October 15, 2015 / 5:58 AM / 2 years ago

CARE ratings for Indian debt instruments-Oct 15

Oct 15 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 14, 2015.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arvind Goodhill Suit Manufacturing    ST Bk Fac          CARE A3+       20      Reaffirmed
Pvt Ltd
Arvind Lifestyle Brands Ltd           ST Bk Fac          CARE A1+ (SO)  2251.2  Reaffirmed
Arvind Lifestyle Brands Ltd           CP issue (Carved   CARE A1+ (SO)  150     Reaffirmed
                                      Out)
Arvind Lifestyle Brands Ltd           CP issue           CARE A1+ (SO)  1000    Reaffirmed
                                      (Standalone) @
(@ Arvind Lifestyle Brands Limited (ALBL) has given an undertaking to keep the sanctioned
fund-based working capital limits unutilized to the extent of Commercial Paper (CP) issue. The
Bank limits to the extent of Rs.100 crore will be kept unutilized throughout the tenure of the
instrument.
Arvind Ltd                            ST Bk Fac          CARE A1+       4760.1  Reaffirmed
Arvind Ltd                            CP issue (Carved   CARE A1+       3000    Reaffirmed
                                      Out)
Arvind Ltd                            CP issue           CARE A1+       4000    Reaffirmed
                                      (Standalone) @
(@ Arvind Limited has given an undertaking to keep the sanctioned fund-based working capital
limits unutilized to the extent of the CP issue of Rs.400 crore. Arvind Limited confirms that
total of utilisation of fund-based working capital limits and outstanding of CP issued at any
point of time will not exceed the sanctioned fund-based working limits
Arvind OG Nonwovens Pvt Ltd           ST Bk Fac          CARE A3+       100     Reaffirmed
[Enhanced from Rs.3.30 crore]
Arvind PD Composites Pvt Ltd          ST Bk Fac          CARE A3        47.5    Reaffirmed
[Enhanced from Rs.3.53 crore]
Bhavani Erectors Pvt Ltd              ST Bk Fac          CARE A4        380     Reaffirmed
[Enhanced from Rs.21 crore]
Gujarat Alkalies And Chemicals Ltd    ST Bk Fac          CARE A1+       450     Reaffirmed
Gujarat Alkalies And Chemicals Ltd    CP Issue           CARE A1+       1000    Reaffirmed
Indostar Capital Finance Ltd          CP                 CARE A1+       7500    Reaffirmed
(enhanced from Rs.500 crore)
Jai Multi Engineering Company         ST Facility        CARE A4        10      Assigned
Maithan Alloys Ltd                    ST Bk Fac          CARE A1+       2270    Revised from
                                                                                CARE A1
Pix Transmissions Ltd.                ST Bk Fac          CARE A3        788.9   Reaffirmed
Rana Engineering Co.                  ST Bk Fac          CARE A4        32.5    Reaffirmed
Redstone Granito Pvt. Ltd.            ST Bk Fac          CARE A4+       60      Revised from
                                                                                CARE A4
Remi Process Plant And Machineryltd   ST Bk Fac          CARE A2        80      Reaffirmed
Remi Sales And Engineering Ltd        ST Bk Fac          CARE A3        16.5    Reaffirmed
Shree Ram Proteins Pvt Ltd            ST Bk Fac          CARE A4        1       Reaffirmed
[reduced from Rs.0.50 Cr]
Sunder Impex Pvt Ltd                  ST Bk Fac          CARE A4        108.5   Reaffirmed
Tamil Nadu Newsprint And Papers Ltd   ST Bk Fac (LC/BG)  CARE A1        3250    Reaffirmed
Tata Services Ltd                     ST Bk Fac          CARE A1+       80      Reaffirmed
Writers And Publishers Pvt Ltd        ST Bk Fac -        CARE A3        350     Assigned
                                      Working Capital
                                      Limit

LONG TERM RATINGS:
-------------------
Arvind Goodhill Suit Manufacturing    LT Bk Fac          CARE BBB       250     Reaffirmed
Pvt Ltd
Arvind Goodhill Suit Manufacturing    LT/ST Bk Fac       CARE BBB /CARE 30      Reaffirmed
Pvt Ltd                                                  A3+
