Rating Rationale
July 28, 2020 | Mumbai
Tata Cleantech Capital Limited
 
Rating Action
Total Bank Loan Facilities Rated^ Rs.5000 Crore
Long Term Rating CRISIL AAA/Stable
Short Term Rating CRISIL A1+
 
Rs.500 Crore Subordinated Debt CRISIL AAA/Stable
Rs.100 Crore Subordinated Debt Issue CRISIL AAA/Stable
Rs.100 Crore Subordinated Debt Issue CRISIL AAA/Stable
Rs.150 Crore Subordinated Debt CRISIL AAA/Stable
Rs.1000 Crore Non Convertible Debentures  CRISIL AAA/Stable
Rs.185 Crore Non Convertible Debentures CRISIL AAA/Stable
Rs.260 Crore Non Convertible Debentures# CRISIL AAA/Stable
Non-Convertible Debentures Aggregating Rs.1167.7 Crore CRISIL AAA/Stable
Rs.1000 Crore Long Term Principal Protected Market Linked Debentures  CRISIL PP-MLD AAAr/Stable
Rs.250 Crore Perpetual Bonds  CRISIL AA+/Stable
Rs.2000 Crore Commercial Paper CRISIL A1+
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
#Green Debt Securities
^includes NABARD's loan of 100 Million USD equivalent INR
Detailed Rationale

CRISIL ratings on the bank facilities and debt instruments of Tata Cleantech Capital Limited (TCCL) and its subsidiaries (TCL group) continue to factor in the strong support by the parent Tata Sons demonstrated by articulation of its intention to maintain majority shareholding in the TCL group, assist TCL group in organizing for any shortfall in maintaining capital adequacy as per applicable regulations and conduct the business of TCL group in a manner that would enable TCL group to perform its obligations to all lenders and debt holders in full and timely manner.
 
The rating is driven by increased strategic importance of the financial services business to Tata Sons Private Limited (Tata Sons; rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'). This is in line with the Tata group's focus on domestic consumption as a key theme in their growth philosophy. The TCL group, as the principal vehicle for non-captive lending, plays a key role through which this strategy will be implemented.
 
CRISIL has also withdrawn its rating on the non-convertible debentures of Rs 20 crore (See Annexure 'Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL has received independent that these instruments are fully redeemed.
 
The nationwide lockdown (originally till April 14, 2020) declared by the Government of India to contain the spread of the Novel Coronavirus (Covid-19) will have near-term impact on disbursements, collections and asset quality. The lockdown is now further extended in containment zones with re-opening of the prohibited activities in a phased manner in areas outside containment zones. However, certain states have extended the lockdown. Herein, CRISIL believes that eventual lifting of restrictions will continue to be in a phased manner.
 
Tata Capital Limited, through its lending entities operates in diversified retail and corporate segments, wherein some segments may witness challenges with income streams being affected by the lockdown. In terms of liquidity, as on June 30, 2020, for TCCL, the total outflows for next three months ending September 30, 2020 aggregate to Rs 1130 crore, of which bank loans are around Rs 503 crore (includes WCDL repayment of Rs 357 crore), CPs at Rs 312 crore and NCDs at Rs 315 crore. Against this, the company has cash and equivalent of Rs 728 crore and undrawn working capital bank lines of Rs 1205 crore.
 
Tata Sons has infused of Rs 6,300 crore in Tata Capital since inception of which Rs 1,000 crore was infused in fiscal 2020 and Rs 2,500 crore was in fiscal 2019. This equity capital infusion is a strong indicator of the focus on the lending business.
 
TCL group's business performance has also improved, with significant scale-up and diversification in its portfolio over the past few years. Asset quality and earnings are also on an improving trend, with the group discontinuing businesses which have posed asset quality challenges in recent years. The TCL group is also further strengthening its risk function- both in people and in processes, which should hold it in good stead. Capital position will remain comfortable, with continued capital infusion from Tata Sons.
 
