October 11, 2019 / 8:22 AM / 7 days ago

CARE ratings for Indian debt instruments-Oct 11

    Oct 11 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 10, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Jm Financial & Investment Consultancy CP                 CARE A1+       2000    Reaffirmed
Services Pvt Ltd
Jm Financial Ltd                      CP                 CARE A1+       20000   Reaffirmed
Jain Irrigation Systems Ltd           ST Bk Fac          CARE D         22200   Revised from
                                                                                CARE A4
Jm Financial Properties And Holdings  CP                 CARE A1+       5000    Reaffirmed
Ltd
K L Solvex                            ST BkFac           CARE A4        125     Assigned
(Issuer not cooperating; Based on best available information)
Koneru Constructions Pvt Ltd          ST BkFac           CARE A4        85      -
(Issuer not cooperating; Based on best available information)
Mojj Engineering Systems Ltd          ST Bk Fac          CARE A4        180     Reaffirmed
Shyam Metalics & Energy Ltd           ST Bk Fac          CARE A1+       2890    Reaffirmed
(reduction from 302.00 Crore)
Shyam Sel And Power Ltd               ST Bk Fac          CARE A1+       3020    Reaffirmed
(Reduction for classification)
The South Indian Bank Ltd             CDs                CARE A1+*      75000   Reaffirmed
*outstanding amount of Rs.2,865 crore as on Sep 09, 2019
Vertex Construction Company           ST BkFac           CARE A4        13      -
(Issuer not cooperating; Based on best available information)

LONG TERM RATINGS:
-------------------
Anandeshwar Rice Industries           LT BkFac           CARE B/Stable  60      -
(Issuer not cooperating; Based on best available information)
Arohan Financial Services Ltd         NCD issue –        -              -       Withdrawn
                                      SeriesIII
Arohan Financial Services Ltd         NCD issue – Series -              -       Withdrawn
                                      IV
Arohan Financial Services Ltd         NCD issue – Series -              -       Withdrawn
                                      V
Arohan Financial Services Ltd         LT Fac             CARE           30236.2 Reaffirmed
                                                         A-/Positive
(reduced from 3,782.98 Crore)
Arohan Financial Services Ltd         NCD issue –        CARE           350     Reaffirmed
                                      SeriesVII          A-/Positive
Arohan Financial Services Ltd         Un-secured         CARE           100     Reaffirmed
                                      Subordinated debt  A-/Positive
                                      issue(Series VI)
Arohan Financial Services Ltd         Unsecured          CARE           1000    Reaffirmed
                                      Subordinated Tier  A-/Positive
                                      II NCD
Bmr Blue Genetics Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Gmr Airports Ltd                      Non-Convertible    CARE A-        6500    Final Rating#
                                      Bonds
# CARE has received the executed bond trust deed and signed copy of term sheet, pursuant to
which the rating has been confirmed.
Jain Irrigation Systems Ltd           LT Bk Fac – TL     CARE D         7832    Revised from
                                                                                CARE B+
Jain Irrigation Systems Ltd           LT Bk Fac –        CARE D         16500   Revised from
                                      Working capital                           CARE B+
K L Solvex                            LT Bk Fac          CARE B+; Stable25      Assigned
(Issuer not cooperating; Based on best available information)
Koneru Constructions Pvt Ltd          Long -term BkFac   CARE BB-/Stable65      Revised from
                                                                                CARE BB
(Issuer not cooperating; Based on best available information)
Mojj Engineering Systems Ltd          LT Bk Fac          CARE B/Stable  73.8    Revised from
                                                                                CARE BB
Seyad Home Industries Pvt Ltd         LT Bk Fac          CARE           180     Reaffirmed
                                                         BBB+/Stable
Shyam Metalics & Energy Ltd           LT Bk Fac          CARE A+/Stable 6330.8  Reaffirmed
(enhanced from 427.36 Crore)
Shyam Sel And Power Ltd               LT Bk Fac          CARE A+/Stable 3990.2  Reaffirmed
Sr Corporate Consultant Pvt Ltd       Proposed LT BkFac  CARE BB/Stable 30      Assigned
Sr Corporate Consultant Pvt Ltd       Proposed LT /      CARE BB/Stable 30      Assigned
                                      Shortterm Bk Fac   /A4
The South Indian Bank Ltd             Lower Tier II BondsCARE           2000    Revised from
                                                         A+/Negative            CARE A+
The South Indian Bank Ltd             Tier II Bonds      CARE           3000    Revised from
                                      (Basel III         A+/Negative            CARE A+
                                      Compliant)-I#
#Tier II Bonds under Basel III are characterised 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. In CARE s opinion, the parameters considered to assess whether a bank will reach the
PONV are similar to the parameters considered to assess rating of Tier II instruments even under
Basel II. CARE has rated the Tier II bonds under Basel III after
factoring in the additional feature of PONV.
The South Indian Bank Ltd             Tier II Bonds      CARE           4900    Revised from
                                      (Basel III         A+/Negative            CARE A+
                                      Compliant)-II#
#Tier II Bonds under Basel III are characterised 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. In CARE s opinion, the parameters considered to assess whether a bank will reach the
PONV are similar to the parameters considered to assess rating of Tier II instruments even under
Basel II. CARE has rated the Tier II bonds under Basel III after
factoring in the additional feature of PONV.
The South Indian Bank Ltd             Tier II Bonds      CARE           5000    Revised from
                                      (Basel III         A+/Negative            CARE A+
                                      Compliant)-III#
#Tier II Bonds under Basel III are characterised 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. In CARE s opinion, the parameters considered to assess whether a bank will reach the
PONV are similar to the parameters considered to assess rating of Tier II instruments even under
Basel II. CARE has rated the Tier II bonds under Basel III after
factoring in the additional feature of PONV.
United Bank Of India                  Perpetual Bonds    CARE A-        3000    -
                                      (Series I)
Continues on credit watch with developing implication
United Bank Of India                  Outstanding Lower  CARE A+        2000    -
                                      Tier II Bonds
                                      (Series VII-tranche1)
Continues on credit watch with developing implication
V.R. Industries Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Vertex Construction Company           LT BkFac           CARE B/Stable  5       -
(Issuer not cooperating; Based on best available information)
Vertex Construction Company           LT/ short- term    CARE           32      -
                                      BkFac              B/Stable/A4
(Issuer not cooperating; Based on best available information)
Yashoda Cotton & General Mills Pvt LtdLT Bk Fac          CARE D         60.6    -
(Issuer not cooperating; Based on best available information)
--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below