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Rating Rationale
November 20, 2017 | Mumbai
Mahindra and Mahindra Financial Services Limited
 
Rating Action
Total Bank Loan Facilities Rated Rs.20643 Crore
Long Term Rating CRISIL AA+/Stable
Short Term Rating CRISIL A1+
 
Non-Convertible Debentures Aggregating Rs.592.1 Crore  CRISIL AA+/Stable
Subordinated Debt Programme Aggregating Rs.738.8 Crore CRISIL AA+/Stable
Fixed Deposit Programme FAAA/Stable
Rs.8500 Crore Commercial Paper Programme CRISIL A1+
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

Now, Curry and the Golden State Warriors are right road of adding another accomplishment.
virtue
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201103/129769.shtml
《大唐荣耀》
Ultimately I expect these new leaders to start selecting from a broader pool of candidates and appoint direct reports from more varied backgrounds, defying those who use current imbalances to extrapolate gloomily that leadership parity between men and women is still decades off.
互联网P2P借贷平台在中国发展迅猛,但随之而来的是众多的诈骗案件。
GM Masai Ujiri struck twice to position Toronto for a second trip to the East finals, nabbing Ibaka from the Magic and Tucker from the Suns.
他在一则电话采访中向汤森路透基金会透露:“外出打工应该只是一个选择。但是对于2亿人来说,却是没得选择的选择。”

Analytical Approach

现今和未来的科技都基于多重技术,而每一种技术都在发生着改变、并和其他技术交互。这让我们的科技产品,像是互联网的东西、电话、笔记本等等变得不稳定,这同时也让消费者感到厌恶。就说说你们手机里的应用,有多少你是真正在用的?又有多少真正能让你的生活变简单、变快捷、变得更有趣?我认为消费者对此的嘲讽情绪会上升,科技带给他们的愉悦感会被失望所取代。这会给硬件和软件的开发者造成压力,从而让他们追求最无趣的产品品质:稳定性。
店长马克·斯特罗恩说,开发这种设备旨在帮助那些忘记自己锁屏密码的iPhone用户进入被锁在手机上的照片或通讯录。斯特罗恩在香港第一次看到这台设备,他表示,在最一开始大家都对其能否起作用持怀疑态度。但随着时间的推移,这台设备一次又一次的证明了自己。
理查德沃特斯(Richard Waters)
节目23 《直通春晚》①《山路十八弯》(表演者:阿普萨萨)②《我是一只小小鸟》(表演者:许艺娜)③《我爱你中国》(表演者:平安)
珍贵的照片显示了古老的性玩具曾经属于中国皇室和贵族。
此前,跨国房地产经纪机构仲量联行(JLL)的数据显示,2016年全年,中国对外房地产投资额增长了53%,达到创纪录的330亿美元。
And this year, the Nobel Prize has defied the convention of celebrating big by presenting the biggest prizes to discoveries on the smallest scales.
谎言3:是的,这挺有道理的。说谎原因:方案二会让我显得毫无头绪。

Key Rating Drivers & Detailed Description
Strengths
* Majority ownership by, and strategic importance to M&M
The ratings factor in the financial and operational linkages that Mahindra Finance has with M&M. While M&M currently holds a majority stake of 51.2%, there is a possibility of the stake reducing to below 51% in future when Mahindra Finance taps equity capital markets to support growth without M&M's participation in the same. Nevertheless, M&M will remain the largest shareholder and maintain controlling interest in Mahindra Finance.

The company remains of strategic importance to M&M, as the former continues to finance around 30% each of M&M's UV, light commercial vehicle (LCV), and tractor sales. However, financing of M&M vehicles as a proportion of Mahindra Finance's yearly total loan disbursements has reduced over the past few years. As part of its growth strategy, Mahindra Finance has been increasingly financing vehicles of other manufacturers. The proportion of captive finance business declined to 45% of overall disbursements in fiscal 2017 from 75% in 2008. Nevertheless, M&M's majority ownership of Mahindra Finance, shared brand, and strong linkages between the two imply a moral obligation on M&M's part to support Mahindra Finance in case of distress.

*Strong and established market position in the UV and tractor financing business in rural and semi-urban areas
The market position in these segments remains strong, given the operational linkages with M&M, which enables it to access the parent's widespread dealer network. Main competitors include cooperative and nationalised banks and financing entities in the unorganised sector.

*Adequate capitalisation and stable resource profile
Capitalisation continue to be adequate with Tier I and overall capital adequacy ratios of 12.4% and 19.3%, respectively, as on September 30, 2017 (12.8% and 17.2% respectively as on March 31, 2017). Networth was sizeable at Rs 6427 crore and gearing at 5.9 times as on this date. However, given deterioration in asset quality and its impact on profitability over the past few quarters, the networth coverage for net non-performing assets (NPAs) declined to 2.1 times (computed on 90 days-past-due (dpd) NPA) as on September 30, 2017 from 4.0 times (computed on 120 dpd NPA) as on March 31, 2017. The NBFC is expected to raise upto Rs 2250 crore of equity in fiscal 2018, of which M&M will infuse capital to the extent of maintaining its current shareholding and rest will be raised via the QIP route. 

