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CARE ratings for Indian debt instruments-Oct 12

    Oct 12  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of October 9, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arcvac Forgecast Pvt Ltd              ST Bk Fac          -              -       Withdrawn
Northern Arc 2020 Gl Glasgow          Series A PTCs      Provisional    -       Assigned
Originated By Indel Money Pvt Ltd                        CARE A2 (SO)
Geetha Timber                         ST Bk Fac          CARE A4        127     -
Issuer not cooperating; Based on best available information rating put under INC
Netafim Agricultural Financing Agency ST Bk Fac          CARE A3+       1650    -
Pvt Ltd
Placed on Credit Watch with Developing Implications
Tata Communications Transformation    @Short-term Bank   CARE A1+ (CE)  650     Assigned
Services Ltd                          Facilities – FB
@ backed by credit enhancement in the form of letter of comfort from Tata Communications Ltd.
(TCL, rated CARE AA+; Stable/CARE AA+ (Is); Stable /CARE A1+)
Uttam Galva Metallics Ltd             Short-term Bank    -              0       Withdrawn
                                      Facilities – (Non-
                                      fund based)
Uttam Value Steels Ltd                Short-term Bank    -              0       Withdrawn
                                      Facilities – (Non-
                                      fund based)
Vraj & Vaj Construction               ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4; and
                                                                                Withdrawn
Western India Metal Processors Ltd    ST Bk Fac          -              0       Withdrawn

   
MEDIUM TERM RATINGS:
-------------------
Rajparis Civil Construction Ltd       LT Medium Term     CARE BB+ (FD); 70.4    -
                                      Instruments        Stable
Issuer not cooperating; Based on best available information
 
 
LONG TERM RATINGS:
-------------------
Arcvac Forgecast Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Arcvac Forgecast Pvt Ltd              LT Bk Fac          CARE BB-;      585     Assigned
                                                         Stable
Geetha Timber                         LT Bk Fac          CARE BB-;      20      -
                                                         Stable
Issuer not cooperating; Based on best available information rating put under INC
Hindustan Equipments Pvt Ltd          LT Bk Fac          -              -       Reaffirmed
                                                                                and withdrawn
Hindustan Equipments Pvt Ltd          LT/ST Bk Fac       -              -       Reaffirmed
                                                                                and withdrawn
Kedar Cotton Industries               LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
                                                                                Withdrawn
Lakshmi Vilas Bank Ltd                Tier II Bonds      CARE B-;       781     Revised from
                                      (Basel III         Negative               CARE BB+;
                                      Compliant) –I @                           Negative
@ Tier II Bonds under Basel III are characterized 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. 
Lakshmi Vilas Bank Ltd                Tier II Bonds      CARE B-;       1401    Revised from
                                      (Basel III         Negative               CARE BB+;
                                      Compliant) –II @                          Negative
@ Tier II Bonds under Basel III are characterized 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. 
Lakshmi Vilas Bank Ltd                Tier II Bonds      CARE B-;       1000    Revised from
                                      (Basel III         Negative               CARE BB+;
                                      Compliant) –III @                         Negative
@ Tier II Bonds under Basel III are characterized 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. 
Lakshmi Vilas Bank Ltd                Proposed Basel III CARE B-;       2500    Revised from
                                      Compliant          Negative               CARE B+;
                                      Additional Tier I Perpetual Bond issue #  Negative
# 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 April 1, 2021, and 6.125% on and after April 1, 2021, 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. Any delay in payment of interest/principal (as the
case may be) due to invocation of any of the features mentioned above would constitute as an
event of default as per CARE’s definition of default and as such these instruments may exhibit a
some-what sharper migration of the rating compared with other subordinated debt instruments
Lakshmi Vilas Bank Ltd                Lower Tier II BondsCARE BB-;      505     Revised from
                                                         Negative               CARE BB+;
                                                                                Negative
Netafim Agricultural Financing Agency LT Bk Fac          CARE BBB+      2840    -
Pvt Ltd
Placed on Credit Watch with Developing Implications
Netafim Agricultural Financing Agency NCDs               CARE BBB+      280     -
Pvt Ltd
Placed on Credit Watch with Developing Implications
Rajparis Civil Construction Ltd       LT Bk Fac          CARE BB+;      16.5    -
                                                         Stable
Issuer not cooperating; Based on best available information
Rausheena Exim                        LT Bank Facilities CARE B; Stable 60      Revised from
                                                                                CARE BB-;
                                                                                Stable;
(Issuer Not Cooperating)
Safe Parentarals Ltd                  LT Bank Facilities CARE D         140     -
Issuer not cooperating; Based on best available information
Sudharsan Exports                     LT Bk Fac          CARE BB-;      111.6   -
                                                         Stable
(Issuer not cooperating) Based on best available information
Tata Communications Transformation    @Long-term /Short  CARE AA- (CE); 650     Assigned
Services Ltd                          term Bank          Stable/CARE
                                      Facilities – FB/NFBA1+ (CE)
@ backed by credit enhancement in the form of letter of comfort from Tata Communications Ltd.
(TCL, rated CARE AA+; Stable/CARE AA+ (Is); Stable /CARE A1+)
United Capz Pvt Ltd                   LT Bk Fac          CARE D         233     -
(Issuer not cooperating) Based on best available information and rating put under INC
Uttam Galva Metallics Ltd             LT Bk Fac – (TL)   -              0       Withdrawn
Uttam Galva Metallics Ltd             LT Bk Fac – (Fund  -              0       Withdrawn
                                      Based)
Uttam Value Steels Ltd                LT Bk Fac – (TL)   -              0       Withdrawn
Uttam Value Steels Ltd                LT Bk Fac – (Fund  -              0       Withdrawn
                                      Based)
Vraj & Vaj Construction               LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
                                                                                withdrawn
Western India Metal Processors Ltd    LT Bk Fac          -              0       Withdrawn
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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