September 12, 2019 / 7:21 AM / a month 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, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
-------------------
SHORT TERM RATINGS:
-------------------
Aesthetic Living Merchants Pvt Ltd    ST Bk Fac          -              -       Withdrawn
Andhra Bank                           CD Programme       CARE A1+       150000
Placed on credit watch with developing implications
Can Fin Homes Ltd                     CP                 CARE A1+       45000#
Placed on credit watch with developing implications/#Rs.2575 crore outstanding as on June 30,
2019
Db Corp Ltd                           LT /ST Bk Fac      CARE A1+       1850    Reaffirmed
Kesoram Industries Ltd                ST Bk Fac          CARE A4+       5510
Continues on credit watch with developing implications
Marwar Carpets International          ST Fac             CARE A4        130     Assigned
Pearl Beverages Ltd                   ST Bk Fac          CARE A4+       50      Revised from
                                      (Non-Fund Based)                          CARE A4
Punjab National Bank                  CD                 CARE A1+       600000
Placed on Credit Watch with Developing implications
Raj Woodart Interior Ltd              ST Bk Fac          -              -       Withdrawn
Rivipac Polymers Pvt Ltd              ST Bk Fac          CARE A4        1.9     Reaffirmed
Tanla Solutions Ltd                   ST Bk Fac          CARE A2+       799
Continues on credit watch with developing implications

LONG TERM RATINGS:
-------------------
Adm Solar Power And Infrastructure PvtLT Bk Fac          CARE B Stable  51.5
Ltd
Issuer not cooperating Based on best available information
Aesthetic Living Merchants Pvt Ltd    LT Bk Fac          -              -       Withdrawn
Akshat Agro Milling Company Pvt Ltd   LT Bk Fac (TL)     CARE BB        100     Revised from
                                                                                CARE BB+
                                                                                Stable
(Issuer not cooperating based on best available information)
Akshat Agro Milling Company Pvt Ltd   LT Bk Fac (CC)     CARE BB        200     Revised from
                                                                                CARE BB+
                                                                                Stable
Allahabad Bank                        Lower Tier II Bonds-              -       withdrawn
Allahabad Bank                        Upper Tier II BondsCARE A         10000
Placed on credit watch with developing implication
Allahabad Bank                        Perpetual Bonds    CARE A         3000
Placed on credit watch with developing implication
Allahabad Bank                        Subordinated Tier  CARE A+        10000
                                      II Bonds
Placed on credit watch with developing implication
Andhra Bank                           Tier I Bonds       CARE A+        8000
                                      (Basel III) -
                                      Perpetual Bonds
Placed on credit watch with developing implications
Andhra Bank                           Tier I Bonds       CARE A+        9000
                                      (Basel III) -
                                      Perpetual Bonds - Series III
Placed on credit watch with developing implications
Andhra Bank                           Tier I Bonds       CARE A+        5000
                                      (Basel III) -
                                      Perpetual Bonds - Series IV
Placed on credit watch with developing implications
Andhra Bank                           LT Bonds           CARE AA        5001
Placed on credit watch with developing implications
Andhra Bank                           Lower Tier II      CARE AA        3200
                                      Bonds – Series H
Placed on credit watch with developing implications
Andhra Bank                           Tier-II            CARE AA        5000
                                      Bonds-Series A
                                      (Basel III)
Placed on credit watch with developing implications
Andhra Bank                           Tier-II            CARE AA        5000
                                      Bonds-Series B
                                      (Basel III)
Placed on credit watch with developing implications
Andhra Bank                           Tier-II            CARE AA        10000
                                      Bonds-Series C
                                      (Basel III)
Placed on credit watch with developing implications
Andhra Bank                           Tier-II            CARE AA        10000
                                      Bonds-Series D
                                      (Basel III)
Placed on credit watch with developing implications
Andhra Bank                           Upper Tier II      CARE AA-       2800
                                      Bonds – Series C
Placed on credit watch with developing implications
Ashoka Drugs And Chemicals            LT Bk Fac          CARE BB Stable 120
Issuer not cooperating Based on best available information
Bell Finvest (India) Ltd              Proposed LT Bk Fac CARE D         1500    Revised from
