Rating Rationale
June 17, 2020 | Mumbai
Vedanta Limited
Ratings Reaffirmed
 
Rating Action
Total Bank Loan Facilities Rated Rs.40302.63 Crore
Long Term Rating CRISIL AA/Negative (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.1250 Crore Non Convertible Debentures CRISIL AA/Negative (Reaffirmed)
Rs.3600 Crore Non Convertible Debentures CRISIL AA/Negative (Reaffirmed)
Rs.750 Crore Non Convertible Debentures CRISIL AA/Negative (Reaffirmed)
Rs.1400 Crore Non Convertible Debentures CRISIL AA/Negative (Reaffirmed)
Rs.1000 Crore Non Convertible Debentures CRISIL AA/Negative (Reaffirmed)
Rs.7000 Crore Non Convertible Debentures CRISIL AA/Negative (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL AA/Negative (Withdrawn)
Rs.5000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
Rs.10000 Crore Commercial Paper CRISIL A1+ (Withdrawn)
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 non-convertible debentures (NCDs), commercial paper programme and bank facilities of Vedanta Limited (Vedanta; part of the Vedanta group).

CRISIL has withdrawn the rating on commercial paper of Rs 10,000 crore as per the company's request as it has repaid the outstanding amount. Additionally, CRISIL has withdrawn its proposed rating on NCDs of Rs 500 crore on receiving confirmation from the company, as the same was unutilised. The ratings are withdrawn in line with CRISIL's rating withdrawal policy (see Annexure 'Details of Rating Withdrawn' for details).

Reaffirmation of the ratings reflect expectation of sustained operating profitability (earnings before interest, tax, depreciation, and amortisation [EBITDA]) in fiscal 2021 despite the weaker outlook for commodity prices. This is mainly led by expected improvement in earnings in the aluminium segment, aided by lower alumina cost and increased coal and bauxite linkages, and volume growth in the zinc and oil and gas businesses.

The lockdown on account of Covid-19 has had a limited impact on its operations as it produces essential commodities (zinc, oil and gas, and steel) or falls under continuous process industries (aluminium). Also, increase in exports offset the decline in domestic demand during the lockdown, supported by its low-cost position in key businesses. However, disruption in the supply chain and decrease in sales volume on account of the prolonged global pandemic will be key monitorables.

The company is expected to undertake cash preservation measures such as reduced capital expenditure (capex) and limited dividend payout in fiscal 2021 (only to cover interest payments of the parent, Vedanta Resources Ltd [VRL; formerly Vedanta Resources PLC; rated 'B-/Stable' by S&P Global Ratings]), which shall support liquidity. Additionally, to preserve liquidity, Vedanta has availed moratorium on its term debt obligation as per Reserve Bank of India's guidelines after approval from respective banks. Leverage (adjusted net debt to EBITDA) was elevated at more than 3.8 times as on March 31, 2020, on account of moderated operating profitability in fiscal 2020, because of lower commodity prices. Profitability was also impacted on account of the nationwide lockdown during the second half of March 2020, along with lower-than-estimated recoverable capex in the oil and gas business. However, leverage is expected to reduce sustainably to below 2.8 times, over the medium term, in the base case.

The negative outlook reflects the risk of lower-than-expected volume or significantly lower commodity prices, especially of brent crude, zinc, and aluminium, being sustained in fiscal 2021 on account of the pandemic. Operating profitability in fiscal 2021 could therefore be lower than expected, resulting in net leverage sustaining at above 2.8 times.

The negative outlook also reflects the risk of weakening of Vedanta's financial risk profile following the completion of VRL's proposed debt-funded privatisation of Vedanta. At the current offer price of Rs 87.25 per share, the consideration would be Rs 16,173 crore to purchase the 49.86% shareholding of minority investors. While the deal will simplify the corporate structure, improve the group's financial flexibility, and could be a positive for Vedanta over the medium term, it will also increase leverage. Progress on the deal by VRL, at the discovered price based on the reverse book building process, along with details of the funding will be key monitorables. 

Despite higher refinancing risks because of the weakening macro environment and heightened risk aversion in the capital market, VRL is likely to refinance its maturing debt well in advance. Delay in refinancing and higher-than-expected dividend by Vedanta will be key monitorables.

