ROADSHOW PRESENTATION - February 2019 - STFC
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
ROADSHOW PRESENTATION
February 2019
1
Disclaimer
THIS DOCUMENT AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES.
The Information has been prepared to assist the recipients in making their own assessment of Shriram Transport Finance Company Limited and its subsidiaries (the “Company”) and does not
purport to contain all of the information that may be required.
The Company makes no representation or warranty as to the accuracy or completeness of any information contained herein, including any estimates or projections, and nothing contained
herein should be relied upon as a promise or a representation regarding future events or performance.
No responsibility or liability is assumed for any information contained herein or opinions or for any errors or omissions from this document. All information presented or contained in this
document is subject to verification, correction, completion and change without notice. The information contained in this document should be considered in the context of the circumstances
prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of this document. None of the Company or Barclays Bank PLC,
Deutsche Bank AG, Singapore Branch, Emirates NBD Bank PJSC, The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities plc, ING Bank N.V., Singapore Branch
and Standard Chartered Bank (the “Managers”) nor any of their respective affiliates, advisers or representatives is under any obligation to keep current the information contained in this
document and any opinions expressed in it are subject to change without notice. None of the Company, the Managers nor any of their respective affiliates, advisers or representatives accept
any liability whatsoever (whether in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, punitive or special damages howsoever arising from any use of this
document or its contents or otherwise arising in connection with this document. Certain statements in this document may constitute "forward-looking statements". These statements reflect the
Company’s beliefs and expectations about the future and are subject to risks and uncertainties. These forward-looking statements are based on a number of assumptions about the Company’s
operations and factors beyond the Company’s control, and accordingly, actual results may differ materially from these forward-looking statements.
This document does not constitute or form part of, and should not be construed as, any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and
neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. Any
decision to purchase the Company’s securities in the context of an offering (if any) should be made solely on the basis of information contained in the offering documentation published in
relation to such offering. This document should not be regarded by recipients as a substitute for the exercise of their own judgment and the merit and suitability of an investment in the Company
or any of its securities should be independently evaluated.
THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE U.S. SECURITIES ACT 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND APPLICABLE STATE OR LOCAL SECURITIES LAWS. NO
PUBLIC OFFERING OF THE SECURITIES WILL BE MADE IN THE UNITED STATES OR IN ANY OTHER JURISDICTION WHERE SUCH AN OFFERING IS RESTRICTED OR PROHIBITED.
The Securities are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic
Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; (ii) a customer within the meaning
of Directive 2002/92/EC (“IMD”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document
required by Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”) for offering or selling the Securities or otherwise making them available to retail investors in the EEA has been prepared
and therefore offering or selling the Securities or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.
2
Contents
1. Transaction Overview 5
2. Attractive Industry Dynamics 7
3. Company Overview 10
4. Key Credit Highlights 14
5. Financial Summary 24
6. Appendix 26
3
Presenters
Umesh Revankar Parag Sharma
Chief Executive Officer Chief Financial Officer
Associated with Shriram Group Associated with Shriram Group
for about 3 decades for over 24 years
4
1. Key
1. Transaction
IntroductionSummary
5
5
Key Transaction Summary
Terms Details
Issuer Shriram Transport Finance Company Limited (“STFC”)
Issue Fixed rate, senior secured US$ bonds
Size Benchmark
Tenor []
Security Charge on a specified pool of receivables exclusively earmarked for this issuance
Expected Issue rating BB+ / BB+ (S&P / Fitch)
Use of proceeds Onward lending and other activities as may be permitted by the ECB Directions, in accordance with the approvals granted by the RBI
Included but not limited to:
Maintenance Covenants Security Coverage Ratio >= 1.0
Security will at all times consist of Standard Assets
Distribution Reg S only
Listing Singapore Stock Exchange
Governing Law English Law
Joint Global Coordinators
Deutsche Bank, HSBC, ING, Standard Chartered Bank
and Bookrunners
Joint Bookrunners Barclays, Emirates NBD Capital, J.P. Morgan
62. Attractive Industry Dynamics
1. Introduction
7
7NBFC Sector is an Integral Part of India’s Credit Market
India’s under penetrated credit market is witnessing an increasing share of NBFCs...
