Detailed Rationale

CRISIL Ratings has assigned its 'CRISIL AA/Stable' rating to Rs 5000 crore non-convertible debentures (NCDs) of IIFL Home Finance Limited (IIFL Home; part of IIFL Finance group) and reaffirmed its ratings on other debt instruments and bank facilities of the company at 'CRISIL AA/CRISIL PP-MLD AAr/Stable/CRISIL A1+'.

 

In March 2021, CRISIL Ratings had revised the outlook on the ratings to ‘Stable’ from Negative driven by the improvement in collection efficiency [1](excluding foreclosures) resulting in the uptick in asset quality metrics being lower than previous expectations despite weak macro-economic environment. The outlook revision also factored in the improvement in fund raising of the company.

 

The overall ratings, continues to reflect the IIFL Finance group's diversified retail product offerings with majority of the portfolio towards inherently less risky asset classes, the extensive branch network and adequate capitalisation. These rating strengths are partially offset by limited seasoning of the loan portfolio.

 

As on March 31, 2021, 61% of the assets under management (AUM) is towards safer asset classes of gold loans and home loans; however, 14% of AUM is towards relatively riskier asset classes of unsecured business loans and real estate & developer finance. As on March 31, 2021, 5% of the AUM is towards unsecured business loans, wherein the company has seen inch up in delinquencies in fiscal 2021, with gross NPAs increasing to 10.9% as on March 31, 2021 from 5.2% as on March 31, 2020. While management has become cautious in lending towards this sector in the past few quarters, performance of this book over the next few quarters will be a monitorable. Further, around 10% of the AUM is towards real estate & developer finance, wherein borrowers are susceptible to an environment of prolonged liquidity tightness. IIFL Finance has provided temporary respite by extension of date of commencement of commercial operations (DCCO) for commercial real estate projects, which formed around 58% of the real estate & developer book as on March 31, 2021. Nevertheless, the management is planning to move the real estate book aggregating Rs 3,600 crore to an alternative investment fund (AIF) platform with investment by global marquee investors. While the detailed contours of the deal are yet to be closed, sale of the real estate book at a haircut could have an impact on the earnings profile of the company and will be a monitorable.

 

With gradual opening up of the economy, collection efficiency for the company has improved considerably to pre-pandemic levels from the lows of 30-35% in April 2020. On a segmental basis, for the month of March 2021, collection efficiency has improved to 98-100% for home loans, 85-90% for business loans, 90-95% for micro-finance segment and more than 100% in gold loans, indicating recoveries even from overdue accounts.

 

Gross non-performing assets (NPAs), on a reported basis, have improved to 2.14% as on March 31, 2020 from 2.31% as on March 31, 2020. Further, excluding the discontinued healthcare segment, gross NPAs stood at 1.98% as on March 31, 2021 (2.04% as on March 31, 2020). Even in terms of restructuring, IIFL Finance had implemented restructuring under Reserve Bank of India’s (RBI) August 2020 Resolution Framework for COVID-19-related Stress and micro small and medium enterprises (MSME) restructuring scheme for accounts aggregating Rs 505 crore; 1.1% of AUM as on March 31, 2021 and was lower than earlier expectations. Additionally, RBI has extended the period for invocation for restructuring of the retail and MSME accounts till September 30, 2021 under its Resolution Framework - 2.0, implementation of the same will remain a monitorable. Going forward, with the onset of second wave of Covid-19 pandemic, ability of the company to manage collections and asset quality will remain a key monitorable.

 

On the resources front too, the company has been able to raise funds across instruments, supported partly by the various schemes announced by the Reserve Bank of India (RBI) and the Government of India (GoI). Further, there has been a significant pick-up in recent months with the company raising around Rs 23,792 crore in the fiscal 2021. Around 47% of this was in the form of securitisation/assignment of loans.

 

Adequate fund raising has also enabled IIFL Finance to grow its AUM in the last few quarters. Consequently, AUM grew by 18% year on year (YoY) to Rs 44,688 crore as on March 31, 2021 from Rs 37,951 crore a year ago; growth was higher than industry average during the period. With pickup in disbursements, especially towards higher yielding products like gold loans, there has been a substantial improvement in the earnings profile despite increased credit costs (2.4% for fiscal 2021; 1.1% for fiscal 2020) on account of write-offs and Covid-19 related provisions. IIFL Finance has reported return on managed assets (RoMA) of 1.6% for fiscal 2021, as against 1.2% for fiscal 2020. Nevertheless, ability to improve profitability from current levels will remain a monitorable.

