February 8, 2017 / 4:39 AM / 8 months ago

CARE ratings for Indian debt instruments-Feb 8

    Feb 8 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 7, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Chakrapani Vyapar Pvt Ltd             ST Bk Fac          CARE A4+       50      Revised from
                                                                                CARE A4
Indo Shell Cast Pvt Ltd               ST Bk Fac          CARE A3+       5.8     Reaffirmed
Krishna Wax Pvt Ltd                   ST Bk Fac          CARE A4        102.5   Suspension
                                                                                revoked and
                                                                                reaffirmed
Perfect Turners                       ST Bk Fac          CARE A4        40      Reaffirmed
Pnb Housing Finance Ltd               CP                 CARE A1+       65000   Reaffirmed
Pulikkal Medical Foundation           ST Bk Fac          CARE A1        50      Reaffirmed
(reduced from Rs. 11.78 crore)
Pushp Industries                      ST Bk Fac          CARE A4        20      Reaffirmed
Sakku Spinning Mills Pvt Ltd          ST Bk Fac          CARE A4        1160    Reaffirmed
(reduced from Rs.300.00 crore)
Seamec Ltd                            ST Bk Fac          CARE A2+       260     Revised from
                                                                                CARE A1
Speciality Polymers Pvt Ltd           ST Bk Fac          CARE D         371     Revised from
                                                                                CARE A3
Tata Chemicals Ltd                    ST Bk Fac          CARE A1+       33400   Reaffirmed
The Great Eastern Shipping Co. Ltd    ST Bk Fac          CARE A1+       2040    Assigned
Western Carriers (India) Ltd          ST Bk Fac          CARE A3        50      Reaffirmed

MEDIUM TERM RATINGS:
-------------------
PNB Housing Finance Ltd               Fixed Deposit      CARE AAA (FD)  85000   Reaffirmed
                                      Programme

