Dec 31 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 30, 2019.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------- ---------- ------ ------- ---------
SHORT TERM RATINGS:
-------------------
Acme Odisha Solar Power Pvt Ltd ST Bk Fac CARE A2+ (CE) 120 Reaffirmed
Acme Raipur Solar Power Pvt Ltd ST Bk Fac CARE A2+ (CE) 110 Reaffirmed
Adi Enterprises ST Bk Fac CARE A2 3565 Reaffirmed
(enhanced from Rs.275.00 Crore)
Adi Tradelink ST Bk Fac CARE A2 1750 Reaffirmed
Asian Tea And Exports Ltd ST Bk Fac CARE A4+ 55 Reaffirmed
Bathsha Marine Exports Pvt Ltd ST Bk Fac CARE A4 95 Reaffirmed
(enhanced from 5.50 Crore)
Best Value Chem Pvt Ltd ST Bk Fac CARE A3+ 62.5 Reaffirmed
Bnp Paribas Asset Management India PvtBNP Paribas CARE A1+mfs - Assigned
Ltd Overnight Fund -
Open Ended Debt Scheme
Concord Construction ST Bk Fac CARE A4 250 Reaffirmed
Creative Casual India Pvt Ltd ST Bk Fac CARE A4+ 60 Reaffirmed
(Non-Fund Based)
(FC/LC/BG)
Dynamic Powertech Pvt Ltd ST Bk Fac CARE A4 20
“Issuer not cooperating; Revised from CARE A4+ on the basis of best available information
Eternis Fine Chemicals Ltd Bk Fac - ST CARE A1 2255 Reaffirmed
Fenix Process Technologies Pvt Ltd ST Bk Fac CARE D 136.2
Revised from CARE D; Issuer not cooperating
G.B. Springs Pvt Ltd ST Bk Fac CARE A3 40 Reaffirmed
Global Energyfood Industries Pvt Ltd ST Bk Fac CARE A4 5 Reaffirmed
Ishwar Cables Pvt Ltd ST Bk Fac CARE D 10
Revised from CARE A4
Ishwar Metal Industries ST Bk Fac CARE D 325
Revised from CARE A4
Integrated Fire Protection Pvt Ltd ST Bk Fac CARE A4+ 29.9 Reaffirmed
Jindal Infrastructure ST Bk Fac CARE A4 40 -
Issuer not cooperating; based on best available information.
Jsiw Infrastructure Pvt Ltd ST Bk Fac CARE A1 970 Reaffirmed
Karnimata Cold Storage Ltd ST Bk Fac - -
Reaffirmed at CARE A4 and Withdrawn
K S Infra Transmission Pvt Ltd ST Bk Fac CARE D 40
Revised from CARE A4
Kotak Mahindra Mutual Fund Kotak Overnight CARE A1+mfs - Assigned
Fund- Open Ended
Debt Scheme
Mayur Uniquoters Ltd ST Bk Fac CARE A1+ 200 Reaffirmed
Magni Tech Speciality Cables Pvt Ltd ST Bk Fac - - Withdrawn
Panacea Biotec Ltd ST Bk Fac - - Withdrawn
Piramal Enterprises Ltd CP CARE A1+ 30000 Reaffirmed
Piramal Enterprises Ltd CP CARE A1+ 90000 Reaffirmed
Piramal Enterprises Ltd ST Bk Fac- Non CARE A1+ 2000 Reaffirmed
fund based
(reduced from 250 Crore)
Piramal Enterprises Ltd ST Bk Fac- Fund CARE A1+ 26000 Reaffirmed
based
(reduced from 2675 Crore)
Piramal Enterprises Ltd Fund based-ST CARE A1+ 2500 Reaffirmed
(ICDs)
Piramal Enterprises Ltd ST NCDs CARE A1+ 5000 Reaffirmed
R L Kalthia Ship Breaking Pvt Ltd ST Bk Fac CARE A3 850 Reaffirmed
(reduced from Rs.95.00 Crore)
Rajasthan Delhi Education Society ST Bk Fac CARE A4 7
Reaffirmed and revoked from Issuer Non-cooperating
Shalimar Paints Ltd ST Bk Fac CARE A4+ 762.5 Reaffirmed