[1] Collection efficiencies have been calculated as the proportion of actual collections (from billings for the month and overdues but excluding prepayments) during the month to scheduled collections/ billings for the month (this takes into account the dues from the book assuming there was no moratorium).

Analytical Approach

CRISIL Ratings has consolidated the business and financial risk profiles of IIFL Finance and its subsidiaries, including IIFL Home Finance Ltd (IIFL Home) and Samasta Microfinance Ltd (Samasta). This is because all these entities, collectively referred to as the IIFL Finance group, have significant operational, financial, and managerial integration and also operate under a common brand. Further, CRISIL Ratings has also factored in the business synergies that IIFL Finance group will have with IIFL Wealth Management Ltd and IIFL Securities Ltd, given their common promoters and the shared brand.

 

Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths:

• Diversified retail lending portfolio with an extensive branch network

The IIFL Finance group, having consolidated assets under management (AUM) of Rs 44,688 crore as on March 31, 2021 (Rs 37,951 crore as on March 31, 2020; Rs 34,904 crore as on March 31, 2019), is primarily engaged in secured lending across various retail asset classes. IIFL Finance has two lending subsidiaries, IIFL Home and Samasta, which carry out the mortgage finance and microfinance businesses, respectively.

 

Retail loans accounted for almost 90% of the AUM as on March 31, 2021, with a high level of granularity (loans of less than Rs 1 crore). Also, more than 40% of the portfolio qualifies under priority sector lending. The group had identified four key segments - home loans, business loans (including loan against property {LAP} and lending to micro small and medium enterprises—MSME), gold loans and microfinance, as key growth drivers over the medium term. These four segments form around 89% of the AUM as on March 31, 2021, up from 61% as on March 31, 2016. The group has also been operating in two synergistic segments - construction & developer funding and capital market lending. A substantial part of developer funding book is proposed to be transferred to an alternative investment fund.  Capital market lending will largely focus on the retail clients of IIFL Securities. In-line with the strategy to focus on select segments, the group discontinued medical equipment financing from fiscal 2018, and also sold its commercial vehicle (CV) finance portfolio in fiscal 2019.

 

As of March 31, 2021, the IIFL Finance group had a wide network of 2,563 branches spread across 25 states. The group has invested substantially in technology to effectively benefit from its geographical reach. Going forward, the group plans to leverage business synergies with other IIFL entities for cross-selling of financial products (such as insurance and mutual funds) and retail loan products, given the already established branch and distribution platform.

 

On a standalone level, IIFL Finance had an AUM of Rs 19,199 crore as on March 31, 2021 (Rs 16,057 crore as on March 31, 2020) primarily towards gold loans (68%), business loans (11%) and developer and construction finance (18%).

 

IIFL Home had an AUM of Rs 20,694 crore as on March 31, 2021 (Rs 18,495 crore as on March 31, 2020) largely toward home loans (70%), followed by LAP (26%) and construction finance (4%).

 

Samasta had an AUM of Rs 4796 crore as on March 31, 2021 (Rs 3,400 crore as on March 31, 2020).

 

• Adequate capitalisation

The IIFL Finance group is adequately capitalised, with a consolidated networth of around Rs 5,393 crore as on March 31, 2021 (Rs 4,766 crore as on March 31, 2020). Networth coverage for net non-performing assets (NPAs) was comfortable at around 16 times as on March 31, 2021 (17 times as on March 31, 2020). On-book gearing as on same date was adequate at around 5.3 times; however, CRISIL Ratings–adjusted gearing (on-book borrowings + securitization/assignment) was higher at around 8.0 times. Nevertheless, the group has demonstrated its ability to raise capital from long-term marquee investors such as Fairfax and the CDC group (Rs 1000 crore raised from CDC in fiscal 2017). Also, the company has recently raised subordinated bonds to boost capitalization levels. Given the growth plans, capitalisation should remain adequate for the current scale of operations. However, the ability to raise capital and manage leverage levels over the medium term will be an important factor.

 

As on March 31, 2021, IIFL Finance (standalone) had a net worth and CRISIL Ratings- adjusted gearing stood at Rs 3,821 crore and 5.5 times, respectively. It had a Tier-I capital adequacy ratio (CAR) and overall CAR of 17.5% and 25.4%, respectively, as on same date. Networth coverage for net NPAs was around 27 times.

