Our Ref: MLLSEC/112/2021

30 June 2021 30 June 2021

To, BSE Limited, (Security Code: 540768) Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400 001. To, BSE Limited, (Security Code: 540768) Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400 001.

National Stock Exchange of India Ltd., (Symbol: MAHLOG) Exchange Plaza, 5thFloor, Plot No. C/1, "G" Block, Bandra -Kurla Complex, Bandra (East), Mumbai— 400 051. National Stock Exchange of India Ltd., (Symbol: MAHLOG) Exchange Plaza, 5th Floor, Plot No. C/1, "G" Block, Bandra -Kurla Complex, Bandra (East), Mumbai – 400 051.

Dear Sirs, Dear Sirs,

Sub: Credit Rating by ICRA Limited — Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") Sub: Credit Rating by ICRA Limited – Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations")

Pursuant to Regulation 30(6) read with Schedule III and other applicable provisions of the Listing Regulations, we hereby inform you that ICRA Limited ("ICRA") has issued and reaffirmed its credit rating on the Fund-based and Non-Fund-based facilities of the Company as given hereunder: Pursuant to Regulation 30(6) read with Schedule III and other applicable provisions of the Listing Regulations, we hereby inform you that ICRA Limited ("ICRA") has issued and reaffirmed its credit rating on the Fund-based and Non-Fund-based facilities of the Company as given hereunder:

			(Rs. in crores)(Rs. in crores)
Instrument TypeInstrument Type	Previous Rated AmountPrevious Rated Amount(vide ICRA letter dated(vide ICRA letter dated25 June 2020)25 June 2020)	Current Rated AmountCurrent Rated Amount(vide ICRA letter dated(vide ICRA letter dated30 June 2021)30 June 2021)	Rating ActionRating Action
Long-term Fund-basedLong-term Fund-based	48.0048.00	48.0048.00	[ICRA]AA(Stable); reaffirmed[ICRNAA(Stable); reaffirmed
Short -term - Non-FundShort -term - Non-FundBasedBased	15.0015.00	15.0015.00	[ICRA]A1+(Stable); reaffirmed[ICRNA1+(Stable); reaffirmed
Long-term / Short-term,Long-term / Short-term,Fund-based / Non-fundFund-based / Non-fundBased FacilitiesBased Facilities	172.00172.00	172.00172.00	[ICRA]AA(Stable)/[ICRA]A1+;[ICRA]AA(Stable)/[ICRA]A1+;reaffirmedreaffirmed
Commercial PaperCommercial Paper	100.00100.00	--	[ICRA]A1+; reaffirmed &[ICRA]A1+; reaffirmed &withdrawnwithdrawn
TotalTotal	335.00335.00	235.00235.00

Withdrawal of Credit Rating on Commercial Paper Programme Withdrawal of Credit Rating on Commercial Paper Programme

ICRA has reaffirmed and withdrawn the [ICRA]A1+ rating assigned to the commercial paper programme of the Company at the request of the company as the company has not issued any Commercial paper during the year and there is no amount outstanding against the commercial paper. This is in line with ICRA's policy on withdrawal of credit ratings. ICRA has reaffirmed and withdrawn the [ICRA]A1+ rating assigned to the commercial paper programme of the Company at the request of the company as the company has not issued any Commercial paper during the year and there is no amount outstanding against the commercial paper. This is in line with ICRA's policy on withdrawal of credit ratings.

ICRA's press release in this regard including the Rating Rationale dated 30 June 2021 received by the Company today is enclosed herewith. ICRA's press release in this regard including the Rating Rationale dated 30 June 2021 received by the Company today is enclosed herewith.

Mahindra Logistics Limited Unit No. 3 & 4, 7' Floor, Techniplex 2, Techniplex Complex, Veer Savarkar Marg, Goregaon (West), Mumbai — 400 062 Mahindra Logistics Limited Unit No. 3 & 4, 7th Floor, Techniplex 2, Techniplex Complex, Veer Savarkar Marg, Goregaon (West), Mumbai – 400 062

Tel: + 91 22 28715500 Toll Free: 1800 258 6787 www.mahindralogistics.com Tel: + 91 22 28715500 Toll Free: 1800 258 6787 www.mahindralogistics.com

**Regd Office Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai — 400 018 CIN: L63000MH2007PLC173466 Regd Office Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai – 400 018 CIN: L63000MH2007PLC173466 E-mail Id: [email protected]**Our Ref: MLLSEC/112/2021

E-mail Id: cs.mll(&,mahindra.com

Page 1 of 2 Page 1 of 2

This intimation alongwith the enclosure is being uploaded on the Company's website viz. www.mahindralogistics.com This intimation alongwith the enclosure is being uploaded on the Company's website viz. www.mahindralogistics.com

Kindly take the same on record and acknowledge receipt. Kindly take the same on record and acknowledge receipt.

