December 15, 2016 / 5:49 AM / 7 months ago

CARE ratings for Indian debt instruments-Dec 15

17 Min Read

Dec 15 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 14, 2016.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Balaji Formalin Pvt Ltd               ST Bk Fac          CARE A3+       21      Assigned
Cox & Kings Ltd                       CP Issue (carved   CARE A1+       10820   Reaffirmed
                                      out)*
*Carved out of the sanctioned working capital limits of the company

Cox & Kings Ltd                       CP Issue           CARE A1+       3750    Reaffirmed
Creative Garments                     ST Bk Fac          CARE A4+       170     Reaffirmed
Drt Anthea Aroma Chemicals Pvt Ltd    ST Bk Fac          CARE A2        860     Reaffirmed
Ess Kay Fincorp Pvt Ltd               ST Instrument - CP CARE A3+       170     Assigned
                                      issue
Ess Kay Fincorp Pvt Ltd               Proposed ST        CARE A3+       30      Assigned
                                      Instrument - CP
                                      issue
Fitech Equipments (India) Pvt Ltd     ST Bk Fac          CARE A4+       30      Reaffirmed
Glochem Industries Ltd                ST Bk Fac          CARE A3        125     Reaffirmed
Hinduja Leyland Finance Ltd           CP                 CARE A1+       7500    Reaffirmed
(enhanced from 500 CR)
Jayalakshmi Sea Foods Pvt Ltd         LT/ST Bk Fac       CARE A3+       105     Revised from
                                                                                CARE A3
Jyothy Laboratories Ltd               CP                 CARE A1+       1000    Assigned
Mahajan Fabrics Pvt Ltd               ST Bk Fac          CARE A4        40      Assigned
Nelco Ltd                             ST Bk Fac          CARE A2+       303.6   Assigned
Newage Fire Protection Engineers Pvt  ST Bk Fac          CARE A4+       55      Reaffirmed
ltd
Power Finance Corporation Ltd         ST Market          CARE A1+       300000  Reaffirmed
                                      Borrowing
                                      Programme - FY17
Punjab National Bank                  CD                 CARE A1+       600000  Reaffirmed
Shairu Gems Diamonds Pvt Ltd          ST Bk Fac          CARE A3+       120     Reaffirmed
Val Pack Solutions Pvt Ltd            ST Bk Fac          CARE A4+       20      Revised from
                                                                                CARE A4
Ved Prakash And Sons Lumbers Pvt Ltd  ST Bk Fac          CARE A4        125     Assigned
Vedant Dyestuffs Intermediates Pvt LtdST Bk Fac          CARE A4        6.5     Reaffirmed
Vinko Auto Industries Ltd             ST Bk Fac          CARE A4+       129     Reaffirmed
Wheel Packaging                       ST Bk Fac          CARE A4        22.5    Reaffirmed
White House Tiles Pvt Ltd             ST Bk Fac          CARE D         7.5     Assigned

