October 4, 2016 / 5:46 AM / 10 months ago

CARE ratings for Indian debt instruments-Oct 4

11 Min Read

Oct 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 3, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bluestar Cottspin Pvt Ltd             ST Bk Fac          CARE A4        10      Reaffirmed
Cmi Ltd                               ST Bk Fac          CARE A3        950     Reaffirmed
                                                                                and Removed
                                                                                from Credit
Watch

Future Enterprises Ltd                ST Bk Fac (Non     CARE A1+       4520    Reaffirmed
                                      Fund based)
Future Retail Ltd                     CP                 CARE A1+       2000    Assigned
H.Q. Lamps Manufacturing Company Pvt Ltd ST Bk Fac       CARE A4        350     Assigned
Intec Capital Ltd                     CP (CP)            CARE A1+ (SO) #100     Reaffirmed
# The rating is based on the credit enhancement in the form of unconditional and 
irrevocable stand by letter of credit (SBLC) from Central Bank 
of India rated CARE AA- (Lower Tier II Bonds)

Intec Capital Ltd                     CP (CP)            CARE A1+ (SO) *100     Reaffirmed
* The rating is based on the credit enhancement in the form of unconditional and 
irrevocable stand by letter of credit (SBLC) from Bank of 
Maharashtra rated CARE AA (Lower Tier II Bonds)

Jsw Steel Ltd                         ST Bk Fac          CARE A1+       127370  Assigned
Jsw Steel Ltd                         CP (CP) issue      CARE A1+       50000   Assigned
                                      (standalone)*
* JSWSL shall ensure that the aggregate utilisation of fund based and non-fund based
 limits from working capital consortium lenders plus the outstanding Commercial
 Papers shall not exceed the total sanctioned and available limits by the working
 capital consortium banks at all times when Commercial Papers are outstanding

Leiner Shoes Pvt Ltd                  ST Bk Fac          CARE A1        27      Reaffirmed
Rocks Forever                         ST Bk Fac          CARE A4        47.5    Assigned
Sbee Cables India Ltd                 ST Bk Fac          CARE A3        80      Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Chd Developers Ltd                    Fixed Deposit      CARE BBB (FD)  381.5   Reaffirmed
                                      Programme

LONG TERM RATINGS:
-------------------
Ambarnath Municipal Council           Issuer Rating      CARE A (Is)            Withdrawn
Arl Infratech Ltd                     LT Bk Fac          CARE A-        250     Reaffirmed
Arl Infratech Ltd                     Long/ST Bk Fac     CARE A- /CARE  100     Reaffirmed
                                                         A2+
Axiom Propack Pvt Ltd                 LT Bk Fac          CARE BB-       467.4   Reaffirmed
Bharat Financial Inclusion Ltd        Series A PTCs      Provisional            Assigned
                                                         CARE AA (SO)
Bluestar Cottspin Pvt Ltd             LT Bk Fac          CARE B         158.9   Reaffirmed
Brijlal Hospital And Research Centre  LT Bk Fac          CARE BB        149.8   Assigned
Pvt Ltd
Chd Developers Ltd                    LT Bk Fac          CARE BBB       1285.7  Reaffirmed
Cmi Ltd                               LT Bk Fac          CARE BBB       550     Revised from
                                                                                CARE BBB-
Couple International Pvt Ltd          LT Bk Fac          CARE BB-       90      Assigned
Disha Microfin Pvt Ltd                LT Bk Fac          CARE BBB+      2000    Reaffirmed
Future Enterprises Ltd                LT Bk Fac (TL)     CARE AA-       9610.6  Reaffirmed
Future Enterprises Ltd                LT Bk Fac (TL)     CARE AA-       5576.6  Reaffirmed
Future Enterprises Ltd                LT Bk Fac (Fund    CARE AA-       3750    Reaffirmed
                                      Based)
Future Enterprises Ltd                LT NCDs            CARE AA-       9000    Reaffirmed
Future Enterprises Ltd                LT NCDsIII         CARE AA-       5550    Reaffirmed
Future Enterprises Ltd                LT NCDs - VI       CARE AA-       6000    Reaffirmed
Future Enterprises Ltd                LT NCDs            CARE AA-       6000    Reaffirmed
Future Enterprises Ltd                LT NCDs            CARE AA-       13475   Reaffirmed
Future Enterprises Ltd                LT NCDs            CARE AA-       9500    Assigned
Gosree Finance Ltd                    LT Bk Fac          CARE BB+       300     Assigned
Gosree Finance Ltd                    Proposed NCD       CARE BB+       50      Assigned
Gulam Mustafa Enterprises Pvt. Ltd    NCD                CARE BB (SO)   3550    Reaffirmed
Gulam Mustafa Enterprises Pvt. Ltd    Proposed NCD Issue Provisional    230     Assigned
                                      @                  CARE BB (SO)
@ The rating is provisional and will be confirmed upon the implementation 
of the NCD structuring in line with the indicative terms and conditions submitted to CARE

H.Q. Lamps Manufacturing Company Pvt LLT Bk Fac          CARE BB        300     Assigned
Intec Capital Ltd                     LT Bk Fac          CARE BBB-      6038.1  Revised from
                                                                                CARE BBB
Intec Capital Ltd                     NCDs (NCDs)        CARE BBB-      300     Revised from
                                                                                CARE BBB
Jagat Agro Commodities Pvt Ltd        Bk Fac                                    Suspended
Jsw Steel Ltd                         Proposed NCD (NCD) CARE AA-       20000   Assigned
                                      issue
Jsw Steel Ltd                         LT Bk Fac          CARE AA-       232421.2Assigned
Jsw Steel Ltd                         Various NCD (NCD)  CARE AA-       93571.6 Assigned
                                      issue
Jsw Steel Ltd                         LT/ST Bk Fac       CARE AA- /CARE 72531.6 Assigned
                                                         A1+
Leiner Shoes Pvt Ltd                  LT Bk Fac          CARE A         180     Reaffirmed
Muralidhar Agro Food Pvt Ltd          LT Bk Fac          CARE B+        70      Assigned
Nsp Infrastructure Pvt Ltd            LT Bk Fac          CARE BB-       1120    Assigned
Nsp Infrastructure Pvt Ltd            LT /ST Bk Fac      CARE BB-/CARE  40      Assigned
                                                         A4
Pawar Electro Systems Pvt Ltd         LT Bk Fac          CARE D         498.9   Revised from
                                                                                CARE BBB+
Pawar Electro Systems Pvt Ltd         ST Bk Fac          CARE D         555     Revised from
                                                                                CARE A3+
Rocks Forever                         LT Bk Fac          CARE BB-       102.5   Assigned
Saraswati Exim Pvt Ltd                LT Bk Fac          CARE BB        80      Assigned
Sbee Cables India Ltd                 LT Bk Fac          CARE BBB-      150     Reaffirmed
Sintex Infra Projects Ltd             LT Bk Fac          CARE A         2185.4  Reaffirmed
Sintex Infra Projects Ltd             Long/ST Bk Fac     CARE A /CARE A15100    Reaffirmed
Sri Veer Anjanaya Agro Foods          LT Bk Fac          CARE B+        70      Assigned
Taurus Commercials Pvt Ltd            LT Bk Fac          CARE B+        29.6    Assigned
Taurus Commercials Pvt Ltd            Lomg-term/ST Bk FacCARE B+/CARE A465      Assigned
Vidya Mandir                          LT Bk Fac          CARE BBB-      61.6    Reaffirmed
Welfare Organization                  LT Bk Fac          CARE BB-       150     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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