July 6, 2017 / 5:57 AM / 18 days ago

CARE ratings for Indian debt instruments-Jul 6

15 Min Read

    Jul 6 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 5, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adani Gas Ltd.                        CP (CP) issue      CARE A1+       1500    Reaffirmed
[Reduced from 300.00crs]
Allix Ceramic Pvt Ltd                 ST Bk Fac          CARE A4        13.5    Assigned
Ambica Timber Mart                    ST Bk Fac          CARE A4        7       Reaffirmed
Astra Lighting Ltd                    ST Bk Fac (Non-FB  CARE D         7.4     Revised from
                                      Limits)                                   CARE A4
Bharat Electrical Contractors &       ST Bk Fac          CARE A3+       2210    Revised from
Manufacturers Pvt Ltd                                                           CARE A3
(enhanced from Rs.171 crore)
Earth Stahl & Alloys Pvt Ltd          ST Bk Fac          CARE D         4       Reaffirmed
Export-Import Bank Of India           ST CP Programme    CARE A1+       156519.5Reaffirmed
                                      (CP)*
* Amount outstanding under long-term and short-term Certificate of Deposit and Commercial Paper
Programme will not exceed Rs.15,651.95 crore.
G.P. Cottfab Pvt Ltd                  ST Bk Fac          CARE A4        2.5     Assigned
Globus International                  ST Bk Fac          CARE A3 (SO)   150     Assigned
Housing And Urban Development         ST Debt/CP         CARE A1+       65000   Reaffirmed
Corporation Ltd
Jet Freight Logistics Ltd             ST Bk Fac          CARE A4        20      Assigned
Kalyaneswari Polyfabs Pvt Ltd         ST Bk Fac          CARE A4        5       Assigned
Kripa Telecom                         ST Bk Fac          CARE A4        60      Assigned
Laurus Labs Ltd                       ST Bk Fac          CARE A1+       3132    Reaffirmed
Laurus Labs Ltd                       ST –CP *           CARE A1+       1000    Reaffirmed
*carved out of the sanctioned working capital limits of the company
Mascot Cement (India) Pvt Ltd         ST Bk Fac          CARE A4        10      Assigned
Mte Industries Pvt Ltd                ST Bk Fac          CARE A4        9.5     Assigned
Transformers & Rectifiers (India) Ltd ST Bk Fac          CARE A2        1500    Revised from
                                                                                CARE A3+
Vision Motors Pvt Ltd                 ST Bk Fac          CARE A4        500     Reaffirmed
(increased from 34.00crs)
Vraj And Vaj Construction             ST Bk Fac          CARE A4        20      Reaffirmed
Wockhardt Ltd                         ST Bk Fac          CARE A1+       5963    Reaffirmed
                                      (Non-Fund Based)
York Transport Equipment (India) Pvt  ST Bk Fac          CARE A2        150     Reaffirmed
Ltd    
MEDIUM TERM RATINGS:
-------------------
Housing And Urban Development         Fixed Deposit      CARE AAA (FD)  30000   Reaffirmed
Corporation Ltd                       Programme

