October 17, 2016 / 7:11 AM / a year ago

CARE ratings for Indian debt instruments-Oct 17

Oct 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 14, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bhaskar Industries Pvt Ltd            ST Bk Fac- Non     CARE A3+       400     Reaffirmed
                                      Fund Based
Blue Star Ltd                         ST Bk Fac          CARE A1+       10100   Reaffirmed
                                      (Non-fund based)

Blue Star Ltd                         CP (standalone)    CARE A1+       4000    Reaffirmed
Ceat Ltd                              ST Bk Fac          CARE A1+       9000    Reaffirmed
Ceat Ltd                              CP (CP) issue*     CARE A1+       2000    Reaffirmed
*The aggregate CP outstanding and other working capital borrowings shall be within 
the sanctioned fund based limits of Rs. 500 crore.

Dee Development Engineers Ltd         ST Bk Fac          CARE A2        1530    Reaffirmed
Eco Cements Ltd.                      ST Bk Fac          CARE A4        50      Suspension
                                                                                revoked and
                                                                                rating
reaffirmed
Grauer & Weil (India) Ltd             ST Non-FB Bk Fac   CARE A1+       460     Reaffirmed
Gujarat State Petroleum Corporation Ltd ST Bk Fac        CARE A1        60000   Revised from
                                                                                CARE A1+
Haldia Energy Ltd                     Short- term Bk Fac CARE A1        2000    Assigned
Haldia Energy Ltd                     CP (CP) Issue*     CARE A1        3000    Assigned
*HEL maintains that the aggregate outstanding under CP and cash credit shall be 
within the sanctioned fund based limit

Il&Fs Renewable Energy Ltd            ST Bk Fac- TL      CARE A1(SO) ^  9000    Reaffirmed
^Backed by credit enhancement in the form of unconditional and irrevocable corporate 
guarantee extended by IL&FS Energy Development Company Ltd. (IEDCL, rated CARE A+)
to the short-term bank facilities of IREL.

Indian Railway Finance Corporation LtdMarket Borrowing   CARE A1+       80000   Reaffirmed
                                      Programme (FY17)
Indicon Westfalia Ltd.                ST Bk Fac          CARE A1+ (SO)  10      Reaffirmed
Iup Jindal Metals And Alloys Ltd      Short- term Bk Fac CARE A3+       50      Reaffirmed
Kesoram Industries Ltd                ST Bk Fac          CARE A1        5850    Reaffirmed
Krishna Buildestates Pvt Ltd          ST Bk Fac          CARE A3        40      Assigned
Mercator Ltd                          ST Bk Fac          CARE A3+       1125.1  Revised from
                                                                                CARE A2+
Mercator Ltd                          ST Bk Fac          CARE A3+ (SO)  1240    Revised from
                                                                                CARE A2+ (SO)
Mother Dairy Fruit And Vegetable Pvt Ltd ST Bk Fac       CARE A1+       100     Reaffirmed
Mother Dairy Fruit And Vegetable Pvt Ltd ST Instruments  CARE A1+       3000 *  Reaffirmed
*carved out of the sanctioned working capital limits of the company.
Navneet Education Ltd                 ST non-fund based  CARE A1+       20      Reaffirmed
                                      Bk limits
Nilkamal Bito Storage Systems Pvt Ltd ST non-fund based  CARE A1        120     Revised from
                                      Bk limits                                 CARE A2+
Nocil Ltd                             ST Bk Fac          CARE A1+       800     Reaffirmed
Nocil Ltd                             CP issue*          CARE A1+       500     Reaffirmed
*carved out of the sanctioned working capital limits of the company
O. P. Jindal Global University        Short- term Bk Fac CARE A3+       250     Reaffirmed
Rajasthan Antibiotics Ltd             ST Bk Fac          CARE A3        200     Revised from
                                                                                CARE A3+ ;
                                                                                Removed
                                                                                from 
                                                                                credit watch
Sadbhav Engineering Ltd               CP (carved out of  CARE A1+       1500    Reaffirmed
                                      working capital
                                      limits)
Sadbhav Engineering Ltd               CP (standalone) ^  CARE A1+       500     Reaffirmed
^Sadbhav Engineering Limited (SEL) has given an undertaking to keep the sanctioned 
fund-based working capital limits unutilized to the extent of the standalone CP issue 
of Rs.50 crore. SEL has confirmed that the total of utilisation of fund-based working 
capital limits (within consortium) and outstanding of CP issued shall not exceed 'the
sanctioned fund-based working capital limits under consortium or drawing power', 
whichever is lower.

