Rating Rationale
March 06, 2019 | Mumbai
Thomas Cook India Limited
Ratings Reaffirmed
Rating Action
Total Bank Loan Facilities Rated Rs.739 Crore
Long Term Rating CRISIL AA-/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
Rs.100 Crore Short Term Debt (Including Commercial Paper) CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has reaffirmed its ratings on the debt programmes and bank facilities of Thomas Cook India Limited (TCIL; part of the Thomas Cook group) at 'CRISIL AA-/Stable/CRISIL A1+'. The ratings remain unaffected by the company's plan to acquire Digiphoto Entertainment Imaging group (DEI).
On February 25, 2019, TCIL (under its subsidiaries) entered into an agreement to acquire 51% stake in DEI, with an enterprise value of Rs 289 crore (USD 40.6 million). DEI is leading souvenir imaging solutions provider and is associated with over 120 partners across 14 countries. Given that tourism services would complement imaging solutions, the proposed acquisition is expected to entail business synergy.
The acquisition will be housed under Travel Circle International (Mauritius) Limited (TCIML; wholly owned stepdown subsidiary of TCIL). Acquisition price of about Rs 145 crore (for 51%) will be funded by a mix of debt (about Rs 106 crore in TCIML) and internal cash accrual (from TCI). As the acquisition should increase cash accretions, the group's financial risk profile is expected to remain strong supported by a comfortable capital structure and adequate liquidity.
On January 21, 2019, CRISIL had removed its rating on the long-term bank facility of TCIL from 'Watch with Developing Implications' and assigned a 'Stable' outlook to it while reaffirming the rating. The reaffirmation factored in CRISIL's belief that credit quality will remain unaffected even if Quess Corp Ltd (Quess) is demerged as the transaction will be funded through a share swap and will not result in any cash outgo for TCIL. Although revenue and operating profit of the group will decline with Quess moving out, debt will also reduce as a major proportion of the debt in the group was related to Quess. The group's financial flexibility will remain healthy, given strong cash and equivalents in the foreign exchange (forex) and travel businesses and absence of any major long-term debt and capital expenditure (capex) over the medium term.
The long-term rating was placed on watch on May 3, 2018, after the announcement of corporate restructuring by the board. The restructuring includes consolidation of related businesses under the travel and human resources (HR) services segments. As part of the scheme, the HR services business, mainly housed under Quess, is to be demerged. Also, the inbound business of Travel Corporation India Ltd (TCI; 'CRISIL AA-/Stable') is to be demerged into SOTC Travel Management Pvt Ltd, a wholly owned subsidiary of TCIL. Thereafter, the residual TCI will be merged with TCIL along with the other subsidiaries, TC Forex Services Ltd and TC Travel and Services Ltd. The scheme is subject to approval from the shareholders of the companies involved in the scheme, and to requisite statutory and regulatory approvals, and is expected to be completed in the next 6-9 months.
The ratings continue to reflect a healthy business risk profile driven by a dominant position in the forex business and strong brand equity in travel-related services, a comfortable capital structure, and adequate liquidity. These strengths are partially offset by vulnerability of the travel business to geo-political risks and suboptimal operating performance of the vacation ownership and resorts business. Moreover, the group is exposed to risks related to its strategy of growth through acquisitions, which could materially alter the business and financial risk profiles.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and financial risk profiles of TCIL and its subsidiaries, including Sterling Holiday Resorts Ltd (Sterling), TCI, SOTC Travel Ltd (SOTC; 'CRISIL AA-/Stable'), Travel Circle International Ltd, Horizon Travel LLC, Travel Circle International (Mauritius) Ltd, and DEI. That's because all these entities, together referred to as the Thomas Cook group, are strategically important to, and have considerable operational integration with, TCIL. Earlier, the business and financial risk profiles of Quess were also combined. However, following the announcement of restructuring, Quess has not been considered as a part of the group to arrive at the ratings.

The estimated goodwill arising from various acquisitions has been amortised over 5-10 years.

