Rating Rationale
July 07, 2021 | Mumbai
LIC Housing Finance Limited
Rated amount enhanced
 
Rating Action
Total Bank Loan Facilities RatedRs.75085.88 Crore (Enhanced from Rs.40059.88 Crore)
Long Term RatingCRISIL AAA/Stable (Reaffirmed)
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.3000 Crore Tier II BondCRISIL AAA/Stable (Reaffirmed)
Fixed DepositsF AAA/Stable (Reaffirmed)
Rs.5000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.5976 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.20000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.15000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.15000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.5000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.10000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.15000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.25000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.25000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.25000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.25000 Crore Non Convertible DebenturesCRISIL AAA/Stable (Reaffirmed)
Rs.17500 Crore Commercial PaperCRISIL A1+ (Reaffirmed)
Non Convertible Debentures Aggregating Rs.33833 CroreCRISIL AAA/Stable (Reaffirmed)
Tier II Bond Aggregating Rs.1750 CroreCRISIL AAA/Stable (Reaffirmed)
Upper Tier II Bonds Aggregating Rs.1600 CroreCRISIL AAA/Stable (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has reaffirmed its ‘CRISIL AAA/FAAA/Stable/CRISIL A1+’ ratings on the debt instruments, bank facilities and fixed deposit programme of LIC Housing Finance Ltd (LIC Housing).

 

The ratings continue to reflect support from the largest shareholder, Life Insurance Corporation of India (LIC), the public-sector insurer and a dominant player in the life insurance space in India. The ratings also factor in LIC Housing’s adequate capitalisation, sound asset quality in the individual housing loan segment and diversified resource profile. These strengths are partially offset by LIC Housing’s exposure to risks related to intense competition in the housing finance segment and moderate profitability.

 

On June 15, 2021, LIC Housing announced that promoter LIC will infuse capital of Rs 2334.695 crore via preferential allotment and increase its stake to 45.24% from 40.31% presently. The capital infusion is subject to regulatory/shareholders’ approval. The infusion reiterates support of LIC for LIC Housing and the benefits of strong brand equity, access to its agency network for origination of loans and funding support. The capital infusion will be used to create buffers on capitalisation ratio and for future growth.

 

In line with the Covid-19 relief measures announced by the Reserve Bank of India (RBI), LIC Housing had provided moratorium to its borrowers. While the collection efficiency was impacted during the initial months of the moratorium, collections have inched up since. However, the second wave of the pandemic has resulted in intermittent lockdowns and localised restrictions, which could impact collections due to the impact on the cash flows of borrowers. Any change in payment discipline by borrowers can affect delinquency levels. Collection efficiency for the month of March 31, 2021 stood at around 98%.Under the RBI’s August 2020 Resolution Framework for COVID-19-related Stress, LIC Housing has restructured borrower accounts aggregating to 1.28% of loan book (Rs 2970 crore) as on March 31, 2021. Going forward, with the second wave of Covid-19 pandemic, LIC Housing’s ability to manage collections and asset quality will remain a key monitorable.

 

LIC Housing’s liquidity profile remains comfortable. The company has been active in capital markets even in the current environment and has been able to raise funds on a regular basis. Since April 2021, it has managed to raise Rs 11,923.31 crore. As on March 31, 2021, total debt repayment for LIC Housing stood at around Rs 17986.1 crore till Sept 30, 2021. Against this, the company has cash and liquid investments of Rs 4,579.99 crore. The company also has unutilised working capital bank lines and additional investment limits from banks and financial institutions of around Rs 16,200 crore.

 

CRISIL Ratings has also withdrawn its rating on the non-convertible debenture of Rs 19,234 crore and Tier II Bond of Rs 500 crore (See Annexure 'Details of Rating Withdrawn' for details) on confirmation from the debenture trustee as it is fully redeemed. The rating is withdrawn in line with CRISIL's policy.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has analysed the standalone business and financial risk profiles of LIC Housing.  Additionally, the ratings centrally factor in the company's strategic importance to, and the strong support it is expected to receive from, its promoter, LIC.

Key Rating Drivers & Detailed Description

Strengths:

* Support from largest shareholder, Life Insurance Corporation of India (LIC), the public-sector insurer and a dominant player in the Indian life insurance space.

LIC is the single-largest shareholder in LIC Housing, with a stake of 40.31% as on March 31, 2021. LIC Housing benefits from LIC’s strong brand equity, access to its agency network for origination of loans and funding support. The company raised equity capital of Rs 810 crore in March 2012 from LIC to support its growth plans. On June 15, 2021, LIC further committed to equity infusion of Rs 2334.695 crore via preferential allotment and increase its stake in LIC Housing. The capital infusion will be used to create buffers on capitalisation ratio and for future growth. A large number of LIC Housing’s senior management personnel are on deputation from the parent. CRISIL believes LIC Housing will continue to benefit over the medium term from strong support it receives from LIC in terms of ownership, funding, common branding and managerial inputs.

