Rating Rationale
July 03, 2024 | Mumbai
Muthoot Capital Services Limited
'CRISIL A+/Stable' assigned to Non Convertible Debentures
 
Rating Action
Total Bank Loan Facilities RatedRs.2500 Crore
Long Term RatingCRISIL A+/Stable (Reaffirmed)
 
Rs.200 Crore Non Convertible DebenturesCRISIL A+/Stable (Assigned)
Rs.100 Crore Long Term Principal Protected Market Linked DebenturesCRISIL PPMLD A+/Stable (Reaffirmed)
Rs.80 Crore (Reduced from Rs.100 Crore) Long Term Principal Protected Market Linked DebenturesCRISIL PPMLD A+/Stable (Reaffirmed)
Fixed DepositsCRISIL A+/Stable (Reaffirmed)
Rs.40 Crore (Reduced from Rs.75 Crore) Non Convertible DebenturesCRISIL A+/Stable (Reaffirmed)
Rs.200 Crore Non Convertible DebenturesCRISIL A+/Stable (Reaffirmed)
Rs.110 Crore Non Convertible DebenturesCRISIL A+/Stable (Reaffirmed)
Rs.250 Crore Commercial PaperCRISIL A1+ (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has assigned its 'CRISIL A+/Stable' rating to Rs.200 crore non- convertible debentures of Muthoot Capital Services Ltd (MCSL; part of the Muthoot Pappachan Group [MPG]). .CRISIL Ratings has reaffirmed its 'CRISIL A+/CRISIL PPMLD A+/Stable/CRISIL A1+' ratings on the bank facilities and existing debt instruments.

 

CRISIL Ratings has also withdrawn its rating on the Rs.35 crore non-convertible debentures and Rs.20 crore of long-term principal protected market linked debentures (see the Annexure - Details of Rating Withdrawn' for details) on receipt of independent confirmation that these instruments are fully redeemed, in line with its withdrawal policy.

 

The ratings on the bank loan facilities and debt instruments continue to reflect the company’s adequate capital position and continued financial, operational and managerial support from the group whose flagship company is Muthoot Fincorp Ltd (MFL; 'CRISIL AA-/CRISIL A/Stable/CRISIL A1+’), considering the strong operational linkages of MCSL with the group. These strengths are partially offset by modest, though improving, asset quality, moderation in earnings profile and the company’s continued, but reducing, geographical concentration in the southern Indian states.

 

After facing several challenges during the Covid-19 pandemic, the company underwent few changes and cleaned up its non-performing portfolio. The company sold its portfolio (which was affected due to the pandemic) worth Rs 235 crore to ARC. As a result, its assets under management (AUM) degrew around 4% to Rs 2018 crore as on March 31, 2024, from Rs 2,102 crore as on March 31, 2023. Nevertheless, the company steadily came back on its growth trajectory with average monthly disbursements of Rs 120 crore during fiscal 2024 against Rs 110 crore during fiscal 2023 (Rs 96 crore during fiscal 2022).

 

In terms of asset quality, the company also made significant changes in its collections mechanism by enforcing strong follow-up right from softer delinquency buckets. While overall asset quality has remained modest, it has substantially improved with gross non-performing assets (NPAs) falling to 10.2% (owing to sale of portfolio to ARC) from 20.6% in fiscal 2023. The overall 90+ dpd stood at 8.2% as on March 31, 2024, as compared to 16.4% as on March 31, 2023. The average monthly collection efficiency (including overdues but excluding prepayments) has remained above 99% during  fiscal 2024. Nevertheless, the ability of the company to manage collections from the harder delinquency buckets will be a key rating sensitivity factor.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has taken a standalone view of MCSL and has factored in support from MPG, whose flagship company is MFL.

Key Rating Drivers & Detailed Description

Strengths:

  • Strong support from MPG: MCSL is an integral part of MPG, whose flagship company is MFL. MCSL derives significant benefits from its linkages with the group. The group diversified its operations into vehicle financing through MCSL. The company has common promoters and promoter directors with the other MPG companies. Mr Thomas John Muthoot is the chairman of MCSL and also holds directorships in several companies belonging to Muthoot Pappachan Group. The company also has strong operational linkages with other group companies. It has the third largest portfolio in the group and has been leveraging the branch network of the group to grow its book. Besides its own sales force, MCSL has access to the wide branch network and large clientele of MFL for origination of new loans and collections. MCSL, being an integral part of the group, will continue to receive operational and managerial support from MPG on an ongoing basis and timely financial support in case of any exigencies.

