Housing and Urban Development Corporation Limited May 24, 2018
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1 Housing and Urban Development Corporation Limited May 24, 2018 Ratings Instruments Long-term/ Short-term Bank Facilities Fixed Deposit Programme Commercial Paper Long-term Bonds (18-19) (including sub-limit of Rs.4,000 crore as subordinated debt) Details of instruments/facilities in Annexure-1 Amount 15,000 (enhanced from 10,000 ) (Rupees Fifteen thousand crore only) 2,000 (reduced from 3,000) (Rupees Two Thousand crore only) 8,500 (enhanced from 6,500) (Rupees Eight Thousand Five Hundred crore only) 40,000 (Rupees Forty Thousand crore only) Ratings1 CARE / CARE (Triple A; Outlook: / A One Plus) CARE AAA ; [Triple A (Fixed Deposit); Outlook: ] CARE (A One Plus) CARE (Triple A; Outlook: ) Remarks Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the various instruments of Housing and Urban Development Corporation Ltd (HUDCO) continue to derive strength from it being a majority Government of India (GoI) owned entity, its strategic importance to GoI and GoI support as reflected by its Mini Ratna status, healthy business growth with incremental lending to Government sector borrowers, which have witnessed good asset quality profile and no incremental lending to private sector, which has witnessed weaker asset quality profile, diversified resource profile, healthy capitalisation and adequate liquidity profile. Going forward, the ability of HUDCO to maintain its asset quality and sustain profitable business growth while maintaining its liquidity and capital adequacy position would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Majority Government ownership, demonstrated Government support and strategic importance to GoI: HUDCO is majority owned by GoI, with an implicit support from the government. In May 2017, the government diluted 10.19% of their stake from the earlier 100% stake by way of an IPO of Rs crore. HUDCO also has access to refinance assistance of NHB and foreign currency lines from ADB, JBIC (both guaranteed by GoI) and USAID (not guaranteed by GoI) etc. HUDCO is a strategically important entity for GoI and has played a significant role in the implementation of its various initiatives in urban infrastructure and low cost housing. Business growth with incremental lending to low risk Government sector: The loan book of HUDCO registered a growth of 13.32% during 9M FY18 to Rs.44,946 cr from Rs.39,661 crore as on March 31, HUDCO disbursed Rs.8,490 cr and sanctioned Rs.24,085 cr during 9M FY18 as compared to disbursement of Rs. 9,095 crore and sanction of Rs. 31,862 crore in FY17. Incrementally HUDCO has been lending only to the government sector borrowers and no fresh lending to private sector borrowers and as result share of lending to government sector entities increased to 92% of loan book as on December 31, 2017, balance 8% is the loan portfolio outstanding to private sector entities in the past. Diversified resource profile: HUDCO has a diversified funding profile wherein it has raised funds through Bonds (Tax free and Taxable), Bank loans, commercial papers, refinance lines from NHB, Public Deposits and others. As on March 31, 2017, out of total borrowing of Rs.28, crore, tax free bonds constituted 61.2%, NHB refinance: 10.5%, taxable bonds: 16%, public deposits: 3.2%, Commercial Paper: 5.10%, Foreign currency loans: 2% and Bank Loan: 2%. Healthy capitalisation and adequate liquidity profile: HUDCO s capitalization profile is comfortable as reflected in capital adequacy level at 58.55% as on March 31, 2017 (63.85% as on March 31, 2016) well above the regulatory minimum requirement of 12%. The capital adequacy ratio remains healthy at 49.93% as on September 30, HUDCO s gearing was 3.32 times as on December 31, HUDCO s is expected to maintain comfortable liquidity profile on the back of its 1Complete definition of the ratings assigned are available at and other CARE publications. 1 CARE Ratings Limited
