Rating Rationale

Rating Rationale

May 21, 2026 | Mumbai

Peter CV Trust July 2024

(Originator: IndoStar Capital Finance Limited)

Ratings Reaffirmed

Rating Action

Trust Name	Details	Amount Rated (Rs.Crore)	Outstanding Amount (Rs.Crore)*	Original Tenure (Months)	Residual Tenure (Months)^#	Outstanding Credit Collateral (Rs,Crore)	Rating	Rating Action
Peter CV Trust July 2024	Series A1 PTC	102.02	15.38	53	33	7.08	Crisil AAA (SO)	Reaffirmed
	Series A2 PTC	5.67	5.67				Crisil A+ (SO)	Reaffirmed
	Equity Tranche	5.67	5.67				Crisil A (SO)	Reaffirmed

Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.

1 crore = 10 million

Refer to annexure for Details of Instruments
*As after April-2026 payout

#Indicates door to door tenure; actual tenure will depend on the level of prepayments in the pool, exercise of the clean-up call option and extension due to moratorium

Detailed Rationale

Crisil Ratings has reaffirmed its ‘Crisil AAA (SO)’ rating on Series A1 PTC, ‘Crisil A+ (SO)’ rating on Series A2 PTC and ‘Crisil A (SO)' rating pn the equity tranche issued by ‘Peter CV Trust July 2024’ under a securitisation transaction backed by receivables from loans originated by IndoStar Capital Finance Limited (IndoStar; rated ‘Crisil AA-/Stable/Crisil A1+’).

The reaffirmation follows the build-up of credit cover available to PTCs holders on account of amortisation and healthy pool performance. The rating is based on the credit support available to the Series A1 PTCs, Series A2 PTCs and Equity Tranche, credit quality of underlying receivables, IndoStar’s origination and servicing capabilities, the payment mechanism, and soundness of the transaction’s legal structure.

Payment structure

The transaction has a ‘Par with turbo amortisation’ structure. IndoStar has assigned the pool to ‘Peter CV Trust July 2024’, a trust settled by Axis Trustee Services Limited, which has issued Series A1 PTCs and Series A2 PTCs to investors in exchange for a purchase consideration amounting to 90.0% and 10.0% of the initial pool principal respectively. IndoStar will continue to service the underlying loan pool.

Series A PTCs are promised monthly interest payments on a timely basis. Principal repayment, while expected on a monthly basis, is promised only on an ultimate basis by the instrument’s legal final maturity. The residual cashflows shall be utilised to make additional principal repayment to Series A PTCs on a monthly basis.

Series A2 PTCs are fully subordinated to Series A1 PTCs. Post redemption of Series A1 PTCs, Series A2 PTC investors are also expected to receive residual EIS amounts on a monthly basis, however, the rating on Series A2 PTCs only addresses the likelihood of principal repayment, and not the payment of residual EIS amounts.

Adequacy of credit enhancement

Credit enhancement available in the transaction structure is as below:

External credit enhancement of Rs 7.08 crore (26.2% of future investor payouts) provides credit support to PTCs.
Scheduled cashflow subordination (assuming zero prepayments) amounting to Rs 25.2 crore (61.5% of future investor payout) including principal subordination of Series A2 PTC principal of Rs 5.67 crore (5.0% of initial pool principal) & Equity tranche principal of Rs 5.67 crore (5.0%% of initial pool principal).
Scheduled cashflow subordination (assuming zero prepayments) amounting to Rs 19.5 crore (47.6% of pool principal), including principal subordination of Equity tranche principal of Rs 5.67 crore (5.0% of initial pool principal)
Scheduled cashflow subordination (assuming zero prepayments) amounting to Rs 13.9 crore (33.9% of future investor payout) for the principal repayment of Equity Tranche

As of April’26 payouts, the pool has exhibited good collection performance as seen by strong collections ratios. The cumulative collection ratio (CCR)[1] for the pool is robust at 95.8%. This has led to minimal delinquencies in the pool as reflected in 90+ overdue of 5.0%. The healthy collection performance coupled with high amortisation of around 68.1% has led to an increase in the credit cover available to future PTC payouts from the cash collateral.