Thanking you, For Mahindra Logistics Limited Thanking you, For Mahindra Logistics Limited Brijbala Mohanlal Batwal Digitally signed by Brijbala Mohanlal Batwal Date: 2021.06.30 18:20:45 +05'30'

Brijbala Batwal Company Secretary Brijbala Batwal Company Secretary

June 30, 2021 June 30, 2021

Mahindra Logistics Limited: Ratings reaffirmed for bank loans Mahindra Logistics Limited: Ratings reaffirmed for bank loans

Summary of rating action Summary of rating action

II°

InstrumentInstrument	Previous Rated AmountPrevious Rated Amount(Rs. crore)(Rs. crore)	Current Rated AmountCurrent Rated Amount(Rs. crore)(Rs. crore)	Rating ActionRating Action
Long-term Fund-based	48.00	48.00	[ICRA]AA(Stable); reaffirmed
Long-term Fund-based	48.00	48.00	[ICRA]AA(Stable); reaffirmed
Short -term - Non-Fund Based	15.00	15.00	[ICRA]A1+(Stable); reaffirmed
Short -term - Non-Fund Based	15.00	15.00	[ICRA]A1+(Stable); reaffirmed
Long-term / Short-term, FundLong-term / Short-term, Fundbased / Non-fund Basedbased / Non-fund BasedFacilitiesFacilities	172.00172.00	172.00172.00	[ICRA]AA(Stable)/[ICRA]A1+;[ICRA]AA(Stable)/[ICRA]A1+;reaffirmedreaffirmed
Commercial PaperCommercial Paper	100.00100.00	-	[ICRA]A1+; reaffirmed &[ICRA]A1+; reaffirmed &withdrawnwithdrawn
Total	335.00	235.00
Total	335.00	235.00

*Instrument details are provided in Annexure-1 *Instrument details are provided in Annexure-1

Rationale Rationale

The reaffirmation of ratings reflects Mahindra Logistics Limited's (MLL) strong financial profile reflected by its low leverage and strong debt coverage indicators, as well as its position as a key intermediary in Mahindra & Mahindra Limited's (M&M, rated [ICRA]AAA (Stable) and [ICRA]A1+) automotive and farm equipment business by providing end-to-end supply chain solutions. The strong business linkage with the Mahindra Group, particularly M&M, in the supply chain management (SCM) segment, provides MLL with the requisite experience, volume and a stable business avenue. MLL's SCM business has a large contribution from the automotive segment, in line with its large share of business from the parent entity. MLL has also developed a strong client base outside the Group in other segments such as e-commerce, fast moving consumer goods (FMCG) and pharmaceutical verticals. MLL being a subsidiary of M&M, also enjoys access to capital markets and healthy relationships with the banks, which adds to the financial flexibility. The reaffirmation of ratings reflects Mahindra Logistics Limited's (MLL) strong financial profile reflected by its low leverage and strong debt coverage indicators, as well as its position as a key intermediary in Mahindra & Mahindra Limited's (M&M, rated [ICRA]AAA (Stable) and [ICRA]A1+) automotive and farm equipment business by providing end-to-end supply chain solutions. The strong business linkage with the Mahindra Group, particularly M&M, in the supply chain management (SCM) segment, provides MLL with the requisite experience, volume and a stable business avenue. MLL's SCM business has a large contribution from the automotive segment, in line with its large share of business from the parent entity. MLL has also developed a strong client base outside the Group in other segments such as e-commerce, fast moving consumer goods (FMCG) and pharmaceutical verticals. MLL being a subsidiary of M&M, also enjoys access to capital markets and healthy relationships with the banks, which adds to the financial flexibility.

