Rating Rationale
January 08, 2024 | Mumbai
Titagarh Rail Systems Limited
Ratings reaffirmed at 'CRISIL A+/Stable/CRISIL A1'; rated amount enhanced for Bank Debt
 
Rating Action
Total Bank Loan Facilities RatedRs.2833 Crore (Enhanced from Rs.2668 Crore)
Long Term RatingCRISIL A+/Stable (Reaffirmed)
Short Term RatingCRISIL A1 (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has reaffirmed its ‘CRISIL A+/Stable/CRISIL A1’ ratings on the bank loan facilities of Titagarh Rail Systems Ltd (TRSL).

 

The rating factors in the healthy business and financial risk profiles of TRSL. The business risk profile takes into account the comfortable order book position with significant order inflows from the passenger rail systems segment in the first half of fiscal 2024. In the first half of the current fiscal, topline increased 79% year-on-year to Rs 1,846 crore (fiscal 2023: Rs 2,781 crore, fiscal 2022 Rs 1,482 crore) because of healthy execution of large wagons order of Rs 7,800 crore for manufacture of 24,177 wagons received from Indian Railways in May 2022 and higher wagons demand from private customers in the first half of the fiscal. Further, earnings before interest, tax, depreciation, and amortisation (Ebitda) increased 138% year-on-year to Rs 221 crore in the first half of fiscal 2024 (fiscal 2023: Rs 265 crore, 2022; Rs 165 crore and Ebitda margin improved to 11.98% (fiscal 2023 9.51%, 2022 11.14%). In December 2023, TRSL also successfully completed Qualified Institutional Placement (QIP) of Rs 700 crore, as per the offer document, the funds from QIP would be utilised towards debt repayment (Rs 518 crore), and general corporate purposes (Rs 169 crore). TRSL had also successfully raised Rs 288 crore via QIP in July 2023 for capex and general corporate purposes.

 

The order book at Rs 28,182 crore as on September 30, 2023, provides medium-to-long term revenue visibility based on execution timelines. In year-to-date, TRSL has received projects including Vande Bharat order (Rs 11,922 crore), Surat Metro order (Rs 858 crore), Ahmedabad Metro order (Rs 350 crore) and Wheelset manufacturing (Rs 6,300 crore, to be executed as JV with RFL). This is on top of the existing order of Rs 7,838 crore from India Railways with around Rs 5,834 crore remaining to be completed over fiscals 2024-2026.

 

With orders coming in from the passenger rolling stock segment, the order book composition has also diversified from Freight:Passenger ratio of 89:11 (as on March 31, 2022) to 51:49 (as on September 30, 2023). However, the timelines of passenger rolling stock segment orders vary with around first 18 months (from the receipt of the Letter of Acceptance (LOA)) of the development stage and hence any meaningful contribution to revenue and profitability will come at the end of fiscal 2025. The successful buildup of prototypes under development stage and execution as per contract timelines along with expected margins would remain a key monitorable.

 

The financial risk profile is supported by healthy net cash accrual of Rs 152 crore in the first half of fiscal 2024 (Rs 126 crore in fiscal 2023), which has resulted in annualised net cash accrual to adjusted debt (NCAAD) ratio improving to 1.17 times (0.50 time in fiscal 2023 and 0.82 time in fiscal 2022). Healthy accruals resulted in networth increasing from Rs 961 crore as on March 31, 2023 to Rs 1,390 crore as on September 30, 2023, offsetting the impact of increase in debt from Rs 249 crore to Rs 260 crore, as a result, gearing decreased from 0.26 time to 0.19 time for the same period. Debt is mainly working capital in nature and increased on account of ramp up of execution. TRSL was able to maintain debt/Ebitda at 0.59 time in the first half of fiscal 2024 (0.94 time in fiscal 2023 and 0.72 time in fiscal 2022) on account of improved profitability.

 

While CRISIL Ratings expects a moderate increase in debt over the medium term, the credit metrics are projected to remain healthy on account of likely above average profitability resulting in moderate cash accrual. Further, the recent equity raised through QIP would result in repayment of working capital debt and enhanced internal liquidity to fund working capital requirements thereby reducing the reliance on incremental external debt, keeping debt protection metrics stable over the medium term. Further, the management maintains its stance of not providing any financial support to international associates including TFA Italy directly or indirectly from TRSL’s balance sheet.

