Indian Mortgage Finance Market Updated for Q1-FY16
|
|
- Brook Taylor
- 7 years ago
- Views:
Transcription
1 ICRA RESEARCH SERVICES Financial ICRA RATING FEATURE Sector Ratings Indian Mortgage Finance Market Updated for Q1-FY16 Performance Review of Housing Finance Companies and Industry Outlook Contacts: Vibha Batra Karthik Srinivasan Supreeta Nijjar Manushree Saggar
2 Rs. trillion ICRA Industry Update This ICRA report discusses the developments in the Indian mortgage finance market and the performance of housing finance companies during Q1FY16 (i.e. from April 1, 2015 to June 30, 2015) Housing Credit Growth Trends 30% Pace of growth slows down; long term growth outlook remains favourable % 20% 15% 10% % 0.00 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 June-15 Housing Credit-HFCs and NBFCs Housing Credit -SCBs Housing Credit growth- HFC and NBFCs Housing Credit growth SCBs Housing Credit Growth Overall 0% Source: ICRA Estimates, RBI According to ICRA s estimates, the total housing credit outstanding in India as on June 30, 2015 crossed Rs trillion as against Rs trillion as on March 31, 2015, indicating an annualised growth of 14% Q1FY16. While housing credit growth has been outperforming the systemic banking credit growth despite the difficult economic conditions, recent numbers suggest some moderation in the pace of growth with housing credit growth in the recent quarter being lower than the five year CAGR of 18% owing to a decline in primary housing sales volumes and stagnant property prices. ICRA expects some uptick in growth numbers in the remainder of the financial year, however the growth estimate for FY16 has been revised downwards to 16-18%, likely to be supported by disbursements on construction linked loans, growth in the small ticket affordable housing segment and demand from Tier II/III cities. Nevertheless, long term growth outlook for the sector remains favourable owing to the Government of India s focus on Housing for All by 2022, and favourable regulations, could push overall housing credit growth to 20-22% from FY17 onwards. 2
3 Credit Growth vs Asset Quality Indicators for the Housing Finance Market Affordable Housing segment growing at a faster pace, Overall Portfolio vulnerability increasing, asset quality could deteriorate going forward Source: Financials of various HFCs, banks, RBI and ICRA estimates If we were to segregate the market based on various types of participants there would broadly be two sets banks (constituting 63% of the overall market) and HFCs/NBFC (37%). However, within the HFCs, if we were to differentiate on the basis of asset size, there would be only four HFCs, which would fall under the category of Large HFCs (Assets under management greater than Rs. 450 billion). The balance would all be Small HFCs. The smaller HFCs have shown a higher pace of growth and also have a moderately weaker asset quality compared to the larger counterparts. The other emerging segment is of the HFCs in the affordable housing space. The newer entrants in this segment are growing at CAGR of over 50% albeit on a lower base. At the same time, given the higher vulnerability associated with the target borrower, the asset quality is weaker Though, so far HFCs have been able to maintain their asset quality (Gross NPA% of 0.79% as on June 30, 2015), in ICRAs opinion, the overall portfolio vulnerability is increasing with an increased focus of some of the players on riskier products (like LAP and builder loans), change in the borrower profile towards the self-employed and lowincome segment (where income streams could be more volatile) and increased competitive intensity in the HFC market has led to some dilution in lending norms (for example relaxation in terms of LTVs/FOIRs). Nevertheless, the strong monitoring and control processes, borrowers own equity in the property and the large proportion of borrowers staying in self-occupied property could reduce the impact of the above mentioned concerns on asset quality to an extent. Overall ICRA has marginally revised the projection for Gross NPA% for HFCs to be 3 around between 0.8% - 1.2% over the medium term.
4 Credit Growth vs Asset Quality Indicators for the Housing Finance Market Affordable Housing segment growing at a faster pace, Source: Financials of various HFCs, banks, RBI and ICRA estimates Overall Portfolio vulnerability increasing, asset quality could deteriorate going forward If we were to segregate the market based on various types of participants there would broadly be two sets banks (constituting 63% of the overall market) and HFCs/NBFC (37%). However, within the HFCs, if we were to differentiate on the basis of asset size, there would be only four HFCs, which would fall under the category of Large HFCs (Assets under management greater than Rs. 450 billion). The balance would all be Small HFCs. The smaller HFCs have shown a higher pace of growth and also have a moderately weaker asset quality compared to the larger counterparts. The other emerging segment is of the HFCs in the affordable housing space. The newer entrants in this segment are growing at CAGR of over 50% albeit on a lower base. At the same time, given the higher vulnerability associated with the target borrower, the asset quality is weaker Though, so far HFCs have been able to maintain their asset quality (Gross NPA% of 0.79% as on June 30, 2015), in ICRAs opinion, the overall portfolio vulnerability is increasing with an increased focus of some of the players on riskier products (like LAP and builder loans), change in the borrower profile towards the self-employed and lowincome segment (where income streams could be more volatile) and increased competitive intensity in the HFC market has led to some dilution in lending norms (for example relaxation in terms of LTVs/FOIRs). Nevertheless, the strong monitoring and control processes, borrowers own equity in the property and the large proportion of borrowers staying in self-occupied property could reduce the impact of the above mentioned concerns on asset quality to an extent. Overall ICRA has marginally revised the projection for Gross NPA% for HFCs to be 4 around between 0.8% - 1.2% over the medium term.
