December 13, 2016 / 5:52 AM / 8 months ago

CARE ratings for Indian debt instruments-Dec 13

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


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agarwal Packers & Movers Ltd          ST Bk Fac          CARE A3        125     Reaffirmed
Agrimas Chemicals Ltd                 ST Bk Fac          CARE A3        180     Assigned
Ami Lifesciences Pvt Ltd              ST Bk Fac          CARE A3        100     Reaffirmed
Bhagawati Cools Pvt Ltd               ST Bk Fac          CARE A4        51.5    Reaffirmed

Coromandel Agrico Pvt Ltd             ST Bk Fac          CARE A3        220     Assigned
Flash Forge Pvt Ltd                   ST Bk Fac          CARE A3        1450    Reaffirmed
Gopinath Chem-Tech Ltd                ST Bk Fac          CARE A4        72.8    Reaffirmed
Kalpana Struct-Con Pvt Ltd            ST Bk Fac          CARE A3        182.5   Assigned
M. H. Khanusiya                       ST Bk Fac          CARE A4        200     Reaffirmed
Mahi Granites Pvt Ltd                 LT / Shortterm Bk  CARE A3        242     Reaffirmed
                                      Fac
Nandi Vardhana Textile Mills Ltd      ST Bk Fac          CARE A4        34      Reaffirmed
Ravi Technoforge Pvt Ltd              ST Bk Fac          CARE A4+       35.8    Reaffirmed
S. Pal Enterprises Pvt Ltd            ST Bk Fac          CARE A4        105     Reaffirmed
Satrac Engineering Pvt Ltd            ST Bk Fac          CARE A4        115     Reaffirmed
Seyadu Beedi Company                  ST Bk Fac          CARE A2        80      Reaffirmed
Simplex Infrastructures Ltd           CP Issue*          CARE A1        5500    Reaffirmed
* carved out of the sanctioned working capital limits of the company
Sri Ram Cable Pvt Ltd                 ST Bk Fac          CARE A4        350     Reaffirmed
Tamboli Castings Ltd                  ST Bk Fac          CARE A2        42      Reaffirmed
The Indian Hotels Company Ltd         Proposed CP Issue  CARE A1+       2000    Reaffirmed
Theis Precision Steel India Pvt Ltd   ST Bk Fac          CARE A3+       100     Reaffirmed
Welspun India Ltd                     ST Bk Fac          CARE A1+       3938.2  Reaffirmed
Welspun India Ltd                     CP*                CARE A1+       3000    Reaffirmed
* Standalone

