Rating Rationale
September 11, 2024 | Mumbai
Tata Motors Finance Limited
Long-term rating continues on 'Watch Positive'; Short-term rating reaffirmed
 
Rating Action
Total Bank Loan Facilities RatedRs.37500 Crore
Long Term RatingCRISIL AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.1475 Crore (Reduced from Rs.2000 Crore) Non Convertible DebenturesCRISIL AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.3000 Crore Non Convertible DebenturesCRISIL AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.737.7 Crore Non Convertible DebenturesCRISIL AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.405 Crore Non Convertible DebenturesCRISIL AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.2000 Crore Non Convertible DebenturesCRISIL AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.500.1 Crore Subordinated DebtCRISIL AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.200 Crore Subordinated DebtCRISIL AA+/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.90 Crore Perpetual BondsCRISIL AA-/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.500 Crore Perpetual BondsCRISIL AA-/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.1000 Crore Perpetual BondsCRISIL AA-/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.500 Crore Perpetual BondsCRISIL AA-/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.500 Crore Perpetual BondsCRISIL AA-/Watch Positive (Continues on 'Rating Watch with Positive Implications')
Rs.10500 Crore Commercial PaperCRISIL A1+ (Reaffirmed)
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 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 has been reaffirmed at ‘CRISIL A1+’.

 

CRISIL Ratings has also withdrawn its rating on redeemed debentures of Rs 525 crore in line with its rating withdrawal policy (See Annexure 'Details of rating withdrawn' for details).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 company is in the process of obtaining  regulatory/ statutory and other requisite approvals. The merger supports the strategic objectives of both TCL and TML. Further, it will also unlock potential synergies between TCL and TMFL. For TML, the proposed merger of the non-banking financing company is in line with its stated objective of exiting non-core businesses. For TCL, the merger will aid in its strategy of higher retailisation and It would also strengthen the company’s presence in commercial vehicle/passenger vehicle segments.

 

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 June 30, 2024, remains adequate at 19.66% as on June 30, 2024. The adjusted net worth ratio (ANW) of TMFHL stood at 35.97% as on June 30, 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. 38,188 crore as on June 30, 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 June 30, 2024, share of new vehicle financing portfolio stood at around 65%, while share of used vehicle financing portfolio stood at around 25%, corporate lending business stood at 8% and others at 2%.  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 6.3% as on June 30, 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. The restructured book reduced to Rs 937 crore as on June 30, 2024, as against Rs 1,096 crore as on March 31, 2024, (Rs 3143 crore as on March 31, 2023Going 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 June 30, 2024.  On a consolidated basis, the TMF group had on book liquidity of Rs 3174 crore as on July 31, 2024, in the form of cash and investments. Besides, the company had Inter-corporate deposits (ICDs) from TML of Rs 2500 crore and unutilised cash credit (CC)and working capital demand loan (WCDL) lines of Rs 4200 crore, as on July 31, 2024. This is sufficient to meet debt obligations of Rs 8,241 crore for the three months ending October 2024. Out of payment of Rs 8241 crore, CC/WCDL of Rs 2,060 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. 1230 crore. Liquidity coverage ratio was 140.16% for the quarter ended June 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 focuses on new vehicle financing, pre-owned vehicle financing and extending loans to dealers and vendors within the TML ecosystem. As on March 31, 2024, the company's standalone AUM stood at Rs 38,352 crore.
 

For fiscal 2024, TMFL reported net profit of Rs 52 crore on total income (net of interest expenses) of Rs 2509 crore. The company reported net profit of Rs 36 crore on total income (net of interest expenses) of Rs 465 crore for first quarter of fiscal 2025. 

Key Financial Indicators: (TMFL – Standalone)

As on /for the year ended

 

June 30, 2024

March 31, 2024*

#March 31, 2023

#March 31, 2022

Total assets

Rs crore

37741

38,567

11,789

10,846

Total income (net of interest expenses)

Rs crore

465

2509

664

549

Profit after tax (PAT)

