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ABC Company

CRISIL Grading: CRISIL SME 3 'Good' Indicates the level of creditworthiness, adjudged in relation to other SMEs

Report Date: February 23, 2019 / Valid Till: February 22, 2020

0

Important notice The grading is a one-time exercise and the grading will not be kept under surveillance. This grading is valid for one

year from the report date, subject to no significant changes/events occurring during this period that could materially

affect the business or financial parameters of the organisation as mentioned in the report. CRISIL, however,

recommends that the user of the grading seeks a review of the grading if the organisation experiences significant

changes/events during this period which could impact the organisation/its grading.

The grading and this report are based on the information provided to CRISIL by the organisation and/or obtained by

CRISIL from sources it considers reliable including published annual reports, management meetings, industry data

and discussions with bankers, customers and suppliers. CRISIL does not guarantee the accuracy, adequacy or

completeness of any information on which the grading and the report are based and is not responsible for any errors

or omissions for the results/opinions obtained from the use of the grading or the grading report. The grading does

not constitute an audit of the organisation by CRISIL. The grading is also not a recommendation to enter into or not

enter into any transaction with the organisation. CRISIL reserves the right to disclose the organisation’s grading and

the grading report to Government and/or Regulatory Authorities/Courts of Law if required to do so. CRISIL or its

associates may have other commercial transactions with the company/entity.

It is especially stated that CRISIL, its Directors, Grading Committee members, employees and others associated with

the grading assignment do not have any financial liability whatsoever including but not limited to attorney’s or

consultant’s fees to the users of this grading or this grading report. No part of this report may be reproduced by any

means without CRISIL’s prior written approval.

1

Index

CRISIL SME Grading ....................................................................................................................................... 2

Key grading drivers ......................................................................................................................................... 3

Business and management ....................................................................................................................... 3

Financial .................................................................................................................................................... 3

Fact sheet ......................................................................................................................................................... 4

Business profile ............................................................................................................................................... 5

Business description ................................................................................................................................. 5

Product profile ........................................................................................................................................... 6

Customer profile and demand-side analysis ............................................................................................. 6

Supplier profile and supply-side analysis .................................................................................................. 7

Manufacturing facilities .............................................................................................................................. 7

Photographs of the facility ......................................................................................................................... 7

Ownership and management .......................................................................................................................... 8

Directors’ profile ........................................................................................................................................ 8

Key management personnel ..................................................................................................................... 9

Organisational structure, controls and systems ........................................................................................ 9

Ownership pattern ................................................................................................................................... 10

Group companies and firms .................................................................................................................... 10

Financial profile ............................................................................................................................................. 11

Current financial performance* ............................................................................................................... 11

Past financial performance ...................................................................................................................... 12

Profit and loss account ....................................................................................................................... 12

Balance sheet ..................................................................................................................................... 13

Key financial ratios .............................................................................................................................. 14

Fund flow statement ........................................................................................................................... 15

Graphs ................................................................................................................................................ 16

Banking facilities ..................................................................................................................................... 17

Site visit .......................................................................................................................................................... 18

2

CRISIL SME Grading

3

Key grading drivers

Business and management

Strengths Organisational stability along with management expertise: An established track record of 25 years indicates the company’s ability to weather economic and business cycles and competent promoters have around 3 decades of experience in the same line of business. This indicates their ability to maintain business viability and steer the business through operational hurdles.

Strong customer base and geographic diversity: The company caters to around 100 customers across India, Dubai, Singapore, Qatar, Egypt, Bahrain, and UAE. This ensures regular orders and mitigates customer concentration risk. It also caters to few strong customers:

o XXX India Limited (Rated CRISIL AAA/Stable/A1+) o XXX India Private Limited o XXX India Industrial Private Limited

Smooth flow of operations: Over the years, the promoters have established strong relationships with both its customers and suppliers, resulting in regular orders and hassle-free supply of raw material, whenever required.