 

* Adequate capitalisation

LIC Housing’s capitalisation is adequate and supported by our expectation of support from largest shareholder, in case of any requirement. It had a large capital base of Rs 20521 crore as on March 31, 2021 (Rs 18,193 crore as on March 31, 2020). As on March 31, 2021, Tier-I and overall capital adequacy ratios were 13.87% and 15.28%, respectively (12.19% and 13.89%, respectively, as on March 31, 2020). However, gearing, at 10.1 times as on March 31, 2021 (10.5 times as on March 31, 2020), was higher than that of peers.

 

On June 15, 2021, LIC Housing announced that promoter LIC will infuse capital of Rs 2334.695 crore via preferential allotment and increase its stake. Capital Infusion will help the company to lower its gearing and improve their overall capital adequacy ratio.

 

As notified by National Housing Bank (NHB), housing finance companies (HFCs) will have to raise their capital adequacy to 15% of their risk-weighted assets by March 2022 from 12% now. Since LIC Housing’s overall capital adequacy ratio stood at 15.28% as on March 31, 2021, this capital infusion from the promoter will help the company to improve its overall capital adequacy ratio and provide a cushion against the regulatory requirement.

 

* Diversified resource profile

LIC Housing has a diversified resource profile and benefits from the strong brand image of its parent, LIC, as reflected in competitive borrowing cost and a diverse set of investors. As on March 31, 2021, bonds accounted for 54% of the total borrowing, loans from banks at 25% and other sources (mainly refinancing from NHB and fixed deposits and subordinated debt) at 15%, while the commercial paper share was at 6%. Furthermore, flexibility to raise funds from the parent supports LIC Housing’s resource profile. Average borrowing cost was reported at 7.2% for fiscal 2021 (8.2% in fiscal 2020, 8.4% in fiscal 2019 and 7.55% in fiscal 2018).

 

* Sound asset quality in the individual housing loan segment but overall metrics remain a monitorable

Asset quality has been supported by the high share of individual home loans at 77.9% as on March 31, 2021, wherein gross non-performing assets (GNPAs) increased slightly but remained comfortable at 1.89% as on March 31, 2021, compared to 1.77% as on March 31, 2020.

 

However, overall asset quality metrics remain modest, with GNPA ratio of 4.12% as on March 31, 2021 (2.86% as on March 31, 2020). This was primarily on account of asset quality challenges in the loan against property and developer loans portfolio. The share of loan against property and developer loan portfolio stood at 15.3% and 6.8% respectively. As on March 31, 2021, the GNPA has increased in the loan against property and developer loan portfolio and it stood at 8.5% and 18.0% respectively compared to 4.5% and 17.7%, respectively, as on March 31, 2020.

 

While the company has initiated recovery programmes for all segments and had witnessed some improvements before the imposition of the lockdown in March 2020, any further recovery would be hinging upon the recovery in the macro-economic environment and resumptions of operations in a business as usual scenario.

 

As there could be slippages in developer loans and the LAP portfolio amid the current environment, overall asset quality metrics remain a monitorable. Any significant deterioration in asset quality will be a key rating sensitivity factor. 

 

Weakness:

* Moderate profitability due to presence in lower risk salaried home loan segment

The company has a high proportion of individual home loans to salaried customers, wherein competition remains high, thereby restricting company’s ability to charge higher yields. Further, the company has a lower proportion of relatively higher-yielding non-housing loan book compared with other players.

 

Profitability remains moderate, with return on assets of 1.2% for fiscal 2021 similar to 1.2% for fiscal 2020. The company had net interest margin of around 2.3% for fiscal 2021. Credit cost has remained stable over the years because a majority of its portfolio is in the salaried individual home loan segment. Credit cost stood at 0.6% for fiscal 2021 compared with 0.5% for fiscal 2020 mainly on account of high provisions in the developer loan portfolio. Any significant increase in credit cost and, thereby deterioration in profitability will remain a key monitorable.

 

* Intense competition in the housing finance segment

LIC Housing is a leading player in the housing finance market; however, the company continues to face intense competition from banks, which account for a dominant share of the market. CRISIL believes LIC Housing will remain a leading housing finance company and maintain its market share, but it will also face price-based competition over time amid increased focus by banks on this segment.

