India Infoline Finance Limited
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- Silvester Freeman
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1 India Infoline Finance Limited November 17, 2017 Ratings Facilities Amount Subordinated Debt Details of instruments/facilities in Annexure-1 Rating 1 CARE AA; [Double A; Outlook: ] Rating Action Assigned Detailed Rationale& Key Rating Drivers The ratings factor in India Infoline Group s diversified sources of income, IIFL s strategic importance within the group as well as group synergies in the form of brand and business linkages. The ratings further take into account IIFL s comfortable capitalization levels, experienced management team and diversified resources profile. The rating also factors moderate seasoning of the loan portfolio as well as concentration risk in lending portfolio. Asset quality, capital adequacy, profitability, and client concentration risk are IIFL s key rating sensitivities. Outlook: The outlook has been revised from Stable to on account of expectation of continued improvement in granularity of loan portfolio thereby leading to risk diversification while maintaining profitability and asset quality. The outlook may be revised to Stable if the portfolio composition s granularity does not improve as anticipated by CARE. Detailed description of the key rating drivers Key Rating Strengths Diversified sources of income at Group levelwith diversified loan portfolio: IIHL group has presence across the financial services spectrum. In FY17, income from financing activity contributed 74% (FY16:72%) to total revenues, with income from wealth advisory and equity broking income contributing 14% (FY16:17%) and 12% (FY16:11%) respectively. The income stream from each of the aforementioned segment continues to be stable. IIFL is strategically important for the IIFL group, with the company accounting for a majority of the group s revenue and profits. As on March 31, 2017, IIFL s consolidated AUM was Rs.22,281crore. Within the loan portfolio, Mortgage segment constituted 63.0% [P.Y.: 54.0%], Commercial Vehicles (CV)-13.3% [P.Y.: 11.7%], Gold loans- 13.1% [P.Y.: 14.9%], Capital Market/ loans against shares-5.0% [P.Y.: 13.3%],, Medical Equipment-2.8% [P.Y.: 3.3%], SME-1.5% [P.Y.: 0.4%], Microfinance 1.1% [P.Y.: Nil] and Others 0.2% [P.Y.: 2.4%]. As on Sep 30, 2017, IIFL s consolidated AUM was Rs.26,033crore. Within the loan portfolio, Mortgage segment constituted 60.45%, Commercial Vehicles (CV)-12.11%, Gold loans %, Capital Market/loans against shares-8.46%, Medical Equipment/Structured Finance/SME/Digital-5.67% and Microfinance %. IIFL scomfortable capitalization levels As on March 31, 2017, IIFL s CAR ratio was comfortable at 20.7% (FY16:17.71%) with Tier-I being 18.10% (FY16:11.65%). Capital adequacy levels have improved on account of CDC Group s investment of Rs. 1,005 crore in IIFL through CCPS. Post conversion of CCPS, CDC shall hold 15.45% equity stake in IIFL on diluted basis. Going forward, with the envisaged growth in the lending portfolio, capital adequacy ratios are expected to moderate. As on Sep 30, 2017, IIFL s capitalization level was adequate with CAR ratio of 18.38% and Tier-I ratio of 17.04%. Experienced management team IIFL Group continues to have experienced professionals on its Board and key management team with strong experience in respective business segments. Ms. RajashreeNambiar, CEO-IIFL (NBFC) joined in July 2014 and Mr. MonuJagdishwarSingh 1 Complete definition of the ratings assigned are available at and other CARE publications 1 CARE Ratings Limited
2 Ratra CEO IIHFL (HFC) joined in August IIFL s board comprises of Mr. Nirmal Jain (Founder, IIFL Group & Chairman, IIFL Holdings Ltd.), Mr. R Venkataraman (Co-promoter & MD, IIFL Holdings Ltd.) and other eminent independent directors. Diversified resource profile As on March 31, 2017, borrowings from banks and FIs were 37% of total borrowings [P.Y.: 50%], NCD/ Sub debt 41% [P.Y.:33%] and commercial paper 22% [P.Y: 17.1%]. As on September 30, 2017, borrowings from banks and FIs were 36% of total borrowings, NCD/Sub debt- 34% and commercial paper (including CBLO)- 30%. Asset Quality As on March 31, 2017, Gross NPAs were Rs crore (at 120dpd) as compared to Rs crore as on March 31, 2016 (at 150dpd basis). As on March 31, 2017, Gross NPA and Net NPA ratio of IIFL were 1.82% and 0.58%, respectively, at 120+DPD (1.44% as on March 31, 2016at 150+DPD). As on Sep 30, 2017, Gross NPA and Net NPA ratio were 1.95% and 1.09%, respectively, at 90+DPD. Key Rating Weaknesses Limited Seasoning in lending portfolio The company has limited track record in retail mortgage (housing loans), CV, Health Care and SME portfolios. IIFL s retail mortgage portfolio has low seasoning where the company has been focusing for past two and half years. Within the mortgage segment, the company in focusing on providing lower ticket home loans to salaried segment which has increased the granularity of its retail portfolio. The company also has plans to significantly increase the SME lending book, which has an average ticket size of Rs.20 lakh (Rs.547 crore as on September 30, 2017; Rs.336 crore as on March 31, 2017). However, the performance of the housing loan and SME portfolios is yet to be seen. Concentrated wholesale book As on March 31, 2017, exposures of top 20 borrowers at the group level were Rs.2,105crore (Rs.2,596 crore as on March 31, 2016). The top 20 borrowers constituted 63.05% of IIFL Finance s consolidated net-worth (including minority interest) as on March 31, 2017 (128.40% as on March 31, 2016). Concentration has reduced on account of capital infusion by CDC Group. However, borrower concentration remains high. Analytical approach: CARE has analyzed the consolidated financial statements of India Infoline group owing to financial and operational linkages between the parent and its subsidiaries and common management. Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE Policy on Default Recognition Rating Methodology: Factoring Linkages in Ratings CARE's Criteria for NBFC Financial ratios - Financial Sector About the Company India Infoline Finance Ltd. (IIFL) is systemically important RBI registered non deposit taking NBFC focusing on mortgage loans, gold loans and capital market finance, medical equipment financing Unsecured SME loans and commercial vehicle financing. IIFL is a subsidiary of India Infoline Holdings Ltd. (IIHL) (99.99% shareholding). The parent company IIHL along with its subsidiaries is engaged in the businesses of Non Banking Finance, Housing Finance, Wealth Management, Equities, Commodities and Currency Broking, Investment Banking, Insurance and other Financial Products Distribution. IIFL s consolidated Assets Under Management stood at Rs.26,033crore as on September 30, 2017 IIFL operates through a network of 1,112 branches. IIFL has wholly owned subsidiary, India Infoline Housing Finance Ltd. (housing finance company registered with NHB), engaged in retail mortgage finance 2 CARE Ratings Limited
3 During FY17, IIFL ventured into the microfinance segment with the acquisition of Bengaluru-based microlendersamasta Microfinance Ltd (NBFC-MFI) registered with RBI. As on September 30, 2017, AUM of Samasta Microfinance Ltd was Rs. 403 crore. Brief Financials - IIFL Consolidated FY16 (A) FY17 (A) Total income 2,732 3,165 PAT Interest coverage (times) Total Assets 19,172 23,331 Net NPA (%) 0.54^ 0.58* ROTA (%) # ^150dp; *120dpd Calculated on Total Average Adjusted Assets. Brief Financials - IIHL Consolidated FY16 (A) FY17 (A) Total income 3,962 4,925 PAT Interest coverage (times) Total Assets 22,658 33,513 ROTA (%) 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 Investors/market intermediaries/regulators or others are welcome to write to care@careratings.com for any clarifications. Analyst Contact: Name: Abhishek Gupta Tel: Mobile: abhishek.gupta@careratings.com **For detailed Rationale Report and subscription information, please contact us at 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. 3 CARE Ratings Limited
4 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. Annexure-1: Details of Instruments/Facilities Name of the Instrument Date of Issuance Coupon Rate Maturity Date Size of the Issue Rating assigned along with Rating Outlook Debt-Subordinate Debt CARE AA; Annexure-2: Rating History of last three years Sr. No. Name of the Instrument/Bank Facilities 1. -Non 2. Fund-based - LT-Term Loan 3. Bonds-Perpetual Bonds 4. -Non 5. -Non 6. Fund-based - LT-Term Loan 7. Fund-based - LT-Cash Credit 8. -Non 9. Debt-Subordinate Debt 10. Preference Shares- Non Redeemable Preference Share 11. Debt-Subordinate Debt Current Ratings Type Amount Rating Outstanding LT )Withdrawn (18-Nov-16) Rating history LT )Withdrawn (05-May-14) LT )Withdrawn - - (18-Nov-16) 2)CARE AA- (07-Apr-15) LT CARE AA; LT CARE AA; LT CARE AA; LT CARE AA; LT CARE AA; ; ; ; ; ; LT )Withdrawn (18-Nov-16) LT CARE AA (RPS); (RPS); (RPS) LT CARE AA; 2)CARE AA (16-May-14) 2)CARE AA (16-May-14) (11-Aug-14) (11-Aug-14) - (RPS) 2)CARE AA (RPS) (07-Apr-15) CARE Ratings Limited
5 CONTACT Head Office Mumbai Ms. MeenalSikchi Mr. AnkurSachdeva Cell: Cell: meenal.sikchi@careratings.com ankur.sachdeva@careratings.com Ms.RashmiNarvankar Mr. Saikat Roy Cell: Cell: rashmi.narvankar@careratings.com saikat.roy@careratings.com 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 Tel: Fax: care@careratings.com AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad Cell: Tel: deepak.prajapati@careratings.com BENGALURU Unit No , 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore Cell: Tel: , CHANDIGARH Mr. AnandJha SCF No , First Floor, Phase 11, Sector 65, Mohali Chandigarh Cell: / Tel: /01 anand.jha@careratings.com CHENNAI Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai Cell: Tel: / 0811 COIMBATORE T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore Tel: / JAIPUR Mr. Nikhil Soni 304, PashupatiAkshatHeights, Plot No. D-91, Madho Singh Road, NearCollectorateCircle, Bani Park, Jaipur Cell: Tel: / 14 nikhil.soni@careratings.com KOLKATA Ms. PritiAgarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata Cell: Tel: priti.agarwal@careratings.com NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi Cell: Tel: swati.agrawal@careratings.com PUNE Mr.Pratim Banerjee 9th Floor, Pride KumarSenate, Plot No. 970, Bhamburda, SenapatiBapat Road, ShivajiNagar, Pune Cell: Tel: pratim.banerjee@careratings.com CIN - L67190MH1993PLC HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, , Himayat Nagar, Hyderabad Cell : Tel: ramesh.bob@careratings.com 5 CARE Ratings Limited
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