Rating Rationale
March 04, 2025 | Mumbai

Tata Motors Finance Limited
Long-term rating continues on 'Watch Positive'; Short-term rating reaffirmed

 

Rating Action

Total Bank Loan Facilities Rated

Rs.37500 Crore

Long Term Rating

Crisil AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications’)

Short Term Rating

Crisil A1+ (Reaffirmed)

 

Rs.10500 Crore Commercial Paper

Crisil A1+ (Reaffirmed)

Rs.6832.7 Crore (Reduced from Rs.7617.7 Crore) Non Convertible Debentures

Crisil AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications’)

Rs.465.1 Crore (Reduced from Rs.615.1 Crore) Subordinated Debt

Crisil AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications’)

Rs.2539.7 Crore (Reduced from Rs.2590 Crore) Perpetual Bonds

Crisil AA-/Watch Positive (Continues on 'Rating Watch with Positive Implications’)

Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

Detailed Rationale

Crisil Ratings’ ratings on the bank facilities and debt instruments of Tata Motors Finance Ltd (TMFL) continue on ‘Rating Watch with Positive Implications’. and rating on commercial papers and short-term bank facility have been reaffirmed at ‘Crisil A1+’.

 

Crisil Ratings has also withdrawn its rating on redeemed perpetual bonds of Rs 50.30 crore, redeemed non-convertible debentures of Rs 785 crore and redeemed subordinated debt of Rs 150 crore in line with its rating withdrawal policy (See Annexure 'Details of rating withdrawn' for details). Crisil Ratings has received independent confirmation that these instruments are fully redeemed.

 

The ratings of TMFL continues to be on ‘Rating watch with positive implications’ following TMFL’s announcement on June 04, 2024, stating that the board of directors of TMFL, Tata Capital Ltd (TCL, rated Crisil AAA/Stable/Crisil AA+^/Crisil A1+), and TML have approved the merger of TMFL with TCL through the National Company Law Tribunal’s (NCLT’s)  scheme of arrangement.

 

The secured and unsecured creditors and shareholders approved the Scheme in January 2025. However, the Scheme remains subject to various statutory approvals inter alia including sanction of the National Company Law Tribunal and, as may be required. Crisil Ratings will continue to monitor developments in this regard.

 

The existing ratings of TMFL factor in support from the ultimate parent TML. Till the transaction is completed, TMFL will continue to be supported by TML. On completion of the merger of TMFL with TCL, the rating on the debt instruments of TMFL will be equated to that of TCL (rated currently at Crisil AAA/Crisil PPMLD AAA/Crisil AA+^/Stable/Crisil A1+). The rating watch will be resolved on completion of the scheme of arrangement. 

 

The ratings on TMFL also factor in the TMF group’s (TMFHL and its subsidiaries) strong position in the commercial vehicle (CV) finance segment. However, these strengths are partially offset by moderate, albeit improving, asset quality of the portfolio.

 

The rating on the perpetual bonds reflects the extent of buffer over the regulatory capital adequacy requirements, and high financial flexibility due to TML’s ownership. Crisil Ratings believes that it will maintain this cushion going forward.

 

^Perpetual Instrument

Analytical Approach

Crisil Ratings has considered the consolidated business and financial risk profiles of TMFHL and its subsidiaries, TMFL and TMFBSL (TMF group), given the integration of operations and commonality of management. Furthermore, Crisil Ratings has factored in expectation of strong support to TMF group from TML, given TMF group’s strategic importance to TML, being its captive financing arm.

 

The ratings on the perpetual bonds additionally consider the deeply subordinated nature of these instruments whereby TMFL is restricted from servicing these instruments if it breaches the minimum regulatory capital requirement, or if the regulator denies permission to the company to make payments of interest and principal, if it reports losses.

 

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:

High strategic importance to and expectation of strong support from TML

The ratings on the debt instruments of TMF group are based upon the expectation of strong support from the ultimate parent TML. This is because of the high strategic importance of TMF group to its parent, given the group being the captive financing arm of the parent. TMFHL and its subsidiaries have a high level of managerial and operational integration, wherein the parent extends management support through representation of its senior management on the boards of TMFL and TMFBSL.

