October 10, 2016 / 7:21 AM / 9 months ago

CARE ratings for Indian debt instruments-Oct 10

24 Min Read

Oct 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 7, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
5 Core Acoustics Pvt Ltd              ST Bk Fac          CARE A4+       150     Reaffirmed
Acme Cleantech Solutions Pvt Ltd      ST Bk Fac (Forward CARE A2        90      Assigned
                                      Contract)
Ahw Steels Pvt Ltd                    ST Bk Fac          CARE A3        50      Reaffirmed

Ankur Biochem Pvt. Ltd.               ST Bk Fac          CARE A3+       10      Reaffirmed
Bahdl Hospitality Ltd                 ST Bk Fac          CARE A3        75      Reaffirmed
Bhagwati Kripa Paper Mills Pvt Ltd    ST Bk Fac          CARE A4        150     Reaffirmed
Cadmach Machinery Company Pvt Ltd     ST Bk Fac          CARE A2+       42.5    Reaffirmed
[Enhanced from Rs.1.75 crore]
Cmi Fpe Ltd                           ST Bk Fac (LOC/BG) CARE A2+       1500    Reaffirmed
Dcm Shriram Industries Ltd            ST Bk Fac          CARE A3        890.2   Reaffirmed
(reduced from 96.58 CR)
Digi Export Venture Pvt Ltd           ST Bk Fac          CARE A4+       160     Reaffirmed
Ems And Exports                       ST Bk Fac          CARE A4+       430     Reaffirmed
Feris Spintex Pvt Ltd                 ST Bk Fac          CARE A4        20      Assigned
Five Core Electronics Ltd             ST Bk Fac          CARE A4+       440     Reaffirmed
Flexible Abrasives Pvt Ltd            ST Bk Fac          CARE A4        17.5    Reaffirmed
(enhanced from 1.10 crore)
Ghatge Patil Industries Ltd           ST Bk Fac          CARE A4+       1100    Revised from
                                                                                CARE A3
Gillanders Arbuthnot & Company Ltd    ST Bk Fac          CARE A3+       2811.2  Reaffirmed
(reduced from 302.97 CR)
Happy Acoustics Pvt Ltd               ST Bk Fac          CARE A4+       365     Reaffirmed
Indian Acoustics Pvt Ltd              ST Bk Fac          CARE A4+       240     Reaffirmed
International Paper Appm Ltd          ST Bk Fac          CARE A1+(SO)   635     Reaffirmed
Jash Engineering Ltd                  ST Bk Fac          CARE A2        55.6    Reaffirmed
Jindal Stainless (Hisar) Ltd          ST Bk Fac          CARE A3        38100   Final Rating*
                                      (Non-fundbased)
*CARE has assigned final rating subsequent to the receipt of the duly executed working capital
and term loan agreements.
Kathpal Solvex Pvt Ltd                ST Bk Fac          CARE A4        30      Assigned
Krishnaganga Spinning Mills Pvt Ltd   ST Bk Fac          CARE A4        33.5    Assigned
Mantena Constructions Pvt Ltd         ST Bk Fac          CARE A3        210     Assigned
Nagarjuna Fertilizers And Chemicals LtST Bk Fac          CARE A4        11811.7 Revised from
                                                                                CARE D
(reduced from 1700.11 CR)
Neha Exports                          ST Bk Fac          CARE A4        140     Reaffirmed
Power Finance Corporation Ltd         ST Market          CARE A1+       250000  Reaffirmed
                                      Borrowing
                                      Programme - FY17
Renaatus Projects Pvt Ltd             ST Bk Fac          CARE A3        500     Assigned
Shakti Pumps (India) Ltd              ST Bk Fac          CARE A2        850     Reaffirmed
Shalimar Paints Ltd                   ST Bk Fac          CARE A3        762.5   Reaffirmed
Shri Lakshmi Metal Udyog Ltd          ST Bk Fac*         CARE A1+(SO)   50      Revised from
                                                                                CARE A1(SO)
*backed by the corporate guarantee provided by APL Apollo Tubes Ltd (rated CARE A+ and CARE A1+
). @carved out of the sanctioned working capital limits of the company.
