Tata Capital Housing Finance

Tata Capital Housing Finance Limited
May 23, 2018
Summary of rated instruments

Previous Rated Amount Current Rated Amount
Instrument* Rating Action
(Rs. crore) (Rs. crore)
Commercial Paper Programme 5,000.00 8,000.00 [ICRA]A1+; assigned/outstanding
Non-Convertible Debentures
2,400.00 2,400.00 [ICRA]AA+(stable); outstanding
Programme
Subordinated Debt Programme 1,100.00 1,100.00 [ICRA]AA+(stable); outstanding
Total 8,500.00 11,500.00
*Instrument details are provided in Annexure-1
Rating action
ICRA has assigned a short-term rating of [ICRA]A1+ (pronounced ICRA A one plus) to the enhanced commercial paper
programme of Rs. 8,000 crore (enhanced from Rs. 5,000 crore) of Tata Capital Housing Finance Limited (TCHFL)1.
ICRA has a long-term rating outstanding of [ICRA]AA+ (pronounced ICRA double A plus) for the Rs. 2,400 crore non-
convertible debentures programme and Rs. 1,100 crore subordinated debt programme of TCFSL. The outlook on the
long-term ratings is Stable.
Rationale
The rating primarily derives strength from TCHFL’s ultimate parent Tata Sons Limited (TSL, rated
[ICRA]AAA(stable)/[ICRA]A1+). TCHFL is a 100% subsidiary of Tata Capital Limited (TCL), which in turn is 93.22% owned by
TSL. ICRA views the housing finance segment as an important extension of the existing bouquet of financial products
offered by TCL, making TCHFL strategically important for the parent. The company benefits from the Tata Group’s strong
franchise and close board supervision and its access to TCL’s infrastructure, marketing and loans origination teams which
has enabled it to grow its business volumes. TCHFL enjoys healthy financial flexibility to mobilise long term funding at
competitive rates on account of its strong parentage.
While the company’s ALM profile exhibits some mismatches in short term buckets, these are adequately backed by
unutilised banks lines. Given the company’s parentage, ICRA expects the company to be able to refinance the asset
liability gaps and also expects support to be forthcoming from the parent, as and when required. The company’s
capitalisation profile though moderate, has been supported by the regular equity infusion from the parent (Rs. 165 crore
in FY2017 and Rs. 301 crore in FY2018) and ICRA expects the company to remain adequately capitalised as it continues to
expand its portfolio.
The rating also factors in the company’s steady growth in business volumes (~32% CAGR in portfolio over the last three
years), moderate profitability (average ROE of ~13% over the last three years) and good asset quality through business
cycles (gross NPAs of 1.22% as on March 31, 2018) despite the high proportion of lending to the relatively riskier self-
employed segment. The company’s ability to maintain good asset quality while expanding its scale of operations and any
dilution in the significance of TCHFL to its parent would be key rating sensitivities.
1
For complete rating scale and definitions, please refer to ICRA's website (www.icra.in) or other ICRA rating publications
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Outlook: Stable
In ICRA’s opinion, TCHFL will continue to enjoy support from its ultimate parent, TSL, helping it maintain a comfortable
capitalisation and liquidity profile. The outlook may be revised to Positive in case there is a significant improvement in
the company’s profitability profile with loan book expansion and controlled asset quality. The outlook may be revised to
Negative in case there is a deterioration in the company’s asset quality or solvency indicators. Any dilution in importance
to the parent or a change in the expected level of support would also remain a key rating sensitivity.
Key rating drivers
Credit strengths
Strong parentage and strategic importance to the Group - TSL has a 93.22% stake in TCL, which in turn has a 100%
ownership in TCHFL. 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 benefits from the
Tata Group’s strong franchise and close board supervision and its access to TCL’s infrastructure and marketing and loans
origination teams which has enabled it to grow its business volumes. TCHFL also enjoys good financial flexibility as a
result of being part of the Tata Group, with access to funds at competitive rates of interest. However, any dilution in the
expected level of support to TCL or change in the credit profile of its parent would be a key rating sensitivity.
Robust growth in advances over the past few years - TCHFL has grown it portfolio at a CAGR of ~32% over the last three
years to Rs. 21,090 crore as on March 31, 2018 of which 70% was in the home loan segment, 20% in the LAP and 10% in
the builder and construction finance segment. The share of LAP in the overall portfolio is likely to increase following the
relaxation in NHB guidelines, which had earlier restricted it to 25% for the HFC to be eligible for NHB refinance. The
company intends to expand its operations to Tier II and Tier III cities to tap the growing affordable housing market, which
currently accounts for ~6% of the total portfolio. Given the increase in the supply in the housing market and demand
holding up, ICRA expects the growth prospects to remain good for the company.
Good asset quality notwithstanding the risky borrower profile - TCHFL’s gross NPAs increased marginally to 1.22% as on
March 31, 2018 from 0.91% as on March 31, 2017. Nevertheless, the asset quality remains comfortable when compared
to its peers especially given the company’s relatively high share of self-employed borrowers (~ 50% of the retail
portfolio). During FY2018, TCHFL increased its provision cover ratio to 61% as on March 31, 2018 resulting in stable net
NPAs of 0.48% as on March 31, 2018 as compared to 0.46% as on March 31, 2017. The company’s builder loan portfolio
has shown lower delinquencies as compared to the other segments; the gross NPAs for builder loan segment stood at
0.47%, followed by home loan at 1.34% and LAP at 1.49% as on March 31, 2018. Going forward, the company’s ability to
maintain a control over its asset quality as it continues to expand will be an important rating consideration.
Credit challenges
Moderate capitalisation indicators, given the higher pace of growth than internal capital generation - TCHFL has grown
it portfolio at a CAGR of ~32% over the last three years to Rs. 21,090 crore as on March 31, 2018. Since TCHFL’s pace of
growth has been higher than internal capital generation, the need for external capital has remained high. The company’s
capitalisation has been supported by regular capital infusions from the parent (Rs. 165 crore in FY2017 and Rs. 301 crore
in FY2018). Notwithstanding TCHFL’s ability to raise equity and the high level of support from the parent, its gearing
levels were relatively high at 10.3 times as on March 31, 2018 (though it has declined from 11.2 times as on March 31,
2017). The company’s capital adequacy with its Tier 1 and CRAR improved to 12.10% and 17.22% respectively as on
March 31, 2018 as compared to 10.19% and 16.01% respectively as on March 31, 2017. ICRA expects the company to
remain adequately capitalised as it continues to expand its portfolio given the strong capital commitment from its
parent.

