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Press Release Incred Financial Services Limited

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Press Release Incred Financial Services Limited Press Release InCred Financial Services Limited (Formerly known as Visu Leasing and Finance Private Ltd) April 02, 2019 Ratings Rated amount Instrument / Facility* Rating1 Rating Action (Rs. crore) Long term bank facilities 1,200 CARE A; Stable Reaffirmed Non-convertible Debentures 700 CARE A; Stable Reaffirmed Commercial Paper issue 250 CARE A1 Reaffirmed *: Details of all the facilities / instruments are attached as Annexure 1 Detailed Rationale & Key Rating Drivers The ratings assigned to the various debt instruments of InCred Financial Services Limited (IFSL) [a part of InCred Group] factor in extensive experience of promoters in the financial services industry and strong management team, healthy capitalization levels, low gearing levels with capital infusion in FY17 (refers to period from April 01 to March 31), strong systems and IT infrastructure, diversified loan portfolio and comfortable liquidity profile. The above-mentioned rating strengths are partially offset by limited track record of operations, unseasoned loan portfolio and moderate profitability. Continuing comfortable capitalization levels, growth in business with profitability, asset quality with seasoning of the loan portfolio are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Extensive experience of promoters in financial services industry The InCred group is promoted by Mr. Bhupinder Singh (Founder and Chief Executive Offer (CEO) of IFSL), who has over two decades of experience in financial services industry. Prior to this venture, Mr. Bhupinder Singh was associated with Deutsche Bank as head of Corporate Finance division and co-headed Fixed Income, Equities and Investment Banking divisions for Asia pacific region. Experienced and strong management team The operations of IFSL are headed by Mr. Bhupinder Singh and the company has put in place an experienced management team which includes Mr. Sunil Agarwal (Head - Capital Markets and Liabilities), Mr. Prithvi Chandrasekhar (Head – Risk & Analytics) and Mr. Vivek Bansal (Group Chief Financial Officer (CFO)). The SME Lending business of the company is headed by Mr. Saurabh Jhalaria who has over 13 years of experience at Deutsche Bank and looked after lending to corporate and SME borrowers across Asia with a focus on India. The Education Loans business is headed by Mr. Prashant Bhonsle who has worked with ICICI Bank, Canon and RPG Cellular and helped co-found HDFC Credila which is India’s largest education loan company. The group has Mr. Anshu Jain (currently President at Cantor Fitzgerald and former Co-CEO of Deutsche Bank from 2012 to 2015) on the advisory board. Healthy capitalization and low gearing levels with capital infusion The promoters as an initial equity commitment to build up the business have infused equity capital to the tune of Rs.520 crore during FY17 and Rs.10 crore during FY18 resulting in tangible net worth base of Rs.539 crore as on March 31, 2018 and Rs.599 crore as on December 31, 2018. The company leveraged its equity base to build up its loan portfolio as a result, its overall gearing stood at 1.78 times as on March 31, 2018 and 2.34 times as on December 31, 2018. Due to strong net worth base, the company reported overall capital adequacy ratio (CAR) of 30.08% with Tier I CAR of 27.07% as on March 31, 2018 (P.Y.: CAR of 119.51% with Tier I CAR of 111.38%). As on December 31, 2018, the company reported CAR of 20.82% with Tier I CAR of 20.42%. The company has recently started their business operations and is in nascent stages of operations and going 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release forward as the business of the company scales up, it is expected to increase gearing to around 3x to 4x in the medium term. Diversified loan portfolio The group started its operations in February, 2017 and has built up a loan portfolio of Rs.1,428 crore (including Rs.197 crore of housing loan portfolio) as on March 31, 2018. The company has a housing finance company ‘InCred Housing Finance Private Limited’ (IHFPL) which is a 100% owned subsidiary of IFSL. The company had a loan portfolio of Rs.197 crore as on March 31, 2018, largely into affordable housing segment and small ticket loan against property (LAP) loans with a ticket size ranging from Rs.2 lakh up to Rs.50 lakh. During January 2019, the entire loan portfolio of IHFPL was sold by the company whereby IHFPL exiting the housing loan business. During 9MFY19, the company went slow in disbursements especially in Q3FY19 due to tightening of overall liquidity condition. As on December 31, 2018, the total loan portfolio stood at Rs.1,779 crore. The portfolio was split into two major categories – Retail loan portfolio and SME loan portfolio. Retail loan portfolio