8/22/2021 Rating Rationale

Rating Rationale
January 08, 2021 | Mumbai

AGS Transact Technologies Limited

Rating Action
Total Bank Loan Facilities Rated Rs.900 Crore
Long Term Rating CRISIL A+/Stable

Rs.550 Crore Non Convertible Debentures CRISIL A+/Stable

1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale
CRISIL ratings on the bank facilities and non-convertible debenture (NCD) programme AGS Transact Technologies Limited
(AGS) continues to reflect AGS’s healthy business risk profile driven by its strong market position in the automated teller
machine (ATM) managed services industry, increasing presence in digital payment solutions and good visibility on revenues
owing to longstanding association with customer banks. These strengths are partially offset by an expected increase in
leverage, working capital intensive operations, risk of proliferation of digital payments over the long term and stagnancy in
demand for ATMs in the domestic market.

AGS’s operations were impacted in the first quarter of the current fiscal due to lockdown related disruptions, which in turn
affected footfalls and transactions in the ATMs managed by it. However, operations subsequently picked up and ATM
transactions have reached pre Covid 19 levels across many geographies. Hence, the company is expected to generate
healthy EBITDA (after factoring lease expenses) of over Rs 300 crore for fiscal 2021 on a consolidated basis (compared to
Rs 331 Cr in fiscal 2020) and over Rs 400 crore per annum onwards from next fiscal assuming normalisation of operations.

AGS’s operating profitability has also been expanding over the last 3 fiscals, from 15% in fiscal 2018 to 18% in fiscal 2020
with increased focus on the higher margin Independent Deployment (IAD) model of ATM management, increase in number
of transactions and renewal of contracts with customer banks at higher rates. Besides, the company also has a strong
vintage in its ATM portfolio, with ~50% of the installed ATMs having been operated for more than 3 years, in turn providing
stable transaction flow. This stability in revenues, coupled with improving profitability should support AGS’s healthy business
risk profile over the medium term.

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 1/10

8/22/2021 Rating Rationale

However, the company’s financial risk profile is expected to moderate in the near term owing to proposed new NCD
issuance of Rs 550 crore to refinance the existing NCDs in the holding company (Vineha Enterprises Private Limited,
Vineha). Vineha had raised NCD’s of Rs 450 crore in fiscal 2019 to provide exit to two private equity investors who had
earlier held 42% stake in AGS (through Vineha). The NCD’s along with accrued interest is due for redemption in April, 2021.
With the proposed NCD issuance of Rs 550 crore in AGS, CRISIL expects AGS’s consolidated net debt to peak to about Rs
1,150 crore in the near term, also impacting its debt metrics. Consequently, debt/EBITDA (earnings before interest, tax,
depreciation and amortisation) ratio is expected to deteriorate to over 3 times by end of fiscal 2021, from 2 time levels in
fiscal 2020.

However, AGS’s management is also actively taking measures to deleverage the balance sheet either through IPO or other
modes of equity infusion. CRISIL expects the equity infusion to happen over the next 18-24 months and the proceeds to be
utilized to reduce the debt.

Ergo, debt/EBITDA should improve to less than 1.5 times post the equity infusion, while other debt protection metrics should
also benefit. Any delays in anticipated timelines for equity infusion could impact the overall credit profile of the company.
CRISIL will closely monitor the progress on the management’s deleveraging plans, and this will remain a key monitorable.

Nevertheless, liquidity is expected to remain adequate marked by expected cash accruals of at least Rs 200-250 crore
annually which will be sufficient to meet repayment obligations of Rs 120-150 crore per annum. Further, the flexibility to
raise long term debt against cash flows supports overall liquidity.
Analytical Approach
For arriving at the ratings, CRISIL has combined the financial and business risk profiles of AGS and its subsidiaries as they
have common management and are in similar lines of business. AGS has two main subsidiaries - Securevalue India Limited
(SVIL) engaged in the business of cash management services, India Transact Services Limited (ITSL) engaged in the
business of creating and dealing with electronic payment systems. CRISIL has also factored support from AGS to Vineha to
aid in the repayment of existing NCDs in Vineha.

