Rating Rationale
April 04, 2018 | Mumbai
Bajaj Finance Limited
Rating Action
Total Bank Loan Facilities Rated Rs.21000 Crore
Long Term Rating CRISIL AAA/Stable
Short Term Rating CRISIL A1+
Rs.5000 Crore Non-Convertible Debenture CRISIL AAA/Stable
Rs.7000 Crore Non-Convertible Debenture CRISIL AAA/Stable
Rs.3000 Crore Non-Convertible Debenture CRISIL AAA/Stable
Non-Convertible Debentures Aggregating Rs.7052.8 Crore CRISIL AAA/Stable
Subordinated Debt Aggregating Rs.2000 Crore CRISIL AAA/Stable
Rs.500 Crore Subordinate Debt  CRISIL AAA/Stable
Rs.100 Crore Subordinated Debt CRISIL AAA/Stable
Lower Tier-II Bonds Aggregating Rs.700 Crore CRISIL AAA/Stable
Fixed Deposits Programme  FAAA/Stable
Rs.15000 Crore Commercial Paper  CRISIL A1+
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL's ratings continue to reflect Bajaj Finance's strong business risk profile, given its position as one of the largest retail asset financing non-banking financial companies (NBFCs) in the country, and expectation of comfortable asset quality. Increased focus on risk management and data analytics should mitigate the inherent asset quality challenges in the risky asset segments. Strong capitalisation and healthy earnings also underpin the ratings. The ratings also reflect expectation of support from the Bajaj group and its healthy financial flexibility.

Analytical Approach

The ratings factor in the company's strategic importance to, and significant support expected from, its ultimate holding company, Bajaj Holdings and Investments Ltd (BHIL), and parent, Bajaj Finserv Ltd (Bajaj Finserv). The ratings also reflect benefits arising from synergies with the group.

Key Rating Drivers & Detailed Description
* Large, well-diversified NBFC
Bajaj Finance has emerged as one of the largest retail asset financing NBFCs in India, and continues with its two-pronged strategy of building scale and maximising profit. Segments such as mortgages, small business loans, and commercial lending are focused on building scale, while consumer durable loans, personal loans, and 2- and 3-wheeler financing are focused on maximising profit. As on December 31, 2017, assets under management (AUM) grew 34% (year-on-year) to Rs 77,236 crore and consisted primarily of mortgages (loans against property [LAP] and home loans; 23%), personal and consumer durables loans (30%), business loans and vendor financing (15%), loan against securities (7%), 2- and 3-wheeler financing (8%) and others (17%).
The LAP book remained almost stable owing to shift in the company's stance of direct sourcing of customers and maintaining a cautious view on the sector. All other segments witnessed growth.
* Strong capitalisation
Capitalisation is strong, with sizeable networth and adequate Tier-I capital adequacy ratio of Rs 15,793 crore and 19.61%, respectively, as on December 31, 2017. To support medium-term growth plans, in November 2016, promoters infused Rs 306 crore through conversion of warrants. Gearing policy is conservative. Adjusted gearing has been below 6 times over the past five years, despite aggressive growth in AUM. Despite strong growth plans, capitalisation should remain comfortable over the medium term, supported by regular capital infusion, demonstrated ability to raise capital, and healthy internal cash accruals; thus providing cushion against asset-side risks.
* Healthy earnings
Earnings are supported by a large proportion of high-yield businesses and competitive borrowing costs. In the first nine months of fiscal 2018, return on managed assets (annualised) remained healthy at 3.3% (almost similar to the corresponding period of the previous year), driven by higher fee income and a stable net interest margin. Profitability continued to be better than the industry average. Additionally, the company has increased efforts to diversify earnings by focusing on various fee-based income avenues, such as existing member identification cards and third-party product distribution. Earnings remain susceptible to high credit costs, especially during continued macroeconomic stress, despite the conservative provisioning policy. With CRISIL-adjusted provision coverage ratio at around 68% as on December 31, 2017, the coverage exceeded that of peers. While Bajaj Finance's profitability may moderate as the proportion of mortgage loans increases under it's housing finance subsidiary, it will remain better than that of peers over the medium term.
* Strategic importance to, and strong expectation of support from, the Bajaj group
Bajaj Finance is strategically important to the Bajaj group, and gets significant financial, managerial, and operational support from parent, Bajaj Finserv. It also derives synergies from being a captive financier for Bajaj Auto Ltd (Bajaj Auto; 'CRISIL AAA/FAAA/Stable/CRISIL A1+'). Bajaj Finance is one of the crucial entities of the group's financial services business, and its established track record of profitable growth enhances its strategic importance. Bajaj Finance also plays a critical role in helping Bajaj Auto meet sales targets and maintain market share; it financed approximately 37% of Bajaj Auto two wheelers and approximately 28% of Bajaj Auto three wheelers sales volume in fiscal 2017, against 20% in fiscal 2010.
