Rating Rationale
July 14, 2020 | Mumbai
Kotak Mahindra Prime Limited
Ratings Reaffirmed
 
Rating Action
Total Bank Loan Facilities Rated Rs.10000 Crore
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Non-Convertible Debentures Aggregating Rs.14879.3 Crore CRISIL AAA/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.643.9 Crore CRISIL AAA/Stable (Reaffirmed)
Rs.627 Crore Long Term Principal Protected Market Linked Debentures CRISIL PP-MLD AAAr/Stable (Reaffirmed)
Rs.329.1 Crore Nifty Linked Debentures CRISIL PP-MLD AAAr/Stable (Reaffirmed)
Rs.9000 Crore Commercial Paper Programme CRISIL A1+ (Reaffirmed)
Rs.6500 Crore Commercial Paper Programme(IPO Financing)* CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
* Assigned for application on proprietary account and is over and above Rs 9,000 crore commercial paper programme
Detailed Rationale

CRISIL has reaffirmed its 'CRISIL AAA/CRISIL PP-MLD AAAr/Stable/CRISIL A1+' ratings on the debt instruments of Kotak Mahindra Prime Limited (KMPL). CRISIL has also withdrawn its rating on non-convertible debentures aggregating Rs 2144.8 crore since the outstanding against the same was nil.
 
The rating on the debt instruments of KMPL (part of the Kotak group, which is Kotak Mahindra Bank Ltd [KMBL; rated 'CRISIL AAA/CRISIL AA+1/FAAA/Stable/CRISIL A1+'] and its subsidiaries and associates) continue to reflect the KMPL's strategic importance to, and expectation of support from its ultimate parent, KMBL. The ratings also factor in KMPL's healthy asset quality and comfortable capitalisation. These strengths are partially offset by limited diversification in the retail lending space.
 
The nationwide lockdown from March 25 till May 31, 2020, declared by the Government of India to contain the spread of the Covid-19 pandemic, has impacted disbursements and collections of companies. While the restrictions have now been eased partially, any delay in return to normalcy will exert further pressure on collections and asset quality metrics of non-banking financial companies (NBFCs). Additionally, any change in the behaviour of borrowers on payment discipline can affect delinquency levels.
 
On the liability side, the Reserve Bank of India (RBI) announced regulatory measures under 'Covid-19 - Regulatory Package', whereby lenders were permitted to grant moratorium on bank loans. However, CRISIL understands that KMPL has not sought moratorium from any of its lenders and continues to service its debt obligations as per schedule.
 
On the asset side, the group has offered moratorium to its borrowers and hence, the collections are expected to be impacted till August 31, 2020. However, collections have improved since June onwards.   Nevertheless, KMPL has comfortable liquidity to meet obligations during this period.
 
KMPL primarily operates in car finance segment (~62% of portfolio as on March 31, 2020) and also has dealer finance (~9%), commercial real estate (~14%) and corporate lending portfolio (~15%, including loan against securities). Given that the car finance portfolio of KMPL primarily is in Tier I and II cities, and collections are through auto-debit instructions, the portfolio is expected to be less impacted as compared to the other segments. However, given the current difficult macro environment, performance of loan portfolio and overall asset quality will remain a monitorable.

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 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 group's product offering and revenue profile. KMPL is an important growth engine for the Kotak group in the retail finance space, with a strong presence in the car finance sector (retail auto loan book and dealer funding book of Rs 19,086 crore as on September 30, 2019, and forms 70% of total loan book of KMPL). Further, there exists strong operational and managerial integration between KMBL and KMPL. The latter benefits from the robust retail franchise and nation-wide branch infrastructure of the parent. 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 believes KMBL will provide both funding and capital assistance to KMPL if & when required. The extensive operational, managerial, and financial linkages, along with significant holding and shared brand name, imply a support from KMBL to KMPL.
 
* Healthy asset quality: KMPL has demonstrated its ability to maintain asset quality through economic cycles, as reflected in low stage 3 assets'gross and net stage 3 assets were 1.50% and 0.72%, respectively, as on September 30, 2019. The gross NPA level in its auto loan portfolio on a 90+ days past due (dpd) basis stood at 2.08%. KMPL has sound credit underwriting and collection practices. The asset quality of KMPL's dealer finance portfolio is also supported by their extensive dealer network and strong relationship with auto manufacturers.
 
