Rating Rationale
June 26, 2019 | Mumbai
Shriram Transport Finance Company Limited
'CRISIL AA+/Stable' assigned to NCD
 
Rating Action
Total Bank Loan Facilities Rated Rs.36243 Crore
Long Term Rating CRISIL AA+/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Rs.10000 Crore Non Convertible Debentures  CRISIL AA+/Stable (Assigned) 
Rs.500 Crore Long Term Principal Protected Market Linked Debentures CRISIL PP-MLD AA+r/Stable (Reaffirmed) 
Rs.1000 Crore Subordinated Debt  CRISIL AA+/Stable (Reaffirmed) 
Rs.1000 Crore Subordinated Debt  CRISIL AA+/Stable (Reaffirmed)
Rs.5000 Crore Non Convertible Debentures   CRISIL AA+/Stable (Reaffirmed)
Non Convertible Debentures Aggregating Rs.36780 Crore CRISIL AA+/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.2000 Crore CRISIL AA+/Stable (Reaffirmed)
Subordinated Debt Aggregating Rs.131.7 Crore# CRISIL AA+/Stable (Reaffirmed)
Subordinated Debt Issue (Tier II) Bonds Aggregating Rs.1500 Crore CRISIL AA+/Stable (Reaffirmed)
Fixed Deposit Programme FAAA/Stable (Reaffirmed)
Rs.7500 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
#Transferred from Shriram Equipment Finance Company Limited to Shriram Transport Finance Company Limited upon amalgamation of the former with latter
Detailed Rationale

CRISIL has assigned its rating of 'CRISIL AA+/Stable' to Rs 10,000 crore non-convertible debentures of Shriram Transport Finance Company Limited (STFCL) and has reaffirmed its ratings on the existing debt instruments, bank facilities and fixed deposit programme of STFCL at 'CRISIL AA+/CRISIL PP-MLD AA+r/FAAA/Stable/CRISIL A1+'.
 
The ratings continue to reflect STFCL's market leadership in the pre-owned commercial vehicle (CV) financing segment, comfortable capitalisation and earnings profile. These strengths are partly offset by the company's modest asset quality and average resource profile.
 
CRISIL has also withdrawn its rating on the non-convertible debentures of Rs 40 crore (See Annexure 'Details of Rating Withdrawn' for details) in line with its withdrawal policy. CRISIL has received independent confirmation that these instruments are fully redeemed.

Key Rating Drivers & Detailed Description
Strengths:
* Market leadership in the pre-owned commercial vehicle (CV) financing segment
STFCL is the largest CV financier in the country with assets under management (AUM) of Rs 1,04,482 crore as on March 31, 2019, up 8.5% Y-o-Y from Rs 96,261 crore end fiscal 2018 although on a sequential basis, the AUM growth has remained almost flat from Rs 103,818 crore last quarter (+0.64% Q-o-Q). The disbursements during the last quarter of fiscal 2019 stood at Rs 11,958 crore, up 25% Q-o-Q (from Rs 9550 crore in Q3 fiscal 2019) though down 20% Y-o-Y (from Rs 15,121 crore in Q4 fiscal 2018).
 
With presence of almost four decades in the pre-owned CV financing business, STFCL has created a strong and sustainable competitive advantage through deep understanding of the borrower profile and their credit behaviour. They have done so by building a scalable operating model, extensive reach and strong valuation capabilities of pre-owned vehicles. The company faces limited competition from other organized financiers, including banks, in this segment, due to inherent riskiness of the target product and the customer profile.
 
Of all the business segments, CV financing (HCV and M&LCV) together constituted the largest portion of AUM at 68.4% as on March 31, 2019 and grew at a decelerated pace of 9.8% Y-o-Y. Passenger vehicles formed another 22.5% of AUM grew by 5.3% Y-o-Y though down sequentially by almost one percentage point. The share of portfolio under Shriram Equipment has completely run off. The securitised assets plus off-book assets (direct assignment portfolio) together stood at Rs 19,397.5 crore or 18.5% of the portfolio and was up 19% during the year. The direct assignment portfolio has particularly registered a strong growth and stood at Rs 2175 crore end fiscal 2019 as against just Rs 62 crore last fiscal.
 
The composition of AUM remained largely unchanged with the pre-owned vehicle loan book at Rs 87,050 crore (+7.8% Y-o-Y or +1.1% Q-o-Q) as on March 31, 2019 and comprising 83% of the AUM, almost same proportion as last year. The new vehicle portfolio growth slowed down with this segment up just 5% Y-o-Y (as against 39% Y-o-Y end fiscal 2018) and its share in AUM stood at 11% as on March 31, 2019. Working capital, business loans and other such facilities grew by 32% and constituted the remaining 5.6% of AUM. While STFCL's growth will continue to be driven by pre-owned vehicle financing business, the new vehicle segment also remains a key focus area of the company in spite of competition from banks and NBFCs.
 
CRISIL believes that the business prospects for the pre-owned CV financing segment remain strong given the large unorganized market and significant entry barriers. STFCL has gradually expanded into rural markets and had 838 rural centres as on March 31, 2019. Owing to increased demand for pre-owned vehicles in deep rural areas, the company has been increasing its presence in rural and semi urban areas to maintain its niche presence. End fiscal 2019, the total branches stood at 1,545 of which 47% were in rural areas.  In the last one year the company has added 332 new branches, of which majority are the satellite branches outside the semi-urban centres. The share of rural AUM has also risen to 37% of total AUM as on March 31, 2019 as against 32% last fiscal. STFCL had also innovated in establishing Shriram Automall India Ltd (SAMIL), a reliable platform for sale, refurbishment, and auction of pre-owned vehicles, besides enabling better price discovery of such vehicles. While STFCL sold majority stake in SAMIL in April 2018, it will continue to hold a large minority stake. CRISIL believes that despite the minority stake, SAMIL's business operations will continue to be closely integrated with STFCL.
 
