Rating Rationale
July 20, 2023 | Mumbai
Craftsman Automation Limited
Ratings upgraded to 'CRISIL AA-/Stable/CRISIL A1+'; Rated amount enhanced for Bank Debt
 
Rating Action
Total Bank Loan Facilities RatedRs.1640 Crore (Enhanced from Rs.1325 Crore)
Long Term RatingCRISIL AA-/Stable (Upgraded from 'CRISIL A+/Positive')
Short Term RatingCRISIL A1+ (Upgraded from 'CRISIL A1')
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 upgraded its ratings on the bank facilities of Craftsman Automation Limited (CAL)  to CRISIL AA-/Stable/CRISIL A1+ from ‘CRISIL A+/Positive/CRISIL A1’

 

The rating upgrade follows the healthy and sustained improvement in CAL’s business performance in fiscal 2023, which is expected to continue in the near to medium term,  due to steady demand for components, mainly from the commercial vehicle (CV) and passenger vehicle (PV) original equipment manufacturers (OEMs). Besides, the company, by way of its established and superior operating efficiencies, and expertise in the machined components and die-cast component space continues to register operating profitability of atleast 20%, which along with healthy growth in revenues, is leading to strong annual cash accruals. CALs financial risk profile has also strengthened over time, driven by strong annual cash generation, equity proceeds received from its initial public offering which helped lower debt, and prudent funding of its capital expenditure. Consequently, the companys debt metrics have strengthened over time, and are expected to remain at comfortable levels over the medium term as well.

 

CAL’s consolidated revenue rose 44% on-year in fiscal 2023, supported by healthy demand from CVs aided by uptick in economic growth, pick-up in private capital expenditure (capex) cycle, higher freight demand, revival in construction, infrastructure and mining activities. Healthy growth is expected to continue in the near to medium term, as well with full year revenue contribution coming from DR Axion India Pvt Ltd (DR Axion, acquired in February 2023). Operating profitability remained healthy, though it dipped marginally to 21.6% in fiscal 2023 from 24.2% in the previous fiscal, owing to change in product mix, higher inflation and lower profitability at DR Axion. Operating margin is expected to further moderate with complete integration of DR Axion, but still sustain at ~20% over the medium term.

 

In February 2023, CAL acquired 76% stake in DR Axion for a consideration of Rs 375 crore. DR Axion is the major supplier of cylinder blocks and heads for leading PV OEMs such as Hyundai Motor India Ltd (rated ‘CRISIL AAA/Stable/CRISIL A1+), Kia Motors, and Mahindra & Mahindra Ltd (rated CRISIL AAA/Stable/CRISIL A1+). The acquisition has helped CAL increase the share of revenue from the PV segment and gradually lower revenue dependence on CVs, thereby diversifying the revenue stream among the auto business. CAL and DR Axion both operate in the automotive (auto) components space and have strengths in complementary areas.

 

CALs financial risk profile is healthy and improving, supported by strong annual cash generation. Despite availing the acquisition debt of Rs. 307 crore, debt protection metrics remain comfortable with gearing of 0.82 times as on March 31, 2023 and interest coverage ratio of ~5.8 times for fiscal 2023. The Debt to Earnings before interest, depreciation, tax and amortization (EBITDA) ratio though rose to ~1.70 times in fiscal 2023, from 1.4 times in fiscal 2022, as only two months of operating profits of DR Axion were consolidated. Continued steady business performance, resulting in healthy cash accrual, well managed capex spend and prudent working capital management, will enable debt protection metrics remain at comfortable levels over the medium term; for instance the debt to EBIDTA ratio is expected at under 1.30 times by fiscal 2024.

 

The ratings continue to reflect the strong position of CAL in the auto-engineering contract-manufacturing sector, established customer relationships, healthy operating margin and improving financial risk profile. These strengths are partially offset by large working capital requirement and capital intensive operations, and part vulnerability of performance to slowdown in the automotive sector.

Analytical Approach

CRISIL Ratings has consolidated the business and financial risk profiles of CAL and its wholly-owned subsidiaries, (Craftsman Europe B V Netherlands and DR Axion) due to operational and financial linkages between them.

