REC Limited

Ratings Reaffirmed

 

Rating Action

Rs.1,00,000 Crore Long-Term Borrowing Programme~	CRISIL AAA/Stable (Reaffirmed)
Rs.10,000 crore Short-Term Borrowing Programme~	CRISIL A1+ (Reaffirmed)
Rs.1,00,000 Crore Long-Term Borrowing Programme^	CRISIL AAA/Stable (Reaffirmed)
Rs.10,000 crore Short-Term Borrowing Programme^	CRISIL A1+ (Withdrawn)
Rs 3000 crore Perpetual Non-Convertible Debentures^	CRISIL AAA/Stable (Reaffirmed)
Rs 1000 crore Long Term Principal Protected Market Linked Debenture^	CRISIL PP-MLD AAAr/Stable (Reaffirmed)
Rs.15,000 Crore Bonds@@	CRISIL AAA/Stable (Reaffirmed)
Long-Term Borrowing Programme Aggregating Rs. 194514.83 Crore**$(Reduced from Rs 224830.50 crore)	CRISIL AAA/Stable (Reaffirmed)

~Borrowing programme for fiscal 2022 (refers to financial year, April 1 to March 31). The overall limit for the long-term borrowing programme and the short-term borrowing programme is Rs.110000 crore. Total incremental long-term bank borrowing and borrowings under the rated long-term bonds programme not to exceed Rs.100000 crore any point in time during fiscal 2022. Short-term borrowing including total short-term bank borrowing and borrowing under the rated short-term debt programme not to exceed Rs.10000 crore at any point during fiscal 2022.It also includes commercial paper limit not exceeding Rs 5000 crore at any point during fiscal 2022

^Borrowing programme for fiscal 2021

**Includes Rs.9259.30 crore of extra budgetary resources raised by REC on behalf of Ministry of Power

$Past year's borrowing programme

@@ GOI Fully serviced bonds

Note: Institutional bonds, 54EC Capital Gain Tax Exemption Bonds, Tax free bonds, Zero coupon bonds, infrastructure bonds and term loans from banks/financial institution are part of long-term borrowing programme

1 crore = 10 million   

Refer to annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has reaffirmed its ratings on debt instruments of REC Limited at 'CRISIL AAA/CRISIL PP-MLD AAAr/Stable/CRISIL A1+’.

 

CRISIL Ratings has withdrawn its rating on bonds aggregating Rs 30315.7 crore and short term borrowing programme (fiscal 2021) of Rs 10,000 crore on the company's request as the outstanding against the same is nil and on receipt of confirmation from debenture trustee (See Annexure 'Details of Rating Withdrawn' for details). The withdrawal is in line with CRISIL's withdrawal policy.

 

The nationwide lockdown imposed by the government to contain the Covid-19 pandemic had impacted power consumption across the country, hence funding requirements from distribution companies (discoms) were lower. Although lockdown has been eased in a phased manner revenue collections of distribution companies (discoms) were impacted severely which also adversely affected their ability to repay their dues to the generating companies (gencos). To improve the liquidity position of discoms, GoI announced a Rs 90,000 crore discoms package with REC and PFC as lending partners, which was further increased to 1.25 lakhs crore. As of September 2021, REC along with PFC have sanctioned around Rs 1.35 lakh crore, of which disbursements stood at around Rs 85,000 crore. The package is expected to support discoms in meeting their payment obligations to generation companies (gencos), which in turn would improve the ability of gencos to meet their debt obligations, including their dues to PFC and REC.  Also, given that REC would be incrementally lending to borrowers with state government guarantee which have a lower risk weightage at 20%, it will help in improving capital ratios. CRISIL will continue to monitor developments in this regards.

 

Government of India had announced, Revamped Distribution Sector Scheme(RDSS) reforms-based and results-linked scheme with an outlay of 3.04 lakh crore over a period of 5 years, which would be available till fiscal 2026. REC & Power Finance Corporation has been appointed as nodal lending agencies for facilitating implementation this vital scheme. The scheme aims to improve operational efficiencies and financial sustainability of DISCOMs by providing reform linked financial assistance for strengthening of supply

 

Asset quality has been improving led by recoveries in large delinquent private sector exposures, however it has slightly increased due to further slippages in Q3 of fiscal 2022. Gross non-performing assets (NPAs) and net NPAs stood at 5.1% and 1.7%, respectively, as on December 31, 2021 versus 5.1% and 2.0%, respectively, a year earlier (4.8% and 1.7%, respectively, as on March 31, 2021). Most of the credit impaired accounts are under a resolution process/or at advanced stages of resolution, as most of the stress in the private sector recognized, and the current stage 2 accounts likely to benefit from the discoms package, there may not be further large private sector slippages in the near to medium term. Nevertheless, the performance of the loan book and recovery from resolution will remain a key monitorable.

 

The ratings continue to reflect the strategic importance to the GoI given the key role the company plays in financing the Indian power sector, and majority ownership by the government. The ratings also factor in a strong market position and adequate capitalisation and resource profile. These strengths are partially offset by inherent vulnerability of the asset quality to the weak credit risk profiles of borrowers and significant sectoral and customer concentration in revenue.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profile of REC and its subsidiaries. Furthermore, currently, CRISIL factors in support from the ultimate parent, GoI given its key role in financing the Indian power sector and expectation of continued support to REC by GoI, albeit routed through PFC.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

• Strategic importance to GoI, given REC’s key role in financing India’s power sector

REC is strategically important to GoI as it plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. It is the nodal agency for channeling finance towards its rural electrification programme under the Deendayal Upadhyaya Gram Jyoti Yojana (formerly known as Rajiv Gandhi Grameen Vidyutikaran Yojana) and Pradhan Mantri Sahaj Bijli Har Ghar Yojana (translated as the Prime Minister’s Programme to provide easy electricity access to all households), or ‘Saubhagya’. Furthermore, the company has been nominated as the sole nodal agency to operate the National Electricity Fund Scheme—an interest subsidy scheme introduced by GoI—to promote capital investment in the power distribution sector. REC, along with Power Finance Corporation are two organisation designated as nodal agency for reform based result linked Revamped Distribution Sector Scheme. REC is the second-largest lender to the sector. The company plays a developmental role in channeling finance to meet the power sector’s large funding requirement, particularly of State Power Utilities (SPUs), which constitute 90% of its portfolio as on December 31, 2021.

