December 21, 2016 / 6:18 AM / 7 months ago

CARE ratings for Indian debt instruments-Dec 21

13 Min Read

Dec 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 20, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aakash Textiles Exports Pvt Ltd       ST Bk Fac          CARE A4        250     Reaffirmed
Anmol Spintex Pvt Ltd                 ST Bk Fac @                               Withdrawn
@ The company has surrendered short term limits rated by CARE and there is no 
outstanding under the said limits. Taking cognizance of the fact, CARE has withdrawn
 the short term rating assigned to the bank facilities of the company. 
Anveshan Textiles Ltd                 ST Bk Fac @                               Withdrawn
@ The company has surrendered short term limits rated by CARE and there is no outstanding
 under the said limits. Taking cognizance of the fact, CARE has withdrawn the short 
term rating assigned to the bank facilities of the company. 
Ankalesh Textiles Pvt Ltd             ST Bk Fac @                               Withdrawn
@ The company has surrendered short term limits rated by CARE and there is no 
outstanding under the said limits. Taking cognizance of the fact, CARE has
withdrawn the short term rating assigned to the bank facilities of the company. 
Ceiba Ecc Pvt Ltd                     ST Bk Fac          CARE A4        90      Reaffirmed
Comet Granito Pvt Ltd                 ST Bk Fac          CARE A4        52.8    Reaffirmed
Pacific Garments Pvt Ltd              ST Bk Fac          CARE A4        40      Assigned

Qh Talbros Pvt Ltd                    ST Bk Fac          CARE A2+       200     Reaffirmed
Seguro-Inkel Consortium Llp           ST Bk Fac@         CARE A3+ (SO)  75      Assigned
@ backed by unconditional and irrevocable corporate guarantee provided by Inkel Limited.
Sonata Ceramica Pvt Ltd               ST Bk Fac          CARE A4        17.5    Reaffirmed
Specific Ceramics Ltd                 ST Bk Fac          CARE A3        31.5    Reaffirmed
Toyo Springs Ltd                      ST Bk Fac          CARE A3+       272.5   Revised from
                                                                                CARE A3

MEDIUM TERM RATINGS:
-------------------
Qh Talbros Pvt Ltd                    Medium Term        CARE BB                Withdrawan*
                                      Instruments (Fixed
                                      Deposits)
LONG TERM RATINGS:
-------------------
Abeer Textiles Pvt Ltd                LT Bk Fac#         CARE BBB+ (SO) 1386.5  Revised from
                                                                                CARE BBB (SO)
# The rating is backed by the first charge on the escrow of envisaged job work receipts 
and lease rental receivables from Arvind Limited (Arvind; rated: CARE AA- & CARE A1+) 
Achal Spinning Pvt Ltd                LT Bk Fac#         CARE BBB+ (SO) 1139.5  Revised from
                                                                                CARE BBB (SO)
#The rating is backed by the first charge on the escrow of envisaged job work receipts 
and lease rental receivables from Arvind Limited (Arvind; rated: CARE AA- & CARE A1+)
Adi Texfab Llp                        LT Bk Fac          CARE BBB+      142.7   Revised from
                                                                                CARE BBB
Ankalesh Textiles Pvt Ltd             LT Bk Fac          CARE BBB+      731.2   Revised from
                                                                                CARE BBB
Anmol Spintex Pvt Ltd                 LT Bk Fac #        CARE BBB+ (SO) 852.3   Revised from
                                                                                CARE BBB (SO)
# The rating is backed by the first charge on the escrow of envisaged sales proceed 
receivables from Arvind Limited (Arvind rated: CARE AA- & CARE A1+)
Anveshan Textiles Ltd                 LT Bk Fac          CARE BBB+      349.5   Revised from
                                                                                CARE BBB
@ The company has surrendered short term limits rated by CARE and there is no 
outstanding under the said limits. Taking cognizance of the fact, CARE has withdrawn 
the short term rating assigned to the bank facilities of the company.

