CARE ratings for Indian debt instruments-Oct 1

Oct 1 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of September 28 and September 29, 2018. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

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

----------

------

------- --------- SHORT TERM RATINGS: ------------------- A.Thajudeen

ST Bk Fac

CARE A4

40

Reaffirmed Ace Packaging

ST Bk Fac

CARE A4

2.1

Assigned Adani (NS: APSE ) Electricity Mumbai

ST Bk Fac

CARE A1+

6430

Assigned Bhandari Exports

ST Bk Fac

-

-

Withdrawn Cauvery Buildtech

Short -term Bk Fac CARE A4

37.5 (Issuer Not Cooperating) Centurion Tea Factory

ST Bk Fac

CARE A4

2.5 (Issuer Not Cooperating) Cholamandalam (NS: CHLA ) Investment And Finance CP issue

CARE A1+

75000 Reaffirmed Company Ltd (enhanced from Rs.6,000 Crores) Contour Constructions Pvt Ltd

ST Bk Fac

CARE A4

40

Reaffirmed Danish Pvt Ltd

ST Bk Fac

CARE A4

375 (Issuer Not Cooperating) Hdb Financial Services Ltd

CP

CARE A1+

100000 Reaffirmed Hec Infra Projects Ltd

ST BkFac

CARE A3

220

Reaffirmed (Enhanced from Rs.18.00 Crores) Ikon Associates

ST Bk Fac

CARE A4

50 (Issuer Not Cooperating) Il&Fs Transportation Networks Ltd

Short - Term Bk

CARE D

2300

Revised from

Fac

CARE A4 Itl Industries Ltd

ST BkFac

CARE A3+

65

Assigned Jain Irrigation (NS: JAIR ) Systems Ltd

ST Bk Fac (Non-FB) CARE A2

17650 Reaffirmed (reduced from 1,885.00 Crores) Jalpa Diamond

ST Bk Fac

CARE A4+

190

Reaffirmed Kirorimal Kashiram Marketing And

ST Bk Fac

CARE A4+

100

Reaffirmed Agencies Pvt Ltd (enhanced from 5 Crores) Manmohan Minerals And Chemicals Pvt ST Bk Fac

-

-

Withdrawn Ltd Maithan Alloys Ltd

ST Bk Fac

CARE A1+

4300

Reaffirmed Oil And Natural Gas Corporation Ltd (NS: ONGC ) ST Fac- TL

CARE A1+

250000 Reaffirmed Oil And Natural Gas Corporation Ltd CP

CARE A1+

100000 Reaffirmed Oracle (NYSE: ORCL ) Polymer Industries Pvt Ltd

ST Bk Fac

CARE A4

1

Assigned Orvi Design Studio

ST Bk Fac

CARE A4

20

Assigned Parker Tiles Pvt Ltd

Short- term Bk Fac CARE D

43

Revised from

CARE A4 (Issuer Not Cooperating) Radhika Opto Electronics Pvt Ltd

ST Bk Fac

CARE A4+

220

Assigned Raghavendra Industries

ST Bk Fac

CARE D

98

Assigned Ratna Engineering Work

LT Bk Fac

CARE A4

55

Assigned Sagar Manufacturers Pvt Ltd

ST Bk Fac

-

-

Withdrawn Sega Granito Llp

ST Bk Fac

-

-

Withdrawn Shri Vardhman Industries

ST Bk Fac

CARE A4

40

Reaffirmed Simplex Infrastructures (NS: SINF ) Ltd

CP*

CARE A2+

6500

Revised from

CARE A1

* carved out of working capital limits Suven Life Sciences Ltd

ST Bk Fac

CARE A1

275

Revised from

CARE A2+ (enhanced from 22.50 Crores) Thillai Engineering Works

Short -term Bk Fac CARE A4

16 (Issuer Not Cooperating) Uniroyal Marine Exports Ltd

ST Bk Fac

CARE A4

307.5 Assigned Upl Ltd

ST BkFac (Non-FB CARE A1+

8500

limit) (enhanced from 750 Crores)/Removed from credit watch Upl Ltd

CP

CARE A1+

1000 Removed from credit watch Value Line Home Style Pvt Ltd

ST Bk Fac

CARE A4

33

Reaffirmed (Removed from Non-cooperation) Vidyuth Control Systems Pvt Ltd

ST Bk Fac

CARE A4

90.5

Reaffirmed (enhanced from Rs. 8.55 Crores) Walwhan Renewable Energy Pvt Ltd

CP issue

CARE A1+

3000

Reaffirmed (reduced from Rs.1200 crore Crores) LONG TERM RATINGS: ------------------- 8K Miles Software Services Ltd

