Rating Rationale
August 11, 2020 | Mumbai
Muthoot Fincorp Limited
'CRISIL A/Stable' assigned to NCD
 
Rating Action
Total Bank Loan Facilities Rated Rs.10181 Crore
Long Term Rating CRISIL A/Stable (Reaffirmed)
 
Rs.500 Crore Non Convertible Debentures CRISIL A/Stable (Assigned)
Rs.300 Crore Non Convertible Debentures CRISIL A/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL A/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL A/Stable (Reaffirmed)
Rs.500 Crore Non Convertible Debentures CRISIL A/Stable (Reaffirmed)
Rs.2.19 Crore Non Convertible Debentures CRISIL A/Stable (Reaffirmed)
Rs.0.35 Crore Non Convertible Debentures CRISIL A/Stable (Reaffirmed)
Rs.0.92 Crore Non Convertible Debentures CRISIL A/Stable (Reaffirmed)
Rs.35.59 Crore Subordinated Debt CRISIL A/Stable (Reaffirmed)
Rs.144 Crore Perpetual Bonds CRISIL BBB+/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 has assigned its 'CRISIL A/Stable' rating to Rs 500 crore non-convertible debentures 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 BBB+/Stable/CRISIL A1'.
 
The ratings continue to reflect promoters' extensive experience in the loan-against-gold-jewellery business, which accounts for around 56% of the group's overall loan portfolio, its established market position in the gold business and diversified product profile of MPG. These strengths are partially offset by, MPG's average profitability, average asset quality, geographical concentration in portfolio and potential challenges associated with non-gold loan segments.
 
With the public lockdown being in its next phase, the restrictions are being lifted only in a phased manner and the degree of relaxations vary across regions depending upon the severity of covid-19 pandemic. Any delay in return to normalcy will put further pressure on collections and asset quality metrics of NBFCs. Additionally, any change in the behaviour of borrowers on payment discipline can affect delinquency levels. Hence, sufficiency of capital buffers to withstand asset-side shocks is critical for NBFCs.
 
The consolidated networth of MPG (adjusted for inter-group investments and as per Ind-AS reporting) stood at Rs 3259 crore as on December 31, 2019 as against Rs 3,065 crore as on March 31, 2019. Accordingly the gearing (including securitisation i.e.  assignments/PTCs, treating as borrowings) of the group stood at 6.6 times as on December 31, 2019 (6.5 times as on March 31, 2019). Capitalisation is supported by low asset-side risks (security of gold jewellery, which is liquid and in the lender's possession) and moderate growth outlook for the gold loan business. Given that MFL has exposure to real estate assets stood at Rs 589 crore or 3.46% of the total assets as of December 31, 2019. The real estate exposure has been further reduced to Rs 539 crore as of March 31, 2020. CRISIL notes that the company could also raise funds by placing around 40% of the real estate assets as security and utilised the funds for normal business operations. CRISIL 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 times. Post making this adjustment, the CRISIL-adjusted gearing stood at around 7.2 times as on December 31, 2019 (similar level in March 31, 2019). If we additionally adjust for the real estate assets which were monetised to avail borrowings, then the CRISIL-adjusted gearing reduces further to 6.8 times. Any material increase in gearing level beyond current thresholds will be a key rating sensitivity factor.
 
On the liability side, the Reserve Bank of India (RBI) announced regulatory measures under 'Covid-19 - Regulatory Package'Ã'Â?, whereby lenders were permitted to grant moratorium on bank loans. CRISIL understands that MFL has not sought moratorium from its lenders and continues to service its debt obligations as per schedule.
 
CRISIL believes that MFL has adequate liquidity, on a standalone basis, to manage this period wherein asset-side collections will be negligible while liability-side outflows continue as per schedule. In terms of liquidity, MFL, as on July 31, 2020, had liquidity of around Rs 1740 crore (Rs 485 crore of cash and equivalents and Rs 1185 crore of unutilised bank lines). Against the same, they have total debt payments (including operating expense) of Rs 760 crore in the next 3 months. The total debt payments exclude CC / WCDL limits which are typically rolled-over. CRISIL notes that MFL has been able to rollover the CC/WCDL limits during previous 3 months and expects  to be able to rollover the balance limits falling due in the next 3 months.
 
