Rating Rationale
June 26, 2020 | Mumbai
Tata Motors Finance Limited
Rated amount enhanced
 
Rating Action
Total Bank Loan Facilities Rated Rs.25000 Crore
Long Term Rating CRISIL AA-/Negative (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Non-Convertible Debentures Aggregating Rs.5605 Crore CRISIL AA-/Negative (Reaffirmed)
Subordinated Debt Programme Aggregating Rs.1400 Crore CRISIL AA-/Negative (Reaffirmed)
Perpetual Bonds Aggregating Rs.415 Crore CRISIL A/Negative (Reaffirmed)
Rs.8000 Crore Commercial Paper (Enhanced from Rs.7000 Crore)  CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its 'CRISIL AA-/CRISIL A/Negative/CRISIL A1+' ratings on the bank facilities and debt instruments of Tata Motors Finance Limited (TMFL).
 
CRISIL ratings continue to reflect the expectation of strong support from TMFL's ultimate parent Tata Motors Ltd (TML) to TMF Holdings Ltd (TMFHL; rated 'CRISIL AA-/Provisional CRISIL AA-/Negative/CRISIL A1+') and its subsidiaries: Tata Motors Finance Solutions Ltd (TMFSL; 'CRISIL AA-/Negative/CRISIL A1+') and TMFL. This is because of the high strategic importance of the companies to TML. The ratings also factor in the group's strong position in the commercial vehicle (CV) finance segment. However, these strengths are partially offset by moderate, albeit improving, asset quality of the portfolio.
 
The nationwide lockdown (originally till April 14, 2020) declared by the Government of India to contain the spread of the Covid-19 pandemic will have near-term impact on disbursements and collections of TMFL. The lockdown is now further extended till June 30, 2020. Although, there has been partial lifting of restrictions, based on classification of zones, CRISIL believes that eventual lifting of restrictions will continue to be in a phased manner. Any delay in return to normalcy will put further pressure on collections and asset quality metrics.
 
The Tata Motors Finance (TMF) group has given moratorium to its customers, as per the Reserve Bank of India's (RBI's) circular and as per the company's board approved policy. As on June 02, 2020, the TMF group had about 75% of loan book under moratorium. On the liability side, the TMF group has not availed moratorium and is making repayments as per schedule. As on May 31, 2020, total debt repayment coming up till end of August 2020, were Rs 8,608 crore (including Rs 5,150 crore in the form of commercial paper, Rs 968 crore of NCDs, Rs 2,037 crore of bank loan repayment and interest payments of Rs 453 crore). TMFL had cash and equivalent of Rs 314 crore, investments of Rs 2,800 crore and sanctioned and unutilised cash credit and working capital demand loan (WCDL) limit of about Rs 1,644 crore. Out of the bank loan repayment, Rs 1,554 crore is by way of cash credit or WCDL, which is expected to be rolled over. Further, TMFL also has unutilized term loans of Rs 400 crore and average collections for the past two months were about Rs 350 crore per month. Furthermore, TMFHL has another Rs 1,000 crore of inter-corporate deposits line from the TML which would be additional liquidity for TMFL on need basis. In Q1 of fiscal 2021, TMFL has raised Rs 1,500 crore by way of NCDs under Targeted Long Term Repo Operations (TLTRO) scheme.

Analytical Approach

CRISIL's ratings on the debt instruments and bank facilities of TMFL continue to be based on the expectation of strong support from TML. This is because of TMFL's strong strategic importance to TML and the latter's ownership through TMFHL. CRISIL has also combined the business and financial risk profiles of TMFHL and its subsidiaries, TMFL and TMFL, given the integration of operations and commonality of management.

The ratings on the perpetual bonds additionally take into account the deeply subordinated nature of these instruments whereby TMFL is restricted from servicing these instruments if it breaches the minimum regulatory capital requirement, or if the regulator denies permission to the company to make payments of interest and principal, if it reports losses.

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description
Strengths:
* High strategic importance to and expectation of strong support from TML
CRISIL's ratings on the debt instruments and bank facilities of TMFL are based upon the expectation of strong support from the ultimate parent TML. This is because of the high strategic importance of TMFL to its parent and also the latter's majority ownership in TMFL through its wholly owned subsidiary, TMFHL.
 
Post the restructuring in fiscal 2017, TMFHL became the holding company for the financial services business of TML. TMFL undertakes financing of new vehicles and is the captive financier for TML's vehicles. TMFSL provides financing for pre-owned vehicles and has strong operational linkages with TML's pre-owned vehicles business and corporate lending, wherein it provides both short-term and long-term financing to dealers and suppliers of TML. The three companies are expected to receive significant business, financial and managerial support from TML.
 
In the past, TML has been infusing equity capital into TMFHL (including in its earlier form as TMFL, the operating company) at regular intervals. TML infused Rs 300 crore in fiscal 2018, Rs 600 crore in fiscal 2019 and Rs 150 crore in fiscal 2020. CRISIL believes TML will continue to provide similar support through TMFHL, enabling the companies to maintain their capital adequacy above the minimum requirement.
 
Consequently, TMHFL infused Rs 300 crore of equity into TMFL and subscribed to Rs 370 crore of Compulsorily Convertible Preference Shares issued by TMFL and Rs 150 crore of subordinated debt issued by TMFL in fiscal 2019. Furthermore, in the first quarter of fiscal 2020, TMFHL has infused Rs 150 crore of equity and subscribed to Rs 300 crore of subordinated debt in TMFL.  The total capital ratio of TMFL was comfortable at 16.85% as on March 31, 2020 (15.25% as on March 31, 2019). CRISIL believes TMFL will continue to receive need-based support from TML through TMFHL, to maintain their capital adequacy above the minimum requirement.
 
TMFHL and its subsidiaries have a high level of managerial and operational integration, where the parent extends management support through representation of its senior management on the boards of TMFL and TMFSL. CRISIL believes TML will continue to have majority ownership in TMFL through the holding company structure. This, along with operational integration and a shared brand name, makes TML morally obligated to support TMFL.
 
* Leading position in CV finance
The TMFHL group is a leading vehicle financier in India and TMFL is among the top five CV financiers with assets under management (AUM) of Rs 30,741 crore as on March 31, 2020 (Rs 29,370 crore as on March 31, 2019, and Rs 21,035 crore as on March 31, 2018). As on March 31, 2020, TMFSL had a standalone portfolio of Rs 5,205 crore (Rs 5,805 crore as on March 31, 2019, and Rs 3,928 crore as on March 31, 2018). The consolidated AUM stood at Rs 35,946 crore as on March 31, 2020 (Rs 35,175 crore as on March 31, 2019, and Rs 24,963 crore as on March 31, 2018).
 
Weakness:
* Moderate asset quality
TMFHL's consolidated asset quality is expected to be reflective of the nature of the subsidiaries' businesses, which are tilted predominantly in favour of financing TML's key customer segments such as super-strategic customers, strategic customers and first-time users of CVs. First-time users are generally not catered to by traditional CV financiers as the inherent credit risk in some of the customer segments is relatively high. In the past couple of years, TMFL has revised its business strategy with increasing share of strategic and super-strategic customers who are expected to have better risk profiles than first-time users.
 
TMFL's gross non-performing assets (GNPAs) stood at 5.89% as on March 31, 2020 (2.9% as on March 31, 2019, 4.7% as on March 31, 2018 and 9.8% as on March 31, 2017) while the net NPA stood at 5.10%.  TMFSL's GNPAs stood at 4.58% as on March 31, 2020 (1% as on March 31, 2019, 1.37% as on March 31, 2018 and 47.2% as on March 31, 2017) while the net NPA stood at 3.86%). Consolidated GNPAs have increased to 5.68% as on March 31, 2020 (2.6% as on March 31, 2019 and 4.0% as on March 31, 2018). While TMFSL's NPAs have come down significantly compared to previous fiscals on account of write-off of its manufacture guaranteed book portfolio with full loss cover from TML, there has been some increase in fiscal 2020, as collections were impacted because of overall slowdown in the economy.
 
