July 20, 2017 / 4:24 AM / 2 months ago

CARE ratings for Indian debt instruments-Jul 20

    Jul 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 19, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bajaj Energy Ltd                      ST Bk Fac          CARE A1        570     Placed on
                                                                                credit watch
                                                                                with negative
                                                                                implications
Dhanalaxmi Roto Spinners Ltd          ST Bk Fac          CARE A4+       15      Assigned

Eastern Bearings Pvt Ltd              ST Bk Fac          CARE A4+       115     Reaffirmed
(enhanced from 4.00 CR)
Four Star International Ltd           ST Bk Fac          CARE A4+       157.2   Assigned
Grasim Bhiwani Textiles Ltd           ST Bk Fac          CARE A1+(SO)   100     Put on Credit
                                                                                Watch with
                                                                                Negative
                                                                                implications
Madhusudan Agrawal                    ST Bk Fac          CARE A4        45      Reaffirmed
(enhanced from 4.00 CR)
Meena Jewellers & Diamond Pvt Ltd     ST Bk Fac          CARE A4        50      Revised from
                                                                                CARE A3
Issuer Not Cooperating
Meena Jewellers Pvt Ltd               ST Bk Fac          CARE A4        50      Revised from
                                                                                CARE A3
Issuer Not Cooperating
Merrito Polymers (India) Pvt Ltd      ST Bk Fac          CARE A4        10      Assigned
Plastene India Ltd                    ST Bk Fac          -              -       Withdrawn
Piyanshu Chemicals Pvt Ltd            ST Bk Fac          CARE A2        80      Assigned


