Professional Risk Opinion October 17, 2019 IFL_Rating Rationale.pdf · The company was sponsored by IDFC Financial Holding Company Limited (IDFC FHC Ltd.; a wholly owned subsidiary

Professional Risk OpinionCARE/HO/RR/2019-20/1725

Mr. Sadashiv Rao Chief Executive OfficerNIIF Infrastructure Finance Limited (Formerly IDFC Infrastructure Finance Limited) 3rd Floor, UTI Tower, North Wing, G Block,Bandra-Kurla Complex, Bandra (E),Mumbai 400051

October 17, 2019

ConfidentialDear Sir

Credit Rating for various debt instruments

Please refer to our letter(s) dated September 30, 2019 and October 03, 2019 on the above

subject.

2. The rationale for the rating is attached as an Annexure.

3. We request you to peruse the annexed document and offer your comments, if any. We

are doing this as a matter of courtesy to our clients and with a view to ensure that no

factual inaccuracies have inadvertently crept in. Kindly revert as early as possible.

If you have any further clarifications, you are welcome to approach us.

Thanking you,Yours faithfully.

Aditya Acharekar Associate Director

[email protected]

[email protected]

Enel.: As above

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

4“ Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: *91-22-6754 3456 . Fax: *91-22-6754 3457 • wv/w.careratings.com . CIN-L67190MH1993PLC071691

mailto:[email protected]


Annexure: Rating RationaleNIIF Infrastructure Finance Limited (erstwhile IDFC Infrastructure Finance Limited)

Ratings

Amount (Rs. crore) Ratings1Instruments Rating Action

2,300(Two Thousand Three Hundred Crore only)

Non-Convertible Debentures (NCD)

CARE AAA; Stable [Triple A; Outlook: Stable) Assigned

1,500(One Thousand Five Hundred Crore only)


CARE AAA; Stable [Triple A; Outlook: Stable) Reaffirmed

1,000(One Thousand

Crore only)


CARE AAA; Stable [Triple A; Outlook: Stable)

Reaffirmed

1,500(One Thousand Five Hundred Crore only)


CARE AAA; Stable [Triple A; Outlook: Stable)

Reaffirmed

1,700(One Thousand Seven Hundred Crore only)


CARE AAA; Stable [Triple A; Outlook: Stable) Reaffirmed

600 CARE A1+ [A One Plus]

Commercial Paper (CP) Reaffirmed(Six Hundred Crore only)Details otinstruments in Annexure-J

Detailed Rationale & Key Rating Drivers:

The ratings assigned to various debt instruments of NIIF Infrastructure Finance Limited (NIIF IFL; erstwhile IDFC

Infrastructure Finance Limited) derive strength from its majority shareholding of National Investment & Infrastructure

Fund II (NIIF II), which is a fund anchored by Government of India (Gol) to enable funding into the country'

infrastructure sector which acquired 58.89% shareholding in the company, its sponsor viz. IDFC Financial Holding

Company Limited (a wholly owned subsidiary of IDFC Limited) which holds 30.00% stake and a well-defined regulatory

framework for Infrastructure Debt Funds -NBFC route (IDF-NBFC).

The NIIF II fund is managed by National Investment & Infrastructure Fund Limited (NIIF Limited) which has appointed

three nominee directors to oversee the operations and governance of NIIF IFL. CARE expects strong support from NIIF

Limited to NIIF IFL considering NIIF II Fund (Strategic Fund) being fund set up by GDI for growth and development stage

investments in projects/companies in a broad range of sectors that are of economic and commercial importance.

The ratings also factor in the experienced management team, strong capitalization, and good quality of asset portfolio

and comfortable liquidity position of the company.

Continued investor and sponsor support, business growth, asset quality, profitability and concentration are the key

rating sensitivities.

