Infrastructure

Finance
Player Profile

November 2017
Contents
IFCI Ltd 3

IL&FS Financial Services Ltd 7

India Infrastructure Finance Company Ltd 10

L&T Infrastructure Finance Ltd 15

Power Finance Corporation Ltd 19

Rural Electrification Corporation Ltd 24

SREI Infrastructure Finance Ltd 29

PTC India Financial Services Limited 33

West Bengal Infrastructure Development Finance Corporation Limited 37

2
IFCI Ltd
Industrial Finance Corporation of India (IFCI) was set up in the year 1948, by the Central Government as the first
Development Financial Institution in the country to provide long-term finance needs of the industrial sector.
Subsequently in the year 1993 it was incorporated as a limited company and was renamed as IFCI Ltd. At the initial
phase IFCI was provided access to low-cost funds which in turn enabled it to provide loans and advances to corporate
borrowers at concessional rates. The company is essentially involved in project financing but also provides other
financial, leasing and merchant banking services. It has also been successful in implementing the Government's
development projects. IFCI provides long-term financial support to all segments of the Indian Industry. It contributes
funds for the modernization of Indian industry, export promotion, import substitution, entrepreneurship development,
pollution control, energy conservation and generation of both direct and indirect employment.

Shareholding pattern (As on June 30, 2017)

Promoters
56%

Others
1%

Mutual Funds /
Individuals UTI
18% 2%
Banks, Fis,
Corporate Insuarance Cos
bodies FIIs 12%
3% 9%

Source: CMIE, CRISIL Research

Disbursements mix (2015-16)

Infra
Others 25%
14%

Services
25%

Manufacturing
36%

Source: Company Report, CRISIL Research

3
Key Operating & Financial Indicators

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. mn) 217,650 258,430 228,490 165,120 128,530

Disbursements (Rs mn) 30,530 74,880 86,870 86,830 15,040

Number of employees 262 253 265 234 229

Capital adequacy ratio (%) 16.7 16.9 18.7 21.3 23.9

Tier - I capital (%) 11.2 11.5 12.7 13.9 15.3

Tier - II capital (%) 5.5 5.4 6.0 7.5 8.6

Return on equity (%) -7.8 5.6 8.9 9.0 9.2

Return on assets (%) -1.4 1.0 1.7 1.9 1.7

Gross NPA (%) 31.9 13.1 10.3 17.3 22.2

Net NPA (%) 27.0 9.5 7.2 11.4 10.2

n.a: Not available

Source: Company Report, CRISIL Research

Credit Rating information

Long term CARE A+ (SO)/CARE A-/CARE BBB+

Outlook Negative

Note: The rating is outstanding as on Sep 2017.

Source: CRISIL Research

PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 27,421 37,808 32,207 28,452 26,758

Interest Income 24,080 33,191 27,274 21,639 21,548

Dividend Income 658 455 505 655 569

Other Fund Based Income 2,683 4,163 4,427 6,159 4,641

Fee Based Income 320 243 481 342 277

Other Income 1,002 1,680 766 415 334

Total Income 28,742 39,731 33,454 29,209 27,369

Expenses

Interest Paid 22,893 25,167 21,042 16,680 18,160

Operating Expenses 1,381 1,374 1,030 914 1,063

Provisons 11,916 8,611 4,337 5,204 1,652

4
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Total expenses and provisions 36,191 35,153 26,409 22,798 20,875

Profit Before Tax, Depreciation & Extraordinary Items (7,448) 4,578 7,045 6,411 6,494

Depreciation 342 145 (97) 130 103

Prior Period Adjustments +/(-) - 2 39 324 251

Profit Before Tax (7,790) 4,435 7,180 6,605 6,641

Income Tax - 2,168 815 1,076 1,031

Deferred Tax (3,073) (1,108) 1,149 448 1,101

Profit After Tax (4,718) 3,375 5,216 5,081 4,509

Source: Company Report, CRISIL Research

BALANCE SHEET

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 16,620 16,616 16,615 16,611 16,620

Total Reserves 40,212 44,663 43,338 41,255 38,181

Net Worth : (Reported) 56,833 61,279 59,954 57,866 54,801

Less : Preliminary /Miscellaneous Expenses Not Written Off - - - - -

Less: Other Intangible Assets 25 25 3 2 3

Tangible Net Worth 56,808 61,254 59,951 57,864 54,798

Preference capital 2,638 2,638 2,638 2,638 2,638

Borrowings 231,310 277,101 257,684 205,942 178,188

Current Liabilities 16,710 17,549 15,468 11,446 11,403

Provisions 288 218 3,085 2,074 2,093

Current Liabilities & Provisions 16,998 17,766 18,552 13,520 13,496

Deferred Tax Liability - - - - -

TOTAL LIABILITIES 307,754 358,760 338,826 279,964 249,120

Assets

Assets Under Financing 216,878 256,671 243,092 186,049 142,113

Investments 63,934 81,425 75,171 74,869 84,205

Current Assets

Cash & Bank Balances 11,820 6,033 6,927 5,358 5,147

Debtors 303 471 541 362 1,084

Other current assets 2,862 5,132 5,069 4,237 6,973

Total Current Assets 14,985 11,636 12,537 9,958 13,204

5
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Fixed Assets

Net Fixed Assets : (Owned) 2,092 2,241 2,346 2,211 2,137

Capital Work-In-Process 6 - 2 56 193

Deferred Tax Asset 9,860 6,787 5,679 6,820 7,268

TOTAL ASSETS 307,754 358,760 338,826 279,964 249,120

Source: Company Report, CRISIL Research

PROFITABILITY RATIO

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 8.58 11.26 10.87 11.40 11.01

Cost of funds 9.01 9.41 9.08 8.68 9.28

Gross spread (0.42) 1.85 1.79 2.71 1.73

Operating expenses 0.52 0.44 0.30 0.39 0.45

Fee income 0.10 0.07 0.16 0.14 0.11

Credit costs 3.73 2.57 1.46 2.08 0.68

Net profit margins (4.57) (1.08) 0.19 0.37 0.72

Source: Company Report, CRISIL Research

BORROWING MIX

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 47.95 40.79 46.13 50.86 61.49

Loans from Banks and FIs 33.18 36.95 38.14 32.49 21.37

Deposits - - - - -

Commercial Paper - 0.89 - - 0.08

ECBs 1.86 1.78 1.80 2.91 2.97

Refinance from NHB - - - - -

Others 17.02 19.59 13.93 13.73 14.10

Total 100.00 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

6
IL&FS Financial Services Ltd
Incorporated in September 1995, IL&FS Financial Services Ltd. (IFIN) is a 100% subsidiary of IL&FS Ltd. IFIN’s
business profile is broadly divided into investment banking business (asset and structured finance), Project debt
syndication business, corporate advisory services business and project finance advisory. IFIN has an international
presence through its fully-owned subsidiaries in Singapore, United Kingdom and Dubai. These subsidiaries were set
up mainly to assist corporate for their overseas borrowing, through private equity syndication and advisory services.

