Summary of rated instruments
*Instrument details are provided in Annexure-1
ICRA has assigned a short-term rating of [ICRA]A1+ (pronounced ICRA A one plus) to the Rs. 1,200 crore commercial paper programme of Julius Baer Capital (India) Private Limited (JBCIL).
The assigned rating favourably factors in the strong parentage of JBCIL by virtue of being a part of the Julius Baer Group which is a leading entity in the wealth advisory business. The company is a wholly owned subsidiary of Julius Baer Wealth Advisors (India) Private Limited (JBWA) which in turn is wholly owned by Julius Baer Group Limited (JBGL). Apart from the shared brand name, the company also enjoys operational and managerial support from the group. The rating also takes into account the established track-record of JBCIL’s immediate parent, JBWA, in wealth management / private banking, which provides the company with an access to a ready clientele having a long and demonstrated relationship in the wealth management space. The rating factors in the experienced management of the company, strong risk management systems and internal controls. The ratings also factor in the adequate capitalisation and comfortable liquidity of JBCIL with a CRAR of 32.65% on a portfolio of ~Rs. 1,000 crore with sufficient back-up credit lines. While assigning the rating ICRA has taken note of the company’s dependence on capital markets given the nature of the underlying security. The strong risk management and monitoring processes, however, provide comfort.
Key rating drivers
Analytical approach: For arriving at the ratings, ICRA has applied its rating methodologies as indicated below.
Links to applicable criteria:
ICRA’s Credit Rating Methodology for Non-Banking Finance Companies
ICRA’s Approach for Rating Commercial Papers
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