Rating Rationale
- MANEESH M B
- Jan 13, 2023
- 18 min read
January 12, 2023 | Mumbai
Tata Motors Limited
Ratings Reaffirmed
Rating Action
Total Bank Loan Facilities Rated Rs.12500 Crore (Reduced from Rs.14000 Crore)
Long Term Rating CRISIL AA-/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL AA-/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL AA-/Stable (Reaffirmed)
Rs.2000 Crore Non Convertible Debentures CRISIL AA-/Stable (Reaffirmed)
Rs.1000 Crore Short Term Debt CRISIL A1+ (Reaffirmed)
Rs.6000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities
Detailed Rationale
CRISIL Ratings has reaffirmed its ‘CRISIL AA-/Stable/CRISIL A1+’ ratings on the bank facilities and debt instruments Tata Motors Limited (TML). CRISIL Ratings has withdrawn its rating on Rs.1500 crore proposed bank loan facilities at the company’s request. This is in line with CRISIL Ratings’ policy on withdrawal of bank loan ratings.
The ratings continue to reflect the strong legacy of Jaguar Land Rover (JLR) in the global luxury automotive (auto) market, robust market position of TML in the domestic commercial vehicle (CV) segment, improving position in the passenger vehicle (PV) segment, and strong financial support from the Tata group and specifically, Tata Sons, given its strategic importance, thereby lending substantial financial flexibility. These strengths are partially offset by intense competition in the global luxury auto sector and inherent cyclicality in the domestic CV and PV businesses.
For the first half of fiscal 2023, the wholesale volume (excluding China JV) of JLR remained intact on-year, but below earlier expectations. First quarter of fiscal 2023 volume contracted steeply by 15% against the same period of the previous fiscal owing to higher-than-expected semiconductor shortages and slower than expected transition of production capacity towards newer launches. The volumes picked up in the second quarter with a healthy demand for the Range Rover series, ramp up of production and allocation of chips to higher margin products. Overall, JLR’s volume growth are expected to remain muted at 5-10% on-year in fiscal 2023 against the earlier expectations of much stronger volume growth on account of challenges attributable to supply of semiconductors. The demand for its products, however, remains strong and is evidenced by a growing order book that stands at 2,15,000 as on 31 December 2022
Performance remained strong on the domestic front, with overall volumes up by 66% on-year driven by low base, continued strong performance in PV segment and cyclical recovery in the CV segment; although steep commodity input price increases have limited margin expansion. As commodity prices have started to moderate, the benefit of the same is expected to reflect in improved margins in the second half of the year.
During fiscal 2022, the company hived off the PV unit into a separate subsidiary, Tata Motors Passenger Vehicles Ltd, after receipt of approval from the National Company Law Tribunal. Furthermore, the passenger electric mobility business was hived off into a separate subsidiary, Tata Passenger Electric Mobility Ltd (TPEML). TML has secured investment of USD 1 billion from TPG Rise Climate in TPEML at an enterprise valuation of up to USD 9.1 billion. The funds will be utilised towards product, platform, design and infrastructure creation. Further, TPEML has acquired Ford India Pvt Ltd’s manufacturing plant in Sanand, Gujarat for a consideration of Rs. 725 crore which will increase its overall capacity by 300,000 units per annum, scalable to 400,000 units per annum.
Overall, consolidated EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin is expected to remain stable in fiscal 2023 against fiscal 2022 as the impact of lower JLR volumes and commodity inflation, is offset by favourable product mix, healthy domestic volumes and continued cost control. Free cash flow (FCF) post meeting capital expenditure (capex) is expected to breakeven in fiscal 2023. As per CRISIL Ratings’ estimates, adjusted net debt to EBITDA is expected to remain around 2 times in fiscal 2023 against 2.7 times for fiscal 2022.
Demand for JLR vehicles remains strong with retail order book of over 2.15 lakh units and inventory at a record low. Domestic CV and PV should continue to post healthy growth. Improved operating leverage, better product mix and easing commodity inflation may lead to improvement in consolidated EBITDA margin over the medium term and consequently, moderate the adjusted net debt to EBITDA to below 2 times. Semiconductor supply, though improving, remains a key risk and monitorable.
