February 14, 2018 / 5:02 AM / 2 months ago

CARE ratings for Indian debt instruments-Feb 14

    Feb 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 13, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Dhanveen Pigments Pvt Ltd             ST Bk Fac          CARE A3+       3       Assigned
Escorts Heart Institute And Research  Short- term Bk Fac CARE A2+       250
Centre Ltd
Revised from CARE A1+ and Credit watch with developing implications

Fortis Healthcare Ltd                 ST Fac             CARE A2+       560
Revised from CARE A1+ ; on Credit watch with developing implications
Fortis Healthcare Ltd                 CPs                CARE A2+       6000
Revised from CARE A1+ and Credit watch with developing implications
I – Design Engineering Solutions Ltd. Short- term Bk Fac CARE A3 (SO)   40      Reaffirmed
*backed by unconditional and irrevocable guarantee of RSB Transmission (I) Ltd
K.R. Patel & Co                       Short- term Bk Fac CARE A4+       98      Assigned
M.K. Gupta And Co.                    Short- term Bk     CARE A4        130     Assigned
                                      Facility
Magic Ceramic                         Short- term BkFac  CARE A4        15      Assigned
Narayani Ispat Ltd (Erstwhile NarayaniShort- term Bk     CARE A3        335     Reaffirmed
Ispat Pvt Ltd)                        Fac- LC & BG
Rajat Agro Commodities Pvt Ltd        Short- term Bk Fac CARE A4+       210
Revised from CARE A4 (A Four) (enhanced from Rs.6.00 crore)
Saurabh Agrotech Pvt Ltd              Short- term Bk Fac CARE A4        100     Reaffirmed
Serveall Land Developers Pvt Ltd      Short- term Bk Fac CARE A3+       136     Reaffirmed
Tv18 Broadcast Ltd                    CP (Standalone)    CARE A1+       7500    Reaffirmed
(enhanced from Rs. 600 crore)

LONG TERM RATINGS:
-------------------
8K Miles Software Services Ltd        Proposed Non-      CARE A-        500     Reaffirmed
                                      Convertible
                                      Debentures
8K Miles Software Services Ltd        Long- term/ Short- CARE A- / A2+  100     Reaffirmed
                                      term Bk Fac- Over
                                      Draft
Aaryaman Recreation Club Ltd          LT Bk Fac          CARE B+        75      Assigned
Alp Non Woven Pvt Ltd                 LT Bk Fac          CARE D         64.1
Issuer not co operating;
Anant Overseas Pvt Ltd                LT Bk Fac          CARE BB-       190     Assigned
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+ (SO)  12810
Reaffirmed; The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’
issued by Dewan Housing Finance Corporation Ltd. (DHFL), rated CARE AAA; , in favour of AFSL’s
lenders/ investors.
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+ (SO)  750
Final Rating ; The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’
issued by Dewan Housing Finance Corporation Ltd. (DHFL), rated CARE AAA; , in favour of AFSL’s
lenders/ investors. 