 

The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. Even after stake sale to PFC, GoI indirectly controls REC. CRISIL believes that GoI has strong strategic reasons and a moral obligation to support REC, both on an ongoing basis and in the event of distress, given the latter’s role in implementing the government’s power sector policies.

 

• Dominant market position in the power financing segment

REC plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. REC provides project-based long-term loans for generation, transmission and distribution activities and renewable energy. Besides, the company also offers short-term loans for working capital requirement, bridge loans, and debt refinancing.  REC’s outstanding loan book had exposure of 86%, 4%, and 10% to state sector, joint sector units, and private sector, respectively, as on December 31, 2021. The importance of REC in channelling financing to the domestic power sector is underscored by the fact that REC, together with PFC, accounted for a significant portion of the aggregate debt raised by SPUs. To support this role, REC has also received exemption from single and group borrower exposure norms for exposures to state power utilities (SPUs) till March 2022. Clearly, REC will remain a key financier to SPUs and, therefore, play a crucial role in sustaining their operations. Loans outstanding to government sector stood at Rs 3.50 lakh crore as on December 31, 2021 (Rs 3.39 lakh crore as on March 31, 2021; Rs 2.85 lakh crore as on March 31, 2020). As on December 31, 2021, overall loan book stood at Rs 3.89 lakh crore (Rs 3.77 lakh crore as on March 31, 2021; Rs 3.22 lakh crore as on March 31, 2020)

 

• Strong resource profile

REC’s credit risk profile is supported by its sound resource profile, with competitive borrowing costs and a diversified, albeit wholesale, resource base. As on December 31, 2021, overall borrowings stood at Rs 3.36 lakh crore with domestic bonds forming the largest share at 49%, foreign currency borrowings at 22%, funding from banks/FIs at 18% and capital gains/tax free bonds at 11%. The company raised Rs 2000 crore of short-term commercial paper borrowings as on December 31, 2021 (Nil as on March 31, 2021). On a steady state, CP borrowings are likely to remain within 5% of the total borrowings. REC’s debt instruments have wide market acceptability and the company typically borrows at low spreads over government securities. Its cost of borrowing is lower than that of most of its peers, and stood at 6.87% in the first nine months of fiscal 2022 (7.24% in fiscal 2021; 8.23% in fiscal 2020).

 

• Adequate capitalisation

REC's capital profile provides a cushion against asset-side risks arising from high sectoral and customer concentration. The net worth was Rs 50,258 crore as on December 31, 2021 (Rs 43,426 crore as on March 31, 2021). The overall capital adequacy ratio (CAR) and Tier 1 CAR stood at 23.22% and 19.01%, respectively, as on December 31, 2021 (19.72% and 16.31%, respectively, as on March 31, 2021). Gearing stood at 6.7 times as on December 31, 2021 (7.4 times as on March 31, 2021). The net worth/net NPA ratio was around 7.4 times as on December 31, 2021 (6.7 times as on March 31, 2021). Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through private placement). Accretion to net worth will be supported by the company's ability to maintain good interest spreads and a low operating expense ratio. The return on assets (RoA) ratio was 2.2% in fiscal 2021 as against 1.5% in fiscal 2020 (RoA (annualised) stood at 2.5% in the first nine months of fiscal 2022). Profitability was impacted in fiscal 2020 due to increase in credit costs and foreign exchange (forex) losses. Ability to contain credit costs and hence improve profitability and capitalisation will remain a key monitorable.

 

Weakness:

• Inherent vulnerability in asset quality, and significant sectoral and customer concentration

REC's asset quality remains inherently vulnerable as it caters only to the power sector and faces inherent asset quality challenges because of the weak financial risk profiles of its main customers, SPUs, comprising around 90% of overall advances as on December 31, 2021. Further, top 10 borrowers constitute ~43% of total loan book. Effective execution of various reform measures is extremely critical for SPUs to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff hikes to ensure sustained improvement in the performance of SPUs. However, REC has been able to manage overall asset quality risks in this segment owing to its criticality to borrowers and through various asset protection mechanisms.

 

REC also has around 10% exposure to the private sector as on December 31, 2021 (10% as on March 31, 2021), which has been vulnerable to asset quality risks owing to issues such as lack of fuel availability, inability to pass on fuel price increases, and absence of long-term power purchase agreements for assured power offtake. As on December 31, 2021, the overall gross NPAs and Net NPAs decreased to 5.1% and 1.7%, respectively, from 5.1% and 2.0%, respectively, a year ago (4.8% and 1.7%, respectively, as on March 31, 2021) led by recovery from large private delinquent accounts. As on December 31, 2021, 52% of private sectors loans have been recognized as stage III assets on which the company has a provision coverage of 66%.

 

Overall, CRISIL believes that the asset quality will remain vulnerable over the medium term primarily because of the increased challenges likely to be faced with private sector borrowers. The ability to resolve stressed accounts will also be a key monitorable going ahead.

Liquidity: Superior

Asset Liability Maturity (ALM) profile of REC shows that liquidity position is superior. The mismatches in the ALM buckets up to one year given the relatively long tenure of its assets are managed mainly through unutilised bank lines. Additionally, the debt repayments are well staggered across months, supporting its liquidity profile.

 

As on February 07, 2022, REC had a liquidity cushion of Rs 21340 crore on a standalone basis (Rs 7173 crore of cash and equivalents including liquid investments and Rs 14167 crore of unutilised bank lines including undrawn term loans) as against debt obligation of Rs 13138 crore in the next two months till April 30, 2022.

