August 1, 2018 / 7:03 AM / 2 months ago

CARE ratings for Indian debt instruments-Aug 1

    Aug 1 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 31, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Axis My India Ltd                     ST Bk Fac          CARE A3+       27.5    Reaffirmed
Bilaspur Mining Industries Pvt Ltd    ST BkFac           CARE A4+       24.8    Revised
                                                                                from CARE A3
(ISSUER NOT COOPERATING)
Canadian Solar India Pvt Ltd          Proposed ST Bk     CARE A2 (SO)   200     Assigned
                                      Fac-BG
Canadian Solar India Pvt Ltd          ST Bk Fac-BG       CARE A2        300     Assigned
                                                         (SO)(2)
Diamond Hometex India Pvt Ltd         ST Bk Fac          CARE A4        7.5
(ISSUER NOT COOPERATING)
Feynman Solarfarms Pvt Ltd            ST Bk Fac-BG       CARE A2        300     Assigned
                                                         (SO)(2)
(2) The above ratings are based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee of Canadian Solar Inc for 80% of the facility amount (capped to
Rs.24 cr) and cash margin of 25%. The sanction terms stipulate that the BG (Bid bond) shall be
issued to the direct/ indirect wholly-owned subsidiaries of Canadian Solar Inc in India. At any
point, exposure to all entities of Canadian Solar group shall not exceed the sanctioned limit of
Rs.30 cr. CARE is also rating 2 other SPVs of Canadian Solar group, namely, Rutherford
Solarfarms Pvt Ltd (RSPL) and Canadian Solar India Pvt Ltd (CSIPL), for a similar BG limit of
Rs.30 cr with total exposure cap of Rs.30 cr. The facility is thus, usable in any of the three
SPVs of Canadian Solar Inc, namely RSPL, FSPL and CSIPL.
Feynman Solarfarms Pvt Ltd            ST Bk Fac-BG       ProvCARE A2    700     Assigned
                                                         (SO)
Kross Ltd (Erstwhile Kross            ST Bk Fac          CARE A3        100
Manufacturers (I) Pvt Ltd)
(ISSUER NOT COOPERATING)
Ma Chandi Rice Mill                   ST Bk Fac          CARE D         2.5     Assigned
Modepro India Pvt Ltd                 ST Bk Fac          CARE A3        75      Revised from
                                                                                CARE A3+
Prabhu Projects Pvt. Ltd              ST Bk Fac          CARE A4+       120     Assigned
Progressive Exim Ltd                  ST BkFac           CARE D         100     Revised from
                                                                                CARE A4+
(ISSUER NOT COOPERATING)
Radiant Polymers Pvt Ltd              ST Bk Fac          -              -       Withdrawn
Reliance Infrastructure Ltd           ST Bk Fac          CARE A4        15000   Revised from
                                                                                CARE A2
Credit Watch with Developing Implications
Rutherford Solarfarms Pvt Ltd         ST Bk Fac-BG       CARE A2        800     Assigned
                                                         (SO)(2)
(2) The above ratings are based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee of Canadian Solar Inc for 80% of the facility amount (capped to
Rs.24 cr) and cash margin of 25%. The sanction terms stipulate that the BG (Bid bond) shall be
issued to the direct/ indirect wholly-owned subsidiaries of Canadian Solar Inc in India. At any
point, exposure to all entities of Canadian Solar group shall not exceed the sanctioned limit of
Rs.30 cr.CARE is also rating 2 other SPVs of Canadian Solar group, namely, Feynman Solarfarms
Pvt Ltd (FSPL) and Canadian Solar India Pvt Ltd (CSIPL), for a similar BG limit of Rs.30 cr with
total exposure cap of Rs.30 cr. The facility is thus, usable in any of the three SPVs of
Canadian Solar Inc, namely FSPL, RSPL and CSIPL.