 

  • Adequate capitalization: Capitalisation has improved during fiscal 2024 on account of accruals. MCSL’s networth has improved to Rs 611.8 crore and gearing was 2.7 times as on March 31, 2024, as compared to Rs 489 crore and 3.9 times, respectively, as on March 31, 2023. The capital position has remained adequate despite no major capital infusion in the past five years. The company’s philosophy is to maintain gearing at around 5 times on steady-state basis. 

 

  • Extensive experience of the promoters and management in the vehicle finance sector: Each of the three promoter directors have more than three decades of experience in the business of lending, beginning with gold loans, and have forayed into two-wheeler financing, microfinance and housing finance over the years. The group ventured into two-wheeler financing in 1998 and since then has expanded into financing used cars, consumer durables and small-ticket business loans. The company also has strengthened its management by onboarding Mr Mathews Markose, a banking professional with 26 years of experience, as Chief Executive Officer; Mr Ramandeep Singh Gill, chartered accountant with over 11 years of experience, as Chief Financial Officer; and Ms Umadevi as Chief Risk Officer, along with others. The team has reinforced the systems and processes of the company, which will support the planned scale-up while maintaining the asset quality. The group has established a strong reputation and brand in India, particularly in South India and has an appropriate assessment and underwriting methodology, which is being constantly refined. 

 

Weaknesses:

  • Modest, though improving, asset quality: Amid the challenging pandemic-induced economic environment during fiscal 2022, delinquencies had gone up and the company reported GNPA of 27.8% as on December 31, 2021, due to the impact of RBI clarification released in November 2021, with respect to single-day NPA recognition and upgradation of NPA accounts only after all dues are cleared. While the revised RBI clarification had allowed deferring implementation of upgradation norms till September 30, 2022, the company did not avail this relaxation and made additional provisions (including write-offs) of Rs 236 crore during the fourth quarter of fiscal 2022, thereby reducing their NNPA to 5.7% as on March 31, 2022. The asset quality has improved thereafter during fiscal 2024, with 10.2% GNPA as on March 31, 2024, from 20.6% in fiscal 2023 (90+ dpd excluding the impact of IRACP norms was 8.2% as on March 31, 2024, as compared to 16.4% as on March 31, 2023), while the NNPA stood at 3.3%. The average monthly collection efficiency (including overdues but excluding prepayments) has remained above 99% during fiscal 2024. Nevertheless, the ability of the company to manage collections from the harder delinquency buckets will be a key monitorable.

 

  • Moderate, though improving, earnings profile: MCSL has been a steady contributor to the overall profitability of the group. Profitability was healthy until fiscal 2019 but moderated from fiscal 2020 onwards on account of higher provisions made to account for the impact of the pandemic. The credit cost rose to 13.9% during fiscal 2022 as compared to 3.4% during the previous fiscal, leading to loss of Rs 161.9 crore. With fading of pandemic-related issues, the earnings profile during fiscal 2023 showed improvement. During fiscal 2023, the company reported profit after tax (PAT) of Rs 78.7 crore which translated into return on managed assets (RoMA) of 3.5%. This was despite the company carrying high provisioning buffer of 19.8% of the total portfolio as on March 31, 2023. Furthermore, during fiscal 2024, MCSL sold portfolio worth Rs 235 crore to an ARC and revised its provisioning norms (PCR capping to 75%), Thus, it wrote back the provisions amounting to Rs 139 crore during the second quarter of fiscal 2024 and reported PAT of Rs 123 crore during fiscal 2024. For the same time, the PBT (excluding exception items) was Rs 68 crore and RoMA (before tax and exception items) was 3.4% as compared to Rs 109 crore and 4.8%, respectively, during fiscal 2023. This coupled with company’s improving operating profits is expected to support the company’s profitability over the medium term.

