Rating Rationale
March 08, 2017 | Mumbai
Muthoot Finance Limited
CRISIL AA/Stable' assigned to debt instruments 
Rating Action
Rs.50 Crore Subordinated Debt CRISIL AA/Stable (Assigned)
Rs.1950 Crore Non-Convertible Debentures CRISIL AA/Stable (Assigned)
Rs.693.28 Crore Non-Convertible Debentures CRISIL AA/Stable (Withdrawal)
Rs.31.78 Crore Subordinate Debt (Reduced from Rs.100 Crore) CRISIL AA/Stable (Reaffirmed)
Rs.365.27 Crore Non-Convertible Debentures (Reduced from Rs.500 Crore) CRISIL AA/Stable (Reaffirmed)
Rs.23.0392 Crore Subordinate Debt (Reduced from Rs.500 Crore) CRISIL AA/Stable (Reaffirmed)
Rs.3.78 Crore Non-Convertible Debentures (Reduced from Rs.456.24 Crore CRISIL AA/Stable (Reaffirmed)
Rs.3.92 Crore Non-Convertible Debentures (Reduced from Rs.276.71 Crore) CRISIL AA/Stable (Reaffirmed)
Rs.5.18 Crore Non-Convertible Debentures (Reduced from Rs.279.07 Crore) CRISIL AA/Stable (Reaffirmed)
Rs.76.89 Crore Non-Convertible Debentures (Reduced from Rs.259.75 Crore)  CRISIL AA/Stable (Reaffirmed)
Rs.92.62 Crore Non-Convertible Debentures (Reduced from Rs.274.94 Crore) CRISIL AA/Stable (Reaffirmed)
Rs.91.02 Crore Non-Convertible Debentures (Reduced from Rs.459.32 Crore) CRISIL AA/Stable (Reaffirmed)
Rs.500 Crore Non-Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.100 Crore Subordinate Bond CRISIL AA/Stable (Reaffirmed)
Rs.1300 Crore Non-Convertible Debentures CRISIL AA/Stable (Reaffirmed)
Rs.43.7571 Crore Subordinate Bond CRISIL AA/Stable (Reaffirmed)
Rs.23.2879 Crore Subordinate Bond CRISIL AA/Stable (Reaffirmed)
Rs.20.93 Crore Subordinate Bond CRISIL AA/Stable (Reaffirmed)
Rs.4000 Crore Short-Term Debt CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has assigned 'CRISIL AA/Stable' rating to Rs.1950 Crore Non-convertible debentures and Rs.50 Crore subordinated debt of Muthoot Finance Limited (Muthoot Finance). The Muthoot Finance promoters have a track record of over seven decades in the business, with a strong reputation and brand in South India, particularly in Kerala and Tamil Nadu. This has helped in implementing an appropriate assessment and underwriting methodology, which is being constantly refined.  Capitalisation is adequate, with a networth of Rs 6483 Crore and adjusted gearing of 3.2 times, as on December 31, 2016. MFL's profitability remains above average with a 3 year average return of assets (ROA) of above 2.5% over the past three year. However, MFL has high geographic concentration in South India, which currently accounts for about 52% of its total loans. The impact of demonetisation was largely felt in business growth; disbursements declined significantly in November and December 2016; it is gradually picking up now.  Furthermore, the gross NPA has increased by 70 basis points to 2.9% as on December 31, 2016 both on account of lower collections and deferment of auctions post demonetisation.  CRISIL will closely monitor collections and consequent impact on NPAs.

Analytical Approach

To arrive at the rating CRISIL has consolidated the business and financial risk profile of Muthoot Finance and its subsidiaries.