LONG TERM RATINGS:
-------------------
Adani Agri Logistics Ltd              LT Bk Fac          CARE BBB+      3849    Reaffirmed
(enhanced from Rs.377.97 crore)
Allix Ceramic Pvt Ltd                 LT Bk Fac          CARE B+        82.1    Assigned
Ambica Timber Mart                    LT / ST Bk Fac     CARE B+ /CARE  140     Reaffirmed
                                                         A4
Amrit Homes Pvt Ltd                   LT Bk Fac          CARE BB+       259     Assigned
Arisudana Industries Ltd              LT Bk Fac          CARE BBB+      1203.4  Revised from
                                                                                CARE BBB
Astra Lighting Ltd                    LT Bk Fac (TL)     CARE D         63.3    Reaffirmed
Astra Lighting Ltd                    LT Bk Fac (FBL)    CARE D         44      Revised from
                                                                                CARE C
Atm Global Corporation                LT / ST Bk Fac     CARE B+ /CARE  90      Reaffirmed
                                                         A4
Bharat Electrical Contractors &       LT Bk Fac          CARE BBB       400     Revised from
Manufacturers Pvt Ltd                                                           CARE BBB-
Cms It Services Pvt Ltd               LT Bk Fac          CARE BBB-      270     Reaffirmed
Cms It Services Pvt Ltd               LT/Shortterm Bk FacCARE BBB-      730     Reaffirmed
                                                         /CARE A3
Crest Merchandise Pvt Ltd             Long/ST Bk Fac     CARE BBB-/CARE 250     Assigned
                                      (fund              A3
                                      based/nonfund based)
Dhanee International                  LT Bk Fac          CARE D         52.5    Reaffirmed
Drb Ravani Developers                 LT Bk Fac          CARE BB+       1952.1  Revised from
                                                                                CARE BB
(reduced from Rs.200.78 crore)
Earth Stahl & Alloys Pvt Ltd          LT Bk Fac          CARE D         176     Reaffirmed
Export-Import Bank Of India           LT Bk Borrowing    CARE AAA       30000   Outstanding
                                      Programme
Export-Import Bank Of India           CD Programme (CD)*^CARE AAA /CARE 156519.5Reaffirmed
                                                         A1+
* Amount outstanding under long-term and short-term Certificate of Deposit and Commercial Paper
Programme will not exceed Rs.15,651.95 crore./^interchangeable long term / short term limit.
G R Infraprojects Ltd                 LT Bk Fac          CARE AA-       1645.8  Reaffirmed
G R Infraprojects Ltd                 LT / ST Bk Fac     CARE AA- /CARE 18000   Reaffirmed
                                                         A1+
(enhanced from Rs.1,600.00 crore)
G.P. Cottfab Pvt Ltd                  LT Bk Fac          CARE BB-       196.2   Assigned
Globus International                  LT/ST Bk Fac       CARE BBB- (SO) 50      Assigned
                                                         /CARE A3 (SO)
Housing And Urban Development         LT Bonds (06-07)   -              -       Withdrawn
Corporation Ltd
Housing And Urban Development         LT Bonds (11-12)   CARE AAA       50000   Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (12-13)   CARE AAA       24013.5 Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (13-14)   CARE AAA       56871.2 Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds –         CARE AAA       15000   Reaffirmed
Corporation Ltd                       Tax-free (15-16)
Housing And Urban Development         LT Bonds (15-16)   CARE AAA       35000   Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (16-17)   CARE AAA       38650   Reaffirmed
Corporation Ltd
Housing And Urban Development         LT Bonds (17-18)   CARE AAA       120000  Assigned
Corporation Ltd                       (including
                                      sub-limit of Rs.2,000 crore as subordinated debt)
Housing And Urban Development         LT/ ST Bk Fac      CARE AAA /CARE 100000  Reaffirmed
Corporation Ltd                                          A1+
Indiabulls Real Estate Company Pvt LtdLT Bk Fac          CARE AA- (SO)  15355.2 Reaffirmed
(enhanced from 1060.52crs)
Indiabulls Real Estate Company Pvt LtdLT Bk Fac          CARE AA- (SO)  1517.8  Reaffirmed
Infrastil Global Impex Pvt Ltd        Long/ST Bk Fac     CARE BBB-      350     Assigned
                                      (fund              /CARE A3
                                      based/nonfund based)
Jet Freight Logistics Ltd             LT Bk Fac          CARE BB        200     Assigned
Jetair Pvt Ltd                        LT Bk Fac          CARE BBB-      168.5   Assigned
Jetair Pvt Ltd                        Long/ST Bk Fac-CC  CARE BBB-      144     Assigned
                                                         /CARE A3
Kalyaneswari Polyfabs Pvt Ltd         LT Bk Fac          CARE B         99.5    Assigned
Kripa Telecom                         LT Bk Fac          CARE BB-       30      Assigned
Kruti Power Projects Pvt Ltd          LT Bk Fac          CARE BB        150     Assigned
Laurus Labs Ltd                       LT Bk Fac          CARE AA-       9590.6  Revised from
                                                                                CARE A+
M.B. Parikh & Sons                    LT Bk Fac          CARE B+        60      Assigned
Mahakaleshwar Tollways Pvt Ltd        LT Bk Fac          CARE BB+       1648.4  Revised from
                                                                                CARE BB
Mascot Cement (India) Pvt Ltd         LT Bk Fac          CARE B         120     Assigned
Mohandas V. Rajani                    LT Bk Fac          CARE BB        30      Assigned
Mohandas V. Rajani                    LT/ ST Bk Fac      CARE BB /CARE  30      Assigned
                                                         A4+
Mte Industries Pvt Ltd                LT Bk Fac          CARE BB-       89.2    Assigned
Puliani And Puliani                   LT Bk Fac          CARE B         75      Assigned
Saanvi Associates                     LT Bk Fac          CARE B         102.5   Assigned
Sanaka Educational Trust              LT Bk Fac          CARE B+        494.2   Assigned
Shiv Ganga Hybrid Seeds Pvt Ltd       LT Bk Fac          CARE BB        130     Assigned
Shrikalyani Agritech Pvt. Ltd.        LT Bk Fac          CARE B+        103.1   Revised from
                                                                                CARE B+
(Reduced from 11.67crs
Shweta Breeding Farm                  LT Bk Fac          CARE B         57      Reaffirmed
(Reduced from 6.50crs)
Supertech Ltd                         LT Instrument-     -              -       Withdrawn
                                      NonConvertible
                                      Debentures (NCDs)
Supertech Ltd                         LT Bk Fac          CARE D         19000   Downgraded
                                                                                from CARE BB+
Supertech Precast Technologies Pvt LtdLT Bk Fac          CARE D         385.3   Downgraded
                                                                                from CARE BB+
                                                                                (SO)
Supertech Realtors Pvt Ltd            LT Bk Fac^         CARE D         7350    Downgraded
                                                                                from CARE BB+
^ The above rating is based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee from Supertech Limited (STL) rated CARE D.
Supertech Township Project Ltd        LT Bk Fac          CARE D         3400    Downgraded
                                                                                from CARE BB+
Sylvanus Properties Ltd               LT Bk FacTL        CARE AA- (SO)  1000    Assigned
Transformers & Rectifiers (India) Ltd LT Bk Fac          CARE A-        100.2   Revised from
                                                                                CARE BBB+
Transformers & Rectifiers (India) Ltd LT/ ST Bk Fac      CARE A- /CARE  8640    Revised from
                                                         A2                     CARE BBB+ /
                                                                                CARE A3+
Vision Motors Pvt Ltd                 LT Bk Fac          CARE BB        318.1   Reaffirmed
(increased from 23.24crs)
Vraj And Vaj Construction             LT Bk Fac          CARE B+        60      Revised from
                                                                                CARE BB-
Wockhardt Ltd                         LT Bk Fac (Fund    CARE AA-       7662.5  Revised from
                                      based)                                    CARE AA
Wockhardt Ltd                         NCD issue          CARE AA-       2500    Revised from
                                      (proposed)                                CARE AA
York Transport Equipment (India) Pvt LLT Bk Fac          CARE BBB+      700     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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