Risk factors Fluctuating sales: The management’s ability to demonstrate a steady growth trajectory remains to be seen, as net sales have been fluctuating at Rs 3,359.03 lakh in fiscal 2018, Rs 2,896.52 lakh in fiscal 2017, and Rs 3,610.68 lakh in fiscal 2016. However, the company recorded sales of Rs 3,200.00 lakh from April 1 to December 31, 2018, and has orders of Rs 450.00 lakh to be executed by March 2019.

Margin may be constrained in the future due to: o Volatility in the price of raw material o Competition from new and established players

Financial

Strengths Adequate capital structure and credit protection measures: This is reflected in the organisation’s:

o Debt-equity ratio (considering promoter loans as neither debt nor equity) of 0.93 time and total outside liabilities/tangible net worth (or capital) of 2.39 times as of fiscal 2018

o Net cash accruals to total debt of 14.79 times and PBDIT interest cover of 2.23 times as of fiscal 2018

Financial flexibility: A large capital base of Rs 853.21 lakh as of fiscal 2018 shields the company from external shocks and also provides flexibility for future capital expenditure (capex).

Risk factors Fluctuating profitability: The company’s ability to stabilise operational efficiency while scaling up remains to be seen, as its operating profit before depreciation, interest, and tax (OPBDIT) margin has been fluctuating, at 7.15% in fiscal 2018, 8.26% in fiscal 2017, and 7.50% in fiscal 2016.

Working capital intensive operations: The company’s receivables and payables were stretched and gross current assets (GCA) days were high at 224 days as of fiscal 2018. Also, the receivables, payables, and inventory days increased over the past 2 years. The management’s ability to quickly convert its current assets into cash and manage the working capital intensity remains to be seen

Moderate liquidity: The company has moderate liquidity, as reflected in the cash/total outside liability (TOL) ratio of 3.21% and current ratio of 1.30 times as of fiscal 2018.

4

Fact sheet

Name of the company ABC Company

Year of establishment and

commencement of operations

1993

Legal status Private limited company

Legal history 1993: ‘ABC Company’ was established as a partnership firm with

X, Y, and Z as partners.

2007: The firm was reconstituted as a private limited company

with the same partners as the directors.

There has been no change in the name, business, management

and constitution since then.

Registered with Registrar of Companies, Karnataka

Registration number XXXX

SSI registration number YYYY

Udhyog aadhaar no ZZZZ

CIN No. XXXX

PAN No. YYYY

TAN No. ZZZZ

Managing director X

Category of entrepreneur General

Registered office, administrative office

and manufacturing facility

A - XX, 6th Main Road, 2nd Stage

Peenya Industrial Area

Bengaluru - 560 XXX, Karnataka

Tel: +91 80 XXXX3666/ 28XXXX72 / 984XXXX534

Email: [email protected]

Website: www.abc.com

Number of employees Permanent: 140

Contractual: 30

Total: 170

Certifications and awards ISO 9001: 2000 (valid till 2020)

Brands None

Statutory compliance Income tax filing: Regular and timely

Excise duty filing (till June 30, 2017): Regular and timely

Sales tax filing (till June 30, 2017): Regular and timely

GST filing (from July 1, 2017): Regular and timely

Wealth tax filing: Not applicable

ESIC and EPF dues: Regular and timely

(As provided by management, not independently verified)

mailto:[email protected]

http://www.abc.com/

5

Business profile

Business description

Nature of business : Manufacturing

Industry : Electrical Components & Equipment

Industry prospects : Moderate

Business description

: Business

The company manufactures electric control and

programmable logic controller (PLC) panels.

It also manufactures sheet steel fabricated enclosures and

accessories, such as test benches, control desks, and

modular racks

Raw materials

The key raw material required are cables, steel sheets,

panels, cabinets, indicating lamps, cold rolled annealed

(CRCA) and galvanised sheets, terminals, connectors, and

main circuit breakers.

Process time:

The average time for manufacturing ranges from 5 weeks to 6 weeks.

Installed capacity:

The total production capacity of the unit is 300 sheet steel fabricated enclosures and 250 PLC panels per month. The company utilises 80.00% of its installed capacity.

Tender-based business:

20.00% of the business is tender-based.

The company participates in about 35 to 40 tenders, and the success rate is about 25 per cent.