Overall, CRISIL believes that STFCL has strong structural advantages over its peers, which will support its growth plans and help it maintain leadership position in the pre-owned CV financing segment over the medium term.
 
* Comfortable capitalisation and earnings profile
STFCL's capitalisation remains comfortable with networth of Rs 15,836 crore (+16.7% Y-o-Y) and an adjusted gearing of 5.6 times down from 6 times last year). Net-worth coverage for net NPA stood at 7.7 times as on March 31, 2019, up from 6.4 times end fiscal 2018. CRISIL believes that STFCL's capitalisation will remain comfortable over the medium term, given its demonstrated ability to access markets and having a comfortable annualised return on average networth (per IndAS) of 17.4% end fiscal 2019 (20% as on March 31, 2018). The company's tier I and total capital adequacy ratio improved to 15.62% and 20.27% respectively as on March 31, 2019 as against 14.47% and 17.38% respectively as on March 31, 2018, well above the statutory minimum.
 
STFCL has a comfortable earnings profile with annualised return on average managed assets (RoMA) of 2.5% end fiscal 2019 as against 2.7% last fiscal. For fiscal 2019, the company reported net profit of Rs 2,564 crore (+4.2% Y-o-Y) on total income (net of interest expenses) of Rs 7,908 crore (+12.7% Y-o-Y). The moderation in profitability was underpinned by 38% Y-o-Y rise in provisioning costs. While the borrowing costs increased during the year, the company has been able to pass on the higher costs and has been able to retain its margins at 7.7% level (calculated on average managed assets). End fiscal 2019, the company's credit costs stood at 2.3% up from 1.9% last year. The company's operating expense ratio in fiscal 2019, though lower than its peers, increased to 1.7% (from 1.6% last year) due to rise in its employee costs. Despite this, the company's cost to income ratio stood at a controlled 22%. In fiscal 2020, the company aims to add 250 new branches and employ about 3000 people. As the company increasingly focuses on the relatively lower-yield and highly competitive new vehicle financing, there could be some pressure on margins in the future. However company's strong competitive position and relatively high yields in the pre-owned vehicle financing segment will ensure stable profitability than that of other CV financiers over the medium term.
 
Weaknesses:
* Modest asset quality
STFCL predominantly lends to the relatively riskier small road transport operators, first time users and first time buyers segments and hence has inherent weakness in borrower profile. STFCL has a modest asset quality in its core CV financing business with asset quality in the pre-owned financing business being relatively better than that in the new CV financing segment respectively. STFCL's asset quality (per I-GAAP) registered some improvement with absolute GNPA down 3.75% Y-o-Y to Rs 7,099 crore translating into a GNPA ratio of 8.3% as against 9.15% last fiscal. The provision coverage ratio also remained healthy at 71% leading to net NPA of 2.5% (down from 2.8% previous fiscal). The absolute amount of gross stage three (per IndAS) stood at Rs 8,622 crore (down 5.09% Y-o-Y) translating into gross stage three ratio of 8.37% as against 9.39% previous fiscal. The coverage ratio under stage three stood at 34.4%. The company's credit cost (calculated on average managed assets) stood at 2.3% as against 1.9% last year. The analysis of vintage wise static pool data shows recovery / roll-back of around 40-50% from peak 90+ reached for a particular disbursement vintage.
 
STFCL' asset quality is linked to broader economic recovery and hence the likely pick-up in industrial activity and easing of infrastructure constraints are expected to result in higher capacity utilization of CVs, improve transporter's cash flows and ultimately lead to gradual recovery in asset quality. The company's track record in the vehicle financing business, understanding of the target customer segment and relationship based lending model will also support the same. 
 
* Average, albeit improving resource profile with higher cost of borrowings than peers
STFCL has an average, though improving, resource profile which remains well diversified across various funding avenues. It has an established track record in raising retail borrowings which helps diversify its resource profile. However, its cost of borrowings continues to be higher than peers. Of the total debt of Rs 87,968 crore (including securitisation) as on March 31, 2019, 35% was from debentures, 20.5% from bank loans, 11.7% via public deposits, 7% from subordinated debt. The share of commercial paper remains low at 4.0% (down from 5.5% last year). The share of securitisation in the borrowings profile remained unchanged from last year at 20% end March 31, 2019. The average annual borrowing costs stood at 9.0% for fiscal 2019. The average incremental borrowing costs for fourth quarter (excluding the cost of dollar bond issue) stood at 9.5%. For the dollar denominated bond issuance of USD 400 million, the borrowing cost (including full hedging costs) stood at around 10%. Ability to diversify resource profile and maintain competitive borrowing cost will remain key rating monitorables over the medium term.
Liquidity

Shriram's liquidity position is adequate. The structural Asset Liability Maturity (ALM) statement of STFCL as on March 31, 2019 shows that ALM position is adequate with cumulative positive gaps across all maturity buckets indicating that business inflows also support repayments. As of May 31, 2019, the company had scheduled debt and loan repayments of about Rs 11,794 crore over next three months (of which Rs 840 crore are for commercial paper embedded with NCDs). Additionally, as on June 17, 2019, the company had liquidity of Rs 8,886 crore which include free cash of Rs 40 crore, fixed deposits of Rs 4,111 crore, sanctioned but un-utilized bank lines of Rs 2,875 crore, G-sec investments and other investments of Rs 1,860 crore.
 
For the quarter ending March 31, 2019, the company has been able to raise Rs 13,603 crore (including structured CP of Rs 2930 crore and Rs 3638 crore via securitization). STFC is one of the largest players in the securitisation market and regularly raises funds through this route. CRISIL also notes the company's ability to tap diversified alternatives funding sources as evidenced by the recent dollar bond issue of USD 400 million in February 2019 and of USD 500 million in April 2019.