The pool is eligible for further reset of credit enhancement. Crisil Ratings has evaluated the reset in line with regulatory guidelines. However, investor consent is yet to be received. On receiving consent of the investor and trustee, a maximum amount of Rs 2.98 crore (42.0% of the current total cash collateral) can be released from the current credit enhancement of Rs. 7.08 crore.

Sr. no	Collateral details	Current outstanding CC (Rs. in Cr)	CC eligible for release (Rs. in Cr)	Residual CC assuming full reset (Rs. in Cr)
1	Series A1 PTCs	7.08	2.98	4.11
2	Series A2 PTCs
3	Equity Tranche

[1]CCR = {Total collections in the pool/(Total billings + opening overdues at the time of securitisation)}

Key Rating Drivers & Detailed Description

Strengths:

Credit support available in the structure

As after April 2026 payout, credit collateral covering 26.2% of future investor payout, provides support to PTCs. After April 2026 payout total subordination as a % of future payout is 61.5% for Series A1, 47.6% for Series A2 and 33.9% for Equity Tranche PTCs.

Healthy collection efficiency metrics

As of April 2026 payout, the CCR of the transaction is 95.8 %. The 3-month average monthly collection ratio (MCR)^_[2] is 96.7%.

Weaknesses:

Potential affect of potential macroeconomic headwinds:
- Borrowers in the underlying pool could come under pressure due to a challenging macroeconomic environment. Headwinds such as increased fuel costs, and moderation in demand on account of inflation and geo-political uncertainties. These factors may hamper pool collection ratios.

[2]MCR = Monthly collections in the pool / Monthly billings

Rating Sensitivity factors

Upward factors

For Series A1 PTCs: None.
For Series A2 PTCs: Credit enhancement (based on both internal and external credit enhancements) exceeding 1.7 times the estimated base case shortfalls.
For Equity tranche: Credit enhancement (based on both internal and external credit enhancements) exceeding 1.6 times the estimated base case shortfalls

Downward Factors

For Series A1 PTCs: Credit enhancement (based on both internal and external credit enhancements) falling below 2.0 times the estimated base case shortfalls.
For Series A2 PTCs: Credit enhancement (based on both internal and external credit enhancements) falling below 1.5 times the estimated base case shortfalls.
For Equity tranche: Credit enhancement (based on both internal and external credit enhancements) falling below 1.4 times the estimated base case shortfalls.
A sharp downgrade in the rating of the servicer/originator.
Non-adherence to the key transaction terms envisaged at the time of the rating.

Liquidity: Strong for Series A1 PTCs, Series A2 PTCs and Equity Tranche

Liquidity position is strong given that the credit enhancement (internal and external combined) in the structure is above 1.5 times the estimated base shortfalls on the residual pool cash flows

Quality of the asset pool and strength of cashflows

The securitisation transaction is backed by a pool of receivables from used and new vehicle loans originated by IndoStar. As of the pool cut-off date (30-June-2024), the pool loans had a weighted average seasoning of 8.5 months, a weighted average interest rate of 16.8%, a weighted average LTV ratio of 82.1%, a weighted average original tenure of 44.8 months, and an average original loan amount of Rs 12.02 lakh. The top 3 states (West Bengal, Gujarat & Tamil Nadu) contributed 32.7% of the initial pool principal. All the underlying pool loans were current on repayment as on the cut-off date.

Pool Performance Summary (as after April 2026 payouts)

Parameters	Peter CV Trust July 2024
Asset Class	Vehicle loan receivables
Months Post Securitisation	20
Balance Tenure (Months)	33
Pool Principal Amortisation	68.1%
Cumulative Prepayments	19.4%
Cumulative Collection Ratio (%)	95.8%
Cash collateral (% of scheduled future payouts)	36.2%
90+ Delinquency (% of initial POS)	5.0%
180+ Delinquency (% of initial POS)	3.8%
Cash collateral utilisation	0.0%

Rating assumptions

Background:

