India Ratings and Research\r\n(Ind-Ra) has taken the following rating actions on Hella Infra Market Private\r\nLimited’s (Hella) debt instruments:
ANALYTICAL APPROACH: Ind-Ra\r\ncontinues to take a consolidated view of Hella and its 100% subsidiaries,\r\nnamely Hella Infra Market Retail Private Limited, Trinity Material Market\r\nPlace Pvt Ltd, RDC Concrete India Private Limited (RDC, debt rated at 'IND A-'/Negative/'IND A2+'), Hella Infra\r\nMarket Singapore Pte. Ltd., Hella Chemical Market Private Limited,\r\nSociem Equipment Solutions Private Limited, Hella Road Technologies Private\r\nLimited and HIM Infra General Trading LLC (Dubai), as the companies\r\noperate in the same line of business of selling construction materials and\r\nhave strong operational and strategic linkages among them.
The downgrade and Negative\r\nOutlook reflect sustained deterioration in the company’s\r\ncredit metrics and liquidity profile over 9MFY24, owing to higher-than-expected\r\ndebt-funded organic and inorganic expansions and a delay in raising equity\r\nfunding to deleverage the balance sheet. Ind-Ra understands from the\r\nmanagement that it plans to raise sizeable equity funding over March-June 2024,\r\nin addition to rationalising its capex plans, to ensure deleveraging and\r\nimproving the liquidity cushion. The agency will closely monitor the fund raise\r\nand capex spends in addition to the operational cash flows, and any material\r\ndeviation could be negative for the ratings.
Sustained Deterioration in Credit Metrics;\r\nCapex Rationalisation and Equity Infusion Key to Improvement: Hella’s net debt increased to INR28.13 billion as of December\r\n2023 (1HFY24: INR23.07 billion; FY23 INR21.5 billion; FY22: INR16.17 billion),\r\nresulting in the net leverage (net debt/operating EBITDA) increasing to around\r\n3.4x (3.2x; 2.8x), higher than Ind-Ra’s earlier expectation. The management’s plan to raise significant funding in\r\n1QFY24 through convertible instruments to deleverage the balance sheet for\r\nacquiring RDC and fund its growth plans did not materialise. The company\r\ncould, instead, raise only INR1.5 billion through selling its stake in RDC in 10MFY24..\r\nFurther, the management guided for an annual capex of INR1 billion over\r\nFY24-FY26 and fund its all inorganic expansions only through a fresh equity\r\ninfusion. However, Hella spent INR5.1 billion towards its capex in 9MFY24 in\r\naddition to an investment of INR1.86 billion to increase its stake in in\r\nShalimar Paints Limited (SPL) to 37% (from 24.99%), the management looks to\r\ninvest around another INR1 billion to increase its stake in the latter to 42%-44%\r\nover the near term.
However,\r\nthe management plans to raise over INR5 billion by 1QFY25 by way of equity\r\nfunding at Hella and stake sale in RDC, the proceeds of which will largely be\r\nused to deleverage the balance sheet and improve the liquidity position. The\r\nmanagement is also rationalising capex and has articulated that all capex,\r\nbarring regular capex of INR0.15 billion-0.2\r\nbillion in 4QFY24 and INR1 billion-1.25 billion over FY25, will be backed by\r\nequity funding while ensuring net leverage of less than 3x by FY25. The management also plans to list RDC in FY25\r\nwhich could improve the financial profile further. However, the fund raise and\r\ncapex spends remain a key rating monitorable and a material deviation on the\r\nquantum or timelines of fund raise or capex spends could be negative for the\r\nratings.
