April 26, 2018 / 4:33 AM / 3 months ago

CARE ratings for Indian debt instruments-Apr 26

    Apr 26 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 25, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adani Enterprises Ltd.                ST Bk Fac          CARE A1        8000    Reaffirmed
Hyper Filteration Pvt Ltd             ST Bk Fac          CARE A4        30      Assigned
Prem Industries                       ST Bk Fac          CARE A3        19      Assigned
Raju Chacko                           ST Bk Fac          CARE A4        29      Assigned
Renew Wind Energy (Jadeswar) Pvt Ltd  CP                 CARE A1+ (SO)  600     Assigned

LONG TERM RATINGS:
-------------------
Adani Enterprises Ltd.                a) LT / ST Bk Fac  CARE A/A1      71726.2 Reaffirmed
Adani Enterprises Ltd.                c) LT Bk Fac *     CARE A+ (SO)   13223.8 Reaffirmed
* rating is based on the Credit Enhancement which is available in the form of a ring-fenced cash
flow structure as per Trust and Retention Account (TRA) agreement for priority in debt servicing
of loans availed for funding the implementation & operations of Parsa East & Kente Basin (PEKB)
coal block project within Adani Enterprises Ltd.(AEL).
Adani Enterprises Ltd.                d) Proposed LT     ProvCARE A+    9500    Assigned
                                      BkFac * #          (SO)
* rating is based on the Credit Enhancement which is available in the form of a ring-fenced cash
flow structure as per Trust and Retention Account (TRA) agreement for priority in debt servicing
of loans availed for funding the implementation & operations of Parsa East & Kente Basin (PEKB)
coal block project within Adani Enterprises Ltd.(AEL)./# the rating assigned is  Provisional 
and is subject to fulfillment of the following conditions:
1 Submission of executed loan agreement
2 Submission of executed Trust & Retention Account Agreement which establishes ring-fenced cash
flow structure
for priority in debt servicing of the proposed loans to be availed for funding the operations of
the PEKB coal block
3 Submission of No Dues Certificates (NDCs) from the existing term lenders in PEKB coal block
whose loan is proposed to be refinanced through this new loan
Angriya Sea Eagles Pvt Ltd            LT Bk Fac          CARE B+        120     Assigned
Bangalore Polymers Pvt Ltd            LT Bk Fac          CARE B+        210     Assigned
Bangalore Polymers Pvt Ltd            LT/ST Bk Fac       CARE B+/A4     90      Assigned
Gera Developments Pvt Ltd             NCD issue (ISIN    -              -       Withdrawn
                                      no:
                                      INE965R07017,INE965R07025, INE965R07033,INE965R07041,
INE965R07058,INE965R07066) **
**CARE has withdrawan the rating assigned to the NCDs (ISINs: INE965R07017, INE965R07025,
INE965R07033, INE965R07041, INE965R07058, INE965R07066) with immediate effect, as the company
has redeemed the said instruments and there is no amount outstanding against the same as on
date.
Gera Developments Pvt Ltd             NCD issueProposed  CARE A+        1505    Assigned
Gera Developments Pvt Ltd             NCD issue (ISIN    CARE A+        250     Reaffirmed
                                      no: INE965R07074)
Gera Developments Pvt Ltd             NCD issue (ISIN    CARE A+        250     Reaffirmed
                                      no: INE965R07082)
Gera Developments Pvt Ltd             NCD issue (ISIN    CARE A+        250     Reaffirmed
                                      no: INE965R07090)
Gera Developments Pvt Ltd             NCD issue (ISIN    CARE A+        250     Reaffirmed
                                      no: INE965R07108)
Gera Developments Pvt Ltd             NCD issue (ISIN    CARE A+        250     Reaffirmed
                                      no: INE965R07116)
Gera Developments Pvt Ltd             NCD issue (ISIN    CARE A+        200     Reaffirmed
                                      no: INE965R07124)
Gera Developments Pvt Ltd             NCD issueProposed  CARE A+        150     Reaffirmed
Gera Developments Pvt Ltd             LT Bk Fac          CARE A+        1782.1  Reaffirmed
(reduced from 323.21 Crore)
Hyper Filteration Pvt Ltd             LT Bk Fac          CARE BB        30      Assigned
Hyper Filteration Pvt Ltd             Long/ST Bk Fac     CARE BB/A4     40      Assigned
Navuthan Educational Trust            LT Bk Fac          CARE BB        445     Assigned
Navuthan Educational Trust            LT/ST Bk Fac       CARE BB/A4     50      Assigned
Nilhil Pulses Pvt. Ltd.               LT BkFac           CARE B+        70      Assigned
Pr.M. Modern Rice Mill                LT Bk Fac          CARE BB-       70      Assigned
Prem Industries                       LT Bk Fac          CARE BBB-      105     Assigned
Raja Udyog Pvt Ltd                    LT/ STBk Fac       -              -       Withdrawn
Raja Udyog Pvt Ltd                    LT Bk Fac          -              -       Withdrawn
Raju Chacko                           LT Bk Fac          CARE B+        221     Assigned
Trinity Educational Trust             LT Bk Fac          CARE BB-       205     Assigned
Trinity Educational Trust             LT/ST Bk Fac       CARE BB-/A4    30      Assigned
--------------------------------------------------------------------------------------------
$: 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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