Rating Rationale
January 10, 2020 | Mumbai
Vedanta Limited
Ratings Reaffirmed
 
Rating Action
Total Bank Loan Facilities Rated Rs.40302.63 Crore
Long Term Rating CRISIL AA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.50 Crore Non Convertible Debentures CRISIL AA/Stable (Withdrawn)
Rs.300 Crore Non Convertible Debentures CRISIL AA/Stable (Withdrawn)
Rs.300 Crore Non Convertible Debentures CRISIL AA/Stable (Withdrawn)
Rs.100 Crore Non Convertible Debentures CRISIL AA/Stable (Withdrawn)
Rs.750 Crore Non Convertible Debentures CRISIL AA/Stable (Withdrawn)
Rs.1250 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.3600 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.750 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.2300 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.1500 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.7000 Crore Non Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.15000 Crore 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 instruments and bank facilities of Vedanta Limited (Vedanta) at 'CRISIL AA/Stable/CRISIL A1+'. CRISIL has also withdrawn its ratings on Rs 1,500 crore NCDs, at the company's request and on receipt of confirmation of their redemption. This is in compliance with CRISIL's withdrawal policy.

The ratings continue to reflect strong resilience in business risk profile, driven by Vedanta's diversified presence across commodities, cost efficient operations in domestic zinc and oil & gas (O&G) businesses, and its large scale of operations. These credit strengths are partially offset by the high, albeit reducing, leverage, coupled with large capital expenditure (capex) plans, and susceptibility of its businesses to volatile commodity prices and regulatory risks.

Weaker aluminium and zinc prices, and slower-than-expected ramp-up in volume across the zinc and oil & gas businesses, have impacted operating profitability (EBITDA; {earnings before interest, taxes, depreciation, and amortisation}) in the first half of fiscal 2020. As a result, the outlook for operating profitability has moderated for fiscal 2020. However, operating profitability is expected to improve in fiscal 2021, mainly led by volume growth in zinc and O&G businesses, and expected recovery in the aluminium segment, partly aided by cost-reduction initiatives such as increased coal and bauxite linkages and increase in prices. Recovery in aluminium prices is based on favourable supply-demand fundamentals with low inventories.

Better profitability should help the adjusted net debt to EBITDA correct from 3.4 times in fiscal 2019, albeit slower than envisaged, to sustainably below 2.8 times in the next 12 months. Improvement in leverage predicates on higher volume in the zinc and O&G business, sustained improvement in profitability in the aluminium business and rationalisation of dividends. While Vedanta supports its parent, Vedanta Resources Ltd (VRL), through dividend payout, it retains financial flexibility with respect to the upstreaming.

Vedanta had made a structural investment of Rs 3,500 crore, through its subsidiary, Cairn Holdings Ltd, in Anglo American (acquired from ultimate parent, Volcan Investments {Volcan}). The investment was unwound on July 26, 2019, resulting in a gain of USD 100 million for Vedanta. Unwinding of the deal has also reduced event risk for the company.

The parent, VRL has prudently refinanced debt maturities for fiscals 2020 and 2021, thereby reducing refinancing risk in the near term.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Vedanta and its subsidiaries, to reflect the operational or financial linkages between them. Key subsidiaries include Hindustan Zinc Ltd (HZL; 'CRISIL AAA/Stable/CRISIL A1+); the group's zinc business in Namibia and South Africa (termed as Zinc International); Bharat Aluminium Company Ltd (Balco; 'CRISIL A1+); Talwandi Sabo Power Limited (TSPL; CRISIL AA(CE)/Stable/CRISIL A1+(CE)) and Electrosteel Steels ltd (ESL; CRISIL AA/Stable/CRISIL A1+). Refer annexure for full list of subsidiaries consolidated.
 
CRISIL has also included the debt of Vedanta Resources Ltd (erstwhile Vedanta Resources PLC; rated 'B/Stable' by S&P Global Ratings) of about USD 6.4 billion (about Rs 44,000 crore) while calculating the adjusted debt, since it is largely serviced by dividends from Vedanta.

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: 
* Diversified business risk profile: Vedanta has a diversified business risk profile spanning across zinc, lead, silver, aluminium, O&G, iron ore, power and steel. Across businesses, Vedanta is among the largest producers, commanding a strong market position in India. A well-diversified business profile shields the company from commodity-specific cyclicality and risks.
 