Liquidity Indicator - Stretched: Hella\r\nhas scheduled repayment obligations of around INR17 billion over FY24-FY25, including\r\na sizeable part towards the acquisition of debt. Ind-Ra expects the company’s debt\r\nservice coverage ratio in FY24 to be below 1x, although the company has on\r\nbalance sheet liquidity to bridge the gap. However, the debt service coverage\r\nratio could remain below 1x over FY25 and incremental funding would be critical\r\nto bridge the gap. Hella had free cash and cash equivalents\r\nof INR3.95 billion as of December 2023 (FY23: INR3.38 billion;\r\nFY22: INR2.5 billion) in addition to undrawn working capital lines and\r\nencumbered fixed deposits of about INR1.52 billion (INR1.25 billion) and\r\nINR2.73 billion (INR3.39 billion), respectively. With the increase in working\r\ncapital requirements, the company’s working capital utilisation at a standalone\r\nlevel was 88% during the 12 months ended December 2023 (based on the lower of\r\nsanctioned limit and drawing power), indicating limited cushion. At a\r\nconsolidated level, the company’s average working capital utilisation was 77% during\r\nthe 12 months ended December 2023. However, the company additionally has\r\nunused non-drawing power backed line of USD20 million which is available to\r\ndrawn as and when needed. While the net working capital remained stable at 22%\r\nof revenue in 9MFY24 (FY23: 22%), the continued growth has led to an increase\r\nthe net working capital to INR29.3 billion (INR25.5 billion).
Ind-Ra\r\nwill continue to monitor the financial flexibility of Hella, in addition to the\r\nability to raise equity through stake sale in RDC as well as equity raise.
Diversified Product Mix; Reduced Geographical\r\nConcentration: Apart\r\nfrom cement, steel, plywood and boards, and electricals, Hella has been\r\nexpanding its presence in segments such as chemicals, admixtures, autoclaved\r\naerated concrete, ready-mix concrete (RMC) and water-proofing solutions.\r\nThe revenue base is well diversified, with steel and metals accounting for\r\naround 24% of the revenue in FY23, following RMC (around 23%) and chemicals (around\r\n31%). The company intends to increase its reach with other newer segments\r\nsuch as flooring, plumbing, kitchen and hardware, paints and\r\npipes. Moreover, the revenue base is diversified in terms of\r\nend-customers, which comprise small- and large-scale manufacturers,\r\ninfrastructure companies, real estate developers, and some proportion of\r\nexports.
Hella continued to derive a major portion of its\r\nrevenue from Maharashtra, which accounted for around 42% of turnover in 9MFY24 (FY23:\r\n35%; FY22: 38%; FY21: 65%), due to the increasing scale of operations. In\r\n9MFY24, the revenue share of the southern India stood at 20%, followed by the\r\nnorthern region (10%), and the eastern region (5%) with exports and foreign\r\nsubsidiary sales accounting for around 23%. To reduce the revenue concentration\r\nof metro/tier 1 cities and diversify geographical concentration, the company\r\nhas expanded to new states in southern, north and east of India, which have\r\nlarge unorganised markets and lower brand penetration.
RDC Continues to Strengthen Market Position\r\nin RMC: Over the years, RDC has gradually expanded\r\nto a pan-India player from a major southern India RMC player. It still\r\nhas a significant presence in south (1HFY24: 42% of sales; FY23: 46%;\r\nFY22: 48%), followed by west (31%; 26%; 22%), east (15%; 17%; 21%)\r\nand north (12%; 12%; 10%). The company is a leading independent RMC\r\nmanufacturer, with a market share of 7.16% in India as of October 2023, as\r\nper the management, preceded by the cement-integrated pan-India players such as\r\nUltratech Cement Limited (‘IND AAA’/Stable), ACC\r\nLimited, Prism Johnson Limited (‘IND A+’/Stable)\r\nand Nuvoco Vistas Corporation Limited (‘IND AA’/Positive).\r\nSubsequent to RDC’s acquisition by Hella in December 2021, the consolidated\r\nentity has become the second-largest player in India in\r\nthe RMC business. Ind-Ra believes RDC can leverage its parentage in\r\nexpanding its geographical presence further, which would strengthen its\r\nbusiness profile. Furthermore, RDC had around 95 operating plants at end-September\r\n2023 (2016: 19). On a consolidated basis, RDC’s revenue expanded at a\r\nCAGR of around 22% over FY17-FY23 (FY23: INR14,568 million; FY22:\r\nINR10,094 million; FY21: INR6,700 million), due to increased focus on\r\nobtaining new clients in industrial segment, stable realisations and\r\nsuccessful expansions across various cities. RDC’s EBITDA rose to INR1,210\r\nmillion in FY23 (FY22: NR870 million; FY21: INR291million), due to sales\r\nvolume growth. In FY24, Hella diluted its around 10% stake in RDC, intends to\r\ndilute a further stake over the next 12 months and plans to execute an initial\r\npublic offering for RDC by end-FY25.
