October 1, 2018 / 8:50 AM / 2 months ago

CARE ratings for Indian debt instruments-Oct 1

    Oct 1 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 28 and September 29, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.Thajudeen                           ST Bk Fac          CARE A4        40      Reaffirmed
Ace Packaging                         ST Bk Fac          CARE A4        2.1     Assigned
Adani Electricity Mumbai              ST Bk Fac          CARE A1+       6430    Assigned
Bhandari Exports                      ST Bk Fac          -              -       Withdrawn
Cauvery Buildtech                     Short -term Bk Fac CARE A4        37.5
(Issuer Not Cooperating)
Centurion Tea Factory                 ST Bk Fac          CARE A4        2.5
(Issuer Not Cooperating)
Cholamandalam Investment And Finance  CP issue           CARE A1+       75000   Reaffirmed
Company Ltd
(enhanced from Rs.6,000 Crores)
Contour Constructions Pvt Ltd         ST Bk Fac          CARE A4        40      Reaffirmed
Danish Pvt Ltd                        ST Bk Fac          CARE A4        375
(Issuer Not Cooperating)
Hdb Financial Services Ltd            CP                 CARE A1+       100000  Reaffirmed
Hec Infra Projects Ltd                ST BkFac           CARE A3        220     Reaffirmed
(Enhanced from Rs.18.00 Crores)
Ikon Associates                       ST Bk Fac          CARE A4        50
(Issuer Not Cooperating)
Il&Fs Transportation Networks Ltd     Short - Term Bk    CARE D         2300    Revised from
                                      Fac                                       CARE A4
Itl Industries Ltd                    ST BkFac           CARE A3+       65      Assigned
Jain Irrigation Systems Ltd           ST Bk Fac (Non-FB) CARE A2        17650   Reaffirmed
(reduced from 1,885.00 Crores)
Jalpa Diamond                         ST Bk Fac          CARE A4+       190     Reaffirmed
Kirorimal Kashiram Marketing And      ST Bk Fac          CARE A4+       100     Reaffirmed
Agencies Pvt Ltd
(enhanced from 5 Crores)
Manmohan Minerals And Chemicals Pvt   ST Bk Fac          -              -       Withdrawn
Ltd 
Maithan Alloys Ltd                    ST Bk Fac          CARE A1+       4300    Reaffirmed
Oil And Natural Gas Corporation Ltd   ST Fac- TL         CARE A1+       250000  Reaffirmed
Oil And Natural Gas Corporation Ltd   CP                 CARE A1+       100000  Reaffirmed
Oracle Polymer Industries Pvt Ltd     ST Bk Fac          CARE A4        1       Assigned
Orvi Design Studio                    ST Bk Fac          CARE A4        20      Assigned
Parker Tiles Pvt Ltd                  Short- term Bk Fac CARE D         43      Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Radhika Opto Electronics Pvt Ltd      ST Bk Fac          CARE A4+       220     Assigned
Raghavendra Industries                ST Bk Fac          CARE D         98      Assigned
Ratna Engineering Work                LT Bk Fac          CARE A4        55      Assigned
Sagar Manufacturers Pvt Ltd           ST Bk Fac          -              -       Withdrawn
Sega Granito Llp                      ST Bk Fac          -              -       Withdrawn
Shri Vardhman Industries              ST Bk Fac          CARE A4        40      Reaffirmed
Simplex Infrastructures Ltd           CP*                CARE A2+       6500    Revised from
                                                                                CARE A1
* carved out of working capital limits
Suven Life Sciences Ltd               ST Bk Fac          CARE A1        275     Revised from
                                                                                CARE A2+
(enhanced from 22.50 Crores)
Thillai Engineering Works             Short -term Bk Fac CARE A4        16
(Issuer Not Cooperating)
Uniroyal Marine Exports Ltd           ST Bk Fac          CARE A4        307.5   Assigned
Upl Ltd                               ST BkFac (Non-FB   CARE A1+       8500
                                      limit)
(enhanced from 750 Crores)/Removed from credit watch
Upl Ltd                               CP                 CARE A1+       1000
Removed from credit watch
Value Line Home Style Pvt Ltd         ST Bk Fac          CARE A4        33      Reaffirmed
(Removed from Non-cooperation)
Vidyuth Control Systems Pvt Ltd       ST Bk Fac          CARE A4        90.5    Reaffirmed
(enhanced from Rs. 8.55 Crores)
Walwhan Renewable Energy Pvt Ltd      CP issue           CARE A1+       3000    Reaffirmed
(reduced from Rs.1200 crore Crores)

LONG TERM RATINGS:
-------------------
8K Miles Software Services Ltd        LT BkFac- TL       CARE BB+       250     Revised from
                                                                                CARE A-
(Removed from Credit Watch)
8K Miles Software Services Ltd        LT Bk Facility-CC  CARE BB+       150     Revised from
                                      facility                                  CARE A-
(Removed from Credit Watch)
