November 7, 2016 / 4:47 AM / 9 months ago

CARE ratings for Indian debt instruments-Nov 7

Nov 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 4, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Asta Ceramic Pvt Ltd                  ST Bk Fac          CARE A4        15      Reaffirmed
Capital First Ltd                     CP Issue / ST Debt CARE A1+       25000   Outstanding
                                      Programme
Family Credit Ltd                     CP                 CARE A1+       35000   Reaffirmed

Haldia Petrochemicals Ltd             ST Bk Fac          CARE A1        31710   Revised from
                                                                                CARE A3+
Indo Rama Synthetics (India) Ltd      ST Bk Fac          CARE A4        1100    Revised from
                                                                                CARE A3
L&T Finance Holdings Ltd              ST Debt            CARE A1+       15000   Reaffirmed
L&T Finance Ltd                       CP / ST Debt       CARE A1+       70000   Reaffirmed
                                      programme
L&T Finance Ltd                       ST Bk Fac          CARE A1+       3500    Reaffirmed
L&T Fincorp Ltd.                      CP                 CARE A1+       30000   Reaffirmed
L&T Infra Debt Fund Ltd               ST Bk Fac          CARE A1+       1500    Reaffirmed
L&T Infrastructure Finance Co. Ltd    CP (CP) / ST Debt  CARE A1+       110000  Reaffirmed
                                      (STD) issue
Loyal Textile Mills Ltd               ST Bk Fac          CARE A3+       2230    Reaffirmed
L&T Housing Finance Ltd.              CP                 CARE A1+       25000   Reaffirmed
Power Grid Corporation Of India Ltd   ST Borrowing       CARE A1+       46000   Reaffirmed
                                      Programme for FY17
                                      (Including CP)
Power Grid Corporation Of India Ltd   ST Borrowing       CARE A1+       20000   Reaffirmed
                                      Programme for FY16


MEDIUM TERM RATINGS:
-------------------
L&T Housing Finance Ltd.             Fixed Deposits     CARE AA+ (FD)  1000    Reaffirmed
                                      Programme



