills discounted / rediscounted other than mentioned under (4) - Finance to individuals for subscribing to IPO or purchase of shares 6 from secondary market - Total 76,338,607,000 Table B: S.No.Outstanding Bank Borrowings Amount (Rs) 1 Northern ARC - VIII 187,501,000 2 Bonds Outstanding- Tranche VI 3,500,000,000 3 Bonds Outstanding- Tranche VII 3,750,000,000 4 Bonds Outstanding- Tranche VIII 2,250,000,000 5 Bonds Outstanding- Tranche IX 2,220,000,000 6 Bonds Outstanding- Tranche X 4,000,000,000 7 Axis Bank 100,000,000 8 HDFC Bank 500,000,000 9 Bonds outstanding-Mahindra Finance 187,500,000 10 Bonds outstanding-Unifi 150,000,000 11 Bonds outstanding- JM Financial 578,004,483 12 Venus India Assets Finance_1 31,249,993 13 IndusInd Bank 100,000,000 14 Deutsche Bank 2,200,000,000 15 PPF Co3 BV - ECB 1 1,760,000,000 16 AB4 BV - ECB 2 1,750,000,000 17 Venus India Assets Finance_2 75,000,000 18 AB4 BV - ECB 3 3,500,000,000 19 Bonds outstanding- JM Financial 728,529,025 20 PPF Co3 BV - ECB 4 3,000,000,000 21 AB4 BV- ECB 5 3,000,000,000 22 PPF Co3 BV - ECB 6 5,000,000,000 23 AB4 BV- ECB 7 5,500,000,000 24 PPF Co3 BV - ECB 8 4,400,000,000 Total 48,467,784,501 # Provisional numbers

Page 2 of 3 Drawing Power# Particulars Amount (INR) Total Portfolio Receivables (A) 76,338,607,000 Less: Receivables over due for more than 90 Days (DPD more than 90 7,144,187,000 Sub-Total (C=A-B) 69,194,420,000 (D-1)Less: Margin for Northern ARC - VIII 37,500,200 (D-2)Less: Margin for Bonds Outstanding- Tranche VI 525,000,000 (D-3)Less: Margin for Bonds Outstanding- Tranche VII 562,500,000 (D-4)Less: Margin for Bonds Outstanding- Tranche VIII 337,500,000 (D-5)Less: Margin for Bonds Outstanding- Tranche IX 333,000,000 (D-6)Less: Margin for Bonds Outstanding- Tranche X 600,000,000 (D-7)Less: Margin for Axis Bank 380,000,000 (D-8)Less: Margin for HDFC Bank 125,000,000 (D-9)Less: Margin for Bonds outstanding-Mahindra Finance 18,750,000 (D-10)Less: Margin for Bonds outstanding-Unifi 15,000,000 (D-11)Less: Margin for Bonds outstanding- JM Financial 57,800,448 (D-12)Less: Margin for Venus India Assets Finance_1 7,812,498 (D-13)Less: Margin for IndusInd Bank 525,000,000 (D-14)Less: Margin for Deutsche Bank 440,000,000 (D-15)Less: Margin for PPF Co3 BV - ECB 1 264,000,000 (D-16)Less: Margin for AB4 BV - ECB 2 262,500,000 (D-17)Less: Margin for Venus India Assets Finance_2 18,750,000 (D-18)Less: Margin for AB4 BV - ECB 3 525,000,000 (D-19)Less: Margin for Bonds outstanding- JM Financial 72,852,902 (D-20)Less: Margin for PPF Co3 BV - ECB 4 450,000,000 (D-21)Less: Margin for AB4 BV- ECB 5 450,000,000 (D-22)Less: Margin for PPF Co3 BV - ECB 6 750,000,000 (D-23)Less: Margin for AB4 BV- ECB 7 825,000,000 (D-24)Less: Margin for PPF Co3 BV - ECB 8 660,000,000 (D-25)Less: Margin for Securitized and Direct Assignment Portfolio 4,928,691,841 Drawing Power available for limit set-up (E=C-D(1-25)) 56,022,762,110 Drawing Power allocated to Outstanding Borrowings 48,467,784,501 Unallocated Drawing Power 7,554,977,609 # Provisional numbers

For Home Credit India Finance Private Limited

Digitally signed by ANIRBAN MAJUMDER DN: c=IN, o=Personal, 2.5.4.20=51915cad79a0b496878e038efa0517d87ee6c ANIRBAN d5aec82dfcb653ff2f9a69d7f3b, postalCode=201301, st=UTTAR PRADESH, serialNumber=1e2c5184b9619ce755b77294621436e5 c5f17d05a7d4e1d1409f4a02482d4323, cn=ANIRBAN MAJUMDER MAJUMDER Date: 2020.07.15 16:10:05 +05'30' Authorized Signatory

Page 3 of 3

Home Credit India Finance Pvt. Ltd. (formerly known as Rajshree Auto Finance Pvt. Ltd.) Reg. Off.: Third Floor, Tower C, DLF Infinity Towers, DLF Cyber City, Phase-II, Gurugram, Haryana - 122002 CIN: U65910HR1997PTC047448, Tel. No.:- +91 124 4907600 Web: www.homecredit.co.in Email: [email protected]

August 13, 2020

To, Catalyst Trusteeship Limited, Windsor, 6th floor, Office No. 604, C.S.T. Road, Kalina, Santacruz (East), SMuubm: baiC–e4rt0i0fi0c9a8te from the Director certifying the value of the receivables as on June 30, 2020.