 

In the past, TML has infused equity capital into TMFHL at regular intervals. TML infused Rs 300 crore in fiscal 2018, Rs 600 crore in fiscal 2019 and Rs 150 crore in fiscal 2020. Crisil Ratings believes TML will continue to provide similar support to TMFL, till the merger with TCL is complete and will also continue to support TMFBSL, through TMFHL.  TMFL’s capital adequacy, as on December 31, 2024, remains adequate at 20.04% as on December 31, 2024. The adjusted net worth ratio (ANW) of TMFHL stood at 34.96% as on December 31, 2024.

 

TML is expected to continue to support TMFHL, in maintaining its capital levels above the minimum regulatory capital adequacy requirement and in retiring its debt obligations, in a timely manner, in case required. Furthermore, Crisil Ratings understands TML’s intent to support the standalone liabilities of TMFHL after execution of merger.

 

Leading position in CV finance

The TMF group is a leading CV financier in India. The AUM of TMFL stood at Rs. 36,515 crore as on December 31, 2024.  Given the captive nature of the business, TMF has a strong partnership with dealers of TML and provide them financing support as well. Of the total AUM as on December 31, 2024, share of new vehicle financing portfolio stood at around 63%, while share of used vehicle financing portfolio stood at around 28%, corporate lending business stood at 7% and others at 3%.  Over the last few years, the share of used vehicle financing for the TMF group has increased and is expected to remain a focus area for the group.

 

Weakness:

Moderate, though improving, asset quality

The asset quality metrics of TMFL remained moderate with gross stage III of 7.43% as on December 31, 2024, as against 6.1% as on March 31, 2024(9.3% as on March 31, 2023). The improvement from March 2023 levels is driven by reduced restructured book along with improved collections and writeoffs. The restructured book reduced to Rs 696 crore as on December 31, 2024, as against Rs 1,096 crore as on March 31, 2024, (Rs 3143 crore as on March 31, 2023. Going forward, the company’s ability to manage its asset quality and improve profitability will remain key monitorable.

Liquidity: Strong

TMFL’s asset liability maturity (ALM) profile shows cumulative positive mismatches up to 1 year maturity buckets as on December 31, 2024.  On a consolidated basis, the TMF group had on book liquidity of Rs 3148 crore as on December 31, 2024, in the form of cash and investments. Besides, the company had unutilised cash credit (CC)and working capital demand loan (WCDL) lines of Rs 1533 crore and inter corporate deposit (ICDs) from TML of Rs 1355 crore, as on December 31, 2024. This is sufficient to meet debt obligations of Rs 7899  crore for the two months ending February 28,2025. Out of payment of Rs 7899 crore, CC/WCDL of Rs 1475 crore, CP of Rs 2600 crore and ICD of Rs 202 crore is due during the said period and is expected to be rolled over. Additionally, TMFL has investments in T-bill/G-securities to the tune of Rs. 1480 crore as part of LCR. Liquidity coverage ratio was 121.14% for the quarter ended December 31, 2024.

Rating Sensitivity Factors

Upward factors:

  • Changes in the rating outlook or ratings on TML2 by 1 notch
  • Successful consummation of merger with TCL

 

Downward factors:

  • Downgrade in the rating of TML by one notch or higher
  • Any change in the support philosophy of TML, resulting in reduced support to the TMF group
  • Sharp deterioration in the consolidated asset quality, impacting the profitability and capital level of the TMF group
  • Any change in regulations or guidelines governing perpetual debt instruments which may have an adverse impact on the features of such instruments

 

The rating would also be sensitive to change in legal entity status upon completion of merger with TCL.

 

2Till TML remains the majority shareholder

About the Company

TMFL is a non-deposit-taking systematically important, NBFC and a wholly owned subsidiary of TMFHL. The NBFC business of the TMF group is now housed in under TMFL. TMFL which focusses on new vehicle financing, pre-owned vehicle financing and extending loans to dealers and vendors within the TML ecosystem. As on December 31, 2024, the company's standalone AUM stood at Rs 36,515 crore. For fiscal 2024, TMFL reported net profit of Rs 52 crore on total income (net of interest expenses) of Rs 2509 crore.