AGS has also adopted IND-AS 116 for accounting of assets given under lease and for lease liabilities in fiscal 2019-20,
however, CRISIL has continued to recognize lease expenses as an operational expense and lease liabilities as operational
liabilities respectively.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical
treatment of consolidation.
Key Rating Drivers & Detailed Description
Strengths:
* Strong market position in the ATM managed services industry with presence across the value chain
AGS is one of the leading providers of automated solutions and technology products for banking, retail, paints and
petroleum sectors. The company commenced its banking automation business in 2004 which includes supply and
installation of ATMs, site development and provision of maintenance services. Capitalising on the expertise in the
automation space, AGS began to offer ATM outsourcing and managed services in 2009. The company further ventured into
transaction switching services and cash management services (through its subsidiary, SVIL) in 2011 and 2012, respectively.
This led to the company transforming into an end-to-end payment solutions and technology partner for the banking sector
across the entire ATM value chain, thereby consolidating its market position. As of September 2020, the company has a
network of over 31,000 ATMs under its ATM outsourcing and managed services business with a market share of ~15% and
services over 41,000 ATM’s under their cash management business in SVIL. Further, the company is also expanding its

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 2/10

8/22/2021 Rating Rationale

presence in installing cash recycler machines (CRMs) for various banks which should further strengthen AGS’s overall
market position given the increasing preference by banks for CRMs to offer automatic deposit and withdrawal facilities to
customers. This will in-turn also expand the portfolio of machines serviced by SVIL under their cash management business.

Moreover, AGS also has strong technical capabilities supported by its strong in-house research and development division,
technology transfer arrangement with Diebold Nixdorf (for manufacturing of ATMs) and ACI Worldwide (for switching
solutions). Both Diebold Nixdorf and ACI Worldwide are global leaders in the respective segments, partnership with whom
provides access to state-of-the-art technology for AGS.

*Good visibility on revenues owing to longstanding association with customer banks

AGS’s market position is underpinned by its established relationships with leading financial institutions, retail players as well
as paint and petroleum majors. In the banking segment, the company has a diversified customer base of both private and
public sector banks, viz; ICICI Bank Ltd, Axis Bank Limited, HDFC Bank Limited, State Bank of India, RBL Bank, and Bank
of Baroda. Further, the company has been able to secure repeat orders from them given its positioning and currently has
long term contracts (of about 8-10 years) with many of its customers in the banking segment. Currently, around 70-80% of
AGS’s turnover is derived from these recurring orders from banks; having stable revenue streams (with mix of both fixed fee
and variable fee contracts (wherein revenues are linked to number of transactions in the respective ATMs). Furthermore,
large portion of AGS’s existing ATM network has a long vintage in the market where customer footfalls have stabilised,
thereby providing strong visibility on revenues for the next 2-3 years.

Besides, for customers, where the revenues to AGS are linked to the number of transactions done in the respective ATMs,
AGS reserves the right to relocate the ATMs in case of shortfall in number of transactions. Hence, with increasing vintage of
ATMs, AGS’s operating margins has been improving over the last 2 years and is expected to strengthen further over the
medium term.

*Increasing presence in digital payment solutions as well providing diversity to revenues

To capture the growing demand in digital payments space and improve the mix between cash and digital payments, the
company has recently diversified into digital payments solutions (through fully owned subsidiary, ITSL) providing services
like switching software, merchant solutions (POS machines), and other electronic payment solutions. The contribution from
the digital payment solutions has been increasing over the last 2 years (currently contributing around 10% of AGS’s
revenues), improving the diversity of AGS’s overall revenue profile.

*Adequate financial risk profile; to witness temporary moderation

AGS’s financial risk profile is adequate, marked by healthy net worth, moderate capital structure, and average debt
protection metrics. Tangible net worth was healthy at Rs. 443 crore as on March 31, 2020. Gearing was at 1.5 times as on
March 31, 2020 driven by debt funded capital investments. However, the holdco, Vineha had also raised NCD’s of Rs.450
crore in fiscal 2018-19 to provide an exit to 2 private equity investors who had earlier held 42.41% stake in AGS (through
Vineha). These NCD’s along with accrued interest will be due for redemption in April, 2021 and is expected to be redeemed
through fresh NCD’s of Rs 550 crore to be issued in AGS.

Hence, with the issuance of fresh NCDs, overall net debt levels are expected to rise to around Rs 1,150 crore by March
2021 from Rs 573 crore as of March 2020 (Rs 559 crore as of March 31, 2019). Consequently, consolidated gearing is

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 3/10

8/22/2021 Rating Rationale

expected to peak to around 2.3 times estimated for fiscal 2021, while debt to EBITDA is expected to cross 3 times.

However, the company is expected to redeem the NCD raised over the medium term through fresh equity infusion either by
way of IPO or other modes, including divestment of part stakes in some subsidiaries. Furthermore, capex requirements are
also expected to be moderate to around Rs 120-130 crore per annum. Hence, debt metrics should gradually improve over
the medium term, from the peak expected in fiscal 2021, also supported by progressive debt repayment, from the peak
expected in fiscal 2021. Hence, CRISIL believes AGS’s financial risk profile will remain adequate over the medium term.

