Private and Confidential

Date: For Private Circulation Only

Krazybee Services Private Limited

Corporate Identity Number (CIN): U65100KA2016PTC086990

Permanent Account Number: AAGCK1119D
Date and Place of Incorporation: March 16, 2016, Bengaluru, Karnataka, India
Certificate of Registration issued by Reserve Bank of India: N-02.00281
Registered Office: 3rd Floor, No.128/9, Maruthi Sapphire, HAL Airport Road, Murgesh Palya, Bangalore -
560017
Corporate Office: 3rd Floor, No.128/9, Maruthi Sapphire, HAL Airport Road, Murgesh Palya, Bangalore - 560017
Telephone No: 080-41275009, Website: www.kbnbfc.in , Email: [email protected]
Company Secretary & Compliance Officer: Pallavi Lingaraju Contact detail:+91-9972857010; email address:
[email protected]
Promoter(s): Mr. Madhusudhan Ekambaram and Mr. Krishnakumar Karthikeyan, Finnov Private Limited
(Email:[email protected] and Contact details: 080-41275009)

Date:

ISSUE OF 4900 (FOUR THOUSAND AND NINE HUNDRED) RATED, SECURED, LISTED, TRANSFERABLE,
REDEEMABLE, NON-CONVERTIBLE DEBENTURES ("DEBENTURE(S)" OR "NCD(S)") OF FACE VALUE OF
RS.1,00,000 (INDIAN RUPEES ONE LAKHS ONLY) EACH, AGGREGATING TO RS. 49,00,00,000 (INDIAN RUPEES
FORTY NINE CRORES ONLY) (THE "ISSUE"), BY WAY OF A PRIVATE PLACEMENT (THE “ISSUE”), BY
KRAZYBEE SERVICES PRIVATE LIMITED (THE “COMPANY” OR “ISSUER”).

This bond issue does not form part of non-equity regulatory capital mentioned under Chapter V of SEBI NCS Regulations,
2021.

Debenture Trustee Registrar and Transfer Credit Rating Agency

Agent

Vardhman Trusteeship Private NSDL Database CRISIL RATINGS LIMITED

Limited Management Services Private Limited CRISIL House. Central Avenue,
Unit No 15, Turner Morrison, 6 4th Floor, Trade World A Hiranandani Business Park, Powai,
Lyons Range, Kolkata, West Wing, Kamala Mills Mumbai 400 076, India Tel.: +91 22 3342
Bengal - 700001 and branch office Compound, Senapati 3000
at The Capital, A Wing, 412A, Bapat Marg, Lower Email: [email protected]
Bandra Kurla Complex, Bandra Parel, Mumbai – 400 013 Contact person: Rikin Shah
(East) , Mumbai, Maharashtra- Tel.: 022 -24994200 Website: https://www.crisil.com
400051 Email:
Tel.: +91(22) 42648335 [email protected]
Email: Contact person: Sachin V Shinde
[email protected]
Contact person: Mr. Rushabh Desai Website: www.ndml-nsdl.co.in
Website:
https://vardhmantrustee.com/
Type of Placement Memorandum: Private Placement of Non-Convertible Debentures

ISSUE SCHEDULE
Issue Opens on: 05 Jun 2023
Issue Closes on: 05 Jun 2023
Date of earliest closing of the 05 Jun 2023
issue, if any.
Pay in Date 06 Jun 2023
Deemed date of allotment 06 Jun 2023

ISSUE DETAILS
Nature Rated, Secured, Listed, Transferable, Redeemable, Non-Convertible Debentures
Number 4900 (Four Thousand and Nine Hundred) Rated, Secured, Listed, Transferable,
Redeemable, Non-Convertible Debentures (“NCDs” or “Debentures”) of face value of
Rs. 1,00,000/- (Indian Rupee One Lakh) each, aggregating up to Rs. 49,00,00,000/-
(Forty-Nine Crores Only)
Price per Debenture 1,00,000 (Indian Rupees One Lakh) per debentures
Amount Rs. 49,00,00,000 (Indian Rupees Forty-Nine Crores Only)
Issue size (base issue or Rs. 49,00,00,000 (Indian Rupees Forty-Nine Crores Only)
green shoe)
Green Shoe Option- Nil
Coupon Rate 10.25% per annum payable quarterly
Coupon Payment Quarterly
Frequency
Redemption Date
Redemption Amount Each Debenture shall be redeemed at par.
Credit Rating CRISIL BBB+/Stable release by Crisil Ratings Limited on May 25, 2023
Details of Underwriting Not Applicable
Details of Eligible The following categories of investors, when specifically approached and have been
Investors identified upfront, are eligible to apply for this private placement of Debentures subject
to fulfilling their respective investment norms/rules and compliance with laws
applicable to them by submitting all the relevant documents along with the Application
Form (“Eligible Investors”):

(a) Mutual Funds

(b) NBFCs
(c) Provident Funds and Pension Funds
(d) Corporates
(e) Banks
(f) Foreign Institutional Investors (FIIs)
(g) Qualified Foreign Investors (QFIs)
(h) Foreign Portfolio Investors (FPIs)

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 (i) Insurance Companies
(j) Alternative investment funds
(k) Any other person eligible to invest in the Debentures.

All potential Investors are required to comply with the relevant regulations/guidelines
applicable to them for investing in this issue of Debentures.
Listing The Debentures are proposed to be listed on the wholesale debt market segment of the
BSE Limited ("BSE" or the "Stock Exchange").
Inclusion of a This Issue, offer and subscription to the Debentures shall be made by the Eligible
compliance clause in Investors through the electronic book mechanism as prescribed by SEBI and
relation to electronic BSE under the EBP Guidelines (as defined below) by placing bids on the EBP
book mechanism and Platform during the period of the Issue. The Eligible Investors should also refer
to the operational guidelines of the EBP in this respect. The disclosures required
details pertaining to the
pursuant to the EBP Guidelines (as defined below) are set out hereinbelow:
uploading the placement Details of size of the Total Issue size of Issue: Indian Rupees
memorandum on the Issue including green 49,00,00,000 (Indian Rupees Forty-Nine Crores
Electronic Book shoe option, if any Only,
Provider Platform, if Green Shoe Option: Nil
applicable.
Bid opening and closing Bid opening date: June 05, 2023; and
date Bid closing date: June 05, 2023

Minimum Bid lot 100 (One Hundred) Debentures (aggregating to

INR 1,00,00,000 (Indian Rupees One Crore),
and 1 (one) Debenture thereafter

Manner of bidding in the on an anonymous order driven system

Issue
Manner of allotment in The allotment will be done on Uniform Yield
the Issue basis in accordance with EBP Guidelines.
Manner of settlement in Pay-in of funds through ICCL and the account
the Issue details are given in the Section 7 (Issue
Procedure) of this Placement Memorandum
Bid Book Type Open
Settlement cycle T+1; where T refers to the date of bid opening
date / issue opening date
Please refer Section below. The Debentures do not exceed the threshold for
mandatory electronic book platform as prescribed under Chapter VI of the
Securities and Exchange Board of India Operational Circular dated 10th August
2021 having reference no. SEBI/HO/DDHS/P/CIR/ 2021/613 (as updated from
time to time) and hence the issuer is not required to comply with the EBP
requirement.
Details of Debenture As specified above
Trustee
Specific declaration
This issue of Debentures does not form part of non-equity regulatory capital mentioned
requested by BSE: non- under Chapter V of the SEBI NCS Regulations. The face value of each Debenture is
equity regulatory capital INR 1,00,000 (Indian Rupees One Lakh Only).

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 GENERAL RISK
Investment in non-convertible securities involve a degree of risk and investors should not invest any funds in such securities
unless they can afford to take the risk attached to such investments. Investors are advised to take an informed decision and
to read the risk factors carefully before investing in this offering. For taking an investment decision, investors must rely on
their examination of the issue including the risks involved in it.

Specific attention of investors is invited to statement of risk factors contained under SECTION 4 – RISK FACTORS of
this placement memorandum. These risks are not, and are not intended to be, a complete list of all risks and considerations
relevant to the non-convertible securities or investor’s decision to purchase such securities.
ISSUER’S ABSOLUTE RESPONSIBILITY

The Issuer, having made all reasonable inquiries, accepts responsibility for and confirms that this placement memorandum
contains all information with regard to the issuer and the issue which is material in the context of the issue, that the
information contained in the placement memorandum is true and correct in all material aspects and is not misleading, that
the opinions and intentions expressed herein are honestly stated and that there are no other facts, the omission of which
make this document as a whole or any of such information or the expression of any such opinions or intentions misleading.

CREDIT RATING
CRISIL has assigned “BBB+” rating to the Issue by the Company by a letter dated May 25, 2023. Instruments with this
rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments
carry very low credit risk. For more details on credit rating of the Issuer refer to press release dated November 14, 2022,
2023 on
https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/KrazyBeeServicesPrivateLimited_November
%2014,%202022_RR_305988.html)

The above rating is not a recommendation to buy, sell or hold securities and Investors should take their own decision. The
rating may be subject to revision or withdrawal at any time by the assigning Credit Rating Agency and rating should be
evaluated independently of any other rating. The rating obtained is subject to revision at any point of time in the future.
LISTING
The Debentures are proposed to be listed on the wholesale debt market segment of the BSE Limited ("BSE" or the "Stock
Exchange"). The Company has obtained “in principle” approvals from BSE on May 26, 2023 for listing the Debentures
offered through this Issue.

RECOVERY EXPENSE FUND

The Issuer has created the Recovery Expense Fund in accordance with the SEBI DT Circular with the BSE. In this regard,
please also refer to the section on "Creation of recovery expense fund" under Section 8 below.

4
 TABLE OF CONTENTS

SECTION 1 DISCLAIMERS .......................................................................................................................................... 6

SECTION 2 DEFINITIONS AND ABBREVIATIONS.................................................................................................. 9
SECTION 3 UNDERTAKING OF THE ISSUER ........................................................................................................ 11
SECTION 4 RISK FACTORS ....................................................................................................................................... 12
SECTION 5 REGULATORY DISCLOSURES ............................................................................................................ 20
SECTION 6 ISSUER INFORMATION ........................................................................................................................ 21
SECTION 7 APPLICATION PROCESS ....................................................................................................................... 55
SECTION 8 ISSUE DETAILS ...................................................................................................................................... 65
SECTION 9 DISCLOSURE PERTAINING TO WILFUL DEFAULT ........................................................................ 86
SECTION 10 DECLARATION ......................................................................................................................................... 87
ANNEXURE I: LAST AUDITED FINANCIAL STATEMENTS ......................................................................................... 88
ANNEXURE II: LASTEST ASSET LIABILITY MANAGEMENT STATEMENT ............................................................. 89
ANNEXURE III: CREDIT RATING LETTER ...................................................................................................................... 91
ANNEXURE IV: CONSENT LETTER FROM THE DEBENTURE TRUSTEE .................................................................. 93
ANNEXURE V: BOARD COMMITTEE (BORROWINGS) RESOLUTION ....................................................................... 94
ANNEXURE VI: SHAREHOLDERS RESOLUTION ........................................................................................................... 97
ANNEXURE VII: DUE DILIGENCE CERTIFICATE FROM DEBENTURE TRUSTEE ................................................... 99
ANNEXURE VIII: UNDERTAKING PURSUANT TO REGULATION 43 (2) OF THE SEBI NCS REGAULTIONS .. 100
ANNEXURE IX: APPLICATION FORM ............................................................................................................................ 101
ANNEXURE X- DECLARATION OF PROMOTER........................................................................................................... 105
ANNEXURE XI- PAS 4 ........................................................................................................................................................ 106

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 SECTION 1 DISCLAIMERS

GENERAL DISCLAIMER

This Disclosure Document is neither a prospectus nor a statement in lieu of a prospectus and does not constitute an offer to
the public to subscribe to the Issue.

The Debentures are to be listed on BSE and is being made strictly on a private placement basis. The Disclosure Document is
not intended to be circulated to more than 200 (two hundred) persons. Multiple copies hereof given to the same entity shall be
deemed to be given to the same person and shall be treated as such. No invitation is being made to any persons other than to
those to whom Application Form along with this Disclosure Document have been sent. Any application by a person to whom
the Disclosure Document and Application Form have not been sent by the Company shall be rejected without assigning any
reason. The person who is in receipt of the Disclosure Document shall maintain utmost confidentiality regarding the contents
of the Disclosure Document and shall not reproduce or distribute in whole or in part or make any announcement in public or
to a third party regarding the contents without the consent of the Issuer.

This Disclosure Document has been prepared in conformity with the SEBI (Issue and Listing of Non-Convertible Securities)
Regulations 2021, as amended up to date and other applicable laws. Therefore, as per the applicable provisions, a copy of this
Disclosure Document has not been filed or submitted to the SEBI for its review and/or approval. It is the responsibility of
potential investors to also ensure that any sale by them of the NCDs/Debentures does not constitute an offer to the public
within the meaning of the Companies Act.

Apart from the Disclosure Document, no offer document or prospectus has been prepared in connection with this Issue and
that no prospectus in relation to the Issuer or the NCDs relating to this Issue has been delivered for registration nor such a
document is required to be registered under the applicable laws.

The Disclosure Document issued by the Company and the views contained in Disclosure do not necessarily reflect the views
of its directors, employees, affiliates or representatives and should not be taken as such. The Disclosure Document have been
prepared to provide general information about the Issuer to potential Eligible Investors to whom it is addressed and who are
willing and eligible to subscribe to the Debentures. The Disclosure Document do not purport to contain all the information
that any potential Eligible Investor may require. Where the Disclosure Document summarize the provisions of any other
document, that summary should not be relied upon and the relevant document should be referred to for the full effect of the
provisions.

Neither the Disclosure Document nor any other information supplied in connection with the Debentures is intended to provide
the basis of any credit or other evaluation and any recipient of this Disclosure Document should not consider such receipt a
recommendation to purchase any Debentures. Each investor contemplating purchasing any Debentures should make its own
independent investigation of the financial condition and affairs of the Issuer, and its own appraisal of the creditworthiness of
the Issuer. Potential Investors should consult their own financial, legal, tax and other professional advisors as to the risks and
investment considerations arising from an investment in the Debentures and should possess the appropriate resources to
analyze such investment and the suitability of such investment to such investor's particular circumstances.

This Information Memorandum and the contents hereof are intended only for recipients who have been addressed to directly
and specifically through a communication by the Issuer and only such recipients are eligible to apply for the Debentures. All
investors are required to comply with the relevant regulations/guidelines applicable to them for investing in this issue. The
contents of this Disclosure Document are intended to be used only by those investors to whom it is distributed. It is not intended
for distribution to any other person and should not be reproduced by the recipient.

6
 DISCLAIMER OF THE ISSUER

The Issuer confirms that, as of the date hereof, this Information Memorandum (including the documents incorporated by
reference, if any) contains all information that is material in the context of the Issue, is accurate in all material respects and
does not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements
herein, in the light of the circumstances under which they are made, are not misleading. The sale or transfer of these Debentures
outside India may require regulatory approvals in India, including without limitation, the approval of the RBI.

The Issuer confirms that all information considered are adequate for and relevant to the Issue and the Issuer has made available
in this Information Memorandum for the use and perusal of the potential investors and no selective or additional information
would be made available to any section of investors in any manner whatsoever. The information relating to the Company
contained in the Disclosure Document is believed by the Company to be accurate in all respects as of the date hereof.

The Issuer does not undertake to update the Information Memorandum to reflect subsequent events after the date of the
Information Memorandum and thus it should not be relied upon with respect to such subsequent events without first confirming
its accuracy with the Issuer.

Neither the delivery of this Information Memorandum nor any Issue of Debentures made hereunder shall, under any
circumstances, constitute a representation or create any implication that there has been no change in the affairs of the Issuer
since the date hereof.

The Issuer having made all reasonable enquiries, accepts responsibility for and confirms that the information contained in this
Disclosure Document is true and correct in all material aspects and is not misleading in any material respect, that the opinions
and intentions expressed herein are honestly held and that there are no other facts, the omission of which make this document
as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect.
The Company or any of its directors, employees, advisors, affiliates, subsidiaries or representatives do not accept any
responsibility and/ or liability for any loss or damage however arising and of whatever nature and extent in connection with
the said information.

DISCLAIMER OF THE STOCK EXCHANGE

As required, a copy of this Disclosure Document has been submitted to the BSE for hosting the same on its website as per the
applicable law.

It is to be distinctly understood that filing of this Disclosure Document with the BSE should not in any way be deemed or
construed that the same has been cleared or approved by the BSE, nor does the BSE in any manner warrant, certify or endorse
the correctness or completeness of any of the contents of this Disclosure Document, nor does the BSE warrant that the Issuer’s
Debentures will be listed or will continue to be listed on the Stock Exchange; nor does the BSE take any responsibility for the
soundness of the financial and other conditions of the Issuer, its promoters, its management or any scheme or project of the
Issuer. Every person who desires to apply for or otherwise acquire any Debentures of this Issuer may do so pursuant to
independent inquiry, investigation and analysis and shall not have any claim against the Stock Exchange whatsoever by reason
of any loss which may be suffered by such person consequent to or in connection with such subscription/acquisition whether
by reason of anything stated or omitted to be stated herein or any other reason whatsoever.

DISCLAIMER CLAUSE OF SEBI

7
This Disclosure Document has not been filed with the SEBI. The securities have not been recommended or approved by SEBI
nor does SEBI guarantee the accuracy or adequacy this Information Memorandum. It is to be distinctly understood that filing
of this Information Memorandum should not, in any way, be deemed or construed that the same has been cleared or vetted by
SEBI. SEBI does not take any responsibility for the purpose for which the issue is proposed to be made or for the correctness
of the statements made or opinions expressed in this Information Memorandum. The issue of Debentures being made on
private placement basis, filing of this document is not required with SEBI, however SEBI reserves right to take up at any point
of time, with the Company, any irregularities or lapses in this document.

DISCLAIMER OFTO THE DEBENTURE TRUSTEE

The Debenture Trustee or its agents or advisers associated with the Issue of the Debentures do not undertake to review the
financial condition or affairs of the Issuer during the life of the arrangements contemplated by this Disclosure Document and
shall not have any responsibility to advise any investor or prospective Investor in the Debentures of any information available
with or subsequently coming to the attention of the Debenture Trustee, its agents or advisors.

The Debenture Trustee and its agents or advisors associated with the issue of the Debentures have not separately verified the
information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no
responsibility is accepted by Debenture Trustee as to the accuracy or any other information provided by the Issuer.
Accordingly, the Debenture Trustee shall have no liability in relation to the information contained in this Disclosure Document
or any other information provided by the Issuer in connection with the Issue. The Debenture Trustee is neither a principal
debtor nor a guarantor of the Debentures.

DISCLAIMER IN RESPECT OF CREDIT RATING AGENCY

The ratings of the Credit Rating Agency should not be treated as a recommendation to buy, sell or hold the Debentures. The
Credit Rating Agency ratings are subject to a process of surveillance which may lead to a revision in ratings. Please visit the
Credit Rating Agency's website https://www.crisil.com/ or contact the Credit Rating Agency's office for the latest information
on the Credit Rating Agency's ratings. All information contained herein has been obtained by the Credit Rating Agency from
sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information
herein is true, such information is provided 'as is' without any warranty of any kind, and the credit rating agency in particular,
makes no representation or warranty, express or implied, as to the accuracy, timeliness or opinion and Credit Rating Agency
shall not be liable for any losses incurred by users from any use of this publication and completeness of any such information.
All information contained herein must be construed solely as statements or its contents.

DISCLAIMER OF RESERVE BANK OF INDIA

The Debentures have not been recommended or approved by the RBI nor does RBI guarantee the accuracy or adequacy of
this Disclosure Document. It is to be distinctly understood that this Disclosure Document should not, in any way, be deemed
or construed that the Debentures have been recommended for investment by the RBI. RBI does not take any responsibility
either for the financial soundness of the Issuer, or the Debentures being issued by the Issuer or for the correctness of the
statements made or opinions expressed in this Disclosure Document. The potential investors may make investment decision
in respect of the Debentures offered in terms of this Disclosure Document solely on the basis of their own analysis and RBI
does not accept any responsibility about servicing/repayment of such investment.

8
 SECTION 2 DEFINITIONS AND ABBREVIATIONS

Unless the context otherwise indicates or requires, the following terms shall have the meanings given below in this Disclosure
Document.

Act means the Companies Act, 2013, and shall include any re-enactment, amendment or
modification of the Companies Act, 2013, as in effect from time to time.
The form which shall be circulated to the prospective investors along with the
Application Form Information Memorandum/ Disclosure document for the purpose of applying for the
debentures and marked as Annexure IX.
Unless the context otherwise requires or implies, the allotment of the Debentures
Allot/ Allotment/ Allotted
pursuant to this Issue.
Bank Account Name Krazybee Services Private Limited

Account Bank Account no 000205032465

IFSC code ICIC0000002
MICR 560229002
Beneficial Owner(s) means the holder(s) of the Debentures in dematerialized form whose name is recorded
as such with the Depository.
Board/ Board of Director(s) Board of Director(s) of the Issuer
BSE Limited/BSE Stock Exchange / Designated Stock Exchange
Business Day means any day of the week (excluding Sundays or any day which is a
public holiday for the purpose of Section 25 of the Negotiable Instruments Act is, 1881
Business Day
(26 of 1881)) in Mumbai, Bangalore and Chennai and any other day on which banks
are closed for general business in Mumbai, Bangalore and Chennai, India
CERSAI means the Central Registry of Securitisation Asset Reconstruction and Security Interest
of India.
CDSL Central Depository Services (India) Limited
Company / Issuer Krazybee Services Private Limited
Coupon means the coupon payable on the Debentures on the Coupon Payment Date(s), at the
Coupon Rate.
Coupon Payment Date mean the date(s) as specified in Section 8 - Issue Details of this Information
Memorandum.
Date of realization of proceeds of subscription money in the bank account of the
Date of Subscription
Company.
4900 Rated, Senior, Secured, Listed, Transferable, Redeemable, Non-Convertible
Debentures or NCDs Debentures having a face value of Rs. 1,00,000/- (Rupees One Lakhs only) each,
aggregating to Rs. 49,00,00,000 - (Rupees Forty-Nine Crores Only).
Person(s) holding Debenture(s) and whose name is recorded as beneficial owner with
the Depository (if the Debentures are in dematerialized form) as defined under Section
Debenture Holder(s)/Investors
2 of the Depositories Act, 1996) or the person(s) whose name appears as holder of
Debentures in the Register of Debentures (if the Debentures are in the physical form)
The Debenture trust deed dated on or about the date of this Disclosure Document
Debenture Trust Deed / DTD
entered / to be entered into between the Company and the Debenture Trustee.
Trustee for the Debenture Holder(s), in this case being Vardhman Trusteeship Private
Debenture Trustee
Limited.
Debenture Trustee Agreement means the agreement entered into by and between the Issuer and the Debenture Trustee
and dated May 29, 2023

9
Deed of Hypothecation means the deed of hypothecation executed and delivered by the Issuer in favour of the
Debenture Trustee to evidence creation of first ranking exclusive charge by the Issuer
in favour of the Debenture Trustee (for the benefit of the Debenture Holders) over the
Hypothecated Property (in a form acceptable to the Majority Debenture Holders).
Deemed Date of Allotment June 06, 2023
A Depositary participant as defined under Depositories Act, 1996 as amended from
Depositary Participant / DP
time to time
A depository registered with SEBI under the SEBI (Depositories and Participants)
Depository
Regulations, 1996 as amended from time to time.
Depositories Act The Depositories Act, 1996, as amended from time to time.

Disclosure Document / This document dated May 29, 2023 which sets out the information regarding the
Information Memorandum Debentures being issued on a private placement basis.
EFT Electronic Fund Transfer

Electronic Book Provider / has the meaning given to it under the EBP Guidelines.
EBP
EBP Guidelines The guidelines issued by SEBI and pertaining to the Electronic Book Mechanism set
out in the terms specified by SEBI in Chapter VI (Electronic Book Provider platform)
of the Operational Circular and the related operational guidelines issued by the
concerned Electronic Book Provider, as may be amended, clarified or updated from
time to time.
Financial year the of Company i.e. a period commencing from 1st April and ending on
Financial Year / FY
31st March of the next calendar year
The filing of any petition for insolvency resolution or liquidation against the Company
Insolvency Filing Event
under the Insolvency and Bankruptcy Code, 2016

Issue Opening Date June 05, 2023

Issue Closing Date June 05, 2023

NEFT National Electronic Fund Transfer

NOC No Objection Certificate(s)
NSDL National Securities Depository Limited
PAN Permanent Account Number
The letter issued by the Issuer pursuant to the provisions of Section 42 of the Companies
Private Placement Offer Cum
Act, 2013 read with the Companies (Prospectus and Allotment of Securities) Rules,
Application Letter/ PPOL
2014, as amended, to the Investors in the format set out in the said rules
Rating Agency/ Credit Rating CRISIL Ratings Limited registered with SEBI pursuant to SEBI (Credit Rating
Agency Agencies) Regulations 1999, as amended from time to time and having its office at
CRISIL House. Central Avenue, Hiranandani Business Park, Powai, Mumbai 400 076,
India
Record Date means, date occurring 7 (seven) calendar days prior to any Due Date if such date is a
Friday. PROVIDED THAT if the date that occurs 7 (seven) calendar days prior to any
Due Date is not a Friday, the date occurring on a Friday which is at least 7 (seven)
calendar days prior
to the relevant Due Date.
REF / Recovery Expense Fund means recovery expense fund created/to be created by the Issuer with the BSE.

10
 R&T Agent Registrar and Transfer Agent to the Issue, in this case being NSDL database
Management Ltd
RTGS Real Time Gross Settlement
SEBI Securities and Exchange Board of India
SEBI DT Circulars Means “Operational Circular for Debenture Trustees” regarding debt instruments and
debenture trustees issued by SEBI bearing reference number
SEBI/HO/DDHS/P/CIR/2023/50 dated March 31, 2023 as amended from time to time.
SEBI Listing Timelines means the requirements in respect of the timelines for listing of debt securities issued
Requirements on a private placement basis prescribed in Chapter VII (Standardization of timelines
for listing of securities issued on a private placement basis) of the Operational Circular
for issue and listing of Non-convertible Securities, Securitised Debt Instruments,
Security Receipts, Municipal Debt Securities and Commercial Paper.
SEBI NCS Regulations Securities and Exchange Board of India (Issue And Listing Of Non-Convertible
Securities) Regulations, 2021 as amended from time to time.
SEBI LODR Regulations means the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 as amended from time to time.
TDS Tax Deduction at Source
TL Term Loan
WDM Wholesale Debt Market

SECTION 3 UNDERTAKING OF THE ISSUER

Investors are advised to read the risk factors carefully before taking an investment decision in this issue. For taking an
investment decision, investors must rely on their own examination of the issuer and the offer including the risks involved. The
securities have not been recommended or approved by any regulatory authority in India, including the Securities and Exchange
Board of India (SEBI) nor does SEBI guarantee the accuracy or adequacy of this document.

Specific attention of investors is invited to the statement of ‘Risk factors’ given under the section ‘General Risks’. The Issuer,
having made all reasonable inquiries, accepts responsibility for, and confirms that this Disclosure Document contains all
information with regard to the issuer and the issue, that the information contained in the offer document is true and correct in
all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly
held and that there are no other facts, the omission of which make this document as a whole or any of such information or the
expression of any such opinions or intentions misleading in any material respect.

The issuer has no side letter with any debt securities holder except the one(s) disclosed in the offer document/placement
memorandum. Any covenants later added shall be disclosed on the stock exchange website where the debt is listed.

11
 SECTION 4 RISK FACTORS

An investment in the Debentures involves risks. These risks may include, among others, equity market, bond market,
interest rate, market volatility and economic, political and regulatory risks and any combination of these and other
risks. Prospective Investors should be experienced with respect to transactions in instruments such as the Debentures.
Prospective Investors should understand the risks associated with an investment in the Debentures and should only
reach an investment decision after careful consideration of (a) the suitability of an investment in the Debentures in the
light of their own particular financial, tax and other circumstances, and (b) the information set out in this Disclosure
Document.

More than one risk factor may simultaneously affect the Debentures such that the effect of a particular risk factor may not be
predictable. In addition, more than one risk factor may have a compounding effect which may not be predictable. No assurance
can be given as to the effect that any combination of risk factors may have on the value of the Debentures.

Investors are advised to read the following risk factors carefully before making an investment in the Debentures offered in this
Issue. Each investor must rely on its own examination of the Issuer and this Issue, including the risks and uncertainties
involved. The ordering of the risk factors is intended to facilitate ease of reading and reference and does not in any manner
indicate the importance of one risk factor over another.

RISKS RELATING TO THE DEBENTURES

a. CHANGES IN THE INTEREST RATES MAY AFFECT THE PRICE OF THE DEBENTURES

All securities where a floating rate of interest is offered, such as Debentures are subject to price risk. The price of
such securities will vary inversely with changes in prevailing interest rates, i.e. when interest rates rise, prices of fixed
income securities fall and when interest rates drop, the prices increase. The extent of fluctuation in the prices is a
function of the existing coupon/yield to maturity, days to maturity and the increase or decrease in the level of
prevailing interest rates. Any increase in rates of interest is likely to have a negative effect on the price of the
Debentures.

b. THE SECONDARY MARKET FOR DEBENTURES MAY BE ILLIQUID; LIMITED OR SPORADIC

TRADING OF NON-CONVERTIBLE SECURITIES OF THE ISSUER ON THE STOCK EXCHANGES.

It is not possible to predict if and to what extent a secondary market may develop in the Debentures or at what price
the Debentures will trade in the secondary market or whether such market will be liquid or illiquid. As specified in
the Disclosure Document, an application has been made to list or quote or admit to trading the Debentures on the
WSD Segment of the BSE and an in-principle approval has been obtained. If the Debentures are so listed or quoted
or admitted to trading on the BSE, no assurance is given that any such listing or quotation or admission to trading
will be maintained. The fact that the Debentures may be so listed or quoted or admitted to trading does not necessarily
lead to greater liquidity than if they were not so listed or quoted or admitted to trading.

The Issuer may, but is not obliged to, at any time purchase the Debentures at any price in the open market or by tender
or private agreement. Any Debentures so purchased may be resold or surrendered for cancellation. The more limited
the secondary market is, the more difficult it may be for holders of the Debentures to realize value for the Debentures
prior to redemption of the Debentures.

c. CREDIT RISK AND RATING DOWNGRADE RISK

12
 The Credit Rating Agency has assigned the credit rating of “CRISIL BBB+” rating to the Debentures. In the event of
deterioration in the financial health of the Issuer, there is a possibility that the rating agency may downgrade the
rating of the Debentures. In such cases, potential investors may incur losses on revaluation of their investment or
make provisions towards sub-standard/ non-performing investment as per their usual norms. The Issuer cannot
guarantee that this rating will not be downgraded. Such a downgrade in the credit rating may lower the value of the
Debentures and may also affect the Issuer’s ability to raise further debts.

d. THE DEBENTURES MAY NOT BE A SUITABLE INVESTMENT FOR ALL POTENTIAL INVESTORS

Potential Investors should ensure that they understand the nature of the Debentures and the extent of their exposure
to risk, that they have sufficient knowledge, experience and access to professional advisers such as legal, tax,
accounting and other advisers to make their own legal, tax, accounting and financial evaluation of the merits and
risks of investment in the Debentures and that they consider the suitability of the Debentures as an investment in the
light of their own circumstances and financial condition.

e. EXERCISE OF POWERS BY THE DEBENTURE TRUSTEE IS SUBJECT TO EQUITABLE PRINCIPLES

AND SUPERVISORY POWERS OF COURTS

The exercise by the Debenture Trustee of the powers and remedies conferred on it under the Debentures and this
Disclosure Document or otherwise vested in it by applicable law, will be subject to general equitable principles
regarding the enforcement of security, the general supervisory powers and discretion of the Indian courts in the
context thereof and the obtaining of any necessary governmental or regulatory consents, approvals, authorizations or
orders.

f. THE RIGHT OF THE DEBENTURE HOLDERS TO RECEIVE PAYMENTS UNDER THE DEBENTURES
WILL BE JUNIOR TO CERTAIN TAX AND OTHER LIABILITIES PREFERRED BY LAW ON AN
INSOLVENCY OF THE ISSUER

The Debentures will be subordinated to certain liabilities preferred by applicable law such as claims of the
Government of India on account of taxes and certain liabilities incurred in the ordinary course of the Issuer’s business
(including workmen’s dues). Upon an order for winding-up in India, the assets of a company are vested in a liquidator
who has wide powers to liquidate such company to pay its debt and administrative expenses.

g. RECEIPT OF COUPON OR PRINCIPAL IS SUBJECT TO THE CREDIT RISK OF THE ISSUER.

