Rating Rationale
July 07, 2023 | Mumbai
UPL Limited
Ratings reaffirmed at 'CRISIL AA+ / Stable / CRISIL A1+ '
 
Rating Action
Total Bank Loan Facilities RatedRs.6400 Crore
Long Term RatingCRISIL AA+/Stable (Reaffirmed)
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.1100 Crore (Reduced from Rs.1800 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 has reaffirmed its ‘CRISIL AA+/Stable/CRISIL A1+’ ratings on the bank facilities and commercial paper of UPL Limited (UPL).

 

Also, CRISIL Ratings has withdrawn Rs.700 crores of commercial paper at the request of UPL’s management

 

In October 2022, UPL announced realignment of its existing business into 4 pure play business platforms and investments from private equity investors Abu Dhabi Investment Authority (ADIA), Brookfield, KKR and TPG Capital Asia (TPG) into the realigned businesses. This was done to unlock value and increase focus on each of the segment  and the corporate realignment was approved by the shareholders recently. UPL will continue to hold majority shareholding in all the entities. As part of the corporate realignment strategy, UPL received net equity infusion of USD 259 million.

 

The four verticals include: 1) UPL Sustainable Agri Solutions Ltd (UPL SAS), which will be marketing and selling crop protection and farm solutions in India  2) UPL Corporation Limited, Cayman, which will be the holding company for UPL’s overseas crop protection business 3) Advanta enterprises Ltd (Advanta) – which will hold the UPL group’ domestic and global seed business and 4) UPL Ltd (UPL) which retained the specialty chemicals business, manufacturing operations of Indian crop protection business, investments and R&D.

 

ADIA, Brookfield and TPG invested USD 200 million (Rs.1580 crores) in UPL SAS for 9.09% stake. The remaining 91.91% stake is held by UPL. Earlier, ADIA & TPG also held 22.2% stake in UPL Corporation Ltd, Mauritius which housed global seed business, global crop protection business under UPL Cayman and other global businesses. ADIA and TPG exited the global seed business and other global businesses for which they received a consideration of USD 241 million and the shareholding moved to UPL Corporation Limited, Cayman such that they held 22.2% stake in global crop protection business. The global seed business and Indian seed business was transferred to Advanta and KKR invested USD 300 million (Rs.2460 crores) for 13.33% stake in Advanta.

 

Accordingly, UPL SAS acquired India crop protection business  in December 2022. Further, in June 2023, UPL announced that its board of directors have approved  hive off the specialty chemical business (including active ingredients manufacturing) to a 100% owned entity, UPL Specialty Chemicals Limited (USCL) for a consideration of Rs.3572 crores. This re-arrangement, which will be subject to approval of shareholders (and expected to be completed in 3-4 months). Post this realignment of business,  UPL (standalone) will hold majority of the manufacturing operations of UPL SAS, supply active ingredients to UPL SAS and global crop protection business (UPL Corporation Ltd, Cayman Islands) that will be procured from USCL. UPL will also hold investments in the associates and will continue to be responsible for research and development (R&D). The entire transaction is on a debt neutral basis. At the end of these transactions and realignment, the standalone UPL will continue to be long term debt free.

 

CRISIL Ratings will continue to assess UPL on a consolidated basis, given continuing strong business and financial linkages with its subsidiaries.

 

UPL on a consolidated basis registered a strong revenue performance in fiscal 2023, supported by healthy double-digit growth across geographies except Europe; revenue grew by a healthy 16% year-on-year. The revenue growth was majorly driven by increase in prices and favourable forex movement while the volumes remained steady. However, operating margins declined by 140 bps to 19% in fiscal 2023, from 20.4% in fiscal 2022, due to increase in raw material costs and commodity inflation.

 

Supported by the company’s healthy business risk profile, strong R&D pipeline, and healthy presence in large markets like Latin America (LATAM), revenue growth should remain in high-single digits over the medium term. Introduction of differentiated solutions and focus on BioSolutions are also expected to support revenue growth. UPL’s operating profitability is expected at 18-19% in fiscal 2024, lower than 20-22% registered in earlier fiscals, due to competitive business scenario. Nevertheless, rising share of high margin bio-solutions as well as improving cost efficiencies should partly support margins.