Outlook: Stable

CRISIL believes STFCL will sustain its strong market position in the pre-owned CV financing segment, and its comfortable capitalisation and earnings profile, over the medium term. The outlook may be revised to 'Positive' if the company maintains its high scale while significantly de-risking business, improving asset quality and financial risk profile. Conversely, the outlook may be revised to 'Negative' if asset quality and earnings weaken significantly.

About the Company

STFCL, incorporated in 1979, is the flagship company of the Shriram group. It is registered with RBI as a deposit-taking, asset-financing non-banking financial company. STFCL provides financing for vehicles such as CVs (both pre-owned and new), tractors, and passenger vehicles. It has pan-India presence, with about 1,545 branches and 838 rural centres as on March 31, 2019. In April 2018, STFCL completed the sale of its majority stake in wholly owned subsidiary Shriram Automall to MXC Solutions India Pvt Ltd (MXC, owner of CarTrade.com) for Rs 156.38 crore.
 
STFCL's reported total income (net of interest expense) and profit after tax (PAT) of Rs.7908 crore and Rs.2564 crore respectively, for fiscal 2019 against Rs. 7015 crore and Rs. 2461 crore, respectively, for fiscal 2018.

Key Financial Indicators
Particulars Unit March 2019 March 2018
Total assets Rs. Cr. 1,05,292 97,245
Total income (net of interest expenses) Rs. Cr. 7,908 7,015
Profit after tax Rs. Cr 2,564 2,461
Gross NPA (per IGAAP) % 8.29 9.15
Overall capital adequacy ratio % 20.27 17.38
Return on average managed assets % 2.5 2.7