 

Any deterioration in operating performance due to delays in order execution or raw material supply constraints and interruption in clearances will remain monitorable. Further, any stretch in liquidity due to a longer working capital cycle, higher-than-expected debt-funded capex or any incremental support towards group companies or overseas subsidiaries will also be monitorable.

 

The ratings continue to factor in the established market position of TRSL in the wagon manufacturing industry, and benefits derived from diversification into passenger rolling stock segment (Vande Bharat and various metro orders), along with an improved financial risk profile. These strengths are partially offset by working capital-intensive operations, significant dependence on Indian Railways for orders and exposure to volatility in raw material prices.

 

On September 28, 2023 CRISIL Ratings has upgraded its ratings on the long-term bank facilities of  TRSL to ‘CRISIL A+/Stable’ from ‘CRISIL A/Stable’, while reaffirming the rating on the short-term bank facilities at 'CRISIL A1'.

Analytical Approach

CRISIL Ratings has considered the standalone business and financial risk profiles of TRSL.

 

Titagarh Bridges & International Pvt Ltd (TBIPL), was amalgamated with TRSL in fiscal 2023. TFA Italy (erstwhile subsidiary and now a joint venture) continues to be not consolidated as the corporate guarantee towards TFA has ceased to exist. Additionally, there are covenants laid down by the working capital lenders restricting financial support to group entities without prior approval.

 

CRISIL Ratings has not consolidated the recently set up JV, Ramkrishna Titagarh Rail Wheels Ltd (RTRWL) for executing the Wheelset order from Indian Railways. As per articulation received from management, any debt availed by the JV will not be backed by corporate guarantee from TRSL.

Key Rating Drivers & Detailed Description

Strengths:

  • Established market position in the core wagon manufacturing business: TRSL is one of India’s largest wagon manufacturers, with a capacity of 8,400 wagons per annum with plans to enhance capacity to 12,000 wagons per annum by fiscal 2025. TRSL has maintained its leadership position in the segment and accounted for 32% (24,177 wagons) of the orders awarded by Indian Railways in May 2022. Access to technical capability through foreign collaborations enhances the business risk profile.

 

  • Diversified revenue profile of domestic operations: The passenger segment contribution to topline at 16% of revenue in the first half of fiscal 2024 (19% in fiscal 2023, 13% in fiscal 2022, 5% in fiscal 2021) has been steadily increasing. Further, new orders received in the current fiscal are majorly in the passenger rail segment. This is reflected in current order book composition with Wagon:Passenger ratio improving from 89:11 in fiscal 2022 to 51:49 in the first half of fiscal 2024.

 

TRSL received its first metro project order from Maharashtra Metro Rail Corporation Ltd for the Pune Metro project in consortium with TFA in August 2019. Furthermore, with the successful ongoing execution of Pune metro order, TRSL is now bidding for further metro orders on its own and has won Surat and Ahmedabad metro orders (both Gujarat) in the recent past.

 

  • Healthy financial risk profile and liquidity: Gearing increased to ~0.26 time as on March 31, 2023, from 0.12 time a year earlier, on account of increased working capital utilisation. Gearing is expected to remain largely stable over fiscals 2024-2026 despite some increase in debt on account of better accrual. Steady improvement in operating margin over the years has led to enhanced debt protection metrics with adjusted interest cover (adjusted for notional interest) at 7.99 times in fiscal 2023 as compared with 4.34 times in fiscal 2022. Liquidity remains healthy with significant untilised fund-based limits of Rs 433 crore as of July 2023. TRSL has raised funds through private equity (Rs 288 crore for around 6% stake), which further improves the financial flexibility of the entity.

 

The accruals over fiscals 2024-2026 are expected to be sufficient to fund the incremental capex of around Rs 600 crore. Some increase in overall borrowings is expected due to rising working capital requirement in line with the increase in turnover along with investments of around Rs 250 crore to be made in JV set up for manufacturing wheelsets. Overall, the financial risk profile is expected to remain healthy backed by steady operating performance, limited capex to be financed via accruals, funds from private equity and appropriately sized term debt to be availed over fiscals 2024-2025. However, any major debt-funded capex or any debt-led investment along with stretch in working capital cycle will remain a key monitorable.

