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CARE ratings for Indian debt instruments-Jun 22
June 22, 2017 / 4:07 AM / 3 months ago

CARE ratings for Indian debt instruments-Jun 22

    Jun 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 21, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
B L Agarwala                          ST Bk Fac          CARE A4        150     Revised from
                                                                                CARE A4
ISSUER NOT COOPERATING
Garg Industries Ltd                   ST Bk Fac          CARE A4+       20      Assigned

Phillips Carbon Black Ltd             CP*                CARE A1+       5000    Reaffirmed
*The aggregate of CP and other working capital borrowings should be within the sanctioned
working capital limits of the company.
S.D. Corporation Pvt Ltd              CP (CP) Issue^     CARE A1+(SO)   6000    Reaffirmed
S.D. Corporation Pvt Ltd              Proposed CP issue^ CARE A1+(SO)   2100    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and revolving DSRA Guarantee
provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA+, Stable)

LONG TERM RATINGS:
-------------------
B L Agarwala                          LT Bk Fac          CARE BB        30      Revised from
                                                                                CARE BB
ISSUER NOT COOPERATING
Bhoruka Classic Finance Pvt Ltd       Proposed LT Bk Fac CARE BB        15      Assigned
Chettinad International Coal Terminal LT/ST Bk Fac@      -              -       Withdrawn
Pvt Ltd
@The long/short-term bank facility from ICICI Bank backed by corporate guarantee from Chettinad
Logistics Private Limited has been withdrawn as the limits have been closed.
Chettinad International Coal Terminal LT/ST Bk Fac       CARE A- /CARE  800     Assigned
Pvt Ltd                                                  A2+
Dilip Buildcon Ltd                    LT Bk Fac          CARE A+        19980.9 Revised from
                                                                                CARE A-
Dilip Buildcon Ltd                    LT/ST Bk Fac       CARE A+ /CARE  45000   Revised from
                                                         A1                     CARE A- /
                                                                                CARE A2+
Durgapur Ispat Peoples Society        LT Bk Fac          CARE BB        200     Assigned
Flexi Plast Industries                LT Bk Fac          CARE B         54      Assigned
Garg Industries Ltd                   LT Bk Fac          CARE BB+       200     Assigned
Hinduja Housing Finance Ltd           LT Bk Fac          CARE A+        4550    Reaffirmed
(enhanced from 150 CR)
Hinduja Housing Finance Ltd           LT/ST Bk Fac       CARE A+ /CARE  1050    Assigned
                                                         A1+
J.K. Bhansali & Co.                   LT Bk Fac          -              -       Withdrawn
Phillips Carbon Black Ltd             LT Bk Fac          CARE A+        6180    Revised from
                                                                                CARE A
Phillips Carbon Black Ltd             LT/ST Bk Fac       CARE A+ /CARE  18500   Revised from
                                                         A1+                    CARE A
Shri Marutinandan Oil Industries      LT Bk Fac          CARE B         54.1    Assigned
Shriram City Union Finance Ltd        NCD                CARE AA+       3550    Assigned
--------------------------------------------------------------------------------------------
$: 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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