In terms of funding, MFL on standalone basis, has been able to get sanction of Rs 275 crores (in addition to the unavailed bank lines) in the form of term loans from public sector banks. Further, during fiscal 2020, MFL was able to diversify its resource profile. The company mobilised Rs 1128 crore through debt instruments including retail public issue, subordinate debt and covered bond.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of MFL (engaged in businesses of financing against gold, financing micro and small and medium enterprises (MSMEs), and microfinance), Muthoot Microfin Ltd (MML; microfinance), Muthoot Capital Services Ltd (MCSL; two-wheeler finance and MSME loan), and Muthoot Housing Finance Co Ltd (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, MFL's promoters hold a 62.5% stake in MCSL. Additionally, CRISIL 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 times.

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 promoters
MFL is the third largest gold loan 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, particularly Kerala and Tamil Nadu, and has an appropriate assessment and underwriting methodology, which is being constantly refined.
 
The gold loan assets under management (AUM) grew by around 11% (YTD) and stood at Rs 12,834 crore December 31, 2019 (Rs 11,571 crore as on March 31, 2019). As on September 30, 2019, the total gold holding stood at 50.1 tonnes (49.4 tonnes as on December 31, 2019). AUM per branch has increased to around Rs 3.0 crore as on December 31, 2019, from Rs 2.5 crore as on March 31, 2017. The company maintained its pace of growth with an average of around Rs 2500 crore of disbursements on monthly basis till December 2019. During last 2 months (June and July 2020), the disbursements pace stood at over Rs 3400 crore.
 
* Diversified product profile of the MPG group
The MPG group 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 the MPG is close to Rs 22,848 crore as on December 31, 2019 (Rs 20,804 crore as on March 31, 2019). The proportion of gold loans has reduced to around 56% as on December 31, 2019 from close to 75%, 4 years ago. The microfinance portfolio is second largest with around 19% proportion in overall portfolio of group. In light of the current covid related challenges, the growth in non-gold segments such as microfinance and vehicle finance is expected to remain muted for the near term. Further, 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 increase to close to 60% over the medium term. 
 
Weaknesses:
* Average but improving profitability
MPG's profitability has remained average post showing some improvement in fiscal 2019. Within MPG group, CRISIL notes that MFL's profitability, on standalone basis, has remained stable over the last few years with RoMA of around 1.2% fiscal 2020. However, in the non-gold loan segment of MPG, there was significant drop in profit of microfinance business (i.e. MML) during fiscal 2020. The drop in profitability in MML was on account of increase in delinquencies during the period which impacted interest income, as well as a spike in credit costs on account of the company's adoption of an aggressive provisioning policy during the period. As a result, the profitability at group level was also affected significantly; during nine months fiscal 2020 the group reported profit after tax (PAT) of Rs 222 crore as against PAT of Rs 464 crore during fiscal 2019. Accordingly, the RoMA for MPG group declined to 1.1% during nine months fiscal 2020 as against 2.1% during fiscal 2019. In light of the current challenges faced by the group within microfinance and vehicle finance segment, the profitability from these businesses is not expected to be subdued in the near term.
 
Nevertheless, the profitability within gold loan segment is expected to support group's profitability. MFL has maintained its focus on regular interest collection which may reduce loss on interest income if any, on auction of pledged jewellery. Further, with the recent spike in the gold prices, the company not expected any issues w.r.t interest losses. Therefore, profitability of MPG group is expected to improve steadily over the medium term. However, group's ability to manage asset quality within non -gold segments will be monitored.
 
* Average asset quality of MPG group; although gold finance book asset quality has remained stable
The gross NPAs for MFL has stood at 1.86% as on March 31, 2020 as against 3.7% as on June 30, 2019. The NPA level were primarily from the SME portfolio wherein the performance was affected due to slowdown in the sector. The NPA level within gold finance book has remained stable at less than 1% (0.6% as on March 31, 2020). Due to the asset quality issues and in light with covid issues, the company, incrementally, has reduced its exposure to the SME segment and focusing only on gold loan products. The proportion of the SME loans have reduced to around 7% of overall group's AUM as on December 31, 2019 from 8% as on March 31, 2018.
 