LONG TERM RATINGS:
-------------------
Biodeal Pharmaceuticals Pvt Ltd       LT Bk Fac          CARE BB        60      Assigned
Chakrapani Vyapar Pvt Ltd             LT Bk Fac          CARE BB+       600     Revised from
                                                                                CARE BB
(reduced from Rs.50 crore)
Ecoren Energy India Pvt Ltd(Erstwhile Long/ST Bk Fac     CARE BBB-      500     Reaffirmed
Ecoren Renewables Pvt Ltd)                               /CARE A3
(enhanced from 6.43crs)
Eduestate                             LT Bk Fac          CARE BB        46.6    Suspension
                                                                                Revoked and
                                                                                Reaffirmed
Global Offshore Services Ltd          LT Bk Fac – TL     CARE D         3804.9  Revised from
                                                                                CARE BB
Global Offshore Services Ltd          LT Bk Fac – FB     CARE D         440     Revised from
                                      Limits                                    CARE BB
Global Offshore Services Ltd          Long/ST Bk Fac –   CARE D/CARE D  280     Revised from
                                      Non fund based                            CARE BB/CARE
                                                                                A4
Gupta Overseas Pvt Ltd                LT Bk Fac          CARE B         92.8    Reaffirmed
Hindustan Dall & Flour Mills          Long LT/Short      CARE BB+ /CARE 60      Reaffirmed
                                      Shortterm Bk Fac   A4+
Indo Shell Cast Pvt Ltd               Long /ST Bk Fac    CARE BBB /CARE 140     Reaffirmed
                                                         A3+
Indo Shell Cast Pvt Ltd               LT Bk Fac          CARE BBB       22.8    Reaffirmed
J.C. Brothers Retail Pvt Ltd          LT Bk Fac          CARE BBB-      743.6   Reaffirmed
(enhanced from Rs.49.61 crore)
Krishna Wax Pvt Ltd                   LT Bk Fac          CARE BB-       47.5    Suspension
                                                                                revoked and
                                                                                reaffirmed
Legitimate Assets Operators Pvt. Ltd. NCDs (NCD)         CARE A+ (SO)*  3922.7  Reaffirmed
* the above rating is based on the credit enhancement in the form of Escrow agreement entered
between Future Retail Ltd. (FRL), Legitimate Assets Operators Pvt. Ltd. (LAOPL) and LAOPL s
debenture trustee wherein FRL has given an unconditional undertaking that it shall continue to
make payment of monthly lease rentals (as per Master Lease Agreement, MLA) and annual management
fees (as per Master Fees Agreement, MFA) to LAOPL until the NCD issue of LAOPL is repaid in full
irrespective of usage of the assets leased by LAOPL to FRL. The rating also factors in the
unconditional and irrevocable undertaking extended by Mr. Kishore Biyani, Mr. Rakesh Biyani and
Mr. Vijay Biyani assuring the performance by FRL of its obligations under the MLA, MFA and
Escrow Agreement
Momai Foods Pvt Ltd                   LT Bk Fac          CARE B+        98.6    Assigned
Nezone Tubes Ltd.                     LT Bk Fac          CARE A-        300     Revised from
                                                                                CARE BBB+
Oriental Nagpur Betul Highway Ltd     LT Bk Fac - TL     -              -       Withdrawn
Oriental Nagpur Betul Highway Ltd     NCDs (NCDs) -      CARE AAA (SO)  25100   Withdrawn
                                      Senior NCD (Series
                                      A)
Oriental Nagpur Betul Highway Ltd     NCDs (NCDs) -      CARE AAA (SO)  2760    Withdrawn
                                      Subordinated NCD
                                      (Series B)
Perfect Turners                       LT/ST Bk Fac       CARE BB /CARE  80      Reaffirmed
                                                         A4
Perfect Turners                       LT Bk Fac          CARE BB;       2.2     Reaffirmed
PNB Housing Finance Ltd               LT Bonds           CARE AAA       36750   Reaffirmed
                                      /NonConvertible
                                      Debentures
PNB Housing Finance Ltd               LT Bonds           CARE AAA       40000   Reaffirmed
                                      /NonConvertible
                                      Debentures
PNB Housing Finance Ltd               LT Bonds           CARE AAA       60000   Reaffirmed
                                      /NonConvertible
                                      Debentures
PNB Housing Finance Ltd               LT Bonds -         CARE AAA       8000    Reaffirmed
                                      Subordinated Debt
                                      /Tier-II Bonds
PNB Housing Finance Ltd               LT Bonds -         CARE AAA       10000   Reaffirmed
                                      Subordinated Debt
                                      /Tier-II Bonds
PNB Housing Finance Ltd               LT Bk Fac          CARE AAA       25000   Reaffirmed
Pulikkal Medical Foundation           LT Bk Fac          CARE A+        79.4    Revised from
                                                                                CARE A
Pushp Industries                      LT Bk Fac          CARE BB        35      Reaffirmed
Reliance Financial Ltd                NCDs (NCD)         CARE AA (SO)   500     Reaffirmed
Reliance Financial Ltd                Market Linked      CARE PP-MLD AA 2500    Reaffirmed
                                      Debentures (MLD)   (SO)
Sakku Spinning Mills Pvt Ltd          LT Bk Fac          CARE BB-       581.8   Reaffirmed
(reduced from Rs.111.70 crore)
Seamec Ltd                            Long/ST Bk Fac     CARE A- /CARE  250     Revised from
                                                         A2+                    CARE A / CARE
                                                                                A1
Shree Laxmi Pulse Rice & Roller Flour LT Bk Fac          CARE BB-       28.5    Revised from
Mills                                                                           CARE B+
Shree Laxmi Pulse Rice & Roller Flour LT Bk Fac/ ST Bk   CARE BB- /CARE 83      Revised from
Mills                                 Fac                A4                     CARE B+ /CARE
                                                                                A4
Speciality Polymers Pvt Ltd           LT Bk Fac          CARE D         135     Revised from
                                                                                CARE BBB-
Speciality Polymers Pvt Ltd           LT / ST Bk Fac     CARE D /CARE D 450     Revised from
                                                                                CARE BBB- /
                                                                                CARE A3
Sree Parimala Cotton Ginning And      LT Bk Fac          CARE B         62.5    Reaffirmed
Pressing Factory
Sri Rama Pharmaceuticals Distributors LT Bk Fac          CARE BB        240     Reaffirmed
Sri Rama Pharmaceuticals Distributors Long/ ST Bk Fac    CARE BB /CARE  10      Reaffirmed
                                                         A4
Taquito Lease Operators Pvt. Ltd.     LT Bk Fac @        CARE A- (SO)   1224.8  Reaffirmed
@ The above rating is based on credit enhancement in the form of Tripartite agreement between
Future Retail Ltd. (FRL, rated CARE AA-/ CARE A1+), Taquito Lease Operators Pvt. Ltd. (TLO) and
TLO’s lender wherein FRL has given an unconditional undertaking that it shall continue to make
payment of monthly lease rentals to TLO until the term loan of TLO is repaid in full
irrespective of usage of the assets leased by TLO to FRL. The rating also factors in the
personal guarantee provided by Mr. Kishore Biyani and Mr. Vijay Biyani.
Tata Chemicals Ltd                    LT Bk Fac          CARE AA+       10050   Reaffirmed
Tata Chemicals Ltd                    NCDs               CARE AA+       2500    Reaffirmed
The Ktm Jewellery Ltd                 LT Bk Fac          CARE BBB+      674.5   Revised from
                                                                                CARE BBB
(enhanced from 28.19crs)
Western Carriers (India) Ltd          LT Bk Fac          CARE BBB-      970     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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