Detailed description of the Key Rating Drivers:

Key Rating Strengths:

Strong shareholders and group synergies with sponsor group

The company was sponsored by IDFC Financial Holding Company Limited (IDFC FHC Ltd.; a wholly owned subsidiary of

IDFC Limited) which held 81.48% shareholding while SBI Life Insurance Company Limited (SBI Life) held 7.41% and

Housing Development Finance Corporation Limited (HDFC Ltd.) held 11.11%. As per RBI guidelines, the sponsor of IDF-

NBFC should reduce its shareholding to a maximum of 49% and a minimum of 30% in the IDF-NBFC. To comply with the

Complete definition of the ratings assigned ore available at www.corerotinas.com and other CARE publications

CARE Ratings Limited(Formerly known as Credit Analysis Ac Research Limited)

41, Floor, Godrej Coliseum, Somalya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: *91-22- 6754 3456 . Fax: *91-22-6754 3457 • www.carcratings.com . CIN-167190MH1993PLC071691

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regulations, IDFC FHC Ltd. transferred 51.48% of its shareholding in the company to NIIF Fund II which also acquired stake

of SBI Life to hold 58.89% in NIIF IFL in March, 2019. Subsequently, in July, 2019, the name of the company was changed

to 'NIIF Infrastructure Finance Limited’. Currently, with shareholding of 30%, IDFC Financial Holdings Company Limited

continues to be the sponsor of the company.

Figure 1: Current Shareholding

Post-acquisition of the majority stake, NIIF Limited has appointed Mr. AKT Chari, Mr. Rajiv Dhar and Mr. Surya Prakash

Rao as Nominee Directors of NIIF Fund II on the Board of Directors of the company.

National Investment and Infrastructure Fund Limited (NIIFL) is an investor-owned fund manager, anchored by the

Government of India (Gol) in collaboration with leading global and domestic institutional investors. Currently, NIIFL

manages three different funds that each have distinct investment strategy. NIIFL through its funds invests in operating

assets, greenfield projects in infrastructure and related businesses as well as third party managed funds. It has made this

acquisition from its Strategic Opportunities Fund. The Strategic Opportunities Fund is aimed at growth and development

stage investments in projects/companies in a broad range of sectors that are of economic and commercial importance

and are likely to benefit from India’s growth trajectory over the medium to long-term.

Besides, the company also benefits from synergies arising out of IDFC Limited's expertise in the infrastructure domain

accumulated over the years in project finance which enable the company in understanding as well as providing financing

solutions across all the infrastructure sectors.

Experienced management team

The Board of Directors of NIIF IFL has Mr. Gautam Kaji and Ms. Ritu Anand as independent directors. Mr. Kaji has over 30

years of experience in economic and development policy formulation and implementation with the World Bank and Ms.

Anand has over 35 years of extensive experience in working with financial institutions, multilateral development agencies

and government and regulatory authorities in the areas of economics and public policy. In addition, the board has Mr.

Sunil Kakar as nominee director of IDFC Limited and Mr. Suresh Menon as nominee director of HDFC apart from the three

nominee directors appointed by NIIF Fund II. Mr. Kakar is the MD & CEO of IDFC Limited and Mr. Menon is a Member of

the Executive Management of HDFC.

The operations of NIIF IFL are headed by Mr. Sadashiv S. Rao (CEO) who has over 28 years of experience in project

finance, investment banking and advisory services. In his previous roles at IDFC, he held the positions of Chief Risk Officer,

Chief Credit Officer, Senior Director - Corporate Finance, Head - Operations (North) and Vice President - Operations

(Energy Sector). He is supported by Mr. Debabrata Mukherjee (Head - Business) who is primarily responsible for business


4 ’ Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: +91-22- 6754 3456 . Fax: •♦91-22-6754 3457 • www.careratlngs.com . CIN-L67190MH1993PLC071691

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development and management of the asset portfolio, Mr. Dhananjay Yellurkar (Chief Risk Officer) who is primarily

responsible for leading the credit risk function, developing and implementing risk management framework, ensuring a

sound risk awareness culture and monitoring the risk management activities, Mr. Srinivas Upadhyayula (Head - Legal &

Compliance) and Mr. Sanjay Ajgaonkar (Chief Financial Officer) who has over 24 years of experience in finance,

accounting and compliance.

Well defined IDF - NBFC framework; regulatory changes give more room for sectoral diversification

The RBI guidelines provide a well-defined framework for IDF-NBFC which provide for sectoral diversification. Under the

RBI guidelines, in addition to investments in PPP infrastructure projects secured against tripartite agreements.