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
* Dominant position in the forex business and strong brand equity in travel-related services
The Thomas Cook group leads both the wholesale and retail forex segments. The wholesale segment is strengthened by sound relationships with large banks in India. The strong position in the retail segment is supported by a wide distribution network and synergies with the travel segment. The group has a presence across the retail and corporate segments in the travel business and enjoys strong brand equity.
* Comfortable capital structure and strong liquidity
Adjusted debt reduced to Rs 277 crore as on September 30, 2018 (Rs 426 crore as on March 31, 2018, and Rs 1,418 crore as on March 31, 2017), supported by early redemption of debt availed to fund capex as well as working capital requirement and acquisitions. On completion of DEI's acquisition, consolidated debt will increase by about Rs 106 crore. Nevertheless, strong liquidity of Rs 1,122 crore in cash and cash equivalents (including current investments in mutual funds) as on September 30, 2018, and expected increase in profitability would continue to support the financial risk profile. Cash flow protection metrics, which weakened in the past, are expected to improve over the medium term.
* Susceptibility of the forex and travel businesses to geo-political risks and intense competition
Operating margin in the travel business is vulnerable to event and geo-political risks. Increasing competition from organised and unorganised players, along with the adverse impact of the global slowdown in the travel segment, led to pressure on pricing and profitability of players. The group also has to compete with online players. Though it has transformed itself from a brick-and-mortar player to its current omni-channel business model, ability to profitably increase low-cost e-business revenue share remains a key monitorable.
* Suboptimal operating performance of businesses
Performance of the traditional forex and travel businesses remained suboptimal given the evolving business environment. Moreover, incremental cost for building up digital capability hit profitability in these businesses. Nevertheless, investments in technology and initiatives to improve efficiency should benefit the group. The performance of the vacation ownership and resorts business, housed under Sterling, has been modest on account of moderate occupancy and high fixed cost. Pace of improvement and any further write-offs (in fiscal 2016, there was a significant one-time write-off of about Rs 100 crore towards vacation ownership receivables and capital work-in-progress) will be key credit monitorables.
In June 2017, TCIL completed the acquisition of destination management specialist (DMS) entities of the Kuoni group, performance of which remained weak in the first year of operations post-acquisition. Also, the one-time expenditure resulted in losses in fiscal 2018. The management's focus on increasing scale and containing losses in these entities resulted in profits in the second quarter of fiscal 2019, as compared with a loss at the earnings before interest and taxes (EBIT) level in the second quarter of fiscal 2018. Nevertheless, ability to scale up operations (by integrating and enhancing end-to-end service delivery capabilities of acquired entities) and drive profitability (by leveraging investments in technology and targeting strategic benefits across businesses) remains a key rating sensitivity factor.
* Exposure to risks related to growth strategy through acquisitions, and their funding
TCIL is one of the acquisition vehicles for Fairfax Financial Holdings Ltd (Fairfax; rated 'BBB-/Stable' by S&P Global Ratings) in India. Over the years, the company has grown both organically and inorganically. It has completed multiple acquisitions (Quess, Sterling, and Kuoni) over the past five fiscals. While the financial risk profile has been stable despite these transactions, the strategy of growth through acquisitions could materially alter the business and financial risk profiles, and therefore, remains a key rating sensitivity factor.

Liquidity remains ample, driven by the nature of operations. Financial flexibility is enhanced by ability to raise short- and long-term debt at short notice and at competitive rates. TCIL has prepaid non-convertible debentures (NCDs) of Rs 67 crore (last two tranches of Rs 100 crore NCDs maturing in August 2020) along with preference shares of Rs 125 crore and term loan under a subsidiary. On a standalone level, TCIL has no long-term debt. The group would have debt obligation of Rs 57 crore and Rs 65 crore in fiscals 2020 and 2021, respectively, which would be supported by internal cash accrual of about Rs 160 crore per fiscal.