 

Goodwill on the acquisition of DR Axion is amortized over a period of 5 years commencing from the date of acquisition in fiscal 2023. Consequently, reported PAT, net worth and ratio computations are adjusted.

 

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:

Diversified revenue stream from Auto segment

CAL is a leading player in the auto-engineering contract-manufacturing sector, with a diversified clientele across industries. It has three business segments: auto-power train (~52% of revenues), aluminium products (~25% of revenues), and industrial and engineering (balance revenues) as on March 31, 2023. The auto-power train segment caters to CVs, PVs, farm equipment, construction and mining equipment segments of the auto industry. The aluminium products division supplies aluminium components to two-and-four-wheeler and power transmission manufacturers. The industrial and engineering segment offers goods and services such as gears, material handling equipment,  storage products, special purpose machines and other general engineering products to various industries.

 

The addition of capacity, products and customers, and healthy customer relationships led to revenue growth of 44% in fiscal 2023. Besides addition of new PV OEM customers arising from DR Axion, steady offtake by key customers and increase in business share with leading medium and heavy CV players should aid the maintenance of CAL’s market position over the medium term. At  consolidated level, the company is expected to achieve a healthy double digit revenue growth over the medium term, including due to improving contribution from DR Axion.

 

Healthy operating efficiency

Focus on niche products and better technical capabilities, supported by cost-optimisation measures, have supported operating efficiency. Higher margin from machining operations led to a better-than-industry operating margin of over 20% on sustained basis over the past years. In fiscal 2023, however, the share of the higher-margin machining business reduced, which along with rise in material costs resulted in the operating margin moderating to 21.6% in fiscal 2023 from 24.2% in the previous fiscal.

 

CAL is continuously undertaking cost-control initiatives through automation, employee base optimisation and wastage reduction; this coupled with improved capacity utilisation post acquisition of DR Axion (which has lower operating margins) should still aid in sustaining the operating margin at atleast 20% over the medium term.

 
Healthy and improving financial risk profile

Financial risk profile continues to be healthy, and supported by steady cash accrual generating ability. Hence, despite mainly debt funded acquisition of DR Axion, debt protection metrics remain comfortable; gearing was ~0.82 times as on March 31, 2023 and interest coverage ratio of ~5.8 times for fiscal 2023. The Debt to EBITDA EBITDA ratio though rose to ~1.70 times in fiscal 2023, from 1.4 times in fiscal 2022, as only two months of operating profits of DR Axion were considered.

 

Annual cash accrual for fiscal 2024 is estimated at over Rs.730 crores, which will help part fund capex and incremental working capital. Capex going forward is expected to range between Rs.350-380 crore annually, and will be partly debt funded. The management has planned to gradually lower debt levels through progressive term loan repayment of term loans, and may also consider pre-payment, if possible. With continued healthy cash generation, prudent annual capex spend and controlled working capital management, debt metrics are expected to witness a gradual improvement in fiscal 2024; for instance the ratio of debt to EBITDA is expected at under 1.3 times.

 

Weaknesses: 

Capital-intensive business and large working capital requirement

Operations are intrinsically capex and working capital intensive. CAL incurred sizeable capex of Rs ~2,200 crore during fiscals 2017-2023 including the fixed asset addition arising out of the acquisition, and in some cases, has set up capex ahead of demand.

 

The company has to maintain large inventory, given its customer and product portfolios. Also, with a large clientele and strong export presence, receivables are sizeable and could get stretched during a slowdown; Given the nature of operations, inventory and payable days are also high. Given multiple strategic business units and clients, operations will continue to be working capital intensive, and hence its prudent management remains critical.

 

Vulnerability to cyclical trends in automotive sector

The company caters to the auto, farm equipment, construction and earthmoving equipment, and locomotive industries, demand from which is typically linked to the economic activity. It is diversifying into non-auto industries, such as aluminium casting for power transmission and storage solutions, to mitigate the concentration risk. However, the business performance is likely to remain susceptible to sharp slowdown in demand from the auto industry over the medium term, given that the segment will account for over 75-80% of revenues.