8K Miles Software Services Ltd        Proposed NCDs      CARE BB+       500     Revised from
                                                                                CARE A-
(Removed from Credit Watch)
8K Miles Software Services Ltd        LT/STBk Fac-       CARE BB+/CARE  100     Revised from
                                      OverDraft          A4                     CARE A-/ CARE
                                                                                A2+
(Removed from Credit Watch)
A.Thajudeen                           LT Bk Fac          CARE BB-       58      Revised from
                                                                                CARE BB
Abp Pvt Ltd                           CP (carved out)    -              -       Withdrawn
                                      issue
Ace Packaging                         LT Bk Fac          CARE BB        76      Assigned
Adani Electricity Mumbai              LT Bk Fac          CARE AA        89250   Assigned
Adani Electricity Mumbai              LT / ST BkFac      CARE AA /CARE  22320   Assigned
                                                         A1+
Alliance One Industries India Pvt. LtdLT Bk Fac          CARE BB+ /CARE 942     Assigned
                                                         A4+
Arg Infra Developers Pvt Ltd          LT Bk Fac          CARE D         180     Revised from
                                                                                CARE BB
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   17060   Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   1500    Final Rating
Avanse Financial Services Ltd         LT Bk Fac          PROV CARE      3440    Reaffirmed
                                                         AA+ (SO)
Baba Jhareshwar Multipurpose Himghar  LT BkFac           CARE B         68.6
Pvt Ltd
(Issuer Not Cooperating)
Basaragi Km Solar Power Projects Llp  LT BkFac           CARE B         129.2   Reaffirmed
(reduced from 13.95 Crores)
Bhagya Laxmi Brinechem Pvt Ltd        LT Bk Fac          CARE BB-       110     Assigned
Bhandari Exports                      LT Bk Fac          -              -       Withdrawn
Bhandari Exports                      LT Bk Fac/ ST Bk   -              -       Withdrawn
                                      Fac
Calyx Spaces Llp                      LT BkFac           CARE BB-       200     Revised from
                                                                                CARE B+
Cauvery Buildtech                     Long -term Bk Fac  CARE BB-       25
(Issuer Not Cooperating)
Centurion Tea Factory                 LT Bk Fac          CARE B+        85
(Issuer Not Cooperating)
Chatterjee Cleaning Arts Services Pvt.LT Bk Fac          CARE B+        94      Revised from
Ltd.                                                                            CARE BB-
(Issuer Not Cooperating)
Contour Constructions Pvt Ltd         LT Bk Fac          CARE B         50      Reaffirmed
Danish Pvt Ltd                        LT/STBk Fac        CARE BB- /CARE 115     Revised from
                                                         A4                     CARE BB /
                                                                                CARE A4
(Issuer Not Cooperating)
Dreamland Infratech Pvt Ltd           LT Bk Fac          CARE BB-       345     Reaffirmed
(enhanced from Rs. 15.00 Crores)
Goan Real Estate And Construction Pvt.LT Bk Fac          CARE B         678.6   Revised from
Ltd.                                                                            CARE D
(reduced from Rs.100 Crores)
Hdb Financial Services Ltd            NCDs               CARE AAA       338438  Reaffirmed
Hdb Financial Services Ltd            Subordinated Debt  CARE AAA       35000   Reaffirmed
Hdb Financial Services Ltd            LT Bk Fac          CARE AAA       200000  Reaffirmed
Hec Infra Projects Ltd                LT BkFac           CARE BBB       161.9   Reaffirmed
(Reduced from Rs.16.24 Crores)
Ikon Associates                       LT Bk Fac          CARE B         178.7
(Issuer Not Cooperating)
Il&Fs Transportation Networks Ltd     Long - Term Bk Fac CARE D         22415   Revised from
                                                                                CARE BB
Il&Fs Transportation Networks Ltd     Long/Short Term    CARE D         8900    Revised from
                                      Bk Fac                                    CARE BB /
                                                                                CARE A4
Il&Fs Transportation Networks Ltd     NCDs               CARE D         19900   Revised from
                                                                                CARE BB
Il&Fs Transportation Networks Ltd     Proposed Non Conv  CARE D         2000    Revised from
                                      Debentures                                Prov CARE BB
Insight Media City (India) Pvt LimtiedLT Bk Fac          CARE BB+       491.2   Reaffirmed
