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Key Credit Brief
Key Credit Brief
Page | 1
Please click here to check the Holdings in our Fixed Income Funds or refer to page no 23
Sr no: Credit Papers Ratings Page no.
New Credits taken in the month of November
1 Bharti Telecom Ltd CRISIL A1+ 3
2
Aarish Solar Power Ltd. / Aashman Energy Pvt. Ltd. / Divyesh Power Pvt. Ltd. / Elena Renewable Energy Pvt. Ltd. / Pratyash Renewable Pvt. Ltd. / SEI Baskara Power Pvt. Ltd. / SEI Enerstar Renewable Energy Pvt. Ltd. / SEI Mihir Energy Pvt. Ltd. / Zuvan Energy Pvt. Ltd
CARE AA-(SO) 3
3 Future Lifestyle Fashions Ltd CRISIL AA- 4
Existing Credit
4 Adani Infra (India) Ltd BWR AA-(SO)) 4
5 Adani Power Ltd BWR AA-(SO) 4
6 Adani Transmission Ltd IND AA+/A1 4
7 Aspire Home Finance Corporation Ltd ICRA AA- 4
8 Altico Capital India Private Limited IND AA-/A1+ 5
9 Ananta Landmarks Pvt Ltd. Unrated 5
10 AU Small Finance Bank Ltd. FITCH A+(IND) 5
11 Asirvad Microfinance Pvt. Ltd CRISIL A+ 6
12 Barclays Investments & Loans ICRA AAA / A1+ 6
13 Bhopal Dhule Transmission Company Limited CRISIL AAA 6
14 Birla TMT Holding Pvt Ltd, Turquoise Investments and Finance Pvt Ltd CRISIL A1+
7 TGS Investment & Trade Pvt Ltd, Trapti Trading & Investments Pvt Ltd ICRA A1+
15 Continental Drug Company Pvt Ltd / Edison Utility Works Pvt.Ltd. ( Secured by Equity shares of Zee Ltd )
BWR A+(SO) 7
16 Dewan Housing Finance Corp Ltd CARE AAA/A1+ 7
17 Dalmia Cement Bharat Ltd ICRA AA/A1+ 8
18 DLF Emporio Ltd CRISIL AA(SO) 8
19 East-North Interconnection Company Limited CRISIL AAA(SO) 9
20 ECL Finance Ltd CARE AA 9
21 Edelweiss Agri Value Chain Limited ICRA AA/A1+ 10
22 Essel Lucknow Raibareli Toll Roads Limited IND AAA(SO) 10
23 Ford Credit India Private Limited IND A1+ 10
24 Fullerton India Credit Co. Ltd. CARE AAA 11
25 HPCL Mittal Energy Ltd. and HPCL Mittal Pipelines ICRA AA 11
26 Igarashi Motors Sales Pvt. Ltd . (IMSPL) ICRA AAA (SO) 11
27 IIFL Wealth Finance Ltd (IWFL) ICRA AA/A1+ 12
28 India Infoline Finance Ltd CRISIL AA/A1+ 12
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29 Indostar Capital Finance Ltd CARE AA- 12
30 Innovador Traders Pvt Ltd ( backed by unconditional and irrevocable undertaking by Piramal Fund Management Pvt Ltd)
ICRA AA-(SO) 12
31 Intime Properties Ltd. FITCH AAA(SO) 13
32 IOT Utkal Energy Services Ltd CRISIL AAA(SO) 13
33 Janalakshmi Financial Services ICRA A 14
34 K Raheja IT Park (Hyderabad) Ltd. IND AAA(SO) 14
35 Karelides Traders Private Limited ICRA AA- (SO) 14
36 Kolte-Patil Developers Limited CRISIL A+ 15
37 Manappuram Finance Ltd CARE AA/ A1+ 15
38 Mandava Holdings Pvt Ltd ICRA AAA 15
39 Muthoot Fincorp Ltd CRISIL A- 16
40 Nabha Power Ltd ICRA & CRISIL AAA(SO)
16
41 Nuvoco Vistas Corporation Ltd CRISIL AA 16
42 Powergrid Vizag Transmission Ltd. CRISIL AAA(SO) 17
43 Prestige Estates Projects Ltd ICRA A+ 17
44 Reliance Utilities and Power Pvt. Ltd. CRISIL AAA 17
45 S D Corporation Private Limited ( backed by unconditional and irrevocable DSRA guarantee of Shapoorji Pallonji & Co Pvt Ltd)
CARE AA+(SO)/A1+(SO)
18
46 Sahyadri Agencies Ltd. BWR A(SO) 18
47 SBK Properties Pvt. Ltd. ICRA AA- 19
48 Shapoorji Pallonji Energy Gujarat Private Ltd (backed by unconditional and irrevocable DSRA guarantee of Shapoorji Pallonji & Co Pvt Ltd )
ICRA AA(SO) 19
49 Sneha Abasan Pvt Ltd/ Sneha Enclave Pvt Ltd / Emami Enclave Maker Pvt Ltd
BWR & IND AA-(SO) 19
50 SP Jammu Udhampur Highways Ltd ICRA AAA(SO)) 20
51 Suraksha Realty Ltd CARE A1+(SO) 20
52 Tata Motors Finance Solutions CRISIL AA/ CARE A1+ 20
53 Tata Power Ltd. CRISIL AA-/ICRA A1+ 21
54 U P Power Corporation Ltd IND AA(SO) 21
55 Varun Beverages Limited CRISIL AA- / A1+ 22
56 Holdings in our Fixed Income Funds as of 30th November 2017 23
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New Credit taken in the month of November
Bharti Telecom Ltd. (CRISIL A1+)
Bharti Telecom Ltd. (BTL) is a company promoted by Bharti group and Singtel, Singapore. As on
Sept’17, BTL holds ~45% shareholding of Bharti Airtel Limited (BAL). The market value (on 12th
December 2017) of BTL’s holding in BAL is around Rs 95,000 crores which provides financial
flexibility to the Company.
Future Lifestyle Fashions Ltd. (CRISIL AA-)
Future Lifestyle Fashions Limited (FLF) is part of Future Group. The company’s main business
involves fashion retail and distribution. FLF operates its retail outlets in three broad formats,
namely Central (big-box fashion retailer), Brand Factory (fashion discount chain) and Exclusive
Brand Outlets (Planet Sports etc). The Company has pan-India presence. FLF owns a portfolio of
both owned / licensed brands and has also invested in various investee brands. FLF has eight
owned and 10 licensed brands, comprising six power brands, and a collection of 13 investee
brands. Product-wise, FLF has 19 brands which serve pure apparel category while 12 brands serve
non-apparel categories like sports / active wear, footwear, accessories and others.
