December 27, 2016 / 5:56 AM / in a year

CARE ratings for Indian debt instruments-Dec 27

Dec 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 26, 2016.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ador Welding Ltd.                     ST Bk Fac          CARE A1+       240     Reaffirmed
Ambey Mining Pvt. Ltd.                ST Bk Fac          CARE A1        1450    Reaffirmed
(enhanced from 70.0 CR)
Bajrang Wire Products (India) Pvt Ltd ST Bk Fac          CARE A3        215.6   Assigned

Cadila Pharmaceuticals Ltd            ST Bk Fac          CARE A1        500     Reaffirmed
(enhanced from Rs.40 crore)
Capri Global Capital Ltd              CP                 CARE A1+       500     Reaffirmed
Jsw Energy Ltd                        ST Bk Fac          CARE A1+       41770   Reaffirmed
Jsw Energy Ltd                        CP Issue           CARE A1+       7000    Reaffirmed
Karnavati Engineering Ltd             ST Bk Fac          CARE A3        100     Reaffirmed
Medicare Environmental Management Pvt ST Bk Fac - BG*    CARE A3 (SO)   20      Assigned
Ltd
*Backed by unconditional and irrevocable corporate guarantee of Ramky Enviro Engineers Limited
(REEL; rated 'CARE BBB-', 'CARE A3').
Overseas Polymers Pvt Ltd             ST Bk Fac-         CARE A1        2500    Reaffirmed
                                      Non-fundbased
Precision Power Products India Pvt LtdST Bk Fac          CARE A4        25      Assigned
Precision Wires India Ltd             ST Bk Fac-         CARE A1        3217.5  Reaffirmed
                                      Non-fundbased
Ra Chem Pharma Ltd                    ST Bk Fac          CARE A3+       588.5   Revised from
                                                                                CARE A3
Spi Cinemas Pvt Ltd                   ST Bk Fac          CARE A3+       100     Assigned
Tata Communications Payment Solutions ST Bk Fac          CARE A1+(SO)   2145#   Reaffirmed
Ltd.
# Includes Rs.0.50 crore backed by an unconditional and irrevocable corporate guarantee from
TCL; Rs.4 crore backed by a debit letter authority from TCL and credit enhancement in the form
of a letter of comfort( Rs.210 crore) extended by TCL. (enhanced from 164.50 ).
Tata Communications Payment Solutions Proposed CP issue  CARE A1+(SO)   20      Assigned
Ltd.
% credit enhancement in the form of a letter of comfort extended by TCL.
Umiya Flexifoam Pvt Ltd               ST Bk Fac          CARE A4+       1.8     Reaffirmed
Vijaya Bank                           CDs                CARE A1+       250000  Reaffirmed

LONG TERM RATINGS:
-------------------
Aditya Birla Finance Ltd              NCD                -              500     WIthdrawn
Ador Welding Ltd.                     LT Bk Fac          CARE AA        275     Reaffirmed
Ambey Mining Pvt. Ltd.                LT Bk Fac          CARE A         400     Reaffirmed
(enhanced from 30.0 CR)
Avinash Chalana & Co.                 LT Bk Fac          CARE BB+       100     Reaffirmed
[Enhanced from Rs.5 crore ]
Avinash Chalana & Co.                 LT/ST Bk Fac       CARE BB+ /CARE 100     Reaffirmed
                                                         A4+
[Enhanced from Rs.8 crore]
Bajaj Finance Ltd For Revised Limits  NCD                CARE AAA       25450   Reaffirmed
(Reduced from Rs.3,000 crore)
Bajaj Finance Ltd For Revised Limits  Subordinated debt  CARE AAA       24550   Reaffirmed
(Enhanced from Rs.2,000 crore)
Bajaj Finance Ltd For Revised Limits  Issuer Rating*     CARE AAA       -       Reaffirmed
*The rating is subject to the company maintaining overall gearing not exceeding 7x.
