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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

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Analytical Approach

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Key Rating Drivers & Detailed Description
* 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.

* 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

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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 --
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