By Siddharth Goel

India Ratings and Research (Ind-Ra) has affirmed Bajaj Finance Ltd.’s (BFL) Long-Term Issuer Rating at ‘IND AAA’ with a Stable Outlook. The instrument-wise rating actions are given below:

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating/Outlook

Rating Action

Unsecured subordinated debt*

-

-

-

INR20,000

IND AAA/Stable

Affirmed

Long-term bank loans

-

-

-

INR250,000

IND AAA/Stable

Affirmed

Non-convertible debenture (NCDs)*

-

-

-

INR93,180 (reduced from INR100,000)

IND AAA/Stable

Affirmed

Short-term bank loans

-

-

-

INR50,000

IND A1+

Affirmed

 * Details in Annexure

KEY RATING DRIVERS

Support from Group Linkages: BFL’s ratings are driven by Ind-Ra’s expectation of support from its ultimate parent, Bajaj Holdings & Investment Limited (BHIL). BHIL holds 39.2% equity in Bajaj Finserv Limited, which holds 55% equity in BFL, and 31.5% equity in Bajaj Auto Limited (BAL). BFL is the dominant financier for BAL, financing around 35% of the latter’s two-wheeler domestic sales volumes in FY18. BFL’s auto finance segment is closely integrated with the parent group for the planning and execution of its business strategies. BAL has a robust business profile, which is the primary source of dividend for BHIL.

The group has strong liquidity in the form of cash and liquid investments to provide funding to BFL in the unlikely event of the latter requiring support in an extraordinary situation. This, along with the short-term liquidity that can be generated, provides significant comfort to BFL’s creditors. While the proportion of group’s liquidity to BFL’s debt will dilute as the latter continues to raise debt for growth, Ind-Ra believes group support will remain sufficient for BFL’s ‘IND AAA’ rating. Other Bajaj Group businesses (auto and insurance JVs) are unlikely to require external cash support for their growth over the short-to-medium term. 

BFL’s standalone profile remains strong. Its franchise increased with
a pan-India reach through 862 urban branches and 751 rural branches from overall 393 branches three years ago. The funding has diversified with increasing proportion of stable fixed deposits and demonstrated access to equity and debt capital markets. The loan book is largely granular and diversified with strong presence of cross sell distribution. BFL’s asset quality has shown resilience over various cycles and is well supported by strong profitability (return on equity FY18: 21%, FY17: 23%, FY16: 22%) and capital buffers (Tier-I capital ratio FY18: 19.7%, FY17: 14.6%). 

Unique Positioning in Key Segments
: BFL dominates market in its key loan segments. It has a strong market position in consumer durables (around 12% of total loans; yields average 25%) and holds around 90% share in financed sales in over 26,000 consumer retail stores it operates in. This along with BFL’s operational bulkiness in this segment acts as an entry barrier. Consumer durable loans is an anchor segment for the company. BFL has built in strong customer retention capabilities through its analytics systems, which deliver cross-sell opportunities. It has a cross-sell ratio with product per customer of around 3.2x in the retail segment. Although competition can shave off some market share, BFL has entered into technology-led customer relationships and lending through its mobile-application based presence. 

BFL has carved out its mortgage business including individual home loans and loan against property, to be carried on through its 100% subsidiary, Bajaj Housing Finance Limited (BHFL; ‘IND AAA’/Stable). The existing mortgage portfolio of BFL is being allowed to run down through repayments, while the incremental mortgage business is being booked in BHFL. Considering the largely short tenor profile of BFL’s assets, the mortgage portfolio provides balance to the combined business of BFL and BHFL (mortgage forms 29% of combined business at end-September 2018). 

BFL targets its consolidated portfolio (including BHFL) to grow at a CAGR of 26% over H1FY19-FY21 to reach INR1.8 trillion. The growth is likely to be broad-based across the consumer durable segment, cross-sell segments as well as b
usiness loans to SMEs and professionals and commercial loans to medium-sized corporates. BFL’s growth continues to benefit from its increasing financing penetration into consumer durable sales, established network of branches and dealer locations as well as expanding reach. The increasing rural reach is further propelling the business scalability. Lending portfolios in rural areas constituted 8% of the total loans at end-June 2018 and has been growing at higher the BFL’s overall growth rate. 

