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1) The letter is in response to a complaint filed with SEBI regarding First Leasing Company of India Ltd (FLCL) shares. 2) CARE had rated some debt instruments of FLCL like non-convertible debentures and fixed deposits but had not assigned any ratings to FLCL's equity shares. 3) Therefore, CARE does not have any comments to offer regarding the complaint about FLCL's equity shares.

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(M RatingsPrrrfcssional Risk Opiniot: Daiel Novpmber 04, ?014 Mr. Aruo H. Mehtr Advocate, High Court Akshar Laws, Advocates 3 A-8, Lentin Chambers, 4'n Floor, 36, Dalal Stree! Fort, Mumbai - 400 001 fu,a.SJ, r ) zr' Dear Sir, This has relErenoe to yourcomplaint uploaded in SEBI's SCORES on behalf of your cliept Mr. Trideep Raj Bhandari (Complainant) in respect of above oompany vidc lettpr (Rel'.No.ALl54 Snitq dated 15ft September 2014. 2, Please note thal your client, the complainanl is an investor in the equily shares of'M/s First LeasingCompany of India Ltd (FLCL). We would like to submit that CAIlU had rotcd Non' Conve(ible Debeutures, Fixed Deposits, Comrnercial Paper and []ank t'acililies of FLCL arlcl has not assigned any rating to the equify shares of FLCL. Accordingly, wc ilo not havc atpy comments to offer in respect of the aloresaid complaint. Thanking You Yours faithfully. For Credit Analysis and Research Limited Navin Company Secretary CREDIT ANATYSIS & RESEARCH LTD. 1el.:+91-72-67543456i1ax:+91'22-6154 3457 lEmail: care@careratings'com I www cn'aetrn93'rom

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  • 1. (M RatingsPrrrfcssional Risk Opiniot: Daiel Novpmber 04, ?014 Mr. Aruo H. Mehtr Advocate, High Court Akshar Laws, Advocates 3 A-8, Lentin Chambers, 4'n Floor, 36, Dalal Stree! Fort, Mumbai - 400 001 fu,a.SJ, r ) zr' Dear Sir, This has relErenoe to yourcomplaint uploaded in SEBI's SCORES on behalf of your cliept Mr. Trideep Raj Bhandari (Complainant) in respect of above oompany vidc lettpr (Rel'.No.ALl54 Snitq dated 15ft September 2014. 2, Please note thal your client, the complainanl is an investor in the equily shares of'M/s First LeasingCompany of India Ltd (FLCL). We would like to submit that CAIlU had rotcd Non' Conve(ible Debeutures, Fixed Deposits, Comrnercial Paper and []ank t'acililies of FLCL arlcl has not assigned any rating to the equify shares of FLCL. Accordingly, wc ilo not havc atpy comments to offer in respect of the aloresaid complaint. Thanking You Yours faithfully. For Credit Analysis and Research Limited Navin Company Secretary CREDIT ANATYSIS & RESEARCH LTD. 1el.:+91-72-67543456i1ax:+91'22-6154 3457 lEmail: care@careratings'com I www cn'aetrn93'rom