February 9, 2018 / 7:03 AM / 5 months ago

CARE ratings for Indian debt instruments-Feb 9

    Feb 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 8, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Addya Sakti Cold Storage Pvt Ltd      ST Bk Fac          CARE A4        2       Assigned
Akshaya Solar Power India Pvt Ltd     ST Bk Facility     CARE A4        40      Assigned
Avni Yarns Pvt Ltd                    ST Bk Fac          CARE A4        3.5     Reaffirmed
Core Chemicals Mumbai Pvt Ltd         ST BkFac           CARE A4        37.2    Reaffirmed

Dhirendra Narayan Cold Storage Pvt LtdST Bk Fac          CARE A4        2       Assigned
Exotic Granite Llp                    ST Bk Fac          CARE A4        70      Assigned
Gmr Hyderabad International Airport   ST Bk Fac          -              -       Withdrawn
Ltd
Hni Office India Ltd (Formerly Bp ErgoST Bk Fac          CARE A3        130     Reaffirmed
Ltd)
Indostar Capital Finance Ltd          CP Programme       CARE A1+       20000   Reaffirmed
(Enhanced from Rs.1750 crore Crore)
Jalaram Agriexports Pvt Ltd           ST Bk Fac          CARE A4        50      Assigned
Lona Industries Ltd                   ST Bk Fac          CARE A2+       135     Reaffirmed
M.A. Trading Company                  ST Bk Fac          CARE A4        90      Revised from
                                                                                CARE A4
(enhanced from 6.05 Crore) Issuer not cooperating
Maa Bameswari Cold Storage Pvt Ltd    ST Bk Fac          CARE A4        2.5     Assigned
Mantra Exports Pvt Ltd                ST Non Fund        CARE A2        10      Revised from
                                      BasedBk Fac                               CARE A2+
Multi Infratech Pvt Ltd               ST Bk Fac          CARE A3        120     Reaffirmed
Nkg Infrastructure Ltd                ST Bk Fac- Non     CARE A4+       9000    Reaffirmed
                                      Fund Based
Om Builders                           ST Bk Fac          CARE A4        200     Reaffirmed
Phillips Carbon Black Ltd             CP (CP) issue*     CARE A1+       5000    Reaffirmed
*The aggregate of CP and other working capital borrowings should be within the sanctioned
working capital limits of the company.
Shree Ram Rubtech Pvt Ltd             ST Bk Fac          CARE A4        20      Assigned
Shriram Transport Finance Co. Ltd     CP Issue           CARE A1+       50000   Reaffirmed
Siyaram Granito Pvt Ltd               ST Bk Fac          CARE A4        46.1    Reaffirmed
Tolani Projects Pvt Ltd               ST Bk Fac          CARE A4        122     Assigned

LONG TERM RATINGS:
-------------------
Addya Sakti Cold Storage Pvt Ltd      LT Bk Fac          CARE B-        120.1   Assigned
Ajit Agro Industries                  LT Bk Fac          CARE B+        70      -
Issuer not cooperating
Akshaya Solar Power India Pvt Ltd     LT Bk Facility     CARE BB-       40      Assigned
Arpee Energy Minerals Pvt Ltd         LT Bk Facility     CARE B+        70      -
ISSUER NOT COOPERATING; Based on best available information
Asuti Trading Pvt Ltd                 ST Bk Fac          CARE D         1150    -
ISSUER NOT COOPERATING; Based on best available information
Asuti Trading Pvt Ltd                 LT/ ST Bk Fac      CARE D /D      50      -
ISSUER NOT COOPERATING; Based on best available information
Avni Yarns Pvt Ltd                    LT Bk Fac          CARE BB        115.7   Reaffirmed
(Enhanced from 6.46 Crore)
Banshi Cotton Pvt Ltd                 LT/ST Bk Fac       CARE BB-/A4    120     Reaffirmed
(reduced from 17.00 Crore)
Bhagwati Lacto Vegetarian Exports Pvt LT Bk Fac          CARE BBB-      3220.1  Revised from
Ltd                                                                             CARE BB+
Biswapita Cold Storage Pvt Ltd        LT Bk Fac          CARE B+        63.1    Assigned
Casa Grande Coimbatore Llp            LT Bk Fac          CARE BBB-      670     Assigned
Core Chemicals Mumbai Pvt Ltd         LT – TL            -              -       Withdrawn
Core Chemicals Mumbai Pvt Ltd         LT BkFac           CARE BB        100     Reaffirmed
Dhirendra Narayan Cold Storage Pvt LtdLT Bk Fac          CARE B+        93.5    Assigned
Dindayal Industries Ltd               LT Bk Fac          CARE B         60      Revised from
                                                                                CARE B+
Issuer not cooperating
Ecron Acunova Ltd                     LT BkFac           CARE AA- (SO)  380     Assigned
Ecron Acunova Ltd                     LT/STBk Fac        CARE AA-       150     Assigned
                                                         (SO)/A1+ (SO)
Exotic Granite Llp                    LT Bk Fac          CARE B+        67      Assigned
Gbr Metals Pvt. Ltd.                  LT BkFac           CARE BB+       22.5    Reaffirmed
(Reduced from 3.60 Crore)
Gbr Metals Pvt. Ltd.                  LT/STBk Fac        CARE BB+/A4+   450     Reaffirmed
Gmr Hyderabad International Airport   LT Bk Fac          -              -       Withdrawn
Ltd
Hni Office India Ltd (Formerly Bp ErgoLT Bk Fac          CARE BBB-      80      Reaffirmed
Ltd)
Idbi Bank Ltd                         Lower Tier II      CARE A         500     Reaffirmed
                                      Bonds$
Outlook revised from Negative ,$transferred from erstwhile IDBI Home Finance Ltd