The ability of the TMF group to manage asset quality in the current economic environment remains a key monitorable.
Liquidity Strong

CRISIL's analysis of TMFL's asset liability maturity (ALM) profile as on March 31, 2020, shows cumulative negative mismatches in over 1-month bucket up to 1-year bucket with inclusion of committed lines of credit. However, excluding committed lines of credit, there is cumulative negative mismatch also in over 1-year to 3-years bucket. Given the ability of the TMFHL group to raise funds and expectation of strong support from the ultimate parent TML, any negative mismatch would be manageable.
 
As on May 31, 2020, total debt repayment coming up till end of August 2020, were Rs 8,608 crore (including Rs 5,150 crore in the form of commercial paper, Rs 968 crore of NCDs, Rs 2,037 crore of bank loan repayment and interest payments of Rs 453 crore).
 
TMFL had cash and equivalent of Rs 314 crore, investments of Rs 2,800 crore and sanctioned and unutilised cash credit and working capital demand loan (WCDL) limit of about Rs 1,644 crore. Out of the bank loan repayment, Rs 1,554 crore is by way of cash credit or WCDL, which is expected to be rolled over. Further, TMFL also has unutilized term loans of Rs 400 crore and average collections for the past two months were about Rs 350 crore per month. Furthermore, TMFHL has another Rs 1,000 crore of inter-corporate deposits line from the TML which would be additional liquidity for TMFL on need basis. In Q1 of fiscal 2021, TMFL has raised Rs 1,500 crore by way of NCDs under TLTRO scheme.

Outlook: Negative

The rating outlook on TMFL is closely linked to the rating outlook on TML. CRISIL believes TMFL will be strategically important to TML and will benefit from the financial and management support extended by TML. CRISIL will continue to closely monitor any development that can significantly alter the extent of support by TML. Changes in the rating outlook or ratings on TML may lead to similar changes in the rating outlook or ratings on TMFL.

Rating Sensitivity factors
Upward factors:
* Since the outlook is Negative, the rating is unlikely to be upgraded. Any such upward revision in rating will be driven a similar change in the rating outlook or rating of the parent, TML
 
Downward factors:
* Downgrade in the rating of TML by 1 notch or higher
* Any change in the support philosophy of TML, resulting in reduced support to the TMFHL group
* Sharp deterioration in the consolidated asset quality, impacting the profitability and capital level of the TMFHL group
About the Company

In March 2016, TMFHL acquired 100% stake in TMFL (earlier Sheba Properties Ltd), a non-banking finance company registered with RBI, for Rs 405 crore from TML. As on March 31, 2016, TMFL had total assets of Rs 205 crore, of which the investment portfolio constituted 94% of the assets or Rs 193 crore.
 
With the implementation of the scheme of arrangement effective January 2017, the entire new vehicle finance business has been transferred from TMFHL to TMFL. Post transfer, TMFL is a non-deposit taking, systemically important, non-banking financial and asset financing company and will be one of the major financiers of CVs and cars for TML's customers and channel partners. In fiscal 2020, the company reported profit after tax (PAT) of Rs 59 crore on total income (net of interest expenses) of Rs 1,372 crore (basis Indian Accounting Standards), as against a net profit of Rs 204 crore (net of interest expenses) and total income of Rs 1,208 crore in the previous fiscal.

Key Financial Indicators
As on /for the  year ended March 31,    2020 2019
Total assets Rs crore 31,744 32,917
Total income (net of interest expenses) Rs crore 1,372 1208
Profit after tax (PAT) Rs crore 59 204
PAT including other comprehensive income Rs crore 89 209
Total capital ratio % 16.85 15.25
Gross NPA % 5.89 2.92
Net NPA % 5.10 1.52

