Home India CARE ratings for Indian debt instruments-Nov 14
CARE ratings for Indian debt instruments-Nov 14

CARE ratings for Indian debt instruments-Nov 14

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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Alpha Corp Development Pvt Ltd        Proposed LT        -              -       Withdrawn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
Anand Gupta Editor - EQ Int'l Media Network