Rating Sensitivity Factors

Upward Factors 

• Steady growth in revenue and sustenance of operating margin at over 25% leading to better cash accruals
• Reduction in debt exposure to Novak Hotels Limited leading to improvement in financial and liquidity profiles

Downward Factors 

• Decline in revenue by more than 30 percent or steep decline in profitability leading to lower cash accruals.
• Larger than expected increase in exposure to group entities or significant capex leading to weakening of liquidity and thus the financial risk profile

Any other information: Not Applicable

Annexure - Details of Instrument(s)

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