2 diversified funding profile, good financial flexibility and adequate unutilized bank lines. HUDCO has unutilized line of credit of Rs.9,000 crore from various banks to plug any temporary mismatches. Going forward, the ability of HUDCO to maintain its asset quality and sustain profitable business growth while maintaining its liquidity and capital adequacy position would be the key rating sensitivities. Analytical approach: Standalone Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE s Policy on Default Recognition Rating Methodology - Infrastructure Sector Ratings Financial ratios Non-Financial Sector About the Company HUDCO set up in 1970, is a majority GoI-owned (89.81% as on March 31, 2018) developmental financial institution mandated to provide long-term finance for social housing & core urban infrastructure development in the country. It is a central public sector undertaking and a public financial institution within the meaning of Clause (72) of section 2 of the Companies Act, Furthermore, HUDCO is also a housing finance company registered with National Housing Bank (NHB). The corporation was conferred Mini Ratna status in August 2004 resulting in greater operational and financial flexibility. HUDCO is also a Central Nodal Agency, along with NHB, for the implementation and monitoring of the Pradhan Mantri Awas Yojna Housing for All by 2022 scheme to be implemented over the period HUDCO s lending is mainly focused towards state undertakings in the housing or urban infrastructure segment with majority of loans backed by state government guarantees and/or budgetary allocation through state sponsored programmes. Presently, HUDCO operates through a corporate office along with 21 regional offices and 11 development offices. The company has an experienced board comprising of 10 Directors (three functional, two government nominee and five independent directors) with rich experience in Government administration & private sector which aids efficient decision making and management of the company. HUDCO is equipped with an experienced Senior Management Team and a Large Pool of Skilled and Professional Employees. Brief Financials FY16 (A) FY17 (A) Total operating income 3,302 3,585 PAT Interest coverage (times) Total Assets 35,878 39,322 Net NPA (%) ROTA (%) A: 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 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: Puneet Maheshwari Tel: Mobile: p.maheshwari@careratings.com **For detailed Rationale Report and subscription information, please contact us at 2 CARE Ratings Limited
3 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. Annexure-1: Details of Instruments/Facilities Name of the Instrument LT/ST Fund-based/Nonfund-based-EPC / PCFC / FBP / FBD / WCDL / OD / BG / SBLC Date of Issuance Coupon Rate Maturity Date Size of the Issue Rating assigned along with Rating Outlook CARE / CARE Bonds CARE Fixed Deposit CARE AAA ; Commercial Paper CARE Annexure-2: Rating History of last three years Sr. No. Name of the Instrument/Bank Facilities 1. Bonds-Unsecured Reedemable 2. Short Term Instruments-CP/STD Type Current Ratings Amount Rating Outstanding assigned in LT )Withdrawn ST )Withdrawn 3. Fixed Deposit LT CARE AAA ; - ; Rating history ; 3)CARE (31-May-16) ; CARE Ratings Limited
4 4. Bonds-Unsecured Reedemable 5. LT/ST Fundbased/Non-fundbased-EPC / PCFC / FBP / FBD / WCDL / OD / BG / SBLC LT )Withdrawn LT/ST CARE / CARE 6. Bonds LT CARE 7. Fund-based - ST- Term loan - ; / CARE - ; ST )Withdrawn ; ; 8. Bonds LT CARE 9. Bonds LT CARE 10. Commercial Paper ST CARE - ; - ; - ; ; 3)CARE (31-May-16) 11. Bonds LT )Withdrawn 12. Debt-Subordinate Debt LT )Withdrawn 13. Bonds LT CARE - ; 14. Bonds LT CARE 15. Bonds LT CARE 16. Bonds LT CARE - ; - ; - ; ; ; ; (26-Oct-15) 3)CARE AAA (26-Oct-15) CARE Ratings Limited -
