July 29, 2019 / 7:19 AM / 4 months ago

CARE ratings for Indian debt instruments-Jul 29

    Jul 29 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 26 and July 27, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abhinav Industries                    ST Bk Fac          -              -       Withdrawn
Archon Powerinfra India Pvt Ltd       ST Bk Fac          -              -       Withdrawn
(Erstwhile Skp Buildcon Pvt Ltd)
Arunachala Weaving Mills              ST Bk Fac          CARE A4        127.2
(Issuer Not Cooperating)
Aso Agro Pvt Ltd                      ST BkFac           CARE D         7.5     Revised from
                                                                                CARE A4
B S Shakti Steel Pvt Ltd              ST BkFac           CARE A4        30      Reaffirmed
(Issuer Not Cooperating)
B. K. Construction                    ST BkFac           CARE A4        30      Assigned
Chicago Constructions International PvST Bk Fac          -              -       Withdrawn
Ltd
Darjeeling Dooars Plantations (Tea) LtST BkFac           CARE A4        8       Assigned
Dmw Cnc Solutions Pvt India Ltd       ST BkFac           CARE A4        21      Reaffirmed
Forte Furniture Products India Pvt LtdST Bk facility –   CARE A3 (CE)   100     Reaffirmed
                                      Non-fund
                                      basedlimits^
^ backed by credit enhancement in form of short-fall undertaking from Zuari Global Limited
(ZGL).
G K Roofings India Pvt Ltd            ST Bk Fac          CARE A4        10      Assigned
Heritage Hospital Ltd                 STBkFac            CARE A4        158.7   Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Jagdamba Agro Industries              ST BkFac           CARE A4        30
(Issuer Not Cooperating)
Lakecity Infrastructure Pvt Ltd       ST Bk Fac          CARE D         6       Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Mahalaxmi Associates Pvt Ltd          ST Bk Fac (Non     CARE A4+       120     Assigned
                                      Fund Based)
Mahalaxmi India Pvt Ltd               ST Bk Fac          CARE A4+       120     Assigned
Mayur Leather Products Ltd            ST Bk Fac          CARE A4        10.5    Assigned
Mrinal Jyoti Das                      ST Bk Fac          -              -       Withdrawn
Oil And Natural Gas Corporation Ltd   CP (CP) issue      CARE A1+       100000  Reaffirmed
Oil And Natural Gas Corporation Ltd   ST Fac- TL         CARE A1+       80260   Reaffirmed
Parker Tiles Pvt Ltd                  ST Bk Fac          -              -       Withdrawn
Prince Spintex Pvt Ltd                ST BkFac           -              -       Withdrawn
Paramount Impex Pvt Ltd               ST Bk Fac          CARE A4        105
(Issuer Not Cooperating)
Randhawa Construction Company         ST Bk Fac          -              -       Withdrawn
Relemac Technologies Pvt Ltd          ST Bk Fac          CARE A4        30.6
(Issuer Not Cooperating)
Shubham Tex O Pack Pvt Ltd            ST Bk Fac          -              -       Withdrawn
Subrata Kundu Construction Company PvtST Bk Fac          CARE A4        35
Ltd
(Issuer Not Cooperating)
Systems And Components India Pvt Ltd  ST Bk Fac          -              97.5    Withdrawn
Yadav Tractor Comapany                ST BkFac           CARE A4
(Issuer Not Cooperating)
 
LONG TERM RATINGS:
-------------------
Abhinav Industries                    LT Bk Fac          -              -       Withdrawn
Ahmedabad Ring Road Infrastructure LtdLT Bk Fac          CARE A+        2172.2
Placed on credit watch with developing implications
Amul Feed Pvt Ltd                     LT Bk Fac          CARE B+        104     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Anurag Poultry Farm                   LT Bk Fac          CARE BB-       67.2    Revised from
                                                                                CARE B+
(reduced from 7.17 Crore)
Arasu Jewels                          LT Bk Fac          CARE B-        70      Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Archon Powerinfra India Pvt Ltd       LT Bk Fac          -              -
(Erstwhile Skp Buildcon Pvt Ltd)
Revised from CARE B+and subsequently Withdrawn /(Issuer Not Cooperating)
Arunachala Weaving Mills              Long -term Bk Fac  CARE BB        272.8
(Issuer Not Cooperating)
Arunoday Sales                        LT Bk Fac          CARE D         130     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Aso Agro Pvt Ltd                      LT BkFac           CARE D         157.5   Revised from
                                                                                CARE B+
(reduced from 16.15 Crore)
Aurangabad Jalna Tollway Ltd          LT Bk Fac          CARE A         2188.3
Placed on credit watch with developing implications
B S Shakti Steel Pvt Ltd              LT BkFac           CARE BB-       195     Reaffirmed
(Issuer Not Cooperating)
B S Shakti Steel Pvt Ltd              Proposed term Bk   CARE BB-       175     Reaffirmed
                                      Faci
(Issuer Not Cooperating)
B. K. Construction                    LT BkFac           CARE BB-       49.5    Assigned
Baba Jhareshwar Multipurpose Himghar  LT Bk Fac          CARE B         68.6
Pvt Ltd
(Issuer Not Cooperating)
