Section V – FINANCIAL INFORMATION

FINANCIAL STATEMENTS
CavinKare Pvt Ltd.
Annexure I
Restated Statement of Assets and Liabilities
(Figure in Rupees Crores, unless otherwise stated)

Notes Mar Mar Mar

Particulars (Annexure V) 19 18 17
SOURCES OF FUNDS :
Share Capital 3 27.64 27.64 25
Reserves Total 232.6 186.76 168.47
Equity Share Warrants 0 0 0
Equity Application Money 0 0 0
Total Shareholder’s Funds 260.24 214.4 193.47
Secured Loans 4 340.81 391.24 590.15
Unsecured Loans 5 38.78 109.74 30.61
Total Debt 379.59 500.98 620.76
Other Liabilities 9.83 8.82 10.9
Total Liabilities 649.66 724.2 825.13
APPLICATION OF FUNDS :
Gross Block 6 692.46 681.63 672.21
Less : Accumulated Depreciation 147.77 97.82 44.21
Less:Impairment of Assets 0 0 0
Net Block 544.69 583.81 628
Lease Adjustment 0 0 0
Capital Work in Progress 15.5 26.39 14.82
Producing Properties 0 0 0
Investments 7 34.3 54.63 75.9
Current Assets, Loans & Advances
Inventories 155.16 131.17 106.35
Sundry Debtors 89.95 81.79 56.7
Cash and Bank 5.8 7.91 15.39
Loans and Advances 49.11 24.58 120.53
Total Current Assets 300.01 245.45 298.98
Less : Current Liabilities and Provisions
Current Liabilities 337.87 243.89 240.93
Provisions 21.81 20.88 17.55
Total Current Liabilities 359.68 264.77 258.48
Net Current Assets -59.67 -19.33 40.5
Miscellaneous Expenses not written off 0 0 0
Deferred Tax Assets 56.3 29.64 20.11
Deferred Tax Liability 4.36 6.62 4.19
Net Deferred Tax 51.94 23.02 15.92
Other Assets 62.88 55.68 49.99
Total Assets 649.65 724.2 825.13
Contingent Liabilities 236.12 177.45 151.3
CavinKare Pvt Ltd.
Annexure II
Restated Statement of Profit and Loss
(Figure in Rupees Crores, unless otherwise stated)

Notes (Annexure Mar Mar Mar

Particulars V) 19 18 17
INCOME :
Sales Turnover 1,586.66 1,503.81 1,408.04
Excise Duty 0 4.38 18.47
Net Sales 1,586.66 1,499.43 1,389.57
Other Income 22.58 13.17 16.18
Stock Adjustments 11.36 16.59 5.68
Total Income 1,620.60 1,529.19 1,411.43
EXPENDITURE :
Raw Materials 9 846.29 824.16 777.06
Power & Fuel Cost 23.02 22 20.86
Employee Cost 179.04 160.31 134.57
Other Manufacturing Expenses 96.91 81.18 47.38
Selling and Administration Expenses 259.54 228.6 255.16
Miscellaneous Expenses 38.42 30.9 27.38
Less: Pre-operative Expenses
Capitalised 0 0 0
Total Expenditure 1,443.21 1,347.15 1,262.42
Operating Profit 177.39 182.03 149.03
Interest 42.96 61.4 12.28
Gross Profit 134.43 120.63 136.75
Depreciation 10 81.36 81.23 77.77
Profit Before Tax 53.07 39.4 58.98
Tax 10.87 17.31 30.76
Fringe Benefit tax 0 0 0
Deferred Tax 8 -2.24 2.02 1.61
Reported Net Profit 44.45 20.06 26.61
Extraordinary Items -1.3 1.63 2.39
Adjusted Net Profit 45.75 18.43 24.22
Adjst. below Net Profit 0 6.55 78.42
P & L Balance brought forward 148.19 121.58 16.55
Statutory Appropriations 0 0 0
Appropriations 0.04 0 0
P & L Balance carried down 192.61 148.19 121.58
Dividend 0 0 0
Preference Dividend 0 0 0
Equity Dividend % 0 0 0
Dividend Per Share(Rs) 0 0 0
Earnings Per Share-Unit Curr 16.08 7.26 10.64
Earnings Per Share(Adj)-Unit Curr 0 0 0
Book Value-Unit Curr 94.14 77.56 77.37
Book Value(Adj)-Unit Curr 0 0 0
CavinKare Pvt Ltd.
Annexure III
Restated Statement of Cash Flows
(Figure in Rupees Crores, unless otherwise stated)