Credit to GDP ratio NBFC share in India’s credit market
China 206% 19%
16%
Singapore 171%
13%
United States 151%
Malaysia 136%
Thailand 116%
India 56%
Indonesia 40% FY13 FY17 FY20E
Source: BIS research, as of June 2018 Source: “Non-banks share of credit pie to increase 300 bps in 3 years” CRISIL, September 2018
…while being governed by a robust regulatory framework Shriram is a leader in the NBFC Asset Financing space
Parameter Banks2 NBFC
Tier I Capital Ratio1 7% 10%
Market share of 25 – 27% in pre-owned Commercial
Capital to Risk Assets Vehicle (CV) financing
9% 15%
Ratio (CRAR) 1
Non-payment for 90 Non-payment for 90
Definition of NPA
days days
1. NBFC – Non deposit taking – Systematically important (asset size > INR 500 crore) and NBFC – Deposit Source: S&P Rating Report
Taking would have to comply with the norms
2. Does not include Capital Conservation Buffer
Abbreviations: NBFC – Non-Banking Finance Company
8Positive Outlook for Commercial Vehicle (CV) industry
Demand for CVs to pick up in the upward cyclical trend
Domestic CV sales / production trend
860
Units (000s)
680 710
610
790 810 890
700
2014-15 2015-16 2016-17 2017-2018
Source: Society of Indian Automobile Manufacturers (SIAM) Production Demand
Strong Industry Potential Company’s Growth Strategy
Second hand truck financing market is under penetrated with 55- Build partnerships with private financiers in the unorganized market
60% of the market with private financiers charging high interest rates to leverage their local know-how
Stricter emission norms and legislative pressure on banning trucks Introduction of top-up products like finance for tyres, working capital
older than 15 years to trigger replacement demand and engine replacement
Greater demand from e-commerce / logistics companies Increase penetration into rural and urban centres
Improvement of road infrastructure and growing freight capacity Economies of scale - incremental cost of new products is low
Source: Company filings
93. Company Overview
1. Introduction
10
10STFC- India’s Largest Asset Financing NBFC and a
Pioneer in Pre-owned Commercial Vehicle Financing
Strong track record of operating history and consistent profitability for 40 years
Key highlights (as of 31 Dec 2018) Optimum Asset Mix
AUM split as of 31 Dec 2018
2.01 mn 26,256 1,348 Branches, 0.1% 5.4%
3.7% HCV
Customers Employees 885 Rural Centers
22.9%
M&LCV
16,236 500 US$ 3.4 bn 46.4%
Passenger Vehicles
Field Officers Private financiers Market Cap3 US$
14.9bn Tractors
AA+ Long Term A1+ (Highest) Short BB+ International Equipment Finance
Rating1 Term Rating2 Rating4
21.6%
Business loan and others
1 - India Ratings (Fitch Subsidiary), 2 - India Ratings, CRISIL, CARE 3 – as of 28 Jan 2019
CRISIL (S&P Subsidiary) and CARE 4 – S&P and Fitch (One notch
below sovereign)
STFC has grown at double digit CAGR over the last 5 years… ...with strong returns and sound asset quality
AUM (US$ bn) Net worth (US$ bn)
19.72%
16.92%
14.9 2.1
13.7 1.8
7.47%
7.2 1.0
2.78%
NIM RoE CRAR Net NPA
Mar'13 Mar'18 Dec'18 Mar'13 Mar'18 Dec'18 (Dec'18) (Dec'18) (Dec'18) (Dec'18)
Source: Company filings
The Company moved from IGAAP reporting to IND-AS from 1 April 2018 onwards
NPA numbers for Dec 2018 as per IGAAP 11
FX rate: USDINR = 69.79, as of 31 December 2018; Abbreviations: AUM - Assets Under ManagementKey Milestones and History of Collaborative Growth
• 2002: Preferential Successfully Successfully
allotment to • Successfully placed raised INR raised INR
Citicorp Finance INR 10bn of NCD 13.5bn through 36.48bn, INR
