Ratings CRISIL - Tata Power · Ratings CRISIL AnSB

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Ratings CONFIDENTIAL TECCOMP/209786/BLRJI I1803050 November 06, 2018 lVlr. Soundararajan Kasturi Chief Investor Relation & Treasury The Tata Power Company Limited Corporate Center 'B', 3rd Floor 34 Sant Tukaram Road, Camac Bunder Mumbai - 400009 Dcar Mr. Soundararajan Kastun, Re: Review of CRISIL Ratings on the bank facilities of The Tata Power Company Limited All ratings assigned by CRISIL are kept under continuous surveillance and review. CRISIL An S&P Global Company Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and the rating actions by CRISIL on the ratings as on date. Total Bank Loan Facilities Rated Rs.17305.35 Crore (Enhanced from Rs.I3805.35 Crore) LonQ-Term RatinQ CRISIL AA-/Stable (Reaffirmed) Short-Term Ratin •• CRISIL AI+IReaffirmed\ (Bank-wise details as per Annexure I) As per our Rating Agreement, CRISIL would disseminate the ratings, along with the outlook, through its publications and other media, and keep the ratings, along with the outlook, under surveillance over the life of the instrument/facility. CRISIL reserves the right to withdraw, or revise the ratings, along with the outlook, at any time, on the basis of new information, or unavailability of information, or other circumstances which CRISIL believes may have an impact on the ratings. In the event of the company not availing the proposed facilities within a period of 180 days from the date of this letter, a fresh letter of revalidation from CRISIL will be necessary. Should you require any clarifications, please feci free to get in touch with us. With warm regards, Yours sincerely, Wl4~~ Manish Kumar Gupta Director - CRISIL Ratings :--.......~ ~ ____-. _rJ-:':------:- ~y----~ Nivedita Shihu Associate Director - CRISIL Ratings I" , 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 CRfSIL 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. AJICRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRfSIL is not responsible for any errors and especialfy states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings rating criteria are avaifable without charge to the public on the CRISfL web site. www.crisif.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact Customer Service Hel"'desk at 1800-267-1301. CRISIL limited Corporate Identity Number: L67120MH1987PLC042363 CRISIL House, Central Avenue. Hiranandani Business Park, Powai, Mumbai - 400076, Phone: +91 22 3342 3000 I Fax: +91 2240405800 www.crisll.com

Transcript of Ratings CRISIL - Tata Power · Ratings CRISIL AnSB

Page 1: Ratings CRISIL - Tata Power · Ratings CRISIL AnSB

Ratings

CONFIDENTIALTECCOMP/209786/BLRJI I 1803050November 06, 2018

lVlr.Soundararajan KasturiChief Investor Relation & TreasuryThe Tata Power Company LimitedCorporate Center 'B', 3rd Floor34 Sant Tukaram Road,Camac BunderMumbai - 400009

Dcar Mr. Soundararajan Kastun,

Re: Review of CRISIL Ratings on the bank facilities of The Tata Power Company Limited

All ratings assigned by CRISIL are kept under continuous surveillance and review.

CRISILAn S&P Global Company

Please find in the table below the ratings outstanding for the debt instruments/facilities of the company, and therating actions by CRISIL on the ratings as on date.

Total Bank Loan Facilities Rated Rs.17305.35 Crore (Enhanced from Rs.I3805.35 Crore)LonQ-Term RatinQ CRISIL AA-/Stable (Reaffirmed)Short-Term Ratin •• CRISIL AI+IReaffirmed\

(Bank-wise details as per Annexure I)

As per our Rating Agreement, CRISIL would disseminate the ratings, along with the outlook, through itspublications and other media, and keep the ratings, along with the outlook, under surveillance over the life ofthe instrument/facility. CRISIL reserves the right to withdraw, or revise the ratings, along with the outlook, atany time, on the basis of new information, or unavailability of information, or other circumstances whichCRISIL believes may have an impact on the ratings.

In the event of the company not availing the proposed facilities within a period of 180 days from the date of thisletter, a fresh letter of revalidation from CRISIL will be necessary.

Should you require any clarifications, please feci free to get in touch with us.

With warm regards,

Yours sincerely,

Wl4~~Manish Kumar GuptaDirector - CRISIL Ratings

:--.......~ ~____-. _rJ-:':------:-~y----~Nivedita ShihuAssociate Director - CRISIL Ratings

I" ,

A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRISIL CRISIL ratings are based on information provided by the issuer or obtainedby CRfSIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which therating is based. A CRISIL rating is not a recommendation to buy. sell, or hold the rated instrument; it does not comment on the marketprice or suitability for a particular investor. AJI CRISIL ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRfSIL is not responsible for any errors and especialfy states that it has no financial liability whatsoever to the subscribers /users / transmitters / distributors of this product. CRISIL Ratings rating criteria are avaifable without charge to the public on the CRISfLweb site. www.crisif.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact CustomerService Hel"'desk at 1800-267-1301.