Rutherford Solarfarms Pvt Ltd         Proposed ST Bk     ProvCARE A2    200     Assigned
                                      Fac-BG             (SO)
Sharma Metalloys Pvt Ltd              ST BkFac           CARE A4        150
(ISSUER NOT COOPERATING)
Sri Venkatesh Iron & Alloys India Ltd ST BkFac           CARE A4        9       Revised from
                                                                                CARE A3
(ISSUER NOT COOPERATING)
VSP Udyog Pvt Ltd                     ST Bk Fac          CARE D         290
(ISSUER NOT COOPERATING)
Yashnand Engineers & Contractors      ST Bk Fac          -              -       Withdrawn
    
MEDIUM TERM RATINGS:
-------------------
Icici Home Finance Company Ltd        Fixed Deposits     CARE AAA (FD)  40000   Reaffirmed
(enhanced from 2,000 Crore)
LONG TERM RATINGS:
-------------------
Adarsha International                 LT Bk Fac          CARE B         52      Assigned
Agrasen Ispat Pvt. Ltd.               LT Bk Fac          CARE BB+       300
(ISSUER NOT COOPERATING)
Al-Sami Agro Products Pvt Ltd         LT Bk Fac          CARE BB        344.2   Reaffirmed
(reduced from 39.18 Crore)
Amaravathi Tourism Project Ltd        LT Bk Fac          CARE B+        79      Assigned
Ananthapur Msw Pvt Ltd                Proposed LT Bk Fac CARE BBB+ (SO) 502.9   #
Axis My India Ltd                     LT Bk Fac          CARE BBB+      97.5    Reaffirmed
B S Buildtech                         LT Bk Fac          CARE B+        450     Revised from
                                                                                CARE BB
(ISSUER NOT COOPERATING)
Bajrang Steel & Alloys Ltd            LT Bk Fac          CARE BB-       140     Revised from
                                                                                CARE BB
(ISSUER NOT COOPERATING)
Bilaspur Mining Industries Pvt Ltd    LT BkFac           CARE BB+       439     Revised
                                                                                fromCARE BBB-
(ISSUER NOT COOPERATING)
Decor Home India Pvt Ltd              LT Bk Fac          CARE BB        500     Revised from
                                                                                CARE B+
Diamond Hometex India Pvt Ltd         LT Bk Fac          CARE B         73      Revised from
                                                                                CARE BB-
(ISSUER NOT COOPERATING)
Essel Bagalkot Solar Energy Pvt Ltd   LT Bk Fac – TL     CARE BBB+ (SO) 301.4   #
Essel Green Energy Pvt Ltd            LT Bk Fac          CARE BBB+ (SO) 1000    #
Essel Gulbarga Solar Power Pvt Ltd    LT Bk Fac – TL     CARE BBB+ (SO) 198.1   #
Hind Himcon Associates                LT Bk Fac          CARE           100     Reaffirmed
                                                         BB
(Enhanced from 4.00 Crore)
Hind Himcon Associates                Long/ST Bk Fac     CARE BB/A4     170     Reaffirmed
(Enhanced from 11.00 Crore)
ICICI Home Finance Company Ltd        Senior Bonds       CARE AAA       120000  Reaffirmed
(enhanced from 7,200 Crore)
ICICI Home Finance Company Ltd        Sub. Bonds         CARE AAA (SO)  2070    Reaffirmed
(reduced from 258 Crore)
Jabalpur Msw Pvt Ltd                  LT Bk Fac – TL     CARE BBB+ (SO) 1123.6  #
Jabalpur Msw Pvt Ltd                  LT Bk Fac – CC     CARE BBB+ (SO) 50      #
Jayalakshmi Cotton Traders            LT Bk Fac          CARE BB-       94.5    Assigned
Kadapa Msw Pvt Ltd                    Proposed LT Bk Fac ProvCARE BBB+  502.9   #
                                                         (SO)
Kross Ltd (Erstwhile Kross            LT Bk Fac          CARE BBB-      403.4
Manufacturers (I) Pvt Ltd)
(ISSUER NOT COOPERATING)
Kunal Spaces Pvt Ltd                  LT Bk Fac          CARE BBB-      596.1   Revised from
                                                                                CARE BBB-
(reduced from 76.33 Crore)
Laxmi Engineering Industries (Bhopal) LT Bk Fac          CARE BB        282.5
Pvt Ltd
(ISSUER NOT COOPERATING)
Laxmi Engineering Industries (Bhopal) LT / ST Bk Fac     CARE BB /CARE  100
Pvt Ltd                                                  A4
(ISSUER NOT COOPERATING)
Ma Chandi Rice Mill                   LT Bk Fac          CARE D         74.9    Assigned
Modepro India Pvt Ltd                 LT Bk Fac          CARE BBB-      144.2   Revised from
                                                                                CARE BBB
N. R. Ispat & Power Pvt Ltd           LT Bk Fac          CARE BB        586.5
(ISSUER NOT COOPERATING)
Pankaj Ispat Ltd                      LT BkFac           CARE B-        150
(ISSUER NOT COOPERATING)
PN Clean Energy Ltd                   LT Bk Fac – TL     CARE BBB+ (SO) 894.3   #
PN Renewable Energy Ltd               LT Bk Fac – TL     CARE BBB+ (SO) 431.6   #
Prefect Packaging Pvt Ltd             LT Bk Fac          CARE BB-       119.8   Reaffirmed
Progressive Exim Ltd                  LT BkFac           CARE D         6.6     Revised from
                                                                                CARE BB+
(ISSUER NOT COOPERATING)
Progressive Exim Ltd                  LT/ ST Bk Fac      CARE D         245     Revised from
                                                                                CARE BB+/
                                                                                CARE A4+
(ISSUER NOT COOPERATING)
R. B. Construction                    LT BkFac           CARE BB-       327.5   Revised from
                                                                                CARE BBB-
(ISSUER NOT COOPERATING)
Radiant Polymers Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Radiant Polymers Pvt Ltd              LT/ST Bk Fac       -              -       Withdrawn
Reliance Infrastructure Ltd           LT Bk Fac          CARE B         37000   Revised from
                                                                                CARE BBB+
Credit Watch with Developing Implications
Reliance Infrastructure Ltd           LT NCD -1          CARE B         8000    Revised from
                                                                                CARE BBB+
Credit Watch with Developing Implications
Reliance Infrastructure Ltd           LT NCD-2           CARE B         12000   Revised from
                                                                                CARE BBB+
Credit Watch with Developing Implications
Reliance Infrastructure Ltd           LT NCD-3           CARE B         3650    Revised from
                                                                                CARE BBB+
Credit Watch with Developing Implications
Rui Laboratories Pvt Ltd              LT Bk Fac Fund     CARE B+        300     Assigned
                                      based
Sri Venkatesh Iron & Alloys India Ltd LT BkFac           CARE BB        138     Revised from
                                                                                CARE BBB-
(ISSUER NOT COOPERATING)
Tadepalligudem Msw Pvt Ltd            Proposed LT Bk Fac ProvCARE BBB+  502.9
                                                         (SO)
Placed on credit watch with developing implications
Tech India Enterprises                LT Bk Fac          CARE B+        50      Assigned
Theos Imaging And Diagnostics Llp     Long -term Bk Fac  CARE D         150     Revised
                                                                                fromCARE B+
(ISSUER NOT COOPERATING)
Umashree Rice Mills Pvt Ltd           LT Bk Fac          CARE B         134.4   Assigned
Usha Spincoat Pvt Ltd                 LT Bk Fac          CARE BB-       293.6
(ISSUER NOT COOPERATING)
Visu Leasing And Finance Pvt Ltd      LT Bk Fac          CARE A         12000   Reaffirmed
(enhanced from Rs.1,000 crore Crore)
Visu Leasing And Finance Pvt Ltd      Proposed NCDs      CARE A         2000    Assigned
Vizianagram Msw Pvt Ltd               Proposed LT Bk Fac ProvCARE BBB+  502.9   #
                                                         (SO)
Vsp Udyog Pvt Ltd                     LT Bk Fac          CARE D         2003.1
(ISSUER NOT COOPERATING)
Yashnand Engineers & Contractors      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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