MEDIUM TERM RATINGS:
-------------------
Dhampur Sugar Mills Ltd               Medium-term        CARE BBB- (FD) 300     Reaffirmed
                                      Instruments (FD)
LONG TERM RATINGS:
-------------------
Antony Road Transport Solutions Pvt Ltd LT Bk Fac        CARE B+        250     Assigned
Bhadresh Agro Venture Ltd             Bk facility                               Withdrawn
Bhaskar Industries Pvt Ltd            LT Bk Fac - TL     CARE BBB+      1364.5  Reaffirmed
Bhaskar Industries Pvt Ltd            LT Bk Fac- Fund    CARE BBB+      1420    Reaffirmed
                                      Based
Bhilwara Jaipur Toll Road Pvt Ltd     LT Bk Fac          CARE A- (SO)   2522.9  Reaffirmed
Blue Star Ltd                         LT Bk Fac (Fund    CARE AA+       500     Reaffirmed
                                      based
Ceat Ltd                              LT Bk Fac          CARE AA        9550    Revised from
                                                                                CARE AA-
Ceat Ltd                              NCD issue          CARE AA        2000    Revised from
                                                                                CARE AA-
Dee Development Engineers Ltd         LT Bk Fac          CARE A-        641.9   Reaffirmed
Dee Development Engineers Ltd         LT/ ST Bk Fac      CARE A-/CARE A25710    Reaffirmed
Dhampur Sugar Mills Ltd               LT Bk Fac          CARE BBB-      9532.1  Reaffirmed
Eco Cements Ltd.                      LT Bk Fac          CARE BB        291.5   Suspension
                                                                                revoked and
                                                                                rating revised
from CARE BB-
Ecoplus Steels Pvt Ltd                LT Bk Fac          CARE BB        589.1   Suspension
                                                                                revoked and
                                                                                rating revised
from CARE
Gail (India) Ltd                      LT Bonds - Series  CARE AAA       7500    Reaffirmed
                                      2012
Gail (India) Ltd                      LT Bonds - Series  CARE AAA       5000    Reaffirmed
                                      2015
Gail (India) Ltd                      Proposed LT Bonds  CARE AAA       5000    Reaffirmed
Gail (India) Ltd                      LT/ST Bk Fac       CARE AAA /CARE 39500   Reaffirmed
                                                         A1+
Gmr Bajoli Holi Hydropower Pvt Ltd    LT Bk Fac (TL)     CARE BBB-      13800   Reaffirmed
Gmr Bajoli Holi Hydropower Pvt Ltd    LT Bk Fac (Non     CARE BBB-      250     Reaffirmed
                                      Fund based)
Grauer & Weil (India) Ltd             LT FB Bk Fac       CARE AA-       650     Revised from
                                                                                CARE A+
Grauer & Weil (India) Ltd             CP issue*                                 Withdrawn*
*carved out of the sanctioned working capital limits of the company
Gravity Ferrous Pvt Ltd               LT Bk Fac          CARE BB+       171.5   Revised from
                                                                                CARE BB
Gujarat State Petroleum Corporation Ltd Subordinated NCDs* CARE A       10000   Revised from
                                                                                CARE AA-
Gujarat State Petroleum Corporation Ltd Subordinated NCDs$ CARE A       10000   Revised from
                                                                                CARE AA-
Gujarat State Petroleum Corporation Ltd LT Bk Fac          CARE A+      157170.4Revised from
                                                                                CARE AA
Gujarat State Petroleum Corporation Ltd NCDs               CARE A+      40000   Revised from
                                                                                CARE AA
Haldia Energy Ltd                     LT Bk Fac          CARE A         36460   Reaffirmed
Haridwar Highways Project Ltd         LT Bk Fac          CARE B+        9810.9  Reaffirmed
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       15700   Reaffirmed
                                      Programme (FY07)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       24210   Reaffirmed
                                      Programme (FY08)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       48790   Reaffirmed
                                      Programme (FY09)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       45298.3 Reaffirmed
                                      Programme (FY10)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       57314.7 Reaffirmed
                                      Programme (FY11)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       113850  Reaffirmed
                                      Programme (FY12)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       81060.4 Reaffirmed
                                      Programme (FY13)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       88283.4 Reaffirmed
                                      Programme (FY14)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       26250   Reaffirmed
                                      Programme (FY15)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       192000  Reaffirmed
                                      Programme (FY16)
Indian Railway Finance Corporation Ltd Market Borrowing  CARE AAA       409850  Reaffirmed
                                      Programme (FY17)
Indian Railway Finance Corporation Ltd Market Borrowing                          Withdrawn*
                                      Programme (FY15)
* Rating has been withdrawn since there is no outstanding under the said issue.
Indian Railway Finance Corporation Ltd Market Borrowing                          Withdrawn*
                                      Programme (FY16)
* Rating has been withdrawn since there is no outstanding under the said issue.
Indicon Westfalia Ltd.                LT Bk Fac          CARE AA (SO)   100     Reaffirmed

