July 13, 2017 / 6:53 AM / a month ago

CARE ratings for Indian debt instruments-Jul 13

   Jul 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 12, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agh Wires Pvt Ltd                     ST Bk Fac          CARE A4        21.6    Revised from
                                                                                CARE A3(SO)
Issuer Not Cooperating
Arvind Kumar Nand Kumar Ltd           ST Bk Fac          CARE A4        5.1     Assigned

BS Ltd                                ST Bk Fac          CARE D         4043.7  Revised from
                                                                                CARE A4
Issuer Not Cooperating
Beta Wind Farm Pvt Ltd                EL Rating on LT Bk CARE           9439.3  Assigned
                                      Fac                EL 3
Gopish Pharma Ltd                     ST Bk Fac          CARE D         25      Revised from
                                                                                CARE A4
Dhfl Vysya Housing Finance Ltd        ST Bk Fac          CARE A1+       500     Reaffirmed
Ess Kay Fincorp Pvt. Ltd.             CP Issues          CARE A3+       420     Reaffirmed
Gmr Hyderabad International Airport Ltd ST Bk Fac        CARE A1+       1500    Reaffirmed
Hubergroup India Pvt Ltd              CP (CP) issue**    CARE A1+       1000    Reaffirmed
**carved out of the sanctioned working capital limits of the company
Ifci Ltd                              ST Instruments – CPCARE A1        5000    Revised from
                                                                                CARE A1+
Il&Fs Engineering And Construction Co.Proposed CP (CP)   Provisiona     1000    Reaffirmed
Ltd                                   issue@*            lCARE A1+
                                                         (SO)@*
@ credit enhancement in the form of an Unconditional and Irrevocable 
Line of Credit (LOC) as a liquidity back-up arrangement from the parent 
i.e. IL&FS Ltd.(rated CARE AAA, Stable/A1+) throughout the tenure of the
proposed Commercial Paper (CP) issue. *Ratings shall remain provisional 
till the receipt of the executed copies of the transaction documents 
such as Final Term sheet, Line of Credit Sanction Letter from IL&FS Ltd.
along with Independent Legal Opinion to the satisfaction of CARE. 
Azam Rubber Products Ltd              ST Bk Fac          CARE D         308     Revised from
                                                                                CARE A4
M.P.K Metals Pvt Ltd                  ST Bk Fac          CARE D         7.2     Revised from
                                                                                CARE A4
M.P.K Steels (I) Pvt Ltd              ST Bk Fac          CARE D         72.5    Revised from
                                                                                CARE A4
Steel Exchange India Ltd              ST Bk Fac          CARE D         3470    Revised from
                                                                                CARE A4
Namdhari Rice And General Mills       ST Bk Fac          CARE D         15      Revised from
                                                                                CARE A4
M.P.K Ispat (I) Pvt Ltd               ST Bk Fac          CARE D         74      Revised from
                                                                                CARE A4
Shalimar Paints Ltd                   ST Bk Fac          CARE D         762.5   Revised from
                                                                                CARE A3
Kesoram Industries Ltd                ST Bk Fac          CARE A1        5850    Reaffirmed
Kiran Infra Engineers Ltd.            ST Bk Fac          CARE A4+       70      Assigned
Lux Industries Ltd                    ST Bk Fac          CARE A1+       15      Reaffirmed
Parsewar Seeds And Fertilizers        ST Bk Fac          CARE A4        6       Revised from
                                                                                CARE A4
Sreenagar Cold Storage Pvt Ltd        ST Bk Fac          CARE A4        2.4     Assigned
Srei Infrastructure Finance Ltd       ST Bk Fac          CARE A1+       6950    Reaffirmed
Srei Infrastructure Finance Ltd       ST Debt (CP Issue) CARE A1+       30000   Reaffirmed
Surendra Infrastructure Pvt Ltd       ST Bk Fac          CARE A4+       187.5   Assigned
Yasho Industries Pvt Ltd              Bk Fac-Non-FB -    CARE A4+       185     Assigned
                                      STBG/LC
Zuventus Healthcare Ltd               ST Bk Fac          CARE A1        100     Reaffirmed
(enhanced from 5.00crs)

LONG TERM RATINGS:
-------------------