EBITDA to Likely Improve in FY24; Further Ramp-up\r\nin Scale Likely FY25 Onwards: Ind-Ra expects\r\nHella’s consolidated revenue to grow 15%-20% in FY24. The company revenue stood\r\nat INR98,371 million in 9MFY24 (FY23: INR118,466 million; FY22:\r\nINR62,362 million). The agency also estimates EBITDA to grow yoy in FY24, with\r\nthe company earning an EBITDA of INR6,251 million in 9MFY24 (FY23: INR7,556\r\nmillion; FY22: INR3,486 million; FY21: INR589 million). The monthly revenue run\r\nrate grew to INR10.9 billion over 9MFY24 (FY23: INR9.9 billion; FY22:\r\nINR5 billion; FY21: INR1.03 billion), led by the expansion of its product\r\nportfolio across various construction materials and geographical expansion. The\r\nEBITDA margins remained stable at 6.3% in 9MFY24 (FY23: 6.4%; FY22:\r\n5.6%; FY21: 4.7%). However, the sale of its owned\r\nmanufactured products increase, an established presence and a ramp-up its sales\r\nare likely to enable better absorption of costs incurred, resulting in a further\r\nimprovement in the overall EBITDA margins, and this will be a key monitorable.\r\nFurthermore, the management expects the gradual increase in the backward\r\nintegration to support the margins.
Update on Income Tax (I-T) Proceedings: The I-T department had\r\nconducted a search between 9 March 2022 and 12 March 2022 at the company’s\r\npremises and the residences of its co-founders, which did not cause any\r\ndisruptions in the company’s operations. Subsequently, the company received a\r\ndemand notice in FY23 for INR0.41 billion which was provided for in FY23 on a\r\nprudent basis. The company filed an appeal before the Commissioner of I-T\r\n(Appeals) and has deposited INR0.08 billion under protest. The\r\ncompany believes there would not be any major tax liability on it. As per the\r\nmanagement, the company has extended full co-operation and submitted all the\r\nrelevant documents and evidence sought by the tax authorities during the\r\ninvestigations. In March 2022, the I-T department had made observations\r\nregarding the company’s receipt of increased foreign funding, allowability\r\nof certain expenses of about INR2.2 billion owing to some goods and\r\nservices tax-related mismatches, and evidence of a network of some Mumbai and\r\nThane-based shell companies. The agency will continue to monitor the\r\ndevelopments closely and any adverse development will be a key rating\r\nmonitorable.
Limited Track Record; No Private Equity Funding since August\r\n2022: Hella\r\ncommenced its operations only in 2016. The company is promoted by\r\nfirst-generation promoters, Aaditya Sharda and Souvik Sengupta, who\r\nindividually have a decade of industry experience. The board comprises eight\r\nmembers including the two cofounders, three nominees of the PE investors and three\r\nindependent directors that were inducted in February 2024. Decisions on capex,\r\nfunding etc. are approved by the company’s finance committee before being\r\npresented to the board. While the\r\ncompany was started with an asset-light model, the management plans to\r\ngradually achieve a mix of contracted and captive manufacturing, which has\r\nentailed higher-than-expected capex and debt levels. The company has formed\r\nvarious subsidiaries that deal in different product segments, most of which\r\nreported positive EBITDA in FY23. Debt has been raised at each of the\r\nsubsidiaries. There are limited related party transactions at a consolidated\r\nlevel.
