Rating Rationale
December 13, 2021 | Mumbai
 
Muthoot Fincorp Limited
'CRISIL A+/Stable' assigned to Non Convertible Debentures; 'CRISIL PPMLD A+r/Stable' assigned to Long Term Principal Protected Market Linked Debentures; 'CRISIL A-/Stable' assigned to Perpetual Bonds
 
Rating Action
Total Bank Loan Facilities Rated Rs.11650 Crore
Long Term Rating CRISIL A+/Stable (Reaffirmed)
 
Rs.50 Crore Perpetual Bonds CRISIL A-/Stable (Assigned)
Rs.200 Crore Long Term Principal Protected Market Linked Debentures CRISIL PPMLD A+r/Stable (Assigned)
Rs.400 Crore Non Convertible Debentures CRISIL A+/Stable (Assigned)
Rs.228.81 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.265.13 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.352.66 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.397.13 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.60 Crore Perpetual Bonds CRISIL A-/Stable (Reaffirmed)
Rs.50 Crore Perpetual Bonds CRISIL A-/Stable (Reaffirmed)
Rs.144 Crore Perpetual Bonds CRISIL A-/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.300 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.400 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.374.4 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.300 Crore Non Convertible Debentures CRISIL A+/Stable (Reaffirmed)
Rs.900 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

CRISIL Ratings has assigned its ‘CRISIL A+/Stable’ rating to Rs 400 crore of Non-convertible debentures and CRISIL PPMLD A+r/Stable to Rs 200 crore to Rs.200 Crore Long Term Principal Protected Market Linked Debentures and ‘CRISIL A-/Stable’ to Rs 50 crore perpetual debt of Muthoot Fincorp Limited (MFL; flagship company of Muthoot Pappachan group [MPG]). The rating on other debt instruments and bank facilities has been reaffirmed at ‘CRISIL A+/CRISIL A-/Stable/CRISIL A1+’.

 

The rating continues to reflect MFL’s healthy performance in the core gold loan portfolio, as indicated by steady growth in assets under management (AUM), sound asset quality (despite the challenges created by the Covid-19 pandemic) and improving earnings profile. Gold loan portfolio accounts for around 66% of the group’s overall AUM as on September 30, 2021. MFL’s gold loan business grew at steady rate of 22% compound annual growth rate (CAGR) over fiscals 2018 to 2020 and 21% in previous fiscal despite increase in competition from banks and having a regulatory loan-to-value (LTV) disadvantage during last fiscal. In H1 2022, gold loan AUM stood at Rs 15,881 crore (excluding total co-lending of Rs 1621 crore) as compared to Rs 18,068 crore AUM (excluding total co-lending of Rs 618 crore) as of March 2021 owing to the second wave of covid 19. However, from Q2 2022 onwards, disbursements have picked up and AUM is expected rise in H2 2022.

 

The non-gold loan portfolio accounted for around 34% of the total MPG portfolio as on September 30, 2021. Out of this, the microfinance business accounted for Rs 4,769 crore AUM as on September 30, 2021, while the AUM of vehicle and housing finance stood at Rs 1,992 crore and Rs 1,250 crore, respectively. The non-gold portfolio has faced asset quality challenges especially in the aftermath of the pandemic. The management remains cautious and has strategically decided to curtail disbursements resulting in no growth in microfinance business and decline in vehicle finance business.

 

The ratings are further strengthened by promoters’ extensive experience in the loan-against-gold jewellery business, its established market position in the gold business and diversified product profile of MPG, healthy asset quality and improving earnings profile in the gold loan segment. These strengths are partially offset by moderate capitalisation, geographical concentration in portfolio and potential challenges associated with non-gold loan segments.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of MFL (engaged in businesses of financing against gold jewellery, financing micro and small and medium enterprises [MSMEs]), MML (microfinance), MCSL (two-wheeler finance and MSME loans), and MHFCL (housing finance). This is because all the companies, collectively referred to as the MPG, have significant financial, managerial and operational linkages. MML and MHFCL are subsidiaries of MFL whose promoters hold a 62.5% stake in MCSL. Furthermore, MFL has exposure to real estate assets which stood at Rs 540 crore (2.4% of total assets as of September 30, 2021). CRISIL Ratings notionally allocates a part of networth towards such asset acquisition so as to simulate a funding model for these assets, with low gearing (debt:equity) of 0.5 time.

 

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:

Established market position in gold financing, supported by extensive experience of the promoters

MFL is the third largest gold loan non-banking financial company (NBFC). The promoters have spent over seven decades in the business of lending against gold jewellery. Over the years, the group has established a strong reputation and brand in South India and has an appropriate assessment and underwriting methodology.

 

The gold loan AUM stood at Rs 15,881 crore (excluding total colending of Rs 1621 crore) as on September 30, 2021 as compared to Rs 18,068 crore (excluding total colending of Rs 618 crore) as on March 2021. This decline in gold loan AUM can be attributed to slowdown in disbursement due to second wave of covid 19. The total gold holding stood at around 56.7 tonnes on of June 30, 2021 (51 tonnes as on March 31, 2020). During fiscal 2021, the company disbursed Rs 38,744 crore. The growth in fiscal 2021 has been despite increase in competition from banks and having a regulatory LTV disadvantage during this period. In H1 2022, company has disbursed Rs 14,487 crore. The AUM per branch has also increased to Rs ~4.9 crore as on March 31, 2021 as compared to Rs ~3.5 crore a year ago. CRISIL Ratings expects the company to grow 18-20% over the medium term.