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 the Instrument Date of Allotment Coupon 
rate (%)
Maturity Date Amount
 (Rs. crore)
Rating assigned 
with Outlook 
INE721A07MQ1 Debentures 18-Jul-17 0% 18-Jul-22 750 CRISIL AA+/Stable
INE721A07MO6 Debentures 27-Jun-17 0% 26-Jun-20 10 CRISIL AA+/Stable
INE468M08102 Debentures 12-Aug-14 10.60% 12-Aug-24 10 CRISIL AA+/Stable
INE721A07ME7 Debentures 29-May-17 7.95% 29-May-20 5 CRISIL AA+/Stable
INE721A07MY5 Debentures 19-Sep-17 7.60% 17-Sep-21 50 CRISIL AA+/Stable
INE721A07MZ2 Debentures 13-Nov-17 0.0773 13-Nov-20 80 CRISIL AA+/Stable
INE721A07NA3 Debentures 30-Nov-17 0.08 30-Nov-22 70 CRISIL AA+/Stable
INE721A07NH8 Debentures 20-Mar-18 8.155 16-Sep-19 750 CRISIL AA+/Stable
INE721A07NN6 Debentures 26-Mar-18 BENCHMARK RATE LINKED
(REFER REMARKS)
23-Sep-19 750 CRISIL AA+/Stable
INE721A08DB0 Debentures 28-Mar-18 0.0895 28-Apr-25 40 CRISIL AA+/Stable
INE721A07NW7 Debentures 12-Jul-18 9.30% 12-Jul-23 3648.519 CRISIL AA+/Stable
INE721A07NX5 Debentures 12-Jul-18 9.40% 12-Jul-28 3648.519 CRISIL AA+/Stable
INE721A07NY3 Debentures 12-Jul-18 Zero Interest 12-Jul-21 3648.519 CRISIL AA+/Stable
INE721A07NZ0 Debentures 12-Jul-18 Zero Interest 12-Jul-23 3648.519 CRISIL AA+/Stable
INE721A08DD6 Debentures 12-Dec-18 10.51% 12-Dec-28 10 CRISIL AA+/Stable
INE721A07OM6 Debentures 06-Feb-19 9.12% 06-Feb-24 87.701 CRISIL AA+/Stable
INE721A07NT3 Debentures 27-Jul-18 8.93 27-Jul-23 5000 CRISIL AA+/Stable
INE721A07BK7 Debentures 14-Sep-11 10.60% 13-Sep-21 125 CRISIL AA+/Stable
INE721A07FT9 Debentures 05-Jul-13 9.60% 05-Jul-23 50 CRISIL AA+/Stable
INE721A07FZ6 Debentures 15-Jul-13 9.60% 15-Jul-23 10 CRISIL AA+/Stable
INE721A07GD1 Debentures 14-Aug-13 10.50% 14-Aug-23 26 CRISIL AA+/Stable
INE721A07GD1 Debentures 14-Aug-13 10.50% 14-Aug-23 4 CRISIL AA+/Stable
INE721A07GD1 Debentures 14-Aug-13 10.50% 14-Aug-23 1 CRISIL AA+/Stable
INE721A07GE9 Debentures 21-Aug-13 10.75% 21-Aug-20 1000 CRISIL AA+/Stable
INE721A07GF6 Debentures 27-Aug-13 10.50% 27-Aug-23 5 CRISIL AA+/Stable
INE721A07GF6 Debentures 27-Aug-13 10.50% 27-Aug-23 1 CRISIL AA+/Stable
INE721A07GF6 Debentures 27-Aug-13 10.50% 27-Aug-23 13 CRISIL AA+/Stable
INE721A07GH2 Debentures 13-Sep-13 10.60% 13-Sep-20 5 CRISIL AA+/Stable
INE721A07GN0 Debentures 30-Sep-13 10.75% 30-Sep-23 5 CRISIL AA+/Stable
INE721A07GN0 Debentures 30-Sep-13 10.75% 30-Sep-23 5 CRISIL AA+/Stable
INE721A07GO8 Debentures 30-Sep-13 10.75% 30-Sep-23 15 CRISIL AA+/Stable
INE721A07GQ3 Debentures 09-Oct-13 10.75% 09-Oct-23 10 CRISIL AA+/Stable
INE721A07HE7 Debentures 28-Mar-14 10.60% 28-Mar-24 10 CRISIL AA+/Stable
INE721A07JS3 Debentures 04-Dec-15 8.80% p.a. 04-Dec-20 15 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 25 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 10 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 15 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 30 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 5 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 5 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 10 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 30 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 5 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 15 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 35 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 15 CRISIL AA+/Stable
INE721A07KA9 Debentures 29-Mar-16 9.25% p.a. 29-Mar-21 25 CRISIL AA+/Stable
INE721A07KA9 Debentures 29-Mar-16 9.25% p.a. 29-Mar-21 15 CRISIL AA+/Stable
INE721A07KA9 Debentures 29-Mar-16 9.25% p.a. 29-Mar-21 35 CRISIL AA+/Stable
INE721A07KB7 Debentures 29-Mar-16 9.30% p.a. 27-Mar-26 90 CRISIL AA+/Stable
INE721A07KB7 Debentures 29-Mar-16 9.30% p.a. 27-Mar-26 25 CRISIL AA+/Stable
INE721A07KB7 Debentures 29-Mar-16 9.30% p.a. 27-Mar-26 25 CRISIL AA+/Stable
INE721A07KB7 Debentures 29-Mar-16 9.30% p.a. 27-Mar-26 5 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 95 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 50 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 50 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 50 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 50 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 40 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 30 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 25 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 25 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 19 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 15 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 10 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 10 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 10 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 5 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 5 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 2 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 25 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-26 94 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-26 35 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-26 30 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-26 10 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-26 10 CRISIL AA+/Stable
INE721A07KE1 Debentures 22-Apr-16 9.20% p.a. 22-Apr-26 9 CRISIL AA+/Stable
INE721A07KE1 Debentures 22-Apr-16 9.20% p.a. 22-Apr-26 2 CRISIL AA+/Stable
INE721A07KE1 Debentures 22-Apr-16 9.20% p.a. 22-Apr-26 10 CRISIL AA+/Stable
INE721A07KE1 Debentures 22-Apr-16 9.20% p.a. 22-Apr-26 5 CRISIL AA+/Stable
INE721A07KF8 Debentures 29-Apr-16 9.05% p.a. 29-Apr-21 15 CRISIL AA+/Stable
INE721A07KG6 Debentures 25-May-16 9.05% p.a. 25-May-23 50 CRISIL AA+/Stable
INE721A07KI2 Debentures 09-Jun-16 9.05% p.a. 09-Jun-23 13 CRISIL AA+/Stable
INE721A07KJ0 Debentures 10-Jun-16 Zero Coupon @8.92% p.a. 10-Jun-21 5 CRISIL AA+/Stable
INE721A07JS3 Debentures 04-Dec-15 8.80% p.a. 04-Dec-20 15 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 25 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 10 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 15 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 30 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 5 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 5 CRISIL AA+/Stable
INE721A07JW5 Debentures 18-Mar-16 9.25% p.a. 18-Mar-21 10 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 30 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 5 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 15 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 35 CRISIL AA+/Stable
INE721A07JX3 Debentures 18-Mar-16 9.30% p.a. 18-Mar-26 15 CRISIL AA+/Stable
INE721A07KA9 Debentures 29-Mar-16 9.25% p.a. 29-Mar-21 25 CRISIL AA+/Stable
INE721A07KA9 Debentures 29-Mar-16 9.25% p.a. 29-Mar-21 15 CRISIL AA+/Stable
INE721A07KA9 Debentures 29-Mar-16 9.25% p.a. 29-Mar-21 35 CRISIL AA+/Stable
INE721A07KB7 Debentures 29-Mar-16 9.30% p.a. 27-Mar-26 90 CRISIL AA+/Stable
INE721A07KB7 Debentures 29-Mar-16 9.30% p.a. 27-Mar-26 25 CRISIL AA+/Stable
INE721A07KB7 Debentures 29-Mar-16 9.30% p.a. 27-Mar-26 25 CRISIL AA+/Stable
INE721A07KB7 Debentures 29-Mar-16 9.30% p.a. 27-Mar-26 5 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 95 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 50 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 50 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 50 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 50 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 40 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 30 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 25 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 25 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 19 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 15 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 10 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 10 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 10 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 5 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 5 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 2 CRISIL AA+/Stable
INE721A07KC5 Debentures 13-Apr-16 9.15% p.a. 13-Apr-21 25 CRISIL AA+/Stable
INE721A07KD3 Debentures 13-Apr-16 9.22% p.a. 13-Apr-26 94 CRISIL AA+/Stable
INE721A07KD3 Debentures 13-Apr-16 9.22% p.a. 13-Apr-26 35 CRISIL AA+/Stable
INE721A07KD3 Debentures 13-Apr-16 9.22% p.a. 13-Apr-26 30 CRISIL AA+/Stable
INE721A07KD3 Debentures 13-Apr-16 9.22% p.a. 13-Apr-26 10 CRISIL AA+/Stable
INE721A07KD3 Debentures 13-Apr-16 9.22% p.a. 13-Apr-26 10 CRISIL AA+/Stable
INE721A07KE1 Debentures 22-Apr-16 9.20% p.a. 22-Apr-26 9 CRISIL AA+/Stable
INE721A07KE1 Debentures 22-Apr-16 9.20% p.a. 22-Apr-26 2 CRISIL AA+/Stable
INE721A07KE1 Debentures 22-Apr-16 9.20% p.a. 22-Apr-26 10 CRISIL AA+/Stable
INE721A07KE1 Debentures 22-Apr-16 9.20% p.a. 22-Apr-26 5 CRISIL AA+/Stable
INE721A07KF8 Debentures 29-Apr-16 9.05% p.a. 29-Apr-21 15 CRISIL AA+/Stable
INE721A07KG6 Debentures 25-May-16 9.05% p.a. 25-May-23 50 CRISIL AA+/Stable
INE721A07KI2 Debentures 09-Jun-16 9.05% p.a. 09-Jun-23 13 CRISIL AA+/Stable
INE721A07KJ0 Debentures 10-Jun-16 Zero Coupon @8.92% p.a. 10-Jun-21 5 CRISIL AA+/Stable
INE721A07KK8 Debentures 30-Jun-16 9.05% 30-Jun-21 75 CRISIL AA+/Stable
INE721A07KK8 Debentures 30-Jun-16 9.05% 30-Jun-21 10 CRISIL AA+/Stable
INE721A07KM4 Debentures 05-Jul-16 9.00% 05-Jul-19 25 CRISIL AA+/Stable
INE721A07KM4 Debentures 05-Jul-16 9.00% 05-Jul-19 25 CRISIL AA+/Stable
INE721A07KM4 Debentures 05-Jul-16 9.00% 05-Jul-19 25 CRISIL AA+/Stable