The company had announced its commitment to achieve near net auto debt zero by fiscal 2024 through better operating leverage driven by improved volumes and higher margin led FCF at JLR and supported by funds raised for growth or for strategic divestments. While achieving this may be challenging, CRISIL Ratings expects debt to reduce progressively with higher free cash flow generation. At JLR, the company plans to optimise platform architectures and lower capex intensity (~GBP 2.5 billion per annum on a sustainable basis). However, high competitive intensity and risks related to technology and regulations and the company’s progress against the same would remain closely monitored.
Analytical Approach
CRISIL Ratings has combined the business risk profiles of TML and its subsidiaries (included in Annexure - list of entities consolidated), including JLR and its joint venture, Chery Jaguar Land Rover Automotive Co Ltd (CJLR), in proportion to its shareholding. CRISIL Ratings has applied its group notch-up framework to factor in the extent of support available from the Tata group.
With regard to Tata Motors Finance Ltd (TMFL; ‘CRISIL AA-/CRISIL A/Stable/CRISIL A1+’), which is a captive finance subsidiary, CRISIL Ratings has used the capital allocation approach wherein the capital required for maintaining the credit risk profile is factored. To arrive at the adjusted net debt, CRISIL Ratings reduced the surplus cash of TML and debt of TMFL from the consolidated debt of TML and has also added acceptances to the debt. Surplus cash is defined as cash & equivalents exceeding Rs 15,000 crore, which may be required for daily operations of JLR and domestic business.
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:
Strong legacy in the global luxury auto segment
Jaguar and Land Rover are iconic brands with a rich heritage in the premium luxury segment. JLR’s product-development capabilities enabled successful launches and expansion into new segments, thus enhancing its product portfolio. New product launches in Land Rover segment such as Defender and refreshed version of Range Rover and Range Rover Sport have gained good traction with the Land Rover brand contributing around 80% to the overall sales of JLR in the first half of fiscal 2023. While Jaguar has been a drag on profitability, the company is looking to modernise the brand, scale-down loss-making sedans and make it all-electric from 2025. With frequent refreshes and new product launches in the Land Rover segment, TML will continue to maintain its niche position in the global auto market.
Dominant market position in domestic CV segment and improving market position in domestic PV
TML is the dominant player in the domestic CV segment, with a company-reported market share of ~55% in the medium & heavy CVs (MHCVs), ~49% in intermediate light CVs (ILCV), ~39% in small CVs (SCV) and ~39% in buses in fiscal 2022. Although TML’s overall market share particularly in SCVs and buses declined over the years, it is likely to stabilise with the management’s focus on improving product portfolio and further enhancing distribution reach. Its strong distribution presence along with service touchpoints provides it with a competitive edge. Its captive finance subsidiary arm -- TMFL -- also aids its strong market position. For the first half of fiscal 2023, CV volume grew by over 45% on-year, driven by healthy demand and new product launches.
On the PV front, the company has seen significant turnaround in operations, led by new product launches, product re-engineering and footprint expansion leading to increased reliability and acceptance amongst customers. As of September 2022, market share grew to ~14% from a meagre 4.2% in fiscal 2020; which led to EBITDA margin rising to 5.7% for the first half of fiscal 2023 from a negative -9.4% in fiscal 2020, despite high commodity prices. Medium-term outlook remains favourable with healthy growth in volumes, which will help improve margin to expand further.
Strong financial support from the Tata group
TML is one of the flagship companies of the Tata group. The group chairman, Mr N Chandrasekaran, also chairs its board along with JLR. Given its strategic importance, it derives strong financial support from the Tata group through its holding company, Tata Sons Ltd. This is reflected in several instances of support over the years, including the Rs 6,500 crore infusion in fiscals 2020 and 2021, which also increased the promoter stake to 45.82% in January 2021 from 38.37% in March 2019. Being a part of the Tata group, the company derives significant financial flexibility and access to low-cost funds from banks and capital markets.
