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Rating Rationale |
February 22, 2019 | Mumbai |
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Analytical Approach |
For arriving at the ratings, CRISIL has combined the business and financial risk profile of PFC and its subsidiaries. CRISIL, will consolidate financials of REC with PFC, once the transaction is consummated. Furthermore, CRISIL factors in support from the majority owner, GoI given its key role in financing the Indian power sector.
Please refer Annexure - List of entities consolidated, which captures the list of entities considered and their analytical treatment of consolidation. | |
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Key Rating Drivers & Detailed Description |
Strengths: * Strategic importance to and majority ownership by GoI The company's high strategic importance to GoI is reflected in the role it plays in implementing government policies, and its importance in financing India's power sector, particularly government sector power utilities (PSUs, includes state (65%), central (7%) and joint (9%) power undertakings). PFC is the nodal agency for the development of Ultra Mega Power Projects (UMPPs) and the Integrated Power Development Scheme (IPDS), and is also the bid process coordinator for the Independent Transmission Projects (ITP) scheme. The company plays a developmental role in channelling finance to meet the power sector's large funding requirement, particularly of PSUs, which constitute 83% of its portfolio. GoI remains the majority shareholder, with a stake of 61.48% as on December 31, 2018. The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. CRISIL believes that GoI has strong strategic reasons and a moral obligation to support PFC, both on an ongoing basis and in the event of distress, given the latter's role in implementing the government's power sector policies and GoI's majority ownership in the company. * Dominant market position in the power financing segment PFC plays an important role in the Indian power sector, not only by providing finance but also by implementing GoI's power sector policies. The company is the largest lender to the power sector with a share of over 20%, and plays a key role in channelling finance to PSUs. The share of PSUs in the loan book stood at 83% as on December 31, 2018 (82% as on September 30, 2018). Loans outstanding to PSUs stood at Rs 2.98 lakh crore as on December 31, 2018. Additionally, PFC is the nodal agency for UMPP and the IPDS. * Adequate capitalisation As on December 31, 2018, tier-I capital adequacy ratio (CAR) was 15.95%, overall CAR 18.95%, and net worth (share capital and all reserves) Rs 40932 crore, against 17.66%, 20.75% and Rs 37,198 crore, respectively as on December 31, 2017. Capitalisation is expected to remain adequate over the medium term, supported by a demonstrated ability to raise capital through public issues. The net worth to net NPA ratio was 3.0 times as on December 31, 2018 (2.8 times as on September 30, 2018). Accruals to networth is supported by ability to maintain good interest spreads and a low operating expense ratio. The return on assets ratio was 2.2% (annualised) in the first nine months fiscal 2019 (2.1% in fiscal 2018). However, profitability will remain susceptible to increase in credit costs because of weakening in asset quality in the private sector exposures. * Adequate resource profile Borrowing costs are competitive and the resource base, though wholesale, is diversified. The debt instruments have wide market acceptability and borrowing is typically at low spreads over government securities. The cost of borrowing is lower than that of peers, and was 7.8% for fiscal 2018 (8.1% for fiscal 2017). The resource profile as on December 31, 2018 mainly comprises of bonds (80%) and term loans (17%), and other borrowings form 3% of the total resource pool. The company also has access to foreign currency borrowing, which comprised 12% of the total resources as on December 31, 2018 (8% as on March 31, 2018). It hedges only a limited portion of its foreign currency borrowing based on its board-approved policy. The company has also received government approval to raise capital gain bonds under Section 54 EC; which should further support the resource profile. In fiscal 2017, extra budgetary resources of Rs 5000 crore were raised on behalf of the, GoI. These bonds will be fully serviced by the government through the general budget; hence, a separate government guarantee was not required for issue of these bonds. In its analytical treatment, CRISIL has assumed that PFC will ensure the bonds are serviced on time. Weakness: * Inherent vulnerability in asset quality, and significant sectoral and customer concentration PFC's asset quality remains inherently vulnerable to the weak credit risk profiles of borrowers. The company caters only to the power sector, with 83% of its advances to government sector power utilities (including generation, transmission, and discoms). PSUs, especially discoms, are an inherently weak asset class because of their poor financial risk profiles. Loans to discoms accounted for 22% of overall advances, including transition funding. Effective execution of various reform measures is extremely critical for PSUs to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff increases to ensure sustained improvement in the performance of PSUs. NPAs and restructured assets from the PSU book rose sharply in fiscal 2017 owing to alignment with RBI restructuring norms. However, the downgraded accounts had been paying dues regularly, and a majority of them were upgraded in fiscal 2018. As on December 31, 2018, NPAs (stage III assets as per IND AS) are nil from this portfolio. PFC also has 17% exposure to private sector power players, which have increasingly become more vulnerable to asset quality risks owing to issues such as lack of fuel availability, inability to pass on fuel price increases, and absence of long-term power purchase agreements for assured power offtake. PFC reported gross NPAs (stage III assets as per IND-AS) of 9.47% as on December 31, 2018 against 5.71% a year ago and 9.67% as of September 30, 2018. While government sector NPAs declined over previous year, the share of NPAs from private sector has increased considerably. As on December 31, 2018, ~55 % of private sectors loans have been recognized as stage III assets. PFC has made provisions of 52% against the stage III assets. | |
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Liquidity |
Asset Liability Maturity (ALM) profile of PFC shows that liquidity position is adequate. The mismatches in the ALM buckets up to one year given the relatively long tenure of its assets are managed mainly through unutilised bank lines. Additionally, the debt repayments are well staggered across months, supporting its liquidity profile.