Investors should be aware that the receipt of any coupon payment and principal amount at maturity is subject to the
credit risk of the Issuer. Any stated credit rating of the Issuer reflects the independent opinion of the referenced rating
agency as to the creditworthiness of the rated entity but is not a guarantee of credit quality of the Issuer. Any
downgrading of the credit ratings of the Issuer by the rating agency may lower the value of the Debentures

Potential Investors should be aware that receipt of the principal amount, (i.e. the redemption amount) and any other
amounts that may be due in respect of the Debentures is subject to the credit risk of the Issuer. Potential Investors
assume the risk that the Issuer will not be able to satisfy their obligations under the Debentures. In the event that
bankruptcy proceedings or composition, scheme of arrangement or similar proceedings to avert bankruptcy are
instituted by or against the Issuer, the payment of sums due on the Debentures may not be made or may be
substantially reduced or delayed.

13
h. SECURITY MAY BE INSUFFICIENT TO REDEEM THE DEBENTURES; RISKS IN RELATION TO
MAINTENANCE OF SECURITY COVER OR FULL RECOVERY OF THE SECURITY IN CASE OF
ENFORCEMENT

In the event that the Company is unable to meet its payment and other obligations towards Investors under the terms
of the Debentures, the Debenture Trustee may enforce the Security as per the terms of security documents, and other
related documents. The Debenture Holder(s)’ recovery in relation to the Debentures will be subject to (i) the market
value of such secured property, (ii) finding willing buyers for the Security at a price sufficient to repay the Debenture
Holder(s)’ amounts outstanding under the Debentures. The value realised from the enforcement of the Security may
be insufficient to redeem the Debentures.

While the debt securities are secured to the tune of 100% of the principal amount or as per the terms of Information
Memorandum, in favour of Debenture Trustee, it is the duty of the Debenture Trustee to monitor that the security is
maintained. However, the recovery of 100% of the amount shall depend on the market scenario prevalent at the time
of enforcement of the security.

i. PAYMENT OF PENALTY

In case of outstanding debt instruments or deposits or borrowings, any default in compliance with the material
covenants such as creation of security as per terms agreed, default in payment of interest, default in redemption or
repayment, non-creation of debenture redemption reserve, default in payment of penal interest wherever applicable.

j. PROSPECTIVE INVESTORS ARE ADVISED TO CAREFULLY READ THESE KEY RISKS ASSOCIATED
WITH THE DEBENTURES. THESE RISKS ARE NOT, AND ARE NOT INTENDED TO BE, A COMPLETE
LIST OF ALL RISKS AND CONSIDER

The Debentures being structured debentures are sophisticated instruments which involve a significant degree of risk
and are intended for sale only to those investors capable of understanding the risks involved in such instruments. The
Debentures are structured and are complex and an investment in such a structured product may involve a higher risk
of loss of a part of the initial investment as compared to investment in other securities unless held till Maturity Date
as set out in this Offer Letter. Prior to investing in the Debentures, a prospective investor should ensure that such
prospective investor understands the nature of all the risks associated with the investment in order to determine
whether the investment is suitable for such prospective investor in light of such prospective investor’s experience,
objectives, financial position and other relevant circumstances. Prospective investors should independently consult
with their legal, regulatory, tax, financial and/or accounting advisors to the extent the prospective investor considers
necessary in order to make their own investment decisions.

INTERNAL RISKS

RISK FACTOR IN RELATION TO THE ISSUER’S BUSINESS:

1. If the Issuer is unable to control the level of non-performing loans (“NPAs”) in the future, or if the Issuer’s loan loss
reserves are insufficient to cover future loan losses, the financial condition and results of operations may be materially
and adversely affected.

Loans extended by the issuer are unsecured and the issuer cannot assure that it will be able to effectively control and
reduce the level of NPAs of loans extended to the borrowers. The amount of reported NPAs may increase in the future
on account of growth in the business, external factors impacting the economy / income profile of the borrowers or due
to any other reason within or beyond the control of the Issuer. Such non-performing or low credit quality loans can

14
 negatively impact our results of operations. While the Issuer has created sufficient loan loss reserves, the same may not
be adequate for a significant increase in NPAs. Any significant increase in provisioning requirement due to deterioration
in asset quality may in turn adversely impact the profitability of the Issuer.

As on December 31, 2022, the gross NPA was INR 96.48 Crs (Indian Rupees NinetySix Decimal Four Eight Crores
Only) on a gross portfolio of INR 2077.04 Crs (Indian Rupees Two Thousand Seventy Seven Decimal Zero Four Only).

The Issuer’s borrowers are from different geographies with limited access to finance, and as a result, might be vulnerable
if economic conditions worsen or growth rates decelerate in India. Moreover, there is no precise method for predicting
loan and credit losses, and the Issuer cannot assure that its monitoring and risk management procedures will effectively
predict such losses or that loan loss reserves will be sufficient to cover actual losses. If the Issuer is unable to control or
reduce the level of its NPAs or poor credit quality loans, its financial condition and results of its operations could be
materially and adversely affected.

The Issuer has various procedures and process controls in place to mitigate the risk. The borrower selection is carefully
done after objectively assessing the underlying credit profile and adequate mechanisms have been put in place to ensure
regular monitoring and collections.

2. The Issuer is exposed to concentration of personnel risks

Large scale attrition, especially at the senior management level, can make it difficult for the Issuer to manage its business.
If the Issuer is not able to attract, motivate, integrate or retain qualified personnel at levels of experience that are necessary
to maintain the Issuer's quality and reputation, it will be difficult for the Issuer to manage its business and growth. The
Issuer depends on the services of its executive officers and key employees for its continued operations and growth. In
particular, the Issuer's senior management are key to the future prospects of the company. The loss of any of the Issuer's
executive officers, key employees or senior managers could negatively affect its ability to execute its business strategy,
including its ability to manage its rapid growth. The Issuer's future success will depend in large part on its ability to
identify, attract and retain highly skilled managerial and other personnel. Competition for individuals with such
specialized knowledge and experience is intense in this industry, and the Issuer may be unable to attract, motivate,
integrate or retain qualified personnel at levels of experience that are necessary to maintain its quality and reputation or
to sustain or expand its operations. The loss of the services of such personnel or the inability to identify, attract and retain
qualified personnel in the future would make it difficult for the Issuer to manage its business and growth and to meet key
objectives.

3. Competition from banks and financial institutions, as well as state-sponsored programs, may adversely affect the
Issuer's profitability and position in the Indian NBFC lending industry

The Issuer faces most significant competition from other NBFCs and banks in India. Many of the institutions with which
Issuer competes can have greater assets and, better access to and lower cost of funding than the issuer. In certain areas,
they may also have better name recognition and larger member bases than Issuer. Issuer anticipates that it may encounter
greater competition as they continue expanding the operations in India, which may result in an adverse effect on the
business, results of operations and financial condition.

EXTERNAL RISK FACTORS

1. FUTURE LEGAL AND REGULATORY OBSTRUCTIONS

Future government policies and changes in laws and regulations in India, statements or policy changes by any regulator,
including but not limited to RBI or SEBI, may adversely affect the Debentures. The timing and content of any new law or
regulation is not within the Issuer’s control and such new law, regulation, comment, statement or policy change could have
an adverse effect on the market for and the price of the Debentures.

15
 Further, SEBI or any other regulatory authorities may require clarifications on this Disclosure Document, which may cause
a delay in the issuance of the Debentures or may result in the Debentures being materially affected or even rejected.

Further, the exercise by the Debenture Trustee of the powers and remedies conferred on it under the Debenture Trust Deed,
or otherwise vested in them by applicable law, will be subject to general equitable principles regarding the enforcement of
security, the general supervisory powers and discretion of the Indian courts in the context thereof and the obtaining of any
necessary governmental or regulatory consents, approvals, authorizations or orders.

2. POLITICAL INSTABILITY OR CHANGES IN THE GOVERNMENT COULD DELAY FURTHER

LIBERALIZATION OF THE INDIAN ECONOMY AND ADVERSELY AFFECT ECONOMIC CONDITIONS
IN INDIA GENERALLY

Since 1991, successive Indian governments have pursued policies of economic liberalization. The role of the Central
Government and State Governments in the Indian economy as producers, consumers and regulators has remained
significant. If there is a slowdown in economic liberalization, or a reversal of steps already taken, it could have an adverse
effect on the debt market which is as such exposed to the risks of the Indian regulatory and policy regime.

3. COMPANY’S GROWTH DEPENDS ON THE SUSTAINED GROWTH OF THE INDIAN ECONOMY. AN

ECONOMIC SLOWDOWN IN INDIA AND ABROAD COULD HAVE DIRECT IMPACT ON THE
COMPANY’S OPERATIONS AND PROFITABILITY

Macroeconomic factors that affect the Indian economy and the global economic scenario have an impact on Company’s
business. Recent trends suggest that the economy may grow at a flat pace which may have a direct impact on our business
and a slowdown in the economy as a whole can increase such an impact thereby adversely impacting the Company’s
growth plans. India’s economy could be adversely affected by a general rise in interest rates, or various other factors
affecting the growth of industrial, manufacturing and services sector or general down trend in the economy

4. CIVIL UNREST, TERRORIST ATTACKS AND WAR COULD AFFECT OUR BUSINESS.

Terrorist attacks and other acts of violence, war, or conflicts, particularly those involving India, as well as the jurisdictions
where the Company’s business is situated, may adversely affect Indian and global financial markets. Such acts may
negatively impact business sentiment, which could adversely affect the Company’s business and profitability. India has
from time to time experienced, and continues to experience, social and civil unrest, terrorist attacks and hostilities with
neighboring countries. Also, some of India’s neighboring countries have experienced, or are currently experiencing internal
unrest. This, in turn, could have a material adverse effect on the market for securities including the Debentures. The
consequences of any armed conflicts are unpredictable, and the Company may not be able to foresee events that could have
an adverse effect on Company’s business and the price and yield of the NCDs.

5. COMPANY’S BUSINESS MAY BE ADVERSELY IMPACTED BY NATURAL CALAMITIES OR

UNFAVORABLE CLIMATIC CHANGES.

India, Nepal, Bangladesh, Pakistan, Indonesia, and other Asian countries have experienced natural calamities such as
earthquakes, floods, droughts and tsunami in recent years. Some of these countries have also experienced pandemics
notably the ongoing Covid-19 pandemic in India and Globally including the outbreak of avian flu/ swine flu. The extent
and severity of these natural disasters and pandemics determines their impact on these economies and in turn affects the
Company’s business and operations. Prolonged spells of abnormal rainfall and other natural calamities could have an
adverse impact on the economies in which the Company has operations, which could adversely affect its business and the
price of the Debentures.

16
6. ANY DOWNGRADING OF INDIA’S SOVEREIGN RATING BY AN INTERNATIONAL RATING AGENCY
(IES) MAY AFFECT THE COMPANY’S BUSINESS AND ITS LIQUIDITY TO A GREAT EXTENT.

Any adverse revision to India’s credit rating for domestic and international debt by international rating agencies may
adversely impact Company’s ability to raise additional financing and the interest rates and other commercial terms at which
such additional financing is available. This could have an adverse effect on Company’s financial performance and its
ability to obtain financing to fund our growth on favorable terms

GENERAL RISKS

A. INVESTMENT RISKS

Investment in debt and debt related securities involve a degree of risk and investors should not invest any funds in
the debt instruments, unless they can afford to take the risks attached to such investments. Investors are advised to
read the risk factors carefully before taking an investment decision in this Issue. For taking an investment decision,
investors must rely on their own examination of the Company and the Issue including the risks involved. The
Debentures have not been recommended or approved by Securities and Exchange Board of India ("SEBI") nor does
SEBI guarantee the accuracy or adequacy of this document.

B. EARLY TERMINATION FOR EXTRAORDINARY REASONS, ILLEGALITY AND FORCE MAJEURE

If the Issuer determines that, for reasons beyond its control, the performance of its obligations under the Debentures
has become illegal or impractical in whole or in part for any reason, the Issuer may, at its discretion and without
obligation, redeem the Debentures early.

C. TAXATION

Potential purchasers and sellers of the Debentures should be aware that they may be required to pay stamp duties or
other documentary charges/taxes in accordance with the laws and practices of India. Payment and/or delivery of any
amount due in respect of the Debentures will be conditional upon the payment of all applicable taxes, duties and/or
expenses.

Potential Investors who are in any doubt as to their tax position should consult their own independent tax advisers.
In addition, potential Investors should be aware that tax regulations and their application by the relevant taxation
authorities change from time to time. Accordingly, it is not possible to predict the precise tax treatment which will
apply at any given time.

D. DELAYS IN COURT PROCEEDINGS IN INDIA

If any dispute arises between the Issuer and any other party including Debenture Holders, the Issuer or such other
party may need to take recourse to judicial proceedings before courts in India. It is not unusual for court proceedings
in India to continue for extended periods. Disposition of cases may be further subject to various delays including
multiple levels of appellate adjudication.

E. ACCOUNTING CONSIDERATIONS

Special accounting considerations may apply to certain types of taxpayers. Potential investors are urged to consult
with their own accounting advisors to determine implications of this investment.

17
 F. BREACH OF CONTRACT

A failure to observe the covenants under our financing arrangements or to obtain necessary consents required
thereunder may lead to the termination of our credit facilities, acceleration of all amounts due under such facilities
and the enforcement of any security provided. Any acceleration of amounts due under such facilities may also trigger
cross default provisions under our other financing agreements. If the obligations under any of our financing
documents are accelerated, we may have to dedicate a substantial portion of our cash flow from operations to make
payments under such financing documents, thereby reducing the availability of cash for our working capital
requirements and other general corporate purposes. Further, during any period in which we are in default, we may be
unable to raise, or face difficulties raising, further financing.

OTHERS RISKS UNDER NCS LISTING REGULATION

7. RISKS IN RELATION TO THE SECURITY CREATED IN RELATION TO THE DEBT SECURITIES AND
RISKS IN RELATION TO MAINTENANCE OF SECURITY COVER OR FULL RECOVERY OF THE
SECURITY IN CASE OF ENFORCEMENT

Refer to Risk Factor under “Risks relating to Debentures”.

8. REFUSAL OF LISTING OF ANY SECURITY OF THE ISSUER DURING LAST THREE YEARS BY ANY OF
THE STOCK EXCHANGES IN INDIA OR ABROAD

As on the date of this Placement Memorandum, no stock exchange in India or abroad has refused listing of any equity or
debt security issued by the Issuer.

9. IN CASE OF OUTSTANDING DEBT INSTRUMENTS OR DEPOSITS OR BORROWINGS:

a) Any default in compliance with the material covenants such as creation of Security as per terms agreed:

As on the date of this Placement Memorandum, the Issuer has not committed any default in compliance with the
material covenants such as creation of security as per terms agreed in respect of any outstanding borrowings.

b) Default in payment of Interest:

As on the date of this Placement Memorandum, the Issuer has not committed any default in payment of interest in
respect of any outstanding borrowings.

c) Default in Redemption or Repayment

As on the date of this Placement Memorandum, the Issuer has not committed any default in redemption or
repayment in respect of any outstanding borrowings.

d) Non-creation of Debenture Redemption Reserve:

Pursuant to Rule 18 (7) of the Companies (Share Capital and Debentures) Rules, 2014, a non-banking financial
company is not required to maintain debenture redemption reserve for debentures issued on a private placement
basis.

e) Default in payment of penal interest wherever applicable:

18
As on the date of this Placement Memorandum, the Issuer has not committed any default in payment of interest
penal in respect of any outstanding borrowings.

19
 SECTION 5 REGULATORY DISCLOSURES

This Disclosure Document is prepared in accordance with the provisions of the SEBI NCS Regulations and in this section, the
Issuer has set out the details required as per Schedule II of the SEBI NCS Regulations:

LIST OF DOCUMENTS TO BE FILED WITH THE STOCK EXCHANGE AND DEBENTURE TRUSTEE

List of disclosures to be filed along with the listing application to the Stock Exchange:

A. Placement Memorandum;
B. Memorandum and Articles of Association;
C. Copy of the requisite board/ committee resolutions authorizing the borrowing and list of authorised signatories for
the allotment of securities;
D. Copy of last three years annual reports;
E. Statement containing particulars of, dates of, and parties to all material contracts and agreements;
F. An undertaking from the issuer stating that the necessary documents for creation of the charge, wherever applicable,
including the Trust Deed has been executed within the time frame prescribed in the relevant regulations/Act/rules
etc. and the same would be uploaded on the website of the designated stock exchange, where such securities have
been proposed to be listed;
G. In case of debt securities, an undertaking that permission / consent from the prior creditor for a second or pari passu
charge being created, wherever applicable, in favour of the debenture trustee to the proposed issue has been obtained;
H. Any other particulars or documents that the recognized stock exchange may call for as it deems fit;
I. Due diligence certificate from the Debenture Trustee in the format as specified in Schedule IV of the Debt Listing
Regulations; and
J. Due diligence certificate from the Debenture Trustee as per the format specified in Annexure B of the SEBI DT
Circular.

20
 SECTION 6 ISSUER INFORMATION

1. Details of Promoters of the Issuer Company;

The details of the Promoters of the Issuer are set out below:

Particulars Details Details Details

Insert Photograph/Logo Finnov Private

Limited

Name Mr. Madhusudan Mr. Karthikeyan Finnov Private

Ekambaram Krishnaswamy Limited

Date of Birth/Date of 24/08/1981 08/12/1980 21/03/2016

Incorporation:

Age: 41 42 NA

Personal Address/ No.296, Behind Jublee K-701, SNN Raj 30 Cecil Street #19-
Registered Office: College Lake View Apts,29th 08 Prudential Tower
Jinkethimmana Halli, Main Road Singapore (049712)
Ramamurthy Nagar, Ns Palya Main Road,
Bengaluru BTM Layout
Karnataka Bengaluru
560036 Karnataka
560076
Educational Graduation: B.E. in Graduation: NA
Qualifications: Information Technology Bachelor of
from National Institute Computing (Honors)
of Technology, Suratkal in Computer Science
from National
University of
Singapore
Post-Graduation:
Master of Computing
in Computer Science
from National
University of
Singapore

Experience in the He has over 15 years of He has over 15 years

business or Experience in Product of experience in
employment: Portfolio Management, Technology &
Business Innovation, Products. He has
Sales and Business hands-on experience
Development. across
Server/Consumer
He also co-founded domains &
FACE (Fintech commonly used
Association of languages (JAVA, C,

21
 Consumer PHP etc.) and has
Empowerment), a not conceptualised &
for profit organization, commercialized
with the intent to work many micro-
with all stakeholders innovations &
including the software solutions
consumers, regulators, targeted for India &
policymakers to South Pacific
proactively evolve Market.
consumer-centric
practices in the Indian
Fin-Tech digital lending
space.

Positions/posts held in Nil Nil Not Applicable

the past:
Directorships held: 1. Finnovation Tech 1. Finnovation Tech Not Applicable
Solutions Private Solutions Private
Limited Limited
2. Fintech Association
for Consumer
Empowerment
Other ventures of the Not Applicable Not Applicable Not Applicable
promoter:
Special achievements: 1. Fintech Leader BFSI Excellence Not Applicable
of the Year by Awards by Elets
Business Technomedia &
World. BFSI Post
2. Founder of the Year
from BusinessEx &
Entrepreneur
3. NBFC Trailblazer
Award from Elets
Technomedia &
BFSI Post
Their business and Not Applicable Not Applicable Not Applicable
financial activities:
Permanent Accountant ALGPM8638M AREPK6920A AADCF8674P
Number:

Declaration of the Promoter:

A declaration confirming that the Permanent Account Number, Aadhaar Number, Driving License Number, Bank
Account Number(s) and Passport Number of the promoters and Permanent Account Number of directors have been
submitted to the stock exchanges on which the non-convertible securities are proposed to be listed, at the time of filing
the draft Disclosure Documents as set out in Annexure X.

2. Credit Rating of Debenture

Details of credit rating along with latest press release of the Credit Rating Agency and declaration that the rating is
valid as on date of issuance and listing and press release shall not be older than one year from the date of opening of
issue.

22
 CRISIL has assigned “CRISIL BBB+” rating to these Debentures by a letter dated May 25, 2023 Instruments with
this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such
instruments carry very low credit risk

The rating letter as released by CRISIL Ratings Limited is enclosed as Annexure III.

1. Listing

Name(s) of the stock exchange(s) where the non-convertible securities are proposed to be listed and the details of
their in-principle approval for listing obtained from these stock exchange(s). If non-convertible securities are
proposed to be listed on more than one stock exchange(s) then the issuer shall specify the designated stock
exchange for the issue. The issuer shall specify the stock exchange where the recovery expense fund is being/has
been created as specified by the Board.

The Debentures are proposed to be listed on the WDM segment of the BSE. The Issuer shall comply with the
requirements of the listing agreement for debt securities to the extent applicable to it on a continuous basis. The Issuer
has obtained the in-principle approval for the listing of the Debentures on the WDM segment of the BSE.

The Debentures are not proposed to be listed on more than one stock exchange.

The Issuer has created the Recovery Expense Fund for a maximum limit 49,000 (Indian Rupees Forty-Nine Thousand
Only) in accordance with the SEBI DT Circular with the BSE. In this regard, please also refer to the section on "Creation
of recovery expense fund" under Section 8 below.

2. Issue schedule

ISSUE SCHEDULE
Issue Opens on: 05 June 2023
Issue Closes on: 05 June 2023
Pay in Date 06 June 2023
Deemed date of allotment 05 June 2023

3. Name, logo, addresses, website URL, email address, telephone number and contact person of the following:

Arrangers, if any Not Applicable

Debenture Trustee:

Vardhman Trusteeship Private Limited

Unit No 15, Turner Morrison, 6 Lyons Range, Kolkata, West
Bengal - 700001 and branch office at The Capital, A Wing,
412A, Bandra Kurla Complex, Bandra (East) , Mumbai,
Maharashtra-400051
Tel.: +91(22) 42648335
Email: [email protected]
Contact person: Mr. Umesh Salvi

23
Register and Transfer Agent

NSDL database Management Ltd

National Securities Depository Limited, 4th Floor, Trade
World A Wing, Kamala Mills Compound, Senapati Bapat
Marg, Lower Parel, Mumbai – 400 013
Ph: 022 24994409
www.nsdl.co.in
Tel: 022 -24994200
Contact person: Sachin V Shinde
Credit Rating Agency

CRISIL
https://www.crisil.com
CRISIL House. Central Avenue, Hiranandani Business Park,
Powai, Mumbai 400 076, India
Tel.: +91 22 3342 3000
Email: [email protected]
Contact person: Rikin Shah
Website: https://www.crisil.com
Auditors: ASC & ASSOCIATES
https://www.ascgroup.in/
F-7, Lajpat Nagar-III, New Delhi-110024
Email Id: [email protected]
Telephone No: 011-29835500
Contact Person: Denesh Singh

Valuation Agency Not Applicable

Guarantor Not Applicable

Legal Counsel

Verist Law
The Empire Business Centre, 414 Senapati Bapat Marg,
Lower Parel, Mumbai 400013
Website: www.veristlaw.com
Telephone: +91 2266 907 368
Email: [email protected]

24
4. About the Issuer

 Overview of the Business of the Issuer:

KrazyBee Services Private Limited (Krazybee) is a Systemically Important, Non-Deposit Taking,

Non-Banking Finance Company (NBFC-SI-ND), which is regulated by the Reserve Bank of India
(RBI). The company was co-founded by Madhusudhan Ekambaram and Karthikeyan Krishnawamy
in March 2016 and received an NBFC license from the RBI in May 2017.

KrazyBee offers unsecured personal loans of up to Rs. 4,00,000 to young professionals with a tenor
of up to 24 months. Company’s mission is financial inclusion of masses and enabling consumer
credit for 400MM+ Indian consumers via technology, especially for those who are new to credit and
do not have credit history, which is consistent with Government of India’s (‘GoI’) priority.
KrazyBee operates in the fintech lending space and its entire loan origination is via the mobile
application platform under the brand name - “KreditBee”.

The founders and the management each have 10-15 years of experience in the areas of technology,
operations, project management, sales, finance, risk management, data science, digital marketing
and quantitative analysis.

KrazyBee has raised Rs. 9,41,98,15,229.37 (Rupees Nine Hundred and Forty-One Crores Ninety
Eight Lakhs Fifteen Thousand Two Hundred and Twenty Nine an Point Thirty Seven Only) in the
form of Compulsory Convertible Preference Shares from some of the marquee investors namely;
Premji Invest, Motilal Oswal Private Equity MUFG Bank, Ltd, Newquest, Mirea Asset, Wiseanya
Limited.

 Corporate Structure of the Issuer

The corporate structure of the Company is given below:

KrazyBee Services Private Limited is a 99.9999% subsidiary of a Singapore-based entity named Finnov Private
Limited (‘Finnov’).

The graphic description/organogram of the corporate structure of the Group is as follows:

25
 Finnov Private Limited.
Holding Company
Based out of Singapore

Kraz ybee Services Pvt. Finnovation Tech

Ltd Solutions Pvt. Ltd.

Indian Entity – 99.99% Indian Entity – 100%

Market place platform

- Maddusudan Ekambaram which connects
(holds 1 Equity Share) borrowers with the
- Karthikeyan Krishnaswamy NBFCs
Founders KreditBee App – Tech Co.

Lends on the Kreditbee

App Platform

NBFC Business

 Branch details:
As of March 31 2023, the Issuer has following branches:
Sl No Branch Address

1 3rd floor, Mereside heights, Pai layout, Sakshi Nagar, Bangalore – 560016

2 Innov8, Regal Building, 69, Connaught Circle, Hanuman Road Area, Connaught Place,
New Delhi, Delhi 110001

3. KRD Gee Gee Crystal No 91-92 4th Floor RK Salai Mylapore Chennai 600 004.

 Subsidiary details:
As on the date of this Placement Memorandum, the Issuer does not have any subsidiaries.

 Project cost and means of financing, in case of funding of new projects:- Not Applicable

5. Financial Information
a. A columnar representation of the audited financial statements (i.e. Profit & Loss statement, Balance Sheet and
Cash Flow statement) both on a standalone and consolidated basis for a period of three completed years which
shall not be more than six months old from the date of the draft offer document or offer document or issue
opening date.

Please note that all financial results are prepared under IND-AS

Balance Sheet (figures in INR Crore)

26
S.No Particulars As at As at As at 31 March As at 31
31 March 2020 31 March 2021 2022 December 2022
ASSETS
(1) Financial assets
(a) Cash and cash
90.89 247.23 76.16 199.21
equivalents
(b) Bank balance other
7.87 3.72 11.79 37.56
than (a) above
(c) Derivative financial
1.29 - - -
instruments
(d) Trade receivables 11.04 - 95.41 132.55
(e) Loans 918.52 641.14 1,114.97 1948.25
(f) Investments 25.44 35.11 61.98 40.39
(g) Other financial assets 27.67 84.85 47.86 52.68
(2) Non-financial assets
(a) Current tax assets
6.67 6.54 6.54 13.36
(net)
(b) Deferred tax assets
12.65 14.69 23.23 37.48
(net)
(c) Property, plant and
1.81 1.14 0.60 0.46
equipment
(d) Right of use asset 2.20 0.87 1.65 3.59
(e) Intangible assets 0.24 0.13 0.03 0.02
(f) Other non-financial
1.24 0.55 0.85 2.86
assets
Total assets 1,107.53 1,035.98 1,441.07 2468.40

LIABILITIES AND
EQUITY

LIABILITIES
(1) Financial liabilities
(a) Trade payables 1.41 12.81 7.21 57.89
(b) Debt securities 222.07 117.18 261.13 638.53
(c) Borrowings (other
561.27 351.17 533.35 710.82
than debt securities)
(d) Other financial
14.55 5.60 11.63 20.94
liabilities

(2) Non-financial
liabilities
(a) Current tax liabilities
- 7.13 8.01 -
(net)
(b) Provisions 0.30 0.78 1.13 1.37
(c) Other non-financial
11.04 3.82 12.10 14.60
liabilities

(3) EQUITY
(a) Equity share capital 0.76 1.07 1.12 3.01
(b) Other equity 296.14 536.43 605.39 723.49

27
 Total liabilities and
1,107.53 1,035.98 1,441.07 2468.40
equity

Statement of Profit and Loss account (figures in INR Crore)

S.No Particulars Year ended 31 Year ended 31 Year ended 31 YTD 31

March 2020 March 2021 March 2022 December 2022

1 Revenue from
400.17 223.39 336.59 481.08
operations
2 Other income 2.38 0.38 0.28 0.00
3 Total income 402.55 223.78 336.87 481.09
Expenses
(i) Finance costs 77.16 61.04 75.33 121.14
(ii) Fees and commission
34.64 11.06 16.79 80.05
expense
(iii) Impairment on
222.57 96.67 161.84 193.83
financial instruments
(iv) Employee benefits
8.71 10.19 25.63 27.86
expenses
(v) Depreciation and
1.84 2.12 2.67 1.17
amortization expense
(vi) Other expenses 13.36 6.41 13.22 26.89
4 Total expenses 358.28 187.48 295.49 450.95

5 Profit before tax 44.27 36.29 41.39 30.14

Tax expense:
(1) Current tax 22.21 10.28 20.56 21.30
(2) Deferred tax
-10.33 -2.01 -8.60 -14.29
(credit) / charge
(3) Tax in respect of
0.62 - 0.63 0.83
earlier years
6 Total tax expense 12.50 8.27 12.60 7.84

7 Profit for the year 31.77 28.02 28.79 22.30

8 Earnings per equity

share (Nominal value
per share - INR 10)
Basic (INR) 431.24 367.98 261.44 198.39
Diluted (INR) 431.24 367.98 261.44 195.32

Cash Flow Statement (figures in INR Crore)

Particulars Year ended Year ended Year ended YTD

31 March 2020 31 March 2021 31 March 2022 31 December 2022
Cash flow from operating
activities

28
Profit before tax 44.27 36.29 41.39 30.14
Adjustments for:
Interest Income -213.73 -138.98 -171.96 -267.91
Depreciation and amortization
0.75 0.79 2.67 1.17
expenses
Depreciation on ROU asset 1.10 1.33 - -
Interest income from
-0.61 -4.76 -3.04 -1.57
investments
Gain on sale of investments -0.24 -0.18 -2.07 -2.50
Impairment on financial
222.57 96.67 161.84 193.83
instruments
Share based payment expense 0.99 2.06 3.16 2.14
Finance cost 71.81 64.56 71.31 110.54
Net gain on fair value changes -0.95 1.29 - -
Unrealized foreign exchange
6.39 0.93 3.59 -
loss
Interest income on security
-0.05 -0.07 -0.07 -0.04
deposits
Interest on lease liability 0.32 0.24 0.43 0.25
Cash inflow from interest on
205.93 108.88 171.37 271.30
loans
Cash outflow towards finance
-69.96 -65.76 -63.31 -104.11
cost
Cash generated from
operation before working 268.59 103.28 215.30 233.24
capital changes

Working capital changes

Decrease /(increase) in loans -885.78 205.57 -628.10 -1032.39
Decrease / (increase) in trade
2.79 11.04 -95.41 -37.14
receivables
(Increase) in other financial
-7.79 -57.29 36.96 -4.10
assets
Decrease/ (increase) in other
-0.41 0.69 -0.21 -2.13
non-financial assets
Increase / (decrease) in trade
0.58 11.40 -8.69 50.68
payables
Increase in Provisions 0.19 0.34 0.58 0.41
Increase/(decrease) in other
6.90 -5.50 0.13 1.05
financial liabilities
Increase/(decrease) in other non-
0.06 -1.97 1.31 4.39
financial liabilities

Cash generated from/ (used in)

-614.86 267.56 -478.13 -786
operations
Income tax paid (net of refunds) -29.36 -3.03 -20.31 -36.95
Net cash flows generated from
/ (used in) operating activities -644.22 264.53 -498.44 -822.95
(A)

Cash flow from investing

activities

29
Payment for property, plant and
-1.73 -0.01 -0.03 -0.01
equipment and intangible assets
Purchase of mutual funds -25.00 -35.00 -24.80 24.09
Redemption of investment in
0.25 25.10 - -
mutual fund
Redemption of investment in
0.59 0.41 - -
corporate bond
Net proceeds from fixed deposits -3.40 4.15 -8.08 -25.77
Interest received on investments 0.40 4.94 3.15 0.89
Net cash flow from / (used in)
-28.89 -0.40 -29.75 -0.80
investing activities (B)

Cash flow from financing

activities
Issue of equity share capital
34.93 210.63 - -
(including securities premium)
Issue of CCPS (including
securities premium & net of - - - 393.17
share issue exp)
Debt securities issued/(repaid)
202.71 -104.89 143.96 377.40
(net)
Borrowings other than debt
458.25 -211.03 215.48 177.48
securities issued/(repaid)(net)
Deposits repaid -6.49 -1.00 - -
Payment towards lease liabilities -1.34 -1.49 -2.32 -1.24
Net cash flow from/ (used in)
688.06 -107.79 357.12 946.80
financing activities (C)

Net increase in cash and cash

14.94 156.34 -171.07 123.05
equivalents (A+B+C)
Cash and cash equivalents at the
75.95 90.89 247.23 76.16
beginning of the year
Cash and cash equivalents at the
90.89 247.23 76.16 199.21
end of the year

However, if the issuer being a listed REIT/listed InvIT has been in existence for a period less than three
completed years and historical financial statements of such REIT/InvIT are not available for some portion or the
entire portion of the reporting period of three years and interim period, then the combined financial statements
need to be disclosed for the periods when such historical financial statements are not available: Not applicable

b. Listed issuers (whose debt securities or specified securities are listed on stock exchange(s)) in compliance with
the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, may disclose unaudited financial information for the stub period in the format as prescribed therein with
limited review report in the offer, as filed with the stock exchanges, instead of audited financial statements for
stub period, subject to making necessary disclosures in this regard in offer document including risk factors.