PTC investors are taking a direct exposure on the repayment ability of the underlying borrowers in the pool. Credit risk in the transaction is factored through the base case shortfalls expected on the portfolio, which are further adjusted for pool specific characteristics.
To assess the base case shortfalls for the portfolio, Crisil Ratings has analysed the vehicle asset class static pool performance (with information on 90+ delinquencies) of loans originated by Indostar Capital Finance Limited during the period Q1FY2023 to Q3FY26 (with performance data till December 2025. As of Dec 2025, the 90+ delinquency vehicle book was 3.0%. Base case shortfalls on the portfolio are adjusted based on pool characteristics – which includes seasoning profile and repayment track record, parameters such as original tenure, interest rate, loan-to-value, etc. Crisil Ratings has additionally factored risk arising from borrower & geographic concentration in the pool.
Prepayment is a form of market risk which will result in the reduction of excess interest spread in the transaction. Prepayment risk has been assessed based on historically observed levels of prepayments for similar pools.

Assumptions:

After making the adjustments on the above factors, the base case shortfalls in the pool by maturity of the transaction is in the range of 5.0% to 7.0% of pool cashflows.
Monthly prepayment rate of 0.5% to 1.5% has also been applied to the pool cashflows.

About the company- Originator/Servicer profile

Incorporated in July 2009, IndoStar is registered with the Reserve Bank of India as a systemically important, non-deposit taking, non-banking financial company. The company was founded and incorporated by private equity players (Everstone, Goldman Sachs, Baer Capital Partners, ACPI Investment managers, and CDIB International) with initial capital of around Rs 900 crore. In May 2020, Brookfield invested Rs 1,225 crore and became the largest shareholder and promoter. Brookfield holds 56.20% stake in the company, followed by the Everstone group at 17.4%.

The company started operations as a wholesale financier in fiscal 2011 and entered the SME finance (loans against property) segment in fiscal 2015. In fiscal 2018, it started offering vehicle finance and housing finance (through wholly owned subsidiary, IndoStar Home Finance Pvt Ltd). In fiscal 2019, IndoStar Capital acquired the CV finance business of IIFL Finance Ltd.

In July 2025, IndoStar Capital completely sold its wholly owned subsidiary Niwas Housing Finance Private Limited (Niwas, formerly IndoStar Home Finance Private Limited) to WITKOPEEND B.V., an affiliate of BPEA EQT Mid-Market Growth Partnership (EQT), a global private equity investor.

The company plans to focus on used CV financing and gradually build the micro-LAP portfolio.

Key Financial Indicators

For the period ended March 31 (standalone)		2025	2024	2023
Total assets	Rs crore	10,672	9,390	8,130
Total income (net of interest)	Rs crore	456	334	451
PAT	Rs crore	53	72	187
GS3 assets	%	4.52	4.97	8.06
Gearing	%	2.0	2.0	1.6
Return on average assets	%	0.5	0.8	2.2

Quality and experience of servicer

IndoStar Capital; ‘Crisil AA-/Stable/Crisil A1+’ will continue to service loans assigned to this trust. Indostar has originated several securitisation transactions in past. Servicing has been done, and reports have been shared across all these transactions in a timely manner.

Risks and concerns for investors and mitigating factor

The total credit enhancement available in the transaction (internal 􀂱 in the form of EIS and junior tranche; and external in the form of cash collateral) together can mitigate against shortfalls in collection from the pool even after stressing them commensurate with the rating assigned to the PTCs. Crisil Ratings has adequately factored key risks in the transaction including Credit & Market (as highlighted in rating assumptions section), Counterparty and Legal risks. Legal risks are assessed based on detailed analysis of transaction documentation. Risk factored from counterparties are mentioned in the table below:

