February 16, 2015 / 4:48 AM / 3 years ago

CARE ratings for Indian debt instruments-Feb 16

Feb 16 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 13, 2015.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Avion Exim Pvt Ltd                    ST Bk Fac          CARE A3        100     Reaffirmed
Happy Forgings Ltd                    ST Bk Fac          CARE A4        210     Assigned
Hema Engineering Industries Ltd       ST Bk Fac          CARE A3        380     Assigned
Jwc Logistics Park Pvt Ltd            ST Bk Fac          CARE A3+       150     Reaffirmed

Kothari Products Ltd                  ST Bk Fac          CARE A2+       14955   Revised from
                                                                                CARE A3+
(Enhanced from 1330.50 CR)
Margo Plywood Pvt Ltd                 ST Bk Fac          CARE D         127.1   Revised from
                                                                                CARE A4
Orient Craft Sweaters Pvt Ltd         ST Bk Fac          CARE A3        100     Revised from
                                                                                CARE A4+
(Enhanced from 4.50 CR)
Rainbow Packaging Pvt Ltd             ST Bk Fac          CARE A4+       60      Assigned
Raj Foods International               ST Bk Fac          CARE A4+       20      Assigned
Reliance Communications Ltd           CP/ST debt issue   CARE A2+       28800   Reaffirmed
Reliance Communications Ltd           ST Non -FB Fac     CARE A2+       80340   Assigned
Ring Plus Aqua Ltd                    ST Bk Fac          CARE A1+       244     Reaffirmed
(Enhanced from 11.90 CR) 
Shree Ginger Enterprises Ltd          ST Bk Fac          CARE A3        300     Reaffirmed
Sri Sai Durga Infratech India Pvt Ltd ST Bk Fac          CARE A4        50      Assigned
Ucal Polymer Industries Ltd           ST Bk Fac          CARE A4        3       Reaffirmed
Valiant Glass Works Pvt Ltd           Bk Fac- Non-FB-    CARE A3        50      Reaffirmed
                                      ST- BG/ LC
Western India Metal Processors Ltd    ST Bk Fac          CARE A3        230     Reaffirmed

LONG TERM RATINGS:
-------------------
Aadit Enterprises                     LT Bk Fac          CARE D         200     Reaffirmed
Avion Exim Pvt Ltd                    LT Bk Fac          CARE BBB-      100     Reaffirmed
Happy Forgings Ltd                    LT Bk Fac          CARE BB        2314.6  Assigned
Hema Engineering Industries Ltd       LT Bk Fac          CARE BBB       2148.3  Assigned
Himalayan Expressway Ltd              LT Bk Fac          CARE BBB-      2483.1  Revised from
                                                                                CARE BBB
(Reduced from 249.25 CR)
Himalayan Expressway Ltd              LT bonds           CARE BBB-      497.6   Revised from
                                                                                CARE BBB
(Reduced from 50.00 CR)
Hindupur Steel & Alloys Pvt. Ltd.     LT Bk Fac          CARE B         259.1   Revised from
                                                                                CARE B+
(Enhanced from 21.0 crore)
Il&Fs Energy Development Co. Ltd      Unsecured NCD issueCARE A-        1000    Assigned
Jagdamba Industries Ltd               LT Bk Fac          CARE D         504.6   Assigned
Jwc Logistics Park Pvt Ltd            LT Bk Fac          CARE BBB       740     Reaffirmed
Kas Industries India Pvt Ltd          LT Bk Fac          CARE BBB-      627     Reaffirmed
(Rnhanced from 42.89 CR)
Kei Rajamahendri Resorts Pvt Ltd      Bk Fac             -              -       Suspended
Kothari Products Ltd                  LT Bk Fac          CARE A-        45      Revised from
                                                                                CARE BBB+
(Reduced from 19.50 CR)
Margo Plywood Pvt Ltd                 LT Bk Fac          CARE D         41.4    Revised from
                                                                                CARE B+
(Reduced from 4.35 CR) 
Mico Plast Industries Pvt Ltd         Bk Fac             -              -       Suspended
North Eastern Electric Power          Proposed           CARE AA-       6000    Assigned
Corporation Ltd.                      Non-Convertible
                                      Debentures - Series II
Om Gems And Jewels Pvt Ltd            Bk Fac             -              -       Suspended
Orient Craft Sweaters Pvt Ltd         LT Bk Fac          CARE BBB-      396.9   Revised from
                                                                                CARE BB+
(Enhanced from 19.91 CR)
P. M. Dwarkadass                      Bk Fac             -              -       Suspended
Poly Pipes India Pvt Ltd              LT/ ST Bk Fac      CARE BBB /CARE 592     Assigned
                                                         A2
Rainbow Packaging Pvt Ltd             LT Bk Fac          CARE BB        130     Assigned
Raj Foods International               LT/ ST Bk Fac      CARE BB+/CARE  120     Assigned
                                                         A4+
Rakheja Engineers Pvt Ltd             Bk Fac             -              -       Suspended
Reliance Communications Ltd           LT Bk Fac          CARE A-        78200   Reaffirmed
Reliance Communications Ltd           LT instruments     CARE A-        30000   Reaffirmed
Ring Plus Aqua Ltd                    LT Bk Fac          CARE A+        857.8   Reaffirmed
(Enhanced from 72.38 CR) 
S. R. Glass Industries                LT Bk Fac          CARE D         100     Reaffirmed
Sabari Foundation                     LT Bk Fac          CARE BB+       230.6   Assigned
Shivpriya Cables Pvt Ltd              LT Bk Fac          CARE BB-       380.2   Reaffirmed
(Enhanced from 18 CR)
Shree Ginger Enterprises Ltd          LT Bk Fac          CARE BBB-      400     Reaffirmed
Shri Lakshmi Cotsyn Ltd               Bk Fac             -              -       Suspended
Sri Sai Durga Infratech India Pvt Ltd LT Bk Fac          CARE BB-       50      Assigned
Sri Sai Durga Infratech India Pvt Ltd LT/ ST Bk Fac      CARE BB- /CARE 230     Assigned
                                                         A4
Sun Direct Tv Pvt Ltd                 LT Bk Fac          CARE BBB       7576    Reaffirmed
(Reduced from 954.90 CR)
Suncity Constructwell Pvt Ltd         NCD*               CARE BBB-(SO)  440.6   Revised from
                                                                                CARE BB+ (SO)
*Backed by unconditional and irrevocable corporate guarantee of Suncity Projects Pvt. Ltd.
(SPPL; rated CARE BBB- , CARE A3 )
Tirupati Inks Ltd                     Bk Fac             -              -       Suspended
Ucal Polymer Industries Ltd           LT Bk Fac          CARE BB+       91.6    Reaffirmed
(Reduced from Rs.11.37 crore)
Union Bank Of India                   Basel III          CARE AA        20000   Assigned
                                      compliant Tier 1
                                      Perpetual Bonds issue
Valiant Glass Works Pvt Ltd           Bk Fac- FB- LT-    CARE BBB-      22.2    Reaffirmed
                                      Term Loan
(Reduced from 4.96 CR)
Valiant Glass Works Pvt Ltd           Bk Fac- FB- LT/    CARE BBB-      500     Reaffirmed
                                      ST- Working       /CARE A3
                                      Capital Limits 
Vishrut Housing Pvt Ltd               Bk Fac             -              -       Withdrawn
Western India Metal Processors Ltd    LT Bk Fac          CARE BBB-      700     Reaffirmed
-------------------------------------------------------------------------------------------
$: 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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