External Ratings

(A) BANK FACILITIES RATING BY CARE RATINGS LIMITED (CARE):

CARE Ratings Ltd (CARE) has reaffirmed ‘CARE A-; and assigned Outlook ‘Positive’ (Single A Minus; Outlook Positive) rating to the Long Term Bank Facilities availed by the Company. This rating is applicable to facilities having tenure of more than one year. Facilities with these ratings are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such instruments / facilities carry low credit risk.

CARE has reaffirmed ‘CARE A-(FD); and assigned Outlook ‘Positive’ [Single A Minus (Fixed Deposit); Outlook: Positive]rating to Medium Term Instrument i.e. Fixed Deposits scheme of the Company

CARE has reaffirmed CARE A2+ (A Two Plus) rating to the Short Term Bank Facilities and Commercial Paper facility availed / to be availed by the Company. This rating is applicable to facilities having tenure up to one year. Facilities / instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such Instruments carry low credit risk. 
 

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CARE – Bank Facilities Rating Letters

 

CORPORATE GOVERNANCE RATING BY CARE:

CARE has upgraded / revised the rating assigned to the Corporate Governance practices adopted by the Company from ‘CARE CGR 3’ (three) to ‘CARE CGR 3+’ (three plus)*.  In CARE’s opinion, the Company has adopted corporate governance practices which would provide its stakeholders adequate level of comfort on the degree of corporate governance.

(*CARE assigns ‘+’ signs to be shown after the assigned rating to indicate the relative position within the band covered by the rating symbol.)

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CARE – Corporate Governance Rating Letter

 

(B) BANK FACILITIES RATING BY ICRA LIMITED (ICRA):

ICRA Limitedhas reaffirmed [ICRA] A- (pronounced ICRA A minus) rating assigned to the Long Term Bank Facilities availed by the Company. This rating is applicable to facilities having tenure of more than one year. Facilities / Instruments with this rating are considered to have adequate degree of safety regarding timely servicing of financial obligations. Such facilities / instruments carry low credit risk.

ICRA Limited has reaffirmed [ICRA]A2+ (pronounced ICRA A two plus) rating assigned to Short Term Bank Facilities availed by the Company. This rating is applicable to facilities having tenure up to one year. Facilities / Instruments with this rating are considered to have strong degree of safety regarding timely payment / servicing of financial obligations. Such facilities / instruments carry low credit risk.

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ICRA – Bank Facilities Rating Letter