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Tata Capital Housing Finance Limited

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Tata Capital Housing Finance Limited Tata Capital Housing Finance Limited Instrument Amount Rating Action Non Convertible Debentures Programme Rs. 400 crore [ICRA]AA+(Stable) [assigned] ICRA has assigned the rating of [ICRA]AA+ (pronounced ICRA double a plus) with ‘Stable’ outlook to the Rs. 400 Non Convertible Debt programme of Tata Capital Housing Finance Limited (TCHFL)†ICRA also has ratings outstanding of [ICRA]AA+ for subordinate bonds aggregating to Rs. 575 crore and Non Convertible Debenture programme aggregating to Rs. 500 crore of the company. ICRA also has rating outstanding of [ICRA]A1+(pronounced ICRA one plus) for the Rs.150 crore Commercial Paper Programme and Rs.100 crore Short term borrowings1 of the company. The ratings are primarily based on the strengths derived from TCHFL’s ultimate parent. TCHFL is a 100% subsidiary of Tata Capital Limited (TCL), which in turn is 90.28% owned by Tata Sons Limited (TSL), rated by ICRA at [ICRA]AAA and [ICRA] A1+. ICRA views the housing finance segment as an important extension to the existing bouquet of financial products offered by TCL, making TCHFL strategically important for the parent. The company enjoys benefits of the Tata group’s strong franchise, close board supervision and access to TCL’s infrastructure, marketing and loans origination teams which has enabled it to grow its business volumes (portfolio grew by ~43% in 2015-16 to Rs. 13004 crore as on March 31, 2016). TCHFL enjoys a healthy financial flexibility to mobilize long term funding at competitive rates on account of its strong parentage. While the ALM profile of the company exhibits some mismatches in short term buckets these are adequately backed by un-utilized banks lines. As for capitalisation profile of the company, it has benefitted from the regular infusion from the parent (Around Rs.245 crore were infused in FY2016, Rs 160 crore in 2014- 15) and ICRA expects the company to remain adequately capitalized as it continues to expand its portfolio given the strong capital commitment from its parent. TCHFL has a moderate earnings profile with its return of asset improving to 1.0% in 2015-16 against 0.9% in 2014-15 on account of higher Net Interest Margins (3.0% in 9M-FY2016 against 2.6% in 2014-15) on the back of softening of cost of funding during the period. Operating expenses for the company at 1.7% in 2015-16 continue to remain higher compared to the industry medians. Going forward while the company’s may continue to enjoy scale benefits as it leverages its branch network, earnings profile would also be dependent upon its ability to maintain a control over asset quality indicators given the large share of book to self employed customers (~44% of book in Jun-15), whose cash flows typically are more volatile compared to that of salaried customers. ICRA however notes the increase in share of salaried customers to 43% in Jun-15 against 39% in Mar-14, and the intended focus on expanding in the salaried segment by growing to tier 2 and Tier 3 locations and also by leveraging customers within the Tata ecosystem. Asset quality indicators of the company are moderate with Gross NPA% of 0.72% as on March 31, 2016 against 0.61% in Mar-15. Going forward ability of the company to maintain a control over its asset quality indicators as it continues to expand will be an important rating consideration. About the company Tata Capital Housing Finance Limited (“TCHFL”) a 100% subsidiary of Tata Capital Limited (TCL) was incorporated for providing long term finance for housing purposes. The incorporation of this company was part of TCL’s plan to augment its existing product pipeline in the retail segment to home loans. National Housing Bank (NHB) has granted Certificate of Registration to TCHFL for commencement of business as a Housing Finance Company. The company commenced its lending operations in July 2009 and as on March 31, 2016 had a total portfolio of around Rs. 13,120 crore. For the year ended March 31, 2016, the company reported Profit after tax (PAT) of Rs112.61 crore (vis-à-vis a PAT of Rs 67.93 crore in 2014-15) on a total income of Rs 1265.45 crore in 2015-16 (vis-à-vis Rs 910.17 crore