Vishnu Cars Pvt Ltd ST Bk Fac CARE A4+ 672.5 Reaffirmed
LONG TERM RATINGS:
-------------------
Acme Odisha Solar Power Pvt Ltd LT Bk Fac CARE A- (CE); 1543.1 Reaffirmed
Stable
(reduced from Rs.161.71 Crore)
Acme Raipur Solar Power Pvt Ltd LT Bk Fac CARE A- (CE); 1427.6 Reaffirmed
Stable
(enhanced from Rs.140.47 Crore)
Amrit Homes Pvt Ltd LT Bk Fac CARE D 259
“Issuer not cooperating; Based on best available Information”
Asian Tea And Exports Ltd LT /ST Bk Fac CARE BB+; 90 Reaffirmed
Stable/CARE A4+
Bathsha Marine Exports Pvt Ltd LT Bk Fac CARE B+; Stable10.7 Reaffirmed
(reduced from 2.31 Crore)
Best Value Chem Pvt Ltd LT Bk Fac CARE BBB; 54.1 Reaffirmed
Stable
(reduced from Rs.8.83 Crore)
Best Value Chem Pvt Ltd LT / ST Bk Fac CARE BBB; 391 Reaffirmed
Stable /CARE
A3+
Concord Construction LT Bk Fac CARE B; Stable 250
Revised from CARE BB-; Stable to CARE D and upgraded to CARE B; Stable ; Enhanced from 20 Crore
Creative Casual India Pvt Ltd LT Bk Fac CARE BB+; 80 Reaffirmed
(FB)(CC/PCFC) Stable
Deneb And Pollux Tours And Travels PvtLT Bk Fac CARE BBB-; 100 Reaffirmed
Ltd Stable
Deneb And Pollux Tours And Travels PvtLong / ST Bk Fac CARE BBB-; 15 Reaffirmed
Ltd Stable/CARE A3
Dynamic Powertech Pvt Ltd LT Bk Fac CARE BB; 1.9
Stable,
“Issuer not cooperating; Revised from CARE BB+; Stable on the basis of best available
information”
Dynamic Powertech Pvt Ltd LT/ST Bk Fac CARE BB; 40
Stable/CARE A4
Issuer not cooperating; Revised from CARE BB+; Stable/CARE A4+ on the basis of best available
information
Eternis Fine Chemicals Ltd Bk Fac - LT CARE A; Stable 1203.4 Reaffirmed
Fenix Process Technologies Pvt Ltd LT Bk Fac CARE D 91.8
Revised from CARE D; Issuer not cooperating
G.B. Springs Pvt Ltd LT Bk Fac CARE BBB-; 120 Reaffirmed
Stable
Global Energyfood Industries Pvt Ltd LT Bk Fac- TL - - Withdrawn
Global Energyfood Industries Pvt Ltd LT Bk Fac CARE BB; 270
Stable
Revised from CARE BB-; Stable
Golden Retreats Pvt Ltd LT Bk Fac - -
Reaffirmed and Withdrawn
Govindam Projects Pvt Ltd LT Bk Fac CARE BB-; 110 Reaffirmed
Stable
(enhanced from 10.00 Crore)
Gvk Emri (Up) LT Bk Fac CARE BB+ 100
Revised from CARE BBB; Stable and placed on credit watch with Negative Implications
Gvk Emri (Up) Long/ST Bk Fac CARE BB+/CARE 280
A4+
Revised from CARE BBB; Stable/ CARE A3+ and placed on credit watch with Negative Implications
Indianoil Lng Pvt Ltd LT Bk Fac CARE A-; 28770 Reaffirmed
Stable
Indianoil Lng Pvt Ltd LT Compulsory CARE AAA (CE); 7870 Reaffirmed
Convertible Stable
Debentures(CCD-II)*
*The rating is based on credit enhancement in form of irrevocable & unconditional undertaking
from Indian Oil Corporation Ltd (IOCL) for (a) funding Service Account with amount of interest
before/on due date and (b) buy-out of CCDs on exercise of put-option by investors.
