August 21, 2018 / 8:51 AM / 5 months ago

CARE ratings for Indian debt instruments-Aug 21

    Aug 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 20, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aak Kamani Pvt Ltd                    ST Bk Fac          CARE A2+       300     Reaffirmed
Adani Enterprises Ltd.                ST Bk Fac          CARE A1        3000    Reaffirmed
Asha Enterprise_Siliguri              ST Bk Fac          CARE A4        3       Assigned
Bhageria Industries Ltd               ST Fund Based      CARE A2+       780     Revised from
                                      BkFac                                     CARE A2
(Enhanced from 53.00 Crore)
Bhageria Industries Ltd               ST Non Fund        CARE A2+       10      Revised from
                                      BasedBk Fac                               CARE A2
Brilliant Bio Pharma Pvt Ltd          ST BkFac           CARE A3+       325     Assigned
Dcm Shriram Industries Ltd            ST Bk Fac          CARE A1+       928.5   Reaffirmed
(reduced from 93.55 Crore)
Dcm Shriram Industries Ltd            CP*                CARE A1+       750     Reaffirmed
Eastern Bearings Pvt Ltd              ST BkFac           CARE A4        115     Revised from
                                                                                CARE A4+
ISSUER NOT COOPERATING
Edelweiss Asset Reconstruction Co. LtdProposed CP        CARE A1+       3000    Revised from
                                                                                Provisional
                                                                                CARE A1+(SO)
Jain Stone Industries Pvt Ltd         ST Bk Fac          CARE A4        3.5     Assigned
L. Madanlal (Aluminium) Ltd           ST Bk Facility     CARE A4        20      Assigned
Rayat & Bahra Group Of Institutes An  ST Bk Fac          CARE D         10      Revised from
Educational & Charitable Society                                                CARE A4
Sai Constructions                     ST Bk Fac          CARE A4        50      Assigned
Shree Contractor                      ST Bk Fac          CARE A4+       220     Reaffirmed
Shri Harinarayan Jaiswal & Co.        ST Bk Fac          CARE A4        40      Assigned
Shri Ramchandra Jaiswal & Co.         ST Bk Fac          CARE A4        60      Assigned
Sonic Ceramic Pvt Ltd                 ST Bk Fac          CARE A4        10      Assigned
Spi Cinemas Pvt Ltd                   ST BkFac           CARE A3+       100     -
Placed on credit watch with positive implications

MEDIUM TERM RATINGS:
-------------------
Dcm Shriram Industries Ltd            Medium-term        CARE A+ (FD)   150     Reaffirmed
                                      Instruments –
                                      Fixed Deposit