The tender value for which the company undertakes bidding ranges from Rs 30.00 lakh to Rs 200.00 lakh per tender.

The time taken to execute a single tender-based project ranges from 6 to 8 weeks.

Shifts:

The labour operates in a single shift of 8 hours.

End-user industries : Multiple

Experience in the business : 25 years

Product range : Diversified

Degree of competition : High; entry barriers are low

Plans

: The company plans to set up an additional manufacturing

facility in Bengaluru, Karnataka.

It intends to manufacture and assemble mobile houses, e-

houses, and mechanical shelters in the new facility. These

houses can be used to provide accommodation in remote

places and will be fully equipped with air conditioned and

climatic control facilities.

6

For the same purpose, the company plans to set up a

manufacturing facility on a leased land of 2.00 acres at

Peenya Industrial Estate, Bengaluru, Karnataka. The total

capital expenditure required for the project will be in the

range of Rs 800.00 lakh to Rs 1,000.00 lakh, 50.00% of

which will be funded through term loans from banks and

financial institutions and remaining from interest free

unsecured loans from promoters.

Post considering capital expenditure, the revised gearing

will remain below 2.00 times.

Customer profile : Direct and Institutional customers

Installed capacity/facility : 300 sheet steel fabricated enclosures per month and 250 PLC

panels per month

Utilised capacity : 80.00%

Product profile

Product profile Share in net sales (%)

Electrical control panels and PLCs 70.00

Sheet steel fabricated enclosures 30.00

Total 100.00

Customer profile and demand-side analysis

Customer name Address Product Length of

relationship

% share

in sales

XXX India Limited (Rated CRISIL

AAA/Stable/A1+) Multiple locations

across India

Electrical

control panels

and PLCs

25 years Varies

annually XXX India Private Limited 19 years

XXX India Industrial Private Limited 12 years

Notes:

The company caters to around 100 customers across India, Dubai, Singapore, Qatar, Egypt, Bahrain, and UAE.

Each customer accounts for less than 25.00% of total sales.

Terms of credit : Domestic: Credit up to 60 days

International: Credit up to 90 days

Process of getting orders : Regular orders from customers

Exports : Around 25% to Dubai, Singapore, Qatar, Egypt, Bahrain, and UAE.

The transactions are invoiced in US dollars

Marketing network : The company has a marketing team of five

members.

Word-of-mouth publicity and client referrals form

an integral part of the marketing set-up.

The company also advertises its products and

responds to queries raised through its website.

Geographical reach : Well-spread

7

Supplier profile and supply-side analysis

Supplier's / Wholesaler's

name

Address Product Length of relationship

XXX India Pvt. Ltd. Pune, Maharashtra Panels and cabinets 25 years

XXX Industrial Enterprises Karnataka

MCB 19 years

XXX Cables (India) Limited Cables 15 years

Terms of purchase : Credit up to 90 days

Raw material availability : Ample

Raw material price volatility : High

Ability to pass on raw material price increase : Yes; partially

Imports : Around 5% of the total raw materials are imported

from Germany, Singapore, Australia, and Italy.

Manufacturing facilities

Labour oriented operations : Yes

Labour union : No

Labour relationships : Cordial

CNC machines, CAD, CAM, automation : Yes; semi-automated operations

In-house R&D, designing facilities : Yes

Degree of mechanisation High

Availability of critical machinery and entry

barriers to technology and processes used

Yes

Factory layout : Spacious and well-organised

Photographs of the facility

Inner view - I Inner view – II

8

Ownership and management

Directors’ profile

Director’s name : X

Age : 53 years

Qualification : Diploma in Electrical Engineering

Designation / responsibilities : Managing director/ Overall management

Promoters’ experience in current business : 25 years

Experience in the same line of business

(including current experience)

: 29 years:

25 years through the rated company

4 years through Epoch Instruments and Controls

Private Limited

Director's address : No. 1, 6th Cross, 6th Block, Nagarabavi II Stage

Bengaluru – 560 XXX, Karnataka

Telephone no. : +91 080 4049 XXXX

Ownership of residence : Rented

Vehicles used : Skoda Octavia

Director’s name : Y

Age : 51 years


Designation / responsibilities : Director/Finance




: 28 years:


3 years through Fouress Engineering India

Limited

Director’s address : No. 1, 6th Cross, 6th Block, Nagarabavi II Stage



Director’s name : Z

Age : 48 years


Designation / responsibilities : Director/Production




: 27 years:


3 years through Dhandapani Power

Distribution Private Limited

Director’s address : No. 1, 6th Cross, 6th Block, Nagarabavi II Stage



Personal liquid net worth of promoters is as disclosed by management and not certified.

