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CARE ratings for Indian debt instruments-Dec 20
December 20, 2016 / 5:19 AM / a year ago

CARE ratings for Indian debt instruments-Dec 20

Dec 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 19, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bafna Motors (India) Pvt Ltd          ST Non Fund Bk Fac CARE A4        10      Assigned
Blue Circle Organics Pvt Ltd          Bk Fac             CARE A4        155     Assigned
Dynamic Powertech Pvt Ltd             ST Bk Fac          CARE A4+       20      Revised from
                                                                                CARE A4

Gardex                                ST Bk Fac          CARE A3        541     Reaffirmed
Ghatge Patil Industries Ltd           ST Bk Fac          CARE A4+       1100    Reaffirmed
Goyal Mg Gases Pvt Ltd                ST Bk Fac          CARE A2        250     Assigned
Haryana Conductors Pvt Ltd            ST Bk Fac          CARE A4        90      Reaffirmed
Hdb Financial Services Ltd            ST Debt            CARE A1+       40000   Reaffirmed
India Files Manufacturing Company     ST Bk Fac          CARE A4+       87.5    Reaffirmed
K.P.H Dream Cricket Pvt Ltd           ST Bk Fac          CARE A3+       350     Reaffirmed
*The bank facilities are backed by personal guarantees from Mr Mohit Burman, Ms Preity Zinta, Mr
Ness Wadia and Mr Karan Paul, in the proportion of their shareholding in the company.
Furthermore, these promoters have also provided an undertaking to meet the shortfall (if any) in
the debt servicing and maintain their shareholding in the company during the tenor of the loan 
Maharaja Paper Industries Pvt Ltd     ST Bk Fac          CARE A4        30      Reaffirmed
Narola Gems                           ST Bk Fac          CARE A3        8       Reaffirmed
Navneet Education Ltd                 ST non-fund based  CARE A1+       20      Reaffirmed
                                      Bk limits
Ocean Ceramics Pvt Ltd                ST Bk Fac          CARE A4        20      Reaffirmed
enhanced from 1.50 CR
Patels Airtemp (India) Ltd            ST Bk Fac          CARE A2+       120     Reaffirmed
Punjab National Bank                  Corporate          CARE CGR 2             Reaffirmed
                                      Governance Rating
                                      (CGR)
Shiv Edibles Ltd                      ST Bk Fac          CARE A3+       50      Reaffirmed
Sree Gouriputra Ago Products Pvt Ltd  ST Bk Fac          CARE A4        80      Reaffirmed
enhanced from 3 CR
Three Star Marine Exports             ST Bk Fac          CARE A4        95      Reaffirmed
Truba Advance Sciences Kombine        ST Bk Fac          CARE A4        75      Revised from
                                                                                CARE D

MEDIUM TERM RATINGS:
-------------------
Ghatge Patil Industries Ltd           FD                 CARE BB+ (FD)  400     Reaffirmed