Arvind Lifestyle Brands Ltd           LT Bk Fac          CARE A+ (SO)   4840.4  Reaffirmed
Arvind Lifestyle Brands Ltd           NCD (NCD) issue    CARE A+ (SO)   750     Reaffirmed
Arvind Ltd                            LT Bk Fac          CARE A+        18165.9 Reaffirmed
[enhanced by Rs.146.84 crore]
Arvind Ltd                            LT / ST Bk Fac     CARE A+ /CARE  12292.1 Reaffirmed
                                                         A1+
Arvind OG Nonwovens Pvt Ltd           LT Bk Fac          CARE BBB       375     Reaffirmed
[Enhanced from Rs.29.00 crore]
Arvind Pd Composites Pvt Ltd          LT Bk Fac          CARE BBB-      167.2   Reaffirmed
[Enhanced from Rs.16.12 crore]
Bharat Foods Cooperative Ltd          Bk Fac             -              -       Suspended
Bhavani Erectors Pvt Ltd              LT Bk Fac          CARE B+        100     Reaffirmed
Flexituff International Ltd           Bk Fac             -              -       Suspended
GMR Bajoli Holi Hydro Power Pvt Ltd   LT Bk Fac - TL     CARE BBB-      13800   Reaffirmed
GMR Bajoli Holi Hydro Power Pvt Ltd   LT Bk Fac - Non    CARE BBB-      250     Reaffirmed
                                      Fund Based
GRG Cotspin Pvt Ltd                   LT Bk Fac          CARE BBB       1676.5  Assigned
Gujarat Alkalies And Chemicals Ltd    LT Bk Fac          CARE AA+       4814.3  Reaffirmed
(enhanced from Rs.345.69 crore)
Indianoil Lng Pvt Ltd                 Proposed           CARE AAA (SO)  3265    Provisional
                                      Compulsorily
                                      Convertible Debentures *
* The above rating is based on the credit enhancement in the form of irrevocable & unconditional
undertaking from Indian
Oil Corporation Ltd for (a) funding the Service Account with amount of interest due on/before
due date and (b) buy-out of
the CCDs on exercise of put-option by investor.
Jai Multi Engineering Company         LT Bk Fac          CARE BB-       55.4    Assigned
Khushiya Industries Pvt Ltd           LT Bk Fac          CARE B+        228.7   Reaffirmed
[Enhanced from Rs.13 crore]
Madhav Textiles                       LT/ST Bk Fac       CARE BB/CARE A470      Reaffirmed
Madhupriya Fashions Pvt Ltd           LT Bk Fac          CARE B+        115     Assigned
Maithan Alloys Ltd                    LT Bk Fac          CARE A+        550     Reaffirmed
Pix Transmissions Ltd.                LT Bk Fac          CARE BBB-      580.9   Reaffirmed
Pooniawines (Rewari)                  LT Bk Fac          CARE BB-       150     Assigned
Quippo Energy Ltd                     LT Bk Fac          CARE A- (SO)   44.5    Revised from
                                      (Facility 2)*                             CARE A (SO)
*backed by letter of comfort from SIFL
Quippo Energy Ltd                     LT / ST Bk Fac     CARE A-        100     Revised from
                                      (Facility 3)*      (SO)/CARE A2+          CARE
                                                         (SO)                   A(SO)/CARE A1
(SO)
*backed by letter of comfort from SIFL
Quippo Energy Ltd                     LT Bk Fac          CARE A+ (SO)   475     Revised from
                                      (Facility 1)#                             CARE AA- (SO)
#backed by put option from Srei Infrastructure Finance Ltd.
Quippo Oil & Gas Infrastructure Ltd.  LT Bk Fac*         CARE A+(SO)    200     Revised from
                                                                                CARE AA- (SO)
*backed by credit enhancement in the form of unconditional and irrevocable guarantee of Srei
Infrastructure Finance Ltd(SIFL).
Quippo Oil & Gas Infrastructure Ltd.  LT Bk Fac*         CARE A+(SO)    400     Revised from
                                                                                CARE AA- (SO)
*backed by credit enhancement in the form of unconditional and irrevocable guarantee of Srei
Infrastructure Finance Ltd(SIFL).
