RATING RATIONALE 9 July 2021 Laxmi Finleasecap Private Limited

Brickwork Ratings assigns ratings of ‘BWR A2’ for the Commercial Paper of Rs.20 Crs. and Reaffirms ratings of ‘BWR BBB+/Stable’ for bank loans of Rs. 339.46 Crs and NCDs of Rs.42.27 Crs of Laxmi India Finleasecap Private Limited (LIFPL)

Particulars

Amount Facilities / Instrument** Tenure Rating* (Rs. Crs.) Previous Previous Present Present (March 2021) BWR BBB+/ BWR BBB+/ Stable Fund based 400.00 339.46 Long Term Stable (Reaffirmed) (Term Loans & Cash Credit) (Reaffirmed)

BWR BBB+/ Non-Convertible 20.00 Long Term Stable Debentures (NCDs) (Assigned)

BWR BBB+/ Non-Convertible 5.00 Long Term Stable Debentures (NCDs) (Reassigned) BWR BBB+/ Stable 42.27 (Reaffirmed) BWR BBB+/ Non-Convertible 9.17 Long Term Stable Debentures (NCDs) (Reaffirmed)

BWR BBB+/ Non-Convertible 10.00 Long Term Stable Debentures (NCDs) (Reaffirmed)

- BWR A2 Commercial Paper (CP) - 20.00 Short Term (Assigned) Rs. Four Hundred One Crore and Seventy Three Total 444.17 401.73 Lakh Only *Please refer to BWR website www.brickworkratings.com/ for definition of the ratings ** Details of Bank Loan facilities, NCDs and CPs are provided in Annexures-I & II

RATING ACTION / OUTLOOK Brickwork Ratings (BWR) has assigned a rating of ‘BWR A2’ to the proposed CP issue of Rs.20 Crs of Laxmi India Finleasecap Ltd. (LIFPL or the Company) while reaffirming the ratings of the company’s existing Bank loans and NCDs at ‘BWR BBB+’/Stable’, as tabulated above. The ratings factor in the experienced promoters and management team, comfortable capitalisation and moderate asset quality. However, the ratings are constrained by increasing delinquency levels in recent times, a trend that may result in higher credit costs in future, and the concentration of AUM in the state of Rajasthan.

1 The Stable outlook indicates a low likelihood of a rating change over the medium term. BWR believes that LIFPL will continue to maintain its credit risk profile.

KEY COVENANTS OF THE INSTRUMENT/FACILITY RATED:

Bank Loans: As per sanction letters of the respective lenders

Non Convertible Debentures (NCD)

● NCD Rs.5 cr (Issue date: 19-Nov-20, ISIN no - INE06WU07031 ): The company is required to maintain an amount equivalent to 10% of outstanding NCDs in the debt service reserve account throughout the tenure of instruments. The NCDs are further secured by an exclusive charge on specific loan book receivables of the issuer to the extent of 1.1 times the asset cover on the NCD quantum. In the case of a trigger event (downgrade by more than one notch in the standalone credit rating by BWR of LIFPL), the entire proceeds from the loan receivables earmarked against the NCDs will be moved to an escrow account, and the proceeds from the loan receivables will be utilised towards accelerated payment to the NCD holders. ● NCD of Rs. 20 Cr (Issue date:31-Mar-21, ISIN No - INE06WU07049): Total Debt/Equity ratio to be within 4.5x, Capital Adequacy Ratio of atleast 20% or as per applicable under RBI regulations, whichever is higher, Of the above CAR, TIER 1 CAR to remain at minimum of 15% Fifteen Percent), PAR > 90 days (of the Issuer’s entire portfolio, including receivables sold or discounted on a non-recourse basis) not to exceed 3% of Gross Loan Portfolio, Exclusive Charge via a deed of hypothecation over specific asset portfolio of receivables (“Hypothecated Assets”) with a security cover of 1.20 times. ● NCD of Rs.5 cr (Issue date: 14-Jul-20, ISIN No - INE06WU07015) : Exclusive 1st Ranking Charge by way of hypothecation over specific loan receivables/ book debts (loan against property), present and future with a security cover of 1.20 times. ● NCD of Rs.10 Crore (Issue date:4- Sep-20, ISIN No - INE06WU07023): Exclusive 1st Ranking Charge by way of hypothecation over specific loan receivables/ book debts (loan against property), present and future with a security cover of 1.20 times.

Commercial Papers (CP): Yet to be finalised

KEY RATING DRIVERS

Credit Strengths-: ● Experienced promoters and management team: LIFPL is promoted by Mr. Deepak Baid, who has more than two decades of experience in the lending business. He has played a very important role in the company’s growth and looks after risk management, strategies and corporate planning, along with managing relations with banks/FIs, among others. He is supported by an experienced management team with a long track record in the company.