Weanesses:
*Moderate working capital intensity in operations
AGS’s operations are moderately working capital intensive marked debtors of around 85-90 days on average over the last 5
years. This is partly due to the longer collection cycle of around in the automation business and milestone based billing in
the payments business. However, AGS’s counterparties in the payments business are strong.

*Slowdown in number of ATMs and risk of proliferation of digital payments

The Indian ATM industry had witnessed tremendous growth in the past decade. The number of ATMs in India had increased
from 59,613 in fiscal 2010 to 2,22,318 in fiscal 2017. However, having grown at a very healthy pace till then, ATM
deployment slowed down considerably post demonetisation. Further, increasing internet penetration and rising availability of
smartphones have led many consumers to gradually shift to digital payment modes (like mobile banking, consumer mobile
wallets, etc.). However, despite the slowdown in the number of new ATMs installed, replacement demand for existing ATMs
is expected to be stable given the 5-7 years useful life for the ATM machines, and the need to upgrade ATMs based on
evolving technology and regulatory requirements.

Besides, the number of transactions done at ATMs and the overall transaction value is still on the rise, since cash
transactions continue to form the backbone of the economy. Further, with still a large proportion of India's population
remaining unbanked or under-banked; compared to some of the major economies in the world, and with banks focus on
improving financial inclusion, the number of transactions should continue its growing trajectory. Furthermore, cash
transactions still remain a core part of the overall transactions in the economy, especially in semi-urban and rural parts of
the country. Cash in circulation has also increased to an all-time high of ~Rs 27.70 lac crore in December, 2020 from pre
demonetization level of ~Rs 17.40 lac crore in September, 2016. Hence, the structural shift to digital payments will evolve
gradually over a longer time frame and is not expected to pose an immediate threat to the number of ATM based
transactions.
Liquidity: Adequate
Liquidity is adequate, marked by steady annual net cash accrual of over Rs 200-250 crore from the business, which would
be more than adequate to meet maturing debt obligations of around Rs. 120-150 crore per annum. The utilisation of the
fund based working capital limits is moderately high at around 81% (on standalone basis) over the last 12 months ended
September, 2020. However, the same is owing to lower drawing power availability, as the company has increasingly funded
its working capital requirements through long term loans raised by providing the contracted cash flows with customer banks
as security. Furthermore, AGS has sufficient cushion in its cash flows to raise additional moderate quantum of long term
funds to meet any exigencies.

Outlook Stable
CRISIL believes that AGS’s business risk profile will remain healthy driven by its established market position and improving
operating performance across divisions. Financial risk profile is expected to witness temporary moderation to support
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 4/10
8/22/2021 Rating Rationale

repayment of debt at the parent level, but will gradually improve with better cash accruals, progressive repayment of debt
obligations and expected equity infusion over the medium term
Rating Sensitivity Factors
Upward Factors:
• Significant improvement in cash generation, most likely due to steady revenue growth of over 12-14% and
improvement in operating profitability to over 25%.
• Prudent capital expenditure and efficient working capital management leading to improvement in capital structure -
debt/EBITDA to below 1.5 times on a sustained basis.

Downward Factors:
• Decline in revenues and moderation in operating profitability to less than 12% on a sustained basis.
• Delays in equity infusion, or higher than expected capex or decline in cash generation resulting in debt/EBITDA
increasing and sustaining at over 3.5 times over the medium term.
• Increasing working capital/ reducing drawing power leading to almost complete utilisation of working capital bank lines,
and weakening of liquidity profile
About the Company
AGS is one of India’s leading providers of end-to-end cash and digital payment solutions including customized solutions
serving the banking, retail, petroleum and transit sectors. AGS’s operations cover approximately 2,200 cities and towns,
servicing approx. 2,90,000 machines or customer touch points across India, as of March 31, 2020. AGS has two main
subsidiaries - Securevalue India Limited (SVIL) engaged in the business of cash management services, India Transact
Services Limited (ITSL) engaged in the business of creating and dealing with electronic payment systems. In addition to
SVIL and ITSL, AGS has also started expanding its operations to Southeast Asian and other countries by forming overseas
step-down subsidiaries in Sri Lanka, Philippines and Cambodia through subsidiary in Singapore.
Key Financial Indicators
As on / for the period ended March 31 Unit 2020 2019
Operating Income Rs.Cr. 1820 1821
Adjusted Profit After Tax Rs.Cr. 83 76
Adjusted PAT margins % 4.6 4.2
Adjusted Debt/ Adjusted Net worth Times 1.53 1.41
Interest coverage Times 4.34 3.70