Mar Mar Mar

Pariculars 19 18 17
Cash Flow Summary
Cash and Cash Equivalents at Beginning of the
year 7.52 -16.53 -0.3
Net Cash from Operating Activities 111.99 93.69 -36.37
Cash Flow From Operating Activities
Net Profit before Tax & Extraordinary Items 53.07 39.4 58.98
Adjustment For
Depreciation 81.36 81.23 77.77
Interest (Net) 38.25 57.2 9.97
Dividend Received -0.62 -0.91 -1.23
P/L on Sales of Assets 0 0 0
P/L on Sales of Invest -0.55 -3.25 -6.18
Prov. & W/O (Net) 0 0 0
P/L in Forex -0.07 -0.1 0.22
Fin. Lease & Rental Chrgs 0 0 0
Others 2.18 0.26 1.34
Total Adjustments (PBT & Extraordinary Items) 120.54 134.43 81.89
Op. Profit before Working Capital Changes 173.62 173.83 140.86
Adjustment For
Trade & 0th receivables 0 0 -19.05
Inventories -23.99 -24.82 -4.66
Trade Payables 39.4 10.77 -2.8
Loans & Advances 0 0 0
Investments 0 0 0
Net Stock on Hire 0 0 0
Leased Assets Net of Sale 0 0 0
Trade Bill(s) Purchased 0 0 0
Change in Borrowing 0 0 0
Change in Deposits 0 0 0
Others -39.51 -39.24 -117.19
Total (OP before Working Capital Changes) -24.1 -53.29 -143.7
Cash Generated from/(used in) Operations 149.52 120.53 -2.83
Interest Paid(Net) 0 0 0
Direct Taxes Paid -37.53 -26.84 -33.54
Advance Tax Paid 0 0 0
Others 0 0 0
Total-others -37.53 -26.84 -33.54
Cash Flow before Extraordinary Items 111.99 93.69 -36.37
Extraordinary Items
Excess Depreciation W/b 0 0 0
Premium on Lease of land 0 0 0
Payment Towards VRS 0 0 0
Prior Year 's Taxation 0 0 0
CavinKare Pvt Ltd.
Annexure III
Restated Statement of Cash Flows
(Figure in Rupees Crores, unless otherwise stated)

Gain on Forex Exch. Tran 0 0 0

Others 0 0 0
Net Cash Used in Investing Activities -10.55 78.71 -549.43
Cash Flow from Investing Activities
Investment in Assets :
Purchased of Fixed Assets -38.63 -49.39 -79.05
Sale of Fixed Assets 0 0 0.96
capital WIP 0 0 0
Capital Subsidy Recd 0 0 0
Financial/Capital Investment :
Purchase of Investments -177.45 -220.08 -695.56
Sale of Investments 195.83 239.98 225.38
Investment Income 0 0 0
Interest Received 3.78 6 0.88
Dividend Received 0.62 0.91 1.23
Invest.In Subsidiaires 0 0 0
Loans to Subsidiaires 0 0 0
Investment in Group Cos 0 0 0
Issue of Sh. on Acqu. of Cos 0 0 0
Canc. of Invest. in Cos Acq. 0 0 0
Acquisition of Companies 0 0 0
Inter Corporate Deposits 0 0 0
Others 0.21 100.54 -3.27
Net Cash Used in Financing Activities -119.15 -148.35 569.58
Cash Flow From Financing Activities
Proceeds:
Proceeds from Issue of shares (incl share premium) 0 0 2.15
Proceed from Issue of Debentures 0 0 0
Proceed from 0ther Long Term Borrowings 221.8 479.02 935.89
Proceed from Bank Borrowings 0 0 0
Proceed from Short Tem Borrowings 0 0 0
Proceed from Deposits 0 0 0
Share Application Money 0 0 0
Cash/Capital Investment Subsidy 0 0 0
Loans from a Corporate Body 0 0 0
Payments:
Share Application Money Refund 0 0 0
On Redemption of Debenture 0 0 0
Of the Long Tem Borrowings -296.45 -564.1 -361.59
Of the short term Borrowings 0 0 0
Of financial Liabilities 0 0 0
Dividend Paid 0 0 0
Shelter Assistance Reserve 0 0 0
CavinKare Pvt Ltd.
Annexure III
Restated Statement of Cash Flows
(Figure in Rupees Crores, unless otherwise stated)

