January 19, 2018 / 8:58 AM / in 10 months

CARE ratings for Indian debt instruments-Jan 19

   Jan 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 18, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Brijbasi Hi-Tech Udyog Pvt Ltd        ST Bk Fac          CARE A4        105     Reaffirmed
Btl Epc Ltd.                          ST Bk Fac (Non-    CARE A3        1433    Reaffirmed
                                      Fund based)
Godavari Plasto Containers Pvt Ltd    ST Bk Fac          CARE A4        40      Reaffirmed

Grasim Industries Ltd                 CP (CP) Issue*     CARE A1+       15000   Reaffirmed
*Interchangeable between CP issue of Rs.1000 crore and Short Term Bank Loan (STL) 
of equivalent amount.[enhanced from 500]
Grasim Industries Ltd                 ST Bk Fac          CARE A1+       11000   Reaffirmed
[enhanced from 400]
Haldia Nirman Projects Pvt Ltd        ST Bk Fac          CARE A4        150     Reaffirmed
Jsw Dharamtar Port Pvt Ltd.           ST Bk Fac (Non     CARE A1+       50      Placed on
                                      Fund Based – LC/BG)                       credit watch
                                                                                with developing 
                                                                                implications
Jsw Infrastructure Ltd                ST Bk Fac          CARE A1+       800     Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
Nandan Buildcon Pvt Ltd               ST Bk Fac          CARE D         250     Revised from
                                                                                CARE A4
Jsw Jaigarh Port Ltd                  ST Bk Fac – NFB    CARE A1+       650     Placed on
                                      (LC/BG)                                   credit watch
                                                                                with developing 
                                                                                implications
Kanakashri Electricals                ST Bk Fac          CARE A4        40      Assigned
Khandelwal Polymers                   ST Bk Fac          CARE A4        10      Assigned
Kings International Ltd               ST Bk Fac          CARE A4        90      Assigned
M.D. Hygiene Pvt Ltd                  ST BkFac           CARE A4        8.1     Reaffirmed
Marvelous Engineers Pvt Ltd           ST Bk Fac          CARE A4        31.5    Reaffirmed
Padmavati Pipes & Fittings Inc        ST Bk Fac          CARE A3        5       Assigned
Parivartan Buildtech Pvt Ltd          ST Bk Fac          CARE A4+       99.5    -
ISSUER NOT COOPERATING
Radiant Polymers Pvt Ltd              ST BkFac           CARE A4        70      Revised from
                                                                                CARE A4
ISSUER NOT COOPERATING
Raymond Ltd                           ST BkFac           CARE A1+       3900    Reaffirmed
Raymond Ltd                           CP Issue           CARE A1+       5500    Reaffirmed
Sandipan Pramanik                     ST Bk Fac          CARE A4        30      Assigned
Shree Shakti Construction             ST Bk Fac          CARE A4        20      Reaffirmed
South West Port Ltd                   ST Bk Fac          CARE A1+       1550    Placed on
                                      (Non-fund Based)                          credit watch
                                                                                with developing 
                                                                                implications
Sri Jagannath Transport Corporation   ST Bk Fac          CARE A4+       80      Reaffirmed
Shree Ginger Enterprises Ltd          ST Bk Fac          CARE D         270     Issuer Not
                                                                                Cooperating
                                                                                rating
revised from CARE A3
Teja Sea Foods                        ST Bk Facility     CARE A4        115     Assigned


LONG TERM RATINGS:
-------------------
Brahmmas Agro Industries Pvt Ltd      LT BkFac           CARE BB+       250     Revised from
                                                                                CARE BBB-
Brijbasi Hi-Tech Udyog Pvt Ltd        LT Bk Fac          CARE B-        80      Reaffirmed
Btl Epc Ltd.                          LT Bk Fac (Fund    CARE BBB       950     Reaffirmed
                                      based)
Btl Epc Ltd.                          LT Bk Fac          CARE BBB       748     -
                                      (Non-Fund based)
Darjeeling Tea And Chinchona          LT Bk Fac          CARE BB+       153.8   Revised from
Association Ltd                                                                 CARE BB
Godavari Plasto Containers Pvt Ltd    LT Bk Fac          CARE BB-       46.2    Revised from
                                                                                CARE B+
Golden Agri Resources India Pvt Ltd   LT/ST Bk Fac*      CARE A (SO) /  1150    Assigned
                                                         A2+ (SO)
*backed by unconditional & irrevocable corporate guarantee provided by Golden 
Agri Resources Limited (GARL), Mauritius
Golden Agri Resources India Pvt Ltd   LT/STBk            CARE A (SO) /  850     Assigned
                                      Fac(Proposed)@     A2+ (SO)
@to be backed by unconditional and irrevocable corporate guarantee to be 
provided by GARL, Mauritius. The rating for the proposed facilities is 
“Provisional” and will be confirmed upon the execution of the corporate guarantee and
submission of requisite documents to the satisfaction of CARE.
Grasim Industries Ltd                 LT Bk Fac          CARE AAA       15060   Reaffirmed
[reduced from 1,750]
Grasim Industries Ltd                 NCD Issue (LT      CARE AAA       10000   Reaffirmed
                                      umbrella rating)
[enhanced from 350]
Green Vatika Constructions Pvt. Ltd.  LT Bk Facility     CARE B+        60      Assigned
Haldia Nirman Projects Pvt Ltd        LT Bk Fac          CARE BB-       50      Revised from
                                                                                CARE B
ISSUER NOT COOPERATING
Jadeja Industries Pvt Ltd             LT Bk              CARE D         99      -
ISSUER NOT COOPERATING
Jai Gears Pvt Ltd                     LT Bk Fac          CