December 19, 2016 / 8:42 AM / 9 months ago

CARE ratings for Indian debt instruments-Dec 19

Dec 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 16, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bhavani Erectors Pvt Ltd              ST Bk Fac          CARE A4        380     Reaffirmed
Blue Star Engineerng & Electronics LtdCP Programme*      CARE A1+ (SO)  100     Final Rating
*The rating assigned to the aforesaid commercial paper is based on the credit enhancement in the
form of letter of comfort which has been issued to the investors of commercial paper by Blue
Star Limited (BSL, rated 'CARE AA+/CARE A1+' for bank facilities and instruments). The proposed
issue of commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) will be
earmarked to the working capital bank facilities of BSEEL which are already backed by
unconditional and irrevocable corporate guarantee issued by BSL.
Diamond Beverages Pvt Ltd             ST Bk Fac          CARE A3        20      Reaffirmed
Elektrolites (Power) Pvt Ltd          ST Bk Fac          CARE A3        100     Assigned

Excel Associates Pvt Ltd              ST Bk Fac          CARE A3        46.3    Assigned
Jayshree Automobiles India Pvt Ltd    ST Bk Fac          CARE A4+       135     Revised from
                                                                                CARE A4
M.K. Engineers Group                  ST Bk Fac          CARE A4        33      Assigned
Medi Assist Insurance Tpa Pvt Ltd     ST Bk Fac          CARE A1+       500     Reaffirmed
Rakesh Advertising Pvt Ltd            ST Bk Fac          CARE A4        85      Reaffirmed
Renew Power Ventures Pvt Ltd          ST Bk Fac          CARE A1+       2000    Reaffirmed
Trf Ltd                               ST Debt programme  CARE A2        1000    Revised from
                                      (including CP)*                           CARE A2+
*carved out of the sanctioned working capital limits
Urc Construction Pvt Ltd              ST Bk Fac          CARE A3        4300    Reaffirmed


LONG TERM RATINGS:
-------------------
A.P. Refinery Pvt Ltd                 LT Bk Fac          CARE BBB       525.3   Reaffirmed
Allahabad Bank                        Lower Tier II BondsCARE AA        13500*  Reaffirmed
* The reduction in rated amount is due to redemption of Lower Tier II bonds of Rs.561.9 crore
Allahabad Bank                        Proposed Tier II   CARE AA        10000*  Reaffirmed
                                      Bonds Reaffirmed
                                      (Basel III)
* The reduction in rated amount is due to redemption of Lower Tier II bonds of Rs.561.9 crore
Allahabad Bank                        Upper Tier II BondsCARE AA-       10000   Reaffirmed
Allahabad Bank                        Perpetual Bonds    CARE AA-       3000    Reaffirmed
Alpine Distilleries Pvt Ltd           Bk Fac             -              -       Suspended
Assam Auto Agencies                   LT Bk Fac          CARE BB        95      Assigned
Bhavani Erectors Pvt Ltd              LT Bk Fac          CARE BB-       100     Reaffirmed
Diamond Beverages Pvt Ltd             LT Bk Fac          CARE BBB-      824.5   Reaffirmed
Elektrolites (Power) Pvt Ltd          LT Bk Fac          CARE BBB-      16.8    Assigned
Excel Associates Pvt Ltd              LT Bk Fac          CARE BBB-      42.2    Assigned
Gvk Airport Developers Ltd            LT Instruments -   CARE BB+       17250   Assigned
                                      NCD (Proposed
Instruments Of Kec International Ltd  LT Bk Fac (TL)     -              -       Withdrawan
Instruments Of Kec International Ltd  LT Bk Fac (FB)     CARE A+        16000   Reaffirmed
Instruments Of Kec International Ltd  Long/ST Bk Fac     CARE A+        104000  Reaffirmed
                                      (Non-FB)
Instruments Of Kec International Ltd  NCD                                       Withdrawan
Jayshree Automobiles India Pvt Ltd    LT Bk Fac          CARE BB        35      Reaffirmed
M.K. Engineers Group                  LT Bk Fac          CARE BB-       40      Assigned
Oriental Pathways (Agra) Pvt Ltd      LT Bk Fac          CARE BB        786.6   Revised from
                                                                                CARE D
Oriental Pathways (Nagpur) Pvt Ltd    LT Bk Fac          CARE B+        739.2   Revised from
                                                                                CARE D
Rakesh Advertising Pvt Ltd            LT Bk Fac          CARE BB-       40      Reaffirmed
Renew Power Ventures Pvt Ltd          NCD - I            CARE A+        2835    Reaffirmed
Renew Power Ventures Pvt Ltd          NCD - II           CARE A+        4000    Reaffirmed
Renew Power Ventures Pvt Ltd          NCD - III          CARE A+        5000    Reaffirmed
Renew Power Ventures Pvt Ltd          NCD - IV           CARE A+        2000    Reaffirmed
Renew Power Ventures Pvt Ltd          Issuer Rating      CARE A+        -       Reaffirmed
Renew Power Ventures Pvt Ltd          LT/ST Bk Fac       CARE A+;       14800   Reaffirmed
                                                         Stable/CARE A1+
Renew Solar Power Pvt Ltd             LT Instruments-    CARE A+ (SO)   1000    Assigned
                                      NCD@
Renew Solar Power Pvt Ltd             LT Instruments-    CARE A+ (SO)   2000    Reaffirmed
                                      NCD@
Sheetal Jewellery House Llp           Bk Fac             -              173     Withdrawan
Shree Bhawani Lumbers                 LT / ST Bk Fac     CARE B+;       135     Reaffirmed
                                                         Stable/CARE A4
Shri Shyam Warehousing & Power Pvt LtdBk Fac             -              -       Suspended
Trf Ltd                               LT/ ST Bk Fac      CARE BBB+      13230   Revised from
                                                                                CARE A- /CARE
                                                                                A2+
Trf Ltd                               LT Bk Fac          CARE BBB+;     3804.1  Revised from
                                                                                CARE A-
Urc Construction Pvt Ltd              LT Bk Fac          CARE BBB       2084.7  Reaffirmed
Yours Project Pvt Ltd                 Bk Fac             -              -       Suspended
Zen Tobacco Pvt Ltd                   LT Bk Fac          CARE B         55      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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