Itl Industries Ltd                    LT BkFac           CARE BBB       35      Assigned
Itl Industries Ltd                    LT/Shortterm Bk FacCARE BBB /CARE 140     Assigned
                                                         A3+
Jain Irrigation Systems Ltd           LT Bk Fac (TL)     CARE A-        8158.1  Reaffirmed
Jain Irrigation Systems Ltd           LT Bk Fac (FB)     CARE A-        16700   Reaffirmed
(enhanced from 1,550.00 Crores)
Jakson Solar Pvt Ltd                  LT - Bk Fac – fund CARE BBB       204.2   Assigned
                                      based – TL
Jind Agri Services Pvt Ltd            LT Bk Fac- TL      CARE BBB+ (SO) 400     Assigned
Jind Agri Services Pvt Ltd            LT Bk Fac- LT Bang CARE BBB+ (SO) 25      Assigned
                                      Guarantees
Joshoda Oil Udyog Pvt Ltd             LT Bk Fac          CARE BB-       100
(Issuer Not Cooperating)
Kirorimal Kashiram Marketing And      LT Bk Fac          CARE BB+       610     Reaffirmed
Agencies Pvt Ltd
(enhanced from 50 Crores)
Kumbare Mathwad Associates            LT Bk Fac          -              -       Withdrawn
M.B Parikh & Sons.                    LT Bk Fac          CARE B         60      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Madamageri Solar Power Projects Llp   LT BkFac           CARE B         122.9   Reaffirmed
(reduced from 13.90 Crores)
Mahindra And Mahindra Financial       Public Issue of LT CARE AAA       100000  Assigned
Services Ltd                          Debt program(NCDs
                                      /Subordinated debt) (Proposed)
Maithan Alloys Ltd                    LT Bk Fac          CARE AA        990.2   Revised from
                                                                                CARE AA-
(reduced from 130.99 Crores)
Manmohan Minerals And Chemicals Pvt   Long/ST Bk Fac     -              -       Withdrawn
Ltd 
Nanis Buildcon Pvt Ltd                LT Bk Fac          CARE B         100     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
New Delhi Municipal Council           Proposed Bonds     -              -       Withdrawn
New Delhi Municipal Council           Issuer Ratings*    CARE AA+       -       Reaffirmed
*The issuer rating is based on council availing and maintaining an overall debt not exceeding
Rs.500 crore. 
Oil And Natural Gas Corporation Ltd   LT Bk Fac          CARE AAA       5000    Reaffirmed
Oil And Natural Gas Corporation Ltd   LT/ST Non-fund     CARE AAA       65000   Reaffirmed
                                      based Bk Fac
Oil And Natural Gas Corporation Ltd   LT/ST Fund Based   CARE AAA       30000   Reaffirmed
                                      Bk Fac             /CARE A1+
Oracle Polymer Industries Pvt Ltd     LT Bk Fac          CARE BB-       93.4    Assigned
Orvi Design Studio                    LT Bk Fac          CARE BB-       19      Assigned
Orvi Design Studio                    LT Bk Fac/ ST Bk   CARE BB- /CARE 10      Assigned
                                      Fac                A4
P. D. Agrawal Infrastructure Ltd      LT Bk Fac          CARE BBB+      250     Reaffirmed
P. D. Agrawal Infrastructure Ltd      LT/STBk Fac        CARE BBB+      900     Reaffirmed
                                                         /CARE A2
Paras Gottam And Company              LT/STBk Fac        CARE B+/CARE A4100     Reaffirmed
Parker Tiles Pvt Ltd                  Long- term Bk Fac  CARE D         238.2   Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Precision Automation And Robotics IndiLong/ST BkFac      CARE A+ /CARE  2168    Reaffirmed
Ltd                                                      A1
Psp Projects Ltd                      LT BkFac           CARE A+        450     Revised from
                                                                                CARE A
Psp Projects Ltd                      LT/ ST BkFac       CARE A+ /CARE  3650    Revised from
                                                         A1+                    CARE A / CARE
                                                                                A1
Radhika Opto Electronics Pvt Ltd      LT Bk Fac          CARE BB+       250     Assigned
Raghavendra Industries                LT /ST Bk Fac      CARE D/CARE D  42      Assigned
Ratna Engineering Work                LT Bk Fac          CARE B         45      Assigned
S K Marketing                         LT Bk Fac          -              -       Withdrawn
Sagar Manufacturers Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Satyesh Brinechem Pvt Ltd             LT Bk Fac          CARE BBB+      4766    Reaffirmed
Satyesh Brinechem Pvt Ltd             LT/ST BkFac        CARE BBB+      744     Reaffirmed
                                                         /CARE A3+
Sega Granito Llp                      LT Bk Fac          -              -       Withdrawn
Seven Hills Educational And Health CarLT Bk Fac          CARE B+        186.1   Revised from