LONG TERM RATINGS:
-------------------
Agarwal Rubber Ltd                    Bk Fac             -              -       Suspended
Asta Ceramic Pvt Ltd                  LT Bk Fac          CARE BB        69      Reaffirmed
Bulland Buildtech Pvt Ltd             LT Bk Fac          CARE B+        450     Reaffirmed
Capital First Ltd                     Perpetual Debt     CARE AA        3000    Outstanding
Capital First Ltd                     Proposed NCD       CARE AA+       10000   Assigned
Capital First Ltd                     NCD                CARE AA+       33500   Outstanding
Capital First Ltd                     Subordinated Debt  CARE AA+       8000    Outstanding
Capital First Ltd                     LT Bk Fac          CARE AA+       79700   Outstanding
Capital First Ltd                     LT Subordinated Bk CARE AA+       2750    Outstanding
                                      Fac
Dhruvi Pharma Pvt Ltd                 LT Bk Fac@         CARE A-        170     Assigned
@Backed by the unconditional and irrevocable corporate guarantee provided by Keimed Private Ltd
(rated 'CARE A-').
Esaf Microfinance And Investments Pvt LT Bk Fac          CARE A-        3495.8  Revised from
Ltd                                                                             CARE BBB+
Esaf Microfinance And Investments Pvt.Series A PTCs#     Provisional CAR995.5   Assigned
Ltd
# Series A PTC is rated on ultimate payment basis
Family Credit Ltd                     Perpetual Debt     CARE AA        1000    Reaffirmed
Family Credit Ltd                     NCDs               CARE AA+       21000   Reaffirmed
Family Credit Ltd                     Subordinated Debt  CARE AA+       3250    Reaffirmed
Family Credit Ltd                     LT Borrowing       CARE AA+       23000   Reaffirmed
                                      Programme
Gayatri Bio-Organics Ltd              LT Bk Fac          CARE D         219.6   Reaffirmed
Gayatri Bio-Organics Ltd              ST Bk Fac          CARE D         100     Reaffirmed
Gill & Company Pvt Ltd                LT Bk Fac - FB     CARE BBB-      1960    Assigned
Haldia Petrochemicals Ltd             LT Bk Fac          CARE A-        49488.9 Revised from
                                                                                CARE BBB
Haldia Petrochemicals Ltd             Long/ST Bk Fac     CARE A-/A1     18000   Revised from
                                                                                CARE BBB/A3+
Hansdeep Industries & Trading Co. Ltd NCD issue          CARE AA @      4750    Reaffirmed
@ backed by unconditional and irrevocable corporate guarantee by JK Lakshmi Cement Limited
(JKLC, rated 'CARE AA/CARE A1+') and structured payment mechanism.
Hansdeep Industries & Trading Co. Ltd NCD issue          Provisional CAR500     Assigned
# backed by proposed unconditional and irrevocable corporate guarantee to be provided by JKLC
and structured payment mechanism.
Indo Rama Synthetics (India) Ltd      LT Bk Fac          CARE BB        1429.3  Revised from
                                                                                CARE BBB-
Indo Rama Synthetics (India) Ltd      Long/ST Bk Fac     CARE BB/A4     6470.7  Revised from
                                                                                CARE BBB-/A3
Jagnath Cold Storage                  LT Bk Fac          CARE B         77.5    Assigned
L&T Finance Holdings Ltd              NCD                CARE AA+       4500    Reaffirmed
L&T Finance Holdings Ltd              Compulsorily       CARE AA+       30000   Reaffirmed
                                      Redeemable
                                      NonConvertible Cumulative PS
L&T Finance Ltd                       Perpetual Debt     CARE AA        2000    Reaffirmed
L&T Finance Ltd                       NCDs               CARE AA+       67250   Reaffirmed
L&T Finance Ltd                       Subordinated Debt  CARE AA+       5750    Reaffirmed
L&T Finance Ltd                       LT Bk Fac          CARE AA+       76500   Reaffirmed
L&T Fincorp Ltd.                      Perpetual Debt     CARE AA        2000    Reaffirmed
L&T Fincorp Ltd.                      LT Bk Fac          CARE AA+       40000   Reaffirmed
L&T Fincorp Ltd.                      NCD                CARE AA+       28000   Reaffirmed
L&T Fincorp Ltd.                      Subordinated debt  CARE AA+       4000    Reaffirmed
L&T Infra Debt Fund Ltd               NCDs               CARE AAA       30000   Reaffirmed
L&T Infrastructure Finance Co. Ltd    Perpetual debt     CARE AA        4000    Reaffirmed
L&T Infrastructure Finance Co. Ltd    LT Bk Fac          CARE AA+       80000   Reaffirmed
L&T Infrastructure Finance Co. Ltd    NCDs               CARE AA+       95000   Reaffirmed
L&T Infrastructure Finance Co. Ltd    Infrastructure     CARE AA+       18000   Reaffirmed
                                      Bonds
L&T Infrastructure Finance Co. Ltd    Subordinated Bonds CARE AA+       15000   Reaffirmed
Labh Cold Storage                     LT Bk Fac          CARE B         76.5    Assigned
Loyal Textile Mills Ltd               LT Bk Fac          CARE BBB       3627.9  Reaffirmed
Loyal Textile Mills Ltd               Long/ST Bk Fac     CARE BBB/CARE  50      Reaffirmed
                                                         A3+
Mansarover Roller Flour Mills Pvt Ltd LT Bk Fac          CARE B+        56      Reaffirmed
Mohan Project Contractors Pvt Ltd     Long/ST Bk Fac     -              -       Withdrawn
Mohan Project Contractors Pvt Ltd     LT Bk Fac@         CARE BB- (SO)  100     Revised from
                                                                                CARE D
@ backed by unconditional and irrevocable corporate guarantee extended by Gayatri Projects