9

Key management personnel

Name : W

Age : 29 years

Qualification : BCom

Designation / responsibilities : Manager/ Accounts

Relevant experience : 8 years through the rated company

Address : A - XX, 6th Main Road, 2nd Stage



Telephone no. : Tel: +91 80 XXXX3666/ 28XXXX72

Organisational structure, controls and systems

Managing director : X

Constitution : Private limited company

Second tier management : Qualified and experienced

Decision making powers : Decentralised

Reporting system or MIS : Yes

Type of reporting system : Computerised

Frequency of MIS / reporting : Daily

Litigations against the SSI : None

Litigations against the Director :

Severity of litigations : Not applicable

Susceptibility to foreign exchange fluctuations : Moderate

Hedging against foreign exchange risks : No

Susceptibility to commodity price fluctuations : Not applicable

Hedging against forex risks (for Sales) : Moderate

Hedging against forex risks (for raw material) : Not applicable

Hedging against commodity prices :

Asset insurance : Adequate

10

Ownership pattern

Shareholding pattern as of: Fiscal 2018

Name of the shareholder Relationship with managing director Share in capital (%)

X Self 32.29

Y

Business associates

32.29

Z 32.29

Others 3.13

Total 100.00

Group companies and firms

Name of the group

company

Business Year ended Net sales PAT Net worth/

Capital

Total

debt

Amounts in Rs lakh

XYZ Private Limited

(incorporated in 2010)

Automation

solutions provider Fiscal 2018 6,470.68 81.87 124.19 326.18

PAT: Profit after tax

Notes:

The group concerns have the same promoters as the rated company.

There are intra-group transactions to the tune of less than 10.00% of the net sales of the rated company.

There is financial fungibility between group concerns on need basis.

As confirmed by the management, the group concern was profitable as of fiscal 2018.

11

Financial profile

Current financial performance*

Performance for the period from April 1 to December 31, 2018

Net sales Rs lakh 3,200.00

OPBDIT Rs lakh 280.00

Current order book Rs lakh 450.00

Capital Rs lakh 850.00

Total debt Rs lakh 750.00

Projected / estimated performance during FY19

Net sales Rs lakh 3,900.00

PBT Rs lakh 75.00

PBT margin % 1.92

*As provided by the management, not independently verified by CRISIL Notes: The management projects higher sales for fiscal 2019 on account of increasing demand for Electrical control panels in the domestic and large number of orders from one of its customer XXX India Private Limited.

12

Past financial performance

Profit and loss account

For the year ended FY16 FY17 FY18

Audited Audited Audited

Number of months 12 12 12

Net sales Rs lakh 3,610.68 2,896.52 3,359.03

Operating income Rs lakh 3,625.61 2,906.16 3,383.39

Cost of sales Rs lakh 3,353.65 2,666.06 3,141.60

OPBDIT Rs lakh 271.96 240.10 241.79

Interest and finance costs Rs lakh 105.67 111.00 114.60

OPBDT Rs lakh 166.29 129.10 127.19

Depreciation Rs lakh 87.75 71.47 61.73

OPBT Rs lakh 78.54 57.63 65.46

Non-operating income / (expense) Rs lakh 14.13 11.32 13.29

PBT Rs lakh 92.67 68.95 78.75

Extraordinary income / (expense) Rs lakh 0.45 1.17 -

Reported PBT Rs lakh 93.12 70.12 78.75

Provision for taxes Rs lakh 39.99 24.46 22.73

Deferred tax liability / (asset) Rs lakh (6.01) (3.24) 0.52

PAT Rs lakh 59.14 48.90 55.50

Dividends Rs lakh - - -

Net cash accruals Rs lakh 146.89 120.37 117.23

Notes:

For fiscal 2017, the company had estimated sales of Rs 3,600.00 lakh; however, the same could not be

achieved. As confirmed by the management, few orders were cancelled during demonetisation and few

projects were delayed.

