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CARE ratings for Indian debt instruments-May 19
May 19, 2017 / 4:28 AM / 7 months ago

CARE ratings for Indian debt instruments-May 19

   May 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 18, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A-1 Chips And Exports (India) Pvt Ltd ST Bk Fac          CARE A4+       2.2     Issuer not
                                                                                cooperating
Abp Pvt Ltd                           ST Bk Fac          CARE A1+       1220    Reaffirmed
Abp Pvt Ltd                           Proposed CP (CP)   CARE A1+       1500    Reaffirmed
                                      issue*
*carved out of sanctioned working capital limit 
Ardisons Associates                   ST Bk Fac          CARE A4        30      Reaffirmed
Bhushan Energy Ltd                    ST Bk Fac          CARE D         880     Reaffirmed
India Power Corporation Ltd.          ST Bk Fac          CARE A2+       1310    Removed from
                                                                                Credit watch
                                                                                and Revised 
                                                                                from 
                                                                                CARE A1+
Rr Fab Constructions                  ST Bk Fac          CARE A4        14      Reaffirmed
Sajjala Woven Sacks Pvt Ltd           ST Bk Fac          CARE A4        10      Revised from
                                                                                CARE D
Shell-N-Tube Pvt Ltd                  Short -term Bk Fac CARE A4        60      Assigned
Shri Arunachaleswar Tex               ST Bk Fac          CARE A4        30      Reaffirmed
Star Agriwarehousing And Collateral   ST Bk Fac – Non    CARE A2        500     Revised from
Management Ltd                        Fund Based                                CARE A1
Staragri Finance Ltd                  ST Bk Fac          Provisional    500     Revised
                                      (Proposed)*        CARE A2 (SO)           Provisional
                                                                                from 
                                                                                CARE A1 (SO)
*Backed by unconditional and irrevocable corporate guarantee 
of Star Agriwarehousing & Collateral Management Ltd.
V.A. Products                         ST Bk Fac          CARE A4        45      Issuer Not
                                                                                Cooperating

