March 14, 2017 / 6:12 AM / in 5 months

CARE ratings for Indian debt instruments-Mar 14

24 Min Read

    Mar 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 10, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adani Agrifresh Ltd                   ST Bk Fac          CARE A3        100     Revised from
                                                                                CARE A3+
(enhanced from Rs.5 crore)
Ashok Motors                          ST Bk Fac          CARE A4        7       Reaffirmed

Eaststar Manufacturing Syndicate      ST Bk Fac          CARE A4        14      Issuer Not
                                                                                Cooperating
Edelweiss Asset Reconstruction Co. LtdCP                 ProvCARE A1+   3000    Reaffirmed
                                                         (SO) *
*The above rating is backed by an unconditional and irrevocable corporate guarantee issued by
Edelweiss Financial Services Ltd. (EFSL)
Edelweiss Financial Services Ltd      CP                 CARE A1+       63500   Reaffirmed
Gujrat Saw Mill                       Short -term Bk Fac CARE A4        60      Reaffirmed
Guru Nanak Auto Enterprises Ltd       ST Bk Fac          CARE A3        150     Reaffirmed
Idea Cellular Ltd                     CP (CP) Issue      CARE A1+       20000   #
Infinity Infratech                    ST Bk Fac          CARE A4        6       Reaffirmed
Inframat Alloys Pvt Ltd               ST Bk Fac          CARE A4+       10      Reaffirmed
Jpl Industries Ltd                    Short -Term Bk Fac CARE A4+       2       Reaffirmed
K. Sevantilal And Company             ST Bk Fac          CARE A3        191     Reaffirmed
Laxmi Diamond Pvt Ltd                 ST Bk Fac          CARE A2        601.5   Issuer Not
                                                                                Cooperating
Magma Fincorp Ltd                     CP issue           CARE A1+       12500   Reaffirmed
Magma Fincorp Ltd                     CP issue           CARE A1+       7500    Reaffirmed
Manohar Food Industry                 ST Bk Fac          CARE A4        42.5    Issuer Not
                                                                                Cooperating
Metcon India Realty & Infrastructure  ST Bk Fac          CARE A4        200     Reaffirmed
Pvt Ltd
Naresh Kumar & Company Pvt Ltd        ST Bk Fac          CARE A3+       50      Reaffirmed
Nav Durga Fuel Pvt. Ltd.              ST Bk Fac          CARE A4        80      Issuer Not
                                                                                Cooperating
Navbharat Fuse Co. Ltd.               ST Bk Fac          CARE A4        235     Issuer Not
                                                                                Cooperating
Pinnacle Teleservices Pvt Ltd         ST Bk Fac          CARE A4+       80      Reaffirmed
Pioneer Foods And Agro Industries Pvt ST Bk Fac          CARE A4        300     Reaffirmed
Ltd
Precision Metals                      ST Bk Fac          CARE A1+       110     Reaffirmed
Quality Foods                         ST Bk Fac          CARE A4        50      Reaffirmed
Rajat Agro Commodities Pvt Ltd        ST Bk Fac          CARE A4        60      Assigned
Setmax Ceramic                        ST Bk Fac          CARE A4        15      Assigned
Sevantilal And Sons                   ST Bk Fac          CARE A3        161     Reaffirmed
Shriram City Union Finance Ltd        CP                 CARE A1+       20000   Reaffirmed
Swd Industries                        ST Bk Fac          CARE A4        12.1    Reaffirmed
Ulka Sea Foods Pvt Ltd                ST Bk Fac          CARE A3        500     Reaffirmed
Venus Wire Industries Pvt Ltd         ST Bk Fac          CARE A1+       224     Reaffirmed
Vnkc Agrocom Pvt Ltd                  ST Bk Fac          CARE A4+       40      Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Shriram City Union Finance Ltd        Fixed Deposit      CARE AA+ (FD)  100     Reaffirmed

LONG TERM RATINGS:
-------------------
Aashirwad Industries Pvt Ltd          LT Bk Fac          CARE B         138     Revised from
