Intimation of credit rating on Pass Through Certificates of the Company

MFSL/SEC/EQ/2026/87 October 14, 2026 To, To, The Manager, General Manager BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Plot No. C/1, G Block Mumbai – 400001 Bandra-Kurla Complex Bandra (East) Mumbai – 400051 Scrip Code: 540749, 947381 Trading Symbol: MASFIN Dear Sir, Subject: Intimation of Credit Rating on Pass Through Certificates given by CARE Ratings Limited With reference to Regulation 30 of the SEBI Listing Regulations; we are pleased to inform that CARE Ratings Limited (CARE/Rating Agency) has re-affirmed & upgraded Credit Rating on Company’s Pass Through Certificates. The communication about the disclosure filed by the Rating Agency with the BSE Limited was received by the Company on October 13, 2026. The details are as below: Credit Rating ISIN of the Rating Assigned Amount Credit Rating Current Agency Name Company for on (details of (in (actual rating Action which rating is instrument) crore) provided) assigned CARE RATINGS INE348L01012 Pass Through 21 CARE AAA (SO) Re-affirm LIMITED Certificates CARE RATINGS INE348L01012 Pass Through 9 CARE A+ (SO) Upgrade LIMITED Certificates Press release issued by CARE is enclosed for reference. You are requested to take the same on record please. Thanking you, Yours faithfully, For, MAS Financial Services Limited Riddhi Bhayani Company Secretary and Chief Compliance Officer Membership No.: A41206 Press Release INDIGO 045 Originator: Mas Financial Services Limited October 12, 2026 Name of Amount Balance Credit Enhancement (₹ crore) Rating Instrument the (₹ crore) Tenure Rating2 Cash Principal Action Regulator1 @ (months)* Collateral Subordination CARE AAA Series A PTCs 21.02 12.91 Reaffirmed (SO) RBI$ 37 4.60 Upgraded Equity CARE 9.19 3.72 from CARE Tranche PTCs A+(SO) A(SO) Details of instruments/facilities in Annexure-1. # The Series A PTCs are rated based on timely payment of interest and payment of principal on or before the last scheduled payout date and Equity Tranche PTCs are rated based on payment of principal on or before the last scheduled payout. @After September 2026 payout. *Tenure/door-to-door maturity may change due to prepayments or changes in interest rates. $By virtue of the instrument being listed, SEBI acts as the regulator for listing and related issues. Rationale and key rating drivers CARE Ratings Limited (CareEdge Ratings) has reaffirmed the rating of the Series A PTC and upgraded the rating for Equity Tranche PTC issued by INDIGO 045, backed by micro enterprise (ME), small & medium enterprise (SME), commercial vehicle (CV) and 2- wheeler loan receivables originated by MAS Financial Services Limited (MFSL), at ‘CARE AAA (SO)’ [pronounced as Triple A (Structured Obligation)] and at ‘CARE A+ (SO)’ [pronounced as Single A Plus (Structured Obligation)] respectively. Reaffirmation in rating of Series A PTCs and the upward revision in the rating of Equity Tranche PTCs are primarily based on the performance of the underlying loans in the last 11 months post-securitisation, robust legal structure, well-defined payment mechanism, significant built-up in cash collateral (CC) , over collateral (OC) and Equity Tranche (ET)– as a percentage of balance amount of pass-through certificates (PTCs), subordination of excess interest spread (EIS), servicing capability and overall performance of MFSL. Rating sensitivities: Factors likely to lead to rating actions Positive factors - Factors that could, individually or collectively, lead to positive rating action/upgrade: For Series A PTCs: None For Equity tranche PTCs: • Delinquencies (90+ days past due [DPD] as percentage of initial POS) of less than 2% and sustained high collection efficiency (cumulative collection efficiency of over 98%). • Sustained build-up of cash collateral (CC) of over 2x the initial proposed (as a percentage of the balance principal outstanding Negative factors - Factors that could, individually or collectively, lead to negative rating action/downgrade: • Delinquencies (90+ DPD as percentage of initial POS) of over 5% and sustained lower collection efficiency (cumulative collection efficiency of less than 90%). • Utilisation of CC. • Deterioration in the credit profile of the originator. • Non-adherence to key transaction terms envisaged at the time of the rating. Analytical approach The rating action is based on inter alia, observed and expected pool performance, presence of credit enhancement (CE) and adherence to the transaction structure. Detailed description of key rating drivers Pool Performance: For Series A PTCs, the transaction is structured at timely payment of interest and payment of principal on or before the final legal maturity date. For Equity Tranche PTCs, the transaction is structured at payment of principal on or before the final legal maturity 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insurance Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority. 2Complete definitions of ratings assigned are available at www.careratings.com and in other CARE Ratings Limited’s publications Press Release date. The pool has amortised by around 63% in eleven months post-securitisation. As of September 2026 payout, overdue (OD; as a percentage of initial pool POS) is 0.58% and CC which is in the form of fixed deposit (FD) stands at around 14% (as percentage of balance pool POS) with nil utilisation. The CE available is sufficient to sustain ratings for the balance tenure. Pool summary (as of Sept - 2026 payout) Months post-securitisation 11 Pool amortisation 63.08% 30+ delinquency (percentage of the initial pool POS) 3.94% 90+ delinquency (percentage of the initial pool POS) 0.00% Overdue amount (percentage of the initial pool POS) 0.58% Cumulative Collection Efficiency (CCE) 98.80% CC (percentage of the balance PTC POS) 15.21% Cumulative prepayments 25.29% Key strengths: • CC as a percentage of PTC (both Series A PTCs and Equity Tranche PTCs) POS is around 15%, which remains unutilised, and OC, which is around 12% of PTC POS (Series A PTCs and Equity Tranche PTCs). • The pool has performed on expected lines for 11 months (post-securitisation) and has amortised around 63%. • Well-defined payment mechanism and adherence to the transaction structure. • The pool displays nil 90+DPD delinquencies. Key weakness: • The pool has volatile cash flows due to a portion being backed by CV, and it is also subject to inherent risks associated with unsecured loans within the pool. Liquidity: For Series A PTCs: Strong Inherent liquidity in the structure is strong. Interest payouts for Series A PTCs are promised monthly, while the principal of Series A PTCs is promised to be paid by final legal maturity. In case of delinquency, payouts are expected to be supported by CE consisting of CC, principal subordination in the form of equity tranche PTCs and OC and EIS. For Equity Tranche PTCs: adequate The inherent liquidity for equity tranche PTCs is adequate. The equity tranche PTCs is supported by cash collateral and over collateral. Key rating assumptions and adequacy of credit enhancement: CareEdge Ratings has analysed the transaction to assess whether the CE is sufficient to cover shortfalls. Since the transaction is sensitive to credit quality of the underlying pool, CareEdge Ratings has analysed performance of static pools provided by the originator and the overall portfolio performance of the originator. Considering borrower profile, nature of the loan, pool characteristics, and portfolio performance, CareEdge Ratings has taken average shortfall at 5.00-6.00% of the POS. Base case shortfalls were stressed along with other key factors, such as timing of shortfalls, recovery assumptions, and time to recovery. Pool cash flow has been further adjusted for prepayments of underlying loans, assuming a monthly prepayment in the range of 0.50-1.00%. CareEdge Ratin [Showing first 8,000 characters — download PDF for full document]