Reliance Commercial Finance Limited March 06, 2019

Transcription

1 Ratings Facilities Amount (Rs. Crore) Long-term Bank Facilities Non-Convertible Debentures 2500 Subordinated Debt 500 Debentures Proposed Non- Convertible Debentures Long term debt Programme Non-convertible Debentures* Reliance Commercial Finance Limited March 06, 2019 Ratings 1 CARE A+ (Single A Plus) CARE A+ (Single A Plus) CARE A+ (Single A Plus) CARE PP A+ (PP- Single A Plus) CARE A+ (Single A Plus) CARE A+ (Single A Plus) CARE A+ (SO) [Single A Plus; (Structured Obligation)] ( ) 17,900 (Rupees Seventeen Total Facilities Thousand Nine Hundred crore only) *rating is backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited. Details of instruments/facilities in Annexure-1 Rating Action Revised from CARE AA (Double A) and continues to be on Revised from CARE AA (Double A) and continues to be on Revised from CARE AA (Double A) and continues to be on Revised from CARE PP- AA (PP- Double A) and continues to be on Revised from CARE AA (Double A) and continues to be on Revised from CARE AA (Double A) and continues to be on Revised from CARE AA (SO) [Double A; (Structured Obligation)] and continues to be on Detailed Rationale & Key Rating Drivers of RCFL The rating revision follows the revision in rating of the parent company, Reliance Capital Ltd. (RCL) and moderation in liquidity profile of Reliance Commercial Finance Ltd. (RCFL). The revision in the ratings of RCL factors in the delay in sale of group assets/investments coupled lower than envisaged fund inflows as per the timelines committed by the management. The management has further revised the timelines which is expected to delay RCL s deleveraging plan. The rating revision also takes cognizance of moderation in financial flexibility of RCL higher proportion of promoters shares being pledged, difficulty in raising resources in light of tighter funding environment prevailing for the NFBC sector and substantial reduction in liquidity buffers. The ratings remain under credit watch as CARE would closely monitor the progress of sale of group assets/investments as per the timelines stated by RCL in order to reduce its debt levels. Further, the ratings take into account RCL s sizeable exposure to group companies in the non-financial business segments having weak financial profiles and requiring continued support from RCL. While some of these group entities have been identified by RCL for divestment, timely exit from these investments will be critical for reducing its leverage. RCFL is a wholly owned subsidiary of RCL and the ratings factor in the strategic importance of the commercial finance business to the parent group and expected managerial and financial support from the parent. RCFL benefits from group 1 Complete definition of the ratings assigned are available at and other CARE publications 1 CARE Ratings Limited

