December 4, 2017 / 7:14 AM / 2 months ago

CARE ratings for Indian debt instruments-Dec 4

    Dec 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 1, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Akrati Technimont Ltd                 ST Bk Fac          CARE A4        100     Assigned
Esaf Small Finance Bank Ltd           CP$                CARE A1        3300    Reaffirmed
$-transferred from ESAF Microfinance and Investments Private Limited consequent to execution of
Business Transfer Agreement (BTA)
Hari Marine Pvt Ltd                   ST Bk Fac          CARE A4        2       Assigned

Hari Udyog Pvt Ltd                    ST Bk Fac          CARE A4+       45.2    Reaffirmed
(enhanced from 4.50 CR)
Indesys Equipments Pvt Ltd            ST Bk Fac          CARE A4        20      Reaffirmed
Jindal Itf Ltd                        ST Bk Fac@         CARE A1+(SO)   250     Reaffirmed
@ backed by unconditional and irrevocable corporate guarantee of Jindal Saw Limited (J Saw,
rated CARE AA-; Positive and CARE A1+)
Jindal Saw Ltd                        ST Debt (Including -              -       Withdrawn
                                      CPs)
Jindal Saw Ltd                        ST Bk Fac          CARE A1+       38000   Reaffirmed
(reduced from Rs.3,018 crore)
Jm Financial & Investment Consultancy CP (IPO Financing) CARE A1+       8000    Assigned
Services Pvt Ltd
Jm Financial Properties And Holdings LCP (for IPO        CARE A1+       10000   Assigned
                                      financing)
Kotecha Industries Ltd                ST Bk Fac          CARE D         30      Revised from
                                                                                CARE A4
Issuer not cooperating
Keventer Agro Ltd                     ST Bk Fac          CARE A3        499     Reaffirmed
Lord Venkateswara Educational Trust   ST Bk Fac          -              -       Withdrawn
L&T Housing Finance Ltd               CP                 CARE A1+       50000   Reaffirmed
(Enhanced from Rs. 3,500 crore)
Maharshee Geomembrane (India) Pvt Ltd ST Bk Fac          CARE A4        39.5    Assigned
Mettu Chinna Mallareddy Godowns       ST Bk Fac          CARE A4        2.3     Assigned
Prakash Ferrous Industries Pvt Ltd    ST Bk Fac          -              -       Withdrawn
Roshni Creations Pvt Ltd              ST Bk Fac          -              -       Withdrawn
Rashtriya Metal Industries Ltd        ST Bk FacNon-fund  CARE A3        1550    Reaffirmed
                                      Based BG/LC
Sakar Granito (India) Pvt Ltd         ST Bk Fac          CARE A3        70      Revised from
                                                                                CARE A4+
Shivakriti International Ltd          ST Bk Fac          CARE A3        20      Reaffirmed
Shree Hari Chemicals Export Ltd       ST Bk Fac          CARE A4+       73.5    Reaffirmed
Skilled Construction Co. Ltd          ST Bk Fac          CARE A4        48.5    Reaffirmed
Technico Industries Ltd               ST Bk Fac          CARE A3        300     Reaffirmed
(enhanced from 23 CR)
Universal Stainless                   ST Bk Fac          CARE A4        25.5    Assigned

LONG TERM RATINGS:
-------------------
Aarohi Solar Pvt Ltd                  LT loan            CARE BBB+      2870.6  Revised from
                                                                                CARE BBB
(reduced from Rs.300.66 crore)
Aarohi Solar Pvt Ltd                  Non-FB LT Bk Fac   CARE BBB+      260     Revised from
                                      (Forward Contract                         CARE BBB-
                                      / Derivate Limits)
Acme Jaiselmer Solar Power Pvt Ltd    LT loan            CARE BBB+      1152.1  Revised from
                                                                                CARE BBB(SO)
(reduced from Rs.120.38 crore)
Acme Jaiselmer Solar Power Pvt Ltd    Non-FB LT Bk Fac   CARE BBB+      1100    Revised from
                                      (Forward Contract                         CARE BBB-
                                      / Derivate Limits)
Akrati Technimont Ltd                 LT Bk Fac          CARE BB        70      Assigned
Bhilwara-Rajsamand Tollway Pvt Ltd    LT Bk Fac          CARE BBB+      2764    Revised from
                                                                                CARE BBB
Daenerys Ifmr Capital 2017            Series A2 PTC      CARE A- (SO)   -       Reaffirmed
Daenerys Ifmr Capital 2017            Series A1 PTC      CARE AA- (SO)  -       Reaffirmed
Dayanidhi Solar Power Pvt Ltd         LT loan            CARE BBB+      2289.4  Revised from
                                                                                CARE BBB(SO)
(reduced from Rs.239.77 crore)
Dayanidhi Solar Power Pvt Ltd         Non-FB LT Bk Fac   CARE BBB+      210     Revised from
