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1 CARE Ratings Limited

Press Release

Magma Fincorp Limited (Revised)

July 06, 2018

Ratings

Facilities/Instruments Amount

(Rs. crore) Rating

1

Rating

Action

Long term Bank Facilities 7,184.28

(Reduced from 7,250.54)

CARE AA-; Stable

(Double A Minus; Outlook:

Stable)

Reaffirmed

Long/Short-term Bank

Facilities 405.00

CARE AA-; Stable/CARE A1+


Stable /A One Plus)

Reaffirmed

Total Facilities

7,589.28

(Rupees Seven thousand Five hundred Eighty

Nine crore and Twenty Eight lakh only)

Unsecured Subordinated

Tier II debt

607.30

(reduced from 667.30 crore)

(Rupees Six hundred Seven crore and thirty

lakh only)



Stable /A One Plus)

Reaffirmed

Proposed Unsecured

Subordinated Tier II debt

100.00

(Rupees One hundred crore only)

Secured Redeemable

Bonds

105.00

(Rupees One Hundred and Five crore only) CARE AA-; Stable/CARE A1+


Stable /A One Plus)

Reaffirmed Proposed Secured

Redeemable Bonds

82.10

(Rupees Eighty Two crore and Ten lakh only)

Perpetual Debt

115.40

(Rupees One Hundred Fifteen crore and Forty

lakh only)



Stable /A One Plus)

Reaffirmed

Proposed Perpetual Debt 64.60

(Rupees Sixty Four crore and Sixty lakh only)

Commercial Paper issue

(Carved out of working

capital limit)

1250.0

(Rupees One Thousand Two Hundred and

Fifty crore only)

CARE A1+

(A One Plus) Reaffirmed

Commercial Paper issue

750.0

(Rupees Seven Hundred and Fifty crore only)

(Rupees Seven Hundred and Fifty crore only)

CARE A1+

(A One Plus) Reaffirmed

Details of instruments/facilities in Annexure-1

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities/instruments of Magma Fincorp Ltd (MFL) continue to draw comfort from

Magma group’s long track record of operation, experienced management team, wide branch network, well-diversified

asset portfolio with increasing share of high yield products, comfortable liquidity parameters, growth in disbursement in

FY18, after consolidating for two years and improvement in consolidated financial performance in FY18. The ratings also

derive comfort from the infusion of funds through QIP in April 2018 leading to improved Capital Adequacy Ratio (CAR).

The ratings are, however, constrained by stressed though improving asset quality, and declining asset under management

due to cautious lending for the last two-three years.

1Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications

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Press Release

The ability of the group to grow its loan portfolio while improving asset quality and collection efficiency and maintenance

of adequate liquidity buffer in the form of un-utilized line of credit, remain the key rating sensitivities. The ability of the

group to protect its net interest margin in the rising interest rate scenario shall also remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record and experienced management team

MFL has been in asset financing business for more than three decades. Mr. Mayank Poddar, the Chairman Emeritus, and

Mr. Sanjay Chamria, Vice Chairman and MD, have over three decades of business experience in the financial sector. The

company is governed by a seven-member Board of Directors, which includes two promoter directors, one nominee

director and four independent directors. The Board comprises of a team of qualified and experienced professionals with

considerable experience in all functional areas.

Pan-India presence

MFL has a pan-India presence through a strong network of 305 branches (as on March 31, 2018) across 21 states/union

territories. The group primarily caters to clients in rural and semi-rural markets and approximately 80% of the branches

are located in rural and semi-rural areas.

Diversified product portfolio with increasing share of high yield products

The group has a well-diversified asset portfolio with presence in utility vehicles/cars, construction equipment, commercial

vehicles, used assets, tractors, SME loan and loan against property (LAP).

Satisfactory capitalization level post infusion of funds and comfortable liquidity profile

MFL’s CAR stood at 20.74% as on Mar.31, 2018 vis-à-vis 20.37% as on March 31, 2017. With infusion of Rs.500 crore

equity capital through QIP, the tier I capital of the company improved to 21.73% and the overall CAR improved and stood

at around 25% as in April 12, 2018. Higher CAR would aid the company to undertake additional business and also act as a

mitigant against delinquencies and other credit risk associated with the business.

