State Bank of India October 09, 2017 Ratings Instruments Amount Lower Tier II 8,132.84 Upper Tier II 11,773.50 Perpetual (Basel II) 2,165.00 Tier II (Basel III)* 13,000 Tier I (Basel III)# 9,100.00 Upper Tier II ^ 300 (Reduced from Rs.450 crore) Perpetual (Basel II)^ 200 Certificate of Deposit Programme^ 6,000 Perpetual (Basel II)$ 260 Upper Tier II $ 340 Tier II (Basel III)*$ 500 Upper Tier II @ 800 Perpetual (Basel II)@ 100 Tier II (Basel III)*@ 515 (Reduced from Rs.1,250 crore) Tier I (Basel III)#@ 300 Lower Tier II & 160 Upper Tier II & 1,750 Perpetual (Basel II)& 685 Tier I (Basel III)#& 200 Tier II (Basel III)*& 700 Upper Tier II! 1,151.60 (Reduced from 1,451.60 crore) Perpetual (Basel II)! 300 Tier II (Basel III)*! 950 Total Instruments 59,382.94 (Rupees Fifty Nine Thousand Three Hundred Eighty Two Crore and Ninety Four Lakh Only) Rating 1 CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE AA+; (Double A Plus; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE A1+ (A One Plus) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE AA+; (Double A Plus; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE AA+; (Double A Plus; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) CARE (Triple A; Outlook: ) Rating Action 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited
Details of instruments/facilities in Annexure-1 ^Transferred from State Bank of Bikaner and Jaipur to SBI consequent to the merger with SBI $Transferred from State Bank of Mysore to SBI consequent to the merger with SBI @Transferred from State Bank of Travancore to SBI consequent to the merger with SBI &Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI! Transferred from State Bank of Patiala to SBI consequent to the merger with SBI * Tier II under Basel III are characterized by a Point of Non-Viability (PONV) trigger due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its own unless appropriate measures are taken to revive its operations and thus, enable it to continue as a going concern. In addition, the difficulties faced by a bank should be such that these are likely to result in financial losses and raising the Common Equity Tier I capital of the bank should be considered as the most appropriate way to prevent the bank from turning non-viable. #CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual after taking into consideration its key features as mentioned below: The bank has full discretion at all times to cancel coupon payments. The coupon is to be paid out of current year profits. However, if the current year s profits are not sufficient, i.e., payment of such coupon is likely to result in losses during the current year, the balance of coupon payment may be made out of revenue reserves and/or credit balance in profit and loss account provided the bank meets the minimum regulatory requirements for Common Equity Tier I [CET I], Tier I and Total Capital Ratios and capital buffer frameworks as prescribed by the Reserve Bank of India [RBI]. The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5% before March 31, 2019, and 6.125% on and after March 31, 2019, or written-off / converted into common equity shares on occurrence of the trigger event called point of non-viability (PONV). The PONV trigger shall be determined by RBI. Any delay in payment of interest/principal (as the case may be) due to invocation of any of the features mentioned above would constitute as an event of default as per CARE s definition of default and as such these instruments may exhibit a somewhat sharper migration of the rating compared with other subordinated