June 19, 2017 / 4:12 AM / 2 months ago

CARE ratings for Indian debt instruments-Jun 19

   Jun 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 16, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aptus Value Housing Finance India Ltd ST Bk Fac          CARE A1        30      Revised from
                                                                                CARE A2+
Celite Tyre Pvt Ltd                   ST Bk Fac          CARE A4+       150     Assigned
G.R.K. Theatres Pvt Ltd               ST Bk Fac          CARE A4        62.3    Assigned

Jain Irrigation Systems Ltd           ST Bk Fac (Non-FB) CARE A2        17350   Revised from
                                                                                CARE A3+
R.R. Energy Ltd                       ST Bk Fac          CARE A4        181     Assigned
Rushil Décor Ltd                      ST Bk Fac          CARE A2        330     Revised from
                                                                                CARE A3+
Sadbhav Engineering Ltd               ST Bk Fac          CARE A1+       200     Assigned
Thriveni Earthmovers Pvt Ltd          ST Bk Fac          CARE A2+       6039.6  Reaffirmed
Yuvraj Enterprise                     ST Bk Fac          CARE A4        250     Assigned

LONG TERM RATINGS:
-------------------
Adani Power Ltd                       LT Bk Fac          CARE BB-       74317.1 Revised from
                                                                                CARE BBB-
Adani Power Ltd                       LT Bk Fac (Rupee   CARE BB-       64175.9 Revised from
                                      TL – Phase IV)*                           CARE BBB+ (SO)
*earlier rating was based on the Credit Enhancement in the form of
 a ring-fenced cash flow structure as per Trust and Retention Account 
(TRA) agreement for priority in debt servicing of rupee term loans availed
 for funding the Phase-IV power generation project assets of 1980 MW of 
 Adani Power Ltd. (APL) at Mundra in Gujarat.
Adani Power Ltd                       LT / ST Bk Fac     CARE BB- /CARE 50626.8 Revised from
                                                         A4                     CARE BBB- /
                                                                                CARE A3
Aptus Value Housing Finance India Ltd LT Bk Fac          CARE A         4970    Revised from
                                                                                CARE A-
Aptus Value Housing Finance India Ltd NCD Issue          CARE A         1000    Revised from
                                                                                CARE A-
Bansal Pathways (Guna-Sironj) Pvt Ltd LT Bk Fac          CARE BBB-      1580    Reaffirmed
Bansal Pathways (Guna-Sironj) Pvt Ltd Subordinated TL    CARE BBB-      20      Assigned
Celite Tyre Pvt Ltd                   LT Bk Fac          CARE BB+       50      Assigned
G.R.K. Theatres Pvt Ltd               LT Bk Fac          CARE B+        37.7    Assigned
G.R.K. Theatres Pvt Ltd               LT Bk Fac          CARE B+        100     Assigned
Gayatri Vidya Parishad                LT Bk Fac          CARE BB+       887.2   Assigned
Jain Irrigation Systems Ltd           LT Bk Fac (TL)     CARE A-        5376.7  Revised from
                                                                                CARE BBB+
Jain Irrigation Systems Ltd           LT Bk Fac (FB)     CARE A-        15500   Revised from
                                                                                CARE BBB+
N.A.M. Expressway Ltd                 LT Bk Fac (Senior  CARE BBB-      9138.1  Assigned
                                      Debt)
N.A.M. Expressway Ltd                 LT Bk Fac          Provisional    721.2   Assigned
                                      (Additional Senior CARE BBB-
                                      Debt)
N.A.M. Expressway Ltd                 LT Bk Fac          Provisional    3640    Assigned
                                      (Subordinate Debt)@CARE BBB- (SO)
@proposed to be backed by sponsor/promoter bank guarantee to provide DSCR 
support as envisaged as per the Common Loan Agreement
Omkamal Steel Pvt Ltd                 LT Bk Fac          CARE B+        46.5    Assigned
Options Lawns Pvt Ltd                 LT Bk Fac          CARE B+        78.5    Assigned
Patel Cotton Industries               LT Bk Fac          CARE B         141.3   Assigned
R.R. Energy Ltd                       LT Bk Fac          CARE B         660     Assigned
Raj Electricals                       LT Bk Fac          CARE BB-       65      Assigned
Raj Electricals                       LT/ST Bk Fac       CARE BB- /CARE 22.5    Assigned
                                                         A4
Rushil Décor Ltd                      LT Bk Fac          CARE BBB+      1123.7  Reaffirmed
Sadbhav Engineering Ltd               LT Bk Fac          CARE A+        6366.8  Reaffirmed
Sadbhav Engineering Ltd               LT NCD             CARE A+        2700    Reaffirmed
Sadbhav Engineering Ltd               LT/ST Bk Fac       CARE A+ /CARE  18000   Reaffirmed
                                                         A1+
Thriveni Earthmovers Pvt Ltd          LT Bk Fac          CARE A-        2529.8  Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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