December 16, 2016 / 5:18 AM / 8 months ago

CARE ratings for Indian debt instruments-Dec 16

Dec 16 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 15, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Andhra Bank                           CD Programme       CARE A1+       250000  Reaffirmed
Ashwin Corporation                    ST Bk Fac          CARE A4+       80      Assigned
Elecon                                ST Bk Fac          CARE A4        26      Assigned
Fortune Stones Ltd                    ST Bk Fac          CARE A3+       275     Reaffirmed

Global Energy Pvt Ltd                 ST Bk Fac (FB)     CARE A3        350     Reaffirmed
Global Energy Pvt Ltd                 ST Bk Fac (Non-FB) CARE A3        1650    Reaffirmed
Inter Knit Fashion                    ST Bk Fac          CARE A4        58      Assigned
Jai Maa Sharda Agro And Rice Mill Pvt ST Bk Fac          CARE A4        5       Reaffirmed
Ltd
Pine Exporters Pvt Ltd                ST Bk Fac          CARE A4        45.9    Reaffirmed
Premier Plastics                      ST Bk Fac          CARE A4        9       Assigned
R. C. Patel                           ST Bk Fac          CARE A4        150     Reaffirmed
Sarv Bio Labs Pvt Ltd                 ST Bk Fac          CARE A4        75      Reaffirmed
(enhanced from 4.50 CR)
Shri Jagdamba Polymers Ltd            ST Bk Fac          CARE A3+       240     Revised from
                                                                                CARE A3
(reduced from Rs.30.50 Crore)
Simanchal Construction                ST Bk Fac          CARE A4        160     Reaffirmed
State Bank Of Bikaner And Jaipur      CD programme       CARE A1+       60000   Reaffirmed
Suryoday Micro Finance Ltd            CP                 CARE A1        1750    Assigned
The Amir Education Society            ST Bk Fac          CARE A3        145     Assigned
Utkarsh Micro Finance Ltd             CP (CP)            CARE A1        500     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Small Industries Development Bank Of  Fixed Deposits     CARE AAA(FD)   30000   Reaffirmed
India