The company had raised a total of about\r\nINR20.74 billion over FY20-FY22 through four rounds of equity (FY22:\r\nINR12.9 billion) with a valuation of about USD2.5 billion at the last fund-raising.\r\nIt raised further Series D funding of INR1.05 billion from the existing\r\ninvestors in August 2022. after which there has been no equity raise. The company\r\nhad plans to raise INR12.5 billion in FY24 to fund growth and pare debt which\r\ndid not proceed as envisaged.
High Competitive Intensity: The company faces intense\r\ncompetition from a large number of dealers and traders in the construction\r\nmaterial supply market, along with the entry of large building material\r\nmanufacturers into the business to consumer/online retailing, thereby limiting\r\nits bargaining power with its customers.
Standalone Performance: Hella’s revenue grew to INR44.2 billion in FY23\r\n(FY22: INR32.5 billion; FY21: INR10.6 billion), while its EBITDA margin\r\nimproved slightly to 8.8% (5.3%; 5.1%). The net debt reduced to INR6.2 billion\r\nat FYE23 (FYE22: INR7.1 billion; FYE21: negative INR1.9 billion), leading to\r\nthe net leverage reducing to 1.6x (4.1x,\r\nFY21: a net cash position) and gross interest coverage (gross interest expense\r\n/ operating EBITDA) improving to 2.1x (1.6x; 3x).
Positive: A large fund infusion through an equity raise or a\r\nstake sale and/or a significant and sustained improvement in the group’s EBITDA\r\nmargins and the working capital cycle, leading to a substantial improvement in\r\nthe liquidity profile, and the net leverage remaining below 3.25x, on a\r\nsustained basis, could lead to an Outlook revision to Stable..
\r\nNegative: The following could individually or\r\ncollectively lead to a negative rating action:
· the inability to raise funding, leading to\r\ndeterioration in the liquidity position
· sizeable debt-funded organic or inorganic\r\nexpansion
· a weakening of the operational performance leading\r\nto lower-than-expected EBITDA or a stretch in the working capital cycle leading\r\nto the net leverage exceeding 3.25x, on a sustained basis
\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
","esg":null,"companyProfile":"
Incorporated in 2016, Hella supplies construction\r\nmaterials including RMC, aggregate, fly-ash, paints, construction chemicals,\r\nsteel and cement. The company’s business model includes cloud manufacturing,\r\ncatering to business-to-business clients, and direct retailing of its own\r\ncontract manufactured products and other branded products. It also has\r\ndistributors for various branded manufacturers and manages the supply chain.
CONSOLIDATED FINANCIAL\r\nSUMMARY
\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
| \r\n Particulars | \r\n \r\n FY23 | \r\n \r\n FY22 | \r\n
| \r\n Revenue (INR billion) | \r\n \r\n 118.5 | \r\n \r\n 62.3 | \r\n
| \r\n EBITDA (INR billion) | \r\n \r\n 7.5 | \r\n \r\n 3.4 | \r\n
| \r\n EBITDA margin (%) | \r\n \r\n 6.4 | \r\n \r\n 5.6 | \r\n
| \r\n EBITDA interest coverage (x) | \r\n \r\n 2.62 | \r\n \r\n 2.8 | \r\n
| \r\n Net leverage (x) | \r\n \r\n 2.8 | \r\n \r\n 4.5 | \r\n
| \r\n Source: Hella, Ind-Ra | \r\n \r\n \r\n | \r\n
Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings.
Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.
","participationDisclosures":null,"disclaimer":"ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: https://www.indiaratings.co.in/ratingdefinitions. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.