5 Lower risk weights on low ticket home loans to encourage banks to lend more to the smaller ticket home loan segment. However, this could lead to lower capital in relation to (higher) risk in affordable housing segment The lowering of risk weights (further from 50%) for housing loans, could translate into thin capital cushion to cover the unexpected losses. Lower risk weights on low ticket home loans could encourage lenders to lend more to the smaller ticket home loan segment, as it would help them in conserving capital. However, from a risk perspective, this may be negative as the target borrower s credit profile(especially in ticket sizes less than Rs 2 million ) is weaker and more vulnerable (owing to limited cushion for exigencies and to absorb income shocks) as compared with the prime salaried home loan borrower. This is also reflected in the relatively higher Gross NPA% for lower ticket size (less than Rs. 0.5 million) home loans of public sector banks (4.4% as on March 31, 2014) vis-a-vis home loans with ticket sizes greater than Rs 2.5 million (0.62% as on March 31, 2014). As for variability in asset quality indicators, Gross NPA% changed by 110 bps in low income category over one year, the change was only 39 bps for home loans greater than Rs 2.5 million during the same period. Larger variability may warrant higher capital requirements for this segment from prudent risk management perspective. Adequate Capitalisation; supported by external capital infusions as well as good internal capital generation Investor sentiment for the housing sector remains good as reflected by the recent capital infusions to the tune of Rs. 42 billion till September 30, 2015 (Rs. 26 billion in FY15). In ICRA s estimates, HFCs will need external capital of around Rs billion(30-50% of the present net worth) to grow at 20-22% over the next 5 years, assuming an internal capital generation of 16% (post dividends) while maintaining the capitalisation levels at current levels. Part of this capital could also be in the form of mortgage guarantee. 5
6 Diversified Funding Mix, some shift towards debt market borrowings FY15 witnessed some shift in the borrowing profile of HFCs towards debt market instruments like NCDs and Commercial Paper, given that there was a softening of interest rates, while base rates remained largely stable till the end of the financial year. As per ICRA s estimates almost 65% of the HFC borrowings were at fixed rates of interest, which could pose an interest rate risk for these players in a declining interest rate scenario. However, the risk is somewhat mitigated by the fact that these borrowings are not very long-dated (average maturity of around 3-5 years) and/or have reset clauses, thus giving the HFC s some flexibility to reset the rates. At the same time, given the limited sources of long term funds to match the tenure of home loans (average maturity of 8-10 years including prepayments), asset liability management continues to remain a challenge for HFCs. As for the incremental fund requirement, factoring in an estimated credit growth of 20-22% in FY16, and the refinancing requirements, ICRA estimates that HFCs would need to mobilize ~Rs trillion during FY16. Assuming HFCs maintain a similar borrowing mix incremental fund requirements from banks (including NHB refinance) would be in the tune of ~Rs billion, while fresh NCD issuances would be at ~Rs billion. Stable Profitability Indicators In terms of key performance indicators, HFCs continued to report good profitability indicators with an ROE of 18.51% in Q1FY16. ICRA expects the spreads to decline marginally by bps owing to the high competitive scenario, which could lead to dilution in incremental spreads as well as processing fees charged from the customer. However, profitability is likely to be supported by stable operating expenses and credit costs and as per ICRA s estimates, HFCs will generate good returns (ROE of 17-19%) for FY16. 6
7 Subscribe to the report for the following An Overview of the Mortgage Finance Market in Q1FY16 Distribution of ICRA Ratings Key Credit Trends Key Industry Updates Performance Update and Outlook Portfolio Mix Asset Quality Borrowing Profile Liquidity Profile Capitalisation Profitability Indicators 7