Rs crore

36

52

76

192

Total capital ratio

%

19.7

20.9

23.2

20.4

Gross NPA

%

6.3

6.1

4.1

7.38

Net NPA

%

3.6

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% 31-Dec-99 100 Highly Complex CRISIL AA-/Watch Positive
INE477S08134 Perpetual Bond 3-Jun-22 9.30% 31-Dec-99 200 Highly Complex CRISIL AA-/Watch Positive
INE477S08142 Perpetual Bond 12-Jul-22 9.23% 31-Dec-99 160 Highly Complex CRISIL AA-/Watch Positive
NA Commercial Paper NA NA 7 to 365 Days 10500 Simple CRISIL A1+
INE601U08283 Non Convertible Debentures 21-Jan-22 Zero Coupon 21-Jan-25 250 Simple CRISIL AA+/Watch Positive
INE601U08291 Non Convertible Debentures 21-Jan-22 7.28% 20-Jan-25 35 Simple CRISIL AA+/Watch Positive
INE477S08100 Non Convertible Debentures 25-Feb-22 7.48% 25-Feb-25 400 Simple CRISIL AA+/Watch Positive
INE477S08118 Non Convertible Debentures 25-Feb-22 Zero Coupon 21-Feb-25 100 Simple CRISIL AA+/Watch Positive
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
INE909H08188 Perpetual Bonds 5-Sep-14 11.10% 31-Dec-99 50.3 Highly Complex CRISIL AA-/Watch Positive
INE601U08242 Perpetual Bonds 15-Jun-21 9.10% 31-Dec-99 260 Highly Complex CRISIL AA-/Watch Positive
INE601U08275 Perpetual Bonds 3-Dec-21 8.35% 31-Dec-99 125 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
INE909H08196 Subordinated Debt 12-Sep-14 10.60% 12-Sep-24 25 Complex CRISIL AA+/Watch Positive
INE909H08204 Subordinated Debt 26-Sep-14 10.35% 26-Sep-24 60 Complex CRISIL AA+/Watch Positive
INE909H08212 Subordinated Debt 19-Dec-14 9.70% 19-Dec-24 150 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 102 NA CRISIL A1+
NA Cash Credit & Working Capital Demand Loan
&^%$#@!~<>^^&&		 NA NA NA 6315 NA CRISIL AA+/Watch Positive
NA Long Term Bank Facility%%@@##$$ NA NA NA 21891 NA CRISIL AA+/Watch Positive
NA Proposed Bank Guarantee NA NA NA 1135 NA CRISIL A1+
NA Proposed Long Term Bank Loan Facility NA NA NA 7057 NA CRISIL AA+/Watch Positive
NA Short Term Bank Facility NA NA NA 1000 NA CRISIL A1+

#Yet to be issued
Bank Line position as of June 2024
&Rs 3 crs is CC unsecured 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
$CC Limit of Rs 4 Crs is a sublimit of WCDL Limit is Rs 10
#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 facility is CC/WCDL/OTSTL
!Rs 100 Crs is WCL facility, Out of Rs 600 Crs Limits, Rs 350 crs is WCDL & Rs. 350 Crs is WCL.
~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
>Rs 200 Crs of Canara Bank's CC/WCDL limit includes BG subliit of Rs 1 Cr
&&Includes Rs. 75 cr as Sub limit of CC/OD. Total WCDL/FCNR/FCDL limit is Rs. 875 cr. Total BG limit of Rs. 125 Crs. is a sublimit of 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
^^CITI Bank's Rs 100 Crs is unsecured WCDL facility
%%USD 200 Mn
$$Dropline CC Facility
##USD 100 Mn
@@UBI & Corporation limit is LoC limit with STL as sublimit and Rs 150 Crs as BG sublimit of overall limit of Rs 500 Crs, Rs 500 Crs is LOC/STL facility

 