Diversified Funding, Healthy Liquidity
: BFL has balanced its funding profile with a mix of low-cost market borrowings, bank borrowings and public deposits. It has a 58% proportion in market borrowings raised at competitive rates. The bank funding (around 31% share in funding) is largely at the minimum bank MCLR benchmark levels. BFL has increased the share of its public deposits programme (14% of funding at end-September 2018) over the last two years and targets to increase it to 25% over the next couple of years. 

BFL’s reach in various funding avenues will support the targeted business growth. It has demonstrated its ability to raise equity capital at regular intervals to support growth. BFL’s tangible equity stands at INR157 billion (FYE17: INR91.5 billion). This along with a healthy internal accrual ratio of average 24% would enable BFL to meet targeted growth. In the current system-wide liquidity stress, BFL has been able to manage its liquidity well, although its bank lines drawals have increased due to the system-wide increase in pricing of capital market instruments. That being said, the existing capital base, adequate on-book liquidity and unutilised bank lines (combined INR66 billion) provide liquidity comfort to BFL’s operations. 

Healthy Profitability
: BFL’s pre-provision profitability (PPOP) to assets (FY18: 6.9%) has been above 6% since FY09. This has been supported by a low cost of funds (FY18: 8.3%) and strong loan yields (around 17%). The net interest margin (FY18: 10.3%; FY17: 9.6%) is vulnerable to competition in BFL’s primary urban markets, but is likely to remain healthy led by a stable funding profile and sustained focus on high-yielding consumer loans as well as increasing rural loans. With a matured operating platform in place, BFL has been benefiting from operating leverage with rising productivity. The operating expenses as a proportion to earning assets were 5.2% in FY18 and are likely to remain stable in the medium term. 

Yields Adequately Price Risks
: The 90 days past due gross non-performing assets were 1.5% at end-September 2018 (1HFY18: 1.7%) with provisioning cost at 1.31% of earning assets for FY18 (FY17: 1.56%). The high yields in the granular consumer portfolio provides buffer for any increase in credit costs in this segment. The loans against property disbursements which are incrementally being booked in BHFL, have been slowed and being sourced through a direct in-house team only. While the retail and business loan portfolios may see delinquencies in the medium term, the healthy PPOP is sufficient to absorb credit shocks even in a stress case situation (PPOP to credit cost at 5.4x in FY18).


RATING SENSITIVITIES

Ind-Ra expects BFL’s ratings to remain at the highest end of the national scale with a Stable Outlook. Rating change, if any, will depend on a reduction in BFL’s importance as a key financier to the group’s automotive sales or a decline in the ownership and support from BHIL, which is unlikely over the near-to-medium term. Significant deterioration in BFL’s asset quality or its own liquidity worsening could be negative for BFL’s ratings.


COMPANY PROFILE

BFL is a deposit taking non-banking finance company and is the finance lending arm of the Bajaj Group. It is a diversified finance company with exposure in various finance segments such as auto loans, consumer durables loans, personal loans, home loans, loan against property, unsecured loans to small and medium enterprises, loan against shares, vendor finance. The company has a pan-India reach through its urban 862 branches (SME and consumer durables), 751 rural branches, presence in 54,700 retail locations (urban and rural consumer durables, digital and lifestyle stores) and more than 4,300 two-wheeler dealer locations at end-September 2018. BFL’s total assets stood at INR939 billion at end-September 2018.

FINANCIAL SUMMARY
 

Particulars

FY18

FY17

Total assets (INR million)

822,593.6

625,581.8

Total equity (INR million)

160,110.9

91,560.1

Net income (INR million)

26,467.0

18,365.5

RoAA (%)

3.7

3.4

Equity/Assets (%)

19.5

14.6

Tier 1 capital (%)

19.7

14.6

Source: BFL

 

 


RATING HISTORY

Instrument Type

Current Rating/Outlook

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating/Outlook

11 October 2017

22 September 2016

31 March 2016

 

Issuer rating

Long-term

 

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

 

Unsecured subordinated debt*

Long-term

INR20,000

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

 

Long-term bank loans

Long-term

INR250,000

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

 

NCDs*

Long-term

INR93,180

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

IND AAA/Stable

 

Short-term bank loans

Short-term

INR50,000

IND A1+

IND A1+

IND A1+

IND A1+

 

*Details in annexure

ANNEXURE

UNSECURED SUBORDINATED DEBT

 

