October 14, 2019 / 5:18 AM / in 4 months

CARE ratings for Indian debt instruments-Oct 14

    Oct 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 11, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aaditya Finechem Pvt Ltd              ST Bk Fac          CARE A3        50      Reaffirmed
Century Textiles And Industries Ltd   CP                 CARE A1+       10000   Reaffirmed
(Reduced from Rs 2200 Crore)
Chandanpani Pvt Ltd                   ST Bk Fac          CARE A4        10      Assigned
Idfc First Bank Ltd                   ST debt instrumentsCARE A1+       1000    Reaffirmed
(Reduced from Rs.8,000 Crore)
Jayaram Textiles                      ST Bk Fac          CARE D         1.8     Reaffirmed
J.C. Fenasia Exports Pvt. Ltd.        ST Bk Fac          CARE A4        5       Assigned
K. B. Tea Product Pvt Ltd             ST Bk Fac          CARE A4        4       Reaffirmed
Neelachal Ispat Nigam Ltd             ST Bk Fac          CARE D         2520.5  Reaffirmed
Neelachal Ispat Nigam Ltd             ST Bk Fac (LC/BG)# CARE A2+(CE)   50      Revised from
                                                                                CARE A1(CE)
(Under credit watch with developing implications)#the said facilities are backed by
unconditional and irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE A-/
CARE A2+ (under credit watch with developing implications) revised in October 2019).
P.M.R. Constructions India Pvt Ltd    ST Bk Fac          CARE D         200     Revised from
                                                                                CARE A4;
Issuer Not Cooperating
Seyadu Beedi Company                  ST Bk Fac          CARE A2        30      Reaffirmed
(reduced from 8.00 Crore)
Tdrl Trading Co.                      ST Bk Fac          CARE A4        50      Reaffirmed
Unison Metals Ltd                     ST Bk Fac          CARE A4        20      Assigned
Yasho Industries Ltd                  ST BkFac           CARE A3        555     Reaffirmed
 