 

As on March 31, 2021, IIFL Home had a networth and CRISIL Ratings- adjusted gearing of Rs 2,164 crore and 8.6 times, respectively. Its Tier-I and overall CAR stood at 19.61% and 22.98%, respectively, as on same date. Networth coverage for net NPAs was around 12 times.

 

As on March 31, 2021, Samasta’s net worth and CRISIL Ratings-adjusted gearing stood at Rs 649 crore and 6.3 times, respectively. Tier-I and overall CAR were 15.1% and 18.5%, respectively, as on same date.

 

Weakness:

• Limited seasoning of some of the asset classes like home loans and MSME loans

IIFL Finance group’s loan portfolio (excluding CV finance) has recorded a three-year compound annual growth rate of around 18%. Given the scale up of the loan book in recent years and entry into newer segments, the portfolio remains unseasoned and hence, overall asset quality is yet to be tested through cycles. While certain products have a shorter tenure, and hence, have seen a complete cycle, home loans and MSME lending have limited seasoning so far. Home loans are long tenure products and MSME lending is a recent addition to the product suite. Reported gross NPAs and net NPAs stood at 2.14% and 0.97%, respectively, as on March 31, 2021 (2.31% and 0.97%, respectively, as on March 31, 2020). However, excluding the discontinued healthcare finance business, gross NPAs and Net NPAs stood at 1.98% and 0.89% as on March 31, 2021(2.04% and 0.82%, respectively, as on March 31, 2020). Also, while increasing focus on small-ticket retail loans will benefit the inherent asset quality over the medium term, ability to underwrite and maintain strong credit practices across asset classes, amid stiff competition from established players, remains to be seen.

 

NPAs in the wholesale book declined, supported partly by write-offs, to 1.1% as on March 31, 2021, from 3.8% as on March 31, 2020. Nevertheless, the share of wholesale lending has come down over the past few years (10% of the overall AUM as on March 31, 2021).  Further, IIFL Finance plans to transfer a significant proportion of the wholesale lending, primarily large ticket RE loans, to an AIF platform in the near term. Given the current macro environment, asset quality on exposures such as developer loans and large ticket LAP would be a key monitorable for all lenders, including IIFL Finance.

 

While retail asset quality has remained under control in the past, it could witness an increase in delinquencies across segments post the onset of the second wave of Covid-19 which had impacted the cash flows of the underlying borrowers. Any sharp deterioration in asset quality, will also impact profitability and capital, and remains a key rating monitorable.

 

Gross NPA of IIFL Finance (standalone), IIFL Home and Samasta stood at 2.4%, 2.0% and 1.8%, respectively, as on March 31, 2021 (3.1%, 1.6% and 1.5%, respectively, as on March 31, 2020).

Liquidity: Strong

The asset liability maturity (ALM) profile of IIFL Finance shows that liquidity position, on a consolidated basis, is adequate, with positive cumulative mismatches in most of the buckets up to one year as of March 2021. The housing finance business, however, has mismatches, given the relatively long tenure of its assets, vis-a-vis its borrowings. The mismatches are, nevertheless, efficiently managed, through unutilised bank lines. Commercial paper borrowings were nil as on March 31, 2021.

 

As on April 30, 2021, IIFL Finance (consolidated) had a liquidity cushion of Rs 2,144 crore (Rs 1,812 crore of cash and equivalents and Rs 332 crore of unutilized bank lines including securitization lines). Against this, it has total debt obligations of Rs 1,702 crore over the three months through August 2021. Further, the company has additional funding under pipeline aggregating ~Rs 3,500 crore in the current quarter.

 

The group has raised around Rs 23,793 crore in fiscal 2021, via NCDs (including retail issuances), bank funding and securitisation.

Outlook: Stable

CRISIL Ratings believe that IIFL Finance will maintain its diversified product offerings and adequate capitalisation levels. Also, CRISIL Ratings expects collection efficiency and thereby asset quality metrics to remain under control in the near to medium term

Rating Sensitivity factors

Upward Factors:

• Significant improvement in market position while improving asset quality
• Improvement in profitability, with return on managed assets (RoMA) beyond 3.0% on a sustained basis

 

Downward Factors:

• Deterioration in the asset quality, with GNPA increasing to above 5% over an extended period, thereby impacting profitability
• Weakening of capitalisation metrics with higher than expected gearing on a sustained basis
• Continued funding access challenges for non-banking sector with limited fund-raising by IIFL Finance Group and reduction in liquidity levels
• Drop in collections metrics and delay in achieving pre-pandemic levels

About IIFL Home Finance

IIFL Home is a wholly owned subsidiary of India Infoline Finance and is registered with National Housing Bank (NHB) as a housing finance company (HFC). The company primarily offers low ticket home loans, LAP and corporate mortgage loans (lower ticket developer funding).