Key Financial Indicators

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. mn) 124,153 125,225 98,020 98,880 98,740

Capital adequacy ratio (%) 21.1 20.5 21.6 21.6 22.0

Tier - I capital (%) 13.2 12.7 14.4 14.1 14.2

Tier - II capital (%) 7.9 7.7 7.3 7.5 7.8

Return on equity (%) 9.4 9.2 12.5 14.0 19.8

Return on assets (%) 1.1 1.2 1.7 2.0 2.9

Gross NPA (%) 3.3 2.8 2.6 n.a. 1.1

Net NPA (%) 2.36 2.2 2.1 n.a. 0.9

n.a: Not available

Source: Company Report, CRISIL Research

Credit Rating information

Long term CARE AA+/CARE AAA

Short-term CARE A1+

Outlook Stable

Note: The rating is outstanding as on Oct 2017.

Source: CRISIL Research

PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 21,566 17,324 17,396 16,876 15,559

Interest Income 20,125 16,426 16,322 15,792 15,317

Dividend Income 362 311 200 140 172

Other Fund Based Income 1,080 587 874 943 70

Fee Based Income 1,848 1,700 1,547 1,203 1,969

7
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Other Income 52 198 415 102 23

Total Income 23,466 19,222 19,358 18,181 17,551

Expenses

Interest Paid 14,571 12,186 12,160 11,555 11,188

Operating Expenses 1,901 1,662 1,403 1,441 1,318

Provisons 3,745 2,138 1,654 1,577 499

Total expenses and provisions 20,217 15,986 15,218 14,573 13,006

Profit Before Tax, Depreciation & Extraordinary Items 3,249 3,236 4,140 3,609 4,545

Depreciation 22 17 21 41 42

Prior Period Adjustments +/(-) - - (115) (17) -

Extraordinary Items +/(-) - - - - -

Profit Before Tax 3,227 3,219 4,004 3,551 4,503

Income Tax 1,139 1,647 1,387 1,145 1,563

Deferred Tax - (400) 121 (245) (363)

Profit After Tax 2,088 1,972 2,496 2,651 3,303

Source: Company Report, CRISIL Research

BALANCE SHEET

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 2,657 2,657 2,657 2,657 2,657

Total Reserves 20,165 19,161 17,656 16,796 15,855

Net Worth : (Reported) 22,821 21,818 20,312 19,453 18,512

Less : Preliminary /Miscellaneous Expenses Not Written Off 254 - - - -

Less: Other Intangible Assets 5 7 10 9 7

Tangible Net Worth 22,562 21,811 20,303 19,443 18,505

Preference Capital 1,250 1,250 - - -

Borrowings 158,170 144,850 123,943 111,929 103,907

Current Liabilities 3,212 1,985 2,524 2,042 1,699

Provisions 5,080 5,761 4,934 5,019 5,087

Current Liabilities & Provisions 8,292 7,746 7,458 7,062 6,785

Deferred Tax Liability - - - - -

TOTAL LIABILITIES 190,274 175,656 151,705 138,434 129,198

Assets

8
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Assets Under Financing 116,416 116,003 88,734 89,193 89,282

Investments 32,887 37,389 35,715 34,346 30,892

Current Assets

Cash & Bank Balances 29,106 12,870 18,678 5,476 1,950

Debtors 1,889 1,513 1,699 1,930 1,630

Other current assts 7,947 6,193 5,588 6,074 4,273

Total Current Assets 38,942 20,576 25,965 13,481 7,854

Fixed Assets

Net Fixed Assets : (Owned) 40 37 40 41 42

Capital Work-In-Process - - - - -

Deferred Tax Asset 1,989 1,652 1,252 1,373 1,128

TOTAL ASSETS 190,274 175,656 151,705 138,434 129,198

Source: Company Report, CRISIL Research

PROFITABILITY RATIO

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 12.39 11.08 12.61 13.25 13.49

Cost of funds 9.62 9.07 10.31 10.71 11.63

Gross spread 2.77 2.02 2.30 2.54 1.87

Operating expenses 1.05 1.03 0.98 1.11 1.13

Fee income 1.06 1.09 1.12 0.94 1.71

Credit costs 2.15 1.37 1.20 1.24 0.43

Net profit margins 0.63 0.71 1.24 1.14 2.01

Source: Company Report, CRISIL Research

BORROWING MIX

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 28.20 19.65 18.64 15.26 10.11

Loans from Banks and FIs 50.58 50.18 61.15 67.89 76.35

Deposits - - - - -

Commercial Paper 12.48 18.05 8.79 9.90 9.40

ECBs - - - - -

Refinance from NHB - - - - 0.10

Others 8.75 12.12 11.42 6.96 4.04

Total 100.00 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

9
India Infrastructure Finance Company Ltd
IIFCL was incorporated under the Companies Act as a wholly-owned Government of India company in January 2006
and commenced operations from April 2006 to provide long term finance to viable infrastructure projects through the
Scheme for Financing Viable Infrastructure Projects through a Special Purpose Vehicle called India Infrastructure
Finance Company Ltd (IIFCL), broadly referred to as SIFTI. The sectors eligible for financial assistance from IIFCL
are the Harmonized list of infrastructure sub-sectors as approved by the Cabinet Committee on Infrastructure on 1st
March 2012. These include transportation, energy, water, sanitation, communication, social and commercial
infrastructure.

Sector-wise distribution of cumulative disbursements

1% 1% 1% 1%
100% 2% 2% 2% 2% 0%
2%
90%
80%
70% 42% 41% 43% 44%
45%
60%
50%
40%
30%
48% 51% 53% 51% 50%
20%
10%
0%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Road Power Airport Port Urban Infra Others

Source: Company Report

Cumulative disbursements - Type of financing

100%
11% 12%
90% 20% 25% 27%
80% 17%
20%
70% 18% 13% 11%
60%
50%
40%
73% 69%
30% 62% 62% 62%
20%
10%
0%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Direct lending Refinance Takeout Finance

Source: Company Report

10
Loan portfolio mix

100%
11% 15%
90%
26%
80% 18% 8%

70% 2%

60%

50%

40% 78%
71% 71%
30%

20%

10%

0%
Mar-13 Mar-14 Mar-15
Direct lending Refinance Takeout Finance

Source: Company Report

Key Operating & Financial Indicators

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. mn) 340,709 316,124 269,954 238,810 265,820

Disbursements (Rs mn) 71,220 94,490 73,190 54,840 62,050

Number of employees 92 88 78 59 53

Capital adequacy ratio (%) 19.2 20.3 25.1 26.9 19.0

Tier - I capital (%) 18.9 20.1 24.9 26.6 n.a.