Liquidity: Superior

LIC Housing had negative cumulative mismatches in maturity buckets of ALM (provisional) up to one year as on March 31, 2021, within the regulatory limits prescribed by NHB. Nevertheless, the company has displayed a strong ability to consistently raise funds in the market. Additionally, liquidity in the form of cash equivalents and unutilised or undrawn lines remains high. As on March 31, 2021, total debt repayment for LIC Housing stood at around Rs 17986.1 crore till Sept 30, 2021. Against this, the company has cash and liquid investments of Rs 4,579.99 crore. The company also has unutilised working capital bank lines and additional investment limits from banks and financial institutions of around Rs 16,200 crore. LIC Housing has been active in the capital markets even in the current environment and has been able to raise funds; this, coupled with expectation of funding support from LIC, adds stability to LIC Housing's liquidity profile. While the collection efficiency was impacted during the initial months of the moratorium, collections have inched up since. Regular collection efficiency for the month of March 31, 2021 stood at around 98%.In addition to this, company has also received prepayments (10.8% of loan book) which further supported the liquidity of the company.

Outlook: Stable

CRISIL Ratings believes that LIC Housing will continue to benefit from the support that it receives from LIC, and maintain its capitalisation metrics, sound asset quality and diversified resource profile.

Rating Sensitivity factors

Downward Factors

  • Material change in strategic importance to, or support from LIC
  • Significant deterioration in asset quality thereby impacting profitability
  • Weakening of capital structure with significant increase in gearing beyond 11 times

About the Company

LIC Housing was promoted by LIC and other financial institutions in 1989. It is India’s second-largest housing finance company, with 9 regional offices, 24 back offices, and 282 marketing units in India, and 2 overseas representative offices (1 each in Dubai and Kuwait) as on March 31, 2021.

Key Financial Indicators

As on/for the period ended March 31

Unit

2021

2020

2019

Total Advances

Rs crore

232003

210578

194646

Total income

Rs crore

19848

19670

17364

Profit after tax

Rs crore

2734

2402

2431

Gross NPA

%

4.12

2.86

1.54

Overall capital adequacy ratio

%

15.28

14.37*

14.36

Return on assets

%

1.21

1.15

1.31

*for Sept 19

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN

Instrument

Date of Allotment

Rate of Interest (%)

Date of Redemption

Issue Size (Rs.Cr)

Complexity Level

Rating Assigned with Outlook

NA

Long-term bank facility

NA

NA

NA

29934.88

NA

CRISIL AAA/Stable

NA

Short-term bank facility

NA

NA

NA

11675

NA

CRISIL A1+

NA

Proposed Long Term Bank Loan Facility

NA

NA

NA

33476

NA

CRISIL AAA/Stable

NA

Fixed deposits programme

NA

NA

NA

NA

Simple

FAAA/Stable

NA

Commercial Paper

NA

NA

7-365 days

3400

Simple

CRISIL A1+

NA

Commercial Paper*

NA

NA

7-365 days

2500

Simple

CRISIL A1+

NA

Commercial Paper*

NA

NA

7-365 days

5000

Simple

CRISIL A1+

NA

Commercial Paper*

NA

NA

7-365 days

3000

Simple

CRISIL A1+

NA

Commercial Paper

NA

NA

7-365 days

3600

Simple

CRISIL A1+

NA

Tier II Bonds*

NA

NA

NA

2525

Complex

CRISIL AAA/Stable

NA

Tier II Bonds*

NA

NA

NA

425

Complex

CRISIL AAA/Stable

INE115A08377

Tier II Bonds

19-Mar-21

7.70%

19-Mar-31

800

Complex

CRISIL AAA/Stable

INE115A08328

Upper Tier II Bonds

31-Mar-10

8.7% (1st 10 Years)

31-Mar-25

500

Highly Complex

CRISIL AAA/Stable

INE115A08344

Upper Tier II Bonds

26-Oct-10

8.9% (1st 10 years)

26-Oct-25

500

Highly Complex

CRISIL AAA/Stable

INE115A08351

Upper Tier II Bonds

29-Nov-10

9.0% (1st 10 years)