 

Net debt stood at Rs. 28,512 crores as on September 30, 2022, an increase of over Rs. 8000 crores from March 31, 2022, mainly on the account of higher working capital needs to secure raw material due to geo-political issues and lower factoring of receivables in the LATAM due to higher cost. However, cash proceeds from stake sale along with increase in factoring in the second half of fiscal 2023 helped UPL to reduce net debt to Rs.18282 crores by March 31, 2023 (net debt was Rs.20,301 crores at March 31, 2022). With increase in operating profits, the ratio of net debt to EBITDA (earnings before interest, depreciation, interest, and tax) reduced to 1.80 times in fiscal 2023 compared to 2.15 times in fiscal 2022. While UPL Is expected to incur capex of over Rs.3000 crores per annum and working capital needs will rise over the medium term, still healthy cash generation and progressive repayment of debt will ensure steady improvement in debt protection metrics.

 

The ratings continue to reflect UPL group’s strong business risk profile supported by a strong market position, geographical diversification in revenue, and healthy profitability backed by sound operating efficiencies, leading to sizeable annual cash generation. Financial risk profile is expected to remain adequate and debt metrics improve gradually over the medium term. These strengths are partially offset by large working capital requirement and susceptibility to risks inherent in the agrochemical sector.

Analytical Approach

To arrive at its ratings, CRISIL Ratings has combined the business and financial risk profiles of UPL Ltd and its subsidiaries, collectively known as UPL. This is because all these companies are under a common management and have close operational linkages and fungible cash flows. CRISIL Ratings follows a moderate integration approach for investment in associates and joint ventures in which UPL has significant influence but not a controlling interest—specifically, CRISIL Ratings factors in UPL's share in the profit of these entities and any incremental investment required.

 

Goodwill on the acquisition of Arysta is being amortized over a period of 15 years commencing from fiscal 2019. Consequently, reported PAT, net worth, and ratio computations are adjusted.

 

USD denominated Perpetual Subordinated Capital Securities (Bonds) of USD 400 Million (interest coupon rate of 5.25% p.a.) raised by UPL Corporation Ltd (subsidiary of UPL) has been treated as 50% debt and 50% equity.

 

Non-recourse factoring of receivables has not been treated as debt

 

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:

Large scale with diverse geographical presence and wide product portfolio: UPL is among the top 5 players in the global agrochemicals industry. Revenue base is well diversified, with ~70% generated from LATAM, Europe, and the North America in fiscal 2023. Wider geographical reach reduces susceptibility to cyclicality in demand from any one region. The company is also present across the crop lifecycle, from seeds, seed-treatment products, pre- and post-harvest products, to storage-treatment products. Business risk profile remains healthy, aided by a portfolio of ~14326 registrations, 1552 product formulations and 1,500 patents. The group is present in 138 countries with 42 manufacturing locations, employing more than 13000+ people across the globe.

 

Sound operating efficiencies, supporting healthy profitability: Backward integration and supply-chain management have strengthened operating efficiencies. As a sizeable portion of raw material and power requirement is met in-house, the group is assured a steady supply, with lesser price volatility. Flexible and multi-product manufacturing facilities, and the robust supply chain and distribution network have kept operating margin healthy. CRISIL Ratings expects UPL will continue to maintain healthy operating profitability of ~20% over the medium term, though operating profitability may moderate to 18-19% in fiscal 2024, due to pressure from Chinese products.

 

Adequate financial risk profile: The acquisition of Arysta in fiscal 2019 was funded through substantial debt (~USD 3 billion), which resulted in moderation in debt metrics. However, the company has been reducing its debt until fiscal 2021, which led to gradual improvement in financial risk profile. For instance, in fiscal 2021, UPL reduced its gross debt by ~Rs. 4800 crores supported by strong operational cash generation and partial pre-payment of debt, but in fiscal 2022, gross debt levels increased by ~Rs 2500 crore mainly on account of increased working capital requirements. However, gross debt levels declined by Rs.2,880 crores to Rs.24,379 crores at end fiscal 2023, supported by cash flow from stake sale and increase in factoring. Besides, UPL’s financial risk profile is supported by sizeable, adjusted net worth of Rs 26,355 crore as on March 31, 2023.

 

UPL’s management is committed to reducing debt levels further over the medium term, with progressive repayments. Along with strong operating performance and continuing healthy cash flow generating ability, net debt to EBITDA is expected to reduce below 1.5 times by fiscal 2025.  Any sizeable debt funded acquisition or continuing high debt levels will remain a credit monitorable.