LONG TERM RATINGS:
-------------------
Andhra Bank                           Upper Tier II      CARE AA        2800    Reaffirmed
                                      Bonds - Series C
Andhra Bank                           Tier I Bonds       CARE AA-       9000    Reaffirmed
                                      (Basel III) -
                                      Perpetual Bonds - Series III
Andhra Bank                           Lower Tier II      CARE AA+       7000    Reaffirmed
                                      Bonds - Series F
Andhra Bank                           Lower Tier II      CARE AA+       6000    Reaffirmed
                                      Bonds - Series G
Andhra Bank                           Lower Tier II      CARE AA+       3200    Reaffirmed
                                      Bonds - Series H
Andhra Bank                           LT Bonds           CARE AA+       5001    Reaffirmed
Andhra Bank                           Tier-II            CARE AA+       5000    Reaffirmed
                                      Bonds-Series A(
                                      Basel III)
Andhra Bank                           Tier-II            CARE AA+       5000    Reaffirmed
                                      Bonds-Series
                                      B(Basel III)
Andhra Bank                           Tier-II            CARE AA+       10000   Reaffirmed
                                      Bonds-Series C(
                                      Basel III)
Andhra Bank                           Tier I Bonds(Basel CARE AA+       8000    Reaffirmed
                                      III)-Perpetual
                                      Bonds
Ashwin Corporation                    LT Bk Fac          CARE BB+       70      Assigned
Dhanlaxmi Edibles Pvt Ltd             Bk Fac             -              -       suspended
Elecon                                LT Bk Fac          CARE B         30      Assigned
Fortune Stones Ltd                    LT Bk Fac          CARE BBB       595.9   Reaffirmed
Hooghly Infrastructure Pvt Ltd        LT Bk Fac          CARE A-        236.2   Revised from
                                                                                CARE BBB+
(reduced from Rs. 28.35 crore)
Hooghly Infrastructure Pvt Ltd        LT/ST Bk Fac       CARE A- /CARE  440     Revised from
                                                         A2                     CARE BBB+ /
                                                                                CARE A3+
(reduced from Rs. 44.85 crore)
Indian Bank                           Basel III          CARE AA        10000   Reaffirmed
                                      Compliant Tier I
                                      Perpetual Bond @
@ CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as below:  The bank has full discretion at all times to cancel
coupon payments. ? The coupon is to be paid out of current year profits. However, if the current
year's profits are not sufficient, coupon payment may be paid subject to availability of
sufficient revenue reserves and/or credit balance in profit and loss account provided the bank
meets the minimum regulatory requirements for Common Equity Tier I [CET I], Tier I and Total
Capital Ratios at all times and subject to the requirements of capital buffer frameworks as
prescribed by the Reserve Bank of India. ? The instrument may be written-down upon CET I
breaching the pre-specified trigger of 5.5% before March 31, 2019, and 6.125% on and after March
31, 2019, or written-off / converted into common equity shares on occurrence of trigger event
called point of non-viability (PONV). The PONV trigger shall be determined by RBI. Any delay in
payment of interest/principal (as the case may be) due to invocation of any of the features
mentioned above would constitute as an event of default as per CARE's definition of default and
as such these instruments may exhibit a somewhat sharper migration of the rating compared with
the conventional subordinated debt instruments.
Indian Bank                           Tier II Bond       CARE AAA       10000   Reaffirmed
                                      (Basel III
                                      compliant)#
#Tier II Bonds under Basel III are characterized by a 'Point of Non-Viability' (PONV) trigger
due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable. In CARE's opinion, the parameters considered to assess whether a bank will reach the
PONV are similar to the parameters considered to assess rating of Tier II instruments even under
Basel II. CARE has rated the Tier II bonds under Basel III after factoring in the additional
feature of PONV.
Jai Maa Sharda Agro And Rice Mill Pvt LT Bk Fac          CARE BB-       47.5    Reaffirmed
Ltd
(reduced from 8.03 CR)
Khalghat Sendhwa Tollways Pvt Ltd     LT Bk Fac-Senior   CARE A-        4828.5  Reaffirmed
                                      Debt
[Reduced from Rs.502.67crore]
Khalghat Sendhwa Tollways Pvt Ltd     LT Bk Fac-OverdraftCARE A-        338.6   Reaffirmed
[Reduced from Rs.35 crore]
Khalghat Sendhwa Tollways Pvt Ltd     LT Bk              CARE BBB+      150     Reaffirmed
                                      FacSubordinate Debt
Kovai Medical Center Research And     Bk Fac             -              -       suspended
Educational Trust
Krupanidhi Construction               LT Bk Fac          CARE B+        41.8    Reaffirmed
(Reduced from 4.32 CR)
Krupanidhi Construction               LT/ST Bk Fac       CARE B+ /CARE  32.5    Reaffirmed
                                                         A4
Livpure Pvt Ltd                       LT Bk Fac          CARE BBB-      150     Reaffirmed
Om Sai Intex Pvt Ltd                  LT Bk Fac          CARE BBB+      500     Assigned
Pari India                            Bk Fac             -              -       suspended
Pg Foils Ltd                          LT Bk Fac          CARE A-        400     Reaffirmed
Pg Foils Ltd                          LT/ST Bk Fac       CARE A- /CARE  750     Reaffirmed