ISIN

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating/Outlook

Rating Action

INE296A08771

15 July 2016

8.85%

15 July 2026

INR4,900

IND AAA/Stable

Affirmed

INE296A08789

21 July 2016

8.85%

21 July 2026

INR4,800

IND AAA/Stable

Affirmed

INE296A08797

16 August 2016

8.75%

14 August 2026

INR4,850

IND AAA/Stable

Affirmed

INE296A08805

29 September 2016

8.45%

29 September 2026

INR5,000

IND AAA/Stable

Affirmed

Utilised

 

 

 

INR19,550

 

 

Unutilised

 

 

 

INR450

 

 

Total

 

 

 

INR20,000

 

 

 

NCDs

 

ISIN

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating/Outlook

Rating Action

INE296A07IC2

30 October 2015

0% (8.5% XIRR)

22 October 2018

INR30

WD

Withdrawn (paid in full)

INE296A07ID0

30 October 2015

0% (8.5% XIRR)

23 October 2018

INR360

WD

Withdrawn (paid in full)

INE296A07IE8

30 October 2015

0% (8.5% XIRR)

25 October 2018

INR530

WD

Withdrawn (paid in full)

INE296A07IF5

30 October 2015

8.5%

30 October 2018

INR100

WD

Withdrawn (paid in full)

INE296A07IG3

30 November 2015

0% (8.55% XIRR)

20 November 2018

INR300

WD

Withdrawn (paid in full)

INE296A07KZ9

22 April 2016

8.48%

23 April 2018

INR4,000

WD

Withdrawn (paid in full)

INE296A07LD4

29 April 2016

8.48%

27 April 2018

INR1,000

WD

Withdrawn (paid in full)

INE296A07LM5

19 July 2016

8.45%

19 July 2018

INR500

WD

Withdrawn (paid in full)

INE296A07IH1

30 November 2015

0% (8.55% XIRR)

29 November 2018

INR160

IND AAA/Stable

Affirmed

INE296A07II9

30 November 2015

8.55%

30 November 2018

INR50

IND AAA/Stable

Affirmed

INE296A07IJ7

8 December 2015

Zero Coupon (8.57% XIRR)

30 November 2018

INR70

IND AAA/Stable

Affirmed

INE296A07IK5

8 December 2015

Zero Coupon (8.57% XIRR)

10 December 2018

INR100

IND AAA/Stable

Affirmed

INE296A07IL3

8 December 2015

Zero Coupon (8.57% XIRR)

17 December 2018

INR580

IND AAA/Stable

Affirmed

INE296A07IM1

8 December 2015

Zero Coupon (8.57% XIRR)

9 April 2019

INR175

IND AAA/Stable

Affirmed

INE296A07IN9

8 December 2015

8.57%

10 December 2018

INR50

IND AAA/Stable

Affirmed

INE296A07IO7

10 December 2015

8.6%

10 December 2020

INR250

IND AAA/Stable

Affirmed

INE296A07IP4

5 January 2016

8.65%

5 January 2021

INR170

IND AAA/Stable

Affirmed

INE296A07IQ2

8 January 2016

Zero Coupon (8.65% XIRR)

26 December 2018

INR110

IND AAA/Stable

Affirmed

INE296A07IR0

8 January 2016

Zero Coupon (8.65% XIRR)

9 April 2019

INR124

IND AAA/Stable

Affirmed

INE296A07IS8

8 January 2016

Zero Coupon (8.65% XIRR)

22 April 2019

INR100

IND AAA/Stable

Affirmed

INE296A07IT6

12 January 2016

8.65%

12 January 2021

INR100

IND AAA/Stable

Affirmed

INE296A07IU4

15 January 2016

0% (8.7% XIRR)

15 January 2019

INR400

IND AAA/Stable

Affirmed

INE296A07IV2

19 January 2016

0% (8.7% XIRR)

29 March 2019

INR350

IND AAA/Stable

Affirmed

INE296A07IW0

20 January 2016

8.7%

20 January 2021

INR150

IND AAA/Stable

Affirmed

INE296A07IX8

22 January 2016

8.7%

22 January 2021

INR100

IND AAA/Stable

Affirmed

INE296A07IY6

5 February 2016

0% (8.8% XIRR)

26 March 2019

INR290

IND AAA/Stable

Affirmed

INE296A07IZ3

5 February 2016

8.7915%( 8.8% XIRR)

