0
0
Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 13, 2019.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------- ---------- ------ ------- ---------
SHORT TERM RATINGS:
-------------------
Anupam Creation Pvt Ltd ST Bk Fac CARE A4 10
(Issuer Not Cooperating)
Gopal Glass Works Ltd ST BkFac CARE A2+ 78 Reaffirmed
Ibis Smart Marble Pvt Ltd ST Bk Fac CARE D 50 Revised from
CARE A4
Infinity Fincorp Solutions Pvt Ltd CP CARE A2+ 500 Reaffirmed
New Poddar Tractor Company ST Bk Fac CARE A4 16.5 Reaffirmed
Paras Bhavani Steel Pvt Ltd ST Bk Fac CARE A4 220 Reaffirmed
Universal Fertiliser Corporation ST Bk Fac CARE A4 10 Assigned
Vaibhav Global Ltd ST Bk Fac CARE A2+ 50 Reaffirmed
Varidhi Cotspin Pvt Ltd STBk Fac CARE A4; 35
(Issuer Not Cooperating)
Veerabhadra Exports Pvt Ltd ST Bk Fac CARE A3 40 Revised from
CARE A4
Vision Diagnostic India Pvt Ltd ST Bk Fac CARE A4+ 20 Reaffirmed
LONG TERM RATINGS:
-------------------
A S Iyer Constructions Pvt Ltd LT BkFac CARE BB; 30 Assigned
Stable
A S Iyer Constructions Pvt Ltd Long/ST BkFac CARE BB; 50 Assigned
Stable/CARE A4
Alpha Corp Development Pvt Ltd Proposed LT - - Withdrawn
Instruments- NCDs
(NCDs)
Anupam Creation Pvt Ltd LT Bk Fac CARE BB-; 487.2
Stable
(Issuer Not Cooperating)
Atria Solar Power (Ryapte) Pvt Ltd LT Bk Fac CARE 855.6 Reaffirmed
BBB-;Negative
(reduced from Rs. 88.81 Crore)
Container Corporation Of India Ltd Issuer Rating* CARE AAA (Is); - Reaffirmed
Stable
*The rating is subject to the company maintaining overall gearing not exceeding 0.05x (expected
level as on March 31,2020).
Container Corporation Of India Ltd LT Bk Fac – Non CARE AAA; 4620 Reaffirmed
fund based Stable
Ganpati Mega Builders (India) Pvt Ltd Long- term BkFac CARE BB-; 60 Reaffirmed
Stable
Ganpati Mega Builders (India) Pvt Ltd Long/ Short- term CARE BB-; 90 Reaffirmed
BkFac Stable/CARE A4
Gopal Glass Works Ltd LT Bk Fac CARE A-; 50 Reaffirmed
Stable
Growing Opportunity Finance (India) PvLT Bk Fac CARE BBB-; 2000 Reaffirmed
Ltd Stable
Gsr And Kkr Educational Society LT Bk Fac CARE BB-; 137.3 Assigned
Stable
Hariyana International Pvt Ltd LT/ST Bk Fac - - Reaffirmed
and Withdrawn
Hariyana Ship Breakers Ltd LT/ST Bk Fac - - Reaffirmed
and Withdrawn
Hariyana Ship Demolition Pvt Ltd LT/ST Bk Fac - - Reaffirmed
and Withdrawn
Ibis Smart Marble Pvt Ltd LT Bk Fac CARE D 787.4 Revised from
CARE BB-;
Stable
Inducto Steels Ltd LT/ST Bk Fac - - Reaffirmed
and Withdrawn
Infinity Fincorp Solutions Pvt Ltd Bk Fac CARE A-; 3000 Reaffirmed
Stable/CARE A2+
New Poddar Tractor Company LT Bk Fac CARE BB-; 40 Reaffirmed
Stable
Origo Finance Pvt Ltd LT Bk Fac CARE BBB-; 500 Re-affirmed
Stable
Paras Bhavani Steel Pvt Ltd LT Bk Fac CARE C 502.4 Revised from
CARE BB;
Stable
Patel Infrastructure Ltd LT BkFac CARE A-; 3000 Revised from
Negative CARE A;
Negative
Patel Infrastructure Ltd Long/STBk Fac CARE A-; 12000 Revised from
Negative/CARE CARE
A2+ A;Negative/CARE
A1
Rai Bahadur Narain Singh Sugar Mills LLT Bk Fac CARE BB+; 2800 Reaffirmed
Positive
(enhanced from Rs. 200.00 Crore)/ Outlook revised from Stable to Positive
Rishab Cotspin Pvt Ltd LT Bk Fac CARE B+; 117.5 Assigned
Stable
Suryapet Khammam Road Pvt Ltd LT Bk Fac * ProvCARE A-; 7048.4 Assigned
Stable
*the above rating is provisional and shall be confirmed once company furnishes evidence
supporting receipt of ppointed date, fulfilment of pre-disbursement conditions (as mentioned in
annexure-III), sponsor support ndertakings/agreement and other documents to the satisfaction of
CARE Ratings Limited and confirms the final epayment schedule of the loan.
Universal Fertiliser Corporation LT Bk Fac CARE BB-; 72.5 Assigned
Stable
Vaibhav Global Ltd LT / ST Bk Fac CARE A-; 1390 Reaffirmed
Positive/CARE
A2+
Varidhi Cotspin Pvt Ltd LT BkFac CARE B+; 485 Revised from
Stable CARE BB;
Stable
(Issuer Not Cooperating)
Varidhi Cotspin Pvt Ltd LT/STBk Fac CARE B+; 75 Revised from
Stable /CARE CARE BB;
A4; Stable/ CARE A4
(Issuer Not Cooperating)
Veerabhadra Exports Pvt Ltd LT Bk Fac CARE BBB- 84.6 Revised from
Stable CARE BB+;
Stable
(reduced from 15.13 Crore)
Veerabhadra Exports Pvt Ltd LT/ ST BkFac CARE BBB-; 580 Revised from
Stable/CARE A3 CARE BB+;
Stable/CARE A4
(enhanced from 56.00 Crore)
Vision Diagnostic India Pvt Ltd LT Bk Fac CARE BB; Stable80 Reaffirmed
Yes Bank Ltd Upper Tier II CARE A 9041 Revised from
Bonds@ CARE A+;
Negative
(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 lock-inclause, 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 Revised from
(Basel II)@ CARE A+;
Negative
(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 lock-inclause, 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 A+ 50000 Revised from
Bonds CARE AA-;
Negative
(Credit Watch with developing Implications)
Yes Bank Ltd Lower Tier II BondsCARE A+ 25306 Revised from
CARE AA-;
Negative
(Credit Watch with developing Implications)
Yes Bank Ltd Tier II Bonds CARE A+ 89000 Revised from
(Basel III) CARE AA-;
Negative
(Credit Watch with developing Implications)
Yes Bank Ltd Additional Tier I CARE BBB+ 36000 Revised from
Bonds (Basel III)# CARE A-;
Negative
(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 .
• 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.
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.
--------------------------------------------------------------------------------------------
$: 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)
Source: reuters