debt instruments. Key Developments The Government of India (GOI) accorded sanction to State Bank of India (SBI) for acquisition of the five domestic banking associates namely, State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and for acquisition of Bharatiya Mahila Bank Limited (BMBL) vide their orders dated February 22, 2017 and March 20, 2017. As per the GOI orders, these schemes took effect from April 1, 2017. Detailed Rationale & Key Rating Drivers The ratings assigned to the debt instruments of SBI factor in majority ownership and support from the Government of India (GoI), and SBI s systemic importance and dominant position in the Indian banking sector given its large asset size and extensive branch network. The ratings also take into account the bank s strong Current Account Savings Account (CASA) base, comfortable liquidity profile, comfortable capitalization levels, moderate profitability and moderate asset quality. Continued ownership and support from GoI, profitability, capital adequacy and asset quality are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Ownership and support by GoI and systemic importance of the bank The bank s major shareholder is the Government of India (GoI) which held 61.23% stake in the bank as on March 31, 2017. During FY17 (refers to period from April 01 to March 31), GoI infused equity capital of Rs.5,681 crore in SBI. SBI is the largest bank in India with an asset base (excluding deferred tax assets and net of revaluation reserve) of Rs.2,673,953 crore as on March 31, 2017. The bank has systemic importance with a market share of around 17% in advances and nearly 18% in deposits in the Indian banking system. The bank also has a sizeable overseas presence with 2 CARE Ratings Limited
overseas advances accounting for 17.6% of the total gross loan portfolio as on March 2017. Post the merger of its associate banks with itself, the bank s total assets as on April 1, 2017 stood at Rs.3,267,090 crore. The merged entity s market share of deposits grew to ~23% and that of advances stood at ~21% as on June 30, 2017. Considering majority shareholding and the systemic importance of the bank, GoI has been providing support to the bank in terms of capital as well as management and CARE expects continued GoI support to the bank in future. Comfortable capitalization levels SBI has been able to maintain comfortable capitalization levels by raising capital periodically. Apart from the equity infusion by GoI, the bank additionally raised AT-I of around Rs.9,100 crore during the year which helped the bank maintain capital adequacy. The bank reported Capital Adequacy Ratio (CAR) of 13.11% [P.Y.:13.12%], with Tier I CAR of 10.35% [P.Y.:9.92%] and Common Equity Tier I Ratio stood comfortably above the minimum requirement at 9.82% [P.Y.: 9.81%] as on March 31, 2017. Further during Q1FY18, the bank raised equity capital of Rs.15,000 crore through a QIP issue. Consequent to the merger and the bank s QIP issue, the merged entity s CAR stood at 13.31% on June 30, 2017 with Tier I CAR at 10.67% and CET1 ratio at 10.06%. Extensive branch network & strong CASA base SBI group has an extensive branch network with a strong deposit base spread across the country. Post-merger of associate banks, the bank had a network of 23,423 branches, 505 regional business offices and 105 administrative offices as on June 30, 2017. The resource profile of the bank continues to be healthy with the bank having robust retail liabilities franchise. Domestic CASA as on June 30, 2017 stood at 44.38%, registering a y-o-y growth of 23.6% with savings