India Dairy Feeds Pvt Ltd             LT Bk Facility     CARE B+        150     -
ISSUER NOT COOPERATING; Based on best available information
Jalaram Agriexports Pvt Ltd           LT Bk Fac          CARE BB        170     Assigned
Jyoti Industries                      LT Bk Fac          CARE BB-       65      Assigned
Karania Bros.                         LT Bk Fac          CARE B+        179     Reaffirmed
(Enhanced from 14.50 Crore)
Lona Industries Ltd                   LT/ST Bk Fac       CARE A/A2+     250     Reaffirmed
Maa Bameswari Cold Storage Pvt Ltd    LT Bk Fac          CARE B+        97.5    Assigned
Mahamaya Steel Industries Ltd         LT Bk Fac          CARE BB+       300     Assigned
Mantra Exports Pvt Ltd                LT Fund Based BkFacCARE A-        300     Reaffirmed
(enhanced from 25.00 Crore)
Multi Infratech Pvt Ltd               LT Bk Fac          CARE BBB-      80      Reaffirmed
Ncml Finance Pvt Ltd                  Long/Short term    CARE A+/A1+    4100    Assigned
                                      BkFac
Nirankar Cottex                       LT Bk Fac          CARE BB-       127.7   Assigned
Nkg Infrastructure Ltd                LT Bk Fac – Fund   CARE BB+       2300    Reaffirmed
                                      Based
Nv Vogt Solar One Pvt Ltd             LT Bk Fac          CARE BBB       533.5   Reaffirmed
(reduced from Rs.55 crore Crore)
Om Builders                           LT Bk Fac          CARE BB        100     Revised from
                                                                                CARE BB-
(Enhanced from 6 Crore)
Path Oriental Highways Ltd            LT Bk Fac          CARE A- (SO)   201.2   Revised from
                                                                                CARE BBB+ (SO)
(reduced from 28.91 Crore)
Phillips Carbon Black Ltd             Long Term BkFac    CARE AA-       5540    Revised from
                                                                                CARE A+
(reduced form 618.00 Crore)
Phillips Carbon Black Ltd             Long/ST BkFac      CARE AA-/A1+   18500   Revised from
                                                                                CARE A+
Rathi Industrial Corporation Pvt. Ltd.LT/ Shortterm Bk   CARE BB/A4     310     Reaffirmed
                                      Fac
Shashti Car Pvt Ltd                   LT Bk Fac          CARE BB        130     Assigned
Shree Ram Rubtech Pvt Ltd             LT/ST Bk Fac       CARE B+/A4     30      Assigned
Shri Om Sai Auto                      LT Bk Fac          CARE B+        94.7    Reaffirmed
(reduced from 10.07 Crore)
Shriram Transport Finance Co. Ltd     NCDs               CARE AA+       34240   Reaffirmed
(reduced from Rs.6,654 crore Crore)
Shriram Transport Finance Co. Ltd     Subordinated Debt  CARE AA+       17879   Reaffirmed
(reduced from Rs.2,146 crore Crore)
Siyaram Granito Pvt Ltd               LT Bk Fac          CARE BB        319.7   Reaffirmed
(reduced from 35.97 Crore),outlook revised from Stable to Positive
Talettutayi Solar Projects Pvt Ltd    LT Bk Fac          CARE BBB       533.5   Reaffirmed
(reduced from Rs.55 crore Crore)
Tolani Projects Pvt Ltd               LT Bk Fac          CARE BB        10      Assigned
Uco Bank                              Upper Tier II      -                      Withdrawn
                                      Bonds (Series III)
--------------------------------------------------------------------------------------------
$: 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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