Rating Rationale
April 09, 2019 | Mumbai
Indiabulls Housing Finance Limited
Long-term rating placed on 'Watch developing'; short-term rating reaffirmed
Rating Action
Total Bank Loan Facilities Rated Rs.24549.98 Crore
Long Term Rating CRISIL AAA (Placed on 'Rating Watch with Developing Implications')
Short Term Rating CRISIL A1+ (Reaffirmed)
Rs.12000 Crore Retail Bonds Issue* CRISIL AAA (Placed on 'Rating Watch with Developing Implications')
Retail Bonds Issue Aggregating Rs 3000 Crore* CRISIL AAA (Placed on 'Rating Watch with Developing Implications')
Non-Convertible Debentures Aggregating Rs.34300 Crore CRISIL AAA (Placed on 'Rating Watch with Developing Implications')
Subordinated Debt Aggregating Rs.2500 Crore CRISIL AAA (Placed on 'Rating Watch with Developing Implications')
Rs.25000 Crore Commercial Paper Programme CRISIL A1+ (Reaffirmed)
Rs.1000 Crore Short-Term Non-Convertible Debenture Programme CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
*Includes secured NCD and unsecured subordinated debt
Detailed Rationale

CRISIL has placed its rating on the long-term debt instruments and bank facilities of Indiabulls Housing Finance Ltd (IBHFL) on 'Rating Watch with Developing Implications'. The rating on the commercial paper (CP) issue and the short-term debt programme has been reaffirmed at 'CRISIL A1+'. CRISIL has withdrawn its rating on non-convertible debentures  of Rs 1,795 crore (see Annexure 'Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL has received independent confirmation that these instruments have been fully redeemed.
The rating action follows the announcement by IBHFL of a scheme of amalgamation of Lakshmi Vilas Bank (LVB) with itself. The scheme will be subject to shareholder, regulatory and other approvals. 
The long-term rating of IBHFL has been put on 'Watch Developing' as CRISIL believes clarity is yet to emerge over the nature of regulatory approval for such a merger, given that it is a first-of-its-kind wherein a large housing finance company is proposing to merge a relatively smaller bank into its fold. CRISIL also awaits the detailed business plans of the merged entity.
CRISIL will resolve the rating watch and take a final rating action once there is clarity on the regulator's stance on the proposed merger and also when CRISIL has detailed information on the organisational structure and business strategy of the merged entity.
The ratings continue to reflect CRISIL's expectation that IBHFL will maintain its improving trajectory in business volume in retail mortgage finance. It continues to focus on increasing the proportion of retail housing loans over the medium term, thus reinforcing its strong market position in this space. The rating also factors in IBHFL's heathy asset quality, robust capitalisation, strong profitability, healthy cover for asset-side risks, and sufficient liquidity. IBHFL is one of the largest and most profitable non-bank lenders in India. These rating strengths are partially offset by asset-quality risks on its large-ticket commercial credit portfolio.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and financial risk profiles of BHFL and its subsidiaries. That is because of the substantial operational and management integration, common promoters and 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
* Established market position in the retail mortgage finance segment
IBHFL is the one of the three largest housing finance companies (HFC) in India and has a strong market position catering to niche markets and customer segments. The company is one of the largest players in the retail mortgage finance segments, with total assets under management (AUM) of Rs 124,271 crore, including a loan against property (LAP) portfolio of around Rs 23,500 crore as on December 31, 2018.
IBHFL continues to increase the housing loan proportion of its overall AUM - it has risen to 60% as at December 31, 2018, from 49.5% as of March 31, 2015, and is expected to continue to increase going forward.  Focus on salaried customers in the suburbs of Tier I and Tier II cities with ticket size of Rs 15-30 lakh in the housing segment, is expected to continue.
Growth in the housing loan segment is expected to remain strong, with healthy asset quality. Growth will be driven by increased penetration of mortgage financing, especially in non-metros. Ability to address the needs of customers through quick turnaround times help IBHFL in effectively catering to the retail mortgage finance market, while sharp focus on cash flow in the appraisal process supports healthy asset quality metrics. Despite increasing competition from banks in the key operating segments, IBHFL is well-placed to capitalise on growth opportunities over the medium term, backed by its market standing and wide reach.