Key Rating Drivers & Detailed Description
* Established track record in financing against gold jewellery
Muthoot Finance's leadership position in the business of providing finance against gold jewellery is backed by the promoter family's established track record, extending to over seven decades. The rich experience gained over this period has helped Muthoot Finance design an appropriate assessment and underwriting methodology; the company constantly refines this methodology. Assessing the purity of gold without causing any damage to the jewellery, fixing an appropriate value that can be lent against a gram of gold, and determining appropriate LTV ratios are critical aspects in the assessment process. Backed by extensive business experience, Muthoot Finance has developed a robust model that has helped it maintain strong asset quality, scale up business significantly, and facilitate easy replication over various geographic areas.
* Adequate capitalisation: Capitalisation is adequate, with consolidated networth of Rs 6,482 Crore and gearing of 3.2 times as on December 31, 2016. Large accretion to networth and moderation in growth in the past two years resulted in a healthy capital adequacy ratio of 24.7% as on December 31, 2016. Lower asset-side risk (security of gold, which is liquid and is in the lender's possession) also supports capitalisation. The AUM in the gold loan segment is not expected to grow sharply over the medium term. Also, other segments (affordable housing finance, and microfinance finance) have a relatively small scale. Even after factoring in investments in the wholly owned housing finance company, Muthoot Homefin (India) Ltd, and Belstar Investment and Finance Private Ltd, a microfinance company in which a controlling stake is being acquired, CRISIL believes that consolidated gearing will remain below 5.5 times over the times over the medium term.
* Profitability to remain healthy: Profitability has improved with return on assets (RoA) at 3.0% for fiscal 2016 and 4% for 9 months of fiscal 2017. RoA increased from 2.6% mainly on account of recovery efforts and partly due to favourable movement in gold prices.  Though Muthoot finance charges relatively low interest rates than its peers its operating efficiency enables the company to maintain healthy profitability. With increased focus on collection on interest on regular basis along with revision in its interest rates on different schemes has resulted in higher yields and higher profitability during 9 months fiscal 2017. On account of healthy asset quality the credit cost is expected to remain below 0.5% over the medium term. Though post demonetization its collections and disbursements have declined its profitability is not expected to affect materially; however, remains a monitorable. In addition, the company is diversifying into other asset segments where its ability to maintain asset quality will remain a key rating monitorable.
* Geographical and product concentration in revenue profile: Muthoot Finance has high geographic concentration in South India, which currently accounts for about 52% of its total loans. While the level of concentration has been declining and is much lower than that of peers, the significant regional exposure exposes the company vulnerable to economic, social, and political situation in the region. In addition, Muthoot Finance's operations remain confined to financing against gold ornaments; this segment constitutes over 96% of the company's total advances. In order to diversify its product segment company has entered into housing finance and microfinance by acquiring separate subsidiaries. It has also taken majority stake in Srilanka based diversified non-bank finance company. Though company is diversifying into other product segment the proportion of AUM and revenue of non-gold loan segment will remain at around 10% over the medium term and hence, will remain susceptible to risks of revenue concentration in a single asset class. 
Furthermore, implementation of the Kerala Money Lenders Act, 1958, for NBFCs (which depends on the decision of the Supreme Court) could affect Muthoot Finance's lending rates and operational expenditure as the compliance requirements under the act would be rigorous and cumbersome. This will remain a key rating monitorable.
Outlook: Stable

CRISIL believes Muthoot Finance will maintain its strong capitalisation and above-average profitability over the medium term. The outlook may be revised to 'Positive' if competitive positioning improves significantly, while asset quality and profitability remain stable. Conversely, the outlook may be revised to 'Negative' in case of decline in asset quality, profitability or capitalisation.

About the Company

Muthoot Finance Ltd (Muthoot Finance), an NBFC, was originally set up as a private limited company in 1997; this was reconstituted as a public limited company in November 2008. It provides finance against used household gold jewellery; the promoters' family has been in this business for over seven decades. MFL is the flagship company of the Muthoot group (promoters of MFL), which is also in the hospitality, healthcare, media, education, information technology, foreign exchange, insurance distribution, and money transfer businesses. The company had a nationwide network of around 4308 branches as on December 31, 2016. It had an advances book of Rs 26,963 Crore, and a networth of Rs 6,482 Crore, as on December 31, 2016. For fiscal 2016, MFL's standalone PAT and total income grew to Rs 810 Crore and Rs 4875 Crore, from Rs 671 Crore and Rs 4,325 Crore, respectively, the previous fiscal. Standalone PAT for 9 Months of fiscal 2017 increased significantly to Rs 858 Crore from 544 Crore during 9 months of the previous fiscal.
For fiscal 2016, on a consolidated basis, PAT (Before adjustment for minority interest) was Rs 818 Crore on total income of Rs 4,941 Crore, against PAT (Before adjustment for minority interest) of Rs 672 Crore on total income of Rs 4,337 Crore for fiscal 2015.

