As on 31St January 2019
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As on 31st January 2019 Please click here to check the Holdings in our Fixed Income Funds or refer to page no 25 Sr *Upgrade/ Pg. Credit Papers Ratings no: Downgrade no. (A) Kotak Credit Process 4 (B) New Credit Papers 1 Bajaj Consumer Care Limited CRISIL A1+ No Change 5 2 Chambal Fertilisers & Chemicals Ltd CRISIL A1+ No Change 5 3 Indian Hospitals Corporation Ltd BWR AA-(SO) No Change 5 4 M.J. Pharmaceuticals Pvt. Ltd CARE A1+ (SO) No Change 6 (C) Existing Credit Papers 5 Bahadur Chand Investments Private Limited ICRA AA No Change 6 6 Tata Communication Payment Solutions Ltd CARE AA(SO) No Change 6 7 Godrej Properties Ltd ICRA AA/A1+, CRISIL A1+ No Change 6 8 Nayara Energy Limited CARE AA No Change 7 9 Coastal Gujarat Power Ltd. (Guaranteed by Tata Power Co. Ltd ) CARE AA(SO) No Change 7 ICRA AA-/A1+, CARE AA-/ 10 JM Financial Asset Reconstruction Company No Change 8 A1+, CRISIL AA-/A1+ 11 Altico Capital India Pvt Ltd IND AA- / ICRA A1+ No Change 8 12 Avendus Finance Pvt Ltd CRISIL A+ / A1+ No Change 8 13 Rent A Device Trust/Reliable Devices Trust ICRA AAA(SO) No Change 9 14 Endurance Technologies Ltd CRISIL AA / A1+ No Change 9 15 Green Infra Wind Energy ICRA A1+, CRISIL A1+ No Change 9 16 Utkarsh Small Finance Bank ICRA A1 No Change 10 17 AASAN Corporate Solutions Private Limited ICRA AA- (SO) No Change 10 18 Incred Financial Services Private Limited (Visu Leasing and Finance) CARE A/A1 No Change 10 19 Jyothy Fabricare Services Limited CARE AA(SO) No Change 11 20 Suhani Trading and Investment Consultants Pvt Ltd BWR A+ (SO) No Change 11 IND A+ CARE AA- CRISIL AA 11 21 Punjab National Bank No Change BWR AA (for Additional Tier1 Bonds) 22 Sarvoday Advisory Services Pvt. Ltd BWR A(SO) No Change 12 23 Bharti Telecom Ltd CRISIL A1+ No Change 12 25 Future Lifestyle Fashions Ltd CRISIL AA- No Change 12 Aarish Solar Power Ltd. / Aashman Energy Pvt. Ltd. / Divyesh Power Pvt. Ltd. / Elena Renewable Energy Pvt. Ltd. / Pratyash Renewable Pvt. Ltd. / 26 SEI Baskara Power Pvt. Ltd. / SEI Enerstar Renewable Energy Pvt. Ltd. CARE AA-(SO) No Change 12 / SEI Mihir Energy Pvt. Ltd. / Zuvan Energy Pvt. Ltd / Shreyas Renwable Energy Pvt. Ltd 27 Adani Infra (India) Ltd BWR AA-(SO) No Change 13 28 Ananta Landmarks Pvt Ltd. Unrated No Change 13 AA-/A1+ by CRISIL, ICRA 13 29 AU Small Finance Bank Ltd. No Change India Ratings, CARE 30 Asirvad Microfinance Pvt. Ltd CRISIL A+ No Change 13 31 Barclays Investments & Loans (INDIA) LTD. ICRA AAA / A1+ No Change 14 2 32 Bhopal Dhule Transmission Company Limited CRISIL AAA No Change 14 Birla TMT Holding Pvt Ltd, Turquoise Investments & Finance Pvt Ltd CRISIL A1+ No Change 33 14 TGS Investment & Trade Pvt Ltd, Trapti Trading & Investments Pvt Ltd ICRA A1+ No Change 34 Konti Infrapower & Multiventures PvtLtd/ Edison Utility Works Pvt.Ltd. BWR A+(SO) No Change 15 35 Dewan Housing Finance Corp Ltd CARE AAA/A1+ No Change 15 36 Dalmia Cement Bharat Ltd ICRA AA/A1+ No Change 15 37 ECL Finance Ltd ICRA AA/CRISIL A1+ No Change 16 38 East-North Interconnection Company Limited CRISIL AAA(SO) No Change 16 39 Edelweiss Agri Value Chain Limited CARE AA(SO) No Change 16 40 Essel Lucknow Raibareli Toll Roads Limited CARE AAA No Change 17 41 Fullerton India Credit Co. Ltd. CARE AAA/ICRA A1+ No Change 17 42 HPCL Mittal Energy Ltd. and HPCL Mittal Pipelines ICRA AA+ Upgrade 17 43 Igarashi Motors Sales Pvt. Ltd . (IMSPL) ICRA AAA (SO) No Change 18 44 IIFL Wealth Finance Ltd (IWFL) ICRA AA/A1+ No Change 18 45 India Infoline Finance Ltd CRISIL AA/A1+ No Change 19 47 Indostar Capital Finance Ltd CARE AA- No Change 19 48 IOT Utkal Energy Services Ltd CRISIL AAA(SO) No Change 19 49 Jana Small Finance Bank ICRA BBB No Change 19 50 Manappuram Finance Ltd CARE AA/ A1+ No Change 20 51 Muthoot Fincorp Ltd CRISIL A/BWR A+ No Change 20 52 Nabha Power Ltd ICRA AAA(SO)/ CRISIL A1+ No Change 20 53 Nuvoco Vistas Corporation Ltd CRISIL AA No Change 20 54 Jamnagar Utilities & Power Pvt Ltd CRISIL AAA No Change 21 55 Powergrid Vizag Transmission Ltd. CRISIL AAA(SO) No Change 21 58 Prestige Estates Projects Ltd ICRA A+ No Change 21 59 S D Corporation Private Limited ( backed by unconditional and 22 irrevocable DSRA guarantee of Shapoorji Pallonji & Co Pvt Ltd) CARE AA (SO) Downgrade Sahyadri Agencies Ltd. BWR A(SO) No Change 22 60 SP Jammu Udhampur Highways Ltd ICRA AAA(SO)) No Change 22 61 Suraksha Realty Ltd 23 CARE A1+(SO) No Change 62 Suraksha Asset Reconstruction Co. Ltd 63 Tata Motors Finance Solutions CRISIL AA/ CARE A1+ No Change 23 64 Tata Power Ltd. CRISIL AA-/ICRA A1+ No Change 23 65 U P Power Corporation Ltd IND AA(SO)/A+(SO) No Change 24 Holdings in our Fixed Income