October 16, 2014 / 6:13 AM / 3 years ago

CARE ratings for Indian debt instruments-Oct 16

Oct 16 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 15, 2014.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Amritlal Naresh Kumar                 ST Bk Fac          CARE A4        110     Reaffirmed
Black Burn & Co. Pvt Ltd              ST Bk Fac          CARE A4+       59.5    Assigned
Balaji Filaments Ltd                  Bk Fac-Non Fund    CARE D         6.5     Revised from
                                      Based - STBG/ LC                          CARE A4
Embio Ltd                             ST Non Fund based  CARE A2+       15.3    Reaffirmed
                                      Bk Fac
Embio Ltd                             ST Fund based Bk   CARE A2+       92      Reaffirmed
                                      Fac*
*Sub-limit of long-term fund-based facilities
Ennore Tank Terminals Pvt Ltd         ST Bk Fac          CARE A1        290     Revised from
                                                                                CARE A3+
(enhanced from 14.90cr)
Gemco Energy Ltd                      ST Bk Fac          CARE A4        15      Assigned
Gmr Infrastructure Ltd                ST Bk Fac          CARE A3+       14100   Revised from
                                                                                CARE A2
Indiabulls Real Estate Ltd            Proposed CP Issue  CARE A1+       5000    Reaffirmed
Himachal Energy Pvt Ltd               ST Bk Fac          CARE A-/CARE A2 2970   Revised from
                                                                                CARE
                                                                                BBB+/CARE A3+
(enhanced from Rs.73 crore)
KG Petrochem Ltd                      ST Bk Fac          CARE A3        482     Reaffirmed
Madan Udyog Pvt Ltd                   ST Bk Fac          CARE A4        14.5    Reaffirmed
Nagreeka Exports Ltd                  ST Bk Fac          CARE A3        209.1   Reaffirmed
Spykar Lifestyles Pvt Ltd             ST Bk Fac          CARE A4+       70      Revised from
                                                                                CARE A4
Sylvanus Properties Ltd               CP Issue*          CARE A1+ (SO)  500     Reaffirmed
*backed by unconditional irrevocable guarantee from Indiabulls Real Estate Ltd 
(IBREL, rated CARE A+ / CARE A1+).
Vijaya Bank                           CD Programme       CARE A1+       250000  Reaffirmed

LONG TERM RATINGS:
-------------------
A.K. Capital Services Ltd.            LT Bk Fac          CARE A+        1000    Reaffirmed
Amritlal Naresh Kumar                 LT Bk Fac          CARE B+        15      Reaffirmed
Athena Infrastructure Ltd             LT Bk Fac*         CARE A+ (SO)   2425    Reaffirmed
*backed by unconditional irrevocable guarantee from Indiabulls Real Estate Ltd
 (IBREL, rated CARE A+ / CARE A1+).
