Reuters logo
CARE ratings for Indian debt instruments-Oct 13
October 13, 2016 / 5:16 AM / a year ago

CARE ratings for Indian debt instruments-Oct 13

Oct 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 12, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
AHW Steels Pvt Ltd                    ST Bk Fac          CARE A3        50      Reaffirmed
Automobile Corporation Of Goa Ltd     ST Bk Fac          CARE A1+       52.5    Reaffirmed
Bmm Cements Ltd                       ST Bk FacBG/LC^    ProvCARE A3+   100     Assigned
^ Proposed to be backed by unconditional and irrecoverable corporate guarantee to be provided by
Sagar Cements Limited (rated CARE BBB/CARE A3+ ).

Buddha Global Pvt Ltd                 ST Bk Fac          CARE A4+       300     Revised from
                                                                                CARE A4
Genus Paper & Boards Ltd              ST Bk Fac          CARE A1        250     Revised from
                                                                                CARE A3
HEC Infra Projects Ltd                ST Bk Fac          CARE A3        180     Reaffirmed
Honest Enterprise Pvt Ltd             ST Bk Fac          CARE A4        200     Reaffirmed
Jindal Itf Ltd                        ST Bk Fac          CARE A1        250     Revised from
                                                                                CARE A3
JSW Infrastructure                    ST Bk Fac (NFB-    CARE A1        600     Reaffirmed
                                      LC/BG)
JSW Jaigarh Port Ltd.                 ST Bk Fac - NFB    CARE A1        650     Reaffirmed
                                      (LC/BG)
Kashi Vishwanath Textile Mill Pvt Ltd ST Bk Fac          CARE A3        2.5     Reaffirmed
Kothari Products Ltd                  ST Bk Fac          CARE A2+       14955   Reaffirmed
KPL Exports Pvt Ltd                   ST Bk Fac @        CARE A2+       3150    Reaffirmed
@ backed by unconditional & irrevocable corporate guarantee provided / proposed to be provided
by Kothari Products Limited (KPL; rated 'CARE A-' and 'CARE A
Kpl Exports Pvt Ltd                   ST Bk Fac          ProvCARE A2+   1850    Reaffirmed
                                      (Proposed) *
*rating for the proposed facilities is "Provisional" and will be confirmed upon the execution of
the corporate guarantee and submission of requisite document to the satisfaction of CARE. 
Lotus Texpark Ltd                     ST Bk Fac          CARE A1 (SO)^  90      Revised from
                                                                                CARE A2+
^ The ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Trident Limited
Mohan Spintex India Ltd.              ST Bk Fac          CARE A3+       117.4   Reaffirmed
Nava Bharat Energy India Ltd          ST Bk Fac          CARE A3+       625     Reaffirmed
Niros Ispat Pvt Ltd                   ST Bk Fac          CARE A4        110     REAffirmed
Patidar Cotspin Pvt Ltd               ST Bk Fac          CARE A4        25      Reaffirmed
Ponni Sugars (Erode) Ltd              ST non-fund based  CARE A3        100     Reaffirmed
                                      Bk limits
Prathishta Weaving And Knitting Co. LtST Bk Fac          CARE A2        47      Revised from
                                                                                CARE A3+
Reliance Communication Infrastructure ST Bk Fac          CARE A2+       11800   Placed on
Ltd                                                                             Credit Watch
Sagar Cements Ltd.                    ST Bk Fac          CARE A3+       250     Revised from
                                                                                CARE A3
Seaward Exports Pvt Ltd               Short- term Bk Fac CARE A4        100     Assigned
SMS Pharmaceuticals Ltd               ST Bk Fac          CARE A2        648.3   Rating placed
                                                                                on Credit
                                                                                Watch
Stone India Ltd                       ST Bk Fac          CARE A4        193     Reaffirmed
SW Dharamtar Port Ltd                 ST Bk Fac (NFB -   CARE A1        50      Reaffirmed
                                      LC/BG)
Timarpur Okhla Waste Management CompanST Bk Fac          CARE A3        50      Reaffirmed
Pvt Ltd
Trident Ltd                           ST Bk Fac          CARE A1        3500    Revised from
                                                                                CARE A2+
Wellknown Polyesters Ltd              ST Bk Fac          CARE A1        9470    Reaffirmed
Wellknown Polyesters Ltd              CP                 CARE A1        2000    Assigned


LONG TERM RATINGS:
-------------------
Ahw Steels Pvt Ltd                    LT Bk Fac          CARE BB-       750     Reaffirmed
Akash Pet Containers Pvt Ltd          LT Bk Fac          CARE B+        101.1   Reaffirmed
Automobile Corporation Of Goa Ltd     LT Bk Fac          CARE AA        80      Reaffirmed
BMM Cements Ltd                       LT InstrumentsNCD@ CARE BBB       1500    Revised from
                                                                                CARE BBB-
@ Backed by unconditional and irrecoverable corporate guarantee provided by Sagar Cements
Limited (rated 'CARE BBB/CARE A3+').
