January 8, 2020 / 7:24 AM / 21 days ago

CARE ratings for Indian debt instruments-Jan 8

    Jan 8 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 7, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arihant Fibres                        ST Bk Fac          CARE A4        0.8     Reaffirmed
Bahadur Ke Textiles And Knitwears     ST Bk Fac          CARE A4        50      Reaffirmed
Association
Beri Udyog Pvt Ltd                    ST Bk facilites    CARE A2        44      Reaffirmed
Cipla Ltd                             ST Bk Fac (FB)     CARE A1+       30020   Reaffirmed
Cipla Ltd                             ST Bk Fac (Non-FB) CARE A1+       900     Reaffirmed
Classical Paradise Hotels & Resort LtdST Bk Fac          CARE A3        100     Reaffirmed
Fairdeal Jumbo Packaging Pvt Ltd      ST Bk Fac          CARE A4        32      Reaffirmed
Finar Ltd                             ST Bk Fac          CARE A2        60      Reaffirmed
Five-Star Business Finance Ltd        CP issue           CARE A1        250     Reaffirmed
Hni Office India Ltd                  ST Bk Fac          CARE A3        130     Reaffirmed
Jiva Plywoods Pvt Ltd                 ST Bk Fac          CARE D         25      Revised from
                                                                                CARE A4
K.P.R. Mill Ltd                       ST Bk Fac          CARE A1+       4728.2  Reaffirmed
Kashi Vishwanath Steels Pvt Ltd       ST Bk Fac          CARE A3+       130     Reaffirmed
Kissandhan Agri Financial Services PvtCP                 CARE A2+       500     Reaffirmed
Ltd
(Removed from credit watch with developing implications)
Krishi Rasayan                        ST Bk Fac          CARE A3+       400     Revised from
                                                                                CARE A2
Mahindra & Mahindra Ltd               ST Bk Fac          CARE A1+       660     Reaffirmed
Mense Electricals Pvt Ltd             ST Bk Fac          CARE A4        100     Reaffirmed
National Engineering Industries Ltd   ST Bk Fac          CARE A1+       7000    Reaffirmed
National Engineering Industries Ltd   CP #               CARE A1+       1800    Reaffirmed
# by earmarking fund based bank limit
National Engineering Industries Ltd   CP $               CARE A1+       600     Reaffirmed
$ The aggregate of CP and other working capital borrowings shall be within the sanctioned fund
based working capital limits
Orient Paper & Industries Ltd         ST Bk Fac          CARE A1+       10      Reaffirmed
Precision Electronic Instruments CompaST Bk Fac          CARE A4        5       Assigned
Rico Jinfei Wheels Ltd                ST Bk Fac          CARE A2 (CE) @ 50      Revised from
                                                                                CARE A3
@Backed by Letter of Comfort which is backed by Board Resolution provided by Rico Auto
Industries Limited (RAIL)
Sadbhav Engineering Ltd               ST Bk Fac          CARE A1        200     -
(Continues on Credit watch with Developing Implications)
Sadbhav Engineering Ltd               CP (carved out of  CARE A1        1500    -
                                      working capital
                                      limits)
(Continues on Credit watch with Developing Implications)
Shree Cement Ltd                      ST Bk Fac          CARE A1+       8000    Reaffirmed
Shree Cement Ltd                      CP                 CARE A1+       6000    Reaffirmed
Soccer International Pvt. Ltd         ST Bk Fac          CARE A3+       190     Reaffirmed
Sree Siva Ram And Company             ST Bk Fac          CARE A4        35      Reaffirmed
Sri M.S.P. Velayutha Nadar            ST Bk Fac          CARE A4        120     Reaffirmed
St. Mary’S Cashew Factory             ST Bk Fac          CARE A3        610     Assigned
Technical Products Corporation        ST BkFac           CARE A4+       65      Reaffirmed
Trust Capital Services India Pvt Ltd  CC                 CARE AA (SO) 2 2000    Reaffirmed
                                                         ; Stable
Trust Capital Services India Pvt Ltd  Bk Overdraft       CARE AA (SO) 2 2000    Reaffirmed
                                                         ; Stable
Trust Investment Advisors Pvt Ltd     CP@                CARE A1+       4500    Reaffirmed
@The above rating is based on the following conditions to be maintained: a. For above mentioned
CP issuance, Trust Investment Advisors Pvt. Ltd. will keep an equivalent amount of bank lines
unutilized. b. The securities invested by the CP proceeds would be acceptable to banks as
security i.e. conforming to the credit norms of banks of investing in at least ‘AA-’ and above
rated papers.