Irb Infrastructure Developers Ltd     LT Bk Fac          CARE AA-(SO) * 4200    Reaffirmed
*The credit enhancement is in the form of put option wherein the lenders of the
above rated facility of IRB Infrastructure Developers Ltd. (IRB) would require 
Mhaiskar Infrastructure Private Limited (MIPL) to purchase the said facility and/or 
any interest due to be paid referred to as the put amount, within 15 days of exercise 
of the Put Option viz T+15 (final legal maturity with T as the due date of debt 
servicing for IRB) throughout the tenure of the facility. The credit enhancement 
also factors the Structured Payment Mechanism (SPM) in case of exercise 
of the above put option

Iup Jindal Metals And Alloys Ltd      LT Bk Fac          CARE BBB-      140     Reaffirmed
Kesoram Industries Ltd                Long/ST Bk Fac     CARE A/CARE A1 13150   Reaffirmed
Kesoram Industries Ltd                Optionally         CARE BBB+      900     Reaffirmed
                                      Convertible
                                      Redeemable PS
Krishna Buildestates Pvt Ltd          Long/ST Bk Fac     CARE BBB-/CARE 100     Assigned
                                                         A3
Lanco Babandh Power Ltd               LT Bk Fac (TL)     CARE D         83440   Reaffirmed
Lanco Babandh Power Ltd               Long/ Short- term  CARE D         7500    Reaffirmed
                                      Bk Fac (Non-Fund
                                      Based)
Leopard Vitrified Pvt Ltd             LT Bk Fac          CARE BB        355.5   Revised from
                                                                                CARE BB-
Leopard Vitrified Pvt Ltd             LT/ST Bk Fac       CARE BB/CARE A442.5    Revised from
                                                                                CARE BB-/
                                                                                CARE A4
Malwa Power Pvt Ltd                   LT Bk Fac          CARE A- (SO)#  92.2    Revised from
                                                                                CARE BBB+(SO)
#backed by unconditional and irrevocable corporate guarantee provided by
 Dee Development Engineers Limited (rated CARE A-/ CARE A2 )

Mercator Ltd                          LT Bk Fac          CARE BBB       11998.3 Revised from
                                                                                CARE A-
Mercator Ltd                          NCD issue          CARE BBB       1500    Revised from
                                                                                CARE A-
Mercator Ltd                          LT Bk Fac          CARE BBB (SO)  992     Revised from
                                                                                CARE A-
Mother Dairy Fruit And Vegetable Pvt Ltd LT Bk Fac       CARE AAA       13150   Revised from
                                                                                CARE AA+
Mother Dairy Fruit And Vegetable Pvt Ltd LT Bk Fac - TL                         Withdrawn^
^Withdrawal of Rs.68.25 crore Term loan facilities as the company has fully repaid 
the aforementioned bank facilities in full and there is no outstanding under
the said bank facilities