Bajaj Finserv's financial flexibility has improved steadily over the years, supported by the performance of its operating companies, including insurance ventures. In the unlikely event of Bajaj Finance requiring group ;support in an extraordinary situation, BHIL has ample liquidity in the form of cash and bank balance and portfolio of quoted investments to do so. In addition, CRISIL believes there is sufficient flexibility in the market standing of the listed and unlisted financial services entities of the group, which will be sufficient to support any material requirement of Bajaj Finance even if the group were to step up its stake in insurance ventures.
* Focus on risky asset classes and under-seasoned mortgage loan book
In recent years, risk management processes and data analytics capability have been strengthened. Underwriting norms and monitoring mechanisms in small and medium-sized enterprise (SME) business segments such as business loans and LAP have been reinforced. The unsecured lending business (mainly consumer durables financing and personal loans) has also been supported through investments in risk analytics and technology. Underwriting and collection norms have been tightened based on portfolio performance trends and early warning indicators. The company has slowed growth in the LAP business in recent years due to intense competition and is likely to continue to adjust growth plans across business segments in response to market opportunities and challenges. It has revamped its business model in the SME segment and now focuses on sourcing business through cross-selling to existing customers to support growth. Diversified loan book and increased focus on risk management and data analytics helped manage asset quality risks in the past few years and will continue to do so. Asset quality remains stable with gross non-performing assets and net non-performing assets (90+ days past due [dpd]1) at 1.67% and 0.53%, respectively, as on December 31, 2017.

The increased focus on risk management should mitigate the inherent asset quality risks following the high growth in recent years and focus on risky asset segments. A significant proportion of Bajaj Finance's portfolio comprising mortgage loans has witnessed strong growth over the past few years and remains under-seasoned. Additionally, the company has high exposure to risky asset segments such as personal loans and consumer durable loans, 2- and 3-wheeler finance, and unsecured business loans, which constituted around 51% of its loan portfolio as on December 31, 2017, and are vulnerable to economic cycles. Furthermore, competition, especially in the retail and SME financing business, has intensified significantly with increased focus by private and public sector lenders and the entry of new banks. However, the share of secured assets segments, such as mortgages, is expected to rise over the medium term, which will help improve asset quality.
Outlook: Stable

CRISIL believes Bajaj Finance will remain strategically important to, and continue to receive support from, the Bajaj group, and will sustain its healthy financial risk profile. The outlook may be revised to 'Negative' if there is a significant deterioration in asset quality or earnings, or diminution in support from the Bajaj group, or weakening, in CRISIL's view, of the group's credit risk profile.

About the Company