* Strong profitability and healthy asset quality
IBHFL is expected to maintain strong profitability despite increase in relatively lower yielding housing loans proportion in the overall lending portfolio. The company continues to generate high return on assets (RoA) at above 3.0%, supported by competitive cost of borrowing and improving operating efficiencies. The company's earnings profile continues to benefit from higher yielding non-housing portfolio. Asset quality in the non-housing segment also remains healthy and hence, credit costs are low. Risk-mitigating measures are prudent, in the form of conservative loan-to-value ratios (averaging around 50%) in the LAP segment, and emphasis on collateral with sufficient cover in the commercial credit segment. Gross non-performing assets (NPAs) have, therefore, remained healthy at 0.79% as on December 31, 2018 (around 0.77% as of March 31, 2018). Over the medium term, profitability is likely to remain strong, driven by improving operating efficiency and low credit costs.
* Robust capitalisation, with healthy cover for asset-side risks
IBHFL has robust capitalisation with a sizeable networth at Rs 17,792 crore as on December 31 2018, supported by strong internal accrual. Networth coverage for net non-performing assets (NPAs) remained strong at ~32 times as on date. Consolidated Tier 1 capital adequacy ratio (CAR) was healthy at 15.7%, and total CAR at 21.5%, as on December 31, 2018. Consolidated gearing was comfortable at 6 times as on December 31, 2018 (8.2 times as on March 31, 2018). Given the strong liquidity that IBHFL maintains on a steady-state basis, net gearing was 4.9 times as on December 31, 2019 and further has reduced to 4.0 times as of March 31, 2019 (7 times as on March 31, 2018). The company has demonstrated strong ability to raise capital as and when required. CRISIL believes IBHFL will maintain healthy capitalisation over the medium term, which will continue to support its overall financial risk profile.
* Susceptibility to asset quality risks arising from the commercial credit portfolio
Asset-quality risks arising from a sizeable large-ticket commercial credit portfolio persist, and could impact the company's portfolio performance in a continuing economic downturn scenario. The commercial segment of developer loans mainly comprises lease rental discounting and construction finance of over Rs 23,300 crore as on December 31, 2018. Given the chunkiness of loans in this segment (average ticket size of Rs 150 crore), stress in even a few large accounts could impact asset quality. While there is no immediate impact on IBHFL's portfolio because of curtailment of disbursements to the commercial credit segment, any near-term impact on the segment and its effect on IBHFL remains to be seen. Nevertheless, the company follows prudent lending practises and also ensures sufficient collateral cover against these loans. While the delinquencies in the commercial lending portfolio remains low, it will remain a key monitorable over the medium term.
Given the current evolving liquidity situation since September 2018 for non-banks, asset quality on exposures such as developer loans and LAP would also be monitorables. That is because of the sensitivity of such borrowers to prolonged liquidity tightness. While current delinquencies in these loans are not high on account of strong credit appraisals and risk-mitigating mechanisms, it is possible that over a period of time, if the liquidity situation does not stabilise, there could be asset quality challenges. Banks have been open to lending to non-banks through both securitisation and traditional routes. If this continues, it would provide much-needed liquidity support to non-banks including IBHFL. Nevertheless, growth in the non-retail businesses would be curtailed for non-banks in the medium term given their propensity to conserve liquidity and slow down disbursements in this space.  
IBHFL has also reduced disbursements in the wholesale segment and has adopted a cautious approach for the retail segment. Any deterioration in asset quality, specifically in the wholesale lending book and its impact on profitability remains a monitorable.

CRISIL's analysis of IBHFL's asset liability maturity (ALM) profile as of December 2018 shows cumulative positive mismatch (cumulative inflows over cumulative outflows) in the up to 1-year bucket. The company continues to shore up liquidity, has reduced its reliance on commercial paper funding and has elongated its liability duration. Reliance on short-term commercial paper is now down to 4.9% of borrowings from 15% as of September 2018. Liquidity remains comfortable as IBHFL maintains sufficient amount in the form of liquid investments at any point in time to cover the targeted business requirements and debt-related payments for the next three months.
As on March 31, 2019, against the total debt of Rs 8,515 crore maturing till June 30, 2019, IBHFL had total liquidity available of Rs 27,512 crore in the form of investments in mutual funds and certificate of deposits of Rs 15,485 crore, bank balances/fixed deposits of Rs 10,527 crore and other investments of Rs 1,500 crore. IBHFL continues to tap the debt capital markets for fresh issuances. Around Rs 3,125 crore and Rs 1,030 crore were raised through commercial paper and non-convertible debentures, respectively, in the quarter ended December 31, 2018. Further, IBHFL has also raised Rs 6,483 crore through securitisation and Rs 6,740 crore from banks in the same period.