Aarish Solar Power Ltd. / Aashman Energy Pvt. Ltd. / Divyesh Power Pvt. Ltd. / Elena Renewable Energy
Pvt. Ltd. / Pratyash Renewable Pvt. Ltd. / SEI Baskara Power Pvt. Ltd. / SEI Enerstar Renewable Energy
Pvt. Ltd. / SEI Mihir Energy Pvt. Ltd. / Zuvan Energy Pvt. Ltd. (CARE AA-(SO))
The above mentioned companies are SPVs of Greenko Group which are in solar power generation.
Greenko Group is majorly owned by marquee investors such as GIC, Singapore and Abu Dhabi
Investment Authority.
Each SPV has set-up solar plant with capacity of 50MW each. Plants at all SPvs are operational
supplying power to NTPC under a long term Power Purchase Agreement (PPA). The facilities are
further secured by Corporate Guarantee from Greenko Energies Pvt Ltd (one of the major holding
company for Greenko Group in India).
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Existing Credits
Adani Infra (India) Ltd: (BWR AA-(SO))
Adani Infra is a part of the Adani group of companies. The NCDs are secured by 1.5x pledge of
shares of Adani Ports & SEZ (market capitalization of Rs.77,994 crs as on September 30 2017), 0.3x
of Adani Enterprise and 0.2x of Adani Transmission Limited.
Adani Power: (BWR AA-(SO))
Adani Power (APL) is the power generation vertical of the Adani group. In Feb 2017, APL had a
total operational capacity of 10,480 MW, comprising of 4620 MW - Mundra UMPP, Gujarat, 3300
MW – Tiroda, Maharashtra, 1320 MW – Kawai, Rajasthan, 1200 MW – Udupi, Karnataka, 40 MW
– Bitta, Gujarat. The company was in process of acquiring 600 MW in Korba, from Avantha group.
The NCDs are secured by 1.5x pledge of shares of Adani Ports & SEZ (market capitalization of
Rs.77,994 crs as on September 30 2017), 0.3x of Adani Enterprise and 0.2x of Adani Transmission
Limited.
Adani Transmission Ltd. (IND AA+/A1)
Adani Transmission Ltd. (ATL) is a holding company, created to house the transmission assets of
Adani group. ATL holds two step-down subsidiaries, namely Adani Transmission India Limited
(ATIL) and Maharashtra Eastern Grid Power Transmission Company Limited (MEGPTCL). ATIL
holds 3 transmission assets while MEGPTCL holds 1. All 4 transmission assets are operational. ATL
effectively operates the largest private sector transmission network in India, with more than 5,000
CKT (circuit kilometers).
Until the recent reorganization of Adani Group, ATL was held 100% by Adani Enterprises Ltd. Post
the reorganization, ATL is held 75% by promoters, 17% by FIIs, 3% by banks/FIs and rest by public
and has been recently listed (market capitalization of Rs. 16,797 cr as on September 30, 2017).
Aspire Home Finance Corporation Ltd (ICRA AA-)
Aspire Home Finance (AHF), the housing finance arm of Motilal Group, started lending operations
in May 2014 primarily offering housing loans to individuals. It has a track record of 4 yrs and had
total assets of Rs.4,314 cr as on Jun 30, 2017, with 120 branches and over 1000 employees. As on
March 31, 2016 Motilal Oswal Securities Ltd and Motilal Oswal Financial Services Ltd held 98%
stake in the company; 2.7% stake was held by CEO Anil Sachidanand (with a ~3% ESOP base due
to vest in next 2-3 yrs)
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Altico Capital India Private Limited (India Ratings AA-/A1+)
The Company is ultimately owned by three private equity funds (Clearwater Capital Partners, Abu Dhabi Investment Council and Varde Partners) which have infused a combined capital of US$ 300 million.
Altico is primarily focused on lending to the real estate sector in India across Tier-1 cities which includes Mumbai, NCR, Chennai, Bangalore, Pune and Hyderabad.
The Company focuses on senior secured lending to mid-income residential projects across Tier-1 cities in India and provides medium term financing to real estate developers for multiple purposes.
The Company has strong net worth as its shareholders have invested US$ 300 million in the Company.
Ananta Landmarks Pvt Ltd (Unrated)
Ananta Landmarks Pvt Ltd (‘ALPL’) is a part of the Kalpataru Group, a leading real estate developer
based in Mumbai. ALPL was incorporated in January 2002.
Kalpataru Group was founded in 1969 by Mr. Mofatraj Munot. The Group has a well-diversified
presence in real estate development, power generation, transmission & distribution projects,
road-bridges, civil contracting, plastic processing, office supplies, property management and
international trading. During the last 17 years, Kalpataru Group has completed 38 projects having
saleable area of over 136 lakhs sq. ft. in Mumbai, Thane & Pune and is currently involved in
development of new 81 lacs sq. ft. in Mumbai, Thane, Pune & Chennai.
The lending is to ALPL is secured against a parcel of land and with a minimum security cover of
1.75x and also personal guarantee from Mr. Parag Munot (promoter of Kalpataru Group). The
company has already received approval for development of part of the land.
AU Small Finance Bank Ltd.: (FITCH A+(IND))
Au Financiers Ltd. (AUF) is a Rajasthan-based small finance bank operating primarily in CV finance
segment and LAP business. AUF has also set up a housing finance subsidiary. AUF was set up by a
first generation entrepreneur Sanjay Agarwal in 1986. Subsequently, it started generating
portfolio for HDFC Bank in 2003 as channel partner. In 2008, AUF received its first of its multiple
private equity capital infusions subsequent to which it originated portfolio on its own book and
started growing rapidly.
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Asirvad Microfinance Pvt. Ltd. (CRISIL A+)
Asirvad Microfinance Pvt. Ltd. (AMPL) is an NBFC-MFI acquired by Manappuram Finance Ltd,
which held 90% stake in AMPL as on March 31, 2017. AMPL has been operating since Jan 2008; it
presently operates in 18 states with a total of 803 branches. As at Mar-2017, it had an AUM of Rs.
1731 cr with FY17 net profit of Rs. 34 cr.
AMPL was promoted by Mr SV Rajavaidyanathan, who is an IIT-IIM alumnus and was previously
President at Reliance Retail Ltd, Chennai. He has ~30 years of experience in financial services. The
other promoter is his brother Mr. SV Krishnamurthy who is a qualified chartered accountant and
a company secretary. He promoted a financial BPO that has now been taken over by Sundaram
Finance. The Management comprises of Professionals who have relevant experience in Banking,
Microfinance, Finance and HR and has the necessary skills to carry out its responsibilities.
As at March 31, 2017 AMPL was held by Manappuram Finance (90.38%) and S.V. Raja
Vaidyanathan (8.48%).
Barclays Investments & Loans (INDIA) LTD. (ICRA AAA / A1+)
Barclays Investment & Loans (India) Ltd (BILIL) is wholly owned by Barclays group (57.84% held
by Barclays Bank Plc and 42.16% held by Barclays Mauritius Overseas Holdings Limited).
BILIL’s core business is provisions of Loans Against Security (LAS) and it mainly caters to ultra HNIs
and commercial entities owned by these HNIs. These facilities are primarily offered to HNI and
ultra-HNI clients of Barclays Wealth. The company provides loans against financial security only.