Set up in 1987, Bajaj Finance is a subsidiary of Bajaj Finserv (55.13% ownership), the financial services arm of the Bajaj group. Bajaj Finance has a diversified product suite comprising key businesses such as vehicle loans (2- and 3-wheelers manufactured by Bajaj Auto), consumer durable loans, personal loans, mortgage loans, small business loans, loans against securities, commercial finance, and rural finance. Bajaj Finance is the largest financier of 2-wheelers and consumer durables in India. Its AUM was Rs 72,983 crore as on September 30, 2017.
Profit after tax (PAT) was Rs 1836.6 crore and total income was of Rs 10,003.31 crore in fiscal 2017, against Rs 1278.5 crore and Rs 7333.6 crore, respectively, in fiscal 2016.
In the first nine months of fiscal 2018, PAT was Rs 1926 crore and total income was Rs 9771.9 crore, against a PAT of Rs 1387 crore and total income of Rs 7319 crores in the corresponding period of the previous fiscal.

1Portfolio performance is measured by 30+ dpd, 90+ dpd, 120+ dpd, 150+ dpd, and 180+ dpd (depending on the loan tenure), which are defined as the sum of overdue and future principal for contracts overdue for more than 30, 90, 120, 150, and 180 days, respectively, expressed as a percentage of portfolio outstanding at that point in time
Bajaj Finance transitioned to 120+ dpd recognition of NPA as per revised RBI guidelines from the first quarter of fiscal 2017

Key Financial Indicators
As on / for the period ended December 31 (Standalone)   2017 2016
Total Assets Rs crore 80,671 59,041
Total income Rs crore 9772 7319
Profit after tax Rs crore 1925 1387
Gross NPA % 1.67 1.47
Adjusted Gearing Times 3.9 5.2
Return on managed assets % 3.3 3.4

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size
(Rs. cr)
Rating outstanding
with outlook
NA Subordinate Debt^ NA NA NA 100 CRISIL AAA/Stable
INE296A07FV8 Debenture 7-Apr-15 9.1 7-Apr-23 165 CRISIL AAA/Stable
INE296A07FV8 Debenture 7-Apr-15 9.1 8-Apr-24 165 CRISIL AAA/Stable
INE296A07FV8 Debenture 7-Apr-15 9.1 7-Apr-25 170 CRISIL AAA/Stable
INE296A07GM5 Debenture* 14-May-15 8.8 2-May-17 7 CRISIL AAA/Stable
INE296A07GN3 Debenture* 14-May-15 8.8 4-May-17 9 CRISIL AAA/Stable
INE296A07GO1 Debenture* 14-May-15 8.8 1-Jun-17 30.7 CRISIL AAA/Stable
INE296A07GP8 Debenture* 14-May-15 8.8 12-Jun-17 28.1 CRISIL AAA/Stable
INE296A07GQ6 Debenture* 14-May-15 8.8 13-Jun-17 98.4 CRISIL AAA/Stable
INE296A07GR4 Debenture* 14-May-15 8.8 20-Jun-17 4.8 CRISIL AAA/Stable
INE296A07HD2 Debenture* 6-Jul-15 8.9 10-Apr-17 14 CRISIL AAA/Stable
INE296A07HE0 Debenture* 6-Jul-15 8.9 28-Jun-17 29.5 CRISIL AAA/Stable
INE296A07HF7 Debenture* 6-Jul-15 8.9 24-Jul-17 19.9 CRISIL AAA/Stable
INE296A07HG5 Debenture* 6-Jul-15 8.9 1-Aug-17 28 CRISIL AAA/Stable
INE296A07HW2 Debenture 20-Aug-15 8.9 20-Aug-25 90 CRISIL AAA/Stable
INE296A07HX0 Debenture 20-Aug-15 8.8 20-Aug-20 15 CRISIL AAA/Stable
INE296A07HY8 Debenture 14-Sep-15 8.8 14-Sep-20 10 CRISIL AAA/Stable
INE296A07CN2 Debenture* 5-Sep-14 9.7 31-Aug-17 11.4 CRISIL AAA/Stable
INE296A07CO0 Debenture* 5-Sep-14 9.7 5-Sep-17 21.6 CRISIL AAA/Stable
INE296A07CP7 Debenture* 5-Sep-14 9.7 8-Sep-17 6 CRISIL AAA/Stable
INE296A07CQ5 Debenture* 5-Sep-14 9.7 14-Sep-17 10 CRISIL AAA/Stable
INE296A07CR3 Debenture* 5-Sep-14 9.7 5-Sep-17 125 CRISIL AAA/Stable
INE296A07CT9 Debenture* 15-Sep-14 9.7 13-Sep-17 19 CRISIL AAA/Stable
