August 14, 2019 / 6:51 AM / 2 months ago

CARE ratings for Indian debt instruments-Aug 14

    Aug 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 13, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abhinav Steels And Power Ltd          ST Bk Fac          CARE D         280
(Issuer Not Cooperating)
Damodar Industries Ltd                ST Bk Fac          CARE A3+       185     Assigned
Eastern Copper Manufacturing Company  ST Bk Fac          CARE A4        120     Reaffirmed
Pvt Ltd
Gharpure Engineering & Construction PvST Bk Fac          -              -       Withdrawn
Ltd
Goverdhan Transformer Udyog Pvt Ltd   ST Bk Fac          CARE D         10      Revised from
                                                                                CARE A4
Hayath Foods                          ST Bk Fac          CARE A4        240
(Issuer Not Cooperating)
Jaymala Spintex Ltd                   ST Bk Fac          CARE D         24
(Issuer Not Cooperating)
Jove Steels Pvt Ltd                   ST Bk Fac          -              -       Withdrawn
K.Koteswara Reddy                     ST Bk Fac          CARE A4        79.4    Assigned
Lipi Data Systems Ltd                 ST BkFac           CARE A3+       1440    Reaffirmed
Mettu Chinna Mallareddy Godowns       Short -term Bk Fac CARE D         2.3     Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Mb Power (Madhya Pradesh) Ltd         ST Bk Fac -        CARE A3        490     Revised from
                                      Non-Fund Based –                          CARE A3+
                                      LOC
Naga Hanuman Fish Packers             ST Bk Fac          CARE A3        29.9    Revised from
                                                                                CARE A4+
Neelachal Ispat Nigam Ltd             ST Bk Fac          CARE D         2520.5  Revised from
                                      (Non-fund                                 CARE A4
                                      Based-LC/BG)
Neelachal Ispat Nigam Ltd             ST Bk Fac (LC/BG)# CARE A1 (CE)   50      Provisional
                                                                                Rating to
                                                                                Final Rating
#the said facilities/ instruments are backed by unconditional and irrevocable corporate
guarantee provided by MMTC Ltd. (rated CARE A; Stable / CARE A1 reaffirmed in January 2019).  
Orient Electric Ltd                   ST Bk Fac          CARE A1+       1033    Reaffirmed
(enhanced from 3.30 Crore)
Paramount Ltd                         ST Bk Fac          CARE A3+       500     Reaffirmed
Patel Construction (Biaora) Pvt Ltd   ST Bk Fac          CARE A4        45
(Issuer Not Cooperating)
R. M. Automobiles                     ST Bk Fac          -              -       Withdrawn
Radico Khaitan Ltd                    ST Bk Fac – Non    CARE A1+       600     Reaffirmed at
                                      Fund Based                                CARE A1+
Removed from Credit Watch
Radico Khaitan Ltd                    CP Issue^          CARE A1+       1000    Reaffirmed at
                                                                                CARE A1+
Removed from Credit Watch/^ Carved out of working capital limits of the company
Rajluxmi Enterprises Pvt Ltd          Short –term Bk Fac CARE A4        30      Reaffirmed
removed from (Issuer Not Cooperating)
Rex Polyextrusion Pvt Ltd             ST Bk Fac          -              -       Withdrawn
Smd Engineers And Contractors         ST Bk Fac          CARE A4        86.7
(Issuer Not Cooperating)
Srei Equipment Finance Ltd            ST BkFac           CARE A1        10580   Revised from
                                                                                CARE A1+
Credit Watch with Negative Implications
Srei Equipment Finance Ltd            CP (CP) issue*     CARE A1        15000   Revised from
                                                                                CARE A1+
Credit Watch with Negative Implications/* Carved out of the sanctioned working capital limits of
the company.
Srei Infrastructure Finance Ltd       Short term BkFac   CARE A2+       3450    Revised from
                                                                                CARE A1+
Credit Watch with Developing Implications/(reduced from 695.00 Crore)
Srei Infrastructure Finance Ltd       Commercial Paper   CARE A2+       10000   Revised from
                                      Issue*                                    CARE A1+
Credit Watch with Developing Implications/(reduced from 3,000 Crore)*Carved out of the
sanctioned fund based working capital limit/Drawing Powers (whichever is lower) of the company. 