 

Diversified product profile of the MPG group

MPG has diversified its product profile over the past few years. Currently, the group operates in five major segments: loan against gold jewellery, two-wheeler finance, microfinance, housing finance and small business loans. Overall managed AUM of MPG is around Rs 24,505 crore as on September 30, 2021 (Rs 26,753 crore as on March 31, 2021). The proportion of gold loans has remained steady at 66% in H1 2022 as compared to 67% in March 2021. The microfinance portfolio is second largest with around 20% of overall portfolio of the group as on September 30, 2021. In light of the current pandemic-related challenges, the growth in non-gold segments, such as microfinance and vehicle finance, is expected to remain muted in the near term. Furthermore, the demand for gold loans during this period is expected to remain high and, as a result, the proportion of gold loans is expected to be maintained in the near term. 

 

Healthy asset quality in the gold loan segment to support overall group asset quality

The gross NPAs for MFL stood at 2.87% as on September 30, 2021, against 1.92% as on March 31, 2021. The NPAs are primarily in the SME portfolio wherein the performance was affected due to slowdown in the sector. However, CRISIL Ratings notes that due to asset quality issues and the pandemic, the company, incrementally, has reduced its exposure to the SME segment and has started focusing primarily on gold loan products. The proportion of SME loans has reduced further to around 4% of the overall group’s AUM as on September 30, 2021, from 8% as on March 31, 2018. In the gold loan segment, MFL has maintained healthy asset quality over the years, backed by strong collection efficiency, as reflected in GNPAs of 1.0-2.0% over the last five fiscals. Asset quality, as better measured by credit costs, has also been under control within 0.5% during this period for gold loans. As of H1 2022, credit cost stood at 0.2%. Post second wave of covid, company has been doing regular auctions since June 2021 and the NPAs in the gold segment are likely to reduce in the coming period. Furthermore, company is focusing on short tenure (6-month) gold loan product compared to average 9-month product in the previous fiscal. This should help MFL de-risk the portfolio from any sharp movements in gold prices in the near term.

 

Improving earnings profile for gold loan business

MFL's profitability, on standalone basis, has improved in fiscal 2021 on account of higher returns from the gold business during the pandemic, steady reduction in overall opex cost over the years and overall low credit costs. RoMA improved significantly to 1.8% compared to just 1.2% and 1.0% in fiscal 2020 and 2018, respectively. In H1 2022, MFL reported RoMA of 1.8%(annualised). MFL has maintained its focus on regular interest collection which may reduce loss on interest income, if any, on auction of pledged jewellery. Furthermore, with the current trend in gold prices, the company is not expecting any issues with respect to interest losses. On a consolidated level, MFL’s profitability is expected to support the group’s profitability. Therefore, profitability of MPG is expected to improve steadily over the medium term. However, the group’s ability to manage earnings primarily within non-gold segments will be monitored.

 

Weakness:

Moderate capitalisation

MFL’s networth, at standalone level, stood at Rs 3,442 crore (including CCCPS) as on September 30, 2021 as against Rs 3,201 crore as on March 31, 2021. Additionally, adjusted gearing (including securitisation [assignments or PTCs] treated as borrowings) stood at 5.5 times as on September 30, 2021 (5.9 times as on March 31, 2021).  On a consolidated level, networth stood at Rs 3,595 crore as on March 31, 2021, against Rs 3,160 crore as on March 31, 2020 and adjusted gearing of the group stood at 7.2 times as on March 31, 2021, as compared with 7.6% as on March 31, 2020. Capitalisation is further supported by low asset-side risks (security of gold jewellery, which is liquid and in the lender’s possession).

 

Furthermore, MFL’s exposure to real estate assets stood at Rs 540 crore (2.4% of total assets) as on September 30, 2021 down from Rs 876 crore as on March 31, 2017 (6.5% of total assets).  CRISIL Ratings also understands that the company has raised funds by placing around 55% of these assets as security and utilised those funds for core business operations. CRISIL Ratings notionally allocates a part of networth towards such asset acquisition so as to simulate a funding model for these assets, with low gearing (debt: equity) of 0.5 time. Post adjusting the MFL’s real estate exposure of Rs 540 crore, the adjusted gearing at standalone and consolidated levels stands at 6.3 times and 7.7 times, respectively, as on March 31, 2021. Additionally, the company has received Rs. 150 crore of cumulative compulsory convertible preference shares on private placement basis in first quarter of fiscal 2022. Also, company expects further infusion of Rs 50 crore in the coming 2-3 quarters. The management is expected to maintain gearing at current level over the medium term. Any material increase in gearing beyond current thresholds will be a key rating sensitivity factor.

 

Geographical concentration in portfolio

High geographical concentration persists, with South India accounting for around 62% of the gold loan portfolio as on September 30, 2021 (as compared to 70% as on March 31, 2019). This was achieved by increase in per branch business from branches other than southern branches, opening of new branches in North, East and South and closure or merger of non-viable branches in South India. At the MPG level, around 80% of AUM is concentrated in South Indian states. While the level of concentration has been declining, it is higher than that of its peers. Presently, the demand for gold loans has been high in the region. Therefore, the proportion of AUM from the South region may not decline further in the current fiscal.

