March 9, 2016 / 5:07 AM / 2 years ago

CARE ratings for Indian debt instruments-Mar 9

Mar 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 8, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Reliance Infrastructure Ltd           ST Bk Fac          CARE A1+       8000    %
Reliance Infrastructure Ltd           CP issue           CARE A1+       2000    %
                                      (Standalone)                              

Adachi Natural Polymer Pvt Ltd        ST Bk Fac          CARE A4        0.4     Reaffirmed
Apollo Logisolutions Ltd              ST Bk Fac          CARE A3+       200     Reaffirmed
Avr Valves Pvt Ltd                    ST Bk Fac          CARE A4        58      Reaffirmed
Coral Granito Pvt Ltd                 ST Bk Fac          CARE A3        62.5    Reaffirmed
Coral Plus Ceramic Pvt Ltd            ST Bk Fac          CARE A3        13      Revised from
                                                                                CARE A4
Chhattisgarh Steel & Power Ltd        ST Bk Fac          CARE D         150     Revised from
                                                                                CARE A4
Ganpati Sugar Industries Ltd          ST Bk Fac          CARE A3        40      Reaffirmed
Glassco Laboratory Equipment Pvt Ltd  ST Bk Fac          CARE A2        80      Reaffirmed
Haldia Petrochemicals Ltd             ST Bk Fac          CARE A3+       31710   Revised from
                                                                                CARE A3
Kailash Shipping Services Pvt Ltd     ST Bk Fac          CARE A3+       110     Reaffirmed
Ksk Energy Ventures Ltd               ST Bk Fac          CARE A3        2300    Reaffirmed
Perfect Turners                       ST Bk Fac          CARE A4        40      Reaffirmed
Priority Gold Pvt Ltd                 Long/ST Bk Fac     CARE A3+*      1300    Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee of Priority Jewels Pvt. Ltd.
Pushp Forging Pvt Ltd                 ST Bk Fac          CARE A4        50.8    Reaffirmed
Pushp Industries                      ST Bk Fac          CARE A4        50      Reaffirmed
Rajasthan Powergen Transformers Pvt LtST Bk Fac          CARE A4        40      Reaffirmed
Simplex Engineers & Traders           ST Bk Fac          CARE A4        145     Assigned
Umedica Laboratories Pvt Ltd          ST Bk Fac          CARE A3        75      Reaffirmed
Vids Overseas                         ST Bk Fac          CARE A4        75      Reaffirmed
Vinko Auto Industries Ltd             ST Bk Fac          CARE A4+       129     Assigned

LONG TERM RATINGS:
-------------------
Indian Bank                           Proposed Basel III CARE AA        10000   Assigned
                                      Compliant Tier I
                                      Perpetual Bonds @
@ CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as below: 
- The bank has full discretion at all times to cancel coupon payments. 
- The coupon is to be paid out of current year profits. However, if the current year's profits
are not sufficient, coupon payment may be paid subject to availability of sufficient revenue
reserves and/or credit balance in profit and loss account provided the bank meets the minimum
regulatory requirements for Common Equity Tier I [CET I], Tier I and Total Capital Ratios at all
times and subject to the requirements of capital buffer frameworks as prescribed by the Reserve
Bank of India. 
- The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5%
before March 31, 2019, and 6.125% on and after March 31, 2019, or written-off / converted into
common equity shares on occurrence of trigger event called point of non-viability (PONV). The
PONV trigger shall be determined by RBI. Any delay in payment of interest/principal (as the case
may be) due to invocation of any of the features mentioned above would constitute as an event of
default as per CARE's definition of default and as such these instruments may exhibit a somewhat
sharper migration of the rating compared with the conventional subordinated debt instruments.