Interest Paid -44.5 -63.27 -6.88

Others 0 0 0
Net Cash Used in Financing Activities -119.15 -148.35 569.58
Net Inc/(Dec) in Cash and Cash Equivalent -17.71 24.05 -16.22
Cash and Cash Equivalents at End of the year -10.19 7.52 -16.53
CavinKare Pvt Ltd.
Annexure V
Basis of Preparation and significant accounting policies

1. Company Overview

CavinKare Pvt Ltd, incorporated in 1983, is a FMCG Conglomerate primarily involved in

manufacturing of personal care products with its subsidiaries into segments such as Foods,
Beverages, Dairy and International Business divisions.

The company has six manufacturing facilities located at Uttarakhand, Tamilnadu, Andhra Pradesh
and Pondicherry. The company has launched numerous products in personal care - beauty product
segments and Food segments till 2008. In 2009, the company entered into space of dairy products
following a tie up with Pondicherry based Cavin industries Pvt Ltd. They have a presence in Biotech
product markets.

2. Compliance with Ind AS

The Financial Statements comply with Indian Accounting Standards (Ind AS)
As per Companies Act, 2013 –Section 133.

Notes to Financial Statements

3. Share Capital

Mar Mar Mar

Particulars 19 18 17
Equity Authorised 47.85 47.85 47.85
Preference Capital Authorised 16.75 16.75 16.75
Unclassified Authorised 0 0 0
Equity Issued 27.64 27.64 25
Equity Subscribed 27.64 27.64 25
Equity Called Up 27.64 27.64 25
Equity Paid Up 27.64 27.64 25
Adjustments to equity 0 0 0
Preference Capital Paid Up 0 0 0
Convertible Preference Share Paid Up 0 0 0
Non-convertible Preference Share Paid UP 0 0 0
4. Secured Loans

Mar Mar Mar

Particulars 19 18 17
Equity Authorised 47.85 47.85 47.85
Preference Capital Authorised 16.75 16.75 16.75
Unclassified Authorised 0 0 0
Equity Issued 27.64 27.64 25
Equity Subscribed 27.64 27.64 25
Equity Called Up 27.64 27.64 25
Equity Paid Up 27.64 27.64 25
Adjustments to equity 0 0 0
Preference Capital Paid Up 0 0 0
Convertible Preference Share Paid Up 0 0 0
Non-convertible Preference Share Paid UP 0 0 0

5. Unsecured Loans

Particulars Mar 19 Mar 18 Mar 17

Short Term Borrowings-Secured 35.87 104.88 30.61
Current Maturities of long term Borrowings-Secured 0 0 0
Debentures / Bonds 0 0 0
Accrued Interest 0 0 0
Loans from Group Cos 0 0 0
Loans from Banks 0 0 0
Advances 0 0 0
Loans from GOI / PSUs 0 0 0
Deferred Liabilities 0 0 0
Deferred Tax Loan 2.91 4.86 0
Commercial Paper 0 0 0
Debenture/Bonds-Application Money 0 0 0
Unsecured Loans Others 0 0 0
TOTAL DEPOSITS 0 0 0
Fixed Deposits 0 0 0
Other Deposits 0 0 0
6. Gross Block