Key Financial Indicators: (TMFL – Standalone)

As on /for the year ended

 

Dec 31, 2024

March 31, 2024*

#March 31, 2023

#March 31, 2022

Total assets

Rs crore

36716

38,567

11,789

10,846

Total income (net of interest expenses)

Rs crore

1251

2509

664

549

Profit after tax (PAT)

Rs crore

-44

52

76

192

Total capital ratio

%

20.04

20.9

23.2

20.4

Gross NPA

%

7.4

6.1

4.1

7.38

Net NPA

%

4.5

3.4

2.8

4.9

*Numbers post demerger

#Pre demerger numbers of erstwhile TMFSL.

 

Key Financial Indicators (TMF Holdings Ltd -consolidated)

As on /for the year ended

 

March 31, 2024

March 31, 2023

March 31, 2022

Total assets

Rs crore

39,542

43,083

46,083

Total income

Rs crore

5,135

5057

4984

Profit after tax (PAT)

Rs crore

-117

-1013

156

Gross NPA

%

6.1

9.3

9.7

Net NPA

%

3.4

5.0

5.8

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name Of Instrument Date of
Allotment		 Coupon
Rate (%)		 Maturity
Date		 Issue Size
(Rs.Crore)		 Complexity
Levels		 Rating Outstanding
with Outlook
INE477S08126 Perpetual Bond 22-Mar-22 8.40 22-Mar-32 100 Highly Complex Crisil AA-/Watch Positive
INE477S08134 Perpetual Bond 3-Jun-22 9.30 3-Jun-32 200 Highly Complex Crisil AA-/Watch Positive
INE477S08142 Perpetual Bond 12-Jul-22 9.23 12-Jul-32 160 Highly Complex Crisil AA-/Watch Positive
NA Commercial Paper NA NA 7 to 365 Days 10500 Simple Crisil A1+
INE601U08309 Non Convertible Debentures 30-Aug-22 Zero Coupon 28-Aug-26 700 Simple Crisil AA+/Watch Positive
NA Non Convertible Debentures# NA NA NA 1500 Simple Crisil AA+/Watch Positive
NA Non Convertible Debentures# NA NA NA 405 Simple Crisil AA+/Watch Positive
NA Non Convertible Debentures# NA NA NA 1190 Simple Crisil AA+/Watch Positive
NA Non Convertible Debentures# NA NA NA 2300 Simple Crisil AA+/Watch Positive
NA Non Convertible Debentures# NA NA NA 737.7 Simple Crisil AA+/Watch Positive
INE601U08242 Perpetual Bonds 15-Jun-21 9.10 15-Jun-31 260 Highly Complex Crisil AA-/Watch Positive
INE601U08275 Perpetual Bonds 3-Dec-21 8.35 3-Dec-31 125 Highly Complex Crisil AA-/Watch Positive
NA Perpetual Bonds# NA NA NA 39.7 Highly Complex Crisil AA-/Watch Positive
NA Perpetual Bonds# NA NA NA 500 Highly Complex Crisil AA-/Watch Positive
NA Perpetual Bonds# NA NA NA 1000 Highly Complex Crisil AA-/Watch Positive
NA Perpetual Bonds# NA NA NA 40 Highly Complex Crisil AA-/Watch Positive
NA Perpetual Bonds# NA NA NA 115 Highly Complex Crisil AA-/Watch Positive
NA Subordinated Debt# NA NA NA 200 Complex Crisil AA+/Watch Positive
NA Subordinated Debt# NA NA NA 265.1 Complex Crisil AA+/Watch Positive
NA Bank Guarantee NA NA NA 104 NA Crisil A1+
NA Cash Credit & Working Capital
Demand Loan&^%$#@!~<>&&^^		 NA NA NA 6308 NA Crisil AA+/Watch Positive
NA Long Term Bank Facility%%## NA NA NA 22543 NA Crisil AA+/Watch Positive
NA Proposed Bank Guarantee NA NA NA 1133 NA Crisil A1+
NA Proposed Long Term
Bank Loan Facility		 NA NA NA 7412 NA Crisil AA+/Watch Positive