 

REC continues to tap debt capital markets for fresh issuances. Around Rs 13,883 crore were raised as domestic bonds in the first nine months of fiscal 2022. REC also raised term loans of Rs 19,300 crore and foreign currency borrowings of Rs 17,226 crore over the same period.

Outlook: Stable

CRISIL Ratings believes that REC will continue to benefit from GoI’s support, given its strategic role in the implementation of GoI’s power sector initiatives. Moreover, REC will maintain its healthy position in the infrastructure-financing segment along with comfortable capitalisation and earnings.

 

In addition, the rating on the perpetual bonds remains sensitive to the capital buffer maintained by REC over regulatory capital requirements; rating transition on these instruments could potentially be sharper than that on other debt instruments and bank facilities.

Rating Sensitivity factors

Downward Factors:

• Decline in REC's strategic importance to, or in the direct or indirect support it receives from, GoI by way of reduction in PFC’s shareholding below 50%
• Significant deterioration in asset quality, thereby impacting profitability and capitalisation.

About the Company

Incorporated in 1969, REC is a public financial institution under the administrative control of the Ministry of Power, GoI. The company is registered with Reserve Bank of India as a non-banking infrastructure finance company (NBFC-IFC). Until 2003, its primary objective was to provide financial assistance on concession to SPUs for rural electrification. Its mandate was broadened in 2003 to include financing of all segments of the power sector; REC finances generation projects, including independent power projects. Since September 2009, the company’s mandate has been further widened to include financing activities allied to the power sector, and power-related infrastructure, such as coal and other mining activities, and fuel supply arrangements.

 

In March 2019, Power Finance Corporation completed the acquisition of Government of India’s (GoI’s) 52.63% stake in REC. The rating reaffirmation is driven by strategic importance of REC to GoI and support, if any, required will be provided by GoI. Even post the sale of GoI stake in REC to PFC, the company continues to play its respective policy role and remains nodal agencies for implementing GoI's power sector policies. Further, it is expected to operate all functions independently as is it did prior to the acquisition. GoI will continue to appoint the Board and CMD of REC and also have representation on the Board even after the stake sale.

 

Further, REC continues to operate as public financial institution (PFI), Infrastructure Finance Company (NBFC-IFC) and a Central Public Sector Enterprise (CPSE). Also, the entity continues to accrue all the benefits it was eligible for prior to stake sale by GoI, including raising bonds under Section 54EC. Capital support, if required, by REC, will be provided by government, albeit through PFC.

 

Even after the proposed stake sale, given that PFC is majority owned by GoI, CRISIL believes that GoI will continue to be involved in matters related to REC and that PFC and GoI would act in concert to support REC, if required. The rating also reflect REC’s sound resource profile and adequate capitalisation. The rating strengths are partially offset by the company’s exposure to risks relating to inherent vulnerability of asset quality, and significant customer and sectoral concentration.

 

For fiscal 2021, REC reported a profit after tax (PAT) of Rs 8,362 crore and total income (net of interest) of Rs 13,921 crore (Rs 4,886 crore and Rs 10,832 crore, respectively in the previous fiscal). For the nine months ended December 31, 2021, REC reported a PAT of Rs 7,758 crore on a total income (net of interest expense) of Rs 12,929 crore as against a PAT of Rs 6,292 crore on a total income (net of interest expense) of Rs 10,210 crore for the corresponding period of the previous fiscal.

Key Financial Indicators

As on / for the period ended December 31	Unit	2021	2020
Total Assets	Rs. Cr.	418790	3,79,193
Total income (net of interest)	Rs. Cr.	12,929	10,210
Profit after tax	Rs. Cr.	7758	6,292
Gross NPA	%	5.1	5.1
Gearing	Times	6.7	7.4
Overall capital adequacy ratio	%	23.2	19.3

 

Any other information: Not applicable

Annexure - Details of Instrument(s)