* Comfortable capitalisation:
KMPL is well capitalised, with networth and gearing of Rs 7,016 crore and 3.3 times, respectively, as on September 30, 2019. The overall and tier-I capital adequacy ratio stood at 20.15% and 18.89%, respectively, as on same date. Given the healthy asset quality, asset side risk cover also remains comfortable, with a networth to net stage 3 ratio at ~40 times as on September 30, 2019. Capitalisation is expected to remain comfortable backed by steady internal cash accrual, and capital support from KMBL as and when needed.
 
Weaknesses:
* 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 26,943 crore as on September 30, 2019, ~60% was towards retail auto loans and another ~10% towards dealer financing. This leads to limited diversification in the portfolio of the entity, exposing it to risks/unfavourable developments in that particular segment. For instance, with the current slowdown in auto loan segment, the auto financing portfolio de-grew by ~7% year-on-year on as September 30, 2019. However, KMPL has ventured into two-wheeler financing. Although the book currently is small in this segment, it is expected to add to the diversification.
 
Further, the size of the loan book remains modest in relation to the overall lending space. KMPL is expected to have limited diversification over the medium term.
Liquidity Superior

The asset liability management profile was comfortable as on April 30, 2020, with positive cumulative mismatches in 1 year bucket. While there were few negative mismatches in early buckets, the same was met primarily by higher than estimated asset inflows. KMPL had a liquidity of Rs 5,030 crore as on June 30, 2020, comprising of Rs 150 crore fixed deposits, Rs 4,533 crore unutilized bank lines, Rs 78 crore cash balance and Rs 269 crore liquid investments. This is against upcoming repayments of Rs 4,041 crore up to October 2020. As on June 30, 2020, outstanding debt of the company was Rs 16,905 crore (face value). 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 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 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 and the integration process has been completed.
 
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. 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 known as BSS Microfinance Pvt. Ltd.), a NBFC-MFI, was completed during the quarter ended September 30, 2017.
 
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 was Rs 26,943 crore as on September 30, 2019, of which ~70% was towards retail auto loans and dealer financing. Rest ~30% was contributed by loans against marketable securities, corporate and other loans.
 
As per Ind-AS , Profit after tax (PAT) was Rs 590 crore on total income of Rs 3,203 crore for fiscal 2019, against Rs 606 crore and Rs 3066 crore, respectively for fiscal 2018.
 
As per Ind-AS ,For the six months ended September 30, 2019, PAT was Rs 325 crore on total income of Rs 1,646 crore, against Rs 283 crore and Rs 1,567 crore for the corresponding period of the previous fiscal.

1For Perpetual Non-Cumulative Preference Shares

Key Financial Indicators (as per Ind-AS)
As on / for the six months ended September 30   2019 2018
Total assets Rs crore 31195 32,544
Total income Rs crore 1646 1567
Profit after tax Rs crore 325 283
Gross stage 3 assets % 1.50% 0.91%**
Overall capital adequacy ratio (including unaudited profits) % 20.15% 17.16%**
Return on assets (annualized) % 2.0 1.74
**As per IGAAP

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.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of Initial Allotment Coupon
 Rate (%)		 Maturity
Date		 Issue Size (Rs.Cr) Complexity level Outstanding rating with Outlook
INE916DA7NV3 Debenture 16-May-17 7.7948 16-Jul-20 100 Simple CRISIL AAA/Stable
INE916DA7NX9 Debenture 16-May-17 Zero Coupon Bonds 27-Jan-21 7.3 Simple CRISIL AAA/Stable
INE916DA7OH0 Debenture 26-May-17 Zero Coupon Bonds 17-Aug-20 40.6 Simple CRISIL AAA/Stable
INE916DA7OI8 Debenture 26-May-17 7.7873 22-Sep-20 5 Simple CRISIL AAA/Stable
INE916DA7OJ6 Debenture 26-May-17 Zero Coupon Bonds 23-Oct-20 6.4 Simple CRISIL AAA/Stable
INE916DA7OK4 Debenture 26-May-17 7.786 23-Nov-20 5 Simple CRISIL AAA/Stable
INE916DA7OL2 Debenture 26-May-17 7.7869 22-Dec-20 5 Simple CRISIL AAA/Stable
INE916DA7ON8 Debenture 26-May-17 7.7936 26-Mar-21 5 Simple CRISIL AAA/Stable
INE916DA7OT5 Debenture 20-Jul-17 7.5 11-Aug-20 150 Simple CRISIL AAA/Stable
INE916DA7OW9 Debenture 11-Aug-17 Zero Coupon Bonds 09-Sep-20 492.3 Simple CRISIL AAA/Stable
INE916DA7OZ2 Debenture 04-Sep-17 7.3 14-Oct-20 407 Simple CRISIL AAA/Stable
INE916DA7PA2 Debenture 13-Oct-17 7.5 10-Nov-20 485 Simple CRISIL AAA/Stable
INE916DA7PE4 Debenture 15-Nov-17 7.5438 08-Jan-21 615 Simple CRISIL AAA/Stable
INE916DA7PF1 Debenture 15-Dec-17 Zero Coupon Bonds 10-Feb-21 194.7 Simple CRISIL AAA/Stable
INE916DA7PH7 Debenture 29-Dec-17 Zero Coupon Bonds 23-Dec-20 707 Simple CRISIL AAA/Stable
INE916DA7PI5 Debenture 29-Dec-17 Zero Coupon Bonds 26-Apr-21 859.2 Simple CRISIL AAA/Stable
INE916DA7PK1 Debenture 12-Jan-18 Zero Coupon Bonds 29-Mar-21 271.5 Simple CRISIL AAA/Stable
INE916DA7PO3 Debenture 20-Feb-18 Zero Coupon Bonds 27-May-21 940 Simple CRISIL AAA/Stable
INE916DA7PR6 Debenture 18-Jun-18 Zero Coupon Bonds 06-Jul-21 617.4 Simple CRISIL AAA/Stable
INE916DA7PT2 Debenture 03-Jul-18 Zero Coupon Bonds 26-May-22 6.9 Simple CRISIL AAA/Stable
INE916DA7PU0 Debenture 10-Jul-18 Zero Coupon Bonds 27-Aug-21 60 Simple CRISIL AAA/Stable
INE916DA7PV8 Debenture 10-Jul-18 8.8034 29-Dec-21 645 Simple CRISIL AAA/Stable
INE916DA7PZ9 Debenture 16-Aug-18 8.75 28-Sep-21 414 Simple CRISIL AAA/Stable
INE916DA7QB8 Debenture 29-Mar-19 8.4295 28-Jun-21 610 Simple CRISIL AAA/Stable
INE916DA7QC6 Debenture 26-Apr-19 8.3726 28-Oct-21 650 Simple CRISIL AAA/Stable
INE916DA7QE2 Debenture 09-May-19 Zero Coupon Bonds 29-Mar-22 324.4 Simple CRISIL AAA/Stable
INE916DA7QF9 Debenture 10-Jun-19 8.0818 28-Dec-22 500 Simple CRISIL AAA/Stable
INE916DA7QG7 Debenture 17-Oct-19 7.6351 23-Feb-23 452 Simple CRISIL AAA/Stable
INE916DA7QH5 Debenture 17-Oct-19 Zero Coupon Bonds 28-Mar-23 20 Simple CRISIL AAA/Stable
INE916DA7QI3 Debenture 15-Nov-19 7.4011 28-Nov-22 250 Simple CRISIL AAA/Stable
INE916DA7QL7 Debenture 14-Jan-20 7.5612 27-Jan-23 535 Simple CRISIL AAA/Stable
NA Debenture* NA NA NA 2353.8 NA CRISIL AAA/Stable
INE916D08CX6 Subordinated debt 10-Oct-07 11.1 30-Nov-20 20 Complex CRISIL AAA/Stable
INE916D09057 Subordinated debt 21-Jan-08 10 30-Nov-20 5 Complex CRISIL AAA/Stable
INE916D08DL9 Subordinated debt 08-Oct-07 11.1 23-Apr-21 150 Complex CRISIL AAA/Stable
INE916D08DN5 Subordinated debt 16-Oct-07 11.1 22-Jun-21 18.6 Complex CRISIL AAA/Stable
INE916D08DO3 Subordinated debt 16-Oct-07 11.1 30-Jun-21 12 Complex CRISIL AAA/Stable