deposits growing at a rate of 23.5% and current account deposits at 24.6% (y-o-y). Advances profile Gross Advances of the bank increased to Rs.16,27,273 crore as on March 31, 2017, registering a y-o-y growth of 7.8% largely supported by growth in the retail loan portfolio. The Large Corporate advances grew at a rate of 4% and accounted for 21% of the total portfolio as on March 31, 2017 while the Retail advances accounted for 24% of total portfolio at the end of FY17, registered a growth of 21%. Home loans accounted for 56% of total retail advances, registering a growth of 17% over FY16 levels. Advances to the services sector, petroleum & petrochemicals, commercial real estate and auto loans registered the highest growth. As on June 30, 2017, the bank s gross advances stood at Rs.18,86,666 crore, with retail advances constituting 26% and large corporate loans accounting for 20% of the total gross advances. Overseas advances accounted for 15% of the total gross loan portfolio at the end of June 2017. The bank is expects credit growth of 6%-8% for FY18 supported by growth in retail, SME, agriculture and select corporate sectors. Moderate profitability Total income for FY17 (standalone SBI) grew 9.97% to Rs.210,979 crore led by a 7% rise in interest income and 27% increase in non-interest income. Other income growth was driven by good profit made on sale of investments of Rs.10,749.6 crore (P.Y: Rs.5,169 crore). The Bank s provisioning cost increased substantially by 21.2% over FY16. The bank reported Profit After Tax (PAT) of Rs.10,484 crore as against PAT of Rs.9,951 crore in FY16 registering y-o-y growth of 5.4%. The bank s ROTA declined marginally to 0.43% in FY17 as against 0.45% in FY16, on account of a higher assets base. In Q1FY18 (merged), the bank reported PAT of Rs.2,006 crore on a total income of Rs.62,911 crore. Going forward, the bank s profitability is expected to improve on account of improvement in yield on advances and decline in cost of deposits leading to improved interest margins, reduction in operating cost due to rationalization of branches post-merger and decline in incremental credit cost due to improvement in recovery in the retail NPAs. Further, the bank would profit from stake sale in its life insurance subsidiary SBI Life Insurance Company Limited which has come out with IPO during September, 2017. Moderate asset quality In tandem with continued moderation in macroeconomic indicators and asset quality review undertaken by RBI, the asset quality indicators across the public sector banks continued to show significant stress. However, the bank s fresh slippages in FY17 stood lower at Rs.39,071 crore as compared to Rs.64,198 crore in FY16, with corporate slippages accounting for 3 CARE Ratings Limited
72.7% of the fresh slippages. Around 72% of the corporate slippages during the year were from the accounts in the corporate watch list monitored by the bank. As on March 31, 2017, the bank s Gross NPA deteriorated to 6.90% as compared 6.50% at the end of FY16, while Net NPA ratio stood at 3.71% [Previous Year (P.Y).: 3.81%]. The bank s Net NPA to net worth stood at 37.3% as on March 31, 2016 (P.Y.: 38.8%). As on June 30, 2017, the bank s Gross and Net NPA ratios stood higher at 9.97% and 5.97% owing to weaker asset profile of the merged associate banks. The slippages during the quarter were largely in the retail and agriculture segments and SBI has taken strong recovery steps to reduce the retail NPAs during the remaining period of FY18. Further, the bank expects slippages in the corporate book to be from the watch list