AI assistant
Ambuja Cements Ltd. — Regulatory Filings 2021
Jun 4, 2021
59365_rns_2021-06-04_b677355c-d091-46c6-a536-ff4a24bed3d9.pdf
Regulatory Filings
Open in viewerOpens in your device viewer
4th June, 2021
==> picture [116 x 48] intentionally omitted <==
| BSE Limited, Phiroz Jeejeebhoy Towers, Dalal Street, Mumbai – 400023 |
National Stock Exchange of India Ltd., Plot No.C/1 'G' Block Bandra – Kurla Complex, Bandra East, Mumbai 400051 |
|
|---|---|---|
| Deutsche Bank Trust Company Americas Winchester House 1 Great Winchester Street London EC2N 2DB Ctas Documents <[email protected] |
Societe de la Bourse de Luxembourg, Avenue de la Porte Neuve L-2011 Luxembourg, B.P 165 "Luxembourg Stock Ex-Group ID " <[email protected] |
Dear Sirs,
Sub: Credit Rating - Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform that the credit rating agency - CRISIL has vide their letter dated 3[rd] June, 2021 reaffirmed the credit rating assigned to bank facilities and short-term debt programme of the Company as follows:-
Rating Action
| Total Bank Loan Facilities Rated | Rs.1200 Crore (Enhanced from Rs.1000 Crore) |
|---|---|
| Long Term Rating | CRISIL AAA/Stable (Reaffirmed) |
| ShortTerm Rating | CRISIL A1+ (Reaffirmed) |
| Rs.100 Crore Short Term Debt | CRISIL A1+ (Reaffirmed) |
CRISIL Rating rationale is enclosed for your reference.
Presently, the Company do not have any debt instrument or fixed deposit programme or any scheme or proposal involving mobilization of funds whether in India or abroad.
Kindly take the same on record.
Thanking you Yours faithfully
For AMBUJA CEMENTS LTD
Digitally signed by Rajiv Natwarlal Gandhi DN: c=IN, o=Personal, postalCode=400066, Rajiv st=Maharashtra, 2.5.4.20=3a36db83fd05f407f18fda649feacb1989d8 75e5637db583340b4ecc46796210, Natwarlal pseudonym=9A435294AE7485A6BD242F442CFE17808AE7DAF3, serialNumber=5CEA5EE8CBE3142AACBF25F4A7A9 BED624DB5527F90B86B63752C706E31A3BFA, Gandhi cn=Rajiv Natwarlal Gandhi Date: 2021.06.04 13:44:38 +05'30' RAJIV GANDHI COMPANY SECRETARY Membership No A11263
AMBUJA CEMENTS LIMITED
Elegant Business Park, MIDC Cross Road 'B', Off Andheri Kurla Road, Andheri (E), Mumbai 400059. Tel.: 022- 4066 7000 /6616 7000, Fax: 022 - 6616 7711 /4066 7711 . Website: www.ambujacement.com Regd. Off. : P.O . Ambujanagar, Taluka - Kodinar, Dist. Gir Somnath, Gujarat. CIN: L26942GJ1981PLC004717
6/3/2021
Rating Rationale
==> picture [533 x 43] intentionally omitted <==
Rating Rationale
June 03, 2021 | Mumbai
Ambuja Cements Limited
Rated amount enhanced
Rating Action
| Rating Action | |
|---|---|
| Total Bank Loan Facilities Rated | Rs.1200 Crore(Enhanced from Rs.1000 Crore) |
| Long Term Rating | CRISIL AAA/Stable(Reaffirmed) |
| Short Term Rating | CRISIL A1+(Reaffirmed) |
| Rs.100 Crore Short Term Debt | CRISIL A1+(Reaffirmed) |
1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities
Detailed Rationale
CRISIL Ratings has reaffirmed its 'CRISIL AAA/Stable/CRISIL A1+' ratings on the bank facilities and short-term debt programme of Ambuja Cements Limited (Ambuja Cements).
The ratings continue to reflect the company’s healthy market position in north and west India, robust operating efficiency and strong financial risk profile because of healthy cash flows. These strengths are partially offset by susceptibility to the commoditised and cyclical nature of the cement industry. Any substantial debt-funded capex or acquisition, which may weaken the financial risk profile, will be a key rating sensitivity factor.