Dear Sir,

This is with reference to your letter (CTL/MUM/Compliance/Quarterly/2020-21/649) dated June 30, 2020, I, Ondrej Kubik, Whole-time Director of the Company, hereby certify that based on the available information and to the best of my knowledge, the gross receivables of the Company as on June 30, 2020 is INR 7,633.86 crores. Eligible receivables for hypothecation (Standard receivables) are INR 6919.44 crores out of which INR 492.87 crores of portfolio are securitized by the Company. Accordingly, the net value of receivables eligible for hypothecation is INR 6426.57 crores. The Company has created first pari-passu charge on the book debts/receivables of the Company as on that date for an amount aggregating to INR 1988.64 crores in your favour with respect to issuance of the Non-Convertible Debentures aggregating to INR 1736.40 crores.

Request you to please take the aforesaid information on record and oblige us.

FTohranHkoinmgeYCoruedit India Finance Private Limited

Digitally signed by ONDREJ KUBIK DN: c=IN, o=Personal, postalCode=122002, ONDRE st=HARYANA, serialNumber=096ea755cc222 532993ab00fa7059f3257ad569 3c90afd48ddffe9819c49d794, J KUBIK cn=ONDREJ KUBIK Date: 2020.08.14 12:20:41 +05'30'

Ondrej Kubik Whole-time Director DIN: 08194580

Enclosures:

1. CA Certificate for security cover and value of receivables as on June 30, 2020 Rating Rationale April 01, 2020 | Mumbai Home Credit India Finance Private Limited Rating outlook revised to 'Stable', rating reaffirmed

Rating Action Total Bank Loan Facilities Rated Rs.800 Crore CRISIL BBB+/Stable (Outlook revised from 'Positive' Long Term Rating and rating reaffirmed)

CRISIL BBB+/Stable (Outlook revised from 'Positive' Rs.75 Crore Non Convertible Debentures and rating reaffirmed) CRISIL BBB+/Stable (Outlook revised from 'Positive' Rs.350 Crore Non Convertible Debentures and rating reaffirmed) CRISIL BBB+/Stable (Outlook revised from 'Positive' Rs.400 Crore Non Convertible Debentures and rating reaffirmed) CRISIL BBB+/Stable (Outlook revised from 'Positive' Rs.222 Crore Non Convertible Debentures and rating reaffirmed) CRISIL BBB+/Stable (Outlook revised from 'Positive' Rs.375 Crore Non Convertible Debentures and rating reaffirmed) CRISIL BBB+/Stable (Outlook revised from 'Positive' Rs.225 Crore Non Convertible Debentures and rating reaffirmed) CRISIL BBB+/Stable (Outlook revised from 'Positive' Rs.50 Crore Non Convertible Debentures and rating reaffirmed) CRISIL BBB+/Stable (Outlook revised from 'Positive' Rs.825 Crore Non Convertible Debentures and Rating withdrawn) 1 crore = 10 million Refer to annexure for Details of Instruments & Bank Facilities

1 Detailed Rationale CRISIL has revised its outlook on the long-term bank facilities and other debt instruments of Home Credit India Finance Private Limited (Home Credit India) to 'Stable' from 'Positive' while reaffirming the rating at 'CRISIL BBB+'.

The revision of outlook is primarily due to uncertainty associated with the current market environment due to Covid-19 related lockdown and the potential impact on collections and asset quality on the operations of Home Credit India as well as on the operations of parent which contributed to around 60% of the total gross loans. Nevertheless, CRISIL notes the standalone performance of Home Credit India has improved since fiscal 2019, with the company reporting profits amidst controlled operating expenses due to various measures taken which include change in sourcing model, reduction of expenses, diversification of income sources and employee count rationalisation through various departments. Any major impact on the collections or asset quality thereby impacting profitability of Home Credit India will remain a key monitorable.

CRISIL has also withdrawn its rating on the non-convertible debentures of Rs 825 crore (See Annexure 'Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL has received independent that these instruments are fully redeemed.

Home Credit India's liquidity profile is healthy with cash and equivalents of Rs 772 crore and unutilised bank lines of Rs 572 crore. This is expected to be adequate to manage this period wherein asset-side collections will be negligible while liability-side outflows continue as per schedule. CRISIL notes that the recent announcement by Reserve Bank of India (RBI) permitting Banks to provide a moratorium to their borrowers may also provide additional relief, if availed by the company for its bank loans.

The portfolio of Home Credit India has crossed Rs 8000 crore mark as on December 31, 2019 as against Rs 1952 crore as on March 31, 2017. Given that its customer segment, significant customer origination are new to credit, is relatively difficult to address, and that the product segment is very operationally intensive, it faces limited competition. With its distribution network now in place, Home Credit India is expected to deepen its penetration in the 265 cities and towns as on December 31, 2019 in which it is present and continue to grow its portfolio at a healthy pace.