The ratings also consider MLL's increasing client diversification in its SCM business, and the respectable position it enjoys in the people logistics (enterprise mobility or EM) business. MLL continues to primarily follow an asset-light business model (asset-light model on a standalone basis, while its subsidiary company, 2X2 Logistics Private Limited has an asset-heavy model), which is positive, especially in a declining business environment. The ratings also factor in MLL's comfortable capital structure, as reflected by a gearing of 0.5 time (including lease liabilities) as on March 31, 2021. The liquidity position of the company also remains strong with sizeable cash and bank balance as well as liquid investments aggregating to Rs. 252.8 crore and unutilised fund-based bank lines of Rs. 170 crore as on March 31, 2021. Excluding lease liability, MLL is a net debt-free company. The ratings also consider MLL's increasing client diversification in its SCM business, and the respectable position it enjoys in the people logistics (enterprise mobility or EM) business. MLL continues to primarily follow an asset-light business model (asset-light model on a standalone basis, while its subsidiary company, 2X2 Logistics Private Limited has an asset-heavy model), which is positive, especially in a declining business environment. The ratings also factor in MLL's comfortable capital structure, as reflected by a gearing of 0.5 time (including lease liabilities) as on March 31, 2021. The liquidity position of the company also remains strong with sizeable cash and bank balance as well as liquid investments aggregating to Rs. 252.8 crore and unutilised fund-based bank lines of Rs. 170 crore as on March 31, 2021. Excluding lease liability, MLL is a net debt-free company.

The rating strengths are partially offset by the inherent cyclicality in the automotive industry towards which it has high exposure. MLL's automotive segment's revenues witnessed 17% and 6% YoY de-growth in FY2020 and FY2021, respectively, due to the overall slowdown in the domestic automotive industry coupled with the negative impact of the Covid-19 pandemic. MLL's business also remains vulnerable to stiff competition from many unorganised players and technology driven start-ups. The rating strengths are partially offset by the inherent cyclicality in the automotive industry towards which it has high exposure. MLL's automotive segment's revenues witnessed 17% and 6% YoY de-growth in FY2020 and FY2021, respectively, due to the overall slowdown in the domestic automotive industry coupled with the negative impact of the Covid-19 pandemic. MLL's business also remains vulnerable to stiff competition from many unorganised players and technology driven start-ups.

ICRA has reaffirmed and withdrawn the [ICRA]A1+ rating assigned to the commercial paper programme of MLL at the request of the company as the company has not issued any Commercial paper during the year and there is no amount outstanding against the commercial paper. This is in line with ICRA's policy on withdrawal of credit ratings. ICRA has reaffirmed and withdrawn the [ICRA]A1+ rating assigned to the commercial paper programme of MLL at the request of the company as the company has not issued any Commercial paper during the year and there is no amount outstanding against the commercial paper. This is in line with ICRA's policy on withdrawal of credit ratings.

Key rating drivers and their description Key rating drivers and their description

Credit strengths Credit strengths

Strong financial flexibility as part of Mahindra Group; strong business linkages with Group in SCM segment provide requisite volume and stable business avenue — While MLL was initially focussed on meeting the SCM requirements of the Mahindra Group, it subsequently diversified its client base beyond the Group. It continues to cater to almost the entire supply chain requirements of M&M. MLL derived 49% of its revenues from the Mahindra Group in FY2021. In addition to the business linkages and strong business volume, as a subsidiary of M&M , MLL enjoys access to capital markets and healthy relationships with the banks, which adds to the financial flexibility and supports the overall liquidity profile. Strong financial flexibility as part of Mahindra Group; strong business linkages with Group in SCM segment provide requisite volume and stable business avenue – While MLL was initially focussed on meeting the SCM requirements of the Mahindra Group, it subsequently diversified its client base beyond the Group. It continues to cater to almost the entire supply chain requirements of M&M. MLL derived 49% of its revenues from the Mahindra Group in FY2021. In addition to the business linkages and strong business volume, as a subsidiary of M&M , MLL enjoys access to capital markets and healthy relationships with the banks, which adds to the financial flexibility and supports the overall liquidity profile.