Outlook: Stable

CRISIL believes the Thomas Cook group will improve its cash accrual over the medium term, supported by a healthy business risk profile in the travel and forex businesses. Moreover, recent investments in technology and synergic benefits of past acquisitions should result in improved profitability.
Upside scenario
Significant increase in scale of operations and profitability without weakening of the capital structure and debt protection metrics
Downside scenario
Lower-than-expected profitability or weaker capital structure because of large, debt-funded capex or acquisitions

About the Group

In May 2012, Fairfax bought 77% stake in Thomas Cook Group Plc's India entity, TCIL, through its wholly owned subsidiary, Fairbridge Capital Mauritius Ltd (FCML). As on September 30, 2018, FCML's shareholding in TCIL was 66.98%. Fairfax is a Toronto-based financial services holding company with global presence in insurance and reinsurance and an asset portfolio in excess of USD 3,800 crore invested worldwide.
As part of the sale agreement, TCIL retains the right to use the Thomas Cook brand up to 2025 in its countries of operations-ndia, Sri Lanka, and Mauritius. Also, TCIL acquired the Kuoni group's travel-related businesses in Hong Kong (November 2015) and India (December 2015) for around Rs 535 crore; and the DMS business covering 17 countries across Asia, Australia, the Middle East, Africa, and the Americas in June 2017 for Rs 140 crore. In October 2017, the group acquired Tata Capital Forex Ltd (forex business) and TC Travel and Services Ltd (travel services business) from Tata Capital Ltd ('CRISIL AA+/Stable/CRISIL A1+').
Traditionally, TCIL has operated solely in the forex and travel-related service segments. In February 2014, it announced the acquisition of Sterling Holiday Resorts (India) Ltd (SHRIL), a vacation ownership company. The transaction was primarily funded using Rs 500 crore infused by the parent, Fairfax, through Fairbridge, in the form of compulsorily convertible preference shares. SHRIL became a subsidiary of TCIL in September 2014. Subsequent to the High Court order dated July 2, 2015, sanctioning the scheme of arrangement and amalgamation between SHRIL, Thomas Cook Insurance Services (India) Ltd (TCISIL), and TCIL, the timeshare and resorts business has been demerged into TCISIL (which has since been renamed Sterling Holiday Resorts Ltd), while the residual business of SHRIL has been amalgamated with TCIL by effecting a share swap between TCIL and SHRIL shareholders.
In February 2013, TCIL signed an investment agreement to acquire 74% stake in IKYA Human Capital Solutions Pvt Ltd (now known as Quess) for Rs 256 crore. The acquisition was completed in May 2013. Quess, based in Bengaluru, provides integrated business services to clients. It completed a Rs 400 crore initial public offering in July 2016, followed by a Rs 873 crore institutional placement programme in August 2017. In November 2017, TCIL divested 5.42% stake in Quess for about Rs 640 crore, while retaining controlling stake. On completion of the proposed corporate restructuring scheme by issuing 1,886 equity shares of Quess (of Rs 10 each) for every 10,000 equity shares (of Re 1 each) held in TCIL, Quess will be demerged from the TCIL group.

Key Financial Indicators *
Particulars Unit 2018 2017
Revenue Rs crore 5671 8625
Profit after tax (PAT) Rs crore 5894^ 15
PAT margin % 103.9 0.2
Adjusted debt/Adjusted networth Times 0.05 1.15
Interest coverage Times 1.74 3.48
*The numbers reflect analytical adjustments made by CRISIL Ratings; fiscal 2018 financials exclude contribution of Quess.
^Includes fair value gain of Rs 5903.21 crore with Quess being reclassified from a subsidiary to an associate of TCIL under Ind AS 110