 

UPL Corp’s minority investors, ADIA and TPG, each with ~11% stake, and who had invested in UPL Corp to support the acquisition of Arysta have the option to sell their stakes, to which UPL has right of first refusal. These stakes have now moved to UPL Ltd, Cayman under the recent restructuring. While the stake sale is unlikely in next 1-2 years, any material debt addition by UPL to buy back these stakes in UPL Ltd, Cayman from these investors, and consequent increase in its leverage will also be a key monitorable.

 

Weaknesses

Large working capital requirement: The crop protection business is seasonal in nature. Sales occur at the start of the season, but payment is realized post-harvest, resulting in long receivable cycle. Furthermore, as goods are manufactured at one place and distributed to other locations, sizeable stock of finished goods needs to be maintained. The large credit required by customers in key LATAM markets also leads to a stretch in working capital cycle. However, the group will contain the exposure to markets with long credit cycle to less than one-third of its revenue and utilize securitization benefits (without recourse) wherever available, thereby mitigating the impact of a stretched cycle on the overall credit profile.

 

Susceptibility to risks inherent in the agrochemicals sector: The crop-protection sector remains susceptible to specific and separate registration processes in different countries, and various environmental rules and regulations. Change in regulatory requirements, such as export and import policies and environmental and safety requirements in countries where the company has significant exposure, could weaken growth prospects. Furthermore, the sector is highly dependent on monsoon and level of farm income. Hence, timing and distribution of rainfall during a year plays a crucial role. This is somewhat mitigated by the geographically diverse base of UPL

Liquidity: Strong

Cash and cash equivalents stood at Rs 6,097 crores as on March 31,2023. Utilization of domestic fund-based working capital limits was moderate at about 54% (of drawing power) for the 12 months ending May 2023. The company is expected to reduce its debt over the medium term, supported by healthy cash generation (in excess of Rs. 6500 crore annually), notwithstanding large working capital requirements. Annual capital expenditure (capex) of over Rs.3000 crore  is also expected to be funded largely from internal accruals.

 

The company had modest annual repayments of Rs 144 crore during fiscal 2023, which was serviced from internal accruals. Further, UPL prepaid loan of USD 200 million in FY 2022-23. UPL had substantial repayment commitments during the fourth quarter of fiscal 2024, amounting to Rs.12500 crores, which it refinanced in the global markets UPL has much lower repayment of ~Rs 1600 crores until fiscal 2025, followed by sizeable repayment of Rs.6,200 crores during fiscal 2026. CRISIL Ratings expects UPL will be able to refinance the required portion of their obligations in fiscal 2026, as well, given past instances of successfully arranging for similar refinancing, ahead of actual repayment.

 

ESG Profile of UPL Limited 

CRISIL Ratings believes that UPL’s ESG profile supports its already strong credit risk profile.

 

The Agro-chemical sector has a high impact on the environment because of the high greenhouse gas (GHG) emissions, water use and high hazardous waste generation by its core operations. The sector has a social impact because of its large workforce, impact on health and wellbeing of its workers and local community on account of its nature of operations.

 

UPL Ltd has undertaken various initiatives and efforts towards mitigating its environmental and social impact and strengthening its ESG profile. 

 

Key ESG highlights:

  • During FY22, UPL reduced 10% carbon emission intensity and 10% water consumption. UPL is also the first agrochemical company to make technical manufacturing facility Zero Liquid Discharge (ZLD).
  • UPL is one of first three global companies to partner with WBCSD and commits for elimination of wastewater pollution by 2030.
  • Company has been ranked as no 1 global agrochemical company by Sustainalytics in ESG risk rating and included in the Dow Jones Sustainability index.
  • UPL has also raised sustainability linked loan of $1.45 billion in fiscal 2022.
  • UPL’s governance structure is characterized by majority of its board comprising independent directors, and extensive disclosures.
  • The company has been in the news for plant accidents, chemical spills, whistleblower complaint and change in auditor of a subsidiary.

 

There is growing importance of ESG among investors and lenders. The commitment of UPL to ESG principles will play a key role in enhancing stakeholder confidence, given high share of market borrowing in its overall debt and access to both domestic and foreign capital markets.

Outlook: Stable

CRISIL Ratings believes the UPL group’s business risk profile has improved significantly by the acquisition of Arysta, propelling it to the position of the fifth-largest player in the global agrochemical space and the fourth-largest seed manufacturer. Better scale and business synergies, as well as favourable product mix help sustain operating profitability at over 18-20% over the medium term, benefitting cash generation. This along with progressive debt reduction, will help keep debt metrics at comfortable levels over the medium term.