Net sales increased in fiscal 2018 as compared to fiscal 2017 on account of increase in the demand for

Electrical control panels and PLCs from customers and few orders being carried forward from fiscal 2017.

Interest and finance costs for fiscal 2018 comprised interest on borrowings worth Rs 95.29 lakh and bank

charges worth Rs 19.31 lakh.

Depreciation is charged according to the provisions of the Companies Act, 2013 in all the 3 years.

Deferred tax has been provided over the past 3 years (fiscal 2018, fiscal 2017, and fiscal 2016) according to

the provisions of the Companies Act, 2013.

13

Balance sheet

FY16 FY17 FY18


Liabilities

Tangible net worth Rs lakh 742.84 793.31 853.21

Deferred tax liabilities / (assets) Rs lakh (0.97) (4.21) (3.70)

Long-term debt Rs lakh 143.97 217.59 243.14

of which, current portion of long-term debt Rs lakh 79.47 107.01 122.21

Short-term debt Rs lakh 554.22 546.18 549.55

of which, working capital borrowing from

banks

Rs lakh 554.22 546.18 549.55

Other liabilities and provisions Rs lakh 757.79 1,047.64 1,248.83

Total liabilities Rs lakh 2,197.85 2,600.51 2,891.03

Assets

Net fixed assets Rs lakh 776.04 753.97 713.69

Investments Rs lakh 56.83 10.20 10.20

Inventory Rs lakh 474.18 758.28 778.31

Receivables (total) Rs lakh 675.32 936.31 1,131.60

of which, receivables greater than six

months

Rs lakh 111.23 124.12 902.72

Cash and bank balance Rs lakh 78.42 59.29 65.46

Other current assets Rs lakh 137.06 82.46 191.77

Total assets Rs lakh 2,197.85 2,600.51 2,891.03

Notes:

Long-term debt for fiscal 2018 refers to term loan of Rs 22.17 lakh from Axis Bank, Rs 25.17 lakh from HDFC

Bank, Rs 6.23 lakh from Kotak Mahindra Bank, Rs 33.33 lakh from Standard Chartered Bank, Rs 2.12 lakh

from Magma Fincorp, Rs 8.82 lakh from Capital First, and Rs 23.09 lakh Fullerton India Credit Company

Limited, and current portion of long-term debt of Rs 122.21 lakh.

Short-term debt for fiscal 2018 refers to cash credit and bank guarantee facility from Canara Bank.

Other liabilities and provisions as of fiscal 2018 mainly comprised creditors for goods of Rs 1,126.60 lakh.

Receivables for greater than 6 months are considered recoverable, as confirmed by the management.

14

Key financial ratios

For the year ended / as at FY16 FY17 FY18


OPBDIT margin % 7.50 8.26 7.15

PAT margin % 1.63 1.68 1.64

Return on capital employed % 12.77 12.10 12.10

Gross current assets days 128 221 224

Days inventory (on COP) days 52 104 90

Days receivable (on gross sales) days 60 101 108

Days payable (on materials) days 85 170 168

Current ratio Times 1.21 1.28 1.30

PBDIT Interest cover Times 2.71 2.28 2.23

Net cash accruals/Total debt % 21.04 15.76 14.79

Debt service coverage ratio Times 1.52 0.98 0.90

Average cost of borrowing % 12.55 15.19 14.73

Total outside liabilities/Tangible net worth Times 1.96 2.28 2.39

Gearing - Total debt/Tangible net worth Times 0.94 0.96 0.93

Gearing (considering promoter loans as

neither debt nor equity) Times 0.94 0.96 0.93

Cash /TOL % 8.59 3.28 3.21

Notes:

Operating margins declined in fiscal 2018 mainly on account of increase in material costs as a percentage of

operating income, further the sales price was not inclined in the same proportion as a result of which the

operating margins declined.