LONG TERM RATINGS:
-------------------
3B Binani Glassfibre Sarl             Bk Fac- TL         -              -       Reaffirmed at
                                                                                CARE D and
                                                                                Withdrawn
3B Fibreglass Norway As               Bk Fac - TL        -              -       Revised from
                                                                                CARE BB
                                                                                Stable to CARE D
                                                                                and Withdrawn
Aaditya Finechem Pvt Ltd              LT Bk Fac          CARE BBB-      60      Reaffirmed
                                                         Stable
Ambal Modern Rice Mill                Long -term Bk Fac  CARE B+        187.5   Revised from
                                                         Stable                 CARE BB-
                                                                                Stable
Aryabhatta Tutorials Pvt Ltd          LT Bk Fac          CARE D         60      Revised from
                                                                                CARE B; Stable
Chandanpani Pvt Ltd                   LT Bk Fac          CARE BB        220     Assigned
                                                         Stable
Corporation Bank                      Upper Tier II      -              -       Withdrawn
                                      (Series VI)
Corporation Bank                      Perpetual Bonds    -              -       Withdrawn
                                      (Series III)
Idfc First Bank Ltd                   LT debt instrumentsCARE AA+       102267.8Reaffirmed
                                                         Negative
(Reduced from Rs.20,471 Crore)/Outlook revised from Stable to Negative
J.C. Fenasia Exports Pvt. Ltd.        LT Bk Fac          CARE B; Stable 70      Assigned
Jayaram Textiles                      LT Bk Fac          CARE D         133.6   Reaffirmed
(reduced from 16.82 Crore)
K. B. Tea Product Pvt Ltd             LT Bk Fac          CARE BB; Stable56      Reaffirmed
N E Infra                             LT Bk Fac          CARE BB;       30      Assigned
                                                         Stable
N E Infra                             Long/ST Bk Fac     CARE BB;       60      Assigned
                                                         Stable/CARE A4
Neelachal Ispat Nigam Ltd             LT Bk Fac (TL)#    CARE A- (CE)   6465.2  Revised from
                                                                                CARE A(CE);
                                                                                Stable
(reduced from 993.05 Crore)/(Under credit watch with developing implications)/#the said
facilities are backed by unconditional and irrevocable corporate guarantee provided by MMTC Ltd.
(rated CARE A-/ CARE A2+ (under credit watch with developing implications) revised in October
2019).
Neelachal Ispat Nigam Ltd             NCDs-I #           CARE A- (CE)   1000    Revised from
                                                                                CARE A(CE);
                                                                                Stable
(Under credit watch with developing implications)/#the said facilities are backed by
unconditional and irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE A-/
CARE A2+ (under credit watch with developing implications) revised in October 2019).
Neelachal Ispat Nigam Ltd             NCDs-II #          CARE A- (CE)   2000    Revised from
                                                                                CARE A(CE);
                                                                                Stable
(Under credit watch with developing implications)/#the said facilities are backed by
unconditional and irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE A-/
CARE A2+ (under credit watch with developing implications) revised in October 2019).
Neelachal Ispat Nigam Ltd             LT Bk Fac (TL)^    CARE C (CE)    390     Assigned
(Under credit
watch with developing
implications)/^the said facility is backed by partial corporate guarantee from MMTC Limited.
Neelachal Ispat Nigam Ltd             LT Bk Fac          CARE D         6446.4  Reaffirmed
(reduced from 703.01 Crore)
Olympia Cyberspace Pvt Ltd            LT Bk Fac          CARE BBB-;     4800    Assigned
                                                         Stable
P.M.R. Constructions India Pvt Ltd    Long -term Bk Fac  CARE D         70      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Reliance Broadcast Network Ltd        NCD issue (NCD)-2  CARE C; Stable 668     Reaffirmed
Reliance Broadcast Network Ltd        NCD issue (NCD)-3  CARE C; Stable 500     Reaffirmed
Reliance Broadcast Network Ltd        LT Bk Fac          CARE C; Stable 836.9   Reaffirmed
Reliance Broadcast Network Ltd        NCD issue (NCD)-1  CARE D         1000    Reaffirmed
Reliance Broadcast Network Ltd        NCD issue (NCD)-4  CARE D         650     Revised from
                                                                                CAREC; Stable
Reliance Broadcast Network Ltd        NCD issue (NCD)-5  CARE D         500     Reaffirmed
Seyad Cotton Mills Ltd                LT Bk Fac          CARE BBB-;     204.7   Reaffirmed
                                                         Stable
(enhanced from 17.34 Crore)
Seyadu Beedi Company                  LT Bk Fac          CARE BBB+;     250     Reaffirmed
                                                         Stable
(enhanced from 24.68 Crore)
Shree Ganesh Cold Storage             LT Bk Fac          CARE D         60
(Issuer not cooperating; Based on best available information)
Sona Diamond And Gold Exporters Pvt LtLong -term Bk Fac  CARE B-        60
(Issuer not cooperating; Based on best available information)
Tdrl Trading Co.                      LT Bk Fac          CARE B+        40      Reaffirmed
The Lakshmi Vilas Bank Ltd            Proposed Basel     CARE B+;       2500    Revised from
                                      IIICompliant       Negative               CARE BB-
                                      Additional Tier I Perpetual Bond issue #
Removed from 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, 2020, and 6.125% on and after March 31, 2020, 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.
The Lakshmi Vilas Bank Ltd            Lower Tier II      CARE BB+;      505     Rating
                                      Bonds @            Negative               revised from
                                                                                CARE BBB-
Removed from credit watch with developing implications;/@ 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. 
The Lakshmi Vilas Bank Ltd            Tier II Bonds      CARE BB+;      781     Rating
                                      (Basel             Negative               revised from
                                      IIICompliant) –I @                        CARE BBB-
Removed from credit watch with developing implications;/@ 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. 
The Lakshmi Vilas Bank Ltd            Tier II Bonds      CARE BB+;      1401    Rating
                                      (Basel III         Negative               revised from
                                      Compliant) –II @                          CARE BBB-
Removed from credit watch with developing implications;/@ 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.  
The Lakshmi Vilas Bank Ltd            Tier II Bonds      CARE BB+;      1000    Rating
                                      (Basel III         Negative               revised from
                                      Compliant) –III @                         CARE BBB-
Removed from credit watch with developing implications;/@ 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. 
Udaipur Cement Works Ltd              LT Bk Fac                         1000    Final Rating*
                                                         CARE AA- (CE);
                                                         Stable**
**Backed by unconditional and irrevocable corporate guarantee from JK Lakshmi Cement Limited
(JKLC rated ‘CARE AA-; Stable/CARE A1+)./*Final rating has been assigned on account of receipt
of the executed copy of corporate guarantee from JK Lakshmi Cement Limited 
Unison Metals Ltd                     LT Bk Fac          CARE BB;       248.1   Reaffirmed
                                                         Stable
(enhanced from Rs. 20.50 crore)
Yasho Industries Ltd                  LT BkFac           CARE BBB-;     520     Reaffirmed
                                                         Stable
(enhanced from Rs.16 Crore)
Yasho Industries Ltd                  LT/STBk Fac        CARE BBB-;     950     Reaffirmed
                                                         Stable/CARE A3
(enhanced from Rs.65.00 Crore)
--------------------------------------------------------------------------------------------
$: 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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