15 June 2020

INR100

IND AAA/Stable

Affirmed

INE296A07JA4

11 February 2016

0% (8.8% XIRR)

11 February 2019

INR470

IND AAA/Stable

Affirmed

INE296A07JB2

11 February 2016

0% (8.8% XIRR)

26 March 2019

INR180

IND AAA/Stable

Affirmed

INE296A07JC0

11 February 2016

0% (8.8% XIRR)

25 April 2019

INR190

IND AAA/Stable

Affirmed

INE296A07JD8

11 February 2016

0% (8.8% XIRR)

22 May 2019

INR125

IND AAA/Stable

Affirmed

INE296A07JE6

11 February 2016

8.8%

11 February 2019

INR50

IND AAA/Stable

Affirmed

INE296A07JF3

11 February 2016

8.79%

10 May 2019

INR1,000

IND AAA/Stable

Affirmed

INE296A07JG1

18 February 2016

0% (8.8% XIRR)

9 April 2019

INR140

IND AAA/Stable

Affirmed

INE296A07JH9

18 February 2016

8.8%

18 February 2019

INR250

IND AAA/Stable

Affirmed

INE296A07JI7

26 February 2016

8.8%

26 February 2021

INR200

IND AAA/Stable

Affirmed

INE296A07JJ5

9 March 2016

0% (8.85% XIRR)

8 March 2019

INR250

IND AAA/Stable

Affirmed

INE296A07JK3

9 March 2016

0% (8.85% XIRR)

29 March 2019

INR70

IND AAA/Stable

Affirmed

INE296A07JL1

9 March 2016

0% (8.85% XIRR)

5 April 2019

INR100

IND AAA/Stable

Affirmed

INE296A07JM9

9 March 2016

0% (8.85% XIRR)

12 April 2019

INR50

IND AAA/Stable

Affirmed

INE296A07JN7

9 March 2016

0% (8.85% XIRR)

15 April 2019

INR173

IND AAA/Stable

Affirmed

INE296A07JO5

9 March 2016

0% (8.85% XIRR)

6 May 2019

INR50

IND AAA/Stable

Affirmed

INE296A07JP2

9 March 2016

0% (8.85% XIRR)

27 May 2019

INR130

IND AAA/Stable

Affirmed

INE296A07JQ0

9 March 2016

0% (8.85% XIRR)

15 July 2019

INR40

IND AAA/Stable

Affirmed

INE296A07JR8

9 March 2016

0% (8.85% XIRR)

30 September 2019

INR80

IND AAA/Stable

Affirmed

INE296A07JS6

9 March 2016

0% (8.85% XIRR)

23 July 2021

INR35

IND AAA/Stable

Affirmed

INE296A07JT4

9 March 2016

0% (8.85% XIRR)

23 August 2021

INR20

IND AAA/Stable

Affirmed

INE296A07JU2

9 March 2016

8.85%

11 March 2019

INR800

IND AAA/Stable

Affirmed

INE296A07JV0

9 March 2016

8.8297%

9 September 2019

INR350

IND AAA/Stable

Affirmed

INE296A07JX6

17 March 2016

0% (8.85% XIRR)

15 April 2019

INR400

IND AAA/Stable

Affirmed

INE296A07JY4

17 March 2016

0% (8.85% XIRR)

4 June 2019

INR180

IND AAA/Stable

Affirmed

INE296A07JZ1

17 March 2016

8.8476%

28 March 2019

INR590

IND AAA/Stable

Affirmed

INE296A07KA2

17 March 2016

8.85%

17 March 2021

INR200

IND AAA/Stable

Affirmed

INE296A07KB0

18 March 2016

8.85%

18 March 2019

INR200

IND AAA/Stable

Affirmed

INE296A07KC8

18 March 2016

8.85%

18 March 2021

INR262

IND AAA/Stable

Affirmed

INE296A07KD6

18 March 2016

8.9%

18 March 2026

INR280

IND AAA/Stable

Affirmed

INE296A07KG9

23 March 2016

8.8479%

4 April 2019

INR270

IND AAA/Stable

Affirmed

INE296A07KE4

23 March 2016

8.85%

19 March 2019

INR100

IND AAA/Stable

Affirmed

INE296A07KF1

23 March 2016

8.85%

25 March 2019

INR3,600

IND AAA/Stable

Affirmed

INE296A07KH7

23 March 2016

8.85%

23 March 2020

INR250

IND AAA/Stable

Affirmed

INE296A07KI5

23 March 2016

8.85%

23 March 2021

INR1,300

IND AAA/Stable

Affirmed

INE296A07KJ3

23 March 2016

8.9%

23 March 2026

INR1,350

IND AAA/Stable

Affirmed

INE296A07KK1

23 March 2016

0% (8.85% XIRR)