Particulars Mar 19 Mar 18 Mar 17

Goodwill 50.18 75.27 100.36
Patent 0 0 161.13
Technical Know-how 0 0 0
Leasehold Land 12.81 12.04 12.04
Freehold Land 71.26 71.22 71.22
Railway Sidings 0 0 0
Buildings 108.26 102.95 101.06
Ponds & Reservoirs 0 0 0
Water supply / tubewells 0 0 0
Plant and Machinery 228.42 201.78 177.39
Ships / Vessels 0 0 0
Electrical Installations / Fittings 0 0 0
Factory Equipments 0 0 0
Furniture and Fixtures 36.07 36.51 31.8
Office Equipments 11.4 9.43 6.85
Computers 0 0 0
Lab and R & D Equipment 0 0 0
Medical Equipment and Surgical Instrument 0 0 0
Vehicles 4.54 3.57 3.32
Transmission and Distribution Equipment 0 0 0
Wind Turbines 0 0 0
Aircraft and Helicopters 0 0 0
Estates and Development 0 0 0
Other Fixed Assets 169.52 168.87 7.05

7. Investments

Year Mar 19 Mar 18 Mar 17

Quoted Government Securities 0 0 0
Unquoted Government Securities 0 0 0
Quoted Equity 0.58 0.54 0.48
Unquoted Equity 25.23 19.99 24.42
Quoted Debentures/Bonds 0 0 0
Unquoted Debentures/Bonds 0 0 0
Quoted Units 0 0 0
Unquoted Units 16.83 42.45 59.34
Preference Shares 0 0 0
Joint Venture / Partnerships 0 0 0
Application Money 0 0 0
Other Investments 0 0 0
Less : Prov.for dimunition in value of investment 8.34 8.34 8.34
8. Deferred Tax

Liability Value Assets Value

200903
Depreciation of fixed assets 4.45 Provision against doubtful debts 0.24
Other provisions 1.94
Total 4.45 Total 2.18
201003
Depreciation of fixed assets 9.1 Provision against doubtful debts 0.43
Other provisions 1.75
Total 9.1 Total 2.18
201103
Depreciation 11.28 Provision against doubtful debts 0.53
Provision against doubtful advances 0.77
Other Provision 2.89
Total 11.28 Total 4.19
201303
Unspecified 13.68 Unspecified 13.68
Total 13.68 Total 13.68
201403
Unspecified 15.56 Unspecified 15.56
Total 15.56 Total 15.56
201503
Unspecified 13.56 Unspecified 13.56
Total 13.56 Total 13.56
201603
Depreciation 15.23 Employee benefits 6.45
Provision for doubtful debts 4.67
Unabsorbed depreciation 1.24
Others 2.88
Total 15.23 Total 15.23
201703
Deferred tax Liability 4.19 Deferred tax Assets 20.11
Total 4.19 Total 20.11
201803
Deferred tax Liability 6.62 Deferred tax Assets 29.64
Total 6.62 Total 29.64
201903
Unspecified 4.36 Unspecified 56.3
Total 4.36 Total 56.3

9. Raw Materials

Particulars Mar 19 Mar 18 Mar 17

Opening Stock of Raw Materials 12.63 11.64 8.15
Purchases of Raw Material 521.74 455.55 458.24
Purchase of Trading Goods 328.36 369.6 322.32
Direct Expense on Purchase/Adjustment 0 0 0
Closing Stock of Raw Materials 16.44 12.63 11.64
10. Depreciation

Particulars Mar 19 Mar 18 Mar 17

Depreciation for the current year 81.36 81.23 77.77
Less : On Revalued Assets 0 0 0
Lease Adjustment 0 0 0
Other Adjustment 0 0 0
MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OUTLOOK

FMCG sector in India is growing at a CAGR of 28% y-oy and is the fourth most important and largest
sector in India. FMCG industry products which are leading and have high market share are toiletries,
detergents, cosmetics and electronics. It also includes pharmaceutical and food and beverage
industries.