 

  • Geographically concentrated portfolio: Although MCSL has sequentially reduced the concentration in its portfolio over the years, its operations continue to be largely concentrated in the southern states of the country. Concentration in the southern states reduced from 83% in March 2018 to 70% in March 2020 and further to 41% as on March 31, 2024. MCSL’s operations are concentrated in Kerala, which accounted for 25% of hypothecation loans as on March 31, 2024, though it has declined from 42% as on March 31, 2019. However, over the past 4-5 years, MCSL has entered the northern and eastern parts of India. The company plans to further reduce its dependence on the southern states over the medium term. CRISIL Ratings believes the portfolio will continue to remain concentrated in the southern region, primarily because of MPG’s strong foothold in the south, and hence would be susceptible to geography-specific disruptions.

Liquidity: Adequate

MCSL's asset liability maturity profile is comfortable, with cumulative positive mismatches across all buckets up to 1 year as on May 31, 2024. As on May 31, 2024, MCSL had cash and equivalent of Rs 423.7 crore. Its total debt obligation (including operating expense) was around Rs 243.6 crore for the next two months through July 2024. CC/WCDL of Rs 290 crore was due for renewal over the same period. The company has been able to rollover its CC/WCDL limit in the past and expects to be able to rollover the limit falling due during this period. Liquidity cover for two months stands adequate at 2.3 times, including operating expenses and considering nil collections. Besides, the timely rollover of CC/WCDL limit will be a key monitorable. MCSL is expected to receive support from MPG, if required.

Outlook: Stable

MCSL is expected to maintain adequate capitalisation and remain an integral part of MPG, benefitting from its linkages with the group, over the medium term.

Rating Sensitivity factors

Upward factors:

  • Significant improvement in the overall credit risk profile of MPG
  • Substantial improvement in asset quality with 90+ dpd remaining below 3% on steady-state basis
  • Substantial improvement in earnings, leading to improvement in RoMA to above 3% on steady state basis

 

Downward factors:

  • Any downward revision in the rating view of MPG
  • Sharp deterioration in asset quality significantly impacting profitability and capital adequacy level
  • Continued and significant increase in gearing to more than 7 times

About the Company

Incorporated in 1994, MCSL is a deposit-taking, systemically important non-banking financial company (NBFC). Though the company started operations in 1995, it commenced lending activities in 1998 after acquiring an NBFC license. Initially, it provided gold loans, but subsequently, as the group scaled up its gold financing business in MFL, MCSL entered the two-wheeler financing segment in fiscal 1998 and gradually exited the gold loan business. MCSL is listed on the Bombay Stock Exchange and the National Stock Exchange and is one of the listed companies of MPG. As on March 31, 2024, its AUM was Rs 2018 crore. Around 88% of the total portfolio was two-wheeler loans.

Key Financial Indicators

Particulars

Unit

Mar-24

Mar-23

Mar-22

Mar-21

Total assets

Rs crore

2315

2435

2099

2560

Total income

Rs crore

401

445

411

505

Profit after tax

Rs crore

123

79

-162

52

90+ dpd

%

8.2

16.4

18.9

8.7

Adjusted gearing

Times

2.7

3.9

4.2

3.4

Return on managed assets

%

5.2

3.5

-6.9

1.9

Any other information: Not Applicable

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

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

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

Annexure - Details of Instrument(s)

ISIN Name of the instrument Date of
Allotment
Coupon
Rate (%)
Maturity
Date
Issue size
(Rs.Crore)
Complexity
Level
Rating assigned
with outlook
NA Non-Convertible Debentures* NA NA NA 200 Simple CRISIL A+/Stable
NA Non-Convertible Debentures* NA NA NA 1 Simple CRISIL A+/Stable
INE296G07143 Non-Convertible Debentures 19-Mar-2024 10.00% 19-Mar-2027 50 Simple CRISIL A+/Stable
INE296G07150 Non-Convertible Debentures 16-May-2024 10.00% 16-May-2027 50 Simple CRISIL A+/Stable
INE296G07168 Non-Convertible Debentures 12-Jun-2024 9.90%  12-Jun-2026 100 Simple CRISIL A+/Stable
NA