Moderate profitability – TCHFL’s net interest margins declined marginally to 3.2% in FY2018 from 3.3% in FY2017. The
company’s operating expenses moderated to 1.47% of ATA in FY2018 from 1.60% in FY2017 owing to improved
operating efficiencies following business growth. However, its credit provisions increased to 0.68% of ATA in FY2018
from 0.46% in FY2017, with some slippages in the loan book). Consequently, its return of assets declined to 1.13% in
FY2018 from 1.17% in FY2017. The company reported a moderate return on equity of 13.70% in FY2018 (14.57% in
FY2017) as compared to its peers.
Relatively high ALM gaps; however, adequate unutilised bank lines results in a comfortable liquidity profile - TCHFL’s
reliance on short-term funds, while resulting in a lower cost of funds, results in relatively high asset liability maturity
(ALM) gaps. ICRA takes comfort from the company’s policy of maintaining adequate unutilised bank facilities to cover
these mismatches. ICRA expects the company to be able to refinance the asset liability gaps and also expects the support
to be forthcoming from the parent as and when required.
Analytical approach: For arriving at the ratings, ICRA has applied its rating methodologies as indicated below.
Links to applicable criteria:
Rating Methodology for Housing Finance Companies
About the company:

Tata Capital Housing Finance Limited (TCHFL) is a 100% subsidiary of Tata Capital Limited (TCL) and was incorporated for
providing long-term housing finance. The company’s incorporation was an integral part of TCL’s plan to augment its
existing product pipeline in the retail segment. TCHFL is registered with the National Housing Bank as a housing finance
company. The company commenced its lending operations in July 2009 and had a total portfolio of around Rs. 21,090
crore as on March 31, 2018.
For FY2018, the company reported a profit after tax of Rs. 214.20 crore (vis-à-vis Rs. 178.17 crore in FY2017) on a total
income of Rs. 1,983.55 crore in FY2018 (vis-à-vis Rs. 1,723.07 crore in FY2017). The company’s total net worth stood at
Rs. 1,772.70 crore as on March 31, 2018.
About Tata Capital Limited:

TCL is a subsidiary of Tata Sons Limited, which holds 93.22% of TCL. TCL is registered as a core investment company and
is the holding company for various financial services of the Group including TCFSL, Tata Capital Housing Finance Limited
and Tata Securities Limited. TCL also holds strategic and private equity investments. For FY2018, the company reported a
net profit of Rs. 201.78 crore on a total asset base of Rs. 7,278.34 crore against a net profit of Rs. 180.16 crore on a total
asset base of Rs. 6,703.04 crore in FY2017.
About Tata Sons Limited:

Tata Sons Limited (TSL), founded in 1917 by Tata Group’s founder, Shri J N Tata, is the principal holding company for Tata
Group and the owner of the Tata brand and associated Tata trademarks. Charitable trusts, including those endowed by
the late Sir Dorabji Tata, own 66% of TSL’s shares. While income from dividends and profit generated on sale of
investments constitute the principal revenue source for the company, it also earns royalty fees from Group companies
for using the Tata brand. Currently, TSL’s equity investments are spread across seven major industry segments and
include investments in Tata Consultancy Services Limited, Tata Steel Limited, Tata Power Company Limited, Tata Motors
Limited, Tata Chemicals Limited, Tata Teleservices Limited, and Tata Global Beverages Limited.