The ratings continue to reflect Vedanta's strong business risk profile, driven by diversified presence across commodities, cost-efficient operations in domestic zinc and oil and gas businesses, and large scale of operations. These strengths are partially offset by the high, albeit reducing, leverage, coupled with large capex, and susceptibility to volatility in commodity prices and regulatory risks.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Vedanta and its subsidiaries, collectively known as the Vedanta group, as they have operational and financial linkages. Key subsidiaries include Hindustan Zinc Ltd (HZL; 'CRISIL AAA/Stable/CRISIL A1+'); the group's zinc business in Namibia and South Africa (termed Zinc International); Bharat Aluminium Company Ltd (Balco; 'CRISIL A1+); Talwandi Sabo Power Ltd (TSPL; 'CRISIL AA(CE)/Negative/CRISIL A1+(CE)') and Electrosteel Steels Ltd (ESL; 'CRISIL AA/Negative/CRISIL A1+'). Refer to the annexure for the list of entities consolidated.
 
CRISIL has also included the debt of VRL (around USD 7.15 billion or around Rs 53,000 crore as on March 31, 2020) while calculating adjusted debt. This is because despite no legal recourse of VRL's debt holders to Vedanta, this debt can be serviced using the dividend outflow from Vedanta or refinanced based on the implicit strength of the assets held by VRL.

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: Businesses span across zinc, lead, silver, aluminium, oil and gas, iron ore, power, and steel. The group is among the largest producers in all these segments, commanding a strong market position in India. A well-diversified business risk profile shields it from commodity-specific cyclicality and risks.

* Low-cost position of key businesses: The domestic zinc, lead, and silver businesses are supported by low cost of production, large reserves, and continued resource addition. Profitability in the oil and gas business is aided by low operating cost and a business model that ensures capex recovery. Cash flow in this business will benefit from capex-led improvement in volume over the medium term. The government's approval on the production-sharing contract policy for oil and gas fields for a period of 10 years has also cleared uncertainties surrounding this business.

. Strong volume growth expected, over the medium term, with capital allocation towards value - accretive zinc and oil and gas businesses: Production in the zinc and oil and gas businesses have improved, albeit slower than expected. Over 75% of capex in the past 4 years was towards the low-cost and value-accretive zinc (EBITDA of more than USD 1,400 per tonne in Zinc India) and oil and gas businesses (healthy internal rate of return of more than 20% even with crude prices at USD 40 per barrel). Strong volume growth over the medium term should make the overall business risk profile more resilient.

Weaknesses
* Large capex and dividend, resulting in high leverage: Capex of around Rs 8,000 crore (reduced from Rs 10,000 crore) is expected in fiscals 2021-22, largely towards the oil and gas, zinc, and aluminium businesses. Continued assistance through dividend payout to the parent, VRL, to support the latter's debt has led to significant cash leakage to minority shareholders and dividend distribution tax. Elevated net leverage, more than 3.8 times as on March 31, 2020, should reduce to less than 2.8 times, over the medium term, in the base case because of improved profitability. Additionally, profitability is susceptible to volatility in prices of metals and oil and gas, although the risk is mitigated by diversified businesses and improving cost efficiency. The company needs to deleverage and maintain steady positive, free cash flow, post capex and dividends. Any large capex, acquisition, or higher-than-expected dividend will further delay the reduction in financial leverage and may negatively impact the credit risk profile.

* Lack of healthy and stable profitability in the aluminium business, having significant capital employed, although expected to improve: The aluminium business has been lacking consistent cost efficiency despite significant capital employed. Lack of integrated operations, with 25% domestic bauxite linkage and 50% owned alumina production, has impacted profitability (EBITDA declined from USD 319 per tonne in fiscal 2017 to USD 179 per tonne in fiscal 2019, and turned negative in the second quarter of fiscal 2020). However, improving linkage coal sourcing, reducing coal prices, and lower imported alumina cost have led to improved cost efficiency for the aluminium business during recent times (EBITDA of USD 340 per tonne in fourth quarter of fiscal 2020). Furthermore, cost of production should further reduce over the medium term, because of the following factors - bauxite linkage is expected to increase to 50%, refinery capacity expansion to 4 million tonnes per annum (MTPA, increase by 100%) over the next two fiscals, recent win of the Jamkhani coal mine in Odisha, and the Supreme Court's judgement allowing Vedanta to bid for National Aluminium Company Ltd's surplus alumina. The ability to deleverage is highly dependent on the successful ramp-up of EBITDA in the aluminium business and will be a key monitorable.