The portfolio scale up has also resulted in attendant operating efficiencies; this, coupled with the focus on manpower optimization, has also benefitted Home Credit India's earning profile with the company turning profitable (at a pre-tax level and net profit) on a quarterly basis.

Home Credit's China operations contribute to around 60% of the total group's operating revenue and the extent of impact of Covid-19 on the Chinese operations especially collections and asset quality is yet to be assessed. CRISIL observed that Home Credit China had in the past withstood such headwinds and realigned itself to become profitable within a quarter. However, the impact of the same on the business and financial risk profile of China operations remains a key monitorable.

Home Credit continues to maintain its steady performance and has been playing a key role in supporting Home Credit group's profitability. Home Credit and Finance Bank (including operations) reported a net profit of 15.8 billion Russian Ruble (around Rs 1674 crore) during 2019 as against 13.8 billion Russian Ruble (around Rs 1463 crore) during the corresponding period previous year. Besides maintaining steady profitability, Home Credit Russia has also maintained its market position within Russia. As per company estimates, it had a market share to 22% within POS loans as of year end 2019.

The ratings also continue to factor in the adequate capitalisation and moderate resource profile of Home Credit India. The company had a networth of Rs 2555 crore and comfortable gearing of 2.6 times as on December 31, 2019. However, Home Credit India has modest asset quality, underpinned by the inherently weak credit risk profile of borrowers and unsecured nature of advances. Their earnings profile is also modest, albeit improving, on the back of high operating and credit costs.

2 Analytical Approach The rating of Home Credit India continues to be centrally driven by its strategic importance to, and expectation of strong support from its parent, Home Credit Group BV.

Key Rating Drivers & Detailed Description Strengths * Strategic importance to, and expectation of strong support from, the parent, Home Credit Group BV: Given its large population and limited credit penetration by organised players in the retail consumer finance business, India is a strategically important country for the Home Credit group. Home Credit India, therefore, is likely to receive strong financial, managerial, and operational support from the parent, Home Credit Group BV. Home Credit Group group infused equity capital of close to Rs 2539 crore in Home Credit India between fiscal 2017 and 2019. During fiscal 2019, Home Credit group has infused around Rs 1000 crore, thereby providing support during the recent tight liquidity conditions. This indicates the parent's strong commitment to provide funding and capital support to the subsidiary. CRISIL believes Home Credit India will continue to receive capital support from the parent on an ongoing basis and in the event of distress.

Managerial support is reflected in the deployment of senior management personnel from the Home Credit group, and involvement of senior management personnel from Home Credit Group, in the operations of Home Credit India. Operational support is reflected in technical and functional inputs from Home Credit Group. The risk management tools used by Home Credit India are developed centrally by the Home Credit Group and are customised for India. The functional team of Home Credit India receives regular guidance from the corresponding teams across and Europe. Home Credit India will continue to receive financial, managerial, and operational support from Home Credit Group. Any change in the credit risk profile of Home Credit Group and in the extent of its support to the Indian subsidiary remain key rating sensitivity factors.

* Moderate credit profile of parent, Home Credit Group BV: Home Credit Group BV's credit risk profile is driven by that of two of its largest subsidiaries, Home Credit China and Home Credit Russia while at the same time, Home Credit Group BV's operations in South and South East Asia region continue its strong growth and keep increasing this region's importance in Home Credit performance. Home Credit China's is expected to improve with structural strengthening of its market position. It also has, adequate leverage, moderate risk position, and strong funding profile and liquidity. Home Credit Russia too has a strong market position, adequate capital and earnings, moderate risk position, and adequate funding and liquidity. Home Credit Group BV is also strategically important to PPF Group, one of the largest investment groups in Central and accounting for around 55% of the latter's total assets. Shareholders of PPF Group publicly acknowledge the strategic importance of Home Credit Group BV, and share the key performance highlights of this company and its subsidiaries with bankers during their annual bankers' meet. Home Credit Group BV receives funding support from PPF Group in the form of equity capital and unsecured loans, and will continue to do so.

* Adequate capitalisation: Home Credit India is adequately capitalised, as reflected in its networth and adjusted gearing of Rs 2555 crore and 2.6 times, respectively, as on December 31, 2019. The networth coverage for net non-performing assets (NPAs) is also comfortable, as the company maintains a high provisioning level. Further, the capital position is also expected to supported by the accretions given the company has turned profitable at profit before tax and net profit level in the first three quarters of fiscal 2020. Home Credit India has received regular equity infusion from the parent, with the last round of Rs 400 crore infusion done in January 2019. Further, the parent through various entities has been providing funding support, Rs 4613 crore as on December 31, 2019 against Rs 2823 crore as on March 31, 2019.

