detailed table of contents - · pdf fileberar finance limited tata motors finance ltd . bmw...

Detailed Table of Contents

1. Infrastructure finance

Opinion

Outstanding portfolio growth and market dynamics

● Review of growth in overall infrastructure financing market

− Growth in infrastructure projects sanctioned by financial institutions

− Capex of all institutionally assisted projects

− Segment wise share of investments

● Growth outlook and market share outlook for NBFCs

● Key growth drivers

● New funding avenues for infrastructure sector

● NBFCs’ product mix and borrowing profile

Asset quality

● Past trend in Gross NPAs and restructured assets

● Outlook on GNPAs

Profitability

● Profitability - for overall NBFCs and for NBFCs excluding PFC and REC

Industry Information ● Underlying asset dynamics

● Regulatory framework

● Key growth drivers and risks in the finance market

2. Housing finance

Opinion


● Review of housing finance market growth

● Growth outlook for HFCs

● Analysis of large HFCs vis-à-vis small and medium sized HFCs

● Market share of HFCs vs. Banks including outlook

● Player wise market share of HFCs

● Breakup of HFC portfolio (Retail housing loans, Non-Retail)

Key growth drivers

Profitability

● Borrowing profile of HFCs

● Profitability of HFCs – separate trend for large HFCs vis-à-vis small and medium sized HFCs

● Profitability- Retail housing loans and non-retail segment

Asset quality

● Past trend in Gross NPAs


Key risks

Annexure

Industry Information

● Underlying asset dynamics and demand drivers



3. Low cost housing finance (Ticket size of <Rs 1 million)

Opinion


● Overview of low cost housing segment

● Competitive scenario and strategy

● Business model

● Review of low cost housing market growth

● Outlook for low cost housing finance focused HFC growth

● Key drivers for growth

● Key risks

● Annexure (Geographical mix of loan book for banks)

Profitability

● Borrowing mix of housing finance players based on size

● Profitability of housing finance players based on ticket size

Asset quality



4. Loan Against property

Opinion


● Review of LAP market growth

● Market size and growth

● Outlook for LAP market growth


● Trend in share of tier II cities

● Market share of Non-banks vs. Banks including outlook

● Business sourcing mix for Non-Banks

● Profile of the Non-bank customers

● Business models for Non-banks, Private sector banks and public sector banks

● Collateral mix for Non-banks

● Key operating parameters (Interest rates, loan to vale, average ticket size, tenure)

Profitability

Asset quality



Risks factors

5. Auto Finance

Opinion

Outstanding portfolio growth and market dynamics - overall Auto finance

● Underlying asset growth outlook

● Growth outlook for NBFCs (including Segment wise growth expectations for new vehicle sales)

● Market share of NBFCs vs. Banks including outlook

● Player wise market share of NBFCs

● Breakup of NBFC portfolio

● Value proposition for NBFCs

● Indicative yields and GNPAs across segments

● Segment wise key parameters like Penetration, LTV, Tenure, ATS

Profitability – overall Auto finance

● Borrowing profile

● Profitability

● Capital adequacy

Asset quality – overall Auto finance



Asset class performance for CRISIL-rated securitisation transactions in fiscal 2017

Success mantras in vehicle financing

Tractor finance

● Disbursement growth outlook

● Trend in tractor sales

● Tractor sales: growth drivers (near and long term)

● Region-wise and hp-wise tractor sales

● Key market parameters (Loan to value, finance penetration)

● Formal financiers’ vis-à-vis informal financiers share

● Share in disbursements for NBFCs, private sector banks and others

● Competitive advantages of NBFCs

● Profitability

● Asset quality

● Recent developments in the industry

Used CV finance market

● Disbursement growth outlook – LCV and MHCV separate calls

● CV sales trend – LCV and MHCV separate

● Share in disbursements for NBFCs vs Banks

● Customer profile and business sourcing

● Key market parameters (Finance penetration, risk profile, interest rate, loan to value ratio)