Liquidity: Strong

CALs liquidity position is strong, and benefits from its healthy annual cash generating ability. The companys cash accrual is projected at more than Rs 730 crore for fiscal 2024 and expected to rise thereafter, being more than adequate to meet term debt repayment obligation of ~Rs. 116 crore in fiscal 2024, and ~Rs. 240 crore in fiscal 2025, and part fund capex. Further, the company has adequate headroom in the form of unutilised bank limit of Rs. 450 crore with modest average utilization levels of ~48%.

Outlook: Stable

CAL will continue to benefit from its established market position, strong customer relationships, healthy operating efficiency and also from the acquisition of DR Axion. The financial risk profile will continue to remain healthy, supported by improving cash accrual, and prudently funded capex and good working capital management.

Rating Sensitivity factors

Upward factors

  • Sustained healthy business performance resulting in steady cash generation
  • Prudent capital spending and working capital management, leading to continued improvement in financial risk profile and debt metrics – for instance Debt/EBITDA sustaining at below 1-1.2 times

 

Downward factors

  • Significantly weak operating performance impacting annual cash generation
  • Large, debt-funded capex or acquisition or significant stretch in working capital requirement, impacting debt metrics; for instance Debt/EBITDA in excess of 2-2.25 times

 

ESG Profile of CAL

CRISIL Ratings believes that Environment, Social, and Governance (ESG) profile of CAL supports its existing strong credit risk profile.

 

The auto component sector has a moderate impact on the environment owing to moderate emissions, water consumption and waste generation. The sector’s social impact is also moderate considering the impact of operational activities on the company’s own employees .

The company is actively focusing on mitigating environmental and social risks.

 

Key ESG highlights 

  • The company has a continuous focus on improving its contribution towards the ESG journey among the industry. CAL has undertaken variety of initiatives to reduce the carbon emissions by not only following it, but also monitor among its suppliers through monitoring systems that are in place.
  • Share of energy from renewal sources has improved to 23.57% as compared to 5.36% in fiscal 2021. Further, the usage of renewable energy as part of its facilities is better compared to its peers.
  • The company has a higher water recycling rate of 60.30% as compared to the industry average.
  • The company encourages local sourcing wherever possible and procures ~92% of the raw materials domestically. While the same is marginally compared to its peers, the same has been increasing since fiscal 2021 from 70% to ~92% in fiscal 2023.
  • The governance structure is characterized by 70% of its board comprising of independent directors. It has a committee at the Board level to address investor grievances and had also put out extensive disclosures.

 

While there is growing importance of ESG among investors and lenders, the commitment of CAL 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 funds / capital markets.

About the Company

Incorporated in 1986 in Coimbatore, Tamil Nadu, by Mr S Ravi, CAL manufactures several components and sub-assemblies on supply and job-work basis according to client specifications in the auto, industrial and engineering segments. Key products in the auto segment include power train products, cylinder blocks, cylinder heads, cam shafts and crank cases for CVs, sports utility vehicles, two-wheelers, farm equipment and earthmoving and construction equipment.

 

The company also has a non-ferrous sand foundry catering to power transmission equipment manufacturers. Its industrial and engineering segment has a wide range of products, including industrial gears, storage solutions, material handling and locomotive engine components. CAL has a tool room that supplies dies for injection moulding and mould base. Moreover, it manufactures special-purpose machines for metal and non-metal cutting. 

 

Post the initial public offering (IPO) in 2022, the promoter and promoter group, comprising Mr. S Ravi and his family, continue to hold majority stake of 54.99% in CAL. Other stakeholders include mutual funds with 13.20% stake, alternate investment funds 4%, foreign portfolio investors 12% and public the balance.