The prefix 'PP-MLD' indicates that the principal amount of the debentures is protected, while returns remain market-linked. The suffix 'r' shows that the returns on the debentures have significant risks other than credit risk. Also, payments to investors are not fixed and are linked to external variables such as government yield, commodity prices, equity indices, foreign exchange rates, or equity valuation of the company.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of TCL and its subsidiaries TCCL, Tata Capital Financial Services Ltd (TCFSL), Tata Capital Housing Finance Ltd (TCHFL), Tata Securities Ltd and Tata Capital Pte Ltd, Singapore. This is because they have significant operational and management linkages, and operate under the common Tata Capital brand. The ratings also factor in strong support from TCL's parent, Tata Sons given the strategic importance of TCL and its subsidiaries as the principal vehicle of non-captive lending in the group and the Tata Sons' strong articulation of support.

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
* Strategic importance to, and expectation of strong support from the ultimate parent, Tata Sons
TCCL is integral to Tata Capital's wholesale lending business strategy and has been incorporated with the specific objective of providing finance to clean technology projects. TCCL has a tie-up with International Finance Corporation (IFC), Washington, and benefits from its strong domain knowledge. As on March 31, 2020, TCCL has assets under management (AUM) of Rs 5,380 crore (Rs 5,036 crore as on March 31, 2019), of which 47% was towards solar energy projects, 30% towards wind energy and the remaining 23% towards alternate energy projects (water management, power transmission, small hydro, energy efficiency) and other Infrastructure projects.
 
TCCL will continue to benefit from the expertise of various Tata group companies for technical and credit evaluation of projects and provision of advisory services to TCCL's customers. In October 2015, TCCL received Infrastructure Finance Company license from RBI and is eligible to extend its services in the infrastructure segment too. The company now intends to grow the non-renewable energy linked business gradually, in a calibrated manner.
 
CRISIL's ratings on debt instruments of TCL group continue to be based on the expectation of strong support that the group is expected to receive from the ultimate parent, Tata Sons. This is due to Tata Sons' majority ownership in the TCL group, coupled with the increasing importance of the financial services business to the Tata group.
 
Tata Sons directly owns 94.23% of TCL's equity shares and most of the remaining stake is held by the other Tata group companies and trusts. TCL in turn holds 100% stake in its two main subsidiaries- TCFSL and TCHFL. Tata Sons also has personnel from its senior management on TCL's board. Tata Sons has infused equity capital of around Rs. 6,300 crore in TCL since TCL's inception; Rs 1000 crore was infused in fiscal 2020 and Rs 2500 crore in fiscal 2019 indicating the intent of the group to step up its focus on the lending business.
 
TCL group, as the Tata group's non-captive lending vehicle, is the primary financial services arm, and remains critical to the group, given the growth opportunities in this sector over the medium to long term. TCL group is also strategically important to the Tata group because it caters to the funding requirements of various entities associated with the group, such as its suppliers, vendors, and dealers. The shared brand and infrastructural synergies with various Tata group companies strengthen the integration of the TCL group with the overall Tata group. Business synergies are set to increase further as TCL taps into the Tata group ecosystem as part of its growth strategy. CRISIL believes that Tata Sons will continue to have majority ownership in, and management control of TCL and its subsidiaries, over the medium term.
 
* Comfortable capitalization to support medium term growth plans, supported by regular infusion from parent
TCL group has comfortable capitalization, with consolidated networth (per IndAS on a consolidated basis) of Rs 8,822 crore as on March 31, 2020. As on March 31, 2020 both TCFSL and TCHFL remain adequately capitalized with overall capital adequacy ratio of 18.62% and 18.22% respectively (16.84% and 16.23% respectively as on March 31, 2019). The gearing of TCFSL and TCHFL (after adjusting for compulsorily convertible cumulative preference shares that is being treated as debt with the introduction of IND-AS) stood at 6.5 times and 9.7 times as on March 31, 2020 (6.9 times and 11.3 times respectively as on March 31, 2019). The gearing of TCCL was 5.3 times as on March 31, 2020 (5.0 times as on March 31, 2019).
 