A stable and diversified resource profile and substantial unutilised bank limit provide significant financial flexibility to raise resources at competitive costs to meet increasing funding requirement. Average cost of borrowing declined to 8.9% for fiscal 2017, from 9.5% for the previous fiscal. Borrowing costs are expected to remain better than industry average over the medium term.

Weakness
* Modest asset quality impacting profitability
The gross NPA ratio increased to 13.7% as on September 30, 2017 (9.9% as on March 31, 2017). However, on 90 days-past-due (dpd) basis, gross NPAs declined over previous quarter. The company transitioned to 90 dpd NPA recognition as on September 30, 2017. While all the asset segments have witnessed higher delinquencies, the LCV, tractor and three-wheeler portfolio have been impacted the most. Stress on asset quality and accelerated provisions have resulted in a sharp increase in provisioning cost (based on managed assets) to 3.0% for fiscal 2017 (2.7% for fiscal 2016). Consequently, profitability has been affected, with return on managed assets (RoMA) declining to 0.9% for fiscal 2017, from 1.7% in the previous fiscal. RoAs further declined to 0.5% (annualized) in the first half of fiscal 2018. The company is increasingly focusing on collection and recovery efforts; on a static-pool basis, final credit loss in the loan portfolio is expected at 2.0-2.5%, indicating delayed, but ultimate collections.
Outlook: Stable

“只要总体市场仍然相对积极,只要交易继续执行良好,我们继续预期今年余下时间会保持健康的交易量,”高盛(Goldman Sachs)美洲股票资本市场主管戴维?路德维格(David Ludwig)表示。
“Australia stands out as a market that boomed when reform allowed it to switch from a commission-based model to a fee-based one,” says Mr Montanari. “This would be a game changer in Asia.”
property
担忧、紧张、抑郁和愤怒等负面情绪更常在D型人格的人身上体现。一件常常被他人忽视的小事就可能让D型人格的人烦恼,甚至会破坏他的心情。
射箭、射击、铁人三项、现代五项ykXdDI-D*%c]。
Harvard Business School, London Business School (LBS) and MIT Sloan School of Management, three of the MBA ranking’s longstanding heavyweights, all lost ground to their competitors. Harvard drops two places to fourth, the first time in nine years that the Boston school has been outside the top three. London Business School falls three places to sixth, its lowest position in 14 years. MIT Sloan School of Management falls to 13th place, the first time in 10 years that it has been outside the top 10.
在过去三年失业率已从8.6%降至5.8%,但是包括美联储,几乎没有人认为劳动力市场现在是真的健康。
n. 反映,映像,折射,沉思,影响
据中新网报道,德国工商总会外贸主管沃尔克·特赖尔表示,2016年下半年从德国出口到中国的货物量增长非常迅速。
声明中说:“我们真诚地向《月光男孩》剧组、《爱乐之城》剧组、沃伦?比蒂、费?唐纳薇和奥斯卡颁奖礼观众致歉,因为在宣布最佳影片环节中我们出了纰漏。”
女王每次都是飞机一停就像子弹一样迅速下飞机。
2. Take baby steps.
Whether or not any sort of BlackBerry-Samsung deal actually happens, the development highlights next wave of innovation (and litigation) in mobile technology: one centered on access control methods and containing corporate breachesin an increasingly mobile world.
'But then it always challenges and nudges and says "well wait a minute".

About the Company

Mahindra Finance, a non-banking financial company (NBFC), was incorporated in 1991. M&M, the majority shareholder, held 51.2% in Mahindra Finance as on June 30, 2017.

Mahindra Finance ranks among the larger NBFCs in India with total assets under management of Rs 49,918 crore as on September 30, 2017 (Rs 46,776 crore as on March 31, 2017). The company finances consumer purchases of UVs, LCVs, tractors, cars, and other assets. To leverage its extensive branch network and rural clientele, it has entered the rural housing finance business through subsidiary, MRHFL. MIBL is the insurance broking arm of Mahindra Finance, providing insurance broking services both in the life and non-life segments.

On a consolidated basis, total income and net profit were Rs 7201 crore and Rs 530 crore, respectively, for fiscal 2017, against Rs 6598 crore and Rs 787 crore, respectively, for fiscal 2016.

For the six months ended September 30, 2017, consolidated total income and net profit were Rs 3872 crore and Rs 167 crore, respectively, against Rs 3320 crore and Rs 228 crore, respectively, for the corresponding period in the previous fiscal.