* Moderate resource profile: Home Credit India benefits from funding support from Home Credit group. Most of its bank facilities are backed by corporate guarantee from Home Credit Group BV. The company has availed most of its debt from foreign banks. To diversify its resource profile, Home Credit India has started raising funds via non-convertible debentures, CP's, ECB's and securitization on a regular basis. The company has availed debts from a few domestic banks, non-banking financial companies (NBFCs), Mutual Funds and Financial Institutions (FI's). CRISIL believes Home Credit group will continue to support the resource profile of the Indian subsidiary if needed to help raise debt to fund growth. The resource profile is primarily supported by borrowings from the parent group of 71% (43% in the form of ECBs and

3 28% in the form of Group bonds), bank borrowings constitute to 14%, NCDs from domestic institute constitute 6%, term loans from domestic institute constitute 1% and securitisation constitute another 8% of total borrowings. Home Credit India is in process of diversifying resources from domestic sources but given the current funding scenario for non-banks, they have been able raise to majority of funds through securitisation route till Q3 of fiscal 2020. Excluding securitisation, the company has raised Rs 240 crore in first three quarters of fiscal 2020. However, post December 2019, the company has raised Rs 197 crore from various other sources excluding securitisation.

* Improving market position: Home Credit India's operations have grown at a significant pace during the last 2 years. The portfolio has around Rs 8000 crore mark (stood at Rs 8097 crore) as on December 31, 2019 as against Rs 1952 crore as on March 31, 2017. In terms of portfolio breakup, the company had around 78% of its portfolio towards cash loans (unsecured personal loans), 21% towards POS loans and 1% for others. Given that the distribution network is now in place, covering around 265 cities and towns as on December 31, 2019, the focus will be now on leveraging this network to scale up the portfolio. Additionally, the company is also expanding its presence in organised retail consumer durable segment and furniture's financing. Through this, the company will target to acquire customers who wish to buy consumer durable products. Growth is therefore expected to remain strong going ahead.

Weaknesses * Modest asset quality: Gross GNPAs, at 7.09% as on December 31, 2019 continue to remain high. This is largely because of the inherently modest credit risk profiles of its borrowers, who have limited credit history. Gross NPAs had increased in fiscal 2019 because of the attempt to shift customers to non-cash modes of repayment, which temporarily impacted collection efficiencies and seem to be declining in fiscal 2020. The company has policy wherein it write-offs post 360 days. Therefore, if asset quality measured in terms of Gross NPAs + write-offs (during nine months fiscal 2020), it would be around Rs 1110 crore (about 13.7% of loan portfolio). Though delinquencies are expected to remain range-bound, supported by sound risk management systems, asset quality will remain susceptible to risks inherent in the unsecured lending business. The company is likely to benefit from the increasing penetration and use of credit bureaus. The company has also been improving its internal risk management systems and refining its underwriting models by creating its own customer data base and increasingly focusing on customer behaviour level analysis. Nevertheless, its delinquencies are expected to remain higher than the industry average for NBFCs because of unsecured lending. Ability to continuously strengthen risk management systems and keep credit costs under control, while scaling up operations, remains a monitorable. Any major impact on the collections or asset quality due to Covid-19 linked challenges will be a key rating sensitivity factor.

* Modest, but improving earnings profile: Home Credit India's earning profile has been constrained by high provisioning and operating expenses given the substantial investments in building its infrastructure. However, it is now on an improving trend. In fiscal 2019, operating expenses by average managed assets were 19% while provisions were 11%; these offset the benefits of high net interest margins (NIMs) and resulted in a return on managed assets (RoA) of (-)1.3%. In fiscal 2020, the continued improvement in scale resulting in operating efficiencies as well as control on various expense lines, the company has also been able to improve its earnings profile. Home Credit India now turned profitable (PBT and net profit level) on a quarterly basis. The company reported profit before tax of Rs 159 crore during nine months fiscal 2019 against a loss before tax of Rs 156 crore in first 9 months of fiscal 2019. Provisioning costs are expected to remain high because of higher delinquencies and conservative provisioning policy compared with regulatory requirements. Nevertheless, CRISIL believes that Home Credit India's profitability will improve over the medium term driven primarily by operating efficiencies. However, the impact of COVID on the collections and asset quality remain key monitorable given the uncertainty of lockdown.

4 Liquidity Adequate The liquidity position of Home Credit India is supported by the nature of its loan portfolio (CD loans: 21% of portfolio) which is short term and with a repayment period of about 6 months. HC India has debt payments of Rs 665 crore between April 2020 and end June 2020. Further, HC India had cash and equivalents of Rs 772 crore as on March 25, 2020 and unutilised bank lines lines of Rs 572 crores. This is expected to be adequate to manage this period wherein asset-side collections will be negligible while liability-side outflows continue as per schedule. CRISIL notes that the recent announcement by Reserve Bank of India (RBI) permitting Banks to provide a moratorium to their borrowers may also provide additional relief, if availed by the company for its bank loans.

Outlook: Stable CRISIL believes Home Credit India will remain strategically important to, and will continue to receive financial, managerial, and operational support from, Home Credit Group BV.

Rating Sensitivity Factors Upward factors * Improvement in earnings profile of Indian operations with return on managed assets (RoMA) moving above 3% * Ability to diversify the resource profile of the company with higher share of local borrowings

Downward factors * Deterioration in credit profile of the parent Home Credit Group B.V * Change in support philosophy of the global parent Home Credit Group B.V towards Indian operations * Sharp deterioration of asset quality wherein gross NPA increase above 10%

About Home Credit India Home Credit India launched operations in 2012 and has presence in 20 states in India. The company initially offers loans for purchase of consumer durables (primarily consisting of mobile phones), and subsequently offers cash loans to borrowers with good repayment track record. It also has other portfolio, which is not expected to increase materially. Its loan book was Rs 8097 crore as on December 31, 2019 of which, 21% was for purchase of consumer durables, 78% comprised cash loans and 1% for others.