INE916D08DP0 Subordinated debt 11-Oct-07 11.1 30-Jun-21 5 Complex CRISIL AAA/Stable
INE916D08DQ8 Subordinated debt 09-Oct-07 11.1 23-Sep-21 50 Complex CRISIL AAA/Stable
INE916D08DR6 Subordinated debt 15-Oct-07 11.1 28-Sep-21 40 Complex CRISIL AAA/Stable
INE916D08DS4 Subordinated debt 04-Feb-08 10 23-Sep-22 25 Complex CRISIL AAA/Stable
INE916D08DU0 Subordinated debt 06-Feb-08 10 13-Jan-23 20 Complex CRISIL AAA/Stable
INE916D08DV8 Subordinated debt 17-Jan-08 10 13-Jan-23 5 Complex CRISIL AAA/Stable
INE916D08DT2 Subordinated debt 30-Jan-08 10 22-Jun-23 40 Complex CRISIL AAA/Stable
NA Subordinated debt* NA NA NA 253.3 Complex CRISIL AAA/Stable
INE916DA7PW6 Long Term Principal Protected Market- Linked Debentures 18-Jul-18 8.873 17-Jul-20 345.2 Highly complex CRISIL PP-MLD AAAr/Stable
INE916DA7QD4 Long Term Principal Protected Market- Linked Debentures 03-May-19 Linked To 10 Year Gsec Security 25-Aug-20 50 Highly complex CRISIL PP-MLD AAAr/Stable
INE916DA7QJ1 Long Term Principal Protected Market- Linked Debentures 06-Dec-19 7.2556 06-Dec-21 50 Highly complex CRISIL PP-MLD AAAr/Stable
INE916DA7QK9 Long Term Principal Protected Market- Linked Debentures 06-Dec-19 7.6237 06-Dec-22 50 Highly complex CRISIL PP-MLD AAAr/Stable
NA Long Term Principal Protected Market- Linked Debentures * NA NA NA 131.8 Highly complex CRISIL PP-MLD AAAr/Stable
NA Nifty-Linked Debentures* NA NA NA 329.1 Highly complex CRISIL PP-MLD AAAr/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 Loan NA NA 04-Feb-22 25 NA CRISIL AAA/Stable
NA Cash Credit and Working Capital Demand Loan NA NA NA 4246 NA CRISIL AAA/Stable
NA Proposed long term bank Loan facility^ NA NA NA 2754 NA CRISIL AAA/Stable
NA Proposed Short-Term Bank Loan Facility^^ NA NA NA 2975 NA CRISIL A1+
*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 Instrument Date of Initial Allotment Coupon
Rate (%)		 Maturity Date Issue Size (Rs.Cr) Complexity level
INE916DA7MW3 Debenture 20-Mar-17 Zero Coupon Bonds 20-Mar-20 48.5 Simple
INE916DA7MX1 Debenture 20-Mar-17 7.8526 07-Apr-20 10 Simple
INE916DA7MY9 Debenture 20-Mar-17 Zero Coupon Bonds 22-Apr-20 1.8 Simple
INE916DA7MZ6 Debenture 20-Mar-17 Zero Coupon Bonds 24-Apr-20 100 Simple
INE916DA7NA7 Debenture 20-Mar-17 Zero Coupon Bonds 08-May-20 25.2 Simple
INE916DA7NB5 Debenture 20-Mar-17 Zero Coupon Bonds 05-May-20 15.3 Simple
INE916DA7NC3 Debenture 20-Mar-17 Zero Coupon Bonds 20-May-20 21.6 Simple
INE916DA7NF6 Debenture 13-Apr-17 7.7598 16-Mar-20 25 Simple
INE916DA7NG4 Debenture 13-Apr-17 7.76 13-Apr-20 50 Simple
INE916DA7NH2 Debenture 13-Apr-17 Zero Coupon Bonds 14-May-20 52.9 Simple
INE916DA7NJ8 Debenture 20-Apr-17 Zero Coupon Bonds 12-May-20 25.8 Simple
INE916DA7NK6 Debenture 28-Apr-17 7.7455 16-Mar-20 50 Simple
INE916DA7NR1 Debenture 16-May-17 Zero Coupon Bonds 02-Apr-20 10 Simple
INE916DA7NS9 Debenture 16-May-17 Zero Coupon Bonds 28-Apr-20 3.4 Simple
INE916DA7NT7 Debenture 16-May-17 Zero Coupon Bonds 06-May-20 15 Simple
INE916DA7NU5 Debenture 16-May-17 7.8066 15-May-20 15 Simple
INE916DA7OC1 Debenture 26-May-17 Zero Coupon Bonds 20-May-20 150 Simple
INE916DA7OD9 Debenture 26-May-17 7.8058 22-May-20 75 Simple
INE916DA7OE7 Debenture 26-May-17 7.7988 22-Jun-20 10 Simple
INE916DA7OF4 Debenture 26-May-17 Zero Coupon Bonds 30-Jun-20 14.5 Simple
