Rating Rationale
March 04, 2025 | Mumbai

Kotak Mahindra Prime Limited
'Crisil AAA/Stable' assigned to Non Convertible Debentures

 

Rating Action

Total Bank Loan Facilities Rated

Rs.10000 Crore

Long Term Rating

Crisil AAA/Stable (Reaffirmed)

Short Term Rating

Crisil A1+ (Reaffirmed)

 

Rs.4000 Crore Non Convertible Debentures

Crisil AAA/Stable (Assigned)

Rs.3155 Crore Non Convertible Debentures

Withdrawn (Crisil AAA/Stable)

Rs.6500 Crore Commercial Paper Programme(IPO Financing)&

Crisil A1+ (Reaffirmed)

Rs.9000 Crore Commercial Paper

Crisil A1+ (Reaffirmed)

Long Term Principal Protected Market Linked Debentures Aggregating Rs.981.8 Crore

Crisil PPMLD AAA/Stable (Reaffirmed)

Non Convertible Debentures Aggregating Rs.20033.9 Crore

Crisil AAA/Stable (Reaffirmed)

Subordinated Debt Aggregating Rs.253.3 Crore

Crisil AAA/Stable (Reaffirmed)

&Assigned for application on proprietary account and is over and above Rs 9,000 crore commercial paper programme

Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

Crisil Ratings has assigned its Crisil AAA/Stable’ rating to Rs. 4000 crore Non-convertible debentures (NCD’s) of Kotak Mahindra Prime Limited (KMPL). Ratings on the other debt instruments and bank facilities have been reaffirmed at 'Crisil AAA/Crisil PPMLD AAA/Stable/Crisil A1+'.

 

Crisil Ratings has also withdrawn its rating of Rs. 3,155 crore NCDs in line with its withdrawal policy (See Annexure - Details of Rating Withdrawn' for details). Crisil Ratings has received independent confirmation that these instruments are fully redeemed.

 

The ratings on the debt instruments of Kotak Mahindra Prime Ltd (KMPL); part of the Kotak group, which is Kotak Mahindra Bank Ltd [KMBL; rated ‘Crisil AAA/Crisil AA+[1]/Stable/Crisil A1+’] and its subsidiaries and associates) continue to factor in the company’s strategic importance to, and expectation of support from its ultimate parent, KMBL. The ratings also factor in KMPL’s comfortable capitalization. These strengths are partially offset by limited diversification in the retail lending space.

 

The gross loan book stood at Rs 39,385 crore as on December 31, 2024 up by 12.1% YTD (Rs 35,147 crore as on March 31, 2024). While , retail auto loans and dealer financing forms ~76% of total loan book, KMPL has ventured into products like loan against property and two wheeler financing in recent years with their contribution increasing from ~6% as on March 31, 2022 to ~23% as on December 31, 2024.

 

Asset quality metrics saw some uptick as seen from gross non-performing assets increasing to 2.5% as on March 31, 2024, and further to 2.7% as on December 31, 2024 compared to 2.4% as on March 31, 2023. While KMPL has sufficiently collateralized its exposures alongside adequate risk management systems, asset quality will remain a key monitorable, particularly for the newer segments. However, comfortable capitalization provides cushion against asset-side risk in the current difficult macro environment.

 

Profitability remains healthy driven by steady net interest margins and modest credit costs. Operating expenses have seen an increase over the last few fiscals, up from 1.5% of average managed assets in fiscal 2022 to 1.9% (annualized) for the nine months ended Dec 2024. This is mainly due to network expansion and product diversification. Return on managed assets (ROMA) has normalized to 2.3% in fiscal 2024 (2.2% for 9m Dec2024, annualized) from 3.5% and 2.9% in fiscals 2022 and 2023 respectively, mainly due to provision reversals in those periods. Crisil expects the company to maintain a healthy profitability trajectory going forward.


[1]For Perpetual Non-Cumulative Preference Shares

Analytical Approach

The ratings reflect the support that KMPL receives from its parent, KMBL. This is because KMPL and KMBL have extensive business and operational linkages and a common brand. Crisil Ratings believes that KMBL will continue to provide support to KMPL considering the strategic importance of the entity and shared name and 100% ultimate shareholding.

