CARE ratings for Indian debt instruments-Jul 4

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CARE ratings for Indian debt instruments-Jul 4
Credit: © Reuters.

Jul 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of July 3, 2019. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

(RS.MLN) -------

----------

------

------- --------- SHORT TERM RATINGS: ------------------- A.B. Pal Electricals Pvt Ltd

ST Bk Fac

CARE A4

435

Reaffirmed (enhanced from 4.00 Crore) Anjani Roller Flour Mills Pvt Ltd

Short- term Bk Fac CARE A4

15

- Issuer not cooperating; Based on best available information Bank Of Baroda (NS: BOB )

CD ^

CARE A1+

250000 Reaffirmed &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. Bhagiradha Chemicals And Industries LtST Bk Fac

CARE A3+

285

Revised from

CARE A3 (enhanced from Rs. 23.50 crore Crore) Bharat Enterprises

ST BkFac

CARE A4

64

Revised from

CARE A3 Issuer did not cooperate Centrum Financial Services Ltd

CP Programme

CARE A1+ (SO) 1000

Assigned Dynamic Agro International

ST Bk Fac

CARE A4

8.1

Reaffirmed Gujarat State Petroleum Corporation LtST Bk Fac

CARE A1

25000 Revised from

CARE A2 Emcee Engineering Works

ST Bk Fac

CARE D

60

Revised from

CARE A4 Issuer did not cooperate Se Forge Ltd

ST Bk facility – CARE D

960

Revised from

Non Fund based

CARE A4+

working capital limits Smt. Nandamuri Basava Taraka Rama Rao ST Bk Fac

-

-

Withdrawn Memorial Cancer Foundation & Research Centre Hema Dyeing & Printing Mills Pvt Ltd ST Bk Fac

CARE A4

1

- Issuer did not cooperate Himachal Futuristic Communications (NS: HMFC ) LtdST BkFac

CARE A2+

13983.6 Reaffirmed (enhanced from Rs. 1281.20 cr Crore) Htl Ltd

Fund Based - ST – CARE A2+

400

Reaffirmed

Bk Overdraft Htl Ltd

Non Fund Based - CARE A2+

500

Reaffirmed

ST- LC/BG Icici Prudential (LON: PRU ) Asset Management Co. ICICI Prudential CARE A1+ mfs -

Reaffirmed Ltd

Liquid Plan Kailash Trading Corporation

ST BkFac

CARE A4

56.5

Removed from

CARE A4;

(reduced from 6.35 Crore),Issuer did not cooperate Khushbu Impex

ST Bk Fac

CARE A4

153

Reaffirmed reduced from Rs.25.30 crore] Mahavir Global Inc

ST Bk Fac

CARE A4

70

Reaffirmed Maithan Ceramic Ltd

ST Bk Fac

CARE A2

406

Reaffirmed Polyspin Exports Ltd

ST BkFac

CARE A3

610

Revised from

CARE A4+ (A

Four Plus) (enhanced from 48.00 Crore) Pooja Technocast

ST Bk Fac

CARE A4

3

- Issuer not co operating; based on best available information Shri Sumati Oil Industries Pvt Ltd

ST Bk Fac

CARE A4

20

Reaffirmed Sukhras Machines Pvt Ltd

ST Bk Fac

CARE A4

50

Reaffirmed Suzuki Motor Gujarat Pvt Ltd

ST BkFac

CARE A1+

500

Reaffirmed Tipson Cycles Pvt Ltd

ST Bk Fac

CARE A4+

90

- Issuer not cooperating; Based on best available information Trac Fujico Air Systems Llp

ST Bk Fac

CARE A4

100

Assigned Wintry Engineering And Chemicals Pvt ST Bk Fac

CARE A4+

17.5

Revised from Ltd

CARE A4+ Issuer did not cooperate LONG TERM RATINGS: ------------------- A.B. Pal Electricals Pvt Ltd

LT Bk Fac

CARE BB

130

Revised from

CARE BB- (reduced from 14.00 Crore) Amit Iron Pvt Ltd

LT Bk Fac

CARE BB-

250

- Issuer not cooperating; Based on best available information Anaven Llp

Long – Term BkFac CARE A

1000

Reaffirmed Anjani Roller Flour Mills Pvt Ltd

LT Bk Fac

CARE BB-

107.9 - Issuer not cooperating; Based on best available information Apm Industries Ltd

LT Bk Fac

CARE BBB

592.1 Revised from

CARE BBB+ Removed from credit watch Aries Corporate Services Pvt Ltd

LT/ ShortTerm Bk CARE BB /CARE 130

Assigned

Fac

A4 Aries Corporate Services Pvt Ltd

LT BkFac

CARE BBB

60

Assigned Artemis Medicare Services Ltd.