INE721A07KM4 Debentures 05-Jul-16 9.00% 05-Jul-19 5 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 44 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 1 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 3 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 1 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 2 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 10 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 15 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 5 CRISIL AA+/Stable
INE721A07KN2 Debentures 05-Jul-16 9.00% 05-Aug-19 5 CRISIL AA+/Stable
INE721A07MV1 Debentures 15-Jul-16 8.61% 15-Jul-19 700 CRISIL AA+/Stable
INE721A07KP7 Debentures 19-Jul-16 9.05% 19-Jul-23 75 CRISIL AA+/Stable
INE721A07KR3 Debentures 26-Jul-16 Zero Coupon 20-Sep-19 15 CRISIL AA+/Stable
INE721A07KS1 Debentures 28-Jul-16 Zero Coupon 20-Sep-19 10 CRISIL AA+/Stable
INE721A07KV5 Debentures 29-Jul-16 8.80% 29-Jul-19 375 CRISIL AA+/Stable
INE721A07KX1 Debentures 01-Aug-16 8.82% 27-Apr-20 20 CRISIL AA+/Stable
INE721A07KX1 Debentures 01-Aug-16 8.82% 27-Apr-20 22 CRISIL AA+/Stable
INE721A07KX1 Debentures 01-Aug-16 8.82% 27-Apr-20 8 CRISIL AA+/Stable
INE721A07KY9 Debentures 02-Aug-16 8.80% 02-Aug-19 100 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 50 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 15 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 160 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 10 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 50 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 10 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 5 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 80 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 10 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 25 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 25 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 5 CRISIL AA+/Stable
INE721A07KZ6 Debentures 03-Aug-16 8.85% 03-Aug-21 5 CRISIL AA+/Stable
INE721A07LD1 Debentures 08-Aug-16 8.87% 08-Aug-26 50 CRISIL AA+/Stable
INE721A07LD1 Debentures 08-Aug-16 8.87% 08-Aug-26 50 CRISIL AA+/Stable
INE721A07LD1 Debentures 08-Aug-16 8.87% 08-Aug-26 10 CRISIL AA+/Stable
INE721A07LE9 Debentures 16-Aug-16 8.50% 16-Aug-21 25 CRISIL AA+/Stable
INE721A07LF6 Debentures 19-Aug-16 8.50% 19-Aug-19 50 CRISIL AA+/Stable
INE721A07LF6 Debentures 19-Aug-16 8.50% 19-Aug-19 100 CRISIL AA+/Stable
INE721A07LG4 Debentures 22-Aug-16 Zero Coupon @ XIRR 8.50% 23-Jul-19 25 CRISIL AA+/Stable
INE721A07LH2 Debentures 30-Aug-16 8.45% 30-Aug-21 20 CRISIL AA+/Stable
INE721A07LJ8 Debentures 14-Sep-16 Zero Coupon @ XIRR 8.35% 12-Sep-19 70 CRISIL AA+/Stable
INE721A07LK6 Debentures 22-Sep-16 8.25% 20-Sep-19 30 CRISIL AA+/Stable
INE721A07LK6 Debentures 22-Sep-16 8.25% 20-Sep-19 100 CRISIL AA+/Stable
INE721A07LL4 Debentures 30-Sep-16 8.15% 30-Sep-19 10 CRISIL AA+/Stable
INE721A07LN0 Debentures 30-Sep-16 8.25% 27-Sep-19 100 CRISIL AA+/Stable
INE721A07LN0 Debentures 30-Sep-16 8.25% 27-Sep-19 200 CRISIL AA+/Stable
INE721A07LO8 Debentures 25-Nov-16 7.92% 25-Nov-19 50 CRISIL AA+/Stable
INE721A07LO8 Debentures 25-Nov-16 7.92% 25-Nov-19 5 CRISIL AA+/Stable
INE721A07LO8 Debentures 25-Nov-16 7.92% 25-Nov-19 10 CRISIL AA+/Stable
INE721A07LO8 Debentures 25-Nov-16 7.92% 25-Nov-19 10 CRISIL AA+/Stable
INE721A07LO8 Debentures 25-Nov-16 7.92% 25-Nov-19 100 CRISIL AA+/Stable
INE721A07LP5 Debentures 27-Feb-17 8.00% 27-Feb-20 15 CRISIL AA+/Stable
INE721A07LP5 Debentures 27-Feb-17 8.00% 27-Feb-20 25 CRISIL AA+/Stable
INE721A07LQ3 Debentures 27-Feb-17 Zero Coupon @ 8% 16-Apr-20 100 CRISIL AA+/Stable
INE721A07LS9 Debentures 24-Mar-17 8.10% 24-Mar-20 10 CRISIL AA+/Stable
INE721A07KL6 Debentures 05-Jul-16 8.30% 05-Jun-21 660 CRISIL AA+/Stable
INE721A07LR1 Debentures 23-Mar-17 8.10% 23-Mar-22 600 CRISIL AA+/Stable
INE721A07MB3 Debentures 30-Mar-17 8.15% 30-Mar-22 5 CRISIL AA+/Stable
INE721A07MD9 Debentures 31-Mar-17 8.15% 31-Mar-22 45 CRISIL AA+/Stable
INE721A07GT7 Debentures 24-Oct-13 Individual - 11.75% and
Non Individual 10.75%
24-Oct-20 78 CRISIL AA+/Stable
INE721A07GW1 Debentures 24-Oct-13 NA 24-Oct-20 14 CRISIL AA+/Stable
INE721A07HI8 Debentures 15-Jul-14 ($) 10.00% per annum.
(Note: NCD Holders who are
Individuals
on any Record Date shall receive an
additional incentive on Coupon @
1.25% p.a. for the amount outstanding) (*)
15-Jul-19 384 CRISIL AA+/Stable
INE721A07HJ6 Debentures 15-Jul-14 ($) 10.15% per annum.
(Note: NCD Holders who are
Individuals on any Record Date shall
receive an additional incentive on
Coupon @ 1.35% p.a. for the
amount outstanding)
(*)
15-Jul-21 136 CRISIL AA+/Stable
INE721A07HK4 Debentures 15-Jul-14 ($$) 9.57% per annum. (*)
(Note: NCD Holders who are Individuals
on any Record Date shall receive an
additional incentive on Coupon @
1.14% p.a. for the amount outstanding) (^)
 