                                                                                CARE B+
Adani Agrifresh Ltd                   LT Bk Fac          CARE BBB-      312.7   Revised from
                                                                                CARE BBB
Adani Agrifresh Ltd                   LT/ST Bk Fac       CARE BBB-      1450    Revised from
                                                         /CARE A3               CARE BBB
                                                                                /CARE A3+
(reduced from Rs.150 crore)
Agarwal Toughened Glass India Pvt Ltd LT Bk Fac          CARE B+        65.5    Reaffirmed
Agro Indus Finance And Leasing India  Issuer Rating      CARE BB+ (Is)  -       Reaffirmed
Ltd    
Anchor Agritech                       LT Bk Fac          CARE B+        70      Revised from
                                                                                CARE BB-
Ashok Motors                          LT Bk Fac          CARE BB-       190     Reaffirmed
Avanse Financial Services Ltd         Subordinate Debt   CARE AA (SO)   250     Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+ (SO)  950     -
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+ (SO)  5300    Reaffirmed
Avanse Financial Services Ltd         Non- Convertible   CARE AA+ (SO)  500     -
                                      Debentures
Avanse Financial Services Ltd         Non- Convertible   CARE AA+ (SO)  700     Reaffirmed
                                      Debentures
Avanse Financial Services Ltd         LT Bk Fac          ProvCARE AA+   1190    Reaffirmed
                                                         (SO)
Avanse Financial Services Ltd         Non- Convertible   ProvCARE AA+   800     Reaffirmed
                                      Debentures         (SO)
Cs Performance Chemicals Pvt. Ltd     LT Bk Fac          CARE BBB+ (SO) 50.2    Reaffirmed
Cs Specialty Chemicals Pvt. Ltd       LT Bk Fac/ ST Bk   CARE BBB+      125     Reaffirmed
                                      Fac                /CARE A3+
Decimus Financial Ltd                 LT Bk Fac (FB) –   CARE BBB-      200     Withdrawn
                                      Proposed
Dhanalakshmi Textrade India Pvt Ltd   LT Bk Fac          CARE BB+       200     Reaffirmed
Dudh Ganga                            LT Bk Fac          CARE BB (SO)   50      Revised from
                                                                                CARE BB+ (SO)
Eaststar Manufacturing Syndicate      LT Bk Fac          CARE B+        65      Issuer Not
                                                                                Cooperating
Edelweiss Agri Value Chain Ltd        NCD                CARE AA (SO)*  3300    Reaffirmed
*The above ratings are based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee issued by Edelweiss Financial Services Limited (EFSL).
Edelweiss Agri Value Chain Ltd        LT Bk Fac          ProvCARE AA    10000   Reaffirmed
                                                         (SO)*
*The above ratings are based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee issued by Edelweiss Financial Services Limited (EFSL).
Edelweiss Agri Value Chain Ltd        NCD                ProvCARE AA    1700    Reaffirmed
                                                         (SO)*
*The above ratings are based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee issued by Edelweiss Financial Services Limited (EFSL).
Edelweiss Asset Reconstruction Co. LtdNCD                CARE AA- (SO) #300     Reaffirmed
#The above ratings are backed by a letter of comfort issued by Edelweiss Financial Services Ltd.
(EFSL) Details of instruments/facilities in Annexure-1
Edelweiss Asset Reconstruction Co. LtdNCD                CARE AA- (SO) #3700    Reaffirmed
#The above ratings are backed by a letter of comfort issued by Edelweiss Financial Services Ltd.
(EFSL) Details of instruments/facilities in Annexure-1
Edelweiss Asset Reconstruction Co. LtdLT Bk Fac          CARE AA- (SO) #1800    Reaffirmed
#The above ratings are backed by a letter of comfort issued by Edelweiss Financial Services Ltd.