Integrated Fire Protection Pvt Ltd LT Bk Fac CARE BB+; 57.2 Reaffirmed
Stable
(reduced from 5.90 Crore)
Ishwar Cables Pvt Ltd LT Bk Fac CARE D 60
Revised from CARE BB-; Stable
Ishwar Metal Industries LT Bk Fac CARE D 320
Revised from CARE BB; Stable
Jaipur Vidyut Vitran Nigam Ltd LT Bond Issue^ CARE BBB+ 47764.4 Assigned
(CE); Stable
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee issued by Government of Rajasthan (GoR) for timely servicing of interest
and principal of the bond issue.
Jindal Infrastructure LT Bk Fac CARE C; Stable 110 -
Issuer Not Cooperating; Revised from CARE B; Stable; based on best available information.
Jsiw Infrastructure Pvt Ltd LT Bk Fac CARE A; Stable 750 Reaffirmed
Jsiw Infrastructure Pvt Ltd LT/ST Bk Fac CARE A; 5650 Reaffirmed
Stable/CARE A1
(enhanced from 415.00 Crore)
K S Infra Transmission Pvt Ltd LT Bk Fac CARE D 60
Revised from CARE B+; Stable
Karnimata Cold Storage Ltd LT Bk Fac - -
Reaffirmed at CARE B+; Stable and Withdrawn
Katihar Medical College LT Bk Fac CARE BB+; 220 -
Stable
Issuer Not Cooperating; Revised from CARE BBB+; Stable ; based on best available information.
Kcc Lateri Expressway Pvt Ltd LT Bk Fac CARE A-; 742.3 Reaffirmed
Stable
(Reduced from Rs. 79.94 Crore)
Kiran Modes LT/ ST Bk Fac - -
Reaffirmed at CARE BB; Stable/ CARE A4 and withdrawn
Maben Nidhi Ltd LT Bk Fac CARE BBB; 850 Reaffirmed
Stable
Magni Tech Speciality Cables Pvt Ltd LT Bk Fac - - Withdrawn
Magni Tech Speciality Cables Pvt Ltd LT Bk Fac CARE B; Stable 20
“Issuer not cooperating; Based on best available information”
Mayur Uniquoters Ltd LT Bk Fac CARE AA; 247.2 Reaffirmed
Stable
(reduced from Rs.45.32 Crore)
Mayur Uniquoters Ltd LT/ ST Bk Fac CARE AA; 700 Reaffirmed
Stable/CARE A1+
Navayuga Quazigund Expressway Pvt Ltd LT Bk Fac CARE BB+; 24350 Reaffirmed
Stable
Nimawat Education Society LT Bk Fac CARE BB-; 119 Reaffirmed
Stable
Panacea Biotec Ltd LT Bk Fac - - Withdrawn
Paramount Rice Pvt Ltd LT Bk Fac CARE BB+; 240.4 Reaffirmed
Stable
Paras Healthcare Pvt Ltd LT Bk Fac CARE BBB+; 3118.5
Stable
Revised from CARE A-; Stable ; (enhanced from Rs.303.59 Crore)
Paras Healthcare Pvt Ltd Long/ ST Bk Fac CARE BBB+; 180
Stable/CARE A2
Revised from CARE A-; Stable/ CARE A2+ ; (enhanced from Rs.6.00 Crore)
Perfect Aluminium Alloys LT Bk Fac CARE BB-; 147.7 Reaffirmed
Stable
Pilania Industries (India) Pvt Ltd LT Bk Fac CARE BB 110 -
Issuer Not Cooperating; Based on best available information
Piramal Enterprises Ltd NCDs CARE AA;Stable 1000 Reaffirmed
Piramal Enterprises Ltd LT Bk Fac-TL CARE AA;Stable 32000 Reaffirmed
(enhanced from 3075 Crore)
Piramal Enterprises Ltd Proposed NCDs CARE AA; Stable25000 Assigned
R L Kalthia Ship Breaking Pvt Ltd LT Bk Fac CARE BBB-; 130 Reaffirmed
Stable
(enhanced from Rs.3.00 Crore)
Rajasthan Delhi Education Society LT Bk Fac CARE BB-; 90
Stable
Revised from CARE B+; Stable; Issuer not cooperating and revoked from Issuer Non- Cooperating
Reena Tinaaz Pvt Ltd LT Bk Fac CARE D 1750
Revised from CARE B; Issuer Non-cooperating on the basis of best available information
Renew Wind Energy (Jath) Ltd LT Instrument – CARE AA+ (CE); 3800 Reaffirmed
NCD @ Negative
(reduced from 400 Crore); @backed by unconditional and irrevocable first loss partial guarantee
from India Infrastructure Finance Company Ltd (IIFCL, rated ‘CARE AAA; Stable’) to the extent of
(i) 26% of the outstanding principal amount until September 30, 2017 (ii) higher of 28% of the
principal amount or Rs.60 crore for the period commencing on October 1, 2017 until the final
redemption date, provided that the guaranteed amount shall not exceed 50% of the outstanding
principal amount at any time during guarantee term.