22 April 2019

INR230

IND AAA/Stable

Affirmed

INE296A07KL9

23 March 2016

0% (8.85% XIRR)

30 October 2019

INR60

IND AAA/Stable

Affirmed

INE296A07KM7

29 March 2016

8.75%

29 April 2019

INR2,000

IND AAA/Stable

Affirmed

INE296A07KN5

30 March 2016

0% (8.7% XIRR)

29 March 2019

INR2,970

IND AAA/Stable

Affirmed

INE296A07KO3

30 March 2016

0% (8.7% XIRR)

15 April 2019

INR370

IND AAA/Stable

Affirmed

INE296A07KP0

30 March 2016

0% (8.7% XIRR)

17 April 2019

INR450

IND AAA/Stable

Affirmed

INE296A07KQ8

30 March 2016

0% (8.7% XIRR)

25 April 2019

INR255

IND AAA/Stable

Affirmed

INE296A07KR6

30 March 2016

0% (8.7% XIRR)

25 June 2019

INR60

IND AAA/Stable

Affirmed

INE296A07KS4

30 March 2016

0% (8.7% XIRR)

22 October 2019

INR50

IND AAA/Stable

Affirmed

INE296A07KT2

30 March 2016

8.7%

29 March 2019

INR250

IND AAA/Stable

Affirmed

INE296A07KU0

30 March 2016

8.8%

30 March 2026

INR50

IND AAA/Stable

Affirmed

INE296A07KV8

31 March 2016

8.75%

31 March 2021

INR100

IND AAA/Stable

Affirmed

INE296A07KW6

31 March 2016

8.8%

31 March 2026

INR30

IND AAA/Stable

Affirmed

INE296A07KX4

18 April 2016

0% (8.50% XIRR)

6 May 2019

INR80

IND AAA/Stable

Affirmed

INE296A07KY2

18 April 2016

8.4955%

6 May 2019

INR50

IND AAA/Stable

Affirmed

INE296A07LA0

26 April 2016

8.55%

26 April 2021

INR300

IND AAA/Stable

Affirmed

INE296A07LB8

28 April 2016

8.5%

29 April 2019

INR100

IND AAA/Stable

Affirmed

INE296A07LC6

28 April 2016

8.55%

28 April 2021

INR1,000

IND AAA/Stable

Affirmed

INE296A07LE2

23 May 2016

0% (Yield to maturity 8.55% XIRR)

27 May 2019

INR178

IND AAA/Stable

Affirmed

INE296A07LF9

23 May 2016

8.62%

21 May 2021

INR500

IND AAA/Stable

Affirmed

INE296A07LG7

4 July 2016

8.65%

3 July 2026

INR475

IND AAA/Stable

Affirmed

INE296A07LH5

5 July 2016

0% (Yield to maturity 8.6% XIRR)

2 July 2019

INR50

IND AAA/Stable

Affirmed

INE296A07LI3

5 July 2016

0% (Yield to maturity 8.6% XIRR)

29 July 2019

INR80

IND AAA/Stable

Affirmed

INE296A07LJ1

5 July 2016

0% (Yield to maturity 8.6% XIRR)

7 June 2021

INR60

IND AAA/Stable

Affirmed

INE296A07LK9

5 July 2016

8.6%

5 July 2019

INR1,550

IND AAA/Stable

Affirmed

INE296A07LL7

14 July 2016

8.55%

14 July 2021

INR150

IND AAA/Stable

Affirmed

INE296A07LN3

19 July 2016

8.48%

19 July 2019

INR4,400

IND AAA/Stable

Affirmed

INE296A07LO1

20 July 2016

8.4%

20 August 2019

INR1,500

IND AAA/Stable

Affirmed

INE296A07LP8

28 July 2016

8.47%

28 July 2021

INR1,000

IND AAA/Stable

Affirmed

INE296A07LS2

11 August 2016

8.36%

11 August 2021

INR250

IND AAA/Stable

Affirmed

INE296A07LT0

19 August 2016

8.234%

27 March 2020

INR2,000

IND AAA/Stable

Affirmed

INE296A07LU8

19 August 2016

8.25%

19 August 2019

INR3,000

IND AAA/Stable

Affirmed

INE296A07LV6

19 August 2016

0%(8.25% XIRR)