LONG TERM RATINGS:
-------------------
Accurate Infra Industries Pvt Ltd     LT Bk Fac          CARE B+        88.8    Assigned
Agarwal Packers & Movers Ltd          LT Bk Fac          CARE BBB       475     Reaffirmed
Agarwal Packers & Movers Ltd          LT Instruments NCD CARE BBB       450     Assigned
Agrimas Chemicals Ltd                 LT Bk Fac          CARE BBB       250     Assigned
Ahuja Automobiles                     LT Bk Fac          CARE D         -       Revised from
                                                                                CARE BB-
Ami Lifesciences Pvt Ltd              LT Bk Fac          CARE BBB-      107.1   Reaffirmed
Ami Lifesciences Pvt Ltd              LT/ST Bk Fac       CARE BBB-/A3   255     Reaffirmed
Bhagawati Cools Pvt Ltd               LT Bk Fac          CARE B+        97.4    Revised from
                                                                                CARE BB-
Bhagawati India Motorizer Pvt Ltd     LT Bk Fac          CARE B+        139.7   Revised from
                                                                                CARE B
Bhilangana Hydro Power Ltd            OFCD (OFCD)        -              -       withdrawn*
*The rating of OFCD is being withdrawn as the company has fully repaid the amount under the said
issue and there is no amount outstanding under the said issue as on date.
Bhilangana Hydro Power Ltd            LT Bk Fac          CARE A-        60      Revised from
                                                                                CARE BBB+
Bhilangana Hydro Power Ltd            NCDs-I (NCD-I)     CARE A-        1102.8  Revised from
                                                                                CARE BBB+
Bhilangana Hydro Power Ltd            NCDs-II (NCD-II)   CARE A-        670     Revised from
                                                                                CARE BBB+
Bsl Ltd                               Bk Fac             -              -       withdrawn
Coromandel Agrico Pvt Ltd             LT Bk Fac          CARE BBB       482     Assigned
Dolvi Coke Projects Ltd               LT Bk Fac          CARE BBB+      12000   Reaffirmed
Eon Kharadi Infrastructure Pvt Ltd    LT Bk Fac          CARE A+        6210.2  Reaffirmed
Flash Forge Pvt Ltd                   LT Bk Fac          CARE BBB-      550     Reaffirmed
Ganpat Rai Kewal Ram Trading Company  LT Bk Fac          CARE BB-       140     Reaffirmed
Pvt Ltd
Gopinath Chem-Tech Ltd                LT Bk Fac          CARE BB+       15      Revised from
                                                                                CARE BB
Gopinath Chem-Tech Ltd                LT/ ST Bk Fac      CARE BB+/A4    198     Revised from
                                                                                CARE BB/ CARE
                                                                                A4
Guru Nanak Rice & General Mills       LT Bk Fac          CARE B+        100     Assigned
Ircon International Ltd               LT Bk Fac          -              -       Withdrawal
Ircon International Ltd               LT/ST Bk Fac       CARE AAA/CARE  65000   Reaffirmed
                                                         A1+
Jay Somnath Paper Mill                LT Bk Fac          CARE B         105     Assigned
Jupiter Laminators Pvt Ltd            LT/ST Bk Fac       CARE BBB+/CARE 300     Reaffirmed
                                                         A3+
K.R. Anand                            Bk Fac             -              -       Suspended
Kalpana Struct-Con Pvt Ltd            LT Bk Fac          CARE BBB-      20      Assigned
M. H. Khanusiya                       LT Bk Fac          CARE BB        112.6   Reaffirmed
Mahajyoti Fibers Pvt Ltd              LT Bk Fac          CARE D         74.5    Revised from
                                                                                CARE B+
Mahi Granites Pvt Ltd                 LT Bk Fac          CARE BBB-      320     Assigned
Mahi Granites Pvt Ltd                 LT / Shortterm Bk  CARE BBB-/A3   700     Reaffirmed
                                      Fac
Nandi Vardhana Textile Mills Ltd      LT Bk Fac          CARE BB        218.6   Reaffirmed
Paragon Industries Ltd                LT Bk Fac          CARE BBB       633     Assigned
Prakash Industries Ltd                Issuer Ratings     -              -       Suspended
Punjab And Sind Bank                  Lower Tier II BondsCARE AA        8750    Reaffirmed
Punjab And Sind Bank                  Tier II Bonds      CARE AA        10000   Reaffirmed
                                      (Basel-III)
R. S. Fibers                          Bk Fac             -              -       Suspended
Radix Electrosystems Pvt Ltd          LT/ST Bk Fac       CARE BBB/A3    50      Reaffirmed
Raebareilly Allahabad Pvt Ltd         Bk Fac             -              -       Suspended
Ram Ratna Electricals Ltd             LT Bk Fac          CARE BB+       196.5   Reaffirmed
Ram Ratna Electricals Ltd             LT/ ST Bk Fac      CARE BB+/A4+   100     Reaffirmed
Ravi Technoforge Pvt Ltd              LT Bk Fac          CARE BB+       712.8   Reaffirmed
Ravi Technoforge Pvt Ltd              LT/ ST Bk Fac      CARE BB+/A4+   300     Reaffirmed
Riddhi Siddhi Cotex Pvt Ltd           Bk Fac             -              -       Suspended
S. Pal Enterprises Pvt Ltd            LT Bk Fac          CARE BB-       76.9    Reaffirmed
S.M. Teledirect Pvt Ltd               LT Bk Fac          CARE BB-       350     Reaffirmed
Salasar Balai Shipbreakers Pvt Ltd    Long/ST Bk Fac     CARE BB/A4     1000    Reaffirmed
Satrac Engineering Pvt Ltd            LT Bk Fac          CARE BB-       136     Reaffirmed
Seyadu Beedi Company                  LT Bk Fac          CARE BBB+      317.3   Reaffirmed
Sri Ram Cable Pvt Ltd                 LT Bk Fac          CARE BB-       270     Reaffirmed
Tamboli Castings Ltd                  LT Bk Fac          CARE BBB+      225.9   Reaffirmed
Tata Power Renewable Energy Ltd       NCD#               ProvCARE AA    5640    Assigned
# Credit enhancement in the form of an unconditional and irrevocable corporate guarantee
proposed to be provided by The Tata Power Company Limited.
The Indian Hotels Company Ltd         LT Bk Fac (FB)     CARE AA+       4250    Reaffirmed
Theis Precision Steel India Pvt Ltd   LT Bk Fac          CARE BBB       60      Reaffirmed
Welspun India Ltd                     LT Bk Fac          CARE AA-       35524.5 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)

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