July 14, 2017 / 4:50 AM / 5 months ago

CARE ratings for Indian debt instruments-Jul 14

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


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bharat Financial Inclusion Ltd        STD                CARE A1+       2000    Reaffirmed
Cesc Ltd                              ST Bk Fac          CARE A1+       2500    Reaffirmed
Cesc Ltd                              CP*                CARE A1+       13000   Reaffirmed
*CESC maintains that the aggregate outstanding under CP and cash credit shall be within the fund
based limit

Dhariwal Infrastructure Ltd           ST Bk Fac          CARE A3        1000    Reaffirmed
Essix Biosciences Ltd                 ST Bk Fac (Non-FB  CARE A4        100     Reaffirmed
                                      Limits)
Haldia Energy Ltd                     ST Bk Fac          CARE A1+       2000    Reaffirmed
Haldia Energy Ltd                     CP*                CARE A1+       3000    Reaffirmed
*HEL maintains that the aggregate outstanding under CP and cash credit shall be within the
sanctioned fund based limit
Himadri Speciality Chemical Ltd       ST Bk Fac          CARE A1+       4000    Revised from
                                                                                CARE A1
Himadri Speciality Chemical Ltd       CP Issue (carved   CARE A1+       500     Revised from
                                      out)                                      CARE A1
Ifci Factors Ltd                      ST Bk Fac          CARE A2+ (SO)  4425    Revised from
                                                                                CARE A1 (SO)
Magnum Aviation Pvt Ltd               ST Bk Fac          CARE A4        135     Reaffirmed
Increased from 5.50 CR
Manjunath Kr                          ST Bk Fac          CARE A4        30      Revised from
                                                                                CARE A4
Issuer Not Cooperating
Mortex (India)                        ST Bk Fac          CARE A3        28      Assigned
Multifilms Plastics Pvt Ltd           ST Bk Fac          CARE A4+       55      Assigned
Narola Gems                           Non-fund Bk Fac    CARE A3        8       Reaffirmed
Satin Creditcare Network Ltd          CP                 CARE A2        1000    Reaffirmed
Sega Granito Llp                      ST Bk Fac          CARE A4        48.1    Reaffirmed
Siddhartha Super Spinning Mills Ltd   ST Bk Fac          CARE A4+       20      Assigned
Srei Equipment Finance Ltd            ST Bk Fac          CARE A1+       7500    Reaffirmed
Sukhras Machines Pvt Ltd              ST Bk Fac          CARE A4        50      Reaffirmed
Syrma Technology Pvt Ltd              ST Bk Fac          CARE A3        200     Assigned
Tag Offshore Ltd.                     ST Bk Fac- Non-FB  CARE A4        560     Revised from
                                                                                CARE A3+
Issuer Not Cooperating
Vijaya Bank                           CDs                CARE A1+       250000  Reaffirmed

LONG TERM RATINGS:
-------------------
Al Faheem Meatex Pvt Ltd              LT Bk Fac          CARE BBB-      120     Assigned
Al Faheem Meatex Pvt Ltd              Bk Fac             CARE BBB- /A3  230     Assigned
Arohan Financial Services Pvt Ltd     LT Bk Fac          CARE A-        5921.1  Reaffirmed
Arohan Financial Services Pvt Ltd     NCD – Series I     CARE A-        150     Reaffirmed
Arohan Financial Services Pvt Ltd     NCD – Series II    CARE A-        290.5   Reaffirmed
Arohan Financial Services Pvt Ltd     NCD – Series III   CARE A-        330     Reaffirmed
Arohan Financial Services Pvt Ltd     NCD – Series IV    CARE A-        200     Reaffirmed
Arohan Financial Services Pvt Ltd     NCD – Series V     CARE A-        260     Reaffirmed
