July 3, 2017 / 5:12 AM / 3 months ago

CARE ratings for Indian debt instruments-Jul 3

    Jul 3 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 30, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Gainup Industries India Pvt Ltd       ST Bk Fac          CARE A4        50      Assigned
Ganesha International                 ST Bk Fac          CARE A4        130     Reaffirmed
(enhanced from 11crs)
M. P. Power Management Co. Ltd        ST Bk Fac (II)     CARE A2+ (SO)  6700    Reaffirmed

M. P. Power Management Co. Ltd        ST Bk Fac (IV)@    CARE A2+ (SO)  2700    Assigned
@CARE has confirmed the earlier ‘Provisional’ rating assigned to the bank facilities at III and
IV above, upon issuance of an unconditional and irrevocable
Syselec Technologies Pvt Ltd          ST Bk Fac          CARE A4        116     Assigned
The India Cements Ltd                 ST Bk Facility     CARE A1        100     Revised and
                                                                                removed from
                                                                                credit watch
Trent Ltd                             CP Issue           CARE A1+       3000    Reaffirmed
(Enhanced from Rs. 250 crore)

MEDIUM TERM RATINGS:
-------------------
D. S. Kulkarni Developers Ltd         Fixed Deposits     CARE D         338.6   Revised from
                                                                                CARE C (FD)
LONG TERM RATINGS:
-------------------
Bhimashankar Agro Coldchain &         LT Bk Fac          CARE BB-       65      Assigned
& Processing Producer Company Ltd
Buckman Laboratories (India) Pvt Ltd  LT/ST Bk Fac       CARE BBB+/CARE 120     Reaffirmed
                                                         A2
D. S. Kulkarni Developers Ltd         Non- Convertible   CARE D         1115.9  Revised from
                                      Debentures                                CARE C
Décor Home India Pvt Ltd              LT Bk Fac          CARE B+        300     Assigned
Gainup Industries India Pvt Ltd       LT Bk Fac          CARE BB        200     Assigned
Ganesha International                 LT Bk Fac          CARE B+        40      Reaffirmed
Goverdhan Verma Punjab Jewellers Pvt  LT Bk Fac          CARE B+        100     Assigned
Ltd 
Hi-Trac Manpower Services Pvt Ltd     LT Bk Fac          -              -       Withdrawn
Imlrt March 2017 (Originator: Bharat  Series A PTCs      CARE AA (SO)   -       Assigned
Financial Inclusion Ltd)
J.B.Cotton                            LT Bk Fac          CARE BB-       48.4    Assigned
Jupiter Sbl Ifmr Capital 2017         Series A2 PTCs#    CARE BB+ (SO)  -       Assigned
#The PTCs rated based on ultimate payment basis.
Jupiter Sbl Ifmr Capital 2017         Series A1 PTCs#    CARE BBB+ (SO) -       Assigned
#The PTCs rated based on ultimate payment basis.
K.P. Chacko & Sons                    LT Bk Fac          CARE B+        170     Assigned
M. P. Power Management Co. Ltd        LT Bk Fac (I)      CARE A- (SO)   5300    Reaffirmed
(Enhanced from 180.00crs)
M. P. Power Management Co. Ltd        LT Bk Fac (III)@   CARE A- (SO)   300     Assigned
@CARE has confirmed the earlier ‘Provisional’ rating assigned to the bank facilities at III and
IV above, upon issuance of an unconditional and irrevocable
New Delhi Municipal Council           Proposed Bonds     CARE AA +      2000    Assigned
New Delhi Municipal Council           Issuer Rating*     CARE AA+(Is)   -       Reaffirmed
*The issuer rating is based on Council availing maintaining an overall debt not exceeding Rs.500
crore. Details of instruments/facilities in Annexure-1
North Karnataka Expressway Ltd        LT Bk Fac          CARE AAA(SO) @ 973     Reaffirmed
(reduced from 137.60crs) @based on the various credit enhancement measures and structured
payment mechanism for the NCD s repayment
Ntpc-Sail Power Co. Ltd               Proposed LT Bond   CARE AA        15000   Assigned
                                      Programme
Parmeshwari Enterprises               LT Bk Fac          CARE BB        55      Assigned
Shriram Cotton Fibers                 LT Bk Fac          CARE BB-       65      Assigned
Syselec Technologies Pvt Ltd          LT Bk Fac          CARE BB-       60      Assigned
The India Cements Ltd                 LT Bk Facility - TLCARE A-        1500    Assigned
The India Cements Ltd                 LT Bk facility -   CARE A-        500     Revised and
                                      Fund based                                removed from
                                                                                credit watch
The State Trading Corporation Of IndiaLT Bk Fac          CARE D         20000   Revised from
Ltd                                                                             CARE BB+
The State Trading Corporation Of IndiaST Bk Fac          CARE D         40000   Revised from
Ltd                                                                             CARE A4+
--------------------------------------------------------------------------------------------
$: 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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