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Press Release Aadhar Housing Finance Limited

1 CARE Ratings Limited Press Release Aadhar Housing Finance Limited December 18, 2017 Ratings Instruments Amount (Rs. crore) Ratings Rating Action Long term Bank Facilities# - - Withdrawn


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Text of Press Release Aadhar Housing Finance Limited

1 CARE Ratings Limited Press Release Aadhar Housing Finance Limited December 18, 2017 Ratings Instruments Amount (Rs. crore) Ratings Rating Action Long term Bank Facilities# - - Withdrawn Commercial Paper# - - Withdrawn Non-Convertible Debentures# - - Withdrawn Subordinated debt# - - Withdrawn #based on the Letter of Comfort issued by Dewan Housing Finance Limited (DHFL) Details of instruments/facilities in Annexure-1 Detailed Rationale, Key Rating Drivers and Detailed description of the key rating drivers CARE has withdrawn the rating assigned to the facilities of Aadhar Housing Finance Limited with immediate effect on account of the merger of the rated company with DHFL Vysya Housing Finance Limited, another group company of Dewan Housing Finance Corporation Limited(DHFL),post the approval given by the regulatory authorities for the same. Analytical approach: Not Applicable Applicable Criteria Policy on Withdrawal of ratings About the Company Dewan Housing Finance Limited (DHFL) Incorporated in 1984, DHFL is the third-largest housing finance company in India with total asset size of ,206 crore as on March 31, 2017. The company has a successful track record of over 30 years of lending in the low and middle income group in Tier II and Tier III cities, primarily to salaried individuals. DHFL had a loan portfolio of ,096 crore as on March 31, 2017. The company operates through a network of over 352 offices (incl. branches and service centres). Around of DHFL s loan portfolio as on March 31, 2017, was from western India, from northern, eastern and central India with remaining being from southern India. DHFL also has international presence through representative offices located in London and Dubai which cater to the housing needs of non-resident Indians. Dewan Group also has presence in the housing finance business through its group companies, namely, Aadhar Housing Finance Pvt. Ltd. and DHFL Vysya Housing Finance Ltd which will be merged with each other subject to regulatory approvals during the year. Furthermore, DHFL has presence in mutual fund through DHFL Pramerica Asset Managers. The company also raised crore through 50% stake sale in DHFL Pramerica Life Insurance Co Limited to its 100% subsidiary DHFL Investments Ltd (DIL). DHFL has infused Rs. 100 cr in the subsidiary, also DIL raised crore CCD from Wadhawan Global Capital Private Ltd which is the holding company for DHFL and is going to be the ultimate parent for DIL upon conversion of CCDs. WGC has borrowed the said amount through NCD. The debt funding is supported by a backstop arrangement with DHFL. 2 CARE Ratings Limited Press Release DHFL (LOC Provider) Brief Financials (Rs. crore) FY16 (A) FY17 (A) Total operating income 6971 8160 PAT 729 927# Interest coverage (times) Total Assets 67817 92298 Net NPA (%) ROTA (%) A: Audited #adjusted PAT exclude crore of one time profit earned in FY17 on account of 50% stake sale in DHFL Pramerica Life Insurance Co Limited to its 100% subsidiary DHFL Insurance Ltd (DIL). Status of non-cooperation with previous CRA: Not Applicable Any other information: Not Applicable Rating History for last three years: Please refer Annexure-2 Note on complexity levels of the rated instrument: CARE has classified instruments rated by it on the basis of complexity. This classification is available at Investors/market intermediaries/regulators or others are welcome to write to for any clarifications. Analyst Contact: Name: Mr Ravi Kumar Tel: 022-67543421 Mobile: + 91-9004607603 Email: **For detailed Rationale Report and subscription information, please contact us at About CARE Ratings: CARE Ratings commenced operations in April 1993 and over two decades, it has established itself as one of the leading credit rating agencies in India. CARE is registered with the Securities and Exchange Board of India (SEBI) and also recognized as an External Credit Assessment Institution (ECAI) by the Reserve Bank of India (RBI). CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices. Disclaimer CARE s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings/outlooks on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. In case of partnership/proprietary concerns, the rating /outlook assigned by CARE is based on the capital deployed by the partners/proprietor and the financial strength of the firm at present. The rating/outlook may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners/proprietor in addition to the financial performance and other relevant factors. 