* Exposure to changes in regulations: The businesses are vulnerable to regulatory risks. Since May 2018, the copper smelting plant at Thoothukkudi, Tamil Nadu, has been closed following a directive from the Tamil Nadu Pollution Control Board. Suspension of iron ore mining operations in Goa, currently, and in Karnataka in the past, have had an adverse impact on the iron ore business. The company had to postpone expansion of its Lanjigarh refinery in Odisha, as environmental approval from the Ministry of Environment & Forests was delayed and received only in the fourth quarter of fiscal 2016.
Liquidity Strong

Cash balance was Rs 37,914 crore and unutilised bank limit was around Rs 5,300 crore, as on March 31, 2020. The cash balance includes cash at Cairn India Holdings Ltd, which is fully accessible to Vedanta. However, part of the cash is held by HZL, which is usually accessed through dividends, and thus results in outflow towards minority shareholders.
 
Term debt obligation is expected at Rs 9,100 crore (Rs 6,400 crore at standalone level and Rs 2,700 crore at subsidiaries) in fiscal 2021, against cash accrual (pre-dividend) of Rs 18,000 crore. Flexibility towards capex and dividend payout also support liquidity.
 
CRISIL expects that Vedanta will refinance a significant portion of its principal debt obligation in fiscal 2021, based on its strong refinancing track record and banking relationships. Moreover, the management is focused on increasing average debt maturities, as reflected in the sharp reduction in its outstanding commercial paper borrowings, reducing by more than 55% during fiscal 2020, and expected long-term debt tie-up over the medium term.
 
VRL has annual interest expense of around Rs 3,700 crore (around USD 500 million) towards outstanding debt, which will be partly serviced through dividends received from Vedanta and partly (around one-third) through management and brand fees. While VRL had refinanced its bond maturities for fiscal 2021 in April 2019, it faces refinancing risk in the near term, mainly towards short-term debt obligation of more than Rs 5,000 crore (USD 680 million) due in the first quarter of fiscal 2021. However, the refinancing risk is mitigated by strong banking relationships and track record of refinancing.

Outlook: Negative

CRISIL believes Vedanta's profitability and leverage could be impacted by slower-than-expected recovery in commodity prices and subdued volume growth. Delisting of Vedanta could also lead to higher-than-expected leverage.

Rating Sensitivity Factors
Upward Factors
* Structural and sustained improvement in aluminium profitability, with EBITDA above USD 400 per tonne
* Ramp-up in volume with continued cost efficiency across businesses, improving business resilience
* Sustained deleveraging, with net debt to EBITDA ratio sustaining below 2.8 times

Downward Factors
* Lower-than-expected EBITDA because of high cost of production, slower volume ramp-up, or lower realisation
* Delay in meaningful correction in financial leverage with the net debt to EBITDA ratio sustaining above 2.8 times
* Sustained negative, free cash flow (post capex) or any incremental investments or support to VRL or Volcan Investments Ltd.

About the Group

Vedanta's operations are diversified across metals, mining, power, and oil and gas. VRL, which is based in London, holds 50.1% stake in Vedanta. The group has copper, iron ore, and aluminium assets at Jharsuguda and Lanjigarh, both in Odisha, and power divisions (2,400 MW and 1,215 MW captive power plants for the aluminium business). The company also holds aluminium assets through its subsidiary, Balco. Also, a part of the power business (1,980 MW) is conducted through its wholly owned subsidiary TSPL. The oil and gas business has been merged with Vedanta, and the group operates the zinc business through HZL and Zinc International in South Africa and Namibia. Vedanta had, through its wholly owned subsidiary, Cairn India Holdings Ltd, acquired slightly over 51% stake in the glass substrate manufacturer, AvanStrate Inc in December 2017. In June 2018, Vedanta, through its wholly-owned subsidiary, Vedanta Star Ltd (VSL), acquired 90% stake in ESL (current operational capacity of 1.5 MTPA) for a total consideration of Rs 5,320 crore. However, as on March 25, 2020, VSL has been merged with ESL and Vedanta will now directly hold 95.5% stake in ESL.

Key Financial Indicators
Particulars Unit 2020@ 2019
Operating income Rs crore 84,447  93,660 
Profit after tax (PAT) Rs crore Negative* 9,698
PAT margin % Negative 10.4
Adjusted debt/adjusted networth Times 1.55 1.55
Interest coverage Times 4.23 5.48
Note:These reflect CRISIL-adjusted consolidated financials
@Abridged annual results for FY2020 reported by company. Detailed annual report is yet to be released.
*Includes non-cash exceptional expense on account of impairment of assets in fiscal 2020