Its credit facilities are specifically designed to meet the clients’ need for liquidity support against
financial assets such as - equity shares, mutual fund units, bonds, debentures, etc. Most of these
loans are short-term in nature.
Bhopal Dhule Transmission Company Limited (CRISIL AAA)
BDTCL was step-down subsidiary of Sterlite Power Transmission Limited and was transferred to
India Grid (IndGrid) InvIT, Sterlite Group’s recently floated InvIT. BDTCL is a power transmission
project involving 8 elements, which include 6 transmission lines & 2 substations in the state of
MP, Maharashtra & Gujarat.
It has 765 kV S/C transmission lines of 891 circuit km (ckm) and 400 kV D/C lines of 53 ckm in
Indore-Bhopal-Jabalpur region and Vadodara-Dhule-Aurangabad region along with two
substations at Bhopal and Dhule. The project is implemented on Build, Own, Operate and
Maintain basis (BOOM) basis and has a transmission service agreement (TSA) in place for 25 years,
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extendable by 10 years. Commission of the project was completed in June 2015 and has been
operating at healthy average line availability of above 99.50%.
Power Grid Corporation of India Ltd. (PGCIL), is acting as the Central Transmission Utility (CTU)
and responsible for billing, collecting transmission charges from the discom’s and distributing the
same among service providers.
Birla TMT Holding Pvt Ltd. (CRISIL A1+), TGS Investment & Trade Pvt Ltd. (ICRA A1+), Trapti Trading &
Investments Pvt Ltd (ICRA A1+), Turquoise Investments and Finance Pvt Ltd (CRISIL A1+)
The abovementioned entities are promoter companies of Aditya Birla Group and hold stakes in
listed entities of Aditya Birla Group, which provides them strong financial flexibility. These NBFCs
mainly invests in shares and provide finance to listed and unlisted group entities. The entities are
ultimately owned by Mr. Kumar Mangalam Birla.
Continental Drug Company Pvt Ltd / Edison Utility Works Pvt.Ltd. (Secured by Equity shares of Zee Ltd)
BWR A+(SO)
Both entities are entities held by Subhash Chandra & family, promoters of Zee Group. Zee
Entertainment Enterprises Ltd (ZEE), promoted by Subhash Chandra, is one of India’s leading
television, media and entertainment companies with a wide viewer base of over 959 million
across 169 countries. ZEE operates 33 domestic channels and delivers 39 international channels
covering all genres of entertainment. As on September 30, 2017, promoters held 43% stake in ZEE
Entertainment Enterprises, valued at Rs. 21,470 cr on a market cap of Rs.49,934 cr. These NCDs
are secured by pledge of shares of ZEE Entertainment Enterprises. We take comfort from the
reputation and track record of Essel Group in general and fundamentals, liquidity and
performance of ZEE shares.
Dewan Housing Finance Corp Ltd (CARE AAA/A1+)
Incorporated in 1984, DHFL primarily provides housing finance to individuals, especially to the low
and lower-middle-income groups in Tier-II and Tier-III cities. The company also offers non-housing
loans such as LAP and developer loans. DHFL has a pan-India presence, with customer touch
points in 444 locations.
The ratings reflect DHFL's strong market position in the housing finance segment, and its healthy
asset quality supported by high granularity in the underlying portfolio. DHFL has a strong market
position in the mortgage finance segment as reflected in the significant scale achieved by the
company over the past few years. DHFL is the third largest housing finance company with assets
under management (AUM) of ~90,000 cr. DHFL reported net profit of Rs. 2896 cr in FY17 v/s PAT
of Rs.729 cr for FY16.
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Dalmia Cement Bharat Ltd (ICRA AA/A1+)
DCBL is the cement-business holding company of the Dalmia group. After successfully enhancing
capacities over the last five years by way of brownfield and greenfield expansion, the group has
accelerated its growth through strategic acquisitions. DCBL holds 75% stake in OCL India Ltd.
(market capitalization of Rs. 6,943 cr on September 30, 2017), a major cement player in the
eastern region with a capacity of 6.7 MT. DCBL has successfully established its footprint in North
East by acquiring three cement plants - Calcom Cement, Adhunik Cement and JP Bokaro Cement.
As a result, its cement capacity has risen to ~24 MT, making it the 3rd largest cement group in
India.
DCBL has a strong market position in Southern and North East India with healthy market share in
both of these markets. The company benefits from an established management, strong operating
efficiencies, established brand and caters to the relatively attractive cement markets of Tamil
Nadu and Kerala, where it enjoys relatively higher capacity utilization, realization and operating
profit per tonne of cement sold as compared to cement companies located in AP and Karnataka.
The NCDs are secured by first exclusive charge on 51% shares of OCL India.
DLF Emporio Ltd (CRISIL AA(SO))
DLF Emporio mall is located in Vasant Kunj, South Delhi which is among the most affluent
residential areas in Delhi and has leasable area of ~305,000 sq ft with 98% area leased out.
Emporio mall has around 90 tenants and houses global luxury brands including Louis Vuitton,
Christian Dior, Gucci, and Armani and prominent Indian designer brands like Sandeep Khosla and
Rohit Bal. The top 10 tenants have been occupants for 2-3 years, and lease agreements are drawn
for 9 years with rent escalations of 15% every 3 years; the top 10 tenants constitute 40% of the
lease rentals of DLF Emporio. The mail has been operational for more than 5 years. The property
has been valued at Rs.1,076 crs by Cushman and Wakefield, providing a security cover of 2x on
our investment.
The CMBS structure derives strength from the quality of the underlying properties, comfortable
interest service coverage, liquidity support, and the structural features of the instrument.
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East-North Interconnection Company Limited: (AAA(SO))
East North Interconnection Company Ltd. (ENICL), a 96.2% step-down subsidiary of Sterlite
Technologies, is the developer of 2 400 kV double circuit power transmission lines connecting the
states of Assam with West Bengal & Bihar. The project is developed on BOOM (Build, Own Operate
& Maintain basis), wherein ENICL is designated as the Interstate Transmission System (ISTS)
Licensee.
ENICL has entered into Transmission Service Agreement (TSA) with Power Grid Corporation of
India Ltd. (PGCIL), which is valid for 25 years from date of order i.e. 28th October 2010 to 28th
October, 2035.
PGCIL is acting as the Central Transmission Utility (CTU) and responsible for billing, collecting transmission charges from the discom’s and distributing the same among ISTS Licensee
The project, consisting only of transmission lines, has high reliability and low maintenance complexity, given the well-established technology and long design life of such assets. The useful life of transmission assets is at least 35 years.
Tariff payments to the project are linked only to availability of the assets and not with quantum of power flow, thus avoiding any volume risk based on transmission line utilization. In fact, the availability of Power Grid Corporation India Limited’s (PGCIL) assets across the country has remained above 99% in the last six years which demonstrates the well-established design/technology of transmission projects.