Key Financial Indicators
As on / for the six months ended Sep 30 Unit  2017 2016
Total Assets Rs crore 49131 42653
Total income Rs crore 3286 2891
Profit after tax Rs crore 125 182
Gross NPA % 13.7 12.0
Return on assets (annualized) % 0.5 0.9
Adjusted gearing Times 5.9 5.1

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on 中国建筑卫生陶瓷协会智能家居分会将于本月15日成立. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date  Issue Size (Rs. Cr) Rating Outstanding with Outlook
INE774D07IU4 Debentures 3-Jan-13 9.45 20-Dec-17     7.0 CRISIL AA+/Stable
INE774D07IV2 Debentures 11-Jan-13 9.34 10-Apr-18    18.5 CRISIL AA+/Stable
INE774D07IY6 Debentures 15-Jan-13 9.40 15-Jan-18    25.0 CRISIL AA+/Stable
INE774D07JA4 Debentures 7-Feb-13 9.25 7-Feb-18      5.0 CRISIL AA+/Stable
 INE774D07JB2 Debentures 27-Feb-13 9.40 27-Feb-18    10.0 CRISIL AA+/Stable
INE774D07JG1 Debentures 22-Apr-13 9.25 20-Apr-18 165.0 CRISIL AA+/Stable
INE774D07JK3 Debentures 25-Apr-13 9.25 25-Apr-18    15.0 CRISIL AA+/Stable
INE774D07JP2 Debentures 8-Oct-13 10.25 8-Oct-18    75.0 CRISIL AA+/Stable
INE774D07JS6 Debentures 15-Jan-14 9.95 15-Jan-19    10.0 CRISIL AA+/Stable
INE774D07JT4 Debentures 16-Jan-14 9.95 16-Jan-19    55.0 CRISIL AA+/Stable
INE774D07JU2 Debentures 17-Jan-14 9.90 17-Jan-19     5.0 CRISIL AA+/Stable
NA Debentures^ NA NA NA 201.6 CRISIL AA+/Stable
INE774D08JC8 Subordinated Debt 17-Oct-08 11.75 17-Oct-18      9.8 CRISIL AA+/Stable
INE774D08KV6 Subordinated Debt 26-Nov-10 9.80 25-Jan-21 200.0 CRISIL AA+/Stable
INE774D08KW4 Subordinated Debt 7-Dec-11 10.05 7-Dec-21      0.5 CRISIL AA+/Stable
INE774D08KX2 Subordinated Debt 12-Dec-11 10.50 13-Dec-21 100.0 CRISIL AA+/Stable
INE774D08KY0 Subordinated Debt 19-Jun-12 10.15 20-Jun-22    20.0 CRISIL AA+/Stable
INE774D08KZ7 Subordinated Debt 26-Jun-12 10.15 27-Jun-22      5.0 CRISIL AA+/Stable
INE774D08LA8 Subordinated Debt 19-Oct-12 10.02 19-Oct-22      5.0 CRISIL AA+/Stable
INE774D08LB6 Subordinated Debt 19-Oct-12 10.02 21-Oct-19         45.0 CRISIL AA+/Stable
INE774D08LC4 Subordinated Debt 17-Jan-13 9.80 17-Jan-23    40.0 CRISIL AA+/Stable
INE774D08LE0 Subordinated Debt 23-Apr-13 9.70 23-Apr-20    20.0 CRISIL AA+/Stable
INE774D08LD2 Subordinated Debt 23-Apr-13 9.70 24-Apr-23    80.0 CRISIL AA+/Stable
INE774D08LG5 Subordinated Debt 24-May-13 9.50 25-May-20    52.2 CRISIL AA+/Stable
INE774D08LF7 Subordinated Debt 24-May-13 9.50 24-May-23    47.8 CRISIL AA+/Stable
NA Subordinated Debt^ NA NA NA 113.5 CRISIL AA+/Stable
NA Commercial Paper NA NA 7-365 days    8,500.0 CRISIL A1+
NA Term Loan 1 NA NA 31-Dec-18 250 CRISIL AA+/Stable
NA Term Loan 2 NA NA 9-Mar-19 250 CRISIL AA+/Stable
NA Term Loan 3 NA NA 27-Dec-18 300 CRISIL AA+/Stable
NA Term Loan 4 NA NA 28-Mar-19 300 CRISIL AA+/Stable
NA Term Loan 5 NA NA 29-Mar-20 500 CRISIL AA+/Stable
NA Term Loan 6 NA NA 31-Dec-18 500 CRISIL AA+/Stable
NA Term Loan 7 NA NA 30-Mar-20 500 CRISIL AA+/Stable
NA Term Loan 8 NA NA 20-Mar-18 500 CRISIL AA+/Stable
NA Term Loan 9 NA NA 31-Dec-18 250 CRISIL AA+/Stable
NA Term Loan 10** NA NA 23-Jun-17 144.7 CRISIL AA+/Stable
NA Term Loan 11 NA NA 27-Mar-21 500 CRISIL AA+/Stable
NA Term Loan 12 NA NA 29-Sep-18 250 CRISIL AA+/Stable