Key Rating Drivers & Detailed Description

Strengths:

Expectation of support from the ultimate parent, KMBL 

KMPL is an important subsidiary for KMBL, as it undertakes car financing business for the group and supports its product offering and revenue profile. It is an important growth engine for the Kotak group in the retail finance space, with a strong presence in the car finance sector with loan book of Rs.29,208 crore (incl. retail auto loan book and dealer funding book) as on March 31, 2024, and forms 83% of total loan book of KMPL. Further, there exists strong operational and managerial integration between KMBL and KMPL. KMBL shares its strong technology platform and risk management practices with the company. KMPL also has board representation from KMBL. The bank is the ultimate 100% shareholder of KMPL and Crisil Ratings believes KMBL will provide both funding and capital assistance to KMPL, if required. The extensive operational, managerial, and financial linkages, along with significant holding and shared brand name, imply a support from KMBL to KMPL.

 

Comfortable capitalisation

KMPL is well capitalised, with networth and gearing of Rs 11,822 crore and 2.4 times, respectively, as on March 31, 2024 increasing from Rs 10,239 crore as on March 31, 2023. The metric stood at Rs 12,710 crore as on December 31, 2024. The overall capital adequacy ratio stood at 22.2% as on December 31, 2024 and 25.2% as on March 31, 2024 versus 28.5% as on March 31, 2023. Given the healthy asset quality, asset side risk cover also remains comfortable, with a networth to net NPAs ratio at ~29 times as on December 31, 2024. Capitalisation is expected to remain comfortable backed by steady internal cash accrual, and capital support from KMBL as and when needed.

 

Weakness:

Limited diversification in the retail lending space

KMPL is focused towards the auto financing segment and has built a niche position therein, given its expertise in the higher-end car segment and established relationships with manufacturers and dealers. Of the total loan book of Rs 39,385 crore as on December 31, 2024, ~76% was towards retail auto loans and dealer financing. This leads to limited diversification in the portfolio of the entity, exposing it to risks/unfavourable developments in that particular segment. However, the company has ventured into loan against property (15% of loan as of Dec 31, 2024) and two wheeler financing (8%), which are gradually improving their product diversification.

Liquidity: Superior

The asset liability management profile was comfortable as on January 31, 2025, with positive cumulative mismatches in all buckets. KMPL had liquidity of Rs 5,949 crore as on January 31, 2025, comprising of government securities, cash balance, and unutilised bank lines. This is against repayments of Rs 5,494 crore up to May 31, 2025. Liquidity remains supported by regular collection and option to securitise loans. The company also benefits from the linkages with the Kotak group.

Outlook: Stable

Crisil Ratings believes KMPL will continue to benefit from the managerial, operational and financial linkages with KMBL and will maintain its healthy asset quality and comfortable capitalisation.

Rating Sensitivity Factors

Downward Factors:

  • Downward change in the credit risk profile of KMBL by 1 notch could have a similar rating change on KMPL
  • Any material change in the shareholding or group support philosophy of KMBL

About the Company

KMPL has a niche position in the car finance segment, given its expertise in the higher-end car segment and established relationships with manufacturers and dealers. The loan book stood at Rs 39,385 crore as on December 31, 2024, of which ~76% was towards retail auto loans and dealer financing. The other segments include loan against property (15%), and two wheeler (8%) while commercial real estate financing is on a run down and forms just ~1% of the overall exposure.

 

PAT was Rs 717 crore on a 3,607 crore for nine months fiscal 2025 and Rs 868 crore on a total income of Rs 3,920 crore for fiscal 2024 against Rs 948 crore and Rs 2,994 crore for fiscal 2023.

About the Group

KMBL is the flagship company of the Kotak group and has diversified operations covering commercial vehicle financing, consumer loans, corporate finance and asset reconstruction. Through its subsidiaries, the bank is engaged in investment banking, equity broking, securities-based lending and car finance. KMBL was reconstituted as a commercial bank from a non-banking financial company (NBFC) in fiscal 2003 to provide a more comprehensive range of financial services. Effective April 1, 2015, ING Vysya Bank was merged with KMBL.