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
INE601U08259 Non Convertible Debentures 25-Jun-21 7.15% 25-Jun-24 525.00 Simple 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 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 36263.0 CRISIL AA+/Watch Positive / CRISIL A1+ 17-07-24 CRISIL AA+/Watch Positive / CRISIL A1+ 15-11-23 CRISIL AA/Stable 12-10-22 CRISIL AA-/Stable 12-11-21 CRISIL AA-/Stable CRISIL AA-/Negative
      -- 13-06-24 CRISIL AA+/Watch Positive / CRISIL A1+ 26-09-23 CRISIL AA/Stable 05-09-22 CRISIL AA-/Stable 19-05-21 CRISIL AA-/Stable --
      -- 10-05-24 CRISIL AA/Positive / CRISIL A1+ 04-09-23 CRISIL AA/Stable 05-08-22 CRISIL AA-/Stable 16-03-21 CRISIL AA-/Stable --
      -- 13-03-24 CRISIL AA/Positive 30-06-23 CRISIL AA/Stable 09-06-22 CRISIL AA-/Stable   -- --
      -- 01-02-24 CRISIL AA/Positive 19-05-23 CRISIL AA/Stable 31-05-22 CRISIL AA-/Stable   -- --
      --   -- 20-04-23 CRISIL AA-/Stable 03-03-22 CRISIL AA-/Stable   -- --
      --   -- 02-03-23 CRISIL AA-/Stable   --   -- --
      --   -- 14-02-23 CRISIL AA-/Stable   --   -- --
Non-Fund Based Facilities ST 1237.0 CRISIL A1+ 17-07-24 CRISIL A1+ 15-11-23 CRISIL A1+   --   -- --
      -- 13-06-24 CRISIL A1+ 26-09-23 CRISIL A1+   --   -- --
      -- 10-05-24 CRISIL A1+ 04-09-23 CRISIL A1+   --   -- --
      -- 13-03-24 CRISIL A1+ 30-06-23 CRISIL A1+   --   -- --
      -- 01-02-24 CRISIL A1+   --   --   -- --
Commercial Paper ST 10500.0 CRISIL A1+ 17-07-24 CRISIL A1+ 15-11-23 CRISIL A1+ 12-10-22 CRISIL A1+ 12-11-21 CRISIL A1+ CRISIL A1+
      -- 13-06-24 CRISIL A1+ 26-09-23 CRISIL A1+ 05-09-22 CRISIL A1+ 19-05-21 CRISIL A1+ --
      -- 10-05-24 CRISIL A1+ 04-09-23 CRISIL A1+ 05-08-22 CRISIL A1+ 16-03-21 CRISIL A1+ --
      -- 13-03-24 CRISIL A1+ 30-06-23 CRISIL A1+ 09-06-22 CRISIL A1+   -- --
      -- 01-02-24 CRISIL A1+ 19-05-23 CRISIL A1+ 31-05-22 CRISIL A1+   -- --
      --   -- 20-04-23 CRISIL A1+ 03-03-22 CRISIL A1+   -- --
      --   -- 02-03-23 CRISIL A1+   --   -- --
      --   -- 14-02-23 CRISIL A1+   --   -- --
Non Convertible Debentures LT 7617.7 CRISIL AA+/Watch Positive 17-07-24 CRISIL AA+/Watch Positive 15-11-23 CRISIL AA/Stable 12-10-22 CRISIL AA-/Stable 12-11-21 CRISIL AA-/Stable CRISIL AA-/Negative
      -- 13-06-24 CRISIL AA+/Watch Positive 26-09-23 CRISIL AA/Stable 05-09-22 CRISIL AA-/Stable 19-05-21 CRISIL AA-/Stable --
      -- 10-05-24 CRISIL AA/Positive 04-09-23 CRISIL AA/Stable 05-08-22 CRISIL AA-/Stable 16-03-21 CRISIL AA-/Stable --
      -- 13-03-24 CRISIL AA/Positive 30-06-23 CRISIL AA/Stable 09-06-22 CRISIL AA-/Stable   -- --
      -- 01-02-24 CRISIL AA/Positive 19-05-23 CRISIL AA/Stable 31-05-22 CRISIL AA-/Stable   -- --
      --   -- 20-04-23 CRISIL AA-/Stable 03-03-22 CRISIL AA-/Stable   -- --
      --   -- 02-03-23 CRISIL AA-/Stable   --   -- --
      --   -- 14-02-23 CRISIL AA-/Stable   --   -- --
Perpetual Bonds LT 2590.0 CRISIL AA-/Watch Positive 17-07-24 CRISIL AA-/Watch Positive 15-11-23 CRISIL A+/Stable 12-10-22 CRISIL A/Stable 12-11-21 CRISIL A/Stable --
      -- 13-06-24 CRISIL AA-/Watch Positive 26-09-23 CRISIL A+/Stable 05-09-22 CRISIL A/Stable 19-05-21 CRISIL A/Stable --
      -- 10-05-24 CRISIL A+/Positive 04-09-23 CRISIL A+/Stable 05-08-22 CRISIL A/Stable   -- --
      -- 13-03-24 CRISIL A+/Positive 30-06-23 CRISIL A+/Stable 09-06-22 CRISIL A/Stable   -- --
      -- 01-02-24 CRISIL A+/Positive 19-05-23 CRISIL A+/Stable 31-05-22 CRISIL A/Stable   -- --
      --   -- 20-04-23 CRISIL A/Stable 03-03-22 CRISIL A/Stable   -- --
      --   -- 02-03-23 CRISIL A/Stable   --   -- --
      --   -- 14-02-23 CRISIL A/Stable   --   -- --
Subordinated Debt LT 700.1 CRISIL AA+/Watch Positive 17-07-24 CRISIL AA+/Watch Positive 15-11-23 CRISIL AA/Stable 12-10-22 CRISIL AA-/Stable 12-11-21 CRISIL AA-/Stable CRISIL AA-/Negative
      -- 13-06-24 CRISIL AA+/Watch Positive 26-09-23 CRISIL AA/Stable 05-09-22 CRISIL AA-/Stable 19-05-21 CRISIL AA-/Stable --
      -- 10-05-24 CRISIL AA/Positive 04-09-23 CRISIL AA/Stable 05-08-22 CRISIL AA-/Stable 16-03-21 CRISIL AA-/Stable --
      -- 13-03-24 CRISIL AA/Positive 30-06-23 CRISIL AA/Stable 09-06-22 CRISIL AA-/Stable   -- --
      -- 01-02-24 CRISIL AA/Positive 19-05-23 CRISIL AA/Stable 31-05-22 CRISIL AA-/Stable   -- --
      --   -- 20-04-23 CRISIL AA-/Stable 03-03-22 CRISIL AA-/Stable   -- --
      --   -- 02-03-23 CRISIL AA-/Stable   --   -- --
      --   -- 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 60 IDFC FIRST Bank Limited CRISIL A1+
