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CARE ratings for Indian debt instruments-Dec 30
December 30, 2016 / 5:14 AM / a year ago

CARE ratings for Indian debt instruments-Dec 30

Dec 30 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 29, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ahuja Overseas                        ST Bk Fac          CARE A4        150     Reaffirmed
Anabond Ltd                           ST Bk Fac          CARE A1        40      Reaffirmed
Euro Safety Footwear India Pvt Ltd    ST Bk Fac          CARE A4+       315     Assigned
Fullerton India Home Finance Company LCP                 CARE A1+       1000    Reaffirmed

Enhanced from Rs.25 crore
Gammon Infrastructure Projects Ltd    ST Bk Fac (FB)     CARE A4        --      Revised from
                                                                                CARE A3
HDFC Bank                             Infrastructure     CARE A1+       150000  Reaffirmed
                                      Bonds
HDFC Bank                             CD                 CARE A1+       250000  Reaffirmed
Housing And Urban Development         ST Bk Fac          CARE A1+       5000    Reaffirmed
Corporation Ltd
Housing And Urban Development         STD /CP            CARE A1+       40000   Reaffirmed
Corporation Ltd
Il&Fs Securities Services Ltd         CP                 CARE A1+       9000    Reaffirmed
Enhanced from 600 CR
Kamakshi Flexiprints Pvt Ltd          ST Bk Fac          CARE A4+       45      Revised from
                                                                                CARE A4
Mechatronics Systems Pvt Ltd          ST Bk Fac          CARE A4        300     Assigned
Pbm Polytex Ltd                       ST Bk Fac          CARE A2+       109.4   Reaffirmed
enhanced from 10.50 cr
Permionics Membranes Pvt Ltd          ST Bk Fac          CARE A4        75      Assigned
Prakash Chemical Agencies Pvt Ltd     ST Bk Fac          CARE A4+       52.5    Reaffirmed
Tsr Nirmaan Pvt Ltd                   ST Bk Fac          CARE A4+       340     Assigned
Umiya Carbon Pvt Ltd                  LT Bk Fac          CARE A4        34.4    Reaffirmed
enhanced from 2.26 CR
Vellapally Brothers                   ST Bk Fac          CARE A4        2       Reaffirmed

MEDIUM TERM RATINGS:
-------------------
HDFC Bank                             FD                 CARE AAA (FD)          Reaffirmed
Housing And Urban Development         FD                 CARE AAA (FD)  30000   Reaffirmed
Corporation Ltd


LONG TERM RATINGS:
-------------------
A.K. Shivhare Infrastructure Pvt Ltd  Bk Fac             -              -       Suspended
Amaravathi Textiles Pvt Ltd           Bk Fac             --             --      Suspended
Amrit Fresh Pvt Ltd                   Bk Fac             --             --      Suspended
Anabond Ltd                           LT Bk Fac          CARE A         158.2   Reaffirmed
reduced from 17.85 CR
Anabond Ltd                           Bk Fac             CARE A/ A1     50      Reaffirmed
Enhanced from 2.00 CR
Arun Steel Agencies                   Bk Fac             --             --      Suspended
B.K. Anand Foods Pvt Ltd              Bk Fac             --             --      Suspended
Bag Poly International Pvt Ltd        Bk Fac             -              -       Suspended
Bank Of India                         Upper Tier II      CARE AA-       30000   Reaffirmed
                                      Bonds (Basel II)
Bank Of India                         Perpetual Bonds    CARE AA-       7000    Reaffirmed
                                      (Basel II)
Brilliant Bio Pharma Pvt Ltd          Bk Fac             --             --      Suspended
Central Bank Of India                 Upper Tier II BondsCARE A+        22850   Reaffirmed
Central Bank Of India                 Lower Tier II BondsCARE AA-       6591    Reaffirmed