 

CRISIL has also analysed the standalone financials of IIFL Home. As of March 31, 2021, the company had an AUM of Rs 20,694 crore (Rs 18,495 crore as on March 31, 2021). The company had a networth of Rs 2,146 crore as on March 31, 2021 (Rs 1,800 crore as of March 31, 2020). It reported a total income (net of interest expense) of Rs 1,014 crore and profit after tax (PAT) of Rs 401 crore in fiscal 2021 (Rs 716  crore and Rs 245 crore, respectively, in fiscal 2020).

 

About IIFL Finance

IIFL Finance is the listed holding company of the IIFL Finance group and is registered as a systemically important non-deposit-taking non-banking financial company (NBFC). The group offers various retail lending products, including gold loans, home loans, LAP, business loans, microfinance and capital market based lending (margin funding and loans against shares). It also offers construction and developer finance.

 

In fiscal 2008, IIFL Finance (erstwhile IIFL Holdings Limited) launched its retail finance business through the NBFC, Moneyline Credit Ltd, which was merged with India Infoline Finance Ltd. In fiscal 2009, India Infoline Housing Finance Ltd received registration as a housing finance company from the National Housing Bank and was subsequently renamed as IIFL Home Finance Limited. In fiscal 2017, IIFL Finance ventured into microfinance after the acquisition of micro lender Samasta Microfinance.

 

In January 2018, IIFL Finance announced plans to reorganise its corporate structure, and list IIFL Finance (loans and mortgages business), IIFL Wealth Management Limited (wealth and asset management business), and IIFL Securities Limited (capital markets and other businesses). As part of the restructuring scheme, IIFL Wealth Management Limited and IIFL Securities Limited were demerged from IIFL Finance in May 2019 and were listed in September 2019. In March 2020, India Infoline Finance Ltd was merged into IIFL Finance, the listed entity of the lending business.

 

As of March 31, 2021, promoters held 24.98% stake in IIFL Finance, while 29.86% is held by Prem Watsa controlled Fairfax Holdings and 15.46% by CDC Group PLC.

 

CRISIL Ratings has also analysed the standalone financials of IIFL Finance. The company reported a total income (net of interest expenses) and profit after tax (PAT) of Rs 1,881 crore and Rs 343 crore, respectively, in fiscal 2021, against Rs 1,385 crore and Rs 149 crore, respectively, in the previous fiscal.

 

IIFL Finance (consolidated) had total income (net of interest expenses) and PAT of Rs 3,364 crore and Rs 761 crore, respectively, in fiscal 2021 as against a total income (net of interest expenses) and PAT of Rs 2,521 crore and Rs 503 crore, respectively, in fiscal 2020.

  Key Financial Indicators: IIFL Finance (consolidated; CRISIL Ratings adjusted numbers)

As on / for the period ended		March 2021	March 2020
Total Assets	Rs crore	40,667	34341
Total income (net of interest expenses)	Rs crore	3,364	2,521
Profit after tax	Rs crore	761	503
Gross NPA	%	2.14	2.31
Return on managed assets	%	1.6	1.2
Gearing	Times	5.3	5.2
Adjusted gearing	Times	8.0	7.7

 

    IIFL Home Finance (standalone; CRISIL Ratings adjusted numbers)

As on / for the period ended		March 2021	March 2020
Total income (net of interest expenses)	Rs crore	1,014	716
Profit after tax	Rs crore	401	245
Gross NPA	%	2.0	1.6
Adjusted gearing	Times	8.6	9.9

 

Any other information: Not applicable

Annexure - Details of Instrument(s)