Bank Guarantee 42 IndusInd Bank Limited CRISIL A1+
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 10 State Bank of India CRISIL AA+/Watch Positive
Cash Credit & Working Capital Demand Loan 5 Axis 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 Standard Chartered Bank Limited 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$ 815 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@ 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! 200 ICICI Bank Limited CRISIL AA+/Watch Positive
Cash Credit & Working Capital Demand Loan~ 600 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 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< 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 195 Punjab National 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&& 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 HDFC 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^^ 200 Canara Bank 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
Long Term Bank Facility 3034 Punjab National Bank CRISIL AA+/Watch Positive
Long Term Bank Facility 95 City Union Bank Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 147 Bank of Baroda CRISIL AA+/Watch Positive
Long Term Bank Facility%% 719 International Finance Corporation CRISIL AA+/Watch Positive
Long Term Bank Facility 250 DBS Bank India Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 500 Axis Bank Limited CRISIL AA+/Watch Positive
Long Term Bank Facility$$ 2009 Union Bank of India CRISIL AA+/Watch Positive
Long Term Bank Facility## 612 Bank of Maharashtra CRISIL AA+/Watch Positive
Long Term Bank Facility 83 HDFC Bank Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 1000 IDBI Bank Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 18 The Karnataka Bank Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 527 UCO Bank CRISIL AA+/Watch Positive
Long Term Bank Facility 500 Indian Bank CRISIL AA+/Watch Positive
Long Term Bank Facility 400 The Jammu and Kashmir Bank Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 190 State Bank of India CRISIL AA+/Watch Positive
Long Term Bank Facility 172 Indian Overseas Bank CRISIL AA+/Watch Positive
Long Term Bank Facility 1973 Central Bank Of India CRISIL AA+/Watch Positive
Long Term Bank Facility 2112 Canara Bank CRISIL AA+/Watch Positive
Long Term Bank Facility 830 DBS Bank India Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 575 Citibank N. A. CRISIL AA+/Watch Positive
Long Term Bank Facility 412 Deutsche Bank A. G. CRISIL AA+/Watch Positive
Long Term Bank Facility 500 Bank of India CRISIL AA+/Watch Positive
Long Term Bank Facility@@ 409 ANZ Banking Group Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 480 Axis Bank Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 75 Bank of India CRISIL AA+/Watch Positive
Long Term Bank Facility 300 Bank of Maharashtra CRISIL AA+/Watch Positive
Long Term Bank Facility 100 IndusInd Bank Limited CRISIL AA+/Watch Positive
Long Term Bank Facility 210 Barclays Bank Plc. CRISIL AA+/Watch Positive
Long Term Bank Facility 1021 Indian Bank CRISIL AA+/Watch Positive
Long Term Bank Facility 42 Bank of Baroda CRISIL AA+/Watch Positive
Long Term Bank Facility 2596 ICICI Bank Limited CRISIL AA+/Watch Positive
Proposed Bank Guarantee 1135 Not Applicable CRISIL A1+
Proposed Long Term Bank Loan Facility 7057 Not Applicable CRISIL AA+/Watch Positive
Short Term Bank Facility 1000 Punjab National Bank CRISIL A1+
Bank Line position as of June 2024
& - 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
$ - Includes Rs. 75 cr as Sub limit of CC/OD. Total WCDL/FCNR/FCDL limit is Rs. 875 cr. Total BG limit of Rs. 125 Crs. is a sublimit of 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 200 Crs facility is CC/WCDL/OTSTL
~ - Rs 100 Crs is WCL facility, Out of Rs 600 Crs Limits, Rs 350 crs is WCDL & Rs. 350 Crs is WCL.
< - Rs 3 crs is CC unsecured Limit
> - CC Limit of Rs 4 Crs is a sublimit of WCDL Limit is Rs 10
&& - 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
%% - USD 100 Mn
$$ - UBI & e Corporationlimit is LoC limit with STL as sublimit and Rs 150 Crs as BG sublimit of overall limit of Rs 500 Crs.
## - Dropline CC Facility
@@ - USD 200 Mn
Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
Rating criteria for hybrid debt instruments of NBFCs/HFCs
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support
CRISILs Criteria for Consolidation

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