September 11, 2019 / 10:25 AM / 9 days ago

CARE ratings for Indian debt instruments-Sep 11

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


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A1 Chips And Exports (India) Pvt Ltd  Short –term Bk Fac CARE A4        2.7     -
(Issuer not cooperating ; based on best available information)
Arunachala Weaving Mills              ST Bk Fac          CARE A4        127.2   Reaffirmed
(Removed from Issuer Not Cooperating)
Avani Dyechem Industries              ST Bk Fac          CARE A4+       22      Assigned
Indo Count Industries Ltd             ST Bk Fac          CARE A1        7550    Revised from
                                                                                CARE A1+
Kross Ltd                             ST Bk Fac          CARE A3        100     -
(Issuer not cooperating ; based on best available information)
Lakshmi Saraswathi Textiles           ST Bk Fac          CARE A4        52      -
(Issuer not cooperating ; based on best available information)
Maharaja Cotspin Ltd                  ST Bk Fac          CARE A4        156     Revised from
                                                                                CARE A4+
Manappuram Finance Ltd                ST Bk Fac          CARE A1+       29126.2 Reaffirmed
Manappuram Finance Ltd                CP                 CARE A1+       40000   Reaffirmed
Mastek Engineering                    ST Bk Fac          CARE A4        80      Assigned
Meet Associates Pvt Ltd               Short –term Bk Fac CARE A4        17.5    -
(Issuer not cooperating ; based on best available information)
P K And Company                       ST Bk Fac          CARE A4        220     Assigned
P.G. Setty Construction Technology PvtST Bk Fac          CARE A4        150     Revised from
Ltd                                                                             CARE A4+
(Issuer not cooperating ; based on best available information)
Pnb Housing Finance Ltd               CP (CP) issue      CARE A1+       220000  Reaffirmed
Ram Chander And Sons                  ST Bk Fac          CARE A4        9       -
(Issuer not cooperating ; based on best available information)
Rcn Impex Pvt Ltd                     Short –term Bk Fac CARE A4        75      -
(Issuer not cooperating ; based on best available information)
Srinivasa Fashions Pvt Ltd            Short –term Bk Fac CARE A4        650     -
(Issuer not cooperating ; based on best available information)