LONG TERM RATINGS:
-------------------
A-1 Chips And Exports (India) Pvt Ltd LT Bk Fac          CARE BB+       50.7    Issuer not
                                                                                cooperating
Abp Pvt Ltd                           LT Bk Fac          CARE A+        1368    Revised from
                                                                                CARE A
Abp Pvt Ltd                           Long/ST Bk Fac     CARE A+ /CARE  2300    Revised from
                                                         A1+                    CARE A/CARE
                                                                                A1+
Adani Agri Logistics (Kotkapura) Ltd  LT Bk Fac          CARE BBB       244.8   Assigned
Adani Agri Logistics (Kotkapura) Ltd  LT/ ST Bk Fac      CARE BBB /CARE 20      Assigned
                                                         A3+
Ananth Solar Power Maharashtra Pvt LtdLong/ST Bk Fac     CARE A         100     Assigned
Ardisons Associates                   LT Bk Fac          CARE BB        65      Reaffirmed
Bhushan Energy Ltd                    LT Bk Fac          CARE D         24729   Reaffirmed
Disha Microfin Ltd                    LT Bk Fac          CARE A-        2000    Revised from
                                                                                CARE BBB+
Disha Microfin Ltd                    NCD Issue          CARE A-        350     Revised from
                                                                                CARE BBB+
Farmers Fortune (India) Pvt Ltd       LT Bk Fac – Fund   CARE BBB+      69      Revised from
                                      Based                                     CARE A
Farmers Fortune (India) Pvt Ltd       Long/ST Bk Fac –   CARE BBB+      4070    Revised from
                                      Fund based/ Non    /CARE A2               CARE A/ CARE
                                      Fund based                                A1
Il&Fs Infrastructure Debt Fund        Infrastructure     CARE AAA               Reaffirmed
                                      debt fund Scheme   (MF-IDF)
                                      Series 1-A
Il&Fs Infrastructure Debt Fund        Infrastructure     CARE AAA               Reaffirmed
                                      debt fund Scheme   (MF-IDF)
                                      Series 1-B
Il&Fs Infrastructure Debt Fund        Infrastructure     CARE AAA               Reaffirmed
                                      debt fund Scheme   (MF-IDF)
                                      Series 1-C
India Power Corporation (Bodhgaya) LtdLT Bk Fac          CARE A (SO)    197.5   Removed from
                                                                                Credit watch
                                                                                and Revised
                                                                                from CARE A+
India Power Corporation Ltd.          LT Bk Fac          CARE A         3384.3  Removed from
                                                                                Credit watch
                                                                                and Revised 
                                                                                from CARE A+
India Power Corporation Ltd.          Outstanding NCD    CARE A         1000    Removed from
                                      issue                                     Credit watch
                                                                                and Revised 
                                                                                from CARE A+
India Power Corporation Ltd.          Outstanding NCD    CARE A         1800    Removed from
                                      issue                                     Credit watch
                                                                                and Revised
                                                                                from CARE A+
India Power Corporation Ltd.          CP                                        Withdrawn
Innovation Trust XXVI March 17        Series A PTC       Provisional            Assigned
                                                         CARE AAA (SO)
Innovation Trust XXVIII March 17      Series A PTC       Provisional            Assigned
                                                         CARE AAA (SO)
Kubs Safes & Locks Pvt Ltd            LT Bk Fac          CARE D         287.6   Issuer Not
                                                                                Cooperating
Kubs Safes & Locks Pvt Ltd            LT Bk Fac          CARE D         287.6   Issuer Not
                                                                                Cooperating
Mangalore Chemicals And Fertilizers Ltd FB - LT-TL       CARE BBB       1652.3  Revised from
                                                                                CARE BBB-
Mangalore Chemicals And Fertilizers Ltd FB-LT/ ST-CC     CARE BBB       17847.7 Revised from
                                                         /CARE A3               CARE BBB- /
                                                                                CARE A3
Ostro Anantapur Pvt Ltd               LT Bk Fac (TL)     CARE BBB       5970    Assigned
Ostro Anantapur Pvt Ltd               LT Bk Fac (CC)     CARE BBB               Assigned
Ramakrishna Electronics (Karnataka    LT Bk Fac          CARE C         60      Issuer not
Division)                                                                       cooperating
                                                                                Revised 
                                                                                from CARE B
Rr Fab Constructions                  LT Bk Fac          CARE BB-       38      Revised from
                                                                                CARE B+
Sadaram Jining And Pressing IndustriesLT Bk Fac          CARE B+        81.9    Assigned
Sajjala Woven Sacks Pvt Ltd           LT Bk Fac          CARE C         71.7    Revised from
                                                                                CARE D
Shell-N-Tube Pvt Ltd                  Long -term Bk Fac  CARE BB-       20      Assigned
Shri Arunachaleswar Tex               LT Bk Fac          CARE BB-       88.7    Revised from
                                                                                CARE B+
Shubham Cotton                        LT Bk Fac          CARE B+        89      Assigned
Sreedhareeyam Ayurvedic Eye Hospital  LT Bk Fac          CARE BB+       16.5    Reaffirmed
And Research Centre Pvt Ltd
Sreedhareeyam Ayurvedic Medicines Pvt LT Bk Fac          CARE BB+       52.5    Reaffirmed
Ltd
Sri Balaji Steel Tube Industries      LT Bk Fac          CARE B+        40      Assigned
Star Agriinfrastructure Pvt Ltd       LT Bk Fac – TL     CARE BBB       272.3   Revised from
                                                                                CARE BBB+
Star Agriinfrastructure Pvt Ltd       Long/ST Bk Fac –   CARE BBB /CARE 135     Revised from
                                      Fund based/ Non    A3+                    CARE BBB+/
                                      Fund based                                CARE A2
Star Agriwarehousing And Collateral   LT Bk Fac – TL     CARE BBB+      175     Revised from
Management Ltd                                                                  CARE A
Star Agriwarehousing And Collateral   Long/ST Bk Fac –   CARE BBB+      800     Revised from
Management Ltd                        Fund based/ Non    /CARE A2               CARE A/ CARE
                                      Fund based                                A1
Staragri Finance Ltd                  LT Bk Fac*         CARE BBB+ (SO) 2365    Revised from
                                                                                CARE A (SO)
*Backed by unconditional and irrevocable corporate guarantee of Star Agriwarehousing &
Collateral Management Ltd.
Staragri Finance Ltd                  LT Bk Fac          Provisional    135     Revised from
                                      (Proposed)*        CARE BBB+ (SO)         Provisional
                                                                                CARE A (SO)
*Backed by unconditional and irrevocable corporate guarantee of Star Agriwarehousing &
Collateral Management Ltd.
The Great Eastern Shipping Co. Ltd    Proposed NCD issue CARE AAA       6000    Assigned
V.A. Products                         LT Bk Fac          CARE B         15      Issuer Not
                                                                                Cooperating
--------------------------------------------------------------------------------------------
$: 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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