Rating Rationale
September 09, 2019 | Mumbai
UPL Limited
Rated amount enhanced
Rating Action
Total Bank Loan Facilities Rated Rs.2500 Crore
Long Term Rating CRISIL AA+/Negative (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL AA+/Negative (Reaffirmed)
Rs.1350 Crore Commercial Paper (Enhanced from Rs.1000 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+/Negative/CRISIL A1+' ratings on the bank facilities and debt instruments of UPL Limited (UPL).

The revenue growth of 26% in FY19 was driven by strong performance in Latin America and due to addition of two months (i.e. February and March 2019) revenue numbers from Arysta acquisition that was not there in corresponding period previous year. The operating profitability declined to 18.5% in fiscal 2019 from 20.1% in fiscal 2018 mainly due purchase price allocation impact on inventory acquired from Arysta. The impact was of Rs 442 cr in Q4-FY19 and Rs 412 cr in Q1-FY20.  As the inventory adjustment is non-recurring in nature, further adverse impact on profitability from FY21 is not expected. CRISIL expects UPL to post a steady revenue growth and maintain margins at 19-20% in the near term.

The rating continues to reflect UPL's strong business risk profile supported by solid market position, diverse geographical contribution of revenues, and healthy profitability supported by sound operating efficiencies, leading to sizeable annual cash generation. UPL's financial risk profile is expected to remain adequate over the medium term, despite temporary moderation in credit metrics owing to debt funded acquisition of Arysta. These strengths are offset by large working capital requirements and susceptibility to risks inherent in the agrochemical sector.

Analytical Approach

CRISIL has combined the business and financial risk profiles of UPL and its subsidiaries, as all the companies, collectively referred to as the UPL group, are under a common management and have close operational linkages and fungible cash flows. CRISIL follows a moderate integration approach for investment in associates and joint ventures in which UPL has significant influence but not a controlling interest - specifically, CRISIL factors in UPL's share in the profit of these entities and any incremental investment required.

Goodwill on the acquisition of Arysta is being amortized over a period of 15 years, commencing from fiscal 2019. Consequently, reported profit after tax, net worth and ratio computations are adjusted.

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

Key Rating Drivers & Detailed Description
* Large scale with diverse geographical presence and wide product portfolio:
The UPL group would be among the top 5 players in the global agrochemicals industry by fiscal 2020. The revenue base is well diversified, with 83% generated from markets such as Latin America, Europe, and the US, in fiscal 2019. Wider geographic reach reduces susceptibility to cyclicality in demand from any one region. The group is also present across the crop lifecycle, from seeds, seed-treatment products, pre- and post-harvest products, to storage-treatment products. UPL's business risk profile will remain healthy, also aided by a combined portfolio of 12,400+ registrations, over 200 active ingredients and 1023 patents. The combined revenues are expected to reach about USD 5 billion after one year of combined operations.
* Sound operating efficiencies supporting healthy profitability
Backward integration and supply-chain management have strengthened operating efficiencies. As a sizeable portion of raw material and power requirement is met in-house, the group is assured a steady supply, with lesser price volatility. Flexible and multi-product manufacturing facilities, and the robust supply chain and distribution network have kept operating margin healthy at 16-20% over the five fiscals through March 2019. The operating margins were briefly impacted in Q4-FY19 and Q1-FY20 due to PPA adjustment on Arysta inventory on acquisition. Since this adjustment is non-recurring, profitability is not expected to be impacted adversely from FY21.
Synergistic cost savings in excess of USD 100 million are expected in FY19 on account of acquisition due to better backward integration and personnel and non-personnel cost savings, and various other geographical and logistical cost benefits. These benefits will also result in significant cost saving for the combined entity, leading to operating profitability of over 21% in the medium term, from ~18.5% in fiscals 2019.
* Adequate financial risk profile; albeit moderation expected in key credit metrics in medium term
The UPL group's financial risk profile is supported by material annual operational cash flows and sizeable adjusted net worth of Rs 17,305 crore as on March 31, 2019. Interest coverage and net cash accrual to total debt ratios were moderate at 3.40 times and 0.07 time in fiscal 2019. Even though these metrics are lower than 4.79 times and 0.36 time respectively in fiscal 2018, fiscal 2019 includes only 2 months of Arysta's performance. A thorough inference could be made in FY20 with a full year performance of the combined entity.
The acquisition has been funded through a substantial debt component (~ USD 3 billion), which has resulted in moderation in credit metrics over the medium term. However, Gross Debt/EBITDA is expected to reduce below 3.7 times in fiscal 2020 (net debt to EBITDA below 3.2 times) with steady repayment of debt and accruing synergies. The management is however, committed to reducing debt levels over the medium to long term. Nevertheless, CRISIL believes improvement in the financial risk profile is dependent on successful integration and benefits from synergies through the acquired entity. Any additional material acquisitions will remain a credit monitorable.
* Large working capital requirement:
The crop protection business is seasonal in nature. Sales occur at the start of the season, but payment is realised post-harvest, thus resulting in large receivables. Further, as goods are manufactured at one place and distributed to other locations, sizeable stock of finished goods needs to be maintained. The large credit required by customers in key Latin American markets also leads to a stretch in the working capital cycle. However, CRISIL believes the company will contain the exposure to markets with long credit cycle to less than one-third of its revenue, thereby mitigating impact of a stretched cycle on the overall credit profile.