Asset-light business model provides operational flexibility, especially during challenging business environment — MLL primarily follows an asset-light strategy. MLL's vehicles are hired from transport companies/firms on a contractual basis, and all its warehousing requirements are on a lease basis. Such a policy results in low capital expenditure (capex) requirements and, hence, low fixed costs. While the policy results in modest operating margin, it provides flexibility during industry down cycles and helps it in reducing the volatility in ROCE. Asset-light business model provides operational flexibility, especially during challenging business environment – MLL primarily follows an asset-light strategy. MLL's vehicles are hired from transport companies/firms on a contractual basis, and all its warehousing requirements are on a lease basis. Such a policy results in low capital expenditure (capex) requirements and, hence, low fixed costs. While the policy results in modest operating margin, it provides flexibility during industry down cycles and helps it in reducing the volatility in ROCE.

Broad customer base with presence among established companies —The Mahindra Group accounted for —50% of MLL's total revenues (including EM) in FY2020 and FY2021 respectively. ICRA notes that the revenue concentration on the Group has reduced over the years from —70% in FY2015 to 49% in FY2021. MLL has been focussing on strengthening its presence with other original equipment manufacturers (OEMs) in the automotive industry and also diversifying into other industry verticals like pharmaceuticals, FMCG and e-commerce, among others. MLL has added several new customers in the non-automotive segment over the past few years, resulting in diversification of its customer profile. Broad customer base with presence among established companies – The Mahindra Group accounted for ~50% of MLL's total revenues (including EM) in FY2020 and FY2021 respectively. ICRA notes that the revenue concentration on the Group has reduced over the years from ~70% in FY2015 to 49% in FY2021. MLL has been focussing on strengthening its presence with other original equipment manufacturers (OEMs) in the automotive industry and also diversifying into other industry verticals like pharmaceuticals, FMCG and e-commerce, among others. MLL has added several new customers in the non-automotive segment over the past few years, resulting in diversification of its customer profile.

Comfortable capital structure and liquidity — At a consolidated level, excluding impact of lease liabilities, MLL maintains its net-debt free status. The liquidity position of the company continues to remain strong as reflected by its sizeable cash and bank balance as well as liquid investments aggregating to Rs. 252.8 crore and unutilised fund-based bank lines of Rs. 170 crore as on March 31, 2021. Comfortable capital structure and liquidity – At a consolidated level, excluding impact of lease liabilities, MLL maintains its net-debt free status. The liquidity position of the company continues to remain strong as reflected by its sizeable cash and bank balance as well as liquid investments aggregating to Rs. 252.8 crore and unutilised fund-based bank lines of Rs. 170 crore as on March 31, 2021.

Credit challenges Credit challenges

Concentration of SCM business on automotive industry exposes Mato high industry cyclicality —The company derives —60% of its SCM revenues from the automotive segment, exposing the business to cyclicality inherent in the industry. ICRA notes that with increasing business from the non-automotive sectors, the concentration risk has reduced over the years. The high concentration of revenues on the automotive industry exposes MLL to the high demand cyclicality associated with the industry. Consequently, its automotive segment's revenues witnessed 17% and 6% YoY de-growth in FY2020 and FY2021, respectively, due to the overall slowdown in the domestic automotive industry coupled with the negative impact of the Covid-19 pandemic. While its automotive business under the SCM and EM verticals have been impacted, the non-automotive SCM business has supported overall performance and the share of revenues from this vertical has increased from 35% in FY2020 to 40% in FY2021. Concentration of SCM business on automotive industry exposes MLL to high industry cyclicality – The company derives ~60% of its SCM revenues from the automotive segment, exposing the business to cyclicality inherent in the industry. ICRA notes that with increasing business from the non-automotive sectors, the concentration risk has reduced over the years. The high concentration of revenues on the automotive industry exposes MLL to the high demand cyclicality associated with the industry. Consequently, its automotive segment's revenues witnessed 17% and 6% YoY de-growth in FY2020 and FY2021, respectively, due to the overall slowdown in the domestic automotive industry coupled with the negative impact of the Covid-19 pandemic. While its automotive business under the SCM and EM verticals have been impacted, the non-automotive SCM business has supported overall performance and the share of revenues from this vertical has increased from 35% in FY2020 to 40% in FY2021.