LT Bk Fac

CARE A-

2433.3 Reaffirmed Artemis Medicare Services Ltd.

LT/ ST Bk Fac

CARE A-/CARE A2400

Reaffirmed Ashwath Quippo Infraprojects Pvt Ltd Proposed LT BkFac CARE AA-

400

Revised from

(Facility-III)

Provisional

CARE AA (SO) Ashwath Quippo Infraprojects Pvt Ltd Proposed LT BkFac CARE AA-

400

Revised from

(Facility-IV)

Provisional

CARE AA (SO) Developing Implications Ashwath Quippo Infraprojects Pvt Ltd Proposed LT BkFac CARE AA-

400

Revised from

(Facility-V)

Provisional

CARE AA (SO) Credit Watch with Negative Implications Ashwath Quippo Infraprojects Pvt Ltd Proposed LT BkFac CARE AA-

120

Revised from

(Facility-VI)

Provisional

CARE AA (SO) Ashwath Quippo Infraprojects Pvt Ltd LT Bk Fac

CARE AA-

340

Revised from

(Facility-I)

CARE AA (SO) Credit Watch with Negative Implications Ashwath Quippo Infraprojects Pvt Ltd LT Bk

CARE AA-

340

Revised from

Fac(Facility-II)

CARE AA (SO) Credit Watch with Negative Implications Atria Wind Power (Basavana Bagewadi) ST Bk Fac

-

-

Withdrawn Pvt Ltd. Axis Asset Management Co. Ltd

Axis Liquid Fund CARE AAA mfs -

Reaffirmed

Open Ended Debt

Scheme B L Mehta Constructions Pvt Ltd

LT BkFac

CARE BB

30

Revised from

CARE B+ Issuer Not Cooperating (reduced from Rs.5.00 crore Crore) B L Mehta Constructions Pvt Ltd

LT / ST Bk Fac

CARE BB /CARE 75

Revised from

A4

CARE B+

/CARE A4 Issuer Not Cooperating (reduced from Rs.30.00 crore Crore) Bank Of Baroda

Additional Tier I CARE AA

15000 Reaffirmed

Bonds (Basel III

compliant)@@ @@CARE has rated the aforesaid Basel III Compliant Additional Tier-I Bonds after taking into consideration its key features as mentioned below: 1-The bank has full discretion at all times to cancel coupon payments. 2-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 and/or credit balance in profit and loss account provided the bank meets the minimum regulatory Bank Of Baroda

Additional Tier I CARE AA

13250 Reaffirmed

Bonds (Basel III

compliant)^@@ ^Transferred from erstwhile Vijaya Bank (NS: VJBK ) to Bank of Baroda consequent to amalgamation into Bank of Baroda,@@CARE has rated the aforesaid Basel III Compliant Additional Tier-I Bonds after taking into consideration its key features as mentioned below: 1- The bank has full discretion at all times to cancel coupon payments. 2- 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 and/or credit balance in profit and loss account provided the bank meets the minimum regulatory Bank Of Baroda

Additional Tier I CARE AA!

20000 Reaffirmed

Bonds (Basel III

compliant)@@ @@CARE has rated the aforesaid Basel III Compliant Additional Tier-I Bonds after taking into consideration its key features as mentioned below: 1- The bank has full discretion at all times to cancel coupon payments. 2- 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 and/or credit balance in profit and loss account provided the bank meets the minimum regulatory Bank Of Baroda

Upper Tier II

CARE AA+

20000 Reaffirmed

Bonds (Basel II)@ @CARE has rated the aforesaid Upper Tier II Bonds and Perpetual Bonds one notch lower than the Lower Tier II Bonds / Tier II Bonds (Basel III compliant) in view of their increased sensitiveness to the Bank of Baroda's Capital Adequacy Ratio (CAR), capital raising ability and profitability during the long tenure of the instruments. The rating factors in the additional risk arising due to the existence of the lock in clause in hybrid instruments. Any delay in payment of interest/principal (as the case may be) following the invocation of the lock-in-clause, 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 rating compared to conventional subordinated debt instruments. Bank Of Baroda

Perpetual Bonds

CARE AA+

16115 Reaffirmed

(Basel II)@ @CARE has rated the aforesaid Upper Tier II Bonds and Perpetual Bonds one notch lower than the Lower Tier II Bonds / Tier II Bonds (Basel III compliant) in view of their increased sensitiveness to the Bank of Baroda's Capital Adequacy Ratio (CAR), capital raising ability and profitability during the long tenure of the instruments. The rating factors in the additional risk arising due to the existence of the lock in clause in hybrid instruments. Any delay in payment of interest/principal (as the case may be) following the invocation of the lock-in-clause, 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 rating compared to conventional subordinated debt instruments. Bank Of Baroda