INE296A07CU7 Debenture* 15-Sep-14 9.7 25-Sep-17 30 CRISIL AAA/Stable
INE296A07DH2 Debenture* 1-Oct-14 9.6 28-Sep-17 21.5 CRISIL AAA/Stable
INE296A07DI0 Debenture* 1-Oct-14 9.6 11-Oct-17 13 CRISIL AAA/Stable
INE296A07DJ8 Debenture* 1-Oct-14 9.6 26-Oct-17 13 CRISIL AAA/Stable
INE296A07DK6 Debenture* 1-Oct-14 9.6 3-Oct-17 85 CRISIL AAA/Stable
INE296A07DN0 Debenture* 22-Oct-14 9.5 18-Oct-17 31.4 CRISIL AAA/Stable
INE296A07DO8 Debenture* 22-Oct-14 9.5 23-Oct-17 18 CRISIL AAA/Stable
INE296A07DP5 Debenture* 22-Oct-14 9.5 7-Nov-17 13 CRISIL AAA/Stable
INE296A07DQ3 Debenture 22-Oct-14 9.5 22-Oct-19 5 CRISIL AAA/Stable
INE296A07DR1 Debenture* 22-Oct-14 9.5 23-Oct-17 125 CRISIL AAA/Stable
INE296A07EG2 Debenture 17-Nov-14 9.4 18-Nov-24 100 CRISIL AAA/Stable
INE296A07EN8 Debenture 3-Dec-14 9.1 3-Dec-19 25 CRISIL AAA/Stable
INE296A07ER9 Debenture* 3-Dec-14 9 12-Dec-17 15.9 CRISIL AAA/Stable
INE296A07ET5 Debenture 12-Dec-14 9 12-Dec-19 100 CRISIL AAA/Stable
INE296A07EZ2 Debenture* 3-Feb-15 8.9 31-Jan-17 14.8 CRISIL AAA/Stable
INE296A07FA2 Debenture* 3-Feb-15 8.9 13-Feb-17 17.5 CRISIL AAA/Stable
INE296A07FB0 Debenture* 3-Feb-15 8.9 31-Jan-18 64.5 CRISIL AAA/Stable
INE296A07FC8 Debenture* 27-Feb-15 9 16-Feb-17 26.4 CRISIL AAA/Stable
INE296A07FD6 Debenture* 27-Feb-15 9 27-Feb-17 18 CRISIL AAA/Stable
INE296A07FE4 Debenture* 27-Feb-15 9 17-Apr-17 45.9 CRISIL AAA/Stable
INE296A07FF1 Debenture* 27-Feb-15 9 26-Feb-18 10 CRISIL AAA/Stable
INE296A07FG9 Debenture* 13-Mar-15 8.9 28-Mar-18 150 CRISIL AAA/Stable
INE296A07FH7 Debenture* 25-Mar-15 8.9 20-Mar-17 24 CRISIL AAA/Stable
INE296A07FI5 Debenture* 25-Mar-15 8.9 27-Apr-17 7 CRISIL AAA/Stable
INE296A07FJ3 Debenture* 25-Mar-15 8.9 2-May-17 5.3 CRISIL AAA/Stable
INE296A07FK1 Debenture* 25-Mar-15 8.9 28-Jun-17 300 CRISIL AAA/Stable
INE296A07FL9 Debenture* 25-Mar-15 8.9 3-Apr-18 26 CRISIL AAA/Stable
INE296A07FM7 Debenture 25-Mar-15 8.9 10-Apr-18 34 CRISIL AAA/Stable
INE296A07FN5 Debenture 25-Mar-15 9 25-Mar-20 25 CRISIL AAA/Stable
INE296A07FO3 Debenture* 31-Mar-15 8.9 23-Mar-17 8 CRISIL AAA/Stable
INE296A07FP0 Debenture* 31-Mar-15 8.9 25-Apr-17 4.4 CRISIL AAA/Stable
INE296A07FQ8 Debenture* 31-Mar-15 8.9 27-Apr-17 19 CRISIL AAA/Stable
INE296A07FR6 Debenture* 31-Mar-15 8.9 28-Mar-18 6 CRISIL AAA/Stable
INE296A07FS4 Debenture* 31-Mar-15 8.9 30-Mar-18 25.5 CRISIL AAA/Stable
INE296A07FT2 Debenture 31-Mar-15 8.9 24-Apr-18 32 CRISIL AAA/Stable
INE296A07FU0 Debenture* 31-Mar-15 8.9 18-Apr-17 19 CRISIL AAA/Stable
INE296A07GK9 Debenture* 28-Apr-15 8.7 29-Dec-17 150 CRISIL AAA/Stable
INE296A07GL7 Debenture 28-Apr-15 8.8 28-Apr-20 25 CRISIL AAA/Stable
INE296A08748 Debenture* 15-Jul-15 8.9 25-Mar-17 13 CRISIL AAA/Stable
INE296A07HZ5 Debenture 29-Sep-15 8.8 29-Sep-20 47 CRISIL AAA/Stable
INE296A07IO7 Debenture 10-Dec-15 8.6 10-Dec-20 25 CRISIL AAA/Stable
INE296A07HQ4 Debenture 3-Aug-15 8.8 26-Jul-18 10 CRISIL AAA/Stable
INE296A07HR2 Debenture* 3-Aug-15 8.8 3-Aug-17 200 CRISIL AAA/Stable
INE296A07HS0 Debenture 3-Aug-15 8.9 2-Aug-19 80 CRISIL AAA/Stable
INE296A07IA6 Debenture 13-Oct-15 8.7 13-Oct-25 5 CRISIL AAA/Stable
INE296A07IB4 Debenture 13-Oct-15 8.7 13-Oct-22 8 CRISIL AAA/Stable
INE296A07IP4 Debenture 5-Jan-16 8.7 5-Jan-21 17 CRISIL AAA/Stable
INE296A07IT6 Debenture 12-Jan-16 8.7 12-Jan-21 10 CRISIL AAA/Stable
INE296A07IW0 Debenture 20-Jan-16 8.7 20-Jan-21 15 CRISIL AAA/Stable
INE296A07IX8 Debenture 22-Jan-16 8.7 22-Jan-21 10 CRISIL AAA/Stable
