For banks, NBFCs and insurers

For a lender, the useful unit is the variant: what it is, what it has cost over time with every observation dated, where its score has moved, and what demand around it looks like. That is what underwriting and resale assumptions are actually built on.

For an insurer, the useful unit is the chassis and what sits on it: which body builds the register knows per chassis, and where certified builders stand. That desk arrives with launch rather than being claimed today.

Both read the same dated, graded figures a buyer sees. Nothing is dressed up for an institution, which also means nothing an institution is shown can be quietly better than what the public page says.