As far as other group companies are concerned, asset quality in both microfinance and vehicle finance segment has witnessed deterioration. The 90+ dpd level for MML (microfinance business) stood at 5.7% as on March 31, 2020 (2% as on March 31, 2018). The gross NPAs in case of MCSL (vehicle finance business) have increased to around 6.8% (stage III) as on March 31, 2020 as against 5.8% as on March 31, 2019. The gross NPAs for MHFL (housing finance business) has remained stable at 4.0% as on December 31, 2019. 
 
With the lockdown now being imposed in more localised level and high likelihood that eventual lifting of restrictions will be in a phased manner, CRISIL expects asset quality pressures to manifest in both microfinance and vehicle finance business. CRISIL will continue to closely monitor the delinquency trend and collection efficiencies in the non-gold loan segments in the near term.
 
* Geographic concentration in portfolio
High geographic concentration persists, with South India accounting for around 65% of the gold loan portfolio; of this Tamil Nadu and Kerala constitutes around 29% of the gold loan portfolio as on December 31, 2019 (as compared to 70% and 34% respectively as on March 31, 2019). This being achieved by increase in per branch business from other than southern branches, opening of new branches in North, East and South and closure/merger of non-viable branches in South region. At MPG group level, around 80% of AUM is concentrated in South Indian states, with Tamil Nadu and Kerala constituting around 47%. While the level of concentration has been declining, it is higher than that of peers. Further, with some relaxations allowed by the state government in Kerala and Tamil Nadu, the branch operations in those regions have been restarted. Presently, the demand for gold loans has been high in these regions. Therefore, the proportion of AUM from South region may not decline further during fiscal 2021.
 
Furthermore, Kerala accounts for around 11%of the group's loan portfolio. Impact of the Kerala Money Lenders Act, 1958, on non-banking financial companies (NBFCs), the applicability of which depends on 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 more than 40% of the overall portfolio as on December 31, 2019. While the MPG Group 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. Furthermore, the present nationwide lockdown (originally till April 14, 2020) declared by the Government of India to contain the spread of the Covid-19 will have near-term impact on disbursements and collections of companies. The microfinance business and vehicle finance business is more prone to risks arising due to the lockdown. The lockdown is now extended till May 3, 2020 and there is high likelihood that eventual lifting of restrictions will be in a phased manner. Any delay in return to normalcy will put further pressure on collections and asset quality metrics. Additionally, any change in the behaviour of borrowers on payment discipline can affect delinquency levels.
Liquidity Adequate

CRISIL believes that MFL has adequate liquidity, on a standalone basis, to manage this period wherein asset-side collections will be negligible while liability-side outflows continue as per schedule. In terms of liquidity, MFL, as on July 31, 2020, had liquidity of around Rs 1740 crore (Rs 485 crore of cash and equivalents and Rs 1185 crore of unutilised bank lines). Against the same, they have total debt payments (including operating expense) of Rs 760 crore in the next 3 months. The total debt payments exclude CC / WCDL limits which are typically rolled-over. CRISIL notes that MFL has been able to rollover the CC/WCDL limits during previous 3 months and expects  to be able to rollover the balance limits falling due in the next 3 months. In terms of additional funding, MFL has been able to get sanction of Rs 275 crores (in addition to the unavailed bank lines) in the form of term loans from public sector banks. The company also mobilised Rs 1128 crore through debt instruments including retail public issue, subordinate debt and covered bond.

Outlook: Stable

CRISIL believes MFL's business profile will continue to be supported by its established market position in the gold loan segment. Further, the group has scaled up other segments such microfinance and two wheeler loans significantly thus broad basing its business mix. 

