CARE ratings for Indian debt instruments-Oct 14

Oct 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of October 11, 2019. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

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

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------- --------- SHORT TERM RATINGS: ------------------- Aaditya Finechem Pvt Ltd

ST Bk Fac

CARE A3

Reaffirmed Century Textiles (NS: CNTY ) And Industries Ltd CP

CARE A1+

10000 Reaffirmed (Reduced from Rs 2200 Crore) Chandanpani Pvt Ltd

ST Bk Fac

CARE A4

Assigned Idfc First Bank Ltd

ST debt instrumentsCARE A1+

Reaffirmed (Reduced from Rs.8,000 Crore) Jayaram Textiles

ST Bk Fac

CARE D

Reaffirmed J.C. Fenasia Exports Pvt. Ltd.

ST Bk Fac

CARE A4

Assigned K. B. Tea Product Pvt Ltd

ST Bk Fac

CARE A4

Reaffirmed Neelachal Ispat Nigam Ltd

ST Bk Fac

CARE D

2520.5 Reaffirmed Neelachal Ispat Nigam Ltd

ST Bk Fac (LC/BG)# CARE A2+(CE) 50

Revised from

CARE A1(CE) (Under credit watch with developing implications)#the said facilities are backed by unconditional and irrevocable corporate guarantee provided by MMTC Ltd . (rated CARE A-/ CARE A2+ (under credit watch with developing implications) revised in October 2019). P.M.R. Constructions India Pvt Ltd

ST Bk Fac

CARE D

Revised from

CARE A4; Issuer Not Cooperating Seyadu Beedi Company

ST Bk Fac

CARE A2

Reaffirmed (reduced from 8.00 Crore) Tdrl Trading Co.

ST Bk Fac

CARE A4

Reaffirmed Unison Metals Ltd

ST Bk Fac

CARE A4

Assigned Yasho Industries Ltd

ST BkFac

CARE A3

Reaffirmed LONG TERM RATINGS: ------------------- 3B Binani Glassfibre Sarl

Bk Fac- TL

Reaffirmed at

CARE D and

Withdrawn 3B Fibreglass Norway As

Bk Fac - TL

Revised from

CARE BB

Stable to CARE D

and Withdrawn Aaditya Finechem Pvt Ltd

LT Bk Fac

CARE BBB-

Reaffirmed

Stable Ambal Modern Rice Mill

Long -term Bk Fac CARE B+

187.5 Revised from

Stable

CARE BB-

Stable Aryabhatta Tutorials Pvt Ltd

LT Bk Fac

CARE D

Revised from

CARE B; Stable Chandanpani Pvt Ltd

LT Bk Fac

CARE BB

Assigned

Stable Corporation Bank (NS: CRBK )

Upper Tier II

Withdrawn

(Series VI) Corporation Bank

Perpetual Bonds

Withdrawn

(Series III) Idfc First Bank Ltd

LT debt instrumentsCARE AA+

102267.8Reaffirmed

Negative (Reduced from Rs.20,471 Crore)/Outlook revised from Stable to Negative J.C. Fenasia Exports Pvt. Ltd.

LT Bk Fac

CARE B; Stable 70

Assigned Jayaram Textiles

LT Bk Fac

CARE D

133.6 Reaffirmed (reduced from 16.82 Crore) K. B. Tea Product Pvt Ltd

LT Bk Fac

CARE BB; Stable56

Reaffirmed N E Infra

LT Bk Fac

CARE BB;

Assigned

Stable N E Infra

Long/ST Bk Fac

CARE BB;

Assigned

Stable/CARE A4 Neelachal Ispat Nigam Ltd

LT Bk Fac (TL)#

CARE A- (CE) 6465.2 Revised from

CARE A(CE);

Stable (reduced from 993.05 Crore)/(Under credit watch with developing implications)/#the said facilities are backed by unconditional and irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE A-/ CARE A2+ (under credit watch with developing implications) revised in October 2019). Neelachal Ispat Nigam Ltd

NCDs-I #

CARE A- (CE) 1000

Revised from

CARE A(CE);

Stable (Under credit watch with developing implications)/#the said facilities are backed by unconditional and irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE A-/ CARE A2+ (under credit watch with developing implications) revised in October 2019). Neelachal Ispat Nigam Ltd