3 CARE Ratings Limited Press Release Annexure-1: Details of Instruments/Facilities Name of the Instrument Date of Issuance Coupon Rate Maturity Date Size of the Issue (Rs. crore) Rating assigned along with Rating Outlook Fund-based - LT-Term Loan - - - Withdrawn Debentures-Non Convertible Debentures - - - Withdrawn Debt-Subordinate Debt - - - Withdrawn Commercial Paper - - - Withdrawn Annexure-2: Rating History of last three years Sr. No. Name of the Instrument/Bank Facilities Current Ratings Rating history Type Amount Outstanding (Rs. crore) Rating Date(s) & Rating(s) assigned in 2017-2018 Date(s) & Rating(s) assigned in 2016-2017 Date(s) & Rating(s) assigned in 2015-2016 Date(s) & Rating(s) assigned in 2014-2015 1. Fund-based - LT-Term Loan LT - - 1)CARE AA+ (SO); Stable (11-Jul-17) 1)CARE AA+ (SO); Stable (28-Feb-17) 2)CARE AA+ (SO) (14-Sep-16) 3)CARE AA+ (SO) (20-Jul-16) 1)CARE AA+ (SO) (17-Jul-15) 1)CARE AA+ (SO) (10-Jul-14) 2. Commercial Paper ST - - 1)CARE A1+ (SO) (11-Jul-17) 1)CARE A1+ (SO) (28-Feb-17) 2)CARE A1+ (SO) (20-Jul-16) 1)CARE A1+ (SO) (17-Dec-15) 2)CARE A1+ (SO) (17-Jul-15) 3)CARE A1+ (SO) (26-May-15) 1)CARE A1+ (SO) (24-Feb-15) 2)CARE A1+ (SO) (27-Oct-14) 3)CARE A1+ (SO) (10-Jul-14) 4)CARE A1+ (SO) (20-Jun-14) 3. Debentures-Non Convertible Debentures LT - - 1)CARE AA+ (SO); Stable (11-Jul-17) 1)CARE AA+ (SO); Stable (28-Feb-17) 2)CARE AA+ (SO) (14-Sep-16) 3)CARE AA+ (SO) (20-Jul-16) 1)CARE AA+ (SO) (17-Dec-15) 2)CARE AA+ (SO) (17-Jul-15) 1)CARE AA+ (SO) (24-Feb-15) 2)CARE AA+ (SO) (24-Dec-14) 3)CARE AA+ (SO) (09-Dec-14) 4)CARE AA+ (SO) (In Principle) (10-Jul-14) 4. Debt-Subordinate Debt LT - - 1)CARE AA (SO); Stable (11-Jul-17) 1)CARE AA (SO); Stable (28-Feb-17) 2)CARE AA (SO) (20-Jul-16) - - 4 CARE Ratings Limited Press Release CONTACT Head Office Mumbai Ms. Meenal Sikchi Mr. Ankur Sachdeva Cell: + 91 98190 09839 Cell: + 91 98196 98985 E-mail: E-mail: Ms. Rashmi Narvankar Mr. Saikat Roy Cell: + 91 99675 70636 Cell: + 91 98209 98779 E-mail: E-mail: CARE Ratings Limited (Formerly known as Credit Analysis & Research Ltd.) Corporate Office: 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Tel: +91-22-6754 3456 | Fax: +91-22-6754 3457 | E-mail: AHMEDABAD Mr. Deepak Prajapati 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad - 380 015 Cell: +91-9099028864 Tel: +91-79-4026 5656 E-mail: BENGALURU Mr. V Pradeep Kumar Unit No. 1101-1102, 11th Floor, Prestige Meridian II, No. 30, Road, Bangalore - 560 001. Cell: +91 98407 54521 Tel: +91-80-4115 0445, 4165 4529 Email: CHANDIGARH Mr. Anand Jha SCF No. 54-55, First Floor, Phase 11, Sector 65, Mohali - 160062 Chandigarh Cell: +91 85111-53511/99251-42264 Tel: +91- 0172-490-4000/01 Email: CHENNAI Mr. V Pradeep Kumar Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai - 600 002. Cell: +91 98407 54521 Tel: +91-44-2849 7812 / 0811 Email: COIMBATORE Mr. V Pradeep Kumar T-3, 3rd Floor, Manchester Square Puliakulam Road, Coimbatore - 641 037. Tel: +91-422-4332399 / 4502399 Email: HYDERABAD Mr. Ramesh Bob 401, Ashoka Scintilla, 3-6-502, Himayat Nagar, Hyderabad - 500 029. Cell : + 91 90520 00521 Tel: +91-40-4010 2030 E-mail: JAIPUR Mr. Nikhil Soni 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur - 302 016. Cell: +91 95490 33222 Tel: +91-141-402 0213 / 14 E-mail: KOLKATA Ms. Priti Agarwal 3rd Floor, Prasad Chambers, (Shagun Mall Bldg.) 10A, Shakespeare Sarani, Kolkata - 700 071. Cell: +91-98319 67110 Tel: +91-33- 4018 1600 E-mail: NEW DELHI Ms. Swati Agrawal 13th Floor, E-1 Block, Videocon Tower, Jhandewalan Extension, New Delhi - 110 055. Cell: +91-98117 45677 Tel: +91-11-4533 3200 E-mail: PUNE Banerjee 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune - 411 015. Cell: +91-98361 07331 Tel: +91-20- 4000 9000 E-mail: CIN - L67190MH1993PLC071691

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