● Key success factors for used CV finance business

● Profitability

● Asset quality

● Impact of GST

Used car finance market

● Current market size and past growth

● Disbursement growth outlook

● overview of unorganised and organised used car market

● Business models adopted by used car dealers

● Used car finance market unorganised vs organized

● Customer profile and characteristics

● Share in disbursements for NBFCs vs Banks

● Key parameters on which players compete

● Impact of GST on used car market

● Profitability

● Asset quality

● Future prospect of used car market and key risks

Industry Information – Overall Auto finance


● Evolution


● Key growth drivers and challenges in the finance market

6. Construction equipment loans

Opinion

Disbursement growth and market dynamics

● Growth in disbursements – Review and outlook

● Growth outlook for NBFC Assets under management

● Construction equipment sales trend

● Organized vs unorganized segment

● Finance penetration

● Market share of NBFCs vs Banks

● Breakup of NBFC portfolio (new vs used; Contractor vs. Hirer/Rental)


Profitability


● Profitability

Asset quality

Recent initiatives and trends in the CEF industry

Impact of demonetization and GST

Key challenges




● Key success factors and challenges in the finance market

7. Wholesale finance

Opinion

Outstanding growth and market dynamics

● Definition of ‘wholesale finance’ and its segmentation


● Market share of NBFCs vs. Banks

● Growth outlook for NBFCs


● Key competencies which will help NBFCs sustain business growth despite competition from banks

● Key operating parameters

Profitability

Asset quality

Key risks and measures to mitigate it

8. SME loans

Opinion





● Market share vs AUM growth matrix for NBFCs

● Growth drivers

● Market trends including lending dynamics for unsecured credit and sourcing mix

Asset quality

● Asset quality NBFCs vs. Banks and asset quality trend for NBFCs

Impact of GST on MSMEs

State wise distribution of MSME credit for banks

MSME lending mix for NBFCs among trading, services and manufacturing

Profitability

Key Risks

Government initiatives focusing on addressing structural issues in MSME lending

9. Gold Loan

Opinion


● Review of the gold loan market



● Region wise breakup of NBFC portfolio


Profitability

● Past and future trend of yield on advances and cost of borrowings of NBFCs

● Profitability

Sources of funds for NBFCs

Asset quality



Emergence of online gold loans

Sensitivity of gold prices and LTV on probability of default



● Features of gold loans (Interest rate, tenure, LTV, ATS), comparison with personal Loan



10. Micro finance

Opinion


● Review of AUM growth for MFIs

− Growth in ticket size and number of clients

− Impact of demonetization

● Growth outlook for MFIs – separately for players with SFB license

● Impact of small finance bank licenses on the MFIs

● Market share of MFIs vs. Banks including outlook

● Key trend of MFIs and Bank portfolio (Average ticket size, Loan portfolio)

● Player wise market share of MFIs

● State wise split of MFI AUM and client base

● State wise portfolio growth of MFIs

● Urban rural client mix of MFIs

● Proportion of loans given for income generation vs consumption

Profitability


● Trend in securitization

● Profitability outlook for players with SFB license and without SFB license

Asset quality


● Asset quality in key states



● Evolution of the industry

● Business models



11. Consumer durable finance

Opinion



● Growth in underlying assets and share of consumer durables in total domestic sales



● Competition analysis: Market share of NBFCs vs. Banks

● Key consumer durable financing schemes and scheme structure

● Key market trends (Loan to Value, average ticket size, tenure. subventions etc.)

Profitability and asset quality

• Revenue stream for a financier

• Costs of financier

• Level of gross non-performing assets for NBFCs

12. Education Loans

Opinion


● Review of growth in overall education loan market


● Outlook for Education Loan market growth

● Segment wise distribution of loans given.

● Market share of Non-banks vs. Banks including outlook

● Offerings of Banks vs NBFCs

● Share of NBFCs in the Overseas Market


● Growth trend of NBFCs

● Portfolio Mix of NBFCs

Profitability

● Borrowing profile – for overall NBFCs

● Profitability - for overall NBFCs

Asset quality


13. Leasing

● Leasing market: Current scenario and growth outlook

● Global leasing market


● Share of various products in leasing

● Competitive scenario

● Impact of GST

● Implication of IFRS

Player Profile for All Segments Covered

Infrastructure Financing

IFCI Ltd Power Finance Corporation Ltd

IL&FS Financial Services Ltd Rural Electrification Corporation Ltd

India Infrastructure Finance Company Ltd SREI Infrastructure Finance Ltd

L&T Infrastructure Finance Ltd West Bengal Infrastructure Development Finance Corporation Ltd

PTC India Financial Services Limited

Housing finance

Can Fin Homes Ltd LIC Housing Finance Limited

Dewan Housing Finance Corporation Limited Magma Housing Finance

Edelweiss Housing Finance Limited PNB Housing Finance Limited

GIC Housing Finance Limited Reliance Home Finance

Housing Development Finance Corporation Ltd Repco Home Finance Ltd

ICICI Home Finance Company Limited Tata Capital Housing Finance Ltd

Indiabulls Housing Finance Ltd (Consolidated) Bee Secure Home Finance Pvt Limited

L&T Housing Finance Ltd

Auto Loans

Arman Financial Services Limited Sakthi Finance Limited

AU Financiers (India) Ltd Shriram Transport Finance Co Ltd

Bansal Credits Limited Sundaram Finance Ltd

Berar Finance Limited Tata Motors Finance Ltd

BMW India Financial Services Private Limited Toyota Financial Services India Ltd

Bussan Auto Finance India Private Limited TVS Credit Services Limited

Ceejay Finance Limited Ess Kay Fincrop Private Limited

Cholamandalam Investment & Finance Co Ltd Kamal Auto Finance Ltd.

Daimler Financial Services India Private Limited Hinduja Leyland Finance Limited

Family Credit Limited Khushbu Auto Finance Limited

Hero Fincorp Ltd S M L Finance Ltd

Kotak Mahindra Prime Ltd Kogta Financial India Limited

Magma Fincorp Ltd Mahaveer Finance India Limited

Mahindra & Mahindra Financial Services Ltd Kusalava Finance Limited

Manba Finance Limited Ad - Manum Finance Limited

Muthoot Capital Services Ltd Deccan Finance Limited

IKF Finance Limited

Construction equipment loans

SREI Equipment Finance Limited

Gold Loan Kosamattam Finance Ltd Muthoot Fincorp Ltd

Manappuram Finance Ltd Muthoottu Mini Financiers Limited

Muthoot Finance Ltd

Micro finance

Annapurna Microfinance Pvt Ltd Ujjivan Financial Services Ltd

Arohan Financial Services Pvt Ltd AYE FINANCE PRIVATE LIMITED

Asirvad Microfinance Pvt Ltd Adhikar Micro Finance Pvt Ltd

Bharat Financial Inclusion Limited Agora Microfinance India Limited

Cashpor Micro Credit Chaitanya India Fin Credit Pvt Ltd

Fusion Microfinance Pvt Ltd Margdarshak Financial Services Limited

Grama Vidiyal Microfinance Pvt Ltd M POWER MICRO FINANCE PRIVATE Limited

Grameen Koota Financial Services Pvt Ltd Navachetana Microfin Services Limited

Janalakshmi Financial Services Pahal Financial Services Private Limited

Madura Micro Finance Ltd Samasta Microfinance

Namra Finance Limited Unacco Financial Services (P) Ltd

S V Creditline Pvt Ltd Belstar Investment and Finance Private Limited

Satin Creditcare Network Ltd Fino Finance Private Limited

S.M.I.L.E. Microfinance Limited Saija Finance Private Limited

Sonata Finance Pvt Ltd

Low Cost Housing

Aadhar Housing Finance Limited Shriram Housing Finance Ltd

Aditya Birla Housing Finance Limited Shubham Housing Development Finance Company Private

Limited

Akme Star Housing Finance Limited SRG Housing Finance Ltd

Aptus Value Housing Finance India Limited Sundaram BNP Paribas Home Finance Ltd

Aspire Home Finance Corporation Limited Swagat Housing Finance Company Limited

AAVAS Financiers Limited (Formerly Au Housing Finance

Limited) Centrum Housing Finance Limited

Bajaj Housing Finance Limited India Shelter

Capital First Home Finance Private Limited Indiabulls Commercial Credit Ltd.

Cent Bank Home Finance Ltd International Housing Finance Corpn. Ltd.

DHFL Vysya Housing Finance Limited JM Financial Home Loans Limited

Fullerton India Home Finance Company Limited SEWA Grih Rin Ltd

Gruh Finance Ltd Mentor Home Loans India Ltd.

HDB Financial Services Ltd Muthoot Homefin (India) Limited

Ind Bank Housing Limited RAAS Affordable Housing Finance (India) Limited

India Home Loans Limited DMI Housing Finance Private Limited

India Infoline Housing Finance Limited Khush Housing Finance Private Limited

Mahindra Rural Housing Finance Ltd Viji Housing Finance

Manappuram Home Finance Private Limited India Shelter Finance Corporation Limited

Manipal Housing Finance Syndicate Limited Home First Finance Company India Private Limited

MAS Rural Housing and Mortgage Finance Limited Vastu Housing Finance Corporation Ltd.