","metaTags":"building materials","effectiveDate":"Feb 21, 2024 | Hella Infra Market Limited (Formerly Hella Infra Market Private Limited)","effectiveDateTime":"0001-01-01T00:00:00","dateOfCreation":"Feb 21, 2024","isDeleted":false,"isMigratedData":false,"viewCount":3,"facebookShareCount":0,"linkedInShareCount":0,"googlePlusShareCount":0,"twitterShareCount":0,"ratingCriteriaReportsIDs":"183,173,145,180,181","pressReleaseStatus":"Publish","activity":"Updated By UserID: 12","lastActivityDate":"2/21/2024 4:17:55 PM","currentRatings":"| \r\n Instrument Type\r\n | \r\n\r\n Date of Issuance\r\n | \r\n\r\n Coupon Rate (%)\r\n | \r\n\r\n Maturity Date\r\n | \r\n\r\n Size of Issue (million)\r\n | \r\n\r\n Rating/Outlook\r\n | \r\n\r\n Rating Action\r\n | \r\n
|---|---|---|---|---|---|---|
| \r\n Non-convertible debentures\r\n (NCDs)#,^\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR10,023.80 (reduced from INR11,700)\r\n | \r\n\r\n IND A-/Negative\r\n | \r\n\r\n Downgraded\r\n | \r\n
| \r\n Working capital facility\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR7,150 (reduced from INR7,500)\r\n | \r\n\r\n IND A-Negative/IND A2+\r\n | \r\n\r\n Downgraded\r\n | \r\n
| \r\n Term loan*\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n FY28\r\n | \r\n\r\n INR300\r\n | \r\n\r\n IND A-/Negative\r\n | \r\n\r\n Downgraded\r\n | \r\n
| \r\n Proposed working capital facility\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n -\r\n | \r\n\r\n INR350\r\n | \r\n\r\n IND A-Negative/IND A2+\r\n | \r\n\r\n Assigned\r\n | \r\n
| \r\n Instrument Type | \r\n \r\n Current Rating/Outlook | \r\n \r\n Historical Rating/ Rating Watch/Outlook | \r\n |||||||||
| \r\n Rating Type | \r\n \r\n Rated Limits (million) | \r\n \r\n Rating | \r\n \r\n 22 September 2023 | \r\n \r\n 22 February 2023 | \r\n \r\n 29 August 2022 | \r\n \r\n 28 March 2022 | \r\n \r\n 23 December 2021 | \r\n \r\n 11 October 2021 | \r\n \r\n 10 May 2021 | \r\n \r\n 4 February 2021 | \r\n |
| \r\n Issuer rating | \r\n \r\n Long-term | \r\n \r\n - | \r\n \r\n - | \r\n \r\n WD | \r\n \r\n IND A/Negative | \r\n \r\n IND A/Negative | \r\n \r\n IND A/Rating Watch with\r\n Negative Implications | \r\n \r\n IND A/Stable | \r\n \r\n IND A-/Rating Watch with\r\n Developing Implications | \r\n \r\n IND A-/Stable | \r\n \r\n IND BBB+/Positive | \r\n
| \r\n Working capital facility | \r\n \r\n Long-term/short-term | \r\n \r\n INR7,500 | \r\n \r\n IND A-/Negative/IND A2+ | \r\n \r\n - | \r\n \r\n IND A/Negative/IND A1 | \r\n \r\n IND A/Negative/IND A1 | \r\n \r\n IND A/Rating Watch with\r\n Negative Implications /IND A1/Rating Watch\r\n with Negative Implications | \r\n \r\n IND A-/Stable/IND A1 | \r\n \r\n IND A-/Rating Watch with\r\n Developing Implications /IND A1/\r\n Rating Watch with Developing Implications | \r\n \r\n IND A-/Stable/IND A1 | \r\n \r\n IND BBB+/Positive/IND A2+ | \r\n
| \r\n Term loan | \r\n \r\n Long-term | \r\n \r\n INR300 | \r\n \r\n IND A-/Negative | \r\n \r\n - | \r\n \r\n IND A/Negative | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n
| \r\n NCDs | \r\n \r\n Long-term | \r\n \r\n INR10,023.80 | \r\n \r\n IND A-/Negative | \r\n \r\n - | \r\n \r\n IND A/Negative | \r\n \r\n IND A/Negative | \r\n \r\n IND A/Rating Watch with\r\n Negative Implications | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n \r\n - | \r\n