 

Other than KMBL, the key operating companies of the Kotak group are Kotak Mahindra Prime Ltd (car financing), Kotak Mahindra Capital Company (investment banking), Kotak Securities Ltd (retail and institutional equities broking, and portfolio management services), Kotak Mahindra Investments Ltd (commercial real estate lending and securities-based lending) and Kotak Investment Advisors Ltd (alternate assets space). The group also operates in the life and general insurance business through Kotak Mahindra Life Insurance Company Ltd and Kotak Mahindra General Insurance Company Ltd, respectively. It is also present in the asset management business through Kotak Mahindra AMC and Trustee Company Ltd, and recently launched Kotak Infrastructure Debt Fund. The acquisition of BSS Microfinance Ltd (formerly, BSS Microfinance Pvt Ltd), an NBFC-microfinance institution, was completed during fiscal 2018.

Key Financial Indicators

Particulars

Unit

FY 24

FY 23

FY 22

Total assets

Rs crore

41,607

34,107

30,127

Total income

Rs crore

3,920

2,994

2,626

Profit after tax

Rs crore

868

947

975

Gross NPAs

%

2.5

2.4

3.1

Capital adequacy ratio

%

25.2

28.5

30.9

Return on assets

%

2.3

2.9

3.4

 

Particulars

Unit

9MFY 25

9MFY 24

Total assets

Rs crore

45,755

40,006

Total income

Rs crore

3,608

2,846

Profit after tax

Rs crore

717

661

Gross NPAs

%

2.7

2.4

Capital adequacy ratio

%

22.2

23.2

Return on assets

%

2.2

2.4

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
Crisil Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