For the three months ending March 2021, the standalone sales volume increased around 26% (year-on-year) driven by healthy demand and low base, which was impacted because of the lockdown in the last two weeks of March 2020. During first quarter of 2021 (January to March), EBITDA margin improved to 27.3% from 21.9% in the corresponding quarter of previous year driven by strong growth in volumes and efficiency gains.
Analytical Approach
CRISIL Ratings has combined the business and financial risk profiles of Ambuja Cements and ACC Ltd (ACC; 'CRISIL AAA/Stable/CRISIL A1+'). This is because, post the restructuring between ACC and Ambuja Cements, ACC became a subsidiary of Ambuja Cements. Moreover, both companies have a common line of business, and have entered into master supply agreement, which helps them operate symbiotically, optimising each other's plant capacities and spare inventories, and thus, benefit from operational and financial synergies.
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:
*** Healthy market position**
Ambuja Cements had installed capacity of 29.65 million tonne per annum (MTPA) as on March 31, 2021, spread across north and central (around 40%), west (around 37%) and east (around 23%) India. It has large marketing infrastructure, panIndia presence and strong operational linkages with ACC (34.5 MTPA as on March 31, 2021). The companies together have 12-13% capacity share in the Indian cement market. Their nationwide presence shields operations from regional price volatility and demand-supply imbalances.
*** Strong financial risk profile**
Consolidated gearing remained healthy. Also, strong cash flow and low debt levels translate into robust debt protection metrics. Supported by healthy cash accrual and minimal reliance on debt, the debt protection metrics will remain strong over the medium term.
Weaknesses
*** Susceptibility to volatility in input cost and realisations, and cyclicality in the cement industry**
Capacity addition in the cement industry is sporadic because of long gestation period for setting up a facility and large number of players adding capacity during the peak of a cycle This has led to unfavourable price cycles in the past. Moreover, profitability is susceptible to volatility in prices of inputs, including raw material, power, fuel, and freight. Increase in pet coke prices over the past year has impacted the profitability of several cement players. Realisations and profitability are also affected by demand, supply, offtake, and other regional factors.
Liquidity: Superior
Debt primarily consists of interest-free loan from the state government. The company has announced capex of around Rs 2,500 crore to be spent over a period of 2-3 years towards capacity addition, captive power plant, plant maintenance and other infrastructure developments. Cash and cash equivalent stood at Rs 2,717 crore as on December 31, 2020. Unutilised bank lines and healthy cash accrual will sufficiently cover capex and working capital requirement.
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AmbujaCementsLimited_June 03, 2021_RR_271733.html
1/7
6/3/2021
Rating Rationale
Under ACC, liquidity will remain robust in the absence of external debt. Expected capex of around Rs 3,500 crore over the medium term, towards capacity addition and efficiency capex, will be entirely funded through internal accrual. Cash and cash equivalent stood at Rs 5,849 crore as on December 31, 2020. Cash accrual is estimated over Rs 1,900 crore in 2021. Unutilised bank limits and healthy cash accrual will be sufficient to meet capex and working capital requirement.
Outlook: Stable
CRISIL Ratings believes Ambuja Cements will maintain its strong financial risk profile over the medium term supported by healthy cash accrual and low debt.
Rating Sensitivity Factors
Downward Factors
Larger-than-expected capex (organic or inorganic) or high dividend outflow, resulting in net cash less than Rs 1500 crore on a sustained basis
Sustained decline in operating margin to less than 12%
About the Company
Ambuja Cements is one of India's leading cement manufacturers. In January 2006, Holcim Ltd (Holcim) acquired 14.8% stake in Ambuja Cements. Following an open offer in April 2006, Holcim assumed management control of the company. Globally, Holcim and Lafarge SA announced their merger in April 2014. Completed in July 2015, the merged entity was named LafargeHolcim. Post the proposed restructuring between ACC and Ambuja Cements, effective from August 12, 2016, ACC became a subsidiary of Ambuja Cements.
For the three months ended March 31, 2021, Ambuja Cement’s consolidated profit after tax (PAT) was Rs 1,228 crore on operating income of Rs 7,715 crore, compared with PAT of Rs 743 crore on operating income of Rs 6,250 crore for the corresponding period last year.