Counterparty details

Capacity	Counterparty	Rating	Effect on transaction rating in case of non-performance and Provision for appointment of back-up, if any
Originator and seller	IndoStar	'Crisil AA-/Stable/Crisil A1+'	No effect.
Servicer	IndoStar	‘Crisil AA-/Stable/Crisil A1+’	Significant effect, because of change in servicing quality and replacement cost of the Servicer. However, Crisil Ratings does not currently envisage the need for replacement. The Trustee, on behalf of the investors, shall retain the right to appoint a replacement Servicer in the occurrence of a ‘Servicer Event of Default’ as per the terms of the transaction. Since there is time lag between pool collections and investor payouts. In the interim, the money collected lies with the servicer and may commingle with its own cash flow. As monthly pool collections are commingled only for a short period of time, the short-term credit quality of the servicer determines the commingling risk.
Collection and Payout Account (CPA) Bank	Axis Bank Limited	‘Crisil AAA/Crisil AA+/Stable/Crisil A1+’	Negligible effect. As per the terms of the transaction, the Trustee, on behalf of the investors, has the right to change the CPA Bank.
Cash Collateral Bank	Axis Bank Limited	‘Crisil AAA/Crisil AA+/Stable/Crisil A1+’	Negligible effect. As per the terms of the transaction, the Trustee, on behalf of the investors, has the right to change the Bank with which the Cash Collateral fixed deposits are maintained.
Trustee	ATSL	Not rated by Crisil Ratings	Negligible effect. As per the terms of the transaction, the Trustee can be replaced by the investors holding majority interest.

A summary of key terms of servicer contract

The key points on the role of the servicer covered as part of the transaction documents are as below:

The Trustee acting for and on behalf of the investors shall appoint, the servicer for the purpose of collecting, receiving and managing payment of the Receivables into the Collection and Payment Account for the purpose of managing, collecting and receiving the receivables, holding the underlying security and carry out other roles and roles and responsibilities as specified under the transaction documents.

The servicer shall receive servicing fees which shall be paid by the trustee in accordance with the Waterfall Mechanism as per the transaction documents.

The servicer shall collect the receivables from the underlying borrowers and deposit the collected amounts in the collection and payment account in a timely manner as per the terms of the transaction documents.
The servicer shall submit to the trustee all the data and reports in the manner and as per the timelines as specified under the transaction documents.
The occurrence of certain events as per the terms of the transaction documents shall be construed as a Servicer Event of Default.

Provision for appointment of back-up servicer

The Trustee (acting on the instructions of the investors) as per the terms of the Servicer Agreement and upon the occurrence of Servicer’s Event of default, shall retain the right to appoint an alternate service

Performance of outstanding rated transactions

Crisil ratings has ratings outstanding on instruments issued under 5 securitisation transactions backed by IndoStar-originated loans. Crisil ratings receives monthly performance reports pertaining to these transactions.

Any other information: Not applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN	Name of the instrument	Date of Allotment	Coupon Rate (%)	Maturity Date^#	Size of the issue (Rs.Crore)	Complexity level	Rating Assigned	Cash collateral (Rs.Crore)
NA	Equity Tranche^@	29-Aug-24	Variable (residual EIS)	12-Dec-28	5.67	Highly Complex	Crisil A (SO)	7.08
INE14MH15010	Series A1 PTC	29-Aug-24	9.20	12-Dec-28	102.02	Highly Complex	Crisil AAA (SO)	7.08
INE14MH15028	Series A2 PTC	29-Aug-24	12.50	12-Dec-28	5.67	Highly Complex	Crisil A+ (SO)	7.08

#Indicates legal final maturity date for the instrument. Actual maturity date - depend on the level of collection shortfalls in the pool, the level of prepayments in the pool, and exercise of the clean-up call option.
^@Equity tranche investors are expected to receive residual yield on a monthly basis, however, the rating on Equity tranche only addresses the likelihood of principal repayment, and not the payment of residual yield.