Avanse Financial Services Ltd         LT Bk Fac          CARE AA+ (SO)  3440
Reaffirmed; The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’
issued by Dewan Housing Finance Corporation Ltd. (DHFL), rated CARE AAA; Stable, in favour of
AFSL’s lenders/ investors. 
Baba Bhuman Shah Ji Industries        Long- term Bk Fac  CARE B         108
Issuer not cooperating; Based on best available information
Bird Catering And Lounges Pvt Ltd     LT Bk Fac          CARE BBB+ (SO) 32.4    Reaffirmed
(reduced from 5.35 Crore)
Bird Worldwide Flight Service Mumbai  LT Bk Fac          CARE A         856.9   Reaffirmed
Pvt Ltd
(enhanced from 68 Crore)
Bird Worldwide Flight Services India  LT Bk Fac          CARE A         468.9   Reaffirmed
Pvt Ltd.
(enhanced from35.41 Crore)
Btm Corp Ltd                          Long- term Bk Fac  CARE D         270
Issuer not cooperating; Based on best available information
Btm Industries Ltd                    Long- term Bk Fac  CARE D         270
Issuer not cooperating; Based on best available information
Chaudhary Rice Mills                  Long- term Bk Fac  CARE B         84
Issuer not cooperating; Based on best available information
Dhanveen Pigments Pvt Ltd             LT Bk Fac          CARE BBB       137.5   Assigned
Escorts Heart Institute And Research  Long- term Bk Fac  CARE A-        280
Centre Ltd
Revised from CARE A+ and Credit watch with developing implications
Fortis Healthcare Ltd                 LT Fac             CARE A-        1440
Revised from CARE A+ ; on Credit watch with developing implications
Globe Ground India Pvt Ltd            LT Bk Fac          CARE BBB+      92.4    Reaffirmed
(enhanced from 8.17 Crore)
Hind Terminal Pvt Ltd                 LT BkFac – TL      CARE A         4829    Reaffirmed
Hind Terminal Pvt Ltd                 Long/ ST BkFac     CARE A/ A1     1000    Reaffirmed
I – Design Engineering Solutions Ltd. Long- term Bk Fac  CARE BB+       2.3     Reaffirmed
(reduced from 0.30 Crore)
I – Design Engineering Solutions Ltd. Long- term Bk Fac  CARE BBB- (SO) 36.2    Reaffirmed
(reduced from 4.08 Crore); *backed by unconditional and irrevocable guarantee of RSB
Transmission (I) Ltd
Ifmr Fimpact Investment Fund- Ifmr    Investment         CARE AA                Reaffirmed
Fimpact Fund
Ifmr Fimpact Medium Term Microfinance IFMR FImpact       CARE AA                Reaffirmed
Fund                                  Medium Term
                                      Microfinance Fund
K.R. Patel & Co                       Long- term/ Short- CARE BB- / A4+ 50      Assigned
                                      term Bk Fac
Karan Kothari Jewellers Pvt Ltd       Long- term Bk Fac  -                      Withdrawn
Karan Kothari Jewellers Pvt Ltd       Short- term Bk Fac -                      Withdrawn
Klm Axiva Finvest Ltd                 Long- term Bk Fac  CARE BB        150     Assigned
Lalchand Builders Pvt Ltd             LT Bk Fac          CARE B+        124.4   Reaffirmed
(Reduced from 13.70 Crore)
M.K. Gupta And Co.                    Long- term Bk      CARE BB        16.4    Assigned
                                      Facility
Madhav Textiles                       Long- term/ Short- CARE D         70
                                      term Bk Fac
Issuer not cooperating; Revised from CARE BB- / CARE A4 ; on the basis of best available
information
Magic Ceramic                         Long- term BkFac   CARE BB-       115     Assigned
Manawar Kukshi Tollways Pvt Ltd       Long- term Bk Fac  CARE BBB (SO)  526.4
Revised from CARE BBB; (reduced from Rs.54.04 crore)
Mewar Fabrics Pvt Ltd                 Long- term Bk Fac  CARE B+        72.8
“Issuer not cooperating;Based on best available information
Narayani Ispat Ltd (Erstwhile NarayaniLong- term Bk Fac- CARE BBB-      725     Reaffirmed
Ispat Pvt Ltd)                        CC & Working
                                      Capital Limits
Narayani Ispat Ltd (Erstwhile NarayaniLong- term Bk Fac- CARE BBB-      110     Assigned
Ispat Pvt Ltd)                        EPC
Nsl Wind Power Company (Satara) Pvt LtLong- term BkFac   CARE BBB       1734.4
Revised from CARE BBB- (reduced from 185 Crore)
Parmeshwari Silk Mills Ltd            LT Bk Fac          CARE B         360.4
Issuer not cooperating; Revised from CARE BB- ; on the basis of best available information
Rajat Agro Commodities Pvt Ltd        LT/ Short- term Bk CARE BB+/CARE  300
                                      Fac                A4+
Revised from CARE BB; / CARE A4
Ruchi Worldwide Ltd                   Long- term/ Short- CARE D/ D      8350    -
                                      term Bk Fac
ISSUER NOT COOPERATING; Based on best available information
Sadbhav Vidarbha Highway Pvt Ltd      Long- term Bk Fac  CARE A         5140    Assigned
Saurabh Agrotech Pvt Ltd              Long- term Bk Fac  CARE BB        240     Reaffirmed
Serveall Land Developers Pvt Ltd      Long- term Bk Fac  CARE BBB       729.3   Reaffirmed
Shivam Cotex                          Long- term Bk Fac  CARE BB-       65      Assigned
Siti Networks Ltd                     Long- term Bk Fac  CARE A-        1500    Reaffirmed
Siti Networks Ltd                     Long- term Bk Fac  CARE AA+ (SO)  13490.7 -
Sri Adhi Parasakthi Agro Tech         LT Bk Fac          CARE B+        79      -
Issuer not cooperating
Sri Anjani Pipes Industries           LT Bk Fac          CARE B+        75      -
Issuer not cooperating
Sri Veer Anjanaya Agro Foods          LT Bk Fac          CARE B+        70      -
Issuer not cooperating
Swarnsarita Gems Ltd                  Long- term Bk Fac  -                      Withdrawn
--------------------------------------------------------------------------------------------
$: 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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