LONG TERM RATINGS:
-------------------
Aak Kamani Pvt Ltd                    Long/ST Bk Fac     CARE A/A2+     2950    Reaffirmed
Adani Enterprises Ltd.                LT Bk Fac * $      -              -       Withdrawn
*$ Upon completion of refinancing of existing term debt related to PEKB coal block project with
a fresh term loan, rating assigned to the existing term debt has been ‘withdrawn’ on receipt of
‘no dues certificates’ from the earlier lenders whereas the ‘Provisional’ rating assigned to the
fresh term loan is finalized on execution of a new TRA agreement with the new lenders which
establishes existence of a ring-fenced cash flow structure for priority in debt servicing of
these loans.
Adani Enterprises Ltd.                LT / ST BkFac      CARE A/A1      83850   Reaffirmed
Adani Enterprises Ltd.                LT Bk Fac *        CARE A+ (SO)   6100    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.                LT Bk Fac * $      CARE A+ (SO)   9500    Final Rating
                                                                                Assigned
*$ Upon completion of refinancing of existing term debt related to PEKB coal block project with
a fresh term loan, rating assigned to the existing term debt has been ‘withdrawn’ on receipt of
‘no dues certificates’ from the earlier lenders whereas the ‘Provisional’ rating assigned to the
fresh term loan is finalized on execution of a new TRA agreement with the new lenders which
establishes existence of a ring-fenced cash flow structure for priority in debt servicing of
these loans.
Adani Rail Infra Pvt. Ltd.            NCD issue ^        CARE AA- (SO)  6000    Assigned
^ proposed to be backed by credit enhancement in the form of security of first and exclusive
pledge of promoters’ unencumbered shares of Adani Ports and Special Economic Zone Ltd. (APSEZ),
Adani Transmission Ltd. (ATL) and Adani Enterprises Ltd. (AEL) in the ratio of 80:10:10, such
that the value of these shares is 2 times the value of the outstanding Non-Convertible
Debentures (NCDs).
Ambica Iron & Steel Pvt Ltd           LT BkFac           CARE B+        60      -
ISSUER NOT COOPERATING
Anjanee Cement Corporation            LT BkFac           CARE B-        90.7    Revised from
                                                                                CARE B+
Asha Enterprise_Siliguri              LT Bk Fac          CARE B+        100     Reaffirmed
(enhanced from 8.00 Crore)
Bhageria Industries Ltd               LT Fund Based      CARE A-        61      Revised from
                                      BkFac (TL)                                CARE BBB+
(Enhanced from 4.92 crores Crore)
Brilliant Bio Pharma Pvt Ltd          LT BkFac           CARE BBB+      572.6   Assigned
Corona Remedies Pvt Ltd               LT/ STBk Fac       CARE A-/A2+    250     Assigned
Dcm Shriram Industries Ltd            LT Bk Fac          CARE A+        5860.8  Reaffirmed
(enhanced from 528.66 Crore)
Eastern Bearings Pvt Ltd              LT BkFac           CARE BB        205     Revised from
                                                                                CARE BB+
ISSUER NOT COOPERATING
Fullerton India Credit Co. Ltd        Subordinated Debt  CARE AAA       11000   Reaffirmed
(Enhanced from 800 crore Crore)
Garg Industries Ltd                   LT Bk Fac          CARE B+        200     Revised from
                                                                                CARE BB+
ISSUER NOT COOPERATING
Garg Industries Ltd                   LT Bk Fac          CARE A4        20      Revised from
                                                                                CARE A4+
ISSUER NOT COOPERATING
India Mortgage Guarantee Corporation  Issuer Rating      CARE AA+       -       Reaffirmed
Pvt Ltd
Jain Stone Industries Pvt Ltd         LT Bk Fac          CARE B-        48.4    Assigned
Jain Stone Industries Pvt Ltd         LT/ST Bk Fac       CARE B-/A4     9       Assigned
Kama Metals And Alloys Pvt Ltd        LT Bk Fac          CARE BB-       90      Assigned
L. Madanlal (Aluminium) Ltd           LT Bk Facility     CARE BB        58      Assigned
L. Madanlal (Aluminium) Ltd           Long /ST Bk        CARE BB/A4     2       Assigned
                                      Facility
R. S. Fuel Pvt Ltd                    LT BkFac           CARE BB+       49      Revised from
                                                                                CARE BBB-
ISSUER NOT COOPERATING
R. S. Fuel Pvt Ltd                    Long/ST BkFac      CARE BB+/A4+   250     Revised from
                                                                                CARE
                                                                                BBB-/CARE A3
ISSUER NOT COOPERATING
Raipur Specialty Steels Pvt Ltd       LT Bk Fac          CARE B+        54.1    Reaffirmed
Rayat & Bahra Group Of Institutes An  LT Bk Fac          CARE D         853.5   Revised from
Educational & Charitable Society                                                CARE B
Rayat Educational & Research Trust    LT Bk Fac          CARE D         333.6   Revised from
                                                                                CARE B
Sai Constructions                     LT Bk Fac          CARE B+        10      Assigned
Shree Contractor                      LT Bk Fac          CARE BB        70      Reaffirmed
Shree Jee Educational And Welfare     LT Bk Fac          CARE B+        63.8    Assigned
Society
Shri Harinarayan Jaiswal & Co.        LT Bk Fac          CARE BB-       30      Assigned
Shri Ramchandra Jaiswal & Co.         LT Bk Fac          CARE BB-       28      Assigned
Sonic Ceramic Pvt Ltd                 LT Bk Fac          CARE B+        210     Assigned
Spi Cinemas Pvt Ltd                   LT BkFac           CARE BBB       2200    -
Placed on credit watch with positive implications
Trupti Infrastructure Pvt Ltd         LT Bk FacLT/ST     CARE BB /CARE  -       Assigned
                                      BkFac              BB/A4+
--------------------------------------------------------------------------------------------
$: 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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