Rating Rationale

January 19, 2015

Mumbai

3M India Limited

Rating Withdrawn

Rs. 1000 Million Non Convertible Debentures

CRISIL AAA/Stable (Withdrawal)

CRISIL has withdrawn its ratings on the Non-convertible Debenture (NCD) programme of 3M India Ltd (3M India) at the company's request; 3M India has not issued NCDs under this programme till date since obtaining ratings from CRISIL.

About the Company

3M India (initially known as Birla 3M Ltd) was incorporated in 1987 as an equal joint venture between the US-based Minnesota Mining and Manufacturing Company (now 3M Co; rated 'AA-/Stable/A-1+' by S&P) and Scinitar Investment and Trading Co Pvt Ltd (promoted by Mr. Ashok Birla). 3M Co increased its equity ownership in Birla 3M Ltd to 76 per cent by purchasing shares from the Birla group. The company's name was changed to the current one in December 2002. In 2007, the Birla group exited from 3M India by selling its equity ownership to foreign institutional investors and others.

3M India is a diversified company engaged in manufacturing of, and trading in, a wide variety of products catering to the industrial, transportation, automotive, construction, engineering, healthcare, traffic and safety, household, and office segments. Its operations are broadly classified under five business segments: industrial; safety and graphics; healthcare; Energy; and consumer. The company has three manufacturing facilities'at Ranjangaon (Pune, Maharashtra), Sanand (near Ahmedabad, Gujarat), and Bengaluru (Karnataka). Some of 3M India's leading brands include Scotch, Post-it, Scotch-Brite, Scotchprint Graphics, Scotchgard, Vikuiti, Command, Littmann, and Nexcare.

3M India reported a net profit of Rs.429.9 million on net sales of Rs. 17.43 billion for 2013-14, as against a net profit of Rs.522.7 million on net sales of Rs.15.74 billion for 2012-13.

Media Contacts	Analytical Contacts	Customer Service Helpdesk
Tanuja Abhinandan Communications and Brand Management CRISIL Limited Phone: +91 22 3342 1818 Email:tanuja.abhinandan@crisil.com Jyoti Parmar Communications and Brand Management CRISIL Limited Phone: +91 22 3342 1835 E-mail: jyoti.parmar@crisil.com	Pawan Agrawal Senior Director - CRISIL Ratings Phone:+91 22 3342 3301 Email: pawan.agrawal@crisil.com Anuj Sethi Director - CRISIL Ratings Phone:+91 44 6656 3100 Email: anuj.sethi@crisil.com	Timings: 10.00 am TO 7.00 pm Toll free Number:1800 267 1301 Email: CRISILratingdesk@crisil.com

Note:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its rationales for consideration or otherwise through any media including websites, portals etc.

Crisil complexity levels are assigned to various types of financial instruments. The crisil complexity levels are available on www.crisil.com/complexity-levels.investors are advised to refer to the crisil complexity levels for instruments that they desire to invest in. Investors may also call the Customer Service Helpdesk with queries on specific instruments.

About CRISIL LIMITED
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

About CRISIL Ratings
CRISIL Ratings is India's leading rating agency. We pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we have a leadership position. We have rated over 75,000 entities, by far the largest number in India. We are a full-service rating agency. We rate the entire range of debt instruments: bank loans, certificates of deposit, commercial paper, non-convertible debentures, bank hybrid capital instruments, asset-backed securities, mortgage-backed securities, perpetual bonds, and partial guarantees. CRISIL sets the standards in every aspect of the credit rating business. We have instituted several innovations in India including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We pioneered a globally unique and affordable rating service for Small and Medium Enterprises (SMEs).This has significantly expanded the market for ratings and is improving SMEs' access to affordable finance. We have an active outreach programme with issuers, investors and regulators to maintain a high level of transparency regarding our rating criteria and to disseminate our analytical insights and knowledge.

CRISIL PRIVACY NOTICE
CRISIL respects your privacy. We 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 and other parts of McGraw Hill Financial you may find of interest.
For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view McGraw Hill Financial's Customer Privacy Policy at http://www.mhfi.com/privacy.
Last updated: August, 2014

Disclaimer:A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 3342 3000.


January 19, 2015	http://www.crisil.com