June 10, 2019 / 7:52 AM / 5 months ago

CARE ratings for Indian debt instruments-Jun 10

    Jun 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 7, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aditya Marine Ltd                     ST Bk Fac          CARE A4        5       Reaffirmed
(Removed from issuer not cooperating)
Deep Industries Ltd                   Short- term Bk Fac CARE A2+       21.7    -
(Revision in Credit Watch from Credit Watch with negative implications to Credit Watch with
developing implications )
Fuso Glass India Pvt Ltd              ST Bk Fac          CARE A3        30      Assigned
Gemini Consolidated Projects Pvt Ltd  ST Bk Fac          CARE D         10      Revised from
                                                                                CARE A4
Gravita India Ltd                     ST Bk Fac          CARE A2+       770     Reaffirmed
Gravita Metal Inc                     ST Bk Fac @        CARE A2+       7.2     Reaffirmed
@ backed by unconditional and irrevocable corporate guarantee provided by Gravita India Ltd. to
the above mentioned bank facilities.
Hillsfood Agro Beverages Pvt Ltd      Short- term Bk Fac CARE D         3       -
(Issuer not cooperating)
Housing Development Finance Corp      ST Bk Fac          CARE A1+       489451.1Reaffirmed
Ltd
Inani Securities Ltd                  ST Bk Fac          CARE A4        62.5    -
(Issuer not cooperating)
International Paper Appm Ltd          ST Bk Fac          CARE A1+       500     -
(Placed on credit watch with developing implications)
Kothari Products Ltd                  ST Bk Fac          CARE A3        14955   Reaffirmed
Kpl Exports Pvt Ltd                   ST Bk Fac*         CARE A3        3849.2  Reaffirmed
*backed by unconditional & irrevocable corporate guarantee provided by Kothari Products Limited
(KPL; rated CARE BBB-; Negative and CARE A3)
Kpl Exports Pvt Ltd                   ST Bk Fac          Provisional   1150.8  Reaffirmed
                                      (Proposed)@        CARE A3    
@rating for the proposed facilities is “Provisional” and will be confirmed upon the execution of
the corporate guarantee and submission of requisite documents to the satisfaction of CARE.
Manaksia Coated Metals & Industries   ST Bk Fac          CARE A3        850     Revised from
Ltd                                                                             CARE A3+
Modern Construction Company           ST Bk Fac          CARE A4        100     Reaffirmed
Nacl Industries Ltd                   ST Bk Fac          CARE A2        1130    Reaffirmed
Nacl Industries Ltd                   ST Bk Fac          CARE A2        1130    Reaffirmed
New Saraswati House (India) Pvt Ltd   ST Bk Fac          CARE A1*       50      Revised from
                                                                                CARE A1+
* The ratings are based on the credit enhancement in the form of an unconditional and
irrevocable Corporate Guarantee from S. Chand And Company Ltd. (SCCL - rated ‘CARE A’ (Stable)/
‘CARE A1’).
Om Industrial Engineering Services    ST Bk Fac          CARE A4        27      Assigned
Rnr Imports & Exports (Partnership)   ST Bk Fac          CARE D         120     Revised from
                                                                                CARE A4
S. D. Corporation Pvt Ltd             CP#                CARE A1+       11700   Reaffirmed
#Backed by an unconditional, irrevocable and revolving Corporate Guarantee provided/to be
provided by Shapoorji Pallonji and Company Private Limited (SPCPL, rated: CARE AA-; Credit Watch
with developing implications/CARE A1+)
Systematic And Advance Construction PvST Bk Fac          CARE A4        45      Assigned
Ltd
Tulip Cotspin Pvt Ltd                 ST Bk Fac          CARE A4+       30      Revised from
                                                                                CARE A4
(Removed from issuer not cooperating)
Vama Construction Company             ST Bk Fac          CARE A4        20      -
(Issuer not cooperating)
Vikas Publishing House Pvt Ltd        ST Bk Fac          CARE A1*       120     Revised from
                                                                                CARE A1+
* The ratings are based on the credit enhancement in the form of an unconditional and
irrevocable Corporate Guarantee from S. Chand And Company Ltd. (SCCL - rated ‘CARE A’ (Stable)/
‘CARE A1).


LONG TERM RATINGS:
-------------------
Aditya Marine Ltd                     LT Bk Fac          CARE BB        213.3   Revised from
                                                                                CARE BB-
Advance Metering Technology Ltd       LT Bk Fac          CARE BBB-      50      Reaffirmed
Advance Metering Technology Ltd       Long/ ST Bk Fac    CARE BBB-/A3   85      Reaffirmed
Advance Metering Technology Ltd       LT Bk Fac          Provisional    350     Reaffirmed
                                      (Proposed TL)@     CARE BBB-
@The above rating (I) is based on the strength of the proposed transaction structure which
stipulates maintenance of debt service reserve account equivalent to 9 months of debt servicing
and routing of all receivables from wind assets through the escrow account, the funds from
which, would be utilized in accordance with the stipulated waterfall mechanism mentioned below.