LONG TERM RATINGS:
-------------------
Apna Ghar Buildwell Pvt Ltd           Bk Fac             --                     Suspended
Bafna Motors (India) Pvt Ltd          LT Fund Based Bk   CARE B+        120     Assigned
                                      Fac
Bal Darbar Spinning Mills Pvt Ltd     LT Bk Fac          CARE B         60.6    Assigned
Blue Circle Organics Pvt Ltd          LT Bk Fac          CARE BB        220     Assigned
Dev Priya Products Pvt Ltd            Bk Fac             --                     Suspended
Dynamic Powertech Pvt Ltd             LT Bk Fac          CARE BB+       5.2     Revised from
                                                                                CARE BB-
Dynamic Powertech Pvt Ltd             Bk Fac             CARE BB+ /A4+  40      Revised from
                                                                                CARE BB- /A4
Ghatge Patil Industries Ltd           LT Bk Fac          CARE BB+       1996.2  Reaffirmed
Global Wind Power Ltd                 Bk Fac             --                     Suspended
Goyal Mg Gases Pvt Ltd                LT Bk Fac          CARE BBB+      400     Assigned
Haryana Conductors Pvt Ltd            Bk Fac             CARE BB /A4    105     Reaffirmed
Hdb Financial Services Ltd            LT Bk Fac          CARE AAA       165000  Reaffirmed
Hdb Financial Services Ltd            NCDs               CARE AAA       200000  Reaffirmed
Hdb Financial Services Ltd            Subordinate Debt   CARE AAA       20000   Reaffirmed
Hind Agro Industries Ltd              Bk Fac             --                     Suspended
Hind Industries Ltd                   Bk Fac             --                     Suspended
Integrated Livestock Village Farm Pvt Bk Fac             --                     Suspended
Ltd
Leading Construction                  LT Bk Fac          CARE BB        40.7    Reaffirmed
Reduced from 5 CR
Leading Construction                  Bk Fac             CARE BB /A4+   20      Reaffirmed
Magnum Steels                         Bk Fac             --                     Suspended
Magnum Steels                         Bk Fac             --                     Withdrawan
Maharaja Paper Industries Pvt Ltd     LT Bk Fac          CARE B         145     Reaffirmed
enhanced from 12 CR
Matadeen Ramchandra Agarwal           LT Bk Fac          CARE BB        45      Revised from
                                                                                CARE BB-
Enhanced from 4.00 CR
Matadeen Ramchandra Agarwal           Bk Fac             CARE BB /A4    20      Revised from
                                                                                CARE BB- /
                                                                                Reaffirmed
Enhanced from 1.50 CR
Mittal Forgings And Components Pvt LtdLT Bk Fac          CARE BB        59.2    Assigned
Narola Gems                           Bk Fac             CARE BBB- /A3  517.5   Reaffirmed
Navneet Education Ltd                 LT /ST Bk limits   CARE AA+ /A1+  3000    Reaffirmed
Ocean Ceramics Pvt Ltd                LT Bk Fac          CARE BB-       73.2    Reaffirmed
enhanced from 6 CR
Patels Airtemp (India) Ltd            LT Bk Fac          CARE BBB+      600     Reaffirmed
Patels Airtemp (India) Ltd            Bk Fac             CARE BBB+ /A2+ 250     Reaffirmed
Rachana Seeds Industries Pvt Ltd      LT Bk Fac          CARE D         111     Revised from
                                                                                CARE B+
Rachana Seeds Industries Pvt Ltd      ST Bk Fac          CARE D         390     Revised from
                                                                                CARE A4
Renaatus Procon Pvt Ltd               LT Bk Fac          CARE BB-       120     Assigned
Ruchi Soya Industries Ltd             LT Bk Fac          CARE D         37947.1 Revised from
                                                                                CARE B
Ruchi Soya Industries Ltd             Bk Fac             CARE D /D      69314   Revised from
                                                                                CARE B /A4
Shiv Edibles Ltd                      LT Bk Fac          CARE BBB       400     Reaffirmed
Shiva Wheels Pvt Ltd                  LT Bk Fac          CARE B+        52      Reaffirmed
reduced from 5.56 CR
Sourcehov India Pvt Ltd               LT Bk Fac - TL     --                     Withdrawan
Sourcehov India Pvt Ltd               LT Bk Fac - FB     CARE BB+       150     Reaffirmed
                                      Limits
Sree Gouriputra Ago Products Pvt Ltd  LT Bk Fac          CARE B+        65      Reaffirmed
reduced from 7.33 CR
The Jammu & Kashmir Bank Ltd          Lower Tier II BondsCARE AA-       6000    Credit watch
                                                                                with negative
                                                                                implications
Three Star Marine Exports             LT Bk Fac          CARE B         2.1     Reaffirmed
Til Ltd                               LT Bk Fac          CARE BBB+      1823.2  Removed from
                                                                                credit watch
reduced from 227.34 CR
Til Ltd                               Bk Fac             CARE BBB+ /A3+ 2000    Removed from
                                                                                credit watch
enhanced from 180 CR
Trehan Home Developers Pvt Ltd        Bk Fac             --                     Suspended
Truba Advance Sciences Kombine        LT Bk Fac          CARE B         72.7    Revised from
                                                                                CARE D
Vrp Telematics Pvt Ltd                Bk Fac             --                     Suspended
Yes Bank Ltd                          Additional Tier I  CARE AA        21000   Assigned
                                      Bonds (Basel III)#
#CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds (Additional Tier I
Bonds (Basel III)) after taking into consideration its key features as mentioned below: 1. The
bank has full discretion at all times to cancel coupon payments. 2.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 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 Adequacy Ratios and capital buffer frameworks as prescribed by
the Reserve Bank of India. 
Yes Bank Ltd                          Upper Tier II      CARE AA        24026   Reaffirmed
                                      Bonds@
@CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds after taking into
consideration their increased sensitiveness to Yes Bank's Capital Adequacy Ratio (CAR), capital
raising ability and profitability during the long tenure of the instruments. The rating factors
in the additional risk arising due to the existence of the lock-in clause in hybrid instruments.
Any delay in payment of interest/principal (as the case may be) following invocation of the
lock-inclause, 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
conventional subordinated debt instruments.
Yes Bank Ltd                          Perpetual Bonds    CARE AA        5260    Reaffirmed
                                      (Basel II)@
@CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds after taking into
consideration their increased sensitiveness to Yes Bank's Capital Adequacy Ratio (CAR), capital
raising ability and profitability during the long tenure of the instruments. The rating factors
in the additional risk arising due to the existence of the lock-in clause in hybrid instruments.
Any delay in payment of interest/principal (as the case may be) following invocation of the
lock-inclause, 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
conventional subordinated debt instruments. 
Yes Bank Ltd                          Infrastructure     CARE AA+       25000   Reaffirmed
                                      Bonds - I
Yes Bank Ltd                          Infrastructure     CARE AA+       25000   Reaffirmed
                                      Bonds - II
Yes Bank Ltd                          Lower Tier II BondsCARE AA+       35349   Reaffirmed
Yes Bank Ltd                          Tier II Bonds      CARE AA+       49000   Reaffirmed
                                      (Basel III)

--------------------------------------------------------------------------------------------
$: 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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