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CARE ratings for Indian debt instruments-Feb 3
February 3, 2017 / 5:41 AM / 8 months ago

CARE ratings for Indian debt instruments-Feb 3

Feb 3 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 2, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Deepak Vegpro Pvt Ltd                 ST Bk Fac          CARE A3        750     Assigned

Gtn Enterprises Ltd                   ST Bk Fac          CARE A4        910     Reaffirmed
(reduced from 97.00 CR)
Orient Ispat Pvt Ltd                  ST Bk Fac          CARE A3+(SO)   3$      Assigned
$ Backed by unconditional & irrevocable corporate guarantee provided by P S Steel Tubes Limited
(PSSTL), for the debt servicing obligation of the entire bank facilities.
Payal Petropack Pvt Ltd               ST Bk Fac          CARE A4+       280     Assigned
Payal Polyplast Pvt Ltd               ST Bk Fac          CARE A4+       1000    Assigned
Prachi (India) Pvt Ltd                ST Bk Fac          CARE A4        30      Assigned
Prakash Ferrous Industries Pvt Ltd    ST Bk Fac          CARE A4        100     Reaffirmed
Roots Industries India Ltd            ST Bk Fac          CARE A1        70      Reaffirmed
Saksoft Ltd                           ST Bk Fac          CARE A3+       200     Reaffirmed
Sambhav Gems Ltd                      ST Bk Fac          CARE A4        123     Revised from
                                                                                CARE A4+
Vijay Solvex Ltd                      ST Bk Fac          CARE A3        450     Assigned