Micro Housing Finance Corporation Limited Capri Global Housing Finance Limited

Muthoot Housing Finance Company Limited IndoStar Home Finance Private Limited

New Habitat Housing Finance and Development Limited Housing and Urban Development Corporation Ltd.

Religare Housing Development Finance Corporation Limited National Trust Housing Finance Ltd.

Sahara Housingfina Corpn Ltd Hinduja Housing Finance Limited

Wholesale Finance

Aditya Birla Finance Limited Tata Capital Financial Services

Altico Capital India Private Limited IREP Credit Capital

Axis Finance Limited JM Financial Credit Solutions Limited

IndoStar Capital Finance Limited JM Financial Products Ltd.

KKR India Financial Services Private Limited ECL Finance (Edelweiss)

L&T Finance (Holdings) - Wholesale Financing Citicorp Finance (India) Limited

Piramal Finance Limited Xander Finance Private Limited

STCI Finance Limited Ambit Capital Finvest

Diversified business

Bajaj Finance Ltd Blue Jay Finlease Limited

Baid Leasing and Finance Co. Limited Centrum Financial Services Limited

Capital First Ltd DMI Finance Private Limited

Capital Trust Limited Electronica Finance Limited

Capri Global Capital Ltd Home Credit India Finance

Edelweiss Financial Services Ltd JM Financial Capital Limited

Essel Finance Business Loans Ltd JM Financial Limited

Frontier Capital Limited NeoGrowth Credit Private Limited

Fullerton India Credit Company Ltd Veritas Finance Private Limited

Galada Finance Limited Viji Finance Limited

IFMR Capital Finance Private Limited Visu Leasing and Finance Pvt Limited

IIFL Holdings Limited Volition Credit & Holdings Pvt. Ltd

Intec Capital Limited Clix capital

MAS Financial Services Ltd A. K. Capital Finance Private Limited

Reliance Commercial Finance (Reliance Capital Business Unit) Tab Capital Limited

Religare Finvest Ltd Visage Holdings and Finance Private Limited

S. E. Investments Ltd Lendingkart Finance Limited

Shriram City Union Finance Ltd - Consolidated Karvy Financial Services Limited

SRS Finance Limited Zen Lefin Credit Pvt Ltd. (Capital Float)

Vistaar Financial Services Private Limited Visu Leasing and Finance Private Limited

Education Finance

Credila Financial Services Pvt Ltd Avanse Financial Services

About CRISIL Limited

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings

agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data

to the capital and commodity markets worldwide.

About CRISIL Research

CRISIL Research is India's largest independent integrated research house. We provide insights, opinion and analysis on the Indian

economy, industry, capital markets and companies. We also conduct training programs to financial sector professionals on a wide array

of technical issues. We are India's most credible provider of economy and industry research. Our industry research covers 86 sectors

and is known for its rich insights and perspectives. Our analysis is supported by inputs from our network of more than 5,000 primary

sources, including industry experts, industry associations and trade channels. We play a key role in India's fixed income markets. We are

the largest provider of valuation of fixed income securities to the mutual fund, insurance and banking industries in the country. We are

also the sole provider of debt and hybrid indices to India's mutual fund and life insurance industries. We pioneered independent equity

research in India, and are today the country's largest independent equity research house. Our defining trait is the ability to convert

information and data into expert judgements and forecasts with complete objectivity. We leverage our deep understanding of the macro-

economy and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. Our talent pool

comprises economists, sector experts, company analysts and information management specialists.

CRISIL Privacy

CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfil your request and service your

account and to provide you with additional information from CRISIL and other parts of S&P Global Inc. and its subsidiaries (collectively, the

“Company”) you may find of interest.

For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You

can view the Company’s Customer Privacy at https://www.spglobal.com/privacy

Last updated: April 2016

Disclaimer

CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information obtained

by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the

Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a

recommendation to invest / disinvest in any company / entity covered in the Report and no part of this report should be construed as an investment

advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report.

CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings Division / CRISIL Risk and

Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed

in this Report are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published / reproduced in

any form without CRISIL’s prior written approval.

detailed table of contents - · pdf fileberar finance limited tata motors finance ltd . bmw...

Documents