| \r\n ISIN | \r\n \r\n Date of Issuance | \r\n \r\n Coupon (%) | \r\n \r\n Maturity Date | \r\n \r\n Size of Issue (INR\r\n million) | \r\n \r\n Rating/Outlook | \r\n
| \r\n INE06E507041 | \r\n \r\n 24 December 2021 | \r\n \r\n 13 | \r\n \r\n 24 December 2024 | \r\n \r\n INR4,000 | \r\n \r\n WD (Paid in full) | \r\n
| \r\n INE06E507058 | \r\n \r\n 25 January 2022 | \r\n \r\n 11.75 | \r\n \r\n 25 January 2025 | \r\n \r\n INR900.00 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507066 | \r\n \r\n 22 February 2022 | \r\n \r\n 11 | \r\n \r\n 22 August 2024 | \r\n \r\n INR385.00 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507074 | \r\n \r\n 17 February 2023 | \r\n \r\n 11.25 | \r\n \r\n 17 February 2025 | \r\n \r\n INR361.10 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507082 | \r\n \r\n 17 March 2023 | \r\n \r\n 11.25 | \r\n \r\n 17 March 2025 | \r\n \r\n INR388.90 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507090 | \r\n \r\n 13 April 2023 | \r\n \r\n 11.25 | \r\n \r\n 13 April 2025 | \r\n \r\n INR388.90 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507108 | \r\n \r\n 25 May 2023 | \r\n \r\n 11.25 | \r\n \r\n 25 May 2025 | \r\n \r\n INR444.40 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507116 | \r\n \r\n 31 May 2024 | \r\n \r\n 11 | \r\n \r\n 31 May 2025 | \r\n \r\n INR533.30 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507124 | \r\n \r\n 28 June 2023 | \r\n \r\n 11 | \r\n \r\n 28 June 2025 | \r\n \r\n INR566.70 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507132 | \r\n \r\n 5 July 2023 | \r\n \r\n 11 | \r\n \r\n 5 July 2025 | \r\n \r\n INR755.50 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507157 | \r\n \r\n 23 November 2023 | \r\n \r\n 10.47 | \r\n \r\n 23 February 2025 | \r\n \r\n INR700.00 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507165 | \r\n \r\n 23 November 23 | \r\n \r\n 10.57 | \r\n \r\n 23 November 2025 | \r\n \r\n INR2,200.00 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507173 | \r\n \r\n 12 November 2023 | \r\n \r\n 10.47 | \r\n \r\n 11 June 2025 | \r\n \r\n INR1,400.00 | \r\n \r\n IND A-/Negative | \r\n
| \r\n INE06E507181 | \r\n \r\n 19 January 2024 | \r\n \r\n 10.47 | \r\n \r\n 19 July 2025 | \r\n \r\n INR1,000.00 | \r\n \r\n IND A-/Negative | \r\n
| \r\n | \r\n | \r\n | \r\n | \r\n INR10,023.80 | \r\n \r\n |
| \r\n Instrument Type\r\n | \r\n\r\n Complexity Indicator\r\n | \r\n
|---|---|
| \r\n Working capital facility\r\n | \r\n\r\n Low\r\n | \r\n
| \r\n NCDs\r\n | \r\n\r\n Low\r\n | \r\n
| \r\n Proposed long-term debt\r\n | \r\n\r\n Low\r\n | \r\n
| \r\n Term loan\r\n | \r\n\r\n Low\r\n | \r\n
Not applicable
India Ratings and Research (Ind-Ra) is India's SEBI registered credit rating agency committed to providing India's credit markets accurate, timely, and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market.
\r\nInd-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance companies, urban local bodies, and structured finance and project finance companies.
\r\nHeadquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India and the Reserve Bank of India.
\r\nInd-Ra is a 100% owned subsidiary of the Fitch Group.
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