Tier II Bonds

CARE AAA

11800 Reaffirmed

(Basel III)#& #Transferred from erstwhile Dena Bank (NS: DENA ) to Bank of Baroda consequent to amalgamation into Bank of Baroda &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. Bank Of Baroda

Lower Tier II

CARE AAA

12000 Reaffirmed

Bonds (Basel II) # #Transferred from erstwhile Dena Bank to Bank of Baroda consequent to amalgamation into Bank of Baroda Bank Of Baroda

Tier II Bonds

CARE AAA

17000 Reaffirmed

(Basel III)^& &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. ^Transferred from erstwhile Vijaya Bank to Bank of Baroda consequent to amalgamation into Bank of Baroda Bank Of Baroda

Tier II Bonds

CARE AAA*

25000 Reaffirmed

(Basel 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. Bhagiradha Chemicals And Industries LT Bk Fac

CARE BBB

415

Revised from Ltd

CARE BBB- (enhanced from Rs. 39.15 crore Crore) City Pride Buildcon Pvt Ltd

LT Bk Fac

CARE B-

10

Assigned City Pride Buildcon Pvt Ltd

LT/ STBk Fac

CARE B- /CARE 90.3

Assigned

A4 Dtc Securities Ltd

LT Bk Fac

CARE BB+

150

Assigned Dynamic Agro International

LT Bk Fac

CARE BB-

25.5

Reaffirmed (Enhanced from 2.50 Crore) Dynamic Agro International

LT/ST BkFac

CARE BB-/CARE 66.2

Reaffirmed

A4 (Reduced from 6.69 Crore) Emcee Engineering Works

LT Bk Fac

CARE D

190.3 Revised from

CARE B Issuer did not cooperate Firefly Batteries Pvt Ltd

LT Bk Fac

CARE D

230

- Issuer Not Cooperating; on the basis of best available information Firefly Batteries Pvt Ltd

LT/ ST BkFac

CARE D/CARE D 87

- Issuer Not Cooperating; on the basis of best available information Golden Feeds

LT Bk Fac

CARE BB+

90

Assigned Gujarat State Petroleum Corporation NCDs

-

-

Withdrawn Ltd Gujarat State Petroleum Corporation Subordinated NCDs -

-

- Ltd Gujarat State Petroleum Corporation Subordinated NCDs -

-

- Ltd

Gujarat State Petroleum Corporation LT Bk Fac

CARE A

50892.1 Revised from Ltd

CARE BBB+ (reduced from 7,727.21 Crore) Hema Dyeing & Printing Mills Pvt Ltd LT Bk Fac

CARE BB-

50

Revised from

CARE BB Issuer did not cooperate Heritage Max Realtech Pvt Ltd

NCD

CARE BB-

4000

- CARE has sought confirmation from the Issuer on repayment and no confirmation on the same has been received till date Issuer did not cooperate. Heritage Max Realtech Pvt Ltd

NCD

CARE BB-

4000

- CARE has sought confirmation from the Issuer on repayment and no confirmation on the same has been received till date Issuer did not cooperate. Himachal Futuristic Communications LtdLT Instrument

-

-

Withdrawn

–Cumulative

PreferenceShares Himachal Futuristic Communications LtdLT Bk Fac

CARE A-

5159.4 Reaffirmed Himachal Futuristic Communications LtdLT Instrument -NCD CARE A-

337.3 Reaffirmed Htl Ltd

Fund Based - LT - CARE A-

300

Reaffirmed

TL Indianoil Sky Tanking Pvt Ltd

LT Bk Fac

CARE AA

1210

Reaffirmed Kailash Trading Corporation

LT BkFac

CARE BB-

57.5

Removed from

CARE BB- (reduced from 5.90 Crore)Issuer did not cooperate Kcc Buildcon Pvt Ltd

LT Bk Fac

CARE A-

1250

Reaffirmed (enhanced from 75 Crore) Kcc Buildcon Pvt Ltd

LT/ST Bk Fac

CARE A-/CARE 10000 Reaffirmed

A2+ (enhanced from 650 Crore) Khushbu Impex

LT Bk Fac

CARE BB

3.1

Revised from

CARE

BB-;StableISSUER NOTCOOPERATING (Double BMinus; Outlook: Stable) Issuer did not cooperate Linkquest Quippo Infra Llp