Tier - II capital (%) 0.3 0.3 0.3 0.3 n.a.

Return on equity (%) 0.9 6.7 12.0 9.8 24.6

Return on assets (%) 0.2 1.2 2.0 1.4 3.3

Gross NPA (%) 7.78 3.1 2.5 3.8 1.0

Net NPA (%) 5.47 2.2 3.8 2.8 0.9

n.a: Not available

Source: Company Report, CRISIL Research

Credit Rating information

Long term CARE AAA/CARE AAA (SO)

Outlook Stable

Note: The rating is outstanding as on Oct 2017.

Source: CRISIL Research

11
PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 37,685 46,164 40,367 39,052 34,256

Interest Income 36,951 41,801 39,820 38,832 32,499

Dividend Income - 1,323 - - 1,663

Other Fund Based Income 734 3,041 547 220 95

Fee Based Income 559 309 254 136 292

Other Income 833 26 14 13 18

Total Income 39,076 46,499 40,635 39,201 34,566

Expenses

Interest Paid 22,046 29,382 24,391 26,281 18,761

Operating Expenses 714 699 572 287 261

Provisons 12,186 6,809 3,612 3,278 400

Total expenses and provisions 34,946 36,891 28,576 29,846 19,421

Profit Before Tax, Depreciation & Extraordinary Items 4,131 9,609 12,059 9,355 15,145

Depreciation 12 3 21 7 4

Prior Period Adjustments +/(-) (390) 39 128 0 11

Extraordinary Items +/(-) - - - - (10)

Profit Before Tax 3,729 9,645 12,165 9,349 15,143

Income Tax 2,790 4,430 4,404 3,513 3,969

Deferred Tax 260 531 226 623 683

Profit After Tax 679 4,685 7,535 5,213 10,491

Source: Company Report, CRISIL Research

BALANCE SHEET

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 40,023 39,000 39,000 33,000 29,000

Total Reserves 34,216 33,647 28,962 24,819 19,582

Net Worth : (Reported) 74,239 72,647 67,962 57,819 48,582

Less : Preliminary /Miscellaneous Expenses Not Written Off - - - - -

Less: Other Intangible Assets 3 4 6 9 1

Tangible Net Worth 74,236 72,643 67,956 57,810 48,581

Borrowings 319,816 329,429 305,403 315,609 294,928

Current Liabilities 11,900 10,950 9,432 7,625 5,668

12
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Provisions 427 431 328 456 728

Current Liabilities & Provisions 12,328 11,380 9,760 8,082 6,396

Deferred Tax Liability 4,333 3,730 2,755 2,068 1,495

TOTAL LIABILITIES 410,713 417,182 385,874 383,568 351,400

Assets

Assets Under Financing 328,504 309,571 265,200 234,718 240,687

Investments 19,328 8,983 7,851 6,932 5,458

Current Assets

Cash & Bank Balances 42,120 73,989 101,562 132,456 97,789

Debtors - - - - 37

Other current assts 17,863 22,652 10,645 9,296 7,226

Total Current Assets 59,983 96,641 112,207 141,752 105,052

Fixed Assets

Net Fixed Assets : (Owned) 17 27 9 24 11

Capital Work-In-Process 1,490 912 3 - -

Deferred Tax Asset 1,391 1,048 604 142 193

TOTAL ASSETS 410,713 417,182 385,874 383,568 351,400

Source: Company Report, CRISIL Research

PROFITABILITY RATIO

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 9.63 12.03 10.78 10.87 11.11

Cost of funds 6.79 9.26 7.86 8.61 7.06

Gross spread 2.84 2.78 2.92 2.27 4.06

Operating expenses 0.18 0.17 0.15 0.08 0.08

Fee income 0.14 0.08 0.07 0.04 0.09

Credit costs 3.11 1.77 0.96 0.91 0.13

Net profit margins -0.31 0.91 1.87 1.31 3.94

Source: Company Report, CRISIL Research

BORROWING MIX

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 58.00 56.31 62.45 60.43 65.21

Loans from Banks and FIs 2.80 5.16 0.34 6.61 5.03

13
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Deposits - - - - -

Commercial Paper - - - - -

ECBs - - - - -

Refinance from NHB - - - - -

Others 39.20 38.53 37.21 32.96 29.76

Total 100.00 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

14
L&T Infrastructure Finance Ltd
L&T Infrastructure Finance Company Limited (L&T Infra Finance) is promoted by the engineering and construction
conglomerate Larsen & Toubro Limited (L&T) and L&T Finance Holdings Limited (a subsidiary of L&T). L&T Infra
Finance, incorporated in 2006, is registered as a Non-Banking Financial Company (NBFC) under the Reserve Bank
of India (RBI) Act 1934, and is among the select few financial institutions classified as an Infrastructure Finance
Company (IFC). Since 2011 it has been classified as a Public Finance Institution (PFI) by the Ministry of Corporate
Affairs.

Loan portfolio mix

100% 5%
7%
90%
14% 15%
80%
70% 17% 14%

60% 7%
7%
8%
50% 10%
40% 19%
18%
30%
20%
27% 31%
10%
0%
FY 16 FY 17
Renewable Power Transport Power – Thermal Power – Corp2 + T&D
Others1 Structured Corp. Fin. Supply Chain Fin

1 Others includes IT parks, infra project implementers, telecom, captive mining for power projects, healthcare, solid waste
management, water treatment, select hotels, real estate, bonds etc.

2 Corporate loans to Power companies

Source: Company Report, CRISIL Research

Key Operating & Financial Indicators

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. mn) 414,030 348,700 222,390 175,980 147,864

Number of employees 155 147 118 n.a. n.a.

Capital adequacy ratio (%) 19.7 19.9 17.5 17.8 15.8

Tier - I capital (%) 12.9 14.0 13.1 15.8 14.2

Tier - II capital (%) 6.9 5.9 4.4 2.0 1.6

Return on equity (%) 1.5 8.9 9.0 12.2 16.6

Return on assets (%) 0.2 1.0 1.2 1.8 2.6

Gross NPA (%) 5.3 2.4 1.9 3.5 1.5

Net NPA (%) 2.9 1.6 1.3 2.9 1.2

Source: Company Report, CRISIL Research

15
Credit Rating information

Long term ICRA AA/ICRA AA+

Short-term ICRA A1+

Outlook Stable

Note: The rating is outstanding as on Oct 2017.