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 Short-term debt (including commercial paper) NA NA 7-365 days 100.0 CRISIL A1+
NA Bank guarantee $$ NA NA NA 65 CRISIL A1+
NA Bank guarantee NA NA NA 123 CRISIL A1+
NA Cash credit ** NA NA NA 65 CRISIL AA-/Stable
NA Letter of credit ## NA NA NA 260 CRISIL A1+
NA Letter of credit NA NA NA 10 CRISIL A1+
NA Overdraft NA NA NA 25 CRISIL A1+
NA Overdraft@ NA NA NA 49 CRISIL A1+
NA Overdraft@@ NA NA NA 140 CRISIL AA-/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 2 CRISIL AA-/Stable
$$ Fully interchangeable with LC
** Fully interchangeable with working capital demand loan (WCDL) and Letter of Credit
## Facility of Rs 150 crore fully interchangeable with bank guarantee and post-shipment credit in foreign currency (PSFC) up to Rs 25 crore, Facility of Rs 75 crore fully interchangeable between LC and BG, Facility of Rs 35 crore interchangeable with BG to the tune of Rs 15 crore
@@ Facility of Rs 15 crore interchangeable with WCDL of up to Rs 12 crore, facility of Rs 75 crore fully interchangebale between LC and BG, facility of Rs 50 crore fully interchangeable with WCDL and Short term loan (STL), Rs 30 crore with bank guarantee and Rs 10 crore with LC
@Facility of 49 crore interchangeable with LC of up to Rs 25 crore
Annexure - List of entities consolidated
Sr. No Name of the Company
1 Asian Trails (Vietnam) Co. Limited
2 Asian Trails Co. Limited
3 Asian Trails Holdings Limited
4 Asian Trails Limited
5 Asian Trails SDN. BHD.
6 Asian Trails Tours Limited
7 AT Lao Co., Limited
8 Australian Tours Management Pty Ltd
9 Borderless Travel Services Limited
10 Chang Som Limited
11 Desert Adventures Tourism Limited
12 Desert Adventures Tourism LLC
13 Gulf Dunes LLC
14 Gulf Dunes Tourism LLC
15 Horizon Travel Services LLC (USA)
16 Indian Horizon Marketing Services Limited
17 Jardin Travel Solutions Limited
18 Kuoni Australia Holding Pty. Ltd
19 Kuoni Destination Management (Beijing) Limited
20 Kuoni Private Safaris (Pty) Limited
21 Kuoni Private Safaris Namibia (Pty) Limited
22 Luxe Asia (Private) Limited
23 Muscat Desert Adventures Tourism LLC
24 Nature Trails Resorts Private Limited
25 Private Safaris (East Africa) Limited
26 PT. Asian Trails Limited
27 Reem Tours & Travels LLC
28 SITA World Travel (Nepal) Private Limited
29 SITA World Travel Lanka (Private) Limited
30 SOTC Travel Limited (formerly Known as SOTC Travel Private Limited)
31 SOTC Travel Management Private Limited (formerly known as SITA Travels and Tours Private Limited)
32 Sterling Holiday Resorts (Kodaikanal) Limited
33 Sterling Holiday Resorts Limited
34 Sterling Holidays (Ooty) Limited
35 TC Forex Services Limited (formerly known as Tata Capital Forex Limited
36 TC Tours Limited (formerly known as Thomas Cook Tours Limited)
37 TC Travel and Services Limited
38 TC Visa Services (India) Limited
39 TCI-GO Vacation India Private Limited
40 Thomas Cook (Mauritius) Holding Company Limited
41 Thomas Cook (Mauritius) Holidays Limited
42 Thomas Cook (Mauritius) Operations Company Limited
43 Thomas Cook Lanka (Private) Limited
44 Travel Circle International (Mauritius) Limited
45 Travel Circle International Limited formerly known as Luxe Asia Travel (China) Limited
46 Travel Corporation (India) Limited
* On completion of proposed DEI acquisition, its subsidiaries will also be added to the list
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