ISIN	Name of the Instrument	Date of Allotment	Coupon Rate (%)	Maturity Date	Issue Size (Rs.Cr)	Complexity	Rating with Outlook
NA	Long term borrowing programme (FY22)^^	NA	NA	NA	100000	Simple	CRISIL AAA/Stable
NA	Long term borrowing programme (FY21)^^ #	NA	NA	NA	42,530.74	Simple	CRISIL AAA/Stable
INE020B07LX4	Debentures	30-Sep-20	5.75%	30-Sep-25	10000	Simple	CRISIL AAA/Stable
NA	Short term borrowing programme (FY22)^^	NA	NA	NA	10,000.00	Simple	CRISIL A1+
INE020B08BW5	Institutional Bonds&	22-Aug-19	8.18%	22-Aug-34	5,063.00	Simple	CRISIL AAA/Stable
INE020B08DE9	Institutional Bond#	29-Oct-20	6.80%	20-Dec-30	5,000.00	Simple	CRISIL AAA/Stable
NA	Term Loan 7	13-Dec-18	NA	13-Dec-23	5,000.00	NA	CRISIL AAA/Stable
INE020B08DM2	Institutional Bond#	28-Jan-21	7.02%	31-Jan-36	4,589.90	Simple	CRISIL AAA/Stable
INE020B08831	Institutional Bonds	12-Apr-13	8.82%	12-Apr-23	4,300.00	Simple	CRISIL AAA/Stable
NA	Bonds (GoI Fully Serviced)@@^^	NA	NA	NA	4,017.70	Simple	CRISIL AAA/Stable
INE020B08DR1	Bonds	22-Apr-21	5.74%	20-Jun-24	4000	Simple	CRISIL AAA/Stable
INE020B08BO2	Bonds (GoI Fully Serviced)@@	25-Mar-19	8.30%	25-Mar-29	4,000.00	Simple	CRISIL AAA/Stable
INE020B08CU7	Institutional Bond#	11-May-20	7.55%	11-May-30	3,740.00	Simple	CRISIL AAA/Stable
INE020B08DO8	Bonds	12-Mar-21	7.40%	15-Mar-36	3613.8	Simple	CRISIL AAA/Stable
INE020B08BE3	Institutional Bonds (GoI Serviced)	15-Nov-18	8.54%	15-Nov-28	3,600.00	Simple	CRISIL AAA/Stable
INE020B08AQ9	Institutional Bonds	12-Dec-17	7.70%	10-Dec-27	3,533.00	Simple	CRISIL AAA/Stable
INE020B08DB5	Institutional Bond#	28-Aug-20	7.25%	30-Sep-30	3,500.00	Simple	CRISIL AAA/Stable
INE020B08CJ0	Institutional Bonds&	28-Jan-20	7.92%	31-Mar-30	3,054.90	Simple	CRISIL AAA/Stable
INE020B08BX3	Institutional Bonds&	16-Sep-19	8.29%	16-Sep-34	3,028.00	Simple	CRISIL AAA/Stable
INE020B08AC9	Institutional Bonds	30-Dec-16	7.54%	30-Dec-26	3,000.00	Simple	CRISIL AAA/Stable
INE020B08BC7	Institutional Bonds (GoI Serviced)	28-Sep-18	8.70%	28-Sep-28	3,000.00	Simple	CRISIL AAA/Stable
INE020B08CT9	Institutional Bond#	22-Apr-20	6.92%	22-Apr-23	2,985.00	Simple	CRISIL AAA/Stable
INE020B08DF6	Institutional Bond#	29-Oct-20	5.85%	20-Dec-25	2,777.00	Simple	CRISIL AAA/Stable
INE020B08CD3	Institutional Bonds&	13-Nov-19	7.09%	13-Dec-22	2,769.00	Simple	CRISIL AAA/Stable
INE020B08AH8	Institutional Bonds	14-Mar-17	7.95%	12-Mar-27	2,745.00	Simple	CRISIL AAA/Stable
INE020B08AK2	Institutional Bonds	7-Sep-17	7.03%	7-Sep-22	2,670.00	Simple	CRISIL AAA/Stable
INE020B08CV5	Institutional Bond#	21-May-20	6.60%	21-Mar-22	2,596.00	Simple	CRISIL AAA/Stable
INE020B08963	Institutional Bonds	7-Oct-15	8.11%	7-Oct-25	2,585.00	Simple	CRISIL AAA/Stable
INE020B08BF0	Institutional Bonds	22-Nov-18	8.45%	22-Mar-22	2,571.80	Simple	CRISIL AAA/Stable
INE020B08BH6	Institutional Bonds	7-Dec-18	8.37%	7-Dec-28	2,554.00	Simple	CRISIL AAA/Stable
INE020B08BG8	Institutional Bonds	29-Nov-18	8.56%	29-Nov-28	2,552.40	Simple	CRISIL AAA/Stable
INE020B08682	Bonds	15-Feb-12	0.0915	15-Feb-27	2500	Simple	CRISIL AAA/Stable
INE020B07LS4	Bonds	30-Apr-20	5.75%	30-Apr-25	2500	Simple	CRISIL AAA/Stable
INE020B07LT2	Bonds	31-May-20	5.75%	31-May-25	2500	Simple	CRISIL AAA/Stable
INE020B07LU0	Bonds	30-Jun-20	5.75%	30-Jun-25	2500	Simple	CRISIL AAA/Stable
INE020B07LV8	Bonds	31-Jul-20	5.75%	31-Jul-25	2500	Simple	CRISIL AAA/Stable
INE020B07LW6	Bonds	31-Aug-20	5%	31-Aug-25	2500	Simple	CRISIL AAA/Stable
INE020B07LZ9	Bonds	30-Nov-20	5%	30-Nov-25	2500	Simple	CRISIL AAA/Stable
INE020B07MA0	Bonds	31-Dec-20	5%	31-Dec-25	2500	Simple	CRISIL AAA/Stable
INE020B07MB8	Bonds	31-Jan-21	5%	31-Jan-26	2500	Simple	CRISIL AAA/Stable
INE020B07MC6	Bonds	28-Feb-21	5%	28-Feb-26	2500	Simple	CRISIL AAA/Stable
INE020B07MD4	Bonds	31-Mar-21	5%	31-Mar-26	2500	Simple	CRISIL AAA/Stable
INE020B08DG4	Institutional Bond#	15-Dec-20	6.90%	31-Jan-31	2,500.00	Simple	CRISIL AAA/Stable
INE020B08849	Institutional Bonds	31-May-13	8.06%	31-May-23	2,500.00	Simple	CRISIL AAA/Stable
INE020B08BA1	Institutional Bonds	9-Aug-18	8.55%	9-Aug-28	2,500.00	Simple	CRISIL AAA/Stable