Reliance Infrastructure Ltd           LT NonConvertible  CARE A+        8000    %
                                      Debenture -1                              
Reliance Infrastructure Ltd           LT NonConvertible  CARE A+        12000   %
                                      Debenture-2                               
Reliance Infrastructure Ltd           LT Bk Fac          CARE A+        26000   %
Reliance Infrastructure Ltd           LT NCD-3           CARE A+        3650    %
Adachi Natural Polymer Pvt Ltd        LT Bk Fac          CARE BB        27.6    Reaffirmed
Adachi Natural Polymer Pvt Ltd        LT/ ST Bk Fac      CARE BB/CARE A465      Reaffirmed
Adhyashakti Paper Pvt Ltd             Bk Fac             -              -       Suspended
Alankit Assignments Ltd               Bk Fac             -              -       Suspended
Alankit Life Care Ltd                 Bk Fac             -              -       Suspended
Apollo Fiege Integrated Logistics Pvt LT Bk Fac          CARE BBB       210     Reaffirmed
Ltd
Apollo Logisolutions Ltd              LT Bk Fac          CARE BBB       1249.3  Reaffirmed
Apollo Logisolutions Ltd              LT Instruments -   CARE BBB       1000    Assigned
                                      Proposed NCD
Aspet Technoplast Pvt Ltd             Bk Fac             -              -       Suspended
Avr Valves Pvt Ltd                    Long- term Bk Fac  CARE BB        26.2    Reaffirmed
Avr Valves Pvt Ltd                    LT/ ST Bk Fac      CARE BB/CARE A432.5    Reaffirmed
Bhagya Ornaments                      Bk Fac             -              -       Suspended
Bhrunda Infra Pvt Ltd                 Bk Fac             -              -       Suspended
Cebon Ceramic Pvt Ltd                 Bk Fac             -              -       Suspended
Chhattisgarh Steel & Power Ltd        LT Bk Fac          CARE D         470     Revised from
                                                                                CARE B+
Consolidated Coin Company Pvt. Ltd.   LT Bk Fac          CARE BBB-      50      Assigned
Consolidated Coin Company Pvt. Ltd.   LT/ST Bk Fac       CARE BBB-/CARE 2480    Assigned
                                                         A3
Coral Granito Pvt Ltd                 LT Bk Fac          CARE BBB-      336.5   Reaffirmed
Coral Plus Ceramic Pvt Ltd            LT Bk Fac          CARE BBB-      60      Revised from
                                                                                CARE BB
F. A. Construction                    Bk Fac             -              -       Suspended
Ganpati Sugar Industries Ltd          LT Bk Fac          CARE BBB-      851.2   Reaffirmed
Globetrotters Educational InnoventionsBk Fac             -              -       Suspended
Pvt Ltd
Greenwood Poultries                   Bk Fac             -              -       Suspended
Haldia Petrochemicals Ltd             LT Bk Fac          CARE BBB       50271.6 Revised from
                                                                                CARE BBB-
Haldia Petrochemicals Ltd             Long/ST Bk Fac     CARE BBB/CARE  18000   Assigned
                                                         A3+
Hiranandani Realtors Pvt Ltd          Withdrawn          -              -       Suspended
Jjco Press Metal Pvt. Ltd.            Bk Fac             -              -       Suspended
K R Patel & Company                   Bk Fac             -              -       Suspended
Kailash Shipping Services Pvt Ltd     LT Bk Fac          CARE BBB       156.3   Reaffirmed
Kamineni Health Care Pvt Ltd          LT Bk Fac          CARE D         182.8   Revised from
                                                                                CARE BB
Kamineni Steel And Power India Pvt LtdLT Bk Fac          CARE D         17779.1 Revised from
                                                                                CARE BB-
Keshav Forex & Travels Pvt Ltd        LT Bk Fac          -              -       Suspended
Kisan Proteins Pvt Ltd                Long/ST Bk Fac     CARE B+/CARE A495      Reaffirmed
Kripton Ceramic Pvt Ltd               Bk Fac             -              -       Suspended
Krishna Hydrocarbons Pvt Ltd          Bk Fac             -              -       Suspended
Ksk Energy Ventures Ltd               LT Bk Fac          CARE BBB-      1000    Reaffirmed
Ksk Energy Ventures Ltd               LT/ ST Bk Fac      CARE BBB-/CARE 5000    Reaffirmed
                                                         A3
L&T Deccan Tollways Ltd               LT Bk Fac          CARE BBB-      10809.2 Reaffirmed
Madan Udyog Pvt Ltd                   Bk Fac             -              -       Suspended
Mahadevia Charitable Trust            Bk Fac             -              -       Suspended
Maktel Power Ltd                      Bk Fac             -              -       Suspended
Mittal Clothing Company               LT Bk Fac          CARE BB        205.1   Reaffirmed
Murlidhar Printers Pvt Ltd            Bk Fac             -              -       Suspended
P.H. Woven Sacks Pvt Ltd              Bk Fac             -              -       Suspended
Par Techno-Heat Pvt Ltd               Bk Fac             -              -       Suspended
Perfect Turners                       LT Bk Fac          CARE BB        3.9     Reaffirmed
Perfect Turners                       LT /ST Bk Fac      CARE BB/CARE A480      Reaffirmed
Pharma Impex Laboratories Pvt Ltd     Bk Fac             -              -       Suspended
Pnp Maritime Services Pvt Ltd         LT Bk Fac^         CARE AA        1600    Reaffirmed
^backed by an unconditional and irrevocable guarantee from Shapoorji Pallonji and Company Pvt.