(India) with domestic issuance of 6.07bn and INR
investors ‘Masala Bonds’ – 5.37bn through
Introduced
STFC was India Ratings & Research Senior Secured public issue of
• 2004: Preferential Purchased Shriram
established Long- Term Rating upgraded Rupee bonds
allotment to Axis hypothecation loans Automall
to IND ‘AA+’ Denominated
Bank and from GE Capital Bonds’ listed on Successfully
Investment from Reliance Capital worth c. INR 11bn CRISIL upgraded long-term
Singapore Stock raised ECB of
Tata Motors & debt rating to ‘CRISIL
Ashok Leyland AA+/FAAA/Stable' Exchange US$350mn
1979 1984 1990 1999 2002-04 2005-06 2009 2010 2011 2013 2015-16 2017 2018-19
Initial Tied up with Citicorp • 2005: Investment from • Successfully AUM crosses INR Divestment of Shriram Successfully
Public for CV financing ChrysCapital raised INR 500bn Automall India Limited by raised INR
Offering 5.84bn selling a controlling stake 11.60bn through
• 2006: Investment from TPG through QIP of 55.44% issuance of
‘Masala Bonds’ –
listed on
Singapore Stock
• 2006: Merger of Shriram Exchange
Investment Ltd. and Shriram
1st securitization Overseas Finance Ltd. with
transaction by STFC STFC; PAT crosses INR 1bn
Source: Company filings
Abbreviations: NCD - Non Convertible Debenture
12Diversified & High Quality Institutional Ownership
Ownership (as of 31 Dec 2018) History of High Quality Institutional Shareholding
0.17%
12.00%
1 Shriram Capital Limited
6.67%
Promoter & Promoter Group
26.08%
FII and FPI
2 Piramal Enterprises Limited
4.45%
MF/Banks
Public 3 Sanlam Life Insurance Limited
Other Corporate Bodies
50.63% NRI/OCBs 4 TPG Newbridge
Current
5 Abu Dhabi Investment Authority
Key Shareholders %
Shareholding (mn)
Shriram Capital Limited 59.17 26.08 6 Government Of Singapore
Piramal Enterprises Limited 22.6 9.96
Sanlam Life Insurance Limited 6.76 2.98 7 Kuwait Investment Authority
Abu Dhabi Investment Authority (sub accounts) 4.04 1.78
New World Fund Inc 3.25 1.43 8 Norges Fund
Societe Generale 3.20 1.41
Stichting Depositary APG EM Equity Pool 2.95 1.30
9 Chrys Capital
Government Pension Fund Global 2.94 1.30
Smallcap World Fund, Inc 2.73 1.20
10 Citicorp Finance
Vanguard Emerging Markets Stock Index Fund 2.63 1.16
Public & Others 116.61 51.40
Total 226.88 100.00 11 Axis Bank
Source: Company filings
Abbreviations: NRI - Non Resident Indian; OCB - Overseas Corporate Body
134. Key
1. Credit Highlights
Introduction
14
14Key Credit Highlights
1 Created High Barriers to Entry Strengthened by a Prudent Underwriting Process
2 Consistent and Long Track Record of Low Credit Losses
3 Access to a Range of Diversified Funding Sources
4 Well Managed ALM Profile with an Adequate Liquidity Cushion
5 Robust Financial Performance & Proven Track Record
6 High Standards of Corporate Governance With a Majority Independent Board
151 Created High Barriers to Entry…
Long term relationship with borrowers and expertise to value vehicles has created high barriers to entry
Knowledge Driven Valuation Model
Critical Success Factor Vehicle Assessment
Loan Amount
Valuation Exposure Old CVs 60-70% LTV Ratio
EMI Limits
Repayment Ability New CVs 75-80% LTV Ratio
STFC has right mix of scale and skill
Awareness of load structure / business mix
Low customer concentration
Relationship Based Recovery Model
Clearly Demarcated Responsibilities
Field Officers
Compulsory monthly visits
Loan Origination
Managing large cash collections
Inspection & Valuation Well-aligned
incentives structure
Financing