BMM Cements Ltd                       LT Bk FacTL@       CARE BBB       867     Revised from
                                                                                CARE BBB-
@ Backed by unconditional and irrecoverable corporate guarantee provided by Sagar Cements
Limited (rated 'CARE BBB/CARE A3+').
BMM Cements Ltd                       LT Bk FacCC^       ProvCARE BBB   260     Revised from
                                                                                Provisional
                                                                                CARE BBB-
^ Proposed to be backed by unconditional and irrecoverable corporate guarantee to be provided by
Sagar Cements Limited (rated 'CARE BBB/CARE A3+').
Buddha Global Pvt Ltd                 LT Bk Fac          CARE BB+       80      Revised from
                                                                                CARE BB
Business Broadcast News Pvt Ltd       LT Bk Fac          -              1000    Withdrawn
Canpac Multi-Ply Pvt Ltd              LT Bk Fac @        ProvCARE BBB-  236.7   Assigned
@ The above rating is based on the credit enhancement in the form of proposed unconditional and
irrevocable corporate guarantee of Canpac Trends Private Limited (CTPL; rated: CARE BBB- / CARE
A3)
Canpac Trends Pvt Ltd                 LT Bk Fac          CARE BBB-      104.7   Assigned
Canpac Trends Pvt Ltd                 Long/ST Bk Fac     CARE BBB-/A3   222.8   Assigned
Creativeline Cotspin Pvt Ltd          LT Bk Fac          CARE A^        6.6     Revised from
                                                                                CARE A-
^ The ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Trident Limited
Dalmia Cement Bharat Ltd              LT Instruments -   CARE AA        2000    Revised from
                                      NCDs                                      CARE AA-
Genus Paper & Boards Ltd              LT Bk FacTL        CARE A+        3000    Assigned
Genus Paper & Boards Ltd              LT Bk FacCC        CARE A+        420     Revised from
                                                                                CARE BBB-
Genus Paper & Boards Ltd              NCD                CARE A+        166.7   Revised from
                                                                                CARE AA-
Genus Paper & Boards Ltd              NCD                CARE A+        306.5   Revised from
                                                                                CARE AA-
Genus Paper & Boards Ltd              PTC (PTCs)*        CARE A+/A1+    222     Revised from
                                                                                CARE
                                                                                AA-/Reaffirmed
*PTCs issued by Jindal ITF Limited CCD PTC Trust, backed CCDs issued by Jindal ITF Limited
Genus Paper & Boards Ltd              LT Bk FacTL        CARE BBB-      2030.9  Reaffirmed
Gmr Hyderabad Vijaywada Expressway PvtLT Bk Fac          CARE D         16555   Reaffirmed
Ltd
Gmr Hyderabad Vijaywada Expressway PvtST Bk Fac          CARE D         870     Reaffirmed
Ltd
Goyal Cotton Fiber                    LT Bk Fac          CARE BB-       83.7    Assigned
Hec Infra Projects Ltd                LT Bk Fac          CARE BBB       164.6   Revised from
                                                                                CARE BBB-
Honest Enterprise Pvt Ltd             LT Bk Fac          CARE BB-       164     Reaffirmed
Il&Fs Tamilnadu Power Co. Ltd         LT Bk Fac          CARE BBB+      60800   Reaffirmed
Jindal Itf Ltd                        LT Bk Fac-TL       CARE A+        3000    Assigned
Jindal Itf Ltd                        LT Bk Fac-CC       CARE A+        420     Revised from
                                                                                CARE BBB-
Jindal Itf Ltd                        NCD                CARE A+        166.7   Revised from
                                                                                CARE AA-
Jindal Itf Ltd                        NCD                CARE A+        306.5   Revised from
                                                                                CARE AA-
Jindal Itf Ltd                        PTC (PTCs)*        CARE A+/A1+    222     Revised from
                                                                                CARE
                                                                                AA-/Reaffirmed
*PTCs issued by Jindal ITF Limited CCD PTC Trust, backed CCDs issued by Jindal ITF Limited
Jindal Itf Ltd                        LT Bk Fac-TL       CARE BBB-      2030.9  Reaffirmed
Jindal Rail Infrastructure Ltd        LT Bk Fac*         CARE BBB-      1867.5  Reaffirmed
* backed by unconditional and irrevocable corporate guarantee provided by JITF Urban
Infrastructure Services Ltd (JUISL).
