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CARE ratings for Indian debt instruments-Mar 27
March 27, 2017 / 5:20 AM / 6 months ago

CARE ratings for Indian debt instruments-Mar 27

    Mar 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 24, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajeet And Company                     ST Bk Fac          CARE A4        30      Reaffirmed
Asomi Finance Pvt Ltd                 ST Bk Fac          CARE A4        30      Reaffirmed
Balasaheb R Badhane                   ST Bk Fac          CARE A4+       30      Reaffirmed
Bravo Sponge Iron Pvt Ltd             ST Bk Fac          CARE A4        100     Assigned

Dewan Chand                           ST Bk Fac          CARE A4        70      Issuer not
                                                                                cooperating
Harsh Global Pvt Ltd                  ST Bk Fac          CARE A4        75      Issuer not
                                                                                cooperating
Idea Cellular Ltd                     CP (CP) Issue      CARE A1+       20000   #
Indofil Industries Ltd                ST Bk Fac          CARE A1+       3750    Revised from
                                                                                CARE A1
Indofil Industries Ltd                CP                 CARE A1+       1000    Revised from
                                                                                CARE A1
Indore Sahakari Dugdh Sangh Maryadit  ST Bk Fac          CARE A1        200     #
                                      (proposed)                                
Innovassynth Technologies India Ltd   ST Bk Fac          CARE A4        100     Issuer not
                                                                                cooperating
Jupiter International Ltd             ST Bk Fac          CARE A4        20.8    Assigned
K.C. Printing & Allied Works          ST Bk Fac          CARE A4        50      Issuer not
                                                                                cooperating
Kosol Hiramrut Energies Pvt Ltd       ST Bk Fac          CARE A4        29      placed on
                                                                                Notice of
                                                                                Withdrawal for
                                                                                90 days   
L B Kunjir                            ST Bk Fac          CARE A4        85      Reaffirmed
(reduced from 12.00crs)
Mahavir Steel Industries Ltd          ST Bk Fac          CARE A3+       -       Withdrawn
Mechvac Fabricators (I) Pvt Ltd       ST Bk Fac          CARE A4+       103     Issuer not
                                                                                cooperating
Micro Polypet Pvt Ltd                 ST Bk Fac*         CARE A1+ (SO)  -       Withdrawn
*backed by unconditional and irrevocable corporate guarantee provided by Indorama Ventures
Public Company Ltd (IVL, rated A+ by Thailand s TRIS Ratings).
Millenium Papers Pvt Ltd              ST Bk Fac          CARE A4        65      Reaffirmed
Nutech Jetting Equipment India Pvt LtdST Bk Fac          CARE A4        47.5    Revised from
                                                                                CARE A4
R. R. Stones Pvt Ltd                  Long- term Bk Fac  CARE A4        100     Reaffirmed
Rashmi Metaliks Ltd                   ST Bk Fac          CARE A2+       1400    Reaffirmed
(reduced from 187crs)
Reliance Life Sciences Pvt Ltd        ST Bk Fac          CARE A1+       2000    Reaffirmed
Rotomag Motors And Controls Pvt Ltd   ST Bk Fac          CARE A3+       352.5   Revised from
                                                                                CARE A4+
(enhanced from 18.25 crore)
Rotomotive Powerdrives (India) Ltd    ST Bk Fac*         CARE A3+ (SO)  129.5   Revised from
                                                                                CARE A4
* backed by unconditional and irrevocable corporate guarantee provided by Rotomag Motors and
Controls Private Limited (RMCPL; rated CARE BBB; Stable/CARE A3
Srei Equipment Finance Ltd            ST Bk Fac          CARE A1+       12500   Reaffirmed
Ssm Builders And Promoters            ST Bk Fac          -              -       Withdrawn
Surana Industries Ltd                 ST Bk Fac          CARE D         756.3   Reaffirmed
Suryadev Alloys And Power Pvt Ltd     ST Bk Fac          CARE A3+       3240    Reaffirmed
The Motwane Manufacturing Company Pvt ST Bk Fac – Non    CARE A3 (SO)   52.9    Reaffirmed
Ltd                                   Fund Based
The Motwane Manufacturing Company Pvt ST Bk Fac –        CARE A3 (SO)   2.5     Rating placed
Ltd                                   Packing Credit                            on Notice of
                                                                                Withdrawal for
                                                                                90 days 
Trent Ltd                             ST Bk Fac          CARE A1+       180     Reaffirmed
Trent Ltd                             CP Issue           CARE A1+       1000    Assigned
