October 14, 2016 / 6:06 AM / 10 months ago

CARE ratings for Indian debt instruments-Oct 14

Oct 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 13, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Anjaney Ferro Alloys Ltd              Short- term Bk Fac CARE A1        190     Reaffirmed
Caddie Hotels Pvt Ltd                 Short- term Bk Fac CARE A3        700     Reaffirmed
Harita Seating Systems Ltd            ST Bk Fac#         -              -       Withdrawn
#CARE has withdrawn the rating assigned to the facility with immediate effect, due to
extinguishment of the same and there is no amount outstanding under the facility as on date

Hilton Metal Forging Ltd              Short- term Bk Fac CARE A4        270     Reaffirmed
Jm Ferro Alloys Pvt Ltd               Short- term Bk Fac CARE D         120     Revised from
                                                                                CARE A4
Karuna Management Services Ltd        Short- term Bk Fac CARE A3        88      Reaffirmed

Leesun Ceramics Tiles Co.             Short- term Bk Fac CARE A4        25      Assigned
Maithan Alloys Ltd                    Short- term Bk Fac CARE A1+       3150    Reaffirmed
(enhanced from 227 Cr)
Neeraj Paper Marketing Ltd            Short- term Bk Fac CARE A4+       200     Revised from
                                                                                CARE A4
Om Metals Infraprojects Ltd           Short- term Bk Fac CARE A2+       50      Reaffirmed
Raymond Luxury Cottons Ltd            Short- term Bk Fac CARE A1        800     Reaffirmed
Satluj Spintex Ltd                    Short- term Bk Fac CARE A3        12.5    Assigned
Shivam Hospital                       Short- term Bk Fac CARE A4+       75      Revised from
                                                                                CARE A4
Shri Siddhi Vinayak Trust             Short- term Bk Fac CARE A4        3.4     Reaffirmed
Sintex Industries Ltd                 ST Debt (STD)/ CP  CARE A1+  %    3000    
                                      (CP) (Carved Out)                         
Sintex Industries Ltd                 STD / CP           CARE A1+ %     4000    
                                      (Standalone)                              
Sintex-Bapl Ltd                       Short- term Bk Fac CARE A2 %      70      
                                                                                
Transoceanic Agro Comm Pvt Ltd        Short- term Bk Fac CARE A3        2111    Assigned

LONG TERM RATINGS:
-------------------
Alfa Trust Sept 2016                  Series A PTCs      CARE A- (SO)           Assigned
                                                         Provisional
Anjaney Ferro Alloys Ltd              LT Bk Fac          CARE A         185     Reaffirmed
Bee Systems                           LT Bk Fac          CARE BB+       75      Revised from
                                                                                CARE BB
Bhadresh Agro Venture Ltd             LT / ST Bk Fac     CARE D         750     Revised from
                                                                                CARE BB+ /
                                                                                CARE A4+
Caddie Hotels Pvt Ltd                 LT Bk Fac          CARE BBB-      1848.9  Reaffirmed
Cedar Mfi Trust 31                    Series A PTCs      CARE BBB (SO)  950     Assigned
Cedar Mfi Trust 32                    Series A PTCs      CARE BBB (SO)  589.1   Assigned
Cedar Mfi Trust 33                    Series A PTCs      CARE BBB (SO)  248.6   Assigned
Cedar Mfi Trust 34                    Series A PTCs      CARE BBB (SO)  985.1   Assigned
                                                         Provisional
Coral Associates                      LT / ST Bk Fac     CARE BB+ /CARE 88.3    Assigned
                                                         A4+
Data Infosys Ltd                      LT Bk Fac          CARE BBB-      10      Assigned
Data Infosys Ltd                      LT / ST Bk Fac     CARE BBB-/CARE 80      Assigned
                                                         A3
Dhanlaxmi Bank Ltd                    Lower Tier II BondsCARE BB+       1177    Reaffirmed
Dq Entertainment International Ltd    LT Bk Fac          CARE D         1555.8  Revised from
                                                                                CARE BB
(reduced from 204.70 Cr)
Emami Frank Ross Ltd                  LT Bk Fac          CARE BBB       450     Reaffirmed
(enhanced from 34.25 Cr)
Ganpati Mega Builders Pvt Ltd         LT Bk Fac          CARE BB        60      Assigned
Ganpati Mega Builders Pvt Ltd         LT / ST Bk Fac     CARE BB /CARE  90      Assigned
                                                         A4
Harita Seating Systems Ltd            LT Bk Fac (TL)*    -              -       Withdrawn
*CARE has withdrawn the rating assigned to the Term Loan facility with immediate effect, as the
company has fully repaid the amount under the said facility and there is no amount outstanding
under the facility as on date