in 2014-15). The total net worth of the company stood at 1091.15 crore as on March 31, 2016. Tata Capital Limited Primal Investments and Finance Limited was established in March 1991 and the name was changed to Tata Capital Limited in May 2007. TCL is a subsidiary of Tata Sons Limited and as on March 31, 2014 TSL had a † For Complete rating scale and definitions please refer to ICRA’s Website www.icra.in or ICRA Rating Publications” 1 Includes Rs, 100 crore which is interchangeable between short term borrowings and commercial paper programme 90.28% shareholding in TCL. TCL is registered as Core Investment Company (CIC) and is the holding company for the various financial services of the group including TCFSL, Tata Capital Housing Finance Limited (TCHFL) and Tata Securities Limited. TCL also holds strategic and private equity investments. As on March 31, 2016 the company had a net worth (excluding preference shares) of Rs. 3250.64 crore2 and had a total asset base of Rs. 6318.01 crore. During FY2016 TCL reported a PAT of Rs 152.80 crore. Tata Sons Limited Tata Sons Limited (Tata Sons), founded in 1917 by the Tata Group’s founder, Shri J N Tata, is the principal holding company for the Tata group and owner of the Tata brand and associated Tata trademark. Charitable trusts including those endowed by the late Sir Dorabji Tata own majority of Tata Sons’ shareholding at 66%. While income from dividends and profit generated on sale of investments constitute the principal revenue source for the company, it also includes royalty fees earned from group companies for using the Tata brand. Such fees however are largely spent on the management of the brand. Tata Sons also provides certain group level services to the Tata companies, key amongst them being facilitating Business Excellence within the Tata Group by conducting training programme (through Tata Quality Management Services), legal assistance and HR services. Tata Consultancy Services division (TCS, one of the largest software companies in India and the highest contributor to Tata Sons in terms of revenues and profits) was spun-off as a separate entity during 2004-05. Currently, Tata Sons’ equity investments are spread across seven major industry segments and include investments in flagship concerns like Tata Consultancy Services Limited, Tata Steel Limited, Tata Power Company Limited, Tata Motors Limited, Tata Chemicals Limited, Tata Teleservices Limited, Tata Global Beverages Limited and so on. May 2016 For further details please contact: Analyst Contacts: Ms. Vibha Batra, (Tel. No. +91-124-4545 302) [email protected] Relationship Contacts: Mr. L. Shivakumar, (Tel. No. +91 22 6114 3406) [email protected] © Copyright, 2016, ICRA Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information provided by it. While 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 may have provided services other than rating to the issuer rated. 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. 2 Adjusted for preference shares and miscellaneous expenses yet to be written off Registered Office ICRA Limited 1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi 110001 Tel: +91-11-23357940-50, Fax: +91-11-23357014 Corporate Office Mr. Vivek Mathur Mobile: +91 9871221122 Email: [email protected] Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon 122002 Ph: +91-124-4545310 (D), 4545300 / 4545800 (B) Fax; +91- 124-4050424 Mumbai Kolkata Mr. L. Shivakumar Mr. Jayanta Roy Mobile: +91 9821086490 Mobile: +91 9903394664 Email: [email protected] Email: [email protected] 3rd Floor, Electric Mansion A-10 & 11, 3rd Floor, FMC Fortuna Appasaheb Marathe Marg, Prabhadevi 234/3A, A.J.C. Bose Road Mumbai—400025, Kolkata—700020 Board : +91-22-61796300; Fax: +91-22-24331390 Tel +91-33-22876617/8839 22800008/22831411, Fax +91-33-22870728 Chennai Bangalore Mr. Jayanta Chatterjee Bangalore Mobile: +91 9845022459 Mr. Jayanta Chatterjee Email: [email protected] Mobile: +91 9845022459 Email: [email protected] 5th Floor, Karumuttu Centre 634 Anna Salai, Nandanam 'The Millenia' Chennai—600035 Tower B, Unit No. 1004,10th Floor, Level 2 12-14, 1 & 2, Tel: +91-44-45964300; Fax: +91-44 24343663 Murphy Road, Bangalore 560 008 Tel: +91-80-43326400; Fax: +91-80-43326409 Ahmedabad Pune Mr.
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