Quippo Oil & Gas Infrastructure Ltd.  LT Bk Fac#         CARE A+(SO)    300     Revised from
                                                                                CARE AA- (SO)
#based on credit enhancement in the form of Put option of SIFL.
Rahul Pam Pvt Ltd                     LT Bk Fac          CARE BB-       130     Assigned
Rana Engineering Co.                  LT Bk Fac          CARE BB        60      Reaffirmed
Redstone Granito Pvt. Ltd.            LT Bk Fac          CARE BB        399.2   Revised from
                                                                                CARE B+
[Reduced from Rs.44.55 crore]
Reliance Capital Asset Management     Reliance Capital   -              -       Withdrawn
Company Ltd                           Protection
                                      Oriented Fund - Plan A
Reliance Capital Asset Management     Reliance Capital   -              -       Withdrawn
Company Ltd                           Protection
                                      Oriented Fund - Plan B
Reliance Capital Asset Management     Reliance Capital   -              -       Withdrawn
Company Ltd                           Protection
                                      Oriented Fund - Plan C
Reliance Capital Asset Management     Reliance Capital   -              -       Withdrawn
Company Ltd                           Protection
                                      Oriented Fund - Plan D
Reliance Capital Asset Management     Reliance Capital   -              -       Withdrawn
Company Ltd                           Protection
                                      Oriented Fund - Plan E
Reliance Capital Asset Management     Reliance Capital   -              -       Withdrawn
Company Ltd                           Protection
                                      Oriented Fund - Plan F
Remi Process Plant And Machineryltd   LT Bk Fac          CARE BBB       50      Reaffirmed
Remi Sales And Engineering Ltd        LT Bk Fac          CARE BBB-      67.5    Reaffirmed
Sahaj E-Village Ltd                   LT Bk Fac          CARE A- (SO)   100     Revised from
                                      (Facility 2)#                             CARE A (SO)
# backed by 'letter of comfort' from SIFL 
Sahaj E-Village Ltd                   LT Bk Fac          CARE A-        38      Revised from
                                      (Facility 3)#      (SO)/CARE A2+          CARE A
                                                         (SO)                  (SO)/CARE A1 SO)
# backed by 'letter of comfort' from SIFL 
Sahaj E-Village Ltd                   LT Bk Fac          CARE A+ (SO)   450     Revised from
                                      (Facility 1)*                             CARE AA- (SO)
* backed by put option from Srei Infrastructure Finance Ltd. (SIFL)
Sea Lord Containers Ltd.              Bk Facility        -              -       Withdrawn
Shree Ram Proteins Pvt Ltd            LT Bk Fac          CARE BB-       312.5   Reaffirmed
[enhanced from Rs.27.35 Cr]
Solace Healthcare Pvt Ltd             Bk Facility        -              -       Suspended
Sunder Impex Pvt Ltd                  LT Bk Fac          CARE B+        20      Reaffirmed
Talwar Mobiles Pvt Ltd                LT Bk Fac          CARE BB        250     Assigned
Tamil Nadu Newsprint And Papers Ltd   LT Bk Fac (TL)     CARE A+        19101.5 Reaffirmed
Tamil Nadu Newsprint And Papers Ltd   Long /ST Bk Fac    CARE A+ /CARE  3500    Reaffirmed
                                      (CC/PC/Bill        A1
                                      Discounting)
Tommy Hilfiger Arvind Fashion Pvt Ltd LT Bk Fac          CARE A+(SO)    450     Reaffirmed
Videocon D2H Ltd                      LT Bk Fac- TL@     CARE A (SO)    8200    Reaffirmed
(reduced from 1,151.33 Cr)
@ Term loans amounting to Rs.820 crore (outstanding as on July 1, 2015) and working capital
facilities aggregating Rs.85 crore are backed by an unconditional and irrevocable corporate
guarantee extended by Videocon Industries Limited (VIL; rated CARE A/ CARE A1)
Videocon D2H Ltd                      LT Bk Fac@         CARE A (SO)    850     Reaffirmed
Videocon D2H Ltd                      LT Bk Fac- TL      CARE BBB+      17608.3 Revised from
                                                                                CARE A-
--------------------------------------------------------------------------------------------
$: 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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below