(EFSL) Details of instruments/facilities in Annexure-1
Edelweiss Asset Reconstruction Co. LtdNCD                CARE AA (SO) * 1000    Reaffirmed
*The above rating is backed by an unconditional and irrevocable corporate guarantee issued by
Edelweiss Financial Services Ltd. (EFSL)
Edelweiss Asset Reconstruction Co. LtdPrincipal          CARE PP- MLD   2000    Reaffirmed
                                      Protected Market   AA (SO)*
                                      Linked Debentures (PP-MLD)
*The above rating is backed by an unconditional and irrevocable corporate guarantee issued by
Edelweiss Financial Services Ltd. (EFSL)
Edelweiss Asset Reconstruction Co. LtdLT Bk Fac          ProvCARE AA-   2200    Reaffirmed
                                                         (SO) #
#The above ratings are backed by a letter of comfort issued by Edelweiss Financial Services Ltd.
(EFSL) Details of instruments/facilities in Annexure-1
Edelweiss Financial Services Ltd      NCD                CARE AA        6500    Reaffirmed
Global Denims Pvt Ltd                 LT Bk Fac          CARE B+        80      Reaffirmed
Gourav Energen India Pvt Ltd          LT Bk Fac          CARE BB-       55.5    Reaffirmed
Goverdhan Energy And Petrochemicals PvLT Bk Fac          CARE BB        81.4    Revised from
Ltd                                                                             CARE BB-
Goverdhan Energy And Petrochemicals PvLT/ST Bk Fac       CARE BB /CARE  30      Revised from
Ltd                                                      A4                     CARE BB- /
                                                                                Reaffirmed 
Green Pearl Engineering Construction  LT Bk Fac          CARE BB+       140     Reaffirmed
Corporation Ltd
Gujrat Saw Mill                       Long- term Bk Fac  CARE B         15      Reaffirmed
Guru Nanak Auto Enterprises Ltd       LT Bk Fac          CARE BBB-      601     Reaffirmed
(reduced from 63.28)
Gwalior Bypass Project Ltd            NCD issue          CARE BBB (SO)  1720.3  Revised from
                                                                                CARE A (SO)
Idea Cellular Ltd                     LT Bk Fac          CARE AA+       235121  #
Idea Cellular Ltd                     NCD (NCD) issue    CARE AA+       80000   #
Infinity Infratech                    LT Bk Fac          CARE B+        49.1    Reaffirmed
Inframat Alloys Pvt Ltd               LT Bk Fac          CARE BB+       90      Reaffirmed
Jay Traders                           LT Bk Fac          CARE BB+       50      Reaffirmed
Jpl Industries Ltd                    Long- Term Bk Fac  CARE BB+       86.1    Revised from
                                                                                CARE BB
K. Sevantilal And Company             LT Bk Fac          CARE BBB-      70      Reaffirmed
Kamineni Steel & Power India Pvt Ltd  LT Bk Fac          CARE D         17779.1 Issuer Not
                                                                                Cooperating
Laxmi Diamond Pvt Ltd                 LT Bk Fac          CARE BBB+      8908.5  Issuer Not
                                                         /CARE A2               Cooperating
Magma Fincorp Ltd                     Perpetual Debt     CARE A+        1125    Revised from
                                                                                CARE A+
Magma Fincorp Ltd                     Proposed Perpetual CARE A+        675     Revised from
                                      Debt                                      CARE A+
Magma Fincorp Ltd                     LT Bk Fac          CARE AA-       76876.8 Revised from
                                                                                CARE AA-
Magma Fincorp Ltd                     Unsecured          CARE AA-       7743    Revised from
                                      Subordinated Tier                         CARE AA-
                                      II debt
Magma Fincorp Ltd                     Proposed Unsecured CARE AA-       1000    Revised from
                                      Subordinated Tier                         CARE AA-
                                      II debt
Magma Fincorp Ltd                     Secured Redeemable CARE AA-       4598    Revised from