● Adequate capitalisation: LIFPL is well-capitalised, with a total capital-to-risk weighted assets ratio (CRAR) of 22.12% as of 31 March 2021, which is above the regulatory

2 requirement. The Company has raised equity capital of Rs. 5 Crs in FY 20 and Rs. 5 Crs in FY 21. Furthermore, the company plans to raise fresh capital in FY22 to cover for any asset-side risk and augment growth. The debt to equity was at 4.06 times as on 31 March 2021 (4.19 times as on 31 March 2020) and remains acceptable. Timely infusion of funds both Equity and Debt is to be ensured to achieve the AUM projections set by the company. During FY 22, company has projected to raise Rs.30 Cr of Equity and Rs.300 Cr. of loans, progress on which would be a key rating monitorable.

● Moderate growth in advances: LIFPL’s loan portfolio witnessed YoY growth of ~10%, increasing to Rs.423.19 Crs at the end of March 2021 from Rs 382.52 Crs as of 31 March 2020. The lending was majorly towards MSMEs (~73% of the AUM), followed by commercial vehicles (~14% of AUM), construction loans (~10% of the AUM) and Secured Two Wheelers/ Tractors (~1% of the AUM) as on 31 March 2021. Unsecured personal loans and unsecured business loans constituted around 2 % of AUM as on 31 March 21. Almost 75% of its total portfolio has a ticket size ranging from Rs.2 lakh to Rs.10 lakh, thus indicating a granular portfolio. The loan portfolio stood at Rs. 411.41 Crs and AUM was Rs.448.68 Crs as on 31 May 2021.

Credit Risks-: ● Increasing Delinquency Level:. LIFPL’s portfolio performance has slightly deteriorated, with the gross NPA ratio at 2.00% as on 31 March 2021 (1.93% as of 31 March 2020). The net NPA% was at 1.50% as of 31 March 2020 (1.57% as of 31 March 2020). The collection Efficiency for May 2021 has significantly dropped to slightly below 60% vis a vis 94% for March 2021 due to the impact of lockdown as a result of the 2nd Wave of the Covid Pandemic. As a result, overdues over 30 days have increased to 16.71 % of the portfolio at the end of May 2021 vis a vis 5.35% at the end of March 2021. The company’s ability to manage asset quality in the near term will remain a key rating monitorable.

● Declining Profitability: LIFPL’s PAT declined to Rs.7.16 crs for FY 21 from Rs.10.04 crs for FY 20. The decline in the PAT was mainly attributed to increase in tax provisions which increased to Rs.6.14 Crs during FY 21 from Rs.3.61 Crs for FY 20. During FY 21, Company paid Rs.2.85 Crs as a tax pertaining to FY 12, FY 14 and FY 15 under Vivaad se Vishwas (VVS) scheme, in a view to settle all the pending litigations. Also, Rs.0.12 Crs was admitted as a demand for FY 13 considering ITAT pronouncement. Accordingly, the company has incurred additional tax expenses of around Rs.2.90 cr. pertaining to earlier years which have resulted in reduction of its PAT. The profitability in future, especially considering the credit costs as a result of the Pandemic will be a key monitorable.

● Geographical concentration: The company started its business with the state of Rajasthan and the state accounts for 95% of its portfolio at the end of March 2021, with the state of Gujarat accounting for the remaining. The company plans to increase its exposure to Gujarat and Madhya Pradesh in the current financial year. However, the loan portfolio is expected to continue to remain mainly concentrated in Rajasthan over the medium term.

3 ANALYTICAL APPROACH AND APPLICABLE RATING CRITERIA BWR has taken a standalone approach on Laxmi India Finleasecap Private Limited for arriving at the ratings. BWR has applied its rating methodology as detailed in the Rating Criteria below (hyperlinks provided at the end of this rationale).

RATING SENSITIVITIES

Upward: Significant growth in the AUM, adequate fund raise, improved profitability and stable asset quality, will be rating positives Downward: Deterioration in the asset quality or earning profile and funding challenges, if any, will be rating negatives

LIQUIDITY INDICATORS - Adequate Company had total liquid assets and unutilised CC of Rs.44.5 crore as on 01/07/21. Collections scheduled are Rs.155 Crs from July 21 to March 22 Against this, total debt obligations for the period July 21 to March 22 is around Rs.202 Crs. The Company is also expecting to raise fresh borrowings of around Rs.300 crores in FY 22. Overall, liquidity seems adequate.

