Rating Rationale
April 25, 2019 | Mumbai
E.I.D. Parry India Limited
Rating Action
Total Bank Loan Facilities Rated Rs.1955.2 Crore
Long Term Rating CRISIL AA-/Stable
Short Term Rating CRISIL A1+
Rs.200 Crore Non Convertible Debentures CRISIL AA-/Stable
Rs.100 Crore Non Convertible Debentures CRISIL AA-/Stable
Rs.950 Crore Commercial Paper CRISIL A1+
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL ratings on the bank facilities and debt instruments of E.I.D. Parry India Limited's (EID Parry) continue to reflect established market position in sugar business, derived from integrated nature of operations with diversified revenue profile, financial flexibility derived from being part of the Murugappa group, and as holding company of Coromandel International Ltd (CIL, rated 'CRISIL AA+/Stable/CRISIL A1+'). These strengths are partially offset by the susceptibility of its business performance to downturn in the sugar business and to regulatory changes in the sugar industry, sub-par performance of its sugar refinery, and its moderate financial risk profile.
EID Parry's business performance remained subdued in the first nine of fiscal 2019 due to low domestic sugar prices, and modest contribution from its distillery operations. While losses in its sugar business are expected to gradually lower due to government measures to stem losses for sugar mills, muted performance in the subsidiary's refinery business due to weak raw sugar global prices and one-off issues at the company's Tamil Nadu based distilleries in the second quarter has impacted its performance in fiscal 2019.
The company's standalone operating margin moderated sharply to -13% in first nine months of fiscal 2019, compared to 5.5% in the corresponding period of previous fiscal. However, EID Parry received Rs. 338 crore cash proceeds from the sale of bio-pesticides business in the first quarter of fiscal 2019 and dividend income of Rs 115 crore from its subsidiaries in the first nine months of fiscal 2019. This helped partly offset the moderation in business cash accruals in the current fiscal.
Lower losses from its sugar business and improvement in performance of its distillery division in the second half of fiscal 2019, should help limit extent of losses in the near term. Government policies such as continuation of the minimum selling price for sugar, fixing appropriate price for cane, and ensuring sufficient export offtake by sugar manufacturers will be critical for improvement in EID's business performance in fiscal 2020. Besides, the company is also planning to dispose its land parcel in Pondicherry, proceeds from which will also benefit cash flows in fiscal 2020.
Debt levels are expected to remain at Rs. 1700-1800 crore over the medium term, similar to levels seen in March 2018.  Additional low cost government subsidized long term debt will be availed for setting up new ethanol plants in fiscal 2020. However, this will be partly offset by expectation of slightly lower inventory buildup at the end of the sugar season 2018-19, compared to previous season following lower production forecast and higher exports (driven by Government incentives announced in September 2018).

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of EID Parry with its two subsidiaries namely Parry Sugars Refinery India Private Limited (PSRIPL; 'CRISIL AA-(SO)/CRISIL A+/Stable/CRISIL A1'), US Nutraceuticals LLC (USN) and its joint venture (JV) Algavista Greentech Pvt Ltd (Algavista; 'CRISIL BBB+/Stable/CRISIL A2'). This is because these entities are in the similar line of business as EID Parry. CRISIL also believes EID Parry will extend both business and need-based financial support, to scale up operations.
CRISIL has also factored in support from the Murugappa group, since EID Parry is an integral part of the Murugappa group representing the group's presence in sugar industry. The group is also expected to extend financial support in case of exigencies.

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
* Diversified revenue profile due to integrated nature of operations
EID Parry is a large integrated sugar producer. It has the capacity to crush 45,800 tonne per day (TPD) of sugarcane, a co-generation plant of 160 megawatt, distillery of 234 kilo litre per day, and sugar refinery of 3000 TPD (through PSRIPL). Large scale, integrated operations with the power and distillery business along with nutraceuticals provide moderate cushion from cyclicality in the sugar business. Sugar crushing in Tamil Nadu continuously declined in the past 3-4 years, and are expected to marginally improve in the current sugar season. This and volatile sugar prices have led to moderation in EID Parry's performance in the recent past. Performance of PSRIPL has also been muted. However, other business (co-generation and distillery) have helped partially stem impact of weak performance of the sugar businesses.

* Financial flexibility, being part of the Murugappa group
EID Parry is one of the leading entities in the Murugappa group of companies. It also derives substantial financial flexibility from being the holding company for CIL. Its 60.58% stake in CIL was valued at almost Rs. 12,600 crores as on April 25, 2019. CIL has a healthy dividend track record, which is expected to continue over the medium term. EID Parry received dividend of almost Rs.410 crores between fiscal 2015 and 2018; steady dividend flows support its overall profits, and helps partly mitigate impact of volatility in its business. The group also enjoys strong reputation with the lending community, which helps entities including EID Parry to raise funds at attractive coupon rates.