5 CONTACT Head Office Mumbai Ms. Meenal Sikchi Mr. Ankur Sachdeva Cell: Cell: meenal.sikchi@careratings.com ankur.sachdeva@careratings.com Ms. Rashmi Narvankar 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. Anand Jha 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, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur Cell: Tel: / 14 nikhil.soni@careratings.com KOLKATA Ms. Priti Agarwal 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 Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, 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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More informationPress Release. Rating 1. Rating Action. CARE A1+ (A One Plus) Reaffirmed
Bahadur Chand Investments Pvt Ltd November 20, 2018 Ratings Amount Facilities Commercial Paper (CP) issue 3000 (enhanced from 2500) Total 3000 (Rupees Three Thousand Crore Only) Details of instruments/facilities
More informationAssotech Realty Private Limited
Assotech Realty Private Limited March 21, 2017 Ratings Facilities Amount Rating 1 Long-term Bank Facilities 35 CARE BB; ISSUER NOT COOPERATING (Double B; ISSUER NOT COOPERATING) Total 35 (Rupees Thirty
More informationHigh Breetd Fashions January 17, 2019
Rating Facilities Short-term Bank Facilities Total Facilities High Breetd Fashions January 17, 2019 Amount Ratings 1 9.50 CARE A4 ( A Four) 9.50 (Rupees Nine Crore and Fifty Lakh only) Remarks Reaffirmed
More informationRBL Bank Ltd October 05, 2017
RBL Bank Ltd October 05, 2017 Rating Amount Instrument 800 Tier II Bonds (Basel III) (Enhanced from Rs.100 crore) (Rupees Eight Hundred crore only) Details of instruments/facilities in Annexure-1 Rating
More informationPress Release. CARE A ; Stable (Single A; Outlook: Stable) CARE A; Stable/CARE A1 (Single A; Outlook: Stable/A One) Reaffirmed.
Simplex Infrastructures Limited October 05, 2017 Ratings Facilities/Instruments Amount (Rs. crore) Rating Rating Action Facilities 2,542.96 Long-term Bank Facilities (reduced from 2,561.34) Long/Short-term
More informationMilestone Gears Private Limited October 01, 2018
Ratings Facilities Milestone Gears Private Limited October 01, 2018 Amount Ratings 1 Long-term Bank Facilities 110.92 CARE BBB (Triple B; Outlook: Stable) Short-term Bank Facilities 30.00 CARE A3+ (A Three
More informationDalmia Bharat Limited
Dalmia Bharat Limited March 16, 2017 Ratings Amount Rating1 Rating Action Long-term/Short-term Bank 30 CARE AA-; Stable/ (Double A Minus/A One Plus; Outlook: Stable) Long-term Bank - - Withdrawn* Total
More informationGreat Eastern Energy Corporation Limited October 15, 2018
Ratings Facilities Long-term Bank Facilities Great Eastern Energy Corporation Limited October 15, 2018 Amount Non-Convertible Debentures 77.08 (Rupees Seventy seven crore and eight lakhs only) Details
More informationPress Release. STCI Finance Limited November 02, Ratings. Amount (Rs. crore) Instruments. Rating Action. Ratings 1
Ratings Instruments Non- * Details of instruments/facilities in Annexure-1 STCI Finance Limited November 02, 2017 Amount (Rs. crore) 1000 (Rupees one thousand crore only) Ratings 1 CARE (Double AA Minus;
More informationVivriti Windu (Originator: Fusion Microfinanceprivate Limited)
Vivriti Windu 010 2017(Originator: Fusion Microfinanceprivate Limited) November29, 2017 Ratings Instrument Series A PTC # Amount 39.99 (Rs. Thirty ninecroreninety ninelakhs Only) Structure Yield Tenure
More informationPrime Comfort Products Pvt. Ltd. (Revise)
Prime Comfort Products Pvt. Ltd. (Revise) Ratings Long-term Bank Amount Total 50.07 (Rupees Fifty crore and seven lakh only) Details of instruments/facilities in Annexure-1 October 25, 2017 Rating 1 50.07
More informationCanara HSBC Oriental Bank of Commerce Life Insurance Company Ltd
Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd December 31, 2018 Ratings Facilities Claims Paying Ability/Financial Strength Details of instruments/facilities in Annexure-1 Amount Rating