                                                                                CARE BBB-
                                                                                Positive
Can Fin Homes Ltd                     Secured Redeemable CARE AAA       25000@
                                      NCD
Placed on credit watch with developing implications/@ Rs.3060 crore is outstanding as on June
30, 2019
Can Fin Homes Ltd                     Secured Redeemable CARE AAA       25000@
                                      NCD
Placed on credit watch with developing implications/@ Rs.3060 crore is outstanding as on June
30, 2019
Can Fin Homes Ltd                     Tier II Bonds      CARE AAA       3000$
                                      (Subordinated
                                      Bonds)
Placed on credit watch with developing implications/$ Rs.100 crore outstanding as on June 30,
2019
Can Fin Homes Ltd                     Secured Redeemable CARE AAA       30000@
                                      NCD
Placed on credit watch with developing implications/@ Rs.3060 crore is outstanding as on June
30, 2019
Corporation Bank                      Upper Tier II BondsCARE A+        8500*
*Bank has repaid Rs.300 crore against the bond issue/Placed on credit watch with developing
implications
Corporation Bank                      Perpetual Bonds    CARE A+        5000#
# Bank has repaid entire Rs.500 crore However Debenture Trustee confirmation is pending./Placed
on credit watch with developing implications
Db Corp Ltd                           LT Bk Fac- Fund    CARE AAA Stable1350    Reaffirmed
                                      Based
Harsh Fresh Dairy Products Pvt Ltd    LT Bk Fac          CARE BB Stable 60
Issuer not cooperating Based on best available information
Indian Bank                           Additional Tier I  CARE AA+ Stable10000
                                      Perpetual Bonds
                                      (Basel III)
Placed on credit watch with developing implications
Indian Bank                           Tier II Bonds      CARE AAA       10000
                                      (Basel III)
Placed on credit watch with developing implications
Indian Bank                           Infrastructure     CARE AAA Stable10000*
                                      Bonds (Proposed)
Placed on credit watch with developing implications/*including green shoe option of Rs.500.0
crore
Indian Bank                           Tier II Bonds      CARE AAA Stable6000
                                      (Basel III)
Placed on credit watch with developing implications
Jai Ambey Wire Ex-Im Pvt Ltd          LT Bk Fac          CARE BB- Stable120     Reaffirmed
Jai Ambey Wire Pvt Ltd                LT Bk Fac (TL)     -              -       Withdrawn
Jai Ambey Wire Pvt Ltd                LT Bk Fac (CC)     CARE BB Stable 70      Reaffirmed
Kesoram Industries Ltd                Long/ST Bk Fac     CARE BB+/CARE  7200
                                                         A4+
Continues on credit watch with developing implications
Marwar Carpets International          LT Bk Fac          CARE B+ Stable 5       Assigned
Marwar Carpets International          LT/ ST Fac         CARE B+        650     Assigned
                                                         Stable/CARE A4
Mother Theressa Educational Society   LT Bk Fac          CARE BBB-      291.4   Reaffirmed
                                                         Stable
(Enhanced from 17.33 crs)
Oriental Bank Of Commerce             Upper Tier II BondsCARE A         7000
Placed on Credit Watch with Developing implications
Oriental Bank Of Commerce             Perpetual Tier I   CARE A         6000
                                      Bonds
Placed on Credit Watch with Developing implications
Oriental Bank Of Commerce             Basel III          CARE A+        30000
                                      Compliant Tier II
                                      Bonds
Placed on Credit Watch with Developing implications
Oriental Bank Of Commerce             Lower Tier II BondsCARE A+        10250
Placed on Credit Watch with Developing implications
Pearl Beverages Ltd                   LT Bk Fac (FB)     CARE BB+ Stable360     Revised from
                                                                                CARE BB Stable
Pearl Beverages Ltd                   LT Bk Fac (TL)     CARE BB+ Stable556.2   Revised from
                                                                                CARE BB Stable
Pearl Drinks Ltd                      LT Bk Fac (FB)     CARE BB+ Stable60      Revised from
                                                                                CARE BB Stable
Punjab National Bank                  Basel III          CARE A+        15000
                                      Compliant Tier I
                                      Bonds
Placed on Credit Watch with Developing implications
Punjab National Bank                  Infrastructure     CARE AA        20000
                                      Bonds
Placed on Credit Watch with Developing implications
Punjab National Bank                  Infrastructure     CARE AA        30000
                                      Bonds
Placed on Credit Watch with Developing implications
Punjab National Bank                  Basel III          CARE AA        20000