Please refer Annexure: I

c. Issuers other than unlisted REITs / unlisted InvITs desirous of issuing debt securities on private placement basis
and who are in existence for less than three years may disclose financial statements mentioned at (a) above for
such period of existence, subject to the following conditions:

30
 i. The issue is made on the EBP platform irrespective of the issue size; and
ii. The issue is open for subscription only to Qualified Institutional Buyers.

Not applicable

d. The above financial statements are accompanied with the Auditor’s Report along with the requisite schedules,
footnotes, summary etc.

e. Key Operational and Financial Parameters

A brief overview of the financial performance of the Issuer for past three years is given below:

(figures in INR Crore)

Year ended Year ended Year ended Quarter ended

Particulars 31 March 31 March 2021 31 March 2022 31 December
2020 2022
Balance sheet
Net Fixed assets 1.81 1.14 0.60 0.46
Current assets NA NA NA NA
Non-current assets NA NA NA NA
Cash & Cash equivalents 90.89 247.23 76.16 199.21
Bank balance other than above 7.87 3.72 11.79 37.56
Loans 918.52 641.14 1,114.97 1948.25
Investments 25.44 35.11 61.98 40.39
Other assets 63.00 107.64 175.57 242.54
Total Assets 1,107.53 1,035.98 1,441.07 2468.40

Non-Current Liabilities
(including maturities of long-term NA NA NA NA
borrowings and short-term
borrowings)

Financial (borrowings, trade

payables, and other financial NA NA NA NA
liabilities)
Provisions NA NA NA NA
Deferred tax liabilities (net) NA NA NA NA
Other non-current liabilities NA NA NA NA
Current Liabilities (including NA NA NA NA
maturities of long-term borrowings)

Financial (borrowings, trade

payables, and other financial NA NA NA NA
liabilities)

31
Provisions NA NA NA NA
Current tax liabilities (net) NA NA NA NA
Other current liabilities NA NA NA NA
Borrowings 783.34 468.35 794.48 1349.36
Other Liabilities 27.29 30.13 40.08 94.80
Equity (equity and other equity) 296.90 537.50 606.51 1024.25
Total Equity and Liabilities 1,107.53 1,035.98 1,441.07 2468.40
Profit and Loss account
Total revenue from operations 400.17 223.39 336.59 481.08
Other income 2.38 0.38 0.28 0.01
Total Expenses 358.28 187.48 295.49 481.09
Profit / loss before tax 44.27 36.29 41.39 30.14
Profit / loss after tax 31.77 28.02 28.79 22.30
Other comprehensive income 0.03 -0.10 0.17 0.13
Total comprehensive income 31.80 27.92 28.96 22.42
Earnings per equity share:
(a) basic: (INR) 431.24 367.98 261.44 198.39
(b) diluted (INR) 431.24 367.98 261.44 195.32
Cash Flow
Net cash generated from operating -644.22 264.53 -498.44 -822.95
activities
Net cash generated from investing -28.89 -0.40 -29.75 -0.80
activities
Net cash generated from financing 688.06 -107.79 357.12 946.80
activities
Cash and Cash Equivalents (at the
75.95 90.89 247.23 76.16
beginning of the year)
Balance as per statement of cash 90.89 247.23 76.16 199.21
flows (at end of the year)
Additional Information
Net worth 296.90 537.50 606.51 1024.25
Cash and Cash Equivalents 90.89 247.23 76.16 199.21
Current Investments 25.44 35.11 61.98 40.39
Assets Under Management 957.47 652.44 1,161.56 2077.04
Off Balance Sheet Assets - - - -
Total Debts to Total assets (times) 0.71 0.45 0.55 0.55
Debt Service Coverage Ratios
NA NA NA NA
(times)
Interest Income 213.66 138.85 171.88 267.86
Interest Expense 68.97 64.56 69.07 110.39
Interest service coverage ratio (times) NA NA NA NA
Provisioning & Write-offs 222.57 96.67 161.84 193.83
Bad debts to Account receivable ratio NA NA NA NA
Gross NPA (%) 3.6% 7.2% 2.9% 4.65%

32
 Net NPA (%) 1.0% 2.0% 0.8% 1.70%
Tier I Capital Adequacy Ratio (%) 29.42% 63.48% 39.36% 41.65%
Tier II Capital Adequacy Ratio (%) 0.35% 1.12% 1.20% 42.90%

f. GROSS DEBT/ EQUITY RATIO OF THE COMPANY

Particulars Value
Before the issue of debt securities (as on 31st December 2022) 1.32
After the issue of debt securities 1.36

g. Details of any other contingent liabilities of the issuer based on the last audited financial statements
including amount and nature of liability. Not applicable

6. BRIEF HISTORY OF THE ISSUER

SECTION 1: Details of Share Capital as on March 31, 2023

Amount (INR)
Share Capital (Lakhs)
Authorised Share Capital
Equity Share Capital-30,00,000 equity shares of Rs. 10 each 3,00,00,000
Preference Share Capital-5,60,000 Compulsory Convertible Preference Share 10,08,00,00,000
Capital of Rs. 18,000 each
TOTAL 10,11,00,00,000
Issued, Subscribed and Paid-up Share Capital
Equity Shares -11,17,953 equity shares of Rs. 10 each 1,11,79,530
Preference Share Capital-3,89,649 Compulsory Convertible Preference Share 7,01,36,82,000
Capital of Rs. 18,000 each
TOTAL 7,02,48,61,530

SECTION 2: Change in Capital Structure as on last quarter ended on March 31, 2023, for the last 3 (three)
years:

Date of Change Authorised Capital in Rs. Particulars

(AGM/EGM)
EGM - 06/07/2016 10,00,000 Increase in authorised capital from Rs. 1,00,000 to Rs.
10,00,000
EGM - 16/10/2017 20,00,000 Increase in authorised capital from Rs. 10,00,000 to Rs.
20,00,000
EGM - 17/10/2018 50,00,000 Increase in authorised capital from Rs. 20,00,000 to Rs.
50,00,000
EGM - 06/02/2019 1,00,00,000 Increase in authorised capital from Rs. 50,00,000 to Rs.
1,00,00,000
EGM - 24/02/2021 1,50,00,000 Increase in authorised capital from Rs. 1,00,00,000 to Rs.
1,50,00,000
EGM 08/11/2022 10,11,00,00,000 Increase in authorised capital from Rs. 1,50,00,000 to Rs.
10,11,00,00,000 divided into 30,00,000 Equity Shares of
face value of Rs. 10 each and 5,60,000 Compulsory
Convertible Preference Shares of Rs. 18,000 each.

33
 SECTION 3: Equity Share Capital History of the Company for the last three years:
Date of No of Face Issue Considerat Nature of Cumulative Remarks
Allotment Equity Value Price ion (cash, Allotment No of Equity Equity
Shares (Rs.) (Rs.) other than Equity Shares Share
cash) Shares Capital Premium
(Rs) (Rs)
Subscriptio
n to
Memorand
um of
March 16, Associatio
2016 10 10 10 100 n 10 100 -
Subscriptio
n to
Memorand
um of
March 16, Associatio
2016 9,990 10 10 99,900 n 10,000 1,00,000 -
August 16, Private 3,28,06
2016 10,408 10 3,162 3,29,10,096 Placement 20,408 2,04,080 ,016
July 28, 5,95,15,16 Rights 9,21,32
2017 18,822 10 3,162 4 Issue 39,230 3,92,300 ,960
November 27,92,42,5 Rights 37,04,9
17, 2017 88,312 10 3,162 44 Issue 1,27,542 12,75,420 2,384
September 14,51,38,0 Rights 51,52,1
12, 2019 41,468 10 3,500 00 Issue 1,69,010 16,90,100 5,704
November 50,55,40,0 Rights 1,01,93
15, 2018 1,44,440 10 3,500 00 Issue 3,13,450 31,34,500 ,11,304
January 11, 35,23,27,5 Rights 1,37,06
2019 1,00,665 10 3,500 00 Issue 4,14,115 41,41,150 ,32,154
March 01, 71,10,98,5 Rights 2,07,96
2019 2,03,171 10 3,500 00 Issue 6,17,286 61,72,860 ,98,944
March 28, 13,73,40,0 Rights 2,21,66
2019 39,240 10 3,500 00 Issue 6,56,526 65,65,260 ,46,544
June 12, 34,93,24,5 Rights 2,56,49
2019 99,807 10 3,500 00 Issue 7,56,333 75,63,330 ,72,974

March 26, 2,10,62,69, Rights 1,07,02,33 4,66,81

2021 3,13,900 10 6,710 000 Issue 10,70,233 0 ,02,974
Preferentia
l issue via
September 36,88,98,7 Private 1,12,38,52 5,03,64
02, 2021 53,619 10 6,880 20 Placement 11,23,852 0 ,65,504

SECTION 4: Details of any Acquisition or Amalgamation in the last 1 year: Not Applicable

34
 SECTION 5: Details of any Reorganization or Reconstruction in the last 1 year: Not Applicable

SECTION 6: Details of the Shareholding of the Company as on the latest quarter end i.e March 31 2023:

Top 10 shareholders of the Company

The list of top 10 holders of equity shares of the Company as on the latest quarter ended March 31 2023;

Resident Shareholding
Sr. Name of the Total No. of Paid-up Value Total
No. Shareholders/Particulars Equity Shares (in INR) Shareholding
Number of
as a % of
shares held in
total no. of
Demat Form
equity
shares.
2 Madhusudhan Ekambaram 1 10 0.0001% Nil
Total Resident Equity Shareholding (A) 1 10 0.0001% Nil
Non Resident Shareholding
3 Finnov Private Limited 11,17,952 1,11,79,520 99.9999% 3,67,519
Total Non-Resident Equity Shareholding (B) 11,17,952 1,11,79,520 99. 9999% 3,67,519
Total Equity Shareholding (A) + (B) 11,17,953 1,11,79,530 100% 3,67,519

7. FOLLOWING DETAILS REGARDING THE DIRECTORS OF THE COMPANY:

SECTION 1: Details of the current directors of the Company is given below:

Name of the Date of Whether Wilful

S. Director Designation Age Address DIN Appointment Details of other Defaulter
No. directorship (Yes/No)
1 Madhusudan Director 41 No. 296, Behind 07442577 16/03/2016 Finnovation Tech No
Ekambaram Jublee College Solutions Private
Jinkethimmana Limited
Halli, Ramamurthy
Fintech Association
Nagar,Bengaluru for Consumer
Karnataka - Empowerment
560036

2 Karthikeyan Director 42 K-701, SNN Raj 07449376 16/03/2016 Finnovation Tech No

Krishnaswamy Lake View Apts, Solutions Private
29th Main Limited
Road,NS Palya

35
 Main Road, BTM
Layout
Bengaluru
Karnataka -
560076
3 Vivek Veda Director 40 Flat No. 1073, 07560229 26/07/2016 NA No
Shoba Daisy
Apartment,
Bellandur, Green
Glen Layout,
Bangalore
Karnataka -
560103
4 Abhishek Independent 47 B-803, Joy 07972535 28/05/2019 i. Trufid Services No
Singhvi Director Valencia, Private Limited
Jogeshwari
ii. Trufid Advisors
Vikhroli Link
Private Limited
Road, Behind
Majas Bus Depot,
Jogeshwari East
Mumbai,
Maharashtra
400060
5 Adesh Kumar Independent 65 701, Tagore 00020403 28/05/2019 1. Vinati Organics No
Gupta Director Avenue, Limited
Tagore Road,
2. Care Ratings
Santacruz West
Limited
Mumbai,
Maharashtra 3. Zee Entertainment
400054 Enterprises Limited

4. India Pesticides
Limited

5. Anand Rathi Global

Finance Limited

6. Grasim Industries
Limited

7. Krsnaa Diagnostics
Limited

6 Gopalakrishna Independent 66 B 301-302, Lady 06407040 28/12/2020 I. Yaarii Digital No

Gurrappa Director Ratan Tower, Integrated Services
Dainik Shivner Limited
Marg, Gandhi
II. ICICI Home
Nagar Behind Four Finance Company
Seasons Hotel Limited
Upper Worli
Lower

36
 Mumbai, III. ICICI
Maharashtra Prudential Pension
400018 Funds Management
Company Limited

IV. Axis Mutual

Fund Trustee
Limited

V. Invent Assets
Securitisation and
Reconstruction
Private Limited

VI. Risk and

Compliance
Professional
Association

VII. Small
Industries
Development Bank
of India.

SECTION 2: Change in directors

The details of change in directors since last three years, period up to March 31, 2023:-

Designation DIN Date of Director of the Remarks

Name Appointment / Company since
Resignation (in case
of resignation)
Adesh Kumar Independent Appointment
00020403 28/05/2019 NA
Gupta Director
Abhishek Singhvi Independent Appointment
Director 07972535 28/05/2019 NA
Gopalakrishna Independent Appointment
Director 06407040 28/12/2020 NA
Gurrappa
Mahaveer Chaplot Director Resignation
07443581 19/11/2019 26/07/2016

8. AUDITORS OF THE COMPANY

a. Current auditor

The details of the auditors of the Company:

Name Address Auditor Since

ASC & ASSOCIATES F-7, Lajpat Nagar-III, New Delhi-110024 September 29, 2021

37
 b. Details of change in auditors:

Details of change in auditor since last three years, period up to March 31, 2023

Name Address Date of Date of Date of

Appointment Cessation, if Resignation, if applicable
applicable
VR 201, Gupta Tower, March 16, 2016 September 29, 2021 Not Applicable
Associates 156 Master Block,
Near Madhuban
Park, Delhi-110092
ASC & F-7, Lajpat Nagar- September 29, 2021 Not Applicable Not Applicable
Associates III, New Delhi-
110024

9. DETAILS OF THE BORROWING OF THE COMPANY AS ON THE LATEST QUARTER END

The details of the borrowing of the Company, as on the latest quarter ended on March 31, 2023 is as under:

(i) Secured Loan Facilities

Details of the following liabilities of the issuer, as at the end of the last quarter, i.e March 31, 2023, or
if available, a later date:

Principal
Amount
Amount
Type of Sanctioned Repayment Date /
Lender’s Name Outstanding Security
Facility (INR in Schedule
(INR in
Crore)
Crore)
Monthly Interest,
Incred Financial Services Charge on
Term Loan 15.00 2.50 Quarterly Principal
Limited Receivables
repayment
MAS Financial Services Equated Monthly Charge on
Term Loan 15.00 1.25
Limited Installments Receivables
Monthly interest ,
Kisetsu Saison Finance Semi Annually Charge on
Term Loan 25.00 12.50
Private Limited Principal Receivables
Repayment
First 3 months
Principal
Capri Global Capital Charge on
Term Loan 15.00 5.00 moratorium and
Limited Receivables
equated monthly
installments
Inter
Equated Monthly Charge on
NUPUR Recyclers Limited Corporate 10.00 0.89
Installments Receivables
Deposit
Monthly interest ,
Kisetsu Saison Finance Semi Annually Charge on
Term Loan 10.00 5.00
Private Limited Principal Receivables
Repayment

38
MAS Financial Services Equated Monthly Charge on
Term Loan 30.00 5.00
Limited Installments Receivables
Suryoday Small Finance Equated Monthly Charge on
Term Loan 10.00 1.26
Bank Limited Installments Receivables
MAS Financial Services Equated Monthly Charge on
Term Loan 20.00 5.00
Limited Installments Receivables
Northern Arc Capital Equated Monthly Charge on
Term Loan 30.00 10.47
Limited Installments Receivables
Vivriti Capital Private Equated Monthly Charge on
Term Loan 20.00 14.44
Limited Installments Receivables
Monthly interest ,
Kisetsu Saison Finance Semi Annually Charge on
Term Loan 24.00 12.00
Private Limited Principal Receivables
Repayment
Cholamandalam
Investment Equated Monthly Charge on
Term Loan 11.34 4.89
& Finance Company Installments Receivables
Limited
Monthly interest ,
Avendus Finance Private Charge on
Term Loan 40.00 40.00 Bullet Principal
Limited Receivables
Repayment
MAS Financial Services Equated Monthly Charge on
Term Loan 30.00 12.50
Limited Installments Receivables
Hinduja Leyland Finance Equated Monthly Charge on
Term Loan 22.00 9.51
Limited Installments Receivables
Monthly interest ,
Kisetsu Saison Finance Semi Annually Charge on
Term Loan 15.00 7.50
Private Limited Principal Receivables
Repayment
Equated Monthly Charge on
Indian Overseas Bank Term Loan 20.00 15.00
Installments Receivables
Northern Arc Capital Equated Monthly Charge on
Term Loan 40.00 24.00
Limited Installments Receivables
Monthly interest ,
Kisetsu Saison Finance Semi Annually Charge on
Term Loan 15.00 7.50
Private Limited Principal Receivables
Repayment
Pass
Equated Monthly Charge on
Federal Bank Limited Through 31.99 4.77
Installments Receivables
Certificate
Monthly interest ,
Incred Financial Services Charge on
Term Loan 7.50 6.56 Quarterly Principal
Limited Receivables
Repayment
Monthly interest ,
Moneywise Financial Charge on
Term Loan 10.00 7.50 Quarterly Principal
Services Private Limited Receivables
Repayment
Jana Small Finance Bank Equated Monthly Charge on
Term Loan 30.00 22.50
Limited Installments Receivables
AU Small Finance Bank Equated Monthly Charge on
Term Loan 40.00 26.67
Limited Installments Receivables
MAS Financial Services Equated Monthly Charge on
Term Loan 30.00 10.00
Limited Installments Receivables
Vivriti Capital Private Equated Monthly Charge on
Term Loan 10.00 10.00
Limited Installments Receivables

39
 Vivriti Capital Private Equated Monthly Charge on
Term Loan 5.00 5.00
Limited Installments Receivables
Monthly Interest
Ambit Finvest Private Charge on
Term Loan 8.25 6.28 Bullet Principal
Limited Receivables
Repayment
JM Financial Product Equated Monthly Charge on
Term Loan 50.00 25.34
Limited Installments Receivables
Equated Monthly Charge on
State Bank of India Term Loan 50.00 41.67
Installments Receivables
MAS Financial Services Equated Monthly Charge on
Term Loan 30.00 30.00
Limited Installments Receivables
Hinduja Leyland Finance Equated Monthly Charge on
Term Loan 25.00 25.00
Limited Installments Receivables
Manappuram Finance Equated Monthly Charge on
Term Loan 25.00 25.00
Limited Installments Receivables
JM Financial Product Equated Monthly Charge on
Term Loan 50.00 50.00
Limited Installments Receivables
Total 820.09 492.48

(ii) Details of Unsecured Loan-

The Company has availed unsecured loan as on the latest quarter end on March 31, 2022:

Lender’s Name Type of Sanction Amount Outstanding Repayment date or Schedule

facility (in Rs. Crore) Principal Amount
(in Rs. Crore)
Not Applicable

(iii) Details of outstanding Non-Convertible Securities as on the latest quarter end on March 31 2023
Series of Tenor / Coupon Amount Date of Redemption Credit Secured / Security
NCD Period (INR in allotment Date / Rating Unsecured
of Crore) Schedule
Maturity
(in
months)
Class E1 36 15.00% 4 10-Aug- 10-Aug-23 Unrated Secured Charge on
20 Receivables
Class E11 18 12.50% 18.30 23-Dec- 22-Jun-23 Rated Secured Charge on
21 Receivables
Krazybee 18 11.95% 50 04-Jan-22 30-Jun-23 Rated Secured Charge on
PPMLD Receivables
2023
Class E12 15 12.25% 30 10-Jan-22 10-Apr-23 Unrated Secured Charge on
Receivables
Class E14 13 12.50% 17.90 29-Mar- 29-Apr-23 Unrated Secured Charge on
(Tranche 1) 22 Receivables
Class E15 15 12.25% 10.00 05-Apr- 5-Jul-23 Unrated Secured Charge on
22 Receivables
Class E16 13 12.50% 10.00 13-Apr- 13-May-23 Unrated Secured Charge on
22 Receivables
Class E17 13 12.00% 19.85 22-Apr- 22-May-23 Unrated Secured Charge on
22 Receivables

40
 Class E14 13 12.50% 12.00 21-May- 21-Jun-23 Unrated Secured Charge on
(Tranche 2) 22 Receivables
Class E18 24 12.30% 98.50 27-May- 9-May-24 Acuite Secured Charge on
22 BBB+ Receivables
Class E20 12 12.25% 30.00 22-Jul-22 25-Jul-23 Unrated Secured Charge on
(Tranche 1) Receivables
12% 18 12.00% 75.00 09-Sep- 9-Mar-24 Acuite Secured Charge on
Krazybee 22 BBB+ Receivables
Services
Private
Limited
2024
Krazybee 15 11.40% 16.60 14-Sep- 14-Dec-23 Acuite Secured Charge on
Services 22 BBB+ Receivables
Private
Limited PP
MLD 2023
Class E24 24 12.40% 21.00 23-Sep- 23-Sep-24 Acuite Secured Charge on
22 BBB+ Receivables
Class E20 12 12.25% 20.00 17-Oct- 20-Oct-23 Unrated Secured Charge on
(Tranche 2) 22 Receivables
KRAZYBEE 15 12.00% 50.00 28-Oct- 28-Jan-24 CRISIL Secured Charge on
SERVICES 22 BBB+ Receivables
PRIVATE
LIMITED
PPMLD
January
2024 (Series
2)
KRAZYBEE 18 12.15% 39.00 28-Oct- 28-Apr-24 CRISIL Secured Charge on
SERVICES 22 BBB+ Receivables
PRIVATE
LIMITED
PPMLD
January
2024 (Series
1)
Class E28 18 11.75% 25.00 31-Oct- 30-Apr-24 CRISIL Secured Charge on
22 BBB+ Receivables
Class E27 15 12.00% 73.00 17-Nov- 9-Feb-24 CRISIL Secured Charge on
22 BBB+ Receivables
Class E29 18 12.50% 17.50 28-Nov- 28-05-2024 CRISIL Secured Charge on
22 BBB+ Receivables
Class E31 13 12.50% 23.10 17-Feb- 16-Mar-24 Unrated Secured Charge on
23 Receivables
Class E30 18 12.35% 28.00 15-Mar- 14-Sep-24 Unrated
(Series 1) 23
Class E30 18 11.50% 35.00 29-Mar- 28-Sep-24 Unrated
(Series 2) 23

41
 (iv) List of Top 10 holders of Non-Convertible Securities (NCS) in terms of value (in cumulative basis) as on
latest quarter end on March 31 2023:
Sl No. Name of holders of Non-Convertible Amount % of total NCS
Securities outstanding

1 Avendus Finance Private Limited 50,00,00,000 7.68

2 GMO-Z.Com Payment Gateway India Credit 35,00,00,000 5.37
Fund 1
3 GMO-Z.Com Payment Gateway India Credit 28,00,00,000 4.30
Fund 1
4 Vivriti Capital Private Limited 21,00,00,000 3.22
5 IFMR Fimpact Long Term Credit Fund 15,00,00,000 2.30
6 Northern Arc Money Market Alpha Trust 13,00,00,000 2.00
7 Micro Labs Limited 10,76,89,983 1.65
8 Unifi AIF 10,40,00,000 1.60
9 Molecule Ventures Limited Liability Partnership 10,07,65,851 1.55
10 Incred Wealth and Investment Services 10,00,00,000 1.54

(v) Details of outstanding Commercial Papers as at the end last quarter ended March 31 2023:

Sl No ISIN Maturity Date Amount Outstanding (in Cr.)

1 INE07HK14078 12-Apr-23 30.00
2 INE07HK14094 24-May-23 30.00

(vi) Details of rest of the borrowing (if any including hybrid debt like FCCB, Optionally Convertible
Debentures / Preference Shares) as on March 31 ,2023:
Type of Amount Principal
Party Redemption Secured /
Facility / Sanctioned Amount Credit Rating Security
Name Date Unsecured
Instrument / Issue outstanding
The
Hongkong
and Working
Secured Charge on
Shanghai Capital 30.00 30.00 31-May-23 NA
Receivables
Banking Loan
Corporation
Limited
Working
RBL Bank CRISIL Secured Charge on
Capital 20.00 20.00 29-Jun-23
Limited BBB+/Stable Receivables
Loan
IndusInd Working CRISIL
Secured Charge on
Bank Capital 30.00 30.00 30-Sept-23 BBB+/Stable
Receivables
Limited Loan

42
 (vii) Other outstanding borrowing (other than in cash)

Details of any outstanding borrowings taken/ debt securities issued for consideration other than cash.
This information shall be disclosed whether such borrowing/ debt securities have been taken/ issued:
 in whole or part,
 at a premium or discount, or
 in pursuance of an option or not:

The Issuer does not have any outstanding borrowings/debt securities issued (i) for consideration other than cash,
whether in whole or part, (ii) at a premium or discount, or (iii) in pursuance of an option.
10. Non-Banking Finance Company/ Housing Finance Company to make the following disclosures on Asset Liability
Management shall be provided for the latest audited financials:

 Details with regard to lending done out of the issue proceeds of earlier issuances of debt securities in the last
three years by NBFC:

 Lending Policy: Should contain overview of origination, risk management, monitoring and collections;

The Issuer has well established origination channels and a low cost customer acquisition strategy. More
than 50% of the customers are acquired organically for which no costs are incurred. Diversified customer
Origination / acquisition channels include traffic partners like Facebook and Google, channel partners such as
Sourcing Paisabazar and Bankbazar which generate qualified leads. A strong referral system has created a loyal
ecosystem of borrowers. DSAs have also been introduced which are adding new customers gradually.
Issuer has the lowest CAC as compared to its peers within the industry as a result of this comprehensive
sourcing strategy
There are various scores that are used to aid the decision-making process during the life cycle of the
customer. The key scores help in the initial assessment of the customer are as described below:
I. Bureau score: Score obtained from one of the 4 bureaus (Cibil, Crif, Experian, Equifax). Based
on the tradelines and enquiry information a custom score has been created for KreditBee’s loan
product..
II. Income Estimator Score: This score provides an estimate on the effective income of the
customer based on various data sources like the Bureau, declared Income.
III. Connectivity Score: Based on the connectivity parameter from various sources like KreditBee
SMS and message delivery status, collections agent’s calling disposition status, etc. a
Initial connectivity score is created to measure the riskiness of the profile.
Assessment / IV. Device Score: Based on the device information which includes location information and other
Verification device’s system variables.
V. Origination score / A-Score card: Custom score card based on first and second loan data of
users across 400 variables using logistic regression.
VI. Collection score card: Experience based custom score card based on repayment data of user.
VII. PAN name matching score: A score that captures how much of name entered by user matched
the one in PAN database in NSDL
VIII. OCR score: An OCR score that captures how much of details entered by user is matching the
data in the documents uploaded.
IX. Live photo score: A score that indicates if the selfie taken is that of a live human being.
X. Photo match score: A score that indicates, if the selfie of user matched the photo of the
customer in the other documents uploaded.
Credit The key factors considered before taking a loan decision are:
Appraisal 1. Eligibility check to be a customer: The customers identity is verified using social network,
System government ID, age, blacklist, address book network, GPS location network, device data including
IMEI for impersonation and user is accepted or rejected.

43
 2. Profile check to get a credit line: The customers profile is verified using data based on government
ID, social network, age, profession, address book network, bureau score and derived data from
bureau data users’ ability to pay and willingness to pay is validated and user can take a loan or is
rejected.
3. Bank add check to disburse loan: The customer’s name in bank account is validated when the user
adds his bank account for loan disbursement and this further plays a role in validating users’
identity.
4. Eligibility check for higher loan: The customers are evaluated on specific data from bureau,
blacklist, age, income, address book network for ability to take larger credit lines. This is in addition
to Eligibility check to be a customer.
5. Profile check for higher loan: The customers are evaluated based on bank statement data and
monthly salary slip data in addition to Profile check to get a credit line for ability to take larger
credit lines.
6. Employment validation for higher loans: The customer’s employment information is also
validated either through the bank statement data or Provident Fund by EPFO or tax paid information
via the 26AS government form.
7. Loan disbursal check: The customers data from e-sign, and bank before disbursal of loan amount
allows in validating users’ identity.
8. Payment check: The customers data from repayment and phone data is used to understand the
customers appetite for repayment of loan to extent further credit line or increase of credit line.
9. Reassessment Process for re-activating customers: For the applicants or customers who were
rejected because of bad payment behaviour either in KreditBee or some other platform, a
reassessment is done on re-application post 6 months to see if the applicant’s situation has improved
and he/she falls within the company’s policy norms.
10. Reassessment Process for Credit Line changes: Once every 6 months, the bureau data is re-run to
ensure that the customer’s payment profile in other lending platforms is also taken into
consideration for subsequent changes. This is used as a risk management as well as a credit line
enhancement strategy
once the customers’ profile is approved on the Kreditbee App after passing through the risk and rule
Disbursement
engines, they are eligible for a loan and assigned to KrazyBee NBFC. Funds are disbursed directly in the
customers’ bank account through KrazyBee’s escrow account.
Customers are informed and reminded of the due date for repayment through the Kreditbee App.
Customer pays via the App, through the payment gateway. The payment gateway settles the funds in the
repayment Nodal account on a T+1 working day basis to KrazyBee. The company has a robust in-house
collection team of 800+ personnel handling tele calling, CRM, customer education, etc. Physical
collection capabilities have also been set up by onboarding 100+ agencies PAN India. Salient features of
the collection strategy include :
Collection
a) Collection scorecard is used for prioritization to improve agent efficiency
b) Automated reminder system is used to create urgency for lower DPDs while it is used to
identify reachable customer for higher DPDs
c) Efficient vernacular collection through agent coverage in all languages
d) Collection policy is formulated as per RBI guidelines and customer grievances are handled on
priority to ensure no major escalations
e) Performance based incentives, HR processes and Knowledge management are key attributes for
continuous improvement
The Company has an experienced and efficient recovery team on the payroll who ensure timely action for
recovery of over dues. Separate collection strategies are deployed for high risk and low risk customers.
This segregation is done on the basis of proprietary collection scorecards.
Delinquency
Management Buckets Repeat/Low risk customers
1. Explaining and educating the customers about
1-30 DPD Bureau score and implications of not paying on
time

44
 2. Reaching out through SMS
31-60 DPD 1. Sending soft legal notices
61-90 DPD 2. Hard Legal notices
91-120 DPD 3. Agency collections
4. Agency collections
120+DPD
5. Field recovery initiation

Buckets New/High risk customers

I. Reminders
1-7 DPD II. Daily calling
III. Education
IV. Explaining and educating about Bureau
8-15 DPD
V. Reaching out through SMS

a) Extending offers and waivers to encourage

16-30 DPD
better repayment

a) Soft Legal Notices

31-60 DPD
b) Negotiations
c) Hard Legal notices
61-90 DPD
d) Field recovery initiation

 Classification of Loans given to associate or entities related to Board, Senior management, promoters, etc.

No Loans / advances has been given to associates, entities/ person relating to board, senior management,
promoters, others

 Classification of loans/ advances given, according to type of loans, denomination of loan outstanding by loan
to value, sectors, denomination of loans outstanding by ticket size, geographical classification of borrowers,
maturity profile etc.