#Yet to be issued
Bank loan outstanding as on December 31, 2024
& - Rs 1.20 Crores STL facility and Rs 80 Lakhs OD Facility is sublimit of Rs 2 Crore Unsecured Multi Optional Facility
^ - Rs 200 Crs of Canara Bank's CC/WCDL limit includes BG subliit of Rs 1 Cr
% - Rs 3 crs is CC unsecured Limit
$ - CC Limit of Rs 4 Crs is a sublimit of WCDL Limit is Rs 10
!! - CITI Bank's Rs 100 Crs is unsecured WCDL facility
@ - CC Limit of Rs 25 Crs is a sublimit of WCDL Limit is Rs 200
! - CC Limit is of Rs 40 Crs and WCDL Limit is of Rs 160 Crs
~ - Total BG limit of Rs. 125 Crs. is a sublimit of Total WCDL/FCNR/FCDL limit is Rs. 875 cr, Includes Rs. 75 cr as Sub limit of CC/OD. Total WCDL/FCNR/FCDL limit is Rs. 875 cr, Rs 55 Crs is FX derivative limit, which is over and above the WCDL/FCNR/FCDL limit
< - CC limit of Rs 80 Crs is a Sublimit of WCDL with overall limit of Rs 200 Crs
> - BG limit of Rs 150 Crs is a sublimit of CC/WCDL limit of Rs 500 Crs
&& - Rs 250 Crs facility is CC/WCDL/OTSTL
^^ - Out of Rs 800 Crs Limits, Rs 250 crs is WCDL & Rs. 350 Crs is WCL.
%% - USD 200 Mn
## - Out of the Rs 1000 Crs sanctioned, Rs 500 is sublimit as LOC for STL

 

Annexure - Details of Rating Withdrawn

ISIN Name Of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs.Crore) Complexity Levels Rating Outstanding
with Outlook
INE909H08212 Subordinated Debt 19-Dec-14 9.70 19-Dec-24 150 Complex Withdrawn
INE477S08100 Non Convertible Debentures 25-Feb-22 7.48 25-Feb-25 400 Simple Withdrawn
INE477S08118 Non Convertible Debentures 25-Feb-22 Zero Coupon 21-Feb-25 100 Simple Withdrawn
INE601U08283 Non Convertible Debentures 21-Jan-22 Zero Coupon 21-Jan-25 250 Simple Withdrawn
INE601U08291 Non Convertible Debentures 21-Jan-22 7.28 20-Jan-25 35 Simple Withdrawn
INE909H08188 Perpetual Bonds 5-Sep-14 11.10 5-Sep-24 50.3 Highly Complex Withdrawn

Annexure - List of Entities Consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