8 Please contact ICRA to get a copy of the full report CORPORATE OFFICE Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon Ph: , Fax; REGISTERED OFFICE 1105, Kailash Building, 11 th Floor, 26, Kasturba Gandhi Marg, New Delhi Tel: Fax: MUMBAI Mr. L. Shivakumar Mobile: rd Floor, Electric Mansion, Appasaheb Marathe Marg, Prabhadevi, Mumbai Ph : , /53/62/74/86/87 Fax : shivakumar@icraindia.com CHENNAI Mr. Jayanta Chatterjee Mobile: Mr. P Kalaivanan Mobile: th Floor, Karumuttu Centre, 498 Anna Salai, Nandanam, Chennai Tel: , /9659/8080 Fax: jayantac@icraindia.com p.kalaivanan@icraindia.com KOLKATA Ms. Vinita Baid Mobile: A-10 & 11, 3rd Floor, FMC Fortuna, 234/ 3A, A.J.C. Bose Road, Kolkata Tel: / 8839, , Fax: Vinita.baid@icraindia.com HYDERABAD Mr. M.S.K. Aditya Mobile: , CONCOURSE, 3rd Floor, No , Ameerpet, Hyderabad Tel: , Fax: adityamsk@icraindia.com PUNE Mr. L. Shivakumar Mobile: A, 5th Floor, Symphony, S. No. 210, CTS 3202, Range Hills Road, Shivajinagar, Pune Tel : , /196, Fax : shivakumar@icraindia.com GURGAON Mr. Vivek Mathur Mobile: Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon Ph: , Fax; vivek@icraindia.com AHMEDABAD Mr. Animesh Bhabhalia Mobile: & 908 Sakar -II, Ellisbridge, Ahmedabad Tel: /2008/5494, Fax: animesh@icraindia.com BANGALORE Mr. Jayanta Chatterjee Mobile: 'The Millenia', Tower B, Unit No. 1004, 10th Floor, Level 2, 12-14, 1 & 2, Murphy Road, Bangalore Tel: , Fax: jayantac@icraindia.com 8
9 ICRA Limited CORPORATE OFFICE Building No. 8, 2 nd Floor, Tower A; DLF Cyber City, Phase II; Gurgaon Tel: ; Fax: info@icraindia.com, Website: REGISTERED OFFICE 1105, Kailash Building, 11 th Floor; 26 Kasturba Gandhi Marg; New Delhi Tel: ; Fax: Branches: Mumbai: Tel.: + (91 22) / /53/62/74/86/87, Fax: + (91 22) Chennai: Tel + (91 44) , Fax + (91 44) Kolkata: Tel + (91 33) / / / , Fax + (91 33) Bangalore: Tel + (91 80) Fax + (91 80) Ahmedabad: Tel + (91 79) /5049/2008, Fax + (91 79) Hyderabad: Tel +(91 40) /7251, Fax + (91 40) Pune: Tel + (91 20) /0195/0196, Fax + (91 20) Copyright, 2015, ICRA Limited. All Rights Reserved. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies, while publishing or otherwise disseminating other reports may have presented data, analyses and/or opinions that may be inconsistent with the data, analyses and/or opinions presented in this publication. All information contained herein must be construed solely as statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its contents. 9
Indian General Insurance Industry
ICRA RATING FEATURE Financial ICRA RATING Sector FEATURE Ratings Indian General Insurance Industry Industry Outlook and Performance Review Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com
More informationINDIAN RETAIL INDUSTRY: An Update
INDIAN RETAIL INDUSTRY: An Update Relaxation of FDI norms for the Indian Retail Sector a positive; albeit implementation challenges persist June 2016 Fver In an environment where the global retailers are
More informationIndian Hotel Industry Industry waiting out one of the longest down-cycle
Indian Hotel Industry Industry waiting out one of the longest down-cycle ICRA RESEARCH SERVICES Corporate Ratings Contacts: Subrata Ray +91 22 6179 6386 subrata@icraindia.com PavethraPonniah +91 44 4596
More informationSREI Equipment Finance Private Limited
SREI Equipment Finance Private Limited RATING HISTORY Rs. 15 billion, short-term debt programme Amount Outstanding Maturity Rating Outstanding Previous Ratings Mar-10 (in Rs. million) May-2010 September-
More informationIndian Gold Jewellery Retail Industry
Indian Gold Jewellery Retail Industry Proposed launch of Gold Bond Scheme and Gold Monetization Scheme is expected to have a moderately positive effect on reducing gold imports over the medium term; impact
More informationIndian Two-Wheeler Industry
The si ICRA RESEARCH SERVICES Indian Two-Wheeler Industry Corporate Ratings Anjan Deb ICRA Ghosh RATING FEATURE +91 22 6179 6392 aghosh@icraindia.com Contacts: Subrata Ray +91 22 6179 6386 subrata@icraindia.com
More informationAkums Drugs & Pharmaceuticals Limited
Akums Drugs & Pharmaceuticals Limited Instrument Amount (Rs. Crore) Rating Action Term Loans 30.00 (enhanced from 3.10) [ICRA]A+ (stable) assigned Cash Credit Facilities 125.00 (reduced from 145.00) [ICRA]A+
More informationINDIAN BROKERAGE INDUSTRY
ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Industry on its way to recovery; Rise in retail participation remains the key Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan
More informationINDIAN BROKERAGE INDUSTRY
ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com Vibha Batra +91 124 4545 302 vibha@icraindia.com
More informationIndian Two-Wheeler Industry
The si ICRA RESEARCH SERVICES Corporate Ratings Anjan Deb ICRA Ghosh RATING FEATURE +91 22 6179 6392 aghosh@icraindia.com Indian Two-Wheeler Industry Contacts: Subrata Ray +91 22 6179 6386 subrata@icraindia.com
More informationCBay Systems (India) Private Limited
CBay Systems (India) Private Limited Rating History Amount Outstanding Rating Outstanding Previous Ratings - February 2010 - - Rs. 216.5 million, term loans - LBBB- - - Rs. 10.0 million, long term, fund
More informationEnergy Equipments. Plot No: 5208, Phase IV, G.I.D.C. Vatva, T-1 Road (Towards Ramol), Ahmedabad- 382445 Profit sharing Ratio Mr.
