December 22, 2017 / 5:12 AM / 6 months ago

CARE ratings for Indian debt instruments-Dec 22

    Dec 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 21, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aadhar Housing Finance Ltd(Erstwhile  CP                 CARE A1+       500     Reaffirmed
Agh Wires Pvt Ltd                     ST Bk Fac          CARE D         21.6    Revised from
                                                                                CARE A4
(ISSUER NOT COOPERATING)
Dhfl Vysya Housing Finance Ltd)
Andaman Timber Company                ST Bk Fac          CARE A4        220     Assigned
Angel Fibers Pvt Ltd                  ST Bk Fac          CARE A4        15      Reaffirmed

Aro Granite Industries Ltd            ST Bk Fac          CARE A3        1210    Reaffirmed
Consul Neowatt Power Solutions Pvt LtdST Bk Fac          CARE A3        395     Reaffirmed
Global Profiles Ltd                   ST Bk Fac          CARE A4        120     Assigned
Ju Agrisciences Pvt Ltd               ST BkFac           CARE A3+       450     Reaffirmed
Kena Alloys Pvt Ltd                   ST Bk Fac          CARE D         40      Revised from
                                                                                CARE A4
Pacific Industries Ltd                ST Bk Fac          CARE A4        50      Assigned
Reliance Retail Ltd                   CP                 CARE A1+       30000   Reaffirmed
(Enhanced from Rs.73 crore Crore)
Shree Ambica Agro Industries Pvt. Ltd.ST Bk Fac          CARE A4        10      -
(ISSUER NOT COOPERATING)
Timex Art Décor Pvt Ltd               ST Bk Fac          CARE A4        90      Reaffirmed

MEDIUM TERM RATINGS:
-------------------

Reliance Retail Ltd                   Fixed Deposit      CARE AAA (FD)  2000    Reaffirmed
                                      Program (Jewellery
                                      Purchase Scheme)

LONG TERM RATINGS:
-------------------
Aadhar Housing Finance Ltd(Erstwhile  LT Bk Fac          CARE AA-       253.6   Reaffirmed
Dhfl Vysya Housing Finance Ltd)
Aadhar Housing Finance Ltd(Erstwhile  Subordinated debt  CARE AA(SO)    1500    Assigned
Dhfl Vysya Housing Finance Ltd)
Aadhar Housing Finance Ltd(Erstwhile  LT Bk Fac          CARE AA+(SO)   27016.5 Assigned
Dhfl Vysya Housing Finance Ltd)
Aadhar Housing Finance Ltd(Erstwhile  NCDs               CARE AA+(SO)   14000   Assigned
Dhfl Vysya Housing Finance Ltd)
Aadhar Housing Finance Ltd(Erstwhile  LT Bk Fac          CARE AA+(SO)   10479.9 Reaffirmed
Dhfl Vysya Housing Finance Ltd)
Aadhar Housing Finance Ltd(Erstwhile  LT Bk              CARE AA+(SO)   2250    Reaffirmed
Dhfl Vysya Housing Finance Ltd)       Fac(Proposed)@
@ to be backed by the Letter of Comfort from Dewan Housing Finance Corporation Limited (DHFL)
Aadhar Housing Finance Ltd(Erstwhile  NCDs               CARE AA+(SO)   1000    Reaffirmed
Dhfl Vysya Housing Finance Ltd)
Aadhar Housing Finance Ltd(Erstwhile  NCDs               CARE AA+(SO)   2000    Reaffirmed
Dhfl Vysya Housing Finance Ltd)
Agh Wires Pvt Ltd                     LT Bk Fac          CARE D         107.3   Revised from
                                                                                CARE B
(ISSUER NOT COOPERATING)
Andaman Timber Company                LT Bk Fac          CARE B+        35      Assigned
Angel Fibers Pvt Ltd                  LT Bk Fac          CARE BB-       378.2   Revised from
                                                                                CARE B+
Apar Industries Ltd                   LT Bk Fac          CARE A+        5389    Reaffirmed
Apar Industries Ltd                   Long/ST Bk Fac     CARE A+/A1+    35750   Reaffirmed
Aro Granite Industries Ltd            LT Bk Fac          CARE BBB-      125.3   Reaffirmed
Azure Clean Energy Pvt Ltd            LT Bk Fac – TL     -              -       Withdrawn
(Reduced from 48.10 Crore)
Bodhi Hotels & Resorts Pvt Ltd        LT Bk Fac          CARE BB        175     Reaffirmed
Brijraj Motors Pvt Ltd                LT Bk Fac          CARE BB+       187.5   Revised from
                                                                                CARE BB
(Rs. Two hundred crore only Crore)
Cms It Services Pvt Ltd               LT Bk Fac          CARE BBB-      350     Reaffirmed
Cms It Services Pvt Ltd               LT/ST Bk Fac       CARE BBB-/A3   800     Reaffirmed
(Enhanced from Rs.27 crore Crore)
Consul Neowatt Power Solutions Pvt LtdLT Bk Fac          CARE BBB-      505     Reaffirmed
(enhanced from 36.00 Crore)
Gakhil Resort & Spa                   LT Bk Fac          CARE B         100     -
(ISSUER NOT COOPERATING)
Ganpat Rai Kewal Ram Trading Company  LT Bk Fac          CARE BB-       140     Reaffirmed
Pvt Ltd
Global Profiles Ltd                   LT Bk Fac          CARE B+        20      Assigned
Heritage Educational Society          LT Bk Fac          CARE BBB-      111.9   Reaffirmed
(reduced from 81.84 Crore)
Ju Agrisciences Pvt Ltd               LT BkFac           CARE BBB+      150     Reaffirmed
(enhanced from 40.00 Crore)
K.K. Builders Pvt Ltd                 LT Bk Fac ST Bk    CARE BB        5260    Reaffirmed
                                      Fac                                       Reaffirmed
Kena Alloys Pvt Ltd                   LT Bk Fac          CARE D         475     Revised from
                                                                                CARE B+
Madhav Alloys Pvt Ltd                 LT Bk Fac          CARE A2+       650     Reaffirmed
Madhav Alloys Pvt Ltd                 LT Bk Fac          CARE A-        509.1   Reaffirmed
(reduced from 70.00 Crore)
Mahesh Ginning Pvt Ltd                LT BkFac           CARE BB-       60      Assigned
Moon Syndicate                        LT Bk Fac          CARE D         90      -
(ISSUER NOT COOPERATING)
Pacific Industries Ltd                LT Bk Fac          CARE BB-       55.4    Assigned
Pacific Industries Ltd                LT Bk Fac/ ST Bk   CARE BB-/A4    110     Assigned
                                      Fac
Plasma Metal Processing Pvt Ltd       LT Bk Fac          CARE B         350     Assigned
Rajrajeshwar Cotton Industries        LT BkFac           CARE BB-       55.8    Assigned