2 synergies in the form of business support from RCL ecosystem, integrated treasury and capital, managerial and operational support from the parent. The ratings also take into account long track record of company s operations, experienced management, multiple product segment and average profitability parameters. The ratings also factor in adequate capitalization, moderate asset quality parameters. Continued parentage support, capitalization, asset quality and profitability are the key rating sensitivities. Detailed Rationale & Key Rating Drivers of Reliance Capital Ltd (Guarantor) The revision in the ratings of Reliance Capital Limited (RCL) factors in the delay in sale of group assets/investments coupled lower than envisaged fund inflows as per the timelines committed by the management. The management has further revised the timelines which is expected to delay RCL s deleveraging plan. The rating revision also takes cognizance of moderation in financial flexibility of RCL higher proportion of promoters shares being pledged, difficulty in raising resources in light of tighter funding environment prevailing for the NFBC sector and substantial reduction in liquidity buffers. The ratings remain under credit watch as CARE would closely monitor the progress of sale of group assets/investments as per the timelines stated by RCL in order to reduce its debt levels. Further, the ratings take into account RCL s sizeable exposure to group companies in the non-financial business segments having weak financial profiles and requiring continued support from RCL. While some of these group entities have been identified by RCL for divestment, timely exit from these investments will be critical for reducing its leverage. The ratings continue to factor in strength from RCL s experienced management and strong business franchise of subsidiaries/associates in financial services segments including Asset Management, Life Insurance, General Insurance, Health Insurance, Broking, Commercial and Housing Finance businesses. Going forward, RCL s ability to maintain liquidity levels and divest group exposures as envisaged and unlock value in a timely manner thereby reducing leverage will act as key rating sensitivities. Detailed description of the key rating drivers RCFL Key Rating Strengths Strategic importance of the commercial finance business in the overall business framework of the parent RCFL is a 100% subsidiary of Reliance Capital Ltd. (RCL) which is the flagship company of Reliance Group led by Mr. Anil Dhirubhai Ambani. The group has business interests in various sectors like financial services, telecommunications, defence, generation and distribution of power, infrastructure, media, entertainment and health care. The ratings factor in RCFL s experienced management team, strong operational linkages the parent and strategic importance of the commercial finance business to the parent group. Long track record of operations The commercial finance division of RCL has a long track of record of operations seasoned loan portfolio. The company has over the years built a large diversified portfolio. The company s outstanding loan portfolio stood at Rs.13,674 crore (FY17: Rs.12,436 crore) as on March 31, The company s outstanding securitized portfolio stood at Rs.2,801 crore (FY17: Rs. 4,323 crore) as on March 31, The company s outstanding securitized portfolio stood at Rs.1,794 crore as on September 30, Multiple product segments The portfolio of RCFL comprises of SME funding, structured finance, mortgage funding, construction finance, infrastructure finance, MFI loans, vehicle finance and retail loans. SME funding comprised of 41% of the outstanding portfolio as on March 31, 2018, structured finance book comprises of 27% of outstanding portfolio while Microfinance constituted 10% of total portfolio. Consequently, mortgage, supply chain financing and construction finance book will gradually run down and the company has also stopped incremental commercial vehicle funding. Management plans to continue its focus on growing SME portfolio while funding in infrastructure segment will be selective primary focus on renewable energy sector. Average profitability As on March 31, 2018, the loan portfolio of commercial finance grew by 10% year on year and stood at Rs.13,674 crore (FY17: Rs.12,436 crore). The AUM for commercial finance business as on March 31, 2018 stood at Rs.16,475 crore (P.Y.: Rs.16,759 crore). In line lending growth, interest income of commercial finance business grew by 9% and stood at Rs.1,849 crore at the end of FY18. The company reported PAT of Rs.208 crore (FY17: Rs.295 crore) on total income of Rs.2,134 crore (Rs.1,953 crore) during FY18. The Company has incurred loss on loans sold to ARC of Rs.162 crore which has resulted in rise in operating expenses and reduction in other income. The company s Return on total assets in FY18 stood at 1.38% (FY17: 2.2%). The Company reported PAT of Rs.108 crore in H1FY19 on a total income of Rs.1,039 crore. 2 CARE Ratings Limited

3 Adequate capitalization During FY18, the Company has received Rs.400 crore of capital infusion from the parent, RCL. The company reported CAR and Tier I CAR of 19.30% (FY17: 17.19%) and 15.82% (FY17: 14.16%), respectively as on March 31, The company s gearing levels stood at 4.98 times as on March 31, 2018 as compared to 5.34 times as on March 31, The company s CAR and gearing levels stood at 19.08% and 4.38 times respectively as on September 30, Key Rating Weaknesses Delay in sale of group assets/investments as per timelines provided by RCL On November 23, 2016, the group announced sale of its radio business and general entertainment TV business. The transaction relating to the sale of the TV business to Zee group has been completed and the sale proceeds of Rs.300 crore were realised in August The management is exploring new avenues and expects inflow of about Rs.1700 crore from the sale of radio business which has been further delayed and is now expected to be concluded by June The company also plans to sell upto 49% stake in Reliance General Insurance via IPO; the same, however, has been rescheduled from December 2018 to June The company has also announced sale of their entire stake of 42.9% in the AMC business to Nippon Life Insurance Company Limited. The company has further committed to exit from its media businesses to pare down its debt levels. However, RCL has been able to achieve only about a third of the total exits planned by the management by September 2018 timelines for other exits being rescheduled. Some of the key exits achieved during the period are Yatra Online stake sale and Codemasters sale. As at the end of FY18, RCL had total exposure of Rs.17,653 crore to its group companies in the form of CCDs of Rs.7,700 crore (P.Y. Rs.6,250 crore) and loans & advances of Rs.9,953 crore (P.Y. Rs.8,575 crore). These exposures are mainly towards the non-financial businesses of the group. However, out of the total investments in the non-financial business, the management has stated timelines for exits from the radio business, Mahindra First Choice and Prime Focus stake sale. Timely conclusion of the envisaged divestments will be critical for reducing the leverage of RCL. Further, RCL has exposure towards RCOM (rated CARE D ) and its group companies and on a consolidated basis, the company has fully provided for RCOM exposure as on December 31, RCOM has decided to implement the debt resolution plan through the NCLT framework as announced on February 01, Moderate asset quality The asset quality parameters of RCFL were moderate. As on March 31, 2018, the company reported Gross NPA and Net NPA ratio of 3.10% (FY17: 4.92%) and 2.44% (FY17: 4.12%) respectively. The company s Net NPA to Tangible Networth ratio as on March 31, 2018 stood at 13.30% (FY17: 24.9%). The Company has made a write off of Rs.157 crore in FY18. (FY17: Rs.114 crore). Considering the write offs, Security receipts and standard restructure assets the adjusted Gross NPA was 7.51% in FY18 (FY17: 7.54%). The Provision coverage ratio increased from 16% in FY17 to 21% in FY18. Company reported Gross NPA and Net NPA ratio of 3.37% and 1.57% respectively as on September 30, Concentration Risk As on March 31, 2018 the top 10 exposure constitute around 20% of loan outstanding and 110% of Tangible net worth. As on December 31, 2018, the top 10 exposure constitute around 21% of loan outstanding. As per the management the structured finance portfolio is very short term in tenor and zero delinquencies, however as per CARE s assessment of the nature of Top 10 exposure in this segment appears weak and coupled higher ticket-size, RCFL faces high concentration risk. Liquidity profile As per the ALM statement as on December 31, 2018, there are negative cumulative mismatches in the 2 to 3 months bucket. Cash and Bank balance stood at Rs crore as on December 31, 2018 and cash credit facility stands fully utilized. Further, taking into account the CPs mobilized in January 2019 and till February 07, 2019, negative cumulative mismatch aggregates to Rs.1532 crore. As stated by the management, the company securitized about Rs.1708 crore during the month till February 19, Cash and Bank balance stood at Rs.13 crore as on February 25, Detailed description of the key rating drivers of RCL (Guarantor) Key Rating Strengths Financial services company of Anil Dhirubhai Ambani Group Reliance Capital Ltd. (RCL) is the financial services flagship Company of ADA Group which has presence across various sectors namely finance, telecom, defence, energy, power, infrastructure, media and entertainment. Apart from RCL, Reliance Communications Ltd. (rated CARE D ), Reliance Infrastructure Ltd. (rated CARE B/ CARE A4 ; Issuer not cooperating) and Reliance Power Ltd. are the other flagship companies of the ADA group. However, delay in servicing of Reliance Communications Ltd. s debt obligations and promoter not being able to support the company, 3 CARE Ratings Limited

