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| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Pass Through Certificates (PTCs) | 85.06 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 85.06 | - | - |
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Rating Rationale |
| Acuité has withdrawn the long term rating to the Pass Through Certificates (PTCs) of Rs. 76.56 Cr. proposed to issued by Retail Innovation TRUST IV (Trust) under a securitisation transaction originated by SAMMAAN CAPITAL LIMITED (ERSTWHILE INDIABULLS HOUSING FINANCE LIMITED) (The Originator) backed by a pool of secured housing loans with principal outstanding of Rs. 85.06 Cr. The same is withdrawn without assigning any rating as the Instrument has not been placed. The rating is being withdrawn on account of the request received from the company. The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument. |
| About the Originator |
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IBHFL has been one of the larger housing finance companies (HFCs) in India. Recently the Company has changed its name from “Indiabulls Housing Finance Limited” to “Sammaan Capital Limited” and also converted from a Housing Finance Company to Non Banking Finance Company [NBFC-ICC]. Indiabulls Housing Finance Limited (IBHFL) is a public Ltd company incorporated on 10 May, 2005, under the provisions of the Companies Act, 1956 as a wholly owned subsidiary of Indiabulls Financial Services Limited (IBFSL). In April 1, 2012 Indiabulls Financial Services Ltd was reverse merged with IBHFL and the process was completed on March 8, 2013, following the Delhi High Court's approval on December 12, 2012. After the merger, IBHFL continued to operate as an HFC registered with the National Housing Bank. IBHFL, along with its subsidiary Indiabulls Commercial Credit Ltd, focuses on asset classes such as mortgages and commercial real estate. As part of an institutionalisation exercise, the erstwhile promoter group had exited entire stake in the entity and the company is professionally managed. The present directors of the company are Mr.Gagan Banga, Mr. Sachin Chaudhary, Mr. Achuthan Siddharth, Mr. Dinabandhu Mohapatra,Mr. Satish Chand Mathur, Mr. Subhash Sheoratan Mundra, Ms. Shefali Shah and Mr. Rajiv Gupta. For fiscal 2024, IBHFL had profit after tax (PAT) of ~Rs 1,217 crore on total income of ~Rs 8,625 crore, compared with ~Rs 1,128 crore and ~Rs 8,725 crore, respectively, in the previous fiscal. |
| Assessment of the Pool |
| Not applicable |
| Credit Enhancements (CE) |
| Not applicable |
| Transaction Structure |
| Not applicable |
| Brief Methodology |
| Not applicable |
| Legal Assessment |
| Not applicable |
| Key Risks |
| Counter Party Risks |
| Not applicable |
| Concentration Risks |
| Not applicable |
| Servicing Risks |
| Not applicable |
| Regulatory Risks |
| Not applicable |
| Prepayment Risks |
| Not applicable |
| Commingling Risk |
| Not applicable |
| Rating Sensitivity |
| Not applicable |
| All Covenants (Applicable only for CE & SO Ratings) |
| Not applicable |
| All Assumptions |
| Not Applicable |
| Liquidity Position |
| Not applicable |
| Outlook: Not Applicable |
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| Key Financials - Originator | ||||||||||||||||||||||||||||||||||||||||
IBHFL and Its Subsidiary ICCL
**FY 2024 figures have been updated as per the latest annual report |
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| Any Other Information |
| None |
| Status of disclosure of all relevant information about the Obligation being Rated |
| Non-public information |
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| Note on Complexity Levels of the Rated Instrument |
| In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in. |
| Applicable Criteria |
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• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Explicit Credit Enhancements: https://www.acuite.in/view-rating-criteria-49.htm • Securitized Transactions: https://www.acuite.in/view-rating-criteria-48.htm |
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