Agh Wires Pvt Ltd                     LT Bk Fac          CARE B         107.3   Revised from
                                                                                CARE BBB -(SO)
Issuer Not Cooperating
Agromach Spares Corporation           LT Bk Fac          CARE BBB+      100     Assigned
                                                         /CARE A3+
Alvas Education Foundation            LT Bk Fac          CARE BB        2000    Revised from
                                                                                CARE BB-
Arvind Kumar Nand Kumar Ltd           LT Bk Fac          CARE BB-       54.9    Assigned
Avanse Financial Services Ltd         Sub debt           CARE AA (SO)   250     Reaffirmed
Avanse Financial Services Ltd         Sub debt           CARE AA (SO)   250     Assigned
Avanse Financial Services Ltd         Sub debt           CARE AA(SO)    250     Assigned
Avanse Financial Services Ltd         NCDs               CARE AA+ (SO)  1200    Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   8560    Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          Provisiona     940     Reaffirmed
                                                         lCARE AA+(SO)
Avanse Financial Services Ltd         NCDs               Provisiona     1800    Reaffirmed
                                                         lCARE AA+(SO)
Axis Asset Management Co. Ltd- Axis   Open Ended Debt    CARE AAA mfs   -       Reaffirmed
Liquid Fund                           Scheme
Azam Rubber Products Ltd              LT Bk Fac          CARE D         519.8   Revised from
                                                                                CARE B+
Baroda Pioneer Asset Management Co. Ltd Baroptionally    CARE AAAmfs            Reaffirmed
                                      convertible
                                      debenturea Pioneer Dynamic Bond Fund
Bebanco Developers Ltd                LT Bk Fac(Proposed)CARE BBB-      2000    Assigned
Bs Ltd                                LT Bk Fac          CARE D         6691.8  Revised from
                                                                                CARE B
Issuer Not Cooperating
Bs Ltd                                LT/Shortterm Bk FacCARE D/CARE D  7465.8  Revised from
                                                                                CARE B/CARE A4
iSsuer Not Cooperating
Chandigarh Educational Society        LT Bk Fac          CARE A- (SO)   354.8   Assigned
Corporation Bank                      Upper Tier II      CARE A+        3000    Reaffirmed
                                      Bonds-Series I
Corporation Bank                      Upper Tier II      CARE A+        7000    Reaffirmed
                                      Bonds-Series II
Corporation Bank                      Upper Tier II      CARE A+        5000    Reaffirmed
                                      Bonds-Series III
Corporation Bank                      Upper Tier II      CARE A+        5000    Reaffirmed
                                      Bonds-Series IV
Corporation Bank                      Upper Tier II      CARE A+        3000    Reaffirmed
                                      Bonds-Series VI
Corporation Bank                      Upper Tier II      CARE A+        5500    Reaffirmed
                                      Bonds-Series VII
Corporation Bank                      Perpetual Bonds    CARE A+        2375    Reaffirmed
                                      –Series I
Corporation Bank                      Perpetual Bonds    CARE A+        3000    Reaffirmed
                                      –Series II
Corporation Bank                      Perpetual Bonds    CARE A+        1000    Reaffirmed
                                      –Series III
Corporation Bank                      Perpetual Bonds    CARE A+        1000    Reaffirmed
                                      –Series IV
Corporation Bank                      Lower Tier II      CARE AA-       5000    Reaffirmed
                                      Bonds(Series IV)
Dhfl Vysya Housing Finance Ltd        LT Bk Fac          CARE AA-       253.6   Reaffirmed
Dhfl Vysya Housing Finance Ltd        LT Bk Fac          CARE AA+ (SO)  7116.3  Reaffirmed
Dhfl Vysya Housing Finance Ltd        LT Bk Fac          CARE AA+ (SO)  336.36  Reaffirmed
Dhfl Vysya Housing Finance Ltd        LT Instruments- NCDCARE AA+ (SO)  1000    Reaffirmed
Dhfl Vysya Housing Finance Ltd        LT Bk Fac          Provisiona     2250    Reaffirmed
                                                         lCARE AA+ (SO)
Dimple Realtors Pvt Ltd               LT Bk Fac          CARE BB        600     Assigned
                                      (Proposed TL)