Small Truck Operators
Underdeveloped banking habits Collection / Repossession
Customer Base
Source: Company filings
Abbreviations: EMI – Equated Monthly Installments
161 …Strengthened by a Prudent Underwriting Process
Initial evaluation Approval process Loan administration
– Vehicle inspection / – Branch manager is and monitoring
evaluation report, to authorized to approve – Product executives
ascertain condition and a loan if the proposal offer to visit customers
market value meets the established for collection
– Field investigation criteria
– The MIS department
report including asset – Relevant RTO and centralised
details of customer and endorsement forms operating team
guarantor required to be monitors compliance
– Two independent executed by the with credit terms
borrower
references required – Each branch limits its
– Loan officer ensures loans to ~1,500
that a KYC checklist is customers
completed by applicant
Loan
Initial Approval Collection and
Credit policies Disbursement administration
evaluation process recovery
and monitoring
Credit policies Disbursement Collection and recovery
– Stringent credit – Margin money / other – Administered in-house
policies to ensure charges collected prior – For every 30 days of
asset quality to disbursements delay, the matter is
– Branch manager must – May require customers escalated to branch
conduct trade to submit post-dated managers who may
reference checks cheques initiate vehicle
– Policies with respect to – Endorsement of the repossession in case of
vehicle type, RTO registration certificate default
records, insurance, and insurance policy to – Vehicle repossession is
hypothecation, be executed in the a relatively
guarantor requirement Company’s favour uncomplicated
etc. procedure, thus acting
as a deterrent against
default
Source: Company
Abbreviations: RTO – Regional Transport Office 172 Consistent and Long Track Record of Low Credit Losses
CV Financing Business
Pre Owned (5-10 Years & 2-5 Years Old CVs) New
(83% of AUM) (12% of AUM)
Lending yields 16-24% (5-10 years)
Lending rates 12-16%
Lending yields 14-16% (2-5 years)
Small truck owners (less than 5 trucks) Existing customer base upgrading to new trucks
Credit write offs (the closer indicator of asset quality of any NBFC) remain low and less than 2%
79.12% 79.98% 70.45% 69.33% 71.11% 70.93%
180dpd 150dpd 120dpd 90dpd
9.16% 8.97%
Snapshot of
delinquencies 8.17%
and NPA
coverage ratios 6.18%
3.86% 3.80%
2.66% 2.83% 2.78%
1.91%
1.69% 1.67%
1.73% 1.74% 1.81% 1.91%
0.84% 0.79%
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Dec 2018
Provisioning
Gross NPA Net NPA % Write-off to Avg. Total Assets
Source: Company
The Company moved from IGAAP reporting to IND-AS from 1 April 2018 onwards
NPA numbers for Dec 2018 as per IGAAP 183 Access to a Range of Diversified Funding Sources
Driven by efforts across all liability types
Consistent liquidity source Debt capital markets
Upgraded to AA+ by India Ratings (FY15) / CRISIL (FY16)
Securitized and assigned assets – (US$ bn)
NCDs (US$ bn)
3.5 3.8
1.8 2.7
1.6 1.7
FY17 FY18 Dec 18 FY17 FY18 Dec 18
Access to equity capital markets Strong banking relationships
Listed for more than 30 years
Regular Equity Investment by Strategic Investors
Preferential Allotment to Citicorp Finance (India) in 2002
Preferential Allotment to Axis Bank and Reliance Capital in
2004
Investment from ChrysCapital (2005) and TPG (2006)
INR 5.84 bn QIP issuance with domestic & international
investors (2010)
Source: Company
FX rate: USDINR = 69.79, as of 31 December 2018
