Credit Research

Svatantra Micro Housing Finance Corporation Ltd (SMHFC) is promoted by Aditya Birla family and other investment companies of Aditya Birla Group. SMHFC operates in 11 states and 1 union territory through more than 100 districts.

Dhani Loans and Services Limited has been rated as AA(Stable) by Infomerics Valuation and Rating (IVR) and A (Credit watch with Developing Implications) by CARE.

Kogta Financial Ltd is a NBFC primarily in financing vehicles and Micro, Small and Medium Enterprise (MSME) segment, along with loans against property. Company raised Rs. 4.84 billion from various series of funding from IIFL Seed Ventures Fund, Morgan Stanley, Morgan Stanley Asia, and Creador Advisors LLP.

Edelweiss Housing Finance Ltd public debt issue offers yield that ranges from 8.49% to 9.7%.

Being part of JM Financial group, JM Financial Credit Solutions Limited draws support in terms of financial, managerial and functional support from it which is likely to continue in future.

Allotment of Compulsorily Convertible Non-Cumulative Preference Shares indicates the promoter’s confidence in Svatantra Microfin Private Limited.

During FY21, PCHFL reported a net profit of Rs 10.3 billion as compared to Rs 0.3 billion in FY20. The low profitability in FY20 was due to higher provisioning. However, interest income declined to Rs 50.7 billion during FY21 from Rs 55.69 billion in previous fiscal year

Bank has been rated as AAA by CRISIL and ICRA. Recently ICRA has upgraded rating of Basel III Tier II Bonds to AAA from AA+(hyb) while Additional Tier 1 bonds (Basel III) issued has been upgraded to AA+ from AA while short-term rating is A1+.

SBI has been rated as AAA by CRISIL, India Rating and ICRA. Additional Tier 1 bonds (Basel III) issued by SBI has been rated as AA+ by CRISIL.

Five-Star Business Finance Ltd (FSFL) is a Chennai based RBI registered non-deposit accepting, Non-Banking Finance Company (NBFC). All these loans are collateralized and secured against the residential property of the customers and are given targeting the middle and lower middle-class segment.

Being part of well established and reputed Muthoot Group (leading market position gold loan segment), Belstar Microfinance Limited receives strategic and financial support from which enables it to maintain credibility in market.

Being the subsidiary of MFIL, Asirvad Microfinance Ltd receives timely support from it in terms of both capital and managerial assistance. The microfinance segment is strategically important to the Manappuram group, as it is the largest business after gold loans.

Being 100% subsidiary of Hero Fincorp Ltd, HHFL receives financial, managerial and strategic support from it.

Aadhar Housing Finance Limited has been rated as AA(Stable) by both CARE & BWR

HDFC Credila Financial Services Limited as ben rated as AAA by CARE, ICRA & CRISIL.

Fullerton India's Capital Adequacy Ratio (CRAR) of 19.82% with Tier I CAR of 13.03% as on September 30, 2021, as compared to CRAR of 24.15% with Tier I CAR of 19.62% as on September 30, 2020.

Being promoted by Shriram City Union Finance, Shriram Housing Finance receives both managerial, capital and operational support from it. Consequently, it helps the company an established image in market and to expand customer network.

During Q3FY22, Bajaj Finance registered 12.46% quarterly growth and 40% annual growth in net interest income. In the same line, net profit grew by 43.48% on quarterly basis while 85% growth annually.

Edelweiss Finance and Investments Limited has been rated as AA- by CRISIL & Brickwork Rating and A+ by CARE.

Allotment of Compulsorily Convertible Non-Cumulative Preference Shares indicates the promoter’s confidence in Svatantra Microfin Private Limited.

Muthoot Fincorp Limited is offering NCD with coupon rate 8% to 9% with effective yield rate 8.30% to 9.37% having 27/38/60/72/96/ Months.

After merger, the new entity will be known as Shriram Finance Limited. Consequent to merger, all lending products including loans for commercial vehicles, two-wheeler loans, gold loans, personal loans, auto loans, and small enterprise finance will be under one group.