Funds as of 31st January 2019 25 3 Kotak Credit Process – Mitigating Risk Through Robust Practices Robust Credit Evaluation Process at Kotak MF 4 New Credit Papers Bajaj Consumer Care Limited (CRISIL A1+) Bajaj Consumer Care Ltd (BCC) was incorporated in 2006. It is part of the Shishir Bajaj Group of companies and is a leading manufacturer of light hair oil in consumer packs under brand Bajaj Almond Drops Hair Oil (BADHO). The company also has presence in other hair oil categories through brands Bajaj Brahmi Amla, Bajaj Coco Jasmine and Bajaj Kailash Parbat cooling hair oil. BCC has stable turnover of Rs 800-900 crores with profits of ~200 crores every year The Company has ~Rs 350 crores of cash on its books. Hence the company has negative net debt structure. Bajaj Corporation Limited has been renamed as Bajaj Consumer Care Limited w.e.f 1st January, 2019. Chambal Fertilisers & Chemicals Ltd. (CRISIL A1+) Chambal Fertilizers, a part of the KK Birla group, has the largest installed urea capacity in the private sector of 3.07 million tonnes per annum. The company has strong presence in the North Indian markets, with favorable plant locations close to end markets. The KK Birla group is well established in India and its other companies include HT Media Ltd (publishers of the Hindustan Times), Sutlej Industries Ltd, and Upper Ganges Sugar and Industries Ltd. Indian Hospitals Corporation Ltd (BWR AA-(SO)) Indian Hospitals Corporation Limited is a promoter group company of Apollo Hospitals Enterprise Ltd (AHEL). The company has been promoted by Dr. Prathap C Reddy and his family members, who are the promoters of Apollo Hospitals Group. It is a Loan against shares funding and the primary comfort here is drawn from underlying shares as securities. The transaction is structured with a security cover of 2.00 times and is in the form of pledge of listed shares of Apollo Hospitals Enterprise Limited. Apollo Hospitals Enterprise Limited started in 1983 is an integrated healthcare organizations with owned and managed hospitals, diagnostic clinics, dispensing pharmacies and consultancy services. 5 M.J. Pharmaceuticals Pvt. Ltd. (CARE A1+ (SO)) Shanghvi Finance holds 96.56% of shares in M J Pharmaceuticals. Shanghvi Finance is one of the major promoter entity of the Sun Pharma and holds 40% of Sun Pharma. M J Pharmaceuticals is one of the promoter company of Dilip Sanghvi. Established by Mr. Dilip Shanghvi in 1983, Sun Pharma today has a market capitalization of about Rs.1,01,599.4 crs (as on Jan 31, 2019). The transaction is structured as loan against shares (LAS) with a security cover of 1.75 times in form of pledge of listed shares of Sun Pharma. Existing Credit Papers Bahadur Chand Investments Private Limited(ICRA AA) Bahadur Chand Investments Private Limited and its parent, Brijmohan Lal Om Prakash’s (BMOP), are the principal holding companies of Hero MotoCorp Limited (HMCL). BCIPL has strong financial flexibility emanating from the market value of its investment in HMCL. It holds 20% stake in HMCL BCIPL and BMOP also hold equity and preference stake in a large number of group companies viz. Hero FinCorp Limited, Hero Future Energies Private Limited (merged into Clean Solar Power Hariyur), Rockman Industries Limited, Hero Electronix Private Ltd etc Tata Communication Payment Solutions Ltd.(TCPSL)(CARE AA(SO)) TCPSL, is a wholly owned subsidiary of Tata Communications Ltd. (TCL). TCPSL is a banking and financial services organization offering a one stop 'plug-and-play' infrastructure management solution on a pay-per-use model to its clients. The company provides payment solutions such as managed ATM services, managed hosted core banking solutions, point of sale (POS) solutions, card issuance & management and financial inclusion solutions. These services enable banks to focus on their core business, establish core banking processes, customer acquisition and retention channels with minimum resource allocations. Godrej Properties Ltd (ICRA AA/A1+, CRISIL A1+) Godrej Properties Ltd (hereinafter, GPL) is currently developing residential, commercial and township projects spread across approximately 12 cities. GPL is a part of the Godrej Group which is amongst India’s most diversified conglomerates. The Godrej Group was established in 1897 and comprises of a varied business portfolio that includes 6 real estate development, fast moving consumer goods, advanced engineering, home appliances, furniture, security, and agri-care. In 2010, Godrej Properties became a publicly listed company through a successful IPO in which it raised USD 100 million. It is one of India's only national developers with a strong presence across the country's leading real estate markets.