The ALM profile of MFL as on March 31, 2018 exhibits mismatches in the short term bucket with negative mismatch up-to

3 months bucket (due to significant amount of commercial paper getting matured in 1-2 and 2-3 month bucket).

However, the company has been able to rollover its commercial paper in the past and also has adequate liquidity buffer

in the form of un-utilized line of bank credit. The rating shall remain sensitive to the comfort derived out of the un-utilised

line of bank credit.

Growth in disbursements in FY18, after consolidating for two years leading to declining AUM

MFL’s disbursement (consolidated) grew by 8.5% in FY18 vis-à-vis FY17 after consolidating for two years due to the

conscious decision of the management to conservatively grow the loan portfolio and focus on improving asset quality and

containing further slippages. The disbursement growth was mainly contributed from CV and used assets primarily in

Q3FY18 and Q4FY18. The AUM remained marginally down in FY18 vis-à-vis FY17.

Improvement in the financial performance of the company in FY18

MFL’s total income declined by 4.20% in FY18 vis-à-vis FY17. NIM of the company improved from 7.20% in FY17 to 7.89%

in FY18 on account of decline in borrowing cost of the company and increase in share of high ROA assets in earning book.

Other income as a % of total asset has improved in FY18 vis-à-vis FY17 due to sharp increase in securitization income on

the back of improvement in asset quality of securitized portfolio and higher share of pass through certificate (PTC) route

vis-à-vis direct assignment (DA). The interest spread of the company also improved on the back of decline in the

borrowing cost.

Opex (before provision & write-off) as a % of AUM (including off-book) has deteriorated from 3.62% in FY17 to 4.43% in

FY18 on the back of decline in the asset base of the company and investment in management bandwidth in different

states of India. The opex cost (%) is expected to reduce with loan book growth and better productivity.

ROTA of the company also improved in FY18 vis-à-vis FY17 on the back of improvement in the profitability level of the

company along with the averaging effect of the assets.

Key rating weaknesses

Gradual stabilisation in asset quality; though remains stressed

The overall asset quality of the group has stabilized and showing signs of improvement, after witnessing continuous

deterioration, owing to better performance of the portfolio acquired in the last two years (post changes in the

underwriting and collections framework), and improved industry scenario after two consecutive years of drought

situation, resulting in improved collection efficiency in old portfolio.

Gross NPA (%) and Net NPA (%) (on-book assets) of the group stood at 9.06% and 6.77% respectively (based on 90+ dpd)


Press Release

as on March 31, 2018 vis-à-vis 9.02% & 7.55% respectively (based on 120+ dpd) as on March 31, 2017. MFL has changed

NPA recognition policy from 120+ DPD to 90+ DPD from March 31, 2018.

Net NPA/Net-worth position of the company has shown consistent improvement post FY17. Net-NPA/Net-worth (90+

dpd) position stood at 37.36% as on March 31, 2018 vis-à-vis 45.77% (based on 120+ dpd) as on March 31, 2017.

Considering the infusion of equity of Rs.500 crore, Net NPA/Net-worth position further improves to 30%. However, the

ratio continues to remain at elevated levels.

Analytical approach:

CARE has taken a consolidated view of MFL and its subsidiaries Magma Advisory Services Ltd (currently merged with

MFL), Magma Housing Finance Ltd (MHFL) and joint venture companies Magma HDI General Insurance Company Ltd and

Jaguar Advisory Services Private Ltd (to the extent of MFL’s shareholding i.e., 41% and 48.9%, respectively).

Applicable Criteria

Criteria on assigning Outlook to Credit Ratings

CARE’s Policy on Default Recognition

Financial ratios – Financial sector

Rating Methodology – Non Banking Financial Companies

About the Company

Incorporated in 1978, Magma Fincorp Limited (MFL) is a RBI registered NBFC and is classified as a ‘Non-Deposit taking

Systemically Important Asset Financing Company’ by RBI. The current promoters of MFL are Mr. Mayank Poddar

(Chairman Emeritus) and Mr. Sanjay Chamria (Vice-Chairman and MD). Mr. Narayan Seshadri – working as Non-Promoter

Director on the board of MFL (formerly associated with Arthur Anderson and KPMG) is the Chairman.