LONG TERM RATINGS:
-------------------
A1 Chips And Exports (India) Pvt Ltd  Long –term Bk Fac  CARE BB-       50.2    Revised from
                                                                                CARE BB
(Issuer not cooperating ; based on best available information)
Alletare Builds Pvt Ltd               Long -term Bk Fac  CARE BB-;      100     Assigned
                                                         Stable
Anmol Finsec Ltd                      Long -term Bk Fac  CARE A (CE);   350     Assigned
                                                         Stable
Annai Construction                    Long –term Bk Fac  CARE B+        50      Revised from
                                                                                CARE BB;
                                                                                Stable
(Issuer not cooperating ; based on best available information)
Arunachala Weaving Mills              Long -term Bk Fac  CARE BB; Stable272.8   Reaffirmed
(Removed from Issuer Not Cooperating)
Avani Dyechem Industries              LT Bk Fac          CARE BB-;      1.6     Assigned
                                                         Stable
Avani Dyechem Industries              LT/ ST Bk Fac      CARE BB-;      45      Assigned
                                                         Stable/CARE A4+
C.M. Builds Pvt Ltd                   Long –term BkFac   CARE B+; Stable100     -
(Issuer not cooperating ; based on best available information)
C-Net Infotech Pvt Ltd                LT Bk Fac          CARE D         44.5    Revised from
                                                                                CARE
                                                                                BB-/Stable
(revoked from Issuer Not Cooperating)
C-Net Infotech Pvt Ltd                LT/ST Bk Fac       CARE D / D     30      Revised from
                                                                                CARE
                                                                                BB-/Stable/A4
(revoked from Issuer Not Cooperating)
Dharwad Metallics Pvt Ltd             Long -term Bk Fac  CARE D         63      -
(Issuer not cooperating ; based on best available information)
Evergreen International Ltd           LT Bk Fac          CARE B+; Stable120     -
(Issuer not cooperating ; based on best available information)
Fabrico India Pvt Ltd                 LT Bk Fac          CARE B; Stable 395     -
(Issuer not cooperating ; based on best available information)
Fore Agro Llp                         Long -term Bk Fac  CARE B+; Stable152.5   Reaffirmed
Garg Road Lines                       LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Indo Count Industries Ltd             Long -term Bk Fac  CARE A+; Stable714.4   Revised from
                                                                                CARE AA-,
                                                                                Negative
Kevin Metpack Pvt Ltd                 LT Bk Fac          CARE D         160     Revised from
                                                                                CARE B+;
                                                                                Stable
Kross Ltd                             LT Bk Fac          CARE           403.4   -
                                                         BBB-;Stable
(Issuer not cooperating ; based on best available information)
Ksh Infra Pvt Ltd                     LT Bk Fac          CARE BBB;      2297    Assigned
                                                         Stable
Kuber Concast                         LT Bk Fac          CARE BB-;      62.9    Reaffirmed
                                                         Stable
Lakshmi Saraswathi Textiles           Long -term Bk Fac  CARE B-        8.4     Revised from
                                                                                CARE B
(Issuer not cooperating ; based on best available information)
Maharaja Cotspin Ltd                  LT Bk Fac (Fund    CARE C;        100     Revised from
                                      Based – CC)        Negative               CARE BB+;
                                                                                Stable
Maharaja Cotspin Ltd                  LT Bk Fac (Fund    CARE C;        11      Revised from
                                      Based – Line of    Negative               CARE BB+;
                                      Credit)                                   Stable
Maharaja Cotspin Ltd                  LT Bk Fac (Fund    CARE D         176.4   Revised from
                                      Based - TL)                               CARE BB+;
                                                                                Stable
Manappuram Finance Ltd                LT Bk Fac          CARE AA; Stable60873.8 Reaffirmed
Mangalore Fishmeal And Oil Company    Long -term Bk Fac  CARE C         116.7   -
(Issuer not cooperating ; based on best available information)
Mansarovar Holidays                   LT Bk Fac          CARE D         63.7    Revised from
                                                                                CARE B+
(Issuer not cooperating ; based on best available information)
Mastek Engineering                    LT Bk Fac          CARE BB-;      30      Assigned
                                                         Stable
Meet Associates Pvt Ltd               Long –term Bk Fac  CARE B+; Stable198.9   Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating ; based on best available information)
New Jai Bharat Educational Trust      Long –term Bk Fac  CARE D         110     -
(Issuer not cooperating ; based on best available information)
Northern Arc 2019 Mosec Tangier       Series A1 PTC      CARE A- (SO)   319.4   Assigned
Northern Arc 2019 Mosec Tangier       Series A1 PTC      CARE BBB (SO)  18.8    Assigned
P K And Company                       Long -term Bk Fac  CARE BB-;      80      Assigned
                                                         Stable
P.G. Setty Construction Technology PvtLong -term Bk Fac  CARE B; Stable 135.7   Revised from
Ltd                                                                             CARE B; Stable
(Issuer not cooperating ; based on best available information)
Pnb Housing Finance Ltd               LT Bk Fac          CARE AA+;      156000  Reaffirmed
                                                         Stable
Pnb Housing Finance Ltd               LT/ST Bk Fac       CARE AA+;      64000   Reaffirmed
                                                         Stable /CARE
                                                         A1+
Ram Chander And Sons                  LT Bk Fac          CARE B+; Stable50      Revised from
                                                                                CARE BB-
(Issuer not cooperating ; based on best available information)
Rao Bharat Singh Education Society    LT Bk Fac          CARE B; Stable 114.5   -
(Issuer not cooperating ; based on best available information)
Rcn Impex Pvt Ltd                     Long –term Bk Fac  CARE B+; Stable50      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating ; based on best available information)
Rudra Concept Speciality ConstructionsLT Bk Fac          CARE B; Stable 78      Assigned
Llp
Rudra Concept Speciality ConstructionsLT/ST Bk Fac       CARE B;        2       Assigned
Llp                                                      Stable/CARE A4
Sreereddy Properties Pvt Ltd          Long -term Bk Fac  CARE B         53.4    -
(Issuer not cooperating ; based on best available information)
Srinivasa Fashions Pvt Ltd            Long –term Bk Fac  CARE B+        12.3    -
(Issuer not cooperating ; based on best available information)
Srinivasan Associates Pvt Ltd         Long –term BkFac   CARE BB        100     Revised from
                                                                                CARE BB+
(Issuer not cooperating ; based on best available information)
Swathi Sunsource Power Pvt Ltd        Long -term Bk Fac  CARE B; Stable 140     Revised from
                                                                                CARE B+;
                                                                                Stable
Swathi Sunsource Power Pvt Ltd        LT/ST Bk Fac       CARE B; Stable 60      Revised from
                                                         /CARE A4               CARE B+;
                                                                                Stable/ CARE A4
The Lakshmi Vilas Bank Ltd            Lower Tier II      CARE BBB-      505     Revised from
                                      Bonds @                                   CARE BBB
(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.  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 Lakshmi Vilas Bank Ltd            Tier II Bonds      CARE BBB-      781     Revised from
                                      (Basel III                                CARE BBB
                                      Compliant) –I @
(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.  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 Lakshmi Vilas Bank Ltd            Tier II Bonds      CARE BBB-      1401    Revised from
                                      (Basel III                                CARE BBB
                                      Compliant) –II @
(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.  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 Lakshmi Vilas Bank Ltd            Tier II Bonds      CARE BBB-      1000    Revised from
                                      (Basel III                                CARE BBB
                                      Compliant) –III @
(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.  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 Lakshmi Vilas Bank Ltd            Proposed Basel III CARE BBB-      2500    Revised from
                                      Compliant                                 CARE BBB
                                      Additional Tier I Perpetual Bond issue #
(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.

--------------------------------------------------------------------------------------------
$: 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