About Home Credit Group BV The Home Credit group was founded in 1997. The main shareholder of Home Credit Group BV is PPF Financial Holdings B.V. (91.1% stake). The Home Credit group has a presence in 10 countries through subsidiaries. It predominantly offers loans for purchase of consumer durables (primarily consisting of mobile phones) and unsecured personal loans (cash loans). It focuses on lending to borrowers with limited or no credit history. It operates as a bank in Russia and Kazakhstan, where it offers retail banking products such as credit cards, deposits, and current accounts. The Home Credit group also has banking operations in in the name of Airbank. Over the years, the Home Credit group has developed expertise in assessing customers with no credit score by collecting basic demographic and financial information of the prospective borrowers.

As on December 31, 2019, Home Credit Group BV (on a consolidated basis) had a gross loan portfolio of EUR 21.8 billion (Approximately INR 1,74,400 crore), of which, around 24% comprised loans for buying consumer durables (primarily mobile phones), 70% was cash/personal loans, 4% revolving loans and residual 2% for mortgages, vehicle finance and corporate loans. It had assets of EUR 26.6 billion (Approximately INR 2,12,800 crore) and a networth of EUR 2.9 billion (Approximately INR 23,200 crore).

About PPF Group PPF Group is one of the largest investment groups in Central and Eastern Europe. The main shareholder of PPF Group is Mr Petr Kellner (holds 98.92% stake in PPF Group). According to Forbes, Mr Kellner is the richest man in the Czech Republic, with a networth of USD 15.5 billion (about INR 82,838 crore). PPF Group has been investing in sectors such as banking, financial services, telecommunications, mechanical engineering, biotech and real estate. It is mainly active in Europe, Russia, Asia, and the US. As on June 30, 2019, it had assets of EUR 47.3 billion (about INR 378,400 crore).

5 Key Financial Indicators As On/For The Period Ended December 31 Unit 2019 2018* Total assets Rs cr 9631 6854 Total income Rs cr 2314 1848 Profit after tax Rs cr 14 318 Gross NPA % 7.1 8.4 Gearing Times 2.6 2.1 Return on assets % 0.2 7.1 *the company reported profit during nine months of fiscal 2019 mainly through deferred tax adjustment Any other information: Not applicable

Note on complexity levels of the rated instrument: 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.

6 Annexure - Details of Instrument(s) Issue Date of Coupon Maturity Rating Assigned ISIN Name of Instrument Size Allotment Rate (%) Date with Outlook (Rs. Cr) CRISIL INE172V07061 Debentures 27-Jul-17 12.05% 31-Jul-20 350 BBB+Stable CRISIL INE172V07079 Debentures 8-Aug-17 12.07% 31-Aug-20 375 BBB+Stable CRISIL INE172V07087 Debentures 28-Aug-17 11.92% 31-Aug-20 225 BBB+Stable CRISIL INE172V08051 Debentures 7-Nov-17 14.25% 9-Nov-20 50 BBB+Stable CRISIL INE172V07103 Debentures 6-Oct-17 12.28% 15-Oct-20 222 BBB+Stable CRISIL INE172V07111 Debentures 24-Oct-17 13.20% 6-Nov-20 400 BBB+Stable CRISIL INE172V07129 Debentures 27-Mar-18 13.12% 26-Mar-21 75 BBB+Stable Long Term Bank CRISIL NA NA NA NA 653.5 Facility BBB+Stable Proposed Long Term CRISIL NA NA NA NA 146.5 Bank Loan Facility BBB+Stable

Annexure - Details of Rating Withdrawn Name of Date of Coupon Rate Maturity Issue Size ISIN Instrument Allotment (%) Date (Rs. Cr) INE172V07046 Debentures 6-Dec-16 12.21% 13-Dec-19 225 INE172V07053 Debentures 18-Jan-17 11.27% 31-Jan-20 250 INE172V07095 Debentures 13-Dec-17 14.25% 13-Dec-19 350

7 Annexure - Rating History for last 3 Years Start of Current 2020 (History) 2019 2018 2017 2017 Outstanding Instrument Type Rating Date Rating Date Rating Date Rating Date Rating Rating Amount CRISIL CRISIL CRISIL CRISIL CRISIL Non Convertible 1697.00 LT BBB+/St 29-03-19 BBB+/Po 23-03-18 BBB+/St 12-12-17 BBB+/St BBB/Sta Debentures 31-03-20 able sitive able able ble CRISIL 25-10-17 BBB+/St able

CRISIL 06-10-17 BBB+/St able

CRISIL 20-07-17 BBB/Sta ble CRISIL 09-01-17 BBB/Sta ble

CRISIL CRISIL CRISIL CRISIL CRISIL Fund-based Bank LT/S 800.00 BBB+/St 29-03-19 BBB+/Po 23-03-18 BBB+/St 12-12-17 BBB+/St BBB/Sta Facilities T able sitive able able ble