The group also operates a mortgage business separately through its wholly owned subsidiary, Magma Housing Finance

Limited (MHFL; erstwhile Magma Housing Finance Company) since Feb 2013. The group has a presence in general

insurance business in partnership with HDI through Magma HDI General Insurance Company Ltd since Oct 2012.

MFL was also involved in the financing of tractors through its wholly owned subsidiary, Magma ITL Finance Ltd (MIFL; MFL

acquired 26% stake of MIFL from International Tractors Ltd in August 2017). MFL has been merged with MIFL w.e.f.

October 01, 2017, and currently the tractor finance is being done directly by MFL.

Financials (consolidated)

Brief Financials (Rs. crore) FY17 (A) FY18 (A)

Total operating income 2,399.45 2,298.59

PAT 12.73 230.42

Interest coverage (times) (after provision) 1.08 1.41

Total Assets 13,358.51 13,509.35

Net NPA (%) (based on on-book assets) 7.55# 6.77@

ROTA (%) 0.09 1.72

A: Audited; #: Based on 120+ dpd, @: Based on 90+ dpd.

Status of non-cooperation with previous CRA:

Not Applicable

Any other information:

Not Applicable

Rating History for last three years: Please refer Annexure-2

Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This classification is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any clarifications.

Analyst Contact:

Name: Ms. Richa Bagaria

Tel: (033) 4018 1653

Mobile: +91 99034 70650

Email: [email protected]

mailto:[email protected]


Press Release

**For detailed Rationale Report and subscription information, please contact us at www.careratings.com

About CARE Ratings:

CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices.

Disclaimer

CARE’s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments.

In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors.

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Annexure-1: Details of Instruments/Facilities

Name of the

Instrument

Date of

Issuance

Coupon

Rate

Maturity

Date

Size of the Issue

(Rs. crore)

Rating assigned

along with Rating

Outlook

Fund-based - LT-Cash Credit - - - 6500.00 CARE AA-; Stable

Term Loan-Long Term - - Sep-2021 684.28 CARE AA-; Stable

Non-fund-based - LT/ ST-BG/LC - - - 405.00 CARE AA-; Stable /

CARE A1+

Bonds-Secured Reedemable Bonds - - - 30.90 CARE AA-; Stable



Bonds-Secured Reedemable Bonds Feb-2017 9.00% Feb. 13, 2024 50.00 CARE AA-; Stable

Bonds-Secured Reedemable Bonds Apr-2017 9.00% Apr. 06, 2024 50.00 CARE AA-; Stable

Bonds-Secured Reedemable Bonds Jan-2017 9.55% Jan. 01, 2022 5.00 CARE AA-; Stable