INE916DA7PD6 Debenture 03-Nov-17 7.4805 11-Jun-20 610 Simple
INE916DA7PP0 Debenture 16-Mar-18 Zero Coupon Bonds 18-Feb-20 300 Simple
INE916DA7PQ8 Debenture 10-Jul-18 Zero Coupon Bonds 14-Apr-20 446 Simple
INE916DA7OG2 Debenture 26-May-17 Zero Coupon Bonds 08-Jul-20 28.4 Simple
INE916DA7OM0 Debenture 26-May-17 Zero Coupon Bonds 06-Jul-20 41.4 Simple
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  9000.00  CRISIL A1+  28-02-20  CRISIL A1+  04-12-19  CRISIL A1+  11-12-18  CRISIL A1+  19-12-17  CRISIL A1+  -- 
        18-02-20  CRISIL A1+  05-04-19  CRISIL A1+  26-07-18  CRISIL A1+  31-10-17  CRISIL A1+   
            08-01-19  CRISIL A1+  03-07-18  CRISIL A1+  24-10-17  CRISIL A1+   
                26-02-18  CRISIL A1+  09-10-17  CRISIL A1+   
                31-01-18  CRISIL A1+  05-10-17  CRISIL A1+   
                16-01-18  CRISIL A1+  29-09-17  CRISIL A1+   
Commercial Paper Issue  ST    --    --    --    --  19-12-17  Withdrawal  -- 
                    31-10-17  CRISIL A1+   
                    24-10-17  CRISIL A1+   
                    09-10-17  CRISIL A1+   
Commercial Paper Programme(IPO Financing)  ST  6500.00  CRISIL A1+  28-02-20  CRISIL A1+  04-12-19  CRISIL A1+  11-12-18  CRISIL A1+    --  -- 
        18-02-20  CRISIL A1+  05-04-19  CRISIL A1+  26-07-18  CRISIL A1+       
            08-01-19  CRISIL A1+  03-07-18  CRISIL A1+       
                26-02-18  CRISIL A1+       
                31-01-18  CRISIL A1+       
Long Term Principal Protected Market Linked Debentures  LT  495.20
14-07-20  		CRISIL PP-MLD AAAr/Stable  28-02-20  CRISIL PP-MLD AAAr/Stable  04-12-19  CRISIL PP-MLD AAAr/Stable  11-12-18  CRISIL PP-MLD AAAr/Stable    --  -- 
        18-02-20  CRISIL PP-MLD AAAr/Stable  05-04-19  CRISIL PP-MLD AAAr/Stable  26-07-18  CRISIL PP-MLD AAAr/Stable       
            08-01-19  CRISIL PP-MLD AAAr/Stable  03-07-18  CRISIL PP-MLD AAAr/Stable       
Nifty Linked Debentures  LT  0.00
14-07-20  		CRISIL PP-MLD AAAr/Stable  28-02-20  CRISIL PP-MLD AAAr/Stable  04-12-19  CRISIL PP-MLD AAAr/Stable  11-12-18  CRISIL PP-MLD AAAr/Stable  19-12-17  CRISIL PP-MLD AAAr/Stable  CRISIL PP-MLD AAAr/Stable 
        18-02-20  CRISIL PP-MLD AAAr/Stable  05-04-19  CRISIL PP-MLD AAAr/Stable  26-07-18  CRISIL PP-MLD AAAr/Stable  31-10-17  CRISIL PP-MLD AAAr/Stable   
            08-01-19  CRISIL PP-MLD AAAr/Stable  03-07-18  CRISIL PP-MLD AAAr/Stable  24-10-17  CRISIL PP-MLD AAAr/Stable   
                26-02-18  CRISIL PP-MLD AAAr/Stable  09-10-17  CRISIL PP-MLD AAAr/Stable   
                31-01-18  CRISIL PP-MLD AAAr/Stable  05-10-17  CRISIL PP-MLD AAAr/Stable   
                16-01-18  CRISIL PP-MLD AAAr/Stable  29-09-17  CRISIL PP-MLD AAAr/Stable   
                    22-09-17  CRISIL PP-MLD AAAr/Stable   
                    11-09-17  CRISIL PP-MLD AAAr/Stable   
                    08-09-17  CRISIL PP-MLD AAAr/Stable   
                    16-08-17  CRISIL PP-MLD AAAr/Stable   
                    01-08-17  CRISIL PP-MLD AAAr/Stable   
                    07-07-17  CRISIL PP-MLD AAAr/Stable   
                    28-06-17  CRISIL PP-MLD AAAr/Stable   
                    19-06-17  CRISIL PP-MLD AAAr/Stable   
                    24-05-17  CRISIL PP-MLD AAAr/Stable   
