Reuters logo
CARE ratings for Indian debt instruments-Feb 14
February 14, 2017 / 7:02 AM / 10 months ago

CARE ratings for Indian debt instruments-Feb 14

    Feb 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 13, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adani Enterprises Ltd.                b) ST Bk Fac       CARE A1        71360   Reaffirmed
(enhanced from 5836.00crs)
Amba River Coke Ltd                   ST Bk Fac          CARE A1+       13100   Reaffirmed
Amba River Coke Ltd                   CP (CP) issue*     CARE A1+       2400    Reaffirmed
*carved out of the sanctioned working capital limits of the company.
Anm Pharma Pvt Ltd                    ST Bk Fac*         CARE A1+(SO)   900     Assigned
*The above ratings are based on the credit enhancement in the form of unconditional &
irrevocable corporate guarantee provided by Mankind Pharma Ltd.
Archit Plywood Pvt Ltd                ST Bk Fac          CARE A4        40      Assigned
Arvee Electricals And Engineers Pvt   ST Bk Fac          CARE A4        100     Revised from
Ltd                                                                             CARE D
Bhandari Foils And Tubes Ltd          ST Bk Fac          CARE A3        1432.6  Reaffirmed
Core Chemicals (Mumbai) Pvt Ltd       ST Bk Fac          CARE A4        37.2    Reaffirmed
Deva (India) Tex Fab Pvt Ltd          ST Bk Fac          -              -       Withdrawn
Flora Marmo Industries Pvt Ltd        ST Bk Fac          CARE A4        189     Reaffirmed
G B Chowdhury Holdings Pvt Ltd        ST Bk Fac          CARE A4+       197     Assigned
G.S. Radiators Ltd                    ST Bk Fac          CARE A4        90      Reaffirmed
Hansraj Exports                       ST Bk Fac          CARE A4        80      Reaffirmed
Il&Fs Education & Technology Services CP                 CARE A1+       1250    Reaffirmed
Ltd
Jajoo Exim Pvt Ltd                    ST Bk Fac          CARE A4        80      Reaffirmed
Jayshri Propack Pvt Ltd               ST Bk Fac          CARE A4+       100     Reaffirmed
(Enhanced from 4.71crs)
K.P.R. Mill Ltd                       ST Bk Fac          CARE A1+       2078.2  Reaffirmed      
               
(reduced from 257.82crs)
K.P.R. Sugar Mill Ltd                 ST Bk Fac          CARE A2+       500     Revised from
                                                                                CARE A3+
Kashmirilal Constructions Pvt Ltd     ST Bk Fac          CARE A3        85      Assigned
Lala Munni Lal Mange Ram Charitable   Long/ST Bk Fac     CARE A2+       4       Assigned
Trust
Maxheal Pharmaceuticals (India) Ltd   ST Bk Fac          CARE A4        70      Reaffirmed
Milton Industries Ltd                 ST Bk Fac          CARE A4        87.5    Reaffirmed
Om Yarn Plus Pvt Ltd                  ST Bk Fac          CARE A4        12.5    Reaffirmed
Pnc Infratech Ltd                     ST Bk Fac          CARE A1+       17000   Reaffirmed
Pnc Infratech Ltd                     CP*                CARE A1+       1000    Assigned
* To be carved out of working-capital limits
R.B.S Candiaparcar Engineers And      ST Bk Fac          CARE A4+       125     Assigned
Contractor
Satyadeeptha Pharmaceuticals Ltd      ST Bk Fac          CARE A3        120     Reaffirmed
Shri Rathi Agro Industries            ST Bk Fac          CARE A4        2.9     Reaffirmed
Sunrise Marketing And Services        ST Bk Fac          CARE A4        2.5     Reaffirmed
Vina Electricals Pvt Ltd              ST Bk Fac          CARE A4        80      Reaffirmed