TCL group's combined gearing stood at 8.0 times as on March 31, 2020. CRISIL believes that TCL group is adequately capitalized to absorb asset-side risks. CRISIL also believes that despite its significant growth plans, TCL group's capitalization is expected to remain comfortable, given Tata Sons' commitment to support growth in the financial services business.
 
* Diversified resource profile
TCL group also has access to funding from a diverse base of lenders; the funding profile is fairly balanced with a mix of non-convertible debentures, bank borrowings, and short-term debt. As on March 31, 2020, overall market borrowings stood at about half of total borrowings. TCL and its subsidiaries have the ability to mobilize debt at competitive costs, given their association with the Tata group.
 
Weaknesses
* Average asset quality; expected to improve with strengthened risk management systems and processes
Asset quality is expected to improve going ahead with the group exiting segments such as infrastructure lending in which they have faced asset quality challenges in the past, as well as the strengthening of the risk management infrastructure.
 
On a consolidated basis, TCL group's gross non-performing assets (NPAs) and net NPAs stood at 1.9% and 0.6% respectively as on March 31, 2020 against 1.7% and 0.4% respectively as on March 31, 2019.

In case of TCFSL, the gross NPA was 2.4% as on March 31, 2020 against 2.5% as on March 31, 2019 (down from 3.3% in fiscal 2018 and 4.9% in fiscal 2017). The company's provision coverage ratio was 78% as on March 31, 2020 thereby translating into net NPA to 0.5% as on March 31, 2020.  The provisioning in TCFSL on account of impact of Covid-19 were Rs 180 crore. Of the total loan portfolio in TCFSL, approximately 30% was under moratorium as of June 30, 2020 and the collection efficiency has been on an improving trend in the past three months between April 2020 and June 2020.
 
TCHFL's reported gross NPA  of 1.4% as on March 31, 2020 against 0.9% end fiscal 2019 (1.2% in fiscal 2018 and 0.9% in fiscal 2017). The provision coverage ratio stood at 62% (58% as on March 31, 2019) leading to net NPA of 0.5% as on March 31, 2020. The provisioning in TCHFL on account of Covid-19 impact was Rs 110 crore. Of the total loan portfolio of TCHFL, approximately 43% was under moratorium as of June 30, 2020 and the collection efficiency has been on an improving trend in the past three months between April and June 2020.
 
TCCL had gross NPA of 1.1% and net NPA of 0.9% respectively as on March 31, 2020(nil as on March 31, 2019). The provisioning coverage ratio of TCCL was 23.1% as on March 31, 2020. CRISIL will monitor the ability of these companies to maintain low delinquency levels across asset classes over economic cycles. The provisioning expense of TCCL was Rs 48 crore in fiscal 2020 against Rs 8 crore in fiscal 2019. The provisioning in TCCL on account of Covid-19 impact was RS 25 crore. Of the total loan portfolio of TCCL, approximately 30% was under moratorium as on June 30, 2020
 
The impact of nationwide lockdown on the asset quality, especially in riskier segments such as unsecured lending and the wholesale lending remains a key monitorable.
 
* Moderate earnings profile
TCL group's profitability has been subdued in the past due to high credit costs.  The consolidated profit after tax (PAT) of TCL was Rs 155 crore in fiscal 2020 against Rs 1029 crore in fiscal 2019, primarily impacted by increase in provisioning towards COVID 19 of Rs.315 crore and fair value loss on investments Rs.361 crore.
 
For TCFSL, the net profit stood at Rs 114 crore for fiscal 2020, down 74% Y-o-Y, on total income (net of interest expenses) of Rs 2805 crore, up 14% Y-o-Y. TCFSL's return on average assets stood at 0.24% for fiscal 2020. The drop in profitability of TCFSL was primarily on account of provisioning towards COVID 19 of Rs.180 crore, fair value loss on investment Rs.157 crore and one time DTA impact due to tax rate revision of Rs.121 crore. In case of TCHFL, the net profit stood at Rs 152 crore for fiscal 2020 and has tripled from that fiscal 2019 (Rs 50 crore) on total income (net of interest expenses) of Rs 990 crore, +49% Y-o-Y. The increase in profitability of TCHFL was primarily associated with higher interest income (up 26% to Rs 2926.3 crore) because of re-pricing of loans in fiscal 2019. For TCCL, the net profit stood at Rs 123 crore for fiscal 2020 up 20% Y-o-Y, on a total income of Rs 616 crore, more than doubling from fiscal 2019. The increase in profitability of TCCL was primarily associated with higher interest income (up 41% to Rs 593.4 crore) because of re-pricing of loans in fiscal 2019.
 