Given that the project is effectively ring-fenced from sponsor and requires minimal sponsor support during its life, credit profile is independent of that of the sponsor.
ECL Finance Ltd (CARE AA)
ECL Finance Ltd (ECLF), an NBFC along with Edelweiss Housing Finance Ltd is the primary lending
arm of the Edelweiss group. ECLF offers collateralized loans to corporates and promoters, initial
public offering financing and employee stock option plan financing as well as SME loans and loans
against property.
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Edelweiss Agri Value Chain Limited: (ICRA AA/A1+)
Edelweiss Agri Value Chain Limited (EAVCL) is an Agri Value Chain initiative, from the Edelweiss
Group. It is a step-down wholly owned subsidiary of flagship company Edelweiss Financial Services
Limited (EFSL).
EAVCL is offers services spanning the entire supply chain viz., Procurement, Transport Logistics,
Storage, Quality Assaying and Certification, Commodity Health Management, financing through
Banks/FIs, Disposal services etc.
EAVCL has 2 primary lines of activity – i) sourcing and storage of commodities, and ii) collateral
and warehouse management, in which EAVCL holds client stocks and facilitates financing through
partner banks against these stored commodities.
Essel Lucknow Raibareli Toll Roads Limited - IND AAA(SO)
Essel Lucknow Raebareli Toll Roads Limited (“ELRTRL” or “the Company”) is a SPV owned 100% by
Essel Group. It has implemented and is currently operating a four lane Lucknow – Raebareli
section of National Highway no. 24B (NH–24B) from 12.70km to 82.70km (design length 70km) in
the state of Uttar Pradesh.
The project was awarded by National Highways Authority of India (NHAI) to the company under
competitive bidding process on design, build, finance, operate and transfer basis. NHAI will pay
semi-annual annuity of Rs. 50.4 Crs over the concession period of 17 years. The Company has
started receiving annuity from 21 July 2015.
Ford Credit India Private Limited (India Ratings A1+)
Ford Credit India Private Limited is a fully owned subsidiary of Ford Motor Credit Company
through Ford Credit International, Ford Motor Company’s global financing subsidiary. As a captive
finance company, FCIPL provides loans and financial services to dealers and retail customer for
the purchase of vehicles manufactured by Ford India Private Limited (FIPL). The company is
systematically important, non-deposit taking NBFC.
FCIPL launched wholesale operations in March 2015 and retail operations in September 2015.
FCIPL supports synergies with automotive company. It also provides floor plan financing to FIPL
dealers. FCIPL has been established using Ford Credit’s global systems, processes and procedures.
The Company is rated as A1+ by India Ratings. The rating is driven by India Rating’s expectation of
strong support from FCIPL’s parent– Ford Motor Credit Company and the ultimate parent- Ford
Motor Company. The rating factors in FCIPL’s strong operational and business synergies within
the group’s automobile businesses, management control by the parent, and sharing of the
common Ford brand name.
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Fullerton India Credit Co. Ltd. (CARE AAA)
Fullerton India Credit Company Limited (FICCL) is a step-down subsidiary of Temasek Holdings (an
entity held by Govt of Singapore). FICCL commenced its operations in January 2006 catering
primarily to self-employed borrowers. Over the last few years, FICCL shifted its focus towards
secured lending in retail mortgages, rural lending and SME while moving away from low income
segment, which is perceived to be more vulnerable to economic shocks.
HPCL Mittal Energy Ltd. (HMEL) and HPCL Mittal Pipelines (ICRA AA)
HMEL was incorporated in 2000 as a JV between HPCL Ltd and Mittal Energy investments Pte Ltd.
HMEL has commercially commissioned a green field refinery complex with 11.3 mmtpa capacity
at Bhatinda (Punjab, in north India) along with a captive power plant of 165 MV. To meet the
crude receipt & storage facilities as well as to transport the crude for the company, its wholly
owned subsidiary HPCL-Mittal Pipelines Ltd (HMPL) has set up a Crude oil terminal (COT) and
Single Point Mooring (SPM) at Mundra Port and a cross-country pipeline for transportation of
crude oil from Mundra to Bathinda.
The majority shareholders i.e. HPCL and Mittal Investments both hold ~49% stake with SBI and
HDFC Life holding ~1% each. HMEL is managed by a board comprising of 3 directs from HPCL, 3
from the Mittal group and 2 independent directors. Sponsors have committed to maintain
minimum 51% shareholding on joint basis to lenders.
HMEL’s Refinery, with Nelson Complexity Index of 12.6 has the capability to process heavy crude
and produce high value petrochemical products. The products of the refinery meet Euro-III/IV
norms. The refinery is located in North India, where supply of petroleum products is lower than
demand. HPCL currently transports products from refineries located in coastal areas in West and
South India. As an inland refinery, the company commands inland premium for its products.
Igarashi Motors Sales Pvt. Ltd. (IMSPL) (ICRA AAA (SO))
IMSPL was promoted as a joint venture by erstwhile Agile Electric Drives Technologies and Holdings Pvt Ltd (which was amalgamated with Agile Electric Sub Assembly Pvt Ltd (AESPL) in 2011) and ABV Engineers and Consultants Private Limited (ABV). On May 11, 2017, Mr. P Mukund, acquired 100% stake of IMSPL from AESPL and ABV. P. Mukund is Managing Director of Igarashi Motors India Limited.
The transaction carries a credit enhancement provided by Axis Capital Ltd by way of an unconditional and irrevocable underwriting commitment on the NCDs, making the NCDs an obligation of Axis Capital.
Axis Capital Ltd (earlier known as Axis Securities and Sales Ltd) is a 100% subsidiary of Axis Bank Ltd and is in the business of providing investment banking and capital market services.
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IIFL Wealth Finance Ltd (IWFL) (ICRA AA/A1+)
IWFL, is a newly acquired entity of the IIFL Group, and is a 100% subsidiary of IIFL Wealth
Management Limited (IWML). IWFL is operated as the lending vehicle for the Wealth business of
the IIFL Group, with the key products being loan against securities and margin funding for existing
customers of the Wealth business. Earlier, this lending book was based in IIFL, the NBFC of the
group, and would be transferred to IWFL, in a phased manner in the next 6 months, with
incremental business booked out of IWFL itself.
IWFL forms the wealth management and distribution arm of the IIFL Group. IIFL Holdings Limited
holds the majority stake of 53.86% in IIFL Wealth Management Limited as on March 07, 2016 (on
fully diluted basis i.e. after considering the proposed conversion of warrants and stock options
issued). General Atlantic has recently, taken a stake of 21.61% in IIFL Wealth (on fully diluted
basis), with the balance being held by IIFL Wealth Management employees.
India Infoline Finance Ltd (CRISIL AA-/A1+)
India Infoline Finance Ltd is a majority owned (98.86%) subsidiary of IIFL Holdings Ltd, which is the
holding company of the India Infoline group (market capitalization of Rs.19,338 cr as on Sep 30,
2017). India Infoline Finance Ltd is the NBFC arm of the group and gives loans against gold, real
estate, CV, medical equipment and margin funding.