                                      Bonds                                     CARE AA-
Magma Fincorp Ltd                     Proposed Secured   CARE AA-       1871    Revised from
                                      Redeemable Bonds                          CARE AA-
Magma Fincorp Ltd                     Long/ST Bk Fac     CARE AA-       4050    Revised from
                                                         /CARE A1+              CARE AA-
Manchukonda Prakasham Industries IndiaLT Bk Fac          CARE A         50      Revised from
Pvt Ltd                                                                         CARE A-
(reduced from 12)
Manchukonda Prakasham Industries IndiaLong/ST Bk Fac     CARE A /CARE A1250     Revised from
Pvt Ltd                                                                         CARE A-/CARE
                                                                                A2+
(Enhanced from 13)
Manohar Food Industry                 LT Bk Fac          CARE B+        30      Issuer Not
                                                                                Cooperating
Marudhar Education Society            LT Bk Fac          CARE BB        59.9    Reaffirmed
(reduced from 8.43)
Mathura Extractions                   LT Bk Fac          CARE BB        75      Revised from
                                                                                CARE BB-
Metcon India Realty & Infrastructure  LT Bk Fac          CARE BB        55      Reaffirmed
Pvt Ltd
Miraj Multi Colour Pvt Ltd            LT Bk Fac          CARE BB+       227.5   Revised from
                                                                                CARE BB
(enhanced from 14.90)
Mother Lam Pvt Ltd                    LT Bk Fac          CARE D         115.8   Revised from
                                                                                CARE B+
Naresh Kumar & Company Pvt Ltd        LT Bk Fac          CARE BBB+      1730.2  Reaffirmed
(Reduced from 178.66)
Naresh Kumar & Company Pvt Ltd        Long/ST Fac        CARE BBB+      190     Reaffirmed
                                                         /CARE A3+
Nav Durga Fuel Pvt. Ltd.              LT Bk Fac          CARE BB-       718.8   Issuer Not
                                                                                Cooperating
Navbharat Fuse Co. Ltd.               LT Bk Fac          CARE B+        313     Issuer Not
                                                                                Cooperating
Navi Mumbai Sez Pvt. Ltd              LT Bk Fac          CARE AA        48000   Reaffirmed
(reduced from 100.00)
Nrb Industrial Bearings Ltd           LT Bk Fac - TL     CARE AA-(SO)   50      Reaffirmed
                                      (ECB)*
* The above rating is based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee provided by NRB Bearings Limited
Nrb Industrial Bearings Ltd           LT Bk Fac - CC     CARE BBB-      200     Reaffirmed
Nrb Industrial Bearings Ltd           LT Bk Fac –        CARE BBB-      210     Assigned
                                      Working Capital
                                      Loan
Pinnacle Teleservices Pvt Ltd         LT Bk Fac – TL     -              -       Withdrawn
Pinnacle Teleservices Pvt Ltd         LT Bk Fac          CARE BB+       46      Reaffirmed
Pioneer Foods And Agro Industries Pvt LT Bk Fac          CARE BB-       3       Revised from
Ltd                                                                             CARE BB
Pranaav Marathe Jewellers Pvt Ltd     LT Bk Fac          CARE B+        322     Revised from
                                                                                CARE
Quality Foods                         LT Bk Fac          CARE B         21.7    Reaffirmed
Rajat Agro Commodities Pvt Ltd        LT/ST Bk Fac       CARE BB /CARE  300     Assigned
                                                         A4
Rmj Motors Pvt Ltd                    LT Bk Fac          CARE B+        147.5   Reaffirmed
S.K. Agri Products Pvt Ltd            LT Bk Fac          CARE BB-       84      Revised from
                                                                                CARE B+
(Increased from 7)
Sai Poultry Farm                      LT Bk Fac          CARE B+        63      Reaffirmed
