India Infoline NCD Aug 2019 vs Shriram Transport Finance NCD July 2019

The NCDs proposed to be issued under this Issue have been rated BWR AA+/Stable (pronounced as BWR Double A Plus with Stable outlook) for an amount of Rs.50,000 million by Brickworks Ratings India Private Limited vide their rating letter dated October 31, 2018, CRISIL AA/Stable (pronounced as CRISIL Double A rating with Stable outlook) for an amount of Rs.50,000 million by CRISIL Ratings Limited vide their rating letter dated November 1, 2018 and [ICRA] AA (Stable) (pronounced as ICRA Double A) for an amount of Rs.50,000 million by ICRA Limited vide their rating letter dated October 31, 2018. The aforesaid rating indicates that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.

The NCDs proposed to be issued under this Issue have been rated 'CARE AA+; Stable' by CARE Ratings Limited ("CARE") for an amount of up to Rs. 10,00,000 lacs vide its letter dated June
28, 2019, 'CRISIL AA+/Stable' by CRISIL Limited ("CRISIL") for an amount of up to Rs. 10,00,000 lacs vide its letter dated June 26, 2019 and 'IND AA+; Outlook Stable' by India Ratings
and Research Private Limited ("India Ratings") for an amount of up to Rs. 10,00,000 lacs vide its letter dated June 25, 2019. The rating of the NCDs by CARE, CRISIL and India Ratings
indicate that instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations and carry very low credit risk.

Series I to Series VI

Series I to Series X