Debt-Subordinate Debt Jun. 30, 2014 11.45% Jun. 30, 2021 0.50 CARE AA-; Stable

Debt-Subordinate Debt Mar. 30, 2012 11.75% Mar. 30, 2019 25.00 CARE AA-; Stable


Debt-Subordinate Debt Dec. 09, 2011 11.20% Dec. 09, 2018 125.00 CARE AA-; Stable

Debt-Subordinate Debt Sep. 06, 2012 11.50% Sep. 06, 2022 10.00 CARE AA-; Stable





Debt-Subordinate Debt Jan. 17, 2013 11.00% Jan. 17, 2023 10.00 CARE AA-; Stable

Debt-Subordinate Debt Jan. 17, 2013 11.00% Jan. 17, 2020 15.00 CARE AA-; Stable

Debt-Subordinate Debt Apr. 23, 2013 10.70% Apr. 21, 2023 48.00 CARE AA-; Stable









Debt-Subordinate Debt Mar. 28, 2014 11.00% Apr. 28, 2021 5.00 CARE AA-; Stable

Debt-Subordinate Debt Mar. 28, 2014 11.00% Apr. 28, 2021 10.00 CARE AA-; Stable




Debt-Subordinate Debt (Proposed) - - - 30.00 CARE AA-; Stable

Debt-Subordinate Debt (Proposed) - - - 70.00 CARE AA-; Stable

Debt-Perpetual Debt Mar. 24, 2010 13.50% - 10.00 CARE A+; Stable


Debt-Perpetual Debt Dec. 09, 2010 12.50% - 10.00 CARE A+; Stable

Debt-Perpetual Debt Jan. 07, 2011 12.50% - 4.00 CARE A+; Stable

Debt-Perpetual Debt Jan. 07, 2011 12.50% - 11.00 CARE A+; Stable

Debt-Perpetual Debt May 20, 2013 12.10% - 1.00 CARE A+; Stable





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Debt-Perpetual Debt Sep. 26, 2013 12.00% - 25.00 CARE A+; Stable

Debt-Perpetual Debt Sep. 18, 2015 12.10% - 2.00 CARE A+; Stable

Debt-Perpetual Debt Oct. 15, 2015 12.10% - 5.00 CARE A+; Stable


Debt-Perpetual Debt Feb. 03, 2017 11.50% - 1.90 CARE A+; Stable

Debt-Perpetual Debt - - - 14.60 CARE A+; Stable

Debt-Perpetual Debt - - - 50.00 CARE A+; Stable

Commercial Paper-Commercial

Paper (Standalone)

- - - 750.00 CARE A1+

Commercial Paper-Commercial

Paper (Carved out)

- - - 1250.00 CARE A1+

Annexure-2: Rating History of last three years

Sr.

No.

Name of the

Instrument/Bank

Facilities

Current Ratings Rating history

Type

Amount

Outstanding

(Rs. crore)

Rating

Date(s) &

Rating(s)

assigned

in 2018-

2019

Date(s) &

Rating(s)

assigned in

2017-2018

Date(s) &

Rating(s)

assigned in

2016-2017

Date(s) &

Rating(s)

assigned in

2015-2016

1. Bonds-Secured

Reedemable Bonds

- - - - - - -

2. Debt-Subordinate

Debt

LT - - - - 1)Withdrawn

(26-Apr-16)

1)CARE AA-

(22-May-15)

3. Debt-Perpetual

Debt

LT 40.00 CARE A+;

Stable

- 1)CARE A+;

Stable

(26-Mar-18)

2)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)

4. Commercial Paper-

Commercial Paper

(Standalone)

ST 750.00 CARE A1+

- 1)CARE A1+

(31-Oct-17)

2)CARE A1+

1)CARE A1+

(10-Mar-17)

2)CARE A1+

1)CARE A1+

(22-May-15)


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(14-Jul-17)

(20-Jan-17)

3)CARE A1+

(12-Jul-16)

4)CARE A1+

(26-Apr-16)

5. Bonds-Secured

Reedemable Bonds

LT - - - - - 1)Withdrawn

(16-Apr-15)

6. Preference Shares-

Reedemable


(23-Jul-15)

2)CARE A+

(22-May-15)

7. Debt-Subordinate

Debt

LT 0.50 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

8. Debt-Subordinate

Debt

LT 25.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

9. Bonds-Secured

Reedemable Bonds

- - - - - - -

10. Bonds-Secured

Reedemable Bonds


(16-Apr-15)

11. Debt-Perpetual

Debt

LT 15.00 CARE A+;

Stable

- 1)CARE A+;

Stable

(26-Mar-18)

2)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)

12. Debt-Subordinate

Debt

LT - - - 1)Withdrawn

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

13. Debt-Perpetual

Debt

LT 25.00 CARE A+;

Stable

- 1)CARE A+;

Stable

(26-Mar-18)

1)CARE A+;

Negative

(10-Mar-17)

1)CARE A+

(22-May-15)


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2)CARE A+;