Stiff competition from large number of unorganised players and technology driven start-ups— MLL faces intense competition from the unorganised logistics service providers and technology driven start-ups in the SCM business. In the EM business, it faces competition from local travel operators as well as from application-based transportation service providers. Stiff competition from large number of unorganised players and technology driven start-ups – MLL faces intense competition from the unorganised logistics service providers and technology driven start-ups in the SCM business. In the EM business, it faces competition from local travel operators as well as from application-based transportation service providers.

Liquidity position: Strong Liquidity position: Strong

The liquidity position of MLL is strong, supported by its sizeable cash and bank balance as well as liquid investments of Rs. 252.8 crore and unutilised bank lines of Rs. 170 crore as on March 31, 2021. While the term loan repayments remain nominal, the company has moderate capex plans for FY2022. MLL, as part of the Mahindra Group, enjoys access to capital markets and healthy relationships with the banks which adds to the financial flexibility and supports its overall liquidity profile. The liquidity position of MLL is strong, supported by its sizeable cash and bank balance as well as liquid investments of Rs. 252.8 crore and unutilised bank lines of Rs. 170 crore as on March 31, 2021. While the term loan repayments remain nominal, the company has moderate capex plans for FY2022. MLL, as part of the Mahindra Group, enjoys access to capital markets and healthy relationships with the banks which adds to the financial flexibility and supports its overall liquidity profile.

Rating sensitivities Rating sensitivities

Positive factors— The rating is unlikely to be upgraded unless there is a substantial scale-up in revenues of MLL, along with greater sector and client diversification, with sustained improvement in ROCE. **Positive factors –**The rating is unlikely to be upgraded unless there is a substantial scale-up in revenues of MLL, along with greater sector and client diversification, with sustained improvement in ROCE.

Negative factors — MLL's rating may be downgraded if there is any weakening in the credit profile of M&M and/or weakening in the operating performance of MLL. Any debt-funded capex / inorganic acquisition or investments in subsidiaries / joint ventures undertaken by the company, which may adversely impact MLL's credit profile will be a negative trigger. Sustained fall in core ROCE (excluding lease liabilities) below 20% will also be a negative trigger. Negative factors – MLL's rating may be downgraded if there is any weakening in the credit profile of M&M and/or weakening in the operating performance of MLL. Any debt-funded capex / inorganic acquisition or investments in subsidiaries / joint ventures undertaken by the company, which may adversely impact MLL's credit profile will be a negative trigger. Sustained fall in core ROCE (excluding lease liabilities) below 20% will also be a negative trigger.

Analytical approach Analytical approach

Analytical Approach	Comments
Analytical Approach	Comments
Applicable Rating Methodologies	Corporate Credit Rating Methodology
Applicable Rating Methodologies	Corporate Credit Rating Methodology
Parent/Group Support	Not applicable
Parent/Group Support	Not applicable
Consolidation/StandaloneConsolidation/Standalone	For arriving at the ratings, ICRA has considered the consolidated financials ofFor arriving at the ratings, ICRA has considered the consolidated financials ofMahindra Logistics Limited. The details are given in Annexure-2.Mahindra Logistics Limited. The details are given in Annexure-2.

About the company About the company

MLL, a 58.34% subsidiary' of M&M, is a third-party logistics (3PL) provider, operating in the SCM and EM businesses. MLL's SCM business includes supply chain consultancy, warehousing, stores and line feeding, transportation and freight forwarding. Its EM business, meanwhile, provides customisable and technology-enabled employee transportation services to corporate enterprises. MLL, a 58.34% subsidiary1 of M&M, is a third-party logistics (3PL) provider, operating in the SCM and EM businesses. MLL's SCM business includes supply chain consultancy, warehousing, stores and line feeding, transportation and freight forwarding. Its EM business, meanwhile, provides customisable and technology-enabled employee transportation services to corporate

The company commenced operations from December 2000 as a division of M&M to handle the captive logistics and supply chain needs of the Group. Subsequently, the division began operating for external clients across the country. MLL was spun off as a 100% subsidiary of M&M, with effect from April 01, 2008. MLL concluded its initial public offering (IPO) in November 2017 and was listed on the Bombay Stock Exchange and the National Stock Exchange. enterprises. The company commenced operations from December 2000 as a division of M&M to handle the captive logistics and supply chain needs of the Group. Subsequently, the division began operating for external clients across the country. MLL was spun off as a 100% subsidiary of M&M, with effect from April 01, 2008. MLL concluded its initial public offering (IPO) in November 2017 and was listed on the Bombay Stock Exchange and the National Stock Exchange.