INE020B08BB9	Institutional Bonds	27-Aug-18	8.63%	25-Aug-28	2,500.00	Simple	CRISIL AAA/Stable
INE020B08BM6	Institutional Bonds	13-Mar-19	8.35%	13-Mar-22	2,500.00	Simple	CRISIL AAA/Stable
INE020B08CE1	Institutional Bonds&	26-Nov-19	6.90%	30-Jun-22	2,500.00	Simple	CRISIL AAA/Stable
INE020B08CK8	Institutional Bonds&	10-Feb-20	6.88%	20-Mar-25	2,500.00	Simple	CRISIL AAA/Stable
INE020B07LR6	Institutional Bonds&	31-Mar-20	5.75%	31-Mar-25	2,500.00	Simple	CRISIL AAA/Stable
INE020B08DC3	Institutional Bond#	28-Aug-20	5.69%	30-Sep-23	2,474.00	Simple	CRISIL AAA/Stable
NA	Perpetual Non-Convertible Debentures#	NA	NA	NA	2,441.60	Highly Complex	CRISIL AAA/Stable
INE020B08930	Institutional Bonds	10-Apr-15	8.30%	10-Apr-25	2,396.00	Simple	CRISIL AAA/Stable
INE020B08CP7	Institutional Bonds&	6-Mar-20	7.50%	28-Feb-30	2,382.00	Simple	CRISIL AAA/Stable
INE020B08740	Institutional Bonds	15-Jun-12	9.35%	15-Jun-22	2,378.20	Simple	CRISIL AAA/Stable
INE020B08906	Institutional Bonds	6-Feb-15	8.27%	6-Feb-25	2,325.00	Simple	CRISIL AAA/Stable
INE020B08914	Institutional Bonds	23-Feb-15	8.35%	22-Feb-25	2,285.00	Simple	CRISIL AAA/Stable
INE020B08880	Institutional Bonds	22-Dec-14	8.57%	21-Dec-24	2,250.00	Simple	CRISIL AAA/Stable
INE020B08807	Institutional Bonds	19-Nov-12	9.02%	19-Nov-22	2,211.20	Simple	CRISIL AAA/Stable
INE020B07GH7	Tax Free Bonds	27-Mar-12	8.12%/ 8.32%	27-Mar-27	2,160.30	Simple	CRISIL AAA/Stable
INE020B08BP9	Institutional Bonds	28-Mar-19	8.97%	28-Mar-29	2,151.20	Simple	CRISIL AAA/Stable
INE020B08DJ8	Institutional Bond#	13-Jan-21	4.99%	31-Jan-24	2,135.00	Simple	CRISIL AAA/Stable
INE020B08AA3	Institutional Bonds	7-Nov-16	7.52%	7-Nov-26	2,100.00	Simple	CRISIL AAA/Stable
INE020B08CG6	Institutional Bonds&	26-Dec-19	7.24%	31-Dec-22	2,090.00	Simple	CRISIL AAA/Stable
INE020B08DH2	Institutional Bond#	15-Dec-20	5.81%	31-Dec-25	2,082.00	Simple	CRISIL AAA/Stable
INE020B08BU9	Institutional Bonds&	25-Jun-19	8.30%	25-Jun-29	2,070.90	Simple	CRISIL AAA/Stable
INE020B08BJ2	Institutional Bonds (GoI Serviced)	22-Jan-19	8.80%	22-Jan-29	2,027.00	Simple	CRISIL AAA/Stable
INE020B08DK6	Institutional Bond#	13-Jan-21	5.94%	31-Jan-26	2,000.00	Simple	CRISIL AAA/Stable
NA	Term Loan #	29-Jul-20	6.75%	29-Jul-25	2,000.00	NA	CRISIL AAA/Stable
INE020B08CX1	Institutional Bond#	8-Jun-20	7.96%	15-Jun-30	1,999.50	Simple	CRISIL AAA/Stable
INE020B07IZ5	Institutional Bonds	25-Aug-14	9.34%	25-Aug-24	1,955.00	Simple	CRISIL AAA/Stable
INE020B08898	Institutional Bonds	23-Jan-15	8.23%	23-Jan-25	1,925.00	Simple	CRISIL AAA/Stable
INE020B08AP1	Institutional Bonds	30-Nov-17	7.45%	30-Nov-22	1,912.00	Simple	CRISIL AAA/Stable
INE020B08AX5	Institutional Bonds (GoI Serviced)	21-Mar-18	8.09%	21-Mar-28	1,837.00	Simple	CRISIL AAA/Stable
INE020B08443	Institutional Bonds	12-Jul-10	8.75%	12-Jul-25	1,800.00	Simple	CRISIL AAA/Stable
INE020B08CS1	Bonds (GoI Fully Serviced)@@	31-Mar-20	7.20%	31-Mar-30	1,750.00	Simple	CRISIL AAA/Stable
INE020B07HP8	Tax Free Bonds	24-Sep-13	8.46%	24-Sep-28	1,721.20	Simple	CRISIL AAA/Stable
INE020B08BQ7	Institutional Bonds&	16-Apr-19	8.85%	16-Apr-29	1,600.70	Simple	CRISIL AAA/Stable
NA	Term Loan 15&	12-Dec-19	NA	12-Dec-22	1,600.00	NA	CRISIL AAA/Stable
INE020B08CW3	Institutional Bond#	21-May-20	7.79%	21-May-30	1,569.00	Simple	CRISIL AAA/Stable
INE020B08DP5	Bonds	19-Mar-21	5.79%	20-Mar-24	1550	Simple	CRISIL AAA/Stable
INE020B08CO0	Bonds (GoI Fully Serviced)@@	2-Mar-20	7.14%	2-Mar-30	1,500.00	Simple	CRISIL AAA/Stable
INE020B08CF8	Institutional Bonds&	26-Nov-19	7.40%	26-Nov-24	1,500.00	Simple	CRISIL AAA/Stable
INE020B08DD1	Bonds	26-Sep-19	8.25%	26-Sep-29	1451	Simple	CRISIL AAA/Stable
INE020B08AY3	Institutional Bonds (GoI Serviced)	26-Mar-18	8.01%	24-Mar-28	1,410.00	Simple	CRISIL AAA/Stable
INE020B08CH4	Institutional Bonds&	8-Jan-20	7.12%	31-Mar-23	1,400.00	Simple	CRISIL AAA/Stable
INE020B08DA7	Institutional Bond#	30-Jul-20	6.90%	31-Mar-31	1,300.00	Simple	CRISIL AAA/Stable
INE020B08427	Institutional Bonds	8-Jun-10	8.75%	8-Jun-25	1,250.00	Simple	CRISIL AAA/Stable
INE020B08AM8	Institutional Bonds	17-Oct-17	7.09%	17-Oct-22	1,225.00	Simple	CRISIL AAA/Stable