The CRISIL adjusted provisioning coverage ratio (PCR) was 78% for TCFSL, 62% for TCHFL and 23% for TCCL as on March 31, 2020, which is expected to support profitability. However, the extent of impact on profitability and credit cost from the prevailing economic conditions because of Covid-19 remains monitorable.
Liquidity Superior

CRISIL's analysis of TCCL's asset liability maturity profile as of May 31, 2020, shows cumulative negative mismatches in the buckets above 3 months and upto 5 years bucket (the inflows include lines of credit in the upto 1 year bucket). As on June 30, 2020, for TCCL, the total outflows for next three months ending September 30, 2020 aggregate to Rs 1130 crore, of which bank loans are around Rs 503 crore (includes WCDL of Rs 357 crore), CPs at Rs 312 crore and NCDs at Rs 315 crore. Against this, the company has cash and equivalent of Rs 728 crore and undrawn working capital bank limits of Rs 1205 crore.

Outlook: Stable

CRISIL believes that TCL group will remain highly strategically important to Tata Sons, and continue to benefit from the strong parent support over the medium term. The outlook may be revised to 'Negative' in case of a decline in Tata Sons' credit quality or in CRISIL's view, a diminution in expected support to TCL group. The outlook may also be revised to 'Negative' in case of significant pressure on the TCL group's asset quality, impacting the group's earnings.

Rating Sensitivity Factors
Downward factors
* Downward revision in the credit rating of Tata Sons
* Any change in the support philosophy of Tata Sons resulting in reduced support to TCL Group
* Sharp deterioration in consolidated asset quality with consolidated gross NPA remaining above 6% and in-turn impacting capital and earnings.

About the Company

Incorporated in September 2011, TCCL is a joint venture between TCL and IFC. TCL and IFC have 80.5% and 19.5% shareholding, respectively, in TCCL. TCCL is focused on financing clean technology projects. The company offers a wide range of financial solutions and advisory services to businesses and enterprises operating in the areas of renewable energy, energy efficiency, and water management. TCCL was classified as an Infrastructure Finance Company by the RBI in October 2015.
 
TCL is the holding company for the financial services businesses of the Tata Capital group and is registered with the Reserve Bank of India as a systemically important, non-deposit-taking, Core Investment Company. Tata Capital has a diversified product portfolio with a presence in both the wholesale and retail finance segments. It had sizeable AUM of Rs 77,653 crore end fiscal 2020 as against 77,110 crore end fiscal 2019, Rs 61,445 crore as on March 31, 2018 and Rs 51,847 crore as on March 31, 2017. The fund-based products and services are primarily offered by TCFSL (both wholesale and retail finance segments), TCHFL (mortgage finance), and TCCL (infrastructure finance). The fee-based services distribution of mutual funds and insurance products, stock broking, and investment banking are offered through the wholly owned subsidiary, Tata Securities Ltd.

Key Financial Indicators - Tata Capital Limited (consolidated)
As On/For the year ended March 31 Unit 2020 2019
Total Assets Rs. Cr. 83,280 80,925
Total income (net of interest expenses) Rs. Cr. 4,020 4,017
Profit after tax Rs. Cr. 156 1,029
Gross NPA % 1.7 1.7
Return on assets % 0.2 1.4
Gearing  Times  8.0 9.2
 
Key Financial Indicators - (Per Ind-AS)-Tata Cleantech
As On/For the  year ended March 31, Unit 2020 2019
Total Assets Rs. Cr. 6,221 5,204
Total income (net of interest expenses) Rs. Cr. 258 185
Profit after tax Rs. Cr. 123 102
Gross NPA % 1.1 Nil
Return on assets % 2.4 2.7
Gearing  Times 5.3 5.0