(Note: NCD Holders who are
Non- Individuals on any Record
Date the interest will be calculated
on Coupon @ 9.57% p.a. for the amount
outstanding)
15-Jul-19 28 CRISIL AA+/Stable
INE721A07HL2 Debentures 15-Jul-14 ($$) 9.71% per annum. (*)
(Note: NCD Holders who are
Individuals on any Record Date
shall receive an additional incentive
on Coupon @ 1.23% p.a. for the amount
outstanding) (^)
 
(Note: NCD Holders who
are Non- Individuals on any
Record Date the interest
will be calculated on
Coupon @ 9.71% p.a. for the
amount outstanding)
15-Jul-21 35 CRISIL AA+/Stable
INE721A07HN8 Debentures 15-Jul-14 NA 15-Jul-19 15 CRISIL AA+/Stable
INE721A07HO6 Debentures 15-Jul-14 NA 15-Jul-21 28 CRISIL AA+/Stable
NA Debentures# NA NA NA 10003 CRISIL AA+/Stable
INE721A08927 Subordinated debt 03-May-10 10.75% 03-May-20 1 CRISIL AA+/Stable
INE721A08AD2 Subordinated debt 28-May-10 10.75% 28-May-20 50 CRISIL AA+/Stable
INE721A08AE0 Subordinated debt 04-Jun-10 10.60% 04-Jun-20 5 CRISIL AA+/Stable
INE721A08AE0 Subordinated debt 04-Jun-10 10.60% 04-Jun-20 5 CRISIL AA+/Stable
INE721A08AE0 Subordinated debt 04-Jun-10 10.60% 04-Jun-20 10 CRISIL AA+/Stable
INE721A08AE0 Subordinated debt 04-Jun-10 10.60% 04-Jun-20 5 CRISIL AA+/Stable
INE721A08AH3 Subordinated debt 30-Aug-10 11.00% 30-Aug-25 0.2 CRISIL AA+/Stable
INE721A08AH3 Subordinated debt 30-Aug-10 11.00% 30-Aug-25 11 CRISIL AA+/Stable
INE721A08AH3 Subordinated debt 30-Aug-10 11.00% 30-Aug-25 18 CRISIL AA+/Stable
INE721A08AI1 Subordinated debt 09-Sep-10 11.00% 09-Sep-25 25 CRISIL AA+/Stable
INE721A08AI1 Subordinated debt 31-Mar-11 11.50% 31-Mar-21 25 CRISIL AA+/Stable
INE721A08AK7 Subordinated debt 15-Oct-10 11.05% 15-Oct-28 3 CRISIL AA+/Stable
INE721A08AK7 Subordinated debt 15-Oct-10 11.05% 15-Oct-28 2 CRISIL AA+/Stable
INE721A08AK7 Subordinated debt 15-Oct-10 11.05% 15-Oct-28 20 CRISIL AA+/Stable
INE721A08BS8 Subordinated debt 07-Mar-13 10.65% 07-Mar-23 33 CRISIL AA+/Stable
INE721A08BT6 Subordinated debt 08-Mar-13 10.65% 08-Mar-23 2.5 CRISIL AA+/Stable
INE721A08BV2 Subordinated debt 13-Mar-13 10.65% 13-Mar-23 1.5 CRISIL AA+/Stable
INE721A08CC0 Subordinated debt 28-Mar-13 10.65% 28-Mar-23 0.1 CRISIL AA+/Stable
INE721A08CC0 Subordinated debt 28-Mar-13 10.65% 28-Mar-23 0.4 CRISIL AA+/Stable
INE721A08CC0 Subordinated debt 28-Mar-13 10.65% 28-Mar-23 0.2 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 2 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 0.1 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 0.1 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 1 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 0.1 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 0.1 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 0.1 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 5 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 5 CRISIL AA+/Stable
INE721A08CE6 Subordinated debt 02-May-13 10.65% 02-May-23 10 CRISIL AA+/Stable
INE721S08BN9 Subordinated debt 30-Jan-13 10.65% 30-Jan-23 2.7 CRISIL AA+/Stable
INE721A08BZ3 Subordinated debt 28-Mar-13 10.65% 28-Mar-23 25 CRISIL AA+/Stable
INE721A08BZ3 Subordinated debt 28-Mar-13 10.65% 28-Mar-23 10 CRISIL AA+/Stable
INE721A08CI7 Subordinated debt 20-May-13 10.25% 20-May-23 10 CRISIL AA+/Stable
INE721A08CJ5 Subordinated debt 21-May-13 10.25% 19-May-23 20 CRISIL AA+/Stable
INE721A08CK3 Subordinated debt 29-May-13 10.00% 29-May-28 15 CRISIL AA+/Stable
INE721A08CM9 Subordinated debt 24-Jun-13 10.15% 24-Jun-23 50 CRISIL AA+/Stable
INE721A08CO5 Subordinated debt 05-Jul-13 10.25% 05-Jul-23 25 CRISIL AA+/Stable
INE721A08CU2 Subordinated debt 30-Sep-15 10.10% 29-Sep-23 67 CRISIL AA+/Stable
INE721A08CV0 Subordinated debt 01-Dec-16 8.50% 30-May-24 40 CRISIL AA+/Stable
INE721A08CW8 Subordinated debt 01-Dec-16 8.50% 01-Dec-26 60 CRISIL AA+/Stable
INE721A08CX6 Subordinated debt 29-Dec-16 8.50% 29-Dec-26 75 CRISIL AA+/Stable
NA Subordinated debt# NA NA NA 2711.107 CRISIL AA+/Stable
NA Subordinated debt# NA NA NA 1000 CRISIL AA+/Stable
NA Subordinated debt# NA NA NA 1000 CRISIL AA+/Stable
NA Commercial paper NA NA Upto 365
days
7500 CRISIL A1+
NA Long-Term Bank Facility@ NA NA NA 12593.3 CRISIL AA+/Stable
NA Cash Credit & Working Capital demand loan NA NA NA 5927.5 CRISIL AA+/Stable
NA Proposed Long Term Bank Loan Facility NA NA NA 13,858.29 CRISIL AA+/Stable
NA Short-Term Bank Facility NA NA NA 1799.3 CRISIL A1+
NA Bank Guarantee NA NA NA 1029.63 CRISIL A1+
NA Bank Guarantee NA NA NA 1035 CRISIL AA+/Stable
NA Fixed Deposit Programme NA NA NA 0 CRISIL FAAA/Stable
NA Long Term Principal Protected
Market Linked Debentures#
NA NA NA 500 CRISIL PP-MLD AA+r/Stable
@Long term bank facilities of Rs 1243 crore transferred from Shriram Equipment Finance Company Limited to Shriram Transport Finance Company Limited upon amalgamation of the former with latter
#rated but unutilized
 