                    08-05-17  CRISIL PP-MLD AAAr/Stable   
                    26-04-17  CRISIL PP-MLD AAAr/Stable   
                    07-03-17  CRISIL PP-MLD AAAr/Stable   
                    23-01-17  CRISIL PP-MLD AAAr/Stable   
Non Convertible Debentures  LT  10380.70
14-07-20  		CRISIL AAA/Stable  28-02-20  CRISIL AAA/Stable  04-12-19  CRISIL AAA/Stable  11-12-18  CRISIL AAA/Stable  19-12-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
        18-02-20  CRISIL AAA/Stable  05-04-19  CRISIL AAA/Stable  26-07-18  CRISIL AAA/Stable  31-10-17  CRISIL AAA/Stable   
            08-01-19  CRISIL AAA/Stable  03-07-18  CRISIL AAA/Stable  24-10-17  CRISIL AAA/Stable   
                26-02-18  CRISIL AAA/Stable  09-10-17  CRISIL AAA/Stable   
                31-01-18  CRISIL AAA/Stable  05-10-17  CRISIL AAA/Stable   
                16-01-18  CRISIL AAA/Stable  29-09-17  CRISIL AAA/Stable   
                    22-09-17  CRISIL AAA/Stable   
                    11-09-17  CRISIL AAA/Stable   
                    08-09-17  CRISIL AAA/Stable   
                    16-08-17  CRISIL AAA/Stable   
                    01-08-17  CRISIL AAA/Stable   
                    07-07-17  CRISIL AAA/Stable   
                    28-06-17  CRISIL AAA/Stable   
                    19-06-17  CRISIL AAA/Stable   
                    24-05-17  CRISIL AAA/Stable   
                    08-05-17  CRISIL AAA/Stable   
                    26-04-17  CRISIL AAA/Stable   
                    07-03-17  CRISIL AAA/Stable   
                    23-01-17  CRISIL AAA/Stable   
Short Term Debt  ST                  22-09-17  CRISIL A1+  CRISIL A1+ 
                    11-09-17  CRISIL A1+   
                    08-09-17  CRISIL A1+   
                    16-08-17  CRISIL A1+   
                    01-08-17  CRISIL A1+   
                    07-07-17  CRISIL A1+   
                    28-06-17  CRISIL A1+   
                    19-06-17  CRISIL A1+   
                    24-05-17  CRISIL A1+   
                    08-05-17  CRISIL A1+   
                    26-04-17  CRISIL A1+   
                    07-03-17  CRISIL A1+   
                    23-01-17  CRISIL A1+   
Short Term Debt Issue  ST                  05-10-17  CRISIL A1+  -- 
                    29-09-17  CRISIL A1+   
                    22-09-17  CRISIL A1+   
                    11-09-17  CRISIL A1+   
                    08-09-17  CRISIL A1+   
                    16-08-17  CRISIL A1+   
                    01-08-17  CRISIL A1+   
                    07-07-17  CRISIL A1+   
                    28-06-17  CRISIL A1+   
                    19-06-17  CRISIL A1+   
                    24-05-17  CRISIL A1+   
                    08-05-17  CRISIL A1+   
                    26-04-17  CRISIL A1+   
                    07-03-17  CRISIL A1+   
                    23-01-17  CRISIL A1+   
Subordinated Debt  LT  390.60
14-07-20  		CRISIL AAA/Stable  28-02-20  CRISIL AAA/Stable  04-12-19  CRISIL AAA/Stable  11-12-18  CRISIL AAA/Stable  19-12-17  CRISIL AAA/Stable  CRISIL AAA/Stable 
        18-02-20  CRISIL AAA/Stable  05-04-19  CRISIL AAA/Stable  26-07-18  CRISIL AAA/Stable  31-10-17  CRISIL AAA/Stable   
            08-01-19  CRISIL AAA/Stable  03-07-18  CRISIL AAA/Stable  24-10-17  CRISIL AAA/Stable   
