July 7, 2020 / 8:08 AM / a month ago

CARE ratings for Indian debt instruments-Jul 7

    Jul 7  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of July 6, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ab Udyog Pvt Ltd                     ST Bk Fac         CARE A4+      10     Revised from
                                                                            CARE A4
Anupam Creation Pvt Ltd              STBk Fac          CARE A4;      10
(Issuer not cooperating; on the basis of best available information)
Cruso Granito Pvt Ltd                STBk Fac          CARE A4;      30
(Issuer not cooperating; based on best available information)
Icici Bank Ltd                       CDs               CARE A1+      500000 Reaffirmed
J.S.R & Company                      ST Bk Fac         CARE A4       60     Reaffirmed
                                                                            and Removed
                                                                            from Non 
                                                                            cooperation
(enhanced from 5.00 Crore)
Jackson Laboratories Pvt Ltd         ST BkFac          CARE A4       50     Reaffirmed
Jindal Steel And Power Ltd           ST Bk Fac         CARE A3       70144.5Removed from
                                                                            Credit watch
                                                                            with Negative
                                                                            Implications and
                                                                            rating reaffirmed
(reduced from 7561.87 Crore)
Zee Media Corporation Ltd            ST BkFac – BG     -             -      Withdrawn
Mukul Exports                        ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4 and
                                                                            Withdrawn
Jsl Lifestyle Ltd                    LT/ST Bk Fac      CARE A3+      175    Revised from
                                                                            CARE BBB+;
                                                                            Stable/ CARE A2
Kapoor Cotsyn (India)                ST Bk Fac         CARE A4       55     Assigned
Mahindra Aerostructures Pvt Ltd      ST Bk Fac         CARE A3+      250    Reaffirmed
Manish Vinyls Pvt Ltd                ST Bk Fac         CARE A3       460    Assigned
Megawin Switchgear Pvt Ltd           ST BkFac          CARE A4+      575    Assigned
Mohit Ventures Pvt Ltd               ST Bk Fac         CARE A4+      22.5
N S Mint Products Pvt Ltd            ST Bk Facility –  CARE A3       20     Assigned
                                     Non Fund Based
Ntpc Ltd                             Bk Fac - Non-FB - CARE A1+      55000  Reaffirmed
                                     ST - BG/LC
Ntpc Ltd                             CP issue^         CARE A1+      201000 Reaffirmed
^ Including Rs. 2,100 crore utilization against Cash Credit limit as per RBI guidelines
Power Grid Corporation Of India Ltd  CP (CP) Issue^    CARE A1+      90000  Reaffirmed
^As communicated by the company, combined utilization of commercial paper and short term
borrowing programme shall not exceed Rs. 9,000 crore at any point of time. 
Power Grid Corporation Of India Ltd  ST Borrowing      CARE A1+      90000  Reaffirmed
                                     Programme^
^As communicated by the company, combined utilization of commercial paper and short term
borrowing programme shall not exceed Rs. 9,000 crore at any point of time. 