Key Financial Indicators

As on / for the period ended March 31 (Consolidated)   2023 2022
Revenue Rs crore 3182 2217
PAT Rs crore 251 163
PAT margin % 7.89 7.36
Adjusted debt/adjusted net worth Times 0.82 0.63
Interest coverage Times 5.79 6.43

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 Bank guarantee NA NA NA 50 NA CRISIL A1+
NA Letter of credit NA NA NA 152 NA CRISIL A1+
NA Long Term Loan NA 8.80% 31-Jul-29 130 NA CRISIL AA-/Stable
NA Long Term Loan NA 10.05% 31-Oct-24 24 NA CRISIL AA-/Stable
NA Long Term Loan NA 13.13% 31-May-26 27 NA CRISIL AA-/Stable
NA Long Term Loan NA 8.30% 31-Jan-30 100 NA CRISIL AA-/Stable
NA Long Term Loan NA 9.50% 31-Oct-27 38 NA CRISIL AA-/Stable
NA Long Term Loan NA 8.68% 31-Dec-26 151 NA CRISIL AA-/Stable
NA Long Term Loan NA 9.40% 31-Aug-26 35 NA CRISIL AA-/Stable
NA Long Term Loan NA 8.20% 30-Nov-29 125 NA CRISIL AA-/Stable
NA Long Term Loan NA 9.50% 31-Dec-27 58 NA CRISIL AA-/Stable
NA Long Term Loan NA 9.50% 31-Jan-30 150 NA CRISIL AA-/Stable
NA Packing Credit NA NA NA 60 NA CRISIL A1+
NA Proposed Long Term Bank Loan Facility NA NA NA  150 NA CRISIL AA-/Stable
NA Working Capital Demand Loan NA NA NA 390 NA CRISIL AA-/Stable

Annexure – List of entities consolidated

Names of Entities Consolidated Extent of Consolidation  Rationale for Consolidation 
Craftsman Europe B V Netherlands Full Common management and financial linkages
DR Axion India Private Limited Full Common management and financial linkages
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/ST 1438.0 CRISIL A1+ / CRISIL AA-/Stable 09-01-23 CRISIL A+/Positive / CRISIL A1 06-07-22 CRISIL A+/Stable / CRISIL A1 18-06-21 CRISIL A1 / CRISIL A/Stable 21-05-20 CRISIL BBB+/Stable / CRISIL A2 CRISIL BBB+/Stable / CRISIL A2
      --   --   --   -- 19-02-20 CRISIL BBB+/Stable / CRISIL A2 --
Non-Fund Based Facilities ST 202.0 CRISIL A1+ 09-01-23 CRISIL A1 06-07-22 CRISIL A1 18-06-21 CRISIL A1 21-05-20 CRISIL A2 CRISIL A2
      --   --   --   -- 19-02-20 CRISIL A2 --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee 50 State Bank of India CRISIL A1+
Letter of Credit 15 RBL Bank Limited CRISIL A1+
Letter of Credit 15 Standard Chartered Bank Limited CRISIL A1+
Letter of Credit 77 State Bank of India CRISIL A1+
Letter of Credit 25 Indian Bank CRISIL A1+
Letter of Credit 20 Axis Bank Limited CRISIL A1+
Long Term Loan 100 Bajaj Finance Limited CRISIL AA-/Stable
Long Term Loan 151 International Finance Corporation CRISIL AA-/Stable
Long Term Loan 38 Bajaj Finance Limited CRISIL AA-/Stable
Long Term Loan 150 Aditya Birla Finance Limited CRISIL AA-/Stable
Long Term Loan 125 Exim Bank CRISIL AA-/Stable
Long Term Loan 5 Exim Bank CRISIL AA-/Stable
Long Term Loan 24 Indian Bank CRISIL AA-/Stable
Long Term Loan 27 Standard Chartered Bank Limited CRISIL AA-/Stable
Long Term Loan 125 The Federal Bank Limited CRISIL AA-/Stable
Long Term Loan 58 Tata Capital Financial Services Limited CRISIL AA-/Stable
Long Term Loan 35 HDFC Bank Limited CRISIL AA-/Stable
Packing Credit 60 Standard Chartered Bank Limited CRISIL A1+
Proposed Long Term Bank Loan Facility 40 Not Applicable CRISIL AA-/Stable
Proposed Long Term Bank Loan Facility 110 Not Applicable CRISIL AA-/Stable
Working Capital Demand Loan 45 Indian Bank CRISIL AA-/Stable
Working Capital Demand Loan 60 Axis Bank Limited CRISIL AA-/Stable
Working Capital Demand Loan 125 State Bank of India CRISIL AA-/Stable
Working Capital Demand Loan 50 HDFC Bank Limited CRISIL AA-/Stable
Working Capital Demand Loan 60 RBL Bank Limited CRISIL AA-/Stable
Working Capital Demand Loan 50 YES Bank Limited CRISIL AA-/Stable
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 Auto Component Suppliers
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