* Susceptibility to risks inherent in the agrochemicals sector: The crop-protection sector remains susceptible to specific and separate registration processes in different countries, and various environmental rules and regulations. Change in regulatory requirements, such as export and import policies, and environmental and safety requirements in countries where the company has significant exposure, could weaken growth prospects. Further, the sector is also highly dependent on monsoon and level of farm income. Hence, timing and distribution of rainfall during a year, plays a crucial role.

Liquidity: Adequate
Cash and cash equivalents stood at Rs. 2198 crore as on June 30, 2019 (Rs. 2829 crore on March 31, 2019). Utilization of fund based limits has been moderate at about 42% (of drawing power) for past twelve months ending July 2019. The liquidity position is expected to remain adequate, supported by healthy cash generation, notwithstanding higher working capital requirements. Annual capex estimated at about Rs -2000 crore is also expected to be funded largely from internal accruals. Moreover, there are no scheduled debt repayments, as the debt raised for acquisition has a scheduled bullet maturity at the end of 5th year. The internal accruals would be sufficient to fund the repayments, capex and additional working capital in FY20 and FY21.
Outlook: Negative

CRISIL believes the UPL group's business risk profile has improved by the acquisition of Arysta, propelling it to the 5th largest player in the global agrochemical space and 4th largest seed manufacturer. Better scale and business synergies are expected to also help improve operating profitability to ~21% over the medium term, benefitting cash generation. Albeit, UPL's financial risk profile and credit metrics, will be impacted over the medium term, due to sizeable acquisition related debt, and recover gradually thereafter.

Rating Sensitivity Factors
Upward Factor
* Significant growth in revenues with operating margins in excess of ~21%
* Gross Debt/EBITDA reducing to below 3.7 times in fiscal 2020 (net debt to EBITDA below 3.2 times) and below 3 times in fiscal 2021, due to better than anticipated cash generation and  lower debt levels due to prudent working capital or equity infusion.

Downward Factor
* Sharp decline in revenue growth and fall in operating profitability to below 17%, impacting cash generation
* Further increase in gross debt/EBITDA levels beyond 4 times in fiscal 2020 and above 3.5 times in fiscal 2021, due to lower cash generation or higher debt levels, due to more than anticipated capex and elongation in working capital cycle.

About the UPL group
Incorporated in 1969 and promoted by Mr Rajnikant Shroff, UPL manufactures, markets, and distributes crop protection products, intermediates, specialty chemicals, and other industrial chemicals, and undertakes research in these segments. Over time, UPL has made several acquisitions, and entered into strategic alliances to diversify its product profile and increase its geographical reach. The UPL group now includes 96 entities. Apart from UPL Ltd, the other key operating companies in the group are United Phosphorus Inc (US), United Phosphorus Ltd (UK), Cerexagri SAS, Icona SA (Argentina), Decco US Post Harvest Inc, and UPL do Brasil Industria e Comercio de SA (Brazil). The group has manufacturing units in India, France, the Netherlands, Argentina, the UK, Vietnam, Turkey, Brazil, USA, China, Thailand, Italy, Australia and Columbia.