Raymond Ltd                          ST Bk Fac         CARE A1+      9415   Continues to
                                                                            be on credit
                                                                            watch
Raymond Ltd                          CP                CARE A1+      5500   Continues to
                                                                            be on credit
                                                                            watch
Saregama India Ltd                   ST BkFac          CARE A1+      100    Reaffirmed
Saurashtra Enviro Projects Pvt Ltd   ST BkFac          CARE A1       404    Reaffirmed
(enhanced from Rs. 40.00 crore Crore)
Shapers Constructions Ltd            ShortTerm Bk Fac  CARE A3       340    Revised from
                                                                            CARE A4+ and
                                                                            removed from Issuer
                                                                            Not cooperating
(Issuer not cooperating; based on best available information)
Srivenkateshwar Tradex Pvt Ltd       ST BkFac          CARE A4;      180
(Issuer not cooperating; based on best available information)
State Bank Of India                  CDProgramme^      CARE A1+      60000  Reaffirmed
^Transferred from State Bank of Bikaner and Jaipur to SBI consequent to the merger with SBI
Talin International Pvt Ltd          ST BkFac          CARE A4;      5
(Issuer not cooperating; on the basis of best available information)

LONG TERM RATINGS:
-------------------
Ab Udyog Pvt Ltd                     LT Bk Fac         CARE BB+;     267.8  Revised from
                                                       Stable               CARE BB-;
                                                                            Stable
(reduced from 27.74)
Anupam Creation Pvt Ltd              LTBk Fac          CARE B+;      487.2  Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Bhavna Gems                          LT BkFac          CARE C,       20     Revised from
                                                                            CARE B-
(Issuer not cooperating; based on best available information)
Bhavna Gems                          Long/ST BkFac     CARE C, /CARE 80     Revised from
                                                       A4,                  CARE B-/CARE
                                                                            A4
(Issuer not cooperating; based on best available information)
Budge Budge Co. Ltd                  LT BkFac          CARE BB;      232.8  Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Cruso Granito Pvt Ltd                LT BkFac          CARE B+;      561.1  Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Damodar Valley Corporation           LT Bond           CARE AAA (CE);44000  Reaffirmed
                                     Issue(Series II)  Stable (Credit
                                                       Enhancement)
Damodar Valley Corporation           LT Bond           CARE AAA (CE);26000  Reaffirmed
                                     Issue(Series III) Stable (Credit
                                                       Enhancement)
Dbl Sangli Borgaon Highways Pvt Ltd  LT Bk Fac (TL)    CARE A; Stable3306.5 Reaffirmed
Dbl Sangli Borgaon Highways Pvt Ltd  LT Bk Fac (BG)    CARE A; Stable551.2  Reaffirmed
Esab India Ltd                       Issuer Rating     -             -      Withdrawn
Fincare Small Finance Bank Ltd       LT instruments-NCD-             -      Withdrawn#
Fincare Small Finance Bank Ltd       Proposed- LT Fac  CARE A, Stable1250   Reaffirmed
Fincare Small Finance Bank Ltd       Lower Tier II     CARE A, Stable1000   Reaffirmed
                                     bonds
Fincred Investments Ltd              LT Bk Fac*        CARE A+ (SO); 500    Assigned
                                                       Stable
*The above rating is based on credit enhancement in the form of pledge of securities
Gacl-Nalco Alkalies & Chemicals Pvt  LT BkFac          CARE A; Stable14000  Reaffirmed
Ltd
Gspl India Transco Ltd               LT Bk Fac         CARE A-;      7130   Reaffirmed
                                                       Stable
Gujarat Ginning And Oil Industries   LT BkFac          CARE C;       120    Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Icici Bank Ltd                       Additional Tier I CARE AA+;     135000 Reaffirmed
                                     Bonds#            Stable
#CARE has notched down the rating of 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. 
Icici Bank Ltd                       Fixed Deposits    CARE AAA (FD);-      Reaffirmed
                                                       Stable
Icici Bank Ltd                       Tier II Bonds     CARE AAA;     100000 Reaffirmed
                                     (Basel III)*      Stable
* Tier II Bonds under Basel III are characterized by a  Point of Non-Viability  (PONV) trigger
due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable. 