Source: CRISIL Research

PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 25,732 24,298 20,696 18,334 15,548

Interest Income 25,150 23,354 19,859 17,408 15,236

Dividend Income 314 738 604 279 312

Other Fund Based Income 268 206 233 646 -

Fee Based Income 1,012 14 465 333 450

Other Income 40 50 11 33 0

Total Income 26,784 24,362 21,173 18,700 15,998

Expenses

Interest Paid 18,253 17,483 14,402 12,338 9,784

Operating Expenses 832 884 931 929 753

Provisons 7,499 2,448 2,628 1,442 744

Total expenses and provisions 26,584 20,815 17,961 14,709 11,281

Profit Before Tax, Depreciation & Extraordinary Items 200 3,547 3,212 3,991 4,717

Depreciation 11 12 23 19 18

Prior Period Adjustments +/(-) - - 2 - -

Extraordinary Items +/(-) - - - - -

Profit Before Tax 189 3,535 3,191 3,972 4,699

Income Tax 1,768 1,534 1,013 1,418 1,530

Deferred Tax (2,001) (532) (77) (243) (273)

Profit After Tax 422 2,533 2,255 2,797 3,442

Source: Company Report, CRISIL Research

16
BALANCE SHEET

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 8,921 8,463 8,292 8,292 8,292

Total Reserves 19,888 20,171 17,183 16,395 14,736

Net Worth : (Reported) 28,808 28,634 25,475 24,688 23,028

Less : Preliminary /Miscellaneous Expenses Not Written Off - 621 1,752 - -

Less: Other Intangible Assets 10 6 6 18 28

Tangible Net Worth 28,798 28,006 23,717 24,670 23,000

Borrowings 205,456 201,981 176,965 139,536 125,120

Current Liabilities 12,553 10,998 8,429 6,209 3,727

Provisions 11,424 7,342 5,706 4,710 3,458

Current Liabilities & Provisions 23,976 18,340 14,135 10,920 7,185

Deferred Tax Liability 2 2 2 6 7

TOTAL LIABILITIES 258,232 248,329 214,819 175,131 155,312

Assets

Assets Under Financing 209,965 211,378 185,231 147,279 141,371

Investments 24,401 20,039 14,209 18,789 7,706

Current Assets

Cash & Bank Balances 1,182 570 2,606 154 114

Debtors 383 - 26 132 134

Other current assts 18,941 14,978 11,912 8,009 5,468

Total Current Assets 20,506 15,548 14,544 8,296 5,716

Fixed Assets

Net Fixed Assets : (Owned) 9 13 15 20 15

Capital Work-In-Process - - - - -

Deferred Tax Asset 3,351 1,351 820 747 504

TOTAL ASSETS 258,232 248,329 214,819 175,131 155,312

Source: Company Report, CRISIL Research

17
PROFITABILITY RATIO

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 10.99 11.19 11.23 11.61 12.04

Cost of funds 8.96 9.23 9.10 9.32 9.12

Gross spread 2.03 1.96 2.13 2.28 2.92

Operating expenses 0.33 0.39 0.49 0.57 0.58

Fee income 0.43 0.01 0.25 0.21 0.35

Credit costs 3.20 1.13 1.43 0.91 0.58

Net profit margins -1.08 0.46 0.46 1.01 2.11

Source: Company Report, CRISIL Research

BORROWING MIX

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 49.31 38.76 38.42 37.94 34.24

Loans from Banks and FIs 44.29 48.35 48.90 47.46 54.40

Deposits - - - - -

Commercial Paper 4.55 5.75 - - 3.71

ECBs 0.16 0.49 1.59 2.79 -

Refinance from NHB - - - - -

Others 1.69 6.64 11.08 11.80 7.65

Total 100.00 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

18
Power Finance Corporation Ltd
Power Finance Corporation Ltd (PFC) was incorporated in 1986 as a development financial institution dedicated to
the power sector. Working as a public financial institution its thrust area is to incentivise reforms and restructuring of
public sector. Range of services offered by it are term loan for power projects, lease financing, renovation and
modernisation of power plants, bill discounting, energy conversation schemes, working capital loans etc. The
organisation offers its services in majority of the states throughout the country.

Shareholding pattern (As on June 30, 2017)

Individuals Others
4% 0%
Corporate bodies
1%

FIIs
16%

Promoters
Banks, Fis,
66%
Insuarance Cos 8%

Mutual Funds / UTI

4%

Source: BSE

Segment wise portfolio mix

100%
13% 18% 16%
90% 19%
4% 3%
80% 6% 3% 3%
6% 7%
6%
70%
60%
50%
40% 77% 73% 72% 75%
30%
20%
10%
0%
Mar-14 Mar-15 Mar-16 Mar-17
Generation Transmission Distribution Others

Source: Company Report

19
Sector wise portfolio mix (As on March 31, 2017)

Private Sector
17%

Joint Sector
8%

State Sector
Central Sector 66%
9%

Source: Company Report

Key Operating & Financial Indicators

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. mn) 2,401,690 2,374,620 2,171,610 1,887,530 1,603,670

Disbursements (Rs mn) 627,980 465,880 446,910 471,620 451,510

Number of employees 499 467 450 446 427

Capital adequacy ratio (%) 19.3 20.3 20.3 20.1 18.0

Tier - I capital (%) 16.2 17.1 17.0 16.4 16.8

Tier - II capital (%) 3.1 3.2 3.4 3.7 1.2

Return on equity (%) 5.8 17.7 19.6 20.8 19.7

Return on assets (%) 0.8 2.6 2.8 3.0 2.9

Gross NPA (%) 12.5 3.2 1.1 0.7 0.7

Net NPA (%) 10.6 2.6 0.9 0.5 0.6

n.a: Not available

Source: Company Report, CRISIL Research

Credit Rating information

Long term CRISIL AAA

Short-term CRISIL A1+

Outlook Stable

Note: The rating is outstanding as on Sep 2017.