CRISIL limitedCorporate Identity Number: L67120MH1987PLC042363

CRISIL House, Central Avenue. Hiranandani Business Park, Powai, Mumbai - 400076, Phone: +91 22 3342 3000 I Fax: +91 2240405800www.crisll.com

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Annexure 1 - Bank-wise details of various facility classes (outstanding facilities)

CRISILAn S&P Global Company

S.No. Bank Facility BankAmount (Rs. in OutstandingCrore) Ralin"

1 Cash Credit & Working Kotak Mahindra Bank Limited 201.0 CRISIL AA-Canital demand loan IStable

2 Cash Credit & Working Bank of America N.A. 500.0CRISIL AA-

Canita! demand loan IStable

3Cash Credit & Working Standard Chartered Bank 30.0

CRISIL AA-Canital demand loan IStable

4 Cash Credit & Working10131Bank Limited 200.0 CRISIL AA-

Canital demand loan IStable

5Cash Credit & Working

ICICI Bank Limited 400.0 CRISIL AA-Canilal demand loan IStable

6 Cash Credit & Working HDFC Bank Limited 600.0 CRISIL AA-Canital demand loan IStable

7Cash Credit & Working

Citibank N. A. 25.0 CRISIL AA-Can itaI demand loan IStable

8 Letter of credit & BankICICI Bank Limited 1500.0 CRISIL AI+Guarantee

9 Letter of credit & BankDBS Bank Limited 190.0 CRISIL AI+Guarantee

10 Letter of credit & BanklOBI Bank Limited 300.0 CRISIL AI+Guarantee

I ILetter of credit & Bank

Kotak Mahindra Bank Limited 50.0 CRISIL AI+Guarantee

12 Letter of credit & BankInduslnd Bank Limited 490.0 CRISIL AI+Guarantee

13Letter of crcdit & Bank

IOFC Bank Limited 500.0 CRISIL AI+Guarantee

14 Letter of credit & BankAxis Bank Limited 200.0 CRISIL AI+Guarantee

15 Letter of credit & BankSlate Bank of India 1330.0 CRISIL AI+Guarantee

16 Proposed Cash CreditProposed 9.59 CRISIL AA-

Limit IStable

17 Proposed Long Term BankProposed 2245.0 CRISIL AA-

Loan F"cilitv ISt"ble

18 Rupee lcnn Loan Axis B"nk Limited 1000.0 CRISIL AA-IStable

19 Rupee lcnn Loan HDFC Bank Limited 300.0 CRISIL AA-IStable

20 Rupee Teml Loan ICiCI Bank Limited 750.0 CRISIL AA-IStable

21 Rupee Teml Loan IOFC Bank Limited 1172.95 CRISIL AA-IStable

22 Rupee Term Loan Indian Renewable Energy17.61 CRISIL AA-

Develonment Aeencv Limited ISt"ble

23 Teml Loan Asian Development Bank 38.01 CRISIL AA-IStable

A CRfSIL rating reflects CRJSIL '5 current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRfSIL. CRfSIL ratings afe based on information provided by the issuer or obtainedby CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which therating is based. A CRISIL rating is not a recommendation to buy. sell. or hold the rated instrument: it does not comment on the marketprice or suitability for a particular investor. All CRISIL ratings are under surveiflance. Ratings are revised as and when circumstances sowarrant. CRISfL 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. CRISfL Ratings rating criteria are available without charge to the public on the CRISfLweb site. www.crisi/.com. For the latest rating information on any instrument of any company rated by CRISIL. please contact CustomerService Hefndesk at 1800-267-1301.