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.Crore) Rating assigned with outlook
INE205A07030 Debentures 17-Aug-15 9.45% 17-Aug-20 2000 CRISIL AA/Negative
INE205A07063 Debentures 7-Oct-16 8.75% 15-Apr-21 250 CRISIL AA/Negative
INE205A07071 Debentures 7-Oct-16 8.75% 15-Sep-21 250 CRISIL AA/Negative
INE205A07139 Debentures 5-Apr-18 8.50% 5-Apr-21 2350 CRISIL AA/Negative
INE205A07147 Debentures 5-Apr-18 8.50% 15-Jun-21 1650 CRISIL AA/Negative
INE205A07154 Debentures 4-Jul-18 9.18% 2-Jul-21 1000 CRISIL AA/Negative
INE205A07162 Debentures 9-Dec-19 8.90% 9-Dec-21 900 CRISIL AA/Negative
INE205A07170 Debentures 9-Dec-19 9.20% 9-Dec-22 750 CRISIL AA/Negative
INE205A07196 Debentures 25-Feb-20 9.20% 25-Feb-30 2000 CRISIL AA/Negative
INE205A07188 Debentures 30-Jan-20 8.75% 30-Jun-22 1270 CRISIL AA/Negative
NA Debentures% NA NA NA 2580 CRISIL AA/Negative
NA Commercial paper NA NA 7-365 days 5000 CRISIL A1+
NA Fund-based facilities** NA NA NA 5920 CRISIL AA/Negative
NA Non-fund-based limit* NA NA NA 19120 CRISIL A1+
NA Non-fund-based limit## NA NA NA 500 CRISIL AA/Negative
NA Term loan 21-Apr-14 NA 30-Jun-21 718 CRISIL AA/Negative
NA Term loan 25-Apr-14 NA 31-Dec-20 225 CRISIL AA/Negative
NA Term loan 25-Jul-14 NA 30-Sep-22 3938 CRISIL AA/Negative
NA Term loan 22-Apr-14 NA 30-Jun-21 54 CRISIL AA/Negative
NA Term loan 21-Apr-14 NA 30-Jun-31 455 CRISIL AA/Negative
NA Term loan 03-Aug-18 NA 30-Jun-28 3022 CRISIL AA/Negative
NA Term loan 14-Aug-18 NA 31-Jan-25 534 CRISIL AA/Negative
NA Term loan 27-Jul-18 NA 14-Feb-24 850 CRISIL AA/Negative
NA Term Loan 30-Nov-19 NA 31-Mar-25 488 CRISIL AA/Negative
NA Term Loan 30-Sep-18 NA 30-Sep-28 460 CRISIL AA/Negative
NA Foreign Currency  Term Loan$ 30-Sep-19 NA 30-Nov-22 672 CRISIL AA/Negative
NA Foreign Currency  Term Loan$ 04-Mar-20 NA 31-Mar-23 700 CRISIL AA/Negative
NA Term Loan 12-Mar-20 NA 31-Mar-25 250 CRISIL AA/Negative
NA Short-term loan 31-Mar-20 NA 31-Mar-21 500 CRISIL A1+
NA Proposed working capital facility NA NA NA 912.93 CRISIL AA/Negative
NA Proposed long-term bank loan facility NA NA NA 983.70 CRISIL AA/Negative
**Fund-based limit completely interchangeable with non-fund-based limit
*Non-fund-based limit of Rs 2,000 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.Crore)
NA Commercial Paper NA NA 7-365 days 10,000
NA Debentures NA NA NA 500
 