1 July 2020

INR140

IND AAA/Stable

Affirmed

INE296A07LW4

19 August 2016

0% (8.25% XIRR)

27 August 2019

INR120

IND AAA/Stable

Affirmed

INE296A07LX2

26 August 2016

8%

26 August 2019

INR250

IND AAA/Stable

Affirmed

INE296A07LY0

26 August 2016

0% (8% XIRR)

23 July 2019

INR105

IND AAA/Stable

Affirmed

INE296A07LZ7

26 August 2016

0% (8% XIRR)

19 August 2019

INR192

IND AAA/Stable

Affirmed

INE296A07MA8

26 August 2016

0% (8% XIRR)

27 August 2019

INR192

IND AAA/Stable

Affirmed

INE296A07MB6

2 September 2016

7.984%

25 March 2020

INR2,500

IND AAA/Stable

Affirmed

INE296A07MC4

2 September 2016

0% (8% XIRR)

31 July 2019

INR116

IND AAA/Stable

Affirmed

INE296A07MD2

2 September 2016

0% (8% XIRR)

27 August 2019

INR90

IND AAA/Stable

Affirmed

INE296A07ME0

2 September 2016

0% (8% XIRR)

30 September 2019

INR264

IND AAA/Stable

Affirmed

INE296A07MF7

2 September 2016

0% (8% XIRR)

1 July 2020

INR105

IND AAA/Stable

Affirmed

INE296A07MO9

23 September 2016

8.05%

23 September 2026

INR100

IND AAA/Stable

Affirmed

INE296A07MP6

27 September 2016

7.8834%

27 March 2020

INR2,250

IND AAA/Stable

Affirmed

INE296A07MQ4

27 September 2016

7.9%

27 September 2019

INR1,350

IND AAA/Stable

Affirmed

INE296A07MR2

27 September 2016

7.90% XIRR

21 October 2019

INR72

IND AAA/Stable

Affirmed

INE296A07MS0

27 September 2016

7.90% XIRR

7 April 2020

INR57

IND AAA/Stable

Affirmed

INE296A07MT8

27 September 2016

7.90% XIRR

3 July 2020

INR145

IND AAA/Stable

Affirmed

INE296A08854

4 October 2016

8.06%

4 October 2029

INR3,650

IND AAA/Stable

Affirmed

INE296A07NC2

25 October 2016

7.65%

25 October 2021

INR260

IND AAA/Stable

Affirmed

INE296A07NR0

2 February 2017

7.7%

2 February 2022

INR100

IND AAA/Stable

Affirmed

INE296A07OM9

21 March 2017

7.85%

21 March 2022

INR235

IND AAA/Stable

Affirmed

INE296A07PL8

7 April 2017

7.85%

7 April 2022

INR150

IND AAA/Stable

Affirmed

INE296A07PP9

21 April 2017

7.85%

21 April 2022

INR140

IND AAA/Stable

Affirmed

INE296A07PY1

1 June 2017

8.05%

31 May 2024

INR10,000

IND AAA/Stable

Affirmed

INE296A07QD3

10 October 2017

7.46%

18 November 2024

INR10,000

IND AAA/Stable

Affirmed

INE296A07QG6

27 July 2018

8.75%

27 July 2023

INR700

IND AAA/Stable

Affirmed

INE296A07QG6

13 August 2018

8.75%

27 July 2023

INR800

IND AAA/Stable

Affirmed

INE296A07QG6

24 August 2018

8.75%

27 July 2023

INR310

IND AAA/Stable

Affirmed

Limit utilised

 

 

 

INR75,155

 

 

Limit unutilised

 

 

 

INR18,025

 

 

Total

 

 

 

INR93,180

 

 


COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

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Analyst Names

  • Primary Analyst

    Siddharth Goel

    Associate Director
    India Ratings and Research Pvt Ltd Wockhardt Towers, 4th floor, West Wing Plot C-2, G Block. Bandra Kurla Complex Bandra (East), Mumbai 400051
    +91 22 40001760

    Media Relation

    Namita Sharma

    Manager – Corporate Communication
    +91 22 40356121