29-Nov-25

500

Highly Complex

CRISIL AAA/Stable

NA

Upper Tier II Bonds*

NA

NA

NA

100

Highly Complex

CRISIL AAA/Stable

INE115A07OF5

Debenture

12-Jul-19

7.99%

12-Jul-29

2500

Complex

CRISIL AAA/Stable

INE115A07OO7

Debenture

28-Nov-19

7.03%

28-Dec-21

1935

Simple

CRISIL AAA/Stable

INE115A07OQ2

Debenture

10-Jan-20

7.45%

10-Feb-23

3250

Simple

CRISIL AAA/Stable

INE115A07OU4

Debenture

26-Jun-20

5.90%

11-May-23

1020

Simple

CRISIL AAA/Stable

INE115A07OW0

Debenture

25-Sep-20

6.19%

25-Nov-24

1575

Simple

CRISIL AAA/Stable

INE115A07OX8

Debenture

01-Dec-20

5.53%

20-Dec-24

2595

Simple

CRISIL AAA/Stable

INE115A07OY6

Debenture

11-Dec-20

5.78%

11-Sep-25

1490

Simple

CRISIL AAA/Stable

INE115A08369

Debenture

21-Dec-20

7.05%

21-Dec-30

1000

Complex

CRISIL AAA/Stable

INE115A07PB1

Debenture

22-Feb-21

5.72%

22-Feb-24

2000

Simple

CRISIL AAA/Stable

INE115A07PD7

Debenture

08-Mar-21

6.40%

24-Jan-25

2525

Simple

CRISIL AAA/Stable

INE115A07PE5

Debenture

08-Mar-21

4.55%

28-Mar-22

500

Simple

CRISIL AAA/Stable

INE115A07PF2

Debenture

19-May-21

6.01%

19-May-26

550

Simple

CRISIL AAA/Stable

INE115A07PG0

Debenture

24-May-21

5.38%

15-May-24

555

Simple

CRISIL AAA/Stable

INE115A07PH8

Debenture

04-Jun-21

6.68%

04-Jun-28

740

Simple

CRISIL AAA/Stable

NA

Debenture*

NA

NA

NA

25000

Simple

CRISIL AAA/Stable

NA

Debenture*

NA

NA

NA

25000

Simple

CRISIL AAA/Stable

INE115A07MG7

Debenture

21-Jul-17

7.42

15-Jul-22

1100

Simple

CRISIL AAA/Stable

NA

Debenture*

NA

NA

NA

538

Simple

CRISIL AAA/Stable

INE115A07MC6

Debenture

14-Jun-17

7.56

14-Jun-27

500

Simple

CRISIL AAA/Stable

INE115A07AP3

Debenture

11-May-11

9.4

11-May-21

500

Simple

CRISIL AAA/Stable

INE115A07BH8

Debenture

19-Sep-11

9.4

19-Sep-21

500

Simple

CRISIL AAA/Stable

INE115A07BL0

Debenture

11-Nov-11

9.9

11-Nov-21

200

Simple

CRISIL AAA/Stable

INE115A07BY3

Debenture

30-Jan-12

9.45

30-Jan-22

300

Simple

CRISIL AAA/Stable

INE115A07CA1

Debenture

10-Feb-12

9.43

10-Feb-22

200

Simple

CRISIL AAA/Stable

INE115A07CT1

Debenture

24-Jul-12

9.35

24-Jul-22

500

Simple

CRISIL AAA/Stable

INE115A07CY1

Debenture

14-Sep-12

9.3

14-Sep-22

500

Simple

CRISIL AAA/Stable

INE115A07DA9

Debenture

25-Oct-12

9.05

25-Oct-22

335

Simple

CRISIL AAA/Stable

INE115A07DD3

Debenture

12-Nov-12

9.25

12-Nov-22

400

Simple

CRISIL AAA/Stable

INE115A07DG6

Debenture

13-Dec-12

9.23

13-Dec-22

200

Simple

CRISIL AAA/Stable

INE115A07DH4

Debenture

17-Dec-12

9.3

17-Dec-22

500

Simple

CRISIL AAA/Stable

INE115A07DI2

Debenture

01-Jan-13

9.25

01-Jan-23

750

Simple

CRISIL AAA/Stable

INE115A07DQ5

Debenture

12-Mar-13

9.13

12-Mar-23

500

Simple

CRISIL AAA/Stable

INE115A07DS1

Debenture

09-Apr-13

9

09-Apr-23

525

Simple

CRISIL AAA/Stable

INE115A07DT9

Debenture

25-Apr-13

8.89

25-Apr-23

500

Simple

CRISIL AAA/Stable

INE115A07DX1

Debenture

21-May-13

8.37

21-May-23

900

Simple

CRISIL AAA/Stable

INE115A07FC0

Debenture

19-Mar-14

9.8

19-Mar-24

1000

Simple

CRISIL AAA/Stable

INE115A07FJ5

Debenture

07-Jul-14

9.29

05-Jul-24

605

Simple