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL 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. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of issuance Coupon rate (%) Maturity Date Complexity of instrument Issue size (Rs.Cr) Rating assigned with Outlook
NA Subordinated Debt* NA NA NA Complex 500 CRISIL AAA/Stable
NA Subordinated Debt* NA NA NA Complex 150 CRISIL AAA/Stable
NA Debentures* NA NA NA Simple 575 CRISIL AAA/Stable
INE857Q07265 Debentures 17-Feb-20 8% 17-Feb-23 Simple 200 CRISIL AAA/Stable
NA Perpetual Bonds* NA NA NA Highly complex 250 CRISIL AA+/Stable
INE857Q08016 Debentures 10-May-19 9.18 10-May-29 Simple 50 CRISIL AAA/Stable
NA Long Term Principal Protected Market Linked Debentures* NA NA NA Highly complex 1000 CRISIL PP-MLD AAAr/Stable
NA Debentures* NA NA NA Simple 191.72 CRISIL AAA/Stable
INE857Q07240 Debentures 16-Oct-19 8.65% 16-Oct-29 Simple 60 CRISIL AAA/Stable
INE857Q07224 Debentures 31-May-19 10 YR G-SEC LINKED (7.17 G-SEC 2028) 30-Jan-23 Simple 13.28 CRISIL AAA/Stable
INE857Q07232 Debentures 15-Jul-19 0.0875 13-Jul-29 Simple 140 CRISIL AAA/Stable
NA Debentures*# NA NA NA Simple 260 CRISIL AAA/Stable
INE857Q07075 Debentures 04-Sep-15 8.90% 04-Sep-20 Simple 20 CRISIL AAA/Stable
INE857Q07083 Debentures 19-Oct-15 8.75% 19-Oct-20 Simple 20 CRISIL AAA/Stable
INE857Q07117 Debentures 17-Oct-16 8.10% 15-Oct-21 Simple 15 CRISIL AAA/Stable
INE857Q07141 Debentures 02-Jun-17 8.11% 03-Jun-24 Simple 10 CRISIL AAA/Stable
INE857Q07174 Debentures 28-Jul-17 7.81% 03-Aug-20 Simple 200 CRISIL AAA/Stable
INE857Q07208 Debentures 24-Aug-18 8.95% 24-Aug-20 Simple 75 CRISIL AAA/Stable
INE857Q07216 Debentures 18-Dec-18 8.74% 18-Dec-23 Simple 180 CRISIL AAA/Stable
INE857Q07257 Debentures 05-Dec-19 8.35% 05-Dec-24 Simple 25 CRISIL AAA/Stable
INE857Q08024 Subordinated debt 13-Nov-19 8.80% 13-Nov-29 Complex 50 CRISIL AAA/Stable
NA Subordinated debt* NA NA NA Complex 500 CRISIL AAA/Stable
NA Subordinated debt* NA NA NA Complex 50 CRISIL AAA/Stable
NA Subordinated debt* NA NA NA Complex 100 CRISIL AAA/Stable
NA Commercial Paper NA NA 7-365 days Simple 2000 CRISIL A1+
NA Cash Credit & Working Capital demand loan NA NA NA NA 1757 CRISIL AAA/Stable
NA Long Term Bank Facility^ NA NA NA NA 2382 CRISIL AAA/Stable
NA Short Term Loan NA NA NA NA 100 CRISIL A1+
NA Proposed Long Term Bank Loan Facility NA NA NA NA 761 CRISIL AAA/Stable
INE857Q07273 Debentures 10-Jun-20 0.08 10-Sep-27 Simple 175 CRISIL AAA/Stable
* Rated but unutilized
#Green Debt securities
^includes NABARD's loan of 100 Million USD equivalent INR
 
