August 18, 2017 / 4:35 AM / 3 months ago

CARE ratings for Indian debt instruments-Aug 18

    Aug 18 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 17, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Caddie Hotels Pvt Ltd                 ST Bk Fac          CARE A3        550     Reaffirmed
(increased from Rs.70 crore)
Emami Agrotech Ltd (Formerly Emami    ST Bk Fac          CARE A2        3665.5  Revised from
Biotech Ltd)                                                                    CARE A3+

Esselpropack Ltd                      ST Bk Fac          CARE A1+       1050    Reaffirmed
Future Enterprises Ltd                ST Bk Fac (Non     CARE A1+       4520    Reaffirmed
                                      Fund based)
Future Retail Ltd                     ST Bk Fac (Non     CARE A1+       25000   Reaffirmed
                                      Fund based)
Future Retail Ltd                     CP (carved out of  CARE A1+       6500    Reaffirmed
                                      working capital
                                      limits)
Future Retail Ltd                     CP (Standalone)^   CARE A1+       3500    Reaffirmed
^ As per undertaking submitted by FRL the outstanding CP including working capital borrowings
will not exceed lower of the sanctioned working capital limits.
Ishwar Cables Pvt Ltd                 ST Bk Fac          CARE A4        10      Assigned
Kevin Metpack Pvt Ltd                 ST Bk Fac          CARE A4        40      Reaffirmed
Maruti Spintex Pvt Ltd                ST Bk Fac          CARE A4        44.8    Reaffirmed
(enhanced from 2.93 CR)
Rahul Commerce Pvt Ltd                ST Bk Fac          CARE A4        14      Assigned
Rali Engineering Works                ST Bk Fac          CARE A4        30      Assigned
Siddhraj Infrabuild Pvt Ltd           ST Bk Fac          CARE A4        15.2    Assigned
Swagath Motels Pvt Ltd                ST Bk Fac          CARE A4        5       Assigned

LONG TERM RATINGS:
-------------------
Aria Hotels & Consultancy Services PvtLT Bk Fac          CARE BBB-      5786.8  Revised from
Ltd                                   (Term-Loans)                              CARE BB
(enhanced from 572.59 CR)
Aria Hotels & Consultancy Services PvtLT Bk Fac (CC)     CARE BBB-      75      Revised from
Ltd                                                                             CARE BB
(reduced from 17.50 CR)
Binjrajka Industries Pvt Ltd          LT Bk Fac          CARE B         96.3    Assigned
Btm Industries Ltd                    LT Bk Fac          CARE BB-       270     Revised from
                                                                                CARE BBB-
Caddie Hotels Pvt Ltd                 LT Bk Fac          CARE BBB       2348.9  Revised from
                                                                                CARE BBB-
(increased from Rs.184.89 crore)
Emami Agrotech Ltd (Formerly Emami    LT Bk Fac          CARE A-        4652    Revised from
Biotech Ltd)                                                                    CARE BBB+
(reduced from 510.6 CR)
Esselpropack Ltd                      LT Bk Fac          CARE AA        2140    Reaffirmed
Esselpropack Ltd                      NCD                CARE AA        900     Reaffirmed
Esselpropack Ltd                      LT/ST Bk Fac       CARE AA /CARE  1450    Reaffirmed
                                                         A1+
Future Enterprises Ltd                LT NCDs- III       -              -       Withdrawn
Future Enterprises Ltd                LT NCDs – VI       -              -       Withdrawn
Future Enterprises Ltd                LT Bk Fac (TL)     CARE AA-       9610.6  Reaffirmed
Future Enterprises Ltd                LT Bk Fac (TL)     CARE AA-       5576.6  Reaffirmed
Future Enterprises Ltd                LT Bk Fac (Fund    CARE AA-       3750    Reaffirmed
                                      Based)
Future Enterprises Ltd                LT NCDs            CARE AA-       9000    Reaffirmed
Future Enterprises Ltd                LT NCDs            CARE AA-       6000    Reaffirmed
Future Enterprises Ltd                LT NCDs            CARE AA-       13475   Reaffirmed
Future Enterprises Ltd                LT NCDs            CARE AA-       9490    Reaffirmed
Future Enterprises Ltd                LT NCDs            CARE AA-       15000   Reaffirmed
Future Enterprises Ltd                CP (Standalone)^   CARE AA-       1500    Reaffirmed
Future Retail Ltd                     LT Bk Fac (Fund    CARE AA-       32500   Reaffirmed
                                      Based)
Hdfc Bank Ltd.                        Infrastructure BondCARE AAA       300000  Reaffirmed
(enhanced from 15,000 CR)
Ishwar Cables Pvt Ltd                 LT Bk Fac          CARE B+        60      Assigned
Kevin Metpack Pvt Ltd                 LT Bk Fac          CARE B+        120     Reaffirmed
Manav Bharti Charitable Trust         LT Bk Fac          -              -       Withdrawn
Maruti Spintex Pvt Ltd                LT Bk Fac          CARE BB-       506.6   Reaffirmed
(enhanced from 24.42 CR)
Pentagon Aluminium Company Pvt Ltd    LT Bk Fac          CARE B         180     Reaffirmed
Pundrikaksh Granites Pvt Ltd          LT Bk Fac          CARE BB-       201.6   Reaffirmed
Pundrikaksh Granites Pvt Ltd          LT/ ST Fac         CARE BB- /CARE 95      Reaffirmed
                                                         A4
Rahul Commerce Pvt Ltd                LT Bk Fac          CARE BB-       126     Assigned
Rali Engineering Works                LT Bk Fac          CARE BB-       40      Assigned
Siddhraj Infrabuild Pvt Ltd           LT Bk Fac          CARE B         62.4    Assigned
Simtel Trading Corporation Pvt Ltd    LT Bk Fac          CARE BB+       40      Reaffirmed
Simtel Trading Corporation Pvt Ltd    LT/ST Bk Fac       CARE BB+ /CARE 110     Reaffirmed
                                                         A4+
Swagath Motels Pvt Ltd                LT Bk Fac          CARE BB+       60      Assigned
Til Ltd                               LT Bk Fac          CARE BBB+      1667    Revised from
                                                                                CARE BBB+
Til Ltd                               LT/ ST Fac         CARE BBB+      2000    Revised from
                                                         /CARE A2               CARE BBB+ /
                                                                                CARE A3+
--------------------------------------------------------------------------------------------
$: 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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