Fact Sheet Grading Drivers Energy Equipments ICRA has assigned a SP 4C grading 1 to Energy Equipments (EE), indicating the Weak Performance Capability and Moderate Financial Strength of the channel partner
More informationWind Energy Sector: Re-introduction of Accelerated Depreciation benefit remains a key Fver
Wind Energy Sector: Re-introduction of Accelerated Depreciation benefit remains a key positive Fver for the sector, though concerns on RPO compliance continue Summary February 2015 ICRA RESEARCH SERVICES
More informationINDIAN BROKERAGE INDUSTRY
ICRA RESEARCH SERVICES INDIAN BROKERAGE INDUSTRY Financial Sector Ratings ICRA RATING FEATURE Contacts: Karthik Srinivasan +91 22 6179 6365 karthiks@icraindia.com Vibha Batra +91 124 4545 302 vibha@icraindia.com
More informationTELECOM SECTOR. Telecom Sector: Trends & Outlook ICRA RATING FEATURE. Contacts: +91 124 4545 307 ICRA LIMITED 1
TELECOM SECTOR F February 2015 Spectrum Auctions Incumbents to consolidate position; Debt metrics to deteriorate Fver Case for Payment Banks January 2015 ICRA RATING FEATURE Contacts: Sabyasach i Maju
More informationDurga Solar Enterprise
Fact Sheet Grading Drivers Durga Solar Enterprise ICRA has assigned SP 3C grading * to Durga Solar Enterprise indicating the Moderate Performance Capability and Moderate Financial Strength of the channel
More informationNew SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely
October 2012 ICRA RATING FEATURE OCT 2012 New SEBI guidelines on sectoral investment caps for funds could impact funding costs for HFCs and NBFCs adversely ICRA Rating Feature Contacts Karthik Srinivasan
More informationIndian Steel Industry
ICRA RESEARCH SERVICES Corporate Ratings Jayanta Roy +91 33 7150 1120 jayanta@icraindia.com Indian Steel Industry Safeguard duty likely to have a limited impact on domestic prices Priyesh Ruparelia +91
More informationNew Capital Adequacy Framework under Basel II Guidelines
New Capital Adequacy Framework under Basel II Guidelines ICRA s Line of Credit Rating Products ICRA Limited An Associate of Moody's Investors Service www.icra.in ABOUT ICRA ICRA Limited (formerly Investment
More informationIndian Mining and Construction Equipment Industry Demand revival still appears couple of quarters away
ICRA RESEARCH SERVICES Indian Mining and Construction Equipment Industry Demand revival still appears couple of quarters away Corporate Ratings Contacts: Subrata Ray +91 22 6169 3300 subrata@icraindia.com
More informationHow To Rate Power Finance Corporation (Pfc)
Power Finance Corporation Limited Rating History Instrument Rs. 43500 crore ( enhanced from 27,500 cror Long Term Borrowing Programme 20- #$ Rs. 5000 crore (enhanced from Rs. 3,000 cror Short Term Borrowing
More informationClaims Paying Ability Ratings for General Insurance Companies
Claims Paying Ability Ratings for General Insurance Companies ICRA's Claims Paying Ability Ratings (CPRs) for general insurance companies are opinions on their ability to honour policy-holder claims and
More informationIFMR Capital Finance Private Limited
IFMR Finance Private Limited ICRA has upgraded/reaffirmed the ratings of PTCs (Pass Through Certificates) in case of 4 transactions backed by Multi-Originator micro loan pools. The rating upgrade reflects
More informationCORPORATE CREDIT RATINGS A Note on Methodology
October 2009 ICRA Rating Feature CORPORATE CREDIT RATINGS A Note on Methodology The basic objective of credit rating is to provide an opinion on the relative credit risk associated with the instrument
More informationGMR Hotels and Resorts Limited
GMR Hotels and Resorts Limited ICRA has assigned an LBBB(SO) (pronounced as L Triple B Structured Obligation) rating to the Rs. 140 crore term loan programme of GMR Hotels and Resorts Limited (GHRL). The
More informationRating Methodology for Fast Moving Consumer Goods Industry
October 2015 ICRA Rating Methodology ICRA RATING FEATURE Rating Methodology for Fast Moving Consumer Goods Industry Overview The following note identifies the key factors considered by ICRA in assessing
More informationIndiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Unaudited Financial Results Q1 FY 2014-15 July 24, 2014
Indiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Unaudited Financial Results Q1 FY 2014-15 July 24, 2014 Safe Harbour Statement This document contains certain forward-looking statements
More informationIndian Automobile Industry
Indian Automobile Industry CCI s proposed penalty on Passenger Vehicle OEMs not materially credit negative Special Comment September 2014 ICRA RESEARCH SERVICES ICRA Comments Corporate Ratings Anjan Deb
More informationIndian Telecommunication Equipment Market- Opportunities for US Companies
Indian Telecommunication Equipment Market- Opportunities for US Companies Overview With more than 638 million-line telephone network (fixed plus cellular) India is among the top 4 networks in the world.