                26-02-18  CRISIL AAA/Stable  09-10-17  CRISIL AAA/Stable   
                31-01-18  CRISIL AAA/Stable  05-10-17  CRISIL AAA/Stable   
                16-01-18  CRISIL AAA/Stable  29-09-17  CRISIL AAA/Stable   
                    22-09-17  CRISIL AAA/Stable   
                    11-09-17  CRISIL AAA/Stable   
                    08-09-17  CRISIL AAA/Stable   
                    16-08-17  CRISIL AAA/Stable   
                    01-08-17  CRISIL AAA/Stable   
                    07-07-17  CRISIL AAA/Stable   
                    28-06-17  CRISIL AAA/Stable   
                    19-06-17  CRISIL AAA/Stable   
                    24-05-17  CRISIL AAA/Stable   
                    08-05-17  CRISIL AAA/Stable   
                    26-04-17  CRISIL AAA/Stable   
                    07-03-17  CRISIL AAA/Stable   
                    23-01-17  CRISIL AAA/Stable   
Fund-based Bank Facilities  LT/ST  10000.00  CRISIL AAA/Stable/ CRISIL A1+  28-02-20  CRISIL AAA/Stable/ CRISIL A1+  04-12-19  CRISIL AAA/Stable/ CRISIL A1+  11-12-18  CRISIL AAA/Stable/ CRISIL A1+  19-12-17  CRISIL AAA/Stable/ CRISIL A1+  CRISIL AAA/Stable/ CRISIL A1+ 
        18-02-20  CRISIL AAA/Stable/ CRISIL A1+  05-04-19  CRISIL AAA/Stable/ CRISIL A1+  26-07-18  CRISIL AAA/Stable/ CRISIL A1+  31-10-17  CRISIL AAA/Stable/ CRISIL A1+   
            08-01-19  CRISIL AAA/Stable/ CRISIL A1+  03-07-18  CRISIL AAA/Stable/ CRISIL A1+  24-10-17  CRISIL AAA/Stable/ CRISIL A1+   
                26-02-18  CRISIL AAA/Stable/ CRISIL A1+  09-10-17  CRISIL AAA/Stable/ CRISIL A1+   
                31-01-18  CRISIL AAA/Stable/ CRISIL A1+  05-10-17  CRISIL AAA/Stable/ CRISIL A1+   
                16-01-18  CRISIL AAA/Stable/ CRISIL A1+  29-09-17  CRISIL AAA/Stable/ CRISIL A1+   
                    22-09-17  CRISIL AAA/Stable/ CRISIL A1+   
                    11-09-17  CRISIL AAA/Stable/ CRISIL A1+   
                    08-09-17  CRISIL AAA/Stable/ CRISIL A1+   
                    16-08-17  CRISIL AAA/Stable/ CRISIL A1+   
                    01-08-17  CRISIL AAA/Stable/ CRISIL A1+   
                    07-07-17  CRISIL AAA/Stable/ CRISIL A1+   
                    28-06-17  CRISIL AAA/Stable/ CRISIL A1+   
                    19-06-17  CRISIL AAA/Stable/ CRISIL A1+   
                    24-05-17  CRISIL AAA/Stable/ CRISIL A1+   
                    08-05-17  CRISIL AAA/Stable/ CRISIL A1+   
                    26-04-17  CRISIL AAA/Stable/ CRISIL A1+   
                    07-03-17  CRISIL AAA/Stable/ CRISIL A1+   
                    23-01-17  CRISIL AAA/Stable/ CRISIL A1+   
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 4246 CRISIL AAA/Stable Cash Credit & Working Capital demand loan 5525 CRISIL AAA/Stable
Long Term Loan 25 CRISIL AAA/Stable Long Term Loan 25 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility^ 2754 CRISIL AAA/Stable Proposed Long Term Bank Loan Facility^ 1475 CRISIL AAA/Stable
Proposed Short Term Bank Loan Facility^^ 2975 CRISIL A1+ Proposed Short Term Bank Loan Facility^^ 2975 CRISIL A1+
Total 10000 -- Total 10000 --
^Interchangeable with short term bank facilities
^^Interchangeable with long term bank facilities
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Bank Loan Ratings
CRISILs Criteria for rating short term debt