Any other information: Not applicable

Note on complexity levels of the rated instrument:

CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available
on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they
consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

Complexity Date of Coupon Maturity Issue Size Rating Assigned
ISIN Name of Instrument
Level Allotment Rate (%) Date (Rs.Crs.) with Outlook
Non-Convertible
NA Simple NA NA NA 550 CRISIL A+/Stable
Debentures*

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 5/10

8/22/2021 Rating Rationale

NA Working Capital NA NA NA NA 250 CRISIL A+/Stable

Facility
NA Term Loan NA NA NA Jul-22 29.54 CRISIL A+/Stable
NA Term Loan NA NA NA Apr-22 15.96 CRISIL A+/Stable
NA Term Loan NA NA NA Feb-24 24.38 CRISIL A+/Stable
NA Term Loan NA NA NA Dec-22 22.90 CRISIL A+/Stable
NA Term Loan NA NA NA Mar-24 30.50 CRISIL A+/Stable
NA Term Loan NA NA NA Oct-23 66.67 CRISIL A+/Stable
NA Term Loan NA NA NA Feb-24 24.04 CRISIL A+/Stable
NA Term Loan NA NA NA Nov-23 25.54 CRISIL A+/Stable
NA Term Loan NA NA NA May-23 21.87 CRISIL A+/Stable
NA Term Loan NA NA NA Dec-21 10.16 CRISIL A+/Stable
NA Term Loan NA NA NA Apr-22 15.45 CRISIL A+/Stable
NA Term Loan NA NA NA Mar-23 13.13 CRISIL A+/Stable
NA Term Loan NA NA NA Sep-24 58.76 CRISIL A+/Stable
Proposed Long Term
NA NA NA NA NA 291.12 CRISIL A+/Stable
Bank Loan Facility
*Yet to be placed
Annexure – List of entities consolidated
Extent of
Fully Consolidated Entities Rationale for Consolidation
Consolidation
Securevalue India Limited Full Subsidiary; business linkages
India Transact Services Limited Full Subsidiary; business linkages
Global Transact Services Pte Ltd Full Subsidiary; business linkages
Novus Technologies Pte Ltd Full Subsidiary; business linkages
Novus Technologies (Cambodia) Company
Full Subsidiary; business linkages
Limited
Novus Transact Philippines Corporation Full Subsidiary; business linkages
Novustech Transact Lanka (Private) Limited Full Subsidiary; business linkages

Annexure - Rating History for last 3 Years

Start of
Current 2021 (History) 2020 2019 2018
2018
Outstanding
Instrument Type Rating Date Rating Date Rating Date Rating Date Rating Rating
Amount
Fund Based CRISIL CRISIL CRISIL
LT 900.0 07-01-21 05-03-20 -- -- --
Facilities A+/Stable A+/Stable A+/Stable
Non Convertible LT 550.0 CRISIL 07-01-21 CRISIL -- -- -- --
Debentures A+/Stable A+/Stable
All amounts are in Rs.Cr.

Annexure - Details of various bank facilities

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 6/10

8/22/2021 Rating Rationale

Current facilities Previous facilities

Amount Amount
Facility Rating Facility Rating
(Rs.Crore) (Rs.Crore)
Proposed Long Term CRISIL Proposed Long Term CRISIL
291.12 194.56
Bank Loan Facility A+/Stable Bank Loan Facility A+/Stable
CRISIL CRISIL
Term Loan 358.88 Term Loan 340.44
A+/Stable A+/Stable
CRISIL CRISIL
Working Capital Facility 250 Working Capital Facility 365
A+/Stable A+/Stable
Total 900 - Total 900 -

Links to related criteria

CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
CRISILs Criteria for Consolidation
The Rating Process
Understanding CRISILs Ratings and Rating Scales
CRISILs Bank Loan Ratings

Media Relations Analytical Contacts Customer Service Helpdesk

Saman Khan Anuj Sethi Timings: 10.00 am to 7.00 pm
Media Relations Senior Director Toll free Number:1800 267 1301
CRISIL Limited CRISIL Ratings Limited
D: +91 22 3342 3895 B:+91 44 6656 3100 For a copy of Rationales / Rating Reports:
B: +91 22 3342 3000 [email protected] [email protected]
[email protected]
Sameer Charania For Analytical queries:
Naireen Ahmed Director [email protected]
Media Relations CRISIL Ratings Limited
CRISIL Limited D:+91 22 4097 8025
D: +91 22 3342 1818 [email protected]
B: +91 22 3342 3000
[email protected]
Sandeep Narayanan
Team Leader
CRISIL Ratings Limited
D:+91 22 4047 2667
[email protected]

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 7/10

8/22/2021 Rating Rationale

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 8/10

8/22/2021 Rating Rationale
Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be
used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of
distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc.