CRISIL AAA/Stable

INE115A07FO5

Debenture

25-Aug-14

9.47

23-Aug-24

500

Simple

CRISIL AAA/Stable

INE115A07FP2

Debenture

25-Aug-14

9.39

23-Aug-24

1000

Complex

CRISIL AAA/Stable

INE115A07FW8

Debenture

30-Sep-14

9.24

30-Sep-24

650

Complex

CRISIL AAA/Stable

INE115A07FY4

Debenture

16-Oct-14

9.22

16-Oct-24

500

Simple

CRISIL AAA/Stable

INE115A07GL9

Debenture

08-Jan-15

8.62

08-Jan-25

1000

Simple

CRISIL AAA/Stable

INE115A07GP0

Debenture

30-Jan-15

8.4

30-Jan-25

10

Complex

CRISIL AAA/Stable

INE115A07GS4

Debenture

24-Feb-15

8.5

24-Feb-25

600

Complex

CRISIL AAA/Stable

INE115A07GT2

Debenture

03-Mar-15

8.52

03-Mar-25

425

Simple

CRISIL AAA/Stable

INE115A07GY2

Debenture

31-Mar-15

8.22

31-Mar-25

1000

Simple

CRISIL AAA/Stable

INE115A07HG7

Debenture

29-May-15

8.55

29-May-25

1000

Simple

CRISIL AAA/Stable

INE115A07HH5

Debenture

04-Jun-15

8.5

04-Jun-25

205

Simple

CRISIL AAA/Stable

INE115A07HP8

Debenture

20-Jul-15

8.57

18-Jul-25

195

Complex

CRISIL AAA/Stable

INE115A07HT0

Debenture

03-Aug-15

8.58

01-Aug-25

300

Complex

CRISIL AAA/Stable

INE115A07HU8

Debenture

17-Aug-15

8.55

14-Aug-25

500

Simple

CRISIL AAA/Stable

INE115A07HW4

Debenture

31-Aug-15

8.48

29-Aug-25

200

Complex

CRISIL AAA/Stable

INE115A07HX2

Debenture

31-Aug-15

8.5

29-Aug-25

Simple

CRISIL AAA/Stable

INE115A07IC4

Debenture

08-Oct-15

8.34

08-Oct-25

210

Simple

CRISIL AAA/Stable

INE115A07IF7

Debenture

23-Oct-15

8.25

23-Oct-25

381

Complex

CRISIL AAA/Stable

INE115A07IH3

Debenture

13-Nov-15

8.2

13-Nov-25

1000

Simple

CRISIL AAA/Stable

INE115A07IN1

Debenture

14-Dec-15

8.4

12-Dec-25

1000

Simple

CRISIL AAA/Stable

INE115A07IQ4

Debenture

19-Jan-16

8.58

19-Jan-23

490

Complex

CRISIL AAA/Stable

INE115A07IR2

Debenture

28-Jan-16

8.42

28-Jan-26

750

Simple

CRISIL AAA/Stable

INE115A07IS0

Debenture

02-Feb-16

8.43

02-Feb-26

750

Simple

CRISIL AAA/Stable

INE115A07IT8

Debenture

08-Feb-16

8.58

08-Feb-24

510

Complex

CRISIL AAA/Stable

INE115A07IW2

Debenture

26-Feb-16

8.53

26-Feb-26

500

Simple

CRISIL AAA/Stable

INE115A07IX0

Debenture

03-Mar-16

8.57

03-Mar-26

1000

Simple

CRISIL AAA/Stable

INE115A07JI9

Debenture

27-Apr-16

8.32

27-Apr-26

300

Simple

CRISIL AAA/Stable

INE115A07JM1

Debenture

23-May-16

8.45

22-May-26

510

Complex

CRISIL AAA/Stable

INE115A07JO7

Debenture

10-Jun-16

8.48

09-Jun-23

272

Simple

CRISIL AAA/Stable

INE115A07JP4

Debenture

10-Jun-16

8.47

10-Jun-26

495

Complex

CRISIL AAA/Stable

INE115A07JQ2

Debenture

15-Jun-16

8.47

15-Jun-26

357

Complex

CRISIL AAA/Stable

INE115A07JS8

Debenture

29-Jun-16

8.48

29-Jun-26

500

Complex

CRISIL AAA/Stable

INE115A07JT6

Debenture

29-Jun-16

8.48

29-Jun-26

348.8

Complex

CRISIL AAA/Stable

INE115A07JW0

Debenture

12-Jul-16

8.43

10-Jul-26

472.4

Simple

CRISIL AAA/Stable

INE115A07JY6

Debenture

15-Jul-16

8.3

15-Jul-21

500

Simple

CRISIL AAA/Stable

INE115A07KB2

Debenture

27-Jul-16

8.19

27-Jul-21

105

Simple

CRISIL AAA/Stable

INE115A07KE6

Debenture

18-Aug-16

7.9

18-Aug-26

200

Simple

CRISIL AAA/Stable

INE115A07KJ5

Debenture

19-Sep-16

7.86