 

Weaknesses:

  • Working capital-intensive operations: The large working capital requirement is due to sizeable inventory requirement (67 days as on March 31, 2023, 86 days a year earlier). The working capital requirement increased during fiscal 2023, driven by increased execution due to large orders from Indian Railways and sizeable unbilled revenue in metro segment, which is expected to come down once the execution of the Pune metro order is complete. Increase in working capital limits, back-to-back contracts with suppliers, and healthy accrual should help meet the incremental working capital requirement.

 

  • Exposure to risks in raw material prices and competition: The key inputs include steel and related products. The Indian Railways’ orders generally have a long execution period and are covered by a price-variation clause to a large extent. The private sector orders (15-20% of the freight wagon order book) have a shorter turnaround and are fixed price in nature, but these come with better pricing and margins. Hence, to an extent, TRSL is susceptible to fluctuations in steel prices during the order execution period. On the other hand, pricing power is restricted as the orders from Indian Railways (main customer) are spread across suppliers and are decided based on bids submitted by wagon manufacturers. The recently won large orders- Vande Bharat and Wheelsets order come with a price variation clause, thus protecting margins.

Liquidity: Strong

TRSL had cash and equivalent of Rs 161 crore as on September 30, 2023. Fund-based working capital utilisation was 45-50% in the 12 months through September 2023. The company has increased its overall working capital limits, which are available from September 2023. TRSL has scheduled debt obligation of around Rs 9 crore in the second half of fiscal 2024 and internal accruals would be sufficient for repayment of the same. Funds raised via QIP, expected cash accrual, increase in working capital limits, order-backed contracts with suppliers, and sizeable cash balance will help fund the capex and incremental working capital requirement.

Outlook: Stable

CRISIL Ratings believes TRSL’s operating performance will benefit from existing order book and sustenance of healthy financial risk profile over the medium term.

Rating Sensitivity factors

Upward factors:

  • Timely execution of orders in hand along with ability to maintain healthy operating margin resulting in net cash accrual of more than Rs 200 crore.
  • Ability to maintain the working capital cycle resulting in debt/Ebitda below 1 time on sustained basis.

 

Downward factors:

  • Delay in order execution, weakening of operating performance and thus leading to sustained reduction in interest coverage ratio (below 4 times).
  • Any large debt funded capex resulting in weakening of debt protection metrics, 
  • Weakening of liquidity on account of stretch in working capital cycle or incremental support towards group companies or overseas subsidiaries.

About the Company

TRSL (erstwhile Titagarh Wagons Ltd) was set up in July 1997 by Mr Jagdish Prasad Chowdhary. It manufactures freight wagons, bailey bridges, heavy earth-moving and mining equipment, steel and spheroidal graphite iron castings, and other products. Operations are managed by Mr Umesh Chowdhary. The company has four manufacturing facilities: two in Titagarh and one in Uttarpara in West Bengal, and one in Bharatpur, Rajasthan. It has capacity to manufacture 8,400 wagons, 200 Metro coaches and 36 electric multiple unit coaches, and process around 30,000 tonne of casting steel, per annum. It also has the capacity to manufacture bridges, shelters, and propulsion equipment. Furthermore, it has a shipbuilding division, which delivered its first ship, a 1,000-tonne fuel tanker, to the Indian Navy in May 2018.

Key financial indicators (Standalone; CRISIL Ratings-adjusted numbers)

As on/for the period ended

 

1HFY2024

March 2023

March 2022

Operating income

Rs crore

1,846

2,781

1,482

Profit after tax (PAT)