                                                         A1
(enhanced from 60 CR)
Pine Exporters Pvt Ltd                LT Bk Fac          CARE B         35      Reaffirmed
Prem Cables Pvt Ltd                   LT Bk Fac          CARE A-        400     Revised from
                                                                                CARE A-(SO)*
*Bank facilities of Prem Cables Private Limited were earlier backed by unconditional and
irrevocable corporate guarantee of PG Foils Ltd (PGFL, rated 'CARE A-; Stable /CARE A1').
However, as per the latest bank sanction letter the condition of corporate guarantee of PGFL has
been waived-off and hence, the present assessment of the company is on standalone basis.
Prem Cables Pvt Ltd                   LT/ST Bk Fac       CARE A- /CARE  400     Revised from
                                                         A1                     CARE
                                                                                A-(SO)*/CARE
                                                                                A1(SO)*
*Bank facilities of Prem Cables Private Limited were earlier backed by unconditional and
irrevocable corporate guarantee of PG Foils Ltd (PGFL, rated 'CARE A-; Stable /CARE A1').
However, as per the latest bank sanction letter the condition of corporate guarantee of PGFL has
been waived-off and hence, the present assessment of the company is on standalone basis.
Premier Plastics                      LT Bk Fac          CARE B+        121     Assigned
Puran Chand Rice Mills Pvt Ltd        Bk Fac             -              -       suspended
R. C. Patel                           LT Bk Fac          CARE BB        100     Reaffirmed
Rajkamal Electric Press               LT Bk Fac          CARE BB        69.1    Reaffirmed
Ramani Ice Cream Co. Ltd              LT Bk Fac          CARE BBB+      422.9   Reaffirmed
(enhanced from 22.30 CR)
Sahayog Clean Milk Pvt Ltd            Bk Fac             -              -       suspended
Sarv Bio Labs Pvt Ltd                 LT Bk Fac          CARE BB        165     Reaffirmed
(enhanced from 10.50 CR)
Sharon Bio-Medicine Ltd               LT Bk Fac (TL)     CARE D         3675.4  Revised from
                                                                                CARE B+
Sharon Bio-Medicine Ltd               LT Bk Fac-Fund     CARE D         2999.9  Revised from
                                      Based (CC)                                CARE B+
Shri Jagdamba Polymers Ltd            LT Bk Fac          CARE BBB       295.5   Revised from
                                                                                CARE BBB-
(enhanced from Rs.26.18 Crore)
Shri Jagdamba Polymers Ltd            LT/ST Bk Fac       CARE BBB /CARE 130     Assigned
                                                         A3+
Shri Laxmi Polycoat Pvt Ltd           LT Bk Fac          CARE BB        108.7   Revised from
                                                                                CARE BB-
(reduced from 16.30 CR)
Simanchal Construction                LT Bk Fac          CARE BB-       30      Reaffirmed
Small Industries Development Bank Of  RIDF Deposits      CARE AAA       380000  Reaffirmed
India
Small Industries Development Bank Of  Unsecured Bonds    CARE AAA       212766  Reaffirmed
India
Small Industries Development Bank Of  CP/ CD program     CARE AAA /     210000  Reaffirmed
India                                                    CARE A1+
Small Industries Development Bank Of  Issuer Rating      CARE AAA(Is)   -       Reaffirmed
India
State Bank Of Bikaner And Jaipur      Upper Tier-II BondsCARE AAA       4500    Reaffirmed
State Bank Of Bikaner And Jaipur      Perpetual Bonds    CARE AAA       2000    Reaffirmed
State Bank Of Patiala                 Perpetual Bonds    CARE AAA       3000    Reaffirmed
State Bank Of Patiala                 Upper Tier II BondsCARE AAA       14516   Reaffirmed
State Bank Of Patiala                 Basel III          CARE AAA       14500   Reaffirmed
                                      Compliant Tier II
                                      Bonds
Sunil Charitable Society              LT Bk Fac          CARE BBB-      1250    Reaffirmed
Suryoday Micro Finance Ltd            NCD                CARE A-        600     Assigned
Suryoday Micro Finance Ltd            Bk Fac             CARE A- /CARE  1500    Reaffirmed
                                                         A1
The Amir Education Society            LT Bk Fac          CARE BBB-      55      Assigned
Universal Infra Pvt Ltd               LT Bk Fac          CARE BBB+(SO)* 246     Reaffirmed
(Reduced from 28.83 CR) *backed by credit enhancement in the form of a structured payment
mechanism including escrow of receivables from Food Corporation of India Ltd through Uttar
Pradesh State Warehousing Corporation Ltd. (UPSWC).
Utkarsh Micro Finance Ltd             NCDs -             -              %       Withdrawan
                                      Subordinated Debt
% withdrawn as no amount was raised against the proposed NCD issue
Utkarsh Micro Finance Ltd             LT Bk Fac          CARE A         5000    Revised from
                                                                                CARE A-
Utkarsh Micro Finance Ltd             NCD                CARE A         450*    Revised from
                                                                                CARE A-
*of which an amount of Rs. 38.56 crore has been raised
Utkarsh Micro Finance Ltd             NCD                CARE A         750     Revised from
                                                                                CARE A-
Utkarsh Micro Finance Ltd             NCD                CARE A         60^     Assigned
^ Exchange Rate USD 1 = INR 68.1818 for Instrument of USD 8.8 million
Utkarsh Micro Finance Ltd             LT Tier-II Bonds   CARE A         1500    Assigned
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)

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