May 12, 2017 / 5:38 AM / 4 months ago

CARE ratings for Indian debt instruments-May 12

    May 12 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 11, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ace Footmark Pvt Ltd                  ST Bk Fac          CARE A4+       42      Reaffirmed
Cipla Ltd                             ST Bk Fac (FB)     CARE A1+       34347.4 Reaffirmed
(Enhanced from Rs.2,957.00)
Cipla Ltd                             ST Bk Fac (FB)     -              -       Withdrawn
Cipla Ltd                             ST Bk Fac (Non-FB) -              -       Withdrawn
Cipla Ltd                             ST Bk Fac (Non-FB) CARE A1+       1700    Reaffirmed

(Enhanced from Rs.50.00 crore)
Cox And Kings Ltd                     CP*                CARE A1+       11970   Reaffirmed
(Enhanced from Rs. 1,122 crores) *Carved out of the sanctioned working capital limits of the
company

Ernst & Young Llp                     ST Bk Fac          CARE A1+       1750    Reaffirmed
Ernst & Young Services Pvt Ltd        ST Bk Fac          CARE A1+       500     Reaffirmed
Garg Aluminio Pvt Ltd                 ST Bk Fac          CARE A4        30      Reaffirmed
Gravita Metal Inc.                    ST Bk Fac @        CARE A2+(SO)   7.2     Assigned
@ backed by unconditional and irrevocable corporate guarantee provided by Gravita India Ltd. to
the above mentioned bank facilities.
Hira Electro Smelters Ltd             ST Bk Fac          CARE A4+       110     Assigned
Jindal Stainless Ltd                  ST Bk Fac          CARE D         31900   Reaffirmed
(reduced from 6,245 CR)
Jindal Realty Pvt Ltd                 ST Bk Fac          CARE A3        600     Revised from
                                                                                CARE A3+
Krishna Transnational Marbles Pvt Ltd ST Bk Fac          CARE A4+       10      Issuer not
                                                                                cooperating
Mahadeo Construction Company          ST Bk Fac          CARE A4+       50      Reaffirmed
(reduced from 10.00 CR)
Mideast Integrated Steels Ltd         Proposed ST        CARE A4        1000    Reaffirmed
                                      nonfund based Bk
                                      limits
Tata Realty And Infrastructure Ltd    ST Bk Fac          CARE A1+       2000    Reaffirmed