More informationICRA Lanka s Credit Rating Methodology for Non-Banking Finance Companies
ICRA Lanka s Credit Rating Methodology for Non-Banking Finance Companies Non-Banking Finance Companies (NBFCs) play an important role in the Sri Lankan financial market. While the Central bank of Sri Lanka
More informationGODREJ INDUSTRIES LIMITED
Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Fundamental Assessment ICRA EQUITY RESEARCH SERVICE GODREJ INDUSTRIES LIMITED Q2, FY12 Results Update Industry: Diversified November 14, 2011 Strong operating
More informationCRISIL Research Impact note
October 2015 Interest rate on home loans to fall 25-30 bps more: CRISIL Research RBI move to cut risk weight will benefit 70% of home loans, 80% of borrowers CRISIL Research expects interest rate on home
More informationRating Criteria for Finance Companies
The broad analytical framework used by CRISIL to rate finance companies is the same as that used for banks and financial institutions. In addition, CRISIL also addresses certain issues that are specific
More informationBanking. July 25, 2014
July 25, 2014 Banking BANKING SECTOR PERFORMANCE STUDY FY14 Our study covers 39 banks 26 Public Sector Banks & 13 Private Sector Banks. Foreword The in the Indian economy continued to be moderate in FY14
More informationHow To Meet The Mhp Requirement
STRUCTURED FINANCE Rating Feature 7 ICRA RATING FEATURE May 2012 RBI FINAL GUIDELINES ON SECURITISATION AND DIRECT ASSIGNMENT TRANSACTIONS TO ADVERSELY IMPACT VOLUMES IN THE NEAR TERM Contacts Structured
More informationICRA. Group ICRA. Enhancing Business Value through Intellectual Leadership
ICRA Enhancing Business Value through Intellectual Leadership Group ICRA Credit Rating, Grading Equity Research Management Consulting Software Solutions and Services Knowledge Process Outsourcing Research
More informationMuthoot finance ltd. (mfl) IPO note
Muthoot finance ltd. (mfl) IPO note Issue Details Issue Date April 18, 2011 April 21, 2011 Issue Size Rs. 8.24-9.01bn Price Band Rs. 160-175 FV Rs.10 Fresh issue 51.5 mn equity shares QIB 50% Non Institutional/HNIs
More informationNEW CERC REGULATIONS TO ENCOURAGE INVESTMENT, EFFICIENCY IN POWER SECTOR
ICRA Rating Feature January 2009 NEW CERC REGULATIONS TO ENCOURAGE INVESTMENT, EFFICIENCY IN POWER SECTOR Contact Anjan Ghosh Head, Corporate Ratings aghosh@icraindia.com +91-22-30470006 Sabyasachi Majumdar
More informationClaims Paying Ability Rating Methodology for Insurance Companies
Claims Paying Ability Rating Methodology for Insurance Companies CARE s Claims Paying Ability (CPA) rating is an opinion on an insurance company s financial strength and measures its ability to honour
More informationNews Release January 28, 2016. Performance Review: Quarter ended December 31, 2015
News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current
More informationReliance Commercial Finance. Loan Against Property. September 2015
Reliance Commercial Finance Loan Against Property September 2015 Disclaimer This presentation does not constitute a prospectus, an offering circular, an advertisement, a private placement offer letter
More informationSREI Infrastructure Ltd.
Report Date 22nd Oct, 2010 Company Name SREI Infrastructure Ltd. Price / Recommendation CMP: - `121 Buy (Medium Risk Medium Return) Company Background SREI Infrastructure Finance Ltd started its operations
More informationRating Methodology for Rating of Mutual Fund-Infrastructure Debt Funds- (MF-IDF)
Rating Methodology for Rating of Mutual Fund-Infrastructure Debt Funds- (MF-IDF) I] Definition and Rating Process CARE s ratings of infrastructure debt fund schemes are an opinion on the asset selection
More informationICRA RESEARCH SERVICES. INDIAN PHARMACEUTICAL INDUSTRY New Pricing Policy: An Update
ICRA RESEARCH SERVICES Corporate Ratings Subrata Ray +91 22 3047 0027 subrata@icraindia. com Shamsher Dewan +91 124 4545 328 shamsherd@icraindia. com INDIAN PHARMACEUTICAL INDUSTRY New Pricing Policy:
More informationThe Asset. Allocation Guide To. Wealth Creation. Absolute Return. Gold. Vehicle. Real Estate. Tax. An Investor Education Initiative by.