Key points of the RBI guidelines for IDF-NBFCs are as below:

■BUSH_____IDF-NBFCs can invest only in non-PPP infrastructure projects which have completed at least one year of satisfactory commercial operations (in addition to PPP projects)IDF-NBFCs can invest in PPP infrastructure projects without a tripartite agreement in projects which have completed at least one year of satisfactory commercial operation

This eliminates the construction risk in the investee projects and project risk related to the project to a large extent.

Fund raising through long term debt having a minimum maturity of 5 year. Borrowings by way of short term resource and commercial paper (CP) are capped at 10% of total outstanding borrowings

Helps to eliminate the asset liability maturity (AIM) mismatch as the funding in the infrastructure segments is long term;

While the earlier tight IDF-NBFC framework was intended to contain credit quality risks through credit enhancement via

termination payment by the project authority, investments in non-PPP infrastructure projects and PPP infrastructure

projects without a tripartite agreement are expected to increase the credit risks since in those cases credit enhancement

from tripartite agreement won't be available.

Comfortable capital adequacy with low gearing levels

The company reported total CAR of 20.87% (P.Y.: 22.09%) as on March 31, 2019 as against a minimum regulatory

requirement of 15%. It reported Tier I CAR of 20.41% [P.Y.: 21.60%) as on March 31, 2019. The company reported CAR of

20.84% with Tier I CAR of 20.39% as on June 30, 2019.

Figure 2: Trend in Capital Adeauacv


4" Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: *-91-22- 6754 3456 . Fax:+91-22-6754 3457 . wsvw.careratings.com . CIN-L67190MH1993PLC071691

The company's net-worth was Rs.829 crore [P.Y.: Rs.727 crore) with total borrowings of Rs.3,873 crore [P.Y.: 3,593 crore]

as on March 31, 2019 resulting in gearing of 4.67 times [P.Y.: 4.94 times) as on March 31, 2019. As on June 30, 2019, the

company reported tangible net-worth of Rs.860 crore with total borrowings increasing incrementally by Rs.160 crore to

Rs.4,033 crore resulting in gearing of 4.69 times.

Figure 3: Trend in Gearing Levels

Trend In Gearing Levels (x)

4800 64.944.86 4.694.67JJ J J3600 -43.22

2400

- 21200

0 031-Mar-17 (I GAAP)

31-Mar-18 (I GAAP)

31-Mar-18(INDAS)

31-Mar-19(INDAS)

30-Jun-19(INDAS)

Tangible Net worth (Rs. crore) (LHS)

------- Gearing (times) (RHS)

Total Borrowings (Rs. crore) (LHS)

Strong profitability parameters

During FY19, the company achieved 24% y-o-y growth in Profit After Tax (PAT) which was reported at Rs.103.13 crore on

total income of Rs.440.65 crore (PAT Margin: 23%) as against PAT of Rs.83.29 crore on total income of Rs.333.78 crore

(PAT Margin: 25%). Total number of borrowers stood at 58 as on March 31, 2019 (P.Y.: 49) resulting in loan portfolio of

Rs.4,666.08 crore (P.Y.: Rs.4,190.97 crore). During FY19, the company reported 34.47% y-o-y increase in interest income

at Rs.433 crore (P.Y.: Rs.322 crore). The total borrowings of the company also increased by 7.79% y-o-y to Rs.3,873.34

crore as on March 31, 2019 (P.Y.: Rs.3,593.09 crore) all of which are NCDs issued by the company for period of at least 5

years. The company has no short term borrowings as on March 31, 2019. As a result, the finance cost of the company

increased by 39.21% y-o-y to Rs.316 crore during FY19 (FY18: Rs.227 crore). Also due to good asset quality parameters,

the company reported provisioning of ~Rs.2 crore (P.Y.: ~Rs.6 crore). During FY19, the company reported Operating

Profit of Rs.103 crore (P.Y.: Rs.83 crore). The company reported NIM of 2.50%, ROTA of 2.22% and RONW of 13.25% as on

March 31, 2019.

During Q1FY20 (refers to period from April 01 to June 30), the company reported PAT of Rs.31 crore on total income of

Rs.117 crore (PAT Margin: 26%). The company reported NIM and ROTA of 2.58% and 2.46% respectively as on June 30,

2019.