Annexure - Details of Rating Withdrawn
ISIN Name of Instrument Date of issuance Coupon rate (%) Maturity Date Complexity of instrument Issue size (Rs.Cr)
INE857Q07042 Debentures 20-Jul-15 9.00% 20-Jul-20 Simple 20
 
Annexure - List of Entities Consolidated
Entity consolidated Extent of consolidation Rationale for consolidation
Tata Capital Limited Full Holding Company
Tata Capital Financial Services Limited Full Subsidiary
Tata Capital Housing Finance Limited Full Subsidiary
Tata Cleantech Capital Limited Full Subsidiary
Tata Securities Limited Full Subsidiary
Tata Capital Pte Ltd, Singapore Full Subsidiary
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  2000.00  CRISIL A1+  07-07-20  CRISIL A1+  05-12-19  CRISIL A1+  30-11-18  CRISIL A1+  03-11-17  CRISIL A1+  CRISIL A1+ 
        31-03-20  CRISIL A1+  30-07-19  CRISIL A1+  15-08-18  CRISIL A1+  17-10-17  CRISIL A1+   
        23-01-20  CRISIL A1+  24-06-19  CRISIL A1+  04-05-18  CRISIL A1+  30-06-17  CRISIL A1+   
            06-06-19  CRISIL A1+  29-03-18  CRISIL A1+  21-03-17  CRISIL A1+   
            14-03-19  CRISIL A1+           
            07-03-19  CRISIL A1+           
Long Term Principal Protected Market Linked Debentures  LT  1000.00
28-07-20  		CRISIL PP-MLD AAAr/Stable  07-07-20  CRISIL PP-MLD AAAr/Stable  05-12-19  CRISIL PP-MLD AAAr/Stable    --    --  -- 
        31-03-20  CRISIL PP-MLD AAAr/Stable  30-07-19  CRISIL PP-MLD AAAr/Stable           
        23-01-20  CRISIL PP-MLD AAAr/Stable  24-06-19  CRISIL PP-MLD AAAr/Stable           
            06-06-19  CRISIL PP-MLD AAAr/Stable           
            14-03-19  CRISIL PP-MLD AAAr/Stable           
            07-03-19  CRISIL PP-MLD AAAr/Stable           
Non Convertible Debentures  LT  2210.00
28-07-20  		CRISIL AAA/Stable  07-07-20  CRISIL AAA/Stable  05-12-19  CRISIL AAA/Stable  30-11-18  CRISIL AAA/Stable  03-11-17  CRISIL AA+/Stable  CRISIL AA+/Stable 
        31-03-20  CRISIL AAA/Stable  30-07-19  CRISIL AAA/Stable  15-08-18  CRISIL AAA/Stable  17-10-17  CRISIL AA+/Stable   
        23-01-20  CRISIL AAA/Stable  24-06-19  CRISIL AAA/Stable  04-05-18  CRISIL AA+/Stable  30-06-17  CRISIL AA+/Stable   
            06-06-19  CRISIL AAA/Stable  29-03-18  CRISIL AA+/Stable  21-03-17  CRISIL AA+/Stable   
            14-03-19  CRISIL AAA/Stable           
            07-03-19  CRISIL AAA/Stable           
Perpetual Bonds  LT  250.00
28-07-20  		CRISIL AA+/Stable  07-07-20  CRISIL AA+/Stable  05-12-19  CRISIL AA+/Stable    --    --  -- 
        31-03-20  CRISIL AA+/Stable  30-07-19  CRISIL AA+/Stable           
        23-01-20  CRISIL AA+/Stable  24-06-19  CRISIL AA+/Stable           
Subordinated Debt  LT  1350.00
28-07-20  		CRISIL AAA/Stable  07-07-20  CRISIL AAA/Stable  05-12-19  CRISIL AAA/Stable  30-11-18  CRISIL AAA/Stable  03-11-17  CRISIL AA+/Stable  CRISIL AA+/Stable 
        31-03-20  CRISIL AAA/Stable  30-07-19  CRISIL AAA/Stable  15-08-18  CRISIL AAA/Stable  17-10-17  CRISIL AA+/Stable   
        23-01-20  CRISIL AAA/Stable  24-06-19  CRISIL AAA/Stable  04-05-18  CRISIL AA+/Stable  30-06-17  CRISIL AA+/Stable   
            06-06-19  CRISIL AAA/Stable  29-03-18  CRISIL AA+/Stable  21-03-17  CRISIL AA+/Stable   
            14-03-19  CRISIL AAA/Stable           
            07-03-19  CRISIL AAA/Stable           
Fund-based Bank Facilities  LT/ST  5000.00  CRISIL AAA/Stable/ CRISIL A1+  07-07-20  CRISIL AAA/Stable/ CRISIL A1+  05-12-19  CRISIL AAA/Stable  30-11-18  CRISIL AAA/Stable  03-11-17  CRISIL AA+/Stable  CRISIL AA+/Stable 
        31-03-20  CRISIL AAA/Stable/ CRISIL A1+  30-07-19  CRISIL AAA/Stable  15-08-18  CRISIL AAA/Stable  17-10-17  CRISIL AA+/Stable   
        23-01-20  CRISIL AAA/Stable  24-06-19  CRISIL AAA/Stable  04-05-18  CRISIL AA+/Stable  30-06-17  CRISIL AA+/Stable   
            06-06-19  CRISIL AAA/Stable  29-03-18  CRISIL AA+/Stable  21-03-17  CRISIL AA+/Stable   
            14-03-19  CRISIL AAA/Stable           
            07-03-19  CRISIL AAA/Stable           
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit & Working Capital demand loan 1757 CRISIL AAA/Stable Cash Credit & Working Capital demand loan 1757 CRISIL AAA/Stable
Long Term Bank Facility^ 2857 CRISIL AAA/Stable Long Term Bank Facility^ 2382 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 286 CRISIL AAA/Stable Proposed Long Term Bank Loan Facility 761 CRISIL AAA/Stable
Short Term Bank Facility 100 CRISIL A1+ Short Term Bank Facility 100 CRISIL A1+
Total 5000 -- Total 5000 --
^Includes NABARD's loan of 100 Million USD equivalent INR
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support