As of 31st March 2022

Loan Amount Ticket Size Tenure Repayment

Product Name RoI (%)
(In Rs. Crore) (In Rs.) (Month) mode
Personal Loans 1,161.56 1,600 – 3,00,000 2 – 18 months Digitally Personal Loans
through the
KreditBee
App,
NACH/

 Aggregated exposure to the top 20 borrowers with respect to the concentration of advances, exposures to be
disclosed in the manner as prescribed by RBI in its stipulations on Corporate Governance for NBFCs or HFCs,
from time to time;

As of 31st March 2022 (in Rs. In lakhs)

45
 Un- Total
Total Loan Disburse Amount
Name of the Type of disburse Principal Status of
Sanctione Amoun d Loan Outstandi
Borrower Borrower d Loan Outstandi Account
d t Amount ng
Amount ng Amount

Sudarshan Malpani Individual 20.00 20.00 20.00 - 20.00 Standard 20.00

Venugopal M Individual 20.00 20.00 20.00 - 14.94 Standard 14.94

Vivek Pandian Individual 15.00 15.00 15.00 - 12.13 Standard 12.13

Gokul Narayanrao
Soudagar Individual 12.5 12.50 12.50 - 9.69 Standard 9.69

Shekhar R Individual 9.08 9.08 9.08 - 8.74 NPA 8.74

Shiva Reddy S Individual 6.50 6.50 6.50 - 5.15 Standard 5.15

Gaurav Jain Individual 5.00 5.00 5.00 - 4.89 Standard 4.89

Karthika Individual 5.00 5.00 5.00 - 4.64 Standard 4.64

Sundar Sankar Individual 5.00 5.00 5.00 - 4.42 Standard 4.42

Balaraj H V Individual 5.00 5.00 5.00 - 4.28 NPA 4.28

Fastina Individual 5.00 5.00 5.00 - 4.03 Standard 4.03

Rahul Bhangay Individual 5.00 5.00 5.00 - 3.56 Standard 3.56

Padam Yadav Individual 3.00 3.00 3.00 - 3.00 Standard 3.00

Moloy Debnath Individual 3.00 3.00 3.00 - 3.00 Standard 3.00

Nitin Verma Individual 3.00 3.00 3.00 - 3.00 Standard 3.00

Rudra Varam Pavan
Kumar Individual 3.00 3.00 3.00 - 3.00 Standard 3.00
Govinda Ballav
Saikia Individual 3.00 3.00 3.00 - 3.00 Standard 3.00

Amit Dutta Individual 3.00 3.00 3.00 - 3.00 Standard 3.00

karri satya
ammireddy Individual 3.00 3.00 3.00 - 3.00 Standard 3.00
Sai Sudheer
Manikonda Individual 3.00 3.00 3.00 - 3.00 Standard 3.00

(i) Details of loans, overdue and classified as non-performing in accordance with RBI stipulations:

Classification As on 31 March 2022 (in INR crores)

Standard 1,128.30
NPA 33.27
Off Book 0.00

46
 Total 1,161.56

11. In order to allow investors to better assess the debt securities issued by the NBFC/ HFC, the following disclosures
shall also be made by such issuers in their offer documents:

SECTION 1: Portfolio Summary of borrowings made by NBFC Quantum and percentage of Secured vs.
Unsecured borrowings
Type of Facility Amount (in INR Cr)

12. Debentures
13. Secured 261.13
14. Unsecured 0

15. Term Loans 419.64

16. Deferred Credit 0
17. Inter-corporate loans & borrowing 0
18. Commercial Paper 0
19. Public Deposits 0
20. Bank Overdraft 0
21. Other loans (ECB) 113.71
Total 794.48

*Information required at borrower level (and not by loan account as customer may have multiple
loan accounts); ^Issuer is also required to disclose off balance sheet items;
SECTION 2: Denomination of loans outstanding by loan-to-value: If Not applicable kindly mention

Sl. No. LTV (at the time of origination) Percentage of AUM

1 Upto 40% NA
2 40-50% NA
3 50-60% NA
4 60-70% NA
5 70-80% NA
6 80-90% NA
7 >90% NA
Total NA

SECTION 3: Sectoral exposure:

Sl. No. Segment-wise break-up of AUM Percentage of AUM

1. Retail Nil
A Mortgages (home loans and loans against property) Nil
B Gold loans Nil
C Vehicle finance Nil
D MFI Nil
E MSME Nil
F Capital market funding (loans against shares, margin funding) Nil
G Others 100%
2 Wholesale Nil
A Infrastructure Nil
B Real estate (including builder loans) Nil
C Promoter funding Nil
D Any other sector (as applicable) Nil

47
 E Others Nil
Total Nil

SECTION 4: Denomination of loans outstanding by ticket size*:

Sl. No. Ticket size (at the time of origination) Percentage of AUM
1 Upto Rs. 2 lakh 99.12%
2 Rs. 2-5 lakh 0.88%
3 Rs. 5 - 10 lakh 0%
4 Rs. 10 - 25 lakh 0%
5 Rs. 25 - 50 lakh 0%
6 Rs. 50 lakh - 1 crore 0%
7 Rs. 1 - 5 crore 0%
8 Rs. 5 - 25 crore 0%
9 Rs. 25 - 100 crore 0%
10 >Rs. 100 crore 0%
Total 100%
* Information required at the borrower level (and not by loan account as a customer may have
multiple loan accounts);
SECTION 5: Geographical classification of borrowers:

Top 5 states borrower wise

Sl. No. Top 5 states Percentage of AUM
1 Maharashtra 12%
2 Telangana 12%
3 Karnataka 11%
4 Tamil Nadu 10%
5 Andhra Pradesh 9%
Total 54%

SECTION 6: Details of loans overdue and classified as non-performing in accordance with RBI’s
stipulations: As of 31st Mar 2022

Movement of gross NPA:

Movement of gross NPA* Rs. Cr
Opening gross NPA 47.10
- Net additions during the year (13.84)
Closing balance of gross NPA 33.26
*NPA is recognized at 90 DPD
SECTION 7: Movement of provisions for NPA

Movement of provisions for NPA Rs. Cr

Opening balance 34.72
- Provisions made during the year 10.90
- Write-off/ write-back of excess provisions -118.98
Closing balance 224.73

SECTION 8: Segment-wise gross NPA:

Sl. No. Segment-wise gross NPA Gross NPA (%)

1 Retail Nil
A Mortgages (home loans and loans against property) Nil

48
 B Gold loans Nil
C Vehicle finance Nil
D MFI Nil
E MSME Nil
F Capital market funding (loans against shares, Nil
margin funding)
G Others 2.86%
2 Wholesale Nil
A Infrastructure Nil
B Real estate (including builder loans) Nil
C Promoter funding Nil
D Any other sector (as applicable) Nil
E Others Nil
Total Nil

SECTION 9: Residual maturity profile of assets and liabilities (in line with the RBI format):

Residual maturity profile of assets and liabilities as of Dec 31, 2022:

(In INR Crore)
>1 >2
Up to >3 >6 >1 years >3 years
Category month months >5 Total
30/31 months 6 months1 3 5
2 3 years
days months year years years
months months
Deposit 0 0 0 0 0 0 0 0 0
Advances 330.88 181.49 133.88 307.24 166.34 8.46 33.27 0 1,161.52
Investments 0 0 61.98 0 0 0 0 0 61.98
Borrowings 133.09 42.60 4,851.50 232.37 151.90 72.30 0 0 680.77
FCA* 0 0 0 0 0 0 0 0 0
FCL* 0 0 0 0 113.71 0 0 0 113.71
Loan 60.44 0 0 0 0 0 0 0 60.44
commitment
pending
disbursal**
*FCA – Foreign Currency Assets; FCL – Foreign Currency Liabilities;

 Disclosure of latest ALM statements to stock exchange:

Please refer to Annexure II

 Details of change in shareholding: Any change in promoters holding in NBFC during last financial year beyond
the threshold prescribed by Reserve Bank of India- Nil

 In order to allow investors to better assess the debt securities issued by the NBFC/ HFC, the following
disclosures shall also be made:

1. A portfolio summary with regard to industries/ sectors to which borrowings have been made

Sl. No. Type of loans Rs Crore

1 Secured Nil

49
 2 Unsecured 1,161.56
Total assets under management (AUM)*^ 1,161.56

2. NPA exposures of the issuer for the last three financial years (both gross and net exposures)
and provisioning made for the same as per the last audited financial statements of the issuer;

Particulars (In Cr) Mar-22 Mar-21 Mar-20

Stage III Loans 33.27 47.10 34.33
Provision 24.73 34.72 25.11
8.54 1.
Net NPA 12.38

(c) Quantum and percentage of secured vis-à-vis unsecured borrowings made

Amount (in
Type of Borrowings INR Cr) %
Secured 794.48 100%
Unsecured 0 0%%
Total 794.48 100.00%

1. Any change in promoters’ holdings during the last financial year beyond the threshold, as
prescribed by RBI.

No change during the last financial year beyond the threshold, as prescribed by RBI.

2. Defaults in borrowing

The details of all default/s and/or delay in payments of interest and principal of any kind of term loans,
debt securities and other financial indebtedness including corporate guarantee issued by the Company,
in the past 3 years including the current financial year: NIL

3. Material event/ development affecting investment decision

Any material event/ development or change having implications on the financials/credit quality (e.g. any
material regulatory proceedings against the Issuer/promoters, tax litigations resulting in material liabilities,
corporate restructuring event etc.) at the time of issue which may affect the issue or the investor’s decision to
invest / continue to invest in the debt securities.

4. Any litigation or legal action pending or taken by a Government Department or a statutory body during the last
three years immediately preceding the year of the issue of prospectus against the promoter of the Company.

NIL

5. Details of default and non-payment of statutory dues: NIL

6. The names of the debenture trustee(s) shall be mentioned with statement to the effect that debenture trustee(s) has
given its consent for appointment along with the copy of the consent letter from the debenture trustee.

50
 Vardhman Trusteeship Private Limited has been appointed as Debenture Trustee for the proposed Issue. The
Debenture Trustee has given their consent to the Issuer for its appointment under the Securities and Exchange
Board Of India (Issue And Listing Of Non-Convertible Securities) Regulations, 2021, as amended up to date,
and a copy of the consent letter is enclosed as Annexure IV to this Disclosure Document. The Company will
enter into a Trusteeship Agreement/ Debenture Trust Deed, inter-alga, specifying the powers, authorities and
obligations of the Company and the Debenture Trustee in respect of the Debenture.

The Debenture Holders shall, by signing the Application Form and without any further act or deed, be deemed
to have irrevocably given their consent to and authorized the Debenture Trustee or any of their Agents or
authorized officials to do, inter cilia, all such acts, deeds and things necessary in respect of or relating to the
security to be created for securing the Debentures being offered in terms of this Disclosure Document. All rights
and remedies under the Debenture Trust Deed / Trusteeship Agreement and/or other security documents shall
rest in and be exercised by the Debenture Trustee without having it referred to the Debenture holders. Any
payment made by the Company to the Debenture Trustee on behalf of the Debenture holder(s) shall discharge
the Company to that extent to the Debenture holder(s). No Debenture holder shall be entitled to proceed directly
against the Company unless the Debenture Trustee, having become so bound to proceed, fails to do so.

Company reserves the rights to appoint any other SEBI registered Trustee.

7. If the security is backed by a guarantee or letter of comfort or any other document / letter with similar intent, a
copy of the same shall be disclosed. In case such document does not contain detailed payment structure
(procedure of invocation of guarantee and receipt of payment by the investor along with timelines), the same
shall be disclosed in the offer document.
Not Applicable

8. Disclosure of Cash flow with date of interest/dividend/ redemption payment as per day count convention.

a. The day count convention for dates on which the payments in relation to the debt securities /non-
convertible redeemable preference shares which need to be made, should be disclosed.
Coupon and all other charges shall accrue based on actual/actual day count convention in accordance with the
SEBI Circular on day count convention dated November 11, 2016, as may be amended from time to time.

b. Procedure and time schedule for allotment and issue of securities should be disclosed;

The issue schedule for the issue of the Debentures is as follows:

PARTICULARS DATE
Issue Opening Date 05 June 2023
Issue Closing Date 05 June 2023
Pay In Date 06 June 2023
Deemed Date of Allotment 06 June 2023

Please also refer Section 8 (Issue Procedure).

c. Cash flows emanating from the debt securities / non- convertible redeemable preference
shares shall be mentioned in the offer document, by way of an illustration.

1. Illustration of Cash Flow

51
The cash flows emanating from the non-convertible securities according to the day count convention (Actual/
Actual) shall be mentioned in the Disclosure document, by way of an illustration.

For the purpose of standardization, if the coupon/ dividend payment date of the non- convertible securities falls on
a Sunday or a holiday, the coupon payment shall be made on the next working day. However, the dates of the future
payments would continue to be as per the schedule originally stipulated in the offer document. If the maturity date
of the debt securities, falls on a Sunday or a holiday, the redemption proceeds shall be paid on the previous working
day. In order to ensure consistency, a uniform methodology shall be followed for calculation of interest/ dividend
payments in the case of leap year. If a leap year (i.e. February 29) falls during the tenor of a security, then the
number of days shall be reckoned as 366 days (Actual/ Actual day count convention) for the entire year, irrespective
of whether the interest/ dividend is payable annually, half yearly, quarterly or monthly.

A sample illustration is given below:

Company Krazybee Services Private Limited
Face Value (per Debenture) Rs.1,0,000 each
Issue Date/Deemed Date of The date on which the board of directors of the Issuer passes the resolution to
Allotment allot the Debentures
Maturity Date December 06, 2024
Coupon Rate 10.25% (Ten decimal point twenty-five per cent) per annum gross of
applicable tax payable at such frequency as set out below against the heading
‘Coupon Payment Frequency’ and on such dates as set out below against the
heading ‘Coupon Payment Payment Dates’.
Frequency of the Interest Quarterly
Payment with specified dates Interest
06-09-2023
06-12-2023

06-03-2024

06-06-2024

06-09-2024
06-12-2024
Day Count Convention Actual/Actual

Period Interest/Principal Payment

Principal Interest
(Months) Dates

1 06-09-2023 - 1,21,67,525

2 06-12-2023 - 1,20,33,659

06-03-2024 12,25,00,000 1,20,33,659

4 06-06-2024 12,25,00,000
91,25,644

5 06-09-2024 12,25,00,000 61,00,636

52
 6 06-12-2024 12,25,00,000 30,16,758

Wherever the coupon payment date is falling on a Sunday, the coupon is paid on the following working day and coupon
payment period has been calculated for 366/367 days accordingly (after increasing 1 day),

Note
The Issuer requested to note that the above cash flow is only illustrative in nature. The deemed date of allotment,
Coupon rate, redemption date and frequency of the interest payment shall vary in nature and aforesaid dates
may be modified upon receipt of consent/ permission from existing lender.

9. Disclosures pertaining to wilful defaulter:

The disclosures pertaining to wilful defaulter is as provided in SECTION 9 of this Placement Memorandum.

10. UNDERTAKING BY THE ISSUER

Please refer to Section 3 of this Placement Memorandum.

11. Risk Factors

Please refer to Section 4 (Risk Factors) of this Placement Memorandum.

12. Other Details

a. Issue/ instrument specific regulations

The Debentures are governed by and will be construed in accordance with the Indian Law. The Issuer, the
Debentures and Issuer’s obligations under the Debentures shall, at all times, be subject to the directions of
the Reserve Bank of India (RBI), Securities & Exchange Board of India (SEBI), Stock Exchanges,
Companies Act, 2013 and other applicable laws and regulations from time to time. Over and above, the said
debentures shall be subject to the terms and conditions as contained in the offer letter /term sheet, application
form and the Debenture Trust Deed / Trustee Agreement.

b. Default in Payment;

In case of default in payment of Interest and/or principal redemption on the due dates, additional interest of
atleast @ 2% p.a. over the coupon rate shall be payable by the Company for the defaulting period

c. Delay in Listing:

The Debentures are proposed to be listed on Bombay Exchange of India Ltd. (BSE'), being the Designated
Stock Exchange. The details of BSE Limited are as below:

The BSE Limited

Phiroze Jeejeebhoy Towers,

53
 Dalal Street,
Mumbai 400 001
Phone: +91 22 2272 1233/4
Fax: +91 22 2272 1919

In accordance with the Securities and Exchange Board of India (Issue and Listing of Non-Convertible
Securities) Regulations, 2021 as amended from time to time, read together with the requirements in respect
of the timelines for listing of debt securities issued on a private placement basis prescribed in Chapter VII
(Standardization of timelines for listing of securities issued on a private placement basis) of the SEBI circular
no. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 on "Operational Circular for issue and listing
of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities
and Commercial Paper", the Issuer confirms that in the event there is any delay in listing of the Debentures
beyond 3 (three) Business Days from the date of closure of the issue for the Debentures, the Company (i)
will pay to the Debenture Holders, penal interest of 1% (one percent) per annum over the Coupon Rate for
the period of delay from the date of closure of the issue for the Debentures until the listing of the Debentures
is completed, and (ii) shall be permitted to utilise the issue proceeds of its 2 (two) subsequent privately
placed issuances of securities only after receiving final listing approval from the stock exchange(s).

d. Delay in allotment of securities:

 The Issuer shall ensure that the Debentures are allotted to the respective Debenture Holders and are credited into the demat
accounts of the relevant Debenture Holders within the timelines prescribed under the SEBI Listing Timelines
Requirements.

 If the Issuer fails to repay the Application Money within the Repayment Period, then Issuer shall be liable to repay the
Application Money along with interest at 12% (twelve percent) per annum from the expiry of the Allotment Period.

e. Issue details:

As detailed in Section 7 of this Disclosure Document.

f. Disclosure prescribed under PAS-4 of Companies (Prospectus and Allotment of Securities),

Rules, 2014 but not contained in this schedule, if any.

The finalised form of the PPOA prepared in accordance with the Form PAS 4 prescribed under the
Companies (Prospectus and Allotment of Securities), Rules, 2014 is provided as Annexure XI. Please
refer Annexure XI for all disclosures required under the Companies (Prospectus and Allotment of
Securities), Rules, 2014 are set out therein.

g. Project details: gestation period of the project; extent of progress made in the project; deadlines for
completion of the project; the summary of the project appraisal report (if any), schedule of
implementation of the project;

Not applicable

54
 SECTION 7 APPLICATION PROCESS

Memorandum and Articles of Association of the Issuer, the terms of this Placement Memorandum, Application Form and
other terms and conditions as may be incorporated in the Transaction Documents.
7.1 Mode of Transfer/Transmission of Debentures

The Debentures shall be transferable freely; however, it is clarified that no Investor shall be entitled to transfer the Debentures
to a person who is not entitled to subscribe to the Debentures. The Debenture(s) shall be transferred and/or transmitted in
accordance with the applicable provisions of the Act and other applicable laws. The Debentures held in dematerialized form
shall be transferred subject to and in accordance with the rules/procedures as prescribed by NSDL and CDSL and the relevant
DPs of the transferor or transferee and any other applicable laws and rules notified in respect thereof. The transferee(s) should
ensure that the transfer formalities are completed prior to the Record Date. In the absence of the same, amounts due will be
paid/redemption will be made to the person, whose name appears in the Register of Debenture Holders maintained by the
R&T Agent as on the Record Date, under all circumstances. In cases where the transfer formalities have not been completed
by the transferor, claims, if any, by the transferees would need to be settled with the transferor(s) and not with the Issuer. The
normal procedure followed for transfer of securities held in dematerialized form shall be followed for transfer of these
Debentures held in dematerialised form. The seller should give delivery instructions containing details of the buyer’s DP
account to his DP.
7.2 Debentures held in Dematerialised Form

The Debentures shall be held in dematerialised form and no action is required on the part of the Debenture Holder(s) for
redemption purposes and the redemption proceeds will be paid by cheque/EFT/RTGS to those Debenture Holder(s) whose
names appear on the list of beneficiaries maintained by the R&T Agent. The names would be as per the R&T Agent’s records
on the Record Date fixed for the purpose of redemption. All such Debentures will be simultaneously redeemed through
appropriate debit corporate action.
The list of beneficiaries as of the relevant Record Date setting out the relevant beneficiaries’ name and account number,
address, bank details and DP’s identification number will be given by the R&T Agent to the Issuer. If permitted, the Issuer
may transfer payments required to be made in any relation by EFT/RTGS to the bank account of the Debenture Holder(s) for
redemption payments.

7.3 Debenture Trustee for the Debenture Holder(s)

The Issuer has appointed IDBI Trusteeship Services Limited to act as trustee for the Debenture Holder(s). The Issuer and the
Debenture Trustee have entered/intend to enter into the Debenture Trustee Agreement and the Debenture Trust Deed inter
alia, specifying the powers, authorities and obligations of the Debenture Trustee and the Issuer. The Debenture Holder(s)
shall, without further act or deed, be deemed to have irrevocably given their consent to the Debenture Trustee or any of its
agents or authorized officials to do all such acts, deeds, matters and things in respect of or relating to the Debentures as the
Debenture Trustee may in its absolute discretion deem necessary or require to be done in the interest of the Debenture
Holder(s). Any payment made by the Issuer to the Debenture Trustee on behalf of the Debenture Holder(s) shall discharge the
Issuer pro tanto to the Debenture Holder(s). The Debenture Trustee will protect the interest of the Debenture Holder(s) in
regard to the repayment of principal and coupon thereon and they will take necessary action, subject to and in accordance with
the Debenture Trustee Agreement and the Debenture Trust Deed, at the cost of the Issuer. No Debenture Holder shall be
entitled to proceed directly against the Issuer unless the Debenture Trustee, having become so bound to proceed, fails to do
so. The Debenture Trustee Agreement and the Debenture Trust Deed shall more specifically set out the rights and remedies of
the Debenture Holder(s) and the manner of enforcement thereof.

7.4 Sharing of Information

The Issuer may, at its option, but subject to applicable laws, use on its own, as well as exchange, share or part with any
financial or other information about the Debenture Holder(s) available with the Issuer, with its subsidiaries and affiliates and
other banks, financial institutions, credit bureaus, agencies, statutory bodies, as may be required and neither the Issuer nor its
subsidiaries and affiliates nor their agents shall be liable for use of the aforesaid information.
7.5 Debenture Holder not a Shareholder

55
 The Debenture Holder(s) shall not be entitled to any right and privileges of shareholders other than those available to them
under the Act. The Debentures shall not confer upon the Debenture Holders the right to receive notice(s) or to attend and to
vote at any general meeting(s) of the shareholders of the Issuer.

7.6 Modification of Debentures

The Debenture Trustee and the Issuer will agree to make any modifications in the Placement Memorandum which, in the
opinion of the Debenture Trustee, is of a formal, minor or technical nature or is to correct a manifest error.
Any other change or modification to the terms of the Debentures shall require approval by the Majority Debenture Holders.
7.7 Right to accept or reject Applications

The Board of Directors/Committee of Directors reserves its full, unqualified and absolute right to accept or reject any
application for subscription to the Debentures, in part or in full, without assigning any reason thereof.
Notices
Any notice in respect of the Debentures may be served by the Issuer upon the Debenture Trustee/Debenture Holders in
accordance with the terms of the Transaction Documents.
7.8 Issue Procedure

Only Eligible Investors as given hereunder may apply for the Debentures by completing the Application Form in the prescribed
format in block letters in English as per the instructions contained therein. The minimum number of Debentures that can be
applied for and the multiples thereof shall be set out in the Application Form. No application can be made for a fraction of a
Debenture. Application Forms should be duly completed in all respects and applications not completed in the said manner are
liable to be rejected. The name of the applicant’s bank, type of account and account number must be duly completed by the
applicant. This is required for the applicant’s own safety and these details will be printed on the refund orders and /or
redemptions warrants.
The Applicant should transfer payments required to be made in any relation by EFT/RTGS, to the bank account as per the
details mentioned in the Application Form.
The subscription to the Debentures shall be made by the Eligible Investors through the electronic book mechanism as
prescribed by SEBI under the EBP Requirements by placing bids on the EBP Platform during the Issue period. In case the
Eligible Investors are not registered on the EBP Platform, they will have to register themselves as an "investor" on the EBP
Platform (as a one time exercise) and also complete the mandatory "know your customer" verification process. The Eligible
Investors should also refer to the operational guidelines of the relevant EBP in this respect. The disclosures required pursuant
to the EBP Requirements are set out hereinbelow:

Details of size of issue including green shoe ISSUE OF 4900 (FOUR THOUSAND AND NINE
option, if any and a range within which green HUNDRED) RATED, SECURED, LISTED,
shoe may be retained (if applicable) TRANSFERABLE, REDEEMABLE, NON-
CONVERTIBLE DEBENTURES ("DEBENTURE(S)"
OR "NCD(S)") OF FACE VALUE OF RS.1,00,000
(INDIAN RUPEES ONE LAKHS ONLY) EACH,
AGGREGATING TO RS. 49,00,00,000 (INDIAN
RUPEES FORTY NINE CRORES ONLY)
Bid opening and closing date
Bid opening date: June 05 2023
Bid closing date: June 05 2023

Minimum Bid Lot 100 (One Hundred) Debentures (aggregating to INR

1,00,00,000 (Indian Rupees One Crore), and 1 (one)
Debenture thereafter

Manner of allotment in the Issue Uniform Yield Allotment

Bid Book Type Open

Manner of settlement in the Issue Pay-in of funds through ICCL.
The pay-in of the Application Money for the Debentures

56
 shall be made by way of transfer of funds from the bank
account(s) of the Eligible Investors (whose bids have been
accepted) as registered with the Electronic Book Provider
into the account of the ICCL, as specified in this regard
below.
Settlement Cycle T+1
Settlement of the Issue will be on June 06, 2023.

7.9 Process flow of settlement:

The Eligible Investors whose bids have been accepted by the Issuer and to whom a signed copy of this Placement
Memorandum along with the PPOA have been issued by the Issuer and who have submitted/shall submit the Application Form
("Successful Bidders"), shall make the payments in respect of the Application Money in respect of the Debentures towards the
allocation made to them, into the bank account of the ICCL, the details of which are as set out below:

Name of Bank HDFC BANK Limited

IFSC Code HDFC0000060
Account number ICCLEB
Name of beneficiary INDIAN CLEARING CORPORATION LIMITED

Name of Bank ICICI Bank Ltd.

IFSC Code ICIC0000106
Account number ICCLEB
Name of beneficiary INDIAN CLEARING CORPORATION LTD

Name of Bank YES Bank Limited

IFSC Code YESB0CMSNOC
Account number ICCLEB
Name of beneficiary INDIAN CLEARING CORPORATION LTD

The pay-in of the Application Money by the Successful Bidders will be made only from the bank account(s), which have been
provided / updated by them in the EBP system. Any amount received from third party accounts or from accounts not specified
in the EBP system will be refunded and no allotment will be made against such payments. Upon the transfer of funds into the
aforesaid account of ICCL and the Issuer confirming its decision to proceed with the allotment of the Debentures in favour of
the Successful Bidders to the ICCL, the R&T Agent and the EBP and initiating the requisite corporate action for allotment of
Debentures and credit of the demat letter of allotment into the relevant demat account of the Successful Bidders through the
R&T Agent, the R&T Agent shall provide corporate action file along with all requisite documents to the relevant Depositories
by 12:00 hours and also intimate the EBP of the aforesaid actions. Upon the Depositories confirming the allotment of the
Debentures and the credit of the Debentures into the demat account of the Successful Bidders to EBP, the subscription monies
in respect of the Debentures from the aforesaid account of ICCL shall be released into the Issuer’s bank account, the details
of which are as set out below:
Beneficiary Name: KRAZYBEE SERVICES PRIVATE LIMITED
Bank Account No. 000205032465
IFSC CODE: ICIC0000002
Bank Name ICICI Bank Limited
Branch Address: Shobha Pearl, Commissariat Road, Off M G Road, Ground Floor, Bangalore - 560025
It must be noted that all funds pay-in obligations need to be fulfilled in totality. Partial fund receipt against any given obligation
will be treated as a default and debarment penalties will be applicable as specified by the EBP Requirements and other
Applicable Law.

7.10 Application Procedure

57
 Potential Investors will be invited to subscribe by way of the Application Form prescribed in the Placement Memorandum
during the period between the Issue Opening Date and the Issue Closing Date (both dates inclusive). The Issuer reserves the
right to change the issue schedule including the Deemed Date of Allotment at its sole discretion, without giving any reasons.
The Issue will be open for subscription during the banking hours on each day during the period covered by the Issue Schedule,
and the procedure will be subject to the EBP Requirements.

7.11 Fictitious Applications

All fictitious applications will be rejected.

7.12 Basis of Allotment

Notwithstanding anything stated elsewhere, the Issuer reserves the right to accept or reject any application, in part or in full,
without assigning any reason.In case of over subscription, allotment shall be made on a "yield time priority basis" in
accordance with the EBP Requirements. The investors will be required to remit the funds in the account of the ICCL as well
as submit the duly completed Application Form along with other necessary documents to the Issuer by the Deemed Date of
Allotment.

7.13 Payment Instructions

The Application Form should be submitted directly. The entire amount of INR 1,00,000/- (Indian Rupees One Lakh) per
Debenture is payable along with the making of an application. Applicants can remit the application amount on the Pay-in Date
through RTGS

7.14 Eligible Investors

The following categories of investors, when specifically approached and have been identified upfront, are eligible to apply for
this private placement of Debentures subject to fulfilling their respective investment norms/rules and compliance with laws
applicable to them by submitting all the relevant documents along with the Application Form (“Eligible Investors”):

(a) Resident Individuals

(b) Hindu Undivided Family

(c) Trust

(d) Limited Liability Partnership, Partnership Firms

(e) Portfolio Managers and Foreign Portfolio Managers registered with SEBI

(f) Association of Persons

(g) Companies and Body Corporates including all Public Sector Undertakings

(h) Commercial Banks, Regional Rural Banks, Financial Institutions

(i) Insurance Companies

(j) Mutual Funds, Alternative Investment Funds (AIFs)

(k) Any other investor eligible to invest in the Debentures

Investors, who are registered on the EBP Platform and are eligible to make bids for the Debentures of the Issuer and to whom

58
allocation is to be made by Issuer pursuant to selection under the electronic book mechanism for issuance of securities on
private placement basis in terms of the EBP Requirements and the Electronic Book Providers shall be considered as "identified
persons" for the purposes of Section 42(2) of the Companies Act, 2013, to whom the Issuer shall make private placement of
the Debentures and only such "identified persons" shall receive a direct communication from the Issuer with offer to subscribe
to the Debentures and only such "identified persons" shall be entitled to subscribe to the Debentures.
Additionally, those arrangers/brokers/intermediaries etc. (as per the defined limits under the EBP Requirements) specifically
mapped by the Issuer on the EBP Platform are also eligible to bid/apply/invest for this Issue.
All Eligible Investors are required to check and comply with Applicable Law(s) including the relevant rules / regulations /
guidelines applicable to them for investing in this Issue of Debentures and the Issuer, is not in any way, directly or indirectly,
responsible for any statutory or regulatory breaches by any investor, neither is the Issuer required to check or confirm the
same.

Hosting of this Placement Memorandum on the website of the BSE should not be construed as an offer or an invitation to offer
to subscribe to the Debentures and the same has been hosted only as it is stipulated under the SEBI NCS Regulations read
with the EBP Requirements. Eligible Investors should check their eligibility before making any investment.
All potential Investors are required to comply with the relevant regulations/guidelines applicable to them for investing in this
issue of Debentures.
Note: Participation by potential investors in the Issue may be subject to statutory and/or regulatory requirements applicable to
them in connection with subscription to Indian securities by such categories of persons or entities. Applicants are advised to
ensure that they comply with all regulatory requirements applicable to them, including exchange controls and other
requirements. Applicants ought to seek independent legal and regulatory advice in relation to the laws applicable to them.

7.15 Procedure for Applying for Dematerialised Facility

(a) The applicant must have at least one beneficiary account with any of the DP’s of NSDL and CDSL prior to making
the application.

(b) The applicant must necessarily fill in the details (including the beneficiary account number and DP - ID) appearing
in the Application Form under the heading “Details for Issue of Debentures in Electronic/Dematerialised Form”.

(c) Debentures allotted to an applicant will be credited to the applicant’s respective beneficiary account(s) with the DP.

(d) For subscribing to the Debentures, names in the Application Form should be identical to those appearing in the details
in the Depository. In case of joint holders, the names should necessarily be in the same sequence as they appear in
the account details maintained with the DP.

(e) Non-transferable allotment advice/refund orders will be directly sent to the applicant by the Registrar and Transfer
Agent to the Issue.

(f) If incomplete/incorrect details are given under the heading “Details for Issue of Debentures in
Electronic/Dematerialised Form” in the Application Form, it will be deemed to be an incomplete application and the
same may be held liable for rejection at the sole discretion of the Issuer.

(g) For allotment of Debentures, the address, nomination details and other details of the applicant as registered with
his/her DP shall be used for all correspondence with the applicant. The applicant is therefore responsible for the
correctness of his/her demographic details given in the Application Form vis-a-vis those with his/her DP. In case the
information is incorrect or insufficient, the Issuer would not be liable for the losses, if any.

(h) The redemption amount or other benefits would be paid to those Debenture Holders whose names appear on the list
of beneficial owners maintained by the R&T Agent as on the Record Date. In case of those Debentures for which the
beneficial owner is not identified in the records of the R&T Agent as on the Record Date, the Issuer would keep in
abeyance the payment of the redemption amount or other benefits, until such time that the beneficial owner is
identified by the R&T Agent and conveyed to the Issuer, whereupon the redemption amount and benefits will be paid
to the beneficiaries, as identified.