CARE Ratings Limited(Formerly knov/n as Credit Analysis & Research Limited)

4" Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: +91-22- 6754 3456 . Fax:+91-22-6754 3457 . www.careratings.com . CIN-L67190MH1993PLC071691

http://www.careratings.com

Figure 4: Trend in Profitability Parameters

500 45441

m M85" "ft 26'50Bn gU B« wLl ^

400 -

30300

20015

10031

0FY17 FY18 FY18 FY19 Q1FY20

{IND AS)(I GAAP) (I GAAP) (IND AS) (IND AS)

Total Income (Rs. crore) (LHS) PAT (Rs. crore) (LHS) ------- PAT Margin (%) (RHS)

16 14.26

12.43 12.4411.48 11.45

12

8

3.343.144 2.52 2.582.50

3.33 2.95 2.512.37 2.22

FY17 FY18 (I GAAP)

FY18 (IND AS)

FY19 (IND AS)

Q1FY20 (IND AS)(I GAAP)

— NIM(%) ------- ROTA {%) ------- RONW (%)

Comfortable liquidity

The assets under IDF-NBFC are long term assets against which the funding profile is predominantly long term funds. The

guidelines allow IDF-NBFC to place up to 10% of total borrowings by way of short term funding. As on June 30, 2019, the

AIM profile of NIIF IFL had no negative cumulative mismatch in buckets up to 1 year. The company had liquid investments

of Rs.237.39 crore in IDFC Liquid Funds which provide comfort. The company also had Rs.48.03 crore of cash and cash

equivalent as on June 30, 2019. Furthermore, NIIF IFL's strong parentage enables the company to mobilize resources at

cost effective rates.

Good asset quality parameters

The company has an internal credit risk grading framework which uses internal rating model in which the borrower & loan

specific information collected at the time of initial application & annual re-rating exercise is fed into risk rating model.

The company continues to have nil NPA. The loan portfolio stood at Rs.4,704 crore as on June 30, 2019 (March 31, 2019:

Rs.4,666 crore) which is well diversified across sectors such as wind energy (30%), solar energy (6%), roads (17%),

hospitals (15%), power transmission (12%), others (20%).

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

4’ Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: +91-22- 6754 3456 • Fax: *91-22-6754 3457 . www.careratings.com . CIN-L67190MH1993PLC071691


Figure 5: Portfolio Break-up as on June 30, 2019

Portfolio break-up as on June 30, 2019

1.77 ■ Wind power

■ Solar power

■ Captive Power

■ Hydro power

■ Power Transmission

■ Hospitals

■ Telecom Towers & Broadband network

■ IT Parks/ SE2

Other Infra Sub-sector

■ Roads

16.98- 33 37

5.12aa2.96 r:;

.^Hfl'

11.74

4.07

14.733.07

3.29 Educational Institutions

Key Rating Weaknesses:

Concentration risk

Considering the bulky nature of infrastructure loans, the company is exposed to concentration risk. As per RBI guidelines,

the maximum exposure that an IDF - NBFC can take on individual PPP projects shall be at 50% of its total Capital Funds.

An additional exposure up to 10% can be taken at the discretion of the Board of the IDF - NBFC. Also, upon receipt of an

application from IDF - NBFC and on being satisfied that the position of IDF - NBFC is satisfactory, RBI may permit

additional exposure up to 15%.

As on March 31, 2019, top 10 accounts comprised for 33.00% of the loan portfolio and 185.76% of the tangible Net-

worth. The company had 58 borrowers having loan portfolio of 4,666 crore. The loan portfolio comprised of 59 borrowers

and stood at Rs.4,704 crore as on June 30, 2019.

Analytical Approach:

CARE has analyzed the standalone credit profile of IDFC IFL along with IDFC IFL’s operational and managerial linkages with

the IDFC group.

Applicable Criteria:Criteria on assigning Outlook to Credit RatinesCARE's policy on default recognition Financial Ratios- Financial SectorCARE's Criteria for NBFCRating Methodology: Factoring Linkages in Ratines

Liquidity profile: Strong

As on June 30, 2019, the ALM profile of NIIF IFL had no negative cumulative mismatch in buckets up to 1 year. The

company had liquid investments of Rs.237.39 crore in IDFC Liquid Funds which provide comfort. The company also had

Rs.48.03 crore of cash and cash equivalent as on June 30, 2019. Furthermore, NIIF IFL’s strong parentage enables the

company to mobilize resources at cost effective rates.