Aster Infrahome Pvt Ltd               Proposed NCD issue CARE BB        500     Assigned
Ceiba Ecc Pvt Ltd                     LT Bk Fac          CARE BB-       60      Reaffirmed
Comet Granito Pvt Ltd                 LT Bk Fac          CARE BB        350.9   Reaffirmed
Global Gourmet Pvt Ltd                Bk Fac                                    Suspended
Indian Renewable Energy Development   Proposed LT Bonds  CARE AA+       20000   Reaffirmed
Agency Ltd                            (IREDA Green Bonds)
Indian Renewable Energy Development   LT Bonds           CARE AAA (SO)  22076.5 Reaffirmed
Agency Ltd
Kiah Lifestyle Pvt Ltd                Bk Fac                                    Suspended
Krishna Wax Pvt Ltd                   Bk Fac                                    Suspended
Maruti Infracreation Pvt Ltd          LT Bk Fac          CARE BBB-      70      Revised from
                                                                                CARE BBB
Maruti Infracreation Pvt Ltd          LT/ST Bk Fac       CARE BBB-      31      Revised from
                                                         /CARE A3               CARE BBB/CARE
                                                                                A3+
Mb Tea & Allied Products Pvt. Ltd     Bk Fac                                    Suspended
Miraj Metals                          LT Bk Fac (FB)     CARE D         80      Revised from
                                                                                CARE BB
Miraj Metals                          LT/ ST Bk Fac      CARE D         420     Revised from
                                      (Non-FB)                                  CARE BB
                                                                                (Double B)/
Miraj Recyclers Pvt Ltd               LT Bk Fac (FB)     CARE D         30      Revised from
                                                                                CARE BB
Miraj Recyclers Pvt Ltd               LT/ ST Bk Fac      CARE D         120     Revised from
                                      (Non-FB)                                  CARE BB
                                                                                (Double B)/ 
                                                                                CARE A4
Miv Logistics Pvt Ltd                 LT Bk Fac@         CARE BBB+ (SO) 232.5   Assigned
@ backed by unconditional and irrevocable corporate guarantee provided by Inkel Limited.
Moon Syndicate                        LT Bk Fac          CARE BB-       60      Assigned
Ncc Infraspace Pvt Ltd                LT Bk Fac          CARE BBB-      100     Revised from
                                                                                CARE BBB
Ncc Infraspace Pvt Ltd                LT/ST Bk Fac       CARE BBB-      320     Revised from
                                                         /CARE A3               CARE BBB/CARE
                                                                                A3+
Oriental Bank Of Commerce             Basel III          CARE A+        10000   Reaffirmed
                                      Compliant
                                      Additional Tier I Bonds
Oriental Bank Of Commerce             Basel III          CARE AA        30000   Reaffirmed
                                      Compliant Tier II
                                      Bonds
Oriental Bank Of Commerce             Lower Tier II BondsCARE AA        15250   Reaffirmed
Oriental Bank Of Commerce             Upper Tier II BondsCARE AA-       7000    Reaffirmed
Oriental Bank Of Commerce             Perpetual Tier I   CARE AA-       6000    Reaffirmed
                                      Bonds
Pacific Garments Pvt Ltd              LT Bk Fac          CARE B         18.6    Assigned
Pacific Garments Pvt Ltd              LT/ST Bk Fac       CARE B /CARE A41.4     Assigned
Parsvnath Estate Developers Pvt Ltd   NCD                                       Withdrawn
Polakulath Narayanan Renai Medicity   LT Bk Fac          CARE BBB-      127.8   Revised from
                                                                                CARE BB
Qh Talbros Pvt Ltd                    LT Bk Fac          CARE A-        902.5   Reaffirmed
Quality Engineering Works             Bk Fac                                    Suspended
Seguro-Inkel Consortium Llp           LT Bk Fac@         CARE BBB+ (SO) 500     Assigned
@ backed by unconditional and irrevocable corporate guarantee provided by Inkel Limited.
Shree Sidhbali Industries Ltd         Bk Fac                                    Suspended
Sonata Ceramica Pvt Ltd               LT Bk Fac          CARE BB-       50      Reaffirmed
Specific Ceramics Ltd                 LT Bk Fac          CARE BBB-      239.1   Reaffirmed
Specific Ceramics Ltd                 LT/ST Bk Fac       CARE BBB-      21.5    Reaffirmed
                                                         /CARE A3
Svc Projects Pvt Ltd                  LT Bk Fac          CARE BB+       50      Assigned
Svc Projects Pvt Ltd                  ST Bk Fac          CARE BB+ /CARE 250     Assigned
                                                         A4+
Terrace Valley Hotel                  Bk Fac                                    Suspended
Toyo Springs Ltd                      LT Bk Fac          CARE BBB+      977.5   Revised from
                                                                                CARE BBB
Tripple Star Agri Pvt Ltd             LT Bk Fac          CARE BB        163.8   Reaffirmed
Trycon Infrastructure Pvt. Ltd        Bk Fac                                    Suspended
Varun Procon Pvt Ltd                  LT Bk Fac          CARE BBB-      80      Revised from
                                                                                CARE BBB
Varun Procon Pvt Ltd                  LT/ST Bk Fac       CARE BBB-      130     Revised from
                                                         /CARE A3               CARE BBB/CARE
--------------------------------------------------------------------------------------------
$: 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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