9.01%. If the credit rating of the Issuer is downgraded from A+ by CARE or by any other rating agency, the coupon rate will be increased by 0.50% for each notch of downgrade. In case of multiple ratings, the downgrade by any rating agency will trigger the step-up, and subsequent downgrades by other agencies will not lead to further step-up. If the rating is upgraded, the coupon rate will be decreased by 0.50% for each notch of upgrade until it is restored to A+. In the event the Company fails to post positive Profit After Tax (PAT) in any quarter, the coupon rate will be stepped up at such rate as may be agreed by the Debenture Holders.

Hiranandani Financial Services Private Limited

Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments carry low credit risk.