* Susceptibility to volatility in sugar prices and regulatory changes
While the input prices are driven by the government, sugar prices are volatile and based on open market prices (which are dependent on the production levels) leading to volatility in players' profitability. Besides, the government regulates domestic demand-supply through restrictions on imports and exports, and stock holdings.  Regulatory mechanisms and dependence on monsoons have rendered the sugar industry cyclical.

Following a bumper sugar crop in sugar season (SS)2017-18 (October 1 to September 30) and in anticipation of another good season in 2018-19, sugar prices declined to below Rs.30/kg in March 2018, from over Rs.40/kg a year ago, while cane prices too have been increased in keeping with interests of farmers. To lower the impact on sugar mills and stabilize prices, the Government rolled out a series of initiatives such as increasing import duty on raw and white sugar, removing export duty and providing subsidies for sugar exports, creation of buffer stock to absorb excess supply from the market, fixing minimum support price for sugar at Rs 31/ kg till SS 2018-19 (earlier Rs.29/ kg) and soft loans for sugar mills to expand ethanol capacities. Additionally, in its budget in March 2018, the Tamil Nadu government announced adoption of revenue-sharing model for sugarcane pricing for sugar firms in the state. Maharashtra and Karnataka are the only other states which have already migrated to this model, aimed to provide cane farmers with a fair price for their produce.

Though sugar production across the country is expected to reduce in SS2018-19, surplus inventory from the earlier season is likely to prevent a sharp improvement in sugar realisations. Cane prices though are expected to be hiked due to farmers stress across several sugar growing states, rendering losses for sugar mills even in fiscal 2020. Government interventions will be remain a driver for profitability of sugar mills and continue as a key rating sensitivity factor.

* Sub-par performance of subsidiary, PSRIPL
PSRIPL imports raw sugar predominantly from Brazil, refines the same and exports. PSRIPL's operating performance in fiscal 2018 and first nine months of fiscal 2019 has been severely impacted by weak sugar prices, resulting in net losses. This was due to sizeable inventory losses following decline in global raw sugar prices. Global sugar prices had been on a declining trajectory till September 2018, following higher sugar production from India, Thailand, Pakistan and the European Union. However, following lower sugar production in Brazil amidst increasing diversion of Brazil's sugar output towards ethanol manufacturing, global sugar prices recovered gradually since October 2018, leading to PAT breakeven in the third quarter of fiscal 2019. Although profitability improved in the third quarter, losses carried forward from the first six months, still led to ~Rs 115 crore net loss for PSRIPL for the first nine months of the current fiscal. CRISIL believes that PSRIPL's performance will remain weak over the medium term due to thin margins and large working capital requirements.

* Moderate financial profile
EID Parry's financial performance moderated in fiscal 2018 as cash accruals were impacted following subdued performance of the sugar business and losses in PSRIPL. Further, stockholding restrictions imposed by Government led to pile up of inventory, a large portion of which was funded through bank borrowings.

In addition to routine capex of about Rs.50-60 crore annually, the company is expected to incur capex of about Rs 150-200 crore in fiscals 2020 and 2021, towards setting up of new ethanol capacities by availing soft loans announced by the Government (which allows for interest subvention of 5 years including moratorium of 1 year). The company had earlier planned to incur this capex partly in the current fiscal itself, however, the plans have now been deferred by few months due to detailed assessment on the molasses availability for the proposed ethanol capacities.

Nonetheless, short term debt levels are expected to be lower compared to fiscal 2018 levels, due to lower sugar inventory levels in fiscals 2019 and 2020. Overall, debt levels will remain at Rs.1700-1800 crores over the medium term.

EID's financial risk profile is expected to remain moderate over the medium term due to modest operational cash flows, resulting from weak sugar prices and subdued performance of PSRIPL; this will also result in modest though improving credit metrics. However, steady dividend inflows from CIL, proceeds expected from sale of land parcel in Pondicherry, improved contribution from sugar and distillery businesses will augment overall cash flows.

EID Parry's liquidity is moderate and driven by access to large unutilized bank lines, steady dividend inflows from CIL, and company's strong refinancing ability. The company had long term repayment obligations of around Rs 450 crore in fiscal 2019, which has been serviced through a mix of refinancing (Rs 200 crore) and internal accruals. Further, it has long term obligations of around Rs. 260 crore in fiscal 2020, which too is expected to be partly refinanced, as cash accruals may not entirely suffice.
EID Parry also has access to fund based limits of Rs. 1000 crore, utilized to the tune of 24% on an average over the 12 months ended January 2019. However, bank limit utilization will increase sharply in the last quarter of fiscal 2019, in keeping with sugar crushing operations and need to maintain inventory in March 2019. Nevertheless, EID Parry's strong relationship with the lending community, and demonstrated ability to monetize non-core assets including land, is expected to enable it to overcome any cash flow mismatches.