Gross current assets days has been mainly because of the high inventory holding and flexible credit terms

with its few customers.

15

Fund flow statement

For the year ended FY17 FY18

Sources of funds

Net cash accruals Rs lakh 120.37 117.23

Equity infusion / Share application money Rs lakh 1.57 4.40

Long-term debt borrowed (net) Rs lakh 46.08 10.35

Short-term debt borrowed (net) Rs lakh 19.50 18.57

Decrease in net current assets Rs lakh - 652.72

Sale of investments / fixed assets Rs lakh - -

Other sources Rs lakh 33.76 6.23

Total sources of funds Rs lakh 221.28 809.50

Uses of funds

Investment and fixed assets purchased Rs lakh 52.64 21.45

Decrease in tangible net worth Rs lakh - -

Long-term debt repaid (net) Rs lakh - -

Short-term debt repaid (net) Rs lakh - -

Increase in net current assets Rs lakh 168.64 -

Other uses Rs lakh - 788.05

Total uses of funds Rs lakh 221.28 809.50

Notes: Increase in net current assets for fiscal 2017 was mainly because of the increase in receivables and inventories.

Decrease in the net current assets for fiscal 2018 was mainly because of increase in current liabilities.

Contingent liabilities Contingent liabilities as on fiscal 2018: Nil

Auditors

XXX. Chartered Accountants

Membership No. XXXX

No. XXX, 1st floor, 8th Main Road

Sadashivnagar

Bengaluru – 560 XXX Karnataka Auditors' comments and observations in their audit report for fiscal 2018, fiscal 2017, and fiscal 2016: No adverse comment and observations Change in auditors, if any: None

16

Graphs

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2015-16 2016-17 2017-18

Rs.

lakh

Turnover and cost analysis

Operating income Cost of sales

0

2

4

6

8

10

12

14

2015-16 2016-17 2017-18

%

Profitability analysis

Operating profit margin (OPM)Net profit margin (NPM)

0.00

0.50

1.00

1.50

31-Mar-2016 31-Mar-2017 31-Mar-2018

Tim

es

Liquidity analysis

Current Ratio

0

50

100

150

200

250

Gross currentassets

Daysinventory

Daysreceivable

Days payable

Day

s

Working capital analysis

31-Mar-2016 31-Mar-2017

0%

20%

40%

60%

80%

100%

31-Mar-2016 31-Mar-2018

Asset Profile

Cash and bank

Other currentassets

Inventory

Debtors

Investments0.00

1.00

2.00

3.00

Total outsideliabilities/Tangible net

worth

Total debt/Tangible networth

Tim

es

Leverage analysis

31-Mar-2016 31-Mar-2017 31-Mar-2018

17

Banking facilities

Name of the bank Length of

relationship

Facilities availed Type of

facility

Loan amount

sanctioned limit

Axis Bank 2 years

Term loan Fund

based limit

Rs 22.17 lakh*

HDFC Bank Rs 25.17 lakh*

Kotak Mahindra Bank 8 years Rs 6.23 lakh*

Standard Chartered Bank 2 years Rs 33.33 lakh*

Canara Bank 15 years

Cash credit Rs 549.55 lakh*

Current account

Bank guarantee Fund

based limit

Rs 150.00 lakh**

Bill discounting Rs 250.00 lakh**

*Outstanding as of fiscal 2018

**Sanctioned limit

Feedback: The performance of the account is satisfactory.

18

Site visit

Address of the site visited : A - XX, 6th Main Road, 2nd Stage



CRISIL representative : XXX

Unit official contacted : W

: Manager/Accounts

: +91 80 XXXX3666/ 28XXXX72

: [email protected]

No. of floors occupied : 3 floors

Size of premises : 10,000.00 sq. ft.