About the Company:

IDFC Group (Sponsor)

CARE Ratings Limited(Formerly known ai Credit Analysis & Research Limited)

4" Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: »91-22-6754 3456 • Fax:+91-22-6754 3457 . www.careratlngs.com . CIN-L67190MH1993PIC071691

http://www.careratlngs.com

IDFC Financial Holding Company (IFHC) is a wholly owned subsidiary of IDFC Limited. The company benefits from

synergies arising out of IDFC's expertise in the infrastructure domain accumulated over the years in project finance,

private equity, project development and syndication fields which enable the company in understanding as well as

providing financing solutions across all the infrastructure sectors. IDFC Financial Holding Company Limited holds 30%

Stake in IDFC IFL, as the Sponsor.

NIIF Strategic Opportunities Fund (Majority Shareholder)

Presently, NIIFL manages over USD 4 billion of capital commitments across the three funds, each with a distinct

investment strategy. It has made this acquisition from its Strategic Opportunities Fund. The Strategic Opportunities Fund

is aimed at growth and development stage investments in projects/companies in a broad range of sectors that are of

economic and commercial importance and are likely to benefit from India's growth trajectory over the medium to long

term.

Gol's aggregate contribution to NIIF across its funds is Rs.20,000 crore and it is proposed that a similar amount will be

raised from third party investors such that Gol contribution will be 49%. NIIFL has raised commitments for its Funds from

global institutional investors including Abu Dhabi Investment Authority (ADIA), Temasek, Ontario Teachers' Pension Plan

(OTPP), Australian Super, Asian Infrastructure Investment Bank and other leading domestic institutions like HDFC group,

ICICI bank. Axis Bank and Kotak Mahindra Life Insurance. The Board of Directors of NIIFL includes Secretary (Department

of Economic Affairs (DEA) - Ministry of Finance), Additional Secretary (Department of Economic Affairs (DEA) - Ministry of

Finance) and representatives from its other investors. Mr. Sujoy Bose is the MD & CEO of NIIFL. He has a rich

multinational experience of over 25 years in International Finance Corporation (IFC).

Financials Performance:(Rs. Crore)

FY17 FY18 FY18 FY19Particulars (I GAAP) (I GAAP) (IND AS) (IND AS)

12M, A 12M, 12M, A 12M, AInterest Income 186 320 322 433Net gain on fair value change 12 8Total Revenue from operations 186 320 334 441Other Income 21 16 0Total Income 207 337 334 441Finance Cost______Operating expenses

119 228 227 3161611 17 19

Impairment of financial instruments 6 6 6 2Total Expenses 136 250 250 338PBT 71 86 83 103Tax ExpensesPAT________________Other Comprehensive Income

71 86 83 1030 0

Total Comprehensive Income 83 103Balance sheetShare capital 540 540 540 540Other Equity 112 199 187 289Tangible Net worth 652 739 727 829Total Borrowings 2,104 3,594 3,593 3,873Loans & Advances 2,683 4,220 4,191 4,666Cash and cash equivalent 3 32 32 34Investment 125 158 158 61Total Assets Solvency Ratios

2,837 4,475 4,449 4,862

CAR 28.96 22.1 22.09 20.87Tier-1 CAR 28.49 21.61 21.6 20.41


4 ' Floor, Godrej Coliseum, Somalya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: +91 -22- 6754 3456 . Fax: *91-22- 6754 3457 . wwvr.careratings.com . CIN-L67190MH1993PIC071691

FY17 FY18 FY18 FY19Particulars (I GAAP) (I GAAP) (IN DAS) (IND AS)