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About CRISIL Ratings
CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of independence, analytical rigour and innovation, CRISIL sets 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 24,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. Over 1,10,000 MSMEs have been rated by us.

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DISCLAIMER

This disclaimer forms part of and applies to each credit rating report and/or credit rating rationale that we provide (each a “Report”). 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 the jurisdiction of India only. 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 providing or intending to provide any services in jurisdictions where CRISIL does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or use of this Report does not create a client relationship between CRISIL and the user.

We are not aware that any user intends to rely on the Report or of the manner in which a user intends to use the Report. In preparing our Report we have not taken into consideration the objectives or particular needs of any particular user. It is made abundantly clear that the Report is not intended to and does not constitute an investment advice. The Report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains. The Report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US).

Ratings from CRISIL Rating are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities / instruments or to make any investment decisions. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. CRISIL assumes no obligation to update its opinions following publication in any form or format although CRISIL may disseminate its opinions and analysis. CRISIL rating contained in the Report is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment or other business decisions. 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 or its associates may have other commercial transactions with the company/entity.

Neither CRISIL nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, “CRISIL Parties”) guarantee the accuracy, completeness or adequacy of the Report, and no CRISIL Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Report. EACH CRISIL PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Party 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.

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’s public ratings and analysis as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any) are made available on its web sites, www.crisil.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee – more details about CRISIL ratings are available here: www.crisilratings.com.

CRISIL and its affiliates do not act as a fiduciary. While CRISIL has obtained information from sources it believes to be reliable, CRISIL does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives and / or relies in its Reports. CRISIL keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of CRISIL may have information that is not available to other CRISIL business units. CRISIL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. CRISIL has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. For details please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html

CRISIL’s rating criteria are generally available without charge to the public on the CRISIL public web site, www.crisil.com. For latest rating information on any instrument of any company rated by CRISIL you may contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (0091) 1800 267 1301.

This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL.

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CRISIL 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's use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: www.crisil.com/ratings/credit-rating-scale.html