Rating Sensitivity factors

Upward Factors

* Better than expected growth in revenues, with operating profitability in excess of 21-22% , ensuring strong cash generation

* Net Debt/EBITDA remaining below 1-1.25 time on a sustained basis, due to better than anticipated cash generation and lower debt levels due to prudent working capital management or equity infusion

 

Downward Factors

* Sharp decline in revenue growth and fall in operating profitability to below 16-17%, materially impacting cash generation

* Increase in net debt/EBITDA levels beyond 2.5 times on a sustained basis, due to lower cash generation or higher debt levels, due to more than anticipated capex, material acquisitions and elongation in working capital cycle, or to increase stake in UPL Ltd, Cayman.

About the Company

Incorporated in 1969 and promoted by Mr Rajnikant Shroff, UPL manufactures, markets, and distributes crop protection products, intermediates, speciality chemicals, and other industrial chemicals; and undertakes research in these segments. Over time, UPL has made several acquisitions and entered into strategic alliances to diversify product profile and increase geographical reach. The group now includes over 200 entities. Apart from UPL, the other key operating companies in the group are UPL NA Inc (US), UPL Europe Ltd (UK), UPL Agro SA DE CV (Mexico), UPL Argentina SA (Argentina), UPL France, UPL Italia SRL, UPL South Africa PTY Ltd and UPL do Brasil Industria e Comercio de SA (Brazil). The company has manufacturing units in India, France, Argentina, the UK, Vietnam, Turkey, Brazil, the USA, China, Thailand, Italy, Australia, and Columbia.

Key Financial Indicators

Particulars for year ending March 31 Unit 2023 2022
Revenue Rs crore 53,520 46,240
Adjusted profit after tax (PAT)^ Rs crore 3304 3,327
PAT margin^ % 6.2 7.2
Adjusted debt/Adjusted net worth ^ Times 0.93 0.99
 Adjusted interest coverage Times 3.61 4.33

^CRISIL Ratings-adjusted numbers for treatment of goodwill

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 assigned
with outlook
NA Cash Credit# NA NA NA 1029 NA CRISIL AA+/Stable
NA Commercial paper NA NA 7-365 days 1100 Simple CRISIL A1+
NA Commercial paper NA NA 7-365 days 700 Simple Withdrawn
NA Fund-Based Facilities* NA NA NA 2859 NA CRISIL AA+/Stable
NA Letter of credit & Bank Guarantee NA NA NA 597 NA CRISIL A1+
NA Proposed Working Capital Facility** NA NA NA 1915 NA CRISIL AA+/Stable

#Fully interchangeable between cash credit, working capital demand loan, foreign currency non-resident (Bank) loans, packing credit in INR, packing credit in foreign currency, export bill discounting in INR and foreign currency, buyer's credit for imports and domestic purchases, and domestic sales bill discounting. It can also be converted into non-fund-based facilities.

