September 12, 2018 / 7:00 AM / 2 months ago

CARE ratings for Indian debt instruments-Sep 12

    Sep 12 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 11, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Daya Engineering Works Pvt Ltd        ST Bk Fac          CARE A3        5       Reaffirmed
Gspc Lng Ltd                          STBk Fac           CARE A2+       16013.9 Revised from
                                                                                CARE A1
(reduced from Rs.2,147.13 Crores)
Indona Industries                     ST Bk Fac          -              -       Withdrawn
Il&Fs Educational & Technology ServiceCP (CP) issue      CARE A4        2000    Revised from
Ltd                                                                             CARE A1+
Jagrati Trade Services Pvt Ltd        ST Bk Fac          CARE A4        44
(ISSUER NOT COOPERATING)
Kamtress Automation Systems Pvt Ltd   ST Bk Fac          CARE A4        40      Assigned
Kings International Ltd               ST BkFac           CARE A4        90
(ISSUER NOT COOPERATING)
National Collateral Management ServiceCP (CP) issue      CARE A1+       1000    Reaffirmed
Ltd                                   (Carved out of
                                      working capital limits)
National Collateral Management ServiceCP (Standalone)    CARE A1+       2000    Reaffirmed
Ltd
Padmapat Engineers                    ST Bk Fac          CARE A4        30      Assigned
Radico Khaitan Ltd                    CP Issue^          CARE A1+       500     Revised from
                                                                                CARE A1
^Carved out of sanctioned working capital limits of the company.
Sadbhav Engineering Ltd               ST Bk Fac          CARE A1        200     Revised from
                                                                                CARE A1+
Sadbhav Engineering Ltd               CP (carved out of  CARE A1        1500    Revised from
                                      working capital                           CARE A1+
                                      limits)
Shri Vaijanath Industries Pvt Ltd     ST Bk Fac          CARE A4        3.1
(ISSUER NOT COOPERATING)
Vapi Care Pharma Pvt Ltd              ST Bk Fac          CARE A4        5       Assigned
Viral Associates                      ST Bk Fac          CARE A4        65      Reaffirmed
Vodafone Idea Ltd                     Commercial Paper   CARE A1+       20000   Reaffirmed
                                      (CP)Issue
LONG TERM RATINGS:
-------------------
Couple International Pvt Ltd          LT BkFac           CARE D         87
(ISSUER NOT COOPERATING)
Daya Engineering Works Pvt Ltd        LT Bk Fac          CARE BBB-      105     Reaffirmed
(Enhanced from 10.00 Crores)
Daya Engineering Works Pvt Ltd        LT/STBk Fac        CARE BBB-/A3   60      Reaffirmed
(Enhanced from 2.50 Crores)
Gspc Lng Ltd                          LT BkFac           CARE A-        10486.1 Revised from
                                                                                CARE A
(enhanced from Rs.502.87 Crores)
Gspc Lng Ltd                          LT/STBk Fac        CARE A-/A2+    1500
Il&Fs Engineering And Construction Co.CP Issue*          -              -       Withdrawn
Ltd
*Backed by an Unconditional and irrevocable Line of Credit (LoC) by Infrastructure leasing &
Financial Services Limited(IL&FS:Credit Enhancement Provider), rated CARE BB/CARE A4(credit
watch with negative implications)as per press release date September 09, 2018) as an exclusive
liquidity back-up arrangement to meet any debt service obligations throughout the tenure
of Commercial paper issue.
Indian Bank                           Additional Tier I  CARE AA+       10000   Reaffirmed
                                      Perpetual Bond
                                      (Basel III compliant) *
*CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features
as 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, coupon payment may be paid subject to availability of sufficient revenue
reserves and/or credit balance in profit and loss account provided the bank meets the minimum
regulatory requirements for Common Equity Tier I [CET I], Tier I and Total Capital Ratios at all
times and subject to the requirements of 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 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 somewhat sharper migration of the rating
compared with the conventional subordinated debt instruments.
Indian Bank                           Tier II Bond(Basel CARE AAA       10000   Reaffirmed
                                      III compliant) #
#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.