COMPANY’s / FIRM’s PROFILE Laxmi India Finleasecap Pvt. Ltd. (LIFPL) is a (Non-Deposit taking) Non-Banking Financial Company (NBFC) registered with Reserve (RBI). The company was incorporated in 1996 and was subsequently merged with Deepak Finance and Leasing Co. a proprietorship firm promoted by Mr. Deepak Baid in April, 2011. Post-merger, the company is being managed by Mr. Deepak Baid and his family members. LIFPL is engaged in the business of financing of both new and used Commercial Vehicles, Passenger cars, two & three wheeler as well as providing Loan against Property and Personal Loans. LIFPL’s operations are spread with 89 branches across the state of Rajasthan, Madhya Pradesh & Gujarat, as on March 31, 2021. KEY FINANCIAL INDICATORS Key Financial Indicators Units FY20 FY21 Result Type Audited Audited Total Income Rs in Crs 81.97 87.16 Profit After Tax Rs in Crs 10.04 7.16 Tangible Net Worth Rs in Crs 82.97 93.65 Debt: NW Times 4.19 4.06 CRAR % 21.04% 22.12% GNPA % 1.93% 2.00% NNPA % 1.57% 1.50%

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY (IF ANY): NIL

4 RATING HISTORY FOR THE PREVIOUS THREE YEARS [including withdrawal & suspended] Current Year Chronology of Rating History for the past 3 years

Instrume Type Amount Ratings 31 Mar 16-Dec- 9 Dec 20 28 Aug 20 14 Aug 15 Jul 20 10 Jun 20 2019 2018 nt/ o/s (Rs. 21 20 20 Facilitate Crs) s BWR A2 Short CP 20.00 (Assigned ------Term ) BWR BBB+ Long Stable - NCDs ------Term (Assigned )

BWR BWR BWR BWR BBB+/ BBB+ BBB+/ BBB+/Sta Long Stable NCDs Stable Stable ble - - - - Term (Reaffir - (Reaffirm (Assigned med) ed) )

BWR BWR BWR A- BWR A- BBB+/ BBB+ (CE)/ (CE)/ Long NCD 42.27 Stable Stable Stable Stable - - - - Term (Reaffirm (Reaffir (Affirmed Provisiona Provision ed) med) ) l BWR A- al BWR Provisio (CE)/ A- (CE)/ Provision nal Stable Stable al BWR Withdraw BWR A- (Reaffirm (Assigned Long A- (CE)/ NCDs n (CE)/ ed) ) - - - - Term Stable Stable (Reaffirm (Reaffir ed) med) BWR BWR BWR BWR BWR BWR BWR BBB+ BBB+/ BBB+/ BBB+/ BBB+/ BBB+/ BBB+/Stable Long NCDs Stable Stable Stable Stable Stable Stable (Assigned) - - Term (Reaffir (Reaffirm (Reaffirm (Reaffirm (Reaffirm med) ed) ed) ed) ed) BWR BWR BWR BWR BWR BWR BBB+/ BWR BBB+/ BBB+/ BBB+/ BBB+/ BBB+/ Bank Long Stable BBB+ Stable Stable Stable 339.46 Stable Stable - - - Loan Term (Reaffirm Stable (Reaffir (Reaffirm (Reaffirm (Reaffirm (Assigned ed) med) ed) ed) ed) )

COMPLEXITY LEVELS OF THE INSTRUMENTS: Simple For more information, visit www.brickworkratings.com/download/ComplexityLevels.pdf

Hyperlink/Reference to applicable Criteria ● General Criteria ● Banks & Financial Institutions

5 Analytical Contacts

Sonam Vora Ramya Muraledharan Senior Analyst - Ratings Director – Ratings +91 22 6745 6638 +91 22 6745 6660 [email protected] [email protected]

1-860-425-2742 [email protected]

Laxmi India Finleasecap Private Limited ANNEXURE I Details of Bank Loan Facilities rated by BWR