Weaknesses:
Exposure to intense competition in the global luxury car segment and large working capital requirement
JLR is exposed to stiff competition from bigger and established brands such as BMW, Daimler and Volkswagen. With its niche presence in premium SUVs (sport utility vehicles), JLR has relatively low market share in the world luxury car segment. Due to these factors, profitability is weak as compared with peers. Moreover, the auto business requires large capex, with successive product launches and investment in technology. The global auto industry is rapidly evolving with higher regulatory focus on emission norms and transition to electric vehicles. Further, consumer preference is shifting towards new technologies such as connected cars and autonomous driving. This will require substantial investment in new technologies, regulatory compliance and electrification drive. Led by rejigging of architecture and platforms, the company has rationalised the yearly capital investments requirement to around GBP 2.5 billion over the medium term.
Susceptibility to inherent cyclicality in the domestic CV and PV business
The domestic CV business is inherently cyclical, with strong linkage to economic activity. Multiple events such as the increased axle load norms, the Covid-19 pandemic and transition to BS-VI led to a sharp decline in the industry volumes for fiscals 2020 and 2021, reaching a decadal low. Increased infra outlay will support demand for M&HCVs and ILCVs from key end-user sectors such as steel, cement, construction and increased penetration of e-commerce activities will create demand for SCVs. Nevertheless, volumes are still expected to trail the levels seen in fiscal 2018/19. Further, the company is looking to mitigate the cyclicality through increasing the share of exports, scaling up the used vehicle business as well as increase spare and services penetration.
The PV also remains exposed to economic activity. Although the company has gained healthy market share in the past 2 years, it remains susceptible to competition from bigger players and the macro environment.
Liquidity: Strong
As per CRISIL estimates, annual cash accrual is projected at Rs 20,000-25,000 crore over the medium term, adequate to meet yearly debt repayment of Rs 16,000-20,000 crore. As of September 2022, consolidated cash and equivalents stood at around Rs 50,000 crore besides undrawn bank lines of about Rs 20,000 crore. Further, fund-based bank lines remain moderately utilised. Capex including research & development expenses is expected at around 25,000-30,000 crore each for fiscals 2023 and 2024 and is expected to be funded through internal accrual, cash balance and external debt. Additionally, liquidity remains supported by strong financial flexibility, being a part of the Tata group.
ESG Profile
CRISIL Ratings believes that TML’s Environment, Social, and Governance (ESG) profile supports its credit risk profile.
The auto sector has a significant impact on the environment because of the high greenhouse gas (GHG) emissions of its core operations as well as products. The sector also has a significant social impact because of its large workforce across its own operations and value chain partners and focus on innovation and product development. TML has continuously focused on mitigating its environmental and social risks.
TML’s key ESG highlights:
JLR aims to achieve net zero carbon emissions target across supply chain, products and operations by 2039. Additionally, it aims to achieve Zero Tailpipe Emissions Target by 2036.
TML has also committed to SBTi targets for CV and PV and aims to achieve net zero by 2045 and 2040 respectively
TML has pledged to RE100 - a collaborative, global initiative of influential businesses committed to 100% renewable electricity, and is working to increase the amount of renewable energy generated in-house and procured from off-site sources.
TML’s loss time injury frequency rate (LTIFR) for domestic operations decreased to 0.23 in fiscal 2022 from 0.26 in fiscal 2021. It has remained below 0.10 in past, in line with peers. For JLR, it stood at 0.02 in fiscal 2022.
TML’s governance profile is marked by half of its board comprising independent directors with none of them having tenure exceeding ten years, split in chairman and CEO position, dedicated investor grievance redressal and extensive disclosures.
There is growing importance of ESG among investors and lenders. TML’s commitment to ESG principles will play a key role in enhancing stakeholder confidence, given its high share of market borrowings in its overall debt and access to both domestic and foreign capital markets.
Outlook: Stable
TML should continue to benefit from its steady volume growth, improved mix and cost-control measures. Further, moderate capex should support a stable credit risk profile
Rating Sensitivity Factors
Upward Factors
Improvement in the business risk profile of JLR, leading to sustained higher return on capital employed
Significant and sustained improvement in the financial risk profile, with net debt to EBITDA sustaining below 1.5 times
Downward Factors
Weakening of financial risk profile, with net debt to EBITDA sustaining over 3 times
Lower strategic importance of TML to the Tata group
About the Company
TML is a wholly integrated auto company, manufacturing passenger cars, sports-utility vehicles, and CVs. In June 2008, it acquired JLR, which specialises in manufacturing premium cars, and Land Rover, that specializes in premium sports utility vehicles. The PV unit was hived off into a separate subsidiary effective January 2022 and the passenger electric mobility business is housed in a separate subsidiary, TPEML.