Key Financial Indicators (Audited)
FY 2017 FY 2018
Net interest income 469 576
Profit before tax 273 329
Profit after tax 178 214
Portfolio 17,343 21,090
Total assets 17,206 20,669
% Tier 1 10.19% 12.10%

% CRAR 16.01% 17.22%
Gearing 11.23 10.29
% Net profit/Average total assets 1.17% 1.13%

% Return on net worth 14.57% 13.70%
% Gross NPAs 0.91% 1.22%

% Net NPAs 0.46% 0.48%
Net NPA/Net worth 5.77% 5.45%
Amount is Rs. crore
Source: TCHFL; ICRA research
Status of non-cooperation with previous CRA: Not applicable
Any other information: None
Rating history for last three years:

Current Rating (FY2019) Chronology of Rating History for the past 3 years
Amount FY2018 FY2017 FY2016
Amount
Instrument Rated May
Type Outstanding Sep April Jan May Feb Sep
(Rs. 2018
(Rs. crore) 2017 2017 2017 2016 2016 2015
crore)
Commercial
Short [ICRA] [ICRA] [ICRA] [ICRA]
1 Paper 8,000.00 - - - withdrawn
Term A1+ A1+ A1+ A1+
Programme
Non-
[ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA]
Convertible Long
2 2,400.00 1,384.50 AA+ AA+ AA+ AA+ AA+ AA+ AA+
Debenture Term
(Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)
Programme
Subordinated [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA] [ICRA]
Long
3 Debt 1,100.00 597.50 AA+ AA+ AA+ AA+ AA+ AA+ AA+
Term
Programme (Stable) (Stable) (Stable) (Stable) (Stable) (Stable) (Stable)
Complexity level of the rated instrument:

ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The
classification of instruments according to their complexity levels is available on the website www.icra.in

Annexure-1: Instrument Details
Date of Amount
Coupon Maturity Current Rating and
ISIN No Instrument Name Issuance / Rated
Rate Date Outlook
Sanction (Rs. crore)
Non-Convertible
NA Debentures NA NA NA 1,015.50^ [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07AU5 Debentures 9-Dec-14 9.22% 9-Dec-24 50.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
INE033L07AZ4 Debentures 23-Jan-15 9.05% 23-Jan-25 15.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
Programme
Non-Convertible
INE033L07AZ4 23-Jan-15 9.05% 23-Jan-25 10.00 [ICRA]AA+(Stable)
Debentures

Date of Amount
Rate Date Outlook
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
INE033L07DP9 Debentures 17-Aug-15 8.85% 17-Aug-20 60.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
INE033L07DU9 Debentures 31-Aug-15 8.87% 29-Aug-25 20.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07DW5 Debentures 8-Oct-15 8.70% 8-Oct-25 7.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07DW5 Debentures 8-Oct-15 8.70% 8-Oct-25 0.50 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07EL6 Debentures 2-Mar-16 8.93% 16-May-19 20.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
Programme
Non-Convertible
Programme
Non-Convertible
INE033L07EW3 Debentures 14-Jun-16 8.75% 14-Jun-19 5.00 [ICRA]AA+(Stable)
Programme

Date of Amount
Rate Date Outlook
Non-Convertible
INE033L07EY9 Debentures 30-Jun-16 8.70% 30-Jun-26 10.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07EZ6 Debentures 5-Jul-16 8.70% 5-Jul-21 10.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07EZ6 Debentures 5-Jul-16 8.70% 5-Jul-21 10.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FI9 Debentures 15-Sep-16 8.20% 15-Sep-21 10.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FP4 Debentures 17-Apr-17 7.68% 17-Apr-19 175.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FQ2 Debentures 20-Apr-17 7.71% 29-Apr-20 5.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FR0 Debentures 30-May-17 7.77% 30-May-19 25.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FS8 Debentures 7-Jun-17 7.75% 30-Jun-20 5.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FT6 Debentures 14-Jun-17 7.70% 15-Jun-20 55.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FU4 Debentures 13-Jul-17 7.60% 12-Jul-19 100.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FV2 Debentures 21-Jul-17 7.54% 19-Jul-19 125.00 [ICRA]AA+(Stable)
Programme
Non-Convertible
INE033L07FW0 Debentures 31-Aug-17 7.40% 31-Aug-20 350.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
NA NA NA NA 502.50^ [ICRA]AA+(Stable)
Programme
Subordinated Debt
INE033L08023 29-Sep-11 10.00% 29-Sep-21 5.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
INE033L08023 Subordinated Debt 29-Sep-11 10.00% 29-Sep-21 0.10 [ICRA]AA+(Stable)