4 financial flexibility of ADA group has been impacted. Promoter and promoter group owns 52.24% stake in the company as on December 31, 2018 out of which 74.55% of shares are pledged. Unlocking of the investments in the financial services business segment RCL has financial flexibility arising out of its holdings in established businesses in the financial services segment. RCL has also demonstrated its ability to unlock value of its investments in the financial services segment by bringing in strategic investor along listing of some of the companies. Financial companies like Reliance Home Finance Ltd. and Reliance Nippon Life Asset Management Ltd. (RNAM) have been listed, and RCL holds 47.91% and 42.88% stake respectively. Apart from the listing, RCL has been able to bring in strategic investors for Reliance Asset Reconstruction Company Ltd (RCL has 49% stake) and Reliance Nippon Life Insurance Company Ltd (RCL has 51% stake). The other companies in the financial space are Reliance Securities Ltd (RCL has 100% stake), Reliance Financial Ltd (RCL has 100% stake), Reliance Commercial Finance Ltd (RCL has 100% stake), Reliance General Insurance Company Ltd (RCL has 100% stake). Key Rating Weaknesses Reduction in liquidity buffers During FY18, RCL had exits from its investments aggregating to about Rs.1,400 crore including Reliance Nippon Life Asset Management Ltd., Reliance Broadcast Network Ltd. and others. Apart from this, the company had maintained cash balance of Rs.2,941 crore as on March 31, Going forward, as per the revised schedule the company has divestment plans aggregating to about Rs.14,000 crore including Rs.6,000-7,000 crore from RNAM and Rs.3,000 crore from listing of its general insurance company. The cash and bank balance reduced to Rs.46 crore as on December 31, 2018 from Rs.2,941 on March 31, Further, RCL s resource profile mainly comprises of NCDs which have repayments spread across the period from FY19 to FY28 in the range of Rs.2,000 crore to Rs.3,000 crore per year. The resource profile consists of tangible net worth of Rs.14,005 crore and borrowings worth Rs.20,707 crore of which NCDs are Rs.19,750 crore (95%), bank term loans of Rs.615 crore (3%) and commercial paper of Rs.342 crore (2%) as on March 31, As on January 31, 2019, the total borrowing has remained at levels similar to March 31, 2018 proportion of commercial paper increasing to Rs.1,080 crore, subjecting RCL to refinancing risk amidst prevailing tight funding scenario for the sector. Delay in sale of group assets/investments as per timelines provided by RCL On November 23, 2016, the group announced sale of its radio business and general entertainment TV business. The transaction relating to the sale of the TV business to Zee group has been completed and the sale proceeds of Rs.300 crore were realised in August The management is exploring new avenues and expects inflow of about Rs.1700 crore from the sale of radio business which has been further delayed and is now expected to be concluded by June The company also plans to sell upto 49% stake in Reliance General Insurance via IPO; the same, however, has been rescheduled from December 2018 to June The company has also announced sale of their entire stake of 42.9% in the AMC business to Nippon Life Insurance Company Limited. The company has further committed to exit from its media businesses to pare down its debt levels. However, RCL has been able to achieve only about a third of the total exits planned by the management by September 2018 timelines for other exits being rescheduled. Some of the key exits achieved during the period are Yatra Online stake sale and Codemasters sale. As at the end of FY18, RCL had total exposure of Rs.17,653 crore to its group companies in the form of CCDs of Rs.7,700 crore (P.Y. Rs.6,250 crore) and loans & advances of Rs.9,953 crore (P.Y. Rs.8,575 crore). These exposures are mainly towards the non-financial businesses of the group. However, out of the total investments in the non-financial business, the management has stated timelines for exits from the radio business, Mahindra First Choice and Prime Focus stake sale. Timely conclusion of the envisaged divestments will be critical for reducing the leverage of RCL. Further, RCL has exposure towards RCOM (rated CARE D ) and its group companies and on a consolidated basis, the company has fully provided for RCOM exposure as on December 31, RCOM has decided to implement the debt resolution plan through the NCLT framework as announced on February 01, Moderate gearing levels RCL s standalone gross gearing stood at 1.48 times (PY: 1.37 times) as on March 31, Capital ratio as on March 31, 2018 stood at 47% (PY: 38%). As per regulations, a NBFC-CIC has to maintain a minimum capital ratio of 30% and leverage of less than 2.5 times. As on March 31, 2018, the adjusted gross gearing (post inclusion of CARE rated SO limits and other outstanding corporate guarantees) stood at 1.97 times. RCL s plan to unwind its exposures from various group companies shall have a positive impact on its gearing levels going forward; however, the company has not been able to reduce its leverage during FY18 and 9MFY19 as per its stated commitments due to delay in its divestment plans. RCL s consolidated net worth stood at Rs.8,139 crore as on December 31, 2018 as compared to Rs.16,961 crore as on March 31, The reduction is due to various INDAS adjustments made, which inter alia include, change in the method 4 CARE Ratings Limited