The Asset Allocation Guide To Wealth Creation Real Estate Cash Reserves Vehicle Education Gold Tax Funds Food Car Equities Bonds House Precious Metals Fixed Income Natural Resources Absolute Return Understanding
More informationResults for the quarter ended December 31, 2015. Investor Presentation January 21, 2016
Results for the quarter ended December 31, 2015 Investor Presentation January 21, 2016 Disclaimer This presentation does not constitute a prospectus, an offering circular, an advertisement, a private placement
More informationIndiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Annual Audited Financial Results for Q4 FY 2014-15 and FY 2014-15 April 24, 2015
Indiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Annual Audited Financial Results for Q4 FY 2014-15 and FY 2014-15 April 24, 2015 Safe Harbour Statement This document contains certain forward-looking
More informationQuarterly Report. For the Quarter ended December 2014
Quarterly Report For the Quarter ended December 2014 As on 31 December, 2014 Section I Economic & Real Estate Current Status A key development during the last few months has been the ~55% decline in international
More informationCoverage on Retail finance - Housing. Urban finance penetration to drive industry growth
Coverage on Retail finance - Housing Spotlight Urban finance penetration to drive industry growth The average ticket size (ATS) is expected to grow by around 10-12 per cent in 2010-11, primarily on account
More information...and at the same time adversely impacting the profitability of Upstream gas producers
ICRA Rating Feature October 2015 Second consecutive reduction in domestic gas price: Positive for user industries, however dampener for gas production Analyst Contacts K. Ravichandran ravichandran@icraindia.com
More informationAxis Bank. Strong core performance. Source: Company Data; PL Research
Strong core performance January 17, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,230 Target Price Rs1,600 Implied
More informationSmruthi Organics Limited BSE Scrip Code: 590046
Smruthi Organics Limited BSE Scrip Code: 590046 Pharmaceuticals September 21, 2012 Equity Statistics Current Market Price Rs. 218.1 52 Week High / Low Rs. 273.9 / 155 Market Capitalisation Rs. crores 83.2
More informationMutual Fund Category Analysis Banking Sector Funds
November 18, 2014 Mutual Fund Category Analysis Banking Sector Funds Key Facts: What are they? Banking Sector funds are equity oriented schemes investing predominantly in the banking stocks. Banking Category:
More informationCapital Expenditure of Corporates: FY09-FY14
September 24, 2014 Economics RBI recently releaseda study on corporate investments which provides a picture on the envisaged capital expenditure (investment in fixed assets) of companies from the private
More informationRoadmap for Ind-AS implementation
Tax Insights from India Tax & Regulatory Services Roadmap for Ind-AS implementation January 7, 2015 In brief In his maiden Budget speech, the Finance Minister indicated that the Indian Accounting Standards
More informationCalculating expected return on investment using Capital Asset Pricing Model
Calculating expected return on investment using Capital Asset Pricing Model Calculating expected return on investment using Capital Asset Pricing Model Introduction: In a valuation exercise, the discounting
More informationArman Financial Services Ltd.
Ahmadabad, India, 8 February, 2016: Arman Financial Services Ltd (Arman), a leading Gujarat based nonbanking financial company (NBFC), with interests in microfinance and two wheelers loans, announced its
More information1. What are the approximate rates for obtaining NHB refinance, NCD, RMBS, Bank loans, Deposits, CPs, ECB, any other instruments?
1. What are the approximate rates for obtaining NHB refinance, NCD, RMBS, Bank loans, Deposits, CPs, ECB, any other instruments? NHB Refinance Under Rural Housing Fund 1 : Interest rate on refinance =
More informationCompany Overview. Financial Performance
Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares
More informationKhambatta Securities Ltd.
Attractive Valuation Strong Buy Sector : Bank Private Target Price : Rs 284 Current Market Price : Rs 230 Market Cap : Rs 1,337 bn 52-week High/Low : Rs 393/216 Daily Avg. Volume : 13.88 mn Shares in issue
More informationI know it s a busy day as HSBC are also reporting. and we re doing the same again today. with the equivalent period in 2008
Barclays Interim Management Statement 10 November 2009 Chris Lucas Good morning and thanks for joining us I know it s a busy day as HSBC are also reporting so I m going to talk for about fifteen minutes
More informationAn overview. Ind AS: India s accounting standards converged with the IFRS are here!
