Mahindra & Mahindra Financial Services Limited

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1 Rating Rationale Mahindra & Mahindra Financial Services Limited 12 June 2017 Brickwork Ratings assigns rating for the Proposed Unsecured issue up to ` 2000 Crores and reaffirms the existing ratings for the various Debt issues of Mahindra & Mahindra Financial Services Limited Brickwork Ratings (BWR) assigns the rating for the proposed facility of Mahindra & Mahindra Financial Services Limited ( MMFSL or the Company ) as detailed below: Limit Tenure Rating 1 Proposed Unsecured 2000 It has also reaffirmed the Ratings 1 for the various Debt issues as detailed below: s # Size O/S as of 24-Mar-2017 Tenure Rating O/S (Mar 2016) Rating Reaffirmed * 15 1 Please refer to BWR website for definition of the ratings *Unutilized amount is ` 185 Cr # Details of this issue are provided below 1 12 June 2017

2 Rationale/Description of Key Rating Drivers/Rating sensitivities: BWR has principally relied upon the audited financial results of the Company up to FY17, projections, publicly available information, and information/clarifications provided by the Company s management. The rating has factored, inter alia, the strength and support of MMFSL s parent Mahindra & Mahindra (M&M) Limited to the company, its experienced & professional management, growing business profile, comfortable capital adequacy with diversified source of funding and adequate provision coverage for assets. The rating is however, constrained by the stressed asset quality, cyclical nature of the sectors catered to by MMFSL and the competitive landscape for NBFCs. Rating BWR believes MMFSL s business risk profile will be maintained over the medium term. The Stable outlook indicates a low likelihood of rating change over the medium term. Any major volatility in profitability or further deterioration in asset quality with impact on capitalization may lead to revision in the rating or the outlook. About the Company Mahindra & Mahindra Financial Services Limited (MMFSL) is an RBI registered systemically important deposit taking NBFC. It is a subsidiary of Mahindra and Mahindra Limited, one of India s leading tractor and utility vehicle manufacturers. MMFSL has its Corporate office in Mumbai and its operation is focused in the rural and semi-urban areas. MMFSL is of strategic importance to Mahindra & Mahindra as around 48% of MMFSL s Loans and Advances were from M&M s stable as of March 31, M&M has around 51.2% shareholding in MMFSL as of March 31, It is listed on NSE & BSE. MMFSL has subsidiaries which are into Insurance Broking, Rural Housing Finance, Asset management etc. The Board consist of a total of nine Directors, out of which five are Independent Directors. The Chairman of the Board is Mr. Dhananjay Mungale, an Independent Director. Mr. Ramesh Iyer is the Vice-Chairman & Managing Director and Mr. V Ravi is the Executive Director & Chief Financial Officer of the Company. The company has a team of well-qualified and experienced professionals looking after credit, risk, marketing, audit and other support functions June 2017

3 It is primarily in the business of financing purchase of new and pre-owned auto and utility vehicles, tractors, cars, commercial vehicles, construction equipment and SME financing. It has 1182 offices covering 27 states and 4 union territories in India, with over 4.71 million customer contracts since inception, as of March 31, The Company s Loans & Advances, at standalone level, has increased from ` 36,392 Crores as of March 31, 2016 to ` 42,149 Crores as of March 31, 2017, a y-o-y growth of 16%. Gross NPA of the Company stood at 9.9% as of March 31, 2017 (@120 dpd) up from 8.9% as of March 31, 2016 (@120 dpd), mainly contributed by Utility vehicle loans, Car loans and Tractor loans which aggregated around 73% of the Gross NPA. The Company follows a conservative provisioning policy and asset classification with NPA recognition reported in compliance with the 120 dpd recognition for FY17. Provision Coverage ratio stood at 61.8% as of March 31, Its capital adequacy in the form of CRAR stood at 17.2% (post considering dividend for FY17) as of March 31, 2017 which is above the RBI s minimum stipulated requirement of 15% with Tier I CRAR at 12.8%. The Company has a comfortable liquidity position both in the short and the long term. Company s Financial Performance On a standalone basis, Total Income from Operations stood at ` 6,173.9 Crores for FY17 compared to ` 5,853.2 Crores for FY16, a y-o-y growth of ~5%. Net Income from Operations (Total Income from Operations net of Finance Cost) for the Company stood at ` 3,316.5 Crores for FY17 compared to ` 3,213.9 Crores for FY16. Net Interest Margin reduced from 5.90% for FY16 to 4.81% for FY17. PAT has declined from ` Crores for FY16 to ` Crores for FY17 due to significant increase in loan provisioning & write offs. Return on Asset was at around 1.0% for FY17. Rating History for the last three years: Sl. No. Instrument /Facility Current Rating (Year 2017) Rating History Proposed 2000 NA NA NA NA June 2017

4 Instrument Details Instrument Date Amount Coupon Maturity Date ISIN Particulars Rating 10-Nov % 11-Nov-19 INE774D08JR6 20-Nov % 20-Nov-19 INE774D08JS4 26-Nov % 25-Jan-21 INE774D08KV6 28-Aug % 28-Aug-24 INE774D08LH3 3-Sep % 3-Sep-24 INE774D08LI1 Hyperlink/Reference to applicable Criteria General Criteria Banks & Financial Institutions Rating based on Parent Support Analytical Contacts MSR Manjunatha Director-Ratings Media Relationship Contact Phone: For print and digital media The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media. Note on complexity levels of the rated instrument: BWR complexity levels are meant for educating investors. The BWR complexity levels are available at Investors queries can be sent to info@brickworkratings.com. About Brickwork Ratings Brickwork Ratings (BWR), a SEBI registered Credit Rating Agency, has also been accredited by RBI and empaneled by NSIC, offers Bank Loan,, Commercial Paper, MSME ratings and grading services. NABARD has empaneled Brickwork for MFI and NGO grading. BWR is accredited by IREDA & the Ministry of New and Renewable Energy (MNRE), Government of India. Brickwork Ratings has Canara Bank, a Nationalized Bank, as its promoter and strategic partner. BWR has its corporate office in Bengaluru and a country-wide presence with its offices in Ahmedabad, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Mumbai and New Delhi along with representatives in 150+ locations. BWR has rated debt instruments/bonds/bank loans, securitized paper of over 9,30,000 Cr. In addition, BWR has rated about 5000 MSMEs. Also, Fixed Deposits and Commercial Papers etc. worth over 19,700 Cr have been rated. Brickwork has a major presence in rating of nearly 100 cities June 2017

5 DISCLAIMER Brickwork Ratings (BWR) has assigned the rating based on the information obtained from the issuer and other reliable sources, which are deemed to be accurate. BWR has taken considerable steps to avoid any data distortion; however, it does not examine the precision or completeness of the information obtained. And hence, the information in this report is presented as is without any express or implied warranty of any kind. BWR does not make any representation in respect to the truth or accuracy of any such information. The rating assigned by BWR should be treated as an opinion rather than a recommendation to buy, sell or hold the rated instrument and BWR shall not be liable for any losses incurred by users from any use of this report or its contents. BWR has the right to change, suspend or withdraw the ratings at any time for any reasons June 2017

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