For the three months through March 2021, Ambuja Cement reported standalone PAT of Rs 665 crore on operating income of Rs 3,621 crore, compared with PAT of Rs 399 crore on operating income of Rs 2,828 crore for the corresponding period last year.
Key Financial Indicators* (Consolidated^)
| Key Financial Indicators * (Consolidated^) |
|||
|---|---|---|---|
Particulars |
Unit | 2020 | 2019 |
| Revenue | Rs.Crore | 24,516 | 27,103 |
| Profit After Tax(PAT) | Rs.Crore | 3,107 | 2,783 |
| PAT Margin | % | 12.7 | 10.3 |
| Adjusted debt/adjusted networth | Times | 0.00 | 0.00 |
| Interest coverage | Times | 47.3 | 39.9 |
*as per CRISIL analytical adjustment
^Financials for the year ended December 31; includes consolidated numbers of ACC Ltd
Any other information: Not applicable
Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
| ISIN | Name of Instrument |
Date of Allotment |
Coupon Rate (%) |
Maturity Date |
Issue Size (Rs.Crore) |
Complexity Level |
Rating Assigned with Outlook |
|---|---|---|---|---|---|---|---|
| NA | Short Term Debt |
NA | NA | 7-365 days |
100 | Simple | CRISIL A1+ |
| NA | Cash Credit & Working Capital Demand Loan |
NA | NA | NA | 75 | NA | CRISIL AAA/Stable |
| NA | Cash Credit & Working Capital Demand Loan* |
NA | NA | NA | 25 | NA | CRISIL AAA/Stable |
| NA | Letter of credit & Bank Guarantee# |
NA | NA | NA | 635 | NA | CRISIL A1+ |
| NA | Letter of credit & Bank Guarantee |
NA | NA | NA | 300 | NA | CRISIL A1+ |
| NA | Proposed Working Capital Facility |
NA | NA | NA | 10 | NA | CRISIL AAA/Stable |
| NA | Letter of credit^ | NA | NA | NA | 155 | NA | CRISIL A1+ |
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AmbujaCementsLimited_June 03, 2021_RR_271733.html
2/7
6/3/2021
Rating Rationale
*Interchangeable with bank guarantee / letter of credit #Fully interchangeable with bank guarantee ^Upto Rs 80 crore interchangeable with bank guarantee.
Annexure - List of Entities Consolidated
| Names of Entities Consolidated | Extent of Consolidation | Rationale for Consolidation |
|---|---|---|
| ACC Ltd | Full consolidation | Post the restructuring between ACC and Ambuja Cements, ACC has now become a subsidiary of Ambuja Cements. Moreover, both companies have a common line of business, and have entered into master supply agreement, which helps them operate symbiotically, optimising each other's plant capacities and spare inventories, and thus, benefit from operational and financial synergies. |
| M.G.T Cements Private Ltd | Full consolidation | |
| Chemical Limes Mundwa Private Ltd | Full consolidation | |
| Dang Cement Industries Private Ltd | Full consolidation | |
| Dirk India Private Ltd | Full consolidation | |
| OneIndia BSC Private Ltd | Full consolidation | |
| ACC Mineral Resources Ltd* | Full consolidation | |
| Bulk Cement Corporation(India)Ltd* | Full consolidation | |
| LuckyMinmat Ltd* | Full consolidation | |
| National Limestone Company Private Ltd*# |
Full consolidation | |
| Singhania Minerals Private Ltd* | Full consolidation | |
| Counto Microfine Products Private Ltd | Equitymethod | JV/Associate |
| Aakaash Manufacturing Company Private Ltd^ |
Equity method | JV/Associate |
| Alcon Cement CompanyPrivate Ltd^ | Equitymethod | JV/Associate |
| Asian Concretes and Cements Private Ltd ^ |
Equity method | JV/Associate |
*Subsidiaries of ACC Ltd| ^Associates of ACC Ltd
#ceased to be a subsidiary w.e.f. 18th November 2020.