59
7.16 Depository Arrangements

The Issuer shall make necessary arrangement with CDSL and NSDL for issue and holding of Debenture in dematerialised
form.

7.17 List of Beneficiaries

The Issuer shall request the R&T Agent to provide a list of beneficiaries as at the end of each Record Date. This shall be the
list, which will be used for payment or repayment of redemption monies.

7.18 Application under Power of Attorney

A certified true copy of the power of attorney or the relevant authority as the case may be along with the names and specimen
signature(s) of all the authorized signatories of the Investor and the tax exemption certificate/document of the Investor, if any,
must be lodged along with the submission of the completed Application Form. Further modifications/additions in the power
of attorney or authority should be notified to the Issuer or to its agents or to such other person(s) at such other address(es) as
may be specified by the Issuer from time to time through a suitable communication.
In case of an application made by companies under a power of attorney or resolution or authority, a certified true copy thereof
along with memorandum and articles of association and/or bye-laws along with other constitutional documents must be
attached to the Application Form at the time of making the application, failing which, the Issuer reserves the full, unqualified
and absolute right to accept or reject any application in whole or in part and in either case without assigning any reason thereto.
Names and specimen signatures of all the authorized signatories must also be lodged along with the submission of the
completed Application Form.

7.19 Procedure for application by Mutual Funds and Multiple Applications

In case of applications by mutual funds and venture capital funds, a separate application must be made in respect of each
scheme of an Indian mutual fund/venture capital fund registered with the SEBI and such applications will not be treated as
multiple application, provided that the application made by the asset management company/trustee/custodian clearly indicated
their intention as to the scheme for which the application has been made.
The Application Forms duly filled shall clearly indicate the name of the concerned scheme for which application is being
made and must be accompanied by certified true copies of:
(a) SEBI registration certificate

(b) Resolution authorizing investment and containing operating instructions

(c) Specimen signature of authorized signatories

7.20 Documents to be provided by Investors

Investors need to submit the following documents, as applicable:

(a) Memorandum and Articles of Association or other constitutional documents

(b) Resolution authorising investment

(c) Certified true copy of the Power of Attorney to custodian

(d) Specimen signatures of the authorised signatories

(e) SEBI registration certificate (for Mutual Funds)

(f) Copy of PAN card

60
(g) Application Form (including EFT/RTGS details)

7.21 Applications to be accompanied with Bank Account Details

Every application shall be required to be accompanied by the bank account details of the applicant and the magnetic ink
character reader code of the bank for the purpose of availing direct credit of redemption amount and all other amounts payable
to the Debenture Holder(s) through cheque/EFT/RTGS.

7.22 Succession

In the event of winding up of a Debenture Holder (being a company), the Issuer will recognise the legal representative as
having title to the Debenture(s). The Issuer shall not be bound to recognize such legal representative as having title to the
Debenture(s), unless they obtains legal representation, from a court in India having jurisdiction over the matter.
The Issuer may, in its absolute discretion, where it thinks fit, dispense with production of such legal representation, in order
to recognise any person as being entitled to the Debenture(s) standing in the name of the concerned Debenture Holder on the
production of sufficient documentary proof and an indemnity.

7.23 Mode of Payment

All payments must be made through cheque(s) demand draft(s), EFT/RTGS as set out in the Application Form.

7.24 Effect of Holidays

(a) If any Due Date on which any interest or additional interest is payable falls on a day which is not a Business Day, the
payment to be made on such Due Date shall be made on the succeeding Business Day.

(b) If any Due Date on which any Outstanding Principal Amounts are payable falls on a day which is not a Business
Day, the payment to be made on such Due Date shall be made on the preceding Business Day.

(c) If the Final Redemption Date falls on a day which is not a Business Day, the payment of any amounts in respect of
any interest and the Outstanding Principal Amounts to be made shall be made on the preceding Business Day.

7.25 Tax Deduction at Source

(a) All payments to be made by the Company to the Debenture Holders under the Transaction Documents shall be made
free and clear of and without any Tax Deduction unless the Company is required to make a Tax Deduction pursuant
to Applicable Law.

(b) The Company shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change
in the rate or the basis of a Tax Deduction) notify the Debenture Trustee accordingly.

(c) If the Company is required to make a Tax Deduction, it shall make that Tax Deduction and any payment required in
connection with that Tax Deduction within the time allowed and in the minimum amount required by Applicable
Law.

(d) Within the earlier of (A) 60 (sixty) days of making either a Tax Deduction or any payment required in connection
with that Tax Deduction or (B) 60 (sixty) days of each Due Date, the Company shall deliver to the Debenture Trustee
evidence reasonably satisfactory to the Debenture Trustee that the Tax Deduction has been made or (as applicable)
any appropriate payment paid to the relevant taxing authority.

7.26 Letters of Allotment

61
N. A. In accordance with the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities)
Regulations, 2021 as amended from time to time, read together with the requirements in respect of the timelines for listing of
debt securities issued on a private placement basis prescribed in Chapter VII (Standardization of timelines for listing of
securities issued on a private placement basis) of the SEBI circular no. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10,
2021 on "Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security
Receipts, Municipal Debt Securities and Commercial Paper" (as amended and modified from time to time), the Issuer shall
ensure that the Debentures are credited into the demat accounts of the Debenture Holders of the Debentures within 2 (two)
Business Days from the Deemed Date of Allotment.

7.27 Deemed Date of Allotment

All the benefits under the Debentures will accrue to the Investor from the specified Deemed Date of Allotment. The Deemed
Date of Allotment for the Issue is June 06, 2023 by which date the Investors would be intimated of allotment.

7.28 Record Date

The Record Date will be 7 (seven) days prior to each Due Date or any other payment date by acceleration. In case of
dissolution/bankruptcy/insolvency/winding up of Debenture Holders, the debenture certificates shall be transmittable to the
legal representative(s)/successor(s) or the liquidator as the case may be in accordance with Applicable Law and on such terms
as may be deemed appropriate by the Company.

7.29 Refunds

For applicants whose applications have been rejected or allotted in part, refund orders will be dispatched within 7 (seven) days
from the Deemed Date of Allotment of the Debentures.

In case the Issuer has received money from applicants for Debentures in excess of the aggregate of the application money
relating to the Debentures in respect of which allotments have been made, the R&T Agent shall upon receiving instructions in
relation to the same from the Issuer repay the moneys to the extent of such excess, if any.

7.30 Interest on Application Monies

(a) Interest at Interest Rate, subject to deduction of tax at source in accordance with Applicable Law, will be paid by the
Company on the Application Monies to the Applicants from the date of receipt of such Application Monies up to 1
(one) day prior to the Deemed Date of Allotment for all valid applications, within 5 (five) Business Days from the
Deemed Date of Allotment. Where pay-in date of the Application Monies and the Deemed Date of Allotment are the
same, no interest on Application Monies will be payable.

(b) Where the entire subscription amount has been refunded, the interest on Application Monies will be paid along with
the refunded amount to the bank account of the Applicant as described in the Application Form by electronic mode
of transfer such as (but not limited to) RTGS/NEFT/direct credit.

(c) Where an Applicant is allotted a lesser number of Debentures than applied for, the excess amount paid on application
will be refunded to the Applicant in the bank account of the Applicant as described in the Application Form towards
interest on the refunded money by electronic mode of transfer like RTGS/NEFT/direct credit. Details of allotment
will be sent to every successful Applicant.

7.31 Pan Number

62
Every applicant should mention its Permanent Account Number (“PAN”) allotted under Income Tax Act, 1961, on the
Application Form and attach a self-attested copy as evidence. Application forms without PAN will be considered incomplete
and are liable to be rejected.

7.32 Redemption

The face value of the Debentures shall be redeemed at par, on the Redemption Date. The Debentures will not carry any
obligation, for interest or otherwise, after the Redemption Date. The Debentures shall be taken as discharged on payment of
the Redemption Amount by the Issuer on the Final Redemption Date to the registered Debenture Holders whose name appear
in the Debenture Register on the Record Date. Such payment will be a legal discharge of the liability of the Issuer towards the
Debenture Holders.

7.33 Payment on Redemption

Payment on redemption will be made by way of cheque(s)/redemption warrant(s)/demand draft(s)/credit through RTGS
system/funds transfer in the name of the Debenture Holder(s) whose names appear on the list of beneficial owners given by
the Depository to the Issuer as on the Record Date.

The Debentures shall be taken as discharged on payment of the redemption amount by the Issuer on maturity to the registered
Debenture Holder(s) whose name appears in the Register of Debenture Holder(s) on the Record Date. On such payment being
made, the Issuer will inform NSDL and CDSL and accordingly the account of the Debenture Holder(s) with NSDL and CDSL
will be adjusted.

On the Issuer dispatching the amount as specified above in respect of the Debentures, the liability of the Issuer shall stand
extinguished.

7.34 Payment of Coupon

Payment of Coupon on the Debenture(s) will be made on Coupon Payment Dates as specified in this Placement Memorandum
to those Debenture Holders whose name(s) appear in the Register of Debenture Holder(s) (or to the first holder in case of joint
holders) as on the relevant Record Date fixed by the Issuer for this purpose and /or as per the list provided by the Depository
to the Issuer of the beneficiaries who hold Debentures in demat form on such Record Date, and are eligible to receive Coupon.
Payment will be made by the Issuer after verifying the bank details of the Debenture Holders, by way of direct credit through
Electronic Clearing Service (“ECS”), Real Time Gross Settlement (“RTGS”) or National Electronic Funds Transfer
(“NEFT”).

In the event of any default in the payment of Coupon and/or in the redemption of the Debentures on the respective Payment
Dates and all other monies payable pursuant to the Transaction Documents read with this Placement Memorandum, the Issuer
shall pay to the Debenture Holders, default interest at the rate specified in Section VI (Summary Term Sheet) for the default
in payment of Coupon, and/or Redemption Amount till the dues are cleared.

7.35 Eligibility to come out with the Issue

The Issuer or the Person in control of the Issuer, or its promoter, has not been restrained or prohibited any Governmental
Authority from accessing the securities market or dealing in securities and such direction or order is in force.

7.36 Registration and Government approvals

The Issuer can undertake the activities proposed by it in view of the present approvals and no further approval from any
Governmental Authority(ies) is required by it to undertake the proposed activities save and except those approvals which may
be required to be taken in the normal course of business from time to time.

63
7.37 Authority for the Issue

This present private placement of Debentures is being made pursuant to the resolution passed by the board committee
(borrowings) of directors of the Company at its meeting held on April 18, 2023, and shareholders of the Company at its
meeting held on March 30, 2023. A copy of the board resolution and shareholders resolution is attached hereto as Annexure
V and Annexure VI respectively.

7.38 Date of Allotment

All benefits relating to Debentures will be available to the Investors from the Deemed Date of Allotment. The actual allotment
of Debentures may take place on a date other than the Deemed Date of Allotment. In case if the issue closing date of Debentures
is changed (pre-poned/ postponed), the Deemed Date of Allotment of Debentures may also be changed (pre-poned/ postponed)
by the Issuer at its sole and absolute discretion.

Disclaimer: Please note that only those persons to whom this Placement Memorandum has been specifically addressed
are eligible to apply. However, an application, even if complete in all respects, is liable to be rejected without assigning
any reason for the same. The list of documents provided above is only indicative, and an investor is required to provide
all those documents / authorizations / information, which are likely to be required by the Issuer. The Issuer may, but
is not bound to, revert to any investor for any additional documents / information, and can accept or reject an
application as it deems fit. Provisions in respect of investment by investors falling in the categories mentioned above
are merely indicative and the Issuer does not warrant that they are permitted to invest as per extant laws, regulations,
etc. Each of the above categories of investors is required to check and comply with extant rules/regulations/ guidelines,
etc. governing or regulating their investments as applicable to them and the Issuer is not, in any way, directly or
indirectly, responsible for any statutory or regulatory breaches by any investor, neither is the Issuer required to check
or confirm the same.

64
 SECTION 8 ISSUE DETAILS

The following term sheet summarizes the principal items with respect to the financing facility to be provided to Krazybee
Finance Private Limited (“Borrower” or “Company”) by the Investor for Debentures.

For the avoidance of the doubt, except as specifically stated, this term sheet does not attempt to describe all terms and
conditions of the transaction contemplated herein. The term sheet is intended to outline certain basic terms around which
transaction could be structured. All proposed terms and conditions are subject to execution of mutually satisfactory transaction
documents, satisfactory legal, technical & financial diligences, meeting of stipulations as contained herein etc.

Particulars Terms and Conditions

Security Name 10.25% Krazybee Services Private Limited 2024
Issuer Krazybee Services Private Limited
Type of Instrument Rated, Senior, Secured, Listed, Transferable, Redeemable, Non-Convertible
Debentures having a face value of Rs. 1,00,000/- (Rupees One Lakhs only) per
Debenture.
Nature of Instrument Secured
Seniority Senior
Mode of Issue Private Placement
Eligible Investors The investor to whom the Information Memorandum/Disclosure Document is
specifically addressed, is eligible to apply for this private placement of Debentures
subject to fulfilling its respective investment norms/rules and compliance with
laws applicable to it by submitting all the relevant documents along with the
Application Form. The persons to whom the Information Memorandum/Disclosure
Document has been circulated to, may include but not limited to:

1. Financial Institutions: registered under the Applicable Laws in India which

are duly authorized to invest in Bonds.
2. Insurance companies.
3. Provident, Gratuity, Pension & Superannuation Funds.
4. Regional Rural Banks.
5. Mutual Funds.
6. Companies, Bodies Corporate authorized to Invest in bonds.
7. Trusts, Association of Persons, Societies registered under the Applicable Laws
in India which are duly authorized to invest in bonds.
8. FPIs.
9. Individuals.
10. Scheduled Commercial Banks.
11. Co-operative Bank.
12. Partnership Firms.
13. HUF through Karta.
Any other Investors eligible to invest in these Debentures.
Listing This issue of Debentures will be listed on debt segment of the BSE Limited.

The Issue will be listed within 3 (three) trading days from the date of closure of
issue.
Trustee Vardhman Trusteeship Private Limited
Rating of the Instrument ‘CRISIL BBB+ (Stable)’ by CRISIL Ratings Limited

65
Issue Size Private placement of up to 4900 (Four Thousand Nine Hundred Only) non-
convertible debentures aggregating up to Rs. 49,00,00,000/- (Rupees Forty Nine
Crores only)
Minimum subscription INR. 1,00,00,000/- (Indian Rupees One Crore only)
Option to retain oversubscription Not Applicable
(Amount)
Objects of the Issue The monies raised through the issue the Debentures shall be used for originating
personal loans.
Details of Utilization of Proceeds The monies raised through the issue the Debentures shall be used for originating
personal loans.
Coupon Rate 10.25% payable quarterly payable quarterly
Step Up Coupon Rate In the event, credit rating of the Debentures is downgraded from the current rating
of “CRISIL BBB+ (Stable)” (“Rating”) and/or the credit rating of the Company is
downgraded from the current rating of “BBB+” at any point of time during the
tenor of the Debentures, the Coupon Rate shall increase by 0.25% (zero decimal
two five percent) for each notch downgrade of 1 (one) notch from the rating of the
Debentures and/or Company. Such increased rate of interest shall be applicable
from the date of such downgrade.

Following the Step Up until the rating of the Debentures and/or Company is
restored to the Rating and/or the Company Rating (as the case may be), if the rating
of the Debentures and/or the Company is upgraded, the prevailing Step Up Rate
shall be decreased by 0.25% (zero decimal two five percent) for each upgrade of 1
(one) notch from the rating of the Debentures and/or the Company (until the rating
of the Debentures and/or the Company is restored to the Rating and/or the
Company Rating (as the case may be)) and such decreased rate of interest shall be
applicable from the date of such upgrade. PROVIDED THAT the decreased rate
of interest in accordance with this provision cannot, in any case, be lower than the
Coupon Rate.

Coupon Payment Frequency Quarterly

Coupon Payment Date Quarterly
Coupon Type Fixed
Coupon Reset Process Not Applicable
Day Count Basis The Coupon shall be computed on Actual / Actual basis, i.e. Actual / 365 (Three
Hundred Sixty-Five) days or 366 (Three Hundred Sixty Six) days in the case of a
leap year.
Interest on Application Money Interest Coupon Rate. (subject to deduction of tax at source at the rate prevailing
from time to time under the provisions of the Income Tax Act, 1961) will be paid
on Application Money to the Applicants from the date of realization of the cheques
/ drafts or credit through RTGS / NEFT / direct credit up to one day prior to the
Deemed Date of Allotment. This is applicable for all valid applications within 5
(five) Business Days from the Deemed Date of Allotment. Where the entire
subscription amount has been refunded, the interest on Application Money will be
paid along with the refund orders or through RTGS / NEFT / direct credit to the
bank account of the Applicant as described in the Application Form.
Default Interest Rate Event of Default
If, at any time, there shall be a payment default or any other Event of Default, the
Company agrees to pay an additional interest rate of 2% per annum above the
applicable Interest Rate on the Outstanding Principal Amount from the date of the

66
 occurrence of the Payment Default or Event of Default until such Payment Default
or Event of Default is cured.

Breach of Financial Covenants and Reporting Covenants

If, at any time, there shall be any breach of any financial or reporting covenants,
and if the cure period as applicable has lapsed, the company agrees to pay an
additional interest rate of 2% per annum above the
applicable Interest rate on the Outstanding Principal Amount from the date of the
breach of covenants until such date the breach is set right.

Delay in execution of Debenture Trust Deed

If not already executed, the Company shall execute the Debenture Trust Deed
within the timelines prescribed by SEBI. In case of a delay in execution of
Debenture Trust Deed, the Company will pay penal interest of at least 2% p.a.
(two percent per annum) over the Coupon Rate till the execution of Debenture
Trust Deed.

Delay in Security Creation

Issuer shall pay a penal interest of 2.0% (Two Percent) p.a. over the coupon rate
in case there is any delay in the creation, registration and perfection of the
security over the Hypothecated Assets;

Step up Coupon:
In the event, credit rating of the Debentures is downgraded from the current rating
of “CRISIL BBB+ (Stable)” and/or the credit rating of the Company is
downgraded from the current rating of “BBB+” at any point of time during the
tenor of the Debentures, the Coupon Rate shall increase by 0.25% (zero decimal
two five percent) for each notch downgrade of 1 (one) notch from the rating of the
Debentures and/or Company. Such increased rate of interest shall be applicable
from the date of such downgrade.
Tenure 550 Days from the Deemed Date of Allotment
Redemption Date / Scheduled December 06, 2024
Maturity Date The Debentures are structured in a manner that the principal amount of the
Debentures, the Coupon and all other Outstanding Amounts are promised to be
paid on the Scheduled Maturity Date.
Redemption Amount Each Debenture shall be redeemed at par.
Redemption Premium / Discount Not Applicable
Issue Price Rs. 1,00,000/- (Rupees One Lakh Only) per Debenture
Creation of Recovery Expense The Company shall create a Recovery Expense Fund which shall be equal to 0.01%
Fund (Zero decimal point Zero – One percent) of the Issue Size in the form of cash or
cash equivalent(s) (including bank guarantees) maintained with the designated
stock exchange.
Discount at which security is issued Not Applicable
and the effective yield as a result of
such discount
Put Date Not Applicable

67
Put Price Not Applicable
Call Date Not Applicable
Call Price Not Applicable
Put notification time Not Applicable
Call notification time Not Applicable
Face Value Rs. 1,00,000/- (Rupees One Lakh Only) per Debenture
Minimum Application size INR. 1,00,00,000/- (Indian Rupees One Crore only) and in multiples of INR
1,00,000 (Indian Rupees One Lakh only) thereafter
Issue Opening Date June 05, 2023
Issue Closing Date June 05, 2023
Pay-in Date: June 06, 2023
Deemed Date of Allotment: June 06, 2023
Issuance mode of the Instrument Demat only
Trading mode of the Instrument Demat only
Settlement mode of the Instrument Cheques, Demand Drafts, interest/ redemption warrants, pay order, direct credit,
ECS, NEFT, RTGS, other online payment mechanism as are permitted by the
Reserve Bank of India.
Depositories NSDL and / or CDSL
Business Day Convention/Effect of Means any day, other than a public holiday under Section 25 of the Negotiable
Holidays Instruments Act, 1881 or a Sunday, on which banks are open for general business
in Mumbai;

If any Due Date falls on a day which is not a Business Day, the payment shall be
made on the immediately preceding Business Day.

Disclosure of Period Interest/Principal

Principal Interest
Interest/Dividend/Redemption (Months) Payment Dates
Dates 1 06-09-2023 - 1,21,67,525
2 06-12-2023 - 1,20,33,659
3 06-03-2024 12,25,00,000 1,20,33,659
4 06-06-2024 12,25,00,000 91,25,644
5 06-09-2024 12,25,00,000 61,00,636
6 06-12-2024 12,25,00,000 30,16,758
Record Date Means the date which will be used for determining the Debenture Holders who
shall be entitled to receive the amounts due on any Due Date, which shall be the
date falling 7 (Seven) calendar days prior to any Due Date.
All Covenants of the issue As stated in key terms to the issue as stated below.,
(including side letters, accelerated
payment clause, etc.)
Description regarding Security The Debentures shall be secured by way of a first ranking, exclusive and
(where applicable) including type of continuing charge on identified receivables (“Hypothecated
security Receivables”/”Hypothecated Property”) created pursuant to the deed of
hypothecation to be executed between the Company and the Debenture Trustee as
(movable/immovable/tangible etc.),
described herein. The issuer undertakes:
type of charge
(pledge/hypothecation/mortgage
 The total charge over the Hypothecated Assets shall constitute 1.1 times
etc.), date of creation of security/ or 110% of the aggregate amount of principal/Coupon/ dues outstanding
likely date of creation of security, and payable to the Debenture Holders, to be created as per terms of the
minimum security cover, Debenture Trust Deed/ Deed of Hypothecation and other transaction
revaluation, replacement of documents. The above mentioned Security Cover shall be maintained at

68
security, interest to the debenture all times during the tenure of the Debentures and until all such
holder over and above the coupon dues/claims/outstanding is paid to the Debenture Holders to the
rate as specified in the trust deed satisfaction of the Debenture Trustee
and disclosed in the placement  to create, register and perfect the security over the Hypothecated
Receivables as contemplated above no later than 30 (Thirty) calendar
memorandum
days after the Deemed Date of Allotment by executing a duly stamped
deed of hypothecation (“Deed of Hypothecation”) and filing CHG-9
within the time period applicable; The Company shall also provide such
information sought by the Debenture Trustee for the purpose of filing the
prescribed forms and particulars with the Central Registry and
Information Utility in connection with the Debentures and the Security
Interest over the Hypothecated Receivables.
 to pay a penal interest of 2.0% (Two Percent) p.a. over the coupon rate
in case there is any delay in the creation, registration and perfection of
the security over the Hypothecated Receivables;
 to provide on a quarterly basis, of specific loan receivables/book debts
to the Debenture Trustee over which the charge is created and
subsisting by way of hypothecation in favour of the Debenture Trustee
(for the benefit of the Debenture Holders) (“Quarterly Hypothecated
Asset Report”)
 to add fresh loan assets to the Security Cover to ensure that the value of
the Hypothecated Receivables is equal to 1.1x (One decimal one) times
or 110% (One hundred and ten percent) the aggregate amount of
principal/interest/dues outstanding and payable to the Debenture Holders
where at least 1.1x (One decimal one) time or 110% (One hundred and
ten percent) of the security cover is from principal receivables.
 to replace Hypothecated Receivables that have been overdue for more
than 90 days with current receivables (i.e., 0 DPD). Such replacement
shall be effected within 15 (Fifteen) Business Days of the Hypothecated
Receivables becoming overdue (by more than 90 days).

Eligibility Criteria for the Hypothecated Receivables:

 the receivables are current/existing at the time of selection and have not
been terminated or pre-paid.
 the receivables have not been restructured or rescheduled.
 all “Know Your Customer” norms have been complied with as prescribed
by the Reserve Bank of India.
 Every loan originated from the issue proceeds should be originated by the
Issuer and not loans purchased from a third party.
 Loans constituting the Portfolio must be loans directly originated by the
Company and not loans purchased from a third party.

Receivables from related party should not be included.

Transaction Documents Shall mean collectively: (i) Term Sheet (ii) the Debenture Documents and (iii)
Information Memorandum.
Conditions Precedent to Pay-In 1. The Company shall have submitted the following to the Debenture
Trustee:

(a) Certified true copy of the Constitutional Documents (including

69
 the certificate of incorporation) of the Company.

(b) Certified true copies of the special resolutions of the

shareholders of the Company under Sections 42, 180(1)(a) and
180(1)(c) of the Act and confirmation that limits approved under
Section 180 of the Act (if applicable to the Company) have not
been breached by the issue of Debentures.

(c) A certified true copy of the resolution of the board of directors

of the Company under Sections 71 and 179 of the Act (to the
extent applicable), (i) approving the issue of the Debentures and
creation of Security for the Debentures; (ii) approving the terms
of the transactions contemplated by the relevant Transaction
Documents; (iii) resolving to execute the relevant Transaction
Documents; (iv) authorising a specified person or persons to
execute the relevant Transaction Documents on its behalf and to
do all such acts and things as may be necessary to give effect to
the relevant Transaction Documents and the transactions
contemplated by the relevant Transaction Documents; and (v)
the execution, delivery and performance by the Company, of the
Transaction Documents is in accordance with the Act, the
Companies (Prospectus and Allotment of Securities) Rules,
2014, the Companies (Share Capital and Debenture) Rules, 2014
and such other rules and regulations as may be applicable to the
Company, from time to time.

2. The Company shall have filed the resolutions (if applicable) in paragraphs
(1) (b) and (c) above with the Registrar of Companies prior to issuing the
Disclosure Document.

3. Execution of the Debenture Trustee Appointment Agreement and other

Transaction Documents in the form and manner satisfactory to the
Debenture Trustee.

4. The Company shall have submitted to the Debenture Trustee, all required
documents for the purpose of satisfying its respective “know your
customer” requirements.

5. Issuance of Disclosure Document, containing disclosures required in

terms of the Companies Act and NCS Listing Regulation.

6. The Company shall have provided to the Debenture Trustee (if so

required by the Debenture Holders / Debenture Trustee) a certificate from
an authorised signatory of the Company certifying the following as on the
Deemed Date of Allotment/the date of the certificate:

70
 (i) the persons authorised to sign the Transaction Documents and
any document to be delivered under or in connection therewith,
on behalf of the Company, together with the names, titles and
specimen signatures of such authorised signatories;

(ii) the Company has the necessary power under the Constitutional
Documents to borrow monies by way of the issuance of the
Debentures;

(iii) no consents and approvals are required by the Company from its
creditors or any Governmental Authority or any other person for
the issuance of the Debentures;

(iv) the representations and warranties contained in the Transaction

Documents are true and correct in all respects;

(v) no Event of Default or potential Event of Default has occurred

or is subsisting;

(vi) no Material Adverse Effect has occurred;

(vii) no investor or shareholder consent/approval, pursuant to the

articles of association of the Company or any shareholders'
agreements or other documents/instruments entered into by the
Company and its shareholders and investors, is required for the
Company to enter into or perform its obligations under the
Transaction Documents; and

(viii) the issuance of the Debentures and the transactions contemplated

herein will not have an adverse impact on the rights of any of the
shareholders/investors of the Company.

7. The Company shall have submitted to the Debenture Trustee, the rating
letter received from the Rating agency with a minimum credit rating of
Crisil BBB+ (Stable)” along with the rating rationale.

8. The Company shall have received the consent letter from the Debenture
Trustee expressing its consent to act as Debenture Trustee for the
Debenture Holders.

9. The Company shall have received the consent letter from the Registrar
expressing its consent to act as registrar and transfer agent with respect to
the Debentures.

10. The Company shall have submitted to the Debenture Trustee, a copy of

71
 the tripartite agreement(s) executed between the Company, the Registrar
and the Depository(ies).

11. The Company shall have submitted to the Debenture Trustee and
Debenture Holders its audited account statements for the most recent
financial year or audited financial half-year.

12. The Company shall have submitted to the Debenture Trustee, a copy of
the in-principle approval provided by the BSE in respect of the listing of
the Debentures;

13. The Company shall have received the of ISIN for the issuance of the
Debentures.

14. The Issuer shall have entered into an arrangement with the Depositories
for issuing and holding Debentures in dematerialised form.

15. Evidence that all the conditions precedent have been satisfied by the
Company to the satisfaction of the Debenture Trustee and the receipt by
the Debenture Trustee of a conditions precedent compliance certificate in
this regard, in a form and manner as acceptable to the Debenture Trustee.

16.

Conditions Subsequent to the Subsequent to subscription of the Debentures, the Company shall deliver to the
Deemed Date of Allotment Debenture Trustee (and within the timelines specified below):

1. the Company shall make the application for listing of the Debentures and
obtain listing of the Debentures within the time period prescribed under
Operational Circular;

2. the details of the depository accounts of the Debenture Holders with the
Depositories confirming that such account has been credited with the
relevant Debentures as soon as possible but in event within 2 (two)
Business Days from the closure of the Issue;

3. Within 15 (Fifteen) calendar days from the Deemed Date of Allotment,

the Company shall file a return of allotment on the issue of the Debentures
in Form PAS-3 specified pursuant to Rule 12 and 14 of the Companies
(Prospectus and Allotment of Securities) Rules, 2014, with the registrar
of companies along with the prescribed fees.

72
 4. Registration of hypothecation over the property over which the Security
Interest is created in terms of the Transaction Documents, with the
Registrar of Companies within 30 (thirty) days from the date of creation
of security The Company shall, immediately upon receipt of a signed
copy of the certificate of registration of charge from the concerned
Registrar of Companies, submit a copy of the same to the Debenture
Trustee and shall ensure and procure that the Debenture Trustee files the
prescribed Form I with CERSAI, within the prescribed period as per
Applicable Law;

5. The Company shall maintain and file a copy of Form PAS-5 in

accordance with the Companies (Prospectus and Allotment of Securities)
Rules, 2014 in respect of the issue of the Debentures and shall comply
with such other condition and provide such other information and
documents as the Debenture Holders may request or as may be required
under Applicable Law (including the Act, and the directions/guidelines
issued by the RBI and the SEBI).

6. comply with such other condition and provide such other information and
documents and execute such documents as are customary for a financing
similar to the issuance of the Debentures or as the Debenture Holders may
reasonably request or as may be required under Applicable Law
(including without limitation, the Act, and any guidelines/circulars issued
by the SEBI).

1.

Financial / Other Covenants As stated in key terms to the issue as stated below.,
’’’–
Events of Default (including As stated in key terms to the issue as stated below
manner of voting/conditions of
joining inter creditor agreement)

Conditions for breach of covenant Please refer sections named "Default Interest Rate" and Section 8 (Terms of the
(as specified in debenture trust Issue) below.
deed)
Provisions related to Cross Default Cross Default
Clause
The Company (i) defaults in any payment of any Financial Indebtedness
beyond the period of grace (not to exceed 30 days), if any, provided in the
instrument or agreement under which such Financial Indebtedness was
created; (ii) defaults in the observance or performance of any agreement
or condition relating to any Financial Indebtedness or contained in any
instrument or agreement evidencing, securing or relating thereto or any
other event shall occur or condition exist, the effect of which default or
other event or condition is to cause or to permit the holder or holders of
such Financial Indebtedness to cause (determined without regard to

73
 whether any notice is required) any such Financial Indebtedness to
become due prior to its stated maturity; or (iii) any Financial Indebtedness
of the Company shall be declared to be due and payable, or required to be
prepaid other than by a regularly scheduled required prepayment, prior to
the stated maturity thereof.

Risk Factors Refer Section 4 (Risk Factors)

Role and Responsibilities of Terms and conditions of Debenture trustee agreement including fees charged
Debenture Trustee by Debenture Trustee

The Company has executed the Debenture Trustee Appointment Agreement

(DTAA) and the Debenture Trustee Deed (DTD) before issue opening date.
Service charges of Debenture Trustee As mentioned in their consent letter bearing
reference no. CL/MUM/23-24DEB/12.