Outlook: Stable

CRISIL believes EID Parry's business performance and credit metrics will continue to witness modest improvement, but remain sub-par in fiscal 2019 and fiscal 2020, due to non-remunerative sugar operations, though better contribution from distillery operations, commissioning of new ethanol facilities and steady dividend flow from CIL, are expected to support cash flows. Debt levels are also likely to remain relatively high, due to part debt funding of new ethanol plants, and part refinancing of maturing debt obligations. Support from Murugappa group is also expected to be forthcoming, if required.

Upside Scenario:
* Improvement in business performance, resulting in healthy cash generation due to lower losses from sugar operations, including at PSRIPL, and better contribution from by-products and ethanol facilities
* Continued correction in debt levels, which along with healthy cash generation, leading to better key credit metrics.

Downside Scenario:
* Sharper than expected decline in sugar prices, sizeable increase in cane prices, or delay in commissioning of ethanol facilities, impacting operating profitability and cash generation
* Sizeable increase in working capital requirements or higher than expected capital expenditure leading to higher borrowings, further impacting credit metrics.

About the Company

EID Parry is part of the Rs.33000 crore Chennai based Murugappa group. The group has diverse business activities that include abrasives, automotive components, cycles, sugar, farm inputs, fertilizers, plantations, construction and bio-products.
EID Parry represents the group's sugar manufacturing interests. The promoters held 45% stake in the company as on December 31, 2018. EID Parry acquired 76% stake in Karnataka-based SSL for Rs.49.62 crores in October 2009, and increased the stake to 100% in September 2011 for Rs.18.0 crores. In May 2014, SSL was merged with EID Parry (effective from April 1, 2013). In 2010, EID Parry acquired 65% stake in GMR Industries Ltd (which was subsequently renamed Parry Sugar Industries Limited (PSIL)) for Rs.98.87 crores. In March 2013, the company completed the merger of two of the three mills of PSIL, at Haliyal in Karnataka and at Sankili in Andhra Pradesh, with itself (effective April 1, 2012). In April 2017, the third mill in PSIL was also merged with EID Parry (effective from April 1, 2016).
In December 2017, EID Parry announced slump sale of its in-house bio-pesticides business along with its entire stake in fully owned subsidiary ' Parry America Inc, USA to CIL for a total purchase consideration of Rs 338 crore, which was received in April 2018. The company has also announced a 50:50 JV with Synthite Industries Limited (rated 'CRISIL AA-/Positive/CRISIL A1+'). The JV will be involved in manufacturing value added algae products. EID Parry's investment in the JV will be the tune of Rs 11 crore.

On a standalone basis, EID Parry's net profit was Rs. 34 crores on operating revenues of Rs. 1,286 crores for the first nine months of fiscal 2019, against net loss of Rs. 21 crores on operating revenues of Rs. 1,581 crores during the corresponding period of the previous fiscal.

Key Financial Indicators (Consolidated)*
Particulars Unit 2018 2017
Revenue Rs crore 4,553 4,370
Profit After Tax (PAT) Rs crore 29 298
PAT Margin % 0.6 6.8
Adjusted debt/adjusted networth Times 1.5 1.6
Interest coverage Times 2.0 3.2
*For ratings purpose, CRISIL has consolidated the financials of EID Parry with PSRIPL and USN as these two subsidiaries are in the same line of business as EID Parry.