constituted a mix of unsecured business loans (15%), personal loans (15%), education financing (12%) and 2- wheeler loans (8%) whereas SME loan portfolio comprised of loans to NBFCs/MFIs (9%), loans to educational institutes (23%), supply chain financing (11%) and structured financing (8%). Moderate liquidity profile The funding profile of IFSL largely comprises borrowings by way of term loans from banks and NBFCs having tenure of up to 3 years as against majority of the loan portfolio having average tenor of up to 3 years. The asset liability maturity (ALM) profile as on December 31, 2018 had no negative cumulative mismatches up to the 1-year bucket as 49% of the Borrowings are in the form of Term Loans falling in the maturity bucket of 1-3 years bucket. Further, around 10%-15% of the company loan portfolio is supply chain financing which have maturity of 45 to 60 days which provide liquidity on ongoing basis. Key Rating Weaknesses: Limited track record of operations with unseasoned loan portfolio The company under the new management started its business operations in February, 2017 and FY18 was its first year of operation. As a result, the seasoning of the loan portfolio continues to be low and asset quality of the same is yet to be witnessed. During FY18 and 9MFY19, as the company scaled up its operations, it saw some slippages and reported Gross NPA ratio of 1.36% and Net NPA ratio of 0.92% as on December 31, 2018. Going forward, as the company further scales up its operations, maintaining asset quality of the loan portfolio will be a key rating sensitivity. Moderate profitability During FY18, as the company scaled up its loan portfolio, it reported Profit after Tax (PAT) of Rs.11.86 crore on a total income of Rs.126.74 crore. Being in the initial stage of operation, the company’s operating cost as a proportion of total income continued to be high at 62% for FY18 while credit costs were at around 6%. During 9MFY19, as the company increased its leverage coupled with tightening of overall liquidity conditions, the company saw significant increase in incremental cost of funds. This coupled with slow disbursements impacted the profitability in spite of stable operating and credit costs. During 9MFY19, IFSL reported PAT of Rs.8.04 crore on total income of Rs.228.53 crore. Liquidity profile The liquidity profile as on December 31, 2018 had no negative cumulative mismatches up to the 1-year bucket as 49% of the Borrowings were in the form of Term Loans falling in the maturity bucket of 1-3 years bucket covered by adequate cash flow from loan portfolio receivables. The company also maintains cash credit / WCDL facilities to meet its liquidity requirement. As on February 28, 2019, the company had nil Commercial Paper (CP) outstanding and had unutilized limit of CC/WCDL stood of Rs.15.81 crore. Analytical approach: Standalone 2 CARE Ratings Limited Press Release Applicable Criteria Criteria on assigning Outlook to Credit Ratings CARE's Policy on Default Recognition Rating Methodology- Non Bank Finance Companies Financial ratios - Financial Sector About the Company The InCred Finance Group lends through its new age financial services technology platform “InCred- credit for InCredible India” that leverages technology and data-science to make lending quick and easy. The group started its lending operations from February, 2017, InCred Financial Services Limited *erstwhile “Visu Leasing Finance and Private Limited” (VLFL)+. The group typically offers four kinds of loan products like (i) Personal Loans, (ii) Education Loans (iii) SME Loans & (iv) 2-Wheeler Loans. The InCred Group offers personal, education and SME loans through its RBI registered NBFC-ND-SI InCred Financial Services Limited *erstwhile ‘Visu Leasing and Finance Private Limited’ (VLFL)+ which was incorporated on January 08, 1991 and received the certificate of registration from RBI on August 20, 2000 to operate as an NBFC. The group’s combined loan portfolio as on December 31, 2018 stood at Rs.1,779 crore. As on March 31, 2018, the group’s business is spread across India with 17 branches situated across 18 states with an employee base of 684 employees spread across various function. InCred group incorporated in December, 2015 a housing finance company (HFC) ‘InCred Home Finance Private Limited (erstwhile Bee Secure Home Finance Private Limited’) which is an HFC registered with NHB . During 9MFY19, the group has sold its housing finance business. Brief Financials of InCred Financial Services Limited (Standalone) (Rs. crore) Particulars FY17 (A) FY18 (A) Total income 2.41 126.74 PAT 0.17 11.86 Total Assets@ 559.83 1,527.66 Net NPA (%) Nil Nil ROTA (%) (PAT/Average Total Assets) 0.06 1.14 A: Audited, @: Net of Intangible Assets & Deferred Tax Assets (DTA) Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2 Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity.
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