LONG TERM RATINGS:
-------------------
Ace Footmark Pvt Ltd                  LT Bk Fac          CARE BB-       185.8   Reaffirmed
(Reduced from 18.80 CR)
Ace Footmark Pvt Ltd                  LT /ST Bk Fac      CARE BB- /CARE 20      Reaffirmed
                                                         A4+
Ahill Apparel Exports Pvt Ltd         LT Bk Fac          CARE BBB-      279.2   Assigned
Anant Raj Ltd                         LT Instruments     -              -       Withdrawn*
                                      (NCDs)
*Rating for NCDs shall be withdrawn as the company has fully repaid the same during FY17 as per
Intimation submitted by ARL to BSE and as per CARE s policy.
Anant Raj Ltd                         LT Bk Fac          CARE BBB       11043.6 Reaffirmed
Ashiana Housing Ltd                   Issuer Rating      CARE A (Is)    -       Reaffirmed
Cox And Kings Ltd                     LT Bk Fac          CARE AA        13210   Reaffirmed
[Enhanced from Rs. 1,246 crore]
Ernst & Young Llp                     LT Bk Fac          CARE AA+       875     Reaffirmed
(enhanced from 50 CR)
Garg Aluminio Pvt Ltd                 LT Bk Fac          CARE BB        61.4    Reaffirmed
Gravita Metal Inc.                    LT Bk Fac @        CARE A-(SO)    90      Assigned
@ backed by unconditional and irrevocable corporate guarantee provided by Gravita India Ltd. to
the above mentioned bank facilities.
Hira Electro Smelters Ltd             LT Bk Fac          CARE BB+       180     Assigned
Icici Prudential Mutual Fund          ICICI Prudential                  -       Withdrawn
                                      Capital Protection
                                      Oriented Fund IV - Plan E and H
It Enfraservices Pvt Ltd              LT Bk Fac (LRD –TL)CARE BB+(SO)*  1650    Assigned
*Rating is based on the credit enhancement derived from the structured payment mechanism
including the Escrow account for the lease rental from ‘Logix City Centre’, ‘Logix Techno Park’
and ‘Logix Cyber Park’. 
Jindal Realty Pvt Ltd                 LT Bk Fac          CARE BBB-      150     Revised from
                                                                                CARE BBB
(reduced from 25.00 CR)
Jindal Realty Pvt Ltd                 LT/ST Bk Fac       CARE BBB-      455     Revised from
                                                         /CARE A3               CARE BBB /
                                                                                CARE A3+
(reduced from 66.70 CR)
Jindal Stainless Ltd                  LT Bk Fac (TL)     CARE D         32240   Reaffirmed
(reduced from 7,446 CR)
Jindal Stainless Ltd                  LT Bk Fac (WC)     CARE D         9200    Reaffirmed
(reduced from 1,690 CR)
Jindal Stainless Ltd                  LT Bk Fac          CARE D         380     Reaffirmed
                                      (Subordinate Debt)
(reduced from 500 CR)
Jindal Stainless Ltd                  LT Bk Fac (ECB)    CARE D         10500   Reaffirmed
(reduced from 1,303 CR)
Jindal Stainless Ltd                  NCD                CARE D         2190    Revised from
                                                                                CARE C
(reduced from 229.00 CR)
Krishna Transnational Marbles Pvt Ltd LT Bk Fac          CARE BB+       50      Issuer not
                                                                                cooperating
Lord Shiva Trust                      LT Bk Fac          CARE B+        96.2    Reaffirmed
Mahadeo Construction Company          LT Bk Fac          CARE BB+       119.7   Reaffirmed
(enhanced from 6.17 CR)
Mahatma Gandhi University Of Medical  LT Bk Fac          CARE BBB+      2015.3  Reaffirmed
Sciences And Technology
Mideast Integrated Steels Ltd         Proposed LT fund   CARE BB-       1000    Revised from
                                      based Bk limits                           CARE B
Mifl Securitisation Trust Ii          Series A1 PTCs     -              -       Withdrawn
Mifl Securitisation Trust Ii          Series A2 PTCs     -              -       Withdrawn
Mifl Securitisation Trust Ii          Second Loss        -              -       Withdrawn
                                      Facility
Mifl Securitisation Trust Ii          Liquidity Facility -              -       Withdrawn
Mifl Securitisation Trust Iii         Series A1 PTCs     -              -       Withdrawn
Mifl Securitisation Trust Iii         Series A2 PTCs     -              -       Withdrawn
Mifl Securitisation Trust Iii         Second Loss        -              -       Withdrawn
                                      Facility
Mifl Securitisation Trust Iii         Liquidity Facility -              -       Withdrawn
Mohan Project Contractors Pvt Ltd     LT Bk Fac          CARE BBB-(SO)  100     Revised from
                                                                                CARE BB-(SO)
Noida Cyber Park Pvt Ltd              LT Bk Fac (LRD –TL)CARE BB+(SO)*  2850    Assigned
*Rating is based on the credit enhancement derived from the structured payment mechanism
including the Escrow account for the lease rental from ‘Logix City Centre’, ‘Logix Techno Park’
and ‘Logix Cyber Park’. 
Ramkrishna Electronics (Kurnool       LT Bk Fac          CARE D         300     Reaffirmed
Division)
Rana Steels India Ltd                 LT Bk Fac          CARE B         262.4   Revised from
                                                                                CARE B+
(Reduced from 26.64 CR)
Rana Steels India Ltd                 LT /ST Bk Fac      CARE B /CARE A440      Revised from
                                                                                CARE B+
Rolling Construction Pvt Ltd          LT Bk Fac @        CARE BBB(SO)   329.5   Reaffirmed
@Backed by irrevocable and unconditional corporate guarantee of Rolling Construction Private
Limited rated CARE BBB (Negative) reaffirmed in March-2017.
Sai Chhaya Autolink Pvt Ltd           LT Bk Fac          CARE B+        114.8   Assigned
Shiksha Bharti Educational Society    LT Bk Fac          CARE B         115     Reaffirmed
Skb Food Products Pvt. Ltd.           LT Bk Fac          CARE BB+       100     Assigned
Sri Shankara Cancer Foundation        LT Bk Fac TL*      -              -       Withdrawn
Sri Shankara Cancer Foundation        LT Bk Fac                         281     Revised from
                                                                                CARE BB+
Suyash Chemicals & Fertilizers Pvt LtdLT Bk Fac          CARE BB        286.2   Reaffirmed
(Enhanced from Rs.23.74 crore)
Synergy Food And Agro Processors Pvt  LT Bk Fac          CARE B         63.2    Assigned
Ltd
Virchand Narsi Cotton Pvt Ltd         LT Bk Fac          CARE B+        265     Assigned
Vishakha Renewables Pvt Ltd           LT Bk Fac          CARE BBB-(SO)  382.5   Assigned
Vishakha Renewables Pvt Ltd           LT /ST Bk Fac      CARE BBB-(SO)  30      Assigned
                                                         /CARE A3(SO)
Vishal Enterprise                     LT Bk Fac          CARE BB+       68.8    Revised from
                                                                                CARE BB
Vishal Enterprise                     LT/ST Bk Fac       CARE BB+ /CARE 95      Revised from
                                                         A4+                    CARE BB /
                                                                                CARE A4
Volupia Developers Pvt Ltd            LT Bk Fac          CARE A         750     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)

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