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. 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.Cr) Rating Assigned with Outlook
NA Debenture@ NA NA NA 200 CRISIL AA-/Stable
INE126A07251 Debenture 27-Apr-18 8.25% 27-Apr-21 100 CRISIL AA-/Stable
NA Commercial Paper NA NA 7-365 Days 950 CRISIL A1+
NA Bank Guarantee^ NA NA NA 190 CRISIL A1+
NA Cash Credit# NA NA NA 300 CRISIL AA-/Stable
NA Letter of Credit* NA NA NA 50 CRISIL A1+
NA Long Term Loan NA NA 31-Mar-19 25 CRISIL AA-/Stable
NA Long Term Loan NA NA 30-May-20 155 CRISIL AA-/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 836.6 CRISIL AA-/Stable
NA Proposed Fund Based Bank Limits NA NA NA 150 CRISIL AA-/Stable
NA Proposed Non Fund Based Bank Limits NA NA NA 248.6 CRISIL A1+
#50% interchangeable to non-fund based working capital limits. 
^Interchangeable with letter of credit and fund based working capital limits.
*Interchangeable with bank guarantee and fund based working capital limits.
@Yet to be placed
Annexure - List of Entities Consolidated
Name of Entity Extent of Consolidation Rationale for Consolidation
Parry Sugars Refinery India Private Limited Full Wholly owned subsidiary, business synergies
US Nutraceuticals LLC Full Wholly owned subsidiary, business synergies
Algavista Greentech Private Limited Full 50% JV, business synergies
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  950.00  CRISIL A1+  07-03-19  CRISIL A1+  31-12-18  CRISIL A1+  29-12-17  CRISIL A1+    --  -- 
            16-08-18  CRISIL A1+           
            26-03-18  CRISIL A1+           
Non Convertible Debentures  LT  100.00
CRISIL AA-/Stable  07-03-19  CRISIL AA-/Stable  31-12-18  CRISIL AA-/Stable  29-12-17  CRISIL AA-/Stable  22-12-16  CRISIL A+/Stable  CRISIL A+/Stable 
            16-08-18  CRISIL AA-/Stable  14-07-17  CRISIL AA-/Stable  26-05-16  CRISIL A+/Stable   
            26-03-18  CRISIL AA-/Stable  26-05-17  CRISIL AA-/Stable       
Short Term Debt (Including Commercial Paper)  ST              14-07-17  CRISIL A1+  22-12-16  CRISIL A1+  CRISIL A1+ 
                26-05-17  CRISIL A1+  26-05-16  CRISIL A1+   
Fund-based Bank Facilities  LT/ST  1466.60  CRISIL AA-/Stable  07-03-19  CRISIL AA-/Stable  31-12-18  CRISIL AA-/Stable  29-12-17  CRISIL AA-/Stable  22-12-16  CRISIL A+/Stable  CRISIL A+/Stable/ CRISIL A1+ 
            16-08-18  CRISIL AA-/Stable  14-07-17  CRISIL AA-/Stable  26-05-16  CRISIL A+/Stable/ CRISIL A1+   
            26-03-18  CRISIL AA-/Stable  26-05-17  CRISIL AA-/Stable       
Non Fund-based Bank Facilities  LT/ST  488.60  CRISIL A1+  07-03-19  CRISIL A1+  31-12-18  CRISIL A1+  29-12-17  CRISIL A1+  22-12-16  CRISIL A1+  CRISIL A1+ 
            16-08-18  CRISIL AA-/Stable/ CRISIL A1+  14-07-17  CRISIL A1+  26-05-16  CRISIL A1+   
            26-03-18  CRISIL A1+  26-05-17  CRISIL A1+       
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
Bank Guarantee^ 190 CRISIL A1+ Bank Guarantee^ 190 CRISIL A1+
Cash Credit# 300 CRISIL AA-/Stable Cash Credit# 300 CRISIL AA-/Stable
Letter of Credit* 50 CRISIL A1+ Letter of Credit* 50 CRISIL A1+
Long Term Loan 180 CRISIL AA-/Stable Long Term Loan 180 CRISIL AA-/Stable
Proposed Fund-Based Bank Limits 150 CRISIL AA-/Stable Proposed Bank Guarantee 398.6 CRISIL A1+
Proposed Long Term Bank Loan Facility 836.6 CRISIL AA-/Stable Proposed Long Term Bank Loan Facility 836.6 CRISIL AA-/Stable
Proposed Non Fund based limits 248.6 CRISIL A1+ -- 0 --
Total 1955.2 -- Total 1955.2 --
#50% interchangeable to non-fund based working capital limits. 
^Interchangeable with letter of credit and fund based working capital limits.
*Interchangeable with bank guarantee and fund based working capital limits.
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
Rating Criteria for Sugar Industry
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Group Support

For further information contact:
Media Relations
Analytical Contacts
Customer Service Helpdesk
Saman Khan
Media Relations
CRISIL Limited
D: +91 22 3342 3895
B: +91 22 3342 3000

Naireen Ahmed
Media Relations
CRISIL Limited
D: +91 22 3342 1818
B: +91 22 3342 3000

Vinay Rajani
Media Relations
CRISIL Limited
D: +91 22 3342 1835
M: +91 91 676 42913
B: +91 22 3342 3000

Anuj Sethi
Senior Director - CRISIL Ratings
CRISIL Limited
B:+91 44 6656 3100

Sameer Charania
Director - CRISIL Ratings
CRISIL Limited
D:+91 22 4097 8025

Sidhaarth MS
Rating Analyst - CRISIL Ratings
CRISIL Limited
D:+91 44 6656 3138
Timings: 10.00 am to 7.00 pm
Toll free Number:1800 267 1301

For a copy of Rationales / Rating Reports:
For Analytical queries:


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. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc.

About CRISIL Limited

CRISIL is a leading agile and innovative, global analytics company driven by its mission of making markets function better. We are India’s foremost provider of ratings, data, research, analytics and solutions. A strong track record of growth, culture of innovation and global footprint sets us apart. We have delivered independent opinions, actionable insights, and efficient solutions to over 1,00,000 customers.
We are 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 


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.

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.


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.

All rights reserved @ CRISIL