Shri Lakshmi Metal Udyog Ltd          ST debt (Including CARE A1+(SO)   250     Revised from
                                      CPs)@                                     CARE A1(SO)
Sks Fasteners Ltd                     ST Bk Fac          CARE A4        105     Reaffirmed
Sova Ispat Ltd                        ST Bk Fac          CARE A2(SO)    605     Revised from
                                                                                CARE A3+(FD)
(enhanced from 29.75 CR)
Sreekanth Pipes Pvt Ltd               ST Bk Fac          CARE A4        80      Reaffirmed
Steel Exchange India Ltd              ST Bk Fac          CARE A4        3470    Revised from
                                                                                CARE A3
Supertron Electronics Pvt Ltd         ST Bk Fac          CARE A2+       1660    Revised from
                                                                                CARE A2
[Enhanced from Rs.151 crore]
Vennar Ceramics Ltd                   ST Bk Fac          CARE A2(SO)    10      Reaffirmed
Vibrant Global Trading Pvt Ltd        ST Bk Fac          CARE A3        303     Reaffirmed
Visual And Acoustics Corporation Llp  ST Bk Fac          CARE A4+       115     Reaffirmed
V-Mart Retail Ltd                     Proposed CP (CP)   CARE A1+       200     Assigned
                                      issue*
*carved out of the sanctioned working capital limits of the company.
Wonder Cement Ltd                     ST Bk Fac          CARE A1+       100     Revised from
                                                                                CARE A2+

MEDIUM TERM RATINGS:
-------------------

Dcm Shriram Industries Ltd            Medium-term        CARE BBB+(FD)  150     Revised from
                                      Instruments -                             CARE BBB(FD)
                                      Fixed Deposit

Ghatge Patil Industries Ltd           FD                 CARE BB+(FD)   400     Revised from
                                                                                CARE BBB-(FD)
Gillanders Arbuthnot & Company Ltd    FD                 CARE BBB+(FD)  500     Reaffirmed
(enhanced from 45 CR)
Savery Transport Finance Ltd          FD                 CARE BBB+ (FD) 100     Reaffirmed


LONG TERM RATINGS:
-------------------
Acme Cleantech Solutions Pvt Ltd      LT Bk Fac (Working CARE BBB+      1000    Reaffirmed
                                      Capital TL)
(Reduced from 110 CR)
Acme Cleantech Solutions Pvt Ltd      LT Bk Fac (Working CARE BBB+      500     Assigned
                                      Capital Demand
                                      Loan)
Acme Cleantech Solutions Pvt Ltd      LT/ST Bk Fac (BGs) CARE BBB+      3250    Reaffirmed,
                                                         /CARE A2               reclassified
                                                                                as
Long-term/Short-term (Non-fund-based)
(enhanced from 175 CR)
Acme Cleantech Solutions Pvt Ltd      LT/ST Bk Fac (Loan CARE BBB+      200     Assigned
                                      Equivalent Risk)   /CARE A2
Aggarwal Coal Company                 Bk Fac             -              -       Suspended
Agi Infra Ltd                         Bk Fac             -              -       Suspended
Ahw Steels Pvt Ltd                    LT Bk Fac          CARE BBB-      750     Reaffirmed
Ajay Engi-Infrastructure Pvt Ltd      LT/ST Bk Fac       CARE BBB+      150     Reaffirmed
                                                         /CARE A2
(enhanced from Rs.12.50 crore)
Ankur Biochem Pvt. Ltd.               LT Bk Fac          CARE BBB+      380     Revised from
                                                                                CARE BBB
(reduced from 48.34 CR)
Bahdl Hospitality Ltd                 LT Bk Fac          CARE BBB-      996.5   Reaffirmed
[Reduced from Rs.101.90 crore]
Balaji Industries                     LT Bk Fac          CARE B+        130     Assigned
Banik Rubber Industries (India) Pvt LtLT Bk Fac          CARE A         80      Reaffirmed
Banik Rubber Industries (India) Pvt LtLT/ST Bk Fac       CARE A /CARE A1220     Reaffirmed
Bhagwati Kripa Paper Mills Pvt Ltd    LT Bk Fac          CARE BB+       180.2   Reaffirmed
Bharat Sanchar Nigam Ltd              LT Bk Fac*         CARE AAA(SO)   80000   Reaffirmed
*backed by the unconditional and irrevocable Letter of Comfort from Department of Telecom (DoT)
under Ministry of Communication and Information Technology, Government of India (GoI). 