Annexure - Rating History for last 3 Years

	Current			2026 (History)		2025		2024		2023		Start of 2023
Instrument	Type	Outstanding Amount	Rating	Date	Rating	Date	Rating	Date	Rating	Date	Rating	Rating
Series A1 PTC	LT	15.38	Crisil AAA (SO)		--	29-11-25	Crisil AAA (SO)	23-12-24	Crisil AAA (SO)		--	--
			--		--	30-05-25	Crisil AAA (SO)	26-11-24	Provisional Crisil AAA (SO)		--	--
			--		--		--	29-08-24	Provisional Crisil AAA (SO)		--	--
Series A2 PTC	LT	5.67	Crisil A+ (SO)		--	29-11-25	Crisil A+ (SO)	23-12-24	Crisil A+ (SO)		--	--
			--		--	30-05-25	Crisil A+ (SO)	26-11-24	Provisional Crisil A+ (SO)		--	--
			--		--		--	29-08-24	Provisional Crisil A+ (SO)		--	--
Equity tranche	LT	5.67	Crisil A (SO)		--	29-11-25	Crisil A (SO)	23-12-24	Crisil A (SO)		--	--
			--		--	30-05-25	Crisil A (SO)	26-11-24	Provisional Crisil A (SO)		--	--
			--		--		--	29-08-24	Provisional Crisil A (SO)		--	--

All amounts are in Rs.Cr.

Annexure: List of instruments and names of regulators of the instruments

As required by SEBI CRA Circular dated Feb 10, 2026, a list of activities or instruments falling under the purview of various FSRs, along with the names of respective FSRs, is being disclosed below:

A.	Rating activities
Sr. No.	Instrument / activity Name	Regulator of the instruments
1	Listed/Proposed to be listed bonds/debentures/preference share (all securities)	SEBI
2	Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities)	MCA
3	Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)*	SEBI
4	Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)*	SEBI
5	Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)*	RBI
6	Listed Commercial Paper and NCDs with original maturity less than 1 year	RBI
7	Unlisted Commercial Paper and NCDs with original maturity less than 1 year	RBI
8	Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/FIs ^	RBI
9	External Commercial Borrowings and other similar borrowings	RBI
10	Certificates of Deposit	RBI
11	Fixed Deposits raised by NBFC's, Banks, HFCs, Fis	RBI
12	Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs	MCA
13	Inter Corporate Deposits/Loans extended by Corporates	MCA
14	Borrowing programme ~	-
15	Issuer Ratings #	-
16	Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs)	SEBI
17	Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs	SEBI
18	Listed Security Receipts	SEBI
19	Unlisted Security Receipts	RBI
20	Independent Credit Evaluation (ICE)	RBI
21	Expected Loss Ratings (for Loan Facilities (Fund/Non-Fund Based) from Bank/NBFCs/NHB/Fis)	RBI
22	Expected Loss Ratings (Listed/Proposed to be listed bonds/debentures/preference share (all securities))	SEBI
23	Expected Loss Ratings (Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities))	MCA
24	Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) *	Investor-side regulator such as IRDAI, PFRDA @

* Includes securitisation transactions involving assignee payout, acquirer's payout.

~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Crisil Ratings Limited shall separately capture the rated quantum details along with names of respective regulators.

^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.

# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs.

@ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.

Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Criteria Details

Links to related criteria

Basics of Ratings (including default recognition, assessing information adequacy)

Criteria for securitisation transactions

Media Relations	Analytical Contacts	Customer Service Helpdesk
Ramkumar Uppara Media Relations Crisil Limited M: +91 98201 77907 B: +91 22 6137 3000 ramkumar.uppara@crisil.com Kartik Behl Media Relations Crisil Limited M: +91 90043 33899 B: +91 22 6137 3000 kartik.behl@crisil.com Divya Pillai Media Relations Crisil Limited M: +91 86573 53090 B: +91 22 6137 3000 divya.pillai1@ext-crisil.com	Ajit Velonie Senior Director Crisil Ratings Limited D:+91 22 6137 3090 ajit.velonie@crisil.com Aparna Kirubakaran Director Crisil Ratings Limited D:+91 44 6656 3143 aparna.kirubakaran@crisil.com Ravi Chaubey Rating Analyst Crisil Ratings Limited B:+91 22 6137 3000 ravi.chaubey@crisil.com For Analytical queries Toll Free Number: 1800 266 6550 ratingsinvestordesk@crisil.com	Timings: 10.00 am to 7.00 pm Toll Free Number: 1800 267 3850 For a copy of Rationales / Rating Reports: CRISILratingdesk@crisil.com

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 Ratings. However, Crisil Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.

About Crisil Ratings Limited (A subsidiary of Crisil Limited, an S&P Global Company)
Crisil Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set 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 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).