The above image captures the sector composition and key trends in the FMCG sector. Urban
population has the highest penetration in FMCG sector due to spur in digital transactions which
reflects the significance of growth in household and personal care market. The trends highlights the
growth in online users and consumption expenditure for FY20. Although the slowdown prevailing in
economy, the FMCG sector has constantly reported positive growth as compared to other sectors.
COMPANY OVERVIEW

CavinKare’s 28 years of presence in the FMCG spectrum has been full of growth and is building up its
potential to bring out a change in the market by its new lines of products.

The product philosophy of CaivnKare is to launch a product when it stand out be potent one with a
high differentiating factor over its competitors.

The company is expected to cross top line of Rs 20 billion in FY20, with its new range of products
across various divisions and a team of high skilled leaders. The company has recently began its R&D
into global ultra-temperature milk markets, which is considered to be a new dawn in milk based
dairy products. It has also ventured into the space of animal wellness, where investments are being
considered for animal welfare hospitals to be launched in Bengaluru by 2024.

Management Snapshot

C K Ranganathan – Chairman and Manageing Director, CakinKare

 Financial Performance

Income Statement - CavinKare Pvt Ltd

Year Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
INCOME :
Sales Turnover 1,152.12 1,155.39 1,408.04 1,503.98
Excise Duty 6.27 7.65 18.47 4.38
Net Sales 1,145.85 1,147.74 1,389.57 1,499.60 1678.05 1839.15 1997.31
Other Income 8.78 9.32 16.18 11.57 11.46 11.46 11.46
Stock Adjustments 7.51 17.1 5.68 16.59
Total Income 1,162.14 1,174.16 1,411.43 1,527.76 1689.51 1850.61 2008.77
EXPENDITURE :
Raw Materials 620.46 625.34 777.06 822.74 921.34 1009.78 1096.63
Power & Fuel Cost 2.63 18.34 20.86 22 20.67 22.65 24.60
Employee Cost 99.8 107.39 134.57 160.31 162.56 178.16 193.49
Other Manufacturing Expenses 26.76 23.58 47.38 81.18 57.92 63.48 68.94
Selling and Administration Expenses 234.09 251.24 255.16 227.02 313.26 343.33 372.86
Miscellaneous Expenses 107.69 28.07 27.38 30.9 37.28 40.86 44.37
Less: Pre-operative Expenses
Capitalised 0 0 0 0
Total Expenditure 1,091.42 1,053.96 1,262.42 1,344.15 1513.02 1658.27 1800.88
EBITDA 70.72 120.21 149.03 183.61 176.50 192.34 207.90

The company expects the EBIDTA to grow at a rate of 9% and 8.1% for FY20 and FY21. The net sales
is expected to grow by 9.6% and 8.6% for Fy20 and FY21 respectively. The decline in net sales for the
year FY21 is because of reduced GDP growth rate by IMF and World Bank, which will affect the
consumption and income levels of the target population.

Capitalisation Statement

Pre Offer as at March Adjusted for proposed

Particulars 2019 offer
TOTAL BORROWINGS
Current Borrowings 243.89 258.34
Non - Current Borrowings 509.81 513.9275

TOTAL EQUITY
Equity Share Capital 27.64 27.64
Other Equity 232.6 224.27

Ratio - Total Borrowings/Total

Equity 2.90 3.07
Financial Indebtedness

As on 31st March, 2019 the company has following outstanding debt with its tenure and Credit
Rating.