ISIN	Name of Instrument	Date of Allotment	Coupon Rate (%)	Maturity Date	Issue Size (Rs.Cr)	Complexity Levels	Outstanding rating with Outlook
NA	Commercial Paper	NA	NA	7-365 days	5000	Simple	CRISIL A1+
INE477L07883	Debentures/Bonds	24-Jul-18	9.35%	26-Jul-21	219	Simple	CRISIL AA/Stable
INE477L07891	Debentures/Bonds	24-Jul-18	9.35%	15-Jul-21	24	Simple	CRISIL AA/Stable
INE477L07909	Debentures/Bonds	24-Jul-18	9.38%	24-Jan-22	50	Simple	CRISIL AA/Stable
INE477L07883	Debentures/Bonds	08-Aug-18	9.35%	26-Jul-21	16.06	Simple	CRISIL AA/Stable
INE477L07917	Debentures/Bonds	29-Aug-18	9.35%	11-Aug-21	69	Simple	CRISIL AA/Stable
INE477L07917	Debentures/Bonds	31-Aug-18	9.35%	11-Aug-21	5	Simple	CRISIL AA/Stable
INE477L07941	Debentures/Bonds	17-Sep-18	9.45%	04-Apr-22	24	Simple	CRISIL AA/Stable
INE477L07958	Debentures/Bonds	25-Sep-18	9.55%	29-Sep-22	58	Simple	CRISIL AA/Stable
INE477L07917	Debentures/Bonds	12-Oct-18	10.20%	11-Aug-21	19.78	Simple	CRISIL AA/Stable
INE477L07966	Debentures/Bonds	12-Oct-18	10.20%	26-Oct-21	10	Simple	CRISIL AA/Stable
INE477L07982	Debentures/Bonds	20-Dec-18	10.33%	19-Dec-25	15	Simple	CRISIL AA/Stable
INE477L07AA6	Debentures/Bonds	20-Mar-19	10.05%	20-Mar-26	15	Simple	CRISIL AA/Stable
INE477L08121	Debentures/Bonds	13-Jul-18	9.85%	13-Jul-28	30	Simple	CRISIL AA/Stable
INE477L07917	Debentures/Bonds	29-Aug-18	9.35%	11-Aug-21	5	Simple	CRISIL AA/Stable
INE477L07AD0	Debentures/Bonds	03-Oct-19	9.18%	03-Oct-29	300	Simple	CRISIL AA/Stable
INE477L07AE8	Debentures/Bonds	19-Aug-20	8.00%	18-Feb-22	100	Simple	CRISIL AA/Stable
INE477L07AE8	Debentures/Bonds	19-Aug-20	8.00%	18-Feb-22	25	Simple	CRISIL AA/Stable
INE477L07AF5	Debentures/Bonds	12-Nov-20	8.69%	12-Nov-30	300	Simple	CRISIL AA/Stable
INE477L07AG3	Debentures/Bonds	11-Feb-21	8.60%	11-Feb-28	18	Simple	CRISIL AA/Stable
INE477L07AH1	Debentures/Bonds	12-Mar-21	8.62%	12-Mar-28	19	Simple	CRISIL AA/Stable
NA	Debentures/Bonds*	NA	NA	NA	758.14	Simple	CRISIL AA/Stable
INE477L07AI9	Debentures/Bonds	16-Apr-21	8.70%	16-Apr-29	36.019	Simple	CRISIL AA/Stable
INE477L07AJ7	Debentures/Bonds	14-May-21	8.70%	14-May-30	36	Simple	CRISIL AA/Stable
INE477L07933	Long Term Principal Protected Market Linked Debentures	06-Sep-18	9.35%	21-Apr-22	115	Highly Complex	CRISIL PP-MLD AAr/Stable
INE477L07990	Long Term Principal Protected Market Linked Debentures	24-Jan-19	9.12%	25-Apr-24	30	Highly Complex	CRISIL PP-MLD AAr/Stable
INE477L07990	Long Term Principal Protected Market Linked Debentures	04-Feb-19	10.30%	25-Apr-24	20.19	Highly Complex	CRISIL PP-MLD AAr/Stable
INE477L07AB4	Long Term Principal Protected Market Linked Debentures	28-Mar-19	10.30%	27-Jun-24	20	Highly Complex	CRISIL PP-MLD AAr/Stable
NA	Long Term Principal Protected Market Linked Debentures*	NA	NA	NA	114.81	Highly Complex	CRISIL PP-MLD AAr/Stable
INE477L08139	Principal Protected Market Linked Non-Convertible Subordinated Debentures	14-Aug-18	9.40%	11-Aug-28	100	Highly Complex	CRISIL PP-MLD AAr/Stable