Divine Solren Pvt Ltd                 LT Bk Fac – TL     CARE BBB       3232    Assigned
Dropadi Industries                    LT Bk Fac          CARE BB -      54      Assigned
Ess Kay Fincorp Pvt. Ltd.             LT Fac (Tier II)   CARE BBB       200     Revised from
                                                                                CARE BBB-
Ess Kay Fincorp Pvt. Ltd.             NCD issue (Tier II)CARE BBB       165     Revised from
                                                                                CARE BBB-
Ess Kay Fincorp Pvt. Ltd.             NCD issue (Tier II)CARE BBB       200     Revised from
                                                                                CARE BBB-
Ess Kay Fincorp Pvt. Ltd.             LT Bk Fac          CARE BBB+      3672.2  Revised from
                                                                                CARE BBB
Ess Kay Fincorp Pvt. Ltd.             NCD issue          CARE BBB+      213.3   Revised from
                                                                                CARE BBB
Ess Kay Fincorp Pvt. Ltd.             NCD issue          CARE BBB+      94.5    Revised from
                                                                                CARE BBB
Ess Kay Fincorp Pvt. Ltd.             NCD issue          CARE BBB+      200     Revised from
                                      (unsecured)                               CARE BBB
Ess Kay Fincorp Pvt. Ltd.             NCD issue          CARE BBB+      150     Revised from
                                      (unsecured)                               CARE BBB
Ess Kay Fincorp Pvt. Ltd.             NCD issue          CARE BBB+      150     Revised from
                                                                                CARE BBB
Ess Kay Fincorp Pvt. Ltd.             Principal          CARE PP-MLD    250     Assigned
                                      ProtectedMarket    BBB+
                                      Linked Debenture
Essel Green Energy Pvt Ltd            LT Bk Fac          CARE BBB+(SO)  1000    Assigned
Fedbank Financial Services Ltd        LT Bk Fac          CARE AA-       7000    Reaffirmed
(enhanced from 600)
Gandevikar’S Sara Gold Pvt Ltd        LT Bk Fac          CARE BBB-      150     Reaffirmed
(enhanced from Rs.8 crore)
Gmr Hyderabad International Airport Ltd LT Bk Fac        CARE AA        14300   Revised from
                                                                                CARE AA-
Gopish Pharma Ltd                     LT Bk Fac          CARE D         90      Revised from
                                                                                CARE B
Gopish Pharma Ltd                     LT/ ST Bk Fac      CARE D         5       Revised from
                                                                                CARE B/ CARE
                                                                                A4
Hubergroup India Pvt Ltd              LT Bk Fac          CARE AAA       3500    Reaffirmed
Hubergroup India Pvt Ltd              LT/ ST Bk Fac      CARE AAA       7684    Reaffirmed
                                                         /CARE A1+
Hubergroup India Pvt Ltd              LT Bk Fac*                                Reaffirmed
*rating withdrawn on full repayment of the term loan along with receipt of no
 due certificate from the bank
Ifci Ltd                              LT Bk Fac          CARE A-        78250   Revised from
                                                                                CARE A
Ifci Ltd                              LT Instruments     CARE A-        26550   Revised from
                                                                                CARE A
Ifci Ltd                              LT Instruments –   CARE A+ (SO)   5750    Revised from
                                      NCD*                                      CARE AA- (SO)
Ifci Ltd                              Subordinated Bonds CARE BBB+      10450   Revised from
                                                                                CARE A-
Ifci Venture Capital Funds Ltd        LT Bk Fac          CARE BBB+ (SO) 2587.6  Revised from
                                                                                CARE A- (SO)
Ifci Venture Capital Funds Ltd        LT Bk Fac -        Provisiona     1690.4  Revised from
                                      Proposed           lCARE BBB+ (SO)        Provisiona l
                                                                                CARE A- (SO)
Indiabulls Asset Management Company LtIndiabulls Income  CARE AAAmfs            Reaffirmed
