October 7, 2016 / 6:41 AM / 10 months ago

CARE ratings for Indian debt instruments-Oct 7

Oct 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 6, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Apl Apollo Tubes Ltd                  ST Bk Fac          CARE A1+       10      Revised from
                                                                                CARE A1
Arion Healthcare                      ST Bk Fac          CARE A4+       20      Assigned
Everest Kanto Cylinder Ltd            ST non-fund based  CARE A4        449.2   Reaffirmed
                                      Bk Fac
Kamdar & Associates                   ST Bk Fac          CARE A3        816     Reaffirmed
Karam Chand Thapar & Bros.            ST Bk Fac          CARE A1+       400     Reaffirmed
(Coal Sales)Ltd.
Kriti Industries (India) Ltd          ST Bk Fac          CARE A2        30      Revised from
                                                                                CARE A3+
National Engineering Industries Ltd   ST Bk Fac          CARE A1+       660     Reaffirmed
National Engineering Industries Ltd   CP                 CARE A1+       180     Reaffirmed
Panchvati Ship Breakers               ST Bk Fac          CARE A3        806     Reaffirmed
Sagar Laxmi Ship Breakers             ST Bk Fac          CARE A3        816     Reaffirmed
Shree Rajasthan Syntex Ltd            ST Bk Fac          CARE A4        427.2   Reaffirmed
Shyam Steel Industries Ltd            ST Bk Fac          CARE A2        611.6   Revised from
                                                                                CARE CARE A3+
(enhanced from 31.16 Cr)
Smc Power Generation Ltd              ST Bk Fac          CARE A4+       275     Revised from
                                                                                CARE A4
(Enhanced from Rs.15.00 crore)
South Asia Lpg Company Pvt Ltd        ST Bk Fac          CARE A1+       40      Reaffirmed
Youth Welfare Association             ST Bk Fac          CARE D         7.6     Revised from
                                                                                CARE A4

MEDIUM TERM RATINGS:
-------------------
Shree Rajasthan Syntex Ltd            Fixed Deposit      CARE BB- (FD)  17.925  Revised from
                                      (Instrument)                              CARE BB (FD)
(Enhanced from Rs.0.49 crore)

LONG TERM RATINGS:
-------------------
Apl Apollo Tubes Ltd                  LT Bk Fac          CARE A+        250     Revised from
                                                                                CARE A
Apl Apollo Tubes Ltd                  NCDs               CARE A+        750     Revised from
                                                                                CARE A
Arion Healthcare                      LT Bk Fac          CARE BB+       280     Assigned
B S Buildtech                         LT Bk Fac          CARE BB        450     Reaffirmed
[enhanced from Rs.20 crore]
Blueart Granito Pvt Ltd               LT Bk Fac          CARE BB+       36.5    Reaffirmed
(reduced from 6.78 Cr)
Blueart Granito Pvt Ltd               LT /ST Bk Fac      CARE BB+ /CARE 107.5   Reaffirmed
                                                         A4+
Centrodorstroy India Pvt Ltd          LT Bk Fac          CARE BBB-      450     Reaffirmed
(enhanced from 15 Cr)
Centrodorstroy India Pvt Ltd          LT /ST Bk Fac      CARE BBB-/CARE 3000    Reaffirmed
                                                         A3
(enhanced from 240 Cr)
Dasve Hospitality Institutes Ltd      LT Bk Fac (TL)     CARE D         239.7   Reaffirmed
Divis Laboratories Ltd                LT Bk Fac          CARE AA-       250     Reaffirmed
Divis Laboratories Ltd                LT /ST Bk Fac      CARE AA- /CARE 2430    Reaffirmed
                                                         A1+
Ecomotel Hotel Ltd                    LT Bk Fac (TL)     CARE D         116.5   Reaffirmed
Everest Kanto Cylinder Ltd            LT fund based Bk   CARE B         2069.6  Revised from
                                      Fac*                                      CARE D
(* Yes Bank Term Loan)
Everest Kanto Cylinder Ltd            LT fund based Bk   CARE B         320.9   Revised from
                                      Fac*                                      CARE C
(* EXIM Bank Term Loan)
Everest Kanto Cylinder Ltd            LT fund based Bk   CARE B         810     Revised from
                                      Fac - CC                                  CARE C
Goyal Enterprises                     LT Bk Fac          CARE B+        108.1   Reaffirmed
(Reduced from 11.18 Cr)
Gupta Builders & Promoters Pvt Ltd    LT Bk Fac (Fund    -              64      Withdrawn
                                      Based) *
*CARE has noted that the company has settled the availed bank facilities of State Bank of
Patiala. Taking cognizance of the fact, we hereby withdraw our credit rating for the said bank
facilities

