July 14, 2015 / 5:58 AM / 2 years ago

CARE ratings for Indian debt instruments-Jul 14

Jul 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 13, 2015.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Dicitex Furnishings Ltd               LT Bk Fac          CARE A4+       55      Assigned
Indostar Capital Finance Ltd.         CP                 CARE A1+       5000    Reaffirmed
^including long term bank facilities and Non Convertible Debentures (NCD)
Kothari Agritech Pvt Ltd              ST Bk Fac          CARE A4        420     Assigned

Nangalwala Chemical Industries        ST Bk Fac          CARE A4        50      Assigned
Sundaram Bnp Paribas Home Finance Ltd ST Bk Fac          CARE A1+       100     Assigned
Trend Electronics Ltd                 ST Bk Fac -        CARE A1 (SO)   3050    Reaffirmed
                                      Working Capital^
^Unconditional and irrevocable corporate guarantee by Videocon Industries Limited (VIL)
Value Industries Ltd                  ST Bk Fac          CARE A3        3375    Reaffirmed
                                      (Non-fundbased) -
                                      Working capital

MEDIUM TERM RATINGS:
--------------------
Dewan Housing Finance Corporation Ltd Fixed Deposits     CARE AAA (FD)  80000   Reaffirmed

LONG TERM RATINGS:
-------------------
Aircel Cellular Ltd                   LT Bk Fac*         CARE A- (SO)   174790  Revised from
                                                                                CARE BBB+ (SO)
*inclusive of group facilities (interchangeable between AL, ACL, DWL and ASML)
Aircel Ltd                            LT Bk Fac*         CARE A- (SO)   174790  Revised from
                                                                                CARE BBB+ (SO)
*inclusive of group facilities (interchangeable between AL, ACL, DWL and ASML)
Aircel Smart Money Ltd                LT Bk Fac*         CARE A- (SO)   174790  Revised from
                                                                                CARE BBB+ (SO)
*inclusive of group facilities (interchangeable between AL, ACL, DWL and ASML)
Aquarelle India Pvt. Ltd.             LT Bk Fac          CARE A-        420     Assigned
Aquarelle India Pvt. Ltd.             LT Bk Fac          CARE A-        540     Assigned
Avinash Transport                     LT Bk Fac          CARE BB-       99.5    Assigned
Birla Sun Life Asset Management       Birla Sun Life     CARE AAAmfs            Reaffirmed
Company Ltd                           Cash Plus
Bnp Paribas Asset Management India PvtCAPITAL PROTECTION -              -       Withdrawn
Ltd                                   ORIENTED FUND
                                      SERIES III
Cholamandalam Investment And Finance  NCD                CARE AA        2750    Reaffirmed
Co. Ltd
Cholamandalam Investment And Finance  Subordinated Debt  CARE AA        1000    Reaffirmed
Co. Ltd                               - I
Cholamandalam Investment And Finance  Subordinated Debt  CARE AA        2500    Reaffirmed
Co. Ltd                               - II
Cholamandalam Investment And Finance  Subordinated Debt  CARE AA        3500    Reaffirmed
Co. Ltd                               - III
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA-       4000    Reaffirmed
Co. Ltd                               Instrument - I
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA-       2000    Reaffirmed
Co. Ltd                               Instrument - II
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA-       2000    Reaffirmed
Co. Ltd                               Instrument - III
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA-       1000    Reaffirmed
Co. Ltd                               Instrument - IV
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA-       500     Reaffirmed
Co. Ltd                               Instrument - V
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA-       1000    Reaffirmed
Co. Ltd                               Instrument - VI
Cholamandalam Investment And Finance  Perpetual Debt     CARE AA-       2500    Reaffirmed
Co. Ltd                               Instrument - VI
Dewan Housing Finance Corporation Ltd Perpetual Debt     CARE AA        3000    Reaffirmed
Dewan Housing Finance Corporation Ltd Subordinated Debt  CARE AA+       12050   Reaffirmed
Dewan Housing Finance Corporation Ltd LT Bk Fac          CARE AAA       331668.4Reaffirmed