Unimoni Financial Services Ltd        ST Bk Fac          CARE A3        2050    Revised from
(Erstwhile Uae Exchange & Financial                                             CARE A3+
Services Ltd)
Universal Stainless                   ST Bk Fac          CARE A4        25.5    Reaffirmed
Virendra & Company                    ST Bk Fac          CARE A3        399     Reaffirmed
Wfb Baird And Company Pvt Ltd         ST Bk Fac          CARE A3+       1140    Reaffirmed


LONG TERM RATINGS:
-------------------
Aan Engineering Industries Ltd        LT Bk Fac          CARE A (CE);   20      Reaffirmed
                                                         Negative
(Outlook revised from Stable to Negative )
Aan Engineering Industries Ltd        LT/Shortterm Bk FacCARE A (CE);   430     Reaffirmed
                                                         Negative / A1
                                                         (CE)
(Outlook revised from Stable to Negative )
Allcargo Shipping Company Pvt Ltd     LT Bk Fac – TL     -              -       Withdrawn
Allcargo Shipping Company Pvt Ltd     LT Bk Fac – Mark   -              -       Withdrawn
                                      to Market Forward
                                      Cover
Arihant Fibres                        LT Bk Fac          CARE BB-;      60*     Reaffirmed
                                                         Stable
*Term loans sanctioned from Bank of Baroda were withdrawn based on No Due Certificate from the
lender dated July 02, 2019
Bahadur Ke Textiles And Knitwears     LT Bk Fac          CARE B; Stable 112.5   Reaffirmed
Association
Bahdl Hospitality Ltd                 LT Bk Fac          CARE BBB-;     935     Reaffirmed
                                                         Stable
Bahdl Hospitality Ltd                 LT/ST Bk Fac       CARE BBB-;     100     Reaffirmed
                                                         Stable/ A3
Ballupur Solar Power Projects Pvt Ltd LT Bk Fac          CARE BBB+      432.4   Revised from
                                                         (CE)*; Stable          CARE BBB+;
                                                                                Stable
*The rating is based on the structure where all the three entities collectively called as UTT-1
shall be liable for the full amount of loan facility on a joint and several basis with the
respective borrowers as per the terms of the facility agreement.
Banco Gaskets (India) Ltd             LT / ST Bk Fac     CARE A+;       200     Revised from
                                                         Stable / A1+           CARE AA;
                                                                                Stable / A1+
Bank Of India                         Upper Tier II      -              -       Withdrawn
                                      Bonds (Basel II)
Bank Of India                         Upper Tier II      CARE AA-;      20000   Reaffirmed
                                      Bonds (Basel II)   Stable
Bank Of India                         Perpetual Bonds    CARE AA-;      3000    Reaffirmed
                                      (Basel II)         Stable
Beri Udyog Pvt Ltd                    LT Bk facilites    CARE BBB+;     1251.7  Reaffirmed
                                                         Stable
Bhagwanpur Solar Projects Pvt Ltd     LT Bk Fac          CARE BBB+      204.4   Revised from
                                                         (CE)*; Stable          CARE BBB+;
                                                                                Stable
* The rating is based on the structure where all the three entities collectively called as UTT-2
shall be liable for the full amount of loan facility on a joint and several basis with the
respective borrowers as per the terms of the facility agreement.