Company
Rating
Rating Rating Security Type Amount Rating Rating Type
Code Date (in Rs
Crores)
CRISIL 01 Jul Long Term Debts 49.14 A+ The instrument rated A are
2008 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 01 Jul Term Loan 5.50 P1 Very Strong With Relatively
2008 Programme Higher Standing
CRISIL 01 Jul Term Loan 19.75 A+ The instrument rated A are
2008 Programme judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 23 Sep Short Term Debt 3.50 P1 Very Strong With Relatively
2009 Higher Standing
CRISIL 23 Sep Short Term Debt 5.50 P1 Very Strong With Relatively
2009 Higher Standing
CRISIL 23 Sep Short Term Debt 19.75 A+ The instrument rated A are
2009 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 23 Sep Short Term Debt 20.00 P1 Very Strong With Relatively
2009 Higher Standing
CRISIL 23 Sep Long Term Debts 49.14 A+ The instrument rated A are
2009 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 21 Dec Long Term Debts 37.64 A+ The instrument rated A are
2010 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 21 Dec Debt Progamme 5.50 P1 Very Strong With Relatively
2010 Higher Standing
CRISIL 21 Dec Debt Progamme 7.50 P1 Very Strong With Relatively
2010 Higher Standing
CRISIL 21 Dec Debt Progamme 19.75 A+ The instrument rated A are
2010 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 21 Dec Short Term Debt 27.50 P1 Very Strong With Relatively
2010 Higher Standing
CRISIL 23 Apr Short Term Debt 27.50 A2+
2012
CRISIL 23 Apr Term Loan 37.64 A- The instrument rated A are
2012 Programme judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 23 Apr Debt Progamme 19.75 A- The instrument rated A are
2012 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
 those in the higher rated
categories.

CRISIL 23 Apr Debt Progamme 7.50 A2+

2012
CRISIL 23 Apr Debt Progamme 5.50 A2+
2012
CRISIL 25 Jul Debt Progamme 25.00 A1
2013
CRISIL 25 Jul Debt Progamme 100.00 A The instrument rated A are
2013 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 17 Oct Debt Progamme 79.75 A The instrument rated A are
2014 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 17 Oct Debt Progamme 21.50 A1
2014
CRISIL 17 Oct Long Term Debts 23.75 A The instrument rated A are
2014 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 08 Feb Long Term Debts 23.75 A The instrument rated A are
2016 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 08 Feb Short Term Debt 21.50 A1
2016
CRISIL 08 Feb Long Term Debts 79.75 A The instrument rated A are
2016 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 28 Dec Long Term Debts 43.75 A The instrument rated A are
2016 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 28 Dec Short Term Debt 11.50 A1
2016
CRISIL 28 Dec Long Term Debts 69.75 A The instrument rated A are
2016 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 04 May Short Term Debt 11.50 A1
2017
CRISIL 04 May Long Term Debts 43.75 A The instrument rated A are
2017 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 04 May Long Term Debts 69.75 A The instrument rated A are
2017 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 07 Feb Long Term Debts 164.75 A The instrument rated A are
2018 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 07 Feb Long Term Debts 425.00 A The instrument rated A are
2018 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 07 Feb Short Term Debt 23.00 A1
2018
CRISIL 07 Feb Long Term Debts 37.25 A The instrument rated A are
2018 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 27 Feb Short Term Debt 51.25 A1
2019
CRISIL 27 Feb Term Loan 25.00 A The instrument rated A are
2019 Programme judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 27 Feb Long Term Debts 15.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 27 Feb Long Term Debts 3.75 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 27 Feb Long Term Debts 5.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 27 Feb Long Term Debts 65.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 27 Feb Long Term Debts 415.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 27 Feb Long Term Debts 95.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 27 Feb Long Term Debts 55.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
 affect such issues more than
those in the higher rated
categories.

CRISIL 24 Sep Long Term Debts 55.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 24 Sep Long Term Debts 95.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 24 Sep Long Term Debts 115.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 24 Sep Short Term Debt 1.25 A1
2019
CRISIL 24 Sep Long Term Debts 5.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 24 Sep Long Term Debts 3.75 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
 those in the higher rated
categories.

CRISIL 24 Sep Long Term Debts 15.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.
CRISIL 24 Sep Long Term Debts 440.00 A The instrument rated A are
2019 judged to offer adequate
safety of timely payment of
interest and principal;
however, changes in
circumstances can adversely
affect such issues more than
those in the higher rated
categories.