An overview Ind AS: India s accounting standards converged with the IFRS are here! Notification of Rules for Ind AS implementation Consistent with its January 2015 announcement, the Ministry of Corporate
More informationGlobal high yield: We believe it s still offering value December 2013
Global high yield: We believe it s still offering value December 2013 02 of 08 Global high yield: we believe it s still offering value Patrick Maldari, CFA Senior Portfolio Manager North American Fixed
More informationSundaram Finance. Target price (INR) 452 Momentum in loans sustains, upgrade to Hold
HOLD Target price (INR) 452 Momentum in loans sustains, upgrade to Hold India Equity Research Financials January 30, 2013 Rating The higher than expected growth in the NII was driven by an improvement
More informationSpectrum Insights. Time to float. Why invest in corporate bonds? - Value
Spectrum Insights Damien Wood, Principal JUNE 25, 2015 Time to float Investing in floating rate bonds as opposed to fixed rate bonds helps protect bond investors from price slumps. Spectrum expects that
More informationShriram Transport Fin.Co.Ltd. Buy at Rs 552 (Target Price: Rs 970)
Shriram Transport Fin.Co.Ltd. Buy at Rs 552 (Target Price: Rs 970) Background STFC is the country's largest asset financing NBFC (non-banking finance company) with a 25% market share in pre-owned truck
More informationIndian Telecom Tower Industry: Consolidation Round the Corner
Indian Telecom Tower Industry: Consolidation Round the Corner Contacts Anjan Ghosh aghosh@icraindia.com +91-22-30470006 Vikas Agarwal vikas@icraindia.com +91-124-4545300 Harsh Jagnani harshj@icraindia.com
More informationLOAN WORKSHEET #11 NONTRADITIONAL AND SUBPRIME MORTGAGE LENDING
While some institutions have offered nontraditional mortgages for many years with appropriate risk management and sound portfolio performance, the market for these products and the number of institutions
More informationThe case for high yield
The case for high yield Jennifer Ponce de Leon, Vice President, Senior Sector Leader Wendy Price, Director, Institutional Product Management We believe high yield is a compelling relative investment opportunity
More informationIndiabulls Housing Finance Limited s Q3 FY 15 Conference Call
s Q3 FY 15 Conference Call MANAGEMENT: MODERATOR: MR. GAGAN BANGA VICE CHAIRMAN & MD, INDIABULLS HOUSING FINANCE LIMITED MR. ASHWINI KUMAR HOODA DEPUTY MANAGING DIRECTOR, INDIABULLS HOUSING FINANCE LIMITED
More informationMr. N. S. Kannan s opening remarks for analyst call on January 28, 2016
Mr. N. S. Kannan s opening remarks for analyst call on January 28, 2016 Good evening and welcome to the conference call on the financial results of ICICI Bank for the quarter ended December 31, 2015, that
More informationGeneral Trading Companies
Last upated: July 13, 2011 Rating Methodology by Sector General Trading Companies General trading companies operate in a broad array of industries, including metals, energy, machinery, food, chemicals,
More informationIn line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK
28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our
More informationQ1 FY11 Analyst Presentation. 28 th July 2010
Q1 FY11 Analyst Presentation 28 th July 2010 1 SAFE HARBOUR This presentation contains certain forward looking statements concerning DLF s future business prospects and business profitability, which are
More informationExternal Commercial Borrowings Policy Revised framework
KPMG FLASH NEWS 4 December 2015 KPMG in India External Commercial Borrowings Policy Revised framework Background The Reserve Bank of India (RBI) has revised the framework for overseas borrowing. The framework
More informationTable 2. 2.56 spreads=eased) Premiums charged on riskier loans 2.35 Loan covenants 2.72 Collateralization requirements 2.89 Other 2.
Table 2 SENIOR LOAN OFFICER OPINION SURVEY ON BANK LENDING PRACTICES AT SELECTED BRANCHES AND AGENCIES OF FOREIGN BANKS IN THE UNITED STATES 1 (Status of policy as of April 2003) Questions 1-5 ask about
More informationCriteria for rating short-term debt
Criteria for rating short-term debt Executive Summary CRISIL has been assigning ratings for over 20 years to commercial paper (CP) and short-term debt (STD), and has rated issues of more than 600 issuers.