Bhagwati Lacto Vegetarian Exports Pvt LT Bk Fac          CARE BBB-;     3220.1  Reaffirmed
Ltd                                                      Stable
Bhati Associates Pvt Ltd              LT Bk Fac          CARE C; Stable 80      Assigned
Bhati Associates Pvt Ltd              LT/ST Bk Fac       CARE C;        100     Assigned
                                                         Stable/ A4
Bhilangana Hydro Power Ltd            LT Bk Fac- Non     CARE A; Stable 60      Reaffirmed
                                      fund based
Bhilangana Hydro Power Ltd            NCDs (NCDs)        CARE A; Stable 1438    Reaffirmed
Bhilwara Jaipur Toll Road Pvt Ltd     LT Bk Fac*         CARE BBB-      1850    Revised from
                                                         (CE); Stable           CARE BBB
                                                                                (CE); Negative
*backed by unconditional & irrevocable corporate guarantee provided by Om Metal Infraprojects
Limited (OMIL; rated CARE BBB-; Stable/ CARE A3)
Bindookhadak Solar Projects Pvt Ltd   LT Bk Fac          CARE BBB+      224.9   Revised from
                                                         (CE); Stable           CARE BBB+;
                                                                                Stable
Birlasoft Ltd                         LT Bk Fac          CARE AA-;      4500    Revised from
                                                         Stable                 CARE A+
(Under Credit Watch with Developing Implications)
Brightsolar Renewable Energy Pvt Ltd  LT Bk Fac- TL      CARE BBB+      557     Revised from
                                                                                CARE A-
(Under Credit watch with Developing implications)
Central Bank Of India                 Upper Tier II BondsCARE A-; Stable15000   Reaffirmed
Chudiala Solar Power Projects Pvt Ltd LT Bk Fac          CARE BBB+      432.4   Revised from
                                                         (CE)*; Stable          CARE BBB+;
                                                                                Stable
*The rating is based on the structure where all the three entities collectively called as UTT-1
shall be liable for the full amount of loan facility on a joint and several basis with the
respective borrowers as per the terms of the facility agreement.
Classical Paradise Hotels & Resort LtdLT Bk Fac          CARE BBB-;     600     Reaffirmed
                                                         Stable
Devarpan Foods Pvt Ltd                LT Bk Fac          CARE BBB-      181.9   Reaffirmed
                                                         (CE); Stable
Durga Projects And Infrastructure Pvt LT Bk FacTL        CARE BB+;      1500    Reaffirmed
Ltd                                                      Stable
Ebix Money Express Pvt Ltd            LT Bk Fac          CARE BBB-;     700     Assigned
                                                         Stable
Eklingji Projects Llp                 LT Bk Fac          CARE B; Stable 100     Assigned
Eklingji Projects Llp                 LT/ST Bk Fac       CARE B;        50      Assigned
                                                         Stable/ A4
Fairdeal Jumbo Packaging Pvt Ltd      LT Bk Fac          CARE B+; Stable7.3     Reaffirmed
Fairdeal Jumbo Packaging Pvt Ltd      LT/ST Bk Fac       CARE B+;       188     Reaffirmed
                                                         Stable / A4
Finar Ltd                             LT Bk Fac          CARE BBB+;     413.8   Reaffirmed
                                                         Stable
Five-Star Business Finance Ltd        LT Bk Fac          CARE A; Stable 8500    Reaffirmed
Five-Star Business Finance Ltd        NCD issue          CARE A; Stable 750     Reaffirmed
Five-Star Business Finance Ltd        NCD issue          CARE A; Stable 240     Reaffirmed
Five-Star Business Finance Ltd        NCD issue          CARE A; Stable 2000    Reaffirmed
Five-Star Business Finance Ltd        NCD issue          CARE A; Stable 1250    Reaffirmed
Five-Star Business Finance Ltd        Principal          CARE PP-MLD A; 200     Reaffirmed
                                      Protected Market   Stable
                                      Linked Debenture issue
Foresight Bullion India Pvt. Ltd      LT Bk Fac          CARE BBB-;     350     Reaffirmed
                                                         Stable
Globus Spirits Ltd                    LT Bk Fac          CARE A-; Stable2250.6  Reaffirmed
(Outlook revised from Positive)
Globus Spirits Ltd                    LT/Shortterm Bk FacCARE A-;       150     Reaffirmed
                                                         Stable/CARE A2+
(Outlook revised from Positive)
Haridwar Solar Projects Pvt Ltd       LT Bk Fac          CARE BBB+      224.9   Revised from
                                                         (CE*); Stable          CARE BBB+;
                                                                                Stable
* The rating is based on the structure where all the three entities collectively called as UTT-2
shall be liable for the full amount of loan facility on a joint and several basis with the
respective borrowers as per the terms of the facility agreement.
Hni Office India Ltd                  LT Bk Fac          CARE BBB-;     80      Reaffirmed
                                                         Stable
Intec Capital Ltd                     LT Bk Fac (Fund    CARE D         953.6   Reaffirmed
                                      Based)
Jagraon Agri Services Pvt Ltd         LT Bk Fac – LT BG  -              -       Withdrawn
Jagraon Agri Services Pvt Ltd         LT Bk Fac – LT     -              -       Withdrawn
                                      Overdraft
Jind Agri Services Pvt Ltd            LT Bk FacTL        CARE BBB+      400     Reaffirmed
                                                         (CE); Stable
Jind Agri Services Pvt Ltd            LT Bk FacBGs       CARE BBB+      25      Reaffirmed
                                                         (CE); Stable
Jiva Plywoods Pvt Ltd                 LT Bk Fac          CARE D         34.6    Revised from
                                                                                CARE B
K.P.R. Mill Ltd                       LT Bk Fac          CARE AA; Stable6266.1  Reaffirmed
Kashi Vishwanath Steels Pvt Ltd       LT Bk Fac          CARE BBB;      293.6   Reaffirmed
                                                         Stable
Kedia Lumbers                         LT/ST Bk Fac       CARE BB;       125     Reaffirmed
                                                         Stable/ A4
Khanna Agri Services Pvt Ltd          LT Bk Fac – LT BG  -              -       Withdrawn
Khanna Agri Services Pvt Ltd          LT Bk Fac – LT     -              -       Withdrawn
                                      Overdraft
Kissandhan Agri Financial Services PvtFB - ST-TL working -              -       Withdrawn
Ltd                                   capital loans
Kissandhan Agri Financial Services PvtLT Bk Fac – CC     CARE A-; Stable1100    Reaffirmed
Ltd
(Removed from credit watch with developing implications)
Kissandhan Agri Financial Services PvtNCDs               CARE A-; Stable300     Reaffirmed
Ltd
(Removed from credit watch with developing implications)
Kissandhan Agri Financial Services PvtLong/ST Bk Fac     CARE A-;       900     Reaffirmed
Ltd                                                      Stable / A2+
(Removed from credit watch with developing implications)
Kogta Financial (India) Ltd           Proposed NCD       CARE A-; Stable270     Assigned
                                      (Secured NCD)
Krishi Rasayan                        LT Bk Fac          CARE BBB;      360     Revised from
                                                         Stable                 CARE BBB+;
                                                                                Stable
Krishi Rasayan                        LT/ST Bk Fac       CARE BBB;      140     Revised from
                                                         Stable/ A3+            CARE BBB+;
                                                                                Stable / A2
Maharashtra Feeds Pvt Ltd             LT Bk Fac          CARE BBB;      36.8    Reaffirmed
                                                         Stable
Maharashtra Feeds Pvt Ltd             LT/ST Bk Fac       CARE BBB;      600     Reaffirmed
                                                         Stable/ A3+
Mahindra & Mahindra Ltd               LT Bk Fac          CARE AAA;      1840    Reaffirmed
                                                         Stable
Malwa Solar Power Generation Pvt Ltd  Proposed LT- Fund  -              -       Withdrawn
                                      based Bk Fac
Malwa Solar Power Generation Pvt Ltd  LT Bk Fac          CARE A+; Stable1787    Reaffirmed
Mangalmay Foundation Trust            LT Bk Fac          CARE BB; Stable158.7   Reaffirmed
Mars Hotels And Resorts Pvt Ltd       LT Bk Fac          CARE BBB;      11000   Assigned
                                                         Stable
Mense Electricals Pvt Ltd             LT Bk Fac          CARE BB; Stable85      Reaffirmed
N Ranga Rao And Sons Pvt. Ltd         LT Bk Fac          CARE A-; Stable1559.2  Reaffirmed
(Outlook revised from Positive to Stable)
Narsingh Ispat Udyog Pvt Ltd          LT Bk Fac          CARE B+; Stable115     Reaffirmed
National Engineering Industries Ltd   LT Bk Fac (TL)     CARE AA-;      4480    Revised from
                                                         Stable                 CARE AA;
                                                                                Stable
National Engineering Industries Ltd   LT Bk Fac (CC)     CARE AA-;      4000    Revised from
                                                         Stable                 CARE AA;
                                                                                Stable
Om Metals Infraprojects Ltd           LT Bk Fac          CARE BBB-;     1146    Revised from
                                                         Stable                 CARE BBB;
                                                                                Negative
Om Metals Infraprojects Ltd           LT/ST Bk Fac       CARE BBB-;     6370    Revised from
                                                         Stable/CARE A3         CARE BBB;
                                                                                Negative/ A3+
Orient Paper & Industries Ltd         LT Bk Fac          CARE AA-;      610.2   Reaffirmed
                                                         Stable
Orient Paper & Industries Ltd         Long/ST Bk Fac     CARE AA-;      1600    Reaffirmed
                                                         Stable/ A1+
Pegasus Properties Pvt Ltd            NCD issue          CARE BB; Stable1217    Reaffirmed
Png Brothers (Earlier Known As Png    LT Bk Fac          CARE BBB;      716.3   Reaffirmed
Jewellery & Gems)                                        Stable
Png Brothers (Earlier Known As Png    Long- term/ ST Bk  CARE BBB;      600     Reaffirmed
Jewellery & Gems)                     Fac                Stable /CARE
                                                         A3+
Precision Electronic Instruments Comp LT Bk Fac          CARE BB-;      62.7    Assigned
                                                         Stable
Precision Electronic Instruments Com  LT/ ST Bk Fac      CARE BB-;      32.3    Assigned
                                                         Stable/ A4
Premier Liquor (India) Ltd            LT Bk Fac          CARE BBB-;     125     Reaffirmed
                                                         Stable
Punjab Renewable Energy Systems Pvt   LT Bk Fac (CC)     CARE BB; Stable140.3   Revised from
Ltd                                                                             CARE BB-
                                                                                Stable
Punjab Renewable Energy Systems Pvt   LT Bk Fac (TL)     CARE BB; Stable365.8   Revised from
Ltd                                                                             CARE BB-
                                                                                Stable
Rda Energy Pvt Ltd                    LT Bk Fac          CARE A-; Stable641.3   Reaffirmed
Rico Aluminium And Ferrous Auto       LT Bk Fac          CARE A- (CE);  97.5    Reaffirmed
Components Ltd                                           Negative
(Outlook revised from Stable to Negative )
Rico Aluminium And Ferrous Auto       LT/Shortterm Bk FacCARE A- (CE);  60      Reaffirmed
Components Ltd                                           Negative / A2+
                                                         (CE)
(Outlook revised from Stable to Negative )
Rico Jinfei Wheels Ltd                LT Bk Fac          CARE BBB+      100     Revised from
                                                         (CE); Negative@        CARE BBB-;
                                                                                Stable
@Backed by Letter of Comfort which is backed by Board Resolution provided by Rico Auto
Industries Limited (RAIL)
S S S Fibre Ltd                       LT Bk Fac          CARE BB; Stable139.4   Revised from
                                                                                CARE BB+
                                                                                Stable
Sadbhav Engineering Ltd               LT NCD – II *      -              -       Withdrawn
*withdrawn based on confirmation by the company and debenture trustee regarding full and final
redemption to debenture holders
Sadbhav Engineering Ltd               LT Bk Fac          CARE A         7019.3  -
(Continues on Credit watch with Developing Implications)
Sadbhav Engineering Ltd               LT NCD – III       CARE A         1700    -
(Continues on Credit watch with Developing Implications)
Sadbhav Engineering Ltd               LT NCD – IV        CARE A         1900    -
(Continues on Credit watch with Developing Implications)
Sadbhav Engineering Ltd               LT NCD – V         CARE A         1000    -
                                      (Proposed)
(Continues on Credit watch with Developing Implications)
Sadbhav Engineering Ltd               LT/ST Bk Fac       CARE A / A1    20000   -
(Continues on Credit watch with Developing Implications)
Sadbhav Infrastructure Project Ltd    LT NonConvertible  CARE A (CE)    1200    -
                                      Debentures-II
(Continues on Credit watch with Developing Implications)
Sadbhav Infrastructure Project Ltd    LT NonConvertible  CARE A (CE)    2500    -
                                      Debentures-III
(Continues on Credit watch with Developing Implications)
Sadbhav Infrastructure Project Ltd    LT NonConvertible  CARE A (CE)    1700    -
                                      Debentures-IV
(Continues on Credit watch with Developing Implications)
Sadbhav Infrastructure Project Ltd    LT NonConvertible  CARE A (CE)    1900    -
                                      Debentures-V
(Continues on Credit watch with Developing Implications)
Sadbhav Infrastructure Project Ltd    LT / Short – term  CARE A- /CARE  4000    -
                                      Bk Fac             A2+
(Continues on Credit watch with Developing Implications)
Sb Energy Pvt Ltd                     LT Bk Fac          CARE A- (CE);  15000   Revised from
                                                         Stable                 CARE A-;
                                                                                Stable
Secure Meters Ltd                     LT Bk Fac          CARE AA-;      4416.9  Reaffirmed
                                                         Stable
(Removed from credit watch with developing implications)
Secure Meters Ltd                     LT/ ST Bk Fac      CARE AA-;      5259.6  Reaffirmed
                                                         Stable/ A1+
(Removed from credit watch with developing implications)
Shakumbhari Solar Power Projects Pvt  LT Bk Fac          CARE BBB+      432.4   Revised from
Ltd                                                      (CE)*; Stable          CARE BBB+;
                                                                                Stable
*The rating is based on the structure where all the three entities collectively called as UTT-1
shall be liable for the full amount of loan facility on a joint and several basis with the
respective borrowers as per the terms of the facility agreement.
Shiv Valley Highways Pvt Ltd          LT Bk Fac – Fund   CARE BBB (CE); 6960    Revised from
                                      based              Stable                 CARE BBB+
                                                                                (CE); Stable
Shiv Valley Highways Pvt Ltd          LT Bk Fac – Non    CARE BBB (CE); 740     Revised from
                                      Fund based         Stable                 CARE BBB+
                                                                                (CE); Stable
Shree Cement Ltd                      LT Bk Fac          CARE AAA;      11000   Reaffirmed
                                                         Stable
Siddeshwari Tradex Pvt Ltd            Issuer Rating      CARE BBB (Is)* -       Assigned
(Under credit watch with developing implications) / *The issuer rating is subject to the company
maintaining overall gearing at 0.50x or below.
Skre Solar Pvt Ltd                    LT Bk Fac          CARE BB-;      400     Assigned
                                      (Proposed)         Stable
Slk Trade Linc                        LT/ST Bk Fac       CARE BB;       125     Reaffirmed
                                                         Stable/ A4
Soccer International Pvt. Ltd         LT Bk Fac          CARE BBB;      78.3    Reaffirmed
                                                         Stable
(Outlook revised from Positive to Stable)
Soccer International Pvt. Ltd         Long/ST Bk Fac     CARE BBB;      740     Reaffirmed
                                                         Stable / A3+
(Outlook revised from Positive to Stable)
Sree Siva Ram And Company             LT Bk Fac          CARE BB; Stable50      Reaffirmed
Sri M.S.P. Velayutha Nadar            LT Bk Fac          CARE B+; Stable30      Reaffirmed
Star Plastics                         LT Bk Fac          CARE BB; Stable535     Reaffirmed
Sushma Buildtech Ltd                  LT Bk Fac          CARE BB-;      1049.1  Revised from
                                                         Stable                 CARE BB+;
                                                                                Stable
(Issuer not cooperating)
Triton Maritime Pvt Ltd               LT Bk Fac- TL      CARE BBB-;     190     Reaffirmed
                                                         Stable
Trust Investment Advisors Pvt Ltd     NCD*               -              -       Withdrawn
*rating assigned is withdrawn with immediate effect, as the company has fully repaid the amount
under the said instrument and there is no amount outstanding under the issue.
Trust Investment Advisors Pvt Ltd     LT Bk Fac          CARE A; Stable 8000    Reaffirmed
Trust Investment Advisors Pvt Ltd     NCD                CARE A; Stable 2250    Assigned
Unimoni Financial Services Ltd        LT Bk Fac          CARE BBB;      7382.5  Revised from
(Erstwhile Uae Exchange & Financial                      Stable                 CARE BBB+;
Services Ltd)                                                                   Stable
Union Bank Of India                   Upper Tier II      CARE AA        10000   Continues to
                                      Bonds (Basel II) @                        be on credit
                                                                                watch
@: 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 lock in clause in
hybrid instruments. Any delay in payment of interest/principal (as the case may be) following
the 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
rating compared to conventional subordinated debt instruments.
Union Bank Of India                   Perpetual Bonds    CARE AA-       20000   Continues to
                                      (Basel III) #                             be on credit
                                                                                watch
#: CARE has rated the aforesaid Basel III Compliant Additional Tier-I 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 revenue
reserves including statutory reserves and/or credit balance in profit and loss account 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.
Union Bank Of India                   Lower Tier II      CARE AA+       8000    Continues to
                                      Bonds (Basel II)                          be on credit
                                                                                watch
Universal Stainless                   Long- term Bk Fac  CARE B; Stable 51.5    Reaffirmed
Virendra & Company                    LT Bk Fac          CARE BBB-;     60      Reaffirmed
                                                         Stable
Walwhan Solar Bh Ltd                  LT Bk Fac@         CARE AA- (CE); 1400@   Reaffirmed
                                                         Stable
@ backed by unconditional and irrevocable corporate guarantee provided by Walwhan Renewable
Energy Limited (WREL, rated CARE AA (CE); Stable/CARE AA-; Stable/CARE A1+) to the lender of
Walwhan Solar BH Limited (WSBHL).
Wfb Baird And Company Pvt Ltd         LT Bk Fac          CARE BBB;      318.8   Reaffirmed
                                                         Stable
(Outlook revised from Negative to Stable)
Wfb Baird And Company Pvt Ltd         LT/ST Bk Fac       CARE BBB;      330     Reaffirmed
                                                         Stable/ A3+
(Outlook revised from Negative to Stable)
Zeal Metaliks Pvt Ltd                 LT Bk Fac          CARE BB; Stable180     Reaffirmed

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