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    Home»Microfinance

    Crisil downgrades rating on Ashmitha Microfin

    Sushma SinghBy Sushma SinghDecember 4, 2022 Microfinance
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    Crisil downgrades rating on Ashmitha Microfin
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    CRISIL has removed its rating on the debt instrument and bank facilities of Asmitha Microfin Ltd (Asmitha) from ‘Rating Watch with Negative Implications’ and has downgraded the rating to ‘C’ from ‘BB’.

    The downgrade reflects a significant increase in the probability of Asmitha defaulting on its debt, subsequent to its admission for restructuring under the corporate debt restructuring (CDR) mechanism in March 2011. Asmitha has signed the debtor-creditor agreement and is negotiating with its bankers the terms of the restructuring. CRISIL expects the terms of the restructuring to be finalized over the next few months.

    Although Asmitha has been repaying its debt in a timely manner thus far, CRISIL believes that there is a high likelihood of default as per the original schedule in the next few weeks despite having adequate near-term liquidity.

    CRISIL will continue to monitor the timeliness of Asmitha’s debt repayment and the impact of the terms of the final restructuring under the CDR mechanism on the company’s credit risk profile.

    Crisil downgrades rating on Ashmitha Microfin

    About Asmitha Microfin

    Set up in 2002 as a non-banking financial company (NBFC), Asmitha is a large microfinance institution (MFI) in India, in terms of loans outstanding. The company follows the micro-credit model of Grameen Bank, Bangladesh. In 2009-10 (refers to financial year, April 1 to March 31), the company made disbursals of Rs.22.5 billion. As on January 31, 2011, Asmitha’s assets under management (AUM) aggregated Rs.16.2 billion across 14 states (of which Andhra Pradesh and Orissa accounted for 51 percent and 17 percent respectively of loans outstanding).

    Crisil downgrades rating on Ashmitha Microfin

    For 2009-10, Asmitha reported a profit after tax (PAT) of Rs.588.0 million on a total income of Rs.2.8 billion, against a PAT of Rs.230.9 million on a total income of Rs.1.42 billion for 2008-09. For the nine months ended December 31, 2010, Asmitha reported a PAT of Rs.497.7 million on a total income of Rs.3.4 billion.

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    sushma
    Sushma Singh

      Sushma is a seasoned business writer and content creator with over 7 years of experience in the field. She has a talent for taking complex topics and breaking them down into easily understandable language that engages and educates her readers. Her expertise allows her to cover a wide range of topics relevant to the B2B industry, providing business owners with the knowledge they need to make informed decisions and drive growth.

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