Brahmmas Agro Industries Pvt Ltd      LT Bk Fac - TL     -              -       Withdrawn
Brahmmas Agro Industries Pvt Ltd      LT Bk Fac - CC     CARE BBB-      250     Reaffirmed
Cadmach Machinery Company Pvt Ltd     LT Bk Fac          CARE A-        50      Reaffirmed
[Enhanced from Rs.4.60 crore]
Chetan Alloys Pvt Ltd                 LT Bk Fac          CARE B+        100     Assigned
Cmi Fpe Ltd                           LT Bk Fac (CC)     CARE BBB+      500     Reaffirmed
Dashmesh Rubber Industries Pvt Ltd    LT Bk Fac          CARE D         49.3    Revised from
                                                                                CARE BB-
Dashmesh Rubber Industries Pvt Ltd    ST Bk Fac          CARE D         5       Revised from
                                                                                CARE A4
Dcm Shriram Industries Ltd            LT Bk Fac          CARE BBB+      4960.9  Revised from
                                                                                CARE BBB
(enhanced from 438.58 CR)
Earthen Treasures Natural Resources PvLT Bk Fac          CARE D         50      Revised from
Ltd                                                                             CARE B
Ems And Exports                       LT Bk Fac          CARE BB+       20      Reaffirmed
Engineers India Ltd                   LT/ST Bk Fac       CARE AAA /CARE 16152.6 Reaffirmed
                                                         A1+
(reduced from Rs.1,650.00 crore)
Feris Spintex Pvt Ltd                 LT Bk Fac          CARE B+        382.1   Assigned
Five Core Electronics Ltd             LT Bk Fac          CARE BB+       10      Reaffirmed
Flexible Abrasives Pvt Ltd            LT Bk Fac          CARE BB        95.1    Reaffirmed
(enhanced from 5.91 crore)
Gayatri Jhansi Roadways Ltd           LT Bk Fac          CARE A-        2543.3  Revised from
                                                                                CARE BBB
[Reduced from Rs.263.06 crore]
Gayatri Lalitpur Roadways Ltd         LT Bk Fac          CARE A-        1887.6  Revised from
                                                                                CARE BBB
(reduced from 195.27 CR)
Ghatge Patil Industries Ltd           LT Bk Fac          CARE BB+       1996.2  Revised from
                                                                                CARE BBB-
Gillanders Arbuthnot & Company Ltd    LT Bk Fac          CARE BBB-      2976.8  Reaffirmed
(reduced from 384.34 CR)
Gillanders Arbuthnot & Company Ltd    LT/ST Bk Fac       CARE BBB+      1038    Reaffirmed
                                                         /CARE A3+
(enhanced from 101.92 CR)
Gvk Power And Infrastructure Ltd      LT Bk Fac          CARE D         1500    Revised from
                                                                                CARE BB
Gvk Power And Infrastructure Ltd      LT/ST Bk Fac       CARE D         953.8   Revised from
                                                                                CARE BB /
                                                                                CARE A4
Happy Acoustics Pvt Ltd               LT Bk Fac          CARE BB+       15      Reaffirmed
Hilltop Concrete Pvt Ltd              LT Bk Fac          CARE B         17      Reaffirmed
Home Credit India Finance Pvt Ltd     NCD                CARE BB+       2250    Assigned
Indian Acoustics Pvt Ltd              LT Bk Fac          CARE BB+       35.4    Reaffirmed
International Paper Appm Ltd          LT Bk FacCC        CARE AA(SO)    430     Reaffirmed
Jash Engineering Ltd                  LT Bk Fac          CARE BBB+      424     Reaffirmed
Jash Engineering Ltd                  LT/ST Bk Fac       CARE BBB+      425     Reaffirmed
                                                         /CARE A2
Jindal Stainless (Hisar) Ltd          LT Bk Fac (TL)     CARE BBB-      26000   Final Rating*
*CARE has assigned final rating subsequent to the receipt of the duly executed working capital
and term loan agreements.