Setmax Ceramic                        LT Bk Fac          CARE B+        52.4    Assigned
Sevantilal And Sons                   LT Bk Fac          CARE BBB-      90      Reaffirmed
Sharma Brothers                       LT Bk Fac          CARE BB        200     Reaffirmed
(enhanced from 10.55)
Shree Nath Gum And Chemicals          LT Bk Fac          CARE BB-       21.8    Reaffirmed
Shree Nath Gum And Chemicals          LT/ Shortterm Bk   CARE BB- /CARE 80      Reaffirmed
                                      Fac                A4
Shrijee Motors                        LT Bk Fac          CARE BB-       70      Reaffirmed
Shriram City Union Finance Ltd        NCDs – III         CARE AA+       4333.3  Reaffirmed
Shriram City Union Finance Ltd        NCDs – VI          CARE AA+       315     Reaffirmed
Shriram City Union Finance Ltd        NCDs – VII         CARE AA+       435     Reaffirmed
Shriram City Union Finance Ltd        NCDs – VIII        CARE AA+       1536.1  Reaffirmed
Shriram City Union Finance Ltd        NCDs – IX          CARE AA+       1378.9  Reaffirmed
Shriram City Union Finance Ltd        NCDs – X           CARE AA+       1000    Reaffirmed
Shriram City Union Finance Ltd        NCDs – XI          CARE AA+       210     Reaffirmed
Shriram City Union Finance Ltd        NCDs – XII         CARE AA+       1000    Reaffirmed
Shriram City Union Finance Ltd        NCDs – XIII        CARE AA+       2000    Reaffirmed
Shriram City Union Finance Ltd        NCDs – XIV         CARE AA+       27      Reaffirmed
Shriram City Union Finance Ltd        NCDs – XV          CARE AA+       350     Reaffirmed
Shriram City Union Finance Ltd        NCDs – XVI         CARE AA+       2250    Reaffirmed
Shriram City Union Finance Ltd        NCDs – XVII        CARE AA+       1750    Reaffirmed
Shriram City Union Finance Ltd        NCDs – XVIII       CARE AA+       1000    Reaffirmed
Shriram City Union Finance Ltd        NCDs – XIX         CARE AA+       2250    Assigned
                                      (Proposed)
Shriram City Union Finance Ltd        Subordinated Debt  CARE AA+       1500    Reaffirmed
Shriram City Union Finance Ltd        Subordinated Debt  CARE AA+       1000    Reaffirmed
Shriram City Union Finance Ltd        Subordinated Debt  CARE AA+       600     Reaffirmed
Sigma One Kundan Ventures             LT Bk Fac          CARE BB-       97.5    Issuer Not
                                                                                Cooperating
Sigma One Remonesa Ventures           LT Bk Fac          CARE BB-       100     Issuer Not
                                                                                Cooperating
Sonu Realtors Pvt Ltd                 LT Bk Fac          CARE BB-       150     Reaffirmed
Spm Marbles Pvt Ltd                   LT Bk Fac          CARE BB-       70      Reaffirmed
Swd Industries                        LT Bk Fac          CARE BB        60      Reaffirmed
Symphony Vyapaar Pvt Ltd              LT Bk Fac          CARE A-        724.2   Reaffirmed
(reduced from 74.81)
Tbea Energy (India) Pvt Ltd           LT Bk Fac@         CARE BBB       1500    Reaffirmed
(reduced from 190.00)/@CARE has withdrawn the rating assigned to the proposed term loan of
Rs.22.00 crore of TBEA Energy (India) Pvt Ltd upon receipt of confirmation from the company that
the proposed term loan has not been used for mobilising funds and as such no amount is
outstanding against that facility.
Tbea Energy (India) Pvt Ltd           LT / ST Bk Fac     CARE BBB       4500    Reaffirmed
(enhanced from 410.00)
Venus Wire Industries Pvt Ltd         LT / ST Bk Fac     CARE A+ /CARE  229.5   Reaffirmed
                                                         A1+
Vnkc Agrocom Pvt Ltd                  LT Bk Fac          CARE BB+       55.6    Reaffirmed
Vnkc Agrocom Pvt Ltd                  LT/ST Bk Fac       CARE BB+ /CARE 370     Reaffirmed
                                                         A4+
Whitelotus Industries Ltd             LT Bk Fac          CARE C         270.7   Issuer Not
                                                                                Cooperating
--------------------------------------------------------------------------------------------
$: 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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