Annexure - Rating History for last 3 Years
| Current | Current | Current | 2021 (History) | 2021 (History) | 2020 | 2020 | 2019 | 2019 | 2018 | 2018 | Start of 2018 |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Instrument | Type | Outstanding Amount |
Rating | Date | Rating | Date | Rating | Date | Rating | Date | Rating | Rating |
| Fund Based Facilities |
LT | 110.0 | CRISIL AAA/Stable |
-- | 23-11-20 | CRISIL AAA/Stable |
06-12-19 | CRISIL AAA/Stable |
25-01-18 | CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
| -- | -- | -- | 30-01-19 | CRISIL AAA/Stable |
-- | -- | ||||||
| Non-Fund Based Facilities |
ST | 1090.0 | CRISIL A1+ |
-- | 23-11-20 | CRISIL A1+ |
06-12-19 | CRISIL A1+ |
25-01-18 | CRISIL A1+ |
CRISIL A1+ |
|
| -- | -- | -- | 30-01-19 | CRISIL A1+ |
-- | -- | ||||||
| Short Term Debt |
ST | 100.0 | CRISIL A1+ |
-- | 23-11-20 | CRISIL A1+ |
06-12-19 | CRISIL A1+ |
25-01-18 | CRISIL A1+ |
CRISIL A1+ |
|
| -- | -- | -- | 30-01-19 | CRISIL A1+ |
-- | -- |
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
| Annexure - Details of various bank facilities | Annexure - Details of various bank facilities | Annexure - Details of various bank facilities | |||
|---|---|---|---|---|---|
| Current facilities | Previous facilities | ||||
| Facility | Amount (Rs.Crore) |
Rating | Facility | Amount (Rs.Crore) |
Rating |
| Cash Credit & Working Capital Demand Loan |
75 | CRISIL AAA/Stable |
Cash Credit% | 100 | CRISIL AAA/Stable |
| Cash Credit & Working Capital Demand Loan* |
25 | CRISIL AAA/Stable |
Letter of Credit^ | 155 | CRISIL A1+ |
| Letter of Credit^ | 155 | CRISIL A1+ | Letter of credit & Bank Guarantee$ |
725 | CRISIL A1+ |
| Letter of credit & Bank Guarantee# |
635 | CRISIL A1+ | Proposed Working Capital Facility |
20 | CRISIL AAA/Stable |
| Letter of credit & Bank Guarantee |
300 | CRISIL A1+ | - | 0 | - |
| ps://www.crisil.com/mnt/winshare/R | atings/RatingList/R | atingDocs/AmbujaC | ementsLimited_June 03, 2021_RR | _271733.html | 3 |
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AmbujaCementsLimited_June 03, 2021_RR_271733.html
3/7
| 6/3 | /2021 Rating Rationale |
/2021 Rating Rationale |
/2021 Rating Rationale |
/2021 Rating Rationale |
/2021 Rating Rationale |
/2021 Rating Rationale |
|---|---|---|---|---|---|---|
| Proposed Working Capital Facility |
10 | CRISIL AAA/Stable |
- |
0 | - | |
| Total | 1200 | - | Total | 1000 | - |
*Interchangeable with bank guarantee/letter of credit
#Fully interchangeable with bank guarantee
^ Upto Rs 80 crore interchangeable with bank guarantee
%Interchangeable with bank guarantee/letter of credit to the extent of Rs 25 crore
- $Fully interchangeable with bank guarantee to the extent of Rs 425 crore
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies - CRISILs Bank Loan Ratings process, scale and default recognition Rating Criteria for Cement Industry CRISILs Criteria for rating short term debt CRISILs Criteria for Consolidation
| Media Relations | Analytical Contacts | Customer Service Helpdesk |
|---|---|---|
| Saman Khan Media Relations CRISIL Limited D: +91 22 3342 3895 B: +91 22 3342 3000 [email protected] Naireen Ahmed Media Relations CRISIL Limited D: +91 22 3342 1818 B: +91 22 3342 3000 [email protected] |
Manish Kumar Gupta Senior Director CRISIL Ratings Limited B:+91 124 672 2000 [email protected] Nitesh Jain Director CRISIL Ratings Limited D:+91 22 3342 3329 [email protected] Gopikishan Dongra Team Leader CRISIL Ratings Limited B:+91 22 3342 3000 [email protected] |
Timings: 10.00 am to 7.00 pm Toll free Number:1800 267 1301 For a copy of Rationales / Rating Reports: [email protected] For Analytical queries: [email protected] |
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AmbujaCementsLimited_June 03, 2021_RR_271733.html
4/7
6/3/2021
Rating Rationale
==> picture [539 x 786] intentionally omitted <==
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AmbujaCementsLimited_June 03, 2021_RR_271733.html
5/7
6/3/2021
Rating Rationale
Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc.