About the Company

Indiabulls Financial Services Ltd was reverse-merged with IBHFL from April 1, 2012. The process was completed on March 8, 2013, following the Delhi High Court's approval on December 12, 2012. After the merger, IBHFL continues to operate as a housing finance company registered with the National Housing Bank. The company, along with its subsidiary ICCL, will continue to focus on asset classes such as mortgages and commercial credit. As on December 31, 2018, the promoter group held 21.5% stake in the company.
For the fiscal 2018, IBHFL had a profit after tax (PAT) of Rs 3,847 crore on a total income of Rs 14,640 crore, compared with a PAT of Rs 2,906 crore and total income of Rs 11,702 crore in the previous fiscal.
For the nine months ended December 31, 2018, IBHFL reported a PAT of Rs 3,084 crore on a total income of Rs 12,807 crore, compared with a PAT of Rs 2,576 crore and total income of Rs 10,377 crore for the corresponding previous period.

Key Financial Indicators
As on/for the year ended December 31 Unit 2018 2017
Total assets Rs cr 128750 123235
Total income Rs cr 12806 10920
Profit after tax Rs cr 3084 2813
Gross NPA % 0.79 0.77
Return on average assets % 3.3 3.6

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  crore) Outstanding rating with outlook
NA Non-convertible debentures* NA NA NA 16344.6 CRISIL AAA/Watch Developing
NA Subordinated debt* NA NA NA 1000 CRISIL AAA/Watch Developing
NA Retail bond issue* NA NA NA 15000 CRISIL AAA/Watch Developing
INE148I07IX4 Non-convertible debentures 25-May-18 NA 27-May-19 200 CRISIL AAA/Watch Developing
INE148I07JC6 Non-convertible debentures 15-Jun-18 NA 17-Jun-19 1800 CRISIL AAA/Watch Developing
INE148I07JD4 Non-convertible debentures 26-Jun-18 NA 27-Jun-19 125 CRISIL AAA/Watch Developing
INE148I07IE4 Non-convertible debentures 27-Dec-17 NA 30-Aug-19 200.00 CRISIL AAA/Watch Developing
INE148I07JJ1 Non-convertible debentures 04-Oct-18 NA 04-Nov-19 350.00 CRISIL AAA/Watch Developing
INE148I07JP8 Non-convertible debentures 31-Dec-18 NA 31-Dec-19 50.00 CRISIL AAA/Watch Developing
INE148I07IO3 Non-convertible debentures 24-Jan-18 NA 24-Jan-20 300.00 CRISIL AAA/Watch Developing
INE148I07JG7 Non-convertible debentures 21-Aug-18 NA 21-Feb-20 1000 CRISIL AAA/Watch Developing
INE148I07JO1 Non-convertible debentures 31-Dec-18 NA 28-Feb-20 100.00 CRISIL AAA/Watch Developing
INE148I07JM5 Non-convertible debentures 11-Dec-18 NA 11-Jun-20 250.00 CRISIL AAA/Watch Developing
INE148I07JB8 Non-convertible debentures 15-Jun-18 NA 15-Jun-20 500 CRISIL AAA/Watch Developing
INE148I07II5 Non-Convertible Debentures 27-Dec-17 NA 12-Feb-21 75.00 CRISIL AAA/Watch Developing
INE148I07IS4 Non-Convertible Debentures 19-Mar-18 NA 19-Mar-21 600.00 CRISIL AAA/Watch Developing
INE148I07IH7 Non-convertible debentures 27-Dec-17 NA 06-Apr-21 275.00 CRISIL AAA/Watch Developing
INE148I07IW6 Non-convertible debentures 23-Mar-18 NA 08-Apr-21 132.00 CRISIL AAA/Watch Developing
INE148I07IK1 Non-convertible debentures 28-Dec-17 NA 08-Apr-21 375.00 CRISIL AAA/Watch Developing
INE148I07IT2 Non-convertible debentures 19-Mar-18 NA 15-Jun-21 347.50 CRISIL AAA/Watch Developing
INE148I07IV8 Non-convertible debentures 23-Mar-18 NA 22-Jun-21 300.00 CRISIL AAA/Watch Developing