Harita Seating Systems Ltd            LT Bk Fac          CARE A-        278     Revised from
                                                                                CARE BBB+
(reduced from 28.03 Cr)
Harita Seating Systems Ltd            LT / ST Bk Fac     CARE A-/CARE   50      Revised from
                                                         A2+                    CARE BBB+/
                                                                                CARE A3+
Hilton Metal Forging Ltd              LT Bk Fac          CARE BB-       70      Revised from
                                                                                CARE BB
Indraprastha Gas Ltd                  LT Instruments -   CARE AAA       4000    Reaffirmed
                                      Bonds (Proposed)
Jm Ferro Alloys Pvt Ltd               LT Bk Fac          CARE D         75      Revised from
                                                                                CARE B+
Jsw Techno Projects Management Ltd    LT Bk Fac          CARE BBB+      6000    Reaffirmed
Karuna Management Services Ltd        LT Bk Fac          CARE BBB       945     Reaffirmed
Leesun Ceramics Tiles Co.             LT Bk Fac          CARE B+        93.2    Assigned
Maithan Alloys Ltd                    LT Bk Fac          CARE A+        1747.6  Reaffirmed
(enhanced from 55 Cr)
Nadhi Bio Products Pvt Ltd            LT Bk Fac          CARE BBB-      548.1   Revised from
                                                                                CARE BB+
(reduced from 60 Cr)
Navachetana Microfin Services Pvt Ltd LT Bk Fac          CARE BB+       800     Reaffirmed
Navayuga Engineeering Co. Ltd         LT Bk Fac          CARE A-        25433.8 Revised from
                                                                                CARE BBB+
(enhanced from 2,158.86)
Navayuga Engineeering Co. Ltd         LT / ST Bk Fac     CARE A-/CARE   48000   Revised from
                                                         A2+                    CARE BBB+ /
                                                                                CARE A2
(enhanced from 4,000 Cr)
Neeraj Paper Marketing Ltd            LT Bk Fac          CARE BB+       600     Revised from
                                                                                CARE BB
Ob Infrastructure Ltd                 Non - Convertible  CARE A+ (SO)   2539    Revised from
                                      Debentures*                               CARE A (SO)
[Reduced from Rs. 284.50 crore]
 * backed by structured payment mechanism for servicing of NCDs.
Om Metals Infraprojects Ltd           LT Bk Fac          CARE A-        1320    Reaffirmed
(reduced from 134 Cr)
Om Metals Infraprojects Ltd           LT / ST Bk Fac     CARE A-/CARE   4070    Reaffirmed
                                                         A2+
Raymond Luxury Cottons Ltd            LT Bk Fac          CARE A-        3383.2  Reaffirmed
[Enhanced from Rs. 241.94 crore]
Reliance Broadcast Network Ltd        LT Bk Fac #        CARE AA (SO)   1000    Continues on
                                                                                credit watch
# backed by letter of comfort from RCL.
Reliance Broadcast Network Ltd        LT NCD NCD - 1 #   CARE AA (SO)   2500    Continues on
                                                                                credit watch
# backed by letter of comfort from RCL.
Reliance Broadcast Network Ltd        LT NCD NCD - 2 ^   CARE AA (SO)   2000    Continues on
                                                                                credit watch
^ Backed by credit enhancement in the form of an unconditional and irrevocable mandatory PUT
option by RCL, in favour of the debenture trustee on behalf of the debenture holders for timely
repayment of all outstanding amount