Indian Bank                           Infrastructure     CARE AAA       10000   Reaffirmed
                                      bond issue
                                      (proposed)
Indona Industries                     LT / ST Bk Fac     -              -       Withdrawn
Indona Industries                     LT Bk Fac          -              -       Withdrawn
Jagrati Trade Services Pvt Ltd        LT/ ST Bk Fac      CARE B/A4      5       Revised from
                                                                                CARE B+ /CARE
                                                                                A4
(ISSUER NOT COOPERATING)
Kamtress Automation Systems Pvt Ltd   LT Bk Fac          CARE BB        30      Assigned
Kings International Ltd               LT BkFac           CARE BB-       50
(ISSUER NOT COOPERATING)
Moon Diamonds                         Long -term BkFac   CARE BB+       170     Revision from
                                      (Fund based)                              CARE BBB-
(ISSUER NOT COOPERATING)
New Lakshmi Jewellery                 LT Bk Fac          CARE BB-       175     Reaffirmed
Northern Arc 2018 Mfi Saranyu         Series A1 PTC      CARE A (SO)    -       Assigned
(Originator: Midland Microfin Ltd)
Northern Arc 2018 Mfi Saranyu         Series A2 PTC      CARE A- (SO)   -       Assigned
(Originator: Midland Microfin Ltd)
Padmapat Engineers                    LT Bk Fac          CARE B+        57.8    Assigned
Paschal Formwork (India) Pvt Ltd      LT Bk Fac          CARE BB-       42.5    Reaffirmed
Patil Rail Infrastructure Pvt Ltd     Long- Term         CARE BBB-      1350    Assigned
                                      Instruments Non
                                      ConvertibleDebentures
Rout Infrastructure Pvt Ltd           LT BkFacility      CARE BB-       70      Assigned
Sadbhav Engineering Ltd               LT NCD - I         -              -       Withdrawn
Sadbhav Engineering Ltd               LT Bk Fac          CARE A+        6738.1  Reaffirmed
(Reduced from Rs.736.68 Crore)
Sadbhav Engineering Ltd               LT NCD – II        CARE A+        840     Reaffirmed
Sadbhav Engineering Ltd               LT NCD - III       CARE A+        1700    Reaffirmed
Sadbhav Engineering Ltd               LT NCD – IV        CARE A+        1900    Assigned
Sadbhav Engineering Ltd               LT/ST Bk Fac       CARE A+/A1     20000   Revised from
                                                                                CARE A+ /CARE
                                                                                A1+
Sansar Trust September 2018-OriginatorSecond             Equi to        -       Assigned
Shriram Transport Finance Co. Ltd     Loss Facility      Prov CARE A
Sansar Trust September 2018-OriginatorSeries A           ProvCARE AAA   -       Assigned
Shriram Transport Finance Co. Ltd     Pass Through
                                      Certificates
Shri Vaijanath Industries Pvt Ltd     LT Bk Fac          CARE C         41
(ISSUER NOT COOPERATING)
Shri Vaijanath Industries Pvt Ltd     LT Bk Fac          CARE D         20
(ISSUER NOT COOPERATING)
Supra Steel And Power Pvt Ltd         LT Bk Fac          CARE B+        130     Assigned
Tamogna Enterprises Pvt Ltd           LT Bk Fac          CARE B+        90      Revised from
                                                                                CARE BB
(ISSUER NOT COOPERATING)
Vapi Care Pharma Pvt Ltd              LT Bk Fac          CARE BB        32.2    Assigned
Vapi Care Pharma Pvt Ltd              LT/ST Bk Fac       CARE BB/A4     140     Assigned
Viral Associates                      LT Bk Fac          CARE BB        5       Revised from
                                                                                CARE BB-
Vodafone Idea Ltd                     LT Bk Fac          CARE AA        303773.4Reaffirmed
Vodafone Idea Ltd                     NCD (NCD) issue    CARE AA        84010   Reaffirmed
Yes Bank Ltd                          Tier II Bonds      CARE AAA       40000   Assigned
                                      (Basel III)
--------------------------------------------------------------------------------------------
$: 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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