5 of valuation of long term debt instruments, Expected Credit Loss (ECL) provisioning, impact of ECL on corporate guarantees, tax-related provisions, reversal of goodwill method of amortization of processing fees and others. Industry Prospects Over the last few years, the NBFC sector has gained systemic importance increase in share of NBFC credit vis-à-vis total bank credit. The same has resulted in the Reserve Bank of India (RBI) taking various policy actions resulting in NBFCs attracting higher support and regulatory scrutiny. The RBI revised the regulatory framework for NBFCs in 2014 which broadly focused on strengthening the structural profile of NBFC sector, thereby safeguarding depositors money and regulating NBFCs which have increased their asset-size over time and gained systemic importance. On the asset quality front, despite the gradual change in the NPA recognition norms from 180 days previously to 90 days by March, 2018, the asset quality has remained largely stable for the sector and far superior to banks. The sector is in the midst of a liquidity stress scenario, disruptions in the short-term commercial paper market, sharp correction in stock prices of NBFCs and cautious approach taken by the banks towards lending to the sector. Asset quality, liquidity and profitability will be the key monitorables for the sector going forward. Analytical approach: CARE has analyzed RCFL on the basis of standalone financials along factoring in its strong linkages to its parent, RCL Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE s Policy on Default Recognition Factoring linkages in ratings Financial ratios Financial sector CARE s criteria for Housing Finance Companies Factor Linkages in Ratings About the Company The commercial finance business of RCL has been demerged into its wholly owned subsidiary viz. RCFL w.e.f. April 1, RCFL is involved in financing of SME loans, structured finance, construction equipment loans, loan against property, MFI loans, infrastructure finance, construction finance, commercial vehicles and supply chain finance. The company operates under the brand name Reliance Money. The company s AUM stood at Rs crore (including securitized portfolio of Rs.2801 crore) as on March 31, The company s portfolio is spread across 16 states. Brief Financials (Rs. crore) FY17 (A) FY18(A) Total income PAT Overall Gearing(times) Total Assets Gross NPA (%) ROTA (%) A: Audited; All analytical ratios are based on CARE s calculations. Status of non-cooperation 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: Mr Ravi Kumar Tel: ravi.kumar@careratings.com **For detailed Rationale Report and subscription information, please contact us at 5 CARE Ratings Limited