LONG TERM RATINGS:
-------------------
Aaa Roller Flour Mills Pvt Ltd        LT Bk Fac          CARE BB-       220     Reaffirmed
Adi Enterprise                        Bk Fac             -              -       Withdrawan
Adi Tradelink                         Bk Fac             -              -       Withdrawan
Ahir Salt And Allied Products Pvt Ltd LT Bk Fac          CARE BB        288.9   Reaffirmed
Arex Industries Ltd                   LT Bk Fac          CARE BBB       80      Reaffirmed
Arex Industries Ltd                   LT/ ST Bk Fac      CARE BBB /CARE 45      Reaffirmed
                                                         A3+
Balaji Formalin Pvt Ltd               LT Bk Fac          CARE BBB       700     Reaffirmed
Broski Beverages Pvt Ltd              Bk Fac             -              -       suspended
Chaudhary Nursing Homes Pvt Ltd       Bk Fac             -              -       Withdrawan
Cox & Kings Ltd                       Issuer Rating      CARE AA        -       Reaffirmed
Cox & Kings Ltd                       LT Bk Fac          CARE AA        12060   Reaffirmed
Cox & Kings Ltd                       Non- Convertible   CARE AA        8000    Reaffirmed
                                      Debentures
Drt Anthea Aroma Chemicals Pvt Ltd    LT Bk Fac          CARE A-        530     Reaffirmed
Equitas Small Finance Bank Ltd        Bk Fac AND DEBT    -              -       Withdrawan
                                      INSTRUMENTS
Equitas Small Finance Bank Ltd        NCD Issue -I       CARE A+        500     Reaffirmed
Equitas Small Finance Bank Ltd        NCD Issue -II      CARE A+        580     Reaffirmed
Equitas Small Finance Bank Ltd        NCD                CARE A+        5000    Reaffirmed
Equitas Small Finance Bank Ltd        NCD                CARE A+        8500    Reaffirmed
Equitas Small Finance Bank Ltd        LT Bk Fac          CARE BBB       6000    Reaffirmed
Excel Castronics Ltd                  LT/ ST Bk Fac      CARE BB/CARE A4150     Assigned
Fitech Equipments (India) Pvt Ltd     LT Bk Fac          CARE BB+       110     Reaffirmed
Globe Cotyarn Pvt Ltd                 Bk Fac             -              -       suspended
Glochem Industries Ltd                LT Bk Fac - TL*    -              -       Withdrawan
Glochem Industries Ltd                LT Bk Fac          CARE BBB-      80      Reaffirmed
Glochem Industries Ltd                LT/ST Bk Fac       CARE BBB-/A3   80      Reaffirmed
Greenko Wind Projects Pvt Ltd         Proposed NCD issue CARE A         3200    Assigned
                                      ^
^proposed to be backed by unconditional and irrevocable corporate guarantee of Greenko Energies
Private Limited (GEPL; rated CARE A ).
Hinduja Leyland Finance Ltd           Series A PTCs      -              -       Withdrawan
Jadeja Industries Pvt Ltd             LT Bk Fac          CARE B+        99      Assigned
Jayalakshmi Sea Foods Pvt Ltd         LT/ST Bk Fac       CARE BBB;      390     Revised from
                                                         Stable/CARE A3+        CARE BBB- /
                                                                                CARE A3
Jyothy Laboratories Ltd               NCD                CARE AA        4000    Reaffirmed
Jyothy Laboratories Ltd               NCD                CARE AA        4000    Assigned
Kanaiya Cold Storage                  LT Bk Fac          CARE B         75      Assigned
Karthikeya Agro Industries            LT Bk Fac          CARE B+        78      Reaffirmed
(enhanced from 6.24 CR)
Lotus Ornaments Pvt Ltd               Bk Fac             -              -       suspended
M.C. Roller Flour Mills Pvt Ltd       LT Bk Fac          CARE BB-       120     Assigned
Magma Fincorp Ltd                     Series A1 PTCs     -              -       Withdrawan
Magma Fincorp Ltd                     Series A2 PTCs     -              -       Withdrawan
Magma Fincorp Ltd                     Second Loss        -              -       Withdrawan
                                      Facility
Magma Fincorp Ltd                     Liquidity Facility -              -       Withdrawan
Mahajan Fabrics Pvt Ltd               LT Bk Fac          CARE B+        130.9   Reaffirmed
Mahajan Fabrics Pvt Ltd               LT Bk Fac/ ST Bk   CARE B+/CARE A42.1     Reaffirmed
                                      Fac
Maharaja Cold Storage                 LT Bk Fac          CARE B         50      Assigned
Maharashtra Feeds Pvt Ltd             LT Bk Fac          CARE BBB       50      Reaffirmed
Maharashtra Feeds Pvt Ltd             LT/ ST Bk Fac      CARE BBB/A3+   500     Reaffirmed
Nelco Ltd                             LT Bk Fac          CARE A-        75      Assigned
Nelco Ltd                             LT/ ST Bk Fac      CARE A- /CARE  871.4   Assigned
                                                         A2+
Newage Fire Protection Engineers Pvt  LT Bk Fac          CARE BB+       45      Reaffirmed
Ltd
Nilkanth Cold Storage                 LT Bk Fac          CARE D         44      Assigned
Nobletex Industries Ltd               Bk Fac             -              -       suspended
Pae Ltd                               LT Bk Fac          CARE D         150     Reaffirmed
Pae Ltd                               LT/ ST Bk Fac      CARE D         50      Reaffirmed