About Arysta
Arysta is an agrochemical company with almost entire production process outsourced from third parties in various geographies, such as China, Eastern Europe, and India. Arysta owns about 800 domestic and foreign patents, and approximately 6,800 product registrations. Arysta specializes in the development, formulation, registration, marketing and distribution of differentiated crop Protection solutions, including BioSolutions and Seed treatments, for a variety of crops and applications. The company has presence in over 100 countries globally.

Key Financial Indicators
Particulars Unit 2019 2018
Revenue Rs crore 21,799 17378
Adjusted profit after tax (PAT)^ Rs crore 1,352 2030
PAT margin^ % 6.2 11.68
Adjusted debt/Adjusted networth Times 1.68 0.84
 Adjusted interest coverage Times 3.40 4.90
^CRISIL adjusted numbers for treatment of goodwill
Particulars Unit Q1-2020 Q1-2019
Revenue Rs crore 7945 4134
Adjusted profit after tax (PAT) Rs crore 220 512
PAT margin % 2.8 12.4
 Adjusted interest coverage Times 3.21 5.53

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
Rating assigned  with outlook
N.A. Non-convertible debentures* N.A. N.A. N.A. 500 CRISIL AA+/Negative
N.A. Cash credit# N.A. N.A. N.A. 1150 CRISIL AA+/Negative
N.A. Letter of credit & bank guarantee N.A. N.A. N.A. 650 CRISIL A1+
N.A Proposed cash credit Limit N.A. N.A. N.A. 500 CRISIL AA+/Negative
N.A. Proposed long-term bank loan facility** N.A. N.A. N.A. 200 CRISIL AA+/Negative
N.A. Commercial paper N.A. N.A. 7-365 days 1350 CRISIL A1+
*Yet to be issued
#Fully interchangeable between cash credit, working capital demand loan, foreign currency non-resident (Bank) loans, packing credit in INR, packing credit in foreign currency, export bill discounting in INR and foreign currency, buyer's credit for imports and domestic purchases, and domestic sales bill discounting. It can also be converted into Non Fund Based facilities.
**It can be converted into Non-Fund based facilities.
Annexure - List of Entities Consolidated
Sr.No Fully consolidated entities
1 Shroffs United Chemicals  Limited
2 SWAL Corporation Limited
3 United Phosphorus  (India)  LLP
4 United Phosphorus  Global LLP
5 Optima Farm Solutions  Limited
6 UPL Europe  Limited
7 UPL Deutschland GmbH
8 United Phosphorus  Polska  Sp.z o.o
9 UPL Benelux  B.V.
10 Cerexagri  B. V.
11 United Phosphorus  Holdings  Cooperatief U.A.
12 United Phosphorus  Holdings  B.V
13 Decca  Worldwide  Post-Harvest Holdings Cooperatief U.A.
14 Decca  Worldwide  Post-Harvest Holdings B.V.
15 United Phosphorus Holding,  Brazil B.V UPL
16 Italia S.R.L
17 UPL Iberia,  S.A
18 Decca  lberica  Postcosecha,  S.A.U.
19 Transterra  Invest,  S. L. U.
20 Cerexagri  S.A. S.
21 Neo-Fog  S.A.
22 UPL France
23 United Phosphorus  Switzerland Limited.
24 Agrodan,  ApS
25 Decca  Italia SRL
26 Limited Liability Company  "UPL"
27 Decca Portugal  Post Harvest LOA
28 UPL NA Inc.  (formerly known as United Phosphorus  Inc.)
29 UPI Finance  LLC
30 Cerexagri,  Inc. (PA)
31 UPL Delaware, Inc.
32 Canegrass  LLC
33 Decca  US Post-Harvest Inc.
34 Essentiv  LCC
35 RiceCo  LLC
36 Riceco International,  Inc.
37 UPL Corporation Limited
38 UPL Management DMCC
39 UPL Limited, Gibraltar
40 UPL Agro  SA DE CV.
41 Decco PostHarvest Mexico
42 Perrey Participacoes  S.A
43 Uniphos  Industria e Comercio  de Produtos Quimicos  Ltda.