Arohan Financial Services Pvt Ltd     NCD – Series VII   CARE A-        350     Reaffirmed
Arohan Financial Services Pvt Ltd     NCD – Series VI    CARE BBB+      100     Reaffirmed
Arupadai Arulmurugan Spinners Pvt Ltd LT Bk Fac          CARE B+        88.1    Revised from
                                                                                CARE B
Reduced from 15 CR
Atra Pharmaceuticals Ltd              LT Bk Fac          --                     Withdrawn
Atra Pharmaceuticals Ltd              ST Bk Fac          --                     Withdrawn
Atra Pharmaceuticals Ltd              Bk Fac             --                     Withdrawn
Bharat Financial Inclusion Ltd        NCD                CARE A+        4000    Reaffirmed
Bharat Financial Inclusion Ltd        Bk Fac             CARE A+ /A1+   60000   Reaffirmed
Enhanced from Rs.5500 crore
Cesc Ltd                              LT Bk Fac          CARE AA        17801.2 Reaffirmed
reduced from 1,882.62 CR
City Union Bank Ltd                   Lower Tier-II      --                     Withdrawn
                                      Bonds
Dewan Housing Finance Corporation Ltd.Perpetual Debt     CARE AA        13000   Reaffirmed
enhanced from 800 cr
Dhariwal Infrastructure Ltd           LT Bk Fac          CARE BBB       31840.5 Reaffirmed
Reduced from 3,803.39 CR
Essix Biosciences Ltd                 LT Bk Fac (TL)     --                     Withdrawn
*CARE has withdrawn the rating assigned to the term loan facility of Essix Biosciences Limited,
with immediate effect since there is no amount outstanding under the facility
Essix Biosciences Ltd                 LT Bk Fac (FB      CARE B         150     Revised from
                                      Limits)                                   CARE C
Gazebo Constructions Pvt Ltd          LT Bk Fac          CARE B         50      Assigned
Green Infra Wind Solutions Ltd        LT Bk Fac – LOC    CARE A+ (SO)*  2500    Assigned
*based on credit enhancement in the form sponsor undertaking from Sembcorp Green Infra Limited
(SGIL) to make the payment to the lender on respective dates
Green Infra Wind Solutions Ltd        LT Bk Fac – Line   CARE A+ (SO)*  1500    Assigned
                                      of Credit
*based on credit enhancement in the form sponsor undertaking from Sembcorp Green Infra Limited
(SGIL) to make the payment to the lender on respective dates
Green Infra Wind Solutions Ltd        LT Bk Fac          CARE BBB       2900    Assigned
Haldia Energy Ltd                     LT Bk Fac          CARE A+        38550   Reaffirmed
enhanced from 3,583 CR
Himadri Speciality Chemical Ltd       LT Bk Fac          CARE A         5729.7  Revised from
                                                                                CARE A
reduced from Rs.586.92 crore
Himadri Speciality Chemical Ltd       NCD                CARE A         1500*   Revised from
                                                                                CARE A
*reduced from Rs.250.0 crore due to repayment of NCD of Rs.100.0 crore
Himadri Speciality Chemical Ltd       Bk Fac             CARE A /A1+    650     Revised from
                                                                                CARE A/ A1
reduced from Rs.66.0 crore
Ifci Factors Ltd                      LT Instruments     CARE BBB-      2000    Reaffirmed
Ifci Factors Ltd                      LT Bk Fac          CARE BBB (SO)  1625    Revised from
                                                                                CARE BBB+ (SO)
Ihhr Hospitality Andhra Pvt Ltd       LT Bk Fac- TL      CARE BBB (SO)  670     Assigned
Ihhr Hospitality Andhra Pvt Ltd       LT Bk Fac- Bk      CARE BBB (SO)  30      Assigned
                                      Overdraft