Negative

(14-Jul-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

14. Fund-based - LT-

Cash Credit

LT 6500.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

15. Term Loan-Long

Term

LT 684.28 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

16. Non-fund-based -

LT/ ST-BG/LC

LT/ST 405.00 CARE AA-;

Stable / CARE

A1+

- 1)CARE AA-;

Stable / CARE

A1+

(26-Mar-18)

2)CARE AA-;

Negative /

CARE A1+

(14-Jul-17)

1)CARE AA-;

Negative / CARE

A1+

(10-Mar-17)

2)CARE AA-;

Stable / CARE

A1+

(20-Jan-17)

3)CARE AA- /

CARE A1+

(12-Jul-16)

1)CARE AA- /

CARE A1+

(22-May-15)

17. Commercial Paper-

Commercial Paper

(Carved out)

ST 1250.00 CARE A1+

- 1)CARE A1+

(31-Oct-17)

2)CARE A1+

(14-Jul-17)

1)CARE A1+

(10-Mar-17)

2)CARE A1+

(20-Jan-17)

3)CARE A1+

(12-Jul-16)

4)CARE A1+

(26-Apr-16)

1)CARE A1+

(22-May-15)


Debt


(26-Apr-16)

1)CARE AA-

(22-May-15)


Debt

LT 0.00 Withdrawn;

Stable

- - 1)Withdrawn;

Stable

(20-Jan-17)

2)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)


Reedemable


(23-Jul-15)

2)CARE A+

(22-May-15)


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21. Bonds-Secured

Reedemable Bonds

LT 0.00 Withdrawn;

Stable

- - 1)Withdrawn;

Stable

(20-Jan-17)

2)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

22. Bonds-Secured

Reedemable Bonds


(16-Apr-15)


Debt

LT 145.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

24. Term Loan-Long

Term


(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

25. Bonds-Secured

Reedemable Bonds


(26-Apr-16)

1)CARE AA-

(22-May-15)

26. Bonds-Secured

Reedemable Bonds


(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)


Debt

LT 30.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

28. Bonds-Secured

Reedemable Bonds


(20-Jan-17)

2)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)


Reedemable


(12-Jul-16)

1)CARE A+

(22-May-15)


Debt

LT 160.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

1)CARE AA-

(22-May-15)


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Negative

(14-Jul-17)

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

31. Debt-Perpetual

Debt

LT 17.50 CARE A+;

Stable

- 1)CARE A+;

Stable

(26-Mar-18)

2)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)


Debt

LT 3.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

33. Bonds-Secured

Reedemable Bonds


(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)


Debt

LT 14.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

35. Debt-Perpetual

Debt

LT 50.00 CARE A+;

Stable

- 1)CARE A+;

Stable

(26-Mar-18)

2)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)


Reedemable


(12-Jul-16)

1)CARE A+

(22-May-15)

37. Bonds-Secured

Reedemable Bonds

LT 30.90 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

1)CARE AA-

(22-May-15)


Press Release

(14-Jul-17)

(20-Jan-17)

3)CARE AA-

(12-Jul-16)


Debt

LT 86.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

39. Debt-Perpetual

Debt

LT 25.50 CARE A+;

Stable

- 1)CARE A+;

Stable

(26-Mar-18)

2)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

1)CARE A+

(22-May-15)


Reedemable


(26-Apr-16)

1)CARE A+

(22-May-15)


Debt

LT 140.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)


Debt

LT 3.50 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

43. Bonds-Secured

Reedemable Bonds


(26-Apr-16)

1)CARE AA-

(22-May-15)

44. Bonds-Secured

Reedemable Bonds


(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

45. Bonds-Secured

Reedemable Bonds

LT 50.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

1)CARE AA-

(22-May-15)


Press Release

Negative

(14-Jul-17)

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

46. Bonds-Secured

Reedemable Bonds

LT 1.20 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)


Debt

LT 30.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)


Debt

LT 70.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

1)CARE AA-

(22-May-15)

49. Bonds LT - - - - - 1)Withdrawn

(23-Jul-15)

50. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

51. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

52. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

53. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

54. Bonds-Secured

Reedemable Bonds


(22-May-15)