12M, A 12M, A 12M, A 12M, AGearing (times) 3.22 4.86 4.94 4.67Interest coverage (times) 1.59 1.38 1.37 1.33Profitability & Operating Efficiency Ratios (%)PAT/ Total Income (PAT Margin) 34.23 25.7 24.95 23.4Total Income / Average Total Assets 9.72 9.2 9.18 9.47Yield on Advances (A) 9.59 9.28 12.07 10.33Cost of Funds (8) 8.2 8.01 10.82 8.80Interest spread (A-B) 1.39 1.27 1.26 1.52Net Interest Margin (NIM) 3.14 2.52 3.34 2.5Other income / Average Total Assets 0.97 0.44 0Operating Expenses/Average Total Assets Provisions / Average Total Assets

0.5 0.43 0.60 0.420.28 0.17 0.22 0.04

Tax / Average Total Assets________ROTA (PAT / Average Total Assets) 3.33 2.37 2.95 2.32RONW 11.48 12.43 11.45 12.44Asset quality (%)Gross NPA (Rs. in crore)Net NPA (Rs. in crore)Gross NPANet NPANet NPA to Net-worthA: Audited

Status of non-cooperation with previous CRA: Not Applicable

Any other information: Not Applicable

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

(This follows our brief rationale for NIIF Infrastructure Finance Limited published on October 07, 2019).

CARE Ratings Limited(Formerly known as Credit Analysis Ac Research Limited)

4 Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: *91-22-6754 3456 . Fax: *91-22-6754 3457 . www.careratings.com . CIN-L67190MH1993PLC071691


Annexure-1: Details of Instruments as on September 23, 2019Name of theInstrument

Coupon IssueRate (%) Date

8.85% 29-Sep-15

MaturityDate

Size of the Issue Rating assigned (Rs. cr) along with Outlook

ISIN No.

NCD INE246R07012 29-Oct-20 150 CARE AAA; StableNCD INE246R07020 8.65% 21-OCM5 20-Nov-20 CARE AAA; Stable155NCD INE246R07038 8.64% 16-Nov-lS l-Dec-20 75 CARE AAA; StableNCD INE246R07046 8.55% 9-Dec-15 8-Jan-21 75 CARE AAA; StableNCD INE246R07053 8.65% 8-Jan-16 28-Jan-21 250 CARE AAA; StableNCD INE246R07061 8.88% 22-Mar-16 22-Apr-21 103 CARE AAA; StableNCD INE246R07079 8.75% 14-Jul-16 27-Jul-21 CARE AAA; Stable209NCD INE246R07087 8.60% 9-Aug-16

29-Aug-l625-Aug-21 141 CARE AAA; Stable

NCD INE246R07095 8.51% 31-Aug-21 CARE AAA; Stable136NCD INE246R07103 8.51% l-Sep-16 7-Sep-21 25 CARE AAA; StableNCD INE246R07111 8.39% 27-Sep-16 12-Oct-21 CARE AAA; Stable255NCD INE246R07129 8.10% 17-Nov-16 30-Nov-21 25 CARE AAA; StableNCD INE246R07137 7.35% 30-NOV-16 12-Jan-22 60 CARE AAA; StableNCD INE246R07145 7.35% 6-Dec-16 18-Jan-22 25 CARE AAA; StableNCD INE246R07152 8.00% l-Feb-17 13-Apr-22 CARE AAA; Stable150NCD INE246R07160 8.25% 22-Mar-17 24-May-22 81 CARE AAA; StableNCD INE246R07178 8.04% 19-Apr-17 19-Jul-22 CARE AAA; Stable85NCD INE246R07186 8.01% 26-Apr-17 26-May-22 101 CARE AAA; StableNCD INE246R07194 7.97% 31-May-17 18-Aug-22 CARE AAA; Stable101NCD INE246R07202 7.94% 12-Jul-17 ll-Aug-22

24-Aub-22100 CARE AAA; Stable

NCD INE246R07210 7.73% 31-Aug-17 CARE AAA; Stable82NCD INE246R07228 7.73% 19-Sep-17 10-Nov-22 340 CARE AAA; StableNCD INE246R07236 7.99% 28-Nov-17 28-Nov-24 CARE AAA; Stable115NCD INE246R07244 8.08% 14-Feb-2318-Dec-17 265 CARE AAA; StableNCD INE246R07251 8.48% 6-Feb-18 21-Feb-23 CARE AAA; Stable50NCD INE246R07269 8.49% 22-Mar-18 22-Aug-23