The rating for the proposed term loan is provisional and would be confirmed subject to the
adherence of the proposed transaction structure. 
Waterfall mechanism: 
1. Payment of all operations & maintenance expenses 
2. Payment for availing insurance (capped at maximum of 0.30% of gross fixed assets). 
3. Payment to the lender which includes principal repayment, interest servicing and other dues,
if any. 
4. Make up for the shortfalls in DSRA, if any 5. Withdrawal of excess cash, if any with the
consent of the lenders
B. G. Chitale                         LT Bk Fac          -              -       Withdrawn
Bpi India Pvt Limite                  LT Bk Fac          CARE A         50      Revised from
                                                                                CARE AA-
Clix Capital Services Pvt Ltd         NCDs (Proposed)    CARE AA-       2000    Reaffirmed
Clix Capital Services Pvt Ltd         Market Linked      CARE PP MLD AA-1000    Assigned
                                      Debentures
                                      (Proposed)
Deep Industries Ltd                   LT Bk Fac          CARE A-        1506.2  -
(Revision in Credit Watch from Credit Watch with negative implications to Credit Watch with
developing implications)
Deep Industries Ltd                   LT / ST Bk Fac     CARE A-/A2+    900     -
(Revision in Credit Watch from Credit Watch with negative implications to Credit Watch with
developing implications )
Fuso Glass India Pvt Ltd              LT Bk Fac          CARE BBB-      388.4   Assigned
Gagan Agro And Rice Exporters         LT Bk Fac          CARE D         190     -
(Issuer not cooperating)
Gemini Consolidated Projects Pvt Ltd  LT Bk Fac          CARE D         28.5    Revised from
                                                                                CARE B
Goswami Infratech Pvt Ltd             NCDs (NCDs) issue* CARE AA        6000    Revised from
                                      (Tranche 1)                               CARE AA+
*backed by joint and several Credit Support Undertaking (CSU) from S C Finance and Investments
Pvt Ltd, S P Finance Pvt Ltd, Cyrus Investments Pvt. Ltd and Sterling Investment Corporation
Pvt. Ltd; jointly referred to as Credit Support Providers (CSPs); to unconditionally and
irrevocably ensure timely servicing of rated debt obligation
Goswami Infratech Pvt Ltd             NCDs (NCDs) issue* CARE AA        3750    Revised from
                                      (Tranche 3)                               CARE AA+
*backed by joint and several Credit Support Undertaking (CSU) from S C Finance and Investments
Pvt Ltd, S P Finance Pvt Ltd, Cyrus Investments Pvt. Ltd and Sterling Investment Corporation
Pvt. Ltd; jointly referred to as Credit Support Providers (CSPs); to unconditionally and
irrevocably ensure timely servicing of rated debt obligations.
Goswami Infratech Pvt Ltd             NCDs (NCDs) issue* Provisional    1819    Assigned
                                                         CARE AA
*backed by joint and several Credit Support Undertaking (CSU) from S C Finance and Investments
Pvt Ltd, S P Finance Pvt Ltd, Cyrus Investments Pvt. Ltd and
Gravita India Ltd                     LT Bk Fac          CARE A-        166.9   Reaffirmed
Gravita India Ltd                     LT/ST Bk Fac       CARE A-/A2+    1970    Reaffirmed
Gravita Metal Inc                     LT Bk Fac @        CARE A-        90      Reaffirmed
@ backed by unconditional and irrevocable corporate guarantee provided by Gravita India Ltd. to
the above mentioned bank facilities.