Key Financial Indicators (Consolidated - adjusted by CRISIL Ratings)*
Particulars
Unit
2022
2021
Revenue
Rs crore
275836
246295
Profit After Tax (PAT)
Rs crore
-10598
-12841
PAT Margin
%
-3.84
-5.21
Interest coverage
Times
4.39
7.05
Total debt/tangible networth
Times
1.38
1.22
*excluding CJLR
Any other information: Not applicable
Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.
CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.
For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN
Name of instruments
Date of allotment
Coupon rate (%)
Maturity date
Issue size
(Rs.Crore)
Complexity level
Rating assigned
with outlook
INE155A08381
Non-convertible debentures
15-Nov-19
9.27%
30-June-23
200
Simple
CRISIL AA-/Stable
INE155A08373
Non-convertible debentures
15-Nov-19
9.31%
29-Sept-23
200
Simple
CRISIL AA-/Stable
INE155A08399
Non-convertible debentures
15-Nov-19
9.54%
28-June-24
100
Simple
CRISIL AA-/Stable
INE155A08407
Non-convertible debentures
26-Feb-20
8.50%
30-Dec-26
250
Simple
CRISIL AA-/Stable
INE155A08415
Non-convertible debentures
26-Feb-20
8.50%
29-Jan-27
250
Simple
CRISIL AA-/Stable
INE155A07284
Non-convertible debentures
26-May-20
8.80%
26-May-23
1,000
Simple
CRISIL AA-/Stable
INE155A08423
Non-convertible debentures
16-June-21
6.60%
29-May-26
500
Simple
CRISIL AA-/Stable
INE155A08431
Non-convertible debentures
22-July-21
6.95%
31-Mar-26
500
Simple
CRISIL AA-/Stable
NA
Commercial paper
NA
NA
7-365 days
6,000
Simple
CRISIL A1+
NA
Short term debt
NA
NA
7-365 days
1,000
Simple
CRISIL A1+
NA
Fund-based facilities*
NA
NA
NA
4,000
NA
CRISIL AA-/Stable
NA
Non-Fund Based Limit
NA
NA
NA
4,500
NA
CRISIL A1+
NA
Long-term loan
NA
NA
Jun-26
725
NA
CRISIL AA-/Stable
NA
Long-term loan
NA
NA
Nov-26
475
NA
CRISIL AA-/Stable
NA
Proposed Long Term Bank Loan Facility
NA
NA
NA
2,800
NA
CRISIL AA-/Stable
NA
Proposed Long Term Bank Loan Facility
NA
NA
NA
1500
NA
Withdrawn
*Fund based facility of State bank of India is interchangeable with non-fund based facility.