CRISIL 25-10-17 BBB+/St able

CRISIL 06-10-17 BBB+/St able

CRISIL 20-07-17 BBB/Sta ble

CRISIL 09-01-17 BBB/Sta ble All amounts are in Rs.Cr. Annexure - Details of various bank facilities Current facilities Previous facilities Amount Amount Facility Rating Facility Rating (Rs.Crore) (Rs.Crore) Long Term Bank CRISIL Long Term Bank CRISIL 653.5 673.5 Facility BBB+/Stable Facility BBB+/Positive Proposed Long Term CRISIL Proposed Long Term CRISIL 146.5 126.5 Bank Loan Facility BBB+/Stable Bank Loan Facility BBB+/Positive Total 800 -- Total 800 --

Links to related criteria CRISILs rating methodology for ABS transactions Evaluating risks in securitisation transactions - A primer Legal analysis in structured finance transactions

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11 India Ratings Revises Outlook on Home Credit India Finance’s Debt Instruments to Negative; Affirms ‘IND A-’ 30 By Kumar Vishal India Ratings and Research (Ind-Ra) has taken the following rating actions on Home Credit India Finance Private Limited’s (HCI) debt JUN 2020 instruments:

Instrument Type Date of Coupon Maturity Size of Issue (billion) Rating/Outlook Rating Action Issuance Rate Date Bank loans - - - INR10 IND A- Affirmed; Outlook Revised /Negative to Negative from Stable Non-convertible debentures - - - INR8.5 (reduced from IND A- Affirmed; Outlook Revised (NCDs)* INR10 billion) /Negative to Negative from Stable Short-term - - - INR4 IND A1 Affirmed debt/Commercial paper (CP)**

* Details in Annexure **unutilised

Analytical Approach: Ind-Ra has factored in the financial support available to HCI from its parent Home Credit Group BV (HCGBV; 100% ultimate shareholding), if required, in view of the company’s strategic importance to the group.

The Outlook revision reflects the possibility of incremental pressure on HCI’s asset quality and credit costs in light of the overall disruption caused by the COVID- 19 pandemic. Ind-Ra expects the lenders in the unsecured retail lending segment to see heightened delinquencies and credit costs post-lockdown, given the weaker customer profile and the unsecured nature of lending. The loss of income because of the disruptions in economic activity over an extended period of time is likely to have a large impact on borrowers’ cash flows and may cause disruption in collections for the company while increasing the credit risk. Ind-Ra believes this event could result in both – a considerable elevation of softer bucket delinquencies and higher transition of softer buckets to stage 3 delinquencies. The agency also remains cautious over the tightening market conditions, which could impact the funding sources. HCI’s ability to raise adequate external funding will be a key monitorable. KEY RATING DRIVERS

Lockdown could Aggravate Asset Quality Pressure: HCI caters to the consumer durables and personal loan financing needs of retail customers who have an annual income of INR0.2 million-0.3 million. These borrowers have modest credit profiles and limited liquidity buffers. The slowing economic activity and the aggravation of macro-economic stress are together likely to put significant pressure on these borrowers’ cash flows. The company has extended a moratorium to its borrowers on a selective basis. About 60% of borrowers and 55% of the assets under management were under moratorium in May 2020. HCI’s collections, asset quality and credit costs are likely to be impacted in the aftermath of the lockdown.

The company’s underwriting standards and tools are based on the risk analytical framework, the efficiencies of which have been demonstrated in profitable geographies such as China and Russia. Nevertheless, the gross non-performing assets (NPA) on 90 days past due basis remain elevated (9MFY20: 7.1%; FYE19: 8.1%; FYE18: 5.3%). Notably, the net NPA stood at 1.3% at 9MFY20 (FYE19: 1.5%; FYE18: 1.2%) as the company has been maintaining provision coverage of about 80% in view of the unsecured nature of lending. The company had also written off INR5.4 billion in 9MFY20, accounting for about 10% of the loan book on an annualised basis. Moreover, Ind-Ra expects higher write-offs in 4QFY20 as the company changed its write-off policy from 360 days to 270 days. High credit cost is intrinsic to the company’s lending model, as loans are given to new-to-credit customers who also have a higher risk profile. Notwithstanding the effect of the pandemic, Ind-Ra does expect the credit costs to stabilise at lower levels in the medium term. The credit policy and underwriting methodology have been tightened; however, the effects of the same are yet to be seen. The agency expects pressure on the asset quality in the near term, given the challenging environment.

Funding Challenges to Increase Amid Tightening Market Conditions: Although HCI has diversified its funding base in terms of NCDs, term loans, HNI bonds, securitisation and direct assignment, funding support as debt from its affiliated banks constituted about 71% of overall borrowings at end-December 2019. Additionally, most of HCI’s external borrowings are backed by HCGBV’s corporate guarantees. The agency expects the group to continue to support the company through funding and corporate guarantees, though it would expect HCI to raise external debt without parent support over the medium term. Ind-Ra believes that ensuring adequate funding and broad basing of funding relationships would be critical for HCI to achieve its long-term growth plans. Having said that, the agency expects the funding environment for NBFCs, especially for those operating in the unsecured consumer lending, MSME and microfinance segments to be more challenging than in the past in the wake of the COVID-19 outbreak. As a result, the company’s borrowing costs, which are already higher than that of similarly rated peers, could increase further. Nevertheless, the agency derives comfort from the fact that HCI can raise funds from the affiliated banks, as demonstrated post the NBFC liquidity crunch in September 2018.