CRISIL limitedCorporate Identity Number: L67120MH1987PLC042363

CRfSll House, Central Avenue. Hiranandani Business Park, Powai. Mumbai - 400076. Phone: +912233423000 I Fax: +91 2240405800www.crisil.com

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Ratings CRISILAnSB<PGlobal Company

24 Term Loan State Bank of India 2000.0CRISIL AA-1St able

25 Term Loan HDFC Bank Limited 1211.25CRISIL AA-IStable

26 Tenn Loan ICICI Bank Limited 885.0CRISIL AA-IStable

27 Term Loan Kotak Mahindra Bank Limited 1050.94 CRISIL AA-1St able

28 Term Loan Technology Development Board 109.0CRISIL AA-IStable

Total 17305.359. Fully Interchangeable with Letter of Credit. Buyers Credit, Short term loan, Purchase invoice Discounting,Overdraft maximum upfo Rs. 50 Currency Resident loan, Short Tertll Derivatives/ Foreign lines

A GRISfL rating reflects CRIS/L's current opinion on the likelihood ofUmely payment aftha obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on informalion provided by the issuer or obtainedby GRJSIL from sources it considers refiable. CRISIL does not guarantee the completeness or accuracy of the information on which therating is based. A CRISJL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the marketprice or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRfSIL 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. CRISfL Ratings rating criteria are available without charge to the public on the CRIS/Lweb site, www.crisif.com. For the latest rating information on any instrument of any company rated by CRISfL. please contact CustomerService He/odesk at 1800.267-1301.

CRISILlimitedCorporate Identity Number: L67120MH1987PLC042363

CRIStL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +912233423000 I Fax: +91 2240405800www.crisil.com

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TECCOMPI209786/NCD/I I 1803048November 06, 2018

Mr. Soundararajan KasturiChief Investor Relation & TreasuryThe Tata Power Company LimitedCorporate Center 'B', 3rd Floor34 Sant Tukaram Road,Camac BunderMumbai - 400009

Dear Mr. Soundararajan Kasturi,

CONFIDENTIAL

CRISILAnS&P Global Company

Re: Review of CRISIL Rating on the RS.1564 Crore Non Convertible Debentures of The Tata PowerCompany Limited

All ratings assigned by CRISIL are kept under continuous surveillance and review.

CRISIL has, after due consideration, reaffirmed its "CRISIL AA-/Stable" (pronounced as CRISIL double Aminus rating with Stable outlook) rating on the captioned debt instrument. Instruments with this rating arcconsidered to have high degree of safety regarding timely servicing of financial obligations. Such instrumentscarry very low credit risk.

In the event of your company not making the issue within a period of 180 days from the above date, or in theevent of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISILwill be necessary.

As per our Rating Agreement, CRISIL would disseminate the rating along with outlook through its publicationsand other media, and keep the rating along with outlook under surveillance for the life of the instrument.CRISIL reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, onthe basis of new information, or unavailability of information or other circumstances, which CRISIL believes,may have an impact on the rating.

As per the latest SEBI circular (reference number: CIRJIMD/DF/l7/20 13; dated October 22, 2013) oncentralized database for corporate bonds/debentures, you are required to provide international securitiesidentification number (ISIN; along with the reference number and the date of the rating letter) of allbond/debenture issuances made against this rating letter to us. The circular also requires you to share thisinformation with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessaryand relevant information at [email protected]. This will enable CRISIL to verify and confirm to thedepositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free tocontact us for any clarifications you may have at [email protected]

Should you require any clarifications, please feel free to get in touch with us.

With warm regards,

Yours sincerely,

Manish Kumar GuptaDirector - CRISIL Ratings

-~~-~"'0~~ -

Nivedita ShibuAssociate Director - CRISIL Ratings

~,'~CRIS.1,

J' •

A CRISIL rating reflects CR/SIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not consUtute an audit of the rated entity by CRJSIL. CRJSIL ratings are based on information provided by the issuer or obtainedby CRISIL from sources it considers reliable. CRISJL does not guarantee the completeness or accuracy of the information on which therating is based. A CRISfL rating is not a recommendation to buy. sell, or hold the rated instrument; it does not comment on the marketprice or suitability for a panicular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRISfL is not responsible for any errors and especially states that it has no financial/iability whatsoever to the subscribers /users / transmitters / distributors of this product. CRISIL Rat!nUSrnti..'lihifM'"ia are available without charge to the public on the CRISILweb s;le. www.crisH.com.ForlhefaleslrEUn.Q)nformaUOntoo.an"b;nslrUl11eobnf.aoJl.llJmeanHated by CRfS/L. pfease contact CustomerService He/odes/< at 1800-267-1301. l;orporate ldentl y Numl er. Lolli IV1HHlB/PL UL(Z;jO;j

CRISIL House, Centra! Avenue, Hiranandani Business Park, Powai. Mumbai - 400076. Phone: +91 2233423000 I Fax: +91 2240405800www.crisil.com

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Ratings

TECCOMP/209786IPNCD/I I 1803043November 06, 2018

1\lr. Soundararajall KasturiChief Investor Relation & TreasuryThe Tala Power Company LimitedCorporate Center 'B', 3rd Floor34 Sant Tukaram Road,Carnac BunderMumbai - 400009

Dear Mr. Soundaramjan Kasturi,

CONFIDENTIAL

CRISILAn S&P Global Company

Re: Review of CRISIL Rating on the Rs.I500 Crore Perpelual Non Convertible Debenlures of The TalaPower Company Limited

All ratings assigned by CRISIL are kept under continuous surveillance and review.