accounts. Resource & liquidity profile During FY17, total deposits grew by 18.14% to Rs.20,44,751 crore as on March 31, 2017. CASA deposits registered y-o-y growth of 24% leading to domestic CASA proportion of 45.58% as on March 31, 2017 [P.Y.: 43.84%]. As on June 30, 2017 the bank s CASA deposits constituted 44.38% (merged). The bank has a large retail franchise which aids in mobilizing CASA at cost effective rates. The bank also has a healthy rollover rate of deposits. These factors further strengthen the bank s liquidity profile. Analytical approach: CARE has analyzed the bank on a standalone basis considering the merger of associate banks and BMBL with itself and factored in expected support from GOI. Applicable Criteria: Criteria on assigning Outlook to Credit Ratings CARE Policy on Default Recognition CARE s Rating Methodology For Banks Bank - Rating framework for Basel III instruments (Tier I & Tier II) Financial ratios - Financial Sector Rating Methodology: Factoring Linkages in Ratings About the Company Brief Financials FY16 (A) FY17 (A) Total Income 191,844 210,979 PAT 9,951 10,484 Total Assets 2,357,145 2,673,953 Net NPA (%) 3.81 3.71 ROTA (%) 0.45 0.43 A: Audited Note: All Analytical ratios are as per CARE s calculations. Total Assets exclude deferred tax assets and are net of revaluation reserve 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 care@careratings.com for any clarifications. Analyst Contact: Name: Aditya Acharekar Tel: 022-6754 3528 Mobile: + 91-9819013971s Email: aditya.acharekar@careratings.com **For detailed Rationale Report and subscription information, please contact us at www.careratings.com 4 CARE Ratings Limited
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. 5 CARE Ratings Limited
Annexure-1: Details of Instruments/Facilities Instrument Date of Issuance Coupon Rate Maturity Date Size of the Issue Rating assigned along with Rating Outlook -Lower Tier II 29.12.2008 8.40 29.06.2018 1,500.00 CARE -Lower Tier II 06.03.2009 8.95 06.06.2018 1,000.00 CARE -Lower Tier II 04.11.2010 9.5 04.11.2025 866.92 CARE -Lower Tier II 16.03.2011 9.95 16.03.2026 3,937.60 CARE -Lower Tier II 16.03.2011 9.45 16.03.2026 828.32 CARE -Lower Tier II 23.02.2008 9.15 23.09.2017 160.00 CARE -Upper Tier II 07.06.2007 10.20 07.06.2022 2,523.50 CARE -Upper Tier II 12.09.2007 10.10 12.09.2022 3,500.00 CARE -Upper Tier II 19.12.2008 8.90 19.12.2023 2,500.00 CARE -Upper Tier II 02.03.2009 9.15 02.03.2024 2,000.00 CARE -Upper Tier II 06.03.2009 9.15 06.03.2024 1,000.00 CARE -Upper Tier II 24.03.2009 9.17 24.03.2024 250.00 CARE -Upper Tier II 15.10.2007 9.78 15.10.2022 300.00 CARE -Upper Tier II 16.01.2008 9.08 16.01.2023 340.00 CARE -Upper Tier II 18.05.2007 10.25 18.05.2022 300.00 CARE -Upper Tier II 26.03.2012 9.25 26.03.2027 500.00 CARE -Upper Tier II 19.03.2008 9.35 19.03.2023 500.00 CARE -Upper Tier II 05.06.2009 8.39 05.06.2024 325.00 CARE -Upper Tier II 21.08.2009 8.5 21.08.2024 450.00 CARE -Upper Tier II 08.09.2009 8.6 08.09.2024 475.00 CARE -Upper Tier II 05.07.2007 10.24 05.07.2022 200.00 CARE -Upper Tier II 28.09.2007 9.9 28.09.2022 300.00 CARE -Upper Tier II 20.12.2007 9.3 20.12.2022 300.00 CARE -Upper Tier II 27.03.2008 9.3 27.03.2023 201.60 CARE -Upper Tier II 13.03.2009 9.15 13.03.2024 150.00 CARE -Upper Tier II - - - 0.00 Withdrawn -Perpetual Debt 14.08.2009 9.10 Perpetual 1,000.00 CARE -Perpetual Debt 27.01.2010 9.05 Perpetual 1,000.00 CARE -Perpetual Debt 28.09.2007 10.25 Perpetual 165.00 CARE -Perpetual Debt 20.03.2008 9.85 Perpetual 200.00 CARE -Perpetual Debt 30.11.2007 9.8 Perpetual 160.00 CARE -Perpetual Debt 25.11.2009 9.1 Perpetual 100.00 CARE -Perpetual Debt 31.03.2008 9.95 Perpetual 100.00 CARE -Perpetual Debt 28.03.2008 9.95 Perpetual 350.00 CARE -Perpetual Debt 24.02.2010 9.2 Perpetual 135.00 CARE -Perpetual Debt 20.09.2010 9.05 Perpetual 200.00 CARE -Perpetual Debt 18.01.2020 9.15 Perpetual 300.00 CARE -Tier I (Basel III) 06.09.2016 9.00 Perpetual 2,100.00 CARE AA+; -Tier I (Basel III) 27.09.2016 8.75 Perpetual 2,500.00 CARE AA+; 6 CARE Ratings Limited