Icici Bank Ltd                       Infrastructure    CARE AAA;     339000 Reaffirmed
                                     Bonds             Stable
Icici Bank Ltd                       Lower Tier II BondCARE AAA;     112250 Reaffirmed
                                                       Stable
Icici Bank Ltd                       Upper II Tier     CARE AAA;     33800  Reaffirmed
                                     Bonds^            Stable
^The Upper Tier II Bonds have higher sensitiveness to ICICI 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 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
Icici Bank Ltd                       Unsecured         CARE AAA;     7144.7 Reaffirmed
                                     Redeemable Bonds  Stable
                                     (Erstwhile ICICI Limited)
India International Clearing         Issuer Rating*    CARE AAA (Is);-      Reaffirmed
Corporation (Ifsc) Ltd                                 Stable
*The rating is subject to the company maintaining overall gearing not exceeding 2.00 times
Iq City Foundation                   LT Bk Fac         CARE BB;      2089.5 Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
J.S.R & Company                      LT Bk Fac         CARE BB;      90     Reaffirmed
                                                       Stable               and Removed
                                                                            from Non cooperation
(enhanced from 3.00 Crore)
Jackson Laboratories Pvt Ltd         LT Bk Fac         CARE BB-;     66     Revised from
                                                       Stable               CARE B+;
                                                                            Stable
(Issuer not cooperating)
Jindal Steel And Power Ltd           LT Bk Fac         CARE BBB-;    165634.Removed from
                                                       Stable               Credit watch
                                                                            With Negative
                                                                            Implications, rating
                                                                            reaffirmed and
                                                                            Stable
                                                                            Outlook Assigned
(enhanced from 16,160.59 Crore)
Jindal Steel And Power Ltd           NCDs Programme-I  CARE BBB-;    1600   Removed from
                                                       Stable               Credit watch
                                                                            With Negative
                                                                            Implications, rating
                                                                            reaffirmed and
                                                                            Stable
                                                                            Outlook Assigned
(reduced from 500.00 Crore)
Jindal Steel And Power Ltd           NCDs Programme-IIICARE BBB-;    2500   Removed from
                                                       Stable               Credit watch
                                                                            With Negative 
                                                                            Implications, rating
                                                                            reaffirmed and
                                                                            Stable
                                                                            Outlook Assigned
(reduced from 710.00 Crore)
Jindal Steel And Power Ltd           NCDs Programme-IV CARE BBB-;    500    Removed from
                                                       Stable               Credit watch
                                                                            With Negative
                                                                            Implications, rating
                                                                            reaffirmed and
                                                                            Stable
                                                                            Outlook Assigned
(reduced from 100.00 Crore)
Jindal Steel And Power Ltd           NCDs Programme-V  CARE BBB-;    248    Removed from
                                                       Stable               Credit watch
                                                                            With Negative
                                                                            Implications, rating
                                                                            reaffirmed and
                                                                            Stable
                                                                            Outlook Assigned
(reduced from 37.20 Crore)
Jindal Steel And Power Ltd           NCDs Programme-VI CARE BBB-;    2000   Removed from
                                                       Stable               Credit watch
                                                                            With Negative
                                                                            Implications, rating
                                                                            reaffirmed and
                                                                            Stable
                                                                            Outlook Assigned
(reduced from 400.00 Crore)
Jindal Steel And Power Ltd           LT Bk Fac         CARE BBB;     13933.3Removed from
                                     (Priority TL) @   Stable               Credit watch
                                                                            With Negative
                                                                            Implications, rating
                                                                            reaffirmed and