Ltd (SPCPL, rated 'CARE AA+') for maintaining revolving Debt service reserve account (DSRA) for
an amount payable towards one quarter interest and one quarter principal for immediately
succeeding quarter during the tenure of the facility.
Pnp Maritime Services Pvt Ltd         LT Bk Facilitie    CARE BBB+      860     Reaffirmed
Prasad International Pvt Ltd          Bk Fac             -              -       Suspended
Priority Jewels Pvt Ltd               Long/ST Bk Fac     CARE BBB/CARE  1100    Reaffirmed
                                                         A3+
Proventus Ager India Pvt Ltd          LT Bk Fac          CARE B+        130     Assigned
Pushp Forging Pvt Ltd                 LT Bk Fac          CARE BB        91.2    Reaffirmed
Pushp Industries                      LT Bk Fac          CARE BB        36.1    Reaffirmed
Radhe Sham And Sons                   Bk Fac             -              -       Suspended
Rajasthan Industries                  Bk Fac             -              -       Suspended
Rajasthan Powergen Transformers Pvt   LT Bk Fac          CARE B+        65.8    Reaffirmed
Ltd
Rkc Infrabuilt Pvt Ltd                LT Bk Fac          CARE BBB       250     Reaffirmed
Rkc Infrabuilt Pvt Ltd                LT / ST Bk Fac     CARE BBB /CARE 1000    Reaffirmed
                                                         A3
S.N Dairy Foods Pvt Ltd               LT Bk Fac          CARE BB-       124.3   Reaffirmed
Sathya Lifestyle Pvt Ltd              LT Bk Fac          CARE D         100     Revised from
                                                                                CARE BB
Shivalik Mercantile Co-Operative Bank Issuer Rating      CARE BBB-      -       Assigned
Ltd
Shree Gokulesh Rice Mill              Bk Fac             -              -       Suspended
Shree Laxmi Enterprises               Bk Fac             -              -       Suspended
Shree Ram Oxy-Gas Pvt. Ltd            LT Bk Fac          CARE BB+       81.7    Reaffirmed
Shree Ram Oxy-Gas Pvt. Ltd            LT/ST Bk Fac       CARE BB+/CARE  35      Reaffirmed
                                                         A4
Shree Ramkrishna Oil Industries       LT Bk Fac          CARE B+        98.4    Reaffirmed
Simplex Engineers & Traders           LT Bk Fac          CARE B+        5       Assigned
Simplex Infrastructures Ltd.          LT Bk Fac          CARE A         24621.1 Reaffirmed
Simplex Infrastructures Ltd.          Long/ST Bk Fac     CARE A/CARE A1 86378.9 Reaffirmed
Stage Door                            LT Bk Fac          CARE B         80      Reaffirmed
Step By Step Shiksha Samiti           Bk Fac             -              -       Suspended
Talbros Engineering Ltd               LT Bk Fac          CARE BBB+      108     Assigned
Talbros Engineering Ltd               Long/ST Bk Fac     CARE BBB+      200     Assigned
                                                         /CARE A2
Tanish Associates                     Bk Fac             -              -       Suspended
Tcg Hamilton India Ltd                Proposed PS issue  CARE BB        400     Withdrawn
Techfab (India) Industries Ltd        Bk Fac             -              -       Suspended
Umedica Laboratories Pvt Ltd          LT Bk Fac          CARE BBB-      10.3    Reaffirmed
Umedica Laboratories Pvt Ltd          Long/ST Bk Fac     CARE BBB-/CARE 195     Reaffirmed
                                                         A3
United Projects                       Bk Fac             -              -       Suspended
Utkarsh Micro Finance Pvt Ltd         Subordinated Debt  CARE A-        350     Assigned
Vids Overseas                         LT Bk Fac          CARE BB-       9       Revised from
                                                                                CARE B+
Vinko Auto Industries Ltd             LT Bk Fac          CARE BB+       39.9    Assigned
Yantra Esolar India Pvt. Ltd          LT Bk Fac          CARE BBB-      248.5   Revised from
                                                                                CARE BB+
--------------------------------------------------------------------------------------------
$: 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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below