*Fully interchangebale with Non-fund based facilities

** It can be converted into non-fund-based facilities.

Annexure – List of entities consolidated

Names of Entities Consolidated Extent of Consolidation  Rationale for Consolidation 
UPL Global Business Services Limited (FKA Shroffs United Chemicals Limited) Full Wholly owned subsidiary
SWAL Corporation Limited Full Wholly owned subsidiary
United Phosphorus (India) LLP Full Wholly owned subsidiary
United Phosphorus Global LLP Full Wholly owned subsidiary
UPL Sustainable Agri Solutions Limited  (FKA Optima Farm Solutions Ltd) Full Wholly owned subsidiary
UPL Europe Limited Full Subsidiary
United Phosphorus Polska Sp.z o.o - Poland Full Subsidiary
UPL Benelux B.V. Full Subsidiary
Cerexagri B.V. Full Subsidiary
UPL Holdings Cooperatief U.A (FKA United Phosphorus Holdings Cooperatief U.A.) Full Subsidiary
UPL Holdings BV  (FKA United Phosphorus Holdings B.V., Netherlands) Full Subsidiary
Decco Worldwide Post-Harvest Holdings Cooperatief U.A. Full Subsidiary
Decco Worldwide Post-Harvest Holdings B.V. Full Subsidiary
UPL Holdings Brazil B.V. (FKA United Phosphorus Holding, Brazil B.V. ) Full Subsidiary
UPL Italia S.R.L. Full Subsidiary
UPL Iberia, S.A. Full Subsidiary
Decco Iberica Postcosecha, S.A.U. Full Subsidiary
Transterra Invest, S. L. U. Full Subsidiary
Cerexagri S.A.S. Full Subsidiary
UPL France Full Subsidiary
UPL Switzerland AG  (Formerly Known as United Phosphorus Switzerland Limited) Full Subsidiary
Decco Italia SRL Full Subsidiary
Limited Liability Company "UPL" Full Subsidiary
Decco Portugal Post Harvest LDA (formerly known as UPL Portugal Unipessoal LDA) Full Subsidiary
UPL NA Inc. (formerly known as United Phosphorus Inc.) Full Subsidiary
Cerexagri, Inc. (PA) Full Subsidiary
UPL Delaware, Inc. Full Subsidiary
Decco US Post-Harvest Inc Full Subsidiary
RiceCo LLC Full Subsidiary
Riceco International, Inc. Full Subsidiary
UPL Corporation Limited Full Subsidiary
UPL Management DMCC Full Subsidiary
UPL Limited Full Subsidiary
UPL Agro S.A. de C.V. Full Subsidiary
Decco PostHarvest Mexico (Formerly Known as Decco Jifkins Mexico Sapi) Full Subsidiary
Uniphos Industria e Comercio de Produtos Quimicos Ltda. Full Subsidiary
Upl do Brasil Industria e Comércio de Insumos Agropecuários S.A. Full Subsidiary
UPL Costa Rica S.A. Full Subsidiary
UPL Bolivia S.R.L Full Subsidiary
UPL Paraguay S.A. Full Subsidiary
UPL SL Argentina S.A. (Formerly Known as Icona Sanluis  S A) Full Subsidiary
UPL Argentina S A Full Subsidiary
Decco Chile SpA Full Subsidiary
UPL Colombia SAS Full Subsidiary
United Phosphorus Cayman Limited Full Subsidiary
UP Aviation Limited Full Subsidiary
UPL Australia Pty Limited (Formerly known as UPL Austarlia Limited) Full Subsidiary
UPL Shanghai Limited Full Subsidiary
PT.UPL Indonesia Full Subsidiary
PT Catur Agrodaya Mandiri Full Subsidiary
UPL Limited,Hong Kong( Formerly Known as United Phosphorus Limited, Hongkong) Full Subsidiary
UPL Philippines Inc. Full Subsidiary
UPL Vietnam Co. Limited Full Subsidiary
UPL Japan GK (Formerly Known as UPL Limited, Japan) Full Subsidiary
Anning Decco Fine Chemical Co. Limited Full Subsidiary
UPL Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi Full Subsidiary
UPL Agromed Tohumculuk Sa,Turkey Full Subsidiary
Decco Israel Ltd (Formerly Known as Safepack Products Limited) Full Subsidiary
Citrashine (Pty) Ltd Full Subsidiary
Prolong Limited Full Subsidiary
Perrey Participações S.A Full Subsidiary
Advanta Netherlands Holding B.V. Full Subsidiary
Advanta Semillas SAIC Full Subsidiary
Advanta Holdings B.V. Full Subsidiary
Advanta Seeds International Full Subsidiary
Pacific Seeds Holdings (Thailand) Limited Full Subsidiary