* Low-cost position of key businesses: The domestic zinc, lead, and silver business is supported by low cost of production, large reserves, and continued resource addition. Profitability in the O&G business is aided by low operating cost, and a business model that ensures capex cost recovery. Cash flow in this business expected to benefit from capex-led improvement in volume over the medium term. The government's approval on the production sharing contract policy for O&G fields for a period of ten years has also cleared uncertainties that surrounded this business earlier.
 
* Strong volume growth expected, with capital allocation towards value accretive zinc and O&G businesses: Production in the zinc and O&G businesses, have improved, albeit slower than expected. Over 75% of capex, incurred during the past four years, has been towards the low-cost and value-accretive zinc (EBITDA of more than $ 1,400/t in Zinc India) and O&G businesses (healthy internal rate of return of more than 20% even with crude prices @ $40/bbl). Volume growth of 20% in Zinc India, 30% in Zinc International, and over 10% increase in O&G production in fiscal 2021, should make the overall business profile more resilient.

Weaknesses:
* Large capex and dividend, resulting in elevated leverage: CRISIL expects average capex of about Rs 10,000 crore per fiscal, largely towards O&G, Zinc and aluminium businesses. Continued assistance via dividend to the parent, VRL, to support the latter's debt, has led to significant cash leakages to minority shareholders and dividend distribution tax. Net leverage, which was elevated at about 3.4x for fiscal 2019, would reduce to below 2.8x over the next 12 months, slower than expected, due to moderate profitability. Additionally, Vedanta's profitability is susceptible to volatility in prices of metals and oil and gas, although the risk is partially mitigated by diversified businesses and improving cost efficiency. The company needs to deleverage and maintain steady positive free cash flows, post capex and dividends. Any large capex or acquisition and further delay in reduction of financial leverage may negatively impact the credit profile, and hence, remain key rating monitorables.
 
* Weak profitability in aluminium business, having significant capital employed: While Vedanta enjoys cost-efficient operations in Zinc India and O&G businesses, as reflected in first quartile position of respective businesses. However, the aluminium business has been lacking consistent cost efficiency despite significant capital employed. Lack of integrated operations, with only 25% domestic bauxite linkage and less than 50% owned alumina production, has impacted profitability (EBITDA declined from $ 319/t in fiscal 2017 to $179/t in fiscal 2019, and turned negative in Q2-fiscal 2020). However, with expected increase in bauxite linkage to 50% by end of fiscal 2020, expansion of refinery capacity to 4 mtpa (increase by 100%) over the next two years, and the recent win of the Jamkhani coal mine, cost of production should reduce in the medium term. Vedanta's ability to deleverage is highly dependent on successful EBITDA ramp-up of aluminium business and will remain a key monitorable.
 
* Exposure to changes in regulations: Vedanta's businesses are vulnerable to regulatory risks. Since May 2018, the company's copper smelting plant at Thoothukkudi has remained closed, following a directive from the Tamil Nadu Pollution Control Board (TNPCB). Suspension of iron ore mining operations in Goa currently, and in Karnataka in the past, had an adverse impact on the iron ore business. The company had to also withhold the expansion of its Lanjigarh refinery, as environmental approval from Ministry of Environment & Forests was delayed, and received only in the fourth quarter of fiscal 2016.
Liquidity Strong

Liquidity is strong, given Vedanta's cash balances of about Rs 35,800 crore and unutilised bank limit of around Rs 7,200 crore as on September 30, 2019. However, a part of its cash is at Hindustan Zinc Ltd, which is usually accessed via dividends, and thus, results in outflows towards dividend distribution tax and minority shareholders.
 
The company has scheduled term debt repayments of about Rs 3,500 crore in the second half of fiscal 2020, and about Rs 8,600 crore (about Rs 5,700 crore at standalone level and Rs 2,900 crore at subsidiaries) in fiscal 2021, against which it is expected to generate cash accruals (pre-dividend) of about Rs 20,000 crore. The company also benefits from flexibility towards capex and dividend pay-out.
 
VRL also faces refinancing risk, though its debt maturities for fiscals 2020 and 2021 were refinanced in April 2019. Nonetheless, the interest obligation towards debt will be serviced through dividends received from Vedanta or incremental borrowing.

Outlook: Stable

CRISIL believes Vedanta's credit risk profile will remain stable, supported by low cost of production, particularly in the zinc and O&G businesses, and the management's intent to strengthen its balance sheet through prudent capital allocation and volume ramp-up across businesses.
 