About CRISIL Ratings Limited (A subsidiary of CRISIL Limited)
CRISIL Ratings pioneered the concept of credit rating in India in 1987. With a tradition of independence, analytical rigour and innovation, we set 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 33,000 large and mid-scale corporates and financial institutions. We have also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and infrastructure investment trusts (InvITs).
CRISIL Ratings Limited ("CRISIL Ratings") is a wholly-owned subsidiary of CRISIL Limited ("CRISIL"). CRISIL Ratings Limited is registered in India as a credit rating agency with the Securities and Exchange Board of India ("SEBI").
For more information, visit www.crisilratings.com
About CRISIL Limited
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.
CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide
For more information, visit www.crisil.com
Connect with us: TWITTER | LINKEDIN | YOUTUBE | FACEBOOK
CRISIL PRIVACY NOTICE
CRISIL respects your privacy. We may 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.For further information on CRISIL’s privacy policy please visit www.crisil.com.
DISCLAIMER
This disclaimer forms part of and applies to each credit rating report and/or credit rating rationale (each a "Report") that is provided by CRISIL Ratings Limited (hereinafter referred to as "CRISIL Ratings") . For the avoidance of doubt, the term "Report" includes the information, ratings and other content forming part of the Report. The Report is intended for the jurisdiction of India only. This Report does not constitute an offer of services. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL Ratings providing or intending to provide any services in jurisdictions where CRISIL Ratings does not have the necessary licenses and/or registration to carry out its business activities referred to above. Access or use of this Report does not create a client relationship between CRISIL Ratings and the user. We are not aware that any user intends to rely on the Report or of the manner in which a user intends to use the Report. In preparing our Report we have not taken into consideration the objectives or particular needs of any particular user. It is made abundantly clear that the Report is not intended to and does not constitute an investment advice. The Report is not an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of any kind or otherwise enter into any deal or transaction with the entity to which the Report pertains. The Report should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the US). Ratings from CRISIL Ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities / instruments or to make any investment decisions. Any opinions expressed here are in good faith, are subject to change without notice, and are only current as of the stated date of their issue. CRISIL Ratings assumes no obligation to update its opinions following publication in any form or format although CRISIL Ratings may disseminate its opinions and analysis. Rating by CRISIL Ratings contained in the Report is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment or other business decisions. The recipients of the Report should rely on their own judgment and take their own professional advice before acting on the Report in any way. CRISIL Ratings or its associates may have other commercial transactions with the company/entity. Neither CRISIL Ratings nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, "CRISIL Ratings Parties") guarantee the accuracy, completeness or adequacy of the Report, and no CRISIL Ratings Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Report. EACH CRISIL RATINGS' PARTY DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Ratings Party be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Report even if advised of the possibility of such damages. CRISIL Ratings may receive compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors. CRISIL Rating's public ratings and analysis as are required to be disclosed under the regulations of the Securities and Exchange Board of India (and other applicable regulations, if any) are made available on its web sites, www.crisil.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee - more details about ratings by CRISIL Ratings are available here: www.crisilratings.com. CRISIL Ratings and its affiliates do not act as a fiduciary. While CRISIL Ratings has obtained information from sources it believes to be reliable, CRISIL Ratings does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives and / or relies in its Reports. CRISIL Ratings has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. CRISIL Ratings has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. For details please refer to: http://www.crisil.com/ratings/highlightedpolicy.html Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public web site, www.crisil.com. For latest rating information on any instrument of any company rated by CRISIL Ratings you may contact CRISIL RATING DESK at [email protected], or at (0091) 1800 267 1301. This Report should not be reproduced or redistributed to any other person or in any form without a prior written consent of CRISIL Ratings. All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings Limited is a wholly owned subsidiary of CRISIL Limited. CRISIL Ratings uses the prefix ‘PP-MLD’ for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AmbujaCementsLimited_June 03, 2021_RR_271733.html
6/7
6/3/2021
Rating Rationale
the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratiings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: www.crisil.com/ratings/credit-rating-scale.html
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/AmbujaCementsLimited_June 03, 2021_RR_271733.html
7/7