April 18, 2018 / 4:28 AM / a month ago

CARE ratings for Indian debt instruments-Apr 18

    Apr 18 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 17, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Atria Wind Power (Basavana Bagewadi)  ST Bk Fac@         CARE A1+ (SO)  1663.5  Assigned
Pvt Ltd
@Backed by unconditional and irrevocable Letter of Comfort from Piramal Finance Limited (PFL,
rated CARE AA; Stable, reaffirmed in October 03, 2018).
Atria Wind Power (Bijapur1) Pvt Ltd   ST Bk Fac@         CARE A1+ (SO)  1664.8  Assigned

@ Backed by unconditional and irrevocable Letter of Comfort from Piramal Finance Limited (PFL,
rated CARE AA; Stable, reaffirmed in October 03, 2018)
Ranjeet Shivhare                      ST Bk Fac          CARE A4        50      Assigned
Shrijee Lifestyle Pvt Ltd             ST - FB Fac        CARE A3+       250     Reaffirmed
Sri Krishna Timber Mart & Saw Mill    ST Bk Fac          CARE A4        107.5   Assigned

LONG TERM RATINGS:
-------------------
Anant Steels Pvt Ltd                  LT Bk Fac          CARE BB-       60      Assigned
Buds Tea Industries Ltd               LT Bk Fac          CARE B         240.8   Assigned
Buds Tea Industries Ltd               LT/ST Bk Fac       CARE B/A4      20      Assigned
Chandrawati Hospitality And Tourism   LT Bk Fac          CARE B         140     Assigned
Echanda Urja Pvt Ltd                  LT Bk Fac          CARE A-        4750.4
Placed on Credit Watch with Developing Implications
Esab India Ltd                        Issuer Rating      CARE AA-       -       Assigned
# The issuer rating is subject to overall gearing not exceeding 0.17 times as on March 31, 2019
Excel Vehicles Pvt Ltd                LT Bk Fac          CARE D         570     -
Issuer not cooperating; Revised from CARE BB-; based on best available information
Mentor Home Loans (India) Ltd.        Long term BkFac    CARE BBB       2500    Reaffirmed
(enhanced from 200 Crore)
Nupower Renewables Pvt Ltd            LT Bk Fac          CARE BBB+      2042.6
Placed on Credit Watch with Developing Implications
Nupower Wind Farms Ltd                LT Bk Fac          CARE BBB+      1047.3
Placed on Credit Watch with Developing Implications
Raheja Icon Entertainment Pvt Ltd     NCD issue          CARE B (SO)    680
Issuer not cooperating; CARE has sought confirmation from the Issuer and debenture trustee on
repayment and no confirmation on the same has been received till date. 
Raheja Icon Entertainment Pvt Ltd     NCD issue          CARE B (SO)    680
CARE has sought confirmation from the Issuer and debenture trustee on repayment and no
confirmation on the same has been received till date.
Ranjeet Shivhare                      LT Bk Fac          CARE BB-       40      Assigned
Rathi Style And Textile Pvt Ltd       LT Bk Fac          CARE B         50      Assigned
S. D. Corporation Pvt Ltd             Non- Convertible   CARE AA+ (SO)  1250    Final Rating
                                      Debentures(NCDs)^
^Credit enhancement in the form of a unconditional, irrevocable and revolving DSRA Guarantee
provided by Shapoorji Pallonji and Company Private Limited (SPCPL, rated CARE AA+; Stable/A1+) 
Shri Venkatesh Trading Company        LT Bk Fac          CARE B+        70      Assigned
Shrijee Lifestyle Pvt Ltd             LT - Fund based    CARE BBB+      298     Reaffirmed
                                      (TL)
Shrijee Lifestyle Pvt Ltd             LT - FB Fac        CARE BBB+      300     Reaffirmed
(Enhanced from 15.00 Crore)
Sri Annapoorna Enterprises            LT Bk Fac          CARE B+        85      Assigned
Sri Krishna Timber Mart & Saw Mill    LT Bk Fac          CARE B+        12.5    Assigned
Tbea Energy (India) Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Tbea Energy (India) Pvt Ltd           LT/ST Bk Fac       -              -       Withdrawn

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