INE148I07IL9 Non-convertible debentures 29-Dec-17 NA 09-Jul-21 340.00 CRISIL AAA/Watch Developing
INE148I07IM7 Non-convertible debentures 29-Dec-17 NA 22-Oct-21 250.00 CRISIL AAA/Watch Developing
INE148I07JL7 Non-convertible debentures 29-Nov-18 NA 29-Dec-21 200.00 CRISIL AAA/Watch Developing
INE148I07JN3 Non-convertible debentures 31-Dec-18 NA 31-Dec-21 500.00 CRISIL AAA/Watch Developing
INE148I07JA0 Non-convertible debentures 5-Jun-18 NA 28-Apr-22 49.9 CRISIL AAA/Watch Developing
INE148I07JI3 Non-convertible debentures 21-Aug-18 NA 10-Jun-22 25 CRISIL AAA/Watch Developing
INE148I07IN5 Non-convertible debentures 29-Dec-17 NA 29-Dec-22 1,000.00 CRISIL AAA/Watch Developing
INE148I07IY2 Non-convertible debentures 30-May-18 NA 30-May-23 100 CRISIL AAA/Watch Developing
INE148I07IZ9 Non-convertible debentures 5-Jun-18 NA 5-Jun-23 100 CRISIL AAA/Watch Developing
INE148I07JE2 Non-convertible debentures 30-Jul-18 NA 28-Jul-23 250 CRISIL AAA/Watch Developing
INE148I07JR4 Non-convertible debentures 25-Jan-19 NA 25-Jan-24 330.00 CRISIL AAA/Watch Developing
INE148I07IP0 Non-convertible debentures 24-Jan-18 NA 24-Jan-25 225.00 CRISIL AAA/Watch Developing
INE148I07JH5 Non-convertible debentures 21-Aug-18 NA 21-Feb-28 1 CRISIL AAA/Watch Developing
INE148I07IQ8 Non-convertible debentures 22-Feb-18 NA 22-Feb-28 3,060.00 CRISIL AAA/Watch Developing
INE148I07IR6 Non-convertible debentures 23-Feb-18 NA 23-Feb-28 25.00 CRISIL AAA/Watch Developing
INE148I08306 Subordinated debt 27-Mar-18 NA 27-Mar-28 1,500.00 CRISIL AAA/Watch Developing
INE148I07JF9 Non-convertible debentures 6-Aug-18 NA 4-Aug-28 1025 CRISIL AAA/Watch Developing
INE148I07JK9 Non-convertible debentures 22-Nov-18 NA 22-Nov-28 1,000.00 CRISIL AAA/Watch Developing
INE148I07JQ6 Non-convertible debentures 15-Jan-19 NA 15-Jan-29 700.00 CRISIL AAA/Watch Developing
NA Term loan NA NA 22-Oct-20 144 CRISIL AAA/Watch Developing
NA Cash credit facility NA NA NA 5200 CRISIL AAA/Watch Developing
NA Proposed long-term bank loan facility NA NA NA 1630.76 CRISIL AAA/Watch Developing
NA Short-term bank loan facility NA NA NA 1049 CRISIL A1+
NA Commercial paper programme NA NA 7-365 days 25000# CRISIL A1+
NA Short-term non-convertible debenture NA NA NA 1000 CRISIL A1+
*Not yet issued
#Total rated amount
Annexure - Details of Rating withdrawn
ISIN Name of instrument Date of allotment Coupon
rate (%)
Maturity date Issue size
(Rs crore)
INE148I07ID6 Non-convertible debentures 22-Dec-17 7.90% 14-Mar-19 250
INE148I07IF1 Non-convertible debentures 27-Dec-17 7.50% 28-Dec-18 470
INE148I07IJ3 Non-convertible debentures 28-Dec-17 7.90% 28-Dec-18 550
INE148I07IU0 Non-convertible debentures 20-Mar-18 7.90% 21-Mar-19 500
INE148I07IG9 Non-convertible debentures 27-Dec-17 Reset rate (refer to  remarks) 24-Dec-20 25
Annexure - List of entities consolidated
Consolidated Extent of consolidation Rationale for consolidation
Indiabulls Insurance Advisors Ltd Full Subsidiary
Indiabulls Capital Services Ltd Full Subsidiary
Indiabulls Commercial Credit Ltd Full Subsidiary
IBulls Sales Ltd Full Subsidiary
Indiabulls Advisory Services Ltd Full Subsidiary
Indiabulls Collection Agency Ltd Full Subsidiary
Indiabulls Asset Holding Company Ltd Full Subsidiary
Indiabulls Asset Management Company Ltd Full Subsidiary
Indiabulls Trustee Company Ltd Full Subsidiary