NPA levels of Union Bank, Bank of India & Punjab National Bank has been at an elevated level as compared to that of SBI, Bank of Baroda & Canara Bank. However capital adequacy of above banks falls in the range of 12% to 17%. In terms of operating performances, SBI surpassed all other banks which can be seen from its net interest margin (NIM).

Indicative YTM of Bharat Bond ETF 2032 stood at 6.87%.

During Q2FY22, net interest income rose by 8.28% on yearly basis to Rs 47 billion during Q2FY22. In the same line net profit also increased by 12.66% during the same quarter. During H1FY22, net interest income moved up by 11.18% on yearly basis while net profit declined by 6.31%.

During Q2FY22, India Grid Trust distribution per unit of Rs 3.19 per unit and Rs 6.38 during H1FY22. On yearly basis, its DPU rose by 6% during Q2FY22. The trust has targeted a DPU of Rs 12.75 during FY22. Dividend yield stood at 8.91% as per last dividend payment.

IndInfravit has 11 toll projects and 2 annuity projects located in Maharashtra, Telangana, Karnataka and Rajasthan. Sponsor of the IndInfravit is L&T Infrastructure Development Projects Ltd and investment manager is LTIDPL INDVIT Services Ltd, who has 2 decades of experience in managing infrastructure projects.

The company operates under the concept of joint liability groups (JLG) and provides microfinance loans to women. As of March 2021, it had 755 branches across 17 states with a microfinance loan portfolio of Rs. 49.50 billion. The majority of its portfolio is concentrated in Tamil Nadu, Kerala, and Karnataka.

Shrem InvIT has been rated as AAA/Stable by ICRA & India Rating

Powergrid Infrastructure Investment Trust declared its first dividend of Rs. 4.50 per unit for financial year 2021-22 comprising Rs. 3.02 per unit as interest, Rs 0.96 per unit as taxable dividend and Rs. 0.52 per unit as tax free dividend.

Recently ICRA has downgraded to BB- from BBB- as board of IFCI Limited to roll over the upcoming repayment of one of its bonds.

Financial risk profile of the company continues to remain weak due to accumulated losses, high debt levels, and negative net worth and cash accruals. However, it is a government backed bond the credit risk remains zero despite any deterioration in financial health.

JM Financial Products Ltd offers a yield level of 7.91% to 8.3% in the current public debt issue.

Indiabulls Housing Finance Limited (IBHFL), was started in 2005 and is registered with National Housing Bank. In 2013, the parent company Indiabulls Financial Services Limited merged with Indiabulls Housing Finance Limited. The company provides mortgage loans, LRD, and construction finance with a prime focus on the mortgage and home finance business.

As of FY21, Tata Sons has 269 subsidiaries and together with subsidiaries had 39 associates and 40 joint ventures.

Tata Power has been recognized as a flagship company of the prestigious Tata Group. It helps Tata Power to access capital markets and financial institutions at a reasonable rate. Tata Sons has a 45.2% shareholding in Tata Power.

Vedanta is issuing high yield bonds to repar debt maturing in 2021, indicating that the company does not have funds generated internally to service its short term debt. This is very negative for the credit as if the company is not able to start generating funds to service debt, the high interest cost for such new debt can prove to be a huge credit negative factor.

ICICI Bank was incorporated by erstwhile ICICI Ltd in 1994. In 2002, ICICI Ltd was merged with ICICI Bank. In August 2010, ICICI Bank acquired Bank of Rajasthan (BoR) which increased its presence in northern and western India.

Shriram Transport Finance Company Ltd (STFCL) is a part of the Shriram group of companies, which has a strong presence in financial services in India, including commercial vehicle financing, consumer finance, life and general insurance, stockbroking, chit funds and distribution of financial products, such as life and general insurance products and mutual fund products. The company was established in 1979 and it has a long track record of four decades in the commercial vehicle financing industry in India. The Company has been registered as a deposit-taking NBFC with the Reserve Bank of India (RBI) since 4 September 2000 under Section 45IA of the Reserve Bank of India Act, 1934.