Crisil Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the Crisil Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of the instrument Date of Allotment Coupon Rate (%) Maturity
Date
Issue size
(Rs.Crore)
Complexity
Level
Rating assigned
with outlook
INE916DA7RM3 Debenture 17-Mar-22 6.20 17-Mar-25 500 Simple Crisil AAA/Stable
INE916DA7RN1 Debenture 6-May-22 6.55 22-Apr-25 450 Simple Crisil AAA/Stable
INE916DA7RP6 Debenture 19-Jul-22 7.79 19-Jul-27 650 Simple Crisil AAA/Stable
INE916DA7RQ4 Long-term principal protected
market linked debentures
2-Aug-22 10 YEAR GSEC
LINKED
7-Jul-25 60 Highly Complex Crisil PPMLD AAA/Stable
INE916DA7RS0 Debenture 26-Aug-22 7.475 20-Aug-26 575 Simple Crisil AAA/Stable
INE916DA7RR2 Debenture 26-Aug-22 7.38 20-Aug-25 500 Simple Crisil AAA/Stable
INE916DA7RT8 Debenture 16-Sep-22 7.37 16-Sep-25 525 Simple Crisil AAA/Stable
NA Subordinated debt* NA NA NA 253.3 Complex Crisil AAA/Stable
NA Long-term principal protected
market linked debentures*
NA NA NA 421.8 Highly Complex Crisil PPMLD AAA/Stable
NA Commercial paper programme NA NA 7-365 days 9000 Simple Crisil A1+
NA Commercial paper programme
(ipo financing)**
NA NA 7-30 Days 6500 Simple Crisil A1+
NA Long-term principal protected
market linked debentures*
NA NA NA 500 Highly Complex Crisil PPMLD AAA/Stable
NA Debenture* NA NA NA 4000 Simple Crisil AAA/Stable
NA Debenture* NA NA NA 645.6 Simple Crisil AAA/Stable
INE916DA7RX0 Debenture 4-Nov-22 7.9866 17-Sep-27 650 Simple Crisil AAA/Stable
INE916DA7RU6 Debenture 12-Oct-22 7.8376 21-Jul-25 440 Simple Crisil AAA/Stable
INE916DA7RW2 Debenture 25-Oct-22 7.924 20-Feb-26 670 Simple Crisil AAA/Stable
INE916DA7SA6 Debenture 14-Dec-22 7.7968 12-Dec-25 560 Simple Crisil AAA/Stable
INE916DA7SB4 Debenture 13-Jan-23 7.90 13-Jan-26 440 Simple Crisil AAA/Stable
INE916DA7SC2 Debenture 13-Jan-23 7.8779 20-May-25 510 Simple Crisil AAA/Stable
INE916DA7RV4 Debenture 12-Oct-22 Zero  coupon Bonds 20-Oct-25 414 Simple Crisil AAA/Stable
INE916DA7SD0 Debenture 15-Feb-23 7.92 20-Nov-25 475 Simple Crisil AAA/Stable
INE916DA7SE8 Debenture 28-Feb-23 8.05 28-Feb-28 610 Simple Crisil AAA/Stable
INE916DA7SF5 Debenture 14-Mar-23 8.255 22-Jun-26 500 Simple Crisil AAA/Stable
INE916DA7SG3 Debenture 14-Mar-23 8.25 20-Jun-25 575 Simple Crisil AAA/Stable
INE916DA7SH1 Debenture 17-Apr-23 7.97 22-May-26 420 Simple Crisil AAA/Stable
INE916DA7SI9 Debenture 22-May-23 7.835 10-Jul-26 450 Simple Crisil AAA/Stable
INE916DA7SJ7 Debenture 13-Jul-23 7.83 13-Jul-28 625 Simple Crisil AAA/Stable
INE916DA7SK5 Debenture 16-Oct-23 8.10 10-Apr-26 500 Simple Crisil AAA/Stable
INE916DA7SL3 Debenture 9-Nov-23 8.09 9-Nov-26 600 Simple Crisil AAA/Stable
INE916DA7SM1 Debenture 15-Dec-23 8.20 15-Dec-28 650 Simple Crisil AAA/Stable
NA Long Term Loan 27-Mar-24 NA 27-Mar-29 250 NA Crisil AAA/Stable
NA Long Term Loan 14-Mar-22 NA 14-Mar-25 50 NA Crisil AAA/Stable
NA Long Term Loan 26-Sep-23 NA 26-Sep-28 250 NA Crisil AAA/Stable
NA Long Term Loan 28-Sep-23 NA 28-Sep-28 500 NA Crisil AAA/Stable
NA Long Term Loan 29-Mar-23 NA 28-Mar-28 150 NA Crisil AAA/Stable
NA Long Term Loan 28-Sep-23 NA 28-Sep-26 250 NA Crisil AAA/Stable
NA Long Term Loan 30-Sep-23 NA 30-Sep-28 300 NA Crisil AAA/Stable
NA Long Term Loan 20-Sep-22 NA 20-Mar-26 250 NA Crisil AAA/Stable
NA Long Term Loan 31-Dec-22 NA 30-Jun-26 100 NA Crisil AAA/Stable
NA Long Term Loan 27-Feb-23 NA 27-Aug-26 150 NA Crisil AAA/Stable
NA Long Term Loan 7-Dec-23 NA 7-Dec-28 500 NA Crisil AAA/Stable
NA Long Term Loan 30-Mar-22 NA 29-Mar-25 100 NA Crisil AAA/Stable
NA Long Term Loan 27-Jun-24 NA 27-Jun-29 250 NA Crisil AAA/Stable
NA Long Term Loan 28-Jun-24 NA 28-Feb-27 250 NA Crisil AAA/Stable
NA Cash credit and working
capital demand loan
NA NA NA 5821 NA Crisil AAA/Stable
NA Proposed long-term
bank loan facility^
NA NA NA 329 NA Crisil AAA/Stable
NA Proposed short-term
bank loan facility^^
NA NA NA 500 NA Crisil A1+
INE916DA7SN9 Debenture 11-Jan-24 8.20 11-Jan-27 650 Simple Crisil AAA/Stable
INE916DA7SO7 Debenture 21-Feb-24 8.225 21-Apr-27 650 Simple Crisil AAA/Stable
INE916DA7SP4 Debenture 21-Feb-24 8.23 21-Dec-26 650 Simple Crisil AAA/Stable
INE916DA7SQ2 Debenture 15-Mar-24 8.05 15-Mar-29 650 Simple Crisil AAA/Stable
INE916DA7SR0 Debentures 8-Apr-24 8.135 10-Feb-27 525 Simple Crisil AAA/Stable
INE916DA7SS8 Debentures 24-Apr-24 8.05 24-Apr-29 405 Simple Crisil AAA/Stable
INE916DA7ST6 Debentures 2-May-24 8.13 18-Aug-27 704.3 Simple Crisil AAA/Stable
INE916DA7SU4 Debentures 21-Jun-24 8.12 21-Jun-27 500 Simple Crisil AAA/Stable
INE916DA7SV2 Debentures 15-Jul-24 8.08 21-Oct-27 700 Simple Crisil AAA/Stable
INE916DA7SW0 Debentures 4-Oct-24 7.781 17-Sep-29 650 Simple Crisil AAA/Stable
INE916DA7SX8 Debentures 9-Dec-24 7.745 19-Nov-27 375 Simple Crisil AAA/Stable
INE916DA7SY6 Debentures 15-Jan-25 7.77 15-Jan-30 640 Simple Crisil AAA/Stable

*Yet to be issued
**Assigned for application on proprietary account and is over and above Rs 9,000 crore commercial paper programme
^Interchangeable with short term bank facilities
^^Interchangeable with long term bank facilities

 

Annexure - Details of Rating Withdrawn

ISIN Name of the instrument Date of Allotment Coupon
Rate (%)
Maturity Date Issue size (Rs.Crore) Complexity Level Rating assigned
with outlook
INE916DA7RD2 Debenture 23-Jul-21 5.70 19-Jul-24 255 Simple Withdrawn
INE916DA7RF7 Debenture 22-Sep-21 5.40 20-Sep-24 525 Simple Withdrawn
INE916DA7RI1 Debenture 29-Oct-21 5.74 22-Oct-24 765 Simple Withdrawn
INE916DA7RJ9 Debenture 7-Dec-21 5.7926 20-Nov-24 310 Simple Withdrawn
INE916DA7RO9 Debenture 6-Jul-22 Zero Coupon
Bonds
17-Jan-25 275 Simple Withdrawn
INE916DA7RY8 Debenture 15-Nov-22 7.8955 23-Dec-24 600 Simple Withdrawn
INE916DA7RZ5 Debenture 15-Nov-22 7.8815 17-Feb-25 425 Simple Withdrawn

 

Annexure - Rating History for last 3 Years
  Current 2025 (History) 2024  2023  2022  Start of 2022
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 10000.0 Crisil AAA/Stable / Crisil A1+   -- 04-07-24 Crisil AAA/Stable / Crisil A1+ 08-12-23 Crisil AAA/Stable / Crisil A1+ 26-12-22 Crisil AAA/Stable / Crisil A1+ Crisil AAA/Stable / Crisil A1+
      --   -- 10-04-24 Crisil AAA/Stable / Crisil A1+ 13-10-23 Crisil AAA/Stable / Crisil A1+ 06-10-22 Crisil AAA/Stable / Crisil A1+ --
      --   -- 22-03-24 Crisil AAA/Stable / Crisil A1+ 04-09-23 Crisil AAA/Stable / Crisil A1+ 12-04-22 Crisil AAA/Stable / Crisil A1+ --
      --   -- 25-01-24 Crisil AAA/Stable / Crisil A1+ 24-04-23 Crisil AAA/Stable / Crisil A1+ 11-02-22 Crisil AAA/Stable / Crisil A1+ --
      --   -- 02-01-24 Crisil AAA/Stable / Crisil A1+ 06-03-23 Crisil AAA/Stable / Crisil A1+ 03-02-22 Crisil AAA/Stable / Crisil A1+ --
      --   --   -- 07-02-23 Crisil AAA/Stable / Crisil A1+   -- --
Commercial Paper ST 9000.0 Crisil A1+   -- 04-07-24 Crisil A1+ 08-12-23 Crisil A1+ 26-12-22 Crisil A1+ Crisil A1+
      --   -- 10-04-24 Crisil A1+ 13-10-23 Crisil A1+ 06-10-22 Crisil A1+ --
      --   -- 22-03-24 Crisil A1+ 04-09-23 Crisil A1+ 12-04-22 Crisil A1+ --
      --   -- 25-01-24 Crisil A1+ 24-04-23 Crisil A1+ 11-02-22 Crisil A1+ --
      --   -- 02-01-24 Crisil A1+ 06-03-23 Crisil A1+ 03-02-22 Crisil A1+ --
      --   --   -- 07-02-23 Crisil A1+   -- --
Commercial Paper Programme(IPO Financing) ST 6500.0 Crisil A1+   -- 04-07-24 Crisil A1+ 08-12-23 Crisil A1+ 26-12-22 Crisil A1+ Crisil A1+
      --   -- 10-04-24 Crisil A1+ 13-10-23 Crisil A1+ 06-10-22 Crisil A1+ --
      --   -- 22-03-24 Crisil A1+ 04-09-23 Crisil A1+ 12-04-22 Crisil A1+ --
      --   -- 25-01-24 Crisil A1+ 24-04-23 Crisil A1+ 11-02-22 Crisil A1+ --
      --   -- 02-01-24 Crisil A1+ 06-03-23 Crisil A1+ 03-02-22 Crisil A1+ --
      --   --   -- 07-02-23 Crisil A1+   -- --
Nifty Linked Debentures LT   --   --   --   -- 11-02-22 Withdrawn Crisil PPMLD AAA r /Stable
      --   --   --   -- 03-02-22 Crisil PPMLD AAA r /Stable --
Non Convertible Debentures LT 24033.9 Crisil AAA/Stable   -- 04-07-24 Crisil AAA/Stable 08-12-23 Crisil AAA/Stable 26-12-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 10-04-24 Crisil AAA/Stable 13-10-23 Crisil AAA/Stable 06-10-22 Crisil AAA/Stable --
      --   -- 22-03-24 Crisil AAA/Stable 04-09-23 Crisil AAA/Stable 12-04-22 Crisil AAA/Stable --
      --   -- 25-01-24 Crisil AAA/Stable 24-04-23 Crisil AAA/Stable 11-02-22 Crisil AAA/Stable --
      --   -- 02-01-24 Crisil AAA/Stable 06-03-23 Crisil AAA/Stable 03-02-22 Crisil AAA/Stable --
      --   --   -- 07-02-23 Crisil AAA/Stable   -- --
Subordinated Debt LT 253.3 Crisil AAA/Stable   -- 04-07-24 Crisil AAA/Stable 08-12-23 Crisil AAA/Stable 26-12-22 Crisil AAA/Stable Crisil AAA/Stable
      --   -- 10-04-24 Crisil AAA/Stable 13-10-23 Crisil AAA/Stable 06-10-22 Crisil AAA/Stable --
      --   -- 22-03-24 Crisil AAA/Stable 04-09-23 Crisil AAA/Stable 12-04-22 Crisil AAA/Stable --
      --   -- 25-01-24 Crisil AAA/Stable 24-04-23 Crisil AAA/Stable 11-02-22 Crisil AAA/Stable --
      --   -- 02-01-24 Crisil AAA/Stable 06-03-23 Crisil AAA/Stable 03-02-22 Crisil AAA/Stable --
      --   --   -- 07-02-23 Crisil AAA/Stable   -- --
Long Term Principal Protected Market Linked Debentures LT 981.8 Crisil PPMLD AAA/Stable   -- 04-07-24 Crisil PPMLD AAA/Stable 08-12-23 Crisil PPMLD AAA/Stable 26-12-22 Crisil PPMLD AAA r /Stable Crisil PPMLD AAA r /Stable
      --   -- 10-04-24 Crisil PPMLD AAA/Stable 13-10-23 Crisil PPMLD AAA/Stable 06-10-22 Crisil PPMLD AAA r /Stable --
      --   -- 22-03-24 Crisil PPMLD AAA/Stable 04-09-23 Crisil PPMLD AAA/Stable 12-04-22 Crisil PPMLD AAA r /Stable --
      --   -- 25-01-24 Crisil PPMLD AAA/Stable 24-04-23 Crisil PPMLD AAA/Stable 11-02-22 Crisil PPMLD AAA r /Stable --
      --   -- 02-01-24 Crisil PPMLD AAA/Stable 06-03-23 Crisil PPMLD AAA/Stable 03-02-22 Crisil PPMLD AAA r /Stable --
      --   --   -- 07-02-23 Crisil PPMLD AAA/Stable   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Cash Credit & Working Capital Demand Loan 1146 Kotak Mahindra Bank Limited Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 1100 State Bank of India Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 1000 State Bank of India Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 450 HDFC Bank Limited Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 25 Bank of Maharashtra Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 200 Indian Bank Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 1100 Union Bank of India Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 500 State Bank of India Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 100 Indian Bank Crisil AAA/Stable
Cash Credit & Working Capital Demand Loan 200 Punjab and Sind Bank Crisil AAA/Stable
Long Term Loan 250 Bank of Baroda Crisil AAA/Stable
Long Term Loan 50 Dhanlaxmi Bank Limited Crisil AAA/Stable
Long Term Loan 250 Indian Bank Crisil AAA/Stable
Long Term Loan 850 Punjab and Sind Bank Crisil AAA/Stable
Long Term Loan 500 State Bank of India Crisil AAA/Stable
Long Term Loan 500 Union Bank of India Crisil AAA/Stable
Long Term Loan 150 Indian Bank Crisil AAA/Stable
Long Term Loan 250 Kotak Mahindra Bank Limited Crisil AAA/Stable
Long Term Loan 300 The Jammu and Kashmir Bank Limited Crisil AAA/Stable
Long Term Loan 250 Kotak Mahindra Bank Limited Crisil AAA/Stable
Proposed Long Term Bank Loan Facility& 329 Not Applicable Crisil AAA/Stable
Proposed Short Term Bank Loan Facility^ 500 Not Applicable Crisil A1+
&Interchangeable with Short term bank facilities
^Interchangeable with long term bank facilities
Criteria Details
Links to related criteria
Basics of Ratings (including default recognition, assessing information adequacy)
Criteria for Finance and Securities companies (including approach for financial ratios)