Rs crore

138

103

79

PAT margin

%

7.50

3.7

5.4

Adjusted debt/adjusted networth

Times

0.19

0.26

0.12

Adjusted interest coverage*

Times

6.03

7.99

4.63

*Adjusted for notional interest

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 the instrument Date of
Allotment		 Coupon
Rate (%)		 Maturity
Date		 Issue size
(Rs. Crore)		 Complexity
Level		 Rating assigned
with outlook
NA Long-term loan NA NA 31-Jan-24 18 NA CRISIL A+/Stable
NA Long-term loan NA NA Mar-28 50 NA CRISIL A+/Stable
NA Cash credit NA NA NA 475 NA CRISIL A+/Stable
NA Letter of credit & bank guarantee NA NA NA 2290 NA CRISIL A1
Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 543.0 CRISIL A+/Stable   -- 28-09-23 CRISIL A+/Stable 07-12-22 CRISIL A-/Watch Developing 09-08-21 CRISIL A-/Stable CRISIL BBB/Positive
      --   -- 06-03-23 CRISIL A/Stable 11-11-22 CRISIL A-/Watch Developing 20-07-21 CRISIL A-/Stable --
      --   --   -- 02-08-22 CRISIL A-/Positive   -- --
Non-Fund Based Facilities ST 2290.0 CRISIL A1   -- 28-09-23 CRISIL A1 07-12-22 CRISIL A2+/Watch Developing 09-08-21 CRISIL A2+ CRISIL A3+
      --   -- 06-03-23 CRISIL A1 11-11-22 CRISIL A2+/Watch Developing 20-07-21 CRISIL A2+ --
      --   --   -- 02-08-22 CRISIL A2+   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Cash Credit 50 Punjab National Bank CRISIL A+/Stable
Cash Credit 20 Central Bank Of India CRISIL A+/Stable
Cash Credit 19.52 The Hongkong and Shanghai Banking Corporation Limited CRISIL A+/Stable
Cash Credit 10 Bank of India CRISIL A+/Stable
Cash Credit 10 IDFC FIRST Bank Limited CRISIL A+/Stable
Cash Credit 20 Axis Bank Limited CRISIL A+/Stable
Cash Credit 30 Canara Bank CRISIL A+/Stable
Cash Credit 30 YES Bank Limited CRISIL A+/Stable
Cash Credit 10 Kotak Mahindra Bank Limited CRISIL A+/Stable
Cash Credit 0.48 The Hongkong and Shanghai Banking Corporation Limited CRISIL A+/Stable
Cash Credit 75 HDFC Bank Limited CRISIL A+/Stable
Cash Credit 5 IDBI Bank Limited CRISIL A+/Stable
Cash Credit 5 Bandhan Bank Limited CRISIL A+/Stable
Cash Credit 25 IndusInd Bank Limited CRISIL A+/Stable
Cash Credit 25 Union Bank of India CRISIL A+/Stable
Cash Credit 90 ICICI Bank Limited CRISIL A+/Stable
Cash Credit 50 State Bank of India CRISIL A+/Stable
Letter of credit & Bank Guarantee 101.5 Bank of India CRISIL A1
Letter of credit & Bank Guarantee 71 Canara Bank CRISIL A1
Letter of credit & Bank Guarantee 155 Central Bank Of India CRISIL A1
Letter of credit & Bank Guarantee 60 Exim Bank CRISIL A1
Letter of credit & Bank Guarantee 95 YES Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 40 IDFC FIRST Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 30 The Hongkong and Shanghai Banking Corporation Limited CRISIL A1
Letter of credit & Bank Guarantee 50 The Hongkong and Shanghai Banking Corporation Limited CRISIL A1
Letter of credit & Bank Guarantee 115 Punjab National Bank CRISIL A1
Letter of credit & Bank Guarantee 253 IndusInd Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 200 HDFC Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 175 Union Bank of India CRISIL A1
Letter of credit & Bank Guarantee 79.15 YES Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 100 Bandhan Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 210 ICICI Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 80 IDBI Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 50 Kotak Mahindra Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 50 IDFC FIRST Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 153 State Bank of India CRISIL A1
Letter of credit & Bank Guarantee 171.5 Axis Bank Limited CRISIL A1
Letter of credit & Bank Guarantee 50.85 YES Bank Limited CRISIL A1
Long Term Loan 50 ICICI Bank Limited CRISIL A+/Stable
Long Term Loan 18 IndusInd Bank Limited CRISIL A+/Stable
Criteria Details
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 Engineering Sector
CRISILs Criteria for rating short term debt

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


Manish Kumar Gupta
Senior Director
CRISIL Ratings Limited
B:+91 124 672 2000
manish.gupta@crisil.com

Naveen Vaidyanathan
Director
CRISIL Ratings Limited
B:+91 22 3342 3000
naveen.vaidyanathan@crisil.com

Sukriti Dhusia
Senior Rating Analyst
CRISIL Ratings Limited
B:+91 22 3342 3000
Sukriti.Dhusia@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