Rating Sensitivity factors
Upward factors:
* Improvement in capital position at MPG group level with adjusted gearing reducing below current levels
* Improvement in the consolidated profitability with RoMA increasing to 2.5% or higher
* Improvement in assets quality of non-gold loan segment
 
Down ward factors:
* Deterioration in asset quality with GNPAs increasing to over 5%
* Adjusted gearing level at MPG group level increasing to over 8 times
* Declining surplus liquidity in the near short term (6 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 15,894 crore. MML had AUM of Rs 4,704 crore, MCSL (Rs 2,650 crore), and Muthoot Housing (Rs 1,060 crore) as on March 31, 2020.

Key Financial Indicators of MFL - Standalone
As on/ for the period ended March 31   2020^ 2019^ 2018^
Total managed assets# Rs crore 19.453 17,267 15,645
Total income Rs crore 2,726 2,485 2,187
Profit after tax Rs crore 219 155 126
Gross NPA % 2.5 2.6 1.7
Gearing# Times 5.3 4.8 4.6
Return on managed assets# % 1.2 1.0 1.0
^as per Ind-AS reporting
#including off balance sheet assets
 
Key Financial Indicators for MPG
As on/ for the period ended March 31   9M/Dec 2019 2019^ 2018^
Total managed assets# Rs crore 22,848 21,569 17,618
Total income Rs crore 3,164 3,915 3,206
Profit after tax Rs crore 222 464 175
Gross NPA % 3.4 2.9 2.6
Gearing# Times 7.2** 7.2 8.1
Return on managed assets# % 1.1* 2.0 1.9
^as per Ind-AS reporting
#including off balance sheet assets and adjustment for real estate exposure,
**6.8 times and 6.6 as of March 31, 2020 post adjusting real estate assets which were monetised to avail borrowings
*annualised

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL 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. For more details on the CRISIL complexity levels, please visit www.crisil.com/complexity-levels.
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.
 
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 Non Convertible Debentures# NA NA NA 500 Simple CRISIL A/Stable
NA Non Convertible Debentures# NA NA NA 75 Simple CRISIL A/Stable
INE549K07766 Non Convertible Debentures 31-Jul-20 9.10% 31-Jan-22 200 Simple CRISIL A/Stable
INE549K07758 Non Convertible Debentures 28-Jul-20   28-Jan-22 25 Simple CRISIL A/Stable
INE549K07758 Non Convertible Debentures 28-Jul-20 NA 28-Jan-22 450 Simple CRISIL A/Stable
INE549K07659 Non Convertible Debentures 23-Jun-20 9.35% 23-Dec-21 450 Simple CRISIL A/Stable
INE549K07642 Non Convertible Debentures 28-May-20 9.75% 28-May-23 100 Simple CRISIL A/Stable
NA Non Convertible Debentures# NA NA NA 178.39 Simple CRISIL A/Stable
INE549K07519 Non Convertible Debentures 07-Feb-20 9.0% 13-Mar-21 32.93 Simple CRISIL A/Stable
INE549K07527 Non Convertible Debentures 07-Feb-20 9.3% 07-Feb-22 16.82 Simple CRISIL A/Stable
INE549K07535 Non Convertible Debentures 07-Feb-20 9.4% 09-Apr-23 31.24 Simple CRISIL A/Stable
INE549K07543 Non Convertible Debentures 07-Feb-20 9.5% 07-Feb-25 26.32 Simple CRISIL A/Stable
INE549K07550 Non Convertible Debentures 07-Feb-20 9.7% 07-Feb-22 6.68 Simple CRISIL A/Stable
INE549K07568 Non Convertible Debentures 07-Feb-20 9.9% 08-Apr-23 10.44 Simple CRISIL A/Stable
INE549K07576 Non Convertible Debentures 07-Feb-20 10.0% 07-Feb-25 8.91 Simple CRISIL A/Stable
INE549K07584 Non Convertible Debentures 07-Feb-20 N.A 13-Mar-21 74.28 Simple CRISIL A/Stable
INE549K07592 Non Convertible Debentures 07-Feb-20 N.A 07-Feb-22 17.15 Simple CRISIL A/Stable
INE549K07600 Non Convertible Debentures 07-Feb-20 N.A 08-Apr-23 41.24 Simple CRISIL A/Stable
INE549K07618 Non Convertible Debentures 07-Feb-20 N.A 07-Feb-25 55.60 Simple CRISIL A/Stable
INE549K07337 Non Convertible Debentures 05-Nov-15 10.00% 05-Nov-20 0.76 Simple CRISIL A/Stable
INE549K07360 Non Convertible Debentures 05-Nov-15 10.25% 05-Nov-20 0.42 Simple CRISIL A/Stable
INE549K07402 Non Convertible Debentures 05-Nov-15 10.25% 05-Nov-20 1.01 Simple CRISIL A/Stable
INE549K08046 Perpetual 10-Aug-09 12.00% Perpetual 26 Highly complex CRISIL BBB+/Stable
INE549K08053 Perpetual 21-Dec-09 12.00% Perpetual 54 Highly complex CRISIL BBB+/Stable
INE549K08061 Perpetual 30-Nov-08 12.00% Perpetual 50 Highly complex CRISIL BBB+/Stable
INE549K08079 Perpetual 30-Sep-10 12.00% Perpetual 14 Highly complex CRISIL BBB+/Stable
INE549K08087 Subordinated Debt 30-Oct-14 12.00% 30-Oct-20 22.08 Complex CRISIL A/Stable
INE549K08095 Subordinated Debt 30-Oct-14 12.50% 30-Oct-20 13.51 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 7785 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA 31-Aug-22 300 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA 06-Jun-22 300 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA Jun-21 200 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA 03-Jul-21 200 NA CRISIL A/Stable
NA Working Capital Term Loan* NA NA NA 75 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA Sep-20 150 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA Sep-23 100 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA Jun-23 300 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA May-21 70 NA CRISIL A/Stable
NA Working Capital Term Loan NA NA Mar-24 362.5 NA CRISIL A/Stable
NA Term Loan NA NA Nov-20 37.5 NA CRISIL A/Stable
NA Term Loan NA NA Mar-22 200 NA CRISIL A/Stable
NA Term Loan NA NA Mar-21 100 NA CRISIL A/Stable
NA Proposed Long Term
Bank Loan Facility		 NA NA NA 1 NA CRISIL A/Stable
#yet to be issued
*yet to be availed
 
