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CARE ratings for Indian debt instruments-Oct 16

    Oct 16  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of October 15, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bhilai Jaypee Cement Ltd              ST Bk Fac          -              -       Withdrawn
Future Lifestyle Fashions Ltd         ST Bk Fac – LC/BG  CARE A4        4750    Revised from
                                                                                CARE A3
Matson Surgicals Pvt Ltd              ST Bk Fac          CARE A4        49.3    Revised from
                                                                                CARE A4+
(Issuer Not Cooperating) on the basis of best available information
Ram Ratna Electricals Ltd             ST Bk Fac          -              -       Withdrawn
Sawan Engineers Pvt Ltd               ST Bk Fac          CARE A3+       190     Assigned
Sri Shandar Snacks Pvt Ltd            ST Bk Fac          CARE D         3.8     -
(Issuer Not Cooperating) on the basis of best available information
 
 
LONG TERM RATINGS:
-------------------
Ashima Paper Products                 LT Bk Fac          CARE B-; Stable61.6    Revised from
                                                                                CARE B;
                                                                                Stable;
(Issuer Not Cooperating) on the basis of best available information
Bhilai Jaypee Cement Ltd              LT Bk Fac          -              -       Withdrawn
D J Agro Industrial Project Pvt Ltd   LT Bk Fac          CARE BB-;      740     Reaffirmed
                                                         Stable
(enhanced from 44.00 crs)
Future Lifestyle Fashions Ltd         LT - Proposed TL   CARE BB        1750    Revised from
                                                                                CARE BBB
Future Lifestyle Fashions Ltd         LT Bk Fac – TL     CARE BB        3393.9  Revised from
                                                                                CARE BBB
Future Lifestyle Fashions Ltd         LT fund based Bk   CARE BB        5500    Revised from
                                      Fac – CC                                  CARE BBB
Future Lifestyle Fashions Ltd         NCD Issue          CARE BB        3500    Revised from
                                                                                CARE BBB
Future Lifestyle Fashions Ltd         Proposed           CARE BB        1500    Revised from
                                      Nonconvertible                            CARE BBB
                                      Debenture Issue
Future Style Lab Ltd                  LT/ST Fund         CARE BB        150     Revised from
                                      Based/Non Fund     (CE)/CARE A4           CARE BBB
                                      based – Working Cap(CE)                  (CE)/CARE A3 (CE)
(Credit watch with developing implications)
Jai Bajrang Steels                    LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
Jm Financial Products Ltd             CP                 -              -       Withdrawn
Kuber Securities                      LT Bk Fac          CARE B; Stable 27.5    -
Issuer did not co-operate; Based on best available information
Lords Travels Pvt Ltd                 LT Bk Fac          CARE BB-;      50      Revised from
                                                         Stable;                CARE BB;
                                                                                Stable;
(Issuer Not Cooperating) on the basis of best available information
Matson Surgicals Pvt Ltd              LT / ST Bk Fac     CARE BB-;      28.7    Revised from
                                                         Stable/CARE A4;        CARE BB;
                                                                                Stable/ CARE A4+
(Issuer Not Cooperating) on the basis of best available information
Matson Surgicals Pvt Ltd              LT Bk Fac          CARE BB-;      47      Revised from
                                                         Stable;                CARE BB;
                                                                                Stable
(Issuer Not Cooperating) on the basis of best available information
Radico Nv Distilleries Maharashtra LtdLT Bk Fac          CARE A;        250     Reaffirmed
                                                         Positive
Outlook revised from Stable to Positive
Radico Nv Distilleries Maharashtra LtdLT/ST Bk Fac       CARE A;        50      Reaffirmed
                                                         Positive /CARE
                                                         A1
Ram Ratna Electricals Ltd             LT Bk Fac          -              -       Withdrawn
Ram Ratna Electricals Ltd             LT/ ST Bk Fac      -              -       Withdrawn
Sawan Engineers Pvt Ltd               LT Bk Fac          CARE BBB;      278.9   Assigned
                                                         Stable
Sri Shandar Snacks Pvt Ltd            LT Bk Fac          CARE D         76.2    -
(Issuer Not Cooperating) on the basis of best available information
Union Bank Of India                   Tier I Bonds^ #    CARE AA- ;     9000    Assigned
                                                         Negative
^The bonds have been transferred from erstwhile Andhra Bank on account of amalgamation of Andhra
Bank into Union Bank of India w.e.f. April 01, 2020
#: CARE has rated the aforesaid Basel III Compliant Additional Tier-I Bonds 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 revenue reserves including
statutory reserves and/or credit balance in profit and loss account 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.
Union Bank Of India                   Tier I Bonds^ #    CARE AA- ;     5000    Assigned
                                                         Negative
^The bonds have been transferred from erstwhile Andhra Bank on account of amalgamation of Andhra
Bank into Union Bank of India w.e.f. April 01, 2020
#: CARE has rated the aforesaid Basel III Compliant Additional Tier-I Bonds 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 revenue reserves including
statutory reserves and/or credit balance in profit and loss account 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.
Union Bank Of India                   Tier I Bonds^ #    CARE AA- ;     8000    Assigned
                                                         Negative
^The bonds have been transferred from erstwhile Andhra Bank on account of amalgamation of Andhra
Bank into Union Bank of India w.e.f. April 01, 2020
#: CARE has rated the aforesaid Basel III Compliant Additional Tier-I Bonds 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 revenue reserves including
statutory reserves and/or credit balance in profit and loss account 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.
Union Bank Of India                   LT Bonds^          CARE AA+ ;     5001    Assigned
                                                         Negative
^The bonds have been transferred from erstwhile Andhra Bank on account of amalgamation of Andhra
Bank into Union Bank of India w.e.f. April 01, 2020
Union Bank Of India                   Tier II Bonds^&    CARE AA+ ;     5000    Assigned
                                                         Negative
^The bonds have been transferred from erstwhile Andhra Bank on account of amalgamation of Andhra
Bank into Union Bank of India w.e.f. April 01, 2020
&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.
Union Bank Of India                   Tier II Bonds^&    CARE AA+ ;     5000    Assigned
                                                         Negative
^The bonds have been transferred from erstwhile Andhra Bank on account of amalgamation of Andhra
Bank into Union Bank of India w.e.f. April 01, 2020
&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.
Union Bank Of India                   Tier II Bonds^&    CARE AA+ ;     10000   Assigned
                                                         Negative
^The bonds have been transferred from erstwhile Andhra Bank on account of amalgamation of Andhra
Bank into Union Bank of India w.e.f. April 01, 2020
&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.
Union Bank Of India                   Tier II Bonds^&    CARE AA+ ;     10000   Assigned
                                                         Negative
^The bonds have been transferred from erstwhile Andhra Bank on account of amalgamation of Andhra
Bank into Union Bank of India w.e.f. April 01, 2020
&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.
West End Housing Finance Ltd.         LT Bk Fac          -              -       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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