December 31, 2019 / 10:19 AM / 20 days ago

CARE ratings for Indian debt instruments-Dec 31

    Dec 31 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 30, 2019.


COMPANY                               INSTRUMENT         RATING         AMOUNT   MOVEMENT
                                                                        (RS.MLN)
-------                               ----------         ------         -------  ---------
SHORT TERM RATINGS:
-------------------
Acme Odisha Solar Power Pvt Ltd       ST Bk Fac          CARE A2+ (CE)  120     Reaffirmed
Acme Raipur Solar Power Pvt Ltd       ST Bk Fac          CARE A2+ (CE)  110     Reaffirmed
Adi Enterprises                       ST Bk Fac          CARE A2        3565    Reaffirmed
(enhanced from Rs.275.00 Crore)

Adi Tradelink                         ST Bk Fac          CARE A2        1750    Reaffirmed
Asian Tea And Exports Ltd             ST Bk Fac          CARE A4+       55      Reaffirmed
Bathsha Marine Exports Pvt Ltd        ST Bk Fac          CARE A4        95      Reaffirmed
(enhanced from 5.50 Crore)
Best Value Chem Pvt Ltd               ST Bk Fac          CARE A3+       62.5    Reaffirmed
Bnp Paribas Asset Management India PvtBNP Paribas        CARE A1+mfs    -       Assigned
Ltd                                   Overnight Fund -
                                      Open Ended Debt Scheme
Concord Construction                  ST Bk Fac          CARE A4        250     Reaffirmed
Creative Casual India Pvt Ltd         ST Bk Fac          CARE A4+       60      Reaffirmed
                                      (Non-Fund Based)
                                      (FC/LC/BG)
Dynamic Powertech Pvt Ltd             ST Bk Fac          CARE A4        20
“Issuer not cooperating; Revised from CARE A4+ on the basis of best available information
Eternis Fine Chemicals Ltd            Bk Fac - ST        CARE A1        2255    Reaffirmed
Fenix Process Technologies Pvt Ltd    ST Bk Fac          CARE D         136.2
Revised from CARE D; Issuer not cooperating
G.B. Springs Pvt Ltd                  ST Bk Fac          CARE A3        40      Reaffirmed
Global Energyfood Industries Pvt Ltd  ST Bk Fac          CARE A4        5       Reaffirmed
Ishwar Cables Pvt Ltd                 ST Bk Fac          CARE D         10
Revised from CARE A4
Ishwar Metal Industries               ST Bk Fac          CARE D         325
Revised from CARE A4
Integrated Fire Protection Pvt Ltd    ST Bk Fac          CARE A4+       29.9    Reaffirmed
Jindal Infrastructure                 ST Bk Fac          CARE A4        40      -
Issuer not cooperating; based on best available information.
Jsiw Infrastructure Pvt Ltd           ST Bk Fac          CARE A1        970     Reaffirmed
Karnimata Cold Storage Ltd            ST Bk Fac          -              -
Reaffirmed at CARE A4 and Withdrawn
K S Infra Transmission Pvt Ltd        ST Bk Fac          CARE D         40
Revised from CARE A4
Kotak Mahindra Mutual Fund            Kotak Overnight    CARE A1+mfs    -       Assigned
                                      Fund- Open Ended
                                      Debt Scheme
Mayur Uniquoters Ltd                  ST Bk Fac          CARE A1+       200     Reaffirmed
Magni Tech Speciality Cables Pvt Ltd  ST Bk Fac          -              -       Withdrawn
Panacea Biotec Ltd                    ST Bk Fac          -              -       Withdrawn
Piramal Enterprises Ltd               CP                 CARE A1+       30000   Reaffirmed
Piramal Enterprises Ltd               CP                 CARE A1+       90000   Reaffirmed
Piramal Enterprises Ltd               ST Bk Fac- Non     CARE A1+       2000    Reaffirmed
                                      fund based
(reduced from 250 Crore)
Piramal Enterprises Ltd               ST Bk Fac- Fund    CARE A1+       26000   Reaffirmed
                                      based
(reduced from 2675 Crore)
Piramal Enterprises Ltd               Fund based-ST      CARE A1+       2500    Reaffirmed
                                      (ICDs)
Piramal Enterprises Ltd               ST NCDs            CARE A1+       5000    Reaffirmed
R L Kalthia Ship Breaking Pvt Ltd     ST Bk Fac          CARE A3        850     Reaffirmed
(reduced from Rs.95.00 Crore)
Rajasthan Delhi Education Society     ST Bk Fac          CARE A4        7
Reaffirmed and revoked from Issuer Non-cooperating
Shalimar Paints Ltd                   ST Bk Fac          CARE A4+       762.5   Reaffirmed
Vishnu Cars Pvt Ltd                   ST Bk Fac          CARE A4+       672.5   Reaffirmed

LONG TERM RATINGS:
-------------------
Acme Odisha Solar Power Pvt Ltd       LT Bk Fac          CARE A- (CE);  1543.1  Reaffirmed
                                                         Stable
(reduced from Rs.161.71 Crore)
Acme Raipur Solar Power Pvt Ltd       LT Bk Fac          CARE A- (CE);  1427.6  Reaffirmed
                                                         Stable
(enhanced from Rs.140.47 Crore)
Amrit Homes Pvt Ltd                   LT Bk Fac          CARE D         259
“Issuer not cooperating; Based on best available Information”
Asian Tea And Exports Ltd             LT /ST Bk Fac      CARE BB+;      90      Reaffirmed
                                                         Stable/CARE A4+
Bathsha Marine Exports Pvt Ltd        LT Bk Fac          CARE B+; Stable10.7    Reaffirmed
(reduced from 2.31 Crore)
Best Value Chem Pvt Ltd               LT Bk Fac          CARE BBB;      54.1    Reaffirmed
                                                         Stable
(reduced from Rs.8.83 Crore)
Best Value Chem Pvt Ltd               LT / ST Bk Fac     CARE BBB;      391     Reaffirmed
                                                         Stable /CARE
                                                         A3+
Concord Construction                  LT Bk Fac          CARE B; Stable 250
Revised from CARE BB-; Stable to CARE D and upgraded to CARE B; Stable ; Enhanced from 20 Crore
Creative Casual India Pvt Ltd         LT Bk Fac          CARE BB+;      80      Reaffirmed
                                      (FB)(CC/PCFC)      Stable
Deneb And Pollux Tours And Travels PvtLT Bk Fac          CARE BBB-;     100     Reaffirmed
Ltd                                                      Stable
Deneb And Pollux Tours And Travels PvtLong / ST Bk Fac   CARE BBB-;     15      Reaffirmed
Ltd                                                      Stable/CARE A3
Dynamic Powertech Pvt Ltd             LT Bk Fac          CARE BB;       1.9
                                                         Stable,
“Issuer not cooperating; Revised from CARE BB+; Stable on the basis of best available
information”
Dynamic Powertech Pvt Ltd             LT/ST Bk Fac       CARE BB;       40
                                                         Stable/CARE A4
Issuer not cooperating; Revised from CARE BB+; Stable/CARE A4+ on the basis of best available
information
Eternis Fine Chemicals Ltd            Bk Fac - LT        CARE A; Stable 1203.4  Reaffirmed
Fenix Process Technologies Pvt Ltd    LT Bk Fac          CARE D         91.8
Revised from CARE D; Issuer not cooperating
G.B. Springs Pvt Ltd                  LT Bk Fac          CARE BBB-;     120     Reaffirmed
                                                         Stable
Global Energyfood Industries Pvt Ltd  LT Bk Fac- TL      -              -       Withdrawn
Global Energyfood Industries Pvt Ltd  LT Bk Fac          CARE BB;       270
                                                         Stable
Revised from CARE BB-; Stable
Golden Retreats Pvt Ltd               LT Bk Fac          -              -
Reaffirmed and Withdrawn
Govindam Projects Pvt Ltd             LT Bk Fac          CARE BB-;      110     Reaffirmed
                                                         Stable
(enhanced from 10.00 Crore)
Gvk Emri (Up)                         LT Bk Fac          CARE BB+       100
Revised from CARE BBB; Stable and placed on credit watch with Negative Implications
Gvk Emri (Up)                         Long/ST Bk Fac     CARE BB+/CARE  280
                                                         A4+
Revised from CARE BBB; Stable/ CARE A3+ and placed on credit watch with Negative Implications
Indianoil Lng Pvt Ltd                 LT Bk Fac          CARE A-;       28770   Reaffirmed
                                                         Stable
Indianoil Lng Pvt Ltd                 LT Compulsory      CARE AAA (CE); 7870    Reaffirmed
                                      Convertible        Stable
                                      Debentures(CCD-II)*
*The rating is based on credit enhancement in form of irrevocable & unconditional undertaking
from Indian Oil Corporation Ltd (IOCL) for (a) funding Service Account with amount of interest
before/on due date and (b) buy-out of CCDs on exercise of put-option by investors.
Integrated Fire Protection Pvt Ltd    LT Bk Fac          CARE BB+;      57.2    Reaffirmed
                                                         Stable
(reduced from 5.90 Crore)
Ishwar Cables Pvt Ltd                 LT Bk Fac          CARE D         60
Revised from CARE BB-; Stable
Ishwar Metal Industries               LT Bk Fac          CARE D         320
Revised from CARE BB; Stable
Jaipur Vidyut Vitran Nigam Ltd        LT Bond Issue^     CARE BBB+      47764.4 Assigned
                                                         (CE); Stable
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee issued by Government of Rajasthan (GoR) for timely servicing of interest
and principal of the bond issue.
Jindal Infrastructure                 LT Bk Fac          CARE C; Stable 110     -
Issuer Not Cooperating; Revised from CARE B; Stable; based on best available information.
Jsiw Infrastructure Pvt Ltd           LT Bk Fac          CARE A; Stable 750     Reaffirmed
Jsiw Infrastructure Pvt Ltd           LT/ST Bk Fac       CARE A;        5650    Reaffirmed
                                                         Stable/CARE A1
(enhanced from 415.00 Crore)
K S Infra Transmission Pvt Ltd        LT Bk Fac          CARE D         60
Revised from CARE B+; Stable
Karnimata Cold Storage Ltd            LT Bk Fac          -              -
Reaffirmed at CARE B+; Stable and Withdrawn
Katihar Medical College               LT Bk Fac          CARE BB+;      220     -
                                                         Stable
Issuer Not Cooperating; Revised from CARE BBB+; Stable ; based on best available information.
Kcc Lateri Expressway Pvt Ltd         LT Bk Fac          CARE A-;       742.3   Reaffirmed
                                                         Stable
(Reduced from Rs. 79.94 Crore)
Kiran Modes                           LT/ ST Bk Fac      -              -
Reaffirmed at CARE BB; Stable/ CARE A4 and withdrawn
Maben Nidhi Ltd                       LT Bk Fac          CARE BBB;      850     Reaffirmed
                                                         Stable
Magni Tech Speciality Cables Pvt Ltd  LT Bk Fac          -              -       Withdrawn
Magni Tech Speciality Cables Pvt Ltd  LT Bk Fac          CARE B; Stable 20
“Issuer not cooperating; Based on best available information”
Mayur Uniquoters Ltd                  LT Bk Fac          CARE AA;       247.2   Reaffirmed
                                                         Stable
(reduced from Rs.45.32 Crore)
Mayur Uniquoters Ltd                  LT/ ST Bk Fac      CARE AA;       700     Reaffirmed
                                                         Stable/CARE A1+
Navayuga Quazigund Expressway Pvt Ltd LT Bk Fac          CARE BB+;      24350   Reaffirmed
                                                         Stable
Nimawat Education Society             LT Bk Fac          CARE BB-;      119     Reaffirmed
                                                         Stable
Panacea Biotec Ltd                    LT Bk Fac          -              -       Withdrawn
Paramount Rice Pvt Ltd                LT Bk Fac          CARE BB+;      240.4   Reaffirmed
                                                         Stable
Paras Healthcare Pvt Ltd              LT Bk Fac          CARE BBB+;     3118.5
                                                         Stable
Revised from CARE A-; Stable ; (enhanced from Rs.303.59 Crore)
Paras Healthcare Pvt Ltd              Long/ ST Bk Fac    CARE BBB+;     180
                                                         Stable/CARE A2
Revised from CARE A-; Stable/ CARE A2+ ; (enhanced from Rs.6.00 Crore)
Perfect Aluminium Alloys              LT Bk Fac          CARE BB-;      147.7   Reaffirmed
                                                         Stable
Pilania Industries (India) Pvt Ltd    LT Bk Fac          CARE BB        110     -
Issuer Not Cooperating; Based on best available information
Piramal Enterprises Ltd               NCDs               CARE AA;Stable 1000    Reaffirmed
Piramal Enterprises Ltd               LT Bk Fac-TL       CARE AA;Stable 32000   Reaffirmed
(enhanced from 3075 Crore)
Piramal Enterprises Ltd               Proposed NCDs      CARE AA; Stable25000   Assigned
R L Kalthia Ship Breaking Pvt Ltd     LT Bk Fac          CARE BBB-;     130     Reaffirmed
                                                         Stable
(enhanced from Rs.3.00 Crore)
Rajasthan Delhi Education Society     LT Bk Fac          CARE BB-;      90
                                                         Stable
Revised from CARE B+; Stable; Issuer not cooperating and revoked from Issuer Non- Cooperating
Reena Tinaaz Pvt Ltd                  LT Bk Fac          CARE D         1750
Revised from CARE B; Issuer Non-cooperating on the basis of best available information
Renew Wind Energy (Jath) Ltd          LT Instrument –    CARE AA+ (CE); 3800    Reaffirmed
                                      NCD @              Negative
(reduced from 400 Crore); @backed by unconditional and irrevocable first loss partial guarantee
from India Infrastructure Finance Company Ltd (IIFCL, rated ‘CARE AAA; Stable’) to the extent of
(i) 26% of the outstanding principal amount until September 30, 2017 (ii) higher of 28% of the
principal amount or Rs.60 crore for the period commencing on October 1, 2017 until the final
redemption date, provided that the guaranteed amount shall not exceed 50% of the outstanding
principal amount at any time during guarantee term.
Rice Lake Weighing Systems India Ltd  LT/ST Bk Fac       CARE BBB;      200     Reaffirmed
                                                         Stable/CARE A3+
Sapthagiri Educational Trust          LT Bk Fac          CARE BBB+;     259.3   Reaffirmed
                                                         Stable
(reduced from 38.77 Crore)
Shalimar Paints Ltd                   LT Bk Fac          CARE BB+;      1100    Reaffirmed
                                                         Positive
Shalimar Paints Ltd                   Long/ST Bk Fac     CARE BB+;      207.5   Reaffirmed
                                                         Positive/CARE
                                                         A4+
Shree Tatyasaheb Kore Warana Sahakari LT Bk Fac          CARE B+;Stable 2483.6  -
Sakhar Karkhana Ltd
Issuer not cooperating; Revised from CARE BB; Stable; On the basis of Best Available Information
Shree Tatyasaheb Kore Warana Sahakari LT/ST Bk Fac       CARE B+;       4100    -
Sakhar Karkhana Ltd                                      Stable/CARE A4
Issuer not cooperating; Revised from CARE BB; Stable/CARE A4; On the basis of Best Available
Information
Shrishti Alloys Pvt Ltd               LT Bk Fac          -              -       Withdrawn
South West Mining Ltd                 Proposed TL        -              -       Withdrawn
South West Mining Ltd                 Proposed TL        -              -       Withdrawn
Sri Shyam Jewellers                   LT Bk Fac          CARE BB-;      50
                                                         Stable
Reaffirmed and revoked from Issuer Not Cooperating
Sufalam Infra Projects Ltd            LT Bk Fac          -              -
Reaffirmed at CARE B; Outlook: Stable and withdrawn
Tekno Valves                          LT Bk Fac          CARE BBB-;     125     Reaffirmed
                                                         Stable
Tekno Valves                          Long /ST Bk Fac    CARE BBB-;     60      Reaffirmed
                                                         Stable/CARE A3
Vishnu Cars Pvt Ltd                   LT Bk Fac          CARE BB+;      228     Reaffirmed
                                                         Stable
(reduced from Rs.23.03 Crore)
Welspun Flooring Ltd                  LT Bk Fac - TL     CARE A-(CE);   8150    Reaffirmed
                                                         Stable
Welspun Flooring Ltd                  LT Bk Fac –        CARE A-(CE);   500     Assigned
                                      Working Capital    Stable
Yes Bank Ltd                          Infrastructure     CARE A;        50000
                                      Bonds              Negative
Revised from CARE A+ (Credit Watch with Developing implications) and Negative outlook assigned
Yes Bank Ltd                          Lower Tier II      CARE A;        25306
                                      Bonds              Negative
Revised from CARE A+ (Credit Watch with Developing implications) and Negative outlook assigned
Yes Bank Ltd                          Tier II Bonds      CARE A;        89000
                                      (Basel III)        Negative
Revised from CARE A+ (Credit Watch with Developing implications) and Negative outlook assigned
Yes Bank Ltd                          Upper Tier II      CARE A-;       9041
                                      Bonds@             Negative
Revised from ’CARE A (Credit Watch with Developing implications)’ and Negative outlook assigned
; @: CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds after taking into
consideration their increased sensitivity 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-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 the rating compared with
conventional subordinated debt instruments.
Yes Bank Ltd                          Perpetual Bonds    CARE A-;       820
                                      (Basel II)@        Negative
Revised from ’CARE A (Credit Watch with Developing implications)’ and Negative outlook assigned
; @: CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds after taking into
consideration their increased sensitivity 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-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 the rating compared with
conventional subordinated debt instruments.
Yes Bank Ltd                          Additional Tier I  CARE BBB;      36000
                                      Bonds (Basel III)# Negative
Revised from ’CARE BBB+ (Credit Watch with Developing implications)’ and Negative outlook
assigned ; #: 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 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
     . 3. 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.
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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