MLL has two subsidiary companies, LORDS Freight (India) Private Limited (LORDS) and 2X2 Logistics Private Limited (2X2 Logistics). LORDS is an international freight forwarder and 2X2 Logistics provides transportation services to MLL, Original equipment manufacturers (OEMs) and other transport companies through its fleet of owned trucks. MLL has two subsidiary companies, LORDS Freight (India) Private Limited (LORDS) and 2X2 Logistics Private Limited (2X2 Logistics). LORDS is an international freight forwarder and 2X2 Logistics provides transportation services to MLL, Original equipment manufacturers (OEMs) and other transport companies through its fleet of owned trucks.

1 As on March 31, 2021 1 As on March 31, 2021

Key financial indicators (audited) Key financial indicators (audited)

MLL Consolidated	FY2020	FY2021
MLL Consolidated	FY2020	FY2021
Operating Income (Rs. crore)	3471.14	3263.72
Operating Income (Rs. crore)	3471.14	3263.72
PAT (Rs. crore)	55.45	29.18
PAT (Rs. crore)	55.45	29.18
OPBDIT/OI (%)	4.57%	4.13%
OPBDIT/OI (%)	4.57%	4.13%
PAT/OI (%)	1.60%	0.89%
PAT/01 (%)	1.60%	0.89%
Total Outside Liabilities/Tangible Net Worth (times)	1.56	1.91
Total Outside Liabilities/Tangible Net Worth (times)	1.56	1.91
Total Debt/OPBDIT (times)	1.27	2.00
Total Debt/OPBDIT (times)	1.27	2.00
Interest Coverage (times)	8.99	6.70
Interest Coverage (times)	8.99	6.70

Note: Above figures are as per IndAS 116 Note: Above figures are as per IndAS 116

PAT: Profit after Tax; OPBDIT: Operating Profit before Depreciation, Interest, Taxes and Amortisation PAT: Profit after Tax; OPBDIT: Operating Profit before Depreciation, Interest, Taxes and Amortisation

Status of non-cooperation with previous CRA: Not applicable Status of non-cooperation with previous CRA: Not applicable

Any other information: None Any other information: None

Rating history for past three years Rating history for past three years

		Current Rating (FY2022)CurrentRating (FY2022)				Chronology of Rating Historyof Rating HistoryChronologyFor the past 3 yearsthe past 3 yearsFor
	InstrumentInstrument	TypeType	AmountAmountRatedRated	AmountAmountOutstanding asOutstanding asof Mar 31, 2021of Mar 31, 2021	Date &Date &Rating inRating in	Date &Date &Rating inRating inFY2021FY2021	Date &Date &Rating inRating inFY2020FY2020	Date &Date &Rating inRating inFY2019FY2019
			(Rs. crore)(Rs. crore)	(Rs. crore)(Rs. crore)	24-Jun-2124-Jun-21	25-Jun-2025-Jun-20	27-Dec-1927-Dec-19	29-Nov-1829-Nov-18
11	Fund-basedFund-basedWorking CapitalWorking CapitalFacilitiesFacilities	LongLong-termterm	48.0048.00	NANA	[ICRA]AAIICFtAJAA(Stable)(Stable)	[ICRA]AAIICFtAJAA(Stable)(Stable)	[ICRA]AAIICFtAJAA(Stable)(Stable)	[ICRA]AAIICFtAJAA(Stable)(Stable)
22	Non-fundNon-fundBased FacilitiesBased Facilities	LongLong-termterm	15.0015.00	NANA	[ICRA]A1+IICRAJA1+	[ICRA]A1+IICRAJA1+	[ICRA]A1+IICRAJA1+	[ICRA]A1+IICRAJA1+
33	FundFundbased/Nonbased/Nonfund Basedfund BasedLimitsLimits	LongLongterm/term/Short –Short—termterm	172.00172.00	NANA	[ICRA]AAIICFtAJAA(Stable)/(Stable)/[ICRA]A1+IICFtAiA1+	[ICRA]AAIICFtAJAA(Stable)/(Stable)/[ICRA]A1+IICFtAiA1+	-	-
44	CommercialCommercialPaperPaperProgrammeProgramme	ShortShorttermterm	-	NANA	-	[ICRA]A1+IICRAJA1+	-	-