Limited (GPL) rated CARE BB-/CARE A4
L&T Housing Finance Ltd.              Perpetual Debt     CARE AA        1000    Reaffirmed
L&T Housing Finance Ltd.              LT Bk Fac          CARE AA+       21500   Reaffirmed
L&T Housing Finance Ltd.              NCDs               CARE AA+       49500   Reaffirmed
L&T Housing Finance Ltd.             Subordinated Debt  CARE AA+       3000    Reaffirmed
Orange Mamatkheda Wind Pvt Ltd        LT Bk Fac          CARE BBB       6536.5  Reaffirmed
Parth Threads Pvt Ltd                 LT Bk Fac          CARE BB        145.8   Reaffirmed
Power Grid Corporation Of India Ltd   LT Bk Fac (TL)     -              -       Withdrawn*
* CARE has withdrawn the ratings assigned to the said bank facilities/borrowing programs of
Power Grid Corporation of India Ltd (PGCIL) with immediate effect, as the company has 1) either
fully repaid the amounts under the said bank facilities/issue and there is no amount outstanding
under the issue/facility as on date or 2) said bank facilities are rated under the various
borrowing programs of (PGCIL).
Power Grid Corporation Of India Ltd   ST Bk Fac (TL)     -              -       Withdrawn*
* CARE has withdrawn the ratings assigned to the said bank facilities/borrowing programs of
Power Grid Corporation of India Ltd (PGCIL) with immediate effect, as the company has 1) either
fully repaid the amounts under the said bank facilities/issue and there is no amount outstanding
under the issue/facility as on date or 2) said bank facilities are rated under the various
borrowing programs of (PGCIL).
Power Grid Corporation Of India Ltd   ST Borrowing       -              -       Withdrawn*
                                      Programme for FY15
* CARE has withdrawn the ratings assigned to the said bank facilities/borrowing programs of
Power Grid Corporation of India Ltd (PGCIL) with immediate effect, as the company has 1) either
fully repaid the amounts under the said bank facilities/issue and there is no amount outstanding
under the issue/facility as on date or 2) said bank facilities are rated under the various
borrowing programs of (PGCIL).
Power Grid Corporation Of India Ltd   ST Borrowing       -              -       Withdrawn*
                                      Programme for FY14
* CARE has withdrawn the ratings assigned to the said bank facilities/borrowing programs of
Power Grid Corporation of India Ltd (PGCIL) with immediate effect, as the company has 1) either
fully repaid the amounts under the said bank facilities/issue and there is no amount outstanding
under the issue/facility as on date or 2) said bank facilities are rated under the various
borrowing programs of (PGCIL).
Power Grid Corporation Of India Ltd   ST Borrowing       -              -       Withdrawn*
                                      Programme for FY13
* CARE has withdrawn the ratings assigned to the said bank facilities/borrowing programs of
Power Grid Corporation of India Ltd (PGCIL) with immediate effect, as the company has 1) either
fully repaid the amounts under the said bank facilities/issue and there is no amount outstanding
under the issue/facility as on date or 2) said bank facilities are rated under the various
borrowing programs of (PGCIL).
Power Grid Corporation Of India Ltd   LT Bk Fac (FBL)    CARE AAA       3000    Reaffirmed
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       130000  Reaffirmed
                                      Programme for FY16
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       135000  Reaffirmed
                                      Programme for FY15
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       130000  reaffirmed
                                      Programme for FY14
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       135000  reaffirmed
                                      Programme for FY13
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       107000  Reaffirmed
                                      Programme for FY12
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       63680   Reaffirmed
                                      Programme for FY11
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       54150   Reaffirmed
                                      Programme for FY10
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       36975   Reaffirmed
                                      Programme for FY09
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       140000  Reaffirmed
                                      Programme for FY17
Power Grid Corporation Of India Ltd   LT/ST Bk Fac (FBL) CARE AAA/A1+   22000   Reaffirmed
Rajasthan Hybrids Pvt Ltd             LT Bk Fac          CARE BB        50      Suspended
Sanjeevani Pharma Distributors Pvt LtdLT Bk Fac @        CARE A-        200     Assigned
@Backed by the unconditional and irrevocable corporate guarantee provided by Keimed Private Ltd
(rated 'CARE A-').
Suman Vinimay (P) Ltd.                LT Bk Fac          CARE BB        270     Assigned
Tata Motors Ltd                       NCD                CARE AA+       2500    Assigned
Tata Motors Ltd                       NCD                CARE AA+       10500   Reaffirmed
Tata Motors Ltd                       LT Bk Fac          CARE AA+       18500   Outstanding
Tata Motors Ltd                       NCD                CARE AA+       55500   Outstanding
Vijaya Bank                           Basel III          CARE AA -      7500    Assigned
                                      Additional Tier I
                                      Bonds
--------------------------------------------------------------------------------------------
$: 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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