Non Convertible Debentures  LT    --    --  03-05-18  Withdrawal  04-10-17  CRISIL AA-/Stable  09-12-16  CRISIL AA-/Stable  CRISIL AA-/Stable 
                18-08-17  CRISIL AA-/Stable  07-12-16  CRISIL AA-/Stable   
                30-05-17  CRISIL AA-/Stable  15-11-16  CRISIL AA-/Stable   
Short Term Debt (Including Commercial Paper)  ST  100.00  CRISIL A1+  21-01-19  CRISIL A1+  27-07-18  CRISIL A1+  04-10-17  CRISIL A1+  09-12-16  CRISIL A1+  -- 
            03-05-18  CRISIL A1+  18-08-17  CRISIL A1+       
                30-05-17  CRISIL A1+       
Short Term Debt Issue  ST                  07-12-16  CRISIL A1+  CRISIL A1+ 
                    15-11-16  CRISIL A1+   
Fund-based Bank Facilities  LT/ST  281.00  CRISIL AA-/Stable/ CRISIL A1+  21-01-19  CRISIL AA-/Stable/ CRISIL A1+  27-07-18  CRISIL AA-/Watch Developing/ CRISIL A1+  04-10-17  CRISIL AA-/Stable/ CRISIL A1+  09-12-16  CRISIL AA-/Stable/ CRISIL A1+  CRISIL AA-/Stable/ CRISIL A1+ 
            03-05-18  CRISIL AA-/Watch Developing/ CRISIL A1+  18-08-17  CRISIL AA-/Stable/ CRISIL A1+  07-12-16  CRISIL AA-/Stable/ CRISIL A1+   
                30-05-17  CRISIL AA-/Stable/ CRISIL A1+  15-11-16  CRISIL AA-/Stable/ CRISIL A1+   
Non Fund-based Bank Facilities  LT/ST  458.00  CRISIL A1+  21-01-19  CRISIL A1+  27-07-18  CRISIL A1+  04-10-17  CRISIL A1+  09-12-16  CRISIL A1+  CRISIL A1+ 
            03-05-18  CRISIL A1+  18-08-17  CRISIL A1+  07-12-16  CRISIL A1+   
                30-05-17  CRISIL A1+  15-11-16  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$$ 65 CRISIL A1+ Bank Guarantee$$ 65 CRISIL A1+
Bank Guarantee 123 CRISIL A1+ Bank Guarantee 123 CRISIL A1+
Cash Credit** 65 CRISIL AA-/Stable Cash Credit** 65 CRISIL AA-/Stable
Letter of Credit## 260 CRISIL A1+ Letter of Credit## 260 CRISIL A1+
Letter of Credit 10 CRISIL A1+ Letter of Credit 10 CRISIL A1+
Overdraft 25 CRISIL A1+ Overdraft 25 CRISIL A1+
Overdraft@ 49 CRISIL A1+ Overdraft@ 49 CRISIL A1+
Overdraft@@ 140 CRISIL AA-/Stable Overdraft@@ 140 CRISIL AA-/Stable
Proposed Long Term Bank Loan Facility 2 CRISIL AA-/Stable Proposed Long Term Bank Loan Facility 2 CRISIL AA-/Stable
Total 739 -- Total 739 --
$$ Fully interchangeable with LC
** Fully interchangeable with working capital demand loan (WCDL) and Letter of Credit
## Facility of Rs 150 crore fully interchangeable with bank guarantee and post-shipment credit in foreign currency (PSFC) up to Rs 25 crore, Facility of Rs 75 crore fully interchangeable between LC and BG, Facility of Rs 35 crore interchangeable with BG to the tune of Rs 15 crore
@@ Facility of Rs 15 crore interchangeable with WCDL of up to Rs 12 crore, facility of Rs 75 crore fully interchangebale between LC and BG, facility of Rs 50 crore fully interchangeable with WCDL and Short term loan (STL), Rs 30 crore with bank guarantee and Rs 10 crore with LC
@Facility of 49 crore interchangeable with LC of up to Rs 25 crore
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
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt
Mapping global scale ratings onto CRISIL scale

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

Subodh Rai
Senior Director - CRISIL Ratings
CRISIL Limited
B:+91 124 672 2000

Manish Kumar Gupta
Director - CRISIL Ratings
CRISIL Limited
B:+91 124 672 2000

Malav Masalia
Rating Analyst - CRISIL Ratings
CRISIL Limited
D:+91 22 3342 3165
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