Isiri Agro Pvt Ltd                    LT Bk Fac          CARE B         160     Assigned
Jayaram Textiles                      LT Bk Fac          CARE D         205.2   Reaffirmed
reduced from 23.67 CR
Jayaram Textiles                      ST Bk Fac          CARE D         1.8     Reaffirmed
Kailash Infratech Pvt Ltd             LT Bk Fac          CARE BB-       126     Assigned
L&T Finance Holdings Ltd              NCD                CARE AA+       10000   Reaffirmed
to be enhanced from Rs. 450 crore
L&T Finance Holdings Ltd              Compulsorily       CARE AA+       23110   Reaffirmed
                                      Redeemable Non
                                      Convertible Cumulative PS
to be reduced from Rs.3000 crore
Lodha Developers Thane Pvt Ltd        Proposed NCDs@     CARE BBB- (SO) 5000    Assigned
@ backed by corporate guarantee provided by Lodha Developers Private Limited
Magnum Aviation Pvt Ltd               LT Bk Fac          CARE BB        95      Reaffirmed
Mandakini Travels & Tours Pvt Ltd     LT Bk Fac          --                     Withdrawn
Manjunath Kr                          LT Bk Fac          CARE BB-       40      Revised from
                                                                                CARE BB
Issuer Not Cooperating
Mortex (India)                        LT Bk Fac          CARE BBB       65      Assigned
Mortex (India)                        Bk Fac             CARE BBB /A3   35      Assigned
Multifilms Plastics Pvt Ltd           LT Bk Fac          CARE BB        88.8    Assigned
N.M Rubbers                           LT Bk Fac          CARE B         90      Reaffirmed
Enhanced from 7 CR
Nand Estate Developers Pvt Ltd        LT Bk Fac          CARE B+        385     Assigned
Narola Gems                           Fund based Bk Fac  CARE BBB-      517.5   Reaffirmed
Pranaav Marathe Jewellers Pvt Ltd     LT Bk Fac          CARE D         322     Revised from
                                                                                CARE B+
Primaflex                             LT Bk Fac          CARE B+        83      Assigned
Ruchi Infrastructure Ltd              LT Bk Fac          CARE BB-       923.9   Assigned
Satin Creditcare Network Ltd          NCD - Subordinated CARE BBB       210     Reaffirmed
                                      Debentures
Satin Creditcare Network Ltd          Preference Share   CARE BBB       250     Reaffirmed
                                      Capital
Satin Creditcare Network Ltd          LT Bk Fac          CARE BBB+      22000   Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE BBB+      250     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE BBB+      180     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE BBB+      500     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE BBB+      515     Reaffirmed
Satin Creditcare Network Ltd          NCD                CARE BBB+      262.8*  Reaffirmed
* Exchange Rate USD 1 = INR 65.70 for Instrument of USD 4 million
Satin Creditcare Network Ltd          NCDs               CARE BBB+      500     Reaffirmed
Satin Creditcare Network Ltd          NCDs               CARE BBB+      464.4** Reaffirmed
** Exchange Rate USD 1 = INR 66.34 for Instrument of USD 7 million
Satin Creditcare Network Ltd          NCDs               CARE BBB+      250     Reaffirmed
Satin Creditcare Network Ltd          NCDs               CARE BBB+      700^    Reaffirmed
^ Exchange Rate USD 1 = INR 70 for Instrument of USD 10 million
Satin Creditcare Network Ltd          NCD                CARE BBB+      340^^   Reaffirmed
^^ Exchange Rate USD 1 = INR 68 for Instrument of USD 5 million
Satin Creditcare Network Ltd          NCD                CARE BBB+      3.5     Reaffirmed
% NCDs of Rs. 25 crore and Rs. 10 crore proposed. Reduced upon redemption of NCD of Rs. 15
crore.