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About Crisil Limited

Crisil is a leading, agile and innovative global analytics company driven by its mission of making markets function better. 

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It 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

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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 is part of and applies to each credit rating report and/or credit rating rationale ('report') provided by Crisil Ratings Limited ('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 use only within the jurisdiction of India. 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 provision or intention to provide any services in jurisdictions where Crisil Ratings does not have the necessary licenses and/or registration to carry out its business activities. Access or use of this report does not create a client relationship between Crisil Ratings and the user.

The report is a statement of opinion as on the date it is expressed, and it is not intended to and does not constitute investment advice within meaning of any laws or regulations (including US laws and regulations). The report is not an offer to sell or an offer to purchase or subscribe to any investment in any securities, instruments, facilities or solicitation of any kind to enter into any deal or transaction with the entity to which the report pertains. 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 and its associates do not act as a fiduciary. The report is based on the information believed to be reliable as of the date it is published, Crisil Ratings does not perform an audit or undertake due diligence or independent verification of any information it receives and/or relies on for preparation of the report. THE REPORT IS PROVIDED ON “AS IS” BASIS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS, CRISIL RATINGS DISCLAIMS WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR OTHER WARRANTIES OR CONDITIONS, INCLUDING WARRANTIES OF MERCHANTABILITY, ACCURACY, COMPLETENESS, ERROR-FREE, NON-INFRINGEMENT, NON-INTERRUPTION, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE OR INTENDED USAGE. In no event shall Crisil Ratings, its associates, third-party providers, as well as their directors, officers, shareholders, employees or agents 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.

The report is confidential information of Crisil Ratings and Crisil Ratings reserves all rights, titles and interest in the rating report. The report shall not be altered, disseminated, distributed, redistributed, licensed, sub-licensed, sold, assigned or published any content thereof or offer access to any third party without prior written consent of Crisil Ratings.

Crisil Ratings or its associates may have other commercial transactions with the entity to which the report pertains or its associates. Ratings are subject to revision or withdrawal at any time by Crisil Ratings. 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 Ratings has in place a ratings code of conduct and policies for managing conflict of interest. For more detail, please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html. Public ratings and analysis by Crisil Ratings, as are required to be disclosed under the Securities and Exchange Board of India regulations (and other applicable regulations, if any), are made available on its websites, www.crisilratings.com and https://www.ratingsanalytica.com (free of charge). Crisil Ratings shall not have the obligation to update the information in the Crisil Ratings report following its publication although Crisil Ratings may disseminate its opinion and/or analysis. Reports with more detail and additional information may be available for subscription at a fee.  Rating criteria by Crisil Ratings are available on the Crisil Ratings website, www.crisilratings.com. For the latest rating information on any company rated by Crisil Ratings, you may contact the Crisil Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 1301.

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 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 Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisilratings.com/en/home/our-business/ratings/credit-ratings-scale.html