Source: CRISIL Research

20
PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 268,916 274,394 248,139 211,258 169,297

Interest Income 266,017 273,592 247,811 211,237 169,214

Dividend Income 2,904 707 315 21 82

Other Fund Based Income (5) 95 13 - 0

Fee Based Income 1,146 1,054 1,166 1,991 1,761

Other Income 111 190 103 85 40

Total Income 270,173 275,638 249,407 213,333 171,098

Expenses

Interest Paid 164,593 165,073 154,696 130,770 109,257

Operating Expenses 3,471 2,866 2,437 2,205 1,353

Provisons 50,936 17,056 8,440 4,697 809

Total expenses and provisions 218,999 184,994 165,572 137,672 111,418

Profit Before Tax, Depreciation & Extraordinary Items 51,174 90,644 83,835 75,661 59,680

Depreciation 56 62 61 49 57

Prior Period Adjustments +/(-) (14) 24 51 27 88

Extraordinary Items +/(-) (7) - (43) (55) (41)

Profit Before Tax 51,098 90,607 83,782 75,583 59,670

Income Tax 30,744 28,223 25,024 20,758 15,436

Deferred Tax (909) 1,128 (840) 544 1,324

Profit After Tax 21,263 61,256 59,598 54,281 42,911

Source: Company Report, CRISIL Research

BALANCE SHEET

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 26,401 13,200 13,200 13,200 13,200

Total Reserves 338,301 351,857 312,797 267,638 227,341

Net Worth : (Reported) 364,702 365,058 325,998 280,838 240,541

Less : Preliminary /Miscellaneous Expenses Not Written Off - 7,397 3,806 7,092 5,878

Less: Other Intangible Assets 7 15 17 25 38

Tangible Net Worth 364,695 357,645 322,175 273,722 234,626

Borrowings 2,075,880 2,004,844 1,877,732 1,592,151 1,395,827

Current Liabilities 96,630 80,495 69,940 66,094 56,036

21
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Provisions 14,578 3,081 4,378 2,214 2,235

Current Liabilities & Provisions 111,208 83,576 74,318 68,308 58,272

Deferred Tax Liability 2,505 3,021 1,893 2,742 2,198

TOTAL LIABILITIES 2,554,288 2,449,087 2,276,117 1,936,922 1,690,922

Assets

Assets Under Financing 2,389,900 2,363,313 2,166,033 1,887,815 1,606,226

Investments 85,911 25,785 8,513 3,522 1,910

Current Assets

Cash & Bank Balances 35,732 785 50,708 601 47,538

Debtors - - - - -

Other current assts 42,127 58,579 50,222 44,303 34,542

Total Current Assets 77,859 59,363 100,930 44,904 82,080

Fixed Assets

Net Fixed Assets : (Owned) 619 626 641 682 706

Capital Work-In-Process - - - - -

Deferred Tax Asset - - - - -

TOTAL ASSETS 2,554,288 2,449,087 2,276,117 1,936,922 1,690,922

Source: Company Report, CRISIL Research

PROFITABILITY RATIO

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 10.97 11.89 12.05 11.91 11.36

Cost of funds 8.07 8.50 8.92 8.75 8.75

Gross spread 2.91 3.39 3.14 3.16 2.61

Operating expenses 0.14 0.12 0.12 0.12 0.09

Fee income 0.05 0.05 0.06 0.11 0.12

Credit costs 2.08 0.74 0.41 0.26 0.05

Net profit margins 0.73 2.57 2.67 2.88 2.58

Source: Company Report, CRISIL Research

22
BORROWING MIX

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 93.81 85.36 84.89 79.46 75.46

Loans from Banks and FIs 2.12 6.63 8.79 14.11 14.92

Deposits - - - - -

Commercial Paper - 2.64 1.14 0.83 3.58

ECBs 4.07 5.37 5.18 5.61 6.03

Refinance from NHB - - - - -

Others - - - - -

Total 100.00 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

23
Rural Electrification Corporation Ltd
Rural Electrification Corporation Ltd. was incorporated on 25 July 1969 at New Delhi as Rural Electrification
Corporation Pvt. Ltd. (REC) with the main objective of developing power infrastructure in rural India. The tag 'private'
in the company's name was removed by the Registrar of Companies (Delhi) on 3 June 1970 and the company
became a deemed public limited company from 1 July 1975. A fresh certificate of incorporation was issued to the
company on 18 July 2003 and the name of the company was changed to Rural Electrification Corporation Ltd.

REC is promoted by Ministry of Power, Government of India. REC's main business is to finance and promote rural
electrification projects all over the country. It funds large rural power generation, transmission and distribution
projects.

Shareholding pattern (As on June 30, 2017)

Individuals Others
6% 1%
Corporate bodies
2%

FIIs
23%

Promoters
59%

Banks, Fis,
Insuarance Cos 7%

Mutual Funds / UTI

2%

Source: CMIE, CRISIL Research

Segment wise portfolio mix

100% 1% 1% 1% 2%
90%
80%
70% 55% 57% 58% 51%

60%
50%
40%
30%
44% 43% 47%
20% 41%
10%
0%
Mar-14 Mar-15 Mar-16 Mar-17

Generation Transmission & Distribution Others

Source: Company Report

24
Sector wise portfolio mix (As on March 31, 2017)

Private
17%

Central PSUs
8%

State
75%

Source: Company Report

Key Operating & Financial Indicators

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. mn) 2,019,287 2,012,780 1,796,470 1,484,610 1,273,555

Disbursements (Rs mn) 660,762 506,308 464,468 379,700 401,831

Number of employees 566 600 601 631 648

Capital adequacy ratio (%) 21.2 20.4 19.6 19.4 17.7

Tier - I capital (%) 18.4 17.5 16.5 16.0 16.5

Tier - II capital (%) 2.75 2.9 3.0 3.3 1.2

Return on equity (%) 20.1 20.8 22.7 24.1 23.6

Return on assets (%) 3.0 2.8 3.1 3.2 3.1

Gross NPA (%) 2.4 2.1 0.7 0.3 0.4

Net NPA (%) 1.6 1.6 0.5 0.2 0.3

n.a: Not available

Source: Company Report, CRISIL Research

Credit Rating information

Long term CARE AAA

Short-term CARE A1+

Outlook Stable

Note: The rating is outstanding as on Oct 2017.

Source: CRISIL Research

25
PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 236,719 236,944 203,172 170,287 134,757

Interest Income 232,915 236,271 202,924 169,963 134,440

Dividend Income 860 131 40 5 4

Other Fund Based Income 2,943 543 208 319 314

Fee Based Income 724 575 672 817 1,186

Other Income 259 30 30 66 24

Total Income 237,701 237,549 203,874 171,169 135,967

Expenses

Interest Paid 134,475 142,831 118,432 100,355 80,817

Operating Expenses 3,462 3,323 3,066 2,347 2,162

Provisons 11,095 10,899 8,030 3,120 1,307

Total expenses and provisions 149,032 157,052 129,528 105,822 84,286

Profit Before Tax, Depreciation & Extraordinary Items 88,669 80,497 74,346 65,347 51,681

Depreciation 50 55 68 42 38

Prior Period Adjustments +/(-) 17 10 6 36 17

Extraordinary Items +/(-) (28) - (14) (30) (21)

Profit Before Tax 88,607 80,452 74,270 65,311 51,640

Income Tax 26,063 24,779 22,319 17,047 13,458

Deferred Tax 364 (576) (660) 1,287 5

Profit After Tax 62,180 56,249 52,612 46,977 38,176

Source: Company Report, CRISIL Research

BALANCE SHEET

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 19,749 9,875 9,875 9,875 9,875