Pacific Seeds (Thai) Limited Full Subsidiary
Advanta Seeds Pty Ltd Full Subsidiary
Advanta US LLC (formerly known as Advanta U.S. Inc.) Full Subsidiary
Advanta Comercio De Sementes LTDA. Full Subsidiary
PT Advanta Seeds Indonesia Full Subsidiary
Advanta Seeds DMCC Full Subsidiary
UPL Limited Mauritius (Formely known as UPL Agro Limited Mauritius) Full Subsidiary
UPL Jiangsu Limited Full Subsidiary
Riceco International Bangladesh Ltd Full Subsidiary
Uniphos Malaysia Sdn Bhd Full Subsidiary
Advanta Seeds Ukraine LLC Full Subsidiary
Decco Gida Tarim ve Zirai Ürünler San. Tic A.S. Full Subsidiary
Arysta LifeScience America Inc. Full Subsidiary
Arysta LifeScience Management Company, LLC Full Subsidiary
Arysta LifeScience India Limited Full Subsidiary
Arysta LifeScience Agriservice Private Limited Full Subsidiary
UPL Togo SAU (FKA Arysta LifeScience Togo SAU) Full Subsidiary
Arysta Agro Private Limited Full Subsidiary
GBM USA LLC Full Subsidiary
UPL Agrosolutions Canada Inc (Formerly Known as Arysta LifeScience Canada, Inc.) Full Subsidiary
Arysta LifeScience North America, LLC Full Subsidiary
Arysta LifeScience NA Holding LLC Full Subsidiary
Arysta LifeScience Inc. Full Subsidiary
Arysta LifeScience Services LLP Full Subsidiary
Arysta LifeScience Benelux SPRL Full Subsidiary
Arysta LifeScience (Mauritius) Ltd Full Subsidiary
UPL South Africa (Pty) Ltd ( Formerly Known as Arysta LifeScience South Africa (Pty) Ltd) Full Subsidiary
Arysta Health and Nutrition Sciences Corporation Full Subsidiary
Arysta LifeScience Corporation Full Subsidiary
Arysta LifeScience S.A.S. Full Subsidiary
Arysta LifeScience Chile S.A. Full Subsidiary
Arysta LifeScience Mexico, S.A.de C.V Full Subsidiary
Grupo Bioquimico Mexicano, S.A. de C.V. Full Subsidiary
Arysta LifeScience UK & Ireland Ltd Full Subsidiary
UPL Agricultural Solutions (Formerly Known as  MacDermid Agricultural Solutions Italy Srl) Full Subsidiary
UPL Europe Supply Chain GmbH (Formerly Known as  Platform Sales Suisse GmbH) Full Subsidiary
UPL Agricultural Solutions Holdings BV (Formerly Known as MacDermid Agricultural Solutions Holdings BV) Full Subsidiary
Netherlands Agricultural Investment Partners LLC Full Subsidiary
UPL Bulgaria EOOD (FKA Arysta LifeScience Bulgaria EOOD) Full Subsidiary
UPL Agricultural Solutions Romania SRL  (FKA Arysta LifeScience Romania SRL) Full Subsidiary
Arysta LifeScience Great Britain Ltd Full Subsidiary
Arysta LifeScience Netherlands BV Full Subsidiary
Arysta LifeScience RUS LLC Full Subsidiary
Arysta LifeScience Australia Pty Ltd. Full Subsidiary
Arysta-LifeScience Ecuador S.A. Full Subsidiary
Arysta LifeScience Ougrée Production Sprl Full Subsidiary
UPL Hellas S.A. (Formerly Known as Arysta LifeScience Hellas S.A. Plant Protection, Nutrition and Other Related Products and Services) Full Subsidiary
Naturagri Soluciones, SLU (Formerly known as Arysta LifeScience Iberia SLU) Full Subsidiary
Arysta LifeScience Switzerland Sarl Full Subsidiary
Vetophama SAS (Formerly known as Arysta Animal Health SAS) Full Subsidiary
Sci PPWJ Full Subsidiary
Vetopharma Iberica SL (Formerly known as Santamix Iberica SL,Spain) Full Subsidiary
United Phosphorus  Global Services Limited (FKA Arysta LifeScience Global Services Limited) Full Subsidiary
Arysta LifeScience European Investments Limited Full Subsidiary
Arysta LifeScience U.K. Limited Full Subsidiary
Arysta LifeScience U.K. CAD Limited Full Subsidiary
Arysta LifeScience U.K. EUR Limited Full Subsidiary
Arysta LifeScience U.K. JPY Limited Full Subsidiary
Arysta LifeScience U.K. USD Limited Full Subsidiary
Arysta Lifescience U.K. Holdings Limited Full Subsidiary
Arysta LifeScience Japan Holdings Goudou Kaisha Full Subsidiary