Rating sensitivity factors:
Upward Factors:
* Structural and sustained improvement in aluminium profitability, EBITDA > USD 400/t
* Ramp up in volume with continued cost efficiency across businesses, improving business resilience
* Sustained deleveraging, with net debt to EBITDA sustaining below 2.2 times.
 
Downward Factors:
* Lower-than-expected EBITDA because of high cost of production, slower volume ramp-up, or lower realisations
* Delay in meaningful correction in financial leverage with net debt-to EBITDA sustaining above 2.8 times
* Sustained negative free cash flows (post capex) or any incremental investments/support to Vedanta Resources or Volcan.

About the Company

Vedanta is a diversified metals, mining, power, and oil-and-gas company. It is held 50.1% by Vedanta Resources Ltd, which is based out of London, UK. Vedanta's operations include copper, iron ore, aluminium assets at Jharsuguda and Lanjigarh in Odisha and power divisions (2400-MW and 1215-MW captive power plants for the aluminium business). The company also holds aluminium operations through its subsidiary, Bharat Aluminium Company Ltd (BALCO). Also, a part of the power business (1980 MW) is conducted through wholly owned subsidiary, Talwandi Sabo Power Ltd. The O&G business has been merged with Vedanta, and the group operates the zinc business through Hindustan Zinc Ltd (HZL) and Zinc international in South Africa & Namibia. Vedanta had, through its wholly owned subsidiary ' Cairn India Holdings Ltd (CIHL), acquired slightly over 51% equity stake in glass substrate manufacturer, AvanStrate Inc. (ASI) in December 2017. Also, in June 2018, Vedanta, through its wholly-owned subsidiary, Vedanta Star Ltd, acquired 90% stake in Electrosteel Steels Ltd (current operational capacity of 1.5 million tonnes per annum) for a total consideration of Rs 5,320 crore.

In the first six months of fiscal 2020, Vedanta reported revenue of Rs 43,332 crore, EBITDA of Rs 9,685 crore and net profit of Rs 4,674 crore as against Rs 44,911 crore, Rs 11,729 crore and Rs 3,733 crore, respectively, reported for the corresponding period in the previous fiscal.

Key Financial Indicators
Particulars Unit 2019 2018
Operating income Rs Cr. 93,660  92,975
Profit After Tax Rs Cr. 9,698 13,692
PAT Margins % 10.4 14.7
Adjusted Debt/Adjusted Net worth Times 1.55 1.35
Interest coverage Times 5.48 4.68
Note: These reflect CRISIL adjusted consolidated financials
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
INE205A07030 Debentures 17-Aug-15 9.45% 17-Aug-20 2000 CRISIL AA/Stable
INE205A07048 Debentures 30-Sep-16 8.70% 20-Apr-20 600 CRISIL AA/Stable
INE205A07063 Debentures 7-Oct-16 8.75% 15-Apr-21 250 CRISIL AA/Stable
INE205A07071 Debentures 7-Oct-16 8.75% 15-Sep-21 250 CRISIL AA/Stable
INE205A07097 Debentures 22-Nov-16 7.95% 22-Apr-20 300 CRISIL AA/Stable
INE205A07139 Debentures 5-Apr-18 8.50% 5-Apr-21 2350 CRISIL AA/Stable
INE205A07147 Debentures 5-Apr-18 8.50% 15-Jun-21 1650 CRISIL AA/Stable
INE205A07154 Debentures 4-Jul-18 9.18% 2-Jul-21 1000 CRISIL AA/Stable
INE205A07162 Debentures 9-Dec-19 8.90% 9-Dec-21 750 CRISIL AA/Stable
INE205A07170 Debentures 9-Dec-19 9.20% 9-Dec-22 750 CRISIL AA/Stable
NA Debentures% NA NA NA 6500 CRISIL AA/Stable
NA Commercial paper NA NA 7-365 days 15000 CRISIL A1+
NA Fund-based facilities** NA NA NA 4920 CRISIL AA/Stable
NA Non-fund-based limit* NA NA NA 19120 CRISIL A1+
NA Non-fund-based limit## NA NA NA 500 CRISIL AA/Stable
NA Term loan 21-Apr-14 NA 30-Sep-20 711.55 CRISIL AA/Stable
NA Term loan 25-Apr-14 NA 31-Dec-20 681.91 CRISIL AA/Stable
NA Term loan 25-Jul-14 NA 31-Mar-22 3937.5 CRISIL AA/Stable
NA Term loan 22-Apr-14 NA 31-Dec-20 268.75 CRISIL AA/Stable
NA Term loan 30-Dec-15 NA 31-Mar-25 1250.0 CRISIL AA/Stable
NA Term loan 03-Aug-18 NA 31-Mar-28 3000.0 CRISIL AA/Stable
NA Term loan 14-Aug-18 NA 13-Aug-23 1000.0 CRISIL AA/Stable
NA Term loan 27-Jul-18 NA 26-Jul-24 1000.0 CRISIL AA/Stable
NA Term Loan 30-Nov-19 NA 30-Sep-24 500.0 CRISIL AA/Stable
NA Term Loan 30-Sep-18 NA 30-Sep-28 500.0 CRISIL AA/Stable
NA Foreign Currency 
Term Loan$
30-Sep-19 NA 30-Aug-22 700.0 CRISIL AA/Stable
NA Proposed Working
Capital Facility
NA NA NA 1912.93 CRISIL AA/Stable
NA Proposed Long Term
Bank Loan Facility
NA NA NA 299.99 CRISIL AA/Stable
**Fund-based limit completely interchangeable with non-fund-based limit
* Non-fund-based limit of Rs 2000 crore interchangeable with fund-based limit
## Capex LC limit, interchangeable with operational Non Fund based Limits
% Yet to be placed
$ Foreign Currency Non-Resident (FCNR) Loans
 