Long term principal protected

market linked debentures*

NA NA NA 25 Highly Complex CRISIL PPMLD A+/Stable
INE296G07127 Non-Convertible Debentures 19-Jun-2023 10.30% 31-May-2025 49 Simple CRISIL A+/Stable
INE296G07135 Non-Convertible Debentures 28-Dec-2023 10.00% 28-Dec-2026 100 Complex CRISIL A+/Stable
INE296G07093

Long term principal protected

market linked debentures

07-Jan-2023 G-Sec Linked 06-Jan-2026 35 Highly Complex CRISIL PPMLD A+/Stable
INE296G07077

Long term principal protected

market linked debentures

07-Jan-2023 G-Sec Linked 06-Jan-2025 20 Highly Complex CRISIL PPMLD A+/Stable
INE296G07119

Long term principal protected

market linked debentures

06-Oct-2022 G-Sec Linked 06-Oct-2024 100 Highly Complex CRISIL PPMLD A+/Stable
NA Commercial Paper NA NA 7-365 days 250 Simple CRISIL A1+
NA Fixed Deposits NA NA NA 0 Simple CRISIL A+/Stable
NA

Cash Credit & Working Capital

Demand Loan

NA NA NA 815 NA CRISIL A+/Stable
NA Proposed Term Loan NA NA NA 1200 NA CRISIL A+/Stable
NA Working Capital Term Loan NA NA 30-Jun-2024 175 NA CRISIL A+/Stable
NA Working Capital Term Loan NA NA 21-Dec-2026 45 NA CRISIL A+/Stable
NA Working Capital Term Loan NA NA 29-Dec-2025 60 NA CRISIL A+/Stable
NA Working Capital Term Loan NA NA 05-Jun-2026 60 NA CRISIL A+/Stable
NA Working Capital Term Loan NA NA 18-Apr-2026 30 NA CRISIL A+/Stable
NA Working Capital Term Loan NA NA 30-Apr-2025 20 NA CRISIL A+/Stable
NA Working Capital Term Loan NA NA 05-Mar-2024 45 NA CRISIL A+/Stable
NA Working Capital Term Loan NA NA 11-May-2025 50 NA CRISIL A+/Stable

*Yet to be issued

 

Annexure - Details of Rating Withdrawn

ISIN Name of the instrument Date of
Allotment
Coupon
Rate (%)
Maturity
Date
Issue size
(Rs.Crore)
Complexity
Level
Rating assigned
with outlook
INE296G07101 Non-Convertible Debentures 08-Mar-2023 10.40% 31-May-2024 35 Complex Withdrawn
INE296G07085