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments and are included (where applicable) in the Annexure -- Details of Instrument in this Rating Rationale. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels.
Annexure - Details of Instrument(s)
ISIN Name of the Instrument Date of
Allotment		 Coupon
rate (%)		 Maturity
Date		 Amount
(Rs crore)		 Complexity Levels Rating assigned 
with Outlook
INE909H07CZ9 Non-convertible debentures 10-Jun-16 Zero Coupon 10-Jun-21 5 Simple CRISIL AA-/Negative
INE909H07CT2 Non-convertible debentures 13-May-16 9.20% 13-May-21 10 Simple CRISIL AA-/Negative
INE909H07CL9 Non-convertible debentures 17-Dec-15 9.25% 17-Dec-20 40 Simple CRISIL AA-/Negative
INE909H07CP0 Non-convertible debentures 07-Apr-16 9.20% 06-Apr-21 20 Simple CRISIL AA-/Negative
INE909H07CX4 Non-convertible debentures 10-Jun-16 9.20% 10-Jun-21 42 Simple CRISIL AA-/Negative
INE909H07DF9 Non-convertible debentures 28-Jun-16 9.30% 28-Jun-21 22 Simple CRISIL AA-/Negative
INE909H07DJ1 Non-convertible debentures 28-Jul-16 9.00% 28-Jul-21 1 Simple CRISIL AA-/Negative
NA Non-convertible debentures
-(Rated and unutilized)		 NA NA NA 1,642.40 Simple CRISIL AA-/Negative
INE909H08063 Subordinated debt 19-Sep-11 11.00% 17-Sep-21 75.3 Complex CRISIL AA-/Negative
INE909H08071 Subordinated debt 02-Mar-12 11.00% 02-Mar-22 69.15 Complex CRISIL AA-/Negative
INE909H08089 Subordinated debt 26-Mar-12 11.00% 26-Mar-22 10 Complex CRISIL AA-/Negative
INE909H08097 Subordinated debt 22-May-12 11.00% 22-May-22 37.4 Complex CRISIL AA-/Negative
INE909H08121 Subordinated debt 03-Aug-12 10.65% 03-Aug-22 25 Complex CRISIL AA-/Negative
INE909H08139 Subordinated debt 28-Dec-14 10.46% 28-Dec-22 28 Complex CRISIL AA-/Negative
INE909H08147 Subordinated debt 28-May-13 10.15% 28-May-23 55.1 Complex CRISIL AA-/Negative
INE909H08170 Subordinated debt 24-May-13 9.85% 24-May-23 100 Complex CRISIL AA-/Negative
INE909H08196 Subordinated debt 12-Sep-15 10.60% 12-Sep-24 25 Complex CRISIL AA-/Negative
INE909H08204 Subordinated debt 26-Sep-14 10.35% 26-Sep-24 60 Complex CRISIL AA-/Negative
INE909H08212 Subordinated debt 19-Dec-14 9.70% 19-Dec-24 150 Complex CRISIL AA-/Negative
NA Subordinated debt-
(Rated and unutilised)		 NA NA NA 265.1 Complex CRISIL AA-/Negative
INE909H08055 Perpetual Debt 23-Nov-10 11.35% 23-Nov-20 150 Highly complex CRISIL A/Negative
INE909H08105 Perpetual Debt 30-May-12 11.50% 30-May-22 26.9 Highly complex CRISIL A/Negative
INE909H08113 Perpetual Debt 28-Jun-12 11.25% 28-Jun-22 73.1 Highly complex CRISIL A/Negative
INE909H08162 Perpetual Debt 23-May-13 11.33% 23-May-23 22.3 Highly complex CRISIL A/Negative
INE909H08154 Perpetual Debt 28-May-13 11.03% 28-May-23 52.7 Highly complex CRISIL A/Negative
INE909H08188 Perpetual Debt 05-Sep-14 11.10% 05-Sep-24 50.3 Highly complex CRISIL A/Negative
NA Perpetual Debt-
Rated and unutilised		 NA NA NA 39.7 Highly complex CRISIL A/Negative
NA Commercial paper-
Rated and unutilised		 NA NA NA 8,000.00 Simple CRISIL A1+
NA Cash credit and working capital 
demand loan **#@%<*		 NA NA NA 5,078.37 NA CRISIL AA-/Negative
NA Long-term bank facility $*! NA NA NA 12,188.07 NA CRISIL AA-/Negative
NA Bank guarantee* NA NA NA 296.16 NA CRISIL A1+
NA Proposed long-term 
bank loan facility++		 NA NA NA 6,446.4 NA CRISIL AA-/Negative
NA Proposed bank guarantee++ NA NA NA 991 NA CRISIL A1+
**Central Bank of India's CC Limit is Rs 40 Crs  and WCDL limit is of Rs 160 Crs
#Vijaya Bank( now Bank of Baroda)-Rs 200 Crs Only WCDL/STL
%Out of IDFC First Bank's Limit of Rs 300 Crs , Rs 250 Crs is fungible with WCDL, with Rs 50 Crs as sublimit of CC/OD
@ Indusind Bank's Rs 100 Crs limit is fungible with BG
*Rs 200 Crs have been earmarked as CP for SBI's CC/WCDL  limit of Rs 1000 Crs
<For DBS Bank, CC Limit of Rs 25 Crs is a sublimit of WCDL Limit is Rs 200 cr
$Secured loan from CITI bank of Rs 171 Crores is a USD 25 Million loan which is fully hedged
*Sanctioned bank facilities as on March 31, 2020  (Note- Long-Term Bank Facilities are net of repayments)
++Rated and proposed limits as on  March 31, 2020
!ECB from Barclays Bank PLC & DBS Bank of USD 30 Million each; Australia and New Zealand Banking Group Limited  is USD 60 Mn, CTBC is USD 20 Mn, Korean Development Bank is USD 10 Mn  and International Finance Corporation of USD 100 Mn
 