INE296A07KB0 Debenture 18-Mar-16 8.9 18-Mar-19 20 CRISIL AAA/Stable
INE296A07KC8 Debenture 18-Mar-16 8.9 18-Mar-21 26.2 CRISIL AAA/Stable
INE296A07KD6 Debenture 18-Mar-16 8.9 18-Mar-26 28 CRISIL AAA/Stable
INE296A07KM7 Debenture 29-Mar-16 8.8 29-Apr-19 200 CRISIL AAA/Stable
INE296A07KV8 Debenture 31-Mar-16 8.8 31-Mar-21 10 CRISIL AAA/Stable
INE296A07KW6 Debenture 31-Mar-16 8.8 31-Mar-26 3 CRISIL AAA/Stable
INE296A07LA0 Debenture 26-Apr-16 8.6 26-Apr-21 30 CRISIL AAA/Stable
INE296A07MU6 Debenture 21-Oct-16 7.6 5-Oct-18 7.5 CRISIL AAA/Stable
INE296A07MV4 Debenture 21-Oct-16 7.6 12-Nov-18 15 CRISIL AAA/Stable
INE296A07ND0 Debenture 24-Nov-16 7.5 25-Nov-19 200 CRISIL AAA/Stable
INE296A07NE8 Debenture 30-Nov-16 7.6 30-Nov-21 80 CRISIL AAA/Stable
INE296A07NF5 Debenture 30-Nov-16 7.5 30-Jan-20 75 CRISIL AAA/Stable
INE296A07NG3 Debenture 30-Nov-16 7.5 2-Dec-19 435 CRISIL AAA/Stable
INE296A07NH1 Debenture 30-Nov-16 7.5 8-Oct-19 7.8 CRISIL AAA/Stable
INE296A07NI9 Debenture 30-Nov-16 7.6 13-Aug-20 9 CRISIL AAA/Stable
INE296A07MW2 Debenture 21-Oct-16 7.6 3-Sep-19 7 CRISIL AAA/Stable
INE296A07MX0 Debenture 21-Oct-16 7.6 18-Feb-20 4 CRISIL AAA/Stable
INE296A07MY8 Debenture 21-Oct-16 7.6 13-Apr-20 10.5 CRISIL AAA/Stable
INE296A07MZ5 Debenture 21-Oct-16 7.6 16-Oct-20 7 CRISIL AAA/Stable
INE296A07NA6 Debenture 21-Oct-16 7.7 28-Sep-21 7 CRISIL AAA/Stable
INE296A07NB4 Debenture 21-Oct-16 7.7 21-Oct-21 75 CRISIL AAA/Stable
INE296A07NC2 Debenture 25-Oct-16 7.7 25-Oct-21 26 CRISIL AAA/Stable
INE296A07NJ7 Debenture 1-Dec-16 7.5 20-Nov-19 275 CRISIL AAA/Stable
INE296A07NK5 Debenture 7-Dec-16 7.5 7-Dec-21 30 CRISIL AAA/Stable
INE296A07286 Debenture* 26-Oct-10   26-Oct-15 25 CRISIL AAA/Stable
INE296A07NL3 Debenture 10-Jan-17 7.7 10-Jan-20 235 CRISIL AAA/Stable
INE296A07NM1 Debenture 10-Jan-17 7.7 7-Apr-20 7.3 CRISIL AAA/Stable
INE296A07NN9 Debenture 10-Jan-17 7.7 9-Jun-20 4 CRISIL AAA/Stable
INE296A07NO7 Debenture 10-Jan-17 7.7 28-Apr-22 3.8 CRISIL AAA/Stable
INE296A07NP4 Debenture 13-Jan-17 7.7 13-Jan-22 77 CRISIL AAA/Stable
INE296A07NQ2 Debenture 20-Jan-17 7.7 20-Jan-22 90 CRISIL AAA/Stable
INE296A07NR0 Debenture 2-Feb-17 7.7 2-Feb-22 10 CRISIL AAA/Stable
INE296A07OB2 Debenture 10-Feb-17 7.6 31-Mar-20 50 CRISIL AAA/Stable
INE296A07OC0 Debenture 10-Feb-17 7.7 10-Feb-20 30 CRISIL AAA/Stable
INE296A07OJ5 Debenture 9-Mar-17 7.8 9-Mar-20 10 CRISIL AAA/Stable
INE296A07OK3 Debenture 9-Mar-17 7.8 6-May-20 3.5 CRISIL AAA/Stable
INE296A07OL1 Debenture 9-Mar-17 7.8 20-Apr-20 27.4 CRISIL AAA/Stable
INE296A07849 Debenture* 30-Oct-12 9.5 30-Oct-17 125 CRISIL AAA/Stable
INE296A07856 Debenture* 11-Jan-13 9.5 11-Jan-18 270 CRISIL AAA/Stable
INE296A07864 Debenture* 30-Jan-13 9.4 30-Jan-18 25 CRISIL AAA/Stable
INE296A07872 Debenture* 31-Jan-13 9.6 31-Jan-18 300 CRISIL AAA/Stable
INE296A07880 Debenture 16-Apr-13 9.4 16-Apr-18 175 CRISIL AAA/Stable
INE296A07898 Debenture 3-May-13 9.3 3-May-18 74 CRISIL AAA/Stable
INE296A07914 Debenture 14-May-13 9.1 14-May-18 50 CRISIL AAA/Stable
INE296A07922 Debenture 20-May-13 9 20-May-18 35 CRISIL AAA/Stable
INE296A07971 Debenture 28-Jan-14 9.9 28-Jan-19 50 CRISIL AAA/Stable
INE296A07AP1 Debenture* 19-Mar-14 10 30-Mar-17 60 CRISIL AAA/Stable
INE296A07AQ9 Debenture* 19-Mar-14 10 13-Mar-17 8.8 CRISIL AAA/Stable
INE296A07BB9 Debenture 25-Apr-14 10 25-Apr-19 35 CRISIL AAA/Stable
INE296A07BC7 Debenture* 25-Apr-14 9.9 25-Apr-17 247 CRISIL AAA/Stable