NCDs-II #

CARE A- (CE) 2000

Revised from

CARE A(CE);

Stable (Under credit watch with developing implications)/#the said facilities are backed by unconditional and irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE A-/ CARE A2+ (under credit watch with developing implications) revised in October 2019). Neelachal Ispat Nigam Ltd

LT Bk Fac (TL)^

CARE C (CE)

Assigned (Under credit watch with developing implications)/^the said facility is backed by partial corporate guarantee from MMTC Limited (NS: MMTC ). Neelachal Ispat Nigam Ltd

LT Bk Fac

CARE D

6446.4 Reaffirmed (reduced from 703.01 Crore) Olympia Cyberspace Pvt Ltd

LT Bk Fac

CARE BBB-;

Assigned

Stable P.M.R. Constructions India Pvt Ltd

Long -term Bk Fac CARE D

Revised from

CARE B+;

Stable (Issuer Not Cooperating) Reliance Broadcast Network Ltd

NCD issue (NCD)-2 CARE C; Stable 668

Reaffirmed Reliance Broadcast Network Ltd

NCD issue (NCD)-3 CARE C; Stable 500

Reaffirmed Reliance Broadcast Network Ltd

LT Bk Fac

CARE C; Stable 836.9 Reaffirmed Reliance Broadcast Network Ltd

NCD issue (NCD)-1 CARE D

Reaffirmed Reliance Broadcast Network Ltd

NCD issue (NCD)-4 CARE D

Revised from

CAREC; Stable Reliance Broadcast Network Ltd

NCD issue (NCD)-5 CARE D

Reaffirmed Seyad Cotton Mills Ltd

LT Bk Fac

CARE BBB-;

204.7 Reaffirmed

Stable (enhanced from 17.34 Crore) Seyadu Beedi Company

LT Bk Fac

CARE BBB+;

Reaffirmed

Stable (enhanced from 24.68 Crore) Shree Ganesh Cold Storage

LT Bk Fac

CARE D

60 (Issuer not cooperating; Based on best available information) Sona Diamond And Gold Exporters Pvt LtLong -term Bk Fac CARE B-

60 (Issuer not cooperating; Based on best available information) Tdrl Trading Co.

LT Bk Fac

CARE B+

Reaffirmed The Lakshmi Vilas Bank Ltd

Proposed Basel

CARE B+;

Revised from

IIICompliant

Negative

CARE BB-

Additional Tier I Perpetual Bond issue # Removed from 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 RBI . • 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. The Lakshmi Vilas Bank Ltd

Lower Tier II

CARE BB+;

Rating

Bonds @

Negative

revised from

CARE BBB- Removed from 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. The Lakshmi Vilas Bank Ltd

Tier II Bonds

CARE BB+;

Rating

(Basel

Negative

revised from

IIICompliant) –I @

CARE BBB- Removed from 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. The Lakshmi Vilas Bank Ltd

Tier II Bonds

CARE BB+;

Rating

(Basel III

Negative

revised from

Compliant) –II @

CARE BBB- Removed from 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. The Lakshmi Vilas Bank Ltd

Tier II Bonds

CARE BB+;

Rating

(Basel III

Negative

revised from

Compliant) –III @

CARE BBB- Removed from 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. Udaipur Cement Works Ltd

LT Bk Fac

Final Rating*

CARE AA- (CE);

Stable** **Backed by unconditional and irrevocable corporate guarantee from JK Lakshmi Cement Limited (NS: JKLC ) (JKLC rated ‘CARE AA-; Stable/CARE A1+)./*Final rating has been assigned on account of receipt of the executed copy of corporate guarantee from JK Lakshmi Cement Limited Unison Metals Ltd

LT Bk Fac

CARE BB;

248.1 Reaffirmed

Stable (enhanced from Rs. 20.50 crore) Yasho Industries Ltd

LT BkFac

CARE BBB-;

Reaffirmed

Stable (enhanced from Rs.16 Crore) Yasho Industries Ltd

LT/STBk Fac

CARE BBB-;

Reaffirmed

Stable/CARE A3 (enhanced from Rs.65.00 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.