High Point Properties Pvt Ltd         NCDs^              CARE AA-       2250    Revised from
                                                                                CARE AA
^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-; under Credit
Watch with Developing Implications / CARE A1+)
Hillsfood Agro Beverages Pvt Ltd      LT Bk Fac          CARE D         89.6    -
(Issuer not cooperating)
Hmp Hotels Pvt Ltd                    LT Bk Fac          CARE D         51      -
(Issuer not cooperating)
Housing Development Finance Corp      LT Bk Fac          CARE AAA       47450   Reaffirmed
Ltd
Ikf Finance Ltd (Ifl)                 Series A2 PTC      CARE AA        3.7     Revised from
                                                                                CARE BBB+
Ikf Finance Ltd (Ifl)                 Series A1 PTC      CARE AA+       34.9    Revised from
                                                                                CARE A-
Inani Securities Ltd                  Long -term Bk Fac  CARE B+        2.5     Revised from
                                                                                CARE BB-
(Issuer not cooperating)
International Paper Appm Ltd          LT Bk Fac          CARE AA        300     -
(Placed on credit watch with developing implications)
Kathpal Dairies                       LT Bk Fac          CARE D         196     -
(Issuer not cooperating)
Kothari Products Ltd                  LT Bk Fac          CARE BBB-      45      Reaffirmed
Liz Traders And Agents Pvt Ltd        CP Issue           -              -       Withdrawn
Manaksia Coated Metals & Industries LtLT Bk Fac          CARE BBB       861     Revised from
                                                                                CARE BBB+
Modern Construction Company           LT Bk Fac          CARE B         60      Reaffirmed
Nacl Industries Ltd                   LT Bk Fac          CARE A-        2743.9  Revised from
                                                                                CARE A-
Nacl Industries Ltd                   LT Bk Fac          CARE A-        2743.9  Revised from
                                                                                CARE A-
New Saraswati House (India) Pvt Ltd   LT Bk Fac          CARE A*        482.5   Revised from
                                                                                CARE AA-
* The ratings are based on the credit enhancement in the form of an unconditional and
irrevocable Corporate Guarantee from S. Chand And Company Ltd. (SCCL - rated  CARE A  (Stable)/ 
CARE A1 ).
Nirja Publishers And Printers Pvt Ltd LT Bk Fac          CARE A*        60      Revised from
                                                                                CARE AA-
* The ratings are based on the credit enhancement in the form of an unconditional and
irrevocable Corporate Guarantee from S. Chand And Company Ltd. (SCCL - rated  CARE A  (Stable)/ 
CARE A1 ).
Northern Arc India Impact Fund        Northern Arc India CARE AA (AIF)  -       Assigned
                                      Impact Fund
Om Industrial Engineering Services    LT Bk Fac          CARE B+        33.5    Assigned
Om Industrial Engineering Services    Long / ST Bk Fac   CARE B+/A4     39.5    Assigned
Paikar Real Estates Pvt Ltd           LT Bk Fac (TL) ^   CARE A+        2000    Revised from
                                                                                CARE AA-
^Backed by unconditional, irrevocable and revolving Debt Service Reserve Account (DSRA)
guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL, rated: CARE AA-; Credit
Watch with developing implications/CARE A1+)
Pareena Infrastructures Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Ruksh Enterprises                     LT Bk Fac          -              -       Withdrawn
S. D. Corporation Pvt Ltd             NCD^               CARE AA-       11550   Revised from
                                                                                CARE AA
^Backed by unconditional, irrevocable and revolving Debt Service Reserve Account (DSRA)
guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL
S. S. Oil Refinery                    LT Bk Fac          CARE BB-       150     -
(Issuer not cooperating)
Sagar Nutriments Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Samrat Electronics                    LT Bk Fac          CARE B+        65      Assigned
Sbi Funds Management Pvt. Ltd         SBI Corporate Bond CARE AAAmfs    -       Assigned
                                      Fund
Shapoorji Pallonji Oil And Gas Pvt LtdLT Bk Fac^         CARE AA-       2500    Revised from
                                                                                CARE AA
^ backed by credit enhancement in the form of an unconditional, irrevocable and revolving Debt
Service Reserve Account (DSRA) guarantee from Shapoorji Pallonji and Company Private Limited
(SPCPL; rated CARE AA-; under Credit Watch with Developing Implications / CARE A1+)
Shree Karthik Papers Ltd              LT Bk Fac          CARE BB        119     Revised from
                                                                                CARE BB+
Smt Machines India Ltd                LT Bk Fac          CARE D         62      -
(Issuer not cooperating)
Sneh Sadan Traders And Agents Ltd     CP                 -              -       Withdrawn
Spn Rugs                              Long / ST Bk Fac   CARE BB+/A4+   120     Assigned
Sunny View Estates Pvt Ltd            NCDs^              CARE AA-       2000    Revised from
                                                                                CARE AA
^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-; under Credit Watch
with Developing Implications / CARE A1+).
Sunny View Estates Pvt Ltd            NCDs^              CARE AA-       1000    Revised from
                                                                                CARE AA
^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-; under Credit
Watch with Developing Implications / CARE A1+).
Systematic And Advance Construction PvLT Bk Fac          CARE BB-       25      Assigned
Ltd
Tulip Cotspin Pvt Ltd                 LT Bk Fac          CARE BB        356.4   Revised from
                                                                                CARE BB-
(Removed from issuer not cooperating)
Vama Construction Company             LT Bk Fac          CARE B+        30      -
(Issuer not cooperating)
Vikas Publishing House Pvt Ltd        LT Bk Fac          CARE A*        700     Revised from
                                                                                CARE AA-
* The ratings are based on the credit enhancement in the form of an unconditional and
irrevocable Corporate Guarantee from S. Chand And Company Ltd. (SCCL - rated ‘CARE A’ (Stable)/
‘CARE A1).
--------------------------------------------------------------------------------------------
$: 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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