Indostar Capital Finance (CARE AA-)
Indostar Capital Finance (ICF) started its full-fledged operations in Aug 2012 and is engaged in the
business of secured wholesale funding with products ranging from corporate finance, capital
market funding to property finance and acquisition funding. ICF is sponsored by three private
equity funds - Goldman Sachs, Ashmore Group and Everstone Capital. The sponsors infused core
equity of 900 crores at inception, making it one of the best capitalized and least leveraged NBFC
in the market. ICF has a policy of maintaining adequate liquidity on balance sheet and does not
do unsecured lending.
Innovador Traders Pvt Ltd (backed by unconditional and irrevocable undertaking by Piramal Fund
Management Pvt Ltd) (ICRA AA-(SO))
We have invested in NCDs issued by Innovador Traders Pvt Ltd. Our NCDs are be backed by a letter of undertaking issued by Piramal Fund Management Pvt Ltd (PFMPL), a wholly owned subsidiary of Piramal Enterprises Ltd. The letter of undertaking is strongly worded and will be in the form of an unconditional and irrevocable undertaking from PFMPL to arrange funds to ensure that NCD investors are redeemed in full and on maturity.
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Intime Properties Ltd. (FITCH AAA(SO))
Intime Properties Ltd (Intime) is part of the K Raheja Group, a Mumbai based real estate developer
promoted by Chandru Raheja and a major player in the Indian real estate market. The Group has
a presence in 5 major cities in India mainly Mumbai, Pune, Bangalore, Hyderabad and Goa with
the construction of over 2,200 buildings.
Intime is held 89% by K Raheja Group and 11% by Andhra Pradesh Industrial Infrastructure
Corporation. The Group, through Intime, has developed Mindspace Cyberabad – an IT/ ITeS
focused integrated development at Madhapur near HITEC city. The current transaction is a CMBS
structure (partially amortizing) against 3 specific buildings (spread over 8.52 acres with 17.14 lakh
sq.ft. leasable area) in Mindspace Cyberabad, which are 99% leased out with more than 35
premium corporate tenants such as Novartis, Continuum Solutions, HSBC etc.
In addition to collateral of specified land & buildings (current security cover of 2.3X), the structure
incorporates exclusive charge on rent received (for debt servicing) and also performance-based
triggers:
o Quarterly weighted average base rent drops below Rs.30 p.m.per sq.ft.
o Quarterly average occupancy level falls below 85%
o Security cover falls below 2X
In case any of these events are triggered, all excess rent receivables after debt servicing
will be trapped and cannot be withdrawn by issuer.
IOT Utkal Energy Services Ltd (CRISIL AAA(SO)
IOTUL is a special purpose vehicle which has set up crude and product storage tanks on Build Own
Operate Transfer (BOOT) basis for Indian Oil Corporation’s Paradip refinery in Orissa. IOTUL
achieved successful completion and deemed commissioning of crude oil tankages in October
2013. The total project cost incurred for the construction of the facility was Rs.3553 crore and the
BOOT period is 15 years from COD (up to October 2028).
The rating reflects the criticality of IOTUL’s facilities and the strong credit quality of its sole
counterparty – IOC (rated AAA / A1+ by Crisil). IOTUL’s crude and product storage tanks facility
will play a critical role in the operations of IOC’s Paradip refinery. IOTUL will also benefit from the
fixed cash flows arising from its contractual agreement with IOC.
Key Credit Brief
Page | 14
Janalakshmi Financial Services (ICRA A)
Janalakshmi Financial Services Private Ltd (JFS) is a Bangalore-based NBFC-MFI catering to the
financial needs of urban poor women through the Joint Liability Mechanism. JFS was founded in
2006 by Mr. Ramesh Ramanathan as Janalakshmi Social Services (JSS), the portfolio of which was
taken over by JFS in 2008. The promoter shareholding continues to be in Jana Urban Foundation-
JUF (a non-profit company) and funds in JUF are used to address social issues.
The exposure is secured by exclusive charge on specific current receivables to the tune of 1.1x.
Apart from the security, the structure incorporates various covenants based on leverage, asset
quality, capital adequacy and management commitment which provide significant credit comfort.
JFS has received Small Finance Bank (SFB) License from RBI in Oct 2015 and is likely to commence
its banking operations by Q4FY18.
K Raheja IT Park (Hyderabad) Ltd. (India Ratings AAA(SO))
K Raheja IT Park (Hyderabad) Limited (“KRIT” or “the Company” or “the Issuer”) is part of the K Raheja Corp Group, a Mumbai based real estate developer promoted by Chandru Raheja and a major player in the Indian real estate market. The Group has a presence in 5 major cities in India mainly Mumbai, Pune, Bangalore, Hyderabad and Goa with the construction of over 2,000 buildings. K Raheja Corp Group, has developed commercial office spaces / special economic zones (SEZs), premium residential / township developments, retail malls and hospitality real estate. It has a remarkable track record in the leasing and maintenance of such assets.
As of Jan 2017, KRIT was held by K Raheja Group (89%) and by Andhra Pradesh Industrial Infrastructure Corporation (APIIC) (11%). It has 11 commercial buildings with a saleable area of 2.61 million sf, spanning 48.4 acres. The issuer has developed these buildings and also maintains them. They are part of a larger development called Raheja Mindspace located in Madhapur, Hyderabad, an established IT/ITES and residential hub. There are over 42 corporate tenants occupying these 11 buildings. It provides both multitenant and built-to-suit facilities to companies. All the 11 commercial properties were developed during 2006 and 2009. The property has historically maintained a high level of occupancy. The occupancy level of the property in Jan 2017 was in excess of 99%. The funding is secured by underlying property.
Karelides Traders Private Limited (ICRA AA- (SO))
We have invested in NCDs issued by Innovador Traders Pvt Ltd. Our NCDs will be backed by a
letter of undertaking issued by Piramal Fund Management Pvt Ltd (PFMPL), a wholly owned
subsidiary of Piramal Enterprises Ltd. The letter of undertaking is strongly worded and will be in
the form of an unconditional and irrevocable undertaking from PFMPL to arrange funds to ensure
that NCD investors are redeemed in full and on maturity.
Key Credit Brief
Page | 15
Kolte-Patil Developers Limited (CRISIL A+)
KPDL, incorporated in 1989, is promoted by Mr. Rajesh Patil, along with his brother, Mr. Naresh
Patil, and brother-in-law, Mr. Milind Kolte.
KPDL, along with its subsidiaries and associate companies, is one of the largest residential real
estate developers in Pune. It enjoys 8-11% market share in Pune real estate market. The company
has a healthy project portfolio across residential segments and is expanding its presence in the
Bengaluru and Mumbai markets. As of March-16, the company has executed over 10 million
square feet (msf) of projects and has 20 msf of projects under construction in the residential real
estate segment.
