March 31, 2017 / 5:48 AM / 4 months ago

CARE ratings for Indian debt instruments-Mar 31

17 Min Read

    Mar 31 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 30, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adcc Infocad Ltd                      ST Bk Fac          CARE A3        600     Revised from
                                                                                CARE A3+
(enhanced from Rs.55.00crs)
Balaji Multiflex Pvt Ltd              ST Bk Fac          CARE A1+       17      Reaffirmed
Balaram Papers Pvt Ltd                ST Bk Fac          CARE A4        7       Assigned
Baroda Equipments And Vessels Pvt Ltd ST Bk Fac          CARE A4        42      Issuer not
                                                                                cooperating
Bebitz Flanges Works Pvt. Ltd         ST Bk Fac          CARE A2        70      Revised from
                                                                                CARE A2+
Brintons Carpets Asia Pvt Ltd         ST Bk Fac          CARE A1        10      Reaffirmed
C.R.I Pumps Pvt Ltd                   Proposed CP Issue  CARE A1+       200     Reaffirmed
City Lifeline Travel Pvt Ltd          ST Bk Fac          CARE A3        100     Reaffirmed
(reduced from 12.64crs )
Cold Steel Corporation                ST Bk Fac          CARE A4        30.5    Reaffirmed
Elkay Telelinks Ltd                   ST Bk Fac          CARE A3        15      Reaffirmed
Ess Dee Aluminum Ltd                  ST Bk Fac          CARE D         3350    Issuer not
                                      (Non-fund based)                          cooperating
Fatehpuria Transformers And SwitchgearST Bk Fac          CARE A4        400     Reaffirmed
Pvt Ltd
Gujarat Infrapipes Pvt Ltd            ST Bk Fac          CARE A4        389     Revised from
                                                                                CARE A3
Ifci Ltd                              ST Instruments – CPCARE A1+       5000    Reaffirmed
Industrial Perforation India Pvt Ltd  ST Bk Fac          CARE A4        100     Issuer not
                                                                                cooperating
Malwa Strips Pvt Ltd                  ST Bk Fac          CARE A4        32.5    Assigned
Pawar Electro Systems Pvt Ltd         ST non-fundbased   CARE D         555     Issuer not
                                                                                cooperating
Ramky Enviro Engineers Ltd            ST Bk Fac          CARE A3        1500    Reaffirmed
Rathi Hatcheries Pvt Ltd              ST Bk Fac          CARE A4        16      Assigned
Recliners India Pvt Ltd               ST Bk Fac          CARE A3        55      Reaffirmed
(Enhanced from 4.50crs )
Shah Concast Pvt Ltd                  ST Bk Fac          CARE A4        105     Reaffirmed
Skp Bearing Industries                ST Bk Fac          CARE A3        10      Reaffirmed
Swastik Copper Pvt Ltd                ST Bk Fac          CARE A4        400     Reaffirmed
Valiant Glass Works Pvt Ltd           ST Non-FB Fac -    CARE A3        50      Reaffirmed
                                      LC/BG
LONG TERM RATINGS:
-------------------
Adcc Infocad Ltd                      LT Bk Fac          CARE BBB-      814     Revised from
                                                                                CARE BBB
(enhanced from Rs.61.70crs)
Ashish Impex                          LT Bk Fac          CARE BB        120     Assigned
Asian Roller Bearings                 Long-erm Bk Fac    CARE BBB+(SO)  50      Issuer not
                                                                                cooperating
Associated Broadcasting Company Pvt   LT Bk Fac          CARE BBB-      230     Reaffirmed
Ltd
(reduced from Rs.28 crore)
Bagaria Eduaction Trust               LT Bk Fac          CARE BB+       230.1   Reaffirmed
Balaji Multiflex Pvt Ltd              LT Bk Fac          CARE A+        250     Reaffirmed
(reduced from Rs.28.63 crores)
Balaram Papers Pvt Ltd                LT Bk Fac          CARE B+        90      Assigned
Balaram Papers Pvt Ltd                LT Bk Fac/ ST Bk   CARE B+ /CARE  40      Assigned
                                      Fac                A4
Baroda Equipments And Vessels Pvt Ltd LT Bk Fac/ ST Bk   CARE BB /CARE  55      Issuer not
                                      Fac                A4                     cooperating
Bebitz Flanges Works Pvt. Ltd         LT Bk Fac          CARE BBB       749     Revised from
                                                                                CARE BBB+
Binayak Tex Processors Ltd            Long/ST Bk Fac –   CARE BBB-      420     Reaffirmed
                                      FDBP/FUDBP         /CARE A3
Brintons Carpets Asia Pvt Ltd         LT/ ST Bk Fac      CARE A- /CARE  140     Reaffirmed
                                                         A1
City Lifeline Travel Pvt Ltd          LT Bk Fac          CARE BBB-      50      Reaffirmed
(enhanced from 2.36crs )
Cold Steel Corporation                LT Bk Fac          CARE BB        55      Reaffirmed
Ds Toll Road Ltd                      LT Bk Fac - TL     CARE BBB+      3119.1  Reaffirmed
Eefco Metals & Powders Pvt Ltd        LT Bk Fac          CARE BB        78.6    Issuer not
                                                                                cooperating
Elkay Telelinks Ltd                   LT Bk Fac          CARE BBB-      80.6    Reaffirmed
Elkay Telelinks Ltd                   LT/ ST Bk Fac      CARE BBB-      210     Reaffirmed
                                                         /CARE A3
Eses Commercials Pvt. Ltd             Bk Fac-Fund basedTLCARE BBB-(SO)* 200     Reaffirmed
* rating is based on the credit enhancement in the form of letter of comfort provided by the
promoter of Future Group for the sanctioned facilities.
