October 18, 2016 / 7:21 AM / 9 months ago

CARE ratings for Indian debt instruments-Oct 18

16 Min Read

Oct 18 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 17, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajanta Footcare (India) Pvt Ltd       ST Bk Fac          CARE A1 (SO)@  40      Revised from
                                                                                CARE A2+(SO)
@Ajanta Footcare (India) Private Ltd can avail bank facilities of Rs.4 crore by 
earmarking non-fund limit of BRIPL
Ajanta Footcare (India) Pvt Ltd       ST Bk Fac          CARE A2+(SO)*  5       Assigned

*The ratings are based on the credit enhancement in the form of letter of comfort from Banik
Rubber Industries (India) Private Ltd (BRIPL; rated 'CARE A/CARE A1') 
Anuspaa Heritage Products Pvt Ltd     ST Bk Fac          CARE A4        15      Assigned
Cri Ltd                               ST Bk Fac          CARE A3        50      Reaffirmed
Divine Board Pvt Ltd                  ST Bk Fac          CARE A4        6.5     Assigned
Genuine Promoters                     ST Bk Fac          CARE A3        100     Revised from
                                                                                CARE A3+(SO)*
*The ratings were earlier backed by a corporate guarantee from G.D. Goenka 
Private Limited (rated CARE BBB+/A3+). Subsequent to the withdrawal of the 
corporate guarantee, the ratings have been assigned on standalone basis 
Gspc Lng Ltd                          ST Bk Fac          CARE A1        11371.3 Reaffirmed
Indo Count Industries Ltd             ST Bk Fac          CARE A1+       6150    Revised from
                                                                                CARE A1
Etco Industries Ltd                   ST Bk Fac          CARE D         120     Revised from
                                                                                CARE A4
Investment & Precision Castings Ltd   ST Bk Fac          CARE A3        40      Reaffirmed
Jagdish Agro Foods                    ST Bk Fac          CARE A4        3.7     Assigned
Gpt Healthcare Pvt Ltd                ST Bk Fac                                 Withdrawn
Jalpa Diamond                         ST Bk Fac          CARE A4+       190     Reaffirmed
Jsw Cement Ltd                        ST Bk Fac          CARE A3+       3950    Reaffirmed
Oil India Ltd                         ST Bk Fac          CARE A1+       24020.3 Reaffirmed
Reliance Jio Infocomm Ltd             CP                 CARE A1+       60000   Reaffirmed
Renew Power Ventures Pvt Ltd          ST Bk Fac          CARE A1+       1500    Reaffirmed
Shreyans Industries Ltd               ST Bk Fac          CARE A3+       400     Assigned
Shyam Century Ferrous Ltd             ST Bk Fac          CARE A2+       220     Reaffirmed
Siddhartha Engineering Ltd            ST Bk Fac          CARE A3        150     Reaffirmed



LONG TERM RATINGS:
-------------------
Ajanta Footcare (India) Pvt Ltd       LT/ST Bk Fac       CARE A-(SO)    5       Reaffirmed
                                                         /CARE A2+(SO)*
*The ratings are based on the credit enhancement in the form of letter of comfort from 
Banik Rubber Industries (India) Private Ltd (BRIPL; rated 'CARE A/CARE A1') 
Ajanta Footcare (India) Pvt Ltd       LT Bk Fac          CARE A-(SO)#   10      Assigned
#The rating is based on the proposed credit enhancement in the form of letter of comfort from
BRIPL

Ajanta Footcare (India) Pvt Ltd       LT Bk Fac          CARE A-(SO)*   40      Reaffirmed
*The ratings are based on the credit enhancement in the form of letter of comfort from 
Banik Rubber Industries (India) Private Ltd (BRIPL; rated 'CARE A/CARE A1') 
Ajmer Vidyut Vitran Nigam Ltd         LT Bk Fac#         CARE A-(SO)    3441.8  Reaffirmed
(reduced from 4776.32 CR) # backed by unconditional & irrevocable guarantee of Govt. of
Rajasthan

