October 20, 2015 / 5:28 AM / 2 years ago

CARE ratings for Indian debt instruments-Oct 20

Oct 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 19, 2015.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Advanta Ltd                           ST Bk              CARE A2+       700     Revised from
                                      Fac (Non-fund                             CARE A2
                                      based)
Advanta Ltd                           ST Bk Fac (Fund    CARE A2+       400     Revised from
                                      based)                                    CARE A2
Emcee Engineering Works               ST Bk Fac          CARE A4        60      Reaffirmed
Garg & Company                        ST Bk Fac          CARE A4        63      Assigned
Kamakshi Jute Industries Ltd          ST Bk Fac          CARE A4        10      Assigned
Kec International Ltd                 ST Bk Fac          CARE A1        93500   Reaffirmed
Kolkata Marine Products Pvt. Ltd      ST Bk Fac          CARE A4        95      Assigned
Maa Tarini Industries Ltd             ST Bk Fac          CARE D         5       Revised from
                                                                                CARE A4
Surya Global Steel Tubes Ltd          ST Bk Fac          CARE A3+       2130    Revised from
                                                                                CARE A3

LONG TERM RATINGS:
-------------------
Advanta Ltd                           LT Bk Fac          -              -       Withdrawal
                                      (Term loan)
Advanta Ltd                           LT Bk Fac          CARE A-        375     Revised from
                                      (Fund based)                              CARE BBB+
Bengal And Assam Co. Ltd              LT Bk Fac          CARE A         1325    Reaffirmed
[enhanced from Rs. 75 crore]
Bhilwara Jaipur Toll Road Pvt Ltd     LT Bk Fac*         CARE A-(SO)    2627.9  Reaffirmed
* backed by unconditional and irrevocable corporate guarantee from Om Metals Infraprojects Ltd
(OMIL)
Credila Financial Services Pvt Ltd    Subordinate Debt   CARE AA+       1000    Assigned
Express Infrastructure Pvt Ltd        LT Bk Fac          CARE AA-       2262.6  Revised from
                                                                                CARE A+
Kec International Ltd                 LT Bk Fac (TL)     CARE A+        1804.4  Reaffirmed
Kec International Ltd                 LT Bk Fac (Fund    CARE A+        13000   Reaffirmed
                                      Based)
Kec International Ltd                 NCD issue          CARE A+        750     Reaffirmed
Konkan Railway Corporation Ltd        CP                 -              -       Withdrawal
Konkan Railway Corporation Ltd        Proposed NCD/Bond  CARE AA+       2500    Reaffirmed
                                      Issue/Term Loan
Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA(SO)   3100    Reaffirmed
                                      14B
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)
Panache Exports Pvt Ltd               Bk Fac             -              -       Suspended
Sakrat Texfab Pvt Ltd                 Bk Fac             -              -       Suspended
Surya Global Steel Tubes Ltd          LT Bk Fac *        CARE A-(SO)    165.6   Reaffirmed
[Reduced from 34.99 CR] * Backed by unconditional and irrevocable corporate guarantee from Surya
Roshni Ltd (rated CARE A-/CARE A2+ ).
Uco Bank                              Lower Tier II      -              -       Withdrawal
                                      Bonds (Series VI &
                                      Series VII)
Uco Bank                              Upper Tier II      CARE AA        6200    Reaffirmed
                                      Bonds (Series I &
                                      III)
Uco Bank                              Perpetual          CARE AA        1500    Reaffirmed
                                      Bonds (Series I)
Uco Bank                              Lower Tier II      CARE AA+       3750    Reaffirmed
                                      Bonds (Series IX &
                                      Series X)
Uco Bank                              Proposed           CARE AA+       15000   Reaffirmed
                                      Infrastructure
                                      Bonds
United Bank Of India                  Lower Tier II      -              -       Withdrawal
                                      Bonds (Series II)
United Bank Of India                  Upper Tier II      CARE A-        5750    Reaffirmed
                                      Bonds (Series I)
United Bank Of India                  Perpetual Bonds    CARE A-        3000    Reaffirmed
                                      (Series I)
United Bank Of India                  Lower Tier II      CARE A+        8500    Reaffirmed
                                      Bonds (Series III
                                      to Series VII-tranche1)
United Bank Of India                  Proposed Tier II   CARE A+        3000    Reaffirmed
                                      Bonds (Series
                                      VII-tranche2)
Universal Freight Management India PvtBk Fac             -              -       Suspended
Ltd                                   Redeemable Bonds*  CARE AAA(SO)   17      Reaffirmed
                                      15B
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)
Konkan Railway Corporation Ltd        Redeemable         CARE AAA(SO)   1700    Reaffirmed
                                      Bonds*16I
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)
                                      Redeemable Bonds*IICARE AAA(SO)   1200    Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)
Konkan Railway Corporation Ltd        Redeemable Bonds*IVCARE AAA(SO)   5000    Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)
Emcee Engineering Works               LT Bk Fac          CARE B         190.3   Reaffirmed
Garg & Company                        LT Bk Fac          CARE B+        37      Assigned
Acecons Mining & Logistics Pvt Ltd    LT Bk Fac          CARE B+        61.1    Assigned
Kamakshi Jute Industries Ltd          LT Bk Fac          CARE BB        163     Assigned
Dushmanta Giri                        LT Bk Fac          CARE BB        65      Assigned
Kolkata Marine Products Pvt. Ltd      LT Bk Fac          CARE BB-       5       Assigned
Surya Global Steel Tubes Ltd          LT Bk Fac          CARE BBB+      2397.1  Revised from
                                                                                CARE BBB
[Reduced from 303.44 CR]
Maa Tarini Industries Ltd             LT Bk Fac          CARE D         113.9   Revised from
                                                                                CARE BB-
--------------------------------------------------------------------------------------------
$: 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)

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