                                                                            Stable
                                                                            Outlook Assigned
(reduced from 1447.19 Crore)@ Priority term loan has following features: 1. Priority over the
cash flow of the company for interest and principal payment of priority loan. 2. Priority in
security in case of liquidation 
Jsl Lifestyle Ltd                    LT Bk Fac         CARE BBB;     325    Revised from
                                                       Stable               CARE BBB+;
                                                                            Stable
                                                                            Outlook: Stable
Kapoor Cotsyn (India)                LT Bk Fac/ ST Bk  CARE BB-;     120    Assigned
                                     Fac               Stable/CARE A4
L&T Infra Debt Fund Ltd              Principal         CARE PP-MLD   10000  Assigned
                                     Protected         AAA; Stable
                                     MarketLinked 
                                     Debentures (proposed)
Lalithaa Jewellery Mart Pvt Ltd      Long –term BkFac  CARE BB+;     6500   Revised from
                                                                            CARE BBB-
(Issuer not cooperating; on the basis of best available information)
Magma Housing Finance Ltd            LT Bk Fac         CARE AA-;     7750   Reaffirmed
                                                       Negative
Magma Housing Finance Ltd            Secured NCDs      CARE AA-;     1550   Reaffirmed
                                     (NCDs)            Negative
Magma Housing Finance Ltd            Proposed NCDs     CARE AA-;     750    Reaffirmed
                                                       Negative
Magma Housing Finance Ltd            Proposed NCDs     CARE AA-;     2000   Assigned
                                                       Negative
Mahindra Aerostructures Pvt Ltd      LT Bk Fac – TL    -             -      Withdrawn
Mahindra Aerostructures Pvt Ltd      LT Bk Fac – Non - CARE BBB+;    40     Reaffirmed
                                     fund Based        Stable
Manish Vinyls Pvt Ltd                LT Bk Fac         CARE BBB-;    40     Assigned
                                                       Stable
Megawin Switchgear Pvt Ltd           LT BkFac          CARE BB+;     725    Assigned
                                                       Stable
Mohit Ventures Pvt Ltd               LT Bk Fac         CARE BB+;     167.5  Assigned
                                                       Stable
Mukul Exports                        LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE BB-;
                                                                            Stable and Withdrawn
Mukul Exports                        LT/ ST BkFac      -             -      Reaffirmed at
                                                                            CARE BB-;
                                                                            stable/ CARE A4 and
                                                                            Withdrawn
N S Mint Products Pvt Ltd            LT Back Facility –CARE BBB-;    480    Assigned
                                     Fund Based        Stable
National Highways Authority Of India LT TFBs           CARE AAA;     100000 Reaffirmed
                                                       Stable
National Highways Authority Of India LT TFBs           CARE AAA;     50000  Reaffirmed
                                                       Stable
National Highways Authority Of India LT TFBs           CARE AAA;     190000 Reaffirmed
                                                       Stable
National Highways Authority Of India LT Borrowing      CARE AAA;     275452.Reaffirmed
                                     Programme for     Stable
                                     FY16-17
National Highways Authority Of India LT Borrowing      CARE AAA;     505330 Reaffirmed
                                     Programme for     Stable
                                     FY17-18
National Highways Authority Of India LT Borrowing      CARE AAA;     612170 Reaffirmed
                                     Programme for     Stable
                                     FY18-19
National Highways Authority Of India LT Borrowing      CARE AAA;     750000 Reaffirmed
                                     Programme for     Stable
                                     FY18-20
National Highways Authority Of India LT Borrowing      CARE AAA;     650000 Reaffirmed
                                     Programme for     Stable
                                     FY20-21
Nhpc Ltd                             Long –Term Bonds  CARE AAA;     9000   Reaffirmed
                                     (U Series)        Stable
Nhpc Ltd                             Long–Term Bonds (VCARE AAA;     17850  Reaffirmed
                                     Series)           Stable
(reduced from 1,940.00 Crore)
Nhpc Ltd                             Long–Term Bonds (TCARE AAA;     13520.1Reaffirmed
                                     Series)           Stable
(reduced from 1,474.92 Crore)
Nhpc Ltd                             Long–Term Bonds (SCARE AAA;     7325   Reaffirmed
                                     Series)           Stable
(reduced from 824.00 Crore)
Nhpc Ltd                             Long–Term TFBs    CARE AAA;     10000  Reaffirmed
                                                       Stable
Nhpc Ltd                             Long–Term Bonds (QCARE AAA;     7385   Reaffirmed
                                     Series)           Stable
(reduced from 844.00 Crore)
Nhpc Ltd                             Long–Term Bonds (WCARE AAA;     16500  Reaffirmed
                                     Series)           Stable
(reduced from 1,950.00 Crore)
Nhpc Ltd                             Long–Term Bonds (XCARE AAA;     15000  Reaffirmed
                                     Series)           Stable