Rice Lake Weighing Systems India Ltd LT/ST Bk Fac CARE BBB; 200 Reaffirmed
Stable/CARE A3+
Sapthagiri Educational Trust LT Bk Fac CARE BBB+; 259.3 Reaffirmed
Stable
(reduced from 38.77 Crore)
Shalimar Paints Ltd LT Bk Fac CARE BB+; 1100 Reaffirmed
Positive
Shalimar Paints Ltd Long/ST Bk Fac CARE BB+; 207.5 Reaffirmed
Positive/CARE
A4+
Shree Tatyasaheb Kore Warana Sahakari LT Bk Fac CARE B+;Stable 2483.6 -
Sakhar Karkhana Ltd
Issuer not cooperating; Revised from CARE BB; Stable; On the basis of Best Available Information
Shree Tatyasaheb Kore Warana Sahakari LT/ST Bk Fac CARE B+; 4100 -
Sakhar Karkhana Ltd Stable/CARE A4
Issuer not cooperating; Revised from CARE BB; Stable/CARE A4; On the basis of Best Available
Information
Shrishti Alloys Pvt Ltd LT Bk Fac - - Withdrawn
South West Mining Ltd Proposed TL - - Withdrawn
South West Mining Ltd Proposed TL - - Withdrawn
Sri Shyam Jewellers LT Bk Fac CARE BB-; 50
Stable
Reaffirmed and revoked from Issuer Not Cooperating
Sufalam Infra Projects Ltd LT Bk Fac - -
Reaffirmed at CARE B; Outlook: Stable and withdrawn
Tekno Valves LT Bk Fac CARE BBB-; 125 Reaffirmed
Stable
Tekno Valves Long /ST Bk Fac CARE BBB-; 60 Reaffirmed
Stable/CARE A3
Vishnu Cars Pvt Ltd LT Bk Fac CARE BB+; 228 Reaffirmed
Stable
(reduced from Rs.23.03 Crore)
Welspun Flooring Ltd LT Bk Fac - TL CARE A-(CE); 8150 Reaffirmed
Stable
Welspun Flooring Ltd LT Bk Fac – CARE A-(CE); 500 Assigned
Working Capital Stable
Yes Bank Ltd Infrastructure CARE A; 50000
Bonds Negative
Revised from CARE A+ (Credit Watch with Developing implications) and Negative outlook assigned
Yes Bank Ltd Lower Tier II CARE A; 25306
Bonds Negative
Revised from CARE A+ (Credit Watch with Developing implications) and Negative outlook assigned
Yes Bank Ltd Tier II Bonds CARE A; 89000
(Basel III) Negative
Revised from CARE A+ (Credit Watch with Developing implications) and Negative outlook assigned
Yes Bank Ltd Upper Tier II CARE A-; 9041
Bonds@ Negative
Revised from ’CARE A (Credit Watch with Developing implications)’ and Negative outlook assigned
; @: 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
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 the rating compared with
conventional subordinated debt instruments.
Yes Bank Ltd Perpetual Bonds CARE A-; 820
(Basel II)@ Negative
Revised from ’CARE A (Credit Watch with Developing implications)’ and Negative outlook assigned
; @: 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
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 the rating compared with
conventional subordinated debt instruments.
Yes Bank Ltd Additional Tier I CARE BBB; 36000
Bonds (Basel III)# Negative
Revised from ’CARE BBB+ (Credit Watch with Developing implications)’ and Negative outlook
assigned ; #: 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: 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 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
. 3. 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.
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
Our Standards: The Thomson Reuters Trust Principles.