LT BkFac- TL

CARE BB+

250

Revised from

CARE A- (Removed from Credit Watch) 8K Miles Software Services Ltd

LT Bk Facility-CC CARE BB+

150

Revised from

facility

CARE A- (Removed from Credit Watch) 8K Miles Software Services Ltd

Proposed NCDs

CARE BB+

500

Revised from

CARE A- (Removed from Credit Watch) 8K Miles Software Services Ltd

LT/STBk Fac-

CARE BB+/CARE 100

Revised from

OverDraft

A4

CARE A-/ CARE

A2+ (Removed from Credit Watch) A.Thajudeen

LT Bk Fac

CARE BB-

58

Revised from

CARE BB Abp Pvt Ltd

CP (carved out)

-

-

Withdrawn

issue Ace Packaging

LT Bk Fac

CARE BB

76

Assigned Adani Electricity Mumbai

LT Bk Fac

CARE AA

89250 Assigned Adani Electricity Mumbai

LT / ST BkFac

CARE AA /CARE 22320 Assigned

A1+ Alliance One Industries India Pvt. LtdLT Bk Fac

CARE BB+ /CARE 942

Assigned

A4+ Arg Infra Developers Pvt Ltd

LT Bk Fac

CARE D

180

Revised from

CARE BB Avanse Financial Services Ltd

LT Bk Fac

CARE AA+(SO) 17060 Reaffirmed Avanse Financial Services Ltd

LT Bk Fac

CARE AA+(SO) 1500

Final Rating Avanse Financial Services Ltd

LT Bk Fac

PROV CARE

3440

Reaffirmed

AA+ (SO) Baba Jhareshwar Multipurpose Himghar LT BkFac

CARE B

68.6 Pvt Ltd (Issuer Not Cooperating) Basaragi Km Solar Power Projects Llp LT BkFac

CARE B

129.2 Reaffirmed (reduced from 13.95 Crores) Bhagya Laxmi Brinechem Pvt Ltd

LT Bk Fac

CARE BB-

110

Assigned Bhandari Exports

LT Bk Fac

-

-

Withdrawn Bhandari Exports

LT Bk Fac/ ST Bk -

-

Withdrawn

Fac Calyx Spaces Llp

LT BkFac

CARE BB-

200

Revised from

CARE B+ Cauvery Buildtech

Long -term Bk Fac CARE BB-

25 (Issuer Not Cooperating) Centurion Tea Factory

LT Bk Fac

CARE B+

85 (Issuer Not Cooperating) Chatterjee Cleaning Arts Services Pvt.LT Bk Fac

CARE B+

94

Revised from Ltd.

CARE BB- (Issuer Not Cooperating) Contour Constructions Pvt Ltd

LT Bk Fac

CARE B

50

Reaffirmed Danish Pvt Ltd

LT/STBk Fac

CARE BB- /CARE 115

Revised from

A4

CARE BB /

CARE A4 (Issuer Not Cooperating) Dreamland Infratech Pvt Ltd

LT Bk Fac

CARE BB-

345

Reaffirmed (enhanced from Rs. 15.00 Crores) Goan Real Estate And Construction Pvt.LT Bk Fac

CARE B

678.6 Revised from Ltd.

CARE D (reduced from Rs.100 Crores) Hdb Financial Services Ltd

NCDs

CARE AAA

338438 Reaffirmed Hdb Financial Services Ltd

Subordinated Debt CARE AAA

35000 Reaffirmed Hdb Financial Services Ltd

LT Bk Fac

CARE AAA

200000 Reaffirmed Hec Infra Projects Ltd

LT BkFac

CARE BBB

161.9 Reaffirmed (Reduced from Rs.16.24 Crores) Ikon Associates

LT Bk Fac

CARE B

178.7 (Issuer Not Cooperating) Il&Fs Transportation Networks Ltd

Long - Term Bk Fac CARE D

22415 Revised from

CARE BB Il&Fs Transportation Networks Ltd

Long/Short Term

CARE D

8900

Revised from

Bk Fac

CARE BB /

CARE A4 Il&Fs Transportation Networks Ltd

NCDs

CARE D

19900 Revised from

CARE BB Il&Fs Transportation Networks Ltd

Proposed Non Conv CARE D

2000

Revised from

Debentures

Prov CARE BB Insight Media City (India) Pvt LimtiedLT Bk Fac

CARE BB+

491.2 Reaffirmed Itl Industries Ltd

LT BkFac

CARE BBB

35

Assigned Itl Industries Ltd

LT/Shortterm Bk FacCARE BBB /CARE 140

Assigned

A3+ Jain Irrigation Systems Ltd

LT Bk Fac (TL)