More informationBank of Ghana Monetary Policy Report. Financial Stability Report
BANK OF GHANA E S T. 1 9 5 7 Bank of Ghana Monetary Policy Report Financial Stability Report Volume 5: No.1/2013 February 2013 5.0 Introduction Conditions in global financial markets have improved significantly
More informationNews Release April 29, 2016. Performance Review: Quarter ended March 31, 2016
News Release April 29, Performance Review: Quarter ended March 31, 16% year-on-year growth in domestic advances; retail portfolio crossed ` 2,00,000 crore (US$ 30.2 billion) during the quarter ended March
More informationThe Return of Depression Economics By Paul Krugman: W.W. Norton & Company, New York, 1999
The Return of Depression Economics By Paul Krugman: W.W. Norton Company, New York, 1999 I C R A B U L L E T I N RAJA J. CHELLIAH This book by the well-known M.I.T. Professor of Economics, written with
More informationPayroll Services. kpmg.com/in
Payroll Services kpmg.com/in Payroll is a very important function for any organization after all, it determines the take home pay of its employees! Due to its sheer sensitivity, it is a service with no
More informationInquiry into Access of Small Business to Finance 31 03 2010. ANZ Submission to the Senate Economics References Committee
Inquiry into Access of Small Business to Finance 31 03 2010 ANZ Submission to the Senate Economics References Committee TABLE OF CONTENTS EXECUTIVE SUMMARY 3 ANZ S COMMERCIAL BANKING BUSINESS 5 ANZ SUPPORT
More information1,477 1,688-1,721. Rs.87.7-99.5bn
Larsen and Toubro Finance Holdings (LTFHL) IPO Note: Subscribe 26 th July, 2011 Incorporated in 1994, Larsen and Toubro Finance Holdings is registered with the RBI as an NBFC- Non-Deposit Taking-Systemically
More informationAhmedabad. Bangalore. Chandigarh. Charles Sturt University Curtin University CQUniversity Deakin University James Cook University - Brisbane
Branch Ahmedabad Bangalore Chandigarh Cities Curtin University Chennai Coimbatore Curtin University Delhi Hyderabad Australian Catholic University Kochi Kolkata Ludhiana Curtin University Mumbai Pune Vadodara
More informationF 3 STANDING COMMITTEES. Finance and Asset Management Committee. Debt Management Annual Report INFORMATION
STANDING COMMITTEES F 3 Finance and Asset Management Committee Debt Management Annual Report INFORMATION The Board of Regents is charged with adopting the University s Debt Management Policy, establishing
More informationHow To Sell The Lily Funding Pty.Linconsistency Mortgage Backed Notes
INTERNATIONAL STRUCTURED FINANCE PRE SALE REPORT Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes CLOSING DATE: September 12, 2001 AUTHOR: Australia-RMBS This pre-sale report
More informationUnderstanding Fixed Income
Understanding Fixed Income 2014 AMP Capital Investors Limited ABN 59 001 777 591 AFSL 232497 Understanding Fixed Income About fixed income at AMP Capital Our global presence helps us deliver outstanding
More informationSUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT
April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE
More informationSphere Global Services Limited
Sphere Global Services Limited Date: 13 th January, 216 Stock Performance Details Shareholding Details September 215 Current Price : ` 3.95^ Face Value : ` 1 per share 52 wk High / Low : ` 9.35 / 31.1
More informationTax. Wealth. Your Savings 20% 10% 30% Save. Build. tax bracket. tax bracket. tax bracket
December 2014 Your Savings by investing in instruments qualifying u/s 80C depends on the tax bracket that you fall in, the savings on taxes vary and range from `15,000 to `45,000 in year Save Tax Build
More informationIndiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029)
Indiabulls Housing Finance Limited (CIN: L65922DL2005PLC136029) Safe Harbour Statement This document contains certain forward-looking statements based on current expectations of Indiabulls Housing Finance
More informationInformation as of 10/19/08. FDIC Temporary Liquidity Guarantee Program What is It and What Does It Mean to Community Banks?
Information as of 10/19/08 FDIC Temporary Liquidity Guarantee Program What is It and What Does It Mean to Community Banks? Introduction The Liquidity Guarantee Program The FDIC has created a temporary
More informationInvestment Rationale
TM PTC India Financial Services Ltd IPO Analysis 15th Mar. 2011 Recommendation : Subscribe Sector NBFC Bidding Details Price Band Rs 26 - Rs 28 Face value Rs 10 Bid Size 250 and in multiple thereof Issue
More informationMerger of ING Vysya Bank with Kotak Mahindra Bank
Merger of ING Vysya Bank with Mahindra Bank Significant Complementarity and Growth Potential Benefits To All Stakeholders November 20, 2014 The Transaction The Board of Directors of ING Vysya and have
More informationnovember 2013 Three Simple investment options for ShorTerm
november 2013 Three Simple investment options for ShorTerm short term investing contents Three simple investment options... 2 Matching funds to needs... 6 Liquid funds... 8 Fixed maturity plans... 18
More informationQuarterly Credit Conditions Survey Report
Quarterly Credit Conditions Report Contents List of Figures & Tables... 2 Background... 3 Overview... 4 Personal Lending... 7 Micro Business Lending... 10 Small Business Lending... 12 Medium-Sized Business
More informationFrequently Asked Questions
Frequently Asked Questions 1. What is tax planning? Tax planning is an essential part of financial planning. Tax planning is use to reduce tax liability by optimally using the provisions of tax exemptions
More informationKPMG Flash News 13 October 2011
KPMG IN INDIA KPMG Flash News 13 October 2011 TAX Right to exercise an option to sell stock allotted under the Employee Stock Option Plan (held through a Trust) to be considered as a capital asset. Background
More informationBANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4)
BANK OF UGANDA STATISTICS DEPARTMENT BANK LENDING SURVEY FOR APRIL TO JUNE 2012 (Q4) Abstract: The credit conditions survey captures past, present and prospective perceptions or developments in the Ugandan
More informationRunning to Stand Still
July 2009 : Running to Stand Still Author(s): Sandeep Hebbar shebbar@omadvisory.com Contact: Om Advisory, 189, Block 19, Jeevan Mitra, JP Nagar, Phase 1, Bangalore - 560078 support@omadvisory.com Ph: +91-80-26655461
More information