Jindal Rail Infrastructure Ltd        LT/ST Fac*         CARE BBB-      1070    Reaffirmed
* backed by unconditional and irrevocable corporate guarantee provided by JITF Urban
Infrastructure Services Ltd (JUISL).
Jitf Urban Infrastructure Ltd         LT /ST Bk Fac*     ProvCARE BBB-  210     Reaffirmed
                                                         /CARE A3
* proposed to be backed by unconditional and irrevocable corporate guarantee to be provided by
JITF Urban Infrastructure Services Ltd (JUISL).
Jitf Urban Infrastructure Services LtdNCDs*              CARE A+        366.7   Assigned
*backed by Put Right provided by Jindal Saw Limited (J Saw: rated CARE A+ and CAREA1+) for
timely repayment of principal, redemption premium and interest obligatins.
Jitf Water Infrastructure Ltd         LT Bk Fac          CARE BBB-      260     Reaffirmed
Jitf Water Infrastructure Ltd         LT/ ST Bk Fac      CARE BBB-/A3   300     Reaffirmed
JSW Infrastructure                    LT NCD             CARE A+        2620    Reaffirmed
JSW Infrastructure                    LT Bk Fac          CARE A+        1270    Reaffirmed
JSW Jaigarh Port Ltd.                 LT Bk Fac - TL     CARE A+        18100   Reaffirmed
Kalanikethan Silks Pvt Ltd            LT Bk Fac          CARE BBB+      724.3   Reaffirmed
Kashi Vishwanath Textile Mill Pvt Ltd LT Bk Fac          CARE BBB-      233.6   Reaffirmed
Kerala Communicators Cable Ltd        LT Bk Fac          CARE BBB-      55      Reaffirmed
Kitty Industries Pvt Ltd              LT Bk Fac          CARE BBB+      112.3   Reaffirmed
Kothari Products Ltd                  LT Bk Fac          CARE A-        45      Reaffirmed
Lotus Texpark Ltd                     LT Bk Fac          CARE A (SO)^   1032.8  Revised from
                                                                                CARE A-
^ The ratings are based on credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Trident Limited
Madhav (Phoolsagar Niwas Shahpura     LT Bk Fac          CARE A-        1052.8  Reaffirmed
Corridor) Highways Pvt Ltd
Madhav (Phoolsagar Niwas Shahpura     LT / ST Bk Fac     CARE A-/A2+    77.5    Reaffirmed
Corridor) Highways Pvt Ltd
Madhav (Sehora Silodi Corridor)       LT Bk Fac          CARE A-        549.3   Reaffirmed
Highways Pvt Ltd
Medplus Health Services Pvt Ltd       NCD                CARE BBB-      430     Reaffirmed
Metro Agro Mills                      LT Bk Fac          CARE B+        60      Reaffirmed
Mohan Spintex India Ltd.              LT Bk Fac          CARE BBB       3481.8  Reaffirmed
Mohan Spintex India Ltd.              LT/ST Bk Fac       CARE BBB/A3+   60      Assigned
Nava Bharat Energy India Ltd          LT Bk Fac          CARE BBB+      3160.2  Reaffirmed
Navayuga Infotech Pvt Ltd             LT Bk Fac          CARE BBB+      650     Revised from
                                                                                CARE BBB
Navayuga Infotech Pvt Ltd             LT/ST Bk Fac       CARE BBB+/A2   868.4   Revised from
                                                                                CARE BBB/A3+
Navayuga Quazigund Expressway Pvt Ltd LT Bk Fac          CARE BB+       22094.1 Reaffirmed
Niros Ispat Pvt Ltd                   LT Bk Fac          CARE BB-       585.5   Revised from
                                                                                CARE B+
Palimarwar Solar Project Pvt Ltd      LT Bk Fac          CARE BBB+      405.2   Reaffirmed
Parnika Commercial And Estates Pvt LtdLT Bk Fac          CARE BBB-      100     Reaffirmed
Parnika Commercial And Estates Pvt LtdLT /ST Bk Fac      CARE BBB-/A3   600     Reaffirmed
Parvati Sweetners And Power Ltd       LT Bk Fac          CARE BB        150     Assigned
Patidar Cotspin Pvt Ltd               LT Bk Fac          CARE B         7.5     Reaffirmed
Patidar Cotspin Pvt Ltd               LT/ST Bk Fac       CARE B/A4      50      Reaffirmed
Pinnacle Hospitals India Pvt Ltd      LT Bk Fac          CARE BB        334.5   Assigned
Ponni Sugars (Erode) Ltd              LT fund based Bk   CARE BBB-      810.6   Reaffirmed
                                      limits
Ponni Sugars (Erode) Ltd              Long/ST Bk limits  CARE BBB-/A3   215     Reaffirmed
Prathishta Weaving And Knitting Co. LtLT Bk Fac          CARE BBB+      5       Reaffirmed
Priti Gems Exports Pvt. Ltd           LT Bk Fac          CARE BB+       450     Assigned
Priti Gems Exports Pvt. Ltd           Proposed LT Bk Fac CARE BB+       100     Assigned