                                      Compliant Tier II
                                      Bonds
Placed on Credit Watch with Developing implications
Punjab National Bank                  Upper Tier II BondsCARE AA-       9900
Placed on Credit Watch with Developing implications
Punjab National Bank                  Upper Tier II BondsCARE AA-       20000
Placed on Credit Watch with Developing implications
Punjab National Bank                  Perpetual Bonds    CARE AA-       5630
                                      (Basel II)
Placed on Credit Watch with Developing implications
Punjab National Bank                  Perpetual Bonds    CARE AA-       3795
                                      (Basel II)
Placed on Credit Watch with Developing implications
Punjab National Bank                  Perpetual          CARE AA-       7000
                                      Bonds(Basel II)
Placed on Credit Watch with Developing implications
Punjab National Bank                  Upper Tier II BondsCARE AA-       10000
Placed on Credit Watch with Developing implications
Punjab National Bank                  Upper Tier II BondsCARE AA-       30000
Placed on Credit Watch with Developing implications
Raj Woodart Interior Ltd              LT Bk Fac          -              -       Withdrawn
Rivipac Polymers Pvt Ltd              LT Bk Fac          CARE B+ Stable 25.1    Revised from
                                                                                CARE B Stable
Rivipac Polymers Pvt Ltd              Long / ST Bk Fac   CARE B+ Stable 28.5    Revised from
                                                         /CARE A4               CARE B
                                                                                Stable/ CARE A4
Shree C.B. Goyal Cotton Factory       LT Bk Fac          CARE B+ Stable 77.5    Assigned
Sudisa Foundry Pvt Ltd                LT Bk Fac          CARE BBB-      165.6   assigned
                                                         Stable
Syndicate Bank                        Basel III          CARE A+        38000@
                                      Additional Tier I
                                      Bonds
Placed on credit watch with developing implications/ @ Bank has repaid Rs.550 crore against the
bond issue. However bank has not shared No-Due Certificate from Debenture Trustee for these
Bonds
Syndicate Bank                        Lower Tier II BondsCARE AA        15000*
Placed on credit watch with developing implications/* Bank has repaid Rs.500 crore against the
bond issue
Syndicate Bank                        Basel III Tier II  CARE AA        48500^^
                                      Bonds
Placed on credit watch with developing implications/^^ Bank has repaid Rs.1450 crore against the
bond issue; @ Bank has repaid Rs.550 crore against the bond issue. However bank has not shared
No-Due Certificate from Debenture Trustee for these bonds.
Syndicate Bank                        Upper Tier II BondsCARE AA-       2000*
Placed on credit watch with developing implications/* Bank has repaid Rs.500 crore against the
bond issue
Syndicate Bank                        Perpetual Bonds    CARE AA-       7730^
Placed on credit watch with developing implications/ ^Bank has repaid Rs.579 crore against the
bond issue; 
Tamilnadu Petroproducts Ltd           LT Bk Fac-CC       -              -       Withdrawn
                                      (Indusind Bk)
Tamilnadu Petroproducts Ltd           LT Bk Fac          CARE BBB+      -       Reaffirmed
                                                         Stable                 and Withdrawn
Tamilnadu Petroproducts Ltd           Long/ ST Bk Fac    CARE BBB+      -       Reaffirmed
                                                         Stable/CARE A3+        and Withdrawn
Tanla Solutions Ltd                   LT Bk Fac          CARE A-        1
Continues on credit watch with developing implications
Union Bank Of India                   Upper Tier II      CARE AA        10000
                                      Bonds (Basel II)
Placed on credit watch with developing implications
Union Bank Of India                   Perpetual Bonds    CARE AA-       20000
                                      (Basel III)
Placed on credit watch with developing implications
Union Bank Of India                   Lower Tier II BondsCARE AA+       8000
Placed on credit watch with developing implications
United Bank Of India                  Perpetual Bonds    CARE A-        3000
                                      (Series I)
Placed on credit watch with developing implication
United Bank Of India                  Outstanding Lower  CARE A+        2000
                                      Tier II Bonds
                                      (Series VII-tranche1)
Placed on credit watch with developing implication
Uttam Plastomers Pvt Ltd              LT Bk Fac          CARE BB Stable 130
(Issuer not cooperating based on best available information)
Visage Holdings & Finance Pvt Ltd     LT Bk Fac          CARE BBB Stable3390    Reaffirmed
(Enhanced from 239.00crs)
--------------------------------------------------------------------------------------------
$: 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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