Long term principal protected

market linked debentures

07-Jan-2023 G-Sec Linked 06-Apr-2024 20 Highly Complex Withdrawn
Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 2500.0 CRISIL A+/Stable 21-06-24 CRISIL A+/Stable 17-08-23 CRISIL A+/Stable 19-10-22 CRISIL A+/Stable 30-12-21 CRISIL A/Stable CRISIL A/Stable
      -- 12-03-24 CRISIL A+/Stable 01-03-23 CRISIL A+/Stable 29-09-22 CRISIL A/Stable 18-03-21 CRISIL A/Stable --
      -- 28-02-24 CRISIL A+/Stable 07-02-23 CRISIL A+/Stable 07-07-22 CRISIL A/Stable   -- --
      --   --   -- 22-06-22 CRISIL A/Stable   -- --
      --   --   -- 26-04-22 CRISIL A/Stable   -- --
      --   --   -- 03-03-22 CRISIL A/Stable   -- --
Commercial Paper ST 250.0 CRISIL A1+ 21-06-24 CRISIL A1+ 17-08-23 CRISIL A1+ 19-10-22 CRISIL A1+ 30-12-21 CRISIL A1 CRISIL A1
      -- 12-03-24 CRISIL A1+ 01-03-23 CRISIL A1+ 29-09-22 CRISIL A1 18-03-21 CRISIL A1 --
      -- 28-02-24 CRISIL A1+ 07-02-23 CRISIL A1+ 07-07-22 CRISIL A1   -- --
      --   --   -- 22-06-22 CRISIL A1   -- --
      --   --   -- 26-04-22 CRISIL A1   -- --
      --   --   -- 03-03-22 CRISIL A1   -- --
Fixed Deposits LT 0.0 CRISIL A+/Stable 21-06-24 CRISIL A+/Stable 17-08-23 CRISIL A+/Stable 19-10-22 CRISIL A+/Stable 30-12-21 F A+/Stable F A+/Stable
      -- 12-03-24 CRISIL A+/Stable 01-03-23 CRISIL A+/Stable 29-09-22 CRISIL A/Stable 18-03-21 F A+/Stable --
      -- 28-02-24 CRISIL A+/Stable 07-02-23 CRISIL A+/Stable 07-07-22 CRISIL A/Stable   -- --
      --   --   -- 22-06-22 CRISIL A/Stable   -- --
      --   --   -- 26-04-22 F A+/Stable   -- --
      --   --   -- 03-03-22 F A+/Stable   -- --
Non Convertible Debentures LT 550.0 CRISIL A+/Stable 21-06-24 CRISIL A+/Stable 17-08-23 CRISIL A+/Stable 19-10-22 CRISIL A+/Stable 30-12-21 CRISIL A/Stable CRISIL A/Stable
      -- 12-03-24 CRISIL A+/Stable 01-03-23 CRISIL A+/Stable 29-09-22 CRISIL A/Stable 18-03-21 CRISIL A/Stable --
      -- 28-02-24 CRISIL A+/Stable 07-02-23 CRISIL A+/Stable 07-07-22 CRISIL A/Stable   -- --
      --   --   -- 22-06-22 CRISIL A/Stable   -- --
      --   --   -- 26-04-22 CRISIL A/Stable   -- --
      --   --   -- 03-03-22 CRISIL A/Stable   -- --
Long Term Principal Protected Market Linked Debentures LT 180.0 CRISIL PPMLD A+/Stable 21-06-24 CRISIL PPMLD A+/Stable 17-08-23 CRISIL PPMLD A+/Stable 19-10-22 CRISIL PPMLD A+ r /Stable   -- --
      -- 12-03-24 CRISIL PPMLD A+/Stable 01-03-23 CRISIL PPMLD A+/Stable 29-09-22 CRISIL PPMLD A r /Stable   -- --
      -- 28-02-24 CRISIL PPMLD A+/Stable 07-02-23 CRISIL PPMLD A+/Stable 07-07-22 CRISIL PPMLD A r /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 60 Dhanlaxmi Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 35 Tamilnad Mercantile Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 100 HDFC Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 100 Union Bank of India CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 50 Central Bank Of India CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 10 IDFC FIRST Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 50 Indian Overseas Bank CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 50 IndusInd Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 200 Punjab National Bank CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 50 State Bank of India CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 10 City Union Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 20 IDBI Bank Limited CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 50 Indian Bank CRISIL A+/Stable
Cash Credit & Working Capital Demand Loan 30 DCB Bank Limited CRISIL A+/Stable
Proposed Term Loan 1200 Not Applicable CRISIL A+/Stable
Working Capital Term Loan 50 State Bank of India CRISIL A+/Stable
Working Capital Term Loan 175 Canara Bank CRISIL A+/Stable
Working Capital Term Loan 45 The Federal Bank Limited CRISIL A+/Stable
Working Capital Term Loan 60 IDFC FIRST Bank Limited CRISIL A+/Stable
Working Capital Term Loan 60 Poonawalla Fincorp Limited CRISIL A+/Stable
Working Capital Term Loan 30 AU Small Finance Bank Limited CRISIL A+/Stable
Working Capital Term Loan 20 ESAF Small Finance Bank Limited CRISIL A+/Stable
Working Capital Term Loan 45 Oxyzo Financial Services Limited CRISIL A+/Stable
Criteria Details
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Bank Loan Ratings - process, scale and default recognition
CRISILs criteria for rating fixed deposit programmes
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Group Support

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


Ajit Velonie
Senior Director
CRISIL Ratings Limited
B:+91 22 3342 3000
ajit.velonie@crisil.com


Malvika Bhotika
Director
CRISIL Ratings Limited
B:+91 22 3342 3000
malvika.bhotika@crisil.com


Raghul Vignesh
Rating Analyst
CRISIL Ratings Limited
B:+91 22 3342 3000
Raghul.Vignesh@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