In addition to the other powers conferred on the Debenture Trustee and

provisions for their protection and not by way of limitation or derogation of
anything contained in this Deed or of any statute limiting the liability of the
Debenture Trustee, IT IS EXPRESSLY DECLARED as follows:

(a) the Debenture Trustee may, in relation to these presents, act on

the opinion or advice of or any information obtained from any
solicitor, counsel, advocate, valuer, surveyor, broker, auctioneer,
qualified accountant or other expert whether obtained by the
Company or by the Debenture Trustee or otherwise;

(b) the Debenture Trustee shall be the attorney of the Company and
shall have the right to execute, sign and do any deeds,
documents, assurances, acts and things in the name and on behalf
of the Company, which shall in the opinion of the Debenture
Trustee be necessary or expedient that the Company should
execute, sign and do for the purpose of carrying out any of the
trusts or obligations declared or imposed upon the Debenture
Trustee;

(c) the Debenture Trustee is not permitted to release / exclude any

part of the Hypothecated Assets temporarily or permanently
from the security created / to be created for the Debentures
except in accordance with a Special Resolution;

(d) subject to the approval of the Debenture Holders by way of

Special Resolution passed at a meeting of Debenture Holders
held for determining the liability of the Debenture Trustee, the
Debenture Trustee shall, as regards all trusts, powers, authorities
and discretions, have absolute and uncontrolled discretion as to
the exercise thereof and to the mode and time of exercise thereof
and in the absence of any fraud, gross negligence, willful
misconduct or breach of trust shall not be responsible for any
loss, costs, charges, expenses or inconvenience that may result
from the exercise or non-exercise thereof and in particular they
shall not be bound to act at the request or direction of the
Debenture Holders under any provisions of these presents unless
sufficient monies shall have been provided or provision to the

74
 satisfaction of the Debenture Trustee made for providing the
same and the Debenture Trustee are indemnified to their
satisfaction against all further costs, charges, expenses and
liability which may be incurred in complying with such request
or direction;

(e) with a view to facilitating any dealing under any provisions of

these presents the Debenture Trustee shall have full power to
consent (where such consent is required) to a specified
transaction or class of transactions conditionally;

(f) the Debenture Trustee shall not be responsible for the monies
paid by Applicants for the Debentures;

(g) without prejudice to the rights to indemnity by Law given to the

Debenture Trustee, the Debenture Trustee and every receiver,
attorney, manager, agent or other person appointed by them
shall, subject to the provisions of the Act, be entitled to be
indemnified by the Company in respect of all liabilities and
expenses incurred by them or him in the execution or purported
execution of the powers and trusts thereof and against all actions,
proceedings, costs, claims and demands in respect of any matter
or thing done or omitted and the Debenture Trustee may retain
and pay out of any monies in their hands the amount of any
liabilities and expenses necessary to effect such indemnity and
also remuneration of the Debenture Trustee as herein provided
or otherwise howsoever arising out of or in connection with
these presents or the issue of the Debentures;

(h) the Debenture Trustee shall have full power to determine all
questions and doubts arising in relation to any of the provisions
hereof and every such determination bonafide made (whether or
not the same shall relate wholly or partially to the acts or
proceedings of the Debenture Trustee) in the absence of any
fraud, gross negligence, willful misconduct or breach of trust,
shall be conclusive and binding upon all persons interested
hereunder;

(i) subject to the approval of the Debenture Holders by way of

Special Resolution passed at a meeting of Debenture Holders
held for determining the liability of the Debenture Trustee, the
Debenture Trustee shall not be liable for anything whatsoever
except any fraud, gross negligence, willful misconduct or breach
of trust by the Debenture Trustee;

(j) subject to the approval of the Debenture Holders by way of

Special Resolution passed at a meeting of Debenture Holders
held for determining the liability of the Debenture Trustee, the
Debenture Trustee, except for any fraud, gross negligence,
willful misconduct or breach of trust, shall not be liable for any
default, omission or delay in performing or exercising any of the
powers or trusts herein expressed or contained or any of them or
in enforcing the covenants herein contained or any of them or in

75
 giving notice to any person or persons of the execution hereof or
in taking any other steps which may be necessary, expedient or
desirable or for any loss or injury which may be occasioned by
reason thereof unless the Debenture Trustee shall have been
previously requested by notice in writing to perform, exercise or
do any of such steps as aforesaid given in writing by the Special
Majority Debenture Holder(s) or by a Special Resolution duly
passed at a meeting of the Debenture Holders and the Debenture
Trustee shall not be bound to perform, exercise or do any such
acts, powers or things or to take any such steps unless and until
sufficient moneys shall have been provided or provision to the
satisfaction of the Debenture Trustee made for providing the
same by or on behalf of the Debenture Holders or some of them
in order to provide for any costs, charges and expenses which
the Debenture Trustee may incur or may have to pay in
connection with the same and the Debenture Trustee are
indemnified to their satisfaction against all further costs,
charges, expenses and liabilities which may be incurred in
complying with such request;

(k) notwithstanding any contained to the contrary in this Deed, the

Debenture Trustee shall before taking any action on behalf of the
Debenture Holders or providing any consent on behalf of the
Debenture Holders, obtain the written consent of the Majority
Debenture Holders;

(l) the Debenture Trustee shall forward to the Debenture Holders

copies of any information, documents from the Company
pursuant to this Deed within 2 (two) Business Days of receiving
the same from the Company; and

(m) The Debenture Trustee shall take all reasonable steps to realise
the monies due to the Trust.

(n) The Debenture Trustee shall have the right to rely on notices,
communications, advertisement, website information of Issuer and
any other related party with respect to issue etc.

PROVIDED THAT nothing contained in this Clause shall exempt the

Debenture Trustee or any receiver, attorney, manager, agent or other
person appointed by the Debenture Trustee from or indemnify them
against any liability for breach of trust nor any liability which by virtue
of any rule or Law would otherwise attach to them in respect of any
negligence, default or breach of trust which they may be guilty of in
relation to their duties hereunder.

Due Diligence Due diligence certificate as per the format specified in Schedule IV of the SEBI
(Issue and Listing of Non Convertible Securities) Regulations, 2021 and Annexure
A of the SEBI Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/218 dated
November 03, 2020 has been appended to the PM and will be submitted to BSE

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 Limited along with the draft PM Process of Due Diligence carried out by the
Debenture Trustee

Due Diligence (DD) will be carried out as per DT regulations and circulars issued
by SEBI from time to time, which broadly includes following:
 Practicing Chartered Accountant (CA) / firm of CA appointed by DT will
undertake independent DD at the Debenture Trustee’s behest as per scope
provided, regarding Security given for the issue by the Company.
 CA will verify and ensure that the asset provided by the issuer for creation
of security are free from any encumbrances or necessary permission or
consent has been obtained from existing charge holders. CA will be doing
independent DD as per information provided by the Issuer company.
 Periodical DD will be carried out as per SEBI circulars from time to time
as per nature of security provided.
 Necessary DD certificate will be issued and will be available on Stock
Exchanges from time to time for information of Debenture Holders.

Governing Law and Jurisdiction Subject to the terms of the Debenture Documents, the Debentures will be governed
by and construed in accordance with the laws of India and the courts in Delhi shall
have non-exclusive jurisdiction to determine any dispute arising in relation to the
Debentures.

1. If there is any change in Coupon Rate pursuant to any event including lapse of certain time period or downgrade in
rating, then such new Coupon Rate and events which lead to such change should be disclosed.

2. The list of documents which has been executed in connection with the issue and subscription of debt securities shall
be annexed.

3. The penal interest rates mentioned above as payable by the Issuer are independent of each other.

4. The debt securities are secured to the tune of 100% of the principal and interest amount or as per the terms of
Placement Memorandum, in favour of Debenture Trustee, it is the duty of the Debenture Trustee to monitor that the
security is maintained.

5. The issuer shall provide granular disclosures in their placement memorandum, with regards to the "Object of the
Issue" including the percentage of the issue proceeds earmarked for each of the “object of the issue”.

A. To raise debt to the extent of up to Rs. 49,00,00,000/- (Rupees Forty Nine Crores only) for for originating personal
loans.

The proceeds of the Debentures will not be utilised for:

i. any capital market instrument such as equity, debt, debt linked and equity linked instruments or any other capital
market related activities;
ii. any speculative purposes;
iii. investment in the real estate sector;
iv. in contravention of any guidelines, rules or regulations of the SEBI applicable to non-banking financial companies
related to private placement of the debentures

PROVIDED HOWEVER, the Company shall be entitled to temporarily invest the funds raised by the Issue in liquid
mutual funds and deposits held with scheduled commercial banks for a period not exceeding 15 (fifteen) calendar days

77
 from the Deemed Date of Allotment, if so permitted under applicable Law.

B. While the debt securities are secured to the tune of 100% of the principal and interest amount or as per the terms of
offer document/ information Memorandum, in favour of Debenture Trustee, it is the duty of the Debenture Trustee
to monitor that the security is maintained.

C. Debt securities shall be considered as secured only if the charged asset is registered with Sub-registrar and Registrar
of Companies or CERSAI or Depository etc., as applicable, or is independently verifiable by the debenture trustee.

D. Before making the application for listing of debt securities, the Issuer shall create charge as specified in the Debenture
Trust Deed/ Disclosure Document, in favour of the debenture trustee and also execute debenture trust deed (DTD)
with the Debenture trustee. The Stock Exchange(s) shall list the debt securities only upon receipt of a due diligence
certificate as per format specified in SEBI NCS Regulations from debenture trustee confirming creation of charge
and execution of the Debenture Trust Deed. The charge created by Issuer shall be registered with Sub-registrar,
Registrar of Companies, CERSAI, Depository etc., as applicable, within 30 days of creation of such charge. In case
the charge is not registered anywhere or is not independently verifiable, then the same shall be considered a breach
of covenants/ terms of the issue by the Issuer.

E. In case of default (including delay) in payment of interest and/ or redemption of principal on the due dates for debt
securities issued on private placement additional interest of at least @ 2% p.a. over the coupon rate shall be payable
by the issuer for the defaulting period.

Key Terms to the Issue

Information Covenants

(a) The Company hereby, in addition to the information covenants set out in Clause 2.2.2 of the Debenture Trust
Deed, undertakes to:

(i) provide, prior to the Deemed Date of Allotment, all documents and information and confirmations comprising the
Conditions Precedent;

(ii) Provide the following details on monthly basis (i) debt profile (ii) provisional portfolio cut (iii) collection efficiency;

(iii) Submit a quarterly report to the Debenture Trustee within 45 (Forty Five) days from the end of the relevant quarter
containing the following particulars:

A. Unaudited Financial Statements with notes to accounts

B. Financials and other operational metrics as per the requirement and format agreed with the Trustee from
time to time. Financial covenant compliance certificate signed by a Director or the Chief Financial Officer
or authorized signatory

C. Latest ALM details;

D. Change in the shareholding structure and composition of the board of directors in the Company;

E. Changes in accounting policy;

F. Change in senior management officials (any CXO or equivalent);

G. List of Lenders and Loan / NCD profile;

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 H. Portfolio cuts including number of loans & PAR data in the agreed format;

I. All data required for covenant testing including, TTM Write-off, borrowing profile sheet, CRAR, contingent
liabilities;

J. Updated list of names and address of all Debenture Holders;

K. Details of interest due but unpaid and reasons for the same and timely and accurate payment of the interest
on the Debentures;

L. The number and nature of grievances received from the Debenture Holders and (1) resolved by the Company
and (2) unresolved by the Company and the reasons for the same;

M. Statement that the assets of the Company available as Security are sufficient to discharge the claims of the
Debenture Holders as and when the same become due;

N. Certificate from an statutory auditor certifying (i) the maintenance of the Minimum Security Cover; (ii) that
the loans originated from the proceeds of the Debentures are included in the Secured Assets; (iii) details such
as Loan ID, amount sanctioned, amount outstanding, overdue status of the Identified Receivables forming
part of the Secured Assets.

O. 15 (fifteen) days from the end of each quarter, the Company shall provide a list and details of the Identified
Receivables hypothecated in accordance with Clause 1.4.2 of the Debenture Trust Deed, to the Debenture
Trustee ("Hypothecated Assets Report").

P. The Issuer shall prepare the security cover certificate on quarterly basis and the independent Charted
Accountant of the listed entity shall certify the book values of the assets provided in such certificate. The
certificate shall mention that the Hypothecated Assets are sufficient to discharge the claims of the Debenture
Holders as and when they become due.

Q. On quarterly basis, the Issuer shall furnish the compliance status with respect to financial covenants of the
Debentures certified by statutory auditor to Debenture Trustee.

(iv) Half Yearly Reports – The Issuer shall provide to the Debenture Trustee as per Regulation 51 of SEBI (Listing
Obligations and Disclosure Requirements) Regulation, 2015 on a half-yearly basis certificate regarding maintenance
of hundred percent security cover or higher security cover as per the terms of offer document/ Information
Memorandum and/or Debenture Trust Deed, including compliance with all the covenants, in respect of listed non-
convertible debt securities, by the statutory auditor, along with the financial results, in the manner and format as
specified by SEBI.

(v) Furnish the following to the Debenture Trustee/ Debenture Holders, within a period of 90 (ninety) days from the end
of each Financial Year:

A. Certificate signed by management of the Company, confirming the compliance with the
Financial Covenants on the basis of last audited financial statements of the Company;

B. a one-time certificate from the independent chartered accountant with respect to the use
of the proceeds raised through the issue of Debentures as and when such proceeds have
been completely deployed toward the proposed end-uses within 60 days of disbursement;

(vi) Furnish the annual audited financial statements and audit reports and list comprising of all material financial liabilities

79
 of the Company, within 180 (One Hundred and Eighty) days from the end of each Financial Year;

(vii) In case there is any modification in terms or structure of the Issue viz. change in terms of payment, change in interest
pay-out frequency etc.as specified above, the Company shall, forthwith, inform the same to the Depository;

(viii) upon there being any change in the credit rating assigned to the Debentures, as soon as reasonably practicable
thereafter, a letter notifying the Debenture Trustee of such change in the credit rating of the Debentures, and further
also inform the Debenture Trustee promptly in case there is any default in timely payment of Interest or Redemption
Amount or both, or there is a failure to create charge on the Secured Assets, or there is a breach of any covenants,
terms or conditions by the Company in relation to the Debentures under any Transaction Documents;

(ix) Submit to the Debenture Trustee, a copy of all notices, resolutions and circulars relating to:

A. new issue of non-convertible debt securities at the same time as they are sent to
shareholders/ holders of non-convertible debt securities;

B. the meetings of holders of non-convertible debt securities at the same time as they are sent
to the holders of non-convertible debt securities or advertised in the media including those
relating to proceedings of the meetings;

(x) In case of any developments that impact the status of default of the Debentures (including
restructuring of Debentures, NCLT/ NCLAT proceedings relating to insolvency/ bankruptcy,
repayment, etc.), the Issuer / Debenture Trustee shall intimate the Depositories within 1 (one)
working day of such development; and

(xi) Payment of debt securities or subsequent payment of defaulted Debentures:

In case of receipt of intimation or subsequent intimation to the Depositories regarding full payment
of Outstanding Amounts or any developments that impacts the status of default of the concerned
Debentures (including restructuring of Debentures, proceedings under the Insolvency and
Bankruptcy Code, 2016, its repayment, etc.) from the Issuer or from Debenture Trustee,
transactions shall be restricted in such Debentures by the Depositories immediately.

The process explained above shall be followed either till full payment on these Debentures is made
by the Issuer or the Issuer has been liquidated and money has been realised after completion of
recovery proceedings.

(b) The Company shall, in addition to the information set out herein, provide/ cause to be provided information
in respect of the following promptly and no later than 15 (Fifteen) days from the occurrence of such event
or in case the following event initiated by Company requires board approval then no later than 5 (Five) days
from such board approval:

(i) Inform the Debenture Trustee of any new segment of business started by the Company, other than
the business carried out by the Issuer presently which is outside the scope of the lending activities
of the Issuer;

(ii) Promptly inform the Debenture Trustee of any change in shareholding structure or any change in
the composition of its board of directors or any change in senior management officials (any CXO
or equivalent);

(iii) Notify the Debenture Trustee in writing of any legal proceeding pending or threatened,
investigation, regulatory notices, directions or judicial orders against any of the Company, or any
dispute between the Company and/ or any Governmental Authority, which could result in a
Material Adverse Effect;

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 (iv) Inform the Debenture Trustee of commencement of any proceedings directly affecting the Secured
Property.

(v) Winding up proceedings;

(vi) Material Adverse Effect.

(vii) Any Event of Default or Potential Default and any steps taken to remedy the same.

(viii) Application for insolvency petition under bankruptcy code / NCLT by the issuer or by any
creditor of the Company needs to be notified within 1 calendar day.

(c) The Debenture Trustee shall during the Tenor of the Debentures, have the right to seek such information
regarding the Company, its portfolio, company performance and quality of data shared by it or any other
information as required by the Debenture Trustee from the Company or various counterparties and third
parties including but not limited to any credit bureau, bankers, its lenders or statutory or governmental
authorities.

(d) Reporting to stock exchange

(e) The Company shall disclose all such information to the Debenture Trustee under applicable laws and shall
file with the BSE all such information as required under Chapter V of SEBI (Listing Obligations and
Disclosure Requirements) Regulation, 2015, Operating Circular and NCS Regulations including as required
under SEBI vide circular no. SEBI/HO/DDHS/P/CIR/2023/50 dated March 31, 2023”

Financial Covenants

The Company undertakes as follows (“Financial Covenants”):

(a) Minimum capital ratio of Tier I Capital and Tier II Capital to aggregate risk weighted assets on-balance
sheet and of risk adjusted value of off-balance sheet items shall not be less than 20.00% (Twenty Point Zero
Zero percent) or as per the regulatory minimum prescribed by the Reserve Bank of India under the NBFC
Master Directions, whichever is higher.;

(b) Cumulative Asset Liability mismatch** should always be positive in all the buckets upto 1 year;

(c) Maximum permissible ratio of sum of the Par > 90 and write-offs (on the Issuer's entire portfolio including
receivables sold or discounted on a non-recourse basis) to Trailing Twelve Months Disbursements shall be
6.00% (Six Point Zero Zero percent), write-offs would be calculated for trailing twelve months.

(d) Maximum permissible ratio of Par > 90 net off Loan Loss Provisions (on the Issuer's entire portfolio
including receivables sold or discounted on a non-recourse basis) to Asset Under Management (AUM) shall
be 4.00% (Four Point Zero Zero percent).

i. Maximum permissible ratio of Financial Indebtedness to Tangible Networth shall be 4.00x

(Four Point Zero Zero times).

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 ** - Not more than 50% of the CC / OD / Working capital borrowings that are captured in the less than 1 year bucket
will be assumed to be renewed for the purpose of this cumulative ALM mismatch covenant.

(e) All financial covenants would be tested on a quarterly basis i.e. as on 31st March, 30th June, 30th September
and 31st December every year starting from 31st March 2023 till the redemption of the Debentures and the
Issuer shall furnish the compliance status with respect to financial covenants certified by statutory auditor
to Debenture the Debenture Trustee as specified under SEBI Circular No: SEBI/HO/DDHS/P/CIR/2023/50
dated March 31, 2023. The Financial covenants shall be certified by the Company within 60 (Sixty) calendar
days from end of each reporting quarter.

(f) Without prejudice to its other rights under the Transaction Documents, Debenture Trustee reserves the right
to levy a penalty of a sum equivalent to 1% (One percent) of the amount outstanding under the Debentures
on the Issuer in the event of breach of any of the Financial Covenants ("Penalty for Breach"). In such an
event, the Issuer shall pay the Penalty for Breach to the Debenture Trustee within 30 calendar days from the
date of such breach.

For the purpose of this clause;

“Gross Loan Portfolio” means and includes the outstanding principal amounts of the loans originated by the Issuer
on its own books, securitized portfolio as well as loans originated on behalf of other entities by entering into
partnership agreements but not included on the Issuer's own book.

“Loan Loss Provisions” means the outstanding provision in the balance sheet of the Issuer pertaining to on book
and securitised book assets to provide for potential losses.
The Debenture Trustee shall be granted access to any additional information that it deems necessary to monitor and
evaluate compliance with the aforementioned Financial Covenants.

“Minimum capital ratio” shall be calculated as: (i) first loss credit enhancements provided by the Issuer on
securitization shall be reduced from Tier I Capital and Tier II Capital without any ceiling. (ii) credit enhancements
provided by the Issuer on loans originated on behalf of other institutions shall be reduced from Tier I Capital and Tier
II Capital without any ceiling. The deduction shall be made at 50 per cent from Tier I Capital and 50 per cent from
Tier II Capital. (iii) It is also clarified that in computing the amount of subordinated debt eligible for inclusion in Tier
II Capital, the aforementioned subordinated debt shall be subject to discounting as prescribed by RBI.

“NBFC Master Directions” means the master directions issued by the RBI on Non-Banking Financial Company -
Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016
or Non-Banking Financial Company Non-Systemically Important Non-Deposit taking Company (Reserve Bank)
Directions, 2016 as may be applicable for the Issuer (as amended or modified or restated from time to time).

“PAR 90” shall mean in a district or a branch or on the Issuer's Gross Loan Portfolio at any point of time, as the case
may be, the outstanding principal value of the Issuer's portfolio that has one or more instalments of principal, interest,
penalty interest, fee or any other expected payments overdue for 90 days or more and includes restructured loans.

“Tangible Networth” shall mean with respect to any person, the amount paid up on such person's issued equity share
capital, compulsorily convertible instruments and any amount standing to the credit of its reserves, less equity or
equity-like investments, goodwill, deferred tax assets and other intangible assets.

“Tier I Capital” shall have the meaning given to it in the NBFC Master Directions.

“Tier II Capital” shall have the meaning given to it in the NBFC Master Directions.

Events of Default (including manner of voting/conditions of joining inter creditor agreement)

If one or more of the events specified below happen(s), the same shall constitute an “Event of Default”:

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(f) Failure on the part of the Company to make payment of all or any part of the Interest and/or Redemption
Amount due on the relevant Due Dates, if applicable, unless such failure to pay is caused by administrative
/ technical error and payment is made within 3 (Three) calendar days of the relevant due date;

(g) Failure on the part of the Company to redeem all or any part of the Debentures, on the Scheduled Maturity
Date, in accordance with the terms of the Transaction Documents, unless such failure to pay is caused by
administrative / technical error and payment is made within 3 (Three) calendar days of the relevant due date;

(h) Failure on the part of the Company to create and perfect the security over the Identified Receivables and
failure to ensure that the Minimum Security Cover covenant set out under Clause 1.4.3 Error! Reference
source not found.herein is complied with, which is not remedied within a maximum period of 30 (Thirty)
days;

(i) Failure of the Issuer to comply with ‘any Covenants and Undertakings' set out under any of the Transaction
Documents herein, which breach / non-compliance, if capable of being remedied, has not been remedied to
the satisfaction of the Debenture Trustee, within a maximum period of 30 (Thirty) days from date of receipt
of notice of such non-compliance;

(j) Breach of any Restrictions on Dilution of Stake by Key Shareholders as set out in this Deed

(k) Any or all of the representations and warranties provided by the Company under any Transaction Document,
which representation and warranties materially affect the terms upon which the Debentures are being issued,
being untrue, incomplete, incorrect or misleading or misrepresentation by the Company which has not been
remedied to the satisfaction of the Debenture Trustee, within a maximum period of 30 (Thirty) days from
occurrence;

(l) The Company fails to pay its debts or admits in writing its inability to pay its debts as they mature or suspends
making payment of any of its debts on account of Financial Indebtedness to any Person as they fall due or
suspends or threatens to suspend making payments (whether principal or interest) with respect to its debts
or any notice received by the Company regarding the commencement by any lender or financial creditor of
the Company of, any enforcement action on any security made available / guarantee provided by the
Company;

(m) Any corporate action, insolvency or legal proceedings or other procedure or step is taken in relation to the
Company (including the making of an application, the presentation of a petition, the filing or service of a
notice or the passing of a resolution), which is not withdrawn/dismissed/cured within 30 (Thirty) Business
Days, in relation to:

(i) the suspension of payments, a moratorium of any indebtedness, winding-up, insolvency,

dissolution, administration or reorganisation of the Company with an intention of winding up or
liquidating or declaring insolvent the Company (by way of voluntary arrangement, scheme of
arrangement or otherwise); or

(ii) a composition, compromise, assignment or arrangement with any creditor of the Company; or

(iii) the appointment of a liquidator, supervisor, receiver, administrative receiver, administrator,

compulsory manager, trustee or other similar officer in respect of the Company or any of its assets;
or

(iv) Creditor’s process initiated against the Issuer;

83
(n) A petition for the reorganization, arrangement, adjustment, winding up or composition of debts of the
Company is filed against the Company (voluntary or otherwise) or have been admitted or makes an
assignment for the benefit of its creditors generally;

(o) It is or becomes unlawful for the Company to perform any of its obligations under the Transaction
Documents including relating to the Outstanding Amounts and/or the Security and such a situation if capable
being remedied has not been remedied to the satisfaction of the Debenture Trustee, within a maximum period
of 30 (Thirty) days from occurrence;

(p) An application is filed for insolvency resolution under the Insolvency and Bankruptcy Code, 2016, by the
Issuer;

(q) The Company repudiates a Transaction Document to which it is a party or evidences an intention to repudiate
Transaction Documents to which it is a party;

(r) If the Transaction Documents or any part thereof ceases, for any reason whatsoever, to be valid and binding
or in full force and effect and such a situation if capable being rectified has not been rectified to the
satisfaction of the Debenture Trustee, within a maximum period of 30 (Thirty) days from occurrence;

(s) Any claim, dispute, litigation or proceeding is commenced by or against the Company or its assets or any
order, judgement, decree has been passed by a court or Governmental Authority and such an order,
judgement or decree has attained finality, which shall cause or is likely to cause a Material Adverse Effect;

(t) The Company ceasing or threatening to cease to carry on its respective business;

(u) The occurrence of any event which has a Material Adverse Effect on the Company, as determined by the
Debenture Trustee, acting solely on the instructions of the Majority Debenture Holders;

(v) The Company provides guarantee on behalf of third party, group companies, or any related parties on any
facility or debenture to any bank, NBFCs and/or any debenture holder, without prior written consent of the
Debenture holder / Debenture Trustee;

(w) Any material act of fraud, embezzlement, misstatement, misappropriation or siphoning off, of the Company
/ Promoter funds or revenues or any other act having a similar effect being committed by the management
or an officer of the Issuer;

(x) The Company has taken or suffered to be taken any action for re-organisation of its capital or any
rearrangement, merger or amalgamation without the prior written consent of the Debenture Holders /
Debenture Trustee;

(y) Failure on the part of the Company to utilise the proceeds from the issuance of the Debentures for the
Purposes as set out in Clause 1.2.2 herein;

(z) The Company or any Person who is a director on the board of directors of the Company has been identified
as a wilful defaulter by any bank or financial institution as per the parameters determined by RBI and the
Company has failed to replace such director within a period of 30 (Thirty) days from the date of being
declared a wilful director, from time to time;

(aa) The Company (i) defaults in any payment of any Financial Indebtedness in other agreements entered into by
the Company if any, provided in the instrument or agreement under which such Financial Indebtedness was
created; (ii) defaults in the observance or performance of any agreement or condition relating to any
Financial Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto
or any other event shall occur or condition exist, the effect of which default or other event or condition is to

84
 cause or to permit the holder or holders of such Financial Indebtedness to cause (determined without regard
to whether any notice is required) any such Financial Indebtedness to become due prior to its stated maturity;
or (iii) any Financial Indebtedness of the Company shall be declared to be due and payable, or required to
be prepaid other than by a regularly scheduled required prepayment, prior to the stated maturity thereof.

(bb) Erosion of of 40% or more of the Company’s net worth starting December 31, 2022;

(cc) All or a material part of the undertaking, assets, rights or revenues of the Company are condemned, seized,
nationalised, expropriated or compulsorily acquired, or shall have assumed custody or control of the business
or operations of the Company, or shall have taken any action for the dissolution of the Company, or any
action that would prevent the Company, their member, or their officers from carrying on their business or
operations or a substantial part thereof, by or under the authority of any Government or Government
authority;

(dd) Any of the Transaction Documents failing to provide the security interests, rights, title, remedies, powers or
privileges intended to be created thereby (including the priority intended to be created thereby), or such
security interests failing to have the priority contemplated under the Transaction Documents, or the security
interests becoming unlawful, invalid or unenforceable or the security over the Secured Property is in
jeopardy.

(ee) Failure to credit the Debentures to the dematerialized account of the Debenture Holders with the
Depositories within the timelines set out in this Deed;

(ff) Change in the Control without complying with terms of the Agreement;

(gg) The promoter/s and/or the directors of the Company are convicted of criminal offence involving moral
turpitude, dishonesty or which otherwise impinges on the integrity of the promoter/s and/or director,
including any accusations, charges and/or convictions of any offence relating to bribery;

(hh) The Company creates or attempts to create any charge on the Identified Receivables or any part thereof,
without the prior approval of the Debenture Trustee/Debenture Holders;

(ii) Any breach of financial covenants stipulated in Clause J (d) (i), negative covenants as stated in Clause 1.7.3,
affirmative covenants as stated in mentioned in 1.7.2, information covenants prescribed in 1.7.1, and any
other covenants as set out in this Deed, the same is not cured within the Cure Period; or

Any other event having analogous effect of the above.

85
 SECTION 9 DISCLOSURE PERTAINING TO WILFUL DEFAULT

The following disclosures shall be made if the issuer or its promoter or director is declared wilful defaulter:

I. Name of the bank declaring the entity as a willful defaulter:

Not Applicable

II. The year in which the entity is declared as a willful defaulter:

Not Applicable

III. Outstanding amount when the entity is declared as a willful defaulter:

Not Applicable

IV. Name of the entity declared as a willful defaulter:

Not Applicable

V. Steps taken, if any, for the removal from the list of willful defaulters:
Not Applicable

VI. Other disclosures, as deemed fit by the issuer to enable Investors to take informed decisions:
Not Applicable

a) Any other disclosure as specified by the Board:

Not Applicable

86
 SECTION 10 DECLARATION

The Issuer undertakes and confirms that this Disclosure Document does not omit disclosure of any material fact which may
make the statements made therein, in light of the circumstances under which they are made, misleading. The Disclosure
Document also does not contain any false or misleading statement.

The Issuer accepts no responsibility for the statement made otherwise than in the Disclosure Document or in any other material
issued by or at the instance of the issuer and that any one placing reliance on any other source of information would be doing
so at his own risk.

Without prejudice to the above, the Company and each of the directors of the Company, confirm that:

I. The Issuer undertake that this Disclosure Document contain full disclosures in accordance with SEBI NCS
Regulations, as amended, and Securities and Exchange Board of India (Listing Obligation and Disclosure
Requirements) Regulations, 2015, as amended and Companies (Prospectus and Allotment of Securities) Rules, 2014,
Securities Contracts (Regulation) Act, 1956 and the Securities and Exchange Board of India Act, 1992.

II. the compliance with the Act and the rules does not imply that payment of dividend or interest or repayment of non-
convertible securities, is guaranteed by the Central Government;

III. the monies received under the offer shall be used only for the purposes and objects indicated in the Offer document;

IV. whatever is stated in this form and in the attachments thereto is true, correct and complete and no information material
to the subject matter of this form has been suppressed or concealed and is as per the original records maintained by
the promoters subscribing to the Memorandum of Association and Articles of Association.

I, Vivek Veda, is authorized by the Board Committee (Borrowings) of the Company vide Resolution No. 08 dated April 18,
2023 to sign this Information Memorandum and declare that all the requirements of the Companies Act, 2013 and the rules
made there under in respect of the subject matter of this Information Memorandum and matters incidental thereto have been
complied with. Whatever is stated in this Information Memorandum and in the attachments thereto is true, correct and complete
and no information material to the subject matter of this Disclosure Document has been suppressed or concealed and is as per
the original records maintained by the promoters subscribing to the Memorandum and Articles of Association.

It is further declared and verified that all the required attachments have been completed, correctly and legibly attached to this
form.