Annexure - Details of Rating Withdrawn
ISIN Name of Instrument Date of Allotment Coupon
Rate (%)
Maturity
Date
Issue Size
(Rs Cr)
INE205A07055 Debentures 30-Sep-16 8.65% 27-Sep-19 150
INE205A07089 Debentures 28-Oct-16 8.25% 28-Oct-19 300
INE205A07105 Debentures 30-Nov-16 7.50% 29-Nov-19 200
INE205A07113 Debentures 31-May-17 7.60% 31-May-19 350
INE205A07121 Debentures 20-Dec-17 7.80% 20-Dec-20 500
 
Annexure - List of entities consolidated
Name of entity  Type of consolidation Rationale for consolidation
Hindustan Zinc Limited Full consolidation Significant financial & operational linkages
Bharat Aluminium Company Limited Full consolidation Significant financial & operational linkages
MALCO Energy Limited Full consolidation Significant financial & operational linkages
Talwandi Sabo Power Limited Full consolidation Significant financial & operational linkages
Sesa Resources Limited Full consolidation Significant financial & operational linkages
Sesa Mining Corporation Limited Full consolidation Significant financial & operational linkages
Sterlite Ports Limited Full consolidation Significant financial & operational linkages
Maritime Ventures Private Limited Full consolidation Significant financial & operational linkages
Goa Sea Port Private Limited Full consolidation Significant financial & operational linkages
Vizag General Cargo Berth Private Ltd Full consolidation Significant financial & operational linkages
Paradip Multi Cargo Berth Private Ltd Full consolidation Significant financial & operational linkages
Copper Mines of Tasmania Pty Limited Full consolidation Significant financial & operational linkages
Thalanga copper mines Pty Limited Full consolidation Significant financial & operational linkages
Monte Cello B.V. Full consolidation Significant financial & operational linkages
Bloom Fountain Limited Full consolidation Significant financial & operational linkages
Twinstar Energy Holding Limited Full consolidation Significant financial & operational linkages
Twinstar Mauritius Holding Limited Full consolidation Significant financial & operational linkages
Western Clusters Limited Full consolidation Significant financial & operational linkages
Sterlite (USA) Inc. Full consolidation Significant financial & operational linkages
Fujairah Gold FZC Full consolidation Significant financial & operational linkages
THL Zinc Ventures Ltd Full consolidation Significant financial & operational linkages
THL Zinc Ltd Full consolidation Significant financial & operational linkages
THL Zinc Holding B.V. Full consolidation Significant financial & operational linkages
THL Zinc Namibia Holdings (Proprietary) Ltd Full consolidation Significant financial & operational linkages
Skorpion Zinc (Proprietary) Limited Full consolidation Significant financial & operational linkages
Skorpion Mining Company (Proprietary) Ltd Full consolidation Significant financial & operational linkages
Namzinc (Proprietary) Limited Full consolidation Significant financial & operational linkages
Amica Guesthouse (Proprietary) Limited Full consolidation Significant financial & operational linkages
Rosh Pinah Healthcare (Proprietary) Ltd Full consolidation Significant financial & operational linkages
Black Mountain Mining (Proprietary) Ltd Full consolidation Significant financial & operational linkages
Vedanta Lisheen Holdings Limited Full consolidation Significant financial & operational linkages
Vedanta Lisheen Mining Limited Full consolidation Significant financial & operational linkages
Killoran Lisheen Mining Limited Full consolidation Significant financial & operational linkages
Killoran Lisheen Finance Limited Full consolidation Significant financial & operational linkages
Lisheen Milling Limited Full consolidation Significant financial & operational linkages
Vedanta Exploration Ireland Limited Full consolidation Significant financial & operational linkages