Society                                                                         CARE BB-
(reduced from 18.86 Crore)
Shivapur Solar Power Projects Llp     LT Bk Fac          CARE B         129     Reaffirmed
(reduced from 13.90 Crore)
Shree Sita Ispat And Power Pvt Ltd    LT Bk Fac          CARE B+        60
(Issuer Not Cooperating)
Shri Vardhman Industries              LT Bk Fac          CARE B+        16.2    Reaffirmed
Simplex Infrastructures Ltd           LT BkFac           CARE A-        26244   Revised from
                                                                                CARE A
(enhanced from 2,542.96 Crore)
Simplex Infrastructures Ltd           NCDs               CARE A-        5250    Revised from
                                                                                CARE A
(reduced from 550 Crore)
Simplex Infrastructures Ltd           Long/ST BkFac      CARE A-/CARE   79000   Revised from
                                                         A2+                    CARE A /CARE
                                                                                A1
(reduced from 8,000 Crore)
Sujitha Poultry Farm                  Long -term Bk Fac  CARE B+        50
(Issuer Not Cooperating)
Suven Life Sciences Ltd               LT Bk Fac –        -              -       Withdrawn
                                      External
                                      Commercial Borrowings
Suven Life Sciences Ltd               LT Bk Fac          CARE A         312.2   Revised from
                                                                                CARE A-
(reduced from 68.01 Crore)
Thillai Engineering Works             Long -term Bk Fac  CARE B+        42
(Issuer Not Cooperating)
Tirupati Enterprises                  LT Bk Fac          CARE B         58      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Upl Ltd                               NCD issue          CARE AA+       13500
credit watch with developing implications]
Upl Ltd                               Long /ST BkFac     CARE AA+/CARE  16500   under credit 
                                      (FB limit)         A1+                    watch/
                                                                                removed from
under credit watch with developing implications] / (reduced from 1,750 Crores)  credit watch
Value Line Home Style Pvt Ltd         LT Bk Fac          CARE BB-       47      Reaffirmed
(Removed from Non-cooperation)
Vidyuth Control Systems Pvt Ltd       LT Bk Fac          CARE BB        70.4    Reaffirmed
(enhanced from Rs. 5.50 crore Crore)
Vidyuth Control Systems Pvt Ltd       LT/ST BkFac        CARE BB /CARE  7.5     Reaffirmed
                                                         A4
Walwhan Renewable Energy Pvt Ltd      LT Bk FacCC        -              -       Withdrawn
Walwhan Renewable Energy Pvt Ltd      LT Bk FacNon-Fund  CARE AA-       1900    Reaffirmed
                                      Based -
                                      BkGuarantees
(reduced from Rs.240 crore Crore)
Walwhan Renewable Energy Pvt Ltd      LT Bk Fac          CARE AA-       900     Reaffirmed
(reduced from Rs.771.87 crore Crore)
Walwhan Renewable Energy Pvt Ltd      LT Instruments     CARE AA (SO)   12000   Reaffirmed
                                      -Non
                                      ConvertibleDebentures&
& Backed by unconditional irrevocable corporate guarantee by Tata Power Co. Limited (Rated CARE
AA, Stable) 
Walwhan Renewable Energy Pvt Ltd      LT Bk Fac^         ProvCARE AA    3000    Reaffirmed
                                                         (SO)
^ To be backed by unconditional and irrevocable corporate guarantee by Tata Power Co. Limited
(Rated CARE AA, Stable) 
Yes Bank Ltd                          Additional Tier I  CARE AA+       36000
                                      Bonds (Basel III)#
(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
ofIndia      .
• 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 AA+       11041
                                      Bonds@
(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 lockin- 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 the rating compared with conventional subordinated debt instruments.
Yes Bank Ltd                          Perpetual Bonds    CARE AA+       2360
                                      (Basel II)@
(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 lockin- 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 the rating compared with conventional subordinated debt instruments.
Yes Bank Ltd                          Infrastructure     CARE AAA#      50000
                                      Bonds
Yes Bank Ltd                          Lower Tier II BondsCARE AAA#      25306
Yes Bank Ltd                          Tier II Bonds      CARE AAA#      89000
                                      (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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