Sri Raja Vinayagar Mills              ST BkFac           CARE A4        30
(Issuer Not Cooperating)
Suam Overseas Pvt Ltd                 ST Bk Fac          CARE A3+       65      Assigned
The Western India Plywoods Ltd        ST Bk Fac          CARE A3        70      Reaffirmed
Whitefield Spintex (India) Pvt Ltd    ST Bk Fac          CARE D         13.5
(Issuer Not Cooperating)
 
MEDIUM TERM RATINGS:
-------------------
Damodar Industries Ltd                Medium Term Fixed  CARE BBB (FD)  400     Assigned
                                      Deposit
LONG TERM RATINGS:
-------------------
Abhinav Steels And Power Ltd          LT Bk Fac          CARE D         3794.1
(Issuer Not Cooperating)
Athaluri Sushma Sree                  Long -term Bk Fac  CARE D         54.3
(Issuer Not Cooperating)
Damodar Industries Ltd                LT Bk Fac          CARE BBB       1505    Assigned
Damodar Industries Ltd                LT/ST BkFac        CARE BBB /A3+  1560    Assigned
Eastern Copper Manufacturing Company  LT Bk Fac          CARE B         38.8    Reaffirmed
Pvt Ltd
Ecl Finance Ltd                       CP Issue (IPO      -              -       Withdrawn
                                      Financing)
Edelweiss Rural And Corporate ServicesCP Issue (IPO      -              -       Withdrawn
Ltd (Erstwhile Edelweiss Commodities  Financing)
Services Ltd)
Flexi Plast Industries                LT Bk Fac          -              -       Withdrawn
Gharpure Engineering & Construction PvLT Bk Fac          -              -       Withdrawn
Ltd
Goverdhan Transformer Udyog Pvt Ltd   LT Bk Fac          CARE D         45      Revised from
                                                                                CARE B+
Hayath Foods                          LT Bk Fac          CARE B-        104.1   Revised from
                                                                                CARE B
(Issuer Not Cooperating)
J.K. Infra-Utilities Pvt Ltd          LT Bk Fac          CARE BBB-      5       Assigned
J.K. Infra-Utilities Pvt Ltd          LT/ST BkFac        CARE BBB-/A3   195     Assigned
Jammu And Kashmir Bank Ltd            Lower Tier II BondsCARE AA-       6000
Placed under Credit Watch with Negative Implications
Jaymala Spintex Ltd                   LT Bk Fac          CARE D         319.4
(Issuer Not Cooperating)
Jove Steels Pvt Ltd                   LT Bk Fac          -              -       Withdrawn
K.Koteswara Reddy                     LT Bk Fac          CARE BB-       37.5    Assigned
Lipi Data Systems Ltd                 LT BkFac           CARE BBB       300     Reaffirmed
Lipi Data Systems Ltd                 LT / ST Bk Fac     CARE BBB/A3+   200     Reaffirmed
Maheshwari Agro Food Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac –TL      CARE BBB-      44130   Revised from
                                                                                CARE BBB+
(reduced from 4,648 Crore)
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac – (ECBs) CARE BBB-      7320    Revised from
                                                                                CARE BBB+
(reduced from 743 Crore)
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac–Non-Fund CARE BBB-      5710    Revised from
                                      Based (BG)                                CARE BBB+
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac – Fund   CARE BBB-      10600   Revised from
                                      Based – Working                           CARE BBB+
                                      capital limits
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac -        CARE BBB-      2700    Revised from
                                      Non-Fund Based –                          CARE BBB+
                                      Derivative Limit
Mettu Chinna Mallareddy Godowns       Long -term Bk Fac  CARE D         72.7    Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Naga Hanuman Fish Packers             LT Bk Fac          CARE BBB-      120.1   Revised from
                                                                                CARE BB+
Neelachal Ispat Nigam Ltd             LT Bk Fac (TL)#    CARE A (CE)    9930.5  Reaffirmed
#the said facilities/ instruments are backed by unconditional and irrevocable corporate
guarantee provided by MMTC Ltd. (rated CARE A; Stable / CARE A1 reaffirmed in January 2019).  
Neelachal Ispat Nigam Ltd             NCDs-I #           CARE A (CE)    1500    Reaffirmed
#the said facilities/ instruments are backed by unconditional and irrevocable corporate
guarantee provided by MMTC Ltd. (rated CARE A; Stable / CARE A1 reaffirmed in January 2019).  
Neelachal Ispat Nigam Ltd             NCDs-II #          CARE A (CE)    2000    Reaffirmed
#the said facilities/ instruments are backed by unconditional and irrevocable corporate
guarantee provided by MMTC Ltd. (rated CARE A; Stable / CARE A1 reaffirmed in January 2019).  