Annexure - List of entities consolidated
Entity consolidated Extent of consolidation Rationale for consolidation
Muthoot Microfin Limited Full Subsidiary
Muthoot Capital Services Limited Full Group company
Muthoot Housing Finance Company  Limited Full Subsidiary
Annexure - Rating History for last 3 Years
  Current 2020 (History) 2019  2018  2017  Start of 2017
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  900.00  CRISIL A1  25-06-20  CRISIL A1  21-11-19  CRISIL A1  12-09-18  CRISIL A1    --  -- 
        17-06-20  CRISIL A1  09-10-19  CRISIL A1  14-08-18  CRISIL A1       
        20-05-20  CRISIL A1  29-03-19  CRISIL A1  08-08-18  CRISIL A1       
        06-05-20  CRISIL A1      27-06-18  CRISIL A1       
Non Convertible Debentures  LT  2302.19
11-08-20  		CRISIL A/Stable  30-07-20  CRISIL AA+(CE)/Stable  21-11-19  CRISIL A/Stable  12-09-18  CRISIL A/Stable  19-09-17  CRISIL A-/Stable  CRISIL A-/Stable 
        30-07-20  CRISIL AA+(CE)/Stable  09-10-19  CRISIL A/Stable  14-08-18  CRISIL A/Stable       
        25-06-20  CRISIL A/Stable  29-03-19  CRISIL A/Stable  08-08-18  CRISIL A/Stable       
        17-06-20  CRISIL A/Stable      27-06-18  CRISIL A/Stable       
        08-06-20  CRISIL AA+(CE)/Stable               
        20-05-20  CRISIL A/Stable               
        19-05-20  Provisional CRISIL AA+(CE)/Stable               
        06-05-20  CRISIL A/Stable               
        18-03-20  CRISIL AA+(CE)/Stable               
        05-03-20  Provisional CRISIL AA+(CE)/Stable               
Perpetual Bonds  LT  144.00
11-08-20  		CRISIL BBB+/Stable  25-06-20  CRISIL BBB+/Stable  21-11-19  CRISIL BBB+/Stable  12-09-18  CRISIL BBB+/Stable  19-09-17  CRISIL BBB/Stable  CRISIL BBB/Stable 
        17-06-20  CRISIL BBB+/Stable  09-10-19  CRISIL BBB+/Stable  14-08-18  CRISIL BBB+/Stable       
        20-05-20  CRISIL BBB+/Stable  29-03-19  CRISIL BBB+/Stable  08-08-18  CRISIL BBB+/Stable       
        06-05-20  CRISIL BBB+/Stable      27-06-18  CRISIL BBB+/Stable       
Short Term Debt (Including Commercial Paper)  ST                  19-09-17  CRISIL A1  CRISIL A1 
Short Term Non Convertible Debenture  ST    --    --  29-03-19  Withdrawal  12-09-18  CRISIL A1  19-09-17  CRISIL A1  CRISIL A1 
                14-08-18  CRISIL A1       
                08-08-18  CRISIL A1       
                27-06-18  CRISIL A1       
Subordinated Debt  LT  35.59
11-08-20  		CRISIL A/Stable  25-06-20  CRISIL A/Stable  21-11-19  CRISIL A/Stable  12-09-18  CRISIL A/Stable  19-09-17  CRISIL A-/Stable  CRISIL A-/Stable 
        17-06-20  CRISIL A/Stable  09-10-19  CRISIL A/Stable  14-08-18  CRISIL A/Stable       
        20-05-20  CRISIL A/Stable  29-03-19  CRISIL A/Stable  08-08-18  CRISIL A/Stable       
        06-05-20  CRISIL A/Stable      27-06-18  CRISIL A/Stable       
Subordinated Debt Bond  LT    --    --  29-03-19  Withdrawal  12-09-18  CRISIL A/Stable  19-09-17  CRISIL A-/Stable  CRISIL A-/Stable 
                14-08-18  CRISIL A/Stable       
                08-08-18  CRISIL A/Stable       
                27-06-18  CRISIL A/Stable       
Fund-based Bank Facilities  LT/ST  10181.00  CRISIL A/Stable  25-06-20  CRISIL A/Stable  21-11-19  CRISIL A/Stable  12-09-18  CRISIL A/Stable  19-09-17  CRISIL A-/Stable  CRISIL A-/Stable 
        17-06-20  CRISIL A/Stable  09-10-19  CRISIL A/Stable  14-08-18  CRISIL A/Stable       
        20-05-20  CRISIL A/Stable  29-03-19  CRISIL A/Stable  08-08-18  CRISIL A/Stable       
        06-05-20  CRISIL A/Stable      27-06-18  CRISIL A/Stable       
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit & Working Capital demand loan 7785 CRISIL A/Stable Cash Credit & Working Capital demand loan 7785 CRISIL A/Stable
Proposed Long Term Bank Loan Facility 1 CRISIL A/Stable Proposed Long Term Bank Loan Facility 1 CRISIL A/Stable
Term Loan 337.5 CRISIL A/Stable Term Loan 337.5 CRISIL A/Stable
Working Capital Term Loan 2057.5 CRISIL A/Stable Working Capital Term Loan 2057.5 CRISIL A/Stable
Total 10181 -- Total 10181 --
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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About CRISIL Ratings
CRISIL Ratings is part of CRISIL Limited (“CRISIL”). We pioneered the concept of credit rating in India in 1987. CRISIL is registered in India as a credit rating agency with the Securities and Exchange Board of India (“SEBI”). With a tradition of independence, analytical rigour and innovation, CRISIL sets 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 24,500 large and mid-scale corporates and financial institutions. CRISIL has also instituted several innovations in India in the rating business, including rating municipal bonds, partially guaranteed instruments and microfinance institutions. We also pioneered a globally unique rating service for Micro, Small and Medium Enterprises (MSMEs) and significantly extended the accessibility to rating services to a wider market. Over 1,10,000 MSMEs have been rated by us.

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