Annapurna Microfinance Pvt Ltd        Series A1 PTCs#    CARE A-(SO)    257.5   Assigned
# Series A PTC is rated on ultimate payment basis
Annapurna Microfinance Pvt Ltd        Series A1 PTCs#    CARE A-(SO)    265.8   Assigned
# Series A PTC is rated on ultimate payment basis
Annapurna Microfinance Pvt Ltd        Series A2 PTCs#    CARE BB(SO)    29.3    Assigned
# Series A PTC is rated on ultimate payment basis
Annapurna Microfinance Pvt Ltd        Series A2 PTCs#    CARE BB+(SO)   26.9    Assigned
# Series A PTC is rated on ultimate payment basis
Anuspaa Heritage Products Pvt Ltd     LT Bk Fac          CARE BB        77.7    Assigned
Bansal Seeds Pvt Ltd                  LT Bk Fac          CARE BB        230     Reaffirmed
Camden Industries Ltd                 NCD                CARE AAA(SO)*  4300    Reaffirmed
*backed by proposed underwriting commitment from Axis Capital Limited (ACL) to 
cover all obligations that may arise on the rated NCDs 
Chintpurni Steel Pvt Ltd              LT Bk Fac          CARE BB+       335     Reaffirmed
Chintpurni Steel Pvt Ltd              Long/ST Bk Fac     CARE BB+/CARE  15      Reaffirmed
                                                         A4+
Cri Ltd                               LT Bk Fac          CARE BBB       167     Reaffirmed
(enhanced from 15.3 CR)
Cri Ltd                               LT/ST Bk Fac       CARE BBB /CARE 460     Reaffirmed
                                                         A3
Dhunseri Tea & Industries Ltd         LT Bk Fac - CC     CARE A+        670     Reaffirmed
(enhanced from 65.00 CR)
Dhunseri Tea & Industries Ltd         LT Bk Fac -        CARE A+        581.1   Reaffirmed
                                      Standby LOC
(enhanced from 66.38 CR)
Divine Board Pvt Ltd                  LT Bk Fac          CARE B         30      Assigned
Divine Board Pvt Ltd                  LT/ST Bk Fac       CARE B /CARE A473.5    Assigned
Etco Industries Ltd                   LT Bk Fac          CARE D         1405.6  Revised from
                                                                                CARE C
Fabrico India Pvt Ltd                 LT Bk Fac          CARE BB        395     Revised from
                                                                                CARE BBB-
(enhanced from 38.50 CR)
Genuine Promoters                     LT Bk Fac          CARE BBB       1250    Revised from
                                                                                CARE BBB+(SO)*
[Enhanced from 84.44 CR] *The ratings were earlier backed by a corporate guarantee 
from G.D. Goenka Private Limited (rated CARE BBB+/A3+). Subsequent to the
withdrawal of the corporate guarantee, the ratings have been assigned on standalone basis
Gpt Healthcare Pvt Ltd                LT Bk Fac          CARE BBB-      64      Revised from
                                                                                CARE BB+
Gpt Healthcare Pvt Ltd                NCD                CARE BBB-      100     Revised from
                                                                                CARE BB+
Gspc Lng Ltd                          LT Bk Fac          CARE A         3258.7  Reaffirmed
Gspc Lng Ltd                          LT/ST Bk Fac       CARE A /CARE A11100    Reaffirmed
Indo Count Industries Ltd             LT Bk Fac          CARE AA-       3110.4  Revised from
                                                                                CARE A
Investment & Precision Castings Ltd   LT Bk Fac          CARE BBB-      555.2   Reaffirmed
Jagdish Agro Foods                    LT Bk Fac          CARE BB-       23.5    Assigned
Jagdish Agro Foods                    LT/ST Bk Fac       CARE BB- /CARE 85      Assigned
                                                         A4
Jaipur Vidyut Vitran Nigam Ltd        LT Bonds Issue #   CARE A- (SO)   3700    Reaffirmed
Jodhpur Vidyut Vitran Nigam Ltd       LT Bonds Issue #   CARE A-(SO)    2784.9  Reaffirmed
(reduced from 3978.48) # backed by unconditional & irrevocable guarantee of Govt. of Rajasthan

Jsw Cement Ltd                        LT Bk Fac          CARE BBB+      23605.8 Reaffirmed
(enhanced from Rs.1655.58 crore)
Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AA+       2500    Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)

Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA(SO)   17      Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)

Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA(SO)   1700    Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)

Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA(SO)   1200    Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)

Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA(SO)   1100    Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)

Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA(SO)   5000    Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)

Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA(SO)   2500    Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)

Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA(SO)   500     Reaffirmed
*Backed by Letter of Comfort from Ministry of Railways (MoR), Government of India (GoI)

Ktc Threads Llp                       LT Bk Fac          CARE B+        28.7    Assigned
Ktc Threads Llp                       LT/ST Bk Fac       CARE B+ /CARE  110     Assigned
                                                         A4
North Eastern Electric Power          NCD                CARE AA        40000   Reaffirmed
Corporation Ltd
Oil India Ltd                         LT Bk Fac          CARE AAA       2000    Reaffirmed
Parthas                               LT Bk Fac          CARE B+        124.5   Reaffirmed
[reduced from Rs.14.16 crore]
Quest Properties India Ltd (Formerly  LT Bk Fac          CARE A-        2025    Reaffirmed
Cesc Properties Ltd)
(enhanced from 201.0 CR)
Reliance Jio Infocomm Ltd             LT Bk Fac          CARE AAA       450000  Reaffirmed
Reliance Jio Infocomm Ltd             NCD*               CARE AAA(SO)   60000   Reaffirmed
* backed by unconditional and irremovable corporate guarantee from its parent 
Reliance Industries Limited (RIL, rated CARE AAA/CARE A1+)

Renew Power Ventures Pvt Ltd          LT Bk Fac          CARE A+        2835    Withdrawn*
*CARE has withdrawn the rating assigned to the long-term loan facility of Renew 
Power Ventures Pvt with immediate effect, as the company has fully repaid the
amounts under the said facility and there is no amount outstanding under the
facility as on date 
Renew Power Ventures Pvt Ltd          NCD-I              CARE A+        4000    Reaffirmed
Renew Power Ventures Pvt Ltd          NCD-II             CARE A+        5000    Reaffirmed
Renew Power Ventures Pvt Ltd          NCD-III            CARE A+        2000    Assigned
Renew Power Ventures Pvt Ltd          Issuer Rating      CARE A+(Is)    -       Reaffirmed
Renew Power Ventures Pvt Ltd          LT/ST Bk Fac       CARE A1+ /CARE 11400   Reaffirmed
                                                         A1+
Renew Solar Power Pvt Ltd             LT Instruments-    CARE A+(SO)    2000    Assigned
                                      NCD@
@ backed by unconditional and irrevocable corporate guarantee proposed to be provided 
by Renew Power Ventures Private Limited (rated CARE A+/CARE A1+)
 and a structured payment mechanism 
Shradha Agencies Pvt Ltd              LT Bk Fac          CARE BB+       400     Reaffirmed
Shreyans Industries Ltd               LT Bk Fac          CARE BBB       563.7   Assigned
Shyam Century Ferrous Ltd             LT Bk Fac          CARE A-        300     Reaffirmed
Shyam Century Ferrous Ltd             Long/ST Bk Fac     CARE A-/CARE   10      Reaffirmed
                                                         A2+
Siddhartha Engineering Ltd            LT Bk Fac          CARE BBB-      370     Reaffirmed
Siddhartha Engineering Ltd            LT/ST Bk Fac       CARE BBB-      1180    Reaffirmed
                                                         /CARE A3
(increased from 78 CR)
Ssa International Ltd                 Bk Fac                                    Suspended
Stallion Enterprise                   Bk Fac                                    Withdrawn
Takshila Educational Society          LT Bk Fac          CARE BBB+      500     Assigned
The Catholic Syrian Bank Ltd          Lower Tier II BondsCARE BBB-      418     Reaffirmed
Trichy Tollway Pvt Ltd                LT Bk Fac          CARE AA-       2807.9  Assigned
Trichy Tollway Pvt Ltd                LT Instruments -   CARE AA-       1750    Assigned
                                      NCD
Ut Worldwide (India) Pvt Ltd          Bk Fac                                    Withdrawn
Yogi Developers                       Bk Fac                                    Withdrawn
Yogiraj Ginning And Oil Industries PvtLT Bk Fac          CARE BB        155     Reaffirmed
Ltd
[Enhanced from Rs.15 crore]
--------------------------------------------------------------------------------------------
$: 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