Dewan Housing Finance Corporation Ltd NCD                CARE AAA       216551.2Reaffirmed
(enhanced from Rs.14,655.12 Cr)
Dicitex Furnishings Ltd               LT Bk Fac          CARE BB+       700.1   Assigned
Dishnet Wireless Ltd                  LT Bk Fac*         CARE A- (SO)   174790  Revised from
                                                                                CARE BBB+ (SO)
*inclusive of group facilities (interchangeable between AL, ACL, DWL and ASML)
Indostar Capital Finance Ltd.         LT Debt Programme^ CARE AA-       30000   Reaffirmed
Kothari Agritech Pvt Ltd              LT Bk Fac          CARE BB        330     Assigned
M Power Microfinance Pvt Ltd.         LT Bk Fac          CARE BBB-      250     Assigned
Mukesh Balvantrai Rotliwala           LT/ ST Bk Fac      CARE BB/CARE A480      Assigned
Nangalwala Chemical Industries        LT Bk Fac          CARE BB-       64.5    Assigned
P. I. Patel Industries                LT Bk Fac          CARE BB        100     Assigned
Shiv S. Balvantrai Rotliwala          LT/ ST Bk Fac      CARE BB/CARE A480      Assigned
Shriram City Union Finance Ltd        Series A2 PTCs     CARE AA- (SO)  47.2    Assigned
Shriram City Union Finance Ltd        Series A1 PTCs     CARE AAA (SO)  896.2   Assigned
Sks Microfinance Ltd                  Series A PTCs      CARE AA (SO)           Assigned
                                                         Provisional
Sundaram Asset Management Company Ltd.Sundaram Ultra ST  CARE AAAmfs            Reaffirmed
                                      Plan
Sundaram Asset Management Company Ltd.Sundaram Select    CARE AAAmfs            Reaffirmed
                                      Debt ST Asset Plan
                                      Fund
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series II    -              -       Withdrawn
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series V)    -              -       Withdrawn
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series V     -              -       Withdrawn
Sundaram Bnp Paribas Home Finance Ltd Subordinated Debt  CARE AA        1000    Reaffirmed
                                      (Series I)
Sundaram Bnp Paribas Home Finance Ltd Subordinated Debt  CARE AA        1000    Reaffirmed
                                      (Series II)
Sundaram Bnp Paribas Home Finance Ltd Subordinated Debt  CARE AA        500     Reaffirmed
                                      (Series III)
Sundaram Bnp Paribas Home Finance Ltd LT Bk Fac          CARE AA+       2874.9  Reaffirmed
(reduced from 772.51 Cr)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series VII)  CARE AA+       234     Reaffirmed
(reduced from 191.30 Cr)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series VIII) CARE AA+       1480    Reaffirmed
(reduced from 497.70 Cr)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series IX)   CARE AA+       4981    Reaffirmed
(reduced from 500 Cr)
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series X)    CARE AA+       5000    Reaffirmed
Sundaram Bnp Paribas Home Finance Ltd NCDs (Series IX)   CARE AA+       4195    Reaffirmed
(reduced from 500 Cr)
Tata Asset Management Company Ltd.    Tata Liquid Fund   CARE AAAmfs            Reaffirmed
                                      Scheme
Trend Electronics Ltd                 LT Bk Fac - TL#    CARE A (SO)    223.7   Reaffirmed
(reduced from 22.54)# Term loan facilities are co-obligated by VIL and group companies to meet
shortfall in debt obligations
Trend Electronics Ltd                 LT Bk Fac -        CARE A (SO)    3000    Reaffirmed
                                      Working capital^
^Unconditional and irrevocable corporate guarantee by Videocon Industries Limited (VIL)
Value Industries Ltd                  LT Bk Fac (FB) -   CARE A (SO)    447.3   Reaffirmed
                                      TL@
(reduced from 45.20 Cr) @Term loan facilities are co-obligated by Videocon Industries Limited
(VIL) and other group companies to meet shortfall in debt obligations.
Value Industries Ltd                  LT Bk Fac (FB)     CARE BBB       3000    Reaffirmed
                                      Working capital
--------------------------------------------------------------------------------------------
$: 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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