55. Bonds-Secured

Reedemable Bonds


(23-Jul-15)

56. Bonds-Secured

Reedemable Bonds


(12-Jul-16)

-


Debt

LT 0.30 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

-


Press Release

(12-Jul-16)

58. Bonds-Secured

Reedemable Bonds


(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

-

59. Bonds-Secured

Reedemable Bonds


(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

1)CARE AA-;

Negative

(10-Mar-17)

2)CARE AA-;

Stable

(20-Jan-17)

3)CARE AA-

(12-Jul-16)

-

60. Bonds-Secured

Reedemable Bonds


(12-Jul-16)

-

61. Bonds-Secured

Reedemable Bonds


(12-Jul-16)

-

62. Debt-Perpetual

Debt

LT 7.00 CARE A+;

Stable

- 1)CARE A+;

Stable

(26-Mar-18)

2)CARE A+;

Negative

(14-Jul-17)

1)CARE A+;

Negative

(10-Mar-17)

2)CARE A+;

Stable

(20-Jan-17)

3)CARE A+

(12-Jul-16)

-

63. Bonds-Secured

Reedemable Bonds


(12-Jul-16)

-

64. Bonds-Secured

Reedemable Bonds

LT 50.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

- -

65. Bonds-Secured

Reedemable Bonds

LT 50.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

- -

66. Bonds-Secured

Reedemable Bonds

LT 5.00 CARE AA-;

Stable

- 1)CARE AA-;

Stable

(26-Mar-18)

2)CARE AA-;

Negative

(14-Jul-17)

- -


Press Release

CONTACT Head Office Mumbai

Ms. Meenal Sikchi Mr. Ankur Sachdeva Cell: + 91 98190 09839 Cell: + 91 98196 98985 E-mail: [email protected] E-mail: [email protected]

Ms. Rashmi Narvankar Mr. Saikat Roy Cell: + 91 99675 70636 Cell: + 91 98209 98779

E-mail: [email protected] E-mail: [email protected]

CARE Ratings Limited (Formerly known as Credit Analysis & Research Ltd.)

Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022

Tel: +91-22-6754 3456 | Fax: +91-22-6754 3457 | E-mail: [email protected]

AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad - 380 015 Cell: +91-9099028864 Tel: +91-79-4026 5656 E-mail: [email protected] BENGALURU Mr. V Pradeep Kumar Unit No. 1101-1102, 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore - 560 001. Cell: +91 98407 54521 Tel: +91-80-4115 0445, 4165 4529 Email: [email protected] CHANDIGARH Mr. Anand Jha SCF No. 54-55, First Floor, Phase 11, Sector 65, Mohali - 160062 Chandigarh Cell: +91 85111-53511/99251-42264 Tel: +91- 0172-490-4000/01 Email: [email protected] CHENNAI Mr. V Pradeep Kumar Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai - 600 002. Cell: +91 98407 54521 Tel: +91-44-2849 7812 / 0811 Email: [email protected] COIMBATORE Mr. V Pradeep Kumar T-3, 3rd Floor, Manchester Square

Puliakulam Road, Coimbatore - 641 037.

Tel: +91-422-4332399 / 4502399

Email: [email protected] HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, 3-6-502, Himayat Nagar, Hyderabad - 500 029. Cell : + 91 90520 00521 Tel: +91-40-4010 2030 E-mail: [email protected]

JAIPUR Mr. Nikhil Soni 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur - 302 016. Cell: +91 – 95490 33222 Tel: +91-141-402 0213 / 14 E-mail: [email protected] KOLKATA Ms. Priti Agarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata - 700 071. Cell: +91-98319 67110 Tel: +91-33- 4018 1600 E-mail: [email protected] NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Cell: +91-98117 45677 Tel: +91-11-4533 3200 E-mail: [email protected] PUNE Mr.Pratim Banerjee 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune - 411 015. Cell: +91-98361 07331 Tel: +91-20- 4000 9000 E-mail: [email protected]

CIN - L67190MH1993PLC071691















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