Annexure - List of Entities Consolidated^
Name of the entities consolidated
Extent of consolidation
Rationale for consolidation
TML Business Services Limited India
Full
Strong financial and business linkages
Tata Motors Insurance Broking and Advisory Services Limited India
Tata Technologies Limited India
Tata Marcopolo Motors Limited India
TML Holdings Pte. Limited Singapore
TML Distribution Company Limited (merged with TML Business Services
Tata Hispano Motors Carrocera S.A. Spain
Tata Hispano Motors Carrocerries Maghreb SA Morocco
Tata Precision Industries Pte. Limited Singapore
Brabo Robotics and Automation Limited India
JT Special Vehicles Pvt. Limited India
TML CV Mobility Solutions Limited India
Tata Passenger Electric Mobility Limited India
Tata Motors Passenger Vehicles Limited
Business Analytics Services Limited
Tata Motors European Technical Centre PLC UK
Trilix S.r.l. Italy
Tata Daewoo Commercial Vehicle Company Limited South Korea
Tata Daewoo Commercial Vehicle Sales and Distribution Company Limited South Korea
Tata Motors (Thailand) Limited Thailand
Tata Motors (SA) (Proprietary) Limited South Africa
PT Tata Motors Indonesia Indonesia
Tata Technologies (Thailand) Limited Thailand
Tata Technologies Pte Limited Singapore
INCAT International Plc. UK
Tata Technologies Europe Limited UK
Tata Technologies Nordics AB UK
Tata Technologies GmbH Germany
Tata Technologies Inc. (Formerly known as INCAT GmbH) USA
Tata Technologies de Mexico, S.A. de C.V. Mexico
Cambric Limited USA
Tata Technologies SRL Romania Romania
Tata Manufacturing Technologies (Shanghai) Limited China
Jaguar Land Rover Automotive Plc UK
Jaguar Land Rover Limited UK
Jaguar Land Rover Austria GmbH Austria
Jaguar Land Rover Belux NV Belgium
Jaguar Land Rover Japan Limited Japan
Jaguar Cars South Africa (Pty) Limited South Africa
JLR Nominee Company Limited UK
The Daimler Motor Company Limited UK
Daimler Transport Vehicles Limited UK
S.S. Cars Limited
The Lanchester Motor Company Limited UK
Jaguar Land Rover Deutschland GmbH Germany
Jaguar Land Rover Classic Deutschland GmbH Germany
Jaguar Land Rover Holdings Limited UK
Jaguar Land Rover North America LLC USA
Land Rover Ireland Limited Ireland
Jaguar Land Rover Nederland BV Netherlands
Jaguar Land Rover Portugal - Veiculos e Pecas, Lda. Portugal
Jaguar Land Rover Australia Pty Limited Australia
Jaguar Land Rover Italia Spa Italy
Jaguar Land Rover Espana SL Spain
Jaguar Land Rover Korea Company Limited South Korea
Jaguar Land Rover (China) Investment Co. Limited China
Jaguar Land Rover Canada ULC Canada
Jaguar Land Rover France, SAS France
Jaguar Land Rover (South Africa) (pty) Limited South Africa
Jaguar e Land Rover Brasil industria e Comercio de Veiculos LTDA Brazil
Limited Liability Company "Jaguar Land Rover" (Russia) Russia
Jaguar Land Rover (South Africa) Holdings Limited UK
Jaguar Land Rover India Limited India
Jaguar Cars Limited UK
Land Rover Exports Limited UK
Jaguar Land Rover Pension Trustees Limited UK
Jaguar Racing Limited UK
InMotion Ventures Limited UK
In-Car Ventures Limited UK
InMotion Ventures 2 Limited UK
InMotion Ventures 3 Limited UK
Shanghai Jaguar Land Rover Automotive Services Company Limited China
Jaguar Land Rover Slovakia s.r.o Slovakia
Jaguar Land Rover Singapore Pte. Ltd Singapore
Jaguar Land Rover Columbia S.A.S Columbia
PT Tata Motors Distribusi Indonesia Indonesia
Jaguar Land Rover Ireland (Services) Limited Ireland
Spark44 (JV) Limited UK
Spark44 Pty. Ltd. Australia
Spark44 GMBH Germany
Spark44 LLC USA
Spark44 Shanghai Limited China
Spark44 DMCC UAE
Spark44 Demand Creation Partners Limited India
Spark44 Limited (London & Birmingham) UK
Spark44 Pte Ltd Singapore
Spark44 Communication SL Spain
Spark44 SRL Italy
Spark44 Seoul Limited Korea