Jindal Stainless (Hisar) Ltd          LT Bk Fac (FB      CARE BBB-      7700    Final Rating*
*CARE has assigned final rating subsequent to the receipt of the duly executed working capital
and term loan agreements.
Karnataka Bank Ltd                    Lower Tier II BondsCARE A         6000    Reaffirmed
Karnataka State Financial Corporation Unsecured Bonds I @CARE AA-(SO)   1230    Reaffirmed
@ backed by unconditional and irrevocable guarantee from Government of Karnataka (GoK).
Karnataka State Financial Corporation Unsecured Bonds II CARE AA-(SO)   1000    Reaffirmed
                                      @
@ backed by unconditional and irrevocable guarantee from Government of Karnataka (GoK).
Karnataka State Financial Corporation Unsecured Bonds    CARE AA-(SO)   2000    Reaffirmed
                                      III @
@ backed by unconditional and irrevocable guarantee from Government of Karnataka (GoK).
Karnataka State Financial Corporation Unsecured Bonds IV CARE AA-(SO)   2000    Reaffirmed
                                      @
@ backed by unconditional and irrevocable guarantee from Government of Karnataka (GoK).
Karnataka State Financial Corporation Unsecured Bonds V @CARE AA-(SO)   2500    Reaffirmed
@ backed by unconditional and irrevocable guarantee from Government of Karnataka (GoK).
Karnataka State Financial Corporation Unsecured Bonds VI CARE AA-(SO)   2350    Reaffirmed
                                      @
@ backed by unconditional and irrevocable guarantee from Government of Karnataka (GoK).
Kathpal Solvex Pvt Ltd                LT Bk Fac          CARE B         120     Assigned
Krishnaganga Spinning Mills Pvt Ltd   LT Bk Fac          CARE BB        180     Assigned
Maa Padmavati Fabrics                 LT Bk Fac          CARE B+        60      Assigned
Manohar Infrastructure & ConstructionsLT Bk Fac          CARE BBB-      900     Assigned
Pvt Ltd
Mantena Constructions Pvt Ltd         LT Bk Fac          CARE BBB       430     Revised from
                                                                                CARE BBB-
(enhanced from 35.00 CR)
Mantena Constructions Pvt Ltd         LT/ST Bk Fac       CARE BBB /CARE 260     Revised from
                                                         A3                     CARE BBB- /
                                                                                CARE A3
(reduced from 30.00 CR)
Nagarjuna Fertilizers And Chemicals   LT Bk Fac          CARE B         16964.9 Revised from
Ltd                                                                              CARE D
(enhanced from 1481.50 CR)
Navayuga Jahnavi Toll Bridge Pvt Ltd  LT Bk Fac          CARE BB+       7200    Reaffirmed
Neha Exports                          LT Bk Fac          CARE BB-       10      Revised from
                                                                                CARE B
Nsp Bvsr Kp Road Projects Pvt Ltd     Bk Fac             -              -       Withdrawn
Nsp Variegate Pp Road Projects Pvt LtdBk Fac             -              -       Withdrawn
Nsp Variegate Rg Road Projects Pvt LtdBk Fac             -              -       Withdrawn
Ostro Madhya Wind Pvt Ltd             LT Bk Fac          CARE BBB       4572.4  Assigned
Ostro Urja Wind Pvt Ltd               LT Bk Fac          CARE BBB       3999.6  Assigned
Piccolo Mosaic Ltd                    LT Bk Fac          CARE BBB-      32.1    Assigned
Piccolo Mosaic Ltd                    LT/ST Bk Fac       CARE BBB-      60      Assigned
                                                         /CARE A3
Power Finance Corporation Ltd         LT Market          CARE AAA       196010  Reaffirmed
                                      Borrowing
                                      Programme - FY13
Power Finance Corporation Ltd         LT Market          CARE AAA       140740  Reaffirmed
                                      Borrowing
                                      Programme - FY14
Power Finance Corporation Ltd         LT Market          CARE AAA       444850  Reaffirmed
                                      Borrowing
                                      Programme - FY15
Power Finance Corporation Ltd         LT Market          CARE AAA       235870  Reaffirmed
                                      Borrowing
                                      Programme - FY16
Power Finance Corporation Ltd         LT Market          CARE AAA       450000  Reaffirmed