(reduced from 2,000.00 Crore)
Nhpc Ltd                             LT instruments –  CARE AAA;     20172  Reaffirmed
                                     GoI fully servicedStable
                                     bonds
Nhpc Ltd                             Long–Term Bonds   CARE AAA;     20000  Reaffirmed
                                     (AA Series)       Stable
Nhpc Ltd                             Long–Term Bonds   CARE AAA;     10000  Reaffirmed
                                     (AB Series)       Stable
Ntpc Ltd                             LT Bonds – Series -             -      Withdrawn
                                     33
Ntpc Ltd                             Bk Fac - FB - LT -CARE AAA;     850000 Reaffirmed
                                     TL                Stable
(enhanced from 65,000 Crore)
Ntpc Ltd                             Bk Fac - FB - LT -CARE AAA;     215000 Reaffirmed
                                     CC                Stable
Ntpc Ltd                             LT Bonds          CARE AAA;     404228.Reaffirmed
                                     outstanding       Stable
Ntpc Ltd                             LT Instruments -  CARE AAA;     150000 Reaffirmed
                                     Bond Programme#   Stable
# includes current outstanding of Rs. 4,374.10 Crore
Parshwanath Agritech Llp             LT Bk Fac         -             -      Revised from
                                                                            CARE B+;
                                                                            Stable to CARE B;
                                                                            Stable and withdrawn
Pearltree Hotels & Resorts Pvt Ltd   LT BkFac          CARE B+;      56.4   Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Pnc Bundelkhand Highways Pvt Ltd     LT BkFac-TL       CARE A-;      6040   Reaffirmed
                                                       Stable
Pnc Challakere (Karnataka) Highways PLT BkFac-TL       CARE A;       4400   Reaffirmed
Ltd                                                    Stable*
* The above rating is  provisional  due to pending receipt of  Appointed Date  from National
Highways Authority of India (NHAI). The rating shall be confirmed once the company furnishes
documents supporting the receipt of appointed date and other documents to the satisfaction of
CARE Ratings Ltd 
Pnc Chitradurga Highways Pvt Ltd     LT BkFac-TL       CARE A-;      6064.7 Reaffirmed
                                                       Stable
Pnc Khajuraho Highways Pvt Ltd       LT BkFac-TL       CARE A-;      5899.3 Reaffirmed
                                                       Stable
Power Grid Corporation Of India Ltd  LT Bk Fac         CARE AAA;     459540 Reaffirmed
                                                       Stable
Power Grid Corporation Of India Ltd  LT Borrowing      CARE AAA;     100000 Reaffirmed
                                     Programme for FY21Stable
*Includes current outstanding of Rs. 2,800 crore as on June 27, 2020
Power Grid Corporation Of India Ltd  LT                CARE AAA;     734667.Reaffirmed
                                     BorrowingProgrammeStable
                                     (FY09-FY20)
Power Grid Corporation Of India Ltd  LT Bonds Issue    CARE AAA;     4260   Reaffirmed
                                     (Series XXVI &    Stable
                                     XXVII)
Power Grid Corporation Of India Ltd  LT/ST BkFac       CARE AAA;     27000  Reaffirmed
                                                       Stable/CARE A1+
Pradeep Udyog                        LT Bk Fac         CARE D;       100    -
(Issuer not cooperating; based on best available information)
Pragati Coatings Pvt Ltd             LT Bk Fac         CARE BB;      75.8   Reaffirmed
                                                       Stable
Quadros Motors Pvt Ltd               LT Bk Fac         CARE D;       62
(Issuer not cooperating; based on best available information)
Rajiv Chowk Sohna Highway Pvt Ltd    LT BkFac          CARE A-;      -      Reaffirmed
                                                       Stable
*Includes Bank Guarantee amounting to Rs.78 crore as Sub-limit of this term loan facility
Rangoli Industries Pvt Ltd           LT/ Shortterm BkFaCARE B-;      4.3    Revised from
                                                       Stable/CARE A4       CARE B+;
                                                                            Stable/ CARE A4
(Issuer not cooperating; based on best available information)
Rangoli Industries Pvt Ltd           LT BkFac          CARE B-;      125    Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Raymond Ltd                          NCD               -             -      Withdrawn
Raymond Ltd                          LT Bk Fac         CARE AA       7235   Continues to
                                                                            be on credit
                                                                            watch
Raymond Ltd                          Proposed NCDs     CARE AA       550    Continues to
                                                                            be on credit
                                                                            watch
Raymond Ltd                          NCD               CARE AA       1450   Continues to
                                                                            be on credit
                                                                            watch
Renew Saur Vidyut Pvt Ltd            LT Bk Facility-TL CARE BBB+;    147.5  Assigned
                                                       Stable
Renew Vayu Urja Pvt Ltd              LT BkFac          CARE BBB+     10233.5Assigned
                                                       (CE); Stable
                                                       (Credit Enhancement) Outlook: Stable*
*backed by credit enhancement in the form of proposed limited period unconditional and
irrevocable corporate guarantee from Renew Power Pvt Ltd (RPPL).