LONG TERM RATINGS:
-------------------
Abf Steel Traders                     LT Bk Fac          CARE B+        115.5   Assigned
Bajaj Energy Ltd                      LT Bk Fac          CARE A-        25783.5 Placed on
                                                                                credit watch
                                                                                with negative
                                                                                implications
Bank Of Maharashtra                   Upper Tier II      -              -       Withdrawn@
                                      Bonds (Basel II)-
                                      Series II
@BoM exercised the call options dated March 21, 2017 and March 30, 2017 for series II and Series
III respectively and fully redeemed the bonds.
Bank Of Maharashtra                   Upper Tier II      -              -       Withdrawn@
                                      Bonds (Basel II)-
                                      Series III*
* CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds (under Basel II) one
notch lower than the Lower Tier II Bonds in view of their increased sensitiveness to the bank
Capital Adequacy Ratio (CAR), capital-raising ability and profitability during the long tenure
of the instruments. The ratings for these hybrid instruments factor in the additional risk
arising due to the existence of the lock-in clause in these instruments. Any delay in payment of
interest/principal (as the case may be) following the invocation of the lock-inclause, would
constitute 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 to conventional
subordinated debt instruments.
Bank Of Maharashtra                   Upper Tier II      CARE A         2000    Revised from
                                      Bonds (Basel II)-                         CARE AA-
                                      Series IV*
* CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds (under Basel II) one
notch lower than the Lower Tier II Bonds in view of their increased sensitiveness to the bank
Capital Adequacy Ratio (CAR), capital-raising ability and profitability during the long tenure
of the instruments. The ratings for these hybrid instruments factor in the additional risk
arising due to the existence of the lock-in clause in these instruments. Any delay in payment of
interest/principal (as the case may be) following the invocation of the lock-inclause, would
constitute 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 to conventional
subordinated debt instruments.
Bank Of Maharashtra                   Perpetual Bonds    CARE A         2250    Revised from
                                      (Basel II)                                CARE AA-
Bank Of Maharashtra                   Lower Tier II      CARE A+        2000    Revised from
                                      Bonds (Basel II)                          CARE AA
Bank Of Maharashtra                   Tier II            CARE A+        10000   Revised from
                                      Subordinated Bonds                        CARE AA
                                      (Basel III)
Bank Of Maharashtra                   Infrastructure     CARE A+        10000   Revised from
                                      Bonds^                                    CARE AA
^The long-term infrastructure bonds are unsecured and would rank pari-passu along with other
uninsured, unsecured creditors. These bonds are senior to the subordinated bonds of the bank.
RBI vide its circular dated July 15, 2014, has allowed banks to raise these bonds to finance
their long-term loans to infrastructure as well as affordable housing with minimum regulatory
pre-emption such as CRR, SLR and priority sector lending.
Bank Of Maharashtra                   Tier I Perpetual   CARE BBB+      20000   Revised from
                                      Bonds (Basel III)^^                       CARE A
^^CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds two notches lower than
the Upper Tier II Bonds and the Perpetual Bonds (Basel II).
Centrodorstroy India Pvt Ltd          LT Bk Fac          CARE BBB       450     Revised from
                                                                                CARE BBB-
Centrodorstroy India Pvt Ltd          LT/ST Bk Fac       CARE BBB /CARE 3000    Revised from
                                                         A3                     CARE BBB- /
                                                                                CARE A3
Dhanalaxmi Roto Spinners Ltd          LT Bk Fac          CARE BB-       15      Assigned
Eastern Bearings Pvt Ltd              LT Bk Fac          CARE BB+       205     Reaffirmed
(enhanced from 11.00 CR)
Four Star International Ltd           LT Bk Fac          CARE BB+       342.8   Assigned
Grasim Bhiwani Textiles Ltd           CP (CP) issue *    -              150     Withdrawn
*Carved out of sanctioned working capital limits
Grasim Bhiwani Textiles Ltd           LT Bk Fac          CARE AAA(SO)   454.5   Put on Credit
                                                                                Watch with
                                                                                Negative
                                                                                implications
Grasim Bhiwani Textiles Ltd           LT Bk Fac^         CARE AAA(SO)   240     Put on Credit
                                                                                Watch with
                                                                                Negative
                                                                                implications
^Provisional rating was assigned based on Letter of Comfort (LoC) proposed to be provided by
Grasim Industries Limited for the given bank facilities.
Madhusudan Agrawal                    LT Bk Fac          CARE BB-       40      Reaffirmed
(enhanced from 2.00 CR)
Manglam Build Developers Ltd          LT Bk Fac          CARE BB+       3024.6  Assigned
Meena Jewellers & Diamond Pvt Ltd     LT Bk Fac          CARE BB        630     Revised from
                                                                                CARE BBB-
Issuer Not Cooperating
Meena Jewellers Exclusive Pvt Ltd     LT Bk Fac          CARE BB        680     Revised from
                                                                                CARE BBB-
Issuer Not Cooperating
Meena Jewellers Extension Pvt Ltd     LT Bk Fac          CARE BB        280     Revised from
                                                                                CARE BBB-
Issuer Not Cooperating
Meena Jewellers Pvt Ltd               LT Bk Fac          CARE BB        610     Revised from
                                                                                CARE BBB-
Issuer Not Cooperating
Meena Jewels Exports                  LT Bk Fac          CARE BB        320     Revised from
                                                                                CARE BBB-
Issuer Not Cooperating
Merrito Polymers (India) Pvt Ltd      LT Bk Fac          CARE B+        45      Assigned
Nalwa Steel And Power Ltd             LT Bk Fac          CARE BB+       3300    Assigned
Nalwa Steel And Power Ltd             LT/ST Bk Fac       CARE BB+ /CARE 150     Assigned
                                                         A4
Nimrana Developers                    LT Bk Fac@         CARE BB+ (SO)  1000    Assigned
@backed by unconditional and irrevocable corporate guarantee extended by Manglam Build
Developers Limited
Pahal Financial Services Pvt Ltd      NCD Issue          CARE BB        150     Reaffirmed
Pahal Financial Services Pvt Ltd      Non-Convertible    CARE BB-(RPS)  30      Assigned
                                      Redeemable
                                      Cumulative PS
Piyanshu Chemicals Pvt Ltd            LT Bk Fac          CARE BBB+      120     Assigned
Plastene India Ltd                    LT Bk Fac          -              -       Withdrawn
Plastene India Ltd                    LT/ST Bk Fac       -              -       Withdrawn
Rangoli Developers                    LT Bk Fac@         CARE BB+ (SO)  470     Assigned
@backed by unconditional and irrevocable corporate guarantee extended by Manglam Build
Developers Limited
Samyakth Realties                     LT Bk Fac          -              -       Withdrawn
Shrem Infraventure Pvt Ltd            LT Non Fund Based  CARE BBB+      250     Assigned
                                      – BG
Vajra Hospitality Llp                 LT Bk Fac          CARE BB-       550     Assigned
Vigneshwara Estates                   LT Bk Fac          -              -       Withdrawn
Yashoda Cotton & General Mills Pvt LtdLT Bk Fac          CARE D         60.6    Revised from
                                                                                CARE B+
--------------------------------------------------------------------------------------------
$: 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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