Reliance Home Finance Ltd             Upper Tier II      CARE AA        5000    Continues on
                                      Bonds –                                   credit watch
                                      PublicIssue^
^CARE has rated the aforesaid Upper Tier II bonds after taking into consideration their
increased sensitiveness to the Capital Adequacy Ratio (CAR), capital raising ability and
profitability during the long tenure of the instruments. The rating factors in the additional
risk arising due to the existence of the lock-in clause in the instruments. Any delay in payment
of interest/principal (as the case may be) following invocation of the lock-in-clause, would
constitute as an event of default as per CARE’s definition of default and as such these
instruments may exhibit a somewhat sharper migration of rating compared to other debt
instruments.

Reliance Home Finance Ltd             Upper Tier II      CARE AA        1000    Continues on
                                      Bonds – Pvt. Issue^                       credit watch
^CARE has rated the aforesaid Upper Tier II bonds after taking into consideration their
increased sensitiveness to the Capital Adequacy Ratio (CAR), capital raising ability and
profitability during the long tenure of the instruments. The rating factors in the additional
risk arising due to the existence of the lock-in clause in the instruments. Any delay in payment
of interest/principal (as the case may be) following invocation of the lock-in-clause, would
constitute as an event of default as per CARE’s definition of default and as such these
instruments may exhibit a somewhat sharper migration of rating compared to other debt
instruments.

Reliance Home Finance Ltd             NCD (with          CARE AA+       20000   Assigned
                                      detachable
                                      warrants)
Reliance Home Finance Ltd             NCD Public Issue   CARE AA+       30000   Continues on
                                                                                credit watch
Reliance Home Finance Ltd             LT Debt Programme  CARE AA+       80000   Continues on
                                                                                credit watch
Reliance Home Finance Ltd             Subordinated Debt  CARE AA+       4000    Continues on
                                                                                credit watch
Reliance Home Finance Ltd             Market Linked      CARE PP MLD    3000    Continues on
                                      Debentures         AA+ (PP MLD            credit watch
                                                         Double A Plus)
Rithwik Projects Pvt Ltd              LTFac              CARE BBB-      3974.5  Revised from
                                                                                CARE BB
Rithwik Projects Pvt Ltd              Long/STFac         CARE BBB-/A3   16700   Assigned
Rock And Storm Distillaries Pvt Ltd   LT Bk Fac          CARE BB+       420     Reaffirmed
Sagar Wines Marketeers Pvt Ltd.       LT Bk Fac          CARE BBB-      240     Re-affirmed
(enhanced from Rs.32 crore Crore)
Sarala Project Works Pvt Ltd          LT Bk Fac LT/ ST   CARE BBB+      15850   Reaffirmed
                                      BkFac              /CARE BBB+/A3+         Reaffirmed
(Enhanced from 6.25 Crore)
Saroj Weavers Pvt Ltd                 LT BkFac #         CARE A- (SO)   249     Assigned
# Bank facilities are backed by the unconditional and irrevocable corporate guarantee of Jindal
Worldwide Limited.
Shiv Shakti Modern Flour Mills Pvt LtdLT Bk Fac          CARE BB-       112     Reaffirmed
(Enhanced from Rs.15 crore Crore)
Shree Ambica Agro Industries Pvt. Ltd.LT Bk Fac          CARE BB-       92.7    -
(ISSUER NOT COOPERATING)
Shreejikrupa Project Ltd              LT Bk Fac          CARE BBB       250     Reaffirmed
(Enhanced from Rs.50 crore Crore)
Shreejikrupa Project Ltd              LT/ST Bk           CARE BBB/A3+   900     Reaffirmed
                                      Fac
Sri Saraswathi Educational Society    LT Bk Fac          CARE B+        150     Assigned
Tayal Fibers                          LT BkFac           CARE B+        118.4   Assigned
Timex Art Décor Pvt Ltd               LT Bk Fac          CARE BB+       75      Reaffirmed
Trinity Landmark Llp                  LT Bk Fac          CARE BB        2500    Revised from
                                                                                CARE BBB-
Udaipur Cement Works Ltd              LT Bk Fac          CARE AA (SO)   300     Assigned
Udaipur Cement Works Ltd              LT/ST Bk Fac       CARE AA        200     Assigned
                                                         (SO)/A1+ (SO)
--------------------------------------------------------------------------------------------
$: 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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