Tata Cleantech Capital Limited (TCCL) was formed in 2011 as a joint venture between Tata Capital Limited (TCL) and International Finance Corporation (IFC). Tata Capital owns 80.5% share while 19.5% is owned by IFC. TCCL is a Systemically Important Non-Deposit Accepting Non-Banking Financial Company (SI-ND-NBFC) registered with the Reserve Bank of India and classified as an Infrastructure Finance Company (“NBFC-IFC”). TCCL offers finance and advisory services for projects in renewable energy, energy efficiency, waste management, water management and other infrastructure projects.

Being its promoter, GoI provides capital support to the company through budgetary allocation. In FY21, GoI has infused Rs 2 billion of equity into IFCI.

Royal Sundaram General Insurance Co. Limited (RSGICL) was incorporated on August 22, 2000 as a joint venture between the Sundaram Finance Limited and Ageas Insurance International N.V. It is a privately-owned general insurance company whose area of operation includes general insurance services across individuals as well as corporates.

The base size of Rs. 1 billion with an option to retain oversubscription to the tune of Rs. 9 billion making the overall issue size of Rs. 10 billion. These NCDs are unsecured subordinated redeemable non-convertible debentures of the face value of Rs. 1000 each. The issue opens for subscription on July 06, 2021 and will close on or before July 28, 2021. Post allotment, NCDs will be listed on BSE and NSE.

Synopsis: Latest fiscal stimulus will improve the creditworthiness of corporates that are struggling with covid lockdowns but will also pull up inflation. Corporate bonds trading at higher yields can be attractive while gsecs, psu bonds, and AAA corporate bonds may see a rise in yields on inflation.

Despite Covid-19 pandemic company achieved an operational efficiency of 99.5% on the shipping fleet. In FY20 & FY21, strong cash flow has enabled the company to successfully reduced gross debt to Rs. 50 billion.

India Infoline Finance Limited (IIFL) is a Systemically Important RBI registered non deposit taking Non-Banking Financial Company (NBFC-ND-SI).

Cholamandalam Investment and Finance Company Limited (CIFCL) a non-banking finance company, is a part of the Chennai-based Murugappa Group of companies. It has a housing loan and SME loan portfolio, which largely constitutes the rest of the portfolio. The proportion of the portfolio in the SME segment is expected to remain modest over the next three years as the company is expected to concentrate on the vehicle finance, HE and housing finance segments. CIFCL has two wholly-owned subsidiaries viz., Cholamandalam Home Finance Limited (erstwhile Cholamandalam Distribution Services Limited) and Cholamandalam Securities Limited, and an associate entity – White Data Systems India Private Limited (31% stake).

RRVPNL is 100% owned by the GoR and gets timely support from the state government to compensate its capital expenditure and funding requirements. It can be noted that GoR has infused Rs.2.50 billion of equity in this company as of FY20.

Union Government has infused Rs 55 billion into the bank in lieu of preferential allotment of shares. Consequently, bank’s net worth stood at Rs 51.26 billion. It raised capital adequacy ratio to 17.06% as of 31st March 2021 from 12.76% a of 31st March 2020.

Uttar Pradesh Power Corporation Ltd (UPPCL) was founded in November 1999 by the Government of Uttar Pradesh in pursuance of the reform-restructuring of the erstwhile Uttar Pradesh State Electricity Board (UPSEB) under the UP Electricity Reforms Act, 1999. UPPCL Bonds Series III & IV 2016-17 has been assigned a rating of AA(CE)(Credit enhancement) while UPPCL Bonds Series I & II 2017-18 has been assigned a rating of AA-(CE) by Brickwork Rating.

Tata Steel Ltd. (TSL), founded in 1907, is the flagship company of the Tata Group. The company operates in 26 countries and has a commercial presence in more than 50 countries. The product mix of the company includes flat steel products such as HR Coils, CR Coils, Galvanized Steel, Long Products such as Wire Rods, Rebars, Ferro Alloys, Tubes, Bearings, Wires, etc.

Axis Bank Limited (ABL) was incorporated in December 1993. It was known as UTI Bank till 2007. Its major promoters are Life Insurance Corporation of India (LIC), Specified Undertaking of the Unit Trust of India (SUUTI), General Insurance Corporation of India, The New India Assurance Company Limited, National Insurance Company Limited, The Oriental Insurance Company Limited, and United India Insurance Company Limited.

