October 3, 2016 / 6:01 AM / 10 months ago

CARE ratings for Indian debt instruments-Oct 3

Oct 3 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 30, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adani Gas Ltd.                        CP (CP) issue      CARE A1+       3000    Reaffirmed
Airtec Electrovision Pvt Ltd          ST Bk Fac          CARE A4        10      Assigned
Balaji Electrical And Hardware        ST Bk Fac          CARE A4        25      Assigned
Golden Hatcheries                     ST Bk Fac          CARE A3        25      Assigned

Indus Projects Pvt Ltd                ST Bk Fac          CARE A4+       240     Revised from
                                                                                CARE A4
Mayur Uniquoters Ltd                  ST Bk Fac          CARE A1+       530     Reaffirmed
National Bulk Handling Corporation    ST Bk Fac          CARE A1+       3735    Reaffirmed
Pvt Ltd
Sintex-Bapl Ltd                       ST Bk Fac          CARE A2+       70      Reaffirmed
Sita Shree Food Products Ltd          ST Bk Fac          CARE A4        -       Suspended
Universal Metal Co. Ltd               ST Bk Fac          CARE A4+       65      Assigned
Vanita Cold Storage                   ST Bk Fac          CARE A4        174.5   Reaffirmed

LONG TERM RATINGS:
-------------------
Aditya Auto Industries                LT Bk Fac          CARE BB-       88      Assigned
Airtec Electrovision Pvt Ltd          LT Bk Fac          CARE B+        80      Assigned
Asirvad Microfinance Pvt Ltd          Series A1 PTCs     CARE A- (SO)   587.2   Assigned
Asirvad Microfinance Pvt Ltd          Series A1 PTCs     CARE A- (SO)   479.1   Assigned
Asirvad Microfinance Pvt Ltd          Series A2 PTCs     CARE BB+ (SO)  54.4    Assigned
Asirvad Microfinance Pvt Ltd          Series A2 PTCs     CARE BBB (SO)  66.7    Assigned
Balaji Electrical And Hardware        LT Bk Fac          CARE B+        110     Assigned
Banco Aluminium Ltd                   LT Bk Fac          CARE A         27.7    Revised from
                                                                                CARE A-
[Reduced from 10 Cr]
Banco Aluminium Ltd                   LT / ST Bk Fac     CARE A/CARE A1 250     Revised from
                                                                                CARE A- /
                                                                                CARE A1
Cavendish Industries Ltd              LT Bk Fac          CARE A- (SO)   17900   Assigned
Cavendish Industries Ltd              LT / ST Bk Fac     CARE A- (SO)   4000    Assigned
                                                         /CARE A2+ (SO)
Divya Shree Industries                LT Bk Fac          CARE B+        71.2    Assigned
Globus Steel And Power Pvt Ltd        LT Loan            CARE BBB       1240    Assigned
Golden Hatcheries                     LT Bk Fac          CARE BBB-      421.5   Assigned
Indiabulls Real Estate Ltd            NCD issue ^        CARE AA (SO)   190
^The above rating is based on the credit enhancement in the form of Debt Service Reserve Account
(DSRA) equivalent to at least 25.50% of the outstanding amount of the NCDs to be maintained in
the form of "AAA" rated bonds/"AAA" rated Bank's Fixed deposits till the tenure of the bonds,
liened to the Trustees of the NCD issue.

Indiabulls Real Estate Ltd            NCD issue ^        CARE AA (SO)   250
^The above rating is based on the credit enhancement in the form of Debt Service Reserve Account
(DSRA) equivalent to at least 25.50% of the outstanding amount of the NCDs to be maintained in
the form of "AAA" rated bonds/"AAA" rated Bank's Fixed deposits till the tenure of the bonds,
liened to the Trustees of the NCD issue.

Indus Projects Pvt Ltd                LT Bk Fac          CARE BB+       35      Revised from
                                                                                CARE BB
Janani Exports                        LT Bk Fac          CARE BB+       150     Revised from
                                                                                CARE BB
Mayur Uniquoters Ltd                  LT Bk Fac          CARE AA        291.9   Revised from
                                                                                CARE AA-
Mayur Uniquoters Ltd                  LT / ST Bk Fac     CARE AA/CARE   550     Revised from
                                                         A1+                    CARE AA-/
                                                                                CARE A1+
National Bulk Handling Corporation    LT Bk Fac          CARE A+        975     Reaffirmed
Pvt Ltd
National Bulk Handling Corporation    LT / ST Bk Fac     CARE A+ /CARE  4430    Reaffirmed
Pvt Ltd                                                  A1+
(enhanced from 139 Cr)
Oriental Bank Of Commerce             Tier I Bonds       CARE A+        10000   Reaffirmed
                                      (Basel III)
(enhanced from 500 Cr)
Pilot Industries Ltd                  Bk Fac             -              -       Suspended
Sintex-Bapl Ltd                       LT Bk Fac          CARE A         1862.9  Revised from
                                                                                CARE A-
Sita Shree Food Products Ltd          LT Bk Fac          CARE BB        -       Suspended
Unison Metals Ltd                     LT Bk Fac          CARE BB        190.7   Revised from
                                                                                CARE BB-
(enhanced from 16.50 Cr)
Universal Metal Co. Ltd               LT Bk Fac          CARE BB        95.1    Assigned
--------------------------------------------------------------------------------------------
$: 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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