Instrument Date of Issuance Coupon Rate Maturity Date Size of the Issue Rating assigned along with Rating Outlook -Tier I (Basel III) 25.10.2016 8.39 Perpetual 2,500.00 CARE AA+; -Tier I (Basel III) 02.08.2017 8.15 Perpetual 2,000.00 CARE AA+; -Tier I (Basel III) 30.03.2017 9 Perpetual 300.00 CARE AA+; -Tier I (Basel III) 30.03.2017 9 Perpetual 200.00 CARE AA+; -Tier II (Basel III) 02.01.2014 9.69 02.01.2024 2,000.00 CARE -Tier II (Basel III) 23.12.2015 8.33 23.12.2025 4,000.00 CARE -Tier II (Basel III) 18.02.2016 8.45 18.02.2026 3,000.00 CARE -Tier II (Basel III) 18.03.2016 8.45 18.03.2026 3,000.00 CARE -Tier II (Basel III) 21.03.2016 8.45 21.03.2026 500.00 CARE -Tier II (Basel III) 17.12.2014 8.55 17.12.2024 500.00 CARE -Tier II (Basel III) 30.03.2016 8.45 30.03.2026 515.00 CARE -Tier II (Basel III) 30.12.2015 8.4 30.12.2025 500.00 CARE -Tier II (Basel III) 08.02.2016 8.45 08.02.2026 200.00 CARE -Tier II (Basel III) 22.01.2015 8.29 22.01.2025 950.00 CARE -Tier II (Basel III) Proposed 500.00 CARE Certificate of Deposit 7-364 days 6,000.00 CARE A1+ 7 CARE Ratings Limited
Annexure-2: Rating History of last three years Sr. No. Instrument/Bank Facilities Type Current Ratings Amount Rating Outstanding 1. -Upper Tier II LT 951.60 CARE 2017-2018 2016-2017 - ; (15-Dec-16) (07-Oct-16) Rating history 2015-2016 (21-Oct-15) 2014-2015 (21-Oct-14) 2. -Perpetual LT 160.00 CARE - ; (23-Dec-16) (04-Oct-16) (15-Oct-15) (08-Oct-14) 3. -Upper Tier II LT 340.00 CARE - ; (23-Dec-16) (04-Oct-16) (15-Oct-15) (08-Oct-14) 4. -Lower Tier II LT - - - - 1)Withdrawn 5. -Upper Tier II LT - - - 1)Withdrawn 6. -Upper Tier II LT - - - 1)Withdrawn 7. -Upper Tier II LT - - - 1)Withdrawn 8. -Upper Tier II LT - - - 1)Withdrawn 9. -Lower Tier II LT - - - 1)Withdrawn 10. -Upper Tier II LT 2523.50 CARE - ; 11. -Lower Tier II LT - - - - 1)Withdrawn (21-Oct-15) (21-Oct-14) 12. -Lower Tier II LT - - - 1)Withdrawn 8 CARE Ratings Limited
Sr. No. Instrument/Bank Facilities Type Current Ratings Amount Rating Outstanding 2017-2018 2016-2017 Rating history 2015-2016 2014-2015 13. -Upper Tier II LT - - - ; 14. -Perpetual LT 165.00 CARE - ; 15. -Upper Tier II LT 300.00 CARE - ; (15-Dec-16) (11-Jul-16) (08-Jul-15) (12-Jun-14) 16. -Upper Tier II LT 300.00 CARE - ; (13-Dec-16) (05-Jul-16) (15-Oct-15) (08-Oct-14) 17. -Perpetual LT 350.00 CARE - ; 18. -Lower Tier II LT - - - 1)Withdrawn 19. -Upper Tier II LT 500.00 CARE - ; 20. -Lower Tier II LT 160.00 CARE - ; 21. -Perpetual LT 200.00 CARE - ; (15-Dec-16) (11-Jul-16) (08-Jul-15) (12-Jun-14) 9 CARE Ratings Limited
Sr. No. Instrument/Bank Facilities 22. -Perpetual Type Current Ratings Amount Rating Outstanding LT 300.00 CARE 2017-2018 2016-2017 - ; (15-Dec-16) (07-Oct-16) Rating history 2015-2016 (21-Oct-15) 2014-2015 (21-Oct-14) 23. -Upper Tier II LT 250.00 CARE - ; 24. -Upper Tier II LT 325.00 CARE - ; 25. -Upper Tier II LT 925.00 CARE - ; 26. -Perpetual LT 135.00 CARE - ; 27. -Perpetual LT 100.00 CARE - ; (23-Dec-16) (04-Oct-16) (15-Oct-15) (08-Oct-14) 28. -Perpetual LT 100.00 CARE - ; (13-Dec-16) (05-Jul-16) (15-Oct-15) (08-Oct-14) 29. -Lower Tier II LT 1000.00 CARE - ; 30. -Perpetual LT 200.00 CARE - ; 10 CARE Ratings Limited
