May 23, 2017 / 6:06 AM / in 2 months

CARE ratings for Indian debt instruments-May 23

10 Min Read

    May 23 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 22, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Akal Pipe Industries                  ST Bk Fac          CARE A4        3.2     Assigned
Akbar Travels Of India Pvt Ltd        ST Bk Fac          CARE A3        450     Reaffirmed
(Enhanced from 40.00 crore)
Anusha Projects Pvt Ltd               ST Bk Fac          CARE A4+       340     Revised from
                                                                                CARE A4
Greenlam Industries Ltd               ST Bk Fac          CARE A1        2300    Reaffirmed
(reduced from 255 CR)
Greenlam Industries Ltd               ST Bk Fac          CARE A1        300     Reaffirmed
Jindal Dyechem Industries Pvt. Ltd.   ST Bk Fac          CARE A3+       410     Assigned
Jove Steels Pvt Ltd                   ST Bk Fac          CARE A4        230     Assigned
Lakshmi Saraswathi Textiles           ST Bk Fac          CARE A4        52      Issuer Not
                                                                                Cooperating
M.G. Chariots Pvt Ltd                 ST Bk Fac          CARE A4        1       Assigned
Master Linens Inc.                    ST Bk Fac          CARE A4        100     Issuer Not
                                                                                Cooperating
Reliance Communications Ltd           ST Non –FB Fac     CARE A4        80340   Revised from
                                                                                CARE A2+
Reliance Communications Ltd           CP/ST debt issue   CARE A4        28800   Revised from
                                                                                CARE A2+
Sagar Autotech (Mysore) Pvt Ltd       ST Bk Fac          CARE A4        5       Assigned
Snr Edatas Pvt Ltd                    ST Bk Fac          CARE A3        145     Reaffirmed
(Enhanced from 4.50 CR)
Superior Food Grains Pvt Ltd          ST Bk Fac (Non-FB) CARE A4        20      Assigned
Swami Devi Dyal Hi-Tech Education     ST Bk Fac          CARE A4        10      Reaffirmed
Academy

LONG TERM RATINGS:
-------------------
Akal Pipe Industries                  LT Bk Fac          CARE B-        45.6    Assigned
Akbar Online Booking Company Pvt Ltd  LT Bk Fac(Fund     CARE BB+       50      Assigned
                                      Based)
(Reclassified from ST to LT and Revised from Provisional CARE A3(SO))
Akbar Online Booking Company Pvt Ltd  LT Bk Fac(Fund     CARE BBB-(SO)* 100     Reaffirmed
                                      Based)
Akbar Travels Of India Pvt Ltd        LT Bk Fac          CARE BBB-      1905.7  Reaffirmed
(Enhanced from Rs. 175.00 crore)
Anusha Projects Pvt Ltd               LT Bk Fac          CARE BB+       50      Revised from
                                                                                CARE BB
Brilliant Grammar School Educational  LT Bk Fac          CARE BBB-      452.3   Reaffirmed
Society
Green Express Carriers Pvt Ltd        LT Bk Fac          CARE BB-               Assigned
Greenlam Industries Ltd               LT Bk Fac          CARE A+        2462    Reaffirmed
(enhanced from 220.15 CR)
Jindal Dyechem Industries Pvt. Ltd.   LT Bk Fac          CARE BBB       90      Reaffirmed
(reduced from Rs. 50 crore)
Jove Steels Pvt Ltd                   LT Bk Fac          CARE B+        100     Assigned
Jupiter Lifeline Hospitals Ltd        LT Bk Fac (TL)     CARE BBB+      1818.9  Reaffirmed
(enhanced from Rs.42.48 crore)
Jupiter Lifeline Hospitals Ltd        LT Bk Fac (Fund    CARE BBB+      250     Reaffirmed
                                      Based)
Lakshmi Saraswathi Textiles           LT Bk Fac          CARE B         8.4     Issuer Not
                                                                                Cooperating
M & T Constructions                   LT Bk Fac          CARE B         60      Issuer Not
                                                                                Cooperating
M.G. Chariots Pvt Ltd                 LT Bk Fac          CARE B         99      Assigned
Master Linens Inc.                    LT Bk Fac          CARE BB-       46.1    Issuer Not
                                                                                Cooperating
Mithila Cars Pvt Ltd                  LT Bk Fac          CARE BB+       300     Reaffirmed
Mynores India Pvt Ltd                 LT Bk Fac#         CARE A-(SO)    156.7   Reaffirmed
(enhanced from 7.42 CR) #Backed by unconditional and irrevocable corporate guarantee extended by
Wolkem India Ltd
Mynores India Pvt Ltd                 LT Bk Fac@         CARE A-(SO)    85      Assigned
@Proposed to be backed by unconditional and irrevocable corporate guarantee of Wolkem India Ltd.
These ratings are ‘provisional’ and shall be confirmed upon execution of the corporate guarantee
deed to the satisfaction of CARE.
Mynores India Pvt Ltd                 LT / ST Bk Fac@    CARE A-(SO)    30      Assigned
                                                         /CARE A2(SO)
@Proposed to be backed by unconditional and irrevocable corporate guarantee of Wolkem India Ltd.
These ratings are ‘provisional’ and shall be confirmed upon execution of the corporate guarantee
deed to the satisfaction of CARE.
Reliance Communications Ltd           LT Bk Fac          CARE BB        93220   Revised from
                                                                                CARE A-
Reliance Communications Ltd           LT instruments     CARE BB        7500    Revised from
                                      (NCD)                                     CARE A-
Reliance Infrastructure Invit Fund    Issuer Rating      CARE AAA(Is)   -       Assigned
Sagar Autotech (Mysore) Pvt Ltd       LT Bk Fac          CARE BB-       51.4    Assigned
Shri Sona Traders                     LT Bk Fac          CARE B+        120     Assigned
Subhlene Fabrics                      LT Bk Fac          CARE B+        100     Assigned
Superior Food Grains Pvt Ltd          LT Bk Fac (FB)     CARE C         400     Assigned
Superior Food Grains Pvt Ltd          LT Bk Fac (TL)     CARE D         670.7   Assigned
Swami Devi Dyal Hi-Tech Education     LT Bk Fac (TL)     -              -       Withdrawn*
Academy
*CARE has withdrawn the rating assigned to the term loan facility of Swami Devi Dyal Hi-Tech
Education Academy with immediate effect since there is no amount outstanding under the facility.
Swami Devi Dyal Hi-Tech Education     LT Bk Fac          CARE BB-       100     Revised from
Academy                               (Overdraft Limit)                         CARE B
Tata Motor Finance Solutions Ltd.     LT Bk Fac          CARE AA+       40000   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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