Annexure - Details of Rating Withdrawn
ISIN Name of the Instrument Date of Allotment Coupon rate (%) Maturity Date Amount  
(Rs. crore)
INE721A07KH4 Debentures 09-Jun-16 8.85% p.a. 10-Jun-19 20
INE721A07KH4 Debentures 09-Jun-16 8.85% p.a. 10-Jun-19 20
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  7500.00  CRISIL A1+  10-05-19  CRISIL A1+  14-12-18  CRISIL A1+    --    --  -- 
            13-12-18  CRISIL A1+           
            06-08-18  CRISIL A1+           
            31-07-18  CRISIL A1+           
            08-06-18  CRISIL A1+           
            28-03-18  CRISIL A1+           
            27-03-18  CRISIL A1+           
            21-03-18  CRISIL A1+           
Fixed Deposits  FD  0.00  FAAA/Stable  10-05-19  FAAA/Stable  14-12-18  FAAA/Stable  31-10-17  FAAA/Stable  31-12-16  FAAA/Stable  FAAA/Stable 
            13-12-18  FAAA/Stable  31-07-17  FAAA/Stable  07-11-16  FAAA/Stable   
            06-08-18  FAAA/Stable  11-07-17  FAAA/Stable  05-07-16  FAAA/Stable   
            31-07-18  FAAA/Stable  23-06-17  FAAA/Stable  18-03-16  FAAA/Stable   
            08-06-18  FAAA/Stable  05-06-17  FAAA/Stable  16-02-16  FAAA/Stable   
            28-03-18  FAAA/Stable           
            27-03-18  FAAA/Stable           
            21-03-18  FAAA/Stable           
            01-03-18  FAAA/Stable           
Long Term Principal Protected Market Linked Debentures  LT  500.00
26-06-19 
CRISIL PP-MLD AA+r/Stable  10-05-19  CRISIL PP-MLD AA+r/Stable    --    --    --  -- 
Non Convertible Debentures  LT  31191.78
26-06-19 
CRISIL AA+/Stable  10-05-19  CRISIL AA+/Stable  14-12-18  CRISIL AA+/Stable  31-10-17  CRISIL AA+/Stable  31-12-16  CRISIL AA+/Stable  CRISIL AA+/Stable 
            13-12-18  CRISIL AA+/Stable  31-07-17  CRISIL AA+/Stable  07-11-16  CRISIL AA+/Stable   
            06-08-18  CRISIL AA+/Stable  11-07-17  CRISIL AA+/Stable  05-07-16  CRISIL AA+/Stable   
            31-07-18  CRISIL AA+/Stable  23-06-17  CRISIL AA+/Stable  18-03-16  CRISIL AA+/Stable   
            08-06-18  CRISIL AA+/Stable  05-06-17  CRISIL AA+/Stable  16-02-16  CRISIL AA+/Stable   
            28-03-18  CRISIL AA+/Stable           
            27-03-18  CRISIL AA+/Stable           
            21-03-18  CRISIL AA+/Stable           
            01-03-18  CRISIL AA+/Stable           
Short Term Debt  ST          01-03-18  CRISIL A1+  31-10-17  CRISIL A1+  31-12-16  CRISIL A1+  -- 
                31-07-17  CRISIL A1+  07-11-16  CRISIL A1+   
                11-07-17  CRISIL A1+  05-07-16  CRISIL A1+   
                23-06-17  CRISIL A1+  18-03-16  CRISIL A1+   
                05-06-17  CRISIL A1+  16-02-16  CRISIL A1+   
Subordinated Debt  LT  5352.21
26-06-19 
CRISIL AA+/Stable  10-05-19  CRISIL AA+/Stable  14-12-18  CRISIL AA+/Stable  31-10-17  CRISIL AA+/Stable  31-12-16  CRISIL AA+/Stable  CRISIL AA+/Stable 
            13-12-18  CRISIL AA+/Stable  31-07-17  CRISIL AA+/Stable  07-11-16  CRISIL AA+/Stable   
            06-08-18  CRISIL AA+/Stable  11-07-17  CRISIL AA+/Stable  05-07-16  CRISIL AA+/Stable   
            31-07-18  CRISIL AA+/Stable  23-06-17  CRISIL AA+/Stable  18-03-16  CRISIL AA+/Stable   
            08-06-18  CRISIL AA+/Stable  05-06-17  CRISIL AA+/Stable  16-02-16  CRISIL AA+/Stable   
            28-03-18  CRISIL AA+/Stable           
            27-03-18  CRISIL AA+/Stable           
            21-03-18  CRISIL AA+/Stable           
            01-03-18  CRISIL AA+/Stable           
Fund-based Bank Facilities  LT/ST  34178.37  CRISIL AA+/Stable/ CRISIL A1+  10-05-19  CRISIL AA+/Stable/ CRISIL A1+  14-12-18  CRISIL AA+/Stable/ CRISIL A1+  31-10-17  CRISIL AA+/Stable/ CRISIL A1+  31-12-16  CRISIL AA+/Stable/ CRISIL A1+  CRISIL AA+/Stable/ CRISIL A1+ 
            13-12-18  CRISIL AA+/Stable/ CRISIL A1+  31-07-17  CRISIL AA+/Stable/ CRISIL A1+  07-11-16  CRISIL AA+/Stable/ CRISIL A1+   
            06-08-18  CRISIL AA+/Stable/ CRISIL A1+  11-07-17  CRISIL AA+/Stable/ CRISIL A1+  05-07-16  CRISIL AA+/Stable/ CRISIL A1+   
            31-07-18  CRISIL AA+/Stable/ CRISIL A1+  23-06-17  CRISIL AA+/Stable/ CRISIL A1+  18-03-16  CRISIL AA+/Stable/ CRISIL A1+   
            08-06-18  CRISIL AA+/Stable/ CRISIL A1+  05-06-17  CRISIL AA+/Stable/ CRISIL A1+  16-02-16  CRISIL AA+/Stable/ CRISIL A1+   
            28-03-18  CRISIL AA+/Stable/ CRISIL A1+           
            27-03-18  CRISIL AA+/Stable/ CRISIL A1+           
            21-03-18  CRISIL AA+/Stable/ CRISIL A1+           
            01-03-18  CRISIL AA+/Stable/ CRISIL A1+           
Non Fund-based Bank Facilities  LT/ST  2064.63  CRISIL AA+/Stable/ CRISIL A1+  10-05-19  CRISIL AA+/Stable/ CRISIL A1+  14-12-18  CRISIL AA+/Stable/ CRISIL A1+  31-10-17  CRISIL AA+/Stable/ CRISIL A1+  31-12-16  CRISIL AA+/Stable/ CRISIL A1+  CRISIL AA+/Stable 
            13-12-18  CRISIL AA+/Stable/ CRISIL A1+  31-07-17  CRISIL AA+/Stable/ CRISIL A1+  07-11-16  CRISIL AA+/Stable/ CRISIL A1+   
            06-08-18  CRISIL AA+/Stable/ CRISIL A1+  11-07-17  CRISIL AA+/Stable/ CRISIL A1+  05-07-16  CRISIL AA+/Stable/ CRISIL A1+   
            31-07-18  CRISIL AA+/Stable/ CRISIL A1+  23-06-17  CRISIL AA+/Stable/ CRISIL A1+  18-03-16  CRISIL AA+/Stable/ CRISIL A1+   
            08-06-18  CRISIL AA+/Stable/ CRISIL A1+  05-06-17  CRISIL AA+/Stable/ CRISIL A1+  16-02-16  CRISIL A1+   
            28-03-18  CRISIL AA+/Stable/ CRISIL A1+           
            27-03-18  CRISIL AA+/Stable/ CRISIL A1+           
            21-03-18  CRISIL AA+/Stable/ CRISIL A1+           
            01-03-18  CRISIL AA+/Stable/ 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
Bank Guarantee 1029.63 CRISIL A1+ Bank Guarantee 1029.63 CRISIL A1+
Bank Guarantee 1035 CRISIL AA+/Stable Bank Guarantee 1035 CRISIL AA+/Stable
Cash Credit & Working Capital demand loan 5927.5 CRISIL AA+/Stable Cash Credit & Working Capital demand loan 5927.5 CRISIL AA+/Stable
Long Term Bank Facility@ 12593.28 CRISIL AA+/Stable Long Term Bank Facility@ 12593.28 CRISIL AA+/Stable
Proposed Long Term Bank Loan Facility 13858.29 CRISIL AA+/Stable Proposed Long Term Bank Loan Facility 13858.29 CRISIL AA+/Stable
Short Term Bank Facility 1799.3 CRISIL A1+ Short Term Bank Facility 1799.3 CRISIL A1+
Total 36243 -- Total 36243 --
@Long term bank facilities of Rs 1243 crore transferred from Shriram Equipment Finance Company Limited to Shriram Transport Finance Company Limited upon amalgamation of the former with latter
Links to related criteria
Rating Criteria for Banks and Financial Institutions
Rating Criteria for Finance Companies

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