Arysta LifeScience Cameroun SA Full Subsidiary
Callivoire SGFD S.A. Full Subsidiary
UPL Egypt Ltd (Formerly Known as Arysta LifeScience Egypt Ltd) Full Subsidiary
Calli Ghana Ltd. Full Subsidiary
Arysta LifeScience Kenya Ltd. Full Subsidiary
Mali Protection Des Cultures (M.P.C.) SA Full Subsidiary
Agrifocus Limitada Full Subsidiary
UPL Holdings SA (Pty) Ltd (FKA Arysta LifeScience Holdings SA (Pty) Ltd) Full Subsidiary
Anchorprops 39 (Pty) Ltd Full Subsidiary
Sidewalk Trading (Pty) Ltd Full Subsidiary
Volcano Agroscience (Pty) Ltd Full Subsidiary
UPL (T) Ltd (Formerly Known as Arysta LifeScience Tanzania Ltd) Full Subsidiary
Pt. Arysta LifeScience Tirta Indonesia Full Subsidiary
UPL Limited Korea (FKA Arysta LifeScience Korea Ltd.) Full Subsidiary
Arysta LifeScience Pakistan (Pvt.) LTD. Full Subsidiary
Arysta LifeScience Philippines Inc. Full Subsidiary
Arysta LifeScience Asia Pte., Ltd. Full Subsidiary
Arysta LifeScience (Thailand) Co., Ltd. Full Subsidiary
Arysta LifeScience Vietnam Co., Ltd. Full Subsidiary
Laboratoires Goëmar SAS Full Subsidiary
UPL Czech s.r.o. (FKA Arysta LifeScience Czech s.r.o.) Full Subsidiary
UPL Deutschland GmbH, (formerly known as Arysta LifeScience Germany GmbH) Full Subsidiary
UPL Hungary Kereskedelmi és Szolgáltató Korlátolt Felelosségu Társaság. (FKA Arysta LifeScience Magyarorszag Kft.) Full Subsidiary
UPL Polska Sp. z.o.o ( formerly known as Arysta LifeScience Polska Sp. z.o.o) Full Subsidiary
Betel Reunion S.A. Full Subsidiary
Arysta LifeScience Vostok Ltd. Full Subsidiary
UPL Slovakia S.R.O ( FKA Arysta LifeScience Slovakia S.R.O.) Full Subsidiary
UPL Ukraine LLC (FKA Arysta LifeScience Ukraine LLC) Full Subsidiary
UPL Global Limited  (Formerly Known as Arysta LifeScience Global Limited) Full Subsidiary
Arysta LifeScience Colombia S.A.S Full Subsidiary
Arysta LifeScience CentroAmerica, S.A. Full Subsidiary
Desarrollos Inmobiliarios Alianza de Coahuila, S.A. de C.V. Full Subsidiary
Omega Agroindustrial, S.A. de C.V. Full Subsidiary
Servicios Agricolas Mundiales SA de CV Full Subsidiary
Arysta LifeScience Paraguay S.R.L. Full Subsidiary
Arysta LifeScience Peru S.A.C Full Subsidiary
Arysta LifeScience Costa Rica SA. Full Subsidiary
Arysta LifeScience de Guatemala, S.A. Full Subsidiary
Arysta LifeScience S.R.L. Full Subsidiary
Myanmar Arysta LifeScience Co., Ltd. Full Subsidiary
Arysta LifeScience U.K. BRL Limited Full Subsidiary
UPL New Zealand Limited ( FKA Etec Crop Solutions Limited) Full Subsidiary
MacDermid Agricultural Solutions Australia Pty Ltd Full Subsidiary
Arysta LifeScience Registrations Great Britain Ltd Full Subsidiary
Industrias Agriphar SA Full Subsidiary
Agripraza Ltda. Full Subsidiary
Arysta LifeScience Corporation Republica Dominicana, SRL Full Subsidiary
Grupo Bioquimico Mexicano Republica Dominicana SA Full Subsidiary
Arvesta Paraguay S.A. Full Subsidiary
Arysta Agroquimicos y Fertilzantes Uruguay SA Full Subsidiary
Arysta LifeScience U.K. USD-2 Limited Full Subsidiary
Industrias Bioquim Centroamericana, Sociedad Anónima Full Subsidiary
Bioquim Panama, Sociedad Anónima Full Subsidiary
UPL Nicaragua, Sociedad Anónima (FKA Bioquim Nicaragua, Sociedad Anónima) Full Subsidiary
Biochemisch Dominicana, Sociedad De Responsabilidad Limitada Full Subsidiary
Nutriquim De Guatemala, Sociedad Anónima Full Subsidiary
UPL Agro Ltd Full Subsidiary
UPL Portugal Unipessoal, Ltda. Full Subsidiary
UPL Services LLC Full Subsidiary
United Phosphorus Holdings Uk Ltd Full Subsidiary
Nurture Agtech Pvt Ltd. (FKA AFS Agtech Pvt. Limited) Full Wholly owned subsidiary
Natural Plant Protection Limited Full Subsidiary
Advanta Biotech General Trading Ltd Full Subsidiary