Total Reserves 313,144 278,027 242,050 202,147 166,272

Net Worth : (Reported) 332,893 287,902 251,925 212,021 176,147

Less : Preliminary /Miscellaneous Expenses Not Written Off (363) 1,726 3,396 5,416 1,741

Less: Other Intangible Assets 19 21 14 25 37

Tangible Net Worth 333,237 286,155 248,515 206,581 174,369

Borrowings 1,675,174 1,691,064 1,510,245 1,262,402 1,077,912

Current Liabilities 63,104 64,320 57,254 49,751 47,995

26
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Provisions 28,083 72,033 57,679 43,188 26,288

Current Liabilities & Provisions 91,187 136,353 114,933 92,939 74,283

Deferred Tax Liability 703 633 1,201 1,861 52

TOTAL LIABILITIES 2,100,300 2,114,205 1,874,894 1,563,782 1,326,615

Assets

Assets Under Financing 1,984,983 1,989,769 1,784,007 1,481,633 1,271,995

Investments 26,965 23,676 16,135 17,078 6,606

Current Assets

Cash & Bank Balances 44,900 17,286 5,229 11,929 14,843

Debtors - - - - -

Other current assts 41,359 81,856 68,597 52,224 32,262

Total Current Assets 86,260 99,142 73,826 64,154 47,104

Fixed Assets

Net Fixed Assets : (Owned) 1,207 1,178 725 697 676

Capital Work-In-Process 587 304 74 97 88

Deferred Tax Asset 300 136 128 124 147

TOTAL ASSETS 2,100,300 2,114,205 1,874,894 1,563,782 1,326,615

Source: Company Report, CRISIL Research

PROFITABILITY RATIO

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 11.58 12.35 12.25 12.14 11.38

Cost of funds 7.99 8.92 8.54 8.58 8.17

Gross spread 3.59 3.43 3.71 3.57 3.21

Operating expenses 0.17 0.17 0.18 0.17 0.18

Fee income 0.04 0.03 0.04 0.06 0.10

Credit costs 0.54 0.57 0.48 0.22 0.11

Net profit margins 2.92 2.72 3.08 3.24 3.02

Source: Company Report, CRISIL Research

27
BORROWING MIX

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 86.97 82.63 82.56 81.44 79.09

Loans from Banks and FIs 0.45 1.09 1.45 2.20 3.30

Deposits - - - - -

Commercial Paper - 3.31 - 2.01 0.91

ECBs 12.58 12.96 15.91 13.96 14.14

Refinance from NHB - - - - -

Others - - 0.09 0.40 2.57

Total 100.00 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

28
SREI Infrastructure Finance Ltd
S R E I Infrastructure Finance Ltd. was incorporated as Shri Radha Krishna Export Industries Ltd. on 29 March 1985.
The name was changed to S R E I International Ltd. on 29 May 1992 and was again changed to S R E I International
Finance Ltd. on 12 April 1994. It was renamed as S R E I Infrastructure Finance Ltd. in August 2004. The registered
office of the company is located at Kolkata, West Bengal. Equity shares of the company were listed on the Bombay
Stock Exchange (BSE) on 8 June 1993 and on the National Stock Exchange (NSE) on 25 August 1995. The company
is a non-banking finance company (NBFC) engaged in the business of infrastructure equipment finance,
infrastructure project finance and infrastructure project advisory.

Shareholding pattern (As on June 30, 2017)

Others
Individuals
2%
9%

Corporate bodies
9%

FIIs
15%

Promoters
61%

Banks, Fis,
Insuarance Cos 0%

Mutual Funds / UTI

4%

Source: CMIE, CRISIL Research

Loan portfolio mix

100% 4%
5% 6% 5%
90%
20% 20% 20% 21%
80%
6% 5% 5% 4%
70%
4% 8%
12% 12%
60%
50% 29% 30%
27% 26%
40%
30%
20% 36% 33% 30% 32%
10%
0%
Mar-13 Mar-14 Mar-15 Mar-16
Power Transportation
Communications Oil & Gas
Social & Commercial Infra Others

Source: Company Report

29
Key Operating & Financial Indicators

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. mn) 119,390 129,640 122,430 113,540 100,610

Disbursements (Rs mn) 58,890 53,740 48,270 47,060 47,170

Capital adequacy ratio (%) 18.9 17.5 17.0 17.8 21.7

Tier - I capital (%) 13.8 12.5 11.2 10.7 14.3

Tier - II capital (%) 5.1 5.0 5.8 7.1 7.4

Return on equity (%) 3.4 2.1 3.4 2.2 3.6

Return on assets (%) 0.6 0.3 0.6 0.4 0.7

Gross NPA (%) 3.2 4.5 4.6 2.4 2.5

Net NPA (%) 2.0 3.4 3.8 2.1 2.2

n.a: Not available

Source: Company Report, CRISIL Research

Credit Rating information

Long term CARE A/CARE A+

Short-term CARE A1+

Outlook Stable

Note: The rating is outstanding as on Jul 2017.

Source: CRISIL Research

PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 20,389 18,219 17,382 16,516 15,318

Interest Income 17,158 18,183 16,899 16,433 14,531

Dividend Income 42 3 17 6 1

Other Fund Based Income 3,189 34 466 76 787

Fee Based Income 2,194 337 1,313 1,288 1,156

Other Income 76 50 38 28 43

Total Income 22,660 18,606 18,733 17,832 16,517

Expenses

Interest Paid 14,367 15,855 15,208 15,358 13,574

Operating Expenses 1,154 1,182 1,115 1,145 1,116

Provisons 5,475 584 1,048 390 303

30
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Total expenses and provisions 20,997 17,621 17,371 16,893 14,994

Profit Before Tax, Depreciation & Extraordinary Items 1,663 985 1,362 939 1,523

Depreciation 179 171 168 91 169

Prior Period Adjustments +/(-) - 0 1 29 0

Profit Before Tax 1,484 814 1,195 876 1,354

Income Tax 658 324 182 216 255

Deferred Tax (24) (84) 104 66 150

Profit After Tax 850 574 909 595 950

Source: Company Report, CRISIL Research

BALANCE SHEET

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 5,032 5,032 5,032 5,032 5,032

