April 19, 2019 / 4:31 AM / 5 months ago

CARE ratings for Indian debt instruments-Apr 19

   Apr 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 18, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bell Flower Trading Company Pvt Ltd   ST Bk Fac          CARE A4+       1       Reaffirmed
Ecap Equities Ltd                     ST Principal       CARE PP-MLD A1+ 2000   Assigned
                                      Protected Market
                                      Linked Debenture

Gupta Builders                        ST Bk Fac          CARE A4        17.5    Assigned
Jai Mata Dee Construction             ST Bk Fac          CARE A4        125     -
(Issuer Not Cooperating); Based on best available information
K Sambhav Powertronics Pvt Ltd        ST Bk Fac          CARE A4        30      Assigned
Netmagic It Services Pvt Ltd          ST Bk Fac – Fund   CARE A1+       1200    Reaffirmed
                                      Based
Saksham Food Industries               ST Bk Fac          CARE A4        40      Assigned


LONG TERM RATINGS:
-------------------
Aditya Extractions Pvt Ltd            LT Bk Fac          CARE BB-       105     Assigned
Bell Flower Trading Company Pvt Ltd   LT Bk Fac          CARE BB+       176.2   Reaffirmed
Bharat Sanchar Nigam Ltd              LT Bk Fac          CARE AAA (SO)^ 200000  Reaffirmed
^The ratings are based on the credit enhancement in the form of
‘Letter of Comfort’ from Department of Telecom (DoT)
under Ministry of Communication and Information Technology,
Government of India. 
Bharat Sanchar Nigam Ltd              Bk Fac LT/ST – TL  CARE AAA       35000   Assigned
                                                         (SO)^
                                                         /CARE A1+ (SO)^
^The ratings are based on the credit enhancement in the form of
‘Letter of Comfort’ from Department of Telecom (DoT)
under Ministry of Communication and Information Technology,
Government of India. 
Gupta Builders                        LT Bk Fac          CARE BB-       45      Assigned
Jai Mata Dee Construction             LT Bk Fac          CARE B         22.9    Revised From
                                                                                CARE BB-;
K Sambhav Powertronics Pvt Ltd        LT Bk Fac          CARE B         30      Assigned
Laxmi India Finleasecap Pvt Ltd       LT Bk Fac          CARE BBB-      250     Assigned
Netmagic It Services Pvt Ltd          LT Bk Fac – TL     CARE AA        800     Reaffirmed
Noor Impex Pvt Ltd                    LT/ ST Bk Fac      CARE D/CARE D  180     Revised from
                                                                                CARE C;
                                                                                Stable/ CARE A4
Reliance Capital Ltd                  LT debt programme  CARE A         180000  Revised from
                                                                                CARE A+
Reliance Capital Ltd                  Subordinated Debt  CARE A         20000   Revised from
                                                                                CARE A+
Reliance Capital Ltd                  Market Linked      CARE PP-MLD A  10000   Revised from
                                      Debenture                                 CARE PP-MLD A+
Reliance Commercial Finance Ltd       NCDs*              CARE A (SO);   2000    Revised from
                                                                                CARE A+ (SO)
*rating is backed by unconditional and irrevocable corporate
 guarantee by Reliance Capital Limited.
Reliance Commercial Finance Ltd       LT Bk Fac          CARE BBB+      125000  Revised from
                                                                                CARE A+
Reliance Commercial Finance Ltd       NCDs               CARE BBB+      25000   Revised from
                                                                                CARE A+
Reliance Commercial Finance Ltd       Subordinated Debt  CARE BBB+      5000    Revised from
                                                                                CARE A+
Reliance Commercial Finance Ltd       Proposed           CARE BBB+      10000   Revised from
                                      NonConvertible                            CARE A+
                                      Debentures
Reliance Commercial Finance Ltd       LT debt Programme  CARE BBB+      10000   Revised from
                                                                                CARE A+
Reliance Commercial Finance Ltd       Market Linked      CARE PP-MLD    2000    Revised from
                                      Debentures         BBB+                   CARE PP-MLD A+
Reliance Home Finance Ltd             Upper Tier II      CARE BBB       5000    Revised from
                                      Bonds public issue^                       CARE A
^CARE has rated the aforesaid Upper Tier II bonds after taking into 
consideration their increased sensitivity to the Capital
Adequacy Ratio (CAR), capital raising ability and profitability 
during the long tenure of the instruments. The rating factors
in the additional risk arising due to the existence of the lock-in 
clause in the instruments. Any delay in payment of
interest/principal (as the case may be) following invocation of the
lock-in-clause, would constitute as an event of default
as per CARE’s definition of default and as such these instruments 
may exhibit a somewhat sharper migration of rating
compared to other debt instruments.
Reliance Home Finance Ltd             Upper Tier II      CARE BBB       1000    Revised from
                                      Bonds Pvt.                                CARE A
                                      Placement^
^CARE has rated the aforesaid Upper Tier II bonds after taking into 
consideration their increased sensitivity to the Capital
Adequacy Ratio (CAR), capital raising ability and profitability 
during the long tenure of the instruments. The rating factors
in the additional risk arising due to the existence of the lock-in 
clause in the instruments. Any delay in payment of
interest/principal (as the case may be) following invocation of the
lock-in-clause, would constitute as an event of default
as per CARE’s definition of default and as such these instruments 
may exhibit a somewhat sharper migration of rating
compared to other debt instruments.
Reliance Home Finance Ltd             NCD (with          CARE BBB+      20000   Revised from
                                      detachable                                CARE A+
                                      warrants)
Reliance Home Finance Ltd             LT Debt Programme  CARE BBB+      100000  Revised from
                                                                                CARE A+
Reliance Home Finance Ltd             Subordinated Debt  CARE BBB+      4000    Revised from
                                                                                CARE A+
Reliance Home Finance Ltd             NCD public issue   CARE BBB+      30000   Revised from
                                                                                CARE A+
Reliance Home Finance Ltd             NCD issue          CARE BBB+      10000   Revised from
                                                                                CARE A+
Reliance Home Finance Ltd             Principal          CARE PP-MLD    3000    CARE PP-MLD A+
                                      Protected Market   BBB+
                                      Linked Debenture
Saksham Food Industries               LT Bk Fac          CARE B+        57.5    Assigned
Tayal Polyplast                       LT Bk Fac          CARE B+        59.7    Assigned
Well Wisher Trexim Pvt Ltd            LT Bk Fac          CARE BB+       134.1   Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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