                                      (Forward Contract                         CARE BBB-
                                      / Derivate Limits)
Delhi Aviation Services Pvt Ltd       LT – Fund Based –  CARE A-        140     Assigned
                                      CC
Delhi Aviation Services Pvt Ltd       LT – Fund Based –  CARE A-        154     Assigned
                                      TL
Esaf Small Finance Bank Ltd           LT Bk Fac$         CARE A-        301.7   Revised from
                                                                                CARE A-
(reduced from 349.58 CR),,$-transferred from ESAF Microfinance and Investments Private Limited
consequent to execution of Business Transfer Agreement (BTA)
Esaf Small Finance Bank Ltd           Tier II Bond issue CARE A-        1250    Assigned
                                      (Proposed)
Ganpati Mega Builders Pvt Ltd         LT Bk Fac          CARE BB        60      Reaffirmed
Ganpati Mega Builders Pvt Ltd         LT /ST Bk Fac      CARE BB /CARE  90      Reaffirmed
                                                         A4
Gm Infinite Dwellings (India) P Ltd   LT Bk Fac          CARE BB        930     Revised from
                                                                                CARE BBB-
(reduced from 114.30 CR)
Hari Marine Pvt Ltd                   LT Bk Fac          CARE B+        169.7   Reaffirmed
(enhanced from 13.97 CR)
Hari Udyog Pvt Ltd                    LT Bk Fac          CARE BB        107.5   Reaffirmed
(enhanced from 8.45 CR)
Havmor Ice Cream Ltd                  LT Bk Fac          CARE A         505.8   Reaffirmed
Indesys Equipments Pvt Ltd            LT /ST Bk Fac      CARE B+ /CARE  45      Reaffirmed
                                                         A4
Jindal Itf Ltd                        LT Bk FacTL        -              -       Withdrawn
Jindal Itf Ltd                        NCD issue (NCD-II) -              -       Withdrawn
Jindal Itf Ltd                        NCD issue (NCD-III)-              -       Withdrawn
Jindal Itf Ltd                        PTC (PTCs)         -              -       Withdrawn
Jindal Itf Ltd                        LT Bk FacTL@       CARE AA-(SO)   2486    Revised from
                                                                                CARE A+(SO)
(reduced from Rs.300.00crore),@ backed by unconditional and irrevocable corporate guarantee of
Jindal Saw Limited (J Saw, rated CARE AA-; Positive and CARE A1+)
Jindal Itf Ltd                        LT Bk FacCC@       CARE AA-(SO)   420     Revised from
                                                                                CARE A+(SO)
@ backed by unconditional and irrevocable corporate guarantee of Jindal Saw Limited (J Saw,
rated CARE AA-; Positive and CARE A1+)
Jindal Saw Ltd                        NCD I              -              -       Withdrawn
Jindal Saw Ltd                        Proposed NCDs-IV   -              -       Withdrawn
Jindal Saw Ltd                        LT Bk Fac          CARE AA-       29500   Revised from
                                                                                CARE A+
(reduced from Rs.3,018 crore)
Jindal Saw Ltd                        NCD II             CARE AA-       1000    Revised from
                                                                                CARE A+
Jindal Saw Ltd                        NCD III            CARE AA-       2500    Revised from
                                                                                CARE A+
Keventer Agro Ltd                     LT Bk Fac          CARE BBB-      645.9   Reaffirmed
(reduced from 98.56 CR)
Keventer Agro Ltd                     LT /ST Bk Fac      CARE BBB-      551.5   Reaffirmed
                                                         /CARE A3
Kotecha Industries Ltd                LT Bk Fac          CARE D         35      Revised from
                                                                                CARE BB
Issuer not cooperating
Lord Venkateswara Educational Trust   LT Bk Fac          -              -       Withdrawn
Madhu Silica Pvt Ltd                  LT /ST Bk Fac      CARE AA+       545     Revised from
                                                                                CARE AA /
                                                                                CARE A1+
(enhanced from Rs.44.50 crore)
Maharshee Geomembrane (India) Pvt Ltd LT Bk Fac          CARE B+        50      Assigned
Matadeen Ramchandra Agarwal           LT Bk Fac          CARE BB        45      Reaffirmed
Matadeen Ramchandra Agarwal           LT /ST Bk Fac      CARE BB /CARE  20      Reaffirmed
                                                         A4
Medica Hospitals Pvt. Ltd             LT Bk Fac          CARE BBB       887.9   Revised from
                                                                                CARE BBB-
(reduced from 92.44 CR)
Mettu Chinna Mallareddy Godowns       LT Bk Fac          CARE B         72.7    Assigned
New Sapna Granite Industries          LT Bk Fac          CARE D         78.4    Revised from
                                                                                CARE B+
Issuer not cooperating
Niranjana Solar Energy Pvt Ltd        LT loan            CARE BBB+      1147.2  Revised from
                                                                                CARE BBB(SO)
(reduced from Rs.120.37 crore)
Niranjana Solar Energy Pvt Ltd        Non-FB LT Bk Fac   CARE BBB+      110     Revised from
                                      (Forward Contract                         CARE BBB-
                                      / Derivate Limits)
Om Besco Rail Products Ltd            LT Bk Fac          CARE D         460     -
Issuer not cooperating
Oopal Diamond                         LT Bk Fac          CARE BB        200     Reclassified
                                                                                from Short
                                                                                Term Rating-CARE
A4
Pradeep Mining And Constructions Pvt  LT Bk Fac          CARE BB        60      Revised from
Ltd                                                                             CARE BB-
Prakash Ferrous Industries Pvt Ltd    LT Bk Fac          -              -       Withdrawn
Prakash Ferrous Industries Pvt Ltd    LT /ST Bk Fac      -              -       Withdrawn
Rashtriya Metal Industries Ltd        LT Bk FacTL        CARE BBB       243     Reaffirmed
(reduced from Rs. 29.16 crore)
Rashtriya Metal Industries Ltd        LT/ST Bk Fac       CARE BBB /CARE 510     Reaffirmed
                                                         A3
Ravani Realters                       LT Bk Fac          CARE B+        1200    Reaffirmed
(Reduced from Rs.125 crore)
Rchem (Somanahalli) Pvt Ltd           LT Bk Fac          CARE BBB-      41.8    Reaffirmed
(reduced from 4.51 CR)
Roshni Creations Pvt Ltd              LT Bk Fac          CARE BB+               Revised from
                                                                                CARE BB
Saisudhir Energy Ltd                  LT Bk Fac          CARE D         1468.7  -
Issuer not cooperating
Sakar Granito (India) Pvt Ltd         LT Bk Fac          CARE BBB-      259.9   Revised from
                                                                                CARE BB+
(reduced from 30.83 CR)
Salasar Balaji Shipbreakers Pvt Ltd   LT Bk Fac          CARE BB+ /CARE 1000    Revised from
                                                         A4+                    CARE BB /
                                                                                CARE A4
Senthur Textiles Pvt Ltd              LT Bk Fac          CARE B         77.3    Reaffirmed
(reduced from 8.04 CR)
Shivakriti International Ltd          LT Bk Fac          CARE BBB-      230     Reaffirmed
(enhanced from 18 CR)
Shivakriti International Ltd          LT/ST Bk Fac       CARE BBB-      1050    Reaffirmed
                                                         /CARE A3
(enhanced from 72 CR)
Shree Hari Chemicals Export Ltd       LT Bk Fac          CARE BB        20      Revised from
                                                                                CARE BB+
Skilled Construction Co. Ltd          LT Bk Fac          CARE BB-       36.5    Reaffirmed
(enhanced from 2.90 CR)
Soham Cold Storage Pvt Ltd            LT Bk Fac          CARE B+        54.5    Assigned
Technico Industries Ltd               LT Bk Fac          CARE BBB-      1123.4  Reaffirmed
(enhanced from 58.07 CR)
Tommy Hilfiger Arvind Fashion Pvt Ltd LT Bk Fac          CARE A+        450     Reaffirmed
Universal Stainless                   LT Bk Fac          CARE B         76.6    Reaffirmed
(reduced from 8.75 CR)
Uttam Doors Pvt Ltd                   LT Bk Fac          CARE B+        92      -
Issuer not cooperating
Vantage Machine Tools Pvt Ltd         LT Bk Fac          CARE B         150     -
Issuer not cooperating
Vinod Fabrics                         LT Bk Fac          CARE BB-       66.5    Assigned
Vishwatma Solar Energy Pvt Ltd        LT loan            CARE BBB+      1742.7  Revised from
                                                                                CARE BBB(SO)
(reduced from Rs.180.28 crore)
Vishwatma Solar Energy Pvt Ltd        Non-FB LT Bk Fac   CARE BBB+      160     Revised from
                                      (Forward Contract                         CARE BBB-
                                      / Derivate Limits)
Vtp Corporation Llp                   LT Bk Fac          CARE BB        526     Assigned
--------------------------------------------------------------------------------------------
$: 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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