Reliance Broadcast Network Ltd        LT Bk Fac @        CARE AAA (SO)  2854.4  Continues on
                                                                                credit watch
(reduced from Rs 285.66 crores) @
Backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited
(Guarantor or Benefactor)
Reliance Broadcast Network Ltd        LT NCD NCD - 3 ^   CARE AAA (SO)  1500    Continues on
                                                                                credit watch
^ Backed by credit enhancement in the form of an unconditional and irrevocable mandatory PUT
option by RCL, in favour of the debenture trustee on behalf of the debenture holders for timely
repayment of all outstanding amount
Reliance Broadcast Network Ltd        LT NCD NCD - 4 ^   CARE AAA (SO)  250     Continues on
                                                                                credit watch
^ Backed by credit enhancement in the form of an unconditional and irrevocable mandatory PUT
option by RCL, in favour of the debenture trustee on behalf of the debenture holders for timely
repayment of all outstanding amount
Reliance Broadcast Network Ltd        LT NCD NCD - 5 #   CARE AAA (SO)  500     Continues on
                                                                                credit watch
# backed by letter of comfort from RCL.
Satluj Spintex Ltd                    LT Bk Fac          CARE BBB-      2318.8  Assigned
Shivam Hospital                       LT Bk Fac          CARE BB+       23.2    Revised from
                                                                                CARE BB
Shree Ram Cottex Industries Pvt Ltd   LT Bk Fac          CARE B+        300     Assigned
Shri Siddhi Vinayak Trust             LT Bk Fac          CARE BB        98.3    Reaffirmed
(reduced from 9.85 Cr)
Sidhidata Solar Urja Pvt Ltd          LT Bk Fac          CARE BBB+      229.1   Reaffirmed
(reduced from 24.25 Cr)
Sintex Industries Ltd                 LT Bk Fac          CARE AA+ %     52426.3 
Sintex Industries Ltd                 NCDs (NCD)         CARE AA+ %     15675   
Sintex Industries Ltd                 LT / ST Bk Fac     CARE AA+ /CARE 3000    
                                                         A1+ %                  
Sintex Infra Projects Ltd             LT Bk Fac          CARE A %       2185.4  
Sintex Infra Projects Ltd             LT/ ST Bk Fac      CARE A /       5100    
                                                         CARE A1 %              
Sintex-Bapl Ltd                       LT Bk Fac          CARE A %       1862.9  
Sobha Ltd                             LT Bk Fac-TL       CARE A         19705.6 Reaffirmed
Sobha Ltd                             LT Bk Fac-Fund     CARE A         4300    Reaffirmed
                                      Based-Working
                                      Capital
Sobha Ltd                             LT Bk Fac- Non     CARE A         3750    Reclassified
                                      Fund Based                                from CARE A2+
Thane Ghodbunder Toll Road Pvt Ltd    LT Bk Fac          CARE BBB-      1106.3  Reaffirmed
(reduced from 123.69 Cr)
Tirupati Steel Enterprises            LT Bk Facility     CARE BB-       200     Reaffirmed
Transoceanic Agro Comm Pvt Ltd        LT Bk Fac          CARE BBB-      21      Assigned
Universal Cylinders Ltd               LT Bk Fac          CARE BB        50      Assigned
Voltamp Transformers Ltd              LT Bk Fac          CARE AA-       100     Reaffirmed
Voltamp Transformers Ltd              LT / ST Bk Fac     CARE AA-/CARE  1860.3  Reaffirmed
                                                         A1+
(reduced from 188.30 Cr)
--------------------------------------------------------------------------------------------
$: 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)

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