Manappuram Finance Ltd (CARE AA/ A1+)
Manappuram Finance is a non-deposit-taking NBFC engaged in providing finance against
household gold ornaments. The company is promoted by Mr. VP Nandakumar, whose family has
been engaged in the gold finance business for more than 60 years and has strong presence in
South India. As on June 30, 2017 the company was operating through 4106 branches across 28
states.
Manappuram enjoys robust capitalisation and stable, diverse funding sources.
Manappuram Finance had AUM of Rs. 13,380 crores and net worth of Rs. 3,466 crores on June
30, 2017. For FY17, it reported PAT of Rs. 726 cr (v/s Rs. 337 cr YOY). For Q1FY18, the company
reported PAT of Rs. 155 crs (v/s Rs. 160 cr YOY).
Mandava Holdings Pvt Ltd (ICRA AAA)
Mandava Holdings (MHPL) is the holding company of Nuziveedu Seeds Ltd., the flagship company of the group and the largest private sector seed company in India. The group has been an established player in the hybrid seeds business for more than 30 years. Apart from this, the group also has interest in power, textiles, sugar and infrastructure.
The transaction carries a credit enhancement provided by Axis Capital Ltd by way of an unconditional and irrevocable underwriting commitment on the NCDs, making the NCDs an obligation of Axis Capital.
Axis Capital Ltd (earlier known as Axis Securities and Sales Ltd) is a 100% subsidiary of Axis Bank Ltd and is in the business of providing investment banking and capital market services.
Key Credit Brief
Page | 16
Muthoot Fincorp Ltd. (CRISIL A-)
MFL, set up in 1997, is a non-deposit-taking, systemically important NBFC engaged in lending
against gold. It is the flagship company of the Muthoot Pappachan group, which has diverse
business interests, such as hospitality, real estate, and power generation. The company also
distributes mutual funds, and general and life insurance products, and operates in the money-
transfer segment. MFL operates out of 3,700 branches across India.
Nabha Power Ltd (ICRA & CRISIL AAA(SO))
Nabha is a 100% indirect subsidiary of Larsen & Toubro. Nabha was awarded the project by Punjab
State Electricity Board (PSEB) to develop 1400 megawatt super critical coal-based thermal power
project in Rajpura (Punjab). Nabha has in turn contracted a 25-year power purchase agreement
with Punjab State Power Corporation Ltd (PSPCL).
The rating is based on unconditional and irrevocable guarantee from Nabha’s ultimate parent,
Larsen and Toubro Ltd, effectively making this an L&T obligation.
Nuvoco Vistas Corporation Ltd (CRISIL AA )
Nuvoco Vistas Corporation Ltd is a 100% subsidiary of Nirma. Nuvoco Vistas Corporation is the
created with the merger of Nirma’s SPV ( Nirchem - which was floated to acquire Lafarge India_
and Lafarge India.
Nirma was set up in 1980 by Dr Karsanbhai K Patel to manufacture detergents, Nirma has
expanded operations to soaps, chemicals, allied products, and also processing minerals. It has
plants in Searles Valley (United States), Mehsana, Ahmedabad, Vadodara, Bhavnagar (Gujarat),
and Pali (Rajasthan). It has set up a cement plant in Pali with a capacity of 2.28 million tonne per
annum (mtpa), which began operations in November 2014. Nirma is aslo privately held company
with shareholding by Patel family. Nirma has healthy market position in domestic soda ash and
soaps and detergent businesses supported by high backward integration.
Lafarge is a regional cement manufacturer, with an installed capacity of about 10.8 mtpa as on
March 31, 2016. Lafarge has strong operating efficiency and established market position in
cement .The acquisition of Lafarge will provide diversity in business risk profile and geographical
presence for Nirma.
Key Credit Brief
Page | 17
Powergrid Vizag Transmission Ltd. (PVTL) (CRISIL AAA(SO))
PVTL was incorporated as a Project SPV in November 2011, and subsequently acquired by PGCIL
in August 2013, after it emerged as the successful bidder in the exercise conducted by REC
Transmission Project Company Limited (the Bid Process Coordinator), pursuant to the guidelines
of Tariff Based Competitive Bidding (TBCB). PVTL is establishing the project on Build, Own,
Operate and Maintain (BOOM) basis. Transmission License has been granted to PVTL in January
2014, and transmission charges were adopted by the CERC in the same month.
The exposure is backed by an unconditional and irrevocable guarantee of Powergrid Corporation
of India (PGCIL).
Prestige Estates Projects Ltd (ICRA A+)
Prestige Estates Projects Ltd (PEPL) is the flagship company of Prestige Group with a market
capitalization of Rs. 10,247 crs (as on Sep 30, 2017), which was established in 1986 and is currently
headed by Mr. Irfan Razack - Chairman & Managing Director. Prestige has over 28 years of
experience in real estate development and is one of the leading real estate developers in South
India. It has developed a diversified portfolio of real estate projects focusing on residential
(apartments, villas, plotted developments and integrated townships), commercial (corporate
office blocks, built-to-suit facilities, technology parks and campuses and SEZs), hospitality
(including hotels, resorts, spas and serviced apartments) and retail (including shopping malls)
segments of the real estate industry. Prestige also holds sizeable land parcels of more than 300
acres in Bangalore and other cities.
The transaction involves mortgage on the unsold identified residential units in four under
construction properties of PEPL such that the security cover of at least 1.5x is maintained at all
times during the tenure of the NCDs. All sale proceeds from the said projects will be deposited in
the escrow account and will be available to investors for prepayment. 70% of sales have already
been achieved in the four projects on a combined basis, thereby significantly reducing pricing and
sales risk.
Reliance Utilities and Power Pvt. Ltd. (RUPPL): (CRISIL AAA)
RUPPL (owned by promoters of Reliance Industries Ltd. – RIL) has set up power plants for RIL and
also operates them. These plants are at Jamnagar (both in domestic tariff area and special
economic zone) and Hazira with combined capacity of 1116 MW of power and 4490 tonnes per
hour of steam.
Key Credit Brief
Page | 18
S D Corporation Private Limited ( backed by unconditional and irrevocable guarantee of Shapoorji
Pallonji & Co Pvt Ltd – DSRA guarantee for NCD and corporate guarantee for CPs) CARE
AA+(SO)/A1+(SO)
S. D. Corporation Private Limited (SDCPL), a JV between the Shapoorji Pallonji Group and the Dilip Thacker Group is engaged in real estate development. Its operations are largely concentrated in Mumbai.
The guarantor, Shapoorji Pallonji and Company Private Limited (SPCPL) is the flagship company of the Shapoorji Pallonji Group. SP Group is a consortium of companies held by the Mistry Family. The SP Group has a diversified businesses across sectors like construction, water purification, infrastructure development, etc. SPCPL is one of India’s leading construction companies and has a legacy of almost 150 years. It has built diverse civil and engineering structures; executed some major notable commercial construction projects around the country.