Navneet Education Ltd                 LT /ST Bk limits   CARE AA+/CARE  3000    Reaffirmed
                                                         A1+
Nilkamal Bito Storage Systems Pvt Ltd LT FB Bk limits    CARE A         70      Revised from
                                                                                CARE A-
Nocil Ltd                             LT Bk Fac          CARE AA        1425    Revised from
                                                                                CARE AA-
O. P. Jindal Global University        LT Bk Fac          CARE BBB       2800    Reaffirmed
Quagel Chemicals (Bhavnagar) Pvt Ltd  Bk facility                               Withdrawn
Raj Steel Rolling Mills               LT Bk Fac          CARE BB+       100     Assigned
Rajasthan Antibiotics Ltd             LT Bk Fac          CARE BBB-      464.1   Revised from
                                                                                CARE BBB ;
                                                                                Removed from
Rural Electrification Corporation Ltd LT Market          CARE AAA       9517.9  Reaffirmed
                                      Borrowing
                                      Programme - FY05
Rural Electrification Corporation Ltd LT Market          CARE AAA       35841   Reaffirmed
                                      Borrowing
                                      Programme - FY06
Rural Electrification Corporation Ltd LT Market          CARE AAA       3148    Reaffirmed
                                      Borrowing
                                      Programme - FY07
Rural Electrification Corporation Ltd LT Market          CARE AAA       15683   Reaffirmed
                                      Borrowing
                                      Programme - FY08
Rural Electrification Corporation Ltd LT Market          CARE AAA       99213   Reaffirmed
                                      Borrowing
                                      programme - FY09
Rural Electrification Corporation Ltd LT Market          CARE AAA       136607.8Reaffirmed
                                      Borrowing
                                      programme - FY10
Rural Electrification Corporation Ltd LT Market          CARE AAA       157981  Reaffirmed
                                      Borrowing
                                      programme - FY11
Rural Electrification Corporation Ltd LT Market          CARE AAA       70000   Reaffirmed
                                      Borrowing
                                      programme - FY17
Rural Electrification Corporation Ltd LT Market          CARE AAA       258625.5Reaffirmed
                                      Borrowing
                                      programme - FY12
Rural Electrification Corporation Ltd LT Market          CARE AAA       360000  Reaffirmed
                                      Borrowing
                                      programme - FY13
Rural Electrification Corporation Ltd LT Market          CARE AAA       370000  Reaffirmed
                                      Borrowing
                                      programme - FY14
Rural Electrification Corporation Ltd LT Market          CARE AAA       410000  Reaffirmed
                                      Borrowing
                                      programme - FY15
Rural Electrification Corporation Ltd LT Market          CARE AAA       365000  Reaffirmed
                                      Borrowing
                                      programme - FY16
Rural Electrification Corporation Ltd LT Market          CARE AAA       150000  Reaffirmed
                                      Borrowing
                                      programme - FY17
Rural Electrification Corporation Ltd LT Market                                 Withdrawn*
                                      Borrowing
                                      programme - FY16*
* Withdrawal of short term ratings for FY16 Market Borrowing Programme as there is 
no outstanding under the said issue

Sadbhav Engineering Ltd               LT Bk Fac          CARE A+        5266.8  Reaffirmed
Sadbhav Engineering Ltd               LT NCD             CARE A+        2700    Reaffirmed
Sadbhav Engineering Ltd               LT/ST Bk Fac       CARE A+/CARE   18000   Reaffirmed
                                                         A1+
Sadbhav Infrastructure Project Ltd    NCD@               CARE A+ (SO)   5005.4  Reaffirmed
Sadbhav Infrastructure Project Ltd    NCD@               CARE A+ (SO)   3000    Assigned
Shine Cotspin Pvt Ltd                 LT Bk Fac          CARE BB-       250     Assigned
Venus Industrial Corporation Pvt Ltd  Bk facility                               Suspended
Venus Stampings Pvt Ltd               Bk facility                               Suspended
--------------------------------------------------------------------------------------------
$: 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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