B.B. Shah Pvt Ltd                     Bk Fac                                    Suspended
Balaji Filaments Ltd                  Bk Fac-Fund Based  CARE D         49.7    Revised from
                                      - LT-TL                                   CARE BB
Balaji Filaments Ltd                  Bk Fac-Fund Based  CARE D         199     Revised from
                                      - LTCC/ PC/FBP                            CARE BB
Black Burn & Co. Pvt Ltd              LT Bk Fac          CARE BB+       75.2    Assigned
CAN Fin Homes Ltd                     Secured Redeemable CARE AAA       5000    Revised from
                                      NCD                                       CARE AA+
CAN Fin Homes Ltd                     Secured Redeemable CARE AAA       25000   Assigned
                                      NCD
CAN Fin Homes Ltd                     Tier II Bonds      CARE AAA       3000    Assigned
                                      (Subordinated Bond)
Eduestate                             LT Bk Fac@         CARE BB-       78.5    Reaffirmed
(@ For rating of the bank facilities of Eduestate (EDU), CARE has combined 
the financial profile of Eduestate (EDU) and Shishukunj Educational Society (SES)
Embio Ltd                             LT Bk Fac          CARE A-        462.5   Reaffirmed
Ennore Tank Terminals Pvt Ltd         LT Bk Fac          CARE A         2728    Revised from
                                                                                CARE BBB+
(reduced from 285.10cr)
F.A Constructions                     LT Bk Fac (FB)     CARE B-        100     Assigned
F.A Constructions                     LT Bk Fac (Non FB) CARE B-        150     Assigned
Garden Silk Mills Ltd                 Bk Fac             CARE B /CARE A4-       Suspended
Gemco Energy Ltd                      LT Bk Fac          CARE B+        181.2   Assigned
GEO Biotechnologies India Pvt Ltd     Bk Fac                                    Suspended
GMR Chennai Outer Ring Road Pvt Ltd   LT FB Bk Fac#      CARE BBB (SO)  7167.8  Revised from
                                                                                CARE BBB+ (SO)
# backed by unconditional and irrevocable undertaking to fund GCOPL s obligation 
towards debt servicing through an additional sponsor support agreement by GMR 
Infrastructure Ltd and GMR Highways Ltd 
Gmr Chennai Outer Ring Road Pvt Ltd   LT Non-fund Bk Fac@CARE BBB (SO)  691.4   Revised from
                                                                                CARE BBB+ (SO)
@ backed by unconditional and irrevocable Corporate Guarantee of GMR Infrastructure Ltd.
GMR Infrastructure Ltd                LT Bk Fac          CARE BBB       19286   Revised from
                                                                                CARE BBB+
(reduced from 2493.5 cr)
GMR Infrastructure Ltd                LT Bk Fac          CARE BBB       2000    Assigned
Gmr Infrastructure Ltd                NCD issue          CARE BBB       1750    Revised from
                                                                                CARE BBB+
(reduced from 350cr)
GMR Infrastructure Ltd                NCD issue          CARE BBB       9750    Revised from
                                                                                CARE BBB+
(reduced from 987.5cr)
Himachal Energy Pvt Ltd               LT Bk Fac          CARE A-        350     Revised from
                                                                                CARE BBB+
India Infrastructure Finance Co. Ltd  LT Infrastructure  CARE AAA       909.6   Reaffirmed
                                      Bonds
India Infrastructure Finance Co. Ltd  Secured TBs        CARE AAA       11090.4 Reaffirmed
India Infrastructure Finance Co. Ltd  LT Tax-free Bonds  CARE AAA       39413.3 Reaffirmed
India Infrastructure Finance Co. Ltd  LT Tax-free/ TBs   CARE AAA       60586.7 Reaffirmed
                                      (proposed)
India Infrastructure Finance Co. Ltd  LT Tax-free/ TBs   CARE AAA       80000   Reaffirmed
                                      (proposed)
India Infrastructure Finance Co. Ltd  Unsecured TBs*     CARE AAA (SO)  30000   Reaffirmed
*backed by unconditional and irrevocable guarantee from the Government of India
Indiabulls Infraestate Ltd            LT Bk Fac*         CARE A+ (SO)   6000    Reaffirmed
*backed by unconditional irrevocable guarantee from Indiabulls Real Estate Ltd
 (IBREL, rated CARE A+ / CARE A1+).
Indiabulls Real Estate Ltd            Proposed TL / Non- CARE A+        6000    Reaffirmed
                                      Convertible
                                      Debentures
Indiabulls Real Estate Ltd            LT NCD             CARE A+        18000   Reaffirmed
Indiabulls Real Estate Ltd            LT Bk Fac (BG)     CARE A+        1457.4  Reaffirmed
Indiabulls Real Estate Ltd            LT FB Bk Fac (TL)  CARE A+        250     Reaffirmed
KG Petrochem Ltd                      LT Bk Fac          CARE BBB-      978.8   Reaffirmed
L&T Seawoods Pvt Ltd                  NCDs@              CARE AA+(SO)   8500    Reaffirmed
Lucina Land Development Ltd           LT Bk Fac*         CARE A+ (SO)   3000    Reaffirmed
*backed by unconditional irrevocable guarantee from Indiabulls Real Estate Ltd 
(IBREL, rated CARE A+ / CARE A1+).