As on December 31, 2018, against the total debt of Rs 9,463 crore maturing till March 31, 2019. PFC had unutilised bank lines of Rs 12,250 crore as on January 24, 2019. PFC continues to tap debt capital markets for fresh issuances. Around Rs 7,908 crore and Rs 4,665 crore were raised as CP and NCDs, respectively, in the quarter ended December 31, 2018. PFC also raised term loans of Rs 10,250 crore over the same period. | |
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Outlook: Stable |
CRISIL believes GoI will retain its majority stake in PFC, which will continue to play a critical role in implementing government policies related to financing the Indian power sector, over the medium term. The company is also likely to retain its strong position in the infrastructure-financing segment, while maintaining healthy capitalisation. Any reduction in PFC's strategic importance to, and attendant support from, GoI, or significant deterioration in asset quality may result in an outlook revision to 'Negative'. | |
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About the Company |
PFC was established in 1986 by GoI as an institution dedicated to funding and developing the power sector in India. Until 1996, it lent exclusively to public sector entities. Since then, it has expanded its customer profile to include private sector power utilities and projects. PFC aims to promote balanced and integrated development of the power sector by providing finance to low-cost, efficient, and reliable projects. On a consolidated basis, PFC reported a profit after tax (PAT) of Rs 5844 crore on a total income (net of interest expenses) of Rs 9704 for fiscal 2018, as against a PAT of Rs 2236 crore on a total income (net of interest expenses) of Rs 10844 crore for the previous fiscal. On a standalone basis, PFC reported a PAT of Rs 5855 crore on a total income (net of interest expenses) of Rs 9533 for fiscal 2018, as against a PAT of Rs 2126 crore on a total income (net of interest expenses) of Rs 10856 crore for the previous fiscal For the nine month ended December 31, 2018, PFC reported a standalone PAT of Rs 4804 crore on a total income (net of interest expense) of Rs 7382 crore as against a standalone PAT of Rs 3565 crore on a total income (net of interest expense) of Rs 7190 crore for the corresponding period of the previous fiscal. | |
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Key Financial Indicators - PFC Consolidated |
As on / for the period ended March 31, |
Unit |
2018 |
2017 |
Total Assets |
Rs. Cr. |
288175 |
259537 |
Total income (net of interest expenses) |
Rs. Cr. |
9704 |
10844 |
Profit after tax |
Rs. Cr. |
5844 |
2236 |
Gross NPA |
% |
9.57 |
12.50 |
Overall capital adequacy ratio |
% |
19.99 |
19.28 | | |
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Any other information: Not applicable | |
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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. |
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Annexure - Details of Instrument(s) |
ISIN |
Name of Instrument |
Date of Allotment |
Coupon Rate (%) |
Maturity Date |
Issue Size (Rs.Cr) |
Rating Assigned with outlook |
INE134E08693 |
Institutional bonds |
30-Dec-02 |
8.10% |
30-Dec-22 |
750 |
CRISIL AAA/Stable |
INE134E08925 |
Institutional bonds |
31-May-06 |
8.85% |
31-May-21 |
600 |
CRISIL AAA/Stable |
INE134E08BP2 |
Institutional bonds |
07-Aug-09 |
8.60% |
07-Aug-24 |
866.5 |
CRISIL AAA/Stable |
INE134E08BO5 |
Institutional bonds |
07-Aug-09 |
8.60% |
07-Aug-19 |
866.5 |
CRISIL AAA/Stable |
INE134E08BT4 |
Institutional bonds |
15-Oct-09 |
8.80% |
15-Oct-19 |
1,216.60 |
CRISIL AAA/Stable |
INE134E08CK1 |
Institutional bonds |
20-Nov-09 |
1YINCMTBMK+179 bps (floating rate) |
20-Nov-19 |
925 |
CRISIL AAA/Stable |
INE134E08CN5 |
Institutional bonds |
15-Dec-09 |
8.50% |
15-Dec-24 |
351 |
CRISIL AAA/Stable |
INE134E08CM7 |
Institutional bonds |
15-Dec-09 |
8.50% |
15-Dec-19 |
351 |
CRISIL AAA/Stable |
INE134E08CP0 |
Institutional bonds |
15-Jan-10 |
8.80% |
15-Jan-25 |
1,172.60 |
CRISIL AAA/Stable |
INE134E08CO3 |
Institutional bonds |
15-Jan-10 |
8.70% |
15-Jan-20 |
845.4 |
CRISIL AAA/Stable |
INE134E08CS4 |
Institutional bonds |
15-Mar-10 |
8.90% |
15-Mar-25 |
184 |
CRISIL AAA/Stable |
INE134E08CR6 |
Institutional bonds |
15-Mar-10 |
8.90% |
15-Mar-20 |
184 |
CRISIL AAA/Stable |
INE134E08CV8 |
Institutional bonds |
30-Mar-10 |
8.95% |
30-Mar-25 |
492 |
CRISIL AAA/Stable |
INE134E08CU0 |
Institutional bonds |
30-Mar-10 |
8.95% |
30-Mar-20 |
492 |
CRISIL AAA/Stable |
INE134E08CY2 |