Satin Creditcare Network Ltd          NCD                CARE BBB+      150     Reaffirmed
Savas Engineering Company Pvt Ltd     LT Bk Fac*         CARE A- (SO)   30      Assigned
*backed by unconditional and irrevocable corporate guarantee extended by Transformers and
Rectifiers (India) Ltd. (TRIL, rated CARE A-; Stable/CARE A2)
Savas Engineering Company Pvt Ltd     Bk Fac*            CARE A- (SO)   45      Assigned
                                                         /A2 (SO)
*backed by unconditional and irrevocable corporate guarantee extended by Transformers and
Rectifiers (India) Ltd. (TRIL, rated CARE A-; Stable/CARE A2)
Sbs Transpole Logistics Pvt Ltd       LT Bk Fac          CARE D         1000    Revised from
                                                                                CARE BB
Issuer Not Cooperating
Sbs Transpole Logistics Pvt Ltd       ST Bk Fac          CARE D         1160    Revised from
                                                                                CARE A4
Issuer Not Cooperating
Sega Granito Llp                      LT Bk Fac          CARE BB-       570     Reaffirmed
enhanced from 15.00 CR
Shri Mahavir Ferro Alloys Pvt Ltd     LT Bk Fac          CARE D         5377.4  Reaffirmed
Shri Mahavir Ferro Alloys Pvt Ltd     ST Bk Fac          CARE D         155     Reaffirmed
Siddhartha Super Spinning Mills Ltd   LT Bk Fac          CARE BB+       386.4   Assigned
Srei Equipment Finance Ltd            Perpetual Debt     CARE A         375     Revised from
                                      Instrument (Series                        CARE A
                                      I)
Srei Equipment Finance Ltd            Unsecured          CARE A+        7048    Revised from
                                      Subordinated Tier                         CARE A+
                                      II NCDs
Srei Equipment Finance Ltd            LT Bk Fac          CARE AA-       131474.8Revised from
                                                                                CARE AA-
reduced from 13,193.63 CR
Srei Equipment Finance Ltd            NCDs (Series VII,  CARE AA-       4297    Revised from
                                      XI & XII)                                 CARE AA-
reduced from 449.70 CR
Srei Equipment Finance Ltd            Proposed NCDs      CARE AA-       3       Revised from
                                      (Series XII)                              CARE AA-
Srei Equipment Finance Ltd            NCDs Series XIII   CARE AA- /A1+  100     Revised from
                                                                                CARE AA-
Sri Vasave Kanyaka Parameshwari Rice  LT Bk Fac          CARE B+        250     Assigned
Mills Pvt Ltd
Sukhras Machines Pvt Ltd              LT Bk Fac          CARE BB-       100     Revised from
                                                                                CARE BB
Swarna Industries Ltd                 LT Bk Fac (Fund    CARE BB        250     Assigned
                                      Based)
Syrma Technology Pvt Ltd              LT Bk Fac          CARE BBB-      173.9   Assigned
Syrma Technology Pvt Ltd              Bk Fac             CARE BBB- /A3  280     Assigned
Tab Capital Ltd                       LT Bk Fac          CARE BBB-      1000    Assigned
enhanced from 15 CR
Tag Offshore Ltd.                     LT Bk Fac- FB      CARE C         300     Revised from
                                                                                CARE BBB
Issuer Not Cooperating
Tag Offshore Ltd.                     LT Bk Fac- TL      CARE D         9290    Revised from
                                                                                CARE BBB
Issuer Not Cooperating
Talettutayi Solar Projects Four Pvt LtLT Bk Fac          CARE BBB-      3080    Assigned
Taril Infrastructure Ltd              LT Bk Fac*         CARE A- (SO)   5       Assigned
*backed by unconditional and irrevocable corporate guarantee extended by Transformers and
Rectifiers (India) Ltd. (TRIL, rated CARE A-; Stable/CARE A2)
Taril Infrastructure Ltd              Bk Fac*            CARE A- (SO)   30      Assigned
                                                         /A2 (SO)
*backed by unconditional and irrevocable corporate guarantee extended by Transformers and
Rectifiers (India) Ltd. (TRIL, rated CARE A-; Stable/CARE A2)
Topdom Marketing Pvt Ltd              LT Bk Fac          CARE BB+       170     Revised from
                                                                                CARE BB
Ui Fabricators Pvt Ltd                LT Bk Fac          CARE B+        120     Assigned
Vijaya Bank                           Upper Tier-II      --                     Withdrawn
                                      Bonds(Series I)
Vijaya Bank                           Upper Tier-II      CARE AA        3000    Revised from
                                      Bonds                                     CARE AA
Vijaya Bank                           Basel III          CARE AA-       17500   Revised from
                                      Additional Tier-I                         CARE AA-
                                      Bonds
Vijaya Bank                           Lower Tier-II      CARE AA+       4000    Revised from
                                      Bonds                                     CARE AA+
Vijaya Bank                           Basel III Tier-II  CARE AA+       17500   Revised from
                                      Bonds                                     CARE AA+
Zaveri And Company Pvt Ltd            Bk Fac             CARE A- /A2+   350     Reaffirmed
enhanced from Rs 30.00 crore


--------------------------------------------------------------------------------------------
$: 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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