Sr. No. Instrument/Bank Facilities Type Current Ratings Amount Rating Outstanding 2017-2018 2016-2017 Rating history 2015-2016 2014-2015 31. -Upper Tier II LT 200.00 CARE - ; (15-Dec-16) (07-Oct-16) (21-Oct-15) (21-Oct-14) 32. -Upper Tier II LT 3500.00 CARE - ; 33. -Lower Tier II LT 866.92 CARE - ; 34. -Lower Tier II LT 1500.00 CARE - ; 35. -Upper Tier II LT 1000.00 CARE - ; 36. -Upper Tier II LT 2500.00 CARE - ; 37. -Perpetual LT 1000.00 CARE - ; 38. -Perpetual LT 1000.00 CARE - ; 39. -Upper Tier II LT 2000.00 CARE - ; 11 CARE Ratings Limited
Sr. No. Instrument/Bank Facilities Type Current Ratings Amount Rating Outstanding 2017-2018 2016-2017 Rating history 2015-2016 2014-2015 40. -Lower Tier II LT 4765.92 CARE - ; 41. Certificate Of Deposit ST 6000.00 CARE A1+ - 1)CARE A1+ (15-Dec-16) 2)CARE A1+ (11-Jul-16) 1)CARE A1+ (22-Dec-15) 2)CARE A1+ (08-Jul-15) 1)CARE A1+ (12-Jun-14) 42. -Upper Tier II LT 500.00 CARE - ; (13-Dec-16) (05-Jul-16) (15-Oct-15) (08-Oct-14) 43. -Tier II LT 2000.00 CARE - ; 44. -Tier II LT 500.00 CARE - ; (23-Dec-16) (04-Oct-16) (15-Oct-15) (11-Dec-14) 45. -Tier II LT 950.00 CARE - ; (15-Dec-16) (07-Oct-16) (21-Oct-15) 46. -Tier II LT 500.00 CARE - ; (30-Dec-15) - 47. -Tier II LT 4000.00 CARE - ; (14-Jan-16) - 48. -Tier II LT 3000.00 CARE - ; (25-Feb-16) - 12 CARE Ratings Limited
Sr. No. Instrument/Bank Facilities Type Current Ratings Amount Rating Outstanding 2017-2018 2016-2017 Rating history 2015-2016 2014-2015 49. -Tier II LT 515.00 CARE - ; (13-Dec-16) (05-Jul-16) (15-Mar-16) - 50. -Tier II LT 3000.00 CARE - ; (31-Mar-16) - 51. -Tier II LT 1000.00 CARE - ; (31-Mar-16) - 52. -Tier I LT 5800.00 CARE AA+; 53. -Tier II LT 200.00 CARE 54. -Tier I LT 3300.00 CARE AA+; 55. -Tier I LT 300.00 CARE AA+; 56. LT 200.00 CARE AA+; - 1)CARE AA+; 2)CARE AA+ (04-Oct-16) - ; - 1)CARE AA+; 2)CARE AA+ - 1)CARE AA+; (20-Mar-17) - 1)CARE AA+; (24-Mar-17) - - - - - - - - - - 13 CARE Ratings Limited
CONTACT Head Office Mumbai Ms. Meenal Sikchi Mr. Ankur Sachdeva Cell: + 91 98190 09839 Cell: + 91 98196 98985 E-mail: meenal.sikchi@careratings.com E-mail: ankur.sachdeva@careratings.com Ms. Rashmi Narvankar Mr. Saikat Roy Cell: + 91 99675 70636 Cell: + 91 98209 98779 E-mail: rashmi.narvankar@careratings.com E-mail: 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 - 400 022 Tel: +91-22-6754 3456 Fax: +91-22-6754 3457 E-mail: care@careratings.com AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad - 380 015 Cell: +91-9099028864 Tel: +91-79-4026 5656 E-mail: deepak.prajapati@careratings.com 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: pradeep.kumar@careratings.com CHANDIGARH Mr. Anand Jha SCF No. 54-55, First Floor, Phase 11, Sector 65, Mohali - 160062 Chandigarh Cell: +91 99888 05650 Tel: +91-172-5171 100 / 09 Email: anand.jha@careratings.com 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: pradeep.kumar@careratings.com COIMBATORE Mr. V Pradeep Kumar T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore - 641 037. Tel: +91-422-4332399 / 4502399 Email: 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 - 302 016. Cell: +91 95490 33222 Tel: +91-141-402 0213 / 14 E-mail: nikhil.soni@careratings.com 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: priti.agarwal@careratings.com 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: swati.agrawal@careratings.com 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: pratim.banerjee@careratings.com CIN - L67190MH1993PLC071691 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: ramesh.bob@careratings.com 14 CARE Ratings Limited