 

Furthermore, Kerala accounts for around 11% of the group’s loan portfolio. Impact of the Kerala Money Lenders Act, 1958, on NBFCs, the applicability of which depends on the decision of the Supreme Court, could affect lending rates and operational expenditure.

 

Potential challenges associated with non-gold loan segments

The non-gold segments accounted for less than 35% of the overall portfolio as on September 30, 2021. While MPG has managed to grow these businesses and increase the segmental share over the last 2-3 years, potential challenges linked to seasoning of the loan book and asset quality remain. The microfinance portfolio registered no growth in fiscal 2021 whereas the vehicle loan portfolio has registered decline of 21% in fiscal 2021. On the other hand, housing finance business has grown 7.3% over the same period.

 

Asset quality in both microfinance and vehicle finance segments has witnessed deterioration. The 90+ dpd level for MML stood at 9.0% as on September 30, 2021 (8.1% as on March 31, 2021). The gross NPAs in case of MCSL have increased to 19.4% as on September 30, 2021, against 11.1% as on March 31, 2021. The 90+ dpd for MHFL stood at 3.5% as on March 31, 2021. 

 

The microfinance and vehicle finance businesses are more prone to risks arising due to the pandemic. Nevertheless, post September 2020, CRISIL Ratings has observed substantial improvement in the collection efficiency within the vehicle finance segment. The microfinance segment has also witnessed improvement in its collections consistently during the last quarter of fiscal 2021. However, due to the second wave of Covid 19, collection efficiency dropped in the month of April 2021 and further in the month of May 2021. However, it has picked up from June 2021 onwards. CRISIL Ratings believes that the consolidated credit profile will be able to absorb asset quality risks in the microfinance, vehicle or housing finance businesses in the near term. Furthermore, the non-gold segment is expected to recover over the next 2-3 quarters. Nevertheless, CRISIL Ratings will continue to closely monitor the delinquency trend and collection efficiencies in the non-gold loan segments in the near term. Additionally, sufficiency of capital buffers to withstand asset-side shocks remains a key rating sensitivity factor.

Liquidity: Strong

As per Asset Liability Management (ALM) statement of March 31, 2021, MFL has cumulative positive gaps in the upto 1 year bucket. As on September 30, 2021, MFL had liquidity of Rs 3,255 crore (Rs 2732 crore of cash and equivalent and Rs 523 crore of unutilised bank lines). Against this, they have total debt repayments (including operating expense) of Rs 1236 crore in the next three months. The total debt repayments exclude CC / WCDL limits which are typically rolled over. CRISIL Ratings notes that MFL has been able to rollover the CC/WCDL limits during the previous three months and expects to be able to rollover the balance limits falling due in coming months.

 

In terms of collections, the company had average collections of around Rs 3,000 crore on monthly basis during the Q2 2022. In terms of additional funding, MFL has been able to raise Rs 1335 crore in the form of term loans from public and private sector banks in H1 2022. The company also mobilised Rs Rs 235 crore through Commercial paper and Rs 5 crore as CC/WCDL during the same period. While a larger proportion of borrowing has been sourced as funding lines from banks and financial institutions such as term loans (21.2%) and CC/WCDL (39.1), the company’s resource profile remained diversified across avenues, such as NCDs (27.7%) and subordinated debt (11.7%) as on September 30, 2021.

Outlook: Stable

CRISIL Ratings believes MFL’s business profile will continue to be supported by its established market position in the gold loan segment.

Rating Sensitivity factors

Upward Factors

  • Improvement in capital position with reduction in adjusted gearing at MFL(standalone) resulting in similar reduction in adjusted gearing at MPG group
  • Improvement in consolidated profitability with RoMA increasing to 2.5% or higher
  • Improvement in asset quality of non-gold loan segment

 

Downward Factors

  • Deterioration in asset quality with GNPAs increasing and remaining above 5%
  • Adjusted gearing at the group level remaining over 8 times
  • Declining surplus liquidity in the near to short term (six months)

About the Company

MFL, set up in 1997, is a non-deposit-taking, systemically-important NBFC, engaged in lending against gold jewellery. It is the flagship company of the MPG, which has diverse business interests such as hospitality, real estate and power generation. The company also distributes mutual funds, and general and life insurance products, and operates in the money-transfer segment.

 

MFL (on standalone basis) had AUM of Rs 16,494 crore. MML had AUM of Rs 4,769 crore, MCSL has Rs 1,992 crore) and Muthoot Housing (Rs 1,250 crore) as on September 30, 2021.

Key Financial Indicators of MFL – Standalone

As on/ for the period ended March 31

 

H1 2022

2021^

2020^

2019^

Total managed assets#

Rs crore

22,712

22,351

19,453

17,267

Total income

Rs crore

1,656

3,233

2,726

2,485

Profit after tax

Rs crore

201

370

219

155

Gross NPA

%

2.9

1.9

1.9

2.6

Gearing#

Times

5.5

5.9

5.3

4.8

Return on managed assets#

%

1.8*

1.8

1.2

1.0

*annualised

^as per Ind-AS reporting

#including off balance sheet assets

 

Key financials for MPG

As on/ for the period ended March 31

 

2021^

2020^

 2019^

Total managed assets

Rs crore

24,505

28,130

26,415

Total assets under management

Rs crore

26,753

24,103

21,569

Total income

Rs crore

4,606

4,345

3,915

Profit after tax

Rs crore

449

318

464

Gross NPA

%

3.6

3.3

2.9

Gearing#

Times

7.7**

8.0**

7.2

Return on managed assets\#

%

1.5

1.2

2.0

^as per Ind-AS reporting

#including off balance sheet assets and adjustment for real estate exposure,

**7.2 as of March 31, 2021 and 7.6 times as of March 31, 2020 post adjusting real estate assets which were monetised to avail borrowings

Any other information:

Note on perpetual debt instrument

MFL issued the perpetual bonds in four series between November 2008 and September 2010, in accordance with regulations applicable on issuance of such instruments as specified by the RBI. These bonds are held by a group company, Muthoot Hotels Pvt Ltd (MHPL). Terms and conditions of the issue, as laid down by the issuer, MFL, at the time of original issue, remain in effect.

 

The ratings on the perpetual bonds also take into account the deep subordinated nature of these instruments: MFL is restricted from servicing these instruments if it breaches the regulatory minimum capital requirement or if the regulator denies permission to MFL to make payments of interest and principal if it reports a loss. Therefore, for these instruments, transition from one rating category to another can be significantly sharper than with other debt instruments, as debt servicing on perpetual debt instruments is far more sensitive to the company’s overall capital adequacy levels and profitability.

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 Instrument

Date of Allotment

Coupon Rate (%)

Maturity Date

Issue Size (Rs. Cr)

Complexity Level

Rating Assigned with Outlook

NA

Long Term Principal Protected Market Linked Debentures#

NA

NA

NA

200

Highly complex

CRISIL PPMLD A+r/Stable

NA

Perpetual Bonds#

NA

NA

NA

50

Highly complex

CRISIL A-/Stable

NA

Non Convertible Debentures#

NA

NA

NA

400

Simple

CRISIL A+/Stable

INE549K07AS6

Non Convertible Debentures

29-Oct-21

8.25%

28-Jan-24

52.48

Simple

CRISIL A+/Stable

INE549K07AT4

Non Convertible Debentures

29-Oct-21

0.085

28-Dec-24

39.40

Simple

CRISIL A+/Stable

INE549K07AU2

Non Convertible Debentures

29-Oct-21

0.0875

29-Oct-26

34.71

Simple

CRISIL A+/Stable

INE549K07AV0

Non Convertible Debentures

29-Oct-21

Zero Coupon

28-Jan-24

73.46

Simple

CRISIL A+/Stable

INE549K07AW8

Non Convertible Debentures

29-Oct-21

Zero Coupon

28-Dec-24

30.36

Simple

CRISIL A+/Stable

INE549K07AX6

Non Convertible Debentures

29-Oct-21

Zero Coupon

29-Oct-26

19.17

Simple

CRISIL A+/Stable

INE549K08285

Non Convertible Debentures

29-Oct-21

0.095

29-Oct-27

32.27

Simple

CRISIL A+/Stable

INE549K08293

Non Convertible Debentures

29-Oct-21

0.0975

29-Jan-29

57.48

Simple

CRISIL A+/Stable

INE549K08301

Non Convertible Debentures

29-Oct-21

Zero Coupon

29-Jan-29

60.67

Simple

CRISIL A+/Stable

INE549K07AH9

Non Convertible Debentures

07-May-21

8.25%

05-Aug-23

39.16

Simple

CRISIL A+/Stable

INE549K07AI7

Non Convertible Debentures

07-May-21

8.50%

06-Jul-24

24.83

Simple

CRISIL A+/Stable

INE549K07AJ5

Non Convertible Debentures

07-May-21

8.75%

07-May-26

21.22

Simple

CRISIL A+/Stable

INE549K07AM9

Non Convertible Debentures

07-May-21

Zero Coupon

05-Aug-23

59.12

Simple

CRISIL A+/Stable

INE549K07AN7

Non Convertible Debentures

07-May-21

Zero Coupon

06-Jul-24

18.48

Simple

CRISIL A+/Stable

INE549K07AO5

Non Convertible Debentures

07-May-21

Zero Coupon

07-May-26

13.06

Simple

CRISIL A+/Stable

INE549K08236

Non Convertible Debentures

07-May-21

10%

07-May-27

20.18

Simple

CRISIL A+/Stable

INE549K08244

Non Convertible Debentures

07-May-21

10%

07-Aug-28

30.23

Simple

CRISIL A+/Stable

INE549K08251

Non Convertible Debentures

07-May-21

Zero Coupon

07-Aug-28

38.85

Simple

CRISIL A+/Stable

INE549K07998

Non Convertible Debentures

15-Mar-21

8%

13-Jun-23

32.69

Simple

CRISIL A+/Stable

INE549K07AA4

Non Convertible Debentures

15-Mar-21

9%

13-May-24

25.61

Simple

CRISIL A+/Stable

INE549K07AB2

Non Convertible Debentures

15-Mar-21

9%

15-Mar-26

22.43

Simple

CRISIL A+/Stable

INE549K07AC0

Non Convertible Debentures

15-Mar-21

Zero Coupon

13-Jun-23

51.95

Simple

CRISIL A+/Stable

INE549K07AD8

Non Convertible Debentures

15-Mar-21

Zero Coupon

13-May-24

25.23

Simple

CRISIL A+/Stable

INE549K07AE6

Non Convertible Debentures

15-Mar-21

Zero Coupon

15-Mar-26

11.74

Simple

CRISIL A+/Stable

INE549K08202

Non Convertible Debentures

15-Mar-21

9%

15-Mar-27

26.89

Simple

CRISIL A+/Stable

INE549K08210

Non Convertible Debentures

15-Mar-21

9%

15-Mar-27

7.65

Simple

CRISIL A+/Stable

INE549K08228

Non Convertible Debentures

15-Mar-21

Zero Coupon

15-Mar-27

24.62

Simple

CRISIL A+/Stable

INE549K07931

Non Convertible Debentures

29-Jan-21

8.50%

29-Mar-24

37.41

Simple

CRISIL A+/Stable

INE549K07923

Non Convertible Debentures

29-Jan-21

8.25%

29-Apr-23

52.34

Simple

CRISIL A+/Stable

INE549K07949

Non Convertible Debentures

29-Jan-21

8.75%

29-Jan-26

29.12

Simple

CRISIL A+/Stable

INE549K07956

Non Convertible Debentures

29-Jan-21

Zero Coupon

29-Apr-23

89.32

Simple

CRISIL A+/Stable

INE549K07964

Non Convertible Debentures

29-Jan-21

Zero Coupon

29-Mar-24

35.95

Simple

CRISIL A+/Stable

INE549K07972

Non Convertible Debentures

29-Jan-21

Zero Coupon

29-Jan-26

22.84

Simple

CRISIL A+/Stable

INE549K08178

Non Convertible Debentures

29-Jan-21

9%

29-Jan-27

32.02

Simple

CRISIL A+/Stable

INE549K08186

Non Convertible Debentures

29-Jan-21

9.40%

29-Jan-27

11.78

Simple

CRISIL A+/Stable

INE549K08194

Non Convertible Debentures

29-Jan-21

Zero Coupon

29-Jan-27

41.87

Simple

CRISIL A+/Stable

INE549K07808

Non Convertible Debentures

29-Oct-20

8.85%

28-Jan-23

51.12

Simple

CRISIL A+/Stable

INE549K07816

Non Convertible Debentures

29-Oct-20

9%

28-Dec-23

54.45

Simple

CRISIL A+/Stable

INE549K07824

Non Convertible Debentures

29-Oct-20

9.15%

29-Oct-25

47.85

Simple

CRISIL A+/Stable

INE549K07832

Non Convertible Debentures

29-Oct-20

9.25%

28-Jan-23

24.26

Simple

CRISIL A+/Stable

INE549K07840

Non Convertible Debentures

29-Oct-20

9.45%

28-Dec-23

20.3

Simple

CRISIL A+/Stable

INE549K07857

Non Convertible Debentures

29-Oct-20

9.60%

29-Oct-25

19.01

Simple

CRISIL A+/Stable

INE549K07865

Non Convertible Debentures

29-Oct-20

9.29%

28-Jan-23

70.47

Simple

CRISIL A+/Stable

INE549K07873

Non Convertible Debentures

29-Oct-20

Zero Coupon

28-Dec-23

60.25

Simple

CRISIL A+/Stable

INE549K07881

Non Convertible Debentures

29-Oct-20

Zero Coupon

29-Oct-25

49.43

Simple

CRISIL A+/Stable

INE549K07782

Non Convertible Debentures

20-Aug-20

9.35%

19-Feb-22

325

Simple

CRISIL A+/Stable

INE549K07774

Non Convertible Debentures

14-Aug-20

9.25%

14-Feb-22

500

Simple

CRISIL A+/Stable

INE549K07766

Non Convertible Debentures

31-Jul-20

9%

31-Jan-22

200

Simple

CRISIL A+/Stable

INE549K07758

Non Convertible Debentures

28-Jul-20

9.35%

28-Jan-22

25

Simple

CRISIL A+/Stable

INE549K07758

Non Convertible Debentures

28-Jul-20

9.35%

28-Jan-22

450

Simple

CRISIL A+/Stable

INE549K07667

Non Convertible Debentures

17-Jul-20

9%

17-Jul-22

23.01

Simple

CRISIL A+/Stable

INE549K07675

Non Convertible Debentures

17-Jul-20

9.15%

16-Sep-23

10.62

Simple

CRISIL A+/Stable

INE549K07683

Non Convertible Debentures

17-Jul-20

9.25%

17-Jul-25

13.96

Simple

CRISIL A+/Stable

INE549K07691

Non Convertible Debentures

17-Jul-20

9.40%

17-Jul-22

7.3

Simple

CRISIL A+/Stable

INE549K07709

Non Convertible Debentures

17-Jul-20

9.65%

16-Sep-23

6.93

Simple

CRISIL A+/Stable

INE549K07717

Non Convertible Debentures

17-Jul-20

9.75%

17-Jul-25

5.81

Simple

CRISIL A+/Stable

INE549K07725

Non Convertible Debentures

17-Jul-20

9.65%.

17-Jul-22

46.38

Simple

CRISIL A+/Stable

INE549K07733

Non Convertible Debentures

17-Jul-20

Zero Coupon

16-Sep-23

17.92

Simple

CRISIL A+/Stable

INE549K07741

Non Convertible Debentures

17-Jul-20

Zero Coupon

17-Jul-25

28.07

Simple

CRISIL A+/Stable

INE549K07659

Non Convertible Debentures

23-Jun-20

9%

23-Dec-21

450

Simple

CRISIL A+/Stable

INE549K07642

Non Convertible Debentures

28-May-20

10%

28-May-23

100

Simple

CRISIL A+/Stable

INE549K07527

Non Convertible Debentures

07-Feb-20

9%

07-Feb-22

16.82

Simple

CRISIL A+/Stable

INE549K07535

Non Convertible Debentures

07-Feb-20

9%

09-Apr-23

31.24

Simple

CRISIL A+/Stable

INE549K07543

Non Convertible Debentures

07-Feb-20

10%

07-Feb-25

26.32

Simple

CRISIL A+/Stable

INE549K07550

Non Convertible Debentures

07-Feb-20

10%

07-Feb-22

6.68

Simple

CRISIL A+/Stable

INE549K07568

Non Convertible Debentures

07-Feb-20

10%

08-Apr-23

10.44

Simple

CRISIL A+/Stable

INE549K07576

Non Convertible Debentures

07-Feb-20

10%

07-Feb-25

8.91

Simple

CRISIL A+/Stable

INE549K07592

Non Convertible Debentures

07-Feb-20

9.64%

07-Feb-22

17.15

Simple

CRISIL A+/Stable

INE549K07600

Non Convertible Debentures

07-Feb-20

Zero Coupon

08-Apr-23

41.24

Simple

CRISIL A+/Stable

INE549K07618

Non Convertible Debentures

07-Feb-20

Zero Coupon

07-Feb-25

55.6

Simple

CRISIL A+/Stable

NA

Non Convertible Debentures#

NA

NA

NA

50

Simple

CRISIL A+/Stable

INE549K08277

Perpetual Bonds

18-Aug-21

12%

Perpetual

60

Highly complex

CRISIL A-/Stable

INE549K08269

Perpetual Bonds

28-Jun-21

12%

Perpetual

50

Highly complex

CRISIL A-/Stable

INE549K08046

Perpetual Bonds

10-Aug-09

12.00%

Perpetual

26

Highly complex

CRISIL A-/Stable

INE549K08053

Perpetual Bonds

21-Dec-09

12.00%

Perpetual

54

Highly complex

CRISIL A-/Stable

INE549K08061

Perpetual Bonds

30-Nov-08

12.00%

Perpetual

50

Highly complex

CRISIL A-/Stable

INE549K08079

Perpetual Bonds

30-Sep-10

12.00%

Perpetual

14

Highly complex

CRISIL A-/Stable

NA

Commercial Paper

NA

NA

7-365 Days

900

Simple

CRISIL A1+

NA

Cash Credit & Working Capital demand loan

NA

NA

NA

7375

NA

CRISIL A+/Stable

NA

Working Capital Term Loan

NA

NA

Jun-23

325

NA

CRISIL A+/Stable

NA

Working Capital Term Loan

NA

NA

Sep-23

120

NA

CRISIL A+/Stable

NA

Working Capital Term Loan

NA

NA

Jun-24

250

NA

CRISIL A+/Stable

NA

Working Capital Term Loan

NA

NA

Sep-23

16.55

NA

CRISIL A+/Stable

NA

Working Capital Term Loan

NA

NA

Aug-22

150

NA

CRISIL A+/Stable

NA

Working Capital Term Loan

NA

NA

Mar-24

494.97

NA

CRISIL A+/Stable

NA

Term Loan

NA

NA

Jun-24

460

NA

CRISIL A+/Stable

NA

Term Loan

NA

NA

Aug-23

594.88

NA

CRISIL A+/Stable

NA

Term Loan

NA

NA

Jun-25

602.26

NA

CRISIL A+/Stable

NA

Term Loan

NA

NA

Sep-23

94.44

NA

CRISIL A+/Stable

NA

Term Loan

NA

NA

Mar-22

116.65

NA

CRISIL A+/Stable

NA

Term Loan

NA

NA

Dec-23

280

NA

CRISIL A+/Stable

NA

Term Loan

NA

NA

Mar-22

100

NA

CRISIL A+/Stable

NA

Proposed Long Term Bank Loan Facility

NA

NA

NA

670.25

NA

CRISIL A+/Stable

#Yet to be issued

Annexure - List of Entities Consolidated

Names of Entities Consolidated

Extent of Consolidation

Rationale for Consolidation

Muthoot Microfin Ltd

Full

Subsidiary

Muthoot Capital Services Ltd

Full

Group company

Muthoot Housing Finance Company  Ltd

Full

Subsidiary

Annexure - Rating History for last 3 Years
  Current 2021 (History) 2020  2019  2018  Start of 2018
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 11650.0 CRISIL A+/Stable 04-08-21 CRISIL A+/Stable 04-12-20 CRISIL A/Stable 21-11-19 CRISIL A/Stable 12-09-18 CRISIL A/Stable CRISIL A-/Stable
      -- 03-08-21 CRISIL A+/Stable 02-09-20 CRISIL A/Stable 09-10-19 CRISIL A/Stable 14-08-18 CRISIL A/Stable --
      -- 19-07-21 CRISIL A+/Stable 17-08-20 CRISIL A/Stable 29-03-19 CRISIL A/Stable 08-08-18 CRISIL A/Stable --
      -- 01-06-21 CRISIL A+/Stable 11-08-20 CRISIL A/Stable   -- 27-06-18 CRISIL A/Stable --
      -- 18-03-21 CRISIL A+/Stable 25-06-20 CRISIL A/Stable   --   -- --
      -- 16-03-21 CRISIL A+/Stable 17-06-20 CRISIL A/Stable   --   -- --
      -- 03-02-21 CRISIL A/Stable 20-05-20 CRISIL A/Stable   --   -- --
      --   -- 06-05-20 CRISIL A/Stable   --   -- --
Commercial Paper ST 900.0 CRISIL A1+ 04-08-21 CRISIL A1+ 04-12-20 CRISIL A1 21-11-19 CRISIL A1 12-09-18 CRISIL A1 --
      -- 03-08-21 CRISIL A1+ 02-09-20 CRISIL A1 09-10-19 CRISIL A1 14-08-18 CRISIL A1 --
      -- 19-07-21 CRISIL A1+ 17-08-20 CRISIL A1 29-03-19 CRISIL A1 08-08-18 CRISIL A1 --
      -- 01-06-21 CRISIL A1+ 11-08-20 CRISIL A1   -- 27-06-18 CRISIL A1 --
      -- 18-03-21 CRISIL A1+ 25-06-20 CRISIL A1   --   -- --
      -- 16-03-21 CRISIL A1+ 17-06-20 CRISIL A1   --   -- --
      -- 03-02-21 CRISIL A1 20-05-20 CRISIL A1   --   -- --
      --   -- 06-05-20 CRISIL A1   --   -- --
Non Convertible Debentures LT 4518.13 CRISIL A+/Stable 04-08-21 CRISIL A+/Stable 04-12-20 CRISIL A/Stable 21-11-19 CRISIL A/Stable 12-09-18 CRISIL A/Stable CRISIL A-/Stable
      -- 03-08-21 CRISIL A+/Stable 02-09-20 CRISIL A/Stable 09-10-19 CRISIL A/Stable 14-08-18 CRISIL A/Stable --
      -- 19-07-21 CRISIL A+/Stable 17-08-20 CRISIL A/Stable 29-03-19 CRISIL A/Stable 08-08-18 CRISIL A/Stable --
      -- 01-06-21 CRISIL A+/Stable 11-08-20 CRISIL A/Stable   -- 27-06-18 CRISIL A/Stable --
      -- 18-03-21 CRISIL A+/Stable 25-06-20 CRISIL A/Stable   --   -- --
      -- 16-03-21 CRISIL A+/Stable 17-06-20 CRISIL A/Stable   --   -- --
      -- 03-02-21 CRISIL A/Stable 20-05-20 CRISIL A/Stable   --   -- --
      --   -- 06-05-20 CRISIL A/Stable   --   -- --
Perpetual Bonds LT 304.0 CRISIL A-/Stable 04-08-21 CRISIL A-/Stable 04-12-20 CRISIL BBB+/Stable 21-11-19 CRISIL BBB+/Stable 12-09-18 CRISIL BBB+/Stable CRISIL BBB/Stable
      -- 03-08-21 CRISIL A-/Stable 02-09-20 CRISIL BBB+/Stable 09-10-19 CRISIL BBB+/Stable 14-08-18 CRISIL BBB+/Stable --
      -- 19-07-21 CRISIL A-/Stable 17-08-20 CRISIL BBB+/Stable 29-03-19 CRISIL BBB+/Stable 08-08-18 CRISIL BBB+/Stable --
      -- 01-06-21 CRISIL A-/Stable 11-08-20 CRISIL BBB+/Stable   -- 27-06-18 CRISIL BBB+/Stable --
      -- 18-03-21 CRISIL A-/Stable 25-06-20 CRISIL BBB+/Stable   --   -- --
      -- 16-03-21 CRISIL A-/Stable 17-06-20 CRISIL BBB+/Stable   --   -- --
      -- 03-02-21 CRISIL BBB+/Stable 20-05-20 CRISIL BBB+/Stable   --   -- --
      --   -- 06-05-20 CRISIL BBB+/Stable   --   -- --
Short Term Debt (Including Commercial Paper) ST   --   --   --   --   -- CRISIL A1
Short Term Non Convertible Debenture ST   --   --   -- 29-03-19 Withdrawn 12-09-18 CRISIL A1 CRISIL A1
      --   --   --   -- 14-08-18 CRISIL A1 --
      --   --   --   -- 08-08-18 CRISIL A1 --
      --   --   --   -- 27-06-18 CRISIL A1 --
Subordinated Debt LT   -- 16-03-21 CRISIL A+/Stable 04-12-20 CRISIL A/Stable 21-11-19 CRISIL A/Stable 12-09-18 CRISIL A/Stable CRISIL A-/Stable
      -- 03-02-21 CRISIL A/Stable 02-09-20 CRISIL A/Stable 09-10-19 CRISIL A/Stable 14-08-18 CRISIL A/Stable --
      --   -- 17-08-20 CRISIL A/Stable 29-03-19 CRISIL A/Stable 08-08-18 CRISIL A/Stable --
      --   -- 11-08-20 CRISIL A/Stable   -- 27-06-18 CRISIL A/Stable --
      --   -- 25-06-20 CRISIL A/Stable   --   -- --
      --   -- 17-06-20 CRISIL A/Stable   --   -- --
      --   -- 20-05-20 CRISIL A/Stable   --   -- --
      --   -- 06-05-20 CRISIL A/Stable   --   -- --
Subordinated Debt Bond LT   --   --   -- 29-03-19 Withdrawn 12-09-18 CRISIL A/Stable CRISIL A-/Stable
      --   --   --   -- 14-08-18 CRISIL A/Stable --
      --   --   --   -- 08-08-18 CRISIL A/Stable --
      --   --   --   -- 27-06-18 CRISIL A/Stable --
Long Term Principal Protected Market Linked Debentures LT 200.0 CRISIL PPMLD A+ r /Stable   -- 23-10-20 Provisional CRISIL PPMLD AA+ r (CE) /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 225 Axis Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 200 Bank of India CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 150 Bank of Maharashtra CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 25 Canara Bank CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 300 Central Bank Of India CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 25 City Union Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 60 DBS Bank India Limited  CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 40 DCB Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 300 IDBI Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 550 Indian Bank CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 300 Indian Overseas Bank CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 400 IndusInd Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 1400 Punjab National Bank CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 1400 State Bank of India CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 50 Tamilnad Mercantile Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 150 The Federal Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 50 The Karnataka Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 125 The Karur Vysya Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 175 The South Indian Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 1450 Union Bank of India CRISIL A+/Stable
Proposed Long Term Bank Loan Facility 670.25 Not Applicable CRISIL A+/Stable
Term Loan 100 Axis Bank Limited CRISIL A+/Stable
Term Loan 94.44 Bank of Maharashtra CRISIL A+/Stable
Term Loan 602.26 Canara Bank CRISIL A+/Stable
Term Loan 594.88 Central Bank Of India CRISIL A+/Stable
Term Loan 460 Indian Bank CRISIL A+/Stable
Term Loan 116.65 Punjab National Bank CRISIL A+/Stable
Term Loan 280 State Bank of India CRISIL A+/Stable
Working Capital Term Loan 150 Bank of India CRISIL A+/Stable
Working Capital Term Loan 120 Bank of Maharashtra CRISIL A+/Stable
Working Capital Term Loan 250 Punjab and Sind Bank CRISIL A+/Stable
Working Capital Term Loan 16.55 Punjab National Bank CRISIL A+/Stable
Working Capital Term Loan 325 State Bank of India CRISIL A+/Stable
Working Capital Term Loan 494.97 UCO Bank CRISIL A+/Stable

This Annexure has been updated on 23-Dec-2021 in line with the lender-wise facility details as on 20-Dec-2021 received from the rated entity.

Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

Media Relations
Analytical Contacts
Customer Service Helpdesk

Aveek Datta
Media Relations
CRISIL Limited
M: +91 99204 93912
B: +91 22 3342 3000
AVEEK.DATTA@crisil.com

Prakruti Jani
Media Relations
CRISIL Limited
M: +91 98678 68976
B: +91 22 3342 3000
PRAKRUTI.JANI@crisil.com

Rutuja Gaikwad 
Media Relations
CRISIL Limited
B: +91 22 3342 3000
Rutuja.Gaikwad@ext-crisil.com


Krishnan Sitaraman
Senior Director and Deputy Chief Ratings Officer
CRISIL Ratings Limited
D:+91 22 3342 8070
krishnan.sitaraman@crisil.com


Ajit Velonie
Director
CRISIL Ratings Limited
D:+91 22 4097 8209
ajit.velonie@crisil.com


Abhishek Narang
Manager
CRISIL Ratings Limited
B:+91 22 3342 3000
Abhishek.Narang@crisil.com
Timings: 10.00 am to 7.00 pm
Toll free Number:1800 267 1301

For a copy of Rationales / Rating Reports:
CRISILratingdesk@crisil.com
 
For Analytical queries:
ratingsinvestordesk@crisil.com


 

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 and portals.


About CRISIL Ratings Limited (A subsidiary of CRISIL Limited, an S&P Global Company)

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 ratings for 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 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

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 is part of and applies to each credit rating report and/or credit rating rationale ('report') that is provided by CRISIL Ratings Limited ('CRISIL Ratings'). To avoid 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 to 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. The rating 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 entity to which the report pertains.

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. Public ratings and analysis by CRISIL Ratings, 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 website, www.crisilratings.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 on 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 managing conflict of interest. For details please refer to:
https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html.

Rating criteria by CRISIL Ratings are generally available without charge to the public on the CRISIL Ratings public website, www.crisilratings.com. For latest rating information on any instrument of any company rated by CRISIL Ratings, you may contact the CRISIL Ratings desk at crisilratingdesk@crisil.com, or at (0091) 1800 267 1301.

This report should not be reproduced or redistributed to any other person or in any form without prior written consent from CRISIL Ratings.

All rights reserved @ CRISIL Ratings Limited. CRISIL Ratings 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 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.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html