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India Infoline Finance Ltd (IIFL) has securitised gold loans worth Rs 123 crore out of its asset portfolio to raise resources. The paper, with one-year maturity, carries an ‘A1+’ rating from ICRA.
IIFL would assign the future receivables arising out of the selected pool contracts to a Trust. The pool is characterised by an average seasoning of 7.7 months and absence of any overdue contracts.
In the past, ICRA has rated three gold loan transactions originated by IIFL, with the third rated last month. The performance of both the others has been strong till date. IIFL is a 99 per cent owned subsidiary of India Infoline Ltd. It is engaged in the business of margin funding and consumer funding.
IIFL’s total loan portfolio was Rs 9,479 crore as on June, compared with Rs 8,936 crore as on December 31, 2012. The capital adequacy ratio was 15.2 per cent as on March 31. On a consolidated basis, IIFL reported a net profit of Rs 179 crore on a total income of Rs 1,694 crore in 2012-13, compared with a net profit of Rs 105 crore on a total income of Rs 953 crore in 2011-12.