INE296A07BG8 Debenture 17-Jul-14 9.6 17-Jul-19 145 CRISIL AAA/Stable
INE296A07BI4 Debenture* 12-Aug-14 9.6 11-Aug-17 20 CRISIL AAA/Stable
INE296A07BH6 Debenture 12-Aug-14 9.7 12-Aug-19 62.5 CRISIL AAA/Stable
INE296A07BO2 Debenture* 12-Aug-14 9.6 31-Aug-17 30 CRISIL AAA/Stable
INE296A07NS8 Debenture 8-Feb-17 7.7 8-Feb-22 130 CRISIL AAA/Stable
INE296A07NT6 Debenture 8-Feb-17 7.7 8-Feb-21 5 CRISIL AAA/Stable
INE296A07NU4 Debenture 8-Feb-17 7.7 10-Feb-20 125 CRISIL AAA/Stable
INE296A07NV2 Debenture 8-Feb-17 7.7 28-Jan-20 4 CRISIL AAA/Stable
INE296A07NW0 Debenture 8-Feb-17 7.7 27-Mar-20 21.8 CRISIL AAA/Stable
INE296A07NX8 Debenture 8-Feb-17 7.7 7-Apr-20 4.7 CRISIL AAA/Stable
INE296A07NY6 Debenture 8-Feb-17 7.7 4-May-20 39.7 CRISIL AAA/Stable
INE296A07NZ3 Debenture 8-Feb-17 7.7 27-Jul-20 3.2 CRISIL AAA/Stable
INE296A07OA4 Debenture 8-Feb-17 7.7 14-Aug-20 32.9 CRISIL AAA/Stable
INE296A07OD8 Debenture 23-Feb-17 7.8 24-Feb-20 200 CRISIL AAA/Stable
INE296A07OE6 Debenture 23-Feb-17 7.8 27-Mar-20 14 CRISIL AAA/Stable
INE296A07OF3 Debenture 23-Feb-17 7.8 2-Apr-20 19 CRISIL AAA/Stable
INE296A07OG1 Debenture 23-Feb-17 7.8 6-Apr-20 25 CRISIL AAA/Stable
INE296A07OH9 Debenture 23-Feb-17 7.8 11-Aug-20 5 CRISIL AAA/Stable
INE296A07OI7 Debenture 23-Feb-17 7.8 21-Aug-20 9.6 CRISIL AAA/Stable
INE296A07OM9 Debenture 21-Mar-17 7.9 21-Mar-22 23.5 CRISIL AAA/Stable
INE296A07ON7 Debenture 24-Mar-17 7.9 7-Apr-20 35 CRISIL AAA/Stable
INE296A07OO5 Debenture 24-Mar-17 7.8 2-Apr-20 13 CRISIL AAA/Stable
INE296A07OP2 Debenture 24-Mar-17 7.8 9-Apr-20 54.3 CRISIL AAA/Stable
INE296A07OQ0 Debenture 24-Mar-17 7.8 5-May-20 12 CRISIL AAA/Stable
INE296A07OR8 Debenture 24-Mar-17 7.8 10-May-20 20 CRISIL AAA/Stable
INE296A07OS6 Debenture 24-Mar-17 7.8 14-May-20 12 CRISIL AAA/Stable
INE296A07OT4 Debenture 24-Mar-17 7.8 20-May-20 10 CRISIL AAA/Stable
INE296A07OU2 Debenture 24-Mar-17 7.8 5-Jun-20 100 CRISIL AAA/Stable
INE296A07OV0 Debenture 24-Mar-17 7.8 8-Jul-20 39 CRISIL AAA/Stable
INE296A07OW8 Debenture 24-Mar-17 7.9 29-Jul-20 18 CRISIL AAA/Stable
INE296A07OX6 Debenture 27-Mar-17 7.9 28-Mar-22 37 CRISIL AAA/Stable
INE296A07OY4 Debenture 30-Mar-17 7.8 29-Jun-20 735 CRISIL AAA/Stable
INE296A07OZ1 Debenture 30-Mar-17 7.8 15-Jun-20 175 CRISIL AAA/Stable
INE296A07PA1 Debenture 30-Mar-17 7.8 30-Apr-20 17.5 CRISIL AAA/Stable
INE296A07PB9 Debenture 30-Mar-17 7.8 5-May-20 10 CRISIL AAA/Stable
INE296A07PC7 Debenture 30-Mar-17 7.8 14-May-20 31.4 CRISIL AAA/Stable
INE296A07PD5 Debenture 30-Mar-17 7.8 4-Jun-20 500 CRISIL AAA/Stable
INE296A07PE3 Debenture 30-Mar-17 7.8 8-Jul-20 32 CRISIL AAA/Stable
INE296A07PF0 Debenture 30-Mar-17 7.8 26-May-20 10 CRISIL AAA/Stable
INE296A07PG8 Debenture 31-Mar-17 7.8 30-Jun-20 355 CRISIL AAA/Stable
INE296A07PH6 Debenture 31-Mar-17 7.8 12-May-20 22.7 CRISIL AAA/Stable
INE296A07PI4 Debenture 31-Mar-17 7.8 8-Jul-20 10 CRISIL AAA/Stable
INE296A07PJ2 Debenture 31-Mar-17 7.8 31-Jul-20 75 CRISIL AAA/Stable
INE296A07PK0 Debenture 31-Mar-17 7.8 4-Aug-20 12 CRISIL AAA/Stable
INE296A07PL8 Debenture 7-Apr-17 7.9 7-Apr-22 15 CRISIL AAA/Stable
INE296A07PM6 Debenture 20-Apr-17 7.7 30-Jun-20 480 CRISIL AAA/Stable
INE296A07PN4 Debenture 20-Apr-17 7.8 30-Jun-20 28 CRISIL AAA/Stable
INE296A07PO2 Debenture 20-Apr-17 7.8 28-Apr-20 36.7 CRISIL AAA/Stable
INE296A07PP9 Debenture 21-Apr-17 7.9 21-Apr-22 14 CRISIL AAA/Stable