Trent Ltd                             CP Issue           CARE A1+       1500    Reaffirmed
Ved Prakash Mithal And Sons           ST Bk Fac          CARE A4        90      Issuer not
                                                                                Cooperating
LONG TERM RATINGS:
-------------------
Agrawal Education Foundation          LT Bk Fac          CARE BB-       87      Reaffirmed
Ajeet And Company                     Long /ST Bk Fac    CARE BB- /CARE 125     Reaffirmed
                                                         A4
Arihant Superstructures Ltd           Proposed TL        -              -       Withdrawn
Asomi Finance Pvt Ltd                 LT Bk Fac          CARE BB        70      Reaffirmed
(reduced from Rs.17.00 crore)
Baba Puran Dass Financial Services LtdFixed Deposits     CARE BB (FD)   30      Reaffirmed
Balasaheb R Badhane                   LT Bk Fac          CARE BB+       90      Reaffirmed
Bansal Pathways (Damoh-Katni) Pvt Ltd LT Bk Fac          CARE BBB       2160    Reaffirmed
(Enhanced from 196.00crs)
Bansal Pathways (Damoh-Katni) Pvt Ltd LT / ST Bk Fac     CARE BBB       75      Reaffirmed
                                                         /CARE A3
Bravo Sponge Iron Pvt Ltd             LT Bk Fac          CARE BB        1125    Assigned
Dewan Chand                           LT Bk Fac          CARE BB-       30      Issuer not
                                                                                cooperating
Guna Infrastructure Ltd               LT Bk Fac          CARE BBB (SO)  576.4   Issuer not
                                                                                cooperating
H.G. Luxury Hotels Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Harsh Global Pvt Ltd                  LT Bk Fac          CARE B         25      Issuer not
                                                                                cooperating
Idea Cellular Ltd                     LT Bk Fac          CARE AA+       235121  #
Idea Cellular Ltd                     NCD (NCD) issue    CARE AA+       80000   #
Indobaijin Chemicals Pvt Ltd IndustrieLT Bk Fac^         CARE A (SO)    2010    Reaffirmed
Ltd
^ Backed by unconditional and irrevocable Corporate Guarantee of Indofil Industries Limited
(IIL) (rated CARE A: Positive/CARE A1+)
Indobaijin Chemicals Pvt Ltd IndustrieLong/ST Bk Fac^    CARE A (SO)    500     Reaffirmed/
Ltd                                                      /CARE A1+ (SO)         Revised from
                                                                                CARE A1 (SO)
^ Backed by unconditional and irrevocable Corporate Guarantee of Indofil Industries Limited
(IIL) (rated CARE A: Positive/CARE A1+)
Indofil Industries Ltd                LT Bk Fac          CARE A         7393.3  Reaffirmed
Indofil Industries Ltd                Long/Short Bk Fac  CARE A /CARE   5950    Reaffirmed /
                                                         A1+                    Revised from
                                                                                CARE A1
Innovassynth Technologies India Ltd   LT Bk Fac          CARE BB        299.9   Issuer not
                                                                                cooperating
Joy Mahaprovu Cold Storage Pvt Ltd    LT Bk Fac          CARE B+        80      Issuer not
                                                                                cooperating
Jugal Kishore Vanaspati Products Pvt LLT Bk Fac          CARE B+        90      Reaffirmed
Jupiter International Ltd             LT Bk Fac          CARE B         915.9   Reaffirmed
Jupiter International Ltd             LT/ST Bk Fac       CARE B /CARE A4128.7   Reaffirmed
K.C. Printing & Allied Works          LT Bk Fac          CARE B+        50      Issuer not
                                                                                cooperating
Kalyan Infratech Pvt Ltd              LT Bk Fac          CARE BBB (SO)  1485.3  Issuer not
                                                                                cooperating
Kalyan Keti Toll Pvt Ltd              LT Bk Fac          CARE BBB (SO)  2488.1  Issuer not
                                                                                cooperating
Kalyan Keti Toll Pvt Ltd              LT / ST Bk Fac     CARE BBB (SO)  120     Issuer not
                                                         /CARE A3+ (SO)         cooperating
Kalyan Toll Highways Pvt Ltd          LT Bk Fac          CARE BBB (SO)  1292    Issuer not
                                                                                cooperating
Kalyan Toll Highways Pvt Ltd          LT / ST Bk Fac     CARE BBB (SO)  95.1    Issuer not
                                                         /CARE A3+ (SO)         cooperating
Keti Sangam Infrastructure (India) LtdLT Bk Fac          CARE BBB (SO)  3112.1  Issuer not
                                                                                cooperating
Kosol Hiramrut Energies Pvt Ltd       LT Bk Fac          CARE BB        60      placed on
                                                                                Notice of
                                                                                Withdrawal for
