November 29, 2018 / 6:27 AM / in 3 months

CARE ratings for Indian debt instruments-Nov 29

    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Mozart Vitrified Pvt Ltd              ST Bk Fac          -              -       Withdrawn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)
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