Evolving Business Model for India: HCI’s business model is yet to be fully established in India, although it has seen multiple cycles in other geographies across the world. The company’s loan book grew at a CAGR of 96% over FY16-9MFY20 to touch INR81 billion (FY16: INR6.3 billion). The company has made significant investments into technology set-up, infrastructure and workforce. HCI primarily focusses on partnerships with small retail format players, which gives it an edge in the geographies that are dependent on such players for mobile sales. Moreover, the company has recently increased its presence in the large format retail chains with tie-ups with national and regional retail chains. HCI faces limited competition in the consumer durables segment, given its focus on new-to-credit borrowers as well as the product segment’s operationally intensive requirement to manage a large number of distribution points. Though private banks are venturing in this area and trying to build a presence, growth for HCI in mobile financing is unlikely to be impacted in the medium term owing to its focus on the aforementioned category of customers. Nevertheless, Ind-Ra expects the growth in assets under management to remain subdued at least in FY21, primarily due to the ongoing lockdown and the ensuing macro-economic stress; the focus would be on supplementing collection efforts and recoveries for most of this year.

Near-Term Pressure on Profitability: HCI operates in an unsecured, high-risk segment, which allows it to command high yields (9MFY20: 41.2%; FY19: 43.5%; FY18: 41.4%); however, the high operating cost structure and credit costs impact its net profitability. The agency expects the yields to decline moderately over the medium term, given HCI’s focus on a slightly better borrower profile as well as competition from new entrants. That being said, HCI’s operating expenses to average assets, though high, reduced to 16% in 9MFY20 (FY19: 22%; FY18: 28%), benefitting from operating leverage and tight control on expenses through the digitisation of operations. HCI’s pre-provisioning profitability improved to 18.0% of the earning assets in 9MFY20 (FY19: 13.8%; FY18:0.9%), led by cost efficiencies. However, increased credit costs (9MFY20: 14.7%; FY19:15.6%; FY18: 11.9%) continued to impact the pre-tax profits. Nevertheless, the company reported pre-tax profitability in 9MFY20 for the first time since inception. That being said, delinquencies are likely to increase in the near term, given the lockdown- related economic disruption; as a result, elevated credit cost can put pressure on profitability in FY21.

The management is focused on bringing cost efficiencies in the form of reduced physical resources while maximising the use of technology in operations. The company has made efforts in this direction by downsizing at the point-of-sale (POS) level as well as certain other functions. HCI has re-strategised POS sales by tying up with POS dealers. As a result, company-staffed POS declined to 15% of the total POS at end-December 2019 from 81% in 2016.

Support from Parent: The ratings are driven by the credit profile of HCI’s ultimate parent, HCGBV and Ind-Ra’s assessment of HCGBV’s willingness and capacity to provide timely support to HCI, if needed. The agency considers HCI to be a strategically important subsidiary of HCGBV, given the Indian markets’ importance to HCGBV, high management and operational integration, and brand sharing, and the history of financial support. HCGBV has regularly infused equity into HCI since its inception; a total equity of INR34.1 billion had been infused into HCI till 9MFY20. The agency expects the Home Credit (HC) group to provide financial support to HCI for its growth as well as contingent needs.

HCGBV has three banking subsidiaries, Home Credit and Finance Bank LLC (HCFB: Fitch Issuer Default Rating ‘BB-’/Negative), SB JSC Bank Home Credit and AirBank JSC. All three entities have sizeable deposit franchises in their local geographies. A large section of HCI’s senior management team has been deputed from the HC group who have worked in the group’s international locations in the past. HCI has standardised infrastructure and processes, and its risk and liquidity practices are derived from the parent’s policies. The parent regularly reviews HCI’s performance as well as funding and liquidity position. The company also benefits from knowledge sharing across operations, funding, technology and risk domains from all group companies. Though HCI has not yet paid dividends to the parent, the latter benefits in form of royalty income from the company.

High Focus on Indian Market: HCGBV considers India to be a potential high-growth market along with China. The Indian operations are integral to the group’s diversification strategy, given that China accounts for about 60% of the group’s loan portfolio. On the lines of HCGBV’s demonstrated business models in some other geographies (mainly Russia, China, , Czech Republic, Kazakhstan), HCI provides unsecured consumer loans towards mobile handset and white goods purchase at point of sale (POS) retail outlets. India offers a market with a large population with high mobile sales scalability and low financing in the low ticket unsecured electronic equipment segment. Based on the credit history available, the company leverages the credit life cycle of the existing customer by providing personal loans.

HCI has been increasing its POS presence by diversifying geographically and reducing its regional concentration. At end-December 2019, the company’s POS outlets increased to 35,873 spread across 265 cities in India from 20,494 across 107 cities as of December 2017. It is also planning to increase its reach through partnerships with banks for joint-lending as well as with Fintech companies on POS distribution. HCI has also started providing personal loans to new to company customers, which further improves scalability. As of end-December 2019, personal loans comprised about 78% (FYE19: 74%) of the loan book, while consumer durables constituted the remaining.