About CRISIL Limited

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading
ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics
and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK

About CRISIL Ratings

CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is
registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of
independence, analytical rigour and innovation, CRISIL sets the standards in the credit rating business. We rate the entire range
of debt instruments, such as, bank loans, certificates of deposit, commercial paper, non-convertible / convertible / partially
convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed
securities, partial guarantees and other structured debt instruments. We have rated over 24,500 large and mid-scale corporates
and financial institutions. CRISIL has also instituted several innovations in India in the rating business, including rating municipal
bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique rating service for
Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market.
Over 95,000 MSMEs have been rated by us.

CRISIL PRIVACY NOTICE

CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfil your request and service your account and to
provide you with additional information from CRISIL and other parts of S&P Global Inc. and its subsidiaries (collectively, the “Company) you may find of interest.

For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view the
Company’s Customer Privacy at https://www.spglobal.com/privacy

Last updated: April 2016

DISCLAIMER

This disclaimer forms part of and applies to each credit rating report and/or credit rating rationale that we provide (each a “Report”). For the avoidance of doubt, the
term “Report” includes the information, ratings and other content forming part of the Report. The Report is intended for the jurisdiction of India only. This Report does
not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or intending to provide
any services in jurisdictions where CRISIL does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or
use of this Report does not create a client relationship between CRISIL and the user.

We are not aware that any user intends to rely on the Report or of the manner in which a user intends to use the Report. In preparing our Report we have not taken
into consideration the objectives or particular needs of any particular user. It is made abundantly clear that the Report is not intended to and does not constitute an
investment advice. The Report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of
any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains. The Report should not be the sole or primary basis for any
investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 9/10

8/22/2021 Rating Rationale

Ratings from CRISIL Rating are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any
securities / instruments or to make any investment decisions. Any opinions expressed here are in good faith, are subject to change without notice, and are only
current as of the stated date of their issue. CRISIL assumes no obligation to update its opinions following publication in any form or format although CRISIL may
disseminate its opinions and analysis. CRISIL rating contained in the Report is not a substitute for the skill, judgment and experience of the user, its management,
employees, advisors and/or clients when making investment or other business decisions. The recipients of the Report should rely on their own judgment and take
their own professional advice before acting on the Report in any way.

Neither CRISIL nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, “CRISIL Parties”) guarantee
the accuracy, completeness or adequacy of the Report, and no CRISIL Party shall have any liability for any errors, omissions, or interruptions therein, regardless of
the cause, or for the results obtained from the use of any part of the Report. EACH CRISIL PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED
WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE
OR USE. In no event shall any CRISIL Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential
damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part
of the Report even if advised of the possibility of such damages.

CRISIL Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities,
securities or from obligors. CRISIL’s public ratings and analysis as are required to be disclosed under the regulations of the Securities and Exchange Board of India
(and other applicable regulations, if any) are made available on its web sites, www.crisil.com (free of charge). Reports with more detail and additional information may
be available for subscription at a fee – more details about CRISIL ratings are available here: www.crisilratings.com.

CRISIL and its affiliates do not act as a fiduciary. While CRISIL has obtained information from sources it believes to be reliable, CRISIL does not perform an audit and
undertakes no duty of due diligence or independent verification of any information it receives and / or relies in its Reports. CRISIL keeps certain activities of its
business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of CRISIL
may have information that is not available to other CRISIL business units. CRISIL has established policies and procedures to maintain the confidentiality of certain
non-public information received in connection with each analytical process. CRISIL has in place a ratings code of conduct and policies for analytical firewalls and for
managing conflict of interest. For details please refer to: http://www.crisil.com/ratings/highlightedpolicy.html

CRISIL’s rating criteria are generally available without charge to the public on the CRISIL public web site, www.crisil.com. For latest rating information on any
instrument of any company rated by CRISIL you may contact CRISIL RATING DESK at [email protected], or at (0091) 1800 267 1301.

This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL.

All rights reserved @ CRISIL

CRISIL uses the prefix ‘PP-MLD’ for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with the SEBI
circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a
change in the rating of the subject instrument. For details on CRISIL's use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured
Finance Instruments at the following link: www.crisil.com/ratings/credit-rating-scale.html

https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AGSTransactTechnologiesLimited_January 08, 2021_RR.html 10/10