Total Reserves 23,617 22,619 22,348 21,742 21,443

Net Worth : (Reported) 28,650 27,651 27,380 26,774 26,475

Less : Preliminary /Miscellaneous Expenses Not Written Off 519 608 796 917 922

Less: Other Intangible Assets 17 23 29 31 6

Tangible Net Worth 28,114 27,021 26,555 25,826 25,547

Borrowings 131,841 145,992 136,960 129,601 111,784

Current Liabilities 3,263 3,147 3,059 2,526 2,094

Provisions 2,284 1,945 1,615 1,498 1,298

Current Liabilities & Provisions 5,548 5,093 4,674 4,024 3,392

Deferred Tax Liability 1,010 1,034 1,118 1,014 948

TOTAL LIABILITIES 166,512 179,140 169,307 160,466 141,671

Assets

Assets Under Financing 121,826 132,481 120,978 112,855 100,422

Investments 20,367 27,686 28,385 30,262 30,874

Current Assets

Cash & Bank Balances 5,673 5,540 3,972 2,282 285

Debtors 256 308 2,020 1,459 1,238

Other current assts 16,044 10,315 11,483 11,374 6,747

Total Current Assets 21,972 16,163 17,476 15,115 8,270

Fixed Assets

31
(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Net Fixed Assets : (Owned) 2,243 2,167 1,896 1,922 1,543

Capital Work-In-Process 105 643 572 312 563

Deferred Tax Asset - - - - -

TOTAL ASSETS 166,512 179,140 169,307 160,466 141,671

Source: Company Report, CRISIL Research

PROFITABILITY RATIO

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 12.53 11.19 11.40 11.70 12.04

Cost of funds 10.34 11.21 11.41 12.72 12.91

Gross spread 2.19 (0.01) (0.01) (1.02) (0.87)

Operating expenses 0.77 0.78 0.78 0.82 0.96

Fee income 1.35 0.21 0.86 0.91 0.91

Credit costs 3.37 0.36 0.69 0.28 0.24

Net profit margins (0.60) (0.94) (0.61) (1.20) (1.16)

Source: Company Report, CRISIL Research

BORROWING MIX

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 23.75 20.75 22.45 21.64 19.55

Loans from Banks and FIs 62.16 64.87 64.50 64.95 61.41

Deposits - - - - -

Commercial Paper 2.84 3.07 0.58 - 1.78

ECBs 5.64 5.53 6.17 6.72 8.42

Refinance from NHB - - - - -

Others 5.61 5.77 6.30 6.69 8.84

Total 100.00 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

32
PTC India Financial Services Limited
PTC India Financial Services Ltd (PFS) has been promoted by PTC India Ltd (PTC) as a company incorporated
under the Companies Act 1956 and registered in the year 2006-07, with RBI as a NBFC. It is a systemically important
non-deposit taking NBFC classified as “Infrastructure Finance Company (IFC)” by RBI and is listed on the Bombay
Stock Exchange Limited and the National Stock Exchange of India Limited. PFS is engaged in the business of making
investments and providing financing solutions to corporates with projects in power sector and related areas across
the entire energy value chain. PFS majorly provides fund based / non-fund based financial assistance in the form of
debt or structured debt instruments.

The chairman of the company is Mr. Deepak Amitabh who is associated with the company since 2003. The managing
director and chief executive officer of the company is Dr. Ashok Haldia, who has more than 35 years of experience
in finance and power sector and associated with the company since past 7 years.

Shareholding pattern (As on June 30, 2017)

Individuals
20%

Corporate bodies
3%

FDIs
8%
Promoters
Banks, FIs, 65%
Insuarance Cos 2%
Mutual Funds / UTI
0%

Source: Company Report, CRISIL Research

Key Operating & Financial Indicators

Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. mn) 106,100 86,340 63,790 49,744 22,960

Disbursements (Rs mn) 41,790 35,550 24,927 30,706 13,001

Number of employees 45 43 37 n.a. n.a.

Capital adequacy ratio (%) 24.1 21.8 23.7 25.2 42.0

Tier - I capital (%) 23.2 21.0 22.7 24.7 41.6

Tier - II capital (%) 0.9 0.7 1.1 0.5 0.4

Return on equity (%) 16.4 23.9 11.2 15.7 8.6

Return on assets (%) 3.4 4.8 2.6 4.8 4.2

Gross NPA (%) 5.5 3.4 1.3 0.1 0.0

33
 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Net NPA (%) 3.8 2.4 1.0 0.0 0.0

n.a: Not available

Source: Company Report, CRISIL Research

Credit Rating information

Long term ICRA A+

Short-term ICRA A1+

Outlook Positive

Note: The rating is outstanding as on Jul 2017.

Source: CRISIL Research

PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 12,614 11,331 7,478 5,103 2,624

Interest Income 11,142 9,233 7,430 4,262 2,602

Dividend Income 45 29 44 5 3

Other Fund Based Income 1,427 2,070 4 836 19

Fee Based Income 849 500 501 312 190

Other Income 55 38 40 46 49

Total Income 13,519 11,869 8,019 5,461 2,863

Expenses

Interest Paid 6,447 5,300 4,163 2,209 1,066

Operating Expenses 326 259 212 172 132

Provisons 1,426 952 1,139 193 73

Total expenses and provisions 8,198 6,511 5,514 2,575 1,272

Profit Before Tax, Depreciation & Extraordinary Items 5,321 5,359 2,505 2,887 1,591

Depreciation 34 43 43 43 41

Prior Period Adjustments +/(-) - - - 6 2

Extraordinary Items +/(-) - (1) (9) (0) -

Profit Before Tax 5,287 5,314 2,453 2,849 1,553

Income Tax 1,987 1,544 1,013 666 419

Deferred Tax (153) (124) (169) 106 92

Profit After Tax 3,453 3,895 1,609 2,077 1,042

Source: Company Report, CRISIL Research

34
BALANCE SHEET

(Rs mn) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 6,423 5,621 5,621 5,621 5,621

Total Reserves 17,770 12,321 9,227 8,293 6,878

Net Worth : (Reported) 24,193 17,942 14,848 13,913 12,499

Less : Preliminary /Miscellaneous Expenses Not Written Off 62 523 501 424 238

Less: Other Intangible Assets 6 14 22 2 0

Tangible Net Worth 24,124 17,405 14,324 13,487 12,261

Preference Capital - - - - -

Borrowings 81,234 68,455 51,103 38,951 15,868

Current Liabilities 1,111 917 589 502 335

Provisions 6,161 4,979 3,429 2,395 1,332

Current Liabilities & Provisions 7,272 5,896 4,019 2,897 1,667

Deferred Tax Liability 918 747 540 384 221

TOTAL LIABILITIES 113,549 92,503 69,986 55,720 30,017

Assets

Assets Under Financing 103,163 83,541 61,956 48,427 21,812

Investments 1,143 2,349 3,399 4,010 5,442

Current Assets

Cash & Bank Balances 354 248 226 334 679

Debtors 57 11 9 3 3

Other current assts 7,572 5,395 3,737 2,559 1,776

Total Current Assets 7,983 5,654 3,972 2,896 2,458

Fixed Assets

Net Fixed Assets : (Owned) 143 168 198 239 218

Capital Work-In-Process 1 - - 13 8

Deferred Tax Asset 1,116 792 460 136 78

TOTAL ASSETS 113,549 92,503 69,986 55,720 30,017

Source: Company Report, CRISIL Research

35
PROFITABILITY RATIO

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 13.22 14.93 12.63 12.64 11.21

