Aug 6, 2010



CRISIL Ratings
Rs.5.0 Billion Subordinated Debt (Lower Tier II Bonds)
AA/Stable (Assigned)
Rs.5.0 Billion Non-Convertible Debenture Issue
AA/Stable (Assigned)
Rs.125.15 Billion Long Term Bank Faclities
AA/Stable (Assigned)
Rs.47.45 Billion Cash Credit Faclilities
AA/Stable (Assigned)
Fixed Deposit Programme
FAA+/Stable (Assigned)
Rs.7.4 Billion Bank Guarantee Faclities
P1+ (Assigned)
Rs.20 Billion Short-Term Debt Programme
P1+ (Reaffirmed)
CRISIL has assigned its ratings of 'AA/FAA+/Stable/P1+' to the debt and fixed deposit programmes, and bank facilities of Shriram Transport Finance Company Ltd (STFCL), and reaffirmed its rating on the company's existing short term debt programme at 'P1+'. The ratings reflect STFCL's strong market position in the pre-owned commercial vehicle (CV) finance segment, healthy capitalisation, stable asset quality, and healthy earnings profile. These rating strengths are partially offset by the company's average, though improving, resource profile, and limited diversity in its business profile.
STFCL is a major player in the domestic CV finance segment, with assets under management of Rs.282 billion as on December 31, 2009. It is the leader in the pre-owned CV finance segment, with a market share of around 25 per cent. STFCL has also improved its market position in the new CV finance segment, with a current market share of around 8 per cent. The company lends predominantly to the single road transport operator (SRTO) segment, which accounts for more than 95 per cent of its outstanding portfolio.
STFCL is strongly capitalised; as on December 31, 2009, it had a large net worth of Rs.31 billion, and a capital adequacy ratio (CAR), as a proportion of risk-weighted assets, of 17 per cent. While STFCL has large growth plans and had a gearing of 7.3 times as on December 31, 2009, CRISIL expects STFCL to maintain its healthy capitalisation given its ability to access the equity markets. Furthermore, STFCL has a sound earnings profile, supported by its focus on the high-yield SRTO segment, and a steady improvement in its operating efficiency ratio. The company's profits have grown significantly in the past few years; the return on assets (RoA, annualised) stood at 3.1 per cent for the nine-month period, April to December 2009. STFCL has also maintained its stable asset quality, supported by its well-established origination, valuation, and collection mechanisms aligned to the prevailing business practices in the SRTO segment. The company's gross non-performing assets (NPAs), at 2.4 per cent as on December 31, 2009, as against 2.2 per cent as on March 31, 2009, compares well with the industry average levels in the CV finance segment.
Outlook: Stable

About the Company
STFCL, incorporated in 1979, is part of the Shriram group of companies. The company is registered with the Reserve Bank of India as a deposit-taking, asset-financing, non-banking financial company. STFCL predominantly finances CV (both used and new) purchasing, although it has also started to finance the purchase of tractors, passenger vehicles, earth-moving equipment, and large agricultural equipment, among others. The company has a pan-India presence, with 482 branches as on December 31, 2009.

For the nine months ended December 31, 2009, STFCL reported a total income and a profit after tax of Rs.32.5 billion and Rs.6.1 billion, respectively, against Rs.27.3 billion and Rs.4.6 billion, respectively, for the corresponding period of the previous year.
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 Who Can Apply?
     Resident Individuals, HUF, Trust, Firms, Corporate, Senior Citizens, Minors
Minimum Investment: Rs.25000 and in multiples of Rs.1000 there after.
Maximum Investment: Rs. 10 Crores.
Scheme Options
·         Quarterly, Half yearly, annually.
·         Cumulative 

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