Indiabulls Holdings Ltd Full Subsidiary
Nilgiri Financial Consultants Ltd Full Subsidiary
Indiabulls Venture Capital
Management Company Ltd
Full Subsidiary
Indiabulls Venture Capital Trustee Company Ltd Full Subsidiary
Acorn OakNorth Holdings Ltd Partial Associate
Indiabulls Asset Management Mauritius
c/o Citco (Mauritius) Ltd
Full Subsidiary
Annexure - Rating History for last 3 Years
  Current 2019 (History) 2018  2017  2016  Start of 2016
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Commercial Paper  ST  25000.00  CRISIL A1+      29-05-18  CRISIL A1+  15-12-17  CRISIL A1+  26-12-16  CRISIL A1+  CRISIL A1+ 
            21-03-18  CRISIL A1+  29-11-17  CRISIL A1+       
                11-09-17  CRISIL A1+       
                29-04-17  CRISIL A1+       
Non Convertible Debentures  LT  1616.04
CRISIL AAA/(Watch) Developing      29-05-18  CRISIL AAA/Stable  15-12-17  CRISIL AAA/Stable  26-12-16  CRISIL AA+/Stable  CRISIL AA+/Stable 
            21-03-18  CRISIL AAA/Stable  29-11-17  CRISIL AAA/Stable       
                11-09-17  CRISIL AA+/Positive       
                29-04-17  CRISIL AA+/Positive       
Retail Bond  LT  0.00
CRISIL AAA/(Watch) Developing      29-05-18  CRISIL AAA/Stable  15-12-17  CRISIL AAA/Stable  26-12-16  CRISIL AA+/Stable  CRISIL AA+/Stable 
            21-03-18  CRISIL AAA/Stable  29-11-17  CRISIL AAA/Stable       
                11-09-17  CRISIL AA+/Positive       
                29-04-17  CRISIL AA+/Positive       
Short Term Non Convertible Debenture  ST  0.00
CRISIL A1+      29-05-18  CRISIL A1+  15-12-17  CRISIL A1+  26-12-16  CRISIL A1+  CRISIL A1+ 
            21-03-18  CRISIL A1+  29-11-17  CRISIL A1+       
                11-09-17  CRISIL A1+       
                29-04-17  CRISIL A1+       
Subordinated Debt  LT  1500.00
CRISIL AAA/(Watch) Developing      29-05-18  CRISIL AAA/Stable  15-12-17  CRISIL AAA/Stable  26-12-16  CRISIL AA+/Stable  CRISIL AA+/Stable 
            21-03-18  CRISIL AAA/Stable  29-11-17  CRISIL AAA/Stable       
                11-09-17  CRISIL AA+/Positive       
                29-04-17  CRISIL AA+/Positive       
Fund-based Bank Facilities  LT/ST  24549.98  CRISIL AAA/Watch Developing/ CRISIL A1+      29-05-18  CRISIL AAA/Stable/ CRISIL A1+  15-12-17  CRISIL AAA/Stable/ CRISIL A1+  26-12-16  CRISIL AA+/Stable/ CRISIL A1+  CRISIL AA+/Stable/ CRISIL A1+ 
            21-03-18  CRISIL AAA/Stable/ CRISIL A1+  29-11-17  CRISIL AAA/Stable/ CRISIL A1+       
                11-09-17  CRISIL AA+/Positive/ CRISIL A1+       
                29-04-17  CRISIL AA+/Positive/ CRISIL A1+       
All amounts are in Rs.Cr.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Cash Credit 5200 CRISIL AAA/Watch Developing Cash Credit 5200 CRISIL AAA/Stable
Long Term Bank Facility 144.44 CRISIL AAA/Watch Developing Long Term Bank Facility 16670.22 CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 18156.54 CRISIL AAA/Watch Developing Proposed Long Term Bank Loan Facility 1630.76 CRISIL AAA/Stable
Short Term Bank Facility 1049 CRISIL A1+ Short Term Bank Facility 1049 CRISIL A1+
Total 24549.98 -- Total 24549.98 --
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Criteria for Consolidation
CRISILs Criteria for rating short term debt

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