Crisil Ratings Limited ('Crisil Ratings') is a wholly-owned subsidiary of Crisil Limited ('Crisil'). Crisil Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").

For more information, visit www.crisilratings.com

About Crisil Limited

Crisil is a leading, agile and innovative global analytics company driven by its mission of making markets function better.

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is 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 PRIVACY NOTICE
Crisil respects your privacy. We may 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. For further information on Crisil's privacy policy please visit www.crisil.com.

DISCLAIMER

This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') provided by Crisil Ratings Limited ('Crisil Ratings'). 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 use only within the jurisdiction of India. 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 Ratings provision or intention to provide any services in jurisdictions where Crisil Ratings does not have the necessary licenses and/or registration to carry out its business activities. Access or use of this report does not create a client relationship between Crisil Ratings and the user.

The report is a statement of opinion as on the date it is expressed, and it is not intended to and does not constitute investment advice within meaning of any laws or regulations (including US laws and regulations). The report is not an offer to sell or an offer to purchase or subscribe to any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. 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.

Crisil Ratings’ products / activities or ratings of instruments other than ‘securities that are listed or proposed to be listed’ may fall under the purview of financial sector regulators (FSRs) other than SEBI. In respect of such products / activities or ratings (under the purview of other FSRs such as Reserve Bank of India (RBI), Ministry of Corporate Affairs (MCA), Insurance Regulatory and Development Authority of India (IRDAI), among others), the grievance / dispute redressal and investor protection mechanisms available under SEBI regulations shall not be applicable.

A list of products/activities or ratings of instruments falling under the purview of various FSRs along with the names of respective FSRs has been duly disclosed by Crisil Ratings on its website. A link to the same has been provided below for ready reference:

https://www.crisilratings.com/en/home/our-business/ratings/regulatory-disclosures/list-of-activities-instruments-and-names-of-regulators.html

Crisil Ratings and its associates do not act as a fiduciary. The report is based on the information believed to be reliable as of the date it is published, Crisil Ratings does not perform an audit or undertake due diligence or independent verification of any information it receives and/or relies on for preparation of the report. THE REPORT IS PROVIDED ON “AS IS” BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, CRISIL RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. In no event shall Crisil Ratings, its associates, third-party providers, as well as their directors, officers, shareholders, employees or agents 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.

The report is confidential information of Crisil Ratings and Crisil Ratings reserves all rights, titles and interest in the rating report. The report shall not be altered, disseminated, distributed, redistributed, licensed, sub-licensed, sold, assigned or published any content thereof or offer access to any third party without prior written consent of Crisil Ratings.

Crisil Ratings or its associates may have other commercial transactions with the entity to which the report pertains or its associates. Ratings are subject to revision or withdrawal at any time by Crisil Ratings. 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 Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For more detail, please refer to: https://www.crisilratings.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Public ratings and analysis by Crisil Ratings, as are required to be disclosed under the Securities and Exchange Board of India regulations (and other applicable regulations, if any), are made available on its websites, www.crisilratings.com and https://www.ratingsanalytica.com (free of charge). Crisil Ratings shall not have the obligation to update the information in the Crisil Ratings report following its publication although Crisil Ratings may disseminate its opinion and/or analysis. Reports with more detail and additional information may be available for subscription at a fee. Rating criteria by Crisil Ratings are available on the Crisil Ratings website, www.crisilratings.com. For the latest rating information on any company rated by Crisil Ratings, you may contact the Crisil Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 3850.

Crisil Ratings shall have no liability, whatsoever, with respect to any copies, modifications, derivative works, compilations or extractions of any part of this [report/ work products], by any person, including by use of any generative artificial intelligence or other artificial intelligence and machine learning models, algorithms, software, or other tools. Crisil Ratings takes no responsibility for such unauthorized copies, modifications, derivative works, compilations or extractions of its [report/ work products] and shall not be held liable for any errors, omissions of inaccuracies in such copies, modifications, derivative works, compilations or extractions. Such acts will also be in breach of Crisil Ratings’ intellectual property rights or contrary to the laws of India and Crisil Ratings shall have the right to take appropriate actions, including legal actions against any such breach.

Crisil Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on Crisil Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html