INE296A07PQ7 Debenture 17-May-17 7.8 17-Jun-20 105 CRISIL AAA/Stable
INE296A07PR5 Debenture 17-May-17 7.8 20-May-20 755 CRISIL AAA/Stable
INE296A07PS3 Debenture 17-May-17 7.8 6-May-20 12 CRISIL AAA/Stable
INE296A07PT1 Debenture 17-May-17 7.8 4-May-21 5.5 CRISIL AAA/Stable
INE296A07PU9 Debenture 17-May-17 7.8 4-Aug-20 8 CRISIL AAA/Stable
INE296A07PV7 Debenture 19-May-17 7.8 19-May-20 250 CRISIL AAA/Stable
INE296A07PW5 Debenture 29-May-17 7.8 29-May-20 215 CRISIL AAA/Stable
INE296A07PX3 Debenture 29-May-17 7.8 12-Aug-20 10 CRISIL AAA/Stable
INE296A07PY1 Debenture 1-Jun-17 8.1 31-May-24 1000 CRISIL AAA/Stable
INE296A07PZ8 Debenture 13-Jun-17 7.6 15-Jun-20 1025 CRISIL AAA/Stable
INE296A07QA9 Debenture 20-Jun-17 7.5 18-Jun-21 365 CRISIL AAA/Stable
INE296A08839 Debenture 6-Jun-17 8.1 7-Jun-32 1000 CRISIL AAA/Stable
INE296A07QB7 Debenture 18-Jul-17 7.5 10-Aug-20 1180 CRISIL AAA/Stable
INE296A07QC5 Debenture 4-Sep-17 7.3 10-Nov-20 505 CRISIL AAA/Stable
INE296A07QC5 Debenture 15-Sep-17 7.3 10-Nov-20 700 CRISIL AAA/Stable
INE296A07QF8 Debenture 31-Oct-17 7.45 10-Dec-20 485 CRISIL AAA/Stable
INE296A07QF8 Debenture 5-Dec-17 7.45 10-Dec-20 600 CRISIL AAA/Stable
INE296A07QH4 Debenture 28-Dec-17 7.7 28-Dec-22 300 CRISIL AAA/Stable
Debenture 28-Mar-18 8.1 15-Apr-21 614.2 CRISIL AAA/Stable
NA Debenture^ NA NA NA 2302.3 CRISIL AAA/Stable
INE296A08359 Subordinated Debt 19-Apr-10 9.8 19-Apr-20 55 CRISIL AAA/Stable
INE296A08359 Subordinated Debt 6-May-10 9.8 19-Apr-20 10 CRISIL AAA/Stable
INE296A08425 Subordinated Debt 1-Jun-10 9.5 1-Jun-20 50 CRISIL AAA/Stable
INE296A08433 Subordinated Debt 2-Jul-10 9.5 2-Jul-20 50 CRISIL AAA/Stable
INE296A08466 Subordinated Debt 28-Sep-10 9.6 28-Sep-20 27.5 CRISIL AAA/Stable
INE296A08474 Subordinated Debt 29-Oct-10 9.6 29-Oct-20 36.2 CRISIL AAA/Stable
INE296A08490 Subordinated Debt 18-May-11 9.8 18-May-21 50 CRISIL AAA/Stable
INE296A08656 Subordinated Debt 14-Jun-12 10.2 22-Aug-22 10 CRISIL AAA/Stable
INE296A08656 Subordinated Debt 15-Jun-12 10.2 22-Aug-22 15.4 CRISIL AAA/Stable
INE296A08656 Subordinated Debt 20-Jun-12 10.2 22-Aug-22 3 CRISIL AAA/Stable
INE296A08656 Subordinated Debt 28-Jun-12 10.2 22-Aug-22 2.6 CRISIL AAA/Stable
INE296A08656 Subordinated Debt 25-Jul-12 10.2 22-Aug-22 4.4 CRISIL AAA/Stable
INE296A08656 Subordinated Debt 2-Aug-12 10.2 22-Aug-22 4 CRISIL AAA/Stable
INE296A08656 Subordinated Debt 17-Aug-12 10.2 22-Aug-22 118 CRISIL AAA/Stable
INE296A08672 Subordinated Debt 28-Jan-13 9.8 28-Jan-23 49.7 CRISIL AAA/Stable
INE296A08706 Subordinated Debt 26-Apr-13 9.7 26-Apr-23 50 CRISIL AAA/Stable
INE296A08714 Subordinated Debt 19-Sep-14 10.2 19-Sep-24 452.5 CRISIL AAA/Stable
INE296A08755 Subordinated Debt 21-Oct-15 8.9 21-Oct-25 40 CRISIL AAA/Stable
INE296A08763 Subordinated Debt 9-Nov-15 8.9 7-Nov-25 250 CRISIL AAA/Stable
INE296A08821 Subordinated Debt 2-Dec-16 8.1 2-Dec-26 105 CRISIL AAA/Stable
INE296A08847 Subordinated Debt 22-Jun-17 8.15 22-Jun-27 600 CRISIL AAA/Stable
N.A Subordinate Debt^ N.A N.A N.A 1216.7 CRISIL AAA/Stable
N.A Commercial Paper N.A N.A 7-365 days 15000 CRISIL A1+
N.A Cash Credit & Working Capital
Demand Loan
N.A N.A N.A 2790 CRISIL AAA/Stable
N.A Term Loan 1 N.A N.A 5-Dec-22  800.00 CRISIL AAA/Stable
N.A Term Loan 2 N.A N.A 30-Mar-21  1,000.00 CRISIL AAA/Stable
N.A Term Loan 3 N.A N.A 30-Oct-20  1,000.00 CRISIL AAA/Stable
N.A Term Loan 4 N.A N.A 30-Mar-21  1,000.00 CRISIL AAA/Stable