Date of Amount
Rate Date Outlook
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
INE033L08031 28-Oct-11 10.00% 28-Oct-21 0.50 [ICRA]AA+(Stable)
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
INE033L08049 4-Nov-11 10.00% 4-Nov-21 10.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
Programme
Subordinated Debt
INE033L08056 25-Jan-12 10.15% 25-Jan-22 8.50 [ICRA]AA+(Stable)
Programme
Subordinated Debt
INE033L08056 25-Jan-12 10.15% 25-Jan-22 5.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
INE033L08064 12-Mar-12 10.15% 12-Mar-22 10.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
Programme
Subordinated Debt
INE033L08072 10-May-12 10.00% 10-May-22 1.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
INE033L08106 22-Aug-12 10.25% 22-Aug-22 33.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
INE033L08122 15-Apr-13 9.70% 15-Apr-23 10.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme

Date of Amount
Rate Date Outlook
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
INE033L08197 22-Jul-15 9.25% 22-Jul-25 35.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
INE033L08239 15-Dec-15 9.00% 15-Dec-25 22.00 [ICRA]AA+(Stable)
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
Programme
Subordinated Debt
INE033L08262 4-Aug-16 8.92% 4-Aug-26 100.00 [ICRA]AA+(Stable)
Programme
INE033L08262 Subordinated Debt 4-Aug-16 8.92% 4-Aug-26 100.00 [ICRA]AA+(Stable)

Date of Amount
Rate Date Outlook
Programme
Commercial Paper
NA NA NA 7-365 days 8,000 [ICRA]A1+
Programme
^unutilised
Source: TCHFL; Data as on March 31, 2018
10

ANALYST CONTACTS
Karthik Srinivasan Manushree Saggar
+91 22 6114 3444 +91 124 4545 316
karthiks@icraindia.com manushrees@icraindia.com
Akshay Kumar Jain Sandeep Sharma

+91 22 6114 3430 +91 22 6114 3472
akshay.jain@icraindia.com sandeep.sharma@icraindia.com
RELATIONSHIP CONTACT
L. Shivakumar
+91 22 6114 3406
shivakumar@icraindia.com
MEDIA AND PUBLIC RELATIONS CONTACT

Ms. Naznin Prodhani
Tel: +91 124 4545 860
naznin.prodhani@icraindia.com
Helpline for business queries:

+91-124-2866928 (open Monday to Friday, from 9:30 am to 6 pm)
info@icraindia.com
About ICRA Limited:

ICRA Limited was set up in 1991 by leading financial/investment institutions, commercial banks and financial services
companies as an independent and professional investment Information and Credit Rating Agency.
Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited
Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. The international Credit
Rating Agency Moody’s Investors Service is ICRA’s largest shareholder.
For more information, visit www.icra.in
11

ICRA Limited
Corporate Office
Building No. 8, 2nd Floor, Tower A; DLF Cyber City, Phase II; Gurgaon 122 002
Tel: +91 124 4545300
Email: info@icraindia.com
Website: www.icra.in
Registered Office
1105, Kailash Building, 11th Floor; 26 Kasturba Gandhi Marg; New Delhi 110001
Tel: +91 11 23357940-50
Branches
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© Copyright, 2018 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
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Tata Capital Housing Finance

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Tata Capital Housing Finance Limited

May 23, 2018

Summary of rated instruments

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Key rating drivers

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Links to applicable criteria:

Rating Methodology for Housing Finance Companies

About the company:

About Tata Capital Limited:

About Tata Sons Limited:

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% Tier 1 10.19% 12.10%

% Net profit/Average total assets 1.17% 1.13%

% Gross NPAs 0.91% 1.22%

Status of non-cooperation with previous CRA: Not applicable

Any other information: None

Rating history for last three years:

Complexity level of the rated instrument:

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Akshay Kumar Jain Sandeep Sharma

MEDIA AND PUBLIC RELATIONS CONTACT

Helpline for business queries:

About ICRA Limited:

For more information, visit www.icra.in

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Mumbai + (91 22) 24331046/53/62/74/86/87

© Copyright, 2018 ICRA Limited. All Rights Reserved.

Contents may be used freely with due acknowledgement to ICRA.

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