Gupta Builders & Promoters Pvt Ltd    LT Bk Fac (TL)     CARE BB        500     Assigned
Indian Overseas Bank                  Lower tier II Bond -              5000    Withdrawn
                                      issues
Indian Overseas Bank                  proposed Basel     -              10000   withdrawn
                                      III-compliant
                                      Additional Tier I
                                      bonds (Public issue)
Inductotherm (India) Pvt Ltd          LT Bk Fac          CARE AA+       150     Reaffirmed
(reduced from 100 Cr)
Inductotherm (India) Pvt Ltd          LT/ST Bk Fac       CARE AA+/CARE  500     Reaffirmed
                                                         A1+
Integral Biosciences Pvt Ltd          Bk Fac             -              -       Withdrawn
Kamdar & Associates                   LT Bk Fac          CARE BBB-      100     Reaffirmed
Karam Chand Thapar & Bros.            LT Bk Fac          CARE AA        4600    Reaffirmed
(Coal Sales )Ltd.
Karam Chand Thapar & Bros.            LT /ST Bk Fac      CARE AA/CARE   5510    Reaffirmed
(Coal Sales )Ltd.                                        A1+
(reduced from 815 Cr)
Kct Renewable Energy Pvt. Ltd.        LT Bk Fac          CARE AA (SO)   2350    Reaffirmed
Kct Renewable Energy Pvt. Ltd.        LT Bk Fac          Provisional    2620    Reaffirmed
                                                         CARE AA (SO)
(enhanced from 2 Cr)
Kriti Industries (India) Ltd          LT Bk Fac          CARE BBB+      646.2   Revised from
                                                                                CARE BBB
(Enhanced from Rs.61.31 crore)
Kriti Industries (India) Ltd          LT/ST Bk Fac       CARE BBB+/CARE 1108.8  Revised from
                                                         A2                     CARE BBB/
                                                                                CARE A3+
(Enhanced from Rs.100.88 crore)
Kriti Nutrients Ltd                   LT Bk Fac          CARE BBB       440.2   Reaffirmed
(reduced from Rs.47.68 crore)
Kriti Nutrients Ltd                   LT/ ST Bk Fac      CARE BBB/CARE  200     Reaffirmed
                                                         A3+
Lm Cotex Pvt Ltd                      LT Bk Fac          CARE B+        121.2   Reaffirmed
(Reduced from 12.74 Cr)
Mindscape International Education     LT Bk Fac          CARE B-        50.8    Assigned
Society
National Engineering Industries Ltd   LT Bk Fac          CARE AA-       3770    Reaffirmed
(enhanced from 343.01 Cr)
Panchvati Ship Breakers               LT Bk Fac          CARE BBB-      110     Reaffirmed
Peerless Hotels Ltd                   LT Bk Fac          CARE A         81      Reaffirmed
Sagar Laxmi Ship Breakers             LT Bk Fac          CARE BBB-      100     Reaffirmed
Shree Rajasthan Syntex Ltd            LT Bk Fac          CARE BB-       1057.5  Revised from
                                                                                CARE BB
(Enhanced from Rs.22.72 crore)
Shriram City Union Finance Ltd        NCD issues         -              3000    Withdrawn
Shyam Steel Industries Ltd            LT Bk Fac          CARE A-        2251.1  Revised from
                                                                                CARE BBB+
(Reduced from 255.16 Cr)
Shyam Steel Industries Ltd            LT/ST Bk Fac       CARE A-/       250     Revised from
                                                         CARE A2                CARE BBB+/
                                                                                CARE A3+
(reduced from 32 Cr)
Smc Power Generation Ltd              LT Bk Fac          CARE BB+       1866.6  Revised from
                                                                                CARE BB
(Reduced from Rs.193.94 crore)
South Asia Lpg Company Pvt Ltd        LT Bk Fac          CARE AA+       290.9   Reaffirmed
(reduced from 48 Cr)
Super Cotton Industries               LT Bk Fac          CARE B+        75.3    Reaffirmed
[Reduced from Rs. 8.10 crore]
Surbhi Industries Ltd                 Bk Fac             -              -       Suspended
Transstroy (India) Ltd                Bk Fac             -              -       Suspended
Transstroy Bhopal Biaora Tollways Pvt Bk Fac             -              -       Suspended
Ltd
Transstroy Bhopal Bypass Tollways Pvt Bk Fac             -              -       Suspended
Ltd
Transstroy Dindigul Theni Kumili      Bk Fac             -              -       Suspended
Tollways Pvt Ltd
Transstroy Trichy Karaikudi Tollways  Bk Fac             -              -       Suspended
Pvt Ltd
Trichy Tollway Pvt Ltd                Bk Fac             -              -       Withdrawn
Vee Kay Enterprises                   LT Bk Fac          CARE B+        110     Assigned
Venkateshwara Power Project Ltd       LT Bk Fac          CARE BB        814.5   Assigned
Youth Welfare Association             LT Bk Fac          CARE D         60.4    Revised from
                                                                                CARE B+
--------------------------------------------------------------------------------------------
$: 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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