Complexity level of the rated instruments Complexity level of the rated instruments

Instrument	Complexity Indicator
Instrument	Complexity Indicator
Long term, fund based	Simple
Long term, fund based	Simple
Short term, Non-fund based	Simple
Short term, Non-fund based	Simple
Long Term / Short Term - Fund based/NonLong Term / Short Term - Fund based/NonFund BasedFund Based	SimpleSimple
Commercial Paper	Very Simple*
Commercial Paper	Very Simple*

*rating withdrawn *rating withdrawn

The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analyzing an entity's financial, business, industry risks or complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is available on ICRA's website: Click Here The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated. It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's credit rating. It also does not indicate the complexity associated with analyzing an entity's financial, business, industry risks or complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is available on ICRA's website: Click Here

Annexure-1: Instrument details Annexure-1: Instrument details

ISIN NoISIN No	Instrument NameInstrument Name	Date of Issuance /Date of Issuance /SanctionSanction	CouponCouponRateRate	MaturityMaturityDateDate	Amount RatedAmount Rated(RS Crore)(RS Crore)	Current Rating and OutlookCurrent Rating and Outlook
NANA	Long term, fundLong term, fundbasedbased	-	-	-	48.0048.00	[ICRA]AA(Stable)[ICRA]AA(Stable)
NANA	Short term, NonShort term, Nonfund basedfund based	-	-	-	15.0015.00	[ICRA]A1+[ICRA]A1+
NANA	Long Term / ShortLong Term / ShortTerm - FundTerm - Fundbased/Non Fundbased/Non FundBasedBased	-	-	-	172.00172.00	[ICRA]AA(Stable)/[ICRA]A1+[ICRA]AA(Stable)/[ICRA]A1+

Source: Company Source: Company

WII

Annexure-2: List of entities considered for consolidated analysis Annexure-2: List of entities considered for consolidated analysis

Company NameCompany Name	OwnershipOwnership	ConsolidationConsolidationApproachApproach
LORDS Freight (India) Private Limited	99.05%	Full Consolidation
LORDS Freight (India) Private Limited	99.05%	Full Consolidation
2X2 Logistics Private Limited	55.00%	Full Consolidation
2X2 Logistics Private Limited	55.00%	Full Consolidation
Transtech Logistics Private Limited	39.79%	Equity method
Transtech Logistics Private Limited	39.79%	Equity method

Source: Company Source: Company

ANALYST CONTACTS ANALYST CONTACTS

Shamsher Dewan Kinjal Shah +91 124 4545328 +91 22 6114 3442 Shamsher Dewan +91 124 4545328 [email protected]

Rupa Pandey Ashish Modani +91 22 61143456 +91 20 66069912 Rupa Pandey +91 22 61143456 [email protected]

[email protected] [email protected] Kinjal Shah +91 22 6114 3442 [email protected]

[email protected] [email protected] Ashish Modani +91 20 66069912 [email protected]

RELATIONSHIP CONTACT RELATIONSHIP CONTACT

L Shivakumar +91 22 6114 3406 [email protected] L Shivakumar +91 22 6114 3406 [email protected]

MEDIA AND PUBLIC RELATIONS CONTACT MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani Tel: +91 124 4545 860 [email protected] Ms. Naznin Prodhani Tel: +91 124 4545 860 [email protected]

Helpline for business queries Helpline for business queries

+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm) +91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)

[email protected] [email protected]

About ICRA Limited: About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency. ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional investment Information and Credit Rating Agency.

Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody's Investors Service is ICRA's largest shareholder. Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit Rating Agency Moody's Investors Service is ICRA's largest shareholder.

For more information, visit www.icra.in For more information, visit www.icra.in

ICRA Limited ICRA Limited

iii

Registered Office Registered Office

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Contents may be used freely with due acknowledgement to ICRA. Contents may be used freely with due acknowledgement to ICRA.

ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA's current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While 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 ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents. ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA's current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While 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 ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents.

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Mahindra Logistics Limited Capital/Financing Update 2021

62193_rns_2021-06-30_136a9ca3-9632-487f-9bac-931fe7d48387.pdf