Patel Highway Management Pvt Ltd      LT Bk Fac          CARE A-(SO)    939     Reaffirmed
(reduced from Rs.119.84 crore) @ The above bank facilities are backed by the unconditional and
irrevocable corporate guarantee of Patel Infrastructure Private Limited (PIPL; rated: CARE A-;
Stable / CARE A2) (reduced from Rs.119.84 crore)
Patel Infrastructure Pvt Ltd          LT Bk Fac          CARE A-        1500    Reaffirmed
(enhanced from Rs.100.00 crore)
Patel Infrastructure Pvt Ltd          LT/ ST Bk Fac      CARE A-        7500    Reaffirmed
(enhanced from Rs.630.00 crore)
Power Finance Corporation Ltd         LT Market          CARE AAA       196010  Reaffirmed
                                      Borrowing
                                      Programme - FY13
Power Finance Corporation Ltd         LT Market          CARE AAA       140740* Reaffirmed
                                      Borrowing
                                      Programme - FY14
* includes outstanding sub - ordinate debt of Rs.3,800 crore as a part of FY14 Market Borrowing
Programme.
Power Finance Corporation Ltd         LT Market          CARE AAA       444850  Reaffirmed
                                      Borrowing
                                      Programme - FY15
Power Finance Corporation Ltd         LT Market          CARE AAA       235870  Reaffirmed
                                      Borrowing
                                      Programme - FY16
Power Finance Corporation Ltd         LT Market          CARE AAA       400000^ Reaffirmed
                                      Borrowing
                                      Programme - FY17
^ includes Rs. 5,000 crore of Extra Budgetary Resources to be raised by PFC on behalf of
Ministry of Power (GOI fully serviced bonds)
Punjab National Bank                  Perpetual Bonds    CARE AA        26630   Reaffirmed
Punjab National Bank                  Upper Tier II BondsCARE AA        95000   Reaffirmed
Punjab National Bank                  Basel III          CARE AA-       15000   Reaffirmed
                                      Compliant
                                      Perpetual Tier I Bonds
Punjab National Bank                  Infrastructure     CARE AA+       50000   Reaffirmed
                                      Bonds
Punjab National Bank                  Basel III          CARE AA+       20000   Reaffirmed
                                      Compliant Tier II
                                      Bonds
Punjab Sugar And Industries Pvt Ltd   Bk Fac             -              -       suspended
Ramachandra Educational Trust         LT Bk Fac          CARE BBB-      855.4   Reaffirmed
Shairu Gems Diamonds Pvt Ltd          LT Bk Fac          CARE BBB       3000    Reaffirmed
Sree Praagna Hospitals Pvt Ltd        LT Bk Fac          CARE B+        80      Assigned
State Bank Of Hyderabad               Lower Tier II BondsCARE AAA       1600    Reaffirmed
State Bank Of Hyderabad               Upper Tier II BondsCARE AAA       17500   Reaffirmed
State Bank Of Hyderabad               Perpetual Bonds    CARE AAA       6850    Reaffirmed
State Bank Of Hyderabad               Tier II Bonds      CARE AAA       7000    Reaffirmed
                                      (Basel III)
State Bank Of Travancore              Upper Tier II      CARE AAA       2000    Reaffirmed
                                      Bonds (Series I)
State Bank Of Travancore              Upper Tier II      CARE AAA       3000    Reaffirmed
                                      Bonds (Series II)
State Bank Of Travancore              Upper Tier II      CARE AAA       5000    Reaffirmed
                                      Bonds (Series III)
State Bank Of Travancore              Perpetual Bonds    CARE AAA       1000    Reaffirmed
State Bank Of Travancore              Tier II Bond Issue CARE AAA       12500   Reaffirmed
                                      (Basel III)#
# Tier II Bonds under Basel III are characterized by a 'Point of Non-Viability' (PONV) trigger
due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Suasth Health Care (India) Pvt. Ltd.  LT Bk Fac          CARE BBB-      2200    Reaffirmed
Tatanet Services Ltd                  LT Bk Fac          CARE A-        178     Assigned
Tatanet Services Ltd                  LT/ ST Bk Fac      CARE A-/CARE   30      Assigned
                                                         A2+
Val Pack Solutions Pvt Ltd            LT Bk Fac          CARE BB+       90.6    Revised from
                                                                                CARE B+
Ved Prakash And Sons Lumbers Pvt Ltd  LT Bk Fac          CARE B+        25      Assigned
Vedant Dyestuffs Intermediates Pvt LtdLT Bk Fac          CARE BB-       161.8   Reaffirmed
Vinko Auto Industries Ltd             LT Bk Fac          CARE BB+       39.9    Reaffirmed
Wheel Packaging                       LT Bk Fac          CARE BB        35      Revised from
                                                                                CARE BB-
White House Tiles Pvt Ltd             LT Bk Fac          CARE D         133     Assigned
--------------------------------------------------------------------------------------------
$: 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