For Krazybee Services Private Limited

Vivek Veda
Director
DIN: 07560229

Date:
Place: Bangalore

87
 ANNEXURE I: LAST AUDITED FINANCIAL STATEMENTS
(Financial Statement along with Auditors Report attached seperately)

88
 ANNEXURE II: LASTEST ASSET LIABILITY MANAGEMENT STATEMENT

15 days to 30/31 Over one month Over two Over 3 months

8 days to 14 Over 6 months Over 1 year and Over 3 years and
0 day to 7 days days (One and upto 2 months and and upto 6 Over 5 years Total
Particulars days and upto 1 year upto 3 years upto 5 years
month) months upto 3 months months
X010 X020 X030 X040 X050 X060 X070 X080 X090 X100 X110

A. OUTFLOWS
1.Capital (i+ii+iii+iv) Y010 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 70,248.62 70,248.62
(i) Equity Capital Y020 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 111.80 111.80
(ii) Perpetual / Non Redeemable Preference Shares Y030 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii)) Non-Perpetual / Redeemable Preference Shares Y040 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 70,136.82 70,136.82
(iv) Others Y050 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.Reserves & Surplus (i+ii+iii+iv+v+vi+vii+viii+ix+x+xi+xii+xii+xiii) Y060 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 90,982.75 90,982.75
(i) Share Premium Account Y070 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 71,894.58 71,894.58
(ii) General Reserves Y080 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 861.32 861.32
(iii) Statutory/Special Reserve (Section 45-IC reserve to be shown
Y090
separately below item no.(vii)) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iv) Reserves under Sec 45-IC of RBI Act 1934 Y100 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,675.51 3,675.51
(v) Capital Redemption Reserve Y110 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Debenture Redemption Reserve Y120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Other Capital Reserves Y130 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(viii) Other Revenue Reserves Y140 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ix) Investment Fluctuation Reserves/ Investment Reserves Y150 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(x) Revaluation Reserves (a+b) Y160 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(a) Revl. Reserves - Property Y170 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Revl. Reserves - Financial Assets Y180 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(xi) Share Application Money Pending Allotment Y190 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(xii) Others (Please mention) Y200 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(xiii) Balance of profit and loss account Y210 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,551.34 14,551.34
3.Gifts, Grants, Donations & Benefactions Y220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4.Bonds & Notes (i+ii+iii) Y230 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(i) Plain Vanilla Bonds (As per residual maturity of the instruments) Y240 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Bonds with embedded call / put options including zero coupon / deep
discount bonds ( As per residual period for the earliest exercise date for Y250
the embedded option) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Fixed Rate Notes Y260 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5.Deposits (i+ii) Y270 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(i) Term Deposits from Public Y280 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Others Y290 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6.Borrowings (i+ii+iii+iv+v+vi+vii+viii+ix+x+xi+xii+xiii+xiv) Y300 3,084.56 6,193.36 14,523.05 14,865.23 5,283.22 29,467.90 40,550.13 10,061.89 0.00 0.00 1,24,029.34
(i) Bank Borrowings (a+b+c+d+e+f) Y310 749.79 0.00 3,936.06 2,822.66 824.58 6,163.07 2,817.55 414.08 0.00 0.00 17,727.79
a) Bank Borrowings in the nature of Term Money Borrowings
Y320
(As per residual maturity) 749.79 0.00 824.85 822.66 824.58 3,224.90 2,817.55 414.08 0.00 0.00 9,678.41
b) Bank Borrowings in the nature of WCDL Y330 0.00 0.00 3,000.00 2,000.00 0.00 2,938.17 0.00 0.00 0.00 0.00 7,938.17
c) Bank Borrowings in the nature of Cash Credit (CC) Y340 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
d) Bank Borrowings in the nature of Letter of Credit (LCs) Y350 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
e) Bank Borrowings in the nature of ECBs Y360 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
f) Other bank borrowings Y370 0.00 0.00 111.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 111.21
(ii) Inter Corporate Deposits (Other than Related Parties)
(These being institutional / wholesale deposits, shall be slotted as per Y380
their residual maturity) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Loans from Related Parties (including ICDs) Y390 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iv) Corporate Debts Y400 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(v) Borrowings from Central Government / State Government Y410 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vi) Borrowings from RBI Y420 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii) Borrowings from Public Sector Undertakings (PSUs) Y430 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(viii) Borrowings from Others (Please specify) Y440 2,269.80 749.91 1,777.13 3,959.16 3,316.86 16,469.38 7,323.56 1,124.27 0.00 0.00 36,990.07
(ix) Commercial Papers (CPs) Y450 0.00 0.00 2,976.63 0.00 0.00 2,369.74 0.00 0.00 0.00 0.00 5,346.37
Of which; (a) To Mutual Funds Y460 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) To Banks Y470 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c) To NBFCs Y480 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(d) To Insurance Companies Y490 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(e) To Pension Funds Y500 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(f) To Others (Please specify) Y510 0.00 0.00 2,976.63 0.00 0.00 2,369.74 0.00 0.00 0.00 0.00 5,346.37
(x) Non - Convertible Debentures (NCDs) (A+B) Y520 64.97 5,443.45 5,833.23 8,083.41 1,141.78 4,465.71 30,409.02 8,523.54 0.00 0.00 63,965.11
A. Secured (a+b+c+d+e+f+g) Y530 64.97 5,443.45 5,833.23 8,083.41 1,141.78 4,465.71 30,409.02 8,523.54 0.00 0.00 63,965.11
Of which; (a) Subscribed by Retail Investors Y540 0.00 1,864.20 4,465.17 869.62 211.05 381.84 14,618.85 2,381.86 0.00 0.00 24,792.59
(b) Subscribed by Banks Y550 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c) Subscribed by NBFCs Y560 0.00 1,664.46 0.00 23.17 0.00 703.94 2,376.69 2,348.18 0.00 0.00 7,116.44
(d) Subscribed by Mutual Funds Y570 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(e) Subscribed by Insurance Companies Y580 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(f) Subscribed by Pension Funds Y590 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(g) Others (Please specify) Y600 64.97 1,914.79 1,368.06 7,190.62 930.73 3,379.93 13,413.48 3,793.50 0.00 0.00 32,056.08

B. Un-Secured (a+b+c+d+e+f+g) Y610 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Of which; (a) Subscribed by Retail Investors Y620 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Subscribed by Banks Y630 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c) Subscribed by NBFCs Y640 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(d) Subscribed by Mutual Funds Y650 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(e) Subscribed by Insurance Companies Y660 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(f) Subscribed by Pension Funds Y670 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(g) Others (Please specify) Y680 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(xi) Convertible Debentures (A+B)
(Debentures with embedded call / put options
Y690
As per residual period for the earliest exercise date for the embedded
option) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A. Secured (a+b+c+d+e+f+g) Y700 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Of which; (a) Subscribed by Retail Investors Y710 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Subscribed by Banks Y720 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c) Subscribed by NBFCs Y730 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(d) Subscribed by Mutual Funds Y740 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(e) Subscribed by Insurance Companies Y750 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(f) Subscribed by Pension Funds Y760 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(g) Others (Please specify) Y770 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B. Un-Secured (a+b+c+d+e+f+g) Y780 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Of which; (a) Subscribed by Retail Investors Y790 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Subscribed by Banks Y800 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c) Subscribed by NBFCs Y810 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(d) Subscribed by Mutual Funds Y820 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(e) Subscribed by Insurance Companies Y830 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(f) Subscribed by Pension Funds Y840 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(g) Others (Please specify) Y850 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(xii) Subordinate Debt Y860 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(xiii) Perpetual Debt Instrument Y870 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(xiv) Security Finance Transactions(a+b+c+d) Y880 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
a) Repo
Y890
(As per residual maturity) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
b) Reverse Repo
Y900
(As per residual maturity) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
c) CBLO
Y910
(As per residual maturity) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
d) Others (Please Specify) Y920 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

89
 7.Current Liabilities & Provisions (a+b+c+d+e+f+g+h) Y930 7,867.46 4.07 1,654.93 1,612.05 836.69 39.73 313.89 131.99 3,692.20 1,039.73 17,192.74
a) Sundry creditors Y940 1,211.68 0.00 1,211.68 1,599.41 823.94 0.00 0.00 0.00 0.00 0.00 4,846.71
b) Expenses payable (Other than Interest) Y950 67.22 4.07 443.25 12.64 12.75 39.73 72.47 131.99 44.19 0.00 828.31
(c) Advance income received from borrowers pending adjustment Y960 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,039.73 1,039.73
(d) Interest payable on deposits and borrowings Y970 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(e) Provisions for Standard Assets Y980 6,588.56 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,588.56
(f) Provisions for Non Performing Assets (NPAs) Y990 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,648.01 0.00 3,648.01
(g) Provisions for Investment Portfolio (NPI) Y1000 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(h) Other Provisions (Please Specify) Y1010 0.00 0.00 0.00 0.00 0.00 0.00 241.42 0.00 0.00 0.00 241.42
8.Statutory Dues Y1020 178.81 0.00 495.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 674.00
9.Unclaimed Deposits (i+ii) Y1030 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(i) Pending for less than 7 years Y1040 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Pending for greater than 7 years Y1050 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10.Any Other Unclaimed Amount Y1060 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11.Debt Service Realisation Account Y1070 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
12.Other Outflows Y1080 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
13.Outflows On Account of Off Balance Sheet (OBS) Exposure
Y1090
(i+ii+iii+iv+v+vi+vii) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(i)Loan commitments pending disbursal Y1100 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii)Lines of credit committed to other institution Y1110 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii)Total Letter of Credits Y1120 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iv)Total Guarantees Y1130 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(v) Bills discounted/rediscounted Y1140 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vi)Total Derivative Exposures (a+b+c+d+e+f+g+h) Y1150 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(a) Forward Forex Contracts Y1160 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Futures Contracts Y1170 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c) Options Contracts Y1180 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(d) Forward Rate Agreements Y1190 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(e) Swaps - Currency Y1200 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(f) Swaps - Interest Rate Y1210 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(g) Credit Default Swaps Y1220 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(h) Other Derivatives Y1230 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(vii)Others Y1240 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A. TOTAL OUTFLOWS (A)
Y1250
(Sum of 1 to 13) 11,130.83 6,197.43 16,673.17 16,477.28 6,119.91 29,507.63 40,864.02 10,193.88 3,692.20 1,62,271.10 3,03,127.45
A1. Cumulative Outflows Y1260 11,130.83 17,328.26 34,001.43 50,478.71 56,598.62 86,106.25 1,26,970.27 1,37,164.15 1,40,856.35 3,03,127.45 3,03,127.45
B. INFLOWS
1. Cash (In 1 to 30/31 day time-bucket) Y1270 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2. Remittance in Transit Y1280 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3. Balances With Banks Y1290 20,652.43 0.00 2,052.03 105.02 0.00 2,381.00 2,241.41 0.00 0.00 25.74 27,457.63
a) Current Account
(The stipulated minimum balance be shown in 6 months to 1 year bucket.
Y1300
The balance in excess of the minim balance be shown in 1 to 30 day time
bucket) 16,652.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,652.43
b) Deposit Accounts /Short-Term Deposits
Y1310
(As per residual maturity) 4,000.00 0.00 2,052.03 105.02 0.00 2,381.00 2,241.41 0.00 0.00 25.74 10,805.20
4.Investments (i+ii+iii+iv+v) Y1320 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(i)Statutory Investments (only for NBFCs-D) Y1330 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Listed Investments Y1340 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(a) Current Y1350 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Non-current Y1360 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Unlisted Investments Y1370 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(a) Current Y1380 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Non-current Y1390 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iv) Venture Capital Units Y1400 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(v) Others (Please Specify) Y1410 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5.Advances (Performing) Y1420 23,720.22 10,210.91 8,604.69 38,550.42 34,805.14 77,646.00 67,112.90 21,856.61 0.00 0.00 2,82,506.89
(i) Bills of Exchange and Promissory Notes discounted & rediscounted
Y1430
(As per residual usance of the underlying bills) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Term Loans
(The cash inflows on account of the interest and principal of the loan
Y1440
may be slotted in respective time buckets as per the timing of the cash
flows as stipulated in the original / revised repayment schedule) 21,099.37 8,898.92 7,903.31 34,100.43 31,087.22 70,133.30 61,325.58 20,446.74 0.00 0.00 2,54,994.87
(a) Through Regular Payment Schedule Y1450 21,099.37 8,898.92 7,903.31 34,100.43 31,087.22 70,133.30 61,325.58 20,446.74 0.00 0.00 2,54,994.87
(b) Through Bullet Payment Y1460 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Interest to be serviced through regular schedule Y1470 2,620.85 1,311.99 701.38 4,449.99 3,717.92 7,512.70 5,787.32 1,409.87 0.00 0.00 27,512.02
(iv) Interest to be serviced to be in Bullet Payment Y1480 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6.Gross Non-Performing Loans (GNPA) Y1490 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,567.56 0.00 5,567.56
(i) Substandard Y1500 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,567.56 0.00 5,567.56
(a) All over dues and instalments of principal falling due during the
next three years Y1510
(In the 3 to 5 year time-bucket) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,567.56 0.00 5,567.56
(b) Entire principal amount due beyond the next three years
Y1520
(In the over 5 years time-bucket) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii) Doubtful and loss Y1530 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(a) All instalments of principal falling due during the next five years as
also all over dues Y1540
(In the over 5 years time-bucket) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Entire principal amount due beyond the next five years
Y1550
(In the over 5 years time-bucket) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
7. Inflows From Assets On Lease Y1560 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
8. Fixed Assets (Excluding Assets On Lease) Y1570 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 71.93 0.00 71.93
9. Other Assets : Y1580 3,538.24 790.65 5,383.28 785.98 785.83 177.26 3,047.69 521.85 0.00 4.69 15,035.47
(a) Intangible assets & other non-cash flow items
Y1590
(In the 'Over 5 year time bucket) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.69 4.69
(b) Other items (e.g. accrued income,
other receivables, staff loans, etc.) Y1600
(In respective maturity buckets as per the timing of the cash flows)
3,538.24 790.65 5,383.28 785.98 785.83 177.26 3,047.69 521.85 0.00 0.00 15,030.78
(c) Others Y1610 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10.Security Finance Transactions (a+b+c+d) Y1620 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
a) Repo
Y1630
(As per residual maturity) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
b) Reverse Repo
Y1640
(As per residual maturity) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
c) CBLO
Y1650
(As per residual maturity) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
d) Others (Please Specify) Y1660 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11.Inflows On Account of Off Balance Sheet (OBS) Exposure (i+ii+iii+iv+v) Y1670 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(i)Loan committed by other institution pending disbursal Y1680 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(ii)Lines of credit committed by other institution Y1690 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iii) Bills discounted/rediscounted Y1700 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(iv)Total Derivative Exposures (a+b+c+d+e+f+g+h) Y1710 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(a) Forward Forex Contracts Y1720 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(b) Futures Contracts Y1730 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(c) Options Contracts Y1740 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(d) Forward Rate Agreements Y1750 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(e) Swaps - Currency Y1760 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(f) Swaps - Interest Rate Y1770 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(g) Credit Default Swaps Y1780 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(h) Other Derivatives Y1790 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(v)Others Y1800 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
B. TOTAL INFLOWS (B)
Y1810
(Sum of 1 to 11) 47,910.89 11,001.56 16,040.00 39,441.42 35,590.97 80,204.26 72,402.00 22,378.46 5,639.49 30.43 3,30,639.48
C. Mismatch (B - A) Y1820 36,780.06 4,804.13 -633.17 22,964.14 29,471.06 50,696.63 31,537.98 12,184.58 1,947.29 -1,62,240.67 27,512.03
D. Cumulative Mismatch Y1830 36,780.06 41,584.19 40,951.02 63,915.16 93,386.22 1,44,082.85 1,75,620.83 1,87,805.41 1,89,752.70 27,512.03 27,512.03
E. Mismatch as % of Total Outflows Y1840 330.43% 77.52% -3.80% 139.37% 481.56% 171.81% 77.18% 119.53% 52.74% -99.98% 9.08%
F. Cumulative Mismatch as % of Cumulative Total Outflows Y1850 330.43% 239.98% 120.44% 126.62% 165.00% 167.33% 138.32% 136.92% 134.71% 9.08% 9.08%

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ANNEXURE III: CREDIT RATING LETTER

91
92
ANNEXURE IV: CONSENT LETTER FROM THE DEBENTURE TRUSTEE

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ANNEXURE V: BOARD COMMITTEE (BORROWINGS) RESOLUTION

94
95
96
ANNEXURE VI: SHAREHOLDERS RESOLUTION

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98
ANNEXURE VII: DUE DILIGENCE CERTIFICATE FROM DEBENTURE TRUSTEE

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ANNEXURE VIII: UNDERTAKING PURSUANT TO REGULATION 43 (2) OF THE SEBI NCS
REGAULTIONS

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 ANNEXURE IX: APPLICATION FORM
Krazybee Services Private Limited
A Private Limited Company/public limited company incorporated under the Companies Act, 1956/2013

Corporate Identity Number (CIN): U65100KA2016PTC086990

Permanent Account Number: AAGCK1119D
Date and Place of Incorporation: March 16, 2016, Bengaluru, Karnataka, India
Certificate of Registration issued by Reserve Bank of India: N-02.00281
Registered Office: 3rd Floor, No.128/9, Maruthi Sapphire, HAL Airport Road, Murgesh Palya, Bangalore -
560017
Corporate Office: 3rd Floor, No.128/9, Maruthi Sapphire, HAL Airport Road, Murgesh Palya, Bangalore - 560017
Telephone No: 080-41275009, Website: www.kbnbfc.in , Email: [email protected]

DEBENTURE SERIES APPLICATION FORM SERIAL NO.

Issue of 4900 (Four Thousand And Nine Hundred) Rated Senior Secured Listed Transferable Redeemable Non-
convertible debentures of face value of INR 1,00,000/- (Indian Rupees One Lakhs only) each, aggregating up to INR
1,00,000 (Indian Rupees One Lakh ) on a private placement basis (the “Issue”).

DEBENTURE SERIES APPLIED FOR:

Number of Debentures: ____In words: __________-only

Amount INR________/-In words Indian Rupees :__________Only

DETAILS OF PAYMENT:

Cheque / Demand Draft / RTGS

No. _____________ Drawn on_____________________________________________

Funds transferred to [●]

Dated ____________

Total Amount Enclosed

(In Figures) INR_/- (In words) _Only

APPLICANT’S NAME IN FULL (CAPITALS) SPECIMEN SIGNATURE

APPLICANT’S ADDRESS

ADDRESS

STREET
CITY
PIN PHONE FAX

101
APPLICANT’S PAN/GIR NO. _____________ IT CIRCLE/WARD/DISTRICT ____

I AM/ WE ARE ( ) COMPANY ( ) OTHERS ( ) SPECIFY __________

We have read and understood the Terms and Conditions of the issue of Debentures including the Risk Factors described in the
placement memorandum dated May 29, 2023 ("Placement Memorandum") issued by the Issuer and have considered these
in making our decision to apply. We bind ourselves to these Terms and Conditions and wish to apply for allotment of these
Debentures. We request you to please place our name(s) on the Register of Debenture Holders.

Name of the Authorised Signatory(ies) Designation Signature

Applicant’s Signature:
We the undersigned, are agreeable to holding the Debentures of the Company in dematerialised form. Details of my/our
Beneficial Owner Account are given below:

DEPOSITORY NSDL/CDSL
DEPOSITORY PARTICIPANT NAME
DP-ID
BENEFICIARY ACCOUNT NUMBER
NAME OF THE APPLICANT(S)

Applicant Bank Account:

(Settlement by way of Cheque / Demand Draft / Pay

Order / Direct Credit / ECS / NEFT/RTGS/other
permitted mechanisms)

FOR OFFICE USE ONLY

DATE OF RECEIPT ________________ DATE OF CLEARANCE ________________

(Note: Cheque and Drafts are subject to realisation)

We understand and confirm that the information provided in the Placement Memorandum is provided by the Issuer and the
same has not been verified by any legal advisors to the Issuer, and other intermediaries and their agents and advisors associated
with this Issue. We confirm that we have for the purpose of investing in these Debentures carried out our own due diligence
and made our own decisions with respect to investment in these Debentures and have not relied on any representations made
by anyone other than the Issuer, if any.

We understand that: i) in case of allotment of Debentures to us, our Beneficiary Account as mentioned above would get
credited to the extent of allotted Debentures, ii) we must ensure that the sequence of names as mentioned in the Application
Form matches the sequence of name held with our Depository Participant, iii) if the names of the Applicant in this application
are not identical and also not in the same order as the Beneficiary Account details with the above mentioned Depository
Participant or if the Debentures cannot be credited to our Beneficiary Account for any reason whatsoever, the Company shall
be entitled at its sole discretion to reject the application or issue the Debentures in physical form.

102
Applicant’s
Signature

FOR OFFICE USE ONLY

DATE OF RECEIPT ______________________ DATE OF CLEARANCE _________________
(Note : Cheque and Drafts are subject to realisation)

-------------------------------------------------(TEAR HERE)--------------------------------------------
ACKNOWLEDGMENT SLIP
(To be filled in by Applicant) SERIAL NO. 1 - - - - - - - -

Received from _______________________________________________

Address________________________________________________________________
______________________________________________________________________
Cheque/Draft/UTR # ______________ Drawn on _______________________________ for INR _____________ on account
of application of _____________________ Debenture

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INSTRUCTIONS

1. Application form must be completed in full, IN ENGLISH.

2. Signatures must be made in English or in any of the Indian languages. Thumb Impressions must be attested by an
authorized official of the Bank or by a Magistrate/Notary Public under his/her official seal.

3. Application form, duly completed in all respects, must be submitted with the respective Collecting Bankers. The
payment is required to be made to the following account of ICCL by way of an electronic transfer, in accordance
with the terms of the EBP Guidelines:

Name of Bank HDFC BANK Limited ICICI Bank Ltd. YES Bank Limited
INDIAN CLEARING INDIAN CLEARING INDIAN CLEARING
CORPORATION CORPORATION CORPORATION
Beneficiary Name LIMITED LIMITED LIMITED
Account Number ICCLEB ICCLEB ICCLEB
IFSC Code HDFC0000060 ICIC0000106 YESB0CMSNOC

Mode Electronic Electronic Electronic

The Company undertakes that the application money deposited in the above-mentioned bank account shall not be
utilized for any purpose other than
a) for adjustment against allotment of securities; or
b) for the repayment of monies where the company is unable to allot securities.

4. Receipt of applicants will be acknowledged by the Company in the “Acknowledgement Slip” appearing below the
application form. No separate receipt will be issued.

5. All applicants should mention their Permanent Account No. or their GIR No. allotted under Income Tax Act, 1961
and the Income Tax Circle/Ward/District. In case where neither the PAN nor the GIR No. has been allotted, the fact
of non-allotment should be mentioned in the application form in the space provided. Income Tax as applicable will
be deducted at source at the time of payment of interest including interest payable on application money.

6. The application would be accepted as per the terms of the manner outlined in the transaction documents for the private
placement.

104
 ANNEXURE X- DECLARATION OF PROMOTER

We/ hereby declare that the that the Permanent Account Number, Aadhaar Number, Driving License Number, Bank Account
Number(s) and Passport Number of the promoters and Permanent Account Number of directors have been submitted to the
stock exchanges on which the nonconvertible securities are proposed to be listed.

Authorized Signatory

__________

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 ANNEXURE XI- PAS 4
Private Placement Offer cum Application Letter
Serial Number:
Addressed to:

Date:

FORM NO PAS-4
PRIVATE PLACEMENT OFFER CUM APPLICATION LETTER
("PBOA")

ISSUE UPTO 4,900 (FOUR THOUSAND NINE HUNDRED) FULLY PAID, RATED, LISTED, SENIOR, SECURED,
REDEEMABLE, TRANSFERABLE, NON-CONVERTIBLE DEBENTURES HAVING A FACE VALUE OF INR 1,00,000
(INDIAN RUPEES ONE LAKH ONLY) EACH, AGGREGATING TO A TOTAL AMOUNT OF INR 49, 00,00,000
(INDIAN RUPEES FORTY NINE CRORES ONLY),

[Pursuant to Section 42 and Rule 14(3) of the Companies (Prospectus and Allotment of Securities) Rules, 2014
This Form No PAS-4 is prepared in accordance with the Companies (Prospectus and Allotment of Securities) Rules, 2014]
KRAZYBEE SERVICES PRIVATE LIMITED
PART A
1. General Information:

Name, address, website and other contact details of the Company, indicating both registered office and the
corporate office:

Issuer / Company: Krazybee Services Private Limited

Registered Office: 3rd Floor, No.128/9, Maruthi Sapphire,
HAL Airport Road, Murgesh Palya,
Bangalore, Karnataka 560017
Website: https://www.kbnbfc.in/
Contact Person: Mr. Vivek Veda
Email: [email protected]

Date of Incorporation of the Company:

March 16, 2016

Business carried on by the Company and its subsidiaries with the details of branches or units, if any;

Krazybee Services Private Limited (the Company) is a Systemically Important, Non-Deposit Taking, Non-Banking
Finance Company (NBFC-ND-SI), which is regulated by the Reserve Bank of India (RBI). The company was co-
founded by Madhusudhan Ekambaram and Karthikeyan Krishnawamy in March 2016 and received an NBFC license
from the RBI in May 2017.

KrazyBee offers unsecured personal loans of up to Rs. 2,00,000 to young professionals with a tenor of up to 15
months. Company’s mission is financial inclusion of masses and enabling consumer credit for 400 Mn+ Indian
consumers via technology, especially for those who are new to credit and do not have credit history, which is
consistent with Government of India’s (‘GoI’) priority.

KrazyBee operates in the fintech lending space and its entire loan origination is via the mobile application platform
under the brand name - “KreditBee”. The company has till date catered to ~3.5 million young professionals

106
 (compared to an addressable target market of 180 million), disbursed 10,300 Crore+ value of loans across 2 Crore
number of loans.

The founders and the management each have 10-15 years of experience in the areas of technology, operations, project
management, sales, finance, risk management, data science, digital marketing and quantitative analysis.

KrazyBee is headquartered in Bangalore and has a lending presence across India. It is a 99.449% subsidiary of a
Singapore-based entity named Finnov Private Limited (‘Finnov’). Finnov has till date ~USD 90M in equity from
renowned and reputed investors namely, Premji Invest, Motilal Oswal Private Equity, NewQuest, Alpine Capital and
Mirae Asset Ventures.

Brief particulars of the management of the Company:

Management Details
Name Designation Experience
Madhusudan Director Madhusudan has over 15 years of experience across Product Portfolio Management,
Ekambaram Business Innovation, Sales and Business Development. Add to that his personal interest
of money lending (lent over $200,000 at 24% interest rate per annum) & chit business
(was the Fund Manager for his chit business of size $1.8 million, with 50 members
contributing $375 per month).
Madhusudan also co-founded FACE (Fintech Association of Consumer
Empowerment), a not for profit organization, with the intent to work with all
stakeholders including the consumers, regulators, policymakers to proactively evolve
consumer-centric practices in the Indian Fin-Tech digital lending space.
Madhusudan has completed his BE in Information Technology from NIT Suratkal.
Karthikeyan Director
Krishnaswamy Karthikeyan has over 12 years of experience in Technology and Products. He has
good experience across server/ consumer domains and commonly used languages
(JAVA, C, PHP etc) and has conceptualized & commercialized many micro-
innovations and software solutions targeted for India and South Pacific market. He
started his career at Innovo Solutions and worked there for 5 years. This was followed
by an 8 years stint at Huawei where he was the System Architect. This was followed
by a one-year stint as CTO at NTT Solutions. At KrazyBee, he led the entire technical
implementation which includes website development, B2C app roll out and Campus
Manager app roll out.
Karthikeyan has completed Masters in Computer Science from National University of
Singapore (NUS).
Vivek Veda Director
Vivek has over 14 years of experience dealing in multiple domains in Finance. He is
a Chartered Accountant by qualification and has done his B.Com from Delhi
University. He started his career as a Consultant at S.S.Kothari Mehta & Co, where
he worked for 4 years (including internship years) and was involved in valuation for
M&A, merger, demerger, private equity placement etc. This was followed by a 4
year stint at HSBC Global Banking & Markets (Assistant Manager), 3 years at
Edelweiss Capital (Mid cap analyst), 1 year at Espirito Santo Investment Bank
(Consumer analyst) and 2 years as Emerging Markets Consumer Research Analyst
at Societe Generale.

Name, address, director identification number (DIN) and occupations of the directors:

Sl. No. Name of the Directors Address DIN Occupation

1 Madhusudan Ekambaram No.296, Behind 07442577 Director
JubleeCollege,
JinkethimmanaHalli,

107
 Ramamurthy Nagar,
Bengaluru 560036 KA IN
2 Karthikeyan Krishnaswamy K-701,SNN Raj Lake 07449376 Director
View Apts, 29th Main
Road NS Palya Main
Road, BTM Layout,
Bengaluru 560076 KA IN
3 Vivek Veda Flat No. 1073, Shoba 07560229 Director
Daisy Apartment,
Bellandur, Green Glay
Layout, Bangalore
560103 KA IN
4 Adesh Gupta Kumar 701, Tagore Avenue, 00020403 Independent Director
Tagore Road, Santacruz
(West), Mumbai - 400
054.
5 Abhishek Singhvi B-803, Joy Valencia, Off 07972535 Independent Director
J V L R, Jogeshwari East,
Mumbai -400060
6 Gopalakrishna Gurrappa B 301-302, Lady Ratan 06407040 Independent Director
Tower, Dainik Shivner
Marg, Gandhi
Nagar Behind Four
Seasons Hotel Upper
Worli Lower
Mumbai
Maharashtra
400018
India

Management perception of Risk Factors:

1. Repayment is subject to the Credit Risk of the Issuer.

Potential investors should be aware that receipt of the principal amount (i.e. the redemption amount) and any other
amounts that may be due in respect of the Debentures is subject to the credit risk of the Issuer. Potential investors
assume the risk that the Issuer will not be able to satisfy their obligations under the Debentures. In the event that
bankruptcy proceedings or composition, scheme of arrangement or similar proceedings to avert bankruptcy are
instituted by or against the Issuer, the payment of sums due on the Debentures may not be made or may be
substantially reduced or delayed.

2. THE SECONDARY MARKET FOR DEBENTURES MAY BE ILLIQUID.

The Debentures may be very illiquid and no secondary market may develop in respect thereof. Even if there is a
secondary market for the Debentures, it is not likely to provide significant liquidity. Potential investors may have to
hold the Debentures until redemption to realize any value.

3. TAX CONSIDERATIONS AND LEGAL CONSIDERATIONS

Special tax considerations and legal considerations may apply to certain types of investors. Potential investors are
urged to consult with their own financial, legal, tax and other advisors to determine any financial, legal, tax and other
implications of this investment.

4. ACCOUNTING CONSIDERATIONS
Special accounting considerations may apply to certain types of taxpayers. Potential investors are urged to consult
with their own accounting advisors to determine implications of this investment.

108
5. THERE MAY BE DELAY OR FAILURE IN RECOVERING THE EXPECTED VALUE OF ASSETS
CHARGED AS SECURITY
In the event that the Company is unable to meet its payment and other obligations towards Investors under the terms
of the Debentures, the Debenture Trustee may enforce the Security as per the terms of security documents, and other
related documents. The Investors recovery in relation to the Debentures will be subject to realisable value of assets
charged as security and any failure or delay to recover the expected value of the assets charged as security in
connection with the NCDs could expose the investors to a potential loss.

6. MATERIAL CHANGES IN REGULATIONS TO WHICH THE ISSUER IS SUBJECT COULD IMPAIR THE
ISSUER’S ABILITY TO MEET PAYMENT OR OTHER OBLIGATIONS.
The Issuer is subject generally to changes in Indian law, as well as to changes in government regulations and policies
and accounting principles. Any changes in the regulatory framework could adversely affect the profitability of the
Issuer or its future financial performance, by requiring a restructuring of its activities, increasing costs or otherwise.

7. LEGALITY OF PURCHASE
Potential investors of the Debentures will be responsible for the lawfulness of the acquisition of the Debentures,
whether under the laws of the jurisdiction of its incorporation or the jurisdiction in which it operates or for compliance
by that potential investor with any law, regulation or regulatory policy applicable to it.

8. POLITICAL AND ECONOMIC RISK IN INDIA

The Issuer operates only within India and, accordingly, all of its revenues are derived from the domestic market. As
a result, it is highly dependent on prevailing economic conditions in India and its results of operations are significantly
affected by factors influencing the Indian economy. An uncertain economic situation, in India and globally, could
result in a further slowdown in economic growth, investment and consumption. A slowdown in the rate of growth in
the Indian economy could result in lower demand for credit and other financial products and services and higher
defaults. Any slowdown in the growth or negative growth of sectors where the Issuer has a relatively higher exposure
could adversely impact its performance. Any such slowdown could adversely affect its business, prospects, results of
operations and financial condition.

9. RISKS RELATED TO THE BUSINESS OF THE ISSUER

1. Majority of the Issuer’s loans are unsecured and the clients of these loans are of the high risk category and if the
Issuer is unable to control the level of non-performing loans (“NPAs”) in the future, or if the Issuer’s loan loss
reserves are insufficient to cover future loan losses, the financial condition and results of operations may be
materially and adversely affected.
The loans provided by the Issuer are unsecured and if the Issuer is unable to control the level of non-performing loans
(“NPAs”) in the future, or if the loan loss reserves are insufficient to cover future loan losses, the financial condition
of the Issuer and results of operations may be materially and adversely affected.