MA Bhagwati Sugar Mill Ltd            Bk Fac             CARE D         -       Suspended
Madan Udyog Pvt Ltd                   LT Bk Fac          CARE BB-       90.6    Revised from
                                                                                CARE B+
Manglam Yarn Agencies                 Bk Fac             CARE BB /CARE  -       Suspended
                                                         A4+
Matix Fertilisers And Chemicals Ltd.  Long/ST Bk Fac     CARE BB+/CARE  32630   Revised from
                                                         A4+                    CARE BBB-/
                                                                                CARE A3
Nagreeka Exports Ltd                  LT Bk Fac          CARE BBB-      2929.4  Reaffirmed
Navin Cotton Fibers                   LT Bk Fac          CARE B+        96.5    Revised from
                                                                                CARE B
NHPC Ltd                              LT Bonds           CARE AAA       12660   Reaffirmed
NHPC Ltd                              TFBs               CARE AAA       10000   Reaffirmed
Nichem Industries                     LT Bk Fac          CARE BB        23      Assigned
Nichem Industries                     LT/ ST Bk Fac      CARE BB/CARE A4170     Assigned
Selene Constructions Ltd              LT Bk Fac*         CARE A+ (SO)   1300    Reaffirmed
*backed by unconditional irrevocable guarantee from Indiabulls Real Estate Ltd 
(IBREL, rated CARE A+ / CARE A1+). /(enhanced from 40cr)
Shivaji Infrastructure Services Pvt LtBk Fac                                    Suspended
Spectra Foods & Beverages Pvt Ltd     Bk Fac                                    Suspended
Spykar Lifestyles Pvt Ltd             LT Bk Fac          CARE BB+       478.6   Revised from
                                                                                CARE BB
Sylvanus Properties Ltd               NCD issue*         CARE A+        1500    Reaffirmed
*backed by unconditional irrevocable guarantee from Indiabulls Real Estate Ltd 
(IBREL, rated CARE A+ / CARE A1+).
Sylvanus Properties Ltd               LT Bk Fac*         CARE A+        2000    Reaffirmed
*backed by unconditional irrevocable guarantee from Indiabulls Real Estate Ltd 
(IBREL, rated CARE A+ / CARE A1+).
Transpade Engineers Pvt Ltd           Bk Fac                                    Suspended
United Projects                       LT Bk Fac (FB)     CARE B-        100     Assigned
United Projects                       LT Bk Fac (Non FB) CARE B-        150     Assigned
Urjankur Shree Datta Power Company Ltd LT Bk Fac - TL    CARE BBB       1187    Revised from
                                                                                CARE BBB-
(reduced from Rs.131.26 crore)
Urjankur Shree Datta Power Company LtdLT FB Bk Fac - CC  CARE BBB       200     Revised from
                                                                                CARE BBB-
(enhanced from Rs.7 crore
Urjankur Shree Tatya Saheb Kore WaranaLT Bk Fac - TL     CARE BBB-      1888    Reaffirmed
Power Company Ltd
(reduced from Rs. 198.39 crore)
Vijaya Bank                           Upper Tier II BondsCARE AA        6000    Reaffirmed
Vijaya Bank                           Lower Tier II BondsCARE AA+       9000    Reaffirmed
Vijaya Bank                           Tier II Bonds      CARE AA+       2500    Reaffirmed
                                      BASEL III Compliant
Vijaya Bank                           Tier II Bonds      CARE AA+       5000    Assigned
                                      BASEL III Compliant
--------------------------------------------------------------------------------------------
$: 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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below