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Mozart Vitrified Pvt Ltd ST Bk Fac - - Withdrawn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)