Eses Commercials Pvt. Ltd             Bk Fac-Fund        CARE BBB-(SO)* 300     Reaffirmed
                                      basedWorking
                                      Capital TL
* rating is based on the credit enhancement in the form of letter of comfort provided by the
promoter of Future Group for the sanctioned facilities.
Ess Dee Aluminum Ltd                  LT Bk Fac (FB)     CARE D         1800    Issuer not
                                                                                cooperating
Ess Dee Aluminum Ltd                  LT Nonconvertible  CARE D         300     Issuer not
                                      Debenture                                 cooperating
Fatehpuria Transformers And SwitchgearLT Bk Fac          CARE BB-       110     Reaffirmed
Pvt Ltd
Future Enterprises Ltd.               LT NCDs            CARE AA-       6500    Assigned
Future Enterprises Ltd.               LT NCDs- III       CARE AA-       8500    Assigned
Gbr Metals Pvt. Ltd.                  LT Bk Fac          CARE BB+       36      Reaffirmed
(Reduced from 5.55crs)
Gbr Metals Pvt. Ltd.                  LT/ST Bk Fac       CARE BB+ /CARE 450     Reaffirmed
                                                         A4+
(Enhanced from 40.00crs)
Gujarat Infrapipes Pvt Ltd            LT Bk Fac          CARE BB        14.9    Revised from
                                                                                CARE BBB-
Gujarat Infrapipes Pvt Ltd            LT /ST Bk Fac      CARE BB /CARE  230     Revised from
                                                         A4                     CARE BBB-
                                                                                /CARE A3
Gupta Promoters Pvt Ltd               LT Bk Fac          CARE BB+       70      Reaffirmed
Ifci Ltd                              LT Bk Fac          CARE A         78250   Revised from
                                                                                CARE A+
Ifci Ltd                              LT Instruments     CARE A         26550   Revised from
                                                                                CARE A+
Ifci Ltd                              Subordinated Bonds CARE A-        10450   Revised from
                                                                                CARE A
Ifci Ltd                              NCD (NCD) issue*   CARE AA- (SO)  5750    Revised from
                                                                                CARE AA (SO)
*based on credit enhancement in the form of lien of Special Government security (G-sec) in favor
of trustee such that the total lien amount is at least 70% of the total liability on the NCD and
supplemented by a structured payment mechanism (SPM) 
Industrial Perforation India Pvt Ltd  LT Bk Fac          CARE B         30      Issuer not
                                                                                cooperating
Itnl Road Infrastructure Development  LT FB Bk Fac – TL  CARE BBB-      918     Reaffirmed
Co. Ltd
(reduced from 125.43crs)
J. K. Ceramics Pvt Ltd                LT Bk Fac          CARE BB-       150     Revised from
                                                                                CARE B+
(Reduced from 16.60crs)
Madhuram Industries Pvt Ltd           LT Bk Fac          CARE B+        142.2   Issuer not
                                                                                cooperating
Magus Bengal Estates Llp              LT Bk Fac          CARE BB+       1800    Revised from
                                                                                CARE BBB-
Malwa Strips Pvt Ltd                  LT Bk Fac          CARE BB-       60      Assigned
Mumbai Waste Management Ltd           LT Bk Fac          CARE BBB       818.5   Revised from
                                                                                CARE BBB-
Mumbai Waste Management Ltd           LT/ST Bk Fac       CARE BBB /CARE 25      Reaffirmed /
                                                         A3                     Revised from
                                                                                CARE BBB-/CAREA3
Pawar Electro Systems Pvt Ltd         LT Bk Fac          CARE D         498.9   Issuer not