City Gold Fashion Jewellery, Kasargod Bk Fac             --             --      Suspended
City Gold Fashion Jewellery, MangaloreBk Fac             --             --      Suspended
Cross Country Apparels                Bk Fac             --             --      Suspended
Dena Bank                             Perpetual Bonds    CARE A         1250    Reaffirmed
                                      (Basel II
                                      compliant)
Dena Bank                             Lower Tier II BondsCARE AA-       14000   Reaffirmed
Dena Bank                             Tier II Bonds      CARE AA-       12000   Reaffirmed
                                      (Basel III
                                      compliant)
Dena Bank                             Additional Tier I  CARE BBB+      14000   Reaffirmed
                                      Perpetual Bonds
                                      (Basel III compliant)
Dhanuka Soya Pvt Ltd                  LT Bk Fac          CARE BB+       221.6   Revised from
                                                                                CARE BB
reduced from Rs.24.16 CR
Drake And Scull Water And Energy IndiaBk Fac             -              -       Suspended
Pvt Ltd
Edac Engineering Ltd                  Bk Fac             -              -       Suspended
Euro Safety Footwear India Pvt Ltd    LT Bk Fac          CARE BB+       68.8    Assigned
Freshtrop Fruits Ltd                  Bk Fac             --             --      Suspended
Fullerton India Home Finance Company LLT Debt programme  CARE AA+       5000    Reaffirmed
Enhanced from Rs.100 crore
Gammon Infrastructure Projects Ltd    Proposed NCD       CARE BB        --      Revised from
                                                                                CARE BBB
Gammon Infrastructure Projects Ltd    Long/ST Bk Fac     CARE BB/ A4    --      Revised from
                                      (Nonfund- based)                          CARE BBB/ A3
Godavari Commodities Ltd              Bk Fac             --             --      Suspended
Goyal Knitwears Pvt Ltd               Bk Fac             --             --      Suspended
Grand Windsor Resorts Ltd             LT Bk Fac          CARE BB+       89.5    Reaffirmed
Grand Windsor Resorts Ltd             Bk Fac             CARE BB+ /A4+  30      Reaffirmed
Long-term rating reaffirmed and short-term rating revised from CARE A4
Haryana Hatchery                      Bk Fac             -              -       Suspended
HDFC Bank                             Proposed           CARE AA+       50000   Assigned
                                      Additional Tier I
                                      Bonds
HDFC Bank                             Lower Tier II BondsCARE AAA       104020  Reaffirmed
HDFC Bank                             Upper Tier II BondsCARE AAA       34159   Reaffirmed
HDFC Bank                             Perpetual Bonds    CARE AAA       12000   Reaffirmed
Housing And Urban Development         LT Bk Fac          CARE AAA       100000  Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (06-07)   CARE AAA       6405    Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (11-12)   CARE AAA       56674   Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (12-13)   CARE AAA       24013.5 Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (13-14)   CARE AAA       56871.2 Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds -         CARE AAA       15000   Reaffirmed
Corporation Ltd                       Tax-free (15- 16)
Housing And Urban Development         LT Bonds (15-16)   CARE AAA       35000   Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (16-17)   CARE AAA       100000  Reaffirmed
Corporation Ltd
Idbi Bank Ltd.                        Lower Tier II      CARE AA        700     Reaffirmed
                                      Bonds (Basel II)$
$transferred from erstwhile IDBI Home finance Ltd.