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. In crs) CRISIL Rating
INE414G07142 Debentures 18-Jan-12 N.A 18-Jul-17 91 CRISIL AA/Stable
INE414G07183 Debentures 18-Apr-12 13.25 18-Apr-17 21.3 CRISIL AA/Stable
INE414G07191 Debentures 18-Apr-12 N.A 18-Oct-17 55.6 CRISIL AA/Stable
INE414G07225 Debentures 11-Jan-12 11.75 11-Jan-17 42.6 CRISIL AA/Stable
INE414G07233 Debentures 11-Jan-12 12 11-Jan-17 31.8 CRISIL AA/Stable
INE414G07241 Debentures 11-Jan-12 N.A 11-Jan-18 18.2 CRISIL AA/Stable
INE414G07274 Debentures 25-Sep-13 11.5 25-Sep-18 1.5 CRISIL AA/Stable
INE414G07308 Debentures 25-Sep-13 12 25-Sep-18 2.4 CRISIL AA/Stable
INE414G07340 Debentures 25-Sep-13 N.A 25-Sep-18 1.3 CRISIL AA/Stable
INE414G07373 Debentures 12-Apr-13 10.75 & 11.50 12-Apr-18 1.4 CRISIL AA/Stable
INE414G07407 Debentures 12-Apr-13 11.25 & 12.00 12-Apr-18 1.2 CRISIL AA/Stable
INE414G07449 Debentures 12-Apr-13 N.A 12-Apr-18 1.3 CRISIL AA/Stable
INE414G07472 Debentures 2-Apr-14 10.75 & 11.50 2-Apr-19 1 CRISIL AA/Stable
INE414G07506 Debentures 2-Apr-14 11.25 & 12.00 2-Apr-19 1.6 CRISIL AA/Stable
INE414G07548 Debentures 2-Apr-14 N.A 2-Apr-19 1.1 CRISIL AA/Stable
INE414G07AQ5 Debentures 20-Jan-16 9.50 & 8.75 20-Jan-18 33.8 CRISIL AA/Stable
INE414G07AR3 Debentures 20-Jan-16 9.75 & 9.00 20-Jan-19 115.6 CRISIL AA/Stable
INE414G07AS1 Debentures 20-Jan-16 9.25 & 8.50 20-Jan-21 1.4 CRISIL AA/Stable
INE414G07AT9 Debentures 20-Jan-16 9.75 & 9.00 20-Jan-18 39.9 CRISIL AA/Stable
INE414G07AU7 Debentures 20-Jan-16 10.00 & 9.25 20-Jan-19 97.2 CRISIL AA/Stable
INE414G07AV5 Debentures 20-Jan-16 9.50 & 8.75 20-Jan-21 0.8 CRISIL AA/Stable
INE414G07AX1 Debentures 20-Jan-16 N.A 20-Jan-18 28.3 CRISIL AA/Stable
INE414G07AY9 Debentures 20-Jan-16 N.A 20-Jan-19 47.7 CRISIL AA/Stable
INE414G07AZ6 Debentures 20-Jan-16 N.A 20-Jan-21 0.6 CRISIL AA/Stable
INE414G07BO8 Debentures 30-Jan-17 8.75 & 8.50 30-Jan-19 5.2 CRISIL AA/Stable
INE414G07BP5 Debentures 30-Jan-17 9.00 & 8.75 30-Jan-20 26.4 CRISIL AA/Stable
INE414G07BQ3 Debentures 30-Jan-17 9.00 & 8.75 30-Jan-22 11.1 CRISIL AA/Stable
INE414G07BR1 Debentures 30-Jan-17 9.00 & 8.75 30-Jan-19 282.2 CRISIL AA/Stable
INE414G07BS9 Debentures 30-Jan-17 9.25 & 9.00 30-Jan-20 839.3 CRISIL AA/Stable
INE414G07BT7 Debentures 30-Jan-17 9.25 & 9.00 30-Jan-22 82.5 CRISIL AA/Stable
INE414G07BU5 Debentures 30-Jan-17 N.A 3-Jun-18 29.7 CRISIL AA/Stable
INE414G07BV3 Debentures 30-Jan-17 N.A 30-Jul-18 1.4 CRISIL AA/Stable
INE414G07BW1 Debentures 30-Jan-17 N.A 30-Jan-19 5 CRISIL AA/Stable
INE414G07BX9 Debentures 30-Jan-17 N.A 30-Jan-20 17.2 CRISIL AA/Stable
N.A. Debentures^ N.A N.A N.A 2450 CRISIL AA/Stable
INE414G08215 Subordinated Debt 25-Sep-13 N.A 25-Sep-19 20.9 CRISIL AA/Stable
INE414G08223 Subordinated Debt 12-Apr-13 N.A 12-Apr-19 23.3 CRISIL AA/Stable
