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CARE ratings for Indian debt instruments-May 9
May 9, 2017 / 5:18 AM / 4 months ago

CARE ratings for Indian debt instruments-May 9

    May 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 8, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aesthetic Living Merchants Pvt Ltd    ST Bk Fac          CARE A4        150.5   Reaffirmed
(Enhanced from Rs.13.92 crore)
Aroma Organics Ltd                    ST Bk Fac FB       -              -       Withdrawn
Amritlal Naresh Kumar                 ST Bk Fac          CARE A4        110     Issuer not
                                                                                cooperating

Aroma Organics Ltd                    ST Bk Fac          CARE A4        230.2   Reaffirmed
Associated Stone Industries (Kotah)   ST Bk Fac          CARE A3+       250     Reaffirmed
Ltd
Gawar Construction Ltd                ST Bk Fac          CARE A1        1500    Reaffirmed
Hdfc Bank Ltd.                        CD                 CARE A1+       400000  Reaffirmed
(enhanced from 25,000 CR)
Indiamco                              ST Bk Fac          CARE A4        145     Issuer not
                                                                                cooperating
Lezora Vitrified Pvt Ltd              ST Bk Fac          CARE A4        27      Issuer not
                                                                                cooperating
Malwa Oxygen And Industrial Gases Pvt ST Bk Fac          CARE A3+       1.8     Issuer not
Ltd                                                                             cooperating
Maximaa Systems Ltd                   ST Bk Fac          CARE D         20      Issuer not
                                                                                cooperating
Mohini Corporation Pvt Ltd            ST Bk Fac          CARE A4        10      Assigned
Nutech Engineering Technologies Ltd   ST Bk Fac          CARE A4        55      Issuer not
                                                                                cooperating
Piccolo Mosaic Ltd                    ST Bk Fac          CARE A3        5       Reaffirmed
Platinuum Edu Trust                   ST Bk Fac          CARE A4        10      Reaffirmed
Sharp Enterprises                     ST Bk Fac          CARE A4        250     Issuer not
                                                                                cooperating
Tehri Pulp And Paper Ltd              ST Bk Fac          CARE D         187.5   Reaffirmed
(Enhanced from 15.75 CR)
Tata International Ltd                ST Bk Fac-NFB      CARE A1        2300    Assigned
Tathva Projects Pvt Ltd               ST Bk Fac          CARE A4        47      Issuer not
                                                                                cooperating
V.Satya Murthy                        ST Bk Fac          CARE A4        110     Issuer not
                                                                                cooperating

LONG TERM RATINGS:
-------------------
Aesthetic Living Merchants Pvt Ltd    LT Bk Fac          CARE BB        8.6     Reaffirmed
(Reduced from Rs.1.08 crore)
Amritlal Naresh Kumar                 LT Bk Fac          CARE BB-       15      Issuer not
                                                                                cooperating
Aroma Organics Ltd                    LT Bk Fac          CARE BB        5.5     Reaffirmed
Aryavansh Land Infratech Pvt Ltd      LT Bk Fac          CARE B+        74.5    Issuer not
                                                                                cooperating
Ashtavinayak Auto Pvt Ltd             LT Bk Fac          CARE D         137.5   Issuer not
                                                                                cooperating
Associated Stone Industries (Kotah)   LT Bk Fac          CARE BBB       1070.5  Reaffirmed
Ltd
(enhanced from 107.01 CR)
Avk Automall Pvt Ltd                  LT Bk Fac          CARE D         182.6   Issuer not
                                                                                cooperating
Avk Automart Pvt Ltd                  LT Bk Fac          CARE D         84.4    Issuer not
                                                                                cooperating
Corrum Hospitality                    LT Bk Fac          CARE D         108.6   Issuer not
                                                                                cooperating
Dhuria Rice Mill                      LT Bk Fac          CARE B         75      Assigned
Earth Home                            LT Bk Fac          CARE B+        50      Issuer not
                                                                                cooperating
Essem 18 Constructions                LT Bk Fac          CARE BB        200     Issuer not
                                                                                cooperating
Gawar Construction Ltd                LT Bk Fac          CARE A         210     Reaffirmed
Gawar Construction Ltd                LT/ ST Bk Fac      CARE A /CARE A11050    Reaffirmed
Gayatri Cotton Mills                  LT Bk Fac          CARE B+        80      Issuer not
                                                                                cooperating
Godhani Impex                         LT Bk Fac          CARE BB+       200     Issuer not
                                                                                cooperating
Hdfc Bank Ltd.                        Additional Tier I  CARE AA+       150000  Reaffirmed
                                      bonds (Basel III) #
(enhanced from 5,000 CR) 
#CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as mentioned 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, i.e.,payment of such coupon is likely to result in losses during the current
year, the balance of coupon payment may be made out of reserves representing appropriation of
net profits, including statutory reserves and excluding share premium,revaluation reserve,
foreign currency translation reserve, investment reserve and reserves created on amalgamation
provided the bank meets the minimum regulatory requirements for Common Equity Tier I [CET I],
Tier I and Total Capital Ratios and 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 the 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 other subordinated debt instruments.