                                                                                cooperating
Printwell Offset                      LT Bk Fac          CARE B+        57      Revised from
                                                                                CARE B
R.K. Infracorp Pvt Ltd                LT Bk Fac          CARE BBB       280     Reaffirmed
R.K. Infracorp Pvt Ltd                LT/ ST Bk Fac      CARE BBB /CARE 1000    Reaffirmed
                                                         A3+
(enhanced from 72.00crs)
Ramky Enviro Engineers Ltd            LT Bk Fac          CARE BBB-      2803.9  Reaffirmed
Rathi Hatcheries Pvt Ltd              LT Bk Fac          CARE B+        117.7   Assigned
Rathi Industrial Corporation Pvt. Ltd.LT/ Shortterm Bk   CARE BB /CARE  310     Reaffirmed
                                      Fac                A4
Recliners India Pvt Ltd               LT Bk Fac          CARE BBB-      126     Reaffirmed
(Enhanced from 10.45crs )
Recliners India Pvt Ltd               LT/ST Bk Fac       CARE BBB-      14      Reaffirmed
                                                         /CARE A3
(Enhanced from 1.00 crs)
Regalliaa Buildtech & Services Pvt LtdLT Bk Fac- LRD Loan-              -       Withdrawn
Rukmani Power & Steel Pvt. Ltd.       LT Bk Fac          CARE BB+       80      Assigned
Sak Buildtech Pvt Ltd                 LT Bk Fac          CARE BB-       250     Assigned
Segno Ceramics Pvt Ltd                LT Bk Fac          CARE BB-       359.1   Assigned
Shah Concast Pvt Ltd                  LT Bk Fac          CARE B+        102     Reaffirmed
Signet Industries Ltd                 LT Bk Fac          CARE BBB       1513.9  Issuer not
                                                                                cooperating
Signet Industries Ltd                 LT/ST Bk Fac       CARE BBB /CARE 2100    Issuer not
                                                         A3+                    cooperating
Skp Bearing Industries                LT Bk Fac          CARE BBB-      48.1    Reaffirmed
Skp Bearing Industries                LT Bk Fac/ ST Bk   CARE BBB-      40      Reaffirmed
                                      Fac                /CARE A3
Super Fine Bleaching Co. Ltd          LT Bk Fac          CARE BB        89.6    Issuer not
                                                                                cooperating
Susheela Texfab Pvt Ltd               LT Bk Fac          CARE BB-       192.8   Reaffirmed
Swastik Copper Pvt Ltd                LT Bk Fac          CARE B+        200     Reaffirmed
Taquito Lease Operators Pvt. Ltd.     LT Bk Fac @        CARE A- (SO)   3049.6  Reaffirmed
enhanced from Rs.122.48 crs)/ @ The above rating is based on credit enhancement in the form of
Tripartite agreement between Future Retail Ltd. (FRL, rated CARE AA- (Stbale)/ CARE A1+),
Taquito Lease Operators Pvt. Ltd. (TLO) and TLO’s lender wherein FRL has given an unconditional
undertaking that it shall continue to make payment of monthly lease rentals to TLO until the
term loan of TLO is repaid in full irrespective of usage of the assets leased by TLO to FRL. The
rating also factors in the personal guarantee provided by Mr. Kishore Biyani and Mr. Vijay
Biyani. 
Thiruvananthapuram Road Development CoLT Bk Fac – TL     CARE BBB+      711.3   Reaffirmed
Ltd
(reduced from 91.41crs)
Three Brothers Flour And General MillsLT Bk Fac          CARE BB-       50      Issuer not
                                                                                cooperating
Transcon Sheth Creators Pvt Ltd       LT Bk Fac (FB)     CARE BBB-      2500    Assigned
Uniworld Sugars Pvt Ltd               LT Bk Fac          CARE D         600     Revised from
                                                                                CARE B
(reduced from 75CRS)
Valiant Glass Works Pvt Ltd           LT Bk Fac – TL     CARE BBB-      7       Reaffirmed
Valiant Glass Works Pvt Ltd           Long/ST FB Fac –   CARE BBB-      850     Reaffirmed
                                      PSC/EPC            /CARE A3
--------------------------------------------------------------------------------------------
$: 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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