Type of Long Term Short Term Total Sl. No. Name of the Bank/Lender Facilities (Rs.Crs.) (Rs.Crs.) (Rs.Crs.) 1.50 1 AU Term Loan 1.50 3.66 2 AU Small Finance Bank Term Loan 3.66 3.90 3 AU Small Finance Bank Term Loan 3.90 4.03 4 AU Small Finance Bank Term Loan 4.03 4.86 5 AU Small Finance Bank Term Loan 4.86 0.72 6 Term Loan 0.72 19.17 7 Term Loan 19.17 15.00 8 Bandhan Bank Term Loan 15.00 3.23 9 Capital Small Finance Bank Ltd Term Loan 3.23 3.39 10 Capital Small Finance Bank Ltd Term Loan 3.39 5.47 11 Capital Small Finance Bank Ltd Term Loan 5.47 1.93 12 ESAF Small Finance Bank Term Loan 1.93 8.86 13 ESAF Small Finance Bank Term Loan 8.86 1.61 14 Fincare Small Finance Bank Ltd Term Loan 1.61 15 HDFC Bank Term Loan 0.05 0.05 7.49 16 IDFC FIRST Bank Ltd. Term Loan 7.49 4.73 17 IDFC FIRST Bank Ltd. Term Loan 4.73 6.36 18 IDFC FIRST Bank Ltd. Term Loan 6.36 8.61 19 IDFC FIRST Bank Ltd. Term Loan 8.61 20 Term Loan 6.74 6.74 4.78 21 Utkarsh Small Finance Bank Term Loan 4.78 0.47 22 Term Loan 0.47 23 State Bank of India Term Loan 25.00 25.00 N/A

6 1.24 24 Limited Term Loan 1.24 1.58 25 Ambit Finvest Pvt Ltd Term Loan 1.58 1.27 26 Avanse Financial Services Ltd. Term Loan 1.27 2.12 27 Avanse Financial Services Ltd. Term Loan 2.12 0.20 28 Electronica Finance Limited Term Loan 0.20 1.04

29 Electronica Finance Limited Term Loan 1.04 1.78

30 Electronica Finance Limited Term Loan 1.78 1.24 31 Electronica Finance Limited Term Loan 1.24 2.89 32 Eclear Leasing & Finance Term Loan 2.89 1.08 33 Aadani Capital Term Loan 1.08 3.70 34 Growth Sources Capital Term Loan 3.70 1.22 35 Hero Fincorp Ltd. Term Loan 1.22 1.18

36 Hinduja Leyland Finance Ltd Term Loan 1.18 7.72 37 Hinduja Leyland Finance Ltd Term Loan 7.72 13.27 38 Hinduja Leyland Finance Ltd Term Loan 13.27 3.96

39 Hiranandani Financial Services Term Loan 3.96 0.71 40 InCred Financial Services Limited Term Loan 0.71 0.47 41 Infinity Fincorp Solutions Pvt Ltd Term Loan 0.47 5.76 42 IKF Finance Term Loan 5.76 Maanaveeya Development Finance 0.50 43 Ltd Term Loan 0.50 5.76 Maanaveeya Development Finance 44 Ltd Term Loan 5.76 0.17 Mahindra & Mahindra Financial 45 Services Ltd Term Loan 0.17 Mahindra & Mahindra Financial 0.17 46 Services Ltd Term Loan 0.17

7 47 MAS Financial Services Ltd Term Loan 2.19 2.19

48 MAS Financial Services Ltd Term Loan 1.35 1.35

49 MAS Financial Services Ltd Term Loan 3.13 3.13

50 MAS Financial Services Ltd Term Loan 1.67 1.67

51 MAS Financial Services Ltd Term Loan 1.77 1.77

52 MAS Financial Services Ltd Term Loan 1.77 1.77

53 MAS Financial Services Ltd Term Loan 1.60 1.60 54 MAS Financial Services Ltd Term Loan 1.60 1.60

55 MAS Financial Services Ltd Term Loan 1.75 1.75

56 MAS Financial Services Ltd Term Loan 1.75 1.75

57 MAS Financial Services Ltd Term Loan 2.33 2.33

58 MAS Financial Services Ltd Term Loan 3.02 3.02

59 MAS Financial Services Ltd Term Loan 3.23 3.23

60 MAS Financial Services Ltd Term Loan 3.23 3.23

61 MAS Financial Services Ltd Term Loan 3.44 3.44

62 MAS Financial Services Ltd Term Loan 4.50 4.50 2.35 63 MUDRA Term Loan 2.35 0.28 Moneywise Financial Services 64 Pvt.Ltd Term Loan 0.28 Moneywise Financial Services 0.42 65 Pvt.Ltd Term Loan 0.42 Moneywise Financial Services 2.76 66 Pvt.Ltd Term Loan 2.76 Moneywise Financial Services 2.52 67 Pvt.Ltd Term Loan 2.52 1.87 68 Muthoot Capital Service Ltd Term Loan 1.87 3.13 69 Muthoot Capital Service Ltd Term Loan 3.13 10.00 70 NABARD Term Loan 10.00 7.00 71 Nabkisan Finance Ltd. Term Loan 7.00