The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part of RBI’s liberalization of the Indian Banking Industry in 1994. The bank was founded in August 1994 in the name of ‘HDFC Bank Limited’. HDFC Bank is promoted by HDFC Ltd. Currently, HDFC Bank Ltd. (HBL) is the largest private sector bank in India.

Piramal Capital & Housing Finance Ltd (PCHFL) is a housing finance company formed in February 2017. The company is a wholly owned subsidiary of Piramal Finance Limited and is the flagship entity of the Piramal group’s financial services business.

Power Grid Infrastructure Investment (PGInvIT) is owned(sponsored) by Power Grid Corporation of India which has been conferred a Maharatna PSU status. The Trust was registered with SEBI on January 7, 2021 as an infrastructure investment trust. Investment Manager of PGInvIT is PowerGrid Unchahar Transmission Limited, a wholly owned subsidiary of PGCIL. PowerGrid InvIT has been formed to own, construct, operate, maintain, and invest in power transmission assets as an infrastructure investment trust.

Muthoot Fincorp Limited (MFL) gold loan business increased at a steady rate of 22% compound annual growth rate (CAGR) during FY18 to FY20. The non-gold loan portfolio accounted for around 33% of the total portfolio as on December 31, 2020. Out of this, the microfinance business accounted for Rs 46 billion AUM as on December 31, 2020, while the AUM of vehicle and housing finance stood at Rs 22.24 billion and Rs 12.21 billion, respectively.

IDFC Bank was founded on 21st October 2014. IDFC Ltd was its ultimate parent, which was established in 1997 by the government for financing infrastructure projects. On 23 July 2015, IDFCB got approval for a banking license. It commenced banking operations on 1st October 2015. IDFCB later merged with Capital First Ltd to form IDFC First Bank in December 2018. As of 31st Dec 2020, its promoter holding stood at 40%.

Deposit Taking NBFC (NBFC-ND-SI) registered with the RBI and operates as the flagship company under the “JM Financial” brand.

Tata Motor Finance credit risk is largely linked to the support of Tata Motors, which in turn is supported by Tata Sons. TCS the flagship company of Tata Group, provides all the financial strength to Tata Sons.

The company is a rural-focused NBFC-MFI with a geographically diversified presence across India. Company offers income generation loans under the joint liability group model, mainly to women from low-income households in rural India.

Muthoot Finance– is the largest gold loan NBFC in India in terms of loan portfolio.

Established in 1986, Power Finance Corporation is a financial institution in India focused on the power sector. Registered with the RBI as a NBFC and classified as an Infrastructure Finance Company by the RBI and plays a strategic role in government’s initiatives for the overall development of the power sector in India.

COVID-19 significantly impacted Tata Motors Ltd (TML) in India, demand was already seen adversely impacted by the general economic slowdown, liquidity stress and stock corrections due to BSVI transition, was further affected by the lockdown.

Srei Infrastructure Finance Ltd raised funds through a public debt issue in May 2019, when it was rated AA+.

Cholamandalam MS General Insurance Company Limited (CMICL) is a joint venture between CFHL (part of Murugappa Group) and MSI. CMICL offers a wide range of products including motor, accident, engineering, health, liability, marine, property, travel and rural insurance and caters to individuals as well as corporates. The company has a network of over 90 branches across the country, with its head office in Chennai.

The legal battle between India's Telecom operators and the Government of India led to concerns around the survival of Vodafone Idea Ltd. Supreme Court has asked the telecom operators to pay 10% of the balance dues before March 2021.

AAA-rated India Grid Trust is a power sector Invit.

IndusInd Bank (IIB)- IIB has a pan-India presence with 1,558 branches and 2,453 ATMs as on December 31, 2018.

Muthoot HomeFin (MHF)- MHF is a non-deposit taking housing finance company and was registered with the National Housing Bank on May 19, 2014.

L&T Finance is a wholly-owned subsidiary of L&T Finance Holdings, which, in turn, is majority owned by L&T.