Bhavani Cotspin Llp                   LT Bk Fac          -              -       Withdrawn
Bhavani Cotspin Llp                   LT/ ST Bk Fac      -              -       Withdrawn
Bhavani Rice Mill                     LT Bk Fac          CARE D         70
(Issuer Not Cooperating)
Chicago Constructions International PvLT Bk Fac          -              -       Withdrawn
Ltd
Darjeeling Dooars Plantations (Tea) LtLT BkFac           CARE BB        169.6   Assigned
Dharanii Cotton Mills Pvt Ltd         Long -term Bk Fac  CARE B         53.7
(Issuer Not Cooperating)
Dhule Palesner Tollway Ltd            NCD Issue          CARE A         4750
Placed on credit watch with developing implications
Dhule Palesner Tollway Ltd            Senior long-TL     CARE A         5182.1
Placed on credit watch with developing implications
Dhule Palesner Tollway Ltd            Subordinate        CARE A         682.7
                                      long-TL
Placed on credit watch with developing implications
Dmw Cnc Solutions Pvt India Ltd       LT BkFac           CARE BB        642.2   Reaffirmed
Ds Agrifoods Pvt Ltd                  LT Bk Fac          CARE B+        140     Reaffirmed
Educomp Solutions Ltd                 LT Bk Fac          CARE D         18844
(Issuer Not Cooperating)
Educomp Solutions Ltd                 NCD                CARE D         450
(Issuer Not Cooperating)
Educomp Solutions Ltd                 Receivables        CARE D         4040.8
                                      AssignmentFacility
(Issuer Not Cooperating)
Educomp Solutions Ltd                 LT/STBk Fac        CARE D/D       374
(Issuer Not Cooperating)
Forte Furniture Products India Pvt LtdLT Bk facility –   CARE AAA (CE)  135     Reaffirmed
                                      Overdraft*
* backed by credit enhancement in the form of unconditional and irrevocable Standby Letter of
Credit (SBLC) from ING Bank, Netherlands.
Forte Furniture Products India Pvt LtdLT Bk facility -   CARE BBB- (CE) 50      Revised from
                                      CC^                                       CARE BBB (SO)
^ backed by credit enhancement in form of short-fall undertaking from Zuari Global Limited
(ZGL).
G K Roofings India Pvt Ltd            LT Bk Fac          CARE B+        60      Assigned
Heritage Hospital Ltd                 LTBkFac            CARE BB-       2006.7  Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Heritage World School                 LTBk Fac           CARE B         150     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Hi Physix Laboratory India Pvt Ltd    LT Bk Fac          CARE BB        266.1   Reaffirmed
Hyderabad-Yadgiri Tollway Ltd         LT Bk Fac          CARE A         1749.1
Placed on credit watch with developing implications
Hyderabad-Yadgiri Tollway Ltd         NCD issue - I      CARE A         1178.7
Placed on credit watch with developing implications
Hyderabad-Yadgiri Tollway Ltd         NCD issue - II     CARE A         786
Placed on credit watch with developing implications
Infertility Institute And Research    LT Bk Fac          CARE BB-       64.7    Reaffirmed
Centre Pvt Ltd
Removed from non-cooperation /(Reduced from 9.48 Crore)
Jagdamba Agro Industries              LT BkFac           CARE B         35.9
(Issuer Not Cooperating)
Khedut Cotex Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Lakecity Infrastructure Pvt Ltd       LT Bk Fac          CARE D         94      Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Mahalaxmi Associates Pvt Ltd          LT Bk Fac (Fund    CARE BB+       60      Assigned
                                      Based)
Mahalaxmi India Pvt Ltd               LT Bk Fac          CARE BB+       30      Assigned
Mayur Leather Products Ltd            LT Bk Fac          CARE C         6.6     Assigned
Mayur Leather Products Ltd            LT/ST Bk Fac       CARE C/A4      80      Assigned
Mother Theressa Educational Society   LT Bk Fac          CARE BBB-      173.3   Reaffirmed
(Reduced from 19.80 Crore)
Mrinal Jyoti Das                      LT Bk Fac          -              -       Withdrawn
Msv Laboratories Pvt Ltd              LT Bk Fac          CARE D         212.5
(Issuer Not Cooperating)
Nagpur Seoni Expressway Ltd           NCD Issue          CARE AAA (SO)  1748.9
Placed on credit watch with developing implications
Oil And Natural Gas Corporation Ltd   LT Bk Fac          CARE AAA       35000   Reaffirmed
Oil And Natural Gas Corporation Ltd   LT/ST Non-fund     CARE AAA/A1+   40600   Reaffirmed
                                      based Bk Fac
Oil And Natural Gas Corporation Ltd   LT/ST Fund Based   CARE AAA/A1+   94140   Reaffirmed
                                      Bk Fac
Ongc Petro Additions Ltd              NCD (NCDs I)       CARE AAA (CE)  3350    Reaffirmed
                                                         / ^
Ongc Petro Additions Ltd              NCD (NCDs II)      CARE AAA (CE)  4850    Reaffirmed
                                                         / ^
Ongc Petro Additions Ltd              LT Instruments     CARE AAA(CE) / 21800   Reaffirmed
                                      (NCDs) Proposed    #
#based on the proposed credit enhancement in the form of letter of comfort from ONGC which shall
be unconditional and irrevocable, valid and remain operative till the NCDs are fully redeemed.