19-Sep-23

200

Simple

CRISIL AAA/Stable

INE115A07KK3

Debenture

19-Sep-16

7.81

19-Oct-21

300

Simple

CRISIL AAA/Stable

INE115A07KM9

Debenture

26-Sep-16

7.83

25-Sep-26

500

Complex

CRISIL AAA/Stable

INE115A07KN7

Debenture

29-Sep-16

7.75

27-Aug-21

200

Simple

CRISIL AAA/Stable

INE115A07KQ0

Debenture

14-Oct-16

7.59

14-Oct-21

497

Simple

CRISIL AAA/Stable

INE115A07KR8

Debenture

21-Oct-16

7.66

21-Oct-21

480

Simple

CRISIL AAA/Stable

INE115A07KS6

Debenture

25-Oct-16

7.48

23-Oct-26

1000

Simple

CRISIL AAA/Stable

INE115A07KY4

Debenture

16-Dec-16

7.16

16-Dec-26

1000

Simple

CRISIL AAA/Stable

INE115A07KZ1

Debenture

23-Dec-16

7.25

22-Dec-23

1000

Simple

CRISIL AAA/Stable

INE115A07LC8

Debenture

13-Jan-17

7.57

13-Jan-22

500

Simple

CRISIL AAA/Stable

INE115A07LM7

Debenture

24-Mar-17

7.95

24-Mar-22

500

Simple

CRISIL AAA/Stable

INE115A07LO3

Debenture

27-Mar-17

7.95

26-Mar-27

600

Simple

CRISIL AAA/Stable

INE115A07LQ8

Debenture

03-May-17

7.8

03-May-22

250

Simple

CRISIL AAA/Stable

INE115A07LS4

Debenture

08-May-17

7.9

08-May-24

250

Simple

CRISIL AAA/Stable

INE115A07LU0

Debenture

17-May-17

7.86

17-May-27

700

Simple

CRISIL AAA/Stable

INE115A07LW6

Debenture

23-May-17

7.78

23-May-22

300

Simple

CRISIL AAA/Stable

INE115A07LX4

Debenture

29-May-17

7.67

29-Jul-21

500

Simple

CRISIL AAA/Stable

NA

Debenture*

NA

NA

NA

2087.6

Simple

CRISIL AAA/Stable

INE115A07MJ1

Debenture

30-Aug-17

7.39%

30-Aug-22

1000

Simple

CRISIL AAA/Stable

INE115A07LZ9

Debenture

12-Jun-17

7.48%

10-Jun-22

500

Simple

CRISIL AAA/Stable

INE115A07ML7

Debenture

07-Sep-17

7.40%

06-Sep-24

2250

Simple

CRISIL AAA/Stable

INE115A07MO1

Debenture

17-Oct-17

7.45%

17-Oct-22

1000

Simple

CRISIL AAA/Stable

INE115A07MQ6

Debenture

23-Nov-17

0.0775

23-Nov-27

530

Simple

CRISIL AAA/Stable

INE115A07MS2

Debenture

18-Dec-17

0.0785

16-Dec-22

1205

Simple

CRISIL AAA/Stable

INE115A07MW4

Debenture

29-Jan-18

7.95%

29-Jan-28

1477

Complex

CRISIL AAA/Stable

INE115A07ND2

Debenture

10-Oct-18

9.08

10-Oct-28

912

Simple

CRISIL AAA/Stable

INE115A07NE0

Debenture

17-Oct-18

9.08%

17-Oct-23

448

Simple

CRISIL AAA/Stable

INE115A07NF7

Debenture

24-Oct-18

9.17%

24-Mar-22

250

Simple

CRISIL AAA/Stable

INE115A07NH3

Debenture

24-Oct-18

9.10%

24-Sep-28

630.5

Simple

CRISIL AAA/Stable

INE115A07NI1

Debenture

06-Nov-18

9.19

06-Jun-23

1663

Complex

CRISIL AAA/Stable

INE115A07NL5

Debenture

19-Nov-18

8.97%

17-Nov-28

274.9

Simple

CRISIL AAA/Stable

INE115A07NM3

Debenture

27-Nov-18

Zero coupon bond (XIRR 9.10%)

25-Feb-22

300

Simple

CRISIL AAA/Stable

INE115A07NO9

Debenture

10-Dec-18

8.75%

08-Dec-23

775

Simple

CRISIL AAA/Stable

INE115A07NP6

Debenture

10-Dec-18

8.75%

08-Dec-28

1606

Simple

CRISIL AAA/Stable

INE115A07NR2

Debenture

24-Dec-18

8.70%

24-Dec-25

522.4

Simple

CRISIL AAA/Stable

INE115A07NS0

Debenture

11-Jan-19

8.69%

19-Apr-22

450

Simple

CRISIL AAA/Stable

INE115A07NU6

Debenture

28-Jan-19

8.80%

25-Jan-29

1365

Simple

CRISIL AAA/Stable

INE115A07NW2

Debenture

22-Feb-19

 Zero coupon bond (XIRR 8.70%)