                                      Fund
Ireo Grace Realtech Pvt Ltd           LT Bk Fac          CARE BBB-      4975    Reaffirmed
(enhanced from Rs.47.50 crore)
Ishwar Metal Industries               LT Bk Fac          CARE BB-       250     Assigned
Ishwar Metal Industries               LT/ST Bk Fac       CARE BB-       325     Assigned
                                                         /CARE A4
Jindal United Steel Ltd               LT Bk Fac          CARE BB+       39700   Assigned
K.Ananthkrishna Shetty                LT Bk Fac          CARE B+        50      Assigned
Kare Power Resources Pvt Ltd          LT Bk Fac          CARE BB        1136.3  Assigned
Kesoram Industries Ltd                Optionally CPS     -              -       withdrawn
                                      (OCPRS)^
^ Converted into Kesoram Industries Limited s Equity Share Capital in June 2017
Kesoram Industries Ltd                LT Bk Fac          CARE A         4300    Assigned
Kesoram Industries Ltd                Long/ST Bk Fac     CARE A         13150   Reaffirmed
Kiran Infra Engineers Ltd.            LT/ ST Bk Fac      CARE BB+ /CARE 950     Assigned
                                                         A4+
Kotak Capital Protection Oriented FundClose-Ended        CARE AAAmfs    -       Reaffirmed
– Series 1                            Capital Protection (SO)
                                      Oriented Fund
Kotak Capital Protection Oriented FundClose-Ended        CARE AAAmfs    -       Reaffirmed
– Series 2                            Capital Protection (SO)
                                      Oriented Fund
Kotak Capital Protection Oriented FundClose-Ended        CARE AAAmfs    -       Reaffirmed
– Series 3                            Capital Protection (SO)
                                      Oriented Fund
Kotak Capital Protection Oriented FundClose-Ended        CARE AAAmfs    -       Reaffirmed
– Series 4                            Capital Protection (SO)
                                      Oriented Fund
Lux Industries Ltd                    LT Bk Fac          CARE A+; S     3699.2  Reaffirmed
(reduced from 374.25 crs)
M.P.K Ispat (I) Pvt Ltd               LT Bk Fac          CARE D         193     Revised from
                                                                                CARE B
M.P.K Metals Pvt Ltd                  LT Bk Fac          CARE D         64.1    Revised from
                                                                                CARE B
M.P.K Steels (I) Pvt Ltd              LT Bk Fac          CARE D         156.7   Revised from
                                                                                CARE B
Micro Housing Finance Corporation Ltd.LT Bk Fac          CARE A-        2000    Reaffirmed
(enhanced from 150crs)
Micro Housing Finance Corporation Ltd.NCDs               CARE A-        531     Reaffirmed
Micro Motion India Pvt Ltd            LT Bk Fac (Fund    CARE BB-       109.4   Assigned
                                      Based)
(reduced from 11.48crs)
Namdhari Rice And General Mills       LT Bk Fac          CARE D         115     Revised from
                                                                                CARE B-
Parekh Gadgets Pvt Ltd                LT Bk Fac          CARE BB-       60      Revised from
                                                                                CARE BB-
Issuer Not Cooperating
Parsewar Seeds And Fertilizers        LT Bk Fac          CARE BB-       100     Revised from
                                                                                CARE BB-
Phoolchand Infrastructure Pvt Ltd     LT Bk Fac          CARE BB-       250     Reaffirmed
(enhanced from Rs.15 crore
Power Televentures Pvt Ltd            LT Bk Fac          CARE BB        158     Reaffirmed
Power Televentures Pvt Ltd            LT/ST Bk Fac       CARE BB /CARE  80      Reaffirmed
                                                         A4
R V Realty                            LT Bk Fac          CARE D         95      Revised from
                                                                                CARE BB;
Raychem Rpg Pvt Ltd                   LT/ST Bk Fac (FBL) CARE AA /CARE  1750    Assigned
                                                         A1+
Raychem Rpg Pvt Ltd                   LT/ST Bk Fac       CARE AA /CARE  125     Assigned
                                      (non-FBL)          A1+
Religare Finvest Ltd                  NCDs               CARE A         332.05  Revised from
                                                                                CARE AA-;
Rishabh Industries                    LT Bk Fac          CARE B+        34.5    Assigned