Furthermore, the ratings will be confirmed once the company submits copies of relevant executed
documents, to the satisfaction of CARE. CARE shall issue the final rating letter, brief
rationale and rating rationale at the time of confirmation of the rating.
Ongc Petro Additions Ltd              Compulsory         CARE AAA(CE) / 4920    Reaffirmed
                                      Convertible        %
                                      Debenture (CCDs II)
%based on the credit enhancement in the form of irrevocable and unconditional undertaking of
ONGC for buy-out of the CCDs on exercise of put-option by investor and to fund the service
account for coupon payment on or before coupon payment date.
Ongc Petro Additions Ltd              Compulsorily       CARE AAA(CE) / 56150   Reaffirmed
                                      Convertible        *
                                      Debentures (CCDs I)
*based on the credit enhancement in the form of Irrevocable and unconditional undertaking of Oil
and Natural Gas Corporation Limited (ONGC; CARE AAA; Stable/A1+) to fund coupon service account
on or before payment date and put option for buying CCDs from Investors prior to the expiry of
53rd month from deemed date of allotment (i.e. July 2, 2016)
Orient Spun Silk And Processing Mills LT BkFac           CARE B-        45
Llp
(Issuer Not Cooperating)
Paradise Healthcare                   LT Bk Fac          CARE B         46
(Issuer Not Cooperating)
Paradise Healthcare                   LT/ ST Bk Fac      CARE B/A4      16
(Issuer Not Cooperating)
Paramount Impex Pvt Ltd               LT Bk Fac          CARE B         17.6    Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Parker Tiles Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Prince Spintex Pvt Ltd                LT BkFac           CARE BB        587.8   Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)/(reduced from 62.75 Crore)
Prince Spintex Pvt Ltd                LT / Shortterm Bk  CARE BB/A4     45      Revised from
                                      Fac                                       CARE BB-/
                                                                                CARE A4
(Issuer Not Cooperating)
Randhawa Construction Company         LT Bk Fac          -              -       Withdrawn
Randhawa Construction Company         LT/ ST Bk Fac      -              -       Withdrawn
Relemac Technologies Pvt Ltd          LT Bk Fac          CARE BB-       135
(Issuer Not Cooperating)
Sai Sudha Motors Pvt Ltd              LT BkFac           CARE BB-       110
(Issuer Not Cooperating)
Shubham Tex O Pack Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Subrata Kundu Construction Company PvtLT Bk Fac          CARE B         35
Ltd
(Issuer Not Cooperating)
Sundaram Multi Pap Ltd                LT Bk Fac          CARE BB-       350.3
(Issuer Not Cooperating)
Systems And Components India Pvt Ltd  LT Bk Fac          -              65      Withdrawn
Veria Lifestyle, Inc                  LT Bk Fac          CARE BB        8250    Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Vtr Marketing Pvt Ltd                 LT BkFac           CARE B-        71.7
(Issuer Not Cooperating)
Vuddanda Solar Power Pvt Ltd          LT Bk Fac          CARE D         120     Assigned
Yadav Tractor Comapany                LT BkFac           CARE B         34.3
(Issuer Not Cooperating)
Yes Bank Ltd                          Additional Tier I  CARE A-        36000   Revised
                                      Bonds (Basel III)#                        fromCARE A
#: 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:
• 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 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      .
• 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.
Yes Bank Ltd                          Upper Tier II      CARE A+        9041    Reaffirmed
                                      Bonds*
* 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-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-       50000   Reaffirmed
                                      Bonds
Yes Bank Ltd                          Lower Tier II BondsCARE AA-       25306   Reaffirmed
Yes Bank Ltd                          Tier II Bonds      CARE AA-       89000   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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