Liquidity Indicator – Adequate: HCI had unencumbered cash and liquid investments of INR9.5 billion at end-May 2020. In addition, the company has unutilised bank lines of INR4.2 billion. Though HCI has selectively offered moratorium to its borrowers, it has not sought moratorium from its lenders. The company managed collections of about INR3 billion each in April and May 2020. As per the management, debt maturities to the parent over 2020 would be refinanced, if required. HCI’s liquidity, thus, would be sufficient to meet the fixed obligations till August 2020 (not relying on collections and assuming nil disbursements). HCI’s liquidity profile is also supported by the surplus asset-liability tenors, stemming from the tenor of the asset profile being shorter tenor than that of liabilities. There were no negative cumulative mismatches across all buckets as of March 2020. Notably, the cumulative inflows exceeded cumulative outflows by at least 30% in the up-to-one-year maturity buckets. Moreover, the group has a policy of maintaining contingent liquidity in the form of cash and liquid investments towards the repayments and disbursements of a 30-day period.

Adequate Capitalisation: HCI’s capital buffers are strong, with Tier 1 capital adequacy ratio of 22.5% as of December 2019 (FY19: 29.8%) and tangible equity to asset ratio of 21.9% (29.6%), supported by regular equity infusions from HCGBV. The agency expects HCI to continue to hold significantly higher equity buffers than its peer NBFCs in view of the yet-to-be stabilised operations as well as the weaker borrower profile. The company’s leverage ratio was comfortable at 3.3x at 9MFY20 (FYE19: 2.2x; FY18: 3.3x). The agency would also expect timely and adequate equity support from the parent to replenish and strengthen equity buffers to cushion any spike in credit costs. RATING SENSITIVITIES

Positive: Improvement in the earnings profile while maintaining the asset quality and adequate capital buffers could result in the Outlook being revised back to Stable. An improvement in the credit profile of HCGBV group could also lead to a Stable Outlook.

Negative: Material deterioration in the asset quality, with the gross NPA exceeding 10% or the net NPA surpassing 5% on a sustained basis, the capital adequacy ratio falling below 18%, significant funding challenges, higher-than-expected deterioration in the profitability or inability to reduce operational expenditure could lead to a negative rating action. Ind-Ra’s assessment of reduction in the willingness or ability of support in terms of timely availability of funds from the parent could also lead to a rating downgrade.

COMPANY PROFILE

HCI is a 100% indirect subsidiary of HCGBV. HCGBV is an established player in Central and Eastern Europe and Asia-Pacific in the consumer durable financing and banking space. HCIFL provides consumer durable (digital) and cross-sell cash loan to its customers in India. The company established its presence in India by taking over an existing auto financier in 2012, and has been expanding its presence in the country ever since.

FINANCIAL SUMMARY

Particulars 9MFY20 FY19 Tangible assets (INR million) 90,613.1 64,929.1 Tangible equity (INR million) 19,858.4 19,221.9 Pre-Tax Income (INR million) 1,590.6 -863.4 Return on assets (%) 0.2 6.1 Tangible Equity/assets (%) 21.9 29.6 Source: HCI, Ind-Ra Ind-As

RATING HISTORY

Instrument Type Current Rating/Outlook Historical Rating/Outlook Rating Type Rated Limits (billion) Rating 7 June 2019 30 May 2018 Bank loans Long-term INR10 IND A-/Negative IND A-/Stable IND A-/Stable NCDs Long-term INR8.5 IND A-/Negative IND A-/Stable IND A-/Stable Short-term debt/commercial paper Short-term INR4 IND A1 IND A1 IND A1

ANNEXURE

NCDs

ISIN Date of Issuance Coupon Rate Maturity Date Size of Issue (billion) Rating/Outlook INE172V07145 18 September 2018 11.75% 18 February 2020 INR1.5 WD (paid in full) INE172V07137 25 July 2018 12.39% 25 January 2021 INR0.4 IND A-/Negative INE172V07160 28 March 2019 11.5%-12.0% (Zero Coupon Bond) 25 September 2020 INR0.5 IND A-/Negative INE172V07178 10 July 2019 11.5%-12.0% (Zero Coupon Bond) 7 January 2021 INR0.65 IND A-/Negative Utilised INR1.55 Unutilised INR6.95 Total INR8.5

COMPLEXITY LEVEL OF INSTRUMENTS

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Applicable Criteria

Financial Institutions Rating Criteria Non-Bank Finance Companies Criteria Rating FI Subsidiaries and Holding Companies

Analyst Names

Primary Analyst Kumar Vishal Senior Analyst India Ratings and Research Pvt Ltd Wockhardt Towers, 4th floor, West Wing Plot C-2, G Block. Bandra Kurla Complex Bandra (East), Mumbai 400051 +91 22 40356196

Secondary Analyst Pankaj Naik Associate Director +91 22 40001723

Committee Chairperson Jindal Haria Director +91 22 40001750

Media Relation Ankur Dahiya Manager – Corporate Communication +91 22 40356121 >