6 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 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 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 drawal 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 Coupo n Rate Maturity Date Size of the Issue (Rs. Cr.) Long term Bank facilities - - Jul May % 14-May (Proposed) (Proposed) 16-May % 16-May May % 17-May May % 21-May Aug % 21-Aug Oct % 13-Oct Oct % 13-Oct Dec % 25-Feb Dec % 25-Mar Feb % 19-Apr Subordinate Debt 15-Sep % 20-Sep Subordinate Debt 4-Oct % 6-Oct-27 2 Subordinate Debt 6-Oct % 6-Oct-27 2 Rating assigned along Rating Outlook CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; 6 CARE Ratings Limited

7 Subordinate Debt 6-Oct % 6-Oct-27 8 Subordinate Debt 8-Nov % 31-Jul-25 5 Subordinate Debt 8-Nov % 8-Nov-27 6 Subordinate Debt 18-Jan % 19-Jan Subordinate Debt 18-Jan % 19-Jan Subordinate Debt 18-Jan % 19-Jan-28 4 Subordinate Debt 18-Jan % 19-Jan-28 2 Subordinate Debt 2-Feb % 2-Feb-28 3 Subordinate Debt 2-Feb % 2-Feb-28 2 Subordinate Debt (Proposed) Jul Jul Aug Aug Aug-18 7-Sep Oct Dec Dec Oct Feb Dec (Proposed) Long Term debt programme-ncd 15-Mar % 14-Jun Long Term debt programme-ncd 4-Apr % 5-Apr Long Term debt programme-ncd 25-Apr % 28-Mar Long Term debt programme-ncd 25-Apr % 28-Mar Long Term debt programme-ncd 25-Apr % 28-Mar Long Term debt programme-ncd 25-Apr % 28-Mar Long Term debt programme (Proposed) Feb % 15-Apr CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE PP A+; CARE PP A+; CARE PP A+; CARE PP A+; CARE PP A+; CARE PP A+; CARE PP A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+; CARE A+ (SO); 7 CARE Ratings Limited

8 Annexure 2: Rating history of last three years: Sr. No. Name of the Instrument/Bank Facilities 1. Fund-based - LT- Term Loan 2. Debentures- Debentures Type Current Ratings Amount Rating Outstanding (Rs. crore) LT CARE A+; LT CARE PP A+; Credit watch 3. Bonds-Tier II Bonds LT CARE A+; 4. Debentures-Non Convertible Debentures LT CARE A+; Date(s) & Rating(s) assigned in CARE AA; CARE PP AA; Credit watch CARE AA; CARE AA; Rating history Date(s) & Date(s) & Rating(s) Rating(s) assigned in assigned in )CARE AA+ watch (26-Dec-17) 2)CARE AA+ watch (14-Jul-17) 3)CARE AA+; Stable (14-Apr-17) 1)CARE PP AA+ (Under (26-Dec-17) 2)CARE PP AA+ (Under (14-Jul-17) 3)CARE PP- AA+; Stable (14-Apr-17) 1)CARE AA+ watch (26-Dec-17) 2)CARE AA+ watch (14-Jul-17) 3)CARE AA+; Stable (14-Apr-17) 1)CARE AA+ watch 1)CARE AA+; Stable (24-Mar- 17) Date(s) & Rating(s) assigned in CARE Ratings Limited

9 5. Debt LT CARE A+; 6. Debentures-Non Convertible Debentures 7 Debentures-Non Convertible Debentures LT CARE A+; LT CARE A+ (SO); CARE AA; 1) CARE AA; 2)CARE AA+ watch (2-May-18) CARE AA(SO); watch (13-Nov-18) (26-Dec-17) 2)CARE AA+ watch (20-Nov-17) 3)CARE AA+ watch (14-Jul-17) 4)CARE AA+; Stable (14-Apr-17) 1)CARE AA+ - - watch (18-Jan-18) CARE Ratings Limited

10 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 Mr. V Pradeep Kumar Unit No , 11th Floor, Prestige Meridian II, No. 30, M.G. Road, Bangalore Cell: Tel: , pradeep.kumar@careratings.com CHANDIGARH Mr. Anand Jha SCF No , First Floor, Phase 11, Sector 65, Mohali Chandigarh Cell: / Tel: /01 anand.jha@careratings.com CHENNAI Mr. V Pradeep Kumar Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai Cell: Tel: / pradeep.kumar@careratings.com COIMBATORE Mr. V Pradeep Kumar T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore Tel: / pradeep.kumar@careratings.com 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 10 CARE Ratings Limited