INE020B08DT7	Bonds	21-Oct-21	6.23%	31-Oct-31	1200	Simple	CRISIL AAA/Stable
INE020B08BL8	Bonds (GoI Fully Serviced)@@	8-Mar-19	8.60%	8-Mar-29	1,200.00	Simple	CRISIL AAA/Stable
INE020B07GW6	Tax Free Bonds	19-Dec-12	7.22%/ 7.72%	19-Dec-22	1,165.30	Simple	CRISIL AAA/Stable
INE020B07HN3	Tax Free Bonds	29-Aug-13	8.46%	29-Aug-28	1,141.00	Simple	CRISIL AAA/Stable
INE020B08CI2	Institutional Bonds&	8-Jan-20	7.89%	31-Mar-30	1,100.00	Simple	CRISIL AAA/Stable
INE020B08CN2	Institutional Bonds&	25-Feb-20	6.80%	30-Jun-23	1,100.00	Simple	CRISIL AAA/Stable
INE020B08CM4	Institutional Bonds&	25-Feb-20	6.99%	30-Sep-24	1,100.00	Simple	CRISIL AAA/Stable
INE020B08BS3	Institutional Bonds&	14-May-19	8.80%	14-May-29	1,097.00	Simple	CRISIL AAA/Stable
INE020B07HS2	Tax Free Bonds	24-Sep-13	8.71%	24-Sep-28	1,089.10	Simple	CRISIL AAA/Stable
INE020B07LF1	Institutional Bonds	31-Mar-19	5.75%	31-Mar-24	1,078.50	Simple	CRISIL AAA/Stable
INE020B08BV7	Institutional Bonds&	25-Jun-19	8.1	25-Jun-24	1,018.00	Simple	CRISIL AAA/Stable
INE020B08DI0	Bonds (GoI Fully Serviced)@@	7-Jan-21	6.45%	7-Jan-31	1,000.00	Simple	CRISIL AAA/Stable
INE020B08DN0	Bonds (GoI Fully Serviced)@@	28-Jan-21	6.63%	28-Jan-31	1,000.00	Simple	CRISIL AAA/Stable
INE020B08BT1	Institutional Bonds&	10-Jun-19	8.15%	10-Jun-22	1,000.00	Simple	CRISIL AAA/Stable
NA	Term Loan 6	4-Dec-18	NA	4-Jun-22	1,000.00	NA	CRISIL AAA/Stable
INE020B08AT3	Institutional Bonds	23-Feb-18	7.99%	23-Feb-23	950	Simple	CRISIL AAA/Stable
INE020B08CZ6	Institutional Bond#	30-Jul-20	5.90%	31-Mar-25	900	Simple	CRISIL AAA/Stable
INE020B07GX4	Tax Free Bonds	19-Dec-12	7.38%/ 7.88%	19-Dec-27	852	Simple	CRISIL AAA/Stable
INE020B07GG9	Tax Free Bonds	27-Mar-12	7.93%/ 8.13%	27-Mar-22	839.7	Simple	CRISIL AAA/Stable
NA	Term Loan #	25-Jun-20	6.99%	25-Jun-23	800	NA	CRISIL AAA/Stable
INE020B08AZ0	Institutional Bonds (GoI Serviced)	27-Mar-18	8.06%	27-Mar-28	753	Simple	CRISIL AAA/Stable
INE020B08922	Institutional Bonds	9-Mar-15	8.27%	9-Mar-22	700	Simple	CRISIL AAA/Stable
NA	Term Loan 10	6-Mar-19	NA	6-Mar-24	700	NA	CRISIL AAA/Stable
INE020B07KX6	Institutional Bonds	31-Jul-18	5.75%	31-Jul-23	683.9	Simple	CRISIL AAA/Stable
INE020B08AF2	Institutional Bonds	28-Feb-17	7.46%	28-Feb-22	625	Simple	CRISIL AAA/Stable
INE020B07LJ3	Institutional Bonds&	31-Jul-19	5.75%	31-Jul-24	594.62	Simple	CRISIL AAA/Stable
INE020B07LE4	Institutional Bonds	28-Feb-19	5.75%	28-Feb-24	570	Simple	CRISIL AAA/Stable
INE020B07LC8	Institutional Bonds	31-Dec-18	5.75%	31-Dec-23	565.7	Simple	CRISIL AAA/Stable
NA	Term Loan #	18-May-20	7.50%	18-May-25	565	NA	CRISIL AAA/Stable
INE020B08DL4	Perpetual Non-Convertible Debentures#	44218	0.0797	Perpetual	558.4	Highly Complex	CRISIL AAA/Stable
INE020B07LN5	Institutional Bonds&	30-Nov-19	5.75%	30-Nov-24	552.73	Simple	CRISIL AAA/Stable
INE020B07LD6	Institutional Bonds	31-Jan-19	5.75%	31-Jan-24	550	Simple	CRISIL AAA/Stable
INE020B08CR3	Bonds (GoI Fully Serviced)@@	26-Mar-20	8.25%	26-Mar-30	532.3	Simple	CRISIL AAA/Stable
INE020B07LO3	Institutional Bonds&	31-Dec-19	5.75%	31-Dec-24	527.04	Simple	CRISIL AAA/Stable
INE020B07LM7	Institutional Bonds&	31-Oct-19	5.75%	31-Oct-24	518.4	Simple	CRISIL AAA/Stable
INE020B07LA2	Institutional Bonds	31-Oct-18	5.75	31-Oct-23	507.8	Simple	CRISIL AAA/Stable
INE020B07KW8	Institutional Bonds	30-Jun-18	5.75%	30-Jun-23	504.7	Simple	CRISIL AAA/Stable
INE020B07LQ8	Institutional Bonds&	28-Feb-20	5.75%	28-Feb-25	501.2	Simple	CRISIL AAA/Stable
INE020B07LK1	Institutional Bonds&	31-Aug-19	5.75%	31-Aug-24	500.25	Simple	CRISIL AAA/Stable
INE020B08DQ3	Bonds	26-Mar-21	6.50%	26-Mar-31	500	Simple	CRISIL AAA/Stable
INE020B08CY9	Long Term Principal Protected Market Linked Debentures#	8-Jul-20	Linked to 10 year G-Sec	30-Jun-23	500	Highly Complex	CRISIL PP-MLD AAAr/Stable
NA	Long Term Principal Protected Market Linked Debentures^^#	NA	NA	NA	500	Highly Complex	CRISIL PP-MLD AAAr/Stable
NA	Term Loan 12&	28-Aug-19	NA	28-Aug-24	500	NA	CRISIL AAA/Stable
NA	Term Loan 8	15-Jan-19	NA	15-Jan-24	500	NA	CRISIL AAA/Stable
INE020B07KY4	Institutional Bonds	31-Aug-18	5.75%	31-Aug-23	499.3	Simple	CRISIL AAA/Stable