NA Term Loan 13 NA NA 18-Dec-19 275 CRISIL AA+/Stable
NA Term Loan 14 NA NA 28-Feb-20 350 CRISIL AA+/Stable
NA Term Loan 15 NA NA 30-Jun-20 100 CRISIL AA+/Stable
NA Term Loan 16 NA NA 31-Dec-20 100 CRISIL AA+/Stable
NA Term Loan 17 NA NA 27-Mar-21 400 CRISIL AA+/Stable
NA Term Loan 18 NA NA 29-Dec-18 500 CRISIL AA+/Stable
NA Term Loan 19 NA NA 27-Nov-18 500 CRISIL AA+/Stable
NA Term Loan 20 NA NA 27-Mar-18 200 CRISIL AA+/Stable
NA Term Loan 21 NA NA 1-Feb-18 320 CRISIL AA+/Stable
NA Term Loan 22 NA NA 31-Mar-20 150 CRISIL AA+/Stable
NA Term Loan 23 NA NA 27-Dec-18 200 CRISIL AA+/Stable
NA Term Loan 24^ NA NA - 100 CRISIL AA+/Stable
NA Term Loan 25 NA NA 28-Feb-19 400 CRISIL AA+/Stable
NA Term Loan 26 NA NA 28-Feb-21 500 CRISIL AA+/Stable
NA Term Loan 27 NA NA 30-Dec-18 500 CRISIL AA+/Stable
NA Term Loan 28 NA NA 2-Aug-18 100 CRISIL AA+/Stable
NA Term Loan 29 NA NA 31-Dec-18 500 CRISIL AA+/Stable
NA Term Loan 30 NA NA 12-Jun-21 500 CRISIL AA+/Stable
NA Term Loan 31^ NA NA - 500 CRISIL AA+/Stable
NA Term Loan 32 NA NA 29-Aug-20 100 CRISIL AA+/Stable
NA Term Loan 33 NA NA 31-Aug-21 100 CRISIL AA+/Stable
NA Term Loan 34 NA NA 15-Sep-19  80 CRISIL AA+/Stable
NA Term Loan 35 NA NA 31-Aug-19 150 CRISIL AA+/Stable
NA Cash Credit NA NA NA    1,957.0 CRISIL AA+/Stable
NA Short Term Bank Facility NA NA NA    1,400.0 CRISIL A1+
NA Proposed Long term Bank loan Facility NA NA NA    6416.0 CRISIL AA+/Stable
NA Fixed Deposit Programme NA NA NA 0 FAAA/Stable
^Not yet issued/availed
**CRISIL is awaiting independent confirmation of redemption before withdrawing ratings on these facility
Annexure - Rating History for last 3 Years
  Current 2017 (History) 2016  2015  2014  Start of 2014
Instrument Type Quantum Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  8500  CRISIL A1+    No Rating Change    No Rating Change    No Rating Change  21-05-14  CRISIL A1+  -- 
Fixed Deposits  FD  FAAA/Stable    No Rating Change    No Rating Change    No Rating Change    No Rating Change  FAAA/Stable 
Non Convertible Debentures  LT  592.1  CRISIL AA+/Stable    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL AA+/Stable 
Subordinated Debt  LT  738.8  CRISIL AA+/Stable    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL AA+/Stable 
Fund-based Bank Facilities  LT/ST  20643  CRISIL AA+/Stable/ CRISIL A1+    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL AA+/Stable/ CRISIL A1+ 
Table reflects instances where rating is changed or freshly assigned. 'No Rating Change' implies that there was no rating change under the release.
 
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit 1957 CRISIL AA+/Stable Cash Credit 1957 CRISIL AA+/Stable
Long Term Bank Facility 10869.7 CRISIL AA+/Stable Long Term Bank Facility 12089.7 CRISIL AA+/Stable
Proposed Long Term Bank Loan Facility 6416.3 CRISIL AA+/Stable Proposed Long Term Bank Loan Facility 5159.3 CRISIL AA+/Stable
Short Term Bank Facility 1400 CRISIL A1+ Short Term Bank Facility 1437 CRISIL A1+
Total 20643 -- Total 20643 --
Links to related criteria
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高层起火消火栓没水 小区物业被约谈整改
印度总理纳伦德拉莫迪(Narendra Modi)会尝试更多非正统的经济试验吗?

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