LONG TERM RATINGS:
-------------------
Adani Enterprises Ltd.                a) LT Bk Fac       CARE A         19224.6 Reaffirmed
(enhanced from 1868.87crs)
Adani Enterprises Ltd.                LT Instrument –    CARE A         1500    Reaffirmed
                                      NCD (NCD)
Adani Enterprises Ltd.                c) LT Bk Fac*      CARE A+ (SO)   11865.4 Reaffirmed
(reduced from 1240.13crs)
* This rating is based on the credit enhancement which is available in the form of ring-fenced
cash flow structure as per Trust and Retention Account (TRA) agreement for priority in servicing
of the loans availed for funding the implementation & operations of Parsa East & Kente Basin
coal block project within the ‘mining division’ of Adani Enterprises Ltd. (AEL).   
Amba River Coke Ltd                   LT Bk Fac          CARE AA-       15770   Reaffirmed
Amba River Coke Ltd                   Proposed NCD issue@CARE AA-       3000    Assigned
@The proposed NCDs would have tenure of 3-5 years with bullet repayment at the end of maturity
Amba River Coke Ltd                   Long/ST Bk Fac     CARE AA-       1000    Reaffirmed
                                                         /CARE A1+
Anm Pharma Pvt Ltd                    LT Bk Fac*         CARE AA(SO)    50      Assigned
*The above ratings are based on the credit enhancement in the form of unconditional &
irrevocable corporate guarantee provided by Mankind Pharma Ltd.
Anm Pharma Pvt Ltd                    LT/ST Bk Fac*      CARE AA(SO)    50      Assigned
                                                         /CARE A1+(SO)
Annapurna Cotton Impex                LT Bk Fac          CARE B+        63.8    Reaffirmed
(reduced from 6.67crs)
Archit Plywood Pvt Ltd                LT Bk Fac          CARE B+        42.5    Assigned
Arvee Electricals And Engineers Pvt   LT Bk Fac          CARE B+        15      Revised from
Ltd                                                                             CARE D
Bhandari Foils And Tubes Ltd          LT Bk Fac          CARE BBB       500     Reaffirmed
Core Chemicals (Mumbai) Pvt Ltd       LT Bk Fac          CARE BB        126.1   Reaffirmed
Deva (India) Tex Fab Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Duggar Fiber Pvt Ltd                  LT Bk Fac          CARE BB-       125     Reaffirmed
Everblue Apparel Ltd                  -                  -              -       Withdrawn
Everblue Apparel Ltd                  -                  -              -       Withdrawn
Everblue Apparel Ltd                  LT Bk Fac-TL       CARE AA (SO)   5.3     Reaffirmed
Eveready Spinning Mills Pvt Ltd       LT Bk Fac          CARE BBB+      3338    Reaffirmed
Flora Marmo Industries Pvt Ltd        LT Bk Fac          CARE BB-       223.4   Revised from
                                                                                Care BB
G B Chowdhury Holdings Pvt Ltd        LT Bk Fac          CARE BB+       53      Assigned
G.S. Radiators Ltd                    LT Bk Fac          CARE B+        44.9    Reaffirmed
G.S. Radiators Ltd                    LT Bk Fac/ ST Bk   CARE B+/CARE A440      Reaffirmed
                                      Fac
Gulf Oil Lubricants India Ltd         LT Bk Fac (TL)     CARE AA-       500     Reaffirmed
Hansraj Exports                       LT Bk Fac          CARE BB-       14.7    Reaffirmed
Hatgad Resort Pvt. Ltd.               LT Bk Fac          CARE B+        120     Reaffirmed
Hinduja Leyland Finance Ltd           NCD issue          CARE A+        500     Assigned
                                      (Proposed)
Jajoo Exim Pvt Ltd                    LT Bk Fac          CARE BB-       5       Reaffirmed
Jayshri Propack Pvt Ltd               LT Bk Fac          CARE BB+       270     Reaffirmed
(Reduced from 30.94crs)
Jayshri Propack Pvt Ltd               Long –term/ST Bk   CARE BB+ /CARE 100     Reaffirmed
                                      Fac                A4+
(Enhanced from 6.00crs)
K.P.R. Mill Ltd                       LT Bk Fac          CARE AA-       7802    Reaffirmed      
               