                                                                                90 days
Kosol Hiramrut Energies Pvt Ltd       LT/ST Bk Fac       CARE BB/CARE A412.7    placed on
                                                                                Notice of
                                                                                Withdrawal for
                                                                                90 days 
L B Kunjir                            LT Bk Fac          CARE BB-       350.2   Reaffirmed
(reduced from 43.38crs)
Lotus Infra                           LT Bk Fac          -              -       Withdrawn
Mahavir Steel Industries Ltd          LT Bk Fac          CARE BBB+      9       Reaffirmed
Mechvac Fabricators (I) Pvt Ltd       LT Bk Fac          CARE BB+       110.5   Issuer not
                                                                                cooperating
Micro Polypet Pvt Ltd                 LT Bk Fac          CARE BBB-      4624.1  Reaffirmed
(Enhanced from 219.00crs )
Micro Polypet Pvt Ltd                 LT/ ST Bk Fac      CARE BBB-      1420    Reaffirmed
                                                         /CARE A3
(Enhanced from 12.00crs)
Millenium Papers Pvt Ltd              LT Bk Fac          CARE BB        109     Reaffirmed
Millenium Papers Pvt Ltd              LT/ ST Bk Fac      CARE BB /CARE  160     Reaffirmed
                                                         A4
Nand Trading Pvt Ltd                  LT Bk Fac          CARE BB-       20      Reaffirmed
Nand Trading Pvt Ltd                  LT/ST Bk Fac       CARE BB- /CARE 92      Reaffirmed
                                                         A4
North Bihar Highway Ltd               LT Bk Fac -TL      CARE A-        2718    Reaffirmed
                                      (Senior Debt)
(reduced from 275 crore)
North Bihar Highway Ltd               NCD                CARE A-        1983.4  Reaffirmed
North Bihar Highway Ltd               LT Bk Fac – TL     CARE BBB+      390     Reaffirmed
                                      (Subordinate Debt)
(reduced from 50 crore)
Nutech Global Ltd                     LT Bk Fac          CARE BB        83.6    Reaffirmed
Nutech Jetting Equipment India Pvt LtdLT Bk Fac          CARE B+        148     Revised from
                                                                                CARE BB-
Nutech Jetting Equipment India Pvt LtdLT/ST Bk Fac       CARE B+/CARE A412.5    Revised from
                                                                                CARE BB-/A4
P.N. Gawande Ginning Pressing And Oil LT Bk Fac          CARE B         80      Assigned
Mill Pvt Ltd
Pravin Buildtech Pvt Ltd              LT Bk Fac          CARE B         73.3    Issuer not
                                                                                cooperating
Prozone Developers & Realtors Pvt. LtdProposed NCD issue CARE B+        340     Reaffirmed
Pune Municipal Corporation            Proposed bond issueCARE AA+       2000    Assigned
R. R. Stones Pvt Ltd                  LT Bk Fac          CARE BB -      80      Revised from
                                                                                CARE BB
Rashmi Metaliks Ltd                   LT Bk Fac          CARE A-        500     Reaffirmed
(reduced from 99.35crs)
Reliance Capital Ltd                  LT debt Programme  CARE AA+       150000* revised from
                                                                                CARE AAA
*Reduction in facility as Rs.10,000 crore are transferred to Reliance Commercial Finance Ltd. on
account of demerger
Reliance Capital Ltd                  Subordinated Debt  CARE AA+       20000   Reaffirmed
Reliance Capital Ltd                  Market Linked      CARE PP- MLD   10000   Revised from
                                      Debentures         AA+                    CARE PP-MLD
                                                                                AAA
Reliance Commercial Finance Ltd       LT Bk Fac*         CARE AA+       100000  Assigned
*Facilities are transferred from Reliance Capital Limited on account of demerger of commercial
finance business
Reliance Life Sciences Pvt Ltd        CP                 -              -       Withdrawal
Reliance Life Sciences Pvt Ltd        LT Bk Fac          CARE AAA       2437.5  Reaffirmed
Rotomag Motors And Controls Pvt Ltd   LT Bk Fac          CARE BBB       22.5    Revised from
                                                                                CARE BB+
(enhanced from 1.47 crore)
Rotomag Motors And Controls Pvt Ltd   LT/ST Bk Fac       CARE BBB /CARE 120     Revised from
                                                         A3+                    CARE BB+/CARE
                                                                                A4+
(enhanced from 8 crore)
Rotomotive Powerdrives (India) Ltd    LT Bk Fac*         CARE BBB (SO)  43.1    Revised from
                                                                                CARE BB-
(reduced from Rs.5.87 crore) / * backed by unconditional and irrevocable corporate guarantee
providedby Rotomag Motors and Controls Private Limited (RMCPL; rated ‘CARE BBB; Stable/CARE A+).