04-May-22

300

Simple

CRISIL AAA/Stable

INE115A07NY8

Debenture

05-Mar-19

8.79%

05-Mar-24

1815

Simple

CRISIL AAA/Stable

INE115A07OA6

Debenture

19-Mar-19

8.25%

17-Sep-21

500

Simple

CRISIL AAA/Stable

INE115A07OB4

Debenture

25-Mar-19

8.70%

23-Mar-29

3400

Simple

CRISIL AAA/Stable

INE115A07OD0

Debenture

20-May-19

8.5

20-Jun-22

500

Simple

CRISIL AAA/Stable

INE115A07OE8

Debenture

31-May-19

8.33%

31-May-24

1674

Simple

CRISIL AAA/Stable

INE115A07OG3

Debenture

23-Jul-19

7.85

23-Sep-22

500

Simple

CRISIL AAA/Stable

INE115A07OH1

Debenture

22-Aug-19

7.6

22-Nov-22

1465

Simple

CRISIL AAA/Stable

INE115A07OI9

Debenture

29-Aug-19

7.78%

29-Aug-24

770

Simple

CRISIL AAA/Stable

INE115A07OL3

Debenture

23-Sep-19

7.75%

23-Jul-24

1455

Simple

CRISIL AAA/Stable

INE115A07OK5

Debenture

23-Sep-19

7.24%

23-Aug-21

1000

Simple

CRISIL AAA/Stable

INE115A07OJ7

Debenture

09-Sep-19

7.45%

13-Jan-23

900

Simple

CRISIL AAA/Stable

INE115A07OM1

Debenture

18-Oct-19

7.79%

18-Oct-24

2700

Simple

CRISIL AAA/Stable

INE115A07OR0

Debenture

28-Jan-20

0.0797

28-Jan-30

1120

Simple

CRISIL AAA/Stable

INE115A07OS8

Debenture

12-Feb-20

7.33%

12-Feb-25

1835

Simple

CRISIL AAA/Stable

*Yet to be issued

 

Annexure - Details of Rating Withdrawn

ISIN

Instrument

Date of Allotment

Rate of Interest (%)

Date of Redemption

Issue Size (Rs.Cr)

Complexity Level

INE115A08336

Tier II Bonds

15-Sep-10

8.95

15-Sep-20

500

Complex

INE115A07ME2

Debenture

30-Jun-17

7.47

13-Jul-20

300

Simple

INE115A07MA0

Debenture

14-Jun-17

7.4

14-Aug-20

250

Simple

INE115A07MB8

Debenture

14-Jun-17

7.4

18-Aug-20

250

Simple

INE115A07932

Debenture

10-Aug-10

8.9

10-Aug-20

630

Simple

INE115A07AA5

Debenture

13-Oct-10

8.88

13-Oct-20

465

Simple

INE115A07AC1

Debenture

23-Nov-10

9

23-Nov-20

366

Simple

INE115A07AH0

Debenture

04-Jan-11

9.35

04-Jan-21

107

Simple

INE115A07AJ6

Debenture

18-Jan-11

9

18-Jan-21

1000

Simple

INE115A07AL2

Debenture

07-Mar-11

9.6

07-Mar-21

250

Simple

INE115A07AT5

Debenture

07-Jun-11

9.8

07-Jun-21

500

Simple

INE115A07HQ6

Debenture

22-Jul-15

8.6

22-Jul-20

605

Simple

INE115A07HR4

Debenture

29-Jul-15

8.6

29-Jul-20

750

Simple

INE115A07HS2

Debenture

29-Jul-15

8.67

26-Aug-20

1000

Simple

INE115A07HV6

Debenture

24-Aug-15

8.53

24-Sep-20

440

Simple

INE115A07HZ7

Debenture

15-Sep-15

8.65

15-Sep-20

205

Simple

INE115A07IA8

Debenture

29-Sep-15

8.65

29-Sep-20

503

Simple

INE115A07IE0

Debenture

23-Oct-15

8.35

23-Oct-20

650

Simple

INE115A07IO9

Debenture

05-Jan-16

8.5

05-Jan-21

350

Simple

INE115A07IP6

Debenture

05-Jan-16

8.5

05-Jan-21

150

Simple

INE115A07IY8

Debenture

08-Mar-16

8.75

08-Mar-21

600

Simple

INE115A07JB4

Debenture

14-Mar-16

8.75

12-Feb-21

750

Simple

INE115A07JC2

Debenture

21-Mar-16

8.75

21-Dec-20

750

Simple

INE115A07JF5

Debenture

28-Mar-16

8.6

26-Feb-21

367

Simple

INE115A07JG3

Debenture

28-Mar-16

8.6

28-Dec-20

456

Simple

INE115A07JK5

Debenture

10-May-16

8.37

10-May-21

505

Simple

INE115A07JN9

Debenture

23-May-16

8.45

21-May-21

250

Simple

INE115A07JV2

Debenture

07-Jul-16

8.47

07-Jul-20

435

Simple

INE115A07KO5

Debenture

07-Oct-16

7.54

07-Oct-20

200

Simple

INE115A07LF1

Debenture

17-Feb-17

7.65

17-Nov-20

350

Simple

INE115A07MR4

Debenture

29-Nov-17

0.0757

18-Feb-21

1250

Simple

INE115A07MT0

Debenture

12-Jan-18

7.88%

28-Jan-21

327

Simple

INE115A07MX2

Debenture

12-Mar-18

0%

25-Mar-21

1173

Simple

INE115A07NG5

Debenture

24-Oct-18

9.25%

24-Sep-20

250

Simple

INE115A07NN1

Debenture

03-Dec-18

9.02%

03-Dec-20

300

Simple

INE115A07NV4

Debenture

13-Feb-19

8.40%

13-Jul-20

750

Simple

INE115A07OC2

Debenture

28-Mar-19

8.14%

12-Oct-20

1750

Simple

 