LONG TERM RATINGS:
-------------------
Aic Casting Pvt Ltd                   LT Bk Fac          CARE BB-       95      Assigned
Artech Relators Pvt Ltd               Proposed LT Bk Fac CARE BB+       250     Reaffirmed
Bhandari Jewellers                    LT Bk Fac          CARE BB+       100     Assigned
Deepak Vegpro Pvt Ltd                 LT Bk Fac          CARE BBB-      150     Assigned
Encore Theme Technologies Pvt Ltd     LT/ST Bk Fac       CARE A4        71      Revised from
                                                                                CARE BB- /
                                                                                CARE A4
Encore Theme Technologies Pvt Ltd     LT Bk Fac          CARE BB+       69.3    Revised from
                                                                                CARE BB-
(reduced from 8.29 CR)
Esaf Microfinance And Investments Pvt LT Bk Fac          CARE A-        3495.8  Reaffirmed
Ltd
Gentleman Suitings Pvt Ltd            LT Bk Fac          CARE BB-       108.2   Reaffirmed
Gtn Enterprises Ltd                   LT Bk Fac          CARE B         188     Revised from
                                                                                CARE D
(reduced from 60.30 CR)
Gulshan Fashions                      LT Bk Fac          CARE B+        60      Assigned
Gwet Cold Chain Pvt Ltd               LT Bk Fac          CARE B         359.8   Assigned
Hazaribagh Ranchi Expressway Ltd.     Proposed LT-       CARE AAA (SO)  5380    Assigned
                                      Senior
                                      NonConvertible Debenture (NCDs) issue
Hazaribagh Ranchi Expressway Ltd.     Proposed LT-       CARE AAA (SO)  1770    Assigned
                                      Subordinate NCD
                                      (NCDs) issue
Indian Clearing Corporation Ltd       Issuer Rating*     CARE AAA (Is)  -       Reaffirmed
The rating is subject to the company maintaining overall gearing not exceeding 2 times
Irb Tumkur Chitradurga Tollway Pvt LtdLT Bk Fac@         CARE A-(SO)    8270.5  Reaffirmed
(Reduced from Rs.830.71 crore) @Unconditional and irrevocable corporate guarantee from the
sponsor, IRB Infrastructure Developers Limited (IRB) to meet shortfall in debt obligations upto
Rs.200 crore for a period of 8 successive years commencing from initial disbursement date of
senior debt.Details of instruments/facilities in Annexure-1.
M.V.R Infrastructure And Tollways Pvt LT Bk Fac          CARE A-(SO)    917.8   Reaffirmed
Ltd
(reduced from 95.02 CR)
M.V.R Infrastructure And Tollways Pvt NCD issue          CARE A-(SO)    1149.7  Reaffirmed
Ltd
(reduced from 120.00 CR)
Matix Fertilizers And Chemicals Ltd   LT/ST Fac          CARE D         32630   Reaffirmed
Nhpc India Ltd                        Proposed LT bonds  CARE AAA       22500   Assigned
                                      (V-Series)
Nhpc India Ltd                        LT bonds (U Series)CARE AAA       9000    Reaffirmed
(reduced from 100.00 CR)
Nhpc India Ltd                        LT bonds (T Series)CARE AAA       14749.2 Reaffirmed
(reduced from Rs 1475 CR)
Nhpc India Ltd                        LT bonds (Q Series)CARE AAA       11605   Reaffirmed
(reduced from Rs 1266 CR)
Nhpc India Ltd                        LT bonds (O Series)CARE AAA       1140    Reaffirmed
(reduced from Rs 171 CR)
Nhpc India Ltd                        Tax-free bonds     CARE AAA       10000   Reaffirmed
Nhpc India Ltd                        LT bonds (S        CARE AAA       9885    Reaffirmed
                                      -Series)
(reduced from Rs 1025 CR)
Orient Ispat Pvt Ltd                  LT Bk Fac          CARE BBB(SO)   110$    Assigned
$ Backed by unconditional & irrevocable corporate guarantee provided by P S Steel Tubes Limited
(PSSTL), for the debt servicing obligation of the entire bank facilities.
Payal Petropack Pvt Ltd               LT Bk Fac          CARE BB+       80      Assigned
Payal Polyplast Pvt Ltd               LT Bk Fac          CARE BB+       560     Assigned
Prachi (India) Pvt Ltd                LT Bk Fac          CARE B+        150     Assigned
Prakash Ferrous Industries Pvt Ltd    LT Bk Fac          CARE BB        1038.2  Reaffirmed
(reduced from 128.96 CR)
Ranjit Toll Road Pvt Ltd              LT Bk Fac          CARE A+(SO)    95.3*   Reaffirmed
(reduced from Rs.23.66 crore) *backed by unconditional and irrevocable corporate guarantee
provided by Ranjit Buildcon Limited
Roots Industries India Ltd            LT Bk Fac          CARE A         160.8   Reaffirmed
(reduced from 18.85 CR)
Saksoft Ltd                           LT Bk Fac          CARE BBB+      300     Reaffirmed
[Enhanced from 21 CR]
Sardar Cotton                         LT Bk Fac          CARE B+        108.7   Assigned
Talwalkars Better Value Fitness Ltd   LT Bk Fac (TL)     CARE AA        2980.7  Assigned
The Mysore Paper Mills Ltd.           Redeemable         CARE AA-(SO)   500     Continues on
                                      Non-Convertible                           credit watch
                                      Unsecured TBs@ (Bond A)                   with developing
implications
@ backed by unconditional and irrevocable guarantee from Government of Karnataka (GoK) vide
notifications dated July 8, 2010 and April 9, 2012, respectively.
The Mysore Paper Mills Ltd.           Redeemable         CARE BBB+(SO)  500     Continues on
                                      Non-Convertible                           credit watch
                                      Unsecured TBs@ (Bond B)                   with developing
implications
@ backed by unconditional and irrevocable guarantee from Government of Karnataka (GoK) vide
notifications dated July 8, 2010 and April 9, 2012, respectively.
Travis Ifmr Capital 2016 (Originator: Series A1 PTC      CARE A-(SO)    440.2   Assigned
Asirvad Microfinance Pvt Ltd)
Travis Ifmr Capital 2016 (Originator: Series A2 Pass     CARE BB+(SO)   45.5    Assigned
Asirvad Microfinance Pvt Ltd)         assigned Through
                                      Certificates
Vijay Solvex Ltd                      LT Bk Fac          CARE BBB-      550     Assigned
Vishwa Infrastructures And Services   LT Bk Fac          CARE D         4827.1  Reaffirmed
Pvt Ltd
Vishwa Infrastructures And Services   LT/ST Bk Fac       CARE D         4940    Reaffirmed
Pvt Ltd
--------------------------------------------------------------------------------------------
$: 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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