N.A Term Loan 5 N.A N.A 28-Jan-20  300.00 CRISIL AAA/Stable
N.A Term Loan 6 N.A N.A 27-Jun-20  250.00 CRISIL AAA/Stable
N.A Term Loan 7 N.A N.A 28-May-20  1,000.00 CRISIL AAA/Stable
N.A Term Loan 8 N.A N.A 31-Oct-19  200.00 CRISIL AAA/Stable
N.A Term Loan 9 N.A N.A 18-Jan-19  300.00 CRISIL AAA/Stable
N.A Term Loan 10 N.A N.A 26-Nov-20  450.00 CRISIL AAA/Stable
N.A Term Loan 11 N.A N.A 28-Jun-18  300.00 CRISIL AAA/Stable
N.A Term Loan 12 N.A N.A 31-Mar-20  600.00 CRISIL AAA/Stable
N.A Term Loan 13 N.A N.A 30-Mar-22  800.00 CRISIL AAA/Stable
N.A Term Loan 14 N.A N.A 30-Mar-21  400.00 CRISIL AAA/Stable
N.A Term Loan 15 N.A N.A 30-Jun-19  350.00 CRISIL AAA/Stable
N.A Term Loan 16 N.A N.A 30-Nov-19  500.00 CRISIL AAA/Stable
N.A Term Loan 17 N.A N.A 27-Oct-21  350.0 CRISIL AAA/Stable
N.A Term Loan 18 N.A N.A 29-Mar-19  300.00 CRISIL AAA/Stable
N.A Term Loan 19 N.A N.A 30-Sep-18  300.00 CRISIL AAA/Stable
N.A Proposed Long-Term
Bank Loan Facility
N.A N.A N.A 7635 CRISIL AAA/Stable
N.A Short-Term Bank Facility N.A N.A N.A 375 CRISIL A1+
N.A Fixed Deposits Programme N.A N.A N.A Programme FAAA/Stable
*CRISIL is awaiting independent confirmation of redemption before withdrawing ratings on these instruments
^yet to be issued
Annexure - Rating History for last 3 Years
  Current 2018 (History) 2017  2016  2015  Start of 2015
Instrument Type Quantum Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  15000  CRISIL A1+    No Rating Change    No Rating Change     No Rating Change    No Rating Change  CRISIL A1+ 
Fixed Deposits  FD  FAAA/Stable    No Rating Change    No Rating Change    No Rating Change    No Rating Change  FAAA/Stable 
Lower Tier II Bonds  LT  700  CRISIL AAA/Stable    No Rating Change    No Rating Change  05-10-16  CRISIL AAA/Stable    No Rating Change  CRISIL AA+/Stable 
                02-03-16  CRISIL AA+/Positive       
Non Convertible Debentures  LT  22052.8  CRISIL AAA/Stable    No Rating Change    No Rating Change  05-10-16  CRISIL AAA/Stable    No Rating Change  CRISIL AA+/Stable 
                02-03-16  CRISIL AA+/Positive       
Subordinated Debt  LT  2600  CRISIL AAA/Stable    No Rating Change    No Rating Change  05-10-16  CRISIL AAA/Stable    No Rating Change  CRISIL AA+/Stable 
                02-03-16  CRISIL AA+/Positive       
Fund-based Bank Facilities  LT/ST  21000  CRISIL AAA/Stable/ CRISIL A1+    No Rating Change    No Rating Change  05-10-16  CRISIL AAA/Stable/ CRISIL A1+    No Rating Change  CRISIL AA+/Stable/ CRISIL A1+ 
                02-03-16  CRISIL AA+/Positive/ CRISIL A1+       
Table reflects instances where rating is changed or freshly assigned. 'No Rating Change' implies that there was no rating change under the release.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit & Working Capital demand loan 2790 CRISIL AAA/Stable Cash Credit & Working Capital demand loan 3050 CRISIL AAA/Stable
Long Term Bank Facility 10200 CRISIL AAA/Stable Long Term Bank Facility 10525 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 7635 CRISIL AAA/Stable Proposed Long Term Bank Loan Facility 7050 CRISIL AAA/Stable
Short Term Bank Facility 375 CRISIL A1+ Short Term Bank Facility 375 CRISIL A1+
Total 21000 -- Total 21000 --
Links to related criteria
Rating Criteria for Finance Companies
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support

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