Annexure - Rating History for last 3 Years
  Current 2021 (History) 2020  2019  2018  Start of 2018
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT/ST 75085.88 CRISIL A1+ / CRISIL AAA/Stable   -- 30-12-20 CRISIL A1+ / CRISIL AAA/Stable 08-05-19 CRISIL A1+ / CRISIL AAA/Stable 06-12-18 CRISIL A1+ / CRISIL AAA/Stable CRISIL A1+ / CRISIL AAA/Stable
      --   -- 07-08-20 CRISIL A1+ / CRISIL AAA/Stable   -- 12-09-18 CRISIL A1+ / CRISIL AAA/Stable --
      --   -- 29-05-20 CRISIL A1+ / CRISIL AAA/Stable   -- 29-06-18 CRISIL A1+ / CRISIL AAA/Stable --
      --   --   --   -- 20-04-18 CRISIL A1+ / CRISIL AAA/Stable --
      --   --   --   -- 09-02-18 CRISIL A1+ / CRISIL AAA/Stable --
Commercial Paper ST 17500.0 CRISIL A1+   -- 30-12-20 CRISIL A1+ 08-05-19 CRISIL A1+ 06-12-18 CRISIL A1+ CRISIL A1+
      --   -- 07-08-20 CRISIL A1+   -- 12-09-18 CRISIL A1+ --
      --   -- 29-05-20 CRISIL A1+   -- 29-06-18 CRISIL A1+ --
      --   --   --   -- 20-04-18 CRISIL A1+ --
      --   --   --   -- 09-02-18 CRISIL A1+ --
Fixed Deposits LT 0.0 F AAA/Stable   -- 30-12-20 F AAA/Stable 08-05-19 F AAA/Stable 06-12-18 F AAA/Stable F AAA/Stable
      --   -- 07-08-20 F AAA/Stable   -- 12-09-18 F AAA/Stable --
      --   -- 29-05-20 F AAA/Stable   -- 29-06-18 F AAA/Stable --
      --   --   --   -- 20-04-18 F AAA/Stable --
      --   --   --   -- 09-02-18 F AAA/Stable --
Non Convertible Debentures LT 224809.0 CRISIL AAA/Stable   -- 30-12-20 CRISIL AAA/Stable 08-05-19 CRISIL AAA/Stable 06-12-18 CRISIL AAA/Stable CRISIL AAA/Stable
      --   -- 07-08-20 CRISIL AAA/Stable   -- 12-09-18 CRISIL AAA/Stable --
      --   -- 29-05-20 CRISIL AAA/Stable   -- 29-06-18 CRISIL AAA/Stable --
      --   --   --   -- 20-04-18 CRISIL AAA/Stable --
      --   --   --   -- 09-02-18 CRISIL AAA/Stable --
Tier II Bond LT 4750.0 CRISIL AAA/Stable   -- 30-12-20 CRISIL AAA/Stable 08-05-19 CRISIL AAA/Stable 06-12-18 CRISIL AAA/Stable CRISIL AAA/Stable
      --   -- 07-08-20 CRISIL AAA/Stable   -- 12-09-18 CRISIL AAA/Stable --
      --   -- 29-05-20 CRISIL AAA/Stable   -- 29-06-18 CRISIL AAA/Stable --
      --   --   --   -- 20-04-18 CRISIL AAA/Stable --
      --   --   --   -- 09-02-18 CRISIL AAA/Stable --
Upper Tier II Bonds LT 1600.0 CRISIL AAA/Stable   -- 30-12-20 CRISIL AAA/Stable 08-05-19 CRISIL AAA/Stable 06-12-18 CRISIL AAA/Stable CRISIL AAA/Stable
      --   -- 07-08-20 CRISIL AAA/Stable   -- 12-09-18 CRISIL AAA/Stable --
      --   -- 29-05-20 CRISIL AAA/Stable   -- 29-06-18 CRISIL AAA/Stable --
      --   --   --   -- 20-04-18 CRISIL AAA/Stable --
      --   --   --   -- 09-02-18 CRISIL AAA/Stable --
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Long Term Bank Facility 29934.88 CRISIL AAA/Stable Long Term Bank Facility 29284.88 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 33476 CRISIL AAA/Stable Short Term Bank Facility 10775 CRISIL A1+
Short Term Bank Facility 11675 CRISIL A1+ - - -
Total 75085.88 - Total 40059.88 -
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs criteria for rating fixed deposit programmes
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support

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