The SP Group is also the largest private shareholder (with an 18.37% stake) in Tata Sons Limited, the holding company of the Tata Group. SPCPL, which is held by Mr. Shapoor Mistry and Mr. Cyrus Mistry through various group companies, functions as the holding cum operating company of the SP Group.
Sahyadri Agencies Ltd. (BWR A(SO))
Sahyadri Agencies is an entity held by the promoter of Jyothy Labs, Mr M P Ramchandran. The
promoter holds ~67% stake in Jyothy Labs (valued at Rs. 4,926 crs on a market cap of Rs.7,353 crs
as on Sep 30, 2017). These NCDs are in the nature of promoter funding, secured by pledge of
shares of Jyothy Laboratories Ltd (minimum cover of 2x) and personal guarantee of promoter.
The structure derives credit comfort from several covenants – total debt of the promoter capped
at Rs. 400 crs or 30% of Jyothy Labs market value, whichever is lower and all cash flows received
in the form of dividends, cash, bonus debentures etc shall be utilized towards
repayment/prepayment of this debt.
We draw comfort from the pledge provided by promoter, Jyothy’s 3 decade experience in FMCG
and its consistence performance backed by steadily rising share prices since last 3-4 yrs.
Key Credit Brief
Page | 19
SBK Properties Pvt. Ltd. (ICRA AA-)
SBK is an SPV which is wholly owned by the promoters of Kalyani Group. Spearheaded by Mr.
Baba Kalyani, Kalyani group is engaged in engineering & manufacturing of automotives, industrials
and engineering steel. With end-to-end capability and manufacturing footprint across India,
Germany, Sweden, & China, the Group has an annual turnover of over Rs.12,000 crore and market
capitalization of ~Rs.19,000 crore. Bharat Forge Ltd. is the flagship company of the group with
market cap of ~Rs.17,000 crore and the second largest forging company in the world.
NCDs are backed by unconditional, irrevocable and continuing guarantee by KSL Holdings Pvt. Ltd,
one of the principal holding entities of the Kalyani Group. KSL holds 9.9% stake in Bharat Forge
Ltd. and 11.6% in BF Utilities. The guarantee from KSL would cover all obligations that may arise
on the rated NCDs.
Shapoorji Pallonji Energy Gujarat Private Limited (backed by unconditional and irrevocable DSRA
guarantee of Shapoorji Pallonji & Co Pvt Ltd ) ICRA AA(SO)
Shapoorji Pallonji Energy (Gujarat) Private Limited (SPEGPL) is a wholly owned step-down
subsidiary of Shapoorji Pallonji & Company Private Limited. SPEGPL has been incorporated to
setup a 1320 MW (2 x 660 MW) thermal power plant in Phase-I, based on supercritical technology
near Kodinar in the Junagadh district of Gujarat. The company plans to setup two additional 1320
MW (2 x 660 MW) capacity units at the same site in Phase-II and Phase-III. The company won the
bid under Case-I competitive bidding in March 2010 to supply 800 MW to Gujarat Urja Vikas
Nigam Limited (GUVNL) and has subsequently entered into a PPA with GUVNL for the same
capacity for a period of 25 years.
The NCDs have an unconditional, irrevocable revolving DSRA guarantee from Shapoorji Pallonji &
Co.
Sneha Abasan Pvt Ltd/ Sneha Enclave Pvt Ltd / Emami Enclave Maker Pvt Ltd: (BWR & IND AA-(SO))
Sneha Abasan Pvt Ltd/ Sneha Enclave Pvt Ltd / Emami Enclave Maker Pvt Ltd. are entities owned
by the promoters of Emami Ltd, RS Agarwal and RS Goenka. Emami is one of India’s leading FMCG
companies engaged in manufacturing & marketing of personal care & healthcare products.
Emami’s portfolio includes trusted power brands like Zandu, Boroplus, Navratna, Fair &
Handsome, Mentho Plus, Fast Relief and Sona Chandi Chyawanprash. Emami has market
capitalization of ~Rs.25,500 crs and the promoters hold 72.74% stake in Emami Ltd.
The structure consists of a 1.6x pledge over shares of Emami Ltd and protection in the form of
triggers like cap on promoter pledge (50% of their total holding) and on total promoter borrowing
(not to exceed Rs.3,000 crs).
Key Credit Brief
Page | 20
SP Jammu Udhampur Highways Ltd. – (ICRA AAA(SO))
SP Jammu Udhampur Highway Limited (SPJUHI) is an SPV owned 100% by Shapoorji Group. It
undertook strengthening and four-laning of 64.58 km of Jammu to Udhampur on NH 1A on BOT
and annuity basis, with total project cost of ~Rs.2,200 cr.
The concession period is 20 years (ending Jun-2031) and semi-annual annuity is Rs.202 cr. SPJUHI
achieved COD in Jun 2014.
The structure incorporates, in addition to first charge over all toll receivables, a pledge of 51% of
equity shares of SPJUHI by promoters, with an undertaking that remaining 49% will not be sold or
otherwise transferred without prior approval of NCD holder, no further debt to be raised in the
project, minimum DSCR of 1.05X. Most importantly, we derive comfort from an unconditional,
irrevocable guarantee from Shapoorji Pallonji Co. (flagship company of the group) to fund DSRA
(next payment), further capex, and any additional O&M/major maintenance or replacement
costs, and to make good any annuity deduction made by NHAI in case of inadequate availability
of lanes and also in case of termination of project; this effectively protects NCDholders from any
additional cash outflow apart from those presently accounted for
The DSRA guarantee and all above undertakings will be unconditional and irrevocable as part of
the Promoter Support Agreement signed between the Sponsors and Debenture Trustee.
Suraksha Realty Ltd (CARE A1+(SO)
Suraksha Realty is a company owned by the promoter group of Sun Pharmaceutical Inds Ltd (rated
AAA / A1+ by Crisil). Established by Mr. Dilip Shanghvi in 1983, Sun Pharma today has a market
capitalization of about Rs.120,700 crs (as on Sep 30, 2017).
The transaction is structured as a loan against shares (LAS) with a security cover of 1.75 times and
is in the form of pledge of listed shares of Sun Pharma. The transaction has adequate safeguards
and covenants to protect the interests of the investor.
Tata Motors Finance Solutions: (CRISIL AA/CARE A1+)
TMFS is a 100% subsidiary of Tata Motors Finance Ltd (TMFL). TMFL has transferred its existing
manufacturer-guaranteed and pre-owned vehicle financing businesses (AUM of ~Rs.6,000 cr) to
TMFS. Additionally TMFS will also engage in financing of construction equipments manufactured
by Tata-Hitachi. We derive comfort from the strong business, financial, and managerial support
and commitment given by TMFL and Tata Motors Ltd to TMFS due to its high strategic importance.
TMFS will benefit from the representation of Tata Motors senior management on its board.