26-May-23217 CARE AAA; Stable

NCD INE246R07277 8.37% 26-Apr-18 8.42% 26-Apr-18

60 CARE AAA; StableNCD INE246R07285 CARE AAA; Stable27-May-25 44NCD INE246R07293 8.52% 16-May-18 15-May-26 26 CARE AAA; StableNCD INE246R07301 9.21% 5-Jul-18 CARE AAA; Stable

CARE AAA; Stable27-Aug-24 47

NCD INE246R07319 9.26% 19-Jul-18 14-Aub-24 189NCD INE246R07327 9.12% 12-Oct-18 CARE AAA; Stable23-Nov-23 12NCD INE246R07335 9.05% 10-Jan-19 22-Feb-22 25 CARE AAA; StableNCD INE246R07343 8.68% CARE AAA; Stable27-Mar-19 27-May-20 100NCD INE246R07350 9.00% 30-Apr-19 28-May-24 20 CARE AAA; StableNCD INE246R07368 9.00% 4-Jun-19 19-Aub-24 CARE AAA; Stable59NCD INE246R07376 9.00% 20-Jun-19 29-Aug-24 81 CARE AAA; StableCP CAREA1+


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Annexure-2: Rating History of last three yearsRating historyCurrent mi

Rating(s) assigned in 2018-2019

Name of the Instrument/Bank

Facilities

Date(s) & Date(s) &Rating(s) Rating(s)

assigned In assigned In

Date(s) & Rating(s)

assigned In 2015-2016

Sr. Amount Outstanding (Rs. crore)

No. Type Rating

2017-20181)CARE AAA;Stable 25-Mar-19)

2JCARE AAA; Stable 14-Aug-18)

1JCARE AAA; Stable30- Dec-16)

2)CARE AAA; Stable31- Aug-16)

Debentures-Non-ConvertibleDebentures

1)CARE AAA;Stable(26-Jul-17)

1)CARE AAA; Stable 15-Jan-16)

CARE AAA; Stable1. IT 1,500

1) CARE AAA; Stable 25-Mar-19)

2) CARE AAA;Stable14-Aug-18)

1) CARE AAA; Stable30- 0ec-16)

2) CARE AAA; Stable31- Aug-16)


IJCARE AAA;Stable26-Jul-17)

CARE AAA; StableLT 1,000

IJCARE AAA; Stable 25-Mar-19)

2JCARE AAA; Stable 14-Aug-18)


DCAREAAA;Stable26-Jul-17)

CARE AAA; Stable

LT 1,500

IJCARE A1+ 25-Mar-19)

IJCARE A1+ 14-Auf>-18)

Commercial Paper4. ST 600 CARE A1+

IJCARE AAA; Stable

CARE AAA; (25-Mar-19J Stable 2JCARE AAA;

Stable (14-Aug-18)


5. LT 1,700


CARE AAA; StableLT 2,3006.

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


4 Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.: *91-22- 6754 3456 • Fax: *91-22-6754 3457 • www.careratings.com • CIN-L67190MH1993PLC071691

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Contact usMedia ContactName - Mr. Mradul MishraContact no. -+91-22-6837 4424Email ID - mradul.mishra(a>careratines.com

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Business Development ContactName - Mr. Ankur SachdevaContact no. - +91-22-6754 3495Email ID — [email protected]

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.

DisclaimerCARE'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, hov/ever, 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. CARE or its subsidiaries/associates may also have other commercial transactions with the entity. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is, inter-alia, 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. CARE is not responsible for any errors and states that it has no financial liability whatsoever to the users of CARE's rating.Our ratings do not factor in any rating related trigger clauses as per the terms of the facility/instrument, which may involve acceleration of payments in case of rating downgrades. However, if any such clauses are introduced and if triggered, the ratings may see volatility and sharp downgrades.

••For detailed Rationale Report and subscription information, please contact us atwww.careratings.com


4 ’ Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (E), Mumbai - 400 022. Tel.:+91-22-6754 3456 . Fax:+91-22-6754 3457 . www.careratings.com . CIN-L67190MH1993PLC071691




Professional Risk Opinion October 17, 2019 IFL_Rating Rationale.pdf · The company was sponsored by IDFC Financial Holding Company Limited (IDFC FHC Ltd.; a wholly owned subsidiary

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