CRISIL has, afler due consideration. reaffirmed its "CRISIL AA-/Slable" (pronounced as CRISIL double Aminus rating with Stable outlook) rating on the captioned debt instrument. Instruments with this rating areconsidered to have high degree of safety regarding timely servicing of financial obligations. Such instrumentscarry very low credit risk.

In the event of your company not making the issue within a period of 180 days from Ihe above date, or in theevent of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISILwill be necessary.

As per our Rating Agreement, CRISIL would disseminate the rating along with outlook through its publicationsand other media, and keep the rating along with outlook under surveillance for the life of the instrument.CRISIL reserves the right to withdraw or revise the ratings assigned to the captioned instrument at any time, on"the basis of new information, or unavailability of infonnation or other circumstances, which CRISIL believes,may have an impact on thc rating.

As per the latest SEBI circular (reference number: CIRlIMD/DF/I 7/20 13; dated October 22, 2013) oncentralized databasc for corporatc bomls/debentures, you are required to provide international securitiesidentification number (ISIN; along with the reference number and the date of the rating letter) of allbond/debenture issuances made against this rating lettcr to us. The circular also requires you to share thisinformation with us within 2 days aner the allotment of the ISIN. We request you to mail us all the necessaryand relevant information at [email protected]. This will enable CRISIL to verify and confirm to thedepositories, including NSDL and CDSL. the ISIN details of debt rated by us. as required by SEBI. Feel free tocontact us for any clarifications you may have at [email protected]

Should you require any clarifications, please feci free to get in touch with us.

With warm regards,

Yours sincerely,

Manish Kumar GuptaDirector - CRISIL Ratings

-~~~-":,~ .•...~-Nivedita ShibuAssociate Director - CRISIL Ratings

A CRISIL raring reffects CRISfL's current opinion on the likelihood of timefy payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRfSIL. CRJSIL ratings are based on information provided by the issuer or obtainedby CRfSfL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which therating is based. A CRISIL rating is not a recommendation to buy. sell, or hold the rated instrument; it does not comment on the marketprice or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRISfL 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. CRJSIL Rat!:nmm:~.ti!Wr1itkia are available without charge to the public on the CRISILweb site. www.crisiJ.com.ForthetatestcaU ••qinlormaUonon anv jn~uument nl 8fll<

scomoaQUalBd by CRISIL. please contact Customer

Service Hefpdesk at 1800.267-1301. t.:orporale Identity Numoer. l.bI120~HHf! II-'LGU4ZJb:f

CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 2233423000 I Fax: +91 2240405800www.crisil.com

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Ratings

TECCOMP/209786/SNCD/l I 1803039November 06, 2018

Mr. Soundararajan KasturiChief Investor Relation & TreasuryThe Tata Power Company LimitedCorporJte Center 'B', 3rd Floor34 Sant Tukaram Road,Carnac BunderMumbai - 400009

Dear Mr. Soundararajan Kasturi,

CONFIDENTIAL

CRISILAnS&P Global Company

Re: Review of CRISIL Rating on the RS.1500 Crore Subordinated Non-Convertible Debentures of TheTata Power Company Limited

All ratings assigned by CRISIL are kept under continuous surveillance and review.

CRISIL has, after due consideration, reaffirmed its "CRISIL AA-/Stable" (pronounced as CRISIL double Aminus rating with Stable outlook) rating on the captioned debt instrument. Instruments with this rating areconsidered to have high degree of safety regarding timely servicing of financial obligations. Such instrumentscarry very low credit risk.

In the event of your company not making the issue within a period of 180 days from the above date, or in theevent of any change in the size or structure of your proposed issue, a fresh letter of revalidation from CRISILwill be necessary.

As per our Rating Agreement, CRISIL would disseminate the rating along with outlook through its publicationsand other media, and keep the rating along with outlook under surveillance for the life of the instrument.CRISIL reserves the right to withdrJw or revise the ratings assigned to the captioned instrument at any time, onthe basis of new infonnation, or unavailability of infonnation or other circumstances, which CRISIL believes,may have an impact on the rating.