Annexure - List of Entities Consolidated
Name of entity  Type of consolidation Rationale for consolidation
Hindustan Zinc Ltd Full consolidation Significant financial & operational linkages
Bharat Aluminium Company Ltd Full consolidation Significant financial & operational linkages
MALCO Energy Ltd Full consolidation Significant financial & operational linkages
Talwandi Sabo Power Ltd Full consolidation Significant financial & operational linkages
Sesa Resources Ltd Full consolidation Significant financial & operational linkages
Sesa Mining Corporation Ltd Full consolidation Significant financial & operational linkages
Sterlite Ports Ltd Full consolidation Significant financial & operational linkages
Maritime Ventures Pvt Ltd Full consolidation Significant financial & operational linkages
Goa Sea Port Pvt Ltd Full consolidation Significant financial & operational linkages
Vizag General Cargo Berth Pvt Ltd Full consolidation Significant financial & operational linkages
Paradip Multi Cargo Berth Pvt Ltd Full consolidation Significant financial & operational linkages
Copper Mines of Tasmania Pty Ltd Full consolidation Significant financial & operational linkages
Thalanga copper mines Pty Ltd Full consolidation Significant financial & operational linkages
Monte Cello B V Full consolidation Significant financial & operational linkages
Bloom Fountain Ltd Full consolidation Significant financial & operational linkages
Twinstar Energy Holding Ltd Full consolidation Significant financial & operational linkages
Twinstar Mauritius Holding Ltd Full consolidation Significant financial & operational linkages
Western Clusters Ltd 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) Ltd Full consolidation Significant financial & operational linkages
Skorpion Mining Company (Proprietary) Ltd Full consolidation Significant financial & operational linkages
Namzinc (Proprietary) Ltd Full consolidation Significant financial & operational linkages
Amica Guesthouse (Proprietary) Ltd 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 Ltd Full consolidation Significant financial & operational linkages
Vedanta Lisheen Mining Ltd Full consolidation Significant financial & operational linkages
Killoran Lisheen Mining Ltd Full consolidation Significant financial & operational linkages
Killoran Lisheen Finance Ltd Full consolidation Significant financial & operational linkages
Lisheen Milling Ltd Full consolidation Significant financial & operational linkages
Vedanta Exploration Ireland Ltd 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 Ltd Full consolidation Significant financial & operational linkages
Cairn Energy Hydrocarbons Ltd Full consolidation Significant financial & operational linkages
Cairn Exploration (No. 2) Ltd Full consolidation Significant financial & operational linkages
Cairn Energy Gujarat Block 1 Ltd Full consolidation Significant financial & operational linkages
Cairn Energy Discovery Ltd Full consolidation Significant financial & operational linkages
Cairn Energy India Pty Ltd Full consolidation Significant financial & operational linkages
CIG Mauritius Holdings Pvt Ltd Full consolidation Significant financial & operational linkages
CIG Mauritius Pvt Ltd Full consolidation Significant financial & operational linkages
Cairn Lanka (Pvt) Ltd Full consolidation Significant financial & operational linkages
Cairn South Africa Proprietary Ltd 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 Ltd Full consolidation Significant financial & operational linkages
Vedanta Star Ltd 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  5000.00  CRISIL A1+  28-05-20  CRISIL A1+  19-02-19  CRISIL A1+  25-10-18  CRISIL A1+  19-12-17  CRISIL A1+  -- 
        03-04-20  CRISIL A1+      31-08-18  CRISIL A1+       
        10-01-20  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  12420.00
17-06-20 
CRISIL AA/Negative  28-05-20  CRISIL AA/Negative  19-02-19  CRISIL AA/Stable  25-10-18  CRISIL AA/Positive  19-12-17  CRISIL AA/Stable  CRISIL AA-/Stable 
        03-04-20  CRISIL AA/Negative      31-08-18  CRISIL AA/Positive  14-12-17  CRISIL AA/Stable   
        10-01-20  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/Negative/ CRISIL A1+  28-05-20  CRISIL AA/Negative/ CRISIL A1+  19-02-19  CRISIL AA/Stable  25-10-18  CRISIL AA/Positive  19-12-17  CRISIL AA/Stable  CRISIL AA-/Stable 
        03-04-20  CRISIL AA/Negative      31-08-18  CRISIL AA/Positive  14-12-17  CRISIL AA/Stable   
        10-01-20  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/Negative/ CRISIL A1+  28-05-20  CRISIL AA/Negative/ 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+ 
        03-04-20  CRISIL AA/Negative/ CRISIL A1+      31-08-18  CRISIL AA/Positive/ CRISIL A1+  14-12-17  CRISIL AA/Stable/ CRISIL A1+   
        10-01-20  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$ 1372 CRISIL AA/Negative Foreign Currency Term Loan$ 1372 CRISIL AA/Negative
Fund-Based Facilities** 5920 CRISIL AA/Negative Fund-Based Facilities** 4920 CRISIL AA/Negative
Non-Fund Based Limit* 19120 CRISIL A1+ Non-Fund Based Limit* 19120 CRISIL A1+
Non-Fund Based Limit## 500 CRISIL AA/Negative Non-Fund Based Limit## 500 CRISIL AA/Negative
Proposed Long Term Bank Loan Facility 983.7 CRISIL AA/Negative Proposed Long Term Bank Loan Facility 983.7 CRISIL AA/Negative
Proposed Working Capital Facility 912.93 CRISIL AA/Negative Proposed Working Capital Facility 1912.93 CRISIL AA/Negative
Short Term Loan 500 CRISIL A1+ Short Term Loan 500 CRISIL A1+
Term Loan 10994 CRISIL AA/Negative Term Loan 10994 CRISIL AA/Negative
Total 40302.63 -- Total 40302.63 --
**Fund-based limit completely interchangeable with non-fund-based limit
*Non-fund-based limit of Rs 2,000 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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