February 1, 2018 / 7:34 AM / 10 months ago

CARE ratings for Indian debt instruments-Feb 1

   Feb 1 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 31, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A S Wood Impex Pvt Ltd                ST Bk Fac          CARE A3        450     Reaffirmed
Avinash Buildcon Infrastructure Pvt Ltd ST Bk Fac        CARE A4        20      Assigned
C. P. Bagal And Company               ST Bk Fac          CARE A4        24      Reaffirmed
Delhi Trading Corporation             ST Bk Fac          CARE A3        430     Assigned

Eastman International                 ST Bk Fac          CARE A2        647.5   Assigned
Hi-Power Electrical Industries        ST Bk Fac@         CARE A2 (SO)   20      Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by
 Sealwel Corporation Private Limited (rated CARE A-; Stable/CARE A2 ).
Padma Laxmi Sree Rice Mill Pvt. Ltd   ST Bk Fac          CARE A4        3       -
ISSUER NOT COOPERATING
R M Metals                            ST Bk Fac          CARE A4        40      Reaffirmed
Renaatus Projects Pvt Ltd             ST Bk Fac          CARE A3        500     Reaffirmed
Sealwel Corporation Pvt Ltd           ST Bk Fac          CARE A2        765     Reaffirmed
Sita Ram & Company Pvt Ltd            ST Bk Fac          CARE A3        600     Reaffirmed
Supreme Paper Mills Ltd               ST Bk Fac          CARE A4        60      -
ISSUER NOT COOPERATING
Tirupati Cold Storage Pvt Ltd         ST Bk Facility     CARE A4        19.8    Assigned
Transcon Industries                   ST Bk Fac@         CARE A2 (SO)   20      Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by Sealwel
Corporation Private Limited
(rated ‘CARE A-; Stable/CARE A2’).
Umang Boards Pvt Ltd                  ST Bk Fac          CARE A4+       102     Revised from
                                                                                CARE A4
Welspun Captive Power Generation Ltd  Short -term Bk Fac CARE A2+       650     Reaffirmed


LONG TERM RATINGS:
-------------------
A S Wood Impex Pvt Ltd                LT Bk Fac          CARE BBB-      25      Reaffirmed
Aadheesh Texfab Pvt Ltd               LT BkFac           CARE BB-       153     Reaffirmed
Avinash Buildcon Infrastructure Pvt Ltd LT Bk Fac        CARE B+        60      Assigned
Axis Bank Ltd                         Lower Tier II      CARE AAA       100000  Reaffirmed
                                      Bonds
Axis Bank Ltd                         Basel III – Tier   CARE AAA       33500   Reaffirmed
                                      II Bonds
Axis Bank Ltd                         Infrastructure     CARE AAA       50000   Reaffirmed
                                      Bonds I
Axis Bank Ltd                         Infrastructure     CARE AAA       35000   Reaffirmed
                                      Bonds II
C. P. Bagal And Company               LT Bk Fac          CARE BB-       50      Reaffirmed
Delhi Trading Corporation             LT Bk Fac          CARE BBB-      90      Assigned
Delhi Trading Corporation             LT/ST BkFac        CARE BBB-/A3   150     Assigned
Eastman International                 LT Bk Fac          CARE BBB+      1669.2  Assigned
Gokul Mamra Pvt Ltd                   Long Term Fac      CARE BB-       80      -
ISSUER NOT COOPERATING
Greater Hyderabad Municipal CorporatioProposed Bond      CARE AA        33000   Revised from
                                      issue                                     CARE AA
Hi-Power Electrical Industries        LT Bk Fac@         CARE A- (SO)   75      Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by 
Sealwel Corporation Private Limited (rated CARE A-; Stable/CARE A2 ).
Hi-Power Electrical Industries        Long/ ST Bk Fac@   CARE A-        345     Reaffirmed
                                                         (SO)/A2 (SO)
@ backed by the unconditional and irrevocable corporate guarantee provided by 
Sealwel Corporation Private Limited (rated CARE A-; Stable/CARE A2 ).
Jyothy Fabricare Services Ltd         Non - Convertible  CARE AA (SO)   600     Final Rating
                                      Debentures@^
@ backed by unconditional and irrevocable corporate guarantee 
of Jyothy Laboratories Limited
^ The instrument is a Long term Redeemable Zero Coupon NCD with
Mifl Securitisation Trust - V         Series A1 PTCs     --             -       Withdrawn
Mifl Securitisation Trust - V         Series A2 PTCs     --             -       Withdrawn
Mifl Securitisation Trust - V         Second Loss        --             -       Withdrawn
                                      Facility
Mifl Securitisation Trust - V         Liquidity Facility --             -       Withdrawn
N. Rose Developers Pvt Ltd            Bk Fac – Fund      CARE BB+       1350    Assigned
                                      based – LT –TL
N. Rose Developers Pvt Ltd            Bk Fac-Non FB -    CARE BB+       90      Assigned
                                      LT-BGs
Padma Laxmi Sree Rice Mill Pvt. Ltd   LT Bk Fac          CARE B+        123.5   -
ISSUER NOT COOPERATING
Pioneer Investcorp Ltd                CC (Bonds)         CARE AA (SO)   1000    Assigned
Pioneer Investcorp Ltd                CC (G-sec)         CARE AAA (SO)  1000    Assigned
Premier Liquor India Ltd              LT Bk Fac – CC     CARE BBB-      150     Reaffirmed
Purvanchal Construction Works Pvt Ltd LT Fac             CARE BB        5       Reaffirmed
Purvanchal Construction Works Pvt Ltd Long/ STFac        CARE BB/A4     270     Reaffirmed
R M Metals                            LT/ST Bk Fac       CARE B+/A4     80      Reaffirmed
Radiant Polymers Pvt Ltd              Proposed NCD issue CARE B+        337     Final Rating
                                      (Series A)
Radiant Polymers Pvt Ltd              Proposed NCD issue CARE B+        413     Final Rating
                                      (Series B)
Renaatus Projects Pvt Ltd             LT Bk Fac          CARE BBB       500     Revised from
                                                                                CARE BBB-
Sealwel Corporation Pvt Ltd           LT Bk Fac          CARE A-        215     Reaffirmed
Sita Ram & Company Pvt Ltd            LT Bk Fac          CARE BBB-      40      Reaffirmed
Supreme Paper Mills Ltd               LT Bk Fac          CARE BB        75      -
ISSUER NOT COOPERATING
Tirupati Cold Storage Pvt Ltd         LT Bk Facility     CARE B+        40      Assigned
Transcon Industries                   LT Bk Fac@         CARE A- (SO)   90      Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by 
Sealwel Corporation Private Limited (rated ‘CARE A-; Stable/CARE A2’). 
Transcon Industries                   Long/ ST Bk Fac@   CARE A- (SO) / 360     Reaffirmed
                                                         A2 (SO)
@ backed by the unconditional and irrevocable corporate guarantee provided by 
Sealwel Corporation Private Limited (rated ‘CARE A-; Stable/CARE A2’). 
Umang Boards Pvt Ltd                  LT Bk Fac          CARE BB+       231.4   Revised from
                                                                                CARE BB
Welspun Captive Power Generation Ltd  NCDs^              CARE AA (SO)   1100    Revised from
                                                                                CARE AA-
^Backed by unconditional and irrevocable Corporate Guarantee of Welspun
 India Ltd (rated ‘CARE AA: Stable/CARE A1+’)  
Zears Developers Pvt Ltd              TL                 CARE BB-       123     Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
--------------------------------------------------------------------------------------------
$: 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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