Bajrang Wire Products (India) Pvt Ltd LT Bk Fac          CARE BBB-      34.4    Assigned
Bajrang Wire Products (India) Pvt Ltd LT/ST Bk Fac       CARE BBB-      300     Assigned
                                                         /CARE A3
Bank Of Maharashtra                   Basel III          CARE A         10000   Reaffirmed
                                      Compliant
                                      Additional Tier I Perpetual Bonds ^^
^^CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as.
Bank Of Maharashtra                   Basel III          CARE A         10000   Reaffirmed
                                      Compliant
                                      Additional Tier I Perpetual Bonds ^^
^^CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as.
Bharat Automobiles                    Bk Fac             -              -       Suspended
Cadila Pharmaceuticals Ltd            LT Bk Fac          CARE A         4532.9  Reaffirmed
(enhanced from Rs.335.63 crore)
Cadila Pharmaceuticals Ltd            LT/ST Bk Fac       CARE A /CARE A14001.3  Reaffirmed
(enhanced from Rs.260 crore)
Capri Global Capital Ltd              NCD                CARE A+        3000    Reaffirmed
(Enhanced from 100 CR)
Capri Global Capital Ltd              LT Bk Fac          CARE A+        10000   Reaffirmed
Devgiri Synthetics Pvt Ltd            Bk Fac             -              -       WIthdrawn
Dhara Motor Finance Ltd               LT Bk Fac          CARE BB+       250     Reaffirmed
Dharmaraj Rice Mill                   Bk Fac             -              -       Suspended
Elecon Engineering Co. Ltd            Bk Fac             -              -       Suspended
G. V. Sutaria Construction            LT Bk Fac          CARE BB+       20      Reaffirmed
G. V. Sutaria Construction            LT/ST Bk Fac       CARE BB+ /CARE 130     Reaffirmed
                                                         A4+
Garg Agri Foods Pvtd Ltd              Bk Fac             -              -       Suspended
Gba Steels And Metals Pvt Ltd         Bk Fac             -              -       Suspended
Grand Auto Udyog Pvt. Ltd.            Bk Fac             -              -       Suspended
Gulmohar Traders                      LT Bk Fac          CARE BB+       60      Reaffirmed
[Enhanced from Rs.5 crore ]
Gulmohar Traders                      LT/ST Bk Fac       CARE BB+ /CARE 100     Reaffirmed
                                                         A4+
Heera Rice Mills                      Bk Fac             -              -       Suspended
Idea Cellular Ltd                     NCD issue^         CARE AA+       45000   Reaffirmed
(Enhanced from 2,500 )
 ^ including proposed NCD Issue of Rs.2,000crore
Jsw Energy Ltd                        LT Bk Fac          CARE AA-       29157.3 Reaffirmed
(Enhanced from Rs.1883.94 crore)
Jsw Energy Ltd                        LT NCD 1           CARE AA-       9600    Reaffirmed
(Reduced from Rs 1200 crore)
Jsw Energy Ltd                        LT NCD 2           CARE AA-       8400    Reaffirmed
(Reduced from Rs 1680 crore)
Jsw Energy Ltd                        Proposed LT        CARE AA-       10000   Assigned
                                      NonConvertible
                                      Debenture
(Enhanced from Rs 600 crore)
Karnavati Engineering Ltd             LT Bk Fac          CARE BBB-      89      Reaffirmed
Lakshmi Sugar Mills Company Pvt Ltd   Bk Fac             -              -       Suspended
Luxmi Rice Mills                      Bk Fac             -              -       Suspended
Mahabir Construction Co.              Bk Fac             -              -       Suspended
Mahalakshmi Profiles Pvt Ltd          Bk Fac             -              -       Suspended
Mahavir Rice And General Mills        Bk Fac             -              -       Suspended
Medicare Environmental Management Pvt LT Bk Fac - TL*    CARE BBB-(SO)  318.1   Assigned
Ltd
*Backed by unconditional and irrevocable corporate guarantee of Ramky Enviro Engineers Limited
(REEL; rated CARE BBB- , CARE A3 ).