TMF Holdings Limited

Full

Holding

TMF Business Services Limited

Full

Co-subsidiary
Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 36263.0 Crisil AA+/Watch Positive 03-02-25 Crisil AA+/Watch Positive 05-12-24 Crisil AA+/Watch Positive 15-11-23 Crisil AA/Stable 12-10-22 Crisil AA-/Stable Crisil AA-/Stable
      --   -- 16-10-24 Crisil AA+/Watch Positive 26-09-23 Crisil AA/Stable 05-09-22 Crisil AA-/Stable --
      --   -- 11-09-24 Crisil AA+/Watch Positive / Crisil A1+ 04-09-23 Crisil AA/Stable 05-08-22 Crisil AA-/Stable --
      --   -- 17-07-24 Crisil AA+/Watch Positive / Crisil A1+ 30-06-23 Crisil AA/Stable 09-06-22 Crisil AA-/Stable --
      --   -- 13-06-24 Crisil AA+/Watch Positive / Crisil A1+ 19-05-23 Crisil AA/Stable 31-05-22 Crisil AA-/Stable --
      --   -- 10-05-24 Crisil AA/Positive / Crisil A1+ 20-04-23 Crisil AA-/Stable 03-03-22 Crisil AA-/Stable --
      --   -- 13-03-24 Crisil AA/Positive 02-03-23 Crisil AA-/Stable   -- --
      --   -- 01-02-24 Crisil AA/Positive 14-02-23 Crisil AA-/Stable   -- --
Non-Fund Based Facilities ST 1237.0 Crisil A1+ 03-02-25 Crisil A1+ 05-12-24 Crisil A1+ 15-11-23 Crisil A1+   -- --
      --   -- 16-10-24 Crisil A1+ 26-09-23 Crisil A1+   -- --
      --   -- 11-09-24 Crisil A1+ 04-09-23 Crisil A1+   -- --
      --   -- 17-07-24 Crisil A1+ 30-06-23 Crisil A1+   -- --
      --   -- 13-06-24 Crisil A1+   --   -- --
      --   -- 10-05-24 Crisil A1+   --   -- --
      --   -- 13-03-24 Crisil A1+   --   -- --
      --   -- 01-02-24 Crisil A1+   --   -- --
Commercial Paper ST 10500.0 Crisil A1+ 03-02-25 Crisil A1+ 05-12-24 Crisil A1+ 15-11-23 Crisil A1+ 12-10-22 Crisil A1+ Crisil A1+
      --   -- 16-10-24 Crisil A1+ 26-09-23 Crisil A1+ 05-09-22 Crisil A1+ --
      --   -- 11-09-24 Crisil A1+ 04-09-23 Crisil A1+ 05-08-22 Crisil A1+ --
      --   -- 17-07-24 Crisil A1+ 30-06-23 Crisil A1+ 09-06-22 Crisil A1+ --
      --   -- 13-06-24 Crisil A1+ 19-05-23 Crisil A1+ 31-05-22 Crisil A1+ --
      --   -- 10-05-24 Crisil A1+ 20-04-23 Crisil A1+ 03-03-22 Crisil A1+ --
      --   -- 13-03-24 Crisil A1+ 02-03-23 Crisil A1+   -- --
      --   -- 01-02-24 Crisil A1+ 14-02-23 Crisil A1+   -- --
Non Convertible Debentures LT 6832.7 Crisil AA+/Watch Positive 03-02-25 Crisil AA+/Watch Positive 05-12-24 Crisil AA+/Watch Positive 15-11-23 Crisil AA/Stable 12-10-22 Crisil AA-/Stable Crisil AA-/Stable
      --   -- 16-10-24 Crisil AA+/Watch Positive 26-09-23 Crisil AA/Stable 05-09-22 Crisil AA-/Stable --
      --   -- 11-09-24 Crisil AA+/Watch Positive 04-09-23 Crisil AA/Stable 05-08-22 Crisil AA-/Stable --
      --   -- 17-07-24 Crisil AA+/Watch Positive 30-06-23 Crisil AA/Stable 09-06-22 Crisil AA-/Stable --
      --   -- 13-06-24 Crisil AA+/Watch Positive 19-05-23 Crisil AA/Stable 31-05-22 Crisil AA-/Stable --
      --   -- 10-05-24 Crisil AA/Positive 20-04-23 Crisil AA-/Stable 03-03-22 Crisil AA-/Stable --
      --   -- 13-03-24 Crisil AA/Positive 02-03-23 Crisil AA-/Stable   -- --
      --   -- 01-02-24 Crisil AA/Positive 14-02-23 Crisil AA-/Stable   -- --
Perpetual Bonds LT 2539.7 Crisil AA-/Watch Positive 03-02-25 Crisil AA-/Watch Positive 05-12-24 Crisil AA-/Watch Positive 15-11-23 Crisil A+/Stable 12-10-22 Crisil A/Stable Crisil A/Stable
      --   -- 16-10-24 Crisil AA-/Watch Positive 26-09-23 Crisil A+/Stable 05-09-22 Crisil A/Stable --
      --   -- 11-09-24 Crisil AA-/Watch Positive 04-09-23 Crisil A+/Stable 05-08-22 Crisil A/Stable --
      --   -- 17-07-24 Crisil AA-/Watch Positive 30-06-23 Crisil A+/Stable 09-06-22 Crisil A/Stable --
      --   -- 13-06-24 Crisil AA-/Watch Positive 19-05-23 Crisil A+/Stable 31-05-22 Crisil A/Stable --
      --   -- 10-05-24 Crisil A+/Positive 20-04-23 Crisil A/Stable 03-03-22 Crisil A/Stable --
      --   -- 13-03-24 Crisil A+/Positive 02-03-23 Crisil A/Stable   -- --
      --   -- 01-02-24 Crisil A+/Positive 14-02-23 Crisil A/Stable   -- --
Subordinated Debt LT 465.1 Crisil AA+/Watch Positive 03-02-25 Crisil AA+/Watch Positive 05-12-24 Crisil AA+/Watch Positive 15-11-23 Crisil AA/Stable 12-10-22 Crisil AA-/Stable Crisil AA-/Stable
      --   -- 16-10-24 Crisil AA+/Watch Positive 26-09-23 Crisil AA/Stable 05-09-22 Crisil AA-/Stable --
      --   -- 11-09-24 Crisil AA+/Watch Positive 04-09-23 Crisil AA/Stable 05-08-22 Crisil AA-/Stable --
      --   -- 17-07-24 Crisil AA+/Watch Positive 30-06-23 Crisil AA/Stable 09-06-22 Crisil AA-/Stable --
      --   -- 13-06-24 Crisil AA+/Watch Positive 19-05-23 Crisil AA/Stable 31-05-22 Crisil AA-/Stable --
      --   -- 10-05-24 Crisil AA/Positive 20-04-23 Crisil AA-/Stable 03-03-22 Crisil AA-/Stable --
      --   -- 13-03-24 Crisil AA/Positive 02-03-23 Crisil AA-/Stable   -- --
      --   -- 01-02-24 Crisil AA/Positive 14-02-23 Crisil AA-/Stable   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee 42 IndusInd Bank Limited Crisil A1+
Bank Guarantee 62 IDFC FIRST Bank Limited Crisil A1+