44 UPL Do Brasil - Industria e Comercio  de Insumos Agropecuarios  S.A.
45 UPL Costa Rica S.A.
46 UP Bolivia S.R.L
47 UPL Paraguay S.A.
48 Icona Sanluis S.A
49 UPL Argentina S.A.
50 Decco Chile SpA
51 UPL Colombia  SAS
52 United Phosphorus Cayman Limited
53 UP Aviation Limited
54 UPL Australia Limited
55 UPL New Zealand Limited
56 UPL Shanghai  Limited
57 UPL Limited Korea  Co., Ltd
58 PT.UPL Indonesia
59 PT Catur Agrodaya  Mandiri
60 UPL Limited, Hong Kong
61 UPL Philippines Inc.
62 UPL Vietnam  Co.  Limited
63 UPL Limited,  Japan
64 Anning  Decco  Fine Chemical  Co. Limited
65 UPL Ziraat Ve Kimya  Sanayi Ve Ticaret Limited Sirketi
66 UPL Agromed  Tohumculuk SA
67 Safepack Products  Limited Citrashine (Pty) Ltd
68 Prolong  Limited
69 Agrinet  Solutions  Limited
70 Advanta  Holdings  B.V.
71 Advanta Netherlands  Holdings  B.V.
72 Advanta  US LLC
73 Advanta  Seeds International
74 Advanta  Seeds DMCC
75 Advanta  Commercio De Sementes LTDA
76 Advanta Semillas  SAIC
77 Advanta  Seeds Pty Ltd
78 Pacific  Seeds  (Thai) Ltd
79 Pacific  Seeds Holdings  (Thai) Limited
80 PT Advanta  Seeds Indonesia
81 Advanta  Seeds Ukraine LLC
82 UPL Jiangsu  Limited
83 UPL Limited (formerly known as UPL Agro Limited)
84 Riceco International  Bangladesh Limited
85 Uniphos Malaysia Sdn Bhd
86 Decco Gida  Tanm  ve Zirai  Urimler San. Tic A.S
87 Arysta LifeScience Investments LLC
88 Arysta LifeScience America Inc. ANESA  S.A.
89 Arysta LifeScience Management Company,  LLC, USA
90 Arysta LifeScience  SPC, LLC, USA Arysta LifeScience India Limited, India
91 Arysta LifeScience Agriservice  Private Limited,  India
92 Arysta LifeScience Togo SAU, Togo
93 Arysta Agro  Private Limited,  India
94 Arysta LifeScience do Brasil Industria Quimica  e Agropecuaria SA, Brasil
95 Volcano  Agrociencia Industria e Comercio  de Defensivos Agricolas  Ltda,  Brasil
97 Arysta LifeScience Canada, Inc.,  Canada
98 Arysta LifeScience Canada BC Inc., Canada
99 Arysta LifeScience North America,  LLC, USA
100 Arysta LifeScience NA Holding LLC, USA
101 Arysta LifeScience Inc, USA
102 Arysta LifeScience Services LLP, India
103 Arysta LifeScience France SAS, France
104 Arysta  LifeScience Benelux  SPRL,  Belgium
105 Arysta LifeScience (Mauritius)  Ltd, Mauritius
106 Arysta LifeScience South Africa (Pty) Ltd, South Africa
107 Arysta Health and Nutrition Sciences Corporation,  Japan
108 Arysta LifeScience Corporation, Japan
109 Arysta LifeScience  S.A.S.,  France
110 Arysta LifeScience Chile S.A.  Chile
111 Arysta LifeScience Mexico,  S.A.de C.V, Mexico
112 Grupo Bioquimico Mexicano,  S.A.  de C.V. Mexico
113 MacDermid Agricultural  Solutions Netherlands  Cooperatief UA, Netherlands
114 Arysta LifeScience UK & Ireland Ltd, UK
115 Arysta LifeScience  Europe Sarl,  Europe
116 MacDermid Agricultural  Solutions  Italy Srl, Netherlands
117 Dutch Agricultural  Investment  Partners LLC, USA
118 Netherlands Agricultural  Investment Partners LLC, USA
119 Arysta LifeScience Bulgaria EOOD, Bulgaria
120 Arysta LifeScience Romania  SRL, Romania
121 Arysta LifeScience Kiev LLC, Ukraine
122 Arysta LifeScience Great Britain Ltd, UK
123 Arysta LifeScience Technology  BY, Netherlands
124 Arysta LifeScience Netherlands BY, Netherlands
125 Arysta LifeScience RUS LLC, Russia
126 Netherlands Agricultural Technologies  CV, Netherlands