Cost of funds 8.61 8.87 9.25 8.06 9.09

Gross spread 4.60 6.07 3.39 4.58 2.13

Operating expenses 0.35 0.37 0.41 0.50 0.69

Fee income 0.89 0.66 0.85 0.77 0.81

Credit costs 1.49 1.25 1.92 0.48 0.31

Net profit margins 3.65 5.10 1.90 4.37 1.94

Source: Company Report, CRISIL Research

BORROWING MIX

(Per cent) Mar-17 Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 7.69 9.46 5.71 8.34 22.58

Loans from Banks and FIs 77.20 83.60 80.62 80.16 51.09

Deposits - - - - -

Commercial Paper 9.85 0.73 4.89 - -

ECBs 5.26 6.22 8.78 11.49 26.32

Refinance from NHB - - - - -

Others - - - - -

Total 100.00 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

36
West Bengal Infrastructure Development Finance Corporation
Limited
West Bengal Infrastructure Development Finance Corporation Ltd. (WBIDFC) was incorporated on 23rd May 1997
promoted by the Government of West Bengal to cater to the growing need of infrastructure facilities in the State. The
Corporation is owned by the Government of West Bengal under the administrative control of the Finance
Department It is also registered as a deposit-taking NBFC with the Reserve Bank of India and categorized as a Loan
company (LC). WBIDFC has provided able and timely fund support to the State Govt. for creation of infrastructure
facilities for primary, secondary and tertiary sectors in West Bengal. The Corporation has coordinated with the
concerned Government Agencies, district planning committees, local bodies and other agencies for infrastructure
financing activities. It has been of considerable assistance to the Government for obtaining securitised loans (e.g.
loans against govt. cess receivables).

Key Operating & Financial Indicators

Mar-16 Mar-15 Mar-14 Mar-13

Loan outstanding (Rs. Mn) 10,075 10,079 n.a. n.a.

Disbursements (Rs mn) 3,425 2,810 n.a. n.a.

Number of employees 42 40 36 n.a.

Capital adequacy ratio (%) 58.8 66.3 69.4 58.8

Return on equity (%) 2.6 8.8 6.6 1.8

Return on assets (%) 0.5 1.3 0.9 0.2

Gross NPA (%) 7.2 3.1 4.3 3.2

Net NPA (%) 5.6 1.7 3.3 2.7

n.a: Not available

Source: Company Report, CRISIL Research

Credit Rating information

Long term BWR A- (SO)

Outlook Stable

Note: The rating is outstanding as on Aug 2017.

Source: CRISIL Research

37
PROFIT AND LOSS ACCOUNT

(Rs mn) Mar-16 Mar-15 Mar-14 Mar-13

Income

Fund Based Income 3,326 4,708 4,976 6,591

Interest Income 3,326 4,708 4,976 6,590

Dividend Income 0 0 0 0

Other Fund Based Income - - - -

Fee Based Income 4 8 7 3

Other Income 30 360 374 0

Total Income 3,360 5,077 5,357 6,594

Expenses

Interest Paid 2,958 3,863 4,412 6,231

Operating Expenses 72 58 88 76

Provisons 44 (66) 33 50

Total expenses and provisions 3,073 3,855 4,534 6,356

Profit Before Tax, Depreciation & Extraordinary Items 287 1,222 823 237

Depreciation 10 12 12 14

Prior Period Adjustments +/(-) 120 (21) (17) 3

Extraordinary Items +/(-) (51) (2) (1) (0)

Profit Before Tax 345 1,186 793 226

Income Tax 117 400 259 90

Deferred Tax 2 3 1 2

Profit After Tax 227 784 532 135

Source: Company Report, CRISIL Research

BALANCE SHEET

(Rs mn) Mar-16 Mar-15 Mar-14 Mar-13

Liabilities

Share Capital 1,753 1,753 1,653 1,653

Total Reserves 7,666 7,419 6,648 6,116

Net Worth : (Reported) 9,419 9,172 8,301 7,769

Less : Preliminary /Miscellaneous Expenses Not Written Off - - - -

Less: Other Intangible Assets 4 2 2 3

Tangible Net Worth 9,414 9,170 8,300 7,767

Preference Capital - - - -

Borrowings 34,413 46,925 44,209 48,890

38
(Rs mn) Mar-16 Mar-15 Mar-14 Mar-13

Current Liabilities 1,076 1,147 1,149 3,930

Provisions 17 16 4,736 4,473

Current Liabilities & Provisions 1,093 1,163 5,885 8,403

Deferred Tax Liability 20 19 16 15

TOTAL LIABILITIES 44,940 57,277 58,410 65,074

Assets

Assets Under Financing 9,900 9,960 16,155 21,740

Investments 7,004 5,238 4,793 4,006

Current Assets

Cash & Bank Balances 21,061 34,792 25,737 26,666

Debtors - - - -

Other current assts 6,456 6,763 11,542 12,469

Total Current Assets 27,517 41,555 37,279 39,136

Fixed Assets

Net Fixed Assets : (Owned) 517 522 180 189

Capital Work-In-Process - - - -

Deferred Tax Asset 2 2 2 2

TOTAL ASSETS 44,940 57,277 58,410 65,074

Source: Company Report, CRISIL Research

PROFITABILITY RATIO

(Per cent) Mar-16 Mar-15 Mar-14 Mar-13

Yield on advances 7.56 9.74 10.04 10.36

Cost of funds 7.27 8.48 9.48 10.30

Gross spread 0.29 1.26 0.56 0.06

Operating expenses 0.16 0.12 0.16 0.12

Fee income 0.01 0.02 0.01 0.00

Credit costs 0.10 (0.14) 0.07 0.08

Net profit margins 0.04 1.29 0.35 (0.13)

Source: Company Report, CRISIL Research

39
BORROWING MIX

(Per cent) Mar-16 Mar-15 Mar-14 Mar-13

Bonds/NCDs 88.00 81.83 95.58 89.17

Loans from Banks and FIs - - - -

Deposits 0.04 0.03 0.06 -

Commercial Paper - - - -

ECBs - - - -

Refinance from NHB - - - -

Others 11.96 18.14 4.36 10.83

Total 100.00 100.00 100.00 100.00

Source: Company Report, CRISIL Research

40
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