8 2.49 72 Nabsamruddhi Finance Ltd. Term Loan 2.49 1.67 73 Nabsamruddhi Finance Ltd. Term Loan 1.67 10.20 74 Northern Arc capital Term Loan 10.20 11.90 75 Northern Arc capital Term Loan 11.90 12.58 76 Northern Arc capital Term Loan 12.58 Shriram City Union Finance 1.81 77 Limited Term Loan 1.81 2.33 78 Shriram Transport Finance Ltd Term Loan 2.33 2.48 79 Shriram Transport Finance Ltd Term Loan 2.48 8.44 80 Vivriti Capital Private Limited Term Loan 8.44 0.50 Western Capital Advisors Private 81 Ltd Term Loan 0.50 4.83 Western Capital Advisors Private 82 Ltd Term Loan 4.83

83 AU Small Finance Bank Cash credit 5.00 5.00

84 IDFC FIRST Bank Ltd. Cash credit 5.00 5.00

85 Bandhan Bank Cash credit 1.00 1.00

Total Bank Facilities 339.46

(Rupees Three Hundred Thirty Nine Crore and Forty Six Lakh Only)

ANNEXURE II INSTRUMENT (NCD) DETAILS

Instrument Issue Date Amount Rs. Crs. Coupon Rate Maturity ISIN Particulars Date

NCD 14-Jul-20 3.75 11.50% 14-Jul-23 INE06WU07015 (Quarterly)

NCD 4-Sep-20 10.00 11.50% 21-Apr-23 INE06WU07023 (Quarterly)

NCD 19-Nov-20 5.00 11.50% 19-May-22 INE06WU07031 (Quarterly)

NCD 31-Mar-21 18.52 13.75% 30-06-23 INE06WU07049 (Monthly)

NCD Proposed 5.00 N/A N/A N/A

9 INSTRUMENT (COMMERCIAL PAPERS) DETAILS*

Instrument Issue Date Amount Rs. Coupon Maturity ISIN Particulars Crs. Rate Date

CP Proposed 20.00 10%-12% 365 days from N/A date of issue *Tentative as provided by the company.

ANNEXURE III List of entities consolidated: N/A

For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media.

About Brickwork Ratings Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. BWR has rated over 11,400 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has , a leading public sector bank, as one of the promoters and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. DISCLAIMER : Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitisation Products, Municipal Bonds, etc. [hereafter referred to as “Instruments”]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.

BWR wishes to inform all persons who may come across Rating Rationales and Rating Reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which in BWR’s best judgement are considered reliable. The Rating Rationale / Rating Report & other rating communications are intended for the jurisdiction of India only. The reports 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 Europe and also the USA).

BWR also wishes to inform that access or use of the said documents does not create a client relationship between the user and BWR. The ratings assigned by BWR are only an expression of BWR’s opinion on the entity / instrument and should not in any manner be construed as being a recommendation to either, purchase, hold or sell the instrument. BWR also wishes to abundantly clarify that these ratings are not to be considered as an investment advice in any jurisdiction nor are they to be used as a basis for or as an alternative to independent financial advice and judgement obtained from the user’s financial advisors. BWR shall not be liable to any losses incurred by the users of these Rating Rationales, Rating Reports or its contents. BWR reserves the right to vary, modify, suspend or withdraw the ratings at any time without assigning reasons for the same.

10 BWR’s ratings reflect BWR’s opinion on the day the ratings are published and are not reflective of factual circumstances that may have arisen on a later date. BWR is not obliged to update its opinion based on any public notification, in any form or format although BWR may disseminate its opinion and analysis when deemed fit. Neither BWR nor its affiliates, third party providers, as well as the directors, officers, shareholders, employees or agents (collectively, “BWR Party”) guarantee the accuracy, completeness or adequacy of the Ratings, and no BWR 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 Rating Rationales or Rating Reports. Each BWR Party disclaims 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 BWR Party be liable to any one 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 Rating Rationales and/or Rating Reports even if advised of the possibility of such damages. However, BWR or its associates may have other commercial transactions with the company/entity. BWR and its affiliates do not act as a fiduciary. BWR 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 BWR may have information that is not available to other BWR business units. BWR has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. BWR clarifies that it may have been paid a fee by the issuers or underwriters of the instruments, facilities, securities etc., or from obligors. BWR’s public ratings and analysis are made available on its web site, www.brickworkratings.com. More detailed information may be provided for a fee. BWR’s rating criteria are also generally made available without charge on BWR’s website. This disclaimer forms an integral part of the Ratings Rationales / Rating Reports or other press releases, advisories, communications issued by BWR and circulation of the ratings without this disclaimer is prohibited. BWR is bound by the Code of Conduct for Credit Rating Agencies issued by the Securities and Exchange Board of India and is governed by the applicable regulations issued by the Securities and Exchange Board of India as amended from time to time.

11