Saregama India Ltd                   LT BkFac          CARE A+;      650    Reaffirmed
                                                       Stable
Saurashtra Enviro Projects Pvt Ltd   LT BkFac          CARE A; Stable200    Reaffirmed
Savani Infracon Llp                  LT BkFac          CARE B;       250    Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Shapers Constructions Ltd            LT BkFac          CARE BBB-;    10     Revised from
                                                       Stable               CARE BB+;
                                                                            Stable; and removed
                                                                            from Issuer Not
                                                                            cooperating
(Issuer not cooperating; based on best available information)
Shiv Marine Industries Pvt Ltd       LT/ ST Bk Fac     CARE B;       70     Revised
                                                       Stable/CARE A4       fromCARE B+;
                                                                            Stable/ CARE A4
(Issuer not cooperating; based on best available information)
Shree Maheshwar Hydel Power Corp     NCDs              CARE BB+      992    Revised from
Ltd                                                    (CE)^; Stable        CARE
                                                                            AAA(CE)^; Stable
(Issuer not cooperating; based on best available information)^Backed by unconditional and
irrevocable default payment guarantee from Power Finance Corporation (PFC, rated CARE AAA;
Stable/CARE A1+). The guarantee operates through a trustee-administered structured payment
mechanism for timely transfer of the required funds for repayment of principal and interest to
debenture holders 
Shreeji Builders                     LT BkFacility     CARE B+;      100    Reaffirmed
                                                       Stable
Southern Pharma India Pvt Ltd        LT Bk Fac         CARE D;       158
(Issuer not cooperating; based on best available information)
Srivenkateshwar Tradex Pvt Ltd       LT BkFac          CARE B+;      50
                                                       Stable;
(Issuer not cooperating; based on best available information)
Ssg Infratech Pvt Ltd                Long- term/ Short-CARE D/CARE D;625
                                     term Bk Fac
(Issuer not cooperating; based on best available information)
Ssg Infratech Pvt Ltd                Long- term Bk Fac CARE D;       350
(Issuer not cooperating; based on best available information)
State Bank Of India                  Perpetual Bonds   -             0      Withdrawn
                                     (Basel II)
(Reduced from Rs.2,000 crore Crore)
State Bank Of India                  Perpetual Bonds   -             0      Withdrawn
                                     (Basel II)$
(Reduced from 100.00 Crore)$Transferred from State Bank of Mysore to SBI consequent to the
merger with SBI 
State Bank Of India                  Upper Tier II     -             0      Withdrawn
                                     Bonds&
(reduced from Rs.925 crore Crore)&Transferred from State Bank of Hyderabad to SBI consequent to
the merger with SBI
State Bank Of India                  Perpetual Bonds   -             0      Withdrawn
                                     (Basel II)!
(reduced from Rs.300 crore Crore)! Transferred from State Bank of Patiala to SBI consequent to
the merger with SBI
State Bank Of India                  Tier I Bonds      CARE AA+;     91000  Reaffirmed
                                     (Basel III)#      Stable
#CARE has notched down the rating of the aforesaid Basel III Compliant Tier-I Perpetual 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 and/or credit
balance in profit and loss account provided the bank meets the minimum regulatory requirements
for Common Equity Tier I [CET I], Tier I and Total Capital 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. Any delay in payment of interest/principal (as the
case may be) due to invocation of any of the features mentioned above 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 other subordinated debt instruments. 