                                      Borrowing
                                      Programme - FY17
Reengus Sikar Expressway Ltd          LT Bk Fac          CARE AA-       1500    Revised from
                                                                                CARE A+
(reduced from Rs.163.85 crore)
Renaatus Projects Pvt Ltd             LT Bk Fac          CARE BBB-      500     Assigned
Sarala Development & Microfinance Pvt LT Bk Fac          CARE BBB-      300     Revised from
Ltd                                                                             CARE BB+
Savery Transport Finance Ltd          LT Bk Fac          CARE BBB+      100     Reaffirmed
(reduced from 25 CR)
Shakti Pumps (India) Ltd              LT Bk Fac          CARE BBB+      842.4   Reaffirmed
Shakti Pumps (India) Ltd              LT/ST Bk Fac       CARE BBB+      120     Reaffirmed
                                                         /CARE A2
Shalimar Paints Ltd                   LT Bk Fac          CARE BBB       1262.6  Reaffirmed
(reduced from 134 CR)
Shalimar Paints Ltd                   LT/ST Bk Fac       CARE BBB /CARE 207.5   Reaffirmed
                                                         A3
Shiv Shakti Ginning And Pressing Pvt LLT Bk Fac          CARE A+        250     Reaffirmed
Shri Lakshmi Metal Udyog Ltd          LT Bk Fac*         CARE A+(SO)    50      Revised from
                                                                                CARE A
*backed by the corporate guarantee provided by APL Apollo Tubes Ltd (rated CARE A+ and CARE A1+
). @carved out of the sanctioned working capital limits of the company.
Shrinath Cotton Industries            LT Bk Fac          CARE B+        61.8    Reaffirmed
(reduced from 6.31 CR)
Shriram City Union Finance Ltd        NCD                CARE AA+       1000    Assigned
Sks Fasteners Ltd                     LT Bk Fac          CARE BB        186     Reaffirmed
(enhanced from 15.25 CR)
Sova Ispat Ltd                        LT Bk Fac          CARE A-(SO)*   750     Revised from
                                                                                CARE BBB+(FD)
*backed by unconditional & irrevocable guarantee extended by Shyam Steel Industries Limited
Sreekanth Pipes Pvt Ltd               LT Bk Fac          CARE B+        20      Reaffirmed
Sri Adhi Parasakthi Agro Tech         LT Bk Fac          CARE B+        79      Assigned
State Bank Of Patiala                 Perpetual Bonds    CARE AAA       3000    Reaffirmed
State Bank Of Patiala                 Upper Tier II BondsCARE AAA       14516   Reaffirmed
State Bank Of Patiala                 Basel III          CARE AAA       14500   Reaffirmed
                                      Compliant Tier II
                                      Bonds
Steel Exchange India Ltd              LT Bk Fac          CARE BB        5754.2  Revised from
                                                                                CARE BBB-
(reduced from 635.02 CR)
Supertron Electronics Pvt Ltd         LT Bk Fac          CARE A-        1150    Revised from
                                                                                CARE BBB+
[Enhanced from Rs.105 crore]
Ultra Space Developers Pvt Ltd        Bk Fac-FB - LT- TL CARE BBB       2000    Assigned
Vennar Ceramics Ltd                   LT Bk Fac          CARE A-(SO)    320.5   Reaffirmed
(reduced from 40.60 CR)
Vibrant Global Trading Pvt Ltd        LT Bk Fac          CARE BBB-      170     Reaffirmed
(enhanced from 9.70 CR )
Vijay M Mistry Construction Pvt Ltd   LT/ST Bk Fac       CARE A- /CARE  695     Reaffirmed
                                                         A2+
[enhanced from 54.50 CR]
Visage Holdings And Finance Pvt Ltd   LT Bk Fac          CARE BBB-      500     Reaffirmed
[enhanced from 25.00 CR]
Visual And Acoustics Corporation Llp  LT Bk Fac          CARE BB+       15      Reaffirmed
Walia Traders Ltd                     Bk Fac             -              -       Suspended
Wonder Cement Ltd                     LT Bk Fac          CARE A         16566.4 Revised from
                                                                                 CARE A-
--------------------------------------------------------------------------------------------
$: 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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