Srei Infrastructure Finance Ltd(SREI)– Srei infra has a history of over 25 years in the infrastructure sector and is one of India’s largest holistic infrastructure institution.

Magma FinCorp(Magma)– Magma is a non-banking finance company, incorporated on 18th December 1978 as ARM Group Enterprises Private Limited. In 2008, the company’s name was changed to Magma Fincorp Limited.

ECL Finance is a part of Edelweiss group, ECL Finance is a non-deposit taking NBFC, which focuses on offering a broad suite of secured corporate loan products and retail loan products, which are customized to suit the needs of corporates, SMEs and individuals.

IBCF is a non-deposit taking NBFC registered with the RBI and a 100% subsidiary of Indiabulls Ventures Limited, a listed Indian company.

ECLF is the primary NBFC arm of Edelweiss Financial Services Limited (EFSL) with 100% shareholding.

Edelweiss Finance and Investment Limited was originally incorporated as a Private Limited company as “Crossborder Investments Private Limited” on October 27, 1994, in Maharashtra.

JM Financial Products Limited(JMFPL)– JM Financial Products Ltd is a Non – Deposit Taking NBFC (NBFC-ND-SI) registered with the RBI and operates as the flagship company under the “JM Financial” brand.

In September 2018 IBHF share price and bond prices tanked as liquidity concerns on the housing finance companies hit all housing finance stocks and bonds.

RBI registered Systemically Important Non-Deposit Accepting Non-Banking Financial Company (NBFC). The Company targets retail, corporate and institutional customers

Advantages for investors: • Product Structure– ETF matures like a bond as it has a fixed maturity date and predetermined return if held till maturity. • Trades like ETF– As it will be listed on the exchange, liquidity will be enhanced by market makers. Investors can make entry and exit funds at the time of preference. • Diversified Fund- Raised money will be invested in AAA-rated GOI owned companies bonds which minimize the default risk.

Embassy Office Parks is India’s first listed REIT. Embassy REIT comprises 26.2 million square feet (msf) of completed and operational commercial properties across India. Company targetting seven Grade A office parks and four city-center office buildings in India’s performing office markets of Bengaluru, Mumbai, Pune and the National Capital Region (NCR). The portfolio has over 160 blue-chip corporate occupiers and comprises 78 buildings with strategic amenities, including two completed hotels, two under-construction hotels, and a 100MW(AC) solar park that supplies renewable energy to park.

IREDA is the GoI’s only nodal agency to incentivise the renewable energy sector and attract investments by way of subsidies and lower cost borrowings. It is the sole programme administrator of the MNRE’s schemes, such as incentive schemes for wind and solar power projects, the roof-top solar power programme, a capital subsidy scheme for solar water heating systems and the National Clean Energy Fund.

IIFCL is a wholly owned Government of India company started in 2006 to provide long-term financial assistance to infrastructure projects through the Scheme for Financing Infrastructure Projects through a Special Purpose Vehicle called India Infrastructure Finance Company Ltd (IIFCL), broadly referred to as SIFTI. IIFCL has been registered as a NBFC-ND-IFC with RBI These broadly eligible sector for financing include transportation, energy, water, sanitation, communication, social and commercial infrastructure.

Housing and Urban Development Corporation Ltd. (HUDCO), incorporated in 1970, is a listed Miniratna public sector enterprise under the Ministry of Housing and Urban Affairs, Government of India (GoI). It is a public financial institution registered as a housing finance company (HFC) with NHB, and primarily finances social housing and UI projects. The GoI held a share of 89.81% in HUDCO, as of December 31, 2019, while the balance was held by the public.

HPCL was incorporated in 1974 after the takeover and merger of erstwhile Esso Standard and Lube India Limited by the Esso (Acquisition of Undertakings in India) Act 1974. Caltex Oil Refining (India) Ltd. (CORIL) was taken over by the Government of India in 1976 and merged with HPCL in 1978 by the CORIL-HPCL Amalgamation Order, 1978. Kosan Gas Company was merged with HPCL in 1979.

