Instrument Ratings
Commercial Paper CRISIL A1+ / ICRA A1+
Working Capital Demand Loans CRISIL AA /ICRA AA
Bank Term Loans CRISIL AA /ICRA AA
Non-Convertible Debentures – Long term CRISIL AA
Subordinated Debt (Tier 2) CRISIL AA
Perpetual Debt (Tier 1) CRISIL AA- /ICRA AA-


tvs credits investor information

CRISIL has assigned a rating of CRISIL AA-/Stable on Rs 100 crore Tier II Bonds of TVS Credit Services Ltd (TVS Credit; part of the Chennai-based TVS Motor group). CRISIL has also reaffirmed its ratings on the other debt instruments and bank facilities at ‘CRISIL AA-/ CRISIL A+/Stable/CRISIL A1+’.

The ratings continue to factor in the high strategic importance of TVS Credit to TVS Motor Company Ltd (TVS Motor; the flagship company of TVS Motor group) as a key financing arm supporting the latter's vehicle sales. TVS Motor's credit risk profile continues to witness improvement supported by healthy volume growth across scooters and motorcycles; growth in these segments is expected to remain steady in fiscal 2019 as well. Further, TVS Motor’s operating profitability is also expected to gradually improve over the medium term, supported by reducing losses at its Indonesian subsidiary, higher sales of better margin yielding premium motorcycles, and further consolidation of its strong market position in the scooters segment; the company has also recently taken price hikes to offset the impact of rising input prices. Besides, improving cash generation will largely support phased capacity expansions, leading to lower reliance on debt and strengthening of credit metrics.

The ratings also factors in TVS Credit's increasing scale of operations and strong process orientation. These strengths are partially offset by average, though improving, earnings and exposure to risks related to the inherently weak credit risk profiles of borrowers.

The rating on the perpetual bonds also reflects the adequate buffer maintained by TVS Credit over the regulatory capital adequacy requirements, and high financial flexibility enjoyed on account of being a step-down subsidiary of TVS Motor. TVS Credit has maintained a cushion of 2-4% over the regulatory minimum capital ratio in the past few years and CRISIL believes that it will continue to maintain adequate cushion.

Company Profile

Rating Outlook

tvs credits investor information

TVS Credit performance has been showing consistent growth in disbursement and high collection efficiency. It is expected that the company will continue with its good performance further aided by diversification into financing of tractors and used cars. Going forward, the continued strong operational and financial support of the parent company TVS Motors Ltd., the ability of TVS Credit to withstand competition, improve profit margins and expand its scale of operations, maintain collection efficiency especially in the expanding tractor loan portfolio, and maintain good asset quality would be the key rating sensitivities.

Annual Reports

Financial Details

tvs credits investor information
YEAR Q1 Q2 Q3 Q4

Information under the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015

Sr. No. Details of Document Download
1 Committee Composition
2 Code for Independent Directors
3 Familiarisation Programme of Independent Director


Sr. No. Details of Document Download
1 Notice of Board Meeting - 03.05.2023
2 Notice of Board Meeting - 04.01.2023
3 Notice of Board Meeting - 02.11.2022
4 Notice of Board Meeting - 26.07.2022
5 Notice of Board Meeting - 04.05.2022
6 Notice of Board Meeting - 04.02.2022
7 Notice of Board Meeting - 19.10.2021
8 Notice of Board Meeting - 28.07.2021

Contact Information

Beacon Trusteeship Limited

Registered office and Corporate office
4C & D Siddhivinayak Chambers,
Gandhi Nagar, Opp. MIG Cricket Club,
Bandra (East), Mumbai – 400 051

IDBI Trusteeship Services Limited

Regd. Office: Asian Building,
Ground Floor
17 R Kamani Marg, Ballard Estate
Mumbai – 400 001

Roopa Sampath Kumar

Chief Financial Officer

Telephone: 044 28332115