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CARE ratings for Indian debt instruments-Jun 22
June 22, 2017 / 4:07 AM / 5 months ago

CARE ratings for Indian debt instruments-Jun 22

    Jun 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 21, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
-------                               ----------         ------        -------  ---------
B L Agarwala                          ST Bk Fac          CARE A4        150     Revised from
                                                                                CARE A4
Garg Industries Ltd                   ST Bk Fac          CARE A4+       20      Assigned

Phillips Carbon Black Ltd             CP*                CARE A1+       5000    Reaffirmed
*The aggregate of CP and other working capital borrowings should be within the sanctioned
working capital limits of the company.
S.D. Corporation Pvt Ltd              CP (CP) Issue^     CARE A1+(SO)   6000    Reaffirmed
S.D. Corporation Pvt Ltd              Proposed CP issue^ CARE A1+(SO)   2100    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and revolving DSRA Guarantee
provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA+, Stable)

B L Agarwala                          LT Bk Fac          CARE BB        30      Revised from
                                                                                CARE BB
Bhoruka Classic Finance Pvt Ltd       Proposed LT Bk Fac CARE BB        15      Assigned
Chettinad International Coal Terminal LT/ST Bk Fac@      -              -       Withdrawn
Pvt Ltd
@The long/short-term bank facility from ICICI Bank backed by corporate guarantee from Chettinad
Logistics Private Limited has been withdrawn as the limits have been closed.
Chettinad International Coal Terminal LT/ST Bk Fac       CARE A- /CARE  800     Assigned
Pvt Ltd                                                  A2+
Dilip Buildcon Ltd                    LT Bk Fac          CARE A+        19980.9 Revised from
                                                                                CARE A-
Dilip Buildcon Ltd                    LT/ST Bk Fac       CARE A+ /CARE  45000   Revised from
                                                         A1                     CARE A- /
                                                                                CARE A2+
Durgapur Ispat Peoples Society        LT Bk Fac          CARE BB        200     Assigned
Flexi Plast Industries                LT Bk Fac          CARE B         54      Assigned
Garg Industries Ltd                   LT Bk Fac          CARE BB+       200     Assigned
Hinduja Housing Finance Ltd           LT Bk Fac          CARE A+        4550    Reaffirmed
(enhanced from 150 CR)
Hinduja Housing Finance Ltd           LT/ST Bk Fac       CARE A+ /CARE  1050    Assigned
J.K. Bhansali & Co.                   LT Bk Fac          -              -       Withdrawn
Phillips Carbon Black Ltd             LT Bk Fac          CARE A+        6180    Revised from
                                                                                CARE A
Phillips Carbon Black Ltd             LT/ST Bk Fac       CARE A+ /CARE  18500   Revised from
                                                         A1+                    CARE A
Shri Marutinandan Oil Industries      LT Bk Fac          CARE B         54.1    Assigned
Shriram City Union Finance Ltd        NCD                CARE AA+       3550    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

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