Jagran Social Welfare Society         Bk Fac             --             --      Suspended
Janki Corp Ltd                        Bk Fac             --             --      Suspended
Jas Orchid Resorts Pvt Ltd            Bk Fac             --             --      Suspended
Kamakshi Flexiprints Pvt Ltd          Bk Fac             CARE BB+       85      Revised from
                                                                                CARE BB
Kbs Diamonds                          LT Bk Fac          CARE BBB       140     Reaffirmed
Keesari Industrie Ltd (Erstwhile PrimeBk Fac             -              -       Suspended
Gold Infra Steel Ltd)
Kunal Steel                           Bk Fac             -              -       Suspended
Kunal Structure (India) Pvt Ltd       LT Bk Fac          CARE A         1540    Assigned
Kunal Structure (India) Pvt Ltd       Bk Fac             CARE A /A1     4580    Assigned
Liberty Trendz Pvt Ltd                Bk Fac             --             --      Suspended
Lic Housing Finance Ltd               NCD issue          CARE AAA       957910  Reaffirmed
reduced from 99001 CR
Lic Housing Finance Ltd               Lower Tier II BondsCARE AAA       7500    Reaffirmed
Lic Housing Finance Ltd               Upper Tier II BondsCARE AAA       16000   Reaffirmed
Mahan Proteins Ltd                    Bk Fac             --             --      Suspended
Mechatronics Systems Pvt Ltd          LT Bk Fac          CARE BB        300     Assigned
Mukta Industries Pvt Ltd              Bk Fac             --             --      Suspended
Narmada Sugar Pvt Ltd                 Bk Fac             --             --      Suspended
Navarathinam Spinners                 Bk Fac             -              -       Suspended
Origin Formulations Pvt Ltd           Bk Fac             --             --      Suspended
Origin Lifecare Pvt Ltd               Bk Fac             --             --      Suspended
Origin Minerals Pvt Ltd               Bk Fac             --             --      Suspended
Paladiya Brothers & Company           Bk Fac             --             --      Suspended
Passavant Energy And Environment IndiaBk Fac             -              -       Suspended
Pvt Ltd
Pbm Polytex Ltd                       LT Bk Fac          CARE A-        432.9   Reaffirmed
reduced from 44.47 cr
Permionics Membranes Pvt Ltd          LT Bk Fac          CARE BB-       70.9    Assigned
Pps Enviro Power Pvt Ltd              Bk Fac             --             --      Suspended
Praja Mechanicals Pvt Ltd             LT Bk Fac          CARE B+        23.1    Revised from
                                                                                CARE BB-
Reduced from 2.61 CR
Praja Mechanicals Pvt Ltd             Bk Fac             CARE B+ /A4    50      Revised from
                                                                                CARE BB- /A4
Reduced from 10 CR
Prakash Chemical Agencies Pvt Ltd     LT Bk Fac          CARE BB+       80      Reaffirmed
Prakash Steel Corporation             Bk Fac             --             --      Suspended
Punjab Bevel Gears Ltd                Bk Fac             -              -       Suspended
Quantum Knits Pvt Ltd                 Bk Fac             --             --      Withdrawn
Rachana Seeds Industries Pvt Ltd      Bk Fac             --             --      Suspended
Ratabhe Renewable Energy Pvt Ltd      LT Bk Fac          CARE BBB       1402.5  Reaffirmed
enhanced from 56.00 CR
Reaghan Fashions Pvt Ltd              Bk Fac             --             --      Suspended
Reliance Home Finance Ltd             Upper Tier II      CARE AA        1000    Assigned
                                      Bonds -Private
                                      Placement
Reliance Home Finance Ltd             Upper Tier II      CARE AA        5000    Reaffirmed
                                      Bonds -Public issue
Reliance Home Finance Ltd             LT debt            CARE AA+       80000   Reaffirmed
Reliance Home Finance Ltd             NCDs public issue  CARE AA+       30000   Reaffirmed
Reliance Home Finance Ltd             Subordinate debt   CARE AA+       4000    Reaffirmed
Reliance Home Finance Ltd             Principal          CARE PP-MLD AA+3000    Reaffirmed
                                      Protected Market
                                      Linked Debentures
Rishi Fibers Pvtltd                   Bk Fac             -              -       Suspended
Rolex Cycles Pvt Ltd                  Bk Fac             --             --      Suspended
Ruchi Soya Industries Ltd             Bk Fac             --             --      Suspended
Ruchi Worldwide Ltd                   Bk Fac             CARE D/ D      12000   Revised from
                                                                                CARE B (SO) /
                                                                                CARE A4 (SO)
Sahana Jewellery Exports Pvt Ltd      Bk Fac             -              -       Suspended
Sai Venkat Vishnu Hotels Pvt Ltd      LT Bk Fac          CARE BB-       100     Assigned
Sanatan Logistics Pvt Ltd             Bk Fac             --             --      Suspended
Sarthi Construction                   Bk Fac             --             --      Suspended
Savair Energy Ltd                     Bk Fac-FB - LT- CC CARE BB        210     Reaffirmed
Savair Energy Ltd                     Bk Fac-Non-FB -    CARE BB /A4    470     Reaffirmed
                                      LT/ STBG/ LC
Shakti Hatcheries And Poultries       Bk Fac             -              -       Suspended
Shakti Sugar Mill Pvt Ltd             LT Bk Fac          CARE BB+       176.5   Reaffirmed
reduced from 20.30 CR
Shrijee Sugar And Power Pvt Ltd       LT Bk Fac          CARE BB+       286.2   Reaffirmed
reduced from 31.44 CR
Sohna City Llp                        Bk Fac             -              -       Withdrawn
Sona Alloys Pvt Ltd                   Bk Fac             --             --      Suspended
Sree Drg Vinyls Industries            Bk Fac             -              -       Suspended
Ssab Energy & Minerals Ltd            Bk Fac             -              -       Suspended
State Bank Of India                   Tier I Bonds       CARE AA+       91000   Reaffirmed
                                      (Basel III)
State Bank Of India                   Lower Tier II BondsCARE AAA       81328.4 Reaffirmed
State Bank Of India                   Upper Tier II BondsCARE AAA       120735  Reaffirmed
State Bank Of India                   Perpetual Bonds    CARE AAA       21650   Reaffirmed
                                      (Basel II)
State Bank Of India                   Tier II Bonds      CARE AAA       130000  Reaffirmed
                                      (Basel III)
Sujana Towers Ltd                     LT Bk Fac          CARE D         14202.4 Reaffirmed
Sujana Towers Ltd                     ST Bk Fac          CARE D         2000.2  Reaffirmed
Sujana Universal Industries Ltd       LT Bk Fac          CARE D         4759.7  Reaffirmed
Sujana Universal Industries Ltd       ST Bk Fac          CARE D         3630    Reaffirmed
Tropica Seeds Pvt Ltd                 Bk Fac             -              -       Suspended
Tsr Nirmaan Pvt Ltd                   LT Bk Fac          CARE BB+       130     Assigned
Umiya Carbon Pvt Ltd                  Bk Fac             CARE BB- /A4   50      Reaffirmed
Union Bank Of India                   Additional Tier I  CARE AA        20000   Reaffirmed
                                      Bonds (Basel III)
Union Bank Of India                   Upper Tier II      CARE AA+       10000   Reaffirmed
                                      Bonds (Basel II)@
@CARE has rated the aforesaid Upper Tier II Bonds one notch lower than the Lower Tier II Bonds
in view of their increased sensitiveness to the Union Bank of India'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 lockin clause in
hybrid instruments. Any delay in payment of interest/principal (as the case may be) following
the invocation of the lock-in-clause, 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
rating compared to conventional subordinated debt instruments.
Union Bank Of India                   Lower Tier II      CARE AAA       8000    Reaffirmed
                                      Bonds (Basel II)
Universal Polysack (India) Pvt Ltd    LT Bk Fac          CARE B         102     Reaffirmed
Vardhman Jewellers                    Bk Fac             --             --      Suspended
Vellapally Brothers                   LT Bk Fac          CARE BB        97.5    Reaffirmed
Vimal Lifesciences Pvt Ltd            LT Bk Fac          CARE BB        60      Assigned
Vinayak Hatcheries                    Bk Fac             -              -       Suspended
Woodhill Infrastructure Ltd           Bk Fac             --             --      Suspended
Yash Automotive Pvt Ltd               Bk Fac             --             --      Suspended

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