194
Well Managed ALM Profile with an Adequate Liquidity
Cushion
Negligible reliance on Short Term Borrowings including Commercial Paper
Borrowing profile as of Dec 2018 Adequate short term liquidity cushion as of Sep 2018
1.78% 10.77% Amount (US$ bn)
Public Deposit 6.8
6.1
Term Loan
4.7
32.71% 20.94% Commercial Paper 3.8
3.6
NCD backed Commercial Paper 2.8
Subordinated debts
2.30%
4.30% Securitization
Bonds Mar-17 Mar-18 Sep-18
19.96% 7.24%
Other borrowing Short term outflows Short term inflows
Well distributed Asset Liability Management profile as of Sep 2018
Amount (US$ bn) Outflows Inflows 6.0
5.3
2.8 2.9 3.0 2.8
2.1
1.0 1.2 1.3
0.8 0.8 0.8 0.9
0.5 0.5
5 years
Source: Company
FX rate: USDINR = 69.79
The Company moved from IGAAP reporting to IND-AS from 1 April 2018 onwards
205 Robust Financial Performance & Proven Track Record
NIM on AUM Higher cost efficiency and returns (Cost to Income)
% %
21.52%
7.50% 7.48% 7.47%
21.15%
20.73%
7.16% 20.59%
FY17 FY18 9M FY18 9M FY19 FY17 FY18 9M FY18 9M FY19
Net NPA Ratio Capital Adequacy ratios
% 2.83% %
Tier-2 Capital
2.78%
Tier-1 Capital
CRAR Regulatory minimum: 15% (1)
19.72%
16.94% 16.87%
4.76%
2.66% 1.74% 2.63%
15.20% 14.24% 14.96%
FY17 (120dpd) FY18 (90dpd) Dec 18 (90dpd) FY17 FY18 Dec 18
Note:
1. Prescribed by RBI/2014-15/299 DNBR (PD) CC.No.002/03.10.001/2014-15
The Company moved from IGAAP reporting to IND-AS from 1 April 2018 onwards
NPA numbers for Dec 2018 as per IGAAP 216
High Standards of Corporate Governance With a Majority
Independent Board
Highly reputed board of majority independent directors consisting of individuals with long and established careers
Laksminarayanan Subramanian Member of Indian Administrative Services (IAS – retired)
Chairman (Independent) Served at senior positions in the Ministry of Home Affairs, Ministry of Communication & IT etc.
Joined in 1987; associated with Shriram Group about three decades and has shouldered various responsibilities and worked in several
Umesh Revankar
key roles of business operations
Managing Director & CEO Holds a degree in MBA Finance
Former Chairman & Managing Director of Central Bank of India, with nearly four decades of experience in commercial and development
S Sridhar
banking out of which 13 years were at the CEO/Board level
Independent Director Currently serves as an Independent Director on Boards of various companies, and also as a consultant to financial services companies
Pradeep Kumar Panja Holds Masters degree in Science (Statistics) from the University of Madras and is a Certified Associate of the Indian Institute of Bankers
Independent Director Had a distinguished career as a Banker, retired as a Managing Director (Corporate Banking) of State Bank of India in October 2015
Joined CV Finance business of Shriram Group in 1992 as Head of Investment Servicing
D V Ravi
Currently serves as Managing Director of Shriram Capital Ltd
Director Commerce graduate from University of Bangalore and holds PG Diploma in Management from IMRA, Anand
Mrs Kishori Udeshi
Holds degree in MA in Economics. First women Deputy Governor of RBI and also on the Board of SEBI, NABARD & EXIM Bank
Independent Director
Puneet Bhatia MD, Country Head – India for TPG Capital’s Asian Business
Director Former CEO of the PE Group for GE Capital India and MBA from IIM Calcutta
Sumatiprasad M Bafna Has extensive experience in the transportation business
Independent Director Board Director of Bafna Aviation Pvt. Ltd., Isuta Electronics (India) Ltd etc.