The Issuer cannot assure that the Issuer will be able to effectively control and reduce the level of the impaired loans
in its total loan portfolio. The amount of the Issuer’s reported non-performing loans may increase in the future as a
result of growth in the total loan portfolio, and also due to factors beyond the Issuer’s control, such as over-extended
member credit that we are unaware of. Failure to manage NPAs or effect recoveries will result in operations being
adversely affected.
The Issuer’s current loan loss reserves may not be adequate to cover an increase in the amount of NPAs or any future
deterioration in the overall credit quality of the Issuer’s total loan portfolio. As a result, if the quality of the Issuer’s
total loan portfolio deteriorates the Issuer may be required to increase the loan loss reserves, which will adversely
affect the Issuer’s financial condition and results of operations. The Issuer’s members largely belong to low-income
segment and, as a result, might be vulnerable if economic conditions worsen or growth rates decelerate in India, or if
there are natural disasters such as floods and droughts in areas where the Issuer’s members live. Moreover, there is
no precise method for predicting loan and credit losses, and the Issuer cannot assure that the Issuer’s monitoring and

109
 risk management procedures will effectively predict such losses or that loan loss reserves will be sufficient to cover
actual losses. If the Issuer is unable to control or reduce the level of its NPAs or poor credit quality loans, the Issuer’s
financial condition and results of the Issuer’s operations could be materially and adversely affected.

2. The Issuer’s is exposed to operational risks, including employee negligence, petty theft, burglary, embezzlement and
fraud by employees, agents, customers or third parties, which could harm our Company’s results of operations
and financial position.
The issuer is exposed to many types of operational risks. Operational risks can result from a variety of factors,
including failure to obtain proper internal authorisations, improperly documented transactions, failure of operational
and information security procedures, computer systems, software or equipment, fraud, inadequate training and
employee errors. The issuer attempts to mitigate operational risk by maintaining a comprehensive system of internal
controls, establishing systems and procedures to monitor transactions, maintaining key back-up procedures,
undertaking regular contingency planning and providing employees with continuous training. Any failure to mitigate
such risks may adversely affect our Company’s business and results of operations.
The Issuer’s dependence upon automated systems to record and process transactions may increase the risk that
technical system flaws or employee tampering or manipulation of those systems will result in losses that are difficult
to detect.
The Issuer maintains an internal audit process to ensure the operations team follows the defined procedures and
reports any deviations to the operations staff and management team. The Issuer also has a strong MIS system that has
a wide range of data that can be used to monitor financial and operational performance.

3. Loans due within one year account for almost all of the Issuer’s interest income, and a significant reduction in short
term loans may result in a corresponding decrease in its interest income.
All of the loans the Issuer issues are due within approximately one year of disbursement. Any potential instability of
the Issuer’s interest income could materially and adversely affect the Issuer’s results of operations and financial
position.
The loans given by the issuer are at fixed interest rate, and the tenor of the underlying asset is from 62 days to One
year which has provided stability to the portfolio and interest income and has also smoothened operating expense.
4. The Issuer is exposed to certain political, regulatory and concentration of risks
Due to the nature of its operations, the Issuer is exposed to political, regulatory and concentration risks. The Issuer
believes a mitigate to this is to expand its geographical reach and may consequently expand its operations other states.
If it is not effectively able to manage such operations and expansion, it may lose money invested in such expansion,
which could adversely affect its business and results of operations.
5. Large scale attrition, especially at the senior management level, can make it difficult for the Issuer to manage its
business.
If the Issuer is not able to attract, motivate, integrate or retain qualified personnel at levels of experience that are
necessary to maintain the Issuer’s quality and reputation, it will be difficult for the Issuer to manage its business and
growth. The Issuer depends on the services of its executive officers and key employees for its continued operations
and growth. In particular, the Issuer’s senior management has significant experience in the vehicle finance, banking
and financial services industries. The loss of any of the Issuer’s executive officers, key employees or senior managers
could negatively affect its ability to execute its business strategy, including its ability to manage its rapid growth. The
Issuer’s business is also dependent on its team of personnel who directly manage its relationships with its members.
The Issuer’s business and profits would suffer adversely if a substantial number of such personnel left the Issuer or
became ineffective in servicing its members over a period of time. The Issuer’s future success will depend in large
part on its ability to identify, attract and retain highly skilled managerial and other personnel. Competition for
individuals with such specialized knowledge and experience is intense in this industry, and the Issuer may be unable
to attract, motivate, integrate or retain qualified personnel at levels of experience that are necessary to maintain its
quality and reputation or to sustain or expand its operations. The loss of the services of such personnel or the inability

110
 to identify, attract and retain qualified personnel in the future would make it difficult for the Issuer to manage its
business and growth and to meet key objectives.
6. The Issuer’s business and results of operations would be adversely affected by strikes, work stoppages or increased
wage demands by employees
The employees are not currently unionized. However, there can be no assurance that they will not unionize in the
future. If the employees unionize, it may become difficult to maintain flexible labour policies, and could result in
high labour costs, which would adversely affect the Issuer’s business and results of operations.
7. The Issuer’s insurance coverage may not adequately protect it against losses. Successful claims that exceed its
insurance coverage could harm the Issuer’s results of operations and diminish its financial position
The Issuer maintains insurance coverage that it believes commensurate with its operations such as Directors’ and
officers’ liability insurance other general liability insurances. The Issuer’s insurance policies, however, may not
provide adequate coverage in certain circumstances and may be subject to certain deductibles, exclusions and limits
on coverage.
In addition, there are various types of risks and losses for which the Issuer does not maintain insurance, such as losses
due to business interruption and natural disasters, because they are either uninsurable or because insurance is not
available to the Issuer on acceptable terms. A successful assertion of one or more large claims against the Issuer that
exceeds it’s available insurance coverage or results in changes in its insurance policies, including premium increases
or the imposition of a larger deductible or co-insurance requirement, could adversely affect the Issuer’s business,
financial condition and results of operations.
8. Competition from banks and financial institutions, as well as state-sponsored social programs, may adversely affect
our profitability and position in the Indian lending industry
The Issuer faces most significant competition from other NBFCs and banks in India. Many of the institutions with
which Issuer competes have greater assets and better access to, and lower cost of, funding than the issuer. In certain
areas, they may also have better name recognition and larger member bases than Issuer. Issuer anticipates that it may
encounter greater competition as they continue expanding the operations in India, which may result in an adverse
effect on the business, results of operations and financial condition.
Details of defaults, if any, including the amounts involved, duration of default, and present status, in
repayment of:

1. Statutory Dues: Nil

2. Debenture and interest thereon: Nil
3. Deposits and interest thereon: Nil
4. Loans from banks and financial institutions and interest thereon: Nil

Name, designation, address and phone number, email ID of the nodal / compliance officer of the Company, if
any, for the Issue:

Name: Pallavi Lingaraju

Designation: Company Secretary
Address: 3rd Floor, No.128/9, Maruthi Sapphire,
HAL Airport Road, Murgesh Palya,
Bangalore, Karnataka 560017
Phone No.: +91 9972857010
Email: [email protected]

Any default in annual filing of the Company under the Companies Act, 2013 or rules made thereunder: No

5. Particulars of the Offer:

111
1. Financial position of the Refer to financials given below
Company for the last 3 financial
year
2. Date of passing of Board Board Resolution - March 15, 2023
Committee (Borrowing) Board Committee (Borrowings) - April 18, 2023
Resolution
3. Date of passing of resolution in March 30, 2023
general meeting, authorizing the
offer of securities
4. Kind of securities offered (i.e. Rated Senior Secured Listed Transferable Redeemable Non-convertible
whether share or debenture) and debentures (“Debentures”)
class of security; the total
number of shares or other
securities to be issued
(i) Price at which the security is The Debentures are being offered at face value of INR 1,00,000/- (Indian
being offered, including Rupees One Lakh only) per Debenture.
premium if any, along with
justification of the price Not applicable as each Debenture is a non-convertible debt instrument which is
being issued at face value.

(ii) Name and address of the valuer Not applicable as each Debenture is a non-convertible debt instrument which is
who performed valuation of the being issued at face value.
security offered, and basis on
which the price has been arrived
at along with report of the
Registered valuer
(iii) Relevant date with reference to Not applicable as each Debenture is a non-convertible debt instrument which is
which the price has been arrived being issued at face value.
at
(iv) The class or classes of persons to The following categories of investors, when specifically approached and have
whom the allotment is proposed been identified upfront, are eligible to apply for this private placement of
to be made Debentures subject to fulfilling their respective investment norms/rules and
compliance with laws applicable to them by submitting all the relevant
documents along with the Application Form (“Eligible Investors”):

(a) Mutual Funds

(b) NBFCs
(c) Provident Funds and Pension Funds
(d) Corporates
(e) Banks
(f) Foreign Institutional Investors (FIIs)
(g) Qualified Foreign Investors (QFIs)
(h) Foreign Portfolio Investors (FPIs)
(i) Insurance Companies
(j) Alternative investment funds
(k) Any other person eligible to invest in the Debentures.

All potential Investors are required to comply with the relevant

regulations/guidelines applicable to them for investing in this issue of
Debentures.

112
(v) Intention of promoters, directors Not applicable as the Debentures are non-convertible debt instruments
or key managerial personnel to
subscribe to the offer (applicable
in case they intend to subscribe to
the offer) [not required in case of
issue of non-convertible
debentures]

5. The proposed time within which The Debentures will be deemed to be allotted on the date of receipt of
the allotment shall be completed subscription money during the offer period (i.e June 05, 2023 to June 05, 2023),
and the Company will ensure that the debentures are credited into the demat
accounts of the holders of the Debentures ("Debenture Holders") within 2
(Two) trading Days from the Deemed Date of Allotment

6. The names of the proposed Not applicable as the Debentures are non-convertible debt instruments
allottees and the percentage of
post Private Placement issue
capital that may be held by them
[not required in case of issue of
non- convertible debentures];
7. The change in control, if any, in Not applicable as the Debentures are non-convertible debt instruments
the Company that would occur
consequent to the Private
Placement
8. The number of persons to whom
allotment on preferential Annexure II attached
basis/private placement / rights
issue has already been made
during the year (Financial year),
in terms of number of securities
as well as price

9. The justification for the allotment Not applicable as the Debentures are non-convertible debt instruments
proposed to be made for
consideration other than cash
together with valuation report of
the registered valuer
10. Amount, which the Company Up to INR 49,00,00,000/- (Indian Rupees Forty-Nine Crore Only)
intends to raise by way of
securities
11. Terms of raising of securities: Duration, if 18 Months
applicable:
Rate of Interest Fixed interest at 10.25% (Ten Point Two Five
or dividend: Percent) per annum gross of applicable tax
payable quarterly

Mode of Electronic Transfer

Payment
Mode of Electronic Transfer
Repayment

113
12. Proposed time schedule for which Issue Open Date: June 05 2023
the Issue/Private Placement Offer Issue Closing Date: June 05 2023
cum Application Letter is valid
13. Purpose and objects of the The Issue proceeds will be utilized for originating personal loans.
Issue/Offer
14. Contribution being made by the Not Applicable
Promoters or directors either as
part of the offer or separately in
furtherance of such objects
15. Principal terms of assets charged Exclusive Charge on Hypothecated Receivables to the extent of 110%.
as security, if applicable
16. The details of significant and Not Applicable
material orders passed by the
Regulators, Courts and Tribunals
impacting the ongoing concern
status of the Company and its
future operations
17. The pre-issue and post issue shareholding pattern of the Company in the following pattern:

Pre-issue Post Issue

Sl. No. Category No. of % of No. of shares % of
shares held Shareholding held Shareholding
Promoter's
A Holding
1 Indian - - - -
Individual 5900 0.551% 5900 0.525%
Bodies
Corporate - - - -
Sub-Total 5900 0.551% 5900 0.525%
Foreign
2 Promoters 11,17,952 99.475% 11,17,952 99.475%
Sub-Total (A) 11,23,852 100% 11,23,852 100%
No-Promoters
B Holding
Institutional
1 Investors - - - -
Non-Institutional
2 Investors - - - -
Private
Corporate
Bodies - - - -
Directors and
Relatives - - - -
Indian Public - - - -
Other [Including
Non-Resident
Indians (NRI's)] - - - -
Sub-Total (B) - - - -
GRAND
TOTAL (A + B) 11,23,852 100% 11,23,852 100%
18. Bank Accounts details for Account Name: Krazybee Services Private Limited
subscription of money Bank Name: ICICI Bank Ltd
A/c no: 000205032465
IFSC Code: ICIC0000002

114
 MICR 560229002
Address: Commercial Banking, 1st Floor, West Wing, No.1 Commissariat
Road, Sobha Pearl, Bangalore - 560025
19. Mode of Payment for Subscription: Not applicable

( ) Cheque
( ) Demand Draft
( ) Other Banking Channels

20. Disclosure with regard to interest of directors, litigation, etc:

1. Any financial or other material interest of the Not Applicable

directors, promoters or key managerial personnel in
the offer/ Issue and the effect of such interest in so
far as it is different from the interests of other
persons
2. Details of any litigation or legal action pending or Not Applicable
taken by any Ministry or Department of the
Government or a statutory authority against any
promoter of the Company during the last 3 (three)
years immediately preceding the year of the
circulation of this Private Placement offer cum
application letter and any direction issued by such
Ministry or Department or statutory authority upon
conclusion of such litigation or legal action shall be
disclosed
3. Remuneration of directors (during the current year and last 3 (three) financial years):

Name of the Director Remuneration (in Rs)

2021-22:
Vivek Veda 81,70,000/-
Madhusudan Ekambaram NIL
Karthikeyan Krishnaswamy NIL
2020-21:
Vivek Veda 40,75,000
Madhusudan Ekambaram NIL
Karthikeyan Krishnaswamy NIL
2019-20:
Vivek Veda NIL
Madhusudan Ekambaram NIL
Mahaveer Chaplot NIL
Karthikeyan Krishnaswamy NIL
4. Related party transactions entered during the last 3 (three) financial years immediately preceding the year of
circulation of this Private Placement offer cum application letter including with regard to loans made or, guarantees
given or securities provided:

Transaction Related Party 31-Mar-22 31-Mar-21 31-Mar-20

(in lakhs) (in lakhs) (in lakhs)
Finnovation tech 13,132.09 6,645.56 17,771.19
solutions Private
Sale of Services Limited.

115
 Kartbee 2,831.89 1,466.47 1,530.58
Technologies Private
Limited
Finnovation tech 809.09 403.28 2,261.32
solutions Private
Purchase of services Limited
Kartbee 9.04 448.08 180.86
Technologies Private
Limited
Securities premium Finnov Private 3,683.63 21,031.31 3,438.26
Limited
Finnovation tech 6,501.21 - 298.52
Amount owed by solutions Private
related parties Limited.
Kartbee 2,797.33 - 365.58
Technologies Private
Limited
Amount owed to Finnovation Tech - 1,258.47 -
related parties Solutions Private
Limited
Amount owed to Finnov Private 0.02 0.02 0.02
related parties Limited
Amount owed to Kartbee - 64.55 -
related parties Technologies Private
Limited
Amount owed to Directors 1.50 - -
related parties

Borrowings from Finnov Private 11,371.07 14,700.94 1 5,077.18

related party Limited
Krishnaswamy - - 40.09
Issue of Non- Bhanumath
Convertible
Shanmuga Nursing - - 110.23
Debentures
Home
(including accrued
interest) Vani Jain 60.26 60.57 40.09
Nutan Soudagar 70.31 40.38 20.04
Madhusudan 90.39 90.85 -
Ekambaram
Sreenidhi - - 40.09
Sattanathan
Vibha Veda 20.23 20.22 -
Vivek Veda 20.23 20.22 -

Finnov Private 641.49 791.54 409.33

Limited
Sreenidhi 3.89 3.41
Sattanathan
Finance Cost
Krishnaswamy - 3.89 3.41
Bhanumathi
Madhusudan 13.11 7.64 -
Ekambaram

116
 Nutan Soudagar 6.89 5.17 0.81
Shanmuga Nursing - 4.64 7.13
Home
Krishnamurthy - 1.95 -
Ekambaram
Latha - 1.96 -
Manjula - 1.95 -
Vani Jain 8.74 7.68 3.41
Vibha Veda 2.77 0.23 -
Vivek Veda 2.77 0.23 -

5. Summary of reservations or qualifications or adverse Not Applicable

remarks of auditors in the last 5 (five) financial years
immediately preceding the year of issue of private
placement basis offer cum application letter and of
their impact on the financial statements and financial
position of the Company and the corrective steps
taken and proposed to be taken by the Company for
each of the said reservations or qualifications or
adverse remark
6. Details of any inquiry, inspections or investigations Not Applicable
initiated or conducted under the Companies Act or any
previous company law in the last 3 (three) years
immediately preceding the year of issue of Private
Placement offer cum application letter in the case of
the Company and all of its subsidiaries. Also if there
were any were any prosecutions filed (whether
pending or not) fines imposed, compounding of
offences in the last 3 (three) years immediately
preceding the year of the Private Placement offer cum
application letter and if so, section-wise details thereof
for the Company and all of its subsidiaries
7. Details of acts of material frauds committed against Not Applicable
the Company in the last 3 (three) years, if any, and if
so, the action taken by the company

5. Financial Position of the Company:

The capital structure of the Company in the following manner in a tabular form:

Share Capital as on March 31, 2021 INR

Authorised
The authorised, issued, subscribed and paid up capital Equity Shares of Rs. 10 each 1,50,00,000
(number of securities, description and aggregate nominal TOTAL 1,50,00,000
value) Issued, Subscribed and Fully Paid- up
Equity Shares of Rs. 10 each, fully paid- 1,12,38,520
up
TOTAL 1,12,38,520

117
 Up to INR 49,00,00,000/- (Indian Rupees Forty-Nine Crore
Size of the Present Offer Only)

Paid-up Capital:
1. After the offer:
No Change, since the offer pertains to issuance of Non-
Convertible Debentures
2. After the conversion of Convertible Instruments (if
applicable)
Share Premium Account:
1. Before the offer: No Change, since the offer pertains to issuance of Non-
Convertible Debentures
2. After the offer:
Details of the existing share capital of the Issuer in tabular form, indicating therein with regard to each allotment, the date of
the allotment, the number of shares allotted, the face value of the shares allotted, the price and the form of consideration.:

No. of Shares Face value of Form of

Date of Allotment Issue Price
allotted shares Consideration
March 16, 2016 10 10/- 10 Cash
March 16, 2016 9990 10/- 10 Cash
August 16, 2016 10408 10/- 3162 Cash
July 28, 2017 10/- Cash
18822 3162
November 17, 2017 88312 10/- 3162 Cash
September 12, 2018 41468 10/- 3500 Cash

November 15, 2018 144440 10/- 3500 Cash

January 11, 2019 100665 10/- 3500 Cash
March 1, 2019 203171 10/- 3500 Cash
March 28,2019 39240 10/- 3500 Cash
June 12, 2019 99807 10/- 3500 Cash
March 26, 2021 3,13,900 10/- 6700 Cash
53,619 10/- 6880 Conversion of
September 02, 2021 ECB to equity
shares

Shareholding pattern of the Issuer

Total Number Total percentage Number of

Sr. Name of the Shareholder /
Class of equity (%) of shares held in
No. Particulars
shares Shareholding Demat Form
1 Karthikeyan Krishnaswamy Equity 10 0.001% Nil
2 Madhusudan Ekambaram Equity 5890 0.524% Nil
3 Finnov Private Limited Equity 11,17,952 99.475% Nil
Details of allotments made by the Company in the last one The Company has allotted 53, 619 equity shares to Finnov
year prior to the date of this Private Placement Offer cum Private Limited, Holding Company pursuant to partial
Application Letter for consideration other than cash and conversion of External Commercial Borrowing into equity
details of the consideration in each case. shares of the Company.

Profits of the Company, before and after making provision

for tax, for the 3 (three) financial years immediately FY PBT (in INR Cr) PAT (in INR Cr)
preceding the date of circulation of private placement
Offer cum Application Letter
FY 2022 41.39 28.79
FY 2021 36.29 28.02

118
 FY 2010 44.27 31.77

Dividends declared by the Company in respect of the said 3

(three) financial years; interest coverage ratio for last three Nil
years (cash profit after tax plus interest paid/interest paid)

A summary of the financial position of the Company as in

the 3 (three) audited balance sheets immediately preceding
the date of circulation of this Private Placement Offer cum Annexure I
Application Letter

Audited Cash Flow Statement for the 3 (three) years

immediately preceding the date of circulation of this Annexure I
private placement Offer cum Application Letter

The Company has adopted Indian Accounting Standards (IND-

AS) as per the applicable regulations and pursuant to Section
Any change in accounting policies during the last 3 (three)
years and their effect on the profits and the reserves of the 133 of Companies Act, 2013 read with Companies (Indian
Company Accounting Standard) Rules, 2015. Previous year figures have
been restated to conform to IND-AS.

119
6. DECLARATION (To be provided by the Directors)

1. The Company has complied with the provisions of the Companies Act, 2013 and the rules made thereunder;

2. The compliance with the Companies Act and the rules does not imply that payment of dividend or interest or
repayment of the Debentures, if applicable, is guaranteed by the Central Government;

3. the monies received under the Offer shall be used only for the purposes and objects indicated in this Private
Placement Offer cum Application Letter;

I am authorized by the Board Committee (Borrowings) of the Company vide resolution no. 08 dated April 18, 2023 to sign
this form and declare that all the requirements of Companies Act, 2013 and the rules made thereunder in respect of the subject
matter of this form and matters incidental thereto have been complied with.

Whatever is stated in this form and in the attachments thereto is true, correct and complete and no information material to the
subject matter of the Private Placement Offer cum Application Letter has been suppressed or concealed and is as per the
original records maintained by the promoters subscribing to the Memorandum of Association and Articles of Association

It is further declared and verified that all the required attachments have been completely, correctly and legibly attached to this
form.

For Krazybee Services Private Limited

Authorised Signatory
Name: Vivek Veda
Title: Director
DIN: 07560229
Date: 29.05.2023
Place: Bangalore
Enclosed
Copy of Board Resolution
Copy of Shareholders Resolution

120
 PART – B
(To Be filled by the applicant)

Name (in block letters) of sole/first

applicant

Father’s name

Complete address including flat/house

number, street, locality, pin code

Phone number, if any

Email ID, if any

PAN number

Bank account details Bank Name

Bank Address
IFSC
Beneficiary Name
Beneficiary Account no.
Government approval Tick whichever is applicable:

The applicant is not required to obtain Government approval under the

Foreign Exchange Management (Non-debt Instruments) Rules, 2019 prior
to subscription of shares.

The applicant is required to obtain Government approval under the Foreign

Exchange Management (Non-debt Instruments) Rules, 2019 prior to
subscription of shares and the same has been obtained and is enclosed
herewith (if any).

Specimen signature of sole/first applicant

_________________
Authorised Signatory

Initial of the officer of the Company designated to keep the record

ANNEXURE I
(Pleaser refer the Annexure I of Information Memorandum)

121
122
 Annexure II

Aggregate Preferential
Number of Type of Face Value of
Value of basis/ Private
Sr. No. Subscriber Securities Securities Each Security
Security (in Placement/
allotted Allotted (in INR)
INR) Rights Issue
Class E32
Secured, Unlisted,
Micro Labs Unrated,
1. Private
Limited 250 Redeemable Non- 10,00,000 25,00,00,000
Placement
Convertible
Debentures

Class E32
Secured, Unlisted,
Molecule Ventures Unrated,
2. Private
LLP 30 Redeemable Non- 10,00,000 3,00,00,000
Placement
Convertible
Debentures

Class E32
Secured, Unlisted,
India SME Unrated,
3. Private
Investments LLP 10 Redeemable Non- 10,00,000 1,00,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
4. Sushil Muhnot Private
2 Redeemable Non- 10,00,000 20,00,000
HUF Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
5. Private
Garima Singhvi 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
6. Private
Neeraj Dosi 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Anoma Law Group
7. Unrated, Private
LLP 4 10,00,000 40,00,000
Redeemable Non- Placement
Convertible
Debentures

123
 Class E35
Secured, Unlisted,
Unrated,
8. Private
A. Indira 4 Redeemable Non- 10,00,000 40,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
9. Private
Vishal Lohia 10 Redeemable Non- 10,00,000 1,00,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
10. Private
Jubee Bhageria 4 Redeemable Non- 10,00,000 40,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
11. Private
Kamal Das 4 Redeemable Non- 10,00,000 40,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
12. Ram Prakash Private
3 Redeemable Non- 10,00,000 30,00,000
Khandelwal Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
13. Madhu Private
3 Redeemable Non- 10,00,000 30,00,000
Khandelwal Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
14. Private
Priyanka Awasthy 3 Redeemable Non- 10,00,000 30,00,000
Placement
Convertible
Debentures

Class E35
15. Deenbandhu Secured, Unlisted, Private
2 10,00,000 20,00,000
Mundhra HUF Unrated, Placement
Redeemable Non-

124
 Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
16. Bhanwarlal Private
3 Redeemable Non- 10,00,000 30,00,000
Mundhra HUF Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
17. Private
Surendra Churiwal 5 Redeemable Non- 10,00,000 50,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
18. Private
Raskin Momaya 8 Redeemable Non- 10,00,000 80,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
19. Private
Jasmine Ghosher 8 Redeemable Non- 10,00,000 80,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
20. Harshad Laxmidas Private
2 Redeemable Non- 10,00,000 20,00,000
Dawda Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
21. Private
Prachi Pradip Shah 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
22. Private
Shiveta Labroo 6 Redeemable Non- 10,00,000 60,00,000
Placement
Convertible
Debentures

Class E35
23. Private
Megha Chordia 2 Secured, Unlisted, 10,00,000 20,00,000
Placement
Unrated,

125
 Redeemable Non-
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
24. Private
Rekha Chordia 10 Redeemable Non- 10,00,000 1,00,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
25. Private
Anaisha Chordia 5 Redeemable Non- 10,00,000 50,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
26. Sreenidhi Private
5 Redeemable Non- 10,00,000 50,00,000
Sattanathan Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
27. Private
Namrata Kumari 5 Redeemable Non- 10,00,000 50,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
28. Private
Amita M Jain 5 Redeemable Non- 10,00,000 50,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
29. Private
Ajeet Kumar 3 Redeemable Non- 10,00,000 30,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
30. Rakesh Hetlal Private
3 Redeemable Non- 10,00,000 30,00,000
Garg HUF Placement
Convertible
Debentures

31. Rajesh Kumar Private

5 Class E35 10,00,000 50,00,000
Goyal HUF Placement

126
 Secured, Unlisted,
Unrated,
Redeemable Non-
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
32. Private
Megha Goyal 6 Redeemable Non- 10,00,000 60,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
33. Innovit Services Private
15 Redeemable Non- 10,00,000 1,50,00,000
Pvt. Ltd Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
34. Madhusudan Private
30 Redeemable Non- 10,00,000 3,00,00,000
Ekambaram Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
35. Mithun Kumar Private
2 Redeemable Non- 10,00,000 20,00,000
Sampath Kumar Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
36. Private
Vivek Veda 8 Redeemable Non- 10,00,000 80,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
37. Private
Anil Veda 1 Redeemable Non- 10,00,000 10,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
38. Private
Vani Jain 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

127
 Class E35
Secured, Unlisted,
Unrated,
39. Private
Sarita Jain 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
40. Private
Mohanapriya G S 3 Redeemable Non- 10,00,000 30,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
41. Private
Vidya Devi 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
42. Private
Ashwin A Prabhu 3 Redeemable Non- 10,00,000 30,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
43. Private
A S Vishwanathan 4 Redeemable Non- 10,00,000 40,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
44. Private
Anusha Sidharth 13 Redeemable Non- 10,00,000 1,30,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
45. Padmavathy Private
4 Redeemable Non- 10,00,000 40,00,000
Vishwanathan Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
46. Sidharth Unrated, Private
3 10,00,000 30,00,000
Vishwanathan Redeemable Non- Placement
Convertible
Debentures

128
 Class E35
Secured, Unlisted,
Unrated,
47. Smruti Ranjan Private
6 Redeemable Non- 10,00,000 60,00,000
Samal Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
48. Private
Prema Rajwar 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
49. Prakash Chand Private
2 Redeemable Non- 10,00,000 20,00,000
Jain Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
50. Private
Monika Jain 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
51. Private
Mamta Jain 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
52. Ashish Private
4 Redeemable Non- 10,00,000 40,00,000
Khandelwal Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
53. Private
Juhi Dalal 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
54. Narendra Kumar Secured, Unlisted, Private
2 10,00,000 20,00,000
Sharma HUF Unrated, Placement
Redeemable Non-

129
 Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
55. Private
Anjushree Sharma 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
56. Tvistex India Pvt Private
2 Redeemable Non- 10,00,000 20,00,000
Ltd Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
57. Private
Vinita Parihar 5 Redeemable Non- 10,00,000 50,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
58. Private
Amita Arora 5 Redeemable Non- 10,00,000 50,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
59. Private
Brij Bala Kapoor 3 Redeemable Non- 10,00,000 30,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
60. Private
Deepak Srinivas 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
61. Duraisamy Panner Private
2 Redeemable Non- 10,00,000 20,00,000
Selvam HUF Placement
Convertible
Debentures

Class E35
62. Private
Baljeet Kaur 2 Secured, Unlisted, 10,00,000 20,00,000
Placement
Unrated,

130
 Redeemable Non-
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
63. Private
Baljit Kaur 3 Redeemable Non- 10,00,000 30,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
64. Private
Bela Wason 4 Redeemable Non- 10,00,000 40,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
65. Private
Neenisha Jain 1 Redeemable Non- 10,00,000 10,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
66. Naresh Kumar Private
3 Redeemable Non- 10,00,000 30,00,000
Bhalotia Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
67. Private
Rohit Mathur 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
68. Private
Arun Chordia 6 Redeemable Non- 10,00,000 60,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
69. Private
Nita Gupta 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

70. Private
Jyoti Gautam 2 Class E35 10,00,000 20,00,000
Placement

131
 Secured, Unlisted,
Unrated,
Redeemable Non-
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
71. Shweta Mandhany Private
2 Redeemable Non- 10,00,000 20,00,000
a Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
72. Private
Anil Chordia 1 Redeemable Non- 10,00,000 10,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
73. Private
Sarita J Savla 5 Redeemable Non- 10,00,000 50,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
74. Private
Kesavan P S 8 Redeemable Non- 10,00,000 80,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
75. Private
Basanti Lal Dalal 4 Redeemable Non- 10,00,000 40,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
76. Private
Abha Dalal 2 Redeemable Non- 10,00,000 20,00,000
Placement
Convertible
Debentures

Class E35
Secured, Unlisted,
Unrated,
77. Nishanth Kumar Private
2 Redeemable Non- 10,00,000 20,00,000
Sampath Kumr Placement
Convertible
Debentures

132
 1st Joint Holder – Rated, Senior,
Kairus Shavak Secured, Listed,
78. Dadachanji Transferrable Private
3500 1,00,000 35,00,00,000
2nd Joint Holder – Redeemable Non- Placement
Pervin K Convertible
Dadachanji Debentures
Class E33
Secured, Unlisted,
Unrated,
79. Private
Shah Rukh Khan 30 Transferable, 10,00,000 3,00,00,000
Placement
Redeemable,
Non-Convertible
Debentures
Class E33 10,00,000 Private
Secured, Unlisted, Placement
Unrated,
80. Zoya Akhtar 10 Transferable, 1,00,00,000
Redeemable,
Non-Convertible
Debentures
1st Joint holder: Class E33 10,00,000 Private
Rajaram Secured, Unlisted, Placement
Moreshwar Unrated,
81. Ajgaonkar Transferable,
10 1,00,00,000
Redeemable,
2nd Joint holder: Non-Convertible
Sonia Rajaram Debentures
Ajgaonkar
Class E33 10,00,000 Private
Secured, Unlisted, Placement
Unrated,
82. Krishna K
10 Transferable, 1,00,00,000
Dasarakothapalli
Redeemable,
Non-Convertible
Debentures
Class E33 10,00,000 Private
Secured, Unlisted, Placement
Unrated,
83. Rajesh Nidimoru 10 Transferable, 1,00,00,000
Redeemable,
Non-Convertible
Debentures
Class E33 10,00,000 Private
Secured, Unlisted, Placement
Unrated,
84. P M Ventures
50 Transferable, 5,00,00,000
Private Limited
Redeemable,
Non-Convertible
Debentures
Class E33 10,00,000 Private
Secured, Unlisted, Placement
85. Lalitha Shroff 13 Unrated, 1,30,00,000
Transferable,
Redeemable,

133
 Non-Convertible
Debentures
Class E33 Private
Secured, Unlisted, Placement
Unrated,
86. Rudira Aqua
20 Transferable, 10,00,000 2,00,00,000
Limited
Redeemable,
Non-Convertible
Debentures
Class E33 Private
Secured, Unlisted, Placement
Unrated,
87. Camp Tech
10 Transferable, 10,00,000 1,00,00,000
Maintenance LLP
Redeemable,
Non-Convertible
Debentures
Class E33 Private
Secured, Unlisted, Placement
Prodapt
Unrated,
88. Infrastructure
10 Transferable, 10,00,000 1,00,00,000
Holdings Private
Redeemable,
Limited
Non-Convertible
Debentures
Class E33 Private
Secured, Unlisted, Placement
Unrated,
89. Spark PWM
72 Transferable, 10,00,000 7,20,00,000
Private Limited
Redeemable,
Non-Convertible
Debentures

134