Lisheen Mine Partnership Full consolidation Significant financial & operational linkages
Lakomasko BV Full consolidation Significant financial & operational linkages
Cairn India Holdings Limited Full consolidation Significant financial & operational linkages
Cairn Energy Hydrocarbons Ltd Full consolidation Significant financial & operational linkages
Cairn Exploration (No. 2) Limited Full consolidation Significant financial & operational linkages
Cairn Energy Gujarat Block 1 Limited Full consolidation Significant financial & operational linkages
Cairn Energy Discovery Limited Full consolidation Significant financial & operational linkages
Cairn Energy India Pty Limited Full consolidation Significant financial & operational linkages
CIG Mauritius Holdings Private Limited Full consolidation Significant financial & operational linkages
CIG Mauritius Private Limited Full consolidation Significant financial & operational linkages
Cairn Lanka (Pvt) Ltd Full consolidation Significant financial & operational linkages
Cairn South Africa Proprietary Limited Full consolidation Significant financial & operational linkages
Avanstrate (Japan) Inc. (ASI) Full consolidation Significant financial & operational linkages
Avanstrate (Korea) Inc. Full consolidation Significant financial & operational linkages
Avanstrate (Taiwan) Inc. Full consolidation Significant financial & operational linkages
Sesa Sterlite Mauritius Holdings Limited Full consolidation Significant financial & operational linkages
Vedanta Star Limited Full consolidation Significant financial & operational linkages
RoshSkor Township (Pty) Ltd Equity method Proportionate consolidation
Gaurav Overseas Pvt. Ltd. Equity method Proportionate consolidation
Rampia Coal Mines and Energy Pvt Ltd Equity method Proportionate consolidation
Madanpur South Coal Company Ltd Equity method Proportionate consolidation
Goa Maritime Pvt Ltd Equity method Proportionate consolidation
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  15000.00  CRISIL A1+      19-02-19  CRISIL A1+  25-10-18  CRISIL A1+  19-12-17  CRISIL A1+  -- 
                31-08-18  CRISIL A1+       
                02-07-18  CRISIL A1+       
                20-06-18  CRISIL A1+       
                30-05-18  CRISIL A1+       
                12-04-18  CRISIL A1+       
                23-03-18  CRISIL A1+       
                15-03-18  CRISIL A1+       
                12-03-18  CRISIL A1+       
                05-01-18  CRISIL A1+       
Non Convertible Debentures  LT  16400.00
10-01-20 
CRISIL AA/Stable      19-02-19  CRISIL AA/Stable  25-10-18  CRISIL AA/Positive  19-12-17  CRISIL AA/Stable  CRISIL AA-/Stable 
                31-08-18  CRISIL AA/Positive  14-12-17  CRISIL AA/Stable   
                02-07-18  CRISIL AA/Positive  18-09-17  CRISIL AA/Stable   
                20-06-18  CRISIL AA/Positive  18-07-17  CRISIL AA/Stable   
                30-05-18  CRISIL AA/Positive  26-05-17  CRISIL AA/Stable   
                12-04-18  CRISIL AA/Positive  28-04-17  CRISIL AA/Stable   
                23-03-18  CRISIL AA/Positive  22-03-17  CRISIL AA-/Positive   
                15-03-18  CRISIL AA/Positive  28-02-17  CRISIL AA-/Positive   
                12-03-18  CRISIL AA/Positive       
                05-01-18  CRISIL AA/Stable       
Preference Shares  LT    --    --  19-02-19  Withdrawal  25-10-18  CRISIL AA/Positive  19-12-17  CRISIL AA/Stable  -- 
                31-08-18  CRISIL AA/Positive  14-12-17  CRISIL AA/Stable   
                02-07-18  CRISIL AA/Positive  18-09-17  CRISIL AA/Stable   
                20-06-18  CRISIL AA/Positive  18-07-17  CRISIL AA/Stable   
                30-05-18  CRISIL AA/Positive  26-05-17  CRISIL AA/Stable   
                12-04-18  CRISIL AA/Positive  28-04-17  CRISIL AA/Stable   