Milan Cottex                          LT Bk Fac          CARE BB-       86.7    Reaffirmed
(enhanced from 8.02 CR)
Overseas Polymers Pvt Ltd             LT Bk Fac- FB      CARE A         1150    Reaffirmed
Pashupatinath Distributors Pvt Ltd    Bk Fac             -              -       Suspended
Precision Power Products India Pvt LtdLT Bk Fac          CARE BB-       60.5    Assigned
Precision Wires India Ltd             LT Bk Fac- FB-CC   CARE A         160     Reaffirmed
Precision Wires India Ltd             LT Bk Fac-FBTL     CARE A         120     Reaffirmed
R Kukreja Infrastructure Pvt. Ltd.    Bk Fac             -              -       Suspended
Ra Chem Pharma Ltd                    LT Bk Fac          CARE BBB       899     Revised from
                                                                                CARE BBB-
Repco Micro Finance Ltd               LT Bk Fac          CARE BBB+      1000    Assigned
Rohtak Hissar Tollway Pvt Ltd         LT/ST Bk Fac       CARE BBB-      9524    Reaffirmed
                                                         /CARE A3
S.M. Edibles Pvt Ltd                  Bk Fac             -              -       Suspended
Satsangi Traders Pvt Ltd              LT Bk Fac          CARE BB+       62.5    Reaffirmed
[Enhanced from Rs.4.25 crore ]
Satsangi Traders Pvt Ltd              LT/ST Bk Fac       CARE BB+ /CARE 120     Reaffirmed
                                                         A4+
Shamji Kangad & Co.                   LT Bk Fac          CARE B+        67.5    Assigned
Southern Pharma India Pvt Ltd         LT Bk Fac          CARE B+        158     Assigned
Spi Cinemas Pvt Ltd                   LT Bk Fac          CARE BBB       1800    Assigned
Steel Konnect (India) Pvt Ltd         Bk Fac             -              -       Suspended
Stellar Ventures Pvt Ltd              LT Bk Fac          CARE BB        614.4   Reaffirmed
(Enhanced from Rs.51.55 crore)
Tata Capital Financial Services Ltd.  Perpetual Debt     CARE AA        6000    Reaffirmed
Tata Capital Financial Services Ltd.  LT Bk Fac          CARE AA+       10850   Reaffirmed
Tata Capital Financial Services Ltd.  NCD                CARE AA+       34640   Reaffirmed
Tata Capital Financial Services Ltd.  Subordinated Debt  CARE AA+       20000   Reaffirmed
Tata Cleantech Capital Ltd            NCD                CARE AA+       1000    Reaffirmed
Tata Cleantech Capital Ltd            Subordinated Debt  CARE AA+       1000    Reaffirmed
Tata Communications Payment Solutions LT Bk Fac          CARE AA+(SO)   3360@   Reaffirmed
Ltd.
@backed by an unconditional and irrevocable corporate guarantee (Rs.36 crore) extended by Tata
Communications Ltd (TCL) and credit enhancement in the form of a letter of comfort (Rs.300
crore) extended by TCL.
Tata Communications Payment Solutions Proposed LT/ST     CARE AA+(SO)   15      Assigned
Ltd.                                  Fundbased/ Non-FB  /CARE A1+(SO)
                                      Fac
% credit enhancement in the form of a letter of comfort extended by TCL.
Tayal Foods Ltd.                      Bk Fac             -              -       Suspended
Umiya Flexifoam Pvt Ltd               LT/ST Bk Fac       CARE BB/CARE   183.6   Reaffirmed
                                                         A4+
United Bank Of India                  Upper Tier II BondsCARE A-        5750    Reaffirmed
United Bank Of India                  Perpetual Bonds    CARE A-        3000    Reaffirmed
United Bank Of India                  Lower Tier II BondsCARE A+        5500    Reaffirmed
United Bank Of India                  Proposed Tier II   CARE A+        3000    Reaffirmed
                                      Bonds
Vijaya Bank                           Upper Tier II BondsCARE AA        6000    Reaffirmed
Vijaya Bank                           Basel III          CARE AA        17500   Reaffirmed
                                      Additional Tier I
                                      Bonds
Vijaya Bank                           Lower Tier II BondsCARE AA+       4000    Reaffirmed
Vijaya Bank                           Basel III Tier II  CARE AA+       17500   Reaffirmed
                                      Bonds
--------------------------------------------------------------------------------------------
$: 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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