August 17, 2018 / 7:30 AM / 5 months ago

CARE ratings for Indian debt instruments-Aug 17

    Aug 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 16, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajanta Polymer Pvt Ltd                ST Bk Fac          -              -       Withdrawn
Capri Global Capital Ltd              CP                 CARE A1+       3500    Reaffirmed
Das And Brothers Electricals Pvt Ltd  ST Bk Fac          CARE A4        22.5    Assigned
Escorts Heart & Super Speciality      FB – ST – BkFac –  CARE A3 (SO)   150     Reaffirmed
Hospital Ltd                          Overdraft^
^ The facility is backed by credit enhancement in the form of unconditional and irrevocable
Corporate Guarantee of Fortis Global Healthcare Infrastructure Pte. Ltd. (FGHIPL).
Fortis Health Management Ltd          FB – ST – BkFac –  CARE A3 (SO)   70      Reaffirmed
                                      Overdraft^
^ The facility is backed by credit enhancement in the form of unconditional and irrevocable
Corporate Guarantee of Fortis Global Healthcare Infrastructure Pte. Ltd. (FGHIPL).    
Himangi Foods Pvt Ltd                 ST Bk Fac          CARE A3        5       Assigned
Il&Fs Financial Services Ltd          CP issue           CARE A1+       40000   Reaffirmed
Infrastructure Leasing & Financial    CP issue           CARE A1+       25000   Reaffirmed
Services Ltd
International Hospital Ltd            FB – ST – BkFac –  CARE A3 (SO)   260     Reaffirmed
                                      Overdraft^
Mangal Electrical Industries Pvt Ltd  ST Bk Fac          CARE A4+       132.5   Reaffirmed
Northern Power Erectors Ltd           Short- term Bk Fac CARE A4        40      Reaffirmed
Parmeshwari Silk Mills Ltd            ST Bk Fac          CARE A4        3.3     Assigned
Raymond Ltd                           CP (CP) Issue      CARE A1+       5500    Reaffirmed
                                                         (A One Plus)
Raymond Ltd                           ST Bk Fac          CARE A1+       6400    Reaffirmed
                                                         (A One Plus)
Satya Pal Kapoor And Sons (Unit – AmriST Bk Fac          CARE A4        55.1    Assigned
Silk Stores)
Suraksha Realty Ltd                   Proposed ST NCD –  CARE A1+(SO)   -       Assigned
                                      1
*backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
by Lakshdeep Investments and Finance Private Limited (LIFPL, guarantor). 
Suraksha Realty Ltd                   Proposed ST NCD –  CARE A1+(SO)   -       Reaffirmed
                                      2
**to be backed by credit enhancement in the form of unconditional and irrevocable corporate
guarantee by Lakshdeep Investments and Finance Private Limited (LIFPL, guarantor).The rating is
provisional (to the extent of Rs 300 crore) and is subject to the necessary documents being
executed and the final rating would be assigned on submission and verification of executed
documents to the satisfaction of CARE. 
Talwalkars Lifestyle Ltd              ST NCD             CARE A1+       250     Reaffirmed
Trisha Engineers                      ST Bk Fac          CARE A4        52.5    Reaffirmed
Uniroyal Marine Exports Ltd           ST Bk Fac          CARE A4        150     Assigned


LONG TERM RATINGS:
-------------------
Agarwal Reclaim And Rubber Products PvLT Bk Fac          CARE D         108.6   -
Ltd
ISSUER NOT COOPERATING
Aircel Cellular Ltd                   LT Bk Fac*         CARE D         174790  -
ISSUER NOT COOPERATING,*Part of Group facilities (interchangeable between Aircel Limited, Aircel
Cellular Limited, Dishnet Wireless Limited and Aircel Smart Money Limited) 
Aircel Ltd                            LT Bk Fac*         CARE D         174790  -
ISSUER NOT COOPERATING,*Part of Group facilities (interchangeable between Aircel Limited, Aircel
Cellular Limited, Dishnet Wireless Limited and Aircel Smart Money Limited) 
Aircel Smart Money Ltd                LT Bk Fac*         CARE D         174790  -
ISSUER NOT COOPERATING,*Part of Group facilities (interchangeable between Aircel Limited, Aircel
Cellular Limited, Dishnet Wireless Limited and Aircel Smart Money Limited) Aircel Smart
Ajanta Polymer Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Anand Rice Mill                       LT Bk Fac          CARE B+        61.4    Assigned
Anlon Healthcare Pvt Ltd              LT Bk Fac          CARE D         115     Revised from
                                                                                CARE B+
Anlon Healthcare Pvt Ltd              LT Bk Fac / ST Bk  CARE D /D      30      Revised from
                                      Fac                                       CARE B+
Capri Global Capital Ltd              LT Bk Fac          CARE A+        25000   Reaffirmed
Capri Global Capital Ltd              NCD                CARE A+        3000    Reaffirmed
Capri Global Housing Finance Ltd      LT Bk Facility     CARE A-        6000    Reaffirmed
Chandigarh Educational Society        LT Bk Fac          CARE A- (SO)   507.7   Reaffirmed
Das And Brothers Electricals Pvt Ltd  LT Bk Fac          CARE B         42.5    Assigned
Dishnet Wireless Ltd                  LT Bk Fac*         CARE D         174790  -
ISSUER NOT COOPERATING,*Part of Group facilities (interchangeable between Aircel Limited, Aircel
Cellular Limited, Dishnet Wireless Limited and Aircel Smart Money Limited) 
Dls Papers Pvt Ltd                    LT Bk Fac          CARE D         112.2   Revised from
                                                                                CARE B-
ISSUER NOT COOPERATING
Haigreeva Infratech Projects Ltd      LT Bk Fac          CARE B         1850    -
ISSUER NOT COOPERATING
Himangi Foods Pvt Ltd                 LT Bk Fac          CARE BBB-      195     Assigned
Il&Fs Energy Development Co. Ltd      NCD-Tranche-I      CARE AA (SO)   4000    Revised from
                                                                                CARE AA+
Il&Fs Energy Development Co. Ltd      NCD-Tranche-II     CARE AA (SO)   1000    Revised from
                                                                                CARE AA+
Il&Fs Financial Services Ltd          Perpetual Debt     CARE AA        2000    Revised from
                                                                                CARE AA+
Il&Fs Financial Services Ltd          NCD Redeemable     CARE AA (RPS)  2500    Revised from
                                      Cumulative PS                             CARE AAA
Il&Fs Financial Services Ltd          NCDs               CARE AA+       48000   Revised from
                                                                                CARE AAA
Il&Fs Financial Services Ltd          LT Bk Fac          CARE AA+       24250   Revised from
                                                                                CARE AAA
Il&Fs Financial Services Ltd          Subordinate Debt   CARE AA+       11000   Revised from
                                                                                CARE AAA
Il&Fs Transportation Networks Ltd     NCDs(NCDs)**       CARE AA (SO)   -       Revised from
                                                                                CARE AA+
**Backed by a DSRA Support Undertaking by IL&FS [Credit Enhancement Provider, rated CARE
AA+/CARE A1+(credit watch with negative implications) to arrange for necessary funds through
itself or its nominee in relation to meeting ITNL’s obligation to maintain debt service reserve
(DSRA) in respect to the immediately succeeding Scheduled Debt Obligation, in the event that
ITNL is not able to meet such DSRA obligations throughout the tenure of Non-convertible
debentures. 
Il&Fs Transportation Networks Ltd     Bk Fac**           CARE AA(SO)    5000    Revised from
                                                                                CARE AA+
**Backed by a DSRA Support Undertaking by IL&FS [Credit Enhancement Provider, rated CARE
AA+/CARE A1+(credit watch with negative implications) to arrange for necessary funds through
itself or its nominee in relation to meeting ITNL’s obligation to maintain debt service reserve
(DSRA) in respect to the immediately succeeding Scheduled Debt Obligation, in the event that
ITNL is not able to meet such DSRA obligations throughout the tenure of Non-convertible
debentures. 
Il&Fs Transportation Networks Ltd     NCDs(NCDs)*        CARE AA+(SO)   -       Revised from
                                                                                CARE AAA
*credit enhancement in the form of a binding tripartite Parent Agreement for shortfall
undertaking, whereby Debenture Trustee has a right to call upon IL&FS (i.e. Parent) for timely
repayment of outstanding amounts of the aforesaid instruments., 
Il&Fs Transportation Networks Ltd     Proposed NCD @     CARE AA+(SO)   2000    Revised from
                                                                                Provisional
                                                                                CARE AAA
@Ratings shall remain provisional till the receipt of the executed copies of the transaction
documents such as Debenture Trust Deed, DSRA Support Undertaking and Information Memorandum
along with Independent Legal Opinion to the satisfaction of CARE. 