                23-03-18  CRISIL AA/Positive       
                15-03-18  CRISIL AA/Positive       
                12-03-18  CRISIL AA/Positive       
                05-01-18  CRISIL AA/Stable       
Short Term Debt (Including Commercial Paper)  ST                  14-12-17  CRISIL A1+  CRISIL A1+ 
                    18-09-17  CRISIL A1+   
                    18-07-17  CRISIL A1+   
                    26-05-17  CRISIL A1+   
                    28-04-17  CRISIL A1+   
                    22-03-17  CRISIL A1+   
                    28-02-17  CRISIL A1+   
Fund-based Bank Facilities  LT/ST  20682.63  CRISIL AA/Stable      19-02-19  CRISIL AA/Stable  25-10-18  CRISIL AA/Positive  19-12-17  CRISIL AA/Stable  CRISIL AA-/Stable 
                31-08-18  CRISIL AA/Positive  14-12-17  CRISIL AA/Stable   
                02-07-18  CRISIL AA/Positive  18-09-17  CRISIL AA/Stable   
                20-06-18  CRISIL AA/Positive  18-07-17  CRISIL AA/Stable   
                30-05-18  CRISIL AA/Positive  26-05-17  CRISIL AA/Stable   
                12-04-18  CRISIL AA/Positive  28-04-17  CRISIL AA/Stable   
                23-03-18  CRISIL AA/Positive  22-03-17  CRISIL AA-/Positive   
                15-03-18  CRISIL AA/Positive  28-02-17  CRISIL AA-/Positive   
                12-03-18  CRISIL AA/Positive       
                05-01-18  CRISIL AA/Stable       
Non Fund-based Bank Facilities  LT/ST  19620.00  CRISIL AA/Stable/ CRISIL A1+      19-02-19  CRISIL AA/Stable/ CRISIL A1+  25-10-18  CRISIL AA/Positive/ CRISIL A1+  19-12-17  CRISIL AA/Stable/ CRISIL A1+  CRISIL A1+ 
                31-08-18  CRISIL AA/Positive/ CRISIL A1+  14-12-17  CRISIL AA/Stable/ CRISIL A1+   
                02-07-18  CRISIL AA/Positive/ CRISIL A1+  18-09-17  CRISIL AA/Stable/ CRISIL A1+   
                20-06-18  CRISIL AA/Positive/ CRISIL A1+  18-07-17  CRISIL AA/Stable/ CRISIL A1+   
                30-05-18  CRISIL AA/Positive/ CRISIL A1+  26-05-17  CRISIL AA/Stable/ CRISIL A1+   
                12-04-18  CRISIL AA/Positive/ CRISIL A1+  28-04-17  CRISIL AA/Stable/ CRISIL A1+   
                23-03-18  CRISIL AA/Positive/ CRISIL A1+  22-03-17  CRISIL AA-/Positive/ CRISIL A1+   
                15-03-18  CRISIL AA/Positive/ CRISIL A1+  28-02-17  CRISIL A1+   
                12-03-18  CRISIL AA/Positive/ CRISIL A1+       
                05-01-18  CRISIL AA/Stable/ 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
Foreign Currency Term Loan$ 700 CRISIL AA/Stable Fund-Based Facilities** 6665 CRISIL AA/Stable
Fund-Based Facilities** 4920 CRISIL AA/Stable Non-Fund Based Limit* 19787.93 CRISIL A1+
Non-Fund Based Limit* 19120 CRISIL A1+ Non-Fund Based Limit## 500 CRISIL AA/Stable
Non-Fund Based Limit## 500 CRISIL AA/Stable Proposed Long Term Bank Loan Facility 999.99 CRISIL AA/Stable
Proposed Long Term Bank Loan Facility 299.99 CRISIL AA/Stable Term Loan 12349.71 CRISIL AA/Stable
Proposed Working Capital Facility 1912.93 CRISIL AA/Stable -- 0 --
Term Loan 12849.71 CRISIL AA/Stable -- 0 --
Total 40302.63 -- Total 40302.63 --
**Fund-based limit completely interchangeable with non-fund-based limit
* Non-fund-based limit of Rs 2000 crore interchangeable with fund-based limit
## Capex letter of credit limit, interchangeable with operational non-fund based limits
$ Foreign Currency Non-Resident (FCNR) Loans
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 Mining Industry
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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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.
 
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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.


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DISCLAIMER

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.

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