More informationOriental Bank of Commerce September 25, 2018
Ratings Facilities Basel III Compliant Tier II Bonds Amount 3,000 Lower Tier II Bonds 1,025 Upper Tier II Bonds 700 Perpetual Tier I Bonds 600 5,325 (Rupees Five Thousand Total Three Hundred and Twenty
More informationBannari Amman Sugars Limited January 13, 2017
Ratings Long-term Bank Short-term Bank Long-term /Shortterm Bank Total Bannari Amman Sugars Limited January 13, 2017 Amount 871.50 (reduced from 1,239.50) 7.50 15.40 894.40 (Rupees Eight Hundred Ninety
More informationSaibaba Agrotech Private Limited
Saibaba Agrotech Private Limited July 20, 2018 Ratings Facilities Amount (Rs. crore) Rating 1 Rating Action Long-term Bank Facility 2.24 CARE B+; Stable (Single B Plus; Outlook: Stable) Assigned Short-term
More informationDr. Agarwal s Eye Hospital Limited. September 4, 2017
Dr. Agarwal s Eye Hospital Limited September 4, 2017 Ratings Facilities Amount (Rs. Crore) Long-term Bank Facilities 24.51 24.51 Total Facilities (Rupees Twenty four crores and Fifty one lakhs only) Details
More informationReliance Financial Limited August 08, 2017
Ratings Amount Instruments (Rs. crore) 350 (Enhanced form 250) * (Rs. Three hundred and fifty crore only) Details of instruments/facilities in Annexure-1 Reliance Financial Limited August 08, 2017 Rating
More informationShapoorji Pallonji and Company Private Limited (Revise) October 25, (Rs. crore) *
Ratings Instruments Commercial Paper (CP) / Short Term Debt (STD) Issue Total Shapoorji Pallonji and Company Private Limited (Revise) Amount 2500.00* October 25, 2017 Ratings 1 CARE A1+ (A one plus) 2500.00
More informationRepco Microfinance Limited
Repco Microfinance Limited December 06, 2017 Ratings Facilities Amount (Rs. crore) Long-Term Bank facilities 250.00 (Enhanced from 100) (Rupees Two Hundred and Fifty crore only) Details of instruments/facilities
More informationAadhar Housing Finance Limited (erstwhile DHFL Vysya Housing Finance Limited) December 04, 2018
Ratings Instrument Proposed Non- Debenture Aadhar Housing Finance Limited (erstwhile DHFL Vysya Housing Finance Limited) December 04, 2018 Amount (Rs. Crore) 500 500 Total (Rs. Five Hundred crore only)
More informationAvon Fitness Machines Private Limited January 07, 2019
Ratings Facilities Avon Fitness Machines Private Limited January 07, 2019 Amount Ratings 1 Long term Bank Facilities 20.00 CARE BBB-; Stable (Triple B Minus; Outlook: Stable) Total Facilities 20.00 (Rupees
More informationPavathal Spinning Mills Private Limited
Ratings Pavathal Spinning Mills Private Limited December 27, 2017 Amount (Rs. crore) Ratings 1 Remarks Long-term Bank 10.42 (reduce from 11.11) CARE BB+; Stable (Double B Plus; Outlook:Stable) Reaffirmed
More informationAro Granite Industries Limited December 07, 2018
Ratings Aro Granite Industries Limited December 07, 2018 Long term Bank Short term Bank Total 161.05 (Rs. One hundred and sixty one crore and five lakhs only) Details of instruments/facilities in Annexure-1
More informationGreenko Energies Private Limited
Greenko Energies Private Limited January 11, 2017 Ratings Amount Long-term Bank 841.00 (enhanced from 109.38) Long-term/Short-term Bank Total 941.00 (Rupees Nine hundred and forty one crore only) Details
More informationSpykar Lifestyles Private Limited
Spykar Lifestyles Private Limited Ratings Facilities/Instruments Long term Bank Facilities-FB-Cash Short term Bank Facilities-NFB- LC/BG February 20, 2017 Amount 60.10 (enhanced from 46.10) 10.00 Total
More informationLaxmi Diamond Private Limited
Ratings Facilities Long-term Bank Facilities Short-term Bank Facilities Laxmi Diamond Private Limited March 10, 2017 Amount Rating 1 890.85 CARE BBB+/CARE A2; ISSUER NOT (Triple B Plus/A Two; ISSUER NOT
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