Cash Credit & Working Capital Demand Loan& 500 Bank of India Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 500 Punjab National Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan^ 2 Barclays Bank Plc. Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 200 The Hongkong and Shanghai Banking Corporation Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan% 200 Canara Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 10 State Bank of India Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 195 Punjab National Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 100 IndusInd Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan$ 3 Deutsche Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 50 DBS Bank India Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 5 Punjab National Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan# 90 IndusInd Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 50 The South Indian Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan@ 800 HDFC Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 60 Axis Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 50 Bank of Maharashtra Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 200 Standard Chartered Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 200 State Bank of India Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 75 Citibank N. A. Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 150 The South Indian Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 180 RBL Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 100 IndusInd Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan! 100 Citibank N. A. Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan~ 200 DBS Bank India Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 300 State Bank of India Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 100 UCO Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 100 Standard Chartered Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 50 ICICI Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan< 200 Central Bank Of India Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan> 813 IDFC FIRST Bank Limited Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 500 State Bank of India Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan&& 25 Indian Bank Crisil AA+/Watch Positive
Cash Credit & Working Capital Demand Loan^^ 200 ICICI Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility 263 Bank of Maharashtra Crisil AA+/Watch Positive
Long Term Bank Facility 400 The Jammu and Kashmir Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility 141 Indian Overseas Bank Crisil AA+/Watch Positive
Long Term Bank Facility 1852 Central Bank Of India Crisil AA+/Watch Positive
Long Term Bank Facility 460 Axis Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility%% 412 Deutsche Bank A. G. Crisil AA+/Watch Positive
Long Term Bank Facility 444 Bank of India Crisil AA+/Watch Positive
Long Term Bank Facility$$ 409 ANZ Banking Group Limited Crisil AA+/Watch Positive
Long Term Bank Facility 210 Barclays Bank Plc. Crisil AA+/Watch Positive
Long Term Bank Facility 575 Citibank N. A. Crisil AA+/Watch Positive
Long Term Bank Facility 50 Bank of India Crisil AA+/Watch Positive
Long Term Bank Facility 1635 Indian Bank Crisil AA+/Watch Positive
Long Term Bank Facility 2955 ICICI Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility 300 IndusInd Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility 4512 Punjab National Bank Crisil AA+/Watch Positive
Long Term Bank Facility 85 City Union Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility 250 DBS Bank India Limited Crisil AA+/Watch Positive
Long Term Bank Facility 429 Axis Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility## 1807 Union Bank of India Crisil AA+/Watch Positive
Long Term Bank Facility 991 Bank of Maharashtra Crisil AA+/Watch Positive
Long Term Bank Facility 50 HDFC Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility 1208 IDBI Bank Limited Crisil AA+/Watch Positive
Long Term Bank Facility 413 UCO Bank Crisil AA+/Watch Positive
Long Term Bank Facility 1862 Canara Bank Crisil AA+/Watch Positive
Long Term Bank Facility@@ 830 DBS Bank India Limited Crisil AA+/Watch Positive
Proposed Bank Guarantee 1133 Not Applicable Crisil A1+
Proposed Long Term Bank Loan Facility 7412 Not Applicable Crisil AA+/Watch Positive
& - BG limit of Rs 150 Crs is a sublimit of CC/WCDL limit of Rs 500 Crs
^ - Rs 1.20 Crores STL facility and Rs 80 Lakhs OD Facility is sublimit of Rs 2 Crore Unsecured Multi Optional Facility
% - Rs 200 Crs of Canara Bank's CC/WCDL limit includes BG subliit of Rs 1 Cr
$ - Rs 3 crs is CC unsecured Limit
# - CC Limit of Rs 4 Crs is a sublimit of WCDL Limit is Rs 10
@ - Out of Rs 800 Crs Limits, Rs 250 crs is WCDL & Rs. 350 Crs is WCL.
! - CITI Bank's Rs 100 Crs is unsecured WCDL facility
~ - CC Limit of Rs 25 Crs is a sublimit of WCDL Limit is Rs 200
< - CC Limit is of Rs 40 Crs and WCDL Limit is of Rs 160 Crs
> - Total BG limit of Rs. 125 Crs. is a sublimit of Total WCDL/FCNR/FCDL limit is Rs. 875 cr, Includes Rs. 75 cr as Sub limit of CC/OD. Total WCDL/FCNR/FCDL limit is Rs. 875 cr, Rs 55 Crs is FX derivative limit, which is over and above the WCDL/FCNR/FCDL limit
&& - CC limit of Rs 80 Crs is a Sublimit of WCDL with overall limit of Rs 200 Crs
^^ - Rs 250 Crs facility is CC/WCDL/OTSTL
%% - USD 200 Mn
$$ - USD 200 Mn
## - Out of the Rs 1000 Crs sanctioned, Rs 500 is sublimit as LOC for STL
@@ - USD 200 Mn
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for Finance and Securities companies (including approach for financial ratios)
Criteria for factoring parent/ group/government linkages
Criteria for consolidation