Annexure - List of entities consolidated
Entity consolidated Extent of consolidation Rationale for consolidation
TMF Holdings Ltd Full Holding
Tata Motors Finance Solutions Ltd Full Co-subsidiary
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  8000.00  CRISIL A1+  21-05-20  CRISIL A1+  04-11-19  CRISIL A1+  30-10-18  CRISIL A1+  06-12-17  CRISIL A1+  -- 
        24-01-20  CRISIL A1+  14-08-19  CRISIL A1+  19-09-18  CRISIL A1+       
            05-07-19  CRISIL A1+  07-08-18  CRISIL A1+       
            27-04-19  CRISIL A1+  31-05-18  CRISIL A1+       
            15-02-19  CRISIL A1+  27-04-18  CRISIL A1+       
            06-02-19  CRISIL A1+           
Non Convertible Debentures  LT  1782.40
26-06-20  		CRISIL AA-/Negative  21-05-20  CRISIL AA-/Negative  04-11-19  CRISIL AA-/Negative  30-10-18  CRISIL AA/Stable  06-12-17  CRISIL AA/Positive  CRISIL AA/Positive 
        24-01-20  CRISIL AA-/Negative  14-08-19  CRISIL AA-/Negative  19-09-18  CRISIL AA/Stable  03-11-17  CRISIL AA/Positive   
            05-07-19  CRISIL AA/Negative  07-08-18  CRISIL AA/Positive  21-09-17  CRISIL AA/Positive   
            27-04-19  CRISIL AA/Negative  31-05-18  CRISIL AA/Positive  31-07-17  CRISIL AA/Positive   
            15-02-19  CRISIL AA/Negative  27-04-18  CRISIL AA/Positive  09-05-17  CRISIL AA/Positive   
            06-02-19  CRISIL AA/Stable      09-05-17  CRISIL AA/Positive   
                    19-04-17  CRISIL AA/Positive   
                    24-02-17  CRISIL AA/Positive   
Perpetual Bonds  LT  415.00
26-06-20  		CRISIL A/Negative  21-05-20  CRISIL A/Negative  04-11-19  CRISIL A/Negative  30-10-18  CRISIL A+/Stable  06-12-17  CRISIL A+/Positive  CRISIL A+/Positive 
        24-01-20  CRISIL A/Negative  14-08-19  CRISIL A/Negative  19-09-18  CRISIL A+/Stable  03-11-17  CRISIL A+/Positive   
            05-07-19  CRISIL A+/Negative  07-08-18  CRISIL A+/Positive  21-09-17  CRISIL A+/Positive   
            27-04-19  CRISIL A+/Negative  31-05-18  CRISIL A+/Positive  31-07-17  CRISIL A+/Positive   
            15-02-19  CRISIL A+/Negative  27-04-18  CRISIL A+/Positive  09-05-17  CRISIL A+/Positive   
            06-02-19  CRISIL A+/Stable      09-05-17  CRISIL A+/Positive   
                    19-04-17  CRISIL A+/Positive   
                    24-02-17  CRISIL A+/Positive   
Short Term Debt  ST                  03-11-17  CRISIL A1+  CRISIL A1+ 
                    21-09-17  CRISIL A1+   
                    31-07-17  CRISIL A1+   
                    09-05-17  CRISIL A1+   
                    09-05-17  CRISIL A1+   
                    19-04-17  CRISIL A1+   
                    24-02-17  CRISIL A1+   
Subordinated Debt  LT  900.05