Media Relations
Analytical Contacts
Customer Service Helpdesk

Aveek Datta
Media Relations
CRISIL Limited
M: +91 99204 93912
B: +91 22 3342 3000
AVEEK.DATTA@crisil.com

Prakruti Jani
Media Relations
CRISIL Limited
M: +91 98678 68976
B: +91 22 3342 3000
PRAKRUTI.JANI@crisil.com

Rutuja Gaikwad 
Media Relations
CRISIL Limited
B: +91 22 3342 3000
Rutuja.Gaikwad@ext-crisil.com


Anuj Sethi
Senior Director
CRISIL Ratings Limited
B:+91 44 6656 3100
anuj.sethi@crisil.com


Poonam Upadhyay
Director
CRISIL Ratings Limited
B:+91 22 3342 3000
poonam.upadhyay@crisil.com


DHANASEELAN CHANDRAN
Manager
CRISIL Ratings Limited
B:+91 44 6656 3100
DHANASEELAN.CHANDRAN@crisil.com
Timings: 10.00 am to 7.00 pm
Toll free Number:1800 267 1301

For a copy of Rationales / Rating Reports:
CRISILratingdesk@crisil.com
 
For Analytical queries:
ratingsinvestordesk@crisil.com


 

Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper/magazine/agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites and portals.


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

CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set the standards in the credit rating business. We rate the entire range of debt instruments, such as bank loans, certificates of deposit, commercial paper, non-convertible/convertible/partially convertible bonds and debentures, perpetual bonds, bank hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have rated over 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including ratings for municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
 
CRISIL Ratings Limited ('CRISIL Ratings') is a wholly-owned subsidiary of CRISIL Limited ('CRISIL'). CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").
 
For more information, visit www.crisilratings.com 

 



About CRISIL Limited

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

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

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

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK


CRISIL PRIVACY NOTICE
 
CRISIL respects your privacy. We may use your contact information, such as your name, address and email id to fulfil your request and service your account and to provide you with additional information from CRISIL. For further information on CRISIL's privacy policy please visit www.crisil.com.



DISCLAIMER

This disclaimer is part of and applies to each credit rating report and/or credit rating rationale ('report') that is provided by CRISIL Ratings Limited ('CRISIL Ratings'). To avoid 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 Ratings providing or intending to provide any services in jurisdictions where CRISIL Ratings 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 Ratings 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 to 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 Ratings 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 Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL Ratings may disseminate its opinions and analysis. The 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 Ratings or its associates may have other commercial transactions with the entity to which the report pertains.

Neither CRISIL Ratings nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively, 'CRISIL Ratings Parties') guarantee the accuracy, completeness or adequacy of the report, and no CRISIL Ratings 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 RATINGS 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 Ratings 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. Public ratings and analysis by CRISIL Ratings, 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 website, www.crisilratings.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee - more details about ratings by CRISIL Ratings are available here: www.crisilratings.com.

CRISIL Ratings and its affiliates do not act as a fiduciary. While CRISIL Ratings has obtained information from sources it believes to be reliable, CRISIL Ratings does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives and/or relies on in its reports. CRISIL Ratings has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. CRISIL Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For details please refer to:
https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html.

Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public website, www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL Ratings, you may contact the CRISIL Ratings 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 prior written consent from CRISIL Ratings.

All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings is a wholly owned subsidiary of CRISIL Limited.

 

 

CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html