For further information contact:
Media Relations
 Analytical Contacts
 Customer Service Helpdesk
Saman Khan
Media Relations
CRISIL Limited
D: +91 22 3342 3895
B: +91 22 3342 3000
saman.khan@crisil.com

Naireen Ahmed
Media Relations
CRISIL Limited
D: +91 22 3342 1818
B: +91 22 3342 3000
naireen.ahmed@crisil.com

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

Subhasri Narayanan
Director - CRISIL Ratings
CRISIL Limited
D:+91 22 3342 3403
subhasri.narayanan@crisil.com

Sonica Gupta
Rating Analyst - CRISIL Ratings
CRISIL Limited
D:+91 22 3342 3531
Sonica.Gupta@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. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc.


About CRISIL Limited

CRISIL is a leading agile and innovative, global analytics company driven by its mission of making markets function better. We are India’s foremost provider of ratings, data, research, analytics and solutions. A strong track record of growth, culture of innovation and global footprint sets us apart. We have delivered independent opinions, actionable insights, and efficient solutions to over 1,00,000 customers.
 
We are 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

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.

CRISIL PRIVACY
 
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 forms part of and applies to each credit rating report and/or credit rating rationale that we provide (each a “Report”). 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 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 providing or intending to provide any services in jurisdictions where CRISIL 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 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 or otherwise 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 Rating 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 assumes no obligation to update its opinions following publication in any form or format although CRISIL may disseminate its opinions and analysis. CRISIL 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 or its associates may have other commercial transactions with the company/entity.

Neither CRISIL nor its affiliates, third party providers, as well as their directors, officers, shareholders, employees or agents (collectively, “CRISIL Parties”) guarantee the accuracy, completeness or adequacy of the Report, and no CRISIL 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 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 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. CRISIL’s public ratings and analysis 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 web sites, www.crisil.com (free of charge). Reports with more detail and additional information may be available for subscription at a fee – more details about CRISIL ratings are available here: www.crisilratings.com.

CRISIL and its affiliates do not act as a fiduciary. While CRISIL has obtained information from sources it believes to be reliable, CRISIL does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives and / or relies in its Reports. CRISIL keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of CRISIL may have information that is not available to other CRISIL business units. CRISIL has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. CRISIL has in place a ratings code of conduct and policies for analytical firewalls and for managing conflict of interest. For details please refer to: https://www.crisil.com/en/home/our-businesses/ratings/regulatory-disclosures/highlighted-policies.html

CRISIL’s rating criteria are generally available without charge to the public on the CRISIL public web site, www.crisil.com. For latest rating information on any instrument of any company rated by CRISIL you may contact CRISIL RATING 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 a prior written consent of CRISIL.

All rights reserved @ CRISIL

CRISIL 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's use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: www.crisil.com/ratings/credit-rating-scale.html