In Feb 2020, Indiabulls Housing Finance Ltd has been downgraded to AA from AA+ by both ICRA and CRISIL. The downgrade has been caused by continued challenges faced by IBHFL in mobilizing long-term resources and the weakening of its market position as a leading financier to the housing sector.

Sundaram Finance Ltd (SFL) is an RBI registered, deposit taking, NBFC, and is classified as an asset financing company. with a focus on commercial vehicle and car financing. The company also has diversified into Mutual Funds, Housing Finance, General Insurance, IT, Business Process Outsourcing, and Retail Distribution of financial services and products through subsidiaries, JVs, and associates.

PNB Housing Finance Limited is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company got listed on the Indian stock exchanges on 7th November 2016. The Company’s asset base comprises retail loans and corporate loans. The retail business focusses on organized mass housing segment financing for acquisition or construction of houses.

LIC Housing Finance was established by LIC and other financial institutions in 1989. It is India’s second-largest housing finance company, with 9 regional offices, 24 back offices, and 282 marketing units in India, and 2 overseas representative offices with 2392 employees as of FY20. LIC Housing Finance Rating – CRISIL long term rating of AAA(Stable), CRISIL/ICRA/ short-term rating of A1+

Long term rating has been downgraded for Basel III tier 2 to A with negative outlook and Basel III AT1 perpetual bonds to A- with a negative outlook India Ratings.

Larsen & Toubro Ltd (L&T) is a major technology, engineering, construction, manufacturing, and financial services conglomerate, with global operations. The presence of L&T is in key sectors like- Hydrocarbon, Infrastructure, Power, Process Industries, and Defence – for customers in over 30 countries around the world. As of Q1Fy21, India contributed most to the top-line followed by US, Europe & Middle East. Orderbook as of Q1Fy21 stood at Rs. 3051 billion mainly pending orders that belonged to the Infrastructure and Hydrocarbon sectors. On the international order book front, the Middle East pending orders contribute 14% of the total order book.

HDFC Life Insurance (HLI) is a joint venture between HDFC Ltd and Standard Life Aberdeen, a global investment company. HDFC Pension Management Co and HDFC International Life & Re are wholly-owned subsidiaries. HDFC Life is a life insurance solutions provider in India, operating in protection, pension, savings, health solutions, investment, and annuity.

Mahindra and Mahindra Limited, India’s largest tractor and utility vehicle manufacturer, holds a 51.19% stake in MMFSL and provides operational and financial support to this company. This enables MMFSL to mobilize funds at a good rate and to manage economic downturns. Comfortable capital position: MMFSL is well-capitalized with a capital adequacy of 19.6% as of 30 June 2020, which is above the RBI’s minimum stipulated requirement of 15% with Tier I ratio of 15.3%. Moreover, M&M Ltd infuses both equity and debt in MMFSL. The debt to equity stood at 5.41 times as on 30 June 2020 as compared to 5.23 times as of 31 March 2020 and 5 times as of 30th June 2019.

During FY20, HDFC net profit grew significantly by 84% y-o-y to Rs 177 billion from FY19. Net Interest Income also rose by 12.63% to Rs 129 billion during FY20. On asset quality, gross NPA stood at 1.99% as of March 31, 2020, as compared to 1.18% as of March 31, 2019. Net Interest Margin remained stable at 3.4% during FY20 as compared to 3.3% in previous fiscal. Housing and Development Finance Corporation– HDFC Ltd, a housing finance company, was formed in 1977 by International Finance Corporation(IFC), Washington, and the Aga Khan Trust. As on March 31, 2020, HDFC’s gross loans, stood at Rs. 5,167.73 bn. The company’s market capitalization is at Rs 2,828 billion as of 31st March 2020. Its total employee count was at 3095 as of 31st March 2020.

Export–Import Bank of India (EXIM) was established in 1982 under Export-Import Bank of India Act 1981. It is wholly owned (100%) by Government of India. EXIM provides financial assistance to exporters and importers, and for functioning as the principal financial institution for coordinating the work of institutions engaged in financing the export and import of goods and services in order to promote the country’s international trade.