Institutional bonds |
14-May-10 |
8.70% |
14-May-25 |
1,337.50 |
CRISIL AAA/Stable |
INE134E08CX4 |
Institutional bonds |
14-May-10 |
8.70% |
14-May-20 |
1,337.50 |
CRISIL AAA/Stable |
INE134E08DA0 |
Institutional bonds |
15-Jun-10 |
8.75% |
15-Jun-25 |
1,532.00 |
CRISIL AAA/Stable |
INE134E08CZ9 |
Institutional bonds |
15-Jun-10 |
8.65% |
15-Jun-20 |
500 |
CRISIL AAA/Stable |
INE134E08DB8 |
Institutional bonds |
15-Jun-10 |
8.85% |
15-Jun-30 |
633 |
CRISIL AAA/Stable |
INE134E08DE2 |
Institutional bonds |
04-Aug-10 |
8.70% |
15-Jul-20 |
1,424.00 |
CRISIL AAA/Stable |
INE134E08DG7 |
Institutional bonds |
15-Nov-10 |
8.78% |
15-Nov-20 |
1,549.00 |
CRISIL AAA/Stable |
INE134E08DI3 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-25 |
192.7 |
CRISIL AAA/Stable |
INE134E08DH5 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-20 |
192.7 |
CRISIL AAA/Stable |
INE134E08DJ1 |
Institutional bonds |
15-Dec-10 |
9.05% |
15-Dec-30 |
192.7 |
CRISIL AAA/Stable |
INE134E08DL7 |
Institutional bonds |
14-Jan-11 |
8.99% |
15-Jan-21 |
1,219.00 |
CRISIL AAA/Stable |
INE134E07091 |
Infrastructure Bonds |
31-Mar-11 |
8.50% |
31-Mar-26 |
6.1 |
CRISIL AAA/Stable |
INE134E07109 |
Infrastructure Bonds |
31-Mar-11 |
8.50% |
31-Mar-26 |
22.7 |
CRISIL AAA/Stable |
INE134E07075 |
Infrastructure Bonds |
31-Mar-11 |
8.30% |
31-Mar-21 |
50 |
CRISIL AAA/Stable |
INE134E07083 |
Infrastructure Bonds |
31-Mar-11 |
8.30% |
31-Mar-21 |
109.1 |
CRISIL AAA/Stable |
INE134E08DM5 |
Institutional bonds |
15-Apr-11 |
9.18% |
15-Apr-21 |
1,000.00 |
CRISIL AAA/Stable |
INE134E08DN3 |
Institutional bonds |
09-Jun-11 |
9.70% |
09-Jun-21 |
1,693.20 |
CRISIL AAA/Stable |
INE134E08DQ6 |
Institutional bonds |
29-Jun-11 |
9.61% |
29-Jun-21 |
2,084.70 |
CRISIL AAA/Stable |
INE134E08DS2 |
Institutional bonds |
01-Aug-11 |
9.46% |
01-Aug-26 |
1,105.00 |
CRISIL AAA/Stable |
INE134E08DR4 |
Institutional bonds |
01-Aug-11 |
9.36% |
01-Aug-21 |
2,589.40 |
CRISIL AAA/Stable |
INE134E08DU8 |
Institutional bonds |
01-Sep-11 |
9.45% |
01-Sep-26 |
2,568.00 |
CRISIL AAA/Stable |
INE134E08DW4 |
Institutional bonds |
23-Sep-11 |
9.44% |
23-Sep-21 |
1,180.00 |
CRISIL AAA/Stable |
INE134E07125 |
Institutional bonds |
15-Oct-11 |
7.75% |
15-Oct-26 |
218 |
CRISIL AAA/Stable |
INE134E07117 |
Institutional bonds |
15-Oct-11 |
7.51% |
15-Oct-21 |
205.2 |
CRISIL AAA/Stable |
INE134E07174 |
Infrastructure Bonds |
21-Nov-11 |
8.75% |
21-Nov-26 |
3.2 |
CRISIL AAA/Stable |
INE134E07182 |
Infrastructure Bonds |
21-Nov-11 |
8.75% |
21-Nov-26 |
8.8 |
CRISIL AAA/Stable |
INE134E07158 |
Infrastructure Bonds |
21-Nov-11 |
8.50% |
21-Nov-21 |
21.8 |
CRISIL AAA/Stable |
INE134E07166 |
Infrastructure Bonds |
21-Nov-11 |
8.50% |
21-Nov-21 |
36.3 |
CRISIL AAA/Stable |
INE134E07141 |
Institutional bonds |
25-Nov-11 |
8.16% |
25-Nov-26 |
209.3 |
CRISIL AAA/Stable |
INE134E07133 |
Institutional bonds |
25-Nov-11 |
8.09% |
25-Nov-21 |
334.3 |
CRISIL AAA/Stable |
INE134E07208 |
Tax-Free Bonds |
01-Feb-12 |
8.30% |
01-Feb-27 |
1,280.60 |
CRISIL AAA/Stable |
INE134E07190 |
Tax-Free Bonds |
01-Feb-12 |
8.20% |
01-Feb-22 |
2,752.50 |
CRISIL AAA/Stable |
INE134E08EH3 |
Institutional bonds |
06-Mar-12 |
9.26% |
15-Apr-23 |
736 |
CRISIL AAA/Stable |
INE134E08EG5 |
Institutional bonds |
06-Mar-12 |
9.30% |
15-Apr-20 |
79.5 |
CRISIL AAA/Stable |
INE134E08EL5 |
Institutional bonds |
20-Mar-12 |
9.42% |
20-Mar-20 |
650.8 |
CRISIL AAA/Stable |
INE134E08EO9 |
Institutional bonds |
28-Mar-12 |
9.48% |
15-Apr-22 |
184.7 |
CRISIL AAA/Stable |
INE134E07232 |
Infrastructure Bonds |
30-Mar-12 |
8.72% |
30-Mar-27 |
0.9 |
CRISIL AAA/Stable |
INE134E07240 |
Infrastructure Bonds |
30-Mar-12 |
8.72% |
30-Mar-27 |
2.8 |
CRISIL AAA/Stable |
INE134E07216 |
Infrastructure Bonds |
30-Mar-12 |
8.43% |
30-Mar-22 |
7.4 |
CRISIL AAA/Stable |
INE134E07224 |
Infrastructure Bonds |
30-Mar-12 |
8.43% |
30-Mar-22 |
15.5 |
CRISIL AAA/Stable |
INE134E08EU6 |
Institutional bonds |
29-Jun-12 |
9.39% |
29-Jun-22 |
2,695.20 |
CRISIL AAA/Stable |
INE134E08EX0 |
Institutional bonds |
21-Aug-12 |
9.29% |
21-Aug-22 |
640 |
CRISIL AAA/Stable |
INE134E07307 |
Institutional bonds |
22-Nov-12 |
7.38% |
22-Nov-27 |
25 |
CRISIL AAA/Stable |
INE134E07299 |
Institutional bonds |
22-Nov-12 |
7.21% |
22-Nov-22 |
255 |
CRISIL AAA/Stable |
INE134E07323 |
Institutional bonds |
29-Nov-12 |
7.38% |
29-Nov-27 |
100 |
CRISIL AAA/Stable |
INE134E07315 |
Institutional bonds |
29-Nov-12 |
7.22% |
29-Nov-22 |
30 |
CRISIL AAA/Stable |
INE134E07349 |
Tax-Free Bonds |
04-Jan-13 |
7.36% |
04-Jan-28 |
150.1 |
CRISIL AAA/Stable |
INE134E07349 |
Tax-Free Bonds |
04-Jan-13 |
7.86% |
04-Jan-28 |
206.9 |
CRISIL AAA/Stable |
INE134E07331 |
Tax-Free Bonds |
04-Jan-13 |
7.19% |
04-Jan-23 |
185.9 |
CRISIL AAA/Stable |
INE134E07331 |
Tax-Free Bonds |
04-Jan-13 |
7.69% |
04-Jan-23 |
156.9 |
CRISIL AAA/Stable |
INE134E08FG2 |
Institutional bonds |
20-Feb-13 |
8.82% |
20-Feb-20 |
733 |
CRISIL AAA/Stable |
INE134E08FJ6 |
Institutional bonds |
04-Mar-13 |
8.84% |
04-Mar-23 |
1,310.00 |
CRISIL AAA/Stable |
INE134E08FI8 |
Institutional bonds |
04-Mar-13 |
8.86% |
04-Mar-20 |
54.3 |
CRISIL AAA/Stable |
INE134E08FL2 |
Institutional bonds |
11-Mar-13 |
9.00% |
11-Mar-28 |
1,370.00 |
CRISIL AAA/Stable |
INE134E08FO6 |
Institutional bonds |
18-Mar-13 |
8.90% |
18-Mar-28 |
403 |
CRISIL AAA/Stable |
INE134E08FN8 |
Institutional bonds |
18-Mar-13 |
8.90% |
18-Mar-23 |
403 |
CRISIL AAA/Stable |
INE134E08FP3 |
Institutional bonds |
18-Mar-13 |
8.87% |
18-Mar-23 |
70 |
CRISIL AAA/Stable |
INE134E08FQ1 |
Institutional bonds |
25-Mar-13 |
8.94% |
25-Mar-28 |
2,807.00 |
CRISIL AAA/Stable |
INE134E07364 |
Tax-Free Bonds |
28-Mar-13 |
7.04% |
28-Mar-28 |
6.1 |
CRISIL AAA/Stable |
INE134E07364 |
Tax-Free Bonds |
28-Mar-13 |
7.54% |
28-Mar-28 |
63.1 |
CRISIL AAA/Stable |
INE134E07356 |
Tax-Free Bonds |
28-Mar-13 |
6.88% |
28-Mar-23 |
50.1 |
CRISIL AAA/Stable |
INE134E07356 |
Tax-Free Bonds |
28-Mar-13 |
7.38% |
28-Mar-23 |
46 |
CRISIL AAA/Stable |
INE134E08FT5 |
Subordinated debt issue |
14-Jun-13 |
8.19% |
14-Jun-23 |
800 |
CRISIL AAA/Stable |
INE134E07380 |
Institutional bonds |
30-Aug-13 |
8.46% |
30-Aug-28 |
1,011.10 |
CRISIL AAA/Stable |
INE134E07372 |
Institutional bonds |
30-Aug-13 |
8.01% |
30-Aug-23 |
113 |
CRISIL AAA/Stable |
INE134E07430 |
Tax-Free Bonds |
16-Nov-13 |
8.54% |
16-Nov-28 |
932.7 |
CRISIL AAA/Stable |
INE134E07448 |
Tax-Free Bonds |
16-Nov-13 |
8.79% |
16-Nov-28 |
353.3 |
CRISIL AAA/Stable |
INE134E07414 |
Tax-Free Bonds |
16-Nov-13 |
8.18% |
16-Nov-23 |
325.1 |
CRISIL AAA/Stable |
INE134E07422 |
Tax-Free Bonds |
16-Nov-13 |
8.43% |
16-Nov-23 |
335.5 |
CRISIL AAA/Stable |
INE134E07455 |
Tax-Free Bonds |
16-Nov-13 |
8.67% |
16-Nov-33 |
1,067.40 |
CRISIL AAA/Stable |
INE134E07463 |
Tax-Free Bonds |
16-Nov-13 |
8.92% |
16-Nov-33 |
862 |
CRISIL AAA/Stable |
INE134E08FW9 |
Subordinated debt issue |
13-Jan-14 |
9.65% |
13-Jan-24 |
1,000.00 |
CRISIL AAA/Stable |
INE134E07505 |
Institutional bonds |
31-Jan-14 |
9.70% |
31-Jan-21 |
270 |
CRISIL AAA/Stable |
INE134E07497 |
Institutional bonds |
31-Jan-14 |
9.70% |
31-Jan-20 |
270 |
CRISIL AAA/Stable |
INE134E08FX7 |
Subordinated debt issue |
21-Feb-14 |
9.70% |
21-Feb-24 |
2,000.00 |
CRISIL AAA/Stable |
INE134E07513 |
Institutional bonds |
03-Mar-14 |
9.69% |
02-Mar-19 |
2,240.00 |
CRISIL AAA/Stable |
INE134E08GA3 |
Institutional bonds |
07-Jul-14 |
9.20% |
07-Jul-21 |
700 |
CRISIL AAA/Stable |
INE134E08FZ2 |
Institutional bonds |
07-Jul-14 |
9.15% |
07-Jul-19 |
100 |
CRISIL AAA/Stable |
INE134E08GD7 |
Institutional bonds |
19-Aug-14 |
9.37% |
19-Aug-24 |
855 |
CRISIL AAA/Stable |
INE134E08GH8 |
Institutional bonds |
27-Aug-14 |
9.39% |
27-Aug-29 |
460 |
CRISIL AAA/Stable |
INE134E08GG0 |
Institutional bonds |
27-Aug-14 |
9.39% |
27-Aug-24 |
460 |
CRISIL AAA/Stable |
INE134E08GF2 |
Institutional bonds |
27-Aug-14 |
9.39% |
27-Aug-19 |
460 |
CRISIL AAA/Stable |
INE134E08GJ4 |
Institutional bonds |
17-Sep-14 |
9.32% |
17-Sep-19 |
1,591.00 |
CRISIL AAA/Stable |
INE134E08GK2 |
Institutional bonds |
08-Oct-14 |
8.98% |
08-Oct-24 |
961 |
CRISIL AAA/Stable |
INE134E08GL0 |
Institutional bonds |
08-Oct-14 |
8.98% |
08-Oct-24 |
950 |
CRISIL AAA/Stable |
INE134E08GN6 |
Institutional bonds |
21-Oct-14 |
8.96% |
21-Oct-19 |
1,100.00 |
CRISIL AAA/Stable |
INE134E08GO4 |
Institutional bonds |
07-Nov-14 |
8.76% |
07-Nov-19 |
1,000.00 |
CRISIL AAA/Stable |
INE134E08GR7 |
Institutional bonds |
28-Nov-14 |
8.66% |
27-Nov-21 |
200 |
CRISIL AAA/Stable |
INE134E08GQ9 |
Institutional bonds |
28-Nov-14 |
8.65% |
28-Nov-19 |
836 |
CRISIL AAA/Stable |
INE134E08GU1 |
Institutional bonds |
09-Dec-14 |
8.48% |
09-Dec-24 |
1,000.00 |
CRISIL AAA/Stable |
INE134E08GT3 |
Institutional bonds |
09-Dec-14 |
8.55% |
09-Dec-21 |
1,200.00 |
CRISIL AAA/Stable |
INE134E08GS5 |
Institutional bonds |
09-Dec-14 |
8.52% |
09-Dec-19 |
1,220.00 |
CRISIL AAA/Stable |
INE134E08GV9 |
Institutional bonds |
29-Dec-14 |
8.65% |
28-Dec-24 |
2,826.00 |
CRISIL AAA/Stable |
INE134E08GW7 |
Institutional bonds |
05-Jan-15 |
8.65% |
04-Jan-25 |
5,000.00 |
CRISIL AAA/Stable |
INE134E08GX5 |
Institutional bonds |
26-Feb-15 |
8.36% |
26-Feb-20 |
4,440.00 |
CRISIL AAA/Stable |
INE134E08GY3 |
Institutional bonds |