Rotomotive Powerdrives (India) Ltd    LT / ST Bk Fac*    CARE BBB (SO)  160     Revised from
                                                         /CARE A3+ (SO)         CARE BB-/CARE
                                                                                A4
* backed by unconditional and irrevocable corporate guarantee provided by Rotomag Motors and
Controls Private Limited (RMCPL; rated CARE BBB; Stable/CARE A3
Sagar Nutriments Pvt Ltd              LT Bk Fac          CARE BB        250     Assigned
Sarvottam Poultry Feed Supply Centre  LT Bk Fac          CARE B         153     Issuer not
Pvt Ltd                                                                         cooperating
Shitla Papers Pvt Ltd                 LT Bk Fac          CARE BB        150     Reaffirmed
Shreeji Agro                          LT Bk Fac          CARE B+        47.4    Issuer not
                                                                                cooperating
Shreeji Agro                          LT /Shortterm Bk   CARE B+/CARE A435      Issuer not
                                      Fac                                       cooperating
Somnath Enterprises                   LT Bk Fac          CARE B+        93.5    Issuer not
                                                                                cooperating
Srei Equipment Finance Ltd            Perpetual Debt     CARE A         375     Reaffirmed
                                      Instrument (Series
                                      I)
Srei Equipment Finance Ltd            Unsecured          CARE A+        6298    Reaffirmed
                                      subordinated Tier
                                      II NCDs (Series II-VIII)
Srei Equipment Finance Ltd            Unsecured          CARE A+        750     Assigned
                                      Subordinated Tier
                                      II NCDs (Series IX)
Srei Equipment Finance Ltd            LT Bk Fac          CARE AA-       120825.2Reaffirmed
(reduced from 12,222.11crs)
Srei Equipment Finance Ltd            NCDs (NCDs)        CARE AA-       4497    Reaffirmed
                                      (Series VII, XI &
                                      XII)
Srei Equipment Finance Ltd            Proposed NCDs      CARE AA-       3       Reaffirmed
                                      (Series XII)
Srei Equipment Finance Ltd            NCDs- Series XIII  CARE AA- /CARE 100     Reaffirmed
                                                         A1+
Srm Civil Works Pvt Ltd               LT Bk Fac          CARE BB+       139.2   Reaffirmed
Ssm Builders And Promoters            LT Bk Fac          -              -       Withdrawn
State Bank Of Hyderabad               Proposed Basel III CARE AA+       2000    Assigned
                                      Compliant
                                      Additional Tier I Perpetual Bonds
Surana Industries Ltd                 LT Bk Fac          CARE D         5172.8  Reaffirmed
Suryadev Alloys And Power Pvt Ltd     LT Bk Fac          CARE BBB+      14162.6 Reaffirmed
The Motwane Manufacturing Company Pvt LT Bk Fac – TL     -              -       Withdrawn
Ltd
The Motwane Manufacturing Company Pvt LT Bk Fac – CC     CARE BBB- (SO);62.5    Reaffirmed
Ltd
The Motwane Manufacturing Company Pvt LT Bk Fac – Bills  CARE BBB- (SO);7.5     Rating placed
Ltd                                   Discounting                               on Notice of
                                                                                Withdrawal for
                                                                                90 days
Times Steel And Power Ltd             LT Bk Fac          CARE BB-       220     Issuer not
                                                                                cooperating
Trent Ltd                             NCDs               -              -       Withdrawn
Trent Ltd                             LT Bk Fac          CARE AA+       650     Reaffirmed
Trent Ltd                             NCDs               CARE AA+       1000    Reaffirmed
Trent Ltd                             NCDs               CARE AA+       750     Reaffirmed
Ujjayini Highways Pvt Ltd             LT Bk Fac          CARE BBB (SO)  900     Issuer not
                                                                                cooperating
Ujjayini Highways Pvt Ltd             LT / ST Bk Fac     CARE BBB (SO)  37.5    Issuer not
                                                         /CARE A3+ (SO)         cooperating
Ved Prakash Mithal And Sons           LT Bk Fac          CARE BB-       60      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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