National Highway Authority of India (NHAI) was constituted under Section 3(1) of the National Highways Authority of India Act, 1988 and commenced operations in February 1995 to develop, maintain and manage national highways in the country. NHAI is vested with executive powers for developing national highways in India by the Ministry of Road Transport & Highways (MoRTH). NHAI is mandated to implement NHDP and Bharatmala, and is responsible for implementing other national highway projects, mainly those ensuring connectivity with major ports.

The Jawaharlal Nehru Port Trust (JNPT) was established in 1989 occupies a prominent place among the most modern ports in India and is ranked 28th among the top 100 container Ports in the world. The Jawaharlal Nehru Port Trust (JNPT) at Navi Mumbai (formerly known as the Nhava Sheva Port) is the largest container port in India and has been a key enabler for EXIM trade growth in India. JNPT handled over 5 Mn TEUs in FY 2018-19, which is share of ~52% of the total containerized cargo handled by all major ports in the country. Initially, JN Port was planned to be a ‘satellite port’ to the Mumbai Port with a purpose to decongest traffic.

National Bank for Agricultural and Rural Development (NABARD) was set up in 1982 through the NABARD Act, 1981, as an apex financial institution for the development and flow of credit to agriculture, small scale industries, cottage and village industries, rural sector, handicrafts and other rural crafts. NABARD also has a mandate to promote the integrated and sustainable development of rural areas. It also frames policies and guidelines for rural financial institutions and provides financial assistance to various issuing financial institutions and banks through refinancing. NABARD also monitors the flow of ground-level rural credit. NABARD is wholly owned by the GoI, with effect from March 31, 2018.

Indian Railway Finance Corporation (IRFC) was set up in 1986 as the dedicated financing arm of the Indian Railways for mobilizing funds from domestic as well as overseas Capital Markets. IRFC is under the administrative control of the Ministry of Railways. Company is registered as Systemically Important Non–Deposit taking Non-Banking Financial Company (NBFC – ND-SI) and Infrastructure Finance Company (NBFC- IFC) with Reserve Bank of India (RBI).

India Bulls Housing Finance (IBHF) has seen its equity valuations drop and credit spreads on its bonds rise post the IL&FS default in September 2018.

South Indian Bank- SIB, set up in 1929, is a private sector bank. The bank is headquartered in Thrissur (Kerala) and had a network of 857 branches and 1407 automated teller machines as of December 2018.

IBCF is a non-deposit taking NBFC registered with the RBI and a 100% subsidiary of Indiabulls Ventures Limited, a listed Indian company.

Mahindra & Mahindra Financial Services Limited (“MMFSL”) is a subsidiary of Mahindra and Mahindra Limited, India’s largest tractor and utility vehicle manufacturer

Jindal Steel & Power recently got its credit rating upgrade from major credit rating agencies Crisil, ICRA and Care.

Road construction sector is one infrastructure play in credits that offers strong visibility in Revenue and Earnings growth in India.

Fortish Healthcare is seeing a lot of bidding interest but even if the company passes on to strong hands, bondholders and lender of promoter holding companies are not going to see any benefits, The lenders against pledged shares of Fortis Healthcare have invoked the pledge and currently own a large stake in the company.

Immediately there is unlikely to be any rating action on Shriram Transport bonds as SVL repayment is due next year and the group has clarified that they will honour all commitments through their own resources.

IDBI Bank credit rating, which is just barely at investment grade, will not change on LIC takeover.

Future Consumer (FCL), within just five years, has made its mark in thebranded FMCG market.

DLF debt outstanding reduced significantly after the promoters infused funds in DLF, post sale of their 40% stake in DLF Cyber City Developers Limited (DCCDL).

DHFL is facing the markets risk aversion on credits due to its high leverage of over 10x.

The bond of the issuer is protected from many different fronts, inherent operating business of the issuer and four types of guarantees, two of which are pledged shares of listed entities.

Yes Bank has outstanding market debt which is widely held across investor segments, and the debt has come under a cloud.

JSW Steel Ltd, a part of the O.P. Jindal Group, manufactures iron and steel products.

Recovery in Domestic Commercial Vehicle and Passenger Vehicle Sales