Gerrit Lodewyk Van Heerde Chief Financial Officer of Sanlam Emerging Markets
Director Has over two decades of experience in the financial services industry and has represented Sanlam at various other boards
22Key Investment Rationale
Long term relationship with borrowers and expertise to value vehicles has created high barriers to entry
Created High Barriers to Entry
Strengthened by a Prudent Underwriting Strong underwriting policies with low customer concentration and small ticket sizes
Process
Field officers are responsible for recovery of the loans they originate
Consistent and Long Track Record of Credit write offs remain consistently low
Low Credit Losses Along with robust origination policies, STFC has historically maintained a high standard of asset quality
Well diversified strategic mix of retail deposits and institutional funding
Access to a Range of Diversified
Securitization of loan book at regular intervals to fund new originations and maintain growth momentum
Funding Sources
Strong banking relationships with marquee names and demonstrated access to capital markets
Well Managed ALM Profile with an Well managed ALM profile with negligible reliance on short term borrowings including CPs
Adequate Liquidity Cushion STFC has maintained adequate liquidity cushion historically especially in the short term
Consistently been able to pass on any changes in cost of borrowing to the end customer, as demonstrated
Robust Financial Performance & Proven by a stable NIM
Track Record
Strong cost-to-income performance due to vast scale of operations and established business model
High Standards of Corporate Highly reputed board of majority independent directors
Governance With a Majority
Independent Board Consisting of individuals with long and established careers
235. Financial Summary
1. Introduction
24
24Robust Balance Sheet along with Strong Profitability
Total assets Total equity(1) Total borrowings
US$ bn US$ bn US$ bn
2.2 12.8
15.6
1.8
12.7 1.6 9.1
10.7 1.4 7.6
9.7 7.1
FY16 FY17 FY18 Dec 18 FY16 FY17 FY18 Dec 18 FY16 FY17 FY18 Dec 18
Net income ROE
US$ mn %
260 17.4% 16.9%
225 215
13.1%
169 181 12.0% 11.6%
FY16 FY17 FY18 9M FY18 9M FY19 FY16 FY17 FY18 9M FY18 9M FY19
Source: Company
Note:
1. Sum of share capital and reserves and surplus less miscellaneous expenditure
The Company moved from IGAAP reporting to IND-AS from 1 April 2018 onwards
FX rate: USDINR = 69.79, as of 31 December 2018
256. Appendix
1. Introduction
26
26Group Structure
Shriram Capital Limited (SCL)
26.08% 33.75% 74.56 % 76.65% 99.64%
Shriram
Transport Shriram City Shriram
Shriram Life Shriram
Finance Union General
Insurance Credit
Company Finance Insurance
Company Company
Limited Limited Company
Limited Limited (SCCL)
(STFCL) [Listed Entity] Limited
[Listed Entity]
95.81%
44.56% 77.25% Shriram Fortune Solutions
Limited
Shriram
Shriram 80%
Housing Shriram Wealth Advisors
Automall India
Finance Limited
Limited
Limited
Shriram Asset Management 68.67%
Company Limited
[Listed Entity]
Insight
100% 89.99%
Commodities & Shriram Insight Share Brokers
Futures Private Limited
Limited
Shriram Financial Products 100%
Solutions (Chennai) Private
Limited
Note: The companies given in the structure are main operating companies of the Group, as of 31 December 2018
27List of Abbreviations
Abbreviation Nomenclature
ALM Asset Liability Management
AUM Assets Under Management
CAGR Compounded Annual Growth Rate
CV Commercial Vehicle
CRAR Credit to Risk Assets Ratio
DPD Days Past Due
ECB External Commercial Borrowing
EMI Equated Monthly Installments
EPS Earning Per Share
FII Foreign Institutional Investor
FPI Foreign Portfolio Investor
GDP Gross Domestic Product
KYC Know Your Client
LCV Light Commercial Vehicles
LTV Loan To Value
MF Mutual Funds
MIS Management Information System
MHCV Medium & Heavy Commercial Vehicles
NBFC Non-Banking Finance Company
NCD Non Convertible Debenture
NIM Net Interest Margin
NPA Non Performing Asset
NRI Non Resident Indian
OCB Overseas Corporate Body
QIP Qualified Institutional Placement
ROA Return On Assets
ROE Return On Equity
RTO Regional Transport Office
28Thank You
29You can also read