10-Mar-15 |
8.20% |
10-Mar-25 |
1,600.00 |
CRISIL AAA/Stable |
INE134E08HD5 |
Institutional bonds |
19-Mar-15 |
8.39% |
19-Apr-25 |
925 |
CRISIL AAA/Stable |
INE134E08HC7 |
Institutional bonds |
19-Mar-15 |
8.42% |
18-Apr-20 |
200 |
CRISIL AAA/Stable |
INE134E08HG8 |
Institutional bonds |
27-Mar-15 |
8.41% |
27-Mar-25 |
5,000.00 |
CRISIL AAA/Stable |
INE134E08HF0 |
Institutional bonds |
27-Mar-15 |
8.38% |
27-Apr-20 |
1,350.00 |
CRISIL AAA/Stable |
INE134E08HO2 |
Institutional bonds |
29-Jun-15 |
8.50% |
29-Jun-19 |
1,500.00 |
CRISIL AAA/Stable |
INE134E07521 |
Institutional bonds |
17-Jul-15 |
7.16% |
17-Jul-25 |
300 |
CRISIL AAA/Stable |
INE134E08HP9 |
Institutional bonds |
24-Jul-15 |
8.53% |
24-Jul-20 |
2,700.00 |
CRISIL AAA/Stable |
INE134E08HQ7 |
Institutional bonds |
10-Aug-15 |
8.45% |
10-Aug-20 |
1,000.00 |
CRISIL AAA/Stable |
INE134E08HV7 |
Institutional bonds |
04-Sep-15 |
8.36% |
04-Sep-20 |
1,250.00 |
CRISIL AAA/Stable |
INE134E08HX3 |
Institutional bonds |
18-Sep-15 |
8.40% |
18-Sep-25 |
1,000.00 |
CRISIL AAA/Stable |
INE134E08HW5 |
Institutional bonds |
18-Sep-15 |
8.46% |
18-Sep-20 |
1,000.00 |
CRISIL AAA/Stable |
INE134E07539 |
Tax-Free Bonds |
17-Oct-15 |
7.11% |
17-Oct-25 |
75.1 |
CRISIL AAA/Stable |
INE134E07547 |
Tax-Free Bonds |
17-Oct-15 |
7.36% |
17-Oct-25 |
79.3 |
CRISIL AAA/Stable |
INE134E07570 |
Tax-Free Bonds |
17-Oct-15 |
7.35% |
17-Oct-35 |
213.6 |
CRISIL AAA/Stable |
INE134E07588 |
Tax-Free Bonds |
17-Oct-15 |
7.60% |
17-Oct-35 |
155.5 |
CRISIL AAA/Stable |
INE134E07554 |
Tax-Free Bonds |
17-Oct-15 |
7.27% |
17-Oct-30 |
131.3 |
CRISIL AAA/Stable |
INE134E07562 |
Tax-Free Bonds |
17-Oct-15 |
7.52% |
17-Oct-30 |
45.2 |
CRISIL AAA/Stable |
INE134E08IA9 |
Institutional bonds |
28-Jan-16 |
8.12% |
28-Feb-19 |
700 |
CRISIL AAA/Stable |
INE134E08IC5 |
Institutional bonds |
13-Apr-16 |
7.85% |
15-Apr-19 |
2,928.00 |
CRISIL AAA/Stable |
INE134E08ID3 |
Institutional bonds |
27-Apr-16 |
8.05% |
27-Apr-21 |
300 |
CRISIL AAA/Stable |
INE134E08IE1 |
Institutional bonds |
02-May-16 |
8.03% |
02-May-26 |
1,000.00 |
CRISIL AAA/Stable |
INE134E08IF8 |
Institutional bonds |
13-May-16 |
7.95% |
13-May-19 |
1,915.00 |
CRISIL AAA/Stable |
INE134E08IG6 |
Institutional bonds |
31-May-16 |
8.04% |
30-May-20 |
100 |
CRISIL AAA/Stable |
INE134E08II2 |
Institutional bonds |
16-Aug-16 |
7.63% |
14-Aug-26 |
1,675.00 |
CRISIL AAA/Stable |
INE134E08IH4 |
Institutional bonds |
16-Aug-16 |
7.50% |
16-Aug-21 |
2,660.00 |
CRISIL AAA/Stable |
INE134E08IK8 |
Institutional bonds |
16-Sep-16 |
7.56% |
16-Sep-26 |
210 |
CRISIL AAA/Stable |
INE134E08IJ0 |
Institutional bonds |
16-Sep-16 |
7.47% |
16-Sep-21 |
2,260.00 |
CRISIL AAA/Stable |
INE134E08IL6 |
Institutional bonds |
26-Sep-16 |
7.55% |
25-Sep-26 |
4,000.00 |
CRISIL AAA/Stable |
INE134E08IM4 |
Institutional bonds |
30-Sep-16 |
7.40% |
30-Sep-21 |
1,830.00 |
CRISIL AAA/Stable |
INE134E08IN2 |
Institutional bonds |
22-Dec-16 |
7.27% |
22-Dec-21 |
1,101.00 |
CRISIL AAA/Stable |
INE134E08IO0 |
Institutional bonds |
05-Jan-17 |
7.23% |
05-Jan-27 |
2,635.00 |
CRISIL AAA/Stable |
INE134E08IP7 |
Institutional bonds |
11-Jan-17 |
7.10% |
11-Jan-27 |
200 |
CRISIL AAA/Stable |
INE134E08IQ5 |
Institutional bonds |
17-Jan-17 |
6.83% |
15-Apr-20 |
2,000.00 |
CRISIL AAA/Stable |
INE134E08IR3 |
Institutional bonds |
20-Jan-17 |
7.18% |
20-Jan-27 |
1,335.00 |
CRISIL AAA/Stable |
INE134E08IS1 |
Institutional bonds |
15-Feb-17 |
7.05% |
15-May-20 |
2,551.00 |
CRISIL AAA/Stable |
INE134E08IT9 |
Institutional bonds |
20-Feb-17 |
7.60% |
20-Feb-27 |
1,465.00 |
CRISIL AAA/Stable |
INE134E08IW3 |
Institutional bonds |
17-Mar-17 |
7.50% |
17-Sep-20 |
2,435.00 |
CRISIL AAA/Stable |
INE134E08IX1 |
Institutional bonds |
22-Mar-17 |
7.75% |
22-Mar-27 |
2,000.00 |
CRISIL AAA/Stable |
INE134E08IY9 |
Institutional bonds |
27-Mar-17 |
7.42% |
26-Jun-20 |
3,605.00 |
CRISIL AAA/Stable |
INE134E08IZ6 |
Institutional bonds* |
05-May-17 |
7.46% |
05-Jun-20 |
1,180.00 |
CRISIL AAA/Stable |
INE134E08JA7 |
Institutional bonds* |
30-May-17 |
7.30% |
30-Jun-20 |
1,560.00 |
CRISIL AAA/Stable |
INE134E08JB5 |
Institutional bonds* |
12-Jun-17 |
7.28% |
10-Jun-22 |
1,950.00 |
CRISIL AAA/Stable |
INE134E08JC3 |
Institutional bonds* |
12-Jun-17 |
7.44% |
11-Jun-27 |
1,540.00 |
CRISIL AAA/Stable |
INE134E07596 |
Institutional bonds* |
31-Jul-17 |
5.25% |
31-Jul-20 |
18.3 |
CRISIL AAA/Stable |
INE134E08JD1 |
Institutional bonds* |
08-Aug-17 |
7.10% |
08-Aug-22 |
3,395.00 |
CRISIL AAA/Stable |
INE134E08JE9 |
Institutional bonds* |
08-Aug-17 |
7.30% |
07-Aug-27 |
1,500.00 |
CRISIL AAA/Stable |
INE134E07604 |
Institutional bonds* |
31-Aug-17 |
5.25% |
31-Aug-20 |
13.9 |
CRISIL AAA/Stable |
INE134E07612 |
Institutional bonds* |
30-Sep-17 |
5.25% |
30-Sep-20 |
20.5 |
CRISIL AAA/Stable |
INE134E07620 |
Institutional bonds* |
31-Oct-17 |
5.25% |
31-Oct-20 |
20.5 |
CRISIL AAA/Stable |
INE134E08JF6 |
Institutional bonds* |
22-Nov-17 |
7.35% |
22-Nov-22 |
800 |
CRISIL AAA/Stable |
INE134E08JG4 |
Institutional bonds* |
22-Nov-17 |
7.65% |
22-Nov-27 |
2,001.00 |
CRISIL AAA/Stable |
INE134E07638 |
Institutional bonds* |
30-Nov-17 |
5.25% |
30-Nov-20 |
33.5 |
CRISIL AAA/Stable |
INE134E08JH2 |
Institutional bonds* |
15-Dec-17 |
7.62% |
15-Dec-27 |
5,000.00 |
CRISIL AAA/Stable |
INE134E07646 |
Institutional bonds* |
31-Dec-17 |
5.25% |
31-Dec-20 |
33.8 |
CRISIL AAA/Stable |
INE134E08JI0 |
Institutional bonds* |
30-Jan-18 |
7.74% |
29-Jan-28 |
850 |
CRISIL AAA/Stable |
INE134E07653 |
Institutional bonds* |
31-Jan-18 |
5.25% |
31-Jan-21 |
25.93 |
CRISIL AAA/Stable |
INE134E08JJ8 |
Institutional bonds* |
12-Feb-18 |
7.73% |
12-Mar-21 |
505 |
CRISIL AAA/Stable |
INE134E08JK6 |
Institutional bonds* |
12-Feb-18 |
7.73% |
05-Apr-21 |
1,325 |
CRISIL AAA/Stable |
INE134E07661 |
Institutional bonds* |
28-Feb-18 |
5.25% |
28-Feb-21 |
37.95 |
CRISIL AAA/Stable |
INE134E08JL4 |
Institutional bonds* |
08-Mar-18 |
7.80% |
07-Jun-19 |
3,300 |
CRISIL AAA/Stable |
INE134E08JM2 |
Institutional bonds* |
15-Mar-18 |
7.75% |
15-Apr-21 |
600 |
CRISIL AAA/Stable |
INE134E08JN0 |
Institutional bonds* |
20-Mar-18 |
7.53% |
20-Jan-20 |
1,500 |
CRISIL AAA/Stable |
INE134E08JO8 |
Institutional bonds* |
20-Mar-18 |
7.99% |
20-Dec-22 |
1,295 |
CRISIL AAA/Stable |
INE134E07679 |
Institutional bonds* |
31-Mar-18 |
5.25% |
31-Mar-21 |
87.79 |
CRISIL AAA/Stable |
INE134E08JP5 |
Institutional bonds~ |
03-Apr-18 |
7.85% |
03-Apr-28 |
3,855 |
CRISIL AAA/Stable |
INE134E07687 |
Institutional bonds~ |
30-Apr-18 |
5.75% |
30-Apr-23 |
6.54 |
CRISIL AAA/Stable |
INE134E07695 |
Institutional bonds~ |
31-May-18 |
5.75% |
31-May-23 |
7.04 |
CRISIL AAA/Stable |
INE134E07703 |
Institutional bonds~ |
30-Jun-18 |
5.75% |
30-Jun-23 |
10.11 |
CRISIL AAA/Stable |
INE134E07711 |
Institutional bonds~ |
31-Jul-18 |
5.75% |
31-Jul-23 |
14.32 |
CRISIL AAA/Stable |
INE134E07729 |
Institutional bonds~ |
31-Aug-18 |
5.75% |
31-Aug-23 |
15.95 |
CRISIL AAA/Stable |
INE134E07737 |
Institutional bonds~ |
30-Sep-18 |
5.75% |
30-Sep-23 |
26.03 |
CRISIL AAA/Stable |
INE134E07745 |
Institutional bonds~ |
31-Oct-18 |
5.75% |
31-Oct-23 |
32.94 |
CRISIL AAA/Stable |
INE134E07752 |
Institutional bonds~ |
30-Nov-18 |
5.75% |
30-Nov-23 |
41.12 |
CRISIL AAA/Stable |
INE134E07760 |
Institutional bonds~ |
31-Dec-18 |
5.75% |
31-Dec-23 |
55.14 |
CRISIL AAA/Stable |
NA |
Term loan 1* |
19-Mar-18 |
7.85% |
19-Apr-19 |
1,000.00 |
CRISIL AAA/Stable |
NA |
Term loan 2* |
31-Mar-18 |
7.85% |
19-Apr-19 |
2,000.00 |
CRISIL AAA/Stable |
NA |
Term Loan 3~ |
08-Jun-18 |
7.95% |
08-Aug-19 |
2,000.00 |
CRISIL AAA/Stable |
NA |
Term Loan 4~ |
19-Jun-18 |
7.95% |
19-Jun-20 |
1,800.00 |
CRISIL AAA/Stable |
NA |
Term Loan 5~ |
22-Jun-18 |
7.95% |
19-Jun-20 |
200 |
CRISIL AAA/Stable |
NA |
Term Loan 6~ |
22-Jun-18 |
8.05% |
22-Jul-19 |
217.21 |
CRISIL AAA/Stable |
NA |
Term Loan 7~ |
25-Jun-18 |
8.05% |
25-Jul-19 |
782.79 |
CRISIL AAA/Stable |
NA |
Term Loan 8~ |
29-Jun-18 |
8.05% |
29-Jun-20 |
236.61 |
CRISIL AAA/Stable |
NA |
Term Loan 9~ |
30-Jun-18 |
8.05% |
29-Jun-20 |
1,563.39 |
CRISIL AAA/Stable |
NA |
Term Loan 10~ |
30-Jun-18 |
8.05% |
30-Jul-19 |
2,000.00 |
CRISIL AAA/Stable |
NA |
Term Loan 11~ |
06-Aug-18 |
8.05% |
29-Jun-20 |
179 |
CRISIL AAA/Stable |
NA |
Term Loan 12~ |
06-Aug-18 |
8.05% |
06-Aug-20 |
821 |
CRISIL AAA/Stable |
NA |
Term Loan 13~ |
23-Aug-18 |
8.05% |
06-Aug-20 |
179 |
CRISIL AAA/Stable |
NA |
Term Loan 14~ |
23-Aug-18 |
8.10% |
23-Aug-21 |
1,000.00 |
CRISIL AAA/Stable |
NA |
Term Loan 15~ |
24-Aug-18 |
8.10% |
24-May-20 |
2,000.00 |
CRISIL AAA/Stable |
NA |
Term Loan 16~ |
05-Sep-18 |
8.10% |
05-Jun-20 |
2,000.00 |
CRISIL AAA/Stable |
NA |
Term Loan 17~ |
13-Sep-18 |
8.20% |
13-Sep-20 |
1,500.00 |
CRISIL AAA/Stable |
NA |
Term Loan 18~ |
14-Sep-18 |
8.38% |
14-Sep-21 |
800 |
CRISIL AAA/Stable |
NA |
Term Loan 19~ |
27-Sep-18 |
8.35% |
27-Sep-23 |
5,500.00 |
CRISIL AAA/Stable |
NA |
Term Loan 20~ |
05-Oct-18 |
8.35% |
27-Sep-23 |
500 |
CRISIL AAA/Stable |
NA |
Term Loan 21~ |
05-Oct-18 |
8.45% |
05-Oct-23 |
750 |
CRISIL AAA/Stable |
NA |
Term Loan 22~ |
24-Dec-18 |
8.65% |
24-Dec-23 |
1,000.00 |
CRISIL AAA/Stable |
NA |
Term Loan 23~ |
27-Dec-18 |
8.11% |
27-Dec-28 |
7,500.00 |
CRISIL AAA/Stable |
NA |