(reduced from 802.33crs)
K.P.R. Sugar Mill Ltd                 LT Bk Fac (TL)*    -              -       Withdrawn
*CARE has withdrawn the rating with immediate effect, as the company has fully repaid the amount
under the said facility and there is no amount outstanding
K.P.R. Sugar Mill Ltd                 LT/ ST Bk Fac*     -              -       Withdrawn
*CARE has withdrawn the rating with immediate effect, as the company has fully repaid the amount
under the said facility and there is no amount outstanding
K.P.R. Sugar Mill Ltd                 LT Bk Fac          CARE A-        1500    Revised from
                                                                                CARE BBB+
Kaizen Autocars Pvt Ltd               LT Bk Fac          CARE B         95.7    Assigned
Kashmirilal Constructions Pvt Ltd     LT / ST Bk Fac     CARE BBB-      215     Assigned
                                                         /CARE A3
Knowledge Education Foundation        LT Bk Fac          CARE BB        60      Assigned
Lala Munni Lal Mange Ram Charitable   LT Bk Fac          CARE A-        346     Assigned
Trust
Laxmi Venkatesh Ginning And Pressing  LT Bk Fac          CARE B+        77.5    Reaffirmed
Factory
Mahatma Jyotiba Fule Vidyapeeth SamitiLT Bk Fac          CARE BB+       34.9    Reaffirmed
Mahatma Jyotiba Fule Vidyapeeth SamitiLT/ST Bk Fac       CARE BB+ /A4+  15      Reaffirmed
Maxheal Pharmaceuticals (India) Ltd   Long /ST Bk Fac    CARE B+ /CARE  120     Revised from
                                                         A4                     CARE BB- /
                                                                                Reaffirmed
Milton Industries Ltd                 LT Bk Fac          CARE BB        32.8    Reaffirmed
(reduced from 4.13crs)
Milton Industries Ltd                 LT/Shortterm Bk FacCARE BB/CARE A4100     Reaffirmed
Navsari Cotton Mills                  LT Bk Fac          CARE BB-       70      Reaffirmed
Om Yarn Plus Pvt Ltd                  LT Bk Fac          CARE BB        150.1   Reaffirmed
(enhanced from 14.95 crore)
P.G. Infrastructure & Services Pvt LtdLT Bk Fac          CARE B+        76.2    Reaffirmed
P.R Packagings Ltd                    LT Bk Fac          CARE BB        150     Assigned
Panchsheel Buildtechpvt Ltd           LT Bk Fac          CARE BB        2800    Reaffirmed
Patidar Boards Pvt Ltd                LT Bk Fac          CARE BB-       191     Assigned
Pnc Infratech Ltd                     LT Bk Fac          CARE AA-       8000    Reaffirmed
Pnc Raebareli Highways Pvt Ltd        LT Bk Fac (Senior  CARE A+        6280    Revised from
                                      Debt)                                     CARE A-
Pnc Raebareli Highways Pvt Ltd        LT Bk Fac          CARE A+        698     Revised from
                                      (Subordinate Debt)                        CARE BBB+
Quatrro Global Services Pvt Ltd       LT Bk Fac          CARE BBB+      629     Reaffirmed
(reduced from 10.93 crs)
Quatrro Global Services Pvt Ltd       Long/ST Bk Fac     CARE BBB+      300     Reaffirmed
                                                         /CARE A3+
R.B.S Candiaparcar Engineers And      LT Bk Fac          CARE BB+       95.7    Assigned
Contractor
Rangoli Particle Boards Pvt Ltd       LT Bk Fac          CARE BB-       75.8    Assigned
Satyadeeptha Pharmaceuticals Ltd      LT Bk Fac          CARE BBB-      258.5   Reaffirmed
(enhanced from 21.31crs)
Scope E-Knowledge Centre Pvt Ltd      Bk Fac-TL          -              -       Withdrawn
                                      (Proposed)
Shah Nanji Nagsi Exports Pvt Ltd      Long -term / Short CARE BB /CARE  550     Reaffirmed
                                      -term Bk Fac       A4
Shree Ramkrishna Oil Industries       LT Bk Fac          CARE B+        96      Reaffirmed
(reduced from 9.84)
Shri Rathi Agro Industries            LT Bk Fac          CARE BB-       166.1   Reaffirmed
Sorathia Velji Ratna And Company      LT Bk Fac          CARE BBB+      245     Assigned
Sorathia Velji Ratna And Company      LT / ST Bk Fac     CARE BBB+      1055    Assigned
                                                         /CARE A3+
Sunrise Marketing And Services        LT Bk Fac          CARE B+        55      Reaffirmed
Swami Vivekanand Institute Of         LT Bk Fac          CARE BB        55.9    Assigned
Neurology, Neurosurgery And Spine
Valuent Infradevelopers Pvt Ltd       LT Bk Fac          CARE BB (SO)*  1200    Reaffirmed
* The above rating is based on the credit enhancement derived from the financial strength of
Panchsheel Buildtech Private Limited(CARE BB) being the co borrower to the rated facility
Vasant Masala Pvt Ltd                 LT Bk Fac          CARE BB        83.3    Reaffirmed
(reduced from 8.90crs)
Vina Electricals Pvt Ltd              LT Bk Fac          CARE B         120     Suspension
                                                                                revoked and
                                                                                revised from
                                                                                CARE B+       
--------------------------------------------------------------------------------------------
$: 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)

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