Punjab And Sind Bank                  Lower Tier II BondsCARE AA        8750    Reaffirmed
Punjab And Sind Bank                  Tier II Bonds      CARE AA        5000    Reaffirmed
                                      (Basel-III)
Ram India Mittal Township Ltd         LT Bk Fac          CARE B+        150     Assigned
Reliance Big Tv Ltd                   Long/ST Bk Fac     CARE A-        900     Placed on
                                                                                Credit Watch
Renew Solar Energy (Karnataka) Pvt LtdLT Bk Fac          CARE BBB       3302.2  Assigned
Rice Tech Agro Mills                  LT Bk Fac          CARE B+        60      Reaffirmed
Ritemed Pharma Retail Pvt Ltd         LT Bk Fac          CARE BBB-      180     Reaffirmed
Sagar Cements Ltd.                    LT Bk Fac          CARE BBB       2275.5  Revised from
                                                                                CARE BBB-
Seaward Exports Pvt Ltd               LT Bk Fac          CARE BB-       3.1     Assigned
Shanti Spintex Pvt Ltd                LT Bk Fac          CARE BB+       239.5   Assigned
Sharad Cotton Pvt Ltd                 LT Bk Fac          CARE B+        75.4    Reaffirmed
Sms Pharmaceuticals Ltd               LT Bk Fac          CARE A-        2332.5  Rating placed
                                                                                on Credit
                                                                                Watch
Sri Ganeshwara Rice Tech              LT Bk Fac          CARE BB-       193.8   Reaffirmed
Stone India Ltd                       LT Bk Fac          CARE BB        344.8   Reaffirmed
SW Dharamtar Port Ltd                 LT Bk Fac -        CARE A         750     Revised from
                                      Subordinated debt                         CARE A+
SW Dharamtar Port Ltd                 LT Bk Fac          CARE A+        2050    Reaffirmed
Tamil Nadu Transmission Corporation LtBond Issues        -              -       Withdrawn
Tamil Nadu Transmission Corporation LtBond Issues*       CARE A-        10000   Reaffirmed
*The bonds carry an unconditional and irrevocable guarantee for the repayment of principal and
payment of interest from the Government of Tamil Nadu (GoTN)
Tamil Nadu Transmission Corporation LtBond Issues^       CARE A-        691     Reaffirmed
^The bonds carry an unconditional and irrevocable guarantee for the repayment of principal and
payment of interest from the Government of Tamil Nadu (GoTN)
Tamil Nadu Transmission Corporation LtBond Issues^       CARE A-        5309    Assigned
^The bonds carry an unconditional and irrevocable guarantee for the repayment of principal and
payment of interest from the Government of Tamil Nadu (GoTN)
Tejas Agro Irrigation Systems Pvt Ltd LT Bk Fac          CARE B+        128.7   Assigned
The Gvmc Public Health Employees      LT Bk Fac          CARE BB        100     Assigned
Mutually Aided Thrift And Credit
Co-Operative Society Ltd
Timarpur Okhla Waste Management CompanLT Bk FacTL        CARE A+        490     Revised from
Pvt Ltd                                                                         CARE AA-
Timarpur Okhla Waste Management CompanLT Bk FacECB       CARE BBB-      954.3   Reaffirmed
Pvt Ltd
Timarpur Okhla Waste Management CompanLT Bk FacCC        CARE BBB-      30      Reaffirmed
Pvt Ltd
Trident Ltd                           LT Bk Fac          CARE A         23348.5 Revised from
                                                                                CARE A-
Trident Ltd                           LT/ ST Bk Fac      CARE A/A1      12000   Revised from
                                                                                CARE A-/A2+
Vascular Therapeutics (India) Pvt Ltd Bk Fac             -              -       Withdrawn
Vijay Steel Industries                LT Bk Fac          CARE B+        10      Revised from
                                                                                CARE BB-
Vijay Steel Industries                LT/ST Bk Fac       CARE B+/A4     80      Revised from
                                                                                CARE BB-/A4
Wellknown Polyesters Ltd              LT Bk Fac          CARE A+        16817.5 Reaffirmed
Yogiraj Export Pvt Ltd                LT Bk Fac          CARE BB        150     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)

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