Term Loan 24~ |
28-Dec-18 |
8.70% |
28-Dec-23 |
500 |
CRISIL AAA/Stable |
INE134E08HI4 |
Institutional bonds |
16-Apr-15 |
8.09% |
16-May-18 |
200 |
CRISIL AAA/Stable |
INE134E08HM6 |
Institutional bonds |
28-May-15 |
8.39% |
28-May-18 |
1,500.00 |
CRISIL AAA/Stable |
INE134E08HN4 |
Institutional bonds |
29-Jun-15 |
8.40% |
29-Jun-18 |
1,210.00 |
CRISIL AAA/Stable |
INE134E08IV5 |
Institutional bonds |
07-Mar-17 |
6.90% |
16-Jul-18 |
1,060.00 |
CRISIL AAA/Stable |
NA |
Long-term borrowing programme*^ |
NA |
NA |
NA |
32,406.83 |
CRISIL AAA/Stable |
NA |
Short-term borrowing programme* |
NA |
NA |
7-365 days |
20,000.00 |
CRISIL A1+ |
NA |
Long-term borrowing programme~ |
NA |
NA |
NA |
39,906.81 |
CRISIL AAA/Stable |
NA |
Short-term borrowing programme~ |
NA |
NA |
7-365 days |
20,000.00 |
CRISIL A1+ |
NA |
Cash credit |
NA |
NA |
NA |
10,000.00 |
CRISIL AAA/Stable |
NA |
Subordinated debt issue^ |
NA |
NA |
NA |
11,200.00 |
CRISIL AAA/Stable |
NA |
Institutional Bonds^ |
NA |
NA |
NA |
15202 |
CRISIL AAA/Stable | ^Not yet issued *Part of borrowing programme for fiscal 2018 ~Part of borrowing programme for fiscal 2019 |
|
Annexure - Details of Rating Withdrawn |
ISIN |
Name of Instrument |
Date of Allotment |
Coupon Rate (%) |
Maturity Date |
Issue Size (Rs.Cr) |
INE134E08HT1 |
Institutional bonds |
19-Aug-15 |
8.17% |
18-Aug-18 |
800 |
INE134E08HU9 |
Institutional bonds |
04-Sep-15 |
8.28% |
04-Sep-18 |
1,930.00 |
INE134E08HZ8 |
Institutional bonds |
21-Oct-15 |
8.00% |
22-Oct-18 |
1,000.00 |
INE134E08IU7 |
Institutional bonds |
06-Mar-17 |
6.90% |
16-Jul-18 |
1,850.00 | |
|
Annexure - List of Entities Consolidated |
Entity Consolidated |
Extent of consolidation |
Rationale for consolidation |
PFC Consulting Limited |
Full |
Subsidiary |
PFC Green Energy |
Full |
Subsidiary |
PFC Capital Advisory Services Limited |
Full |
Subsidiary |
Power Equity Capital Advisors (Private) Limited |
Full |
Subsidiary |
Chattisgarh Surguja Power Limited |
Full |
Subsidiary |
Coastal Karnataka Power Limited |
Full |
Subsidiary |
Coastal Maharashtra Mega Power Limited |
Full |
Subsidiary |
Coastal Tamil Nadu Power Limited |
Full |
Subsidiary |
Orissa Integrated Power Limited |
Full |
Subsidiary |
Sakhigopal Integrated Power Company Limited |
Full |
Subsidiary |
Ghogarpalli Integrated Power Company Limited |
Full |
Subsidiary |
Tatiya Andhra Mega Power Limited |
Full |
Subsidiary |
Deoghar Mega Power Limited |
Full |
Subsidiary |
Cheyyur Infra Limited |
Full |
Subsidiary |
Odisha Infrapower Limited |
Full |
Subsidiary |
Deoghar Infrapower Limited |
Full |
Subsidiary |
Bihar Infrapower Limited |
Full |
Subsidiary |
Bihar Mega Power Limited |
Full |
Subsidiary |
Jharkhand Infrapower Limited |
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 |
Bond |
LT |
139452.19 22-02-19 |
CRISIL AAA/Stable |
15-02-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
02-12-16 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
|
|
04-12-18 |
CRISIL AAA/Stable |
30-08-17 |
CRISIL AAA/Stable |
07-11-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
31-10-18 |
CRISIL AAA/Stable |
10-07-17 |
CRISIL AAA/Stable |
06-10-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
28-03-18 |
CRISIL AAA/Stable |
03-04-17 |
CRISIL AAA/Stable |
06-10-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
27-02-18 |
CRISIL AAA/Stable |
08-03-17 |
CRISIL AAA/Stable |
04-08-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
07-03-17 |
CRISIL AAA/Stable |
06-06-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
23-05-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
04-04-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
09-02-16 |
CRISIL AAA/Stable |
|
Long-Term Borrowing Programme |
LT |
74096.37 22-02-19 |
CRISIL AAA/Stable |
15-02-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
02-12-16 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
|
|
|
|
|
|
04-12-18 |
CRISIL AAA/Stable |
30-08-17 |
CRISIL AAA/Stable |
07-11-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
31-10-18 |
CRISIL AAA/Stable |
10-07-17 |
CRISIL AAA/Stable |
06-10-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
28-03-18 |
CRISIL AAA/Stable |
03-04-17 |
CRISIL AAA/Stable |
06-10-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
27-02-18 |
CRISIL AAA/Stable |
08-03-17 |
CRISIL AAA/Stable |
04-08-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
07-03-17 |
CRISIL AAA/Stable |
06-06-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
23-05-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
04-04-16 |
CRISIL AAA/Stable |
|
|
|
|
|
|
|
|
|
|
|
