Nov 29 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of November 28, 2018. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------- ---------- ------ ------- --------- SHORT TERM RATINGS: ------------------- Abdos Oils Pvt Ltd ST Bk Facility CARE BBB+ 165.4 Assigned Allure Gift Wraps Pvt Ltd ST Bk Fac CARE A4 46 Reaffirmed Brite Neon Signs Pvt Ltd ST Bk Fac CARE A4+ 10 Assigned Future Lifestyle Fashions Ltd ST Bk Fac –WCDL CARE A1+ 4750 Reaffirmed Future Lifestyle Fashions Ltd ST Instruments – CARE AA- 1500 Reaffirmed CP* (Outlook revised from Stable ) Future Lifestyle Fashions Ltd NCDs CARE A1+ 1400 Reaffirmed Future Lifestyle Fashions Ltd ST Bk FacNon-Fund CARE AA- 5500 Reaffirmed Based (Outlook revised from Stable ) Gautam Cement Works ST Bk Fac CARE A4 50 Assigned Guru Kirpa Agro Industries ST Bk Fac CARE A4 150 Assigned Karan Construction Company ST Bk Fac CARE A4 100 Assigned Kmv Projects Ltd ST Bk Fac CARE A2+ 200 Revised from CARE A2 Mozart Vitrified Pvt Ltd ST Bk Fac - - Withdrawn Mohit Polytech Pvt Ltd ST Bk Fac CARE A4 49.6 Assigned Pantone Textile Mills Pvt Ltd ST Bk Fac CARE B/A4 2.5 Assigned R.C.Patel ST BkFac CARE BB 100 - ISSUER NOT COOPERATING Reliance Communications Ltd ST debt issue CARE D 7500 - ISSUER NOT COOPERATING Reliance Communications Ltd ST Non –FB Fac CARE D 93220 - ISSUER NOT COOPERATING Sanghamitra Constructions ST Bk Fac CARE A4+ 180 Reaffirmed Universal Stainless ST Bk Fac CARE D 67.3 Revised from CARE B (reduced from 7.66 Crore) LONG TERM RATINGS: ------------------- Abdos Lamitubes Pvt Ltd LT/STBk Facility CARE BBB+ 623.7 Assigned Abdos Oils Pvt Ltd LT Bk Fac CARE A2 130 Assigned Abdos Lamitubes Pvt Ltd LT BkFac CARE BBB+/A2 240 Assigned Allure Gift Wraps Pvt Ltd LT Bk Fac CARE BB+ 46.8 Revised from CARE BB Amrit Homes Pvt Ltd LT/STBk Fac CARE D 259 Revised from CARE BB+ Arl Infratech Ltd LT Bk Fac CARE A 250 Revised from CARE A- Arl Infratech Ltd LT/ST Bk Fac CARE A/A1 100 Revised from CARE A-/A2+ Avinash Associates LT Bk Fac CARE B+ 65 Assigned Brite Neon Signs Pvt Ltd LT Bk Fac CARE BB 50 Assigned Creamcrust Food Products Company LT/STBk Fac CARE B 50 - ISSUER NOT COOPERATING Creamcrust Food Products Company Long- term Bk Fac CARE B/A4 10 - ISSUER NOT COOPERATING Dina Iron & Steel Ltd LT Bk Fac CARE BB+ 300 Revised from CARE BB Dvara Kshetriya Gramin Financial NCD CARE BBB 50 Assigned Services Pvt Ltd Future Lifestyle Fashions Ltd LT Instruments - - Withdrawn –NCD Future Lifestyle Fashions Ltd LT Bk Fac-Fund CARE AA- 4750 Reaffirmed Based – CC (Outlook revised from Stable ) Future Lifestyle Fashions Ltd LT Instruments – CARE AA- 3500 Reaffirmed Proposed Non-ConvertibleDebenture (Outlook revised from Stable ) Gautam Cement Works LT Bk Fac CARE BB 67 Assigned Gokul Ginning Factory LT Bk Fac CARE B+ 65.9 Reaffirmed Grand Pinkcity Infraproject LT Bk Fac CARE B+ 94 Reaffirmed Guru Kirpa Agro Industries LT Bk Fac CARE B+ 129.6 Assigned Jaydeep Enterprise Llp LT Bk Fac - - Withdrawn Karan Construction Company LT Bk Fac CARE BB 100 Assigned Kmv Projects Ltd LT Bk Fac CARE A 3562.5 Revised from CARE A- Kmv Projects Ltd LT/ST Bk Fac CARE A/A2+ 12400 Revised from CARE A-/A2 Malwa Automobiles Pvt Ltd LT Bk Fac CARE B+ 136 Assigned Midland Microfin Ltd NCDs CARE BBB 2100 Reaffirmed Midland Microfin Ltd LT Bk Fac CARE BBB 250 Reaffirmed Mohit Polytech Pvt Ltd LT Bk Fac CARE BB 35.9 Assigned Mozart Vitrified Pvt Ltd LT/ ST Bk Fac - - Withdrawn Northern Arc 2018 Cv Carnegie - Series A1 PTC# CARE A - Assigned Kanakadurga Finance Ltd # Both the PTCs are rated on Ultimate Payment basis Northern Arc 2018 Cv Carnegie - Series A2 PTC# CARE BBB+ - Assigned Kanakadurga Finance Ltd # Both the PTCs are rated on Ultimate Payment basis Northern Arc 2018 Mfi Titania - M PoweSeries A1 PTC CARE A - Assigned Microfinance Pvt Ltd Northern Arc 2018 Mfi Titania - M PoweSeries A2 PTC CARE BBB - Assigned Microfinance Pvt Ltd Pantone Textile Mills Pvt Ltd LT Bk Fac CARE B 72.5 Assigned Perfect Aluminium Alloys LT Bk Fac CARE BB- 162.8 Assigned Ramalingeshwara Cotton Industries Long -term Bk Fac CARE BB- 51 - (Issuer not cooperating) R.C.Patel LT Bk Fac CARE A4 150 - ISSUER NOT COOPERATING Reliance Communications Ltd LT instruments CARE D 80340 - (NCD) ISSUER NOT COOPERATING Reliance Communications Ltd LT Bk Facility CARE D 28800 - ISSUER NOT COOPERATING Reliance Industries Ltd LT Bk Facility CARE AAA 120000 Reaffirmed (enhanced from 10,000 Crore) Sanghamitra Constructions LT Bk Fac CARE BB+ 50 Reaffirmed Shiv Marine Industries Pvt Ltd LT BkFac CARE B+/A4 70 - ISSUER NOT COOPERATING Stci Finance Ltd Infrastructure CARE AA- 15000 Assigned Bonds Tirupati Build-Con Pvt Ltd LT Bk Fac CARE BBB 50 Assigned Tirupati Build-Con Pvt Ltd LT/ST Bk Fac CARE BBB/A3+ 50 Assigned Universal Stainless LT Bk Fac CARE D 25.5 Revised from CARE A4 Yes Bank Ltd Upper Tier II CARE AA 36000 Revised from Bonds@ CARE AA+ continues to be under credit watch with developing implications ,@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 Perpetual Bonds CARE AA 9041 Revised from (Basel II)@ CARE AA+ (reduced from 1,104.10 Crore)*,@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 Perpetual CARE AA 2360 Revised from Bonds (Basel II)@ CARE AA+ continues to be under credit watch with developing implications Yes Bank Ltd Lower Tier II BondsCARE AA+ 50000 Revised from CARE AAA continues to be under credit watch with developing implications Yes Bank Ltd Tier II Bonds CARE AA+ 25306 Revised from (Basel III) CARE AAA continues to be under credit watch with developing implications Yes Bank Ltd Additional Tier I CARE AA+ 89000 Revised from Bonds (Basel III)# CARE AAA continues to be under credit watch with developing implications , #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. -------------------------------------------------------------------------------------------- $: 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)