26-06-20  		CRISIL AA-/Negative  21-05-20  CRISIL AA-/Negative  04-11-19  CRISIL AA-/Negative  30-10-18  CRISIL AA/Stable  06-12-17  CRISIL AA/Positive  CRISIL AA/Positive 
        24-01-20  CRISIL AA-/Negative  14-08-19  CRISIL AA-/Negative  19-09-18  CRISIL AA/Stable  03-11-17  CRISIL AA/Positive   
            05-07-19  CRISIL AA/Negative  07-08-18  CRISIL AA/Positive  21-09-17  CRISIL AA/Positive   
            27-04-19  CRISIL AA/Negative  31-05-18  CRISIL AA/Positive  31-07-17  CRISIL AA/Positive   
            15-02-19  CRISIL AA/Negative  27-04-18  CRISIL AA/Positive  09-05-17  CRISIL AA/Positive   
            06-02-19  CRISIL AA/Stable      09-05-17  CRISIL AA/Positive   
                    19-04-17  CRISIL AA/Positive   
                    24-02-17  CRISIL AA/Positive   
Fund-based Bank Facilities  LT/ST  23712.84  CRISIL AA-/Negative  21-05-20  CRISIL AA-/Negative  04-11-19  CRISIL AA-/Negative  30-10-18  CRISIL AA/Stable  06-12-17  CRISIL AA/Positive  CRISIL AA/Positive 
        24-01-20  CRISIL AA-/Negative  14-08-19  CRISIL AA-/Negative  19-09-18  CRISIL AA/Stable  03-11-17  CRISIL AA/Positive   
            05-07-19  CRISIL AA/Negative  07-08-18  CRISIL AA/Positive  21-09-17  CRISIL AA/Positive   
            27-04-19  CRISIL AA/Negative  31-05-18  CRISIL AA/Positive  31-07-17  CRISIL AA/Positive   
            15-02-19  CRISIL AA/Negative  27-04-18  CRISIL AA/Positive  09-05-17  CRISIL AA/Positive   
            06-02-19  CRISIL AA/Stable      09-05-17  CRISIL AA/Positive   
                    19-04-17  CRISIL AA/Positive   
                    24-02-17  CRISIL AA/Positive   
Non Fund-based Bank Facilities  LT/ST  1287.16  CRISIL A1+  21-05-20  CRISIL A1+  04-11-19  CRISIL AA-/Negative/ CRISIL A1+  30-10-18  CRISIL A1+  06-12-17  CRISIL A1+  CRISIL A1+ 
        24-01-20  CRISIL A1+  14-08-19  CRISIL AA-/Negative/ CRISIL A1+  19-09-18  CRISIL A1+  03-11-17  CRISIL A1+   
            05-07-19  CRISIL AA/Negative/ CRISIL A1+  07-08-18  CRISIL A1+  21-09-17  CRISIL A1+   
            27-04-19  CRISIL AA/Negative/ CRISIL A1+  31-05-18  CRISIL A1+  31-07-17  CRISIL A1+   
            15-02-19  CRISIL AA/Negative/ CRISIL A1+  27-04-18  CRISIL A1+  09-05-17  CRISIL A1+   
            06-02-19  CRISIL AA/Stable/ CRISIL A1+      09-05-17  CRISIL A1+   
                    19-04-17  CRISIL A1+   
                    24-02-17  CRISIL A1+   
All amounts are in Rs.Cr.
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Criteria for Consolidation

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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.

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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.

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