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Regulatory and Supplementary Disclosure(Credit Rattng Conpmies Rcgulations,Z0l6)
Rating Tum Statements(l) Rating is jusl an opinion about the creditworthiness ofthe entity and does not constitute recommendation to buy, hold or sell any security oftheentity rated or to buy, hold or sell the security rated, as the case may be I Chapter III; l4-3-(x)2) Conllict of Interesti. The Rating Team or any oftheir family members have no interest in this rating I Chapter III; I 2-2-oii. PACRA, the analysts involved in the rating process and members of its rating committee, and their family members, do not have any conflict ofinterest relating to the rating done by them I Chapter III; 12-2-(e) & (k)iii. The analyst is not a substantial shareholder ofthe customer being rated by PACM [Annexure F; d-(ii)] Explanation: for the purpose ofabove clause,the term "family members" shall include only those family members who are dependent on the analyst ard members of the rating commiueeRestrictions(3) No director, officer or employee of PACRA communicates the information, acquired by him for use for rating purposes, to any other person exceptwhere required under law to do so. I Chapter IIIi l0-(5)(4) PACRA does not disclose or discuss with outside parties or make improper use of the non-public information which has come to its knowledgeduring business relationship with the customer I Chapter III; l0-7-(d)(5) PACRA does not ma.ke proposals or recommendations regarding the activities of rated entities that could impact a credit rating ofentity subject torating I Chapter III; l0-7-(k)Conduct of Busincss(6) PACRA fulfills its obligations in a fair, efficient, transparent and ethical manner and renders high standards of services in performing its functionsand obligations; I Chapter lll: I I -A-(a)(7) PACRA uses due care in preparatron ofthis Rating Report. Our information has been obtained from sources we consider to be reliable but itsaccuracy or completeness is not guaranteed. PACRA does not, in every instance, independently verifies or validates information received in the ratingprocess or in preparing this Rating Repon.(S) PACRA prohibits its employees and analysts from soliciting money, gifts or favors from anyone with whom PACM conducts business I Chapter IIllI l-A-(q)(9) PACRA ensures before commencemenl ofthe rating process that an analyst or employee has not had a recent employment or other significantbusiness or personal relationship with the rated entity that may cause or may be perceived as causing a conflict of interesu I Chapter III: I l -A-(r)(10) PACRA marntains principal ofintegrity in seeking rating business I Chapter III; I l-A-(u)(l I ) PACRA promptly investigates, in the event of a misconduct or a breach ofthe policies, procedures and controls, and takes appropriate steps torectify any weaknesses to prevent any recurence along with suitable punitive action against the responsible employee(s) I Chapter III: I l -B-(m)Independence & Conflict of interest( l2) PACM receives compensation from the entiry being rated or any third party for the rating services it offers. The receipt ofthis compensation hasno influence on PACRA's opinions or other analytical processes. In alt instances, PACM is committed to preserving the objectivity, integrity andindependence ofits ratings. Our relationship is govemed by two distinct mandates i) rating mandate - signed with the entity being rated or issuer ofthedebt instrument, and fee mandate - signed with the payer, which can be different from the entiry(13) PACRA does not provide consultancy/advisory services or other services to any ofits customers or to any ofits customers' associated companiesand associated undertakings that is being rated or has been rated by it during the preceding three years unless it has adequate mechanism in placeensuring that provision of such services does not lead to a conflict of interest siluation with its rating activities; I Chapter lll: I 2-2-(d)(14) PACRA discloses thar no shareholder directly or indirectly holding l0% or more ofthe share capital ofPACRA also holds directly or indirectlyl0% or more ofrhe share capital ofthe entity which is subject to rating or ihe entity which issued the instrument subjecl to rating by PACRAI IReference Chapter III: l2-2-(f)(15) PACRA ensures that the rating assigned to an entity or instrument is not be affected by the existence ofa business relationship between PACM andthe entity or any other party, or the non-existence ofsuch a relationship I Chapter III; l2-2-(i)(16) PACM ensures that the analysts or any oftheir family members shall not buy or sell or engage in any transaction in any security which falls in theanalyst's area of primary analytical responsibility. This clause shall, however, not be applicable on investrnent in securities through collectiveinvestment schemes. I Chapter III; l2-2-(l)(17) PACM has established policies and procedure governing investments and rading in securities by its employees and for monitoring the same toprevent insider trading, market manipulation or any other market abuse I Chapter Illl I I -B-(8)Monitoring and review(l 8) PACRA monitors all the outstanding ratings continuously and any potential change therein due to any event associated with the issuer, the securilyarrangement, the industry etc., is disseminated to the market, immediately and in effective manner, after appropnate consultation with the entity/issuer; IChapter III I l8-(a)( l9) PACM reviews all the outstanding ratings on semi-annual basis or as and when required by any creditor or upon the occurence of such an eventwhich requires to do so; I Chapter III I I 8-(b)(20) PACRA initiates immediate review ofthe outstanding rating upon becoming aware ofany information that may reasonably be expecled to result indowngrading of the ratingl I Chapter III I I 8-(c)(21) PACRA engages with the issuer and the debt securities trustee, to remain updated on all information pe(aining to the rating ofthe entity/instrument;I Chapter lll I I 8-(d)Probability of Default(22) PACRA's Rating Scale reflects the expectation ofcredit risk, The highest rating has the lowest relative likelihood ofdefault (i.e, probability).PACRA's transition studies capture the historical performance behavior ofa specific rating notch. Transition behavior of the assigned rating can beobtained frorn PACRA's Transition Study available at our website. (www.pacra-com). However, actual transition ofrating may not follow lhe pattemobsewed in the past I Chapter tII I l4-(f-VII)Proprietary Informrtion(23) Atl information contained herein is considered propriefary by PACRA. Hence, none ofthe information in this document can be copied or, otherwisereproduced, stored or disseminated in whole or in part in any form or by any means whatsoever by any person without PACRA's prior written consent
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