Spark44 Japan KK Japan
Spark44 Canada Inc Canada
Spark44 South Africa (Pty) Limited South Africa
Spark44 Colombia S.A.S. Columbia
Spark44 Taiwan Limited Taiwan
Jaguar Land Rover Taiwan Company Limited Taiwan
Jaguar Land Rover Servicios Mexico,S.A. de C.V. Mexico
Jaguar Land Rover Mexico,S.A.P.I. de C.V. Mexico
Jaguar Land Rover Hungary KFT Hungary
Bowler Motors Limited UK
Jaguar Land Rover (Ningbo) Trading Co. Limited
Jaguar Land Rover Classic USA LLC USA
Jaguar Land Rover Ventures Limited UK
TMF Holdings Limited India
Capital allocation
Adjustments for the assets and liabilities as per the capital allocation approach of CRISIL Ratings
Tata Motors Finance Solutions Limited India
Tata Motors Finance Limited India
Fiat India Automobiles Private Limited
Proportionate consolidation
Joint venture – consolidated proportionate to shareholding
Tata Cummins Private Limited
Chery Jaguar Land Rover Automotive Company Limited
^As per annual report of the company for fiscal 2022
Annexure - Rating History for last 3 Years
Current 2023 (History) 2022 2021 2020 Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 9500.0 CRISIL AA-/Stable -- 12-01-22 CRISIL AA-/Stable 15-03-21 CRISIL AA-/Stable 22-04-20 CRISIL AA-/Negative CRISIL AA-/Negative
-- -- 04-01-22 CRISIL AA-/Stable -- -- --
Non-Fund Based Facilities ST 4500.0 CRISIL A1+ -- 12-01-22 CRISIL A1+ 15-03-21 CRISIL A1+ 22-04-20 CRISIL A1+ CRISIL A1+
-- -- 04-01-22 CRISIL A1+ -- -- --
Commercial Paper ST 6000.0 CRISIL A1+ -- 12-01-22 CRISIL A1+ 15-03-21 CRISIL A1+ 22-04-20 CRISIL A1+ CRISIL A1+
-- -- 04-01-22 CRISIL A1+ -- -- --
Non Convertible Debentures LT 3000.0 CRISIL AA-/Stable -- 12-01-22 CRISIL AA-/Stable 15-03-21 CRISIL AA-/Stable 22-04-20 CRISIL AA-/Negative CRISIL AA-/Negative
-- -- 04-01-22 CRISIL AA-/Stable -- -- --
Short Term Debt ST 1000.0 CRISIL A1+ -- 12-01-22 CRISIL A1+ 15-03-21 CRISIL A1+ 22-04-20 CRISIL A1+ CRISIL A1+
-- -- 04-01-22 CRISIL A1+ -- -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Fund-Based Facilities 475 Axis Bank Limited CRISIL AA-/Stable
Fund-Based Facilities 50 Standard Chartered Bank Limited CRISIL AA-/Stable
Fund-Based Facilities 100 Union Bank of India CRISIL AA-/Stable
Fund-Based Facilities* 1800 State Bank of India CRISIL AA-/Stable
Fund-Based Facilities 50 Bank of America N.A. CRISIL AA-/Stable
Fund-Based Facilities 250 Bank of Baroda CRISIL AA-/Stable
Fund-Based Facilities 50 Kotak Mahindra Bank Limited CRISIL AA-/Stable
Fund-Based Facilities 100 Citibank N. A. CRISIL AA-/Stable
Fund-Based Facilities 1000 HDFC Bank Limited CRISIL AA-/Stable
Fund-Based Facilities 125 ICICI Bank Limited CRISIL AA-/Stable
Long Term Loan 475 Axis Bank Limited CRISIL AA-/Stable
Long Term Loan 725 State Bank of India CRISIL AA-/Stable
Non-Fund Based Limit 580 ICICI Bank Limited CRISIL A1+
Non-Fund Based Limit 100 Union Bank of India CRISIL A1+
Non-Fund Based Limit 20 Kotak Mahindra Bank Limited CRISIL A1+
Non-Fund Based Limit 3200 State Bank of India CRISIL A1+
Non-Fund Based Limit 200 HDFC Bank Limited CRISIL A1+
Non-Fund Based Limit 400 Axis Bank Limited CRISIL A1+
Proposed Long Term Bank Loan Facility 2800 Not Applicable CRISIL AA-/Stable
Proposed Long Term Bank Loan Facility 1500 Not Applicable Withdrawn
This Annexure has been updated on 12-Jan-2023 in line with the lender-wise facility details as on 04-Jan-2022 received from the rated entity
*Fund based facility of State bank of India is interchangeable with non-fund based facility.
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings
Rating Criteria for Commercial Vehicle Industry
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation
Criteria for Notching up Stand Alone Ratings of Companies based on Group Support
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