LT BkFac*

CARE AA-

1750

Revised from

Provisional

CARE AA (SO) Credit Watch with DevelopingImplications Mahavir Global Inc

LT Bk Fac

CARE BB-

25

Revised from

CARE B+ (reduced from Rs.2.76 crore Crore) Maithan Ceramic Ltd

LT Bk Fac

CARE BBB+

300

Reaffirmed outlook revised from Stable Maithan Ceramic Ltd

LT/ ST Bk Fac

CARE BBB+/CARE 150

-

A2 Mh Technique Solaire India Pvt Ltd

LT Bk Fac – TL

CARE BBB-

540

Assigned Mh Technique Solaire India Pvt Ltd

LT Bk

CARE BBB-

10

Assigned

Fac-Fwd/derivative

limit Muthoottu Mini Financiers Ltd

Proposed NCD issue CARE BBB-

1500

Assigned Nifty Technologies

LT/STBk Fac

CARE B/CARE A4 104.7 Revised from

CARE B+/CARE

A4 Issuer not co operating; based on best available information Options Lawns Pvt Ltd

LT Bk Fac

CARE B+

67.2

Reaffirmed Pmv Maltings Pvt Ltd

LT Bk Fac (TL)

CARE BBB-

443.5 Assigned Pmv Maltings Pvt Ltd

Loan term Bk Fac CARE BBB-

306.5 Assigned

(CC) Polyspin Exports Ltd

LT BkFac

CARE BBB-

239.7 Revised from

CARE BB+ Outlook: Stable (enhanced from 19.41 Crore) Pooja Technocast

LT Bk Fac

CARE BB-

114.1 - Issuer not co operating; based on best available information Pragati Coatings Pvt Ltd

LT Bk Fac

CARE BB

78.6

Reaffirmed R.P. Industries - Ludhiana

LT Bk Fac

-

-

Withdrawn Radha Madhav Developers

LT Bk Fac

CARE B+

300

Assigned Ratna Cottex

LT Bk Fac

CARE D

56

Revised from

CARE B+ Issuer not co operating; based on best available information Rawassa Construction

LT/ ST Bk Fac

CARE BB- /CARE 300

Rating

A4

revised from

CARE BB Outlook :Stable Se Forge Ltd

LT Bk facility - CARE D

2409.2 Revised from

TL

CARE BB+ Se Forge Ltd

LT Bk facility – CARE D

464.5 Revised from

Fund Based Working

CARE BB+ Shine Textile

LT Bk Fac

CARE BB

125

Revised from

CARE BB- Outlook: Stable and removed from Issuer Not Cooperating Shiv Shakti Ginning And Pressing Pvt LLT Bk Fac

CARE B+

250

Reaffirmed Shri Ram Autotech Pvt Ltd

LT Bk Fac

CARE B+

75

- Issuer not cooperating; Based on best available information Shri Sumati Oil Industries Pvt Ltd

LT Bk Fac

CARE BB

12.1

Revised from

CARE BB- Shri Sumati Oil Industries Pvt Ltd

LT Bk Fac/ ST Bk CARE BB /CARE 77

Revised from

Fac

A4

CARE BB-/CARE

A4 Smt. Nandamuri Basava Taraka Rama Rao LT Bk Fac

-

-

Withdrawn Memorial Cancer Foundation & Research Centre Sukhras Machines Pvt Ltd

LT Bk Fac

CARE BB-

50

Reaffirmed Suzuki Motor Gujarat Pvt Ltd

LT / ST Bk Fac

CARE AAA/CARE 29500 Reaffirmed

A1+ Sv Agro Foods Pvt Ltd

LT Bk Fac

CARE B

62.5

Assigned The Malt Company India Pvt Ltd

Loan term Bk Fac CARE BBB-

150

Assigned Ujjivan Small Finance Bank

Non- Convertible -

-

Withdrawn

Debentures- (NCD

VI)@ Ujjivan Small Finance Bank

LT Bk Fac

CARE A+

14590.6 Reaffirmed (reduced from 4250.00 Crore) Ujjivan Small Finance Bank

Non- Convertible CARE A+

400

Reaffirmed

Debentures- (NCD V) Vahini Poultries Pvt Ltd

LT Bk Fac

-

-

Withdrawn Wintry Engineering And Chemicals Pvt LT Bk Fac

CARE BB+

110

Revised from Ltd

CARE BB+ Issuer did not cooperate Wintry Engineering And Chemicals Pvt LT Bk Fac

CARE BB+

164.2 Revised from Ltd

CARE BB+ (enhanced from 13.69 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.

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