Additionally, both TMFL and TMFS will have a common managing director. TMFS is expected to
receive significant support from Tata Motors.
Key Credit Brief
Page | 21
Tata Power Ltd. (CRISIL AA-/ICRA A1+)
The Tata Power Company Limited (Tata Power), a Tata Group company, is involved in the business
of generation, distribution and transmission of power. It has a license for bulk supply of electricity
in the city of Mumbai. Tata Power Group currently has a total generation capacity of 8,613 MW
on its own books as well as its subsidiaries. Of the same, 2,027 MW capacity is utilized to meet
the power demands in the License Area in Mumbai. The company supplies power to Bombay
Electric Supply & Transport Undertaking (BEST). Besides, it also supplies to the Railways and other
industrial and High-Tension consumers in Mumbai apart from direct sales to retail consumers in
the License Area.
Tata Power operates the 4000 MW capacity as part of its Ultra Mega Power Project (UMPP) at
Mundra (project COD in March 2013), and the 1050 MW capacity in Maithon (project COD in July
2012) through SPVs. The company also acquired 30% stake in coal mining companies (KPC and
Arutmin, based in Indonesia) and 26% stake in PT Baramulti Suksessarana Tbk (BSSR), Indonesia,
in November 2012, through offshore SPVs. In January 2014, the company however announced it
had signed an agreement for sale of its stake in PT Arutmin Indonesia. Also, Tata Power has a
power plant at Jojobera (428 MW) which supplies power to Tata Steel Ltd. Tata Power also has an
IPP in Haldia of 120 MW capacity out of which 100 MW capacity is sold on merchant basis. Further,
the company has installed wind power plants of 461 MW as on date in the states of Gujarat,
Maharashtra, Tamil Nadu and Karnataka along with approx 58 MW solar projects commissioned
in Maharashtra and Gujarat.
U P Power Corporation Ltd (India Ratings AA (SO))
U P Power Corporation Limited (“UPPCL” or “the Company”) is a power distribution company
wholly owned by the UP Government (GoUP). The Company has issued bonds, to fund its
operations, under the provisions of the UDAY (Ujwal DSICOM Assurance Yojana) agreement.
These bonds are secured by charge on receivables of UPPCL, guarantee from GoUP and also have
Reserve Bank of India-backed structured payment mechanism which will ensure timely servicing
of obligations on the bonds.
The obligations of the Company are also unconditionally and irrevocably guaranteed by the
Group.
Key Credit Brief
Page | 22
Varun Beverages Limited (CRISIL AA- / A1+)
Varun Beverages Ltd. is the flagship company of R. K. Jaipuria group. It was set-up in 1995 to cater
to PepsiCo's bottling requirement. It is the largest third-party bottler and distributor for PepsiCo
in India and holds 47% of PepsiCo’s India business. The company sells the whole range of Pepsi
drinks with its products ranging from aerated drinks to juices to mineral water. The company
manufactures and distributes sweetened (soft drink) / non-sweetened (soda) aerated water
(~75%) and packaged drinking water / packaged juices (~25%).
It has 16 manufacturing units spread across India and has bottling operations outside India in
Nepal, Sri Lanka, Morocco, Zambia and Mozambique. The group benefits from economies of scale
derived from backward integration of operations - it has facilities to manufacture crown corks,
polyethylene terephthalate (PET) pre-forms, storage boxes, shrink wrap sheets, and plastic cap
closures.
VBL got listed on both NSE and BSE through an IPO in November 2016.
Key Credit Brief
Page | 23
Select Statement of Holdings in our Fixed Income Funds as on 30th November 2017
Alp
hab
etic
ally
arr
ange
d
Credit Papers
Kotak Banking
and PSU Debt
Fund
Kotak
Corporate
Bond Fund
Kotak Flexi
Debt Scheme
Kotak Floater
Short Term
Scheme
Kotak Income
Opportunities
Fund
Kotak Low
Duration Fund
Kotak
Mahindra
Bond Short
Term Plan
Kotak
Mahindra
Bond Unit
Scheme 99
Kotak
Mahindra
Liquid Scheme
Kotak Medium
Term Fund
Kotak Treasury
Advantage
Fund
Aarish Solar Power Ltd.
Aashman Energy Pvt. Ltd.
Adani Infra (India) Limited.
Adani Power Ltd
Adani Transmission Ltd
Altico Capital India Pvt Ltd
Ananta Landmarks Pvt Ltd.
Asirvad Microfinance Private Limited
AU Small Finance Bank Ltd.
Barclays Investments & Loan (India) Ltd.
Bharti Telecom Ltd.
Bhopal Dhule Transmission Company Ltd.
Continental Drug Company P Ltd
Dalmia Cement (Bharat) Ltd
Dewan Housing Finance Corporation Ltd.
Divyesh Power Pvt. Ltd.
DLF Emporio Ltd
East-North Interconnection Company Limited
ECL Finance Limited
Edelweiss Agri Value Chain Ltd.
Elena Renewable Energy Pvt. Ltd.
Essel Lucknow Raebareli Toll Roads Limited
Ford Credit India Pvt. Ltd.
Fullerton India Credit Co. Ltd.
Future Lifestyle Fashions Ltd.
HPCL Mittal Energy Ltd.
HPCL Mittal Pipelines Ltd.
Igarashi Motors Sales Pvt. Ltd.
IIFL Wealth Finance Ltd.
India Infoline Finance Limited
Indostar Capital Finance Private Limited
Innovador Traders Pvt Ltd
Intime Properties Ltd.
IOT Utkal Energy Services Ltd.
Janalakshami Financial Services Ltd.
K Raheja IT Park (Hyderabad) Ltd.
Karelides Traders Private Ltd.
Kolte-Patil Developers Limited
Manappuram Finance Ltd.
Mandava Holdings Private Limited
Muthoot Fincorp Ltd.
Nabha Power Ltd.
Nuvoco Vistas Corporation Ltd.
Power Grid Corporation of India Ltd.
Pratyash Renewable Pvt. Ltd.
Prestige Estates Projects Limited
Reliance Utilities And Power Pvt. Ltd.
S D Corporation Private Ltd.
Sahyadri Agencies Ltd
SBK Properties Pvt Ltd.
SEI Baskara Power Pvt. Ltd.
SEI Enerstar Renewable Energy Pvt. Ltd.
SEI Mihir Energy Pvt. Ltd.
SP Jammu Udhampur Highway Ltd.
Suraksha Realty Ltd
Tata Motors Finance Ltd
Tata Power Company Ltd.
U P Power Corporation Ltd
Varun Beverages Limited
Zuvan Energy Pvt. Ltd.
Key Credit Brief
Page | 24
Disclaimers:
The above disclosure on credit quality of the debt instruments is based on the information provided by rating
agencies/respective companies. Few schemes of Kotak Mutual Fund have taken exposure in the debt instruments
issued by above companies. In future, the Fund Manager at their discretion may or may not invest in the Debt
instruments issued by above companies.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.