127 Dutch Agricultural  Formations  CV, Netherlands
128 Arysta LifeScience Turkey Tarim Urunleri  Limited  Sirketi, Turkey
129 Arysta  LifeScience Australia Pty Ltd., Australia
130 Chemtura  (Thailand) Ltd, Thailand
131 MacDermid (Shanghai) Chemical  Ltd., China
132 Arysta-LifeScience Ecuador S.A.Ecuador
133 Arysta LifeScience Ougree Production Sprl, Belgium
134 Arysta LifeScience Hellas S.A.  Plant Protection,  Nutrition and Other Related Products  and Services,Greece
135 Arysta LifeScience Iberia SLU, Spain
136 Arysta Lifescience Italia SrL, Italy
137 Agriphar  Poland  Sp.  Zoo,Poland
138 Arysta  LifeScience  Switzerland  Sarl, Switzerland
139 Arysta Animal  Health SAS, France
140 PPWJ  Sci,  France
141 Santamix  lberica  SL, Spain
142 Arysta LifeScience Global Services  Limited,
143 Ireland Arysta LifeScience European  Investments Limited, UK
144 Arysta LifeScience U.K. Limited,  UK
145 Arysta LifeScience U.K.  CAD Limited, UK
146 Arysta LifeScience U.K. EUR Limited, UK
147 Arysta LifeScience U.K.  JPY Limited, UK
148 Arysta LifeScience U.K.  USD Limited, UK
149 Arysta Lifescience U.K.  Holdings  Limited,  UK
150 Arysta LifeScience Japan Holdings  Goudou  Kaisha, Japan
151 Arysta LifeScience Cameroun  SA, Cameroun
152 Callivoire SGFD S.A.,  COTE D'IVOIRE
153 Arysta LifeScience Egypt Ltd, Egypt
154 Calli  Ghana Ltd., Ghana
155 Arysta  LifeScience Kenya Ltd., Kenya
156 Mali Protection Des Cultures (M.P.C.)  SA, Mali
157 Agrifocus Limitada,  Mozamnique
158 Arysta LifeScience Holdings  SA (Pty) Ltd, South Africa
159 Anchorprops 39  (Pty) Ltd, South Africa
160 Callietha Investments (Pty) Ltd, South Africa
161 Sidewalk Trading  (Pty) Ltd, South Africa
162 Volcano Agroscience (Pty) Ltd, South Africa
163 Volcano Chemicals (Pty) Ltd, South Africa
164 Arysta LifeScience Tanzania  Ltd, Tanzania
165 Arysta LifeScience (Shanghai) Co., Ltd., China
166 Pt.  Arysta LifeScience Tirta Indonesia,  Indonesia
167 Arysta LifeScience Korea Ltd ..  Korea
168 Arysta LifeScience Pakistan (Pvt.) LTD., Pakistan
169 Arysta LifeScience Philippines  Inc.,  Phillipines
170 Arysta  LifeScience Asia Pte.,  Ltd., Singapore
171 Arysta LifeScience (Thailand) Co.,  Ltd., Thailand
172 Arysta LifeScience Vietnam  Co., Ltd., Vietnam
173 Arysta LifeScience Holdings  France SAS, France
174 Goernar Developpernent SAS, France
175 Laboratoires Goernar  SAS, France
176 Natural  Plant Protection  S.A.S., France
177 Arysta LifeScience Czech s.r.o., Czechrepublic
178 Arysta LifeScience Germany  GmbH, Germany
179 Arysta LifeScience Magyarorszag Kft., Hungary
180 Arysta LifeScience Polska Sp. z.o.o,  Poloand
181 Arysta  LifeScience Vostok Ltd., Ruusia
182 Betel Reunion  S.A.,Reunion
183 Arysta LifeScience Slovakia S.R.O.,  Slovakia
184 Arysta LifeScience Ukraine  LLC; Ukraine
185 Arysta LifeScience Global  Limited,  UK
186 Arysta LifeScience Argentina S.A., Aregentina
187 Arysta LifeScience Colombia  S.A.S, Colombia
188 Arysta LifeScience CentroAmerica,  S.A.,  Guatemala
189 Arysta LifeScience Mexico  Holding S.A.de C.V, Mexico
190 Bioenzymas  S.A.  de C.V.,  Mexico
191 Desarrollos  Inmobiliarios Alianza de Coahuila,  S.A.  de C.V.,  Mexico
192 Omega Agroindustrial,  S.A. de C.V., Mexico
193 Agroquimicos y Semillas,  S.A.  de C.V., Mexico
194 Servicios  Agricolas  Mundiales  SA de CV, Mexico
195 Tecno Extractos  Vegetales,  S.A.  de C.V., Mexico
196 Tesaurus  Mexico  S.A. de C.V.,  Mexico
197 Arysta LifeScience Paraguay  S.R.L., Paraguay
198 Arysta LifeScience Peru S.A.C, Peru
199 Arysta  LifeScience Costa Rica SA., Costa Rica
200 Arysta LifeScience de Guatemala,  S.A., Guatemala
201 Arysta  LifeScience  S.R.L.,Bolivia
202 Myanmar  Arysta LifeScience Co., Ltd., Myanmar
203 Arysta LifeScience U.K.  BRL Limited,  UK
204 Etec Crop Solutions Limited, New Zealand
205 MacDermid  Agricultural  Solutions Australia  Pty Ltd, Australia
206 Arvesta  Corporation,  USA
207 Arysta LifeScience Registrations Great Britain Ltd, UK
208 Agriphar  SDN BHD, Malaysia
209 Agriphar  de Costa Rica SA, Costa Rica
210 Agriphar  de Colombia SAS; Colombia
211 Industrias Agriphar  SA, Guatemala
212 Kempton  Chemicals  (Pty) Ltd, South Africa
213 Agripraza  Ltda.,  Portugal
214 Arysta LifeScience Corporation  Republica Dominicana,  SRL, Dominican Republic
215 Grupo Bioquimico  Mexicano  Republica  Dominicana  SA, Dominican  Republic
216 Arysta LifeScience Ecuador  S.A., Ecuador
217 Arvesta  Paraguay  S.A., Paraguay
218 Arysta Agroquimicos y Fertilzantes  Uruguay SA, Uruguay
219 Arysta LifeScience U.K.  USD-2 Limited,  UK
220 MacDermid Agricultural  Solutions  Holdings BV
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  1350.00  CRISIL A1+  02-01-19  CRISIL A1+  22-10-18  CRISIL A1+  17-10-17  CRISIL A1+  14-09-16  CRISIL A1+  CRISIL A1+ 
            24-07-18  CRISIL A1+  31-08-17  CRISIL A1+       
Non Convertible Debentures  LT  0.00
CRISIL AA+/Negative  02-01-19  CRISIL AA+/Negative  22-10-18  CRISIL AA+/Watch Negative  17-10-17  CRISIL AA+/Stable    --  -- 
            24-07-18  CRISIL AA+/Watch Negative           
Fund-based Bank Facilities  LT/ST  1850.00  CRISIL AA+/Negative  02-01-19  CRISIL AA+/Negative  22-10-18  CRISIL AA+/Watch Negative  17-10-17  CRISIL AA+/Stable  14-09-16  CRISIL AA+/Stable  CRISIL AA+/Stable 
            24-07-18  CRISIL AA+/Watch Negative  31-08-17  CRISIL AA+/Stable       
Non Fund-based Bank Facilities  LT/ST  650.00  CRISIL A1+  02-01-19  CRISIL A1+  22-10-18  CRISIL A1+  17-10-17  CRISIL A1+  14-09-16  CRISIL A1+  CRISIL A1+ 
            24-07-18  CRISIL A1+  31-08-17  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
Cash Credit# 1150 CRISIL AA+/Negative Cash Credit# 1150 CRISIL AA+/Negative
Letter of credit & Bank Guarantee 650 CRISIL A1+ Letter of credit & Bank Guarantee 650 CRISIL A1+
Proposed Cash Credit Limit 500 CRISIL AA+/Negative Proposed Cash Credit Limit 200 CRISIL AA+/Negative
Proposed Long Term Bank Loan Facility** 200 CRISIL AA+/Negative Proposed Letter of Credit & Bank Guarantee 200 CRISIL A1+
-- 0 -- Proposed Long Term Bank Loan Facility 300 CRISIL AA+/Negative
Total 2500 -- Total 2500 --
**It can be converted into Non-Fund based facilities.
#Fully interchangeable between cash credit, working capital demand loan, foreign currency non-resident (Bank) loans, packing credit in INR, packing credit in foreign currency, export bill discounting in INR and foreign currency, buyer's credit for imports and domestic purchases, and domestic sales bill discounting.
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 Chemical Industry
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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