State Bank Of India                  Lower Tier II BondCARE AAA;     56328.4Reaffirmed
                                                       Stable
State Bank Of India                  Tier II Bonds     CARE AAA;     130000 Reaffirmed
                                     (Basel III)       Stable
State Bank Of India                  Tier II Bonds     CARE AAA;     5000   Reaffirmed
                                     (Basel III) $     Stable
$Transferred from State Bank of Mysore to SBI consequent to the merger with SBI
State Bank Of India                  Upper Tier II     CARE AAA;     5000   Reaffirmed
                                     Bonds@            Stable
@Transferred from State Bank of Travancore to SBI consequent to the merger with SBI
State Bank Of India                  Tier II Bonds     CARE AAA;     5150   Reaffirmed
                                     (Basel III) @     Stable
@Transferred from State Bank of Travancore to SBI consequent to the merger with SBI
State Bank Of India                  Perpetual Bonds   CARE AAA;     2000   Reaffirmed
                                     (Basel II)&       Stable
(reduced from Rs.335 Crore)&Transferred from State Bank of Hyderabad to SBI consequent to the
merger with SBI
State Bank Of India                  Tier II Bonds     CARE AAA;     7000   Reaffirmed
                                     (Basel III) &     Stable
&Transferred from State Bank of Hyderabad to SBI consequent to the merger with SBI
State Bank Of India                  Tier II Bonds     CARE AAA;     9500   Reaffirmed
                                     (Basel III) !     Stable
! Transferred from State Bank of Patiala to SBI consequent to the merger with SBI
Suresh Techno Electro India Llp      LT/ST BkFac       CARE BB Stable120    Reaffirmed
                                                       /CARE A4;
Suresh Techno Electro India Llp      LT Bk Fac         CARE BB;      20     Reaffirmed
                                                       Stable
Swosti Premium Ltd                   LT Fund Based     CARE BB-;     650    Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Talin International Pvt Ltd          LT/ STBk Fac      CARE B-/CARE  62.5   Revised from
                                                       A4;                  CARE B+/ CARE
                                                                            A4
(Issuer not cooperating; on the basis of best available information)
The Great Eastern Shipping Co. Ltd   NCD (NCD)         CARE AA+;     25000  Reaffirmed
                                                       Stable
(reduced from Rs.2935 crore Crore)
The Great Eastern Shipping Co. Ltd   LT/STBk Fac       CARE AA+;     500    Reaffirmed
                                                       Stable /CARE
                                                       A1+
Tulip Infratech Pvt Ltd              LT Bk Fac         CARE BBB;     1240   Reaffirmed
                                                       Stable
Veritas Finance Pvt Ltd              NCD-I             CARE A-;      1000   Revised from
                                                       Stable               CARE BBB+;
                                                                            Stable
Veritas Finance Pvt Ltd              NCD-II            CARE A-;      500    Revised from
                                                       Stable               CARE BBB+;
                                                                            Stable
Veritas Finance Pvt Ltd              NCD-III           CARE A-;      2000   Revised from
                                                       Stable               CARE BBB+;
                                                                            Stable
Veritas Finance Pvt Ltd              NCD-IV            CARE A-;      270    Revised from
                                                       Stable               CARE BBB+;
                                                                            Stable
Veritas Finance Pvt Ltd              Bk Fac- LT        CARE A-;      6500   Revised from
                                                       Stable               CARE BBB+;
                                                                            Stable
Weldfast Electrodes Pvt Ltd          LT BkFac          CARE BB+;     50     Revised from
                                                       Stable;              CARE BBB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Zee Media Corporation Ltd            LT BkFac – TL     CARE C;       1020   Revised from
                                                       Negative             CARE B;
                                                                            Negative
(Reduced from 113.20 Crore)
Zee Media Corporation Ltd            LT BkFac – CC     CARE C;       500    Revised from
                                                       Negative             CARE B;
                                                                            Negative
(Reduced from 100.00)
--------------------------------------------------------------------------------------------
$: 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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