UPL Mauritius Limited Full Subsidiary
Hannaford Nurture Farm Exchange Pty Ltd Full Subsidiary
UPL Zambia Ltd Full Subsidiary
INGEAGRO S.A Full Subsidiary
Laoting Yoloo Bio-Technology Co. Ltd Full Subsidiary
Decco Holdings UK Ltd Full Subsidiary
Advanta Seeds Holdings UK Ltd Full Subsidiary
Advanta Holdings US Inc. Full Subsidiary
UPL Crop Protection Investments UK Limited Full Subsidiary
UBDS COMERCIO DE PRODUTOS AGROPECUARIOS S.A Full Subsidiary
UPL Investments Southern Africa Pty Ltd Full Subsidiary
UPL Ltd , Cayman Full Subsidiary
UPL Health & Nutrition Science Holdings Limited Full Subsidiary
UPL Animal Health Holdings Limited Full Subsidiary
UPL Investments UK Limited Full Subsidiary
PT Excel Meg Indo Full Subsidiary
PT Ace Bio Care Full Subsidiary
Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 5803.0 CRISIL AA+/Stable 28-03-23 CRISIL AA+/Stable 19-12-22 CRISIL AA+/Stable 21-12-21 CRISIL AA+/Stable 10-07-20 CRISIL AA+/Negative CRISIL AA+/Negative
      --   -- 15-06-22 CRISIL AA+/Stable 03-12-21 CRISIL AA+/Stable   -- --
      --   --   -- 28-07-21 CRISIL AA+/Stable   -- --
Non-Fund Based Facilities ST 597.0 CRISIL A1+ 28-03-23 CRISIL A1+ 19-12-22 CRISIL A1+ 21-12-21 CRISIL A1+ 10-07-20 CRISIL A1+ CRISIL A1+
      --   -- 15-06-22 CRISIL A1+ 03-12-21 CRISIL A1+   -- CRISIL A1+
      --   --   -- 28-07-21 CRISIL A1+   -- --
Commercial Paper ST 1100.0 CRISIL A1+ 28-03-23 CRISIL A1+ 19-12-22 CRISIL A1+ 21-12-21 CRISIL A1+ 10-07-20 CRISIL A1+ CRISIL A1+
      --   -- 15-06-22 CRISIL A1+ 03-12-21 CRISIL A1+   -- --
      --   --   -- 28-07-21 CRISIL A1+   -- --
Non Convertible Debentures LT   --   --   -- 28-07-21 Withdrawn 10-07-20 CRISIL AA+/Negative CRISIL AA+/Negative
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Cash Credit& 97 Union Bank of India CRISIL AA+/Stable
Cash Credit& 243 State Bank of India CRISIL AA+/Stable
Cash Credit& 282 Bank of Baroda CRISIL AA+/Stable
Cash Credit& 100 Canara Bank CRISIL AA+/Stable
Cash Credit& 50 ICICI Bank Limited CRISIL AA+/Stable
Cash Credit& 68 IDBI Bank Limited CRISIL AA+/Stable
Cash Credit& 75 Axis Bank Limited CRISIL AA+/Stable
Cash Credit& 114 Kotak Mahindra Bank Limited CRISIL AA+/Stable
Fund-Based Facilities< 740 JP Morgan Chase Bank N.A. CRISIL AA+/Stable
Fund-Based Facilities< 1000 Citibank N. A. CRISIL AA+/Stable
Fund-Based Facilities< 193 Deutsche Bank CRISIL AA+/Stable
Fund-Based Facilities< 926 MUFG Bank CRISIL AA+/Stable
Letter of credit & Bank Guarantee 43 Union Bank of India CRISIL A1+
Letter of credit & Bank Guarantee 75 ICICI Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 129 Bank of Baroda CRISIL A1+
Letter of credit & Bank Guarantee 39 Kotak Mahindra Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 69 Axis Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 97 IDBI Bank Limited CRISIL A1+
Letter of credit & Bank Guarantee 23 Canara Bank CRISIL A1+
Letter of credit & Bank Guarantee 122 State Bank of India CRISIL A1+
Proposed Working Capital Facility%% 1915 Not Applicable CRISIL AA+/Stable
& - Fully interchangeable between cash credit, working capital demand loan, foreign currency non-resident (Bank) loans, packing credit in INR, packing credit in foreign currency, export bill discounting in INR and foreign currency, buyer's credit for imports and domestic purchases, and domestic sales bill discounting. It can also be converted into non-fund-based facilities.
< - Fully interchangeable with non-fund-based facilities
%% - It can be converted into non-fund-based facilities.
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Chemical Industry
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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