09-02-16 |
CRISIL AAA/Stable |
|
Short Term Borrowing programme |
ST |
40000.00 |
CRISIL A1+ |
15-02-19 |
CRISIL A1+ |
11-12-18 |
CRISIL A1+ |
18-09-17 |
CRISIL A1+ |
02-12-16 |
CRISIL A1+ |
CRISIL A1+ |
|
|
|
|
|
|
04-12-18 |
CRISIL A1+ |
30-08-17 |
CRISIL A1+ |
07-11-16 |
CRISIL A1+ |
|
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31-10-18 |
CRISIL A1+ |
10-07-17 |
CRISIL A1+ |
06-10-16 |
CRISIL A1+ |
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28-03-18 |
CRISIL A1+ |
03-04-17 |
CRISIL A1+ |
06-10-16 |
CRISIL A1+ |
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27-02-18 |
CRISIL A1+ |
08-03-17 |
CRISIL A1+ |
04-08-16 |
CRISIL A1+ |
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07-03-17 |
CRISIL A1+ |
06-06-16 |
CRISIL A1+ |
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23-05-16 |
CRISIL A1+ |
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04-04-16 |
CRISIL A1+ |
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09-02-16 |
CRISIL A1+ |
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Subordinated Non-Convertible Debentures |
LT |
150803.06 22-02-19 |
CRISIL AAA/Stable |
15-02-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
02-12-16 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
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04-12-18 |
CRISIL AAA/Stable |
30-08-17 |
CRISIL AAA/Stable |
07-11-16 |
CRISIL AAA/Stable |
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31-10-18 |
CRISIL AAA/Stable |
10-07-17 |
CRISIL AAA/Stable |
06-10-16 |
CRISIL AAA/Stable |
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28-03-18 |
CRISIL AAA/Stable |
03-04-17 |
CRISIL AAA/Stable |
06-10-16 |
CRISIL AAA/Stable |
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27-02-18 |
CRISIL AAA/Stable |
08-03-17 |
CRISIL AAA/Stable |
04-08-16 |
CRISIL AAA/Stable |
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07-03-17 |
CRISIL AAA/Stable |
06-06-16 |
CRISIL AAA/Stable |
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23-05-16 |
CRISIL AAA/Stable |
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04-04-16 |
CRISIL AAA/Stable |
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09-02-16 |
CRISIL AAA/Stable |
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Fund-based Bank Facilities |
LT/ST |
10000.00 |
CRISIL AAA/Stable |
15-02-19 |
CRISIL AAA/Stable |
11-12-18 |
CRISIL AAA/Stable |
18-09-17 |
CRISIL AAA/Stable |
02-12-16 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
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04-12-18 |
CRISIL AAA/Stable |
30-08-17 |
CRISIL AAA/Stable |
07-11-16 |
CRISIL AAA/Stable |
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31-10-18 |
CRISIL AAA/Stable |
10-07-17 |
CRISIL AAA/Stable |
06-10-16 |
CRISIL AAA/Stable |
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28-03-18 |
CRISIL AAA/Stable |
03-04-17 |
CRISIL AAA/Stable |
06-10-16 |
CRISIL AAA/Stable |
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27-02-18 |
CRISIL AAA/Stable |
08-03-17 |
CRISIL AAA/Stable |
04-08-16 |
CRISIL AAA/Stable |
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07-03-17 |
CRISIL AAA/Stable |
06-06-16 |
CRISIL AAA/Stable |
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23-05-16 |
CRISIL AAA/Stable |
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04-04-16 |
CRISIL AAA/Stable |
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09-02-16 |
CRISIL AAA/Stable |
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All amounts are in Rs.Cr. |
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Annexure - Details of various bank facilities |
Current facilities |
Previous facilities |
Facility |
Amount (Rs.Crore) |
Rating |
Facility |
Amount (Rs.Crore) |
Rating |
Cash Credit* |
10000 |
CRISIL AAA/Stable |
Cash Credit* |
10000 |
CRISIL AAA/Stable |
-- |
0 |
-- |
Term Loan |
2000 |
Withdrawn |
Total |
10000 |
-- |
Total |
12000 |
-- | *Limit for working capital'working capital demand loan/overdraft facility/cash credit/line of credit/bank guarantee. Limit includes long-term and short-term facilities. Total working capital borrowing not to exceed board-approved limit of Rs 10,000 crore. However, quantum of sanctioned working capital facilities may be different from the Board-approved limit for outstanding working capital borrowing. | |
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For further information contact: |
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Note for Media: This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc. | |
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