INE477L08139	Principal Protected Market Linked Non-Convertible Subordinated Debentures	11-Sep-18	9.40%	11-Aug-28	18.43	Highly Complex	CRISIL PP-MLD AAr/Stable
INE477L08139	Principal Protected Market Linked Non-Convertible Subordinated Debentures	28-Sep-18	9.40%	11-Aug-28	8.09	Highly Complex	CRISIL PP-MLD AAr/Stable
NA	Principal Protected Market Linked Non-Convertible Subordinated Debentures*	NA	NA	NA	73.48	Highly Complex	CRISIL PP-MLD AAr/Stable
NA	Term loan 1 (PNB - eOBC)	03-May-18	NA	03-May-23	165.97	NA	CRISIL AA/Stable
NA	Term loan 2 (BoI)	29-Jun-18	NA	29-Jun-23	166.62	NA	CRISIL AA/Stable
NA	Term loan 3 (RBL)	02-Nov-18	NA	01-May-21	100	NA	CRISIL AA/Stable
NA	Term loan 4 (PNB - eOBC)	19-Sep-18	NA	17-Sep-23	182.92	NA	CRISIL AA/Stable
NA	Term loan 5 (BoM)	26-Mar-19	NA	25-Mar-21	131.24	NA	CRISIL AA/Stable
NA	Term loan 6 (PNB -eUBI)	28-Mar-19	NA	27-Mar-24	200	NA	CRISIL AA/Stable
NA	Term loan 7 (BoI)	27-Dec-19	NA	26-Dec-25	500	NA	CRISIL AA/Stable
NA	Term Loan 8 (Union - eCorporation)	30-Dec-19	NA	30-Dec-24	79.87	NA	CRISIL AA/Stable
NA	Term Loan 9 (Canara - eSyndicate)	23-Sep-19	NA	23-Dec-26	278.57	NA	CRISIL AA/Stable
NA	Term Loan 10 (Canara - eSyndicate)	28-Aug-19	NA	27-May-23	171.43	NA	CRISIL AA/Stable
NA	Term loan 11 (P&SB)	31-Dec-19	NA	30-Dec-27	100	NA	CRISIL AA/Stable
NA	Term loan 12 (Axis Bank)	29-Jun-18	NA	29-Dec-21	33.33	NA	CRISIL AA/Stable
NA	Term loan 13 (PNB)	29-Jun-18	NA	25-Jun-23	62.08	NA	CRISIL AA/Stable
NA	Term loan 14 (SBI)	24-Sep-18	NA	23-Sep-23	750	NA	CRISIL AA/Stable
NA	Term loan 15 (Kotak)	26-Mar-18	NA	26-Mar-22	17.86	NA	CRISIL AA/Stable
NA	Term Loan 16 (CBI)	22-Dec-20	NA	31-Dec-30	250	NA	CRISIL AA/Stable
NA	Term Loan 17 (Indian - eAllahabad)	31-Mar-20	NA	31-Mar-25	70.8	NA	CRISIL AA/Stable
NA	Term Loan 18 (Canara)	12-Nov-20	NA	12-May-30	500	NA	CRISIL AA/Stable
NA	Term Loan 19 (Karnataka)	31-Dec-20	NA	30-Oct-23	100	NA	CRISIL AA/Stable
NA	Term Loan 20 (LIC Housing)	31-Oct-20	NA	01-Nov-30	400	NA	CRISIL AA/Stable
NA	Term Loan 21 (P&SB)	22-Mar-21	NA	22-Mar-28	200	NA	CRISIL AA/Stable
NA	Term Loan 22 (LIC Housing)	NA	NA	NA	500	NA	CRISIL AA/Stable
NA	Term Loan 23 (Indian)	NA	NA	NA	400	NA	CRISIL AA/Stable
NA	Cash Credit (IDFC FIRST)	NA	NA	NA	25	NA	CRISIL AA/Stable
NA	External Commercial Borrowings# (SBI)	27-Sep-18	NA	26-Sep-23	363.08	NA	CRISIL AA/Stable
NA	Proposed Long Term Bank Facility	NA	NA	NA	251.22	NA	CRISIL AA/Stable
NA	Non-Convertible Debentures^*	NA	NA	NA	5000	NA	CRISIL AA/Stable

#Equivalent to USD 50 million

^Interchangeable between secured and subordinated debt, and it is for Retail Bond Issuance

*Not yet issued

Annexure – List of entities consolidated

Names of Entities Consolidated	Extent of Consolidation	Rationale for Consolidation
IIFL Finance Limited	Parent	IIFL Finance Limited
IIFL Home Finance Limited	Subsidiary	IIFL Home Finance Limited
Samasta Micro Finance Limited	Subsidiary	Samasta Micro Finance Limited
Clara Developers Private Limited	Subsidiary	Clara Developers Private Limited