Number of employees at the location : 170 (at the time of site visit)

Child labour at the site : No

Locality : Industrial

Location area : Urban

Site location : Main road

Site used as : Administrative office

Regional office

Site layout : Spacious and well organised

Space around the building / structure : Front porch

Backyard

Side space

State of infrastructure : Power: Stable

Back up power: Available

Water: Available

Labour unions: Do not exist

Transportation: Easily available

Overall infrastructure: Satisfactory

Building structure : Permanent structure

Ownership of premises : Owned

Sharing premises with group concerns : No

Facilities available at the site : Telephone

Internet

Fax

Generator

Security guards

Name or signboards

Fire extinguisher

Drinking water

Drainage and sewerage

Pantry and canteen

Installed capacity : 300 sheet steel fabricated enclosures per month and 250

PLC panels per month

Utilised capacity : 80.00%

Raw material used : Cables, steel sheets, panels, cabinets, indicating lamps,

cold rolled annealed (CRCA) and galvanised sheets,

terminals, connectors, and main circuit breakers.

Source of raw material : 5.00% imported.

mailto:[email protected]

19

95.00% local

Other observations : None

20

THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK

CRISIL SME Contacts

Head Office

CRISIL House

Central Avenue

Hiranandani Business Park

Powai, Mumbai 400 076

Tel: +91 22 3342 3000

Fax: +91 22 3342 3001

Contact: Mr. Surendran

Jayasankaran

E-mail:

[email protected]

om

CRISIL Branch Offices

Bengaluru

W - 101, 1st floor, Sunrise

Chambers, 22, Ulsoor Road,

Bengaluru - 560042

INDIA

Phone: +91 44 66563128

Fax: +91 80 4244 5300


Jayasankaran

E-mail:

[email protected]

om

Chennai

Thapar House, Mezzanine Floor,

No. 37 Montieth Road,

Egmore,

Chennai - 600 008

INDIA

Phone: +91 44 66563128

Fax: +91 44 2854 7531


Jayasankaran

E-mail: [email protected]

om

Gurgaon

CRISIL House

Plot No. 46, Sector 44,

Opp PF Office, Gurgaon, Haryana, INDIA

Phone: +91 44 66563128

Contact: Mr. Surendran Jayasankaran

E-mail:

[email protected]

Hyderabad

Uma Chambers, 3rd Floor, Plot No. 9&10, Nagarjuna Hills,

Near Punjagutta Cross Road

Hyderabad - 500 082 INDIA

Phone: +91 44 66563128

Fax: +91 40 2335 7507


E-mail:

[email protected]

Kolkata

Convergence Building

3rd Floor, D2/2, EPGP Block

Sector V, Salt Lake City,

Kolkata - 700 091

INDIA Phone: +91 44 66563128

Fax: +91 33 4011 8250


Jayasankaran

E-mail:

[email protected]

m

Pune

1187/17, Ghole Road

Shivaji Nagar

Pune 411 005

Phone: +91 44 66563128

Fax: +91 20 4018 1930


E-mail:

[email protected]

Other Contact Points

Coimbatore

Coimbatore

CRISIL Limited

New No. 750-7, Old No. 1055-6,

1st Floor Gowtham Centre.

Opposite Nilgiris, Avinashi Road

Coimbatore – 641 018

Phone: +91 44 66563128


E-mail:

[email protected]

New Delhi

S 205, Dev Tower,

Samachar Market,

Mayur Vihar, Ext Phase I,

New Delhi – 110091

Contact:

Phone: +91 44 66563128


Jayasankaran

E-mail:

[email protected]

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CRISIL Limited: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400076. India

Phone: + 91 22 3342 3000 | Fax: + 91 22 3342 3001 | www.crisil.com

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capital and commodity markets worldwide.

About CRISIL Ratings

CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is registered in

India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of independence, analytical rigour

and innovation, CRISIL sets the standards in the credit rating business. We rate the entire range of debt instruments, such as, bank loans,

certificates of deposit, commercial paper, non-convertible / convertible / partially convertible bonds and debentures, perpetual bonds, bank

hybrid capital instruments, asset-backed and mortgage-backed securities, partial guarantees and other structured debt instruments. We have

rated over 24,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several innovations in India in the rating

business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique

rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider

market. Over 95,000 MSMEs have been rated by us.

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 S&P Global Inc. and its subsidiaries (collectively, the “Company”) 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

the Company’s Customer Privacy at https://www.spglobal.com/privacy

Last updated: April 2016

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