As per the latest SEBI circular (reference number: CIRJIMD/DF/17/2013; dated October 22, 2013) oncentralized database for corporate bonds/debentures, you arc required to provide international securitiesidentification number (ISIN; along with the reference number and the date of the rating letter) of allbond/debenture issuances made against this rating letter to us. The circular also requires you to share thisinformation with us within 2 days after the allotment of the ISIN. We request you to mail us all the necessaryand relevant information at [email protected]. This will enable CRISIL to verify and confinn to thedepositories, including NSDL and CDSL, the ISIN details of debt rated by us, as required by SEBI. Feel free tocontact us for any clarifications you may have at [email protected]

Should you require any clarifications, please feci free to get in touch with us.

With warm regards,

Yours sincerely,

Manish Kumar GuptaDirector - CRISIL Ratings

~"""::;;:t- !..:,,}=",-e--:!':.

-~~-~~~~.Nivedita ShibuAssociate Director - CRISIL Ratings

A CRI$JL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRISIL. CRfSIL ratings are based on information provided by the issuer or obtainedby CRIS/L from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which therating is based. A CRISIL rating is not a recommendation to buy. sell, or ho'd the rated instrument; it does not comment on the marketprice or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRISIL is not responsible for any errors and especiaJly states that it has no financial liability whatsoever to the subscribers /users / transmitters / distributors of this product. CRISIL Ratwlsf€.ttli'rlitMr"ia are available without charge to the public on the CRISILweb site. www.crisil.com.Forlhelatestwtin.qinformatioooo.an"bin~trUlDeobof.anY.cDlflaanuated by CRISIL. please contact CuslomerService Helodesk at 1800.267-1301. t.;orporate loentlty Numl er. Lb/H MH19l::1I1-'Ll,,;UL(L;;l63

CRISIL House, Centra! Avenue. Hiranandani Business Park, Powai, Mumbai. 400076. Phone: +91 2233423000 I Fax: +91 2240405800www.crisll.com

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TECCOMP/209786/CP/I I 1803049November 06, 2018

Mr. Soundararajan KasturiChief Investor Relation & TreasuryThe Tata Pm'rer Company LimitedCorporate Center 'B', 3rd Floor34 Sant Tukaram Road,Camne BunderMumbai - 400009

Dear Mr. Soundararajan Kasturi,

CONFII>ENTIAL

CRISILAn S&P Global Company

Re: Review of CRISIL Rating on the RS.7000 Crore Commercial Paper of The Tata Power CompanyLimited

All ratings assigned by CRlSIL are kept under continuous surveillance and review.

CRISIL has, after due consideration, reaffirmed its "CRISIL AI+" (pronounced as CRISIL A one plus rating)rating on the captioned debt instrument. Instruments with this rating arc considered to have very strong degreeof safety regarding timely payment of financial obligations. Such instruments carry lowest credit risk.

For the purpose of issuance of the commercial paper programme, this letter is valid for 60 calendar days fromthe date of the Jetter. In the event of your company not placing the above instrument within this period, or in theevent of any change in the size/structure afyour proposed issue, the rating shall have to be reviewed and a letterof revalidation shall have to be issued to you. Once the instrument is issued, the above rating is valid (unlessrevised) throughout the life of the commercial paper programme with a maximum maturity of one year.

As per our Rating Agreement, CRISIL would disseminate the rating through its publications and olher media,and keep the rating under surveillance for the life of the instrument. CRISIL reserves the right to withdmw orrevise the ratings assigned to the captioned programme at any time, on the basis of new infonnation, orunavailability of information or other circumstances, which CRISIL believes, may have an impact on the rating.

Should you require any clarifications, please feel free to get in touch with us.

With warm regards,

Yours sincerely,

• ",' :.. ;>

Manish Kumar GuptaDirector - CRISIL Ratings

Nivedita ShibuAssociate Director - CRISIL Ratings

A CRISfL rating reflects CRfSIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument anddoes not constitute an audit of the rated entity by CRIS/L. CRIS/L ratings are based on information provided by the issuer or obtainedby CRISIL from sources it considers refiable. CRISIL does not guarantee the completeness or accuracy of the information on which therating is based. A CRfSIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the marketprice or suitability for a particular investor. All CRIS/L ratings are under surveillance. Ratings are revised as and when circumstances sowarrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers Iusers / transmitters / distributors of this product. CRIS/L Ratings raring criteria are available without charge to the public on the CRIS/Lweb site, www.crisiuom. For the fatest rating information on any instrument of any company rated by CRfS/L. please contact CustomerService HelDdesk at 1800-267-1301.

CRISILlimitedCorporate Identity Number: L67120MH19B7PLC042363

CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 2233423000 I Fax: +91 2240405800www.crisil.com