CARE A-

8158.1 Reaffirmed Jain Irrigation Systems Ltd

LT Bk Fac (FB)

CARE A-

16700 Reaffirmed (enhanced from 1,550.00 Crores) Jakson Solar Pvt Ltd

LT - Bk Fac – fund CARE BBB

204.2 Assigned

based – TL Jind Agri Services Pvt Ltd

LT Bk Fac- TL

CARE BBB+ (SO) 400

Assigned Jind Agri Services Pvt Ltd

LT Bk Fac- LT Bang CARE BBB+ (SO) 25

Assigned

Guarantees Joshoda Oil Udyog Pvt Ltd

LT Bk Fac

CARE BB-

100 (Issuer Not Cooperating) Kirorimal Kashiram Marketing And

LT Bk Fac

CARE BB+

610

Reaffirmed Agencies Pvt Ltd (enhanced from 50 Crores) Kumbare Mathwad Associates

LT Bk Fac

-

-

Withdrawn M.B Parikh & Sons.

LT Bk Fac

CARE B

60

Revised from

CARE B+ (Issuer Not Cooperating) Madamageri Solar Power Projects Llp LT BkFac

CARE B

122.9 Reaffirmed (reduced from 13.90 Crores) Mahindra And Mahindra Financial

Public Issue of LT CARE AAA

100000 Assigned Services Ltd

Debt program(NCDs

/Subordinated debt) (Proposed) Maithan Alloys Ltd

LT Bk Fac

CARE AA

990.2 Revised from

CARE AA- (reduced from 130.99 Crores) Manmohan Minerals And Chemicals Pvt Long/ST Bk Fac

-

-

Withdrawn Ltd Nanis Buildcon Pvt Ltd

LT Bk Fac

CARE B

100

Revised from

CARE B+ (Issuer Not Cooperating) New Delhi Municipal Council

Proposed Bonds

-

-

Withdrawn New Delhi Municipal Council

Issuer Ratings*

CARE AA+

-

Reaffirmed *The issuer rating is based on council availing and maintaining an overall debt not exceeding Rs.500 crore. Oil And Natural Gas Corporation Ltd LT Bk Fac

CARE AAA

5000

Reaffirmed Oil And Natural Gas Corporation Ltd LT/ST Non-fund

CARE AAA

65000 Reaffirmed

based Bk Fac Oil And Natural Gas Corporation Ltd LT/ST Fund Based CARE AAA

30000 Reaffirmed

Bk Fac

/CARE A1+ Oracle Polymer Industries Pvt Ltd

LT Bk Fac

CARE BB-

93.4

Assigned Orvi Design Studio

LT Bk Fac

CARE BB-

19

Assigned Orvi Design Studio

LT Bk Fac/ ST Bk CARE BB- /CARE 10

Assigned

Fac

A4 P. D. Agrawal Infrastructure Ltd

LT Bk Fac

CARE BBB+

250

Reaffirmed P. D. Agrawal Infrastructure Ltd

LT/STBk Fac

CARE BBB+

900

Reaffirmed

/CARE A2 Paras Gottam And Company

LT/STBk Fac

CARE B+/CARE A4100

Reaffirmed Parker Tiles Pvt Ltd

Long- term Bk Fac CARE D

238.2 Revised from

CARE BB (Issuer Not Cooperating) Precision Automation And Robotics IndiLong/ST BkFac