INE020B07LL9	Institutional Bonds&	30-Sep-19	5.75%	30-Sep-24	497.55	Simple	CRISIL AAA/Stable
INE020B07KZ1	Institutional Bonds	30-Sep-18	5.75%	30-Sep-23	493.8	Simple	CRISIL AAA/Stable
INE020B07LB0	Institutional Bonds	30-Nov-18	5.75%	30-Nov-23	481	Simple	CRISIL AAA/Stable
INE020B07LP0	Institutional Bonds&	31-Jan-20	5.75%	31-Jan-25	480.2	Simple	CRISIL AAA/Stable
INE020B07LH7	Institutional Bonds&	31-May-19	5.75%	31-May-24	459.1	Simple	CRISIL AAA/Stable
INE020B07KV0	Institutional Bonds	31-May-18	5.75%	31-May-23	438.7	Simple	CRISIL AAA/Stable
INE020B07LI5	Institutional Bonds&	30-Jun-19	5.75%	30-Jun-24	413.49	Simple	CRISIL AAA/Stable
NA	Term Loan 13&	30-Sep-19	NA	30-Sep-25	400	NA	CRISIL AAA/Stable
INE020B07LG9	Institutional Bonds&	30-Apr-19	5.75%	30-Apr-24	391.12	Simple	CRISIL AAA/Stable
INE020B07ME2	Bonds	30-Apr-21	0.05	30-Apr-26	385.56	Simple	CRISIL AAA/Stable
NA	Term Loan 3	11-Oct-18	NA	11-Oct-23	350	NA	CRISIL AAA/Stable
NA	Term Loan 5	6-Nov-18	NA	6-Nov-23	350	NA	CRISIL AAA/Stable
INE020B07MJ1	Bonds	30-Sep-21	5%	30-Sep-26	341.823	Simple	CRISIL AAA/Stable
INE020B07HR4	Tax Free Bonds	24-Sep-13	8.26%	24-Sep-23	317.9	Simple	CRISIL AAA/Stable
INE020B08CB7	Institutional Bonds&	26-Sep-19	7.55%	26-Sep-22	300	Simple	CRISIL AAA/Stable
INE020B08CC5	Institutional Bonds&	26-Sep-19	7.55%	26-Sep-23	300	Simple	CRISIL AAA/Stable
INE020B07JO7	Tax Free Bonds	23-Jul-15	7.17%	23-Jul-25	300	Simple	CRISIL AAA/Stable
NA	Term Loan #	1-Jun-20	7.60%	1-Jun-25	300	NA	CRISIL AAA/Stable
NA	Term Loan 17&	28-Feb-20	NA	28-Feb-25	300	NA	CRISIL AAA/Stable
NA	Term Loan 2	29-Sep-18	NA	29-Sep-23	300	NA	CRISIL AAA/Stable
INE020B07IC4	Tax Free Bonds	24-Mar-14	8.19%	24-Mar-24	290.3	Simple	CRISIL AAA/Stable
INE020B08BY1	Institutional Bonds&	26-Sep-19	8.25%	26-Sep-29	290.2	Simple	CRISIL AAA/Stable
INE020B07MH5	Bonds	31-Jul-21	5%	31-Jul-26	282.3	Simple	CRISIL AAA/Stable
INE020B07IG5	Tax Free Bonds	24-Mar-14	8.88%	24-Mar-29	282.3	Simple	CRISIL AAA/Stable
INE020B07KU2	Institutional Bonds	30-Apr-18	5.75%	30-Apr-23	278.5	Simple	CRISIL AAA/Stable
INE020B07JT6	Tax Free Bonds	5-Nov-15	7.18%	5-Nov-35	276.6	Simple	CRISIL AAA/Stable
INE020B07HO1	Tax Free Bonds	24-Sep-13	8.01%	24-Sep-23	257.2	Simple	CRISIL AAA/Stable
INE020B07GU0	Tax Free Bonds	21-Nov-12	7.21%	21-Nov-22	255	Simple	CRISIL AAA/Stable
INE020B07ID2	Tax Free Bonds	24-Mar-14	8.63%	24-Mar-29	248.1	Simple	CRISIL AAA/Stable
INE020B07GV8	Tax Free Bonds	21-Nov-12	7.38%	21-Nov-27	245	Simple	CRISIL AAA/Stable
INE020B07HM5	Tax Free Bonds	29-Aug-13	8.01%	29-Aug-23	209	Simple	CRISIL AAA/Stable
INE020B07JU4	Tax Free Bonds	5-Nov-15	7.43%	5-Nov-35	144.6	Simple	CRISIL AAA/Stable
INE020B07MF9	Bonds	31-May-21	5%	31-May-26	141.41	Simple	CRISIL AAA/Stable
INE020B07JR0	Tax Free Bonds	5-Nov-15	7.09%	5-Nov-30	133.7	Simple	CRISIL AAA/Stable
INE020B07IF7	Tax Free Bonds	24-Mar-14	8.44%	24-Mar-24	129.1	Simple	CRISIL AAA/Stable
INE020B07HU8	Tax Free Bonds	11-Oct-13	8.18%	11-Oct-23	105	Simple	CRISIL AAA/Stable
NA	Term Loan #	30-Jun-20	7.30%	30-Jun-25	100	NA	CRISIL AAA/Stable
INE020B07IH3	Tax Free Bonds	24-Mar-14	8.86%	24-Mar-34	83.3	Simple	CRISIL AAA/Stable
INE020B07GY2	Tax Free Bonds	25-Mar-13	6.88%/ 7.38%	25-Mar-23	81.4	Simple	CRISIL AAA/Stable
INE020B07JQ2	Tax Free Bonds	5-Nov-15	7.14%	5-Nov-25	54.7	Simple	CRISIL AAA/Stable
INE020B07JP4	Tax Free Bonds	5-Nov-15	6.89%	5-Nov-25	51.3	Simple	CRISIL AAA/Stable
INE020B07GZ9	Tax Free Bonds	25-Mar-13	7.04%/ 7.54%	25-Mar-28	49.7	Simple	CRISIL AAA/Stable
INE020B07HV6	Tax Free Bonds	11-Oct-13	8.54%	11-Oct-28	45	Simple	CRISIL AAA/Stable
INE020B07JS8	Tax Free Bonds	5-Nov-15	7.34%	5-Nov-30	39.3	Simple	CRISIL AAA/Stable
INE020B07HT0	Tax Free Bonds	24-Sep-13	8.62%	24-Sep-33	38.9	Simple	CRISIL AAA/Stable
INE020B07IE0	Tax Free Bonds	24-Mar-14	8.61%	24-Mar-34	26.4	Simple	CRISIL AAA/Stable
INE020B07LY2	Bonds	31-Oct-20	5%	31-Oct-25	25	Simple	CRISIL AAA/Stable
INE020B07HQ6	Tax Free Bonds	24-Sep-13	8.37%	24-Sep-33	16.4	Simple	CRISIL AAA/Stable
INE020B08724	Infrastructure Bonds	15-Feb-12	9.15%	15-Feb-27	2.8	Simple	CRISIL AAA/Stable
INE020B08732	Infrastructure Bonds	15-Feb-12	9.15%	15-Feb-27	1.1	Simple	CRISIL AAA/Stable

