Mahindra & Mahindra Ltd.

Credit rating agency -- CRISIL has reaffirmed AAA/Stable/A1+' ratings on the bank loan facilities and debt instruments of Mahindra and Mahindra (M&M). The ratings continue to reflect M&M's leadership in the Indian tractor industry and healthy market position in light commercial vehicles (LCVs), with the benefit of diversification also supporting its business profile. The ratings also factor in a strong financial risk profile, supported by a robust balance sheet with low leverage and high financial flexibility.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.