INE414G08231 Subordinated Debt 2-Apr-14 N.A 2-Apr-20 43.8 CRISIL AA/Stable
INE414G08306 Subordinated Debt 20-Jan-16 N.A 20-Apr-23 23 CRISIL AA/Stable
INE414G08330 Subordinated Debt 30-Jan-17 N.A 30-Jan-25 31.8 CRISIL AA/Stable
N.A. Subordinated Debt^ N.A N.A N.A 150 CRISIL AA/Stable
INE414G14EJ8 Short Term Debt 12-Sep-16 N.A 3-Sep-17 250 CRISIL A1+
INE414G14EK6 Short Term Debt 23-Dec-16 N.A 23-Mar-17 250 CRISIL A1+
INE414G14EL4 Short Term Debt 26-Dec-16 N.A 24-Mar-17 200 CRISIL A1+
INE414G14EM2 Short Term Debt 27-Dec-16 N.A 27-Mar-17 200 CRISIL A1+
INE414G14EN0 Short Term Debt 30-Dec-16 N.A 3-Oct-17 200 CRISIL A1+
INE414G14EO8 Short Term Debt 30-Dec-16 N.A 29-Mar-17 100 CRISIL A1+
INE414G14EO8 Short Term Debt 1-Feb-17 N.A 29-Mar-17 100 CRISIL A1+
INE414G14DA9 Short Term Debt 1-Sep-17 N.A 29-Jun-17 200 CRISIL A1+
INE414G14EP5 Short Term Debt 30-Jan-17 N.A 28-Apr-17 50 CRISIL A1+
INE414G14EQ3 Short Term Debt 2-Mar-17 N.A 5-May-17 250 CRISIL A1+
INE414G14ER1 Short Term Debt 2-Mar-17 N.A 5-Apr-17 150 CRISIL A1+
INE414G14ES9 Short Term Debt 2-Jun-17 N.A 5-Aug-17 75 CRISIL A1+
INE414G14ES9 Short Term Debt 2-Jul-17 N.A 5-Aug-17 75 CRISIL A1+
INE414G14ET7 Short Term Debt 2-Aug-17 N.A 5-Sep-17 150 CRISIL A1+
INE414G14EU5 Short Term Debt 22-Feb-17 N.A 24-May-17 200 CRISIL A1+
INE414G14EV3 Short Term Debt 23-Feb-17 N.A 25-May-17 200 CRISIL A1+
INE414G14EW1 Short Term Debt 22-Feb-17 N.A 23-May-17 250 CRISIL A1+
INE414G14EX9 Short Term Debt 27-Feb-17 N.A 26-May-17 200 CRISIL A1+
INE414G14EY7 Short Term Debt 28-Feb-17 N.A 30-May-17 175 CRISIL A1+
INE414G14EZ4 Short Term Debt 28-Feb-17 N.A 29-May-17 90 CRISIL A1+
N.A. Short Term Debt^ N.A N.A N.A 635 CRISIL A1+
^ Yet to be issued
Annexure - Rating History for last 3 Years
  Current 2017 (History) 2016  2015  2014  Start of 2014
Instrument Type Quantum Rating Date Rating Date Rating Date Rating Date Rating Rating
Non Convertible Debentures  LT  4388.6843  CRISIL AA/Stable    No Rating Change  01-07-16  CRISIL AA/Stable    No Rating Change  05-02-14  CRISIL AA-/Stable  CRISIL AA-/Negative 
Short Term Debt  ST  4000  CRISIL A1+    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL A1+ 
Subordinate Bond  LT  187.9748  CRISIL AA/Stable    No Rating Change  01-07-16  CRISIL AA/Stable    No Rating Change  05-02-14  CRISIL AA-/Stable  CRISIL AA-/Negative 
Subordinated Debt  LT  104.815  CRISIL AA/Stable    No Rating Change  01-07-16  CRISIL AA/Stable  17-11-15  CRISIL AA-/Stable    --  -- 
Table reflects instances where rating is changed or freshly assigned. 'No Rating Change' implies that there was no rating change under the release.
Links to related criteria
Rating Criteria for Finance Companies
Criteria for Computing Short-Term Debt Limits for NBFCs
Criteria for rating Short-Term Debt (including Commercial Paper)

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