Notes: Institutional bonds, 54EC Capital Gain Tax Exemption Bonds, Tax free bonds, Zero coupon bonds, infrastructure bonds and term loans from banks/financial institution are part of long-term borrowing programme,

^^Not yet issued

#Part of borrowing programme for fiscal 2021

&Part of borrowing programme for fiscal 2020

@@ GOI fully serviced bonds

 

Annexure - Details of Rating Withdrawn 

ISIN	Name of the Instrument	Date of Issuance	Coupon Rate (%)	Maturity Date	Complexity Levels	Issue Size (Rs.Cr)
INE020B08518	Infrastructure Bonds	31-Mar-11	8.00%	31-Mar-21	Simple	16.9
INE020B08534	Infrastructure Bonds	31-Mar-11	8.20%	31-Mar-21	Simple	58
INE020B07KT4	Institutional Bonds	31-Mar-18	5.25%	31-Mar-21	Simple	2,559.30
INE020B08AR7	Institutional Bonds	17-Jan-18	7.60%	17-Apr-21	Simple	1,055.00
INE020B08AO4	Institutional Bonds	21-Nov-17	7.18%	21-May-21	Simple	600
INE020B08AW7	Institutional Bonds	15-Mar-18	7.73%	15-Jun-21	Simple	800
INE020B08BN4	Institutional Bonds	18-Mar-19	8.15%	18-Jun-21	Simple	2,720.00
INE020B08567	Institutional Bonds	15-Jul-11	9.63%	15-Jul-21	Simple	1,500.00
INE020B07IW2	Institutional Bonds	17-Jul-14	9.40%	17-Jul-21	Simple	1,515.00
INE020B08591	Institutional Bonds	10-Aug-11	9.48%	10-Aug-21	Simple	3,171.80
INE020B08CA9	Institutional Bonds&	26-Sep-19	7.55%	26-Sep-21	Simple	300
INE020B08997	Institutional Bonds	21-Oct-16	7.24%	21-Oct-21	Simple	2,500.00
INE020B08641	Institutional Bonds	11-Nov-11	9.75%	11-Nov-21	Simple	3,922.20
INE020B08872	Institutional Bonds	4-Dec-14	8.44%	4-Dec-21	Simple	1,550.00
INE020B08AB1	Institutional Bonds	9-Dec-16	7.14%	9-Dec-21	Simple	1,020.00
INE020B08BR5	Institutional Bonds&	6-May-19	8.50%	20-Dec-21	Simple	1,245.00
INE020B08CL6	Institutional Bonds&	10-Feb-20	6.32%	31-Dec-21	Simple	2,489.40
INE020B08CQ5	Institutional Bonds&	13-Mar-20	6.99%	31-Dec-21	Simple	1,115.00
INE020B08BD5	Institutional Bonds	22-Oct-18	8.83%	21-Jan-22	Simple	2,171.00
INE020B08708	Infrastructure Bonds	15-Feb-12	8.95%	15-Feb-22	Simple	5.7
INE020B08716	Infrastructure Bonds	15-Feb-12	8.95%	15-Feb-22	Simple	1.4
NA	Short Term Borrowing programme (FY21)	NA	NA	NA	Simple	10000

 

Annexure – List of entities consolidated

Names of Entities Consolidated	Extent of Consolidation	Rationale for Consolidation
REC Power Development and Consultancy Limited*	Full	Subsidiary
Energy Efficiency Services Limited	Part	Joint Venture

* Formerly known as REC Power Distribution Company Limited