Infrastructure Leasing & Financial    Redeemable PS      CARE AA (RPS)  15000   Revised from
Services Ltd                                                                    CARE AAA
Infrastructure Leasing & Financial    LT Bk Fac          CARE AA+       4000    Revised from
Services Ltd                                                                    CARE AAA
Infrastructure Leasing & Financial    Subordinate Debt   CARE AA+       68.5    Revised from
Services Ltd                                                                    CARE AAA
Infrastructure Leasing & Financial    NCDs               CARE AA+       96419.4 Revised from
Services Ltd                                                                    CARE AAA
Infrastructure Leasing & Financial    Non-fund based Bk  CARE AA+ /A1+  2000    Revised from
Services Ltd                          Fac                                       CARE AAA
Mangal Electrical Industries Pvt Ltd  LT Bk Fac          CARE BB+       280     Reaffirmed
Mangal Electrical Industries Pvt Ltd  LT / ST BkFac      CARE BB+/A4+   387.5   Reaffirmed
Northern Power Erectors Ltd           LT Bk Fac          CARE B+        140     Reaffirmed
Parmeshwari Silk Mills Ltd            LT Bk Fac          CARE BB-       474.9   Revised from
                                                                                CARE B
ISSUER NOT COOPERATING
R.S. Print Solutions Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Rajkamal Electric Press               LT Bk Fac          -              -       Withdrawn
Raymond Ltd                           LT Bk Fac          CARE AA        10250   Reaffirmed
Renu Infrastructure Pvt Ltd           LT Bk Fac          CARE BB-       5       Assigned
Renu Infrastructure Pvt Ltd           LT/STBk Fac        CARE BB-/A4    80      Assigned
Rhythm Real Food Product              LT Bk Fac          CARE BBB-      90      Assigned
Satya Pal Kapoor And Sons (Unit – AmriLT Bk Fac          CARE BB-       44.4    Assigned
Silk Stores)
Satya Pal Kapoor And Sons (Unit – AmriLT/STBk Fac        CARE BB-/A4    39.6    Assigned
Silk Stores)
Shree Ganesh Education And Welfare    LT Bk Fac          CARE B+        70      Assigned
Society
Sonigara Gold Llp                     LT Bk Fac          CARE BB        60      Assigned
Spectra Realcon Llp                   LT Bk Fac          CARE D         162.4   Revised from
                                                                                CARE BB-
Spn Laboratories Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Svs Cottons (India) Pvt Ltd           LT Bk Fac          CARE BB-       50      Assigned
Talwalkars Better Value Fitness Ltd   LT NCD - 1         -              -       Withdrawn
transferred to
Talwalkars 
Lifestyle Limited
Talwalkars Better Value Fitness Ltd   LT NCD – 2         -              -       -
transferred to
Talwalkars 
Lifestyle Limited
Talwalkars Better Value Fitness Ltd   LT NCD - 3         -              -       -
transferred to
Talwalkars 
Lifestyle Limited
Talwalkars Better Value Fitness Ltd   LT NCD - 4         -              -       -
transferred to
Talwalkars 
Lifestyle Limited
Talwalkars Better Value Fitness Ltd   LT NCD - 5         -              -       -
transferred to
Talwalkars 
Lifestyle Limited
Talwalkars Better Value Fitness Ltd   LT Bk Fac (TL)     CARE AA        1100.9  Reaffirmed
Talwalkars Better Value Fitness Ltd   LT NCD -6          CARE AA        500     Reaffirmed
Talwalkars Better Value Fitness Ltd   LT NCD -7          CARE AA        300     Reaffirmed
Talwalkars Lifestyle Ltd              LT Bk Fac (TL)     CARE AA        2379.8  Assigned
Talwalkars Lifestyle Ltd              LT NCD – 1         CARE AA        166.7   Assigned
Transferred
from
Talwalkars 
Better Value
Fitness Limited
Talwalkars Lifestyle Ltd              LT NCD – 2         CARE AA        250     Assigned
Transferred
from
Talwalkars 
Better Value
Fitness Limited
Talwalkars Lifestyle Ltd              LT NCD – 3         CARE AA        250     Assigned
Transferred
from
Talwalkars 
Better Value
Fitness Limited
Talwalkars Lifestyle Ltd              LT NCD – 4         CARE AA        250     Assigned
Transferred
from
Talwalkars 
Better Value
Fitness Limited
Talwalkars Lifestyle Ltd              LT NCD – 5         CARE AA        500     Assigned
Transferred
from
Talwalkars 
Better Value
Fitness Limited
Talwalkars Lifestyle Ltd              LT NCD -6          CARE AA        250     Reaffirmed
Talwalkars Lifestyle Ltd              Proposed LT        CARE AA        250     Assigned
                                      NonConvertible
                                      Debenture
Trisha Engineers                                                        72.5
Trisha Engineers                      LT Bk Fac          CARE BB        20      Reaffirmed
Welspun Steel Ltd                     LT/ST BkFac        CARE A/A1      2500    Revised from
                                                                                CARE
                                                                                BBB+/CARE A2
Removed from Credit watch
--------------------------------------------------------------------------------------------
$: 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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