Ichalkaranji Municipal Council        Issuer Rating      CARE BB(Is)    -       Assigned
Ishita Buildcon Pvt Ltd               LT Bk Fac          CARE B+        100     Issuer not
                                                                                cooperating
Ivy Health & Life Sciences Pvt Ltd    LT Bk Fac          CARE BBB-      200     Revised from
                                                                                CARE BBB
(Reduced from Rs.50 crore)
Jagdamba Fibres Pvt Ltd               LT Bk Fac          CARE B+        60      Issuer not
                                                                                cooperating
Kusters Engineering India Pvt Ltd     LT/ ST Bk Fac      CARE BB /CARE  160     Assigned
                                                         A4
Lezora Vitrified Pvt Ltd              LT Bk Fac          CARE B+        320     Issuer not
                                                                                cooperating
Malwa Oxygen And Industrial Gases Pvt LT Bk Fac          CARE BBB       46      Issuer not
Ltd                                                                             cooperating
Mangalore Fishmeal And Oil Company    LT Bk Fac          CARE B         116.7   Issuer not
                                                                                cooperating
Mascot Engitech Pvt Ltd               LT Bk Fac          CARE B+        70      Issuer not
                                                                                cooperating
Maximaa Systems Ltd                   LT Bk Fac          CARE D         63.3    Issuer not
                                                                                cooperating
Mohini Corporation Pvt Ltd            LT Bk Fac          CARE BB-       134.8   Assigned
Nirman Developers                     LT Bk Fac          CARE B+        140     Reaffirmed
Nutech Engineering Technologies Ltd   LT Bk Fac          CARE BB-       150     Issuer not
                                                                                cooperating
Om Sai Hospitality                    LT Bk Fac          CARE D         55.5    Issuer not
                                                                                cooperating
Piccolo Mosaic Ltd                    LT Bk Fac          CARE BBB-      52      Reaffirmed
Piccolo Mosaic Ltd                    LT/ ST Bk Fac      CARE BBB-      132.5   Reaffirmed
                                                         /CARE A3
Platinuum Edu Trust                   LT Bk Fac          CARE BB        212.1   Reaffirmed
Poly-Mech Components Pvt Ltd          LT Bk Fac          CARE B         104.3   Issuer not
                                                                                cooperating
Prachee Polyfilms Pvt Ltd             LT Bk Fac          CARE B+        140.6   Issuer not
                                                                                cooperating
Pure Diets India Ltd                  LT Bk Fac          CARE BB+       125     Reaffirmed
Ravi Kamal Roller Flour Mills Pvt Ltd LT Bk Fac          CARE BB-       140     Assigned
Renew Power Ventures Pvt Ltd          LT Bk Fac          CARE A+        4065.1  Assigned
Ridham Texport Pvt Ltd                LT Bk Fac          CARE BB-       75.1    Issuer not
                                                                                cooperating
Sankar Cotton Traders                 LT Bk Fac          CARE B+        100     Issuer not
                                                                                cooperating
Sanskar Builders & Developers         LT Bk Fac          CARE B+        89.9    Assigned
Serman India Road Makers Pvt Ltd      LT Bk Fac          CARE B+        20      Revised from
                                                                                CARE BB-
(Reduced from 3.50 CR)
Serman India Road Makers Pvt Ltd      LT/ ST Bk Fac      CARE B+ /CARE  55      Revised from
                                                         A4                     CARE BB- /
                                                                                CARE A4
Shubh Mangal Textile Industries Llp   LT Bk Fac          CARE B+        100     Assigned
Spads Red Fields Exim Pvt Ltd         LT Bk Fac          CARE BB        90      Reaffirmed
(Enhanced from 6 CR)
Tata International Ltd                LT Bk Fac-FB       CARE A+        3750    Assigned
Tathva Projects Pvt Ltd               LT Bk Fac          CARE B+        3       Issuer not
                                                                                cooperating
Tehri Pulp And Paper Ltd              LT Bk Fac          CARE D         673.5   Reaffirmed
(Reduced from 80.13 CR)
Trinayani Cement Pvt Ltd              LT Bk Fac          CARE BB        100     Reaffirmed
Trust Investment Advisors Pvt. Ltd.   LT Bk Fac WC       CARE A         3000    Revised from
                                      Demand Loan                               CARE A-
Uniquest Infra Ventures Pvt Ltd       LT/ ST Bk Fac      CARE AA- /CARE 750     Reaffirmed
                                                         A1+
V.Satya Murthy                        LT Bk Fac          CARE BB-       30      Issuer not
                                                                                cooperating
Vidhata Associates                    LT Bk Fac          CARE BB-       55      Issuer not
                                                                                cooperating
Vidhata Associates                    LT/ ST Bk Fac      CARE BB- /CARE 110     Issuer not
                                                         A4                     cooperating
Yuvaraj Cable Networks                LT Bk Fac          CARE B+        58.7    Issuer not
                                                                                cooperating
--------------------------------------------------------------------------------------------
$: 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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