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Media Relations
Crisil Limited
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Ajit Velonie
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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 Ratings. However, Crisil Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.


About Crisil Ratings Limited (A subsidiary of Crisil Limited, an S&P Global Company)

Crisil Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set 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 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).

Crisil Ratings Limited ('Crisil Ratings') is a wholly-owned subsidiary of Crisil Limited ('Crisil'). Crisil Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").

For more information, visit www.crisilratings.com 

 



About Crisil Limited

Crisil is a leading, agile and innovative global analytics company driven by its mission of making markets function better. 

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It 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

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This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') provided by Crisil Ratings Limited ('Crisil Ratings'). 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 use only within the jurisdiction of India. 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 Ratings provision or intention to provide any services in jurisdictions where Crisil Ratings does not have the necessary licenses and/or registration to carry out its business activities. Access or use of this report does not create a client relationship between Crisil Ratings and the user.

The report is a statement of opinion as on the date it is expressed, and it is not intended to and does not constitute investment advice within meaning of any laws or regulations (including US laws and regulations). The report is not an offer to sell or an offer to purchase or subscribe to any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. 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.

Crisil Ratings and its associates do not act as a fiduciary. The report is based on the information believed to be reliable as of the date it is published, Crisil Ratings does not perform an audit or undertake due diligence or independent verification of any information it receives and/or relies on for preparation of the report. THE REPORT IS PROVIDED ON “AS IS” BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, CRISIL RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. In no event shall Crisil Ratings, its associates, third-party providers, as well as their directors, officers, shareholders, employees or agents 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.

The report is confidential information of Crisil Ratings and Crisil Ratings reserves all rights, titles and interest in the rating report. The report shall not be altered, disseminated, distributed, redistributed, licensed, sub-licensed, sold, assigned or published any content thereof or offer access to any third party without prior written consent of Crisil Ratings.

Crisil Ratings or its associates may have other commercial transactions with the entity to which the report pertains or its associates. Ratings are subject to revision or withdrawal at any time by Crisil Ratings. 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 Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For more detail, please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Public ratings and analysis by Crisil Ratings, as are required to be disclosed under the Securities and Exchange Board of India regulations (and other applicable regulations, if any), are made available on its websites, www.crisilratings.com and https://www.ratingsanalytica.com (free of charge). Crisil Ratings shall not have the obligation to update the information in the Crisil Ratings report following its publication although Crisil Ratings may disseminate its opinion and/or analysis. Reports with more detail and additional information may be available for subscription at a fee.  Rating criteria by Crisil Ratings are available on the Crisil Ratings website, www.crisilratings.com. For the latest rating information on any company rated by Crisil Ratings, you may contact the Crisil Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 1301.

Crisil Ratings 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 Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html