CARE A+ /CARE 2168

Reaffirmed Ltd

A1 Psp Projects Ltd

LT BkFac

CARE A+

450

Revised from

CARE A Psp Projects Ltd

LT/ ST BkFac

CARE A+ /CARE 3650

Revised from

A1+

CARE A / CARE

A1 Radhika Opto Electronics Pvt Ltd

LT Bk Fac

CARE BB+

250

Assigned Raghavendra Industries

LT /ST Bk Fac

CARE D/CARE D 42

Assigned Ratna Engineering Work

LT Bk Fac

CARE B

45

Assigned S K Marketing

LT Bk Fac

-

-

Withdrawn Sagar Manufacturers Pvt Ltd

LT Bk Fac

-

-

Withdrawn Satyesh Brinechem Pvt Ltd

LT Bk Fac

CARE BBB+

4766

Reaffirmed Satyesh Brinechem Pvt Ltd

LT/ST BkFac

CARE BBB+

744

Reaffirmed

/CARE A3+ Sega Granito Llp

LT Bk Fac

-

-

Withdrawn Seven Hills Educational And Health CarLT Bk Fac

CARE B+

186.1 Revised from Society

CARE BB- (reduced from 18.86 Crore) Shivapur Solar Power Projects Llp

LT Bk Fac

CARE B

129

Reaffirmed (reduced from 13.90 Crore) Shree Sita Ispat And Power Pvt Ltd

LT Bk Fac

CARE B+

60 (Issuer Not Cooperating) Shri Vardhman Industries

LT Bk Fac

CARE B+

16.2

Reaffirmed Simplex Infrastructures Ltd

LT BkFac

CARE A-

26244 Revised from

CARE A (enhanced from 2,542.96 Crore) Simplex Infrastructures Ltd

NCDs

CARE A-

5250

Revised from

CARE A (reduced from 550 Crore) Simplex Infrastructures Ltd

Long/ST BkFac

CARE A-/CARE 79000 Revised from

A2+

CARE A /CARE

A1 (reduced from 8,000 Crore) Sujitha Poultry Farm

Long -term Bk Fac CARE B+

50 (Issuer Not Cooperating) Suven Life Sciences Ltd

LT Bk Fac –

-

-

Withdrawn

External

Commercial Borrowings Suven Life Sciences Ltd

LT Bk Fac

CARE A

312.2 Revised from

CARE A- (reduced from 68.01 Crore) Thillai Engineering Works

Long -term Bk Fac CARE B+

42 (Issuer Not Cooperating) Tirupati Enterprises

LT Bk Fac

CARE B

58

Revised from

CARE B+ (Issuer Not Cooperating) Upl Ltd

NCD issue

CARE AA+

13500 credit watch with developing implications] Upl Ltd

Long /ST BkFac

CARE AA+/CARE 16500 under credit

(FB limit)

A1+

watch/

removed from under credit watch with developing implications] / (reduced from 1,750 Crores) credit watch Value Line Home Style Pvt Ltd

LT Bk Fac

CARE BB-

47

Reaffirmed (Removed from Non-cooperation) Vidyuth Control Systems Pvt Ltd

LT Bk Fac

CARE BB

70.4

Reaffirmed (enhanced from Rs. 5.50 crore Crore) Vidyuth Control Systems Pvt Ltd

LT/ST BkFac

CARE BB /CARE 7.5

Reaffirmed

A4 Walwhan Renewable Energy Pvt Ltd

LT Bk FacCC

-

-

Withdrawn Walwhan Renewable Energy Pvt Ltd

LT Bk FacNon-Fund CARE AA-

1900

Reaffirmed

Based -

BkGuarantees (reduced from Rs.240 crore Crore) Walwhan Renewable Energy Pvt Ltd

LT Bk Fac

CARE AA-

900

Reaffirmed (reduced from Rs.771.87 crore Crore) Walwhan Renewable Energy Pvt Ltd

LT Instruments

CARE AA (SO) 12000 Reaffirmed

-Non

ConvertibleDebentures& & Backed by unconditional irrevocable corporate guarantee by Tata Power Co. (NS: TTPW ) Limited (Rated CARE AA, Stable) Walwhan Renewable Energy Pvt Ltd

LT Bk Fac^

ProvCARE AA

3000

Reaffirmed

(SO) ^ To be backed by unconditional and irrevocable corporate guarantee by Tata Power Co. Limited (Rated CARE AA, Stable) Yes Bank (NS: YESB ) Ltd

Additional Tier I CARE AA+

36000

Bonds (Basel III)# (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 ofIndia RBI . • 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. Yes Bank Ltd

Upper Tier II

CARE AA+

11041

Bonds@ (credit watch with developing implications)@CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds after taking into consideration their increased sensitivity to Yes Bank'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 invocation of the lockin- 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 the rating compared with conventional subordinated debt instruments. Yes Bank Ltd

Perpetual Bonds

CARE AA+

2360

(Basel II)@ (credit watch with developing implications)@CARE has rated the aforesaid Upper Tier II Bonds and the Perpetual Bonds after taking into consideration their increased sensitivity to Yes Bank'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 invocation of the lockin- 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 the rating compared with conventional subordinated debt instruments. Yes Bank Ltd

Infrastructure

CARE AAA#

50000

Bonds Yes Bank Ltd

Lower Tier II BondsCARE AAA#

25306 Yes Bank Ltd

Tier II Bonds

CARE AAA#

89000

(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.