Rishabh Industries                    Long/ST Bk Fac     CARE B+ /CARE  130     Assigned
                                                         A4
Shalimar Paints Ltd                   LT Bk Fac          CARE B         1262.6  Revised from
                                                                                CARE BBB
Shalimar Paints Ltd                   Long/ST Bk Fac     CARE B /CARE A4207.5   Revised from
                                                                                CARE BBB/CARE
                                                                                A3
Shree Bajaji Coal Traders Ltd         LT Bk Fac          CARE BB+       300     Assigned
Shri Ramswaroop Memorial Institute Of LT Bk Fac          CARE B         84      Assigned
Management And Computer Application
Sreenagar Cold Storage Pvt Ltd        LT Bk Fac          CARE B         87.6    Assigned
Srei Infrastructure Finance Ltd       Unsecured          CARE A         9956.4  Reaffirmed
                                      Subordinated Tier
                                      II NCDs (Series II – VI)
Srei Infrastructure Finance Ltd       LT Bk Fac          CARE A+        119303.1Reaffirmed
Srei Infrastructure Finance Ltd       LT infrastructure  CARE A+        202.2   Reaffirmed
                                      bond
Srei Infrastructure Finance Ltd       NCD issue- Series  CARE A+        12002.6 Reaffirmed
                                      I-V and VII-IX
Srei Infrastructure Finance Ltd       Proposed Secured   CARE A+        12549.1 Reaffirmed
                                      Redeemable NCDs
Sri Guru Granth Sahib World UniversityLT Bk Fac          CARE D         300     Revised from
                                                                                CARE B+
Sri Ranganathaswamy Jewellary Works   LT Bk Fac          CARE D         75      Reaffirmed
Steel Exchange India Ltd              LT Bk Fac          CARE D         5754.2  Revised from
                                                                                CARE BB
Sundaram Asset Management Co. Ltd     Sundaram Ultra ST  CARE AAAmfs    -       Reaffirmed
                                      Plan
Sundaram Asset Management Co. Ltd     Sundaram Select    CARE AAAmfs    -       Reaffirmed
                                      Debt ST Asset Plan
                                      Fund
Surendra Infrastructure Pvt Ltd       LT Bk Fac          CARE BB        57      Assigned
Syndicate Bank                        Upper Tier-II BondsCARE AA        2000    Reaffirmed
Syndicate Bank                        Perpetual Bonds    CARE AA        7730    Reaffirmed
Syndicate Bank                        Basel III          CARE AA-       28000   Reaffirmed
                                      Additional Tier-I
                                      Bonds
Syndicate Bank                        Lower Tier-II BondsCARE AA+       15000   Reaffirmed
Syndicate Bank                        Basel III Tier-II  CARE AA+       48500   Reaffirmed
                                      Bonds
Syndicate Bank                        CDs                                       Reaffirmed
Syndicate Bank                        Upper Tier-II Bond                        Reaffirmed
Tata Asset Management Ltd             Tata Liquid Fund   CARE AAAmfs            Reaffirmed
                                      Scheme
Union Capital Protection Oriented FundClose-Ended        CARE AAAmfs    -       Reaffirmed
Series – 6                            Capital Protection (SO)
                                      Oriented Fund
Union Capital Protection Oriented FundClose-Ended        CARE AAAmfs    -       Reaffirmed
Series – 7                            Capital Protection (SO)
                                      Oriented Fund
Vakrangee Packaging Llp               LT Bk Fac          CARE B+        82.5    Assigned
Vistacore Infraprojects               LT Bk Fac          -              -       Withdrawn
Vistacore Infraprojects Pvt Ltd       LT Bk Fac          CARE BB-       300     Assigned
Yasho Industries Pvt Ltd              Bk Fac-FB - LT/    CARE BB+/CARE  490     Assigned
                                      STCC/Packing CreditA4+
Zuventus Healthcare Ltd               LT Bk Fac- FB      -              -       withdrawn
                                      Limits
Zuventus Healthcare Ltd               LT / ST Bk Fac     CARE A+ /CARE  485     Reaffirmed
                                                         A1
(enhanced from 15.00crs)
Zuventus Healthcare Ltd               LT Bk Fac- TL      CARE A+;       900     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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