Neelachal Ispat Nigam Ltd             LT Bk Fac (TL)     CARE D         5430.1  Revised from
                                                                                CARE B+
Neelachal Ispat Nigam Ltd             LT Bk Fac (Fund    CARE D         1600    Revised from
                                      Based- CC)                                CARE B+
Orient Electric Ltd                   LT Bk Fac          CARE AA-       77      Reaffirmed
(reduced from 32.71 Crore)
Orient Electric Ltd                   Long/ST BkFac      CARE AA-/A1+   2600    Reaffirmed
Paramount Ltd                         LT/STBk Fac        CARE BBB/A3+   2000    Reaffirmed
Patel Construction (Biaora) Pvt Ltd   LT Bk Fac          CARE B+        40
(Issuer Not Cooperating)
R. M. Automobiles                     LT Bk Fac          -              -       Withdrawn
Radico Khaitan Ltd                    LT Bk Fac – Fund   CARE AA-       5685.7  Reaffirmed at
                                      Based                                     CARE AA-
Removed from Credit Watch
Rajluxmi Enterprises Pvt Ltd          LT Bk Fac          CARE BB-       70      Revised from
                                                                                CARE B+
removed from (Issuer Not Cooperating)
Rex Polyextrusion Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Smd Engineers And Contractors         Long -term Bk Fac  CARE BB-       25
(Issuer Not Cooperating)
Spencer’S Travel Services Ltd         Long -term Bk Fac  CARE BB        150
(Issuer Not Cooperating)
Srei Equipment Finance Ltd            Unsecured          CARE A         3618    Revised from
                                      Subordinated Tier                         CARE A+
                                      IINCDs (Series III, IV, V,VII, VIII & IX)
Credit Watch with Negative Implications
Srei Equipment Finance Ltd            Perpetual Bonds    CARE A-        375     Revised from
                                      (SeriesI)                                 CARE A
Credit Watch with Negative Implications
Srei Equipment Finance Ltd            LT BkFac           CARE A+        165475.4Revised from
                                                                                CARE AA-
Credit Watch with Negative Implications
Srei Equipment Finance Ltd            NCD (NCDs)(Series  CARE A+        5338.6  Revised from
                                      VII, XII, XIV                             CARE AA-
                                      andXV)
Credit Watch with Negative Implications
Srei Equipment Finance Ltd            Proposed NCD issue CARE A+        3       Revised from
                                                                                CARE AA-
Credit Watch with Negative Implications
Srei Infrastructure Finance Ltd       Long term BkFac    CARE A-        107819.7Revised from
                                                                                CARE A+
Credit Watch with Developing Implications/(reduced from 12,058.84 Crore)
Srei Infrastructure Finance Ltd       Long term          CARE A-        202.2   Revised from
                                      infrastructure bond                       CARE A+
Credit Watch with Developing Implications
Srei Infrastructure Finance Ltd       NCD issue- Series  CARE A-        4951.7  Revised from
                                      I, II, IV, V and                          CARE A+
                                      VII-IX
Credit Watch with Developing Implications/(reduced from 698.00 Crore)
Srei Infrastructure Finance Ltd       Proposed Secured   CARE A-        12549.1 Revised from
                                      Redeemable NCDs                           CARE A+
Credit Watch with Developing Implications
Srei Infrastructure Finance Ltd       Unsecured          CARE BBB+      8611.1  Revised from
                                      Subordinated Tier                         CARE A
                                      II NCDs (Series II – VI)
Credit Watch with Developing Implications/(reduced from 886.41 Crore)
Sri Raja Vinayagar Mills              LT BkFac           CARE B         240.7   Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Sri Srinivasa Delinters               LT Bk Fac          CARE BB-       80      Reaffirmed
(Enhanced from Rs.6.00 crore Crore)/Removed from non-cooperation
Suam Overseas Pvt Ltd                 LT Bk Fac          CARE BBB       295     Assigned
Suam Overseas Pvt Ltd                 LT/ST BkFac        CARE BBB /A3+  310     Assigned
Swadeshi Aluminium Company Pvt Ltd    LT Bk Fac          CARE D         180     Revised from
                                                                                CARE B
(Issuer Not Cooperating)
The Western India Plywoods Ltd        LT Bk Fac          CARE BBB-      305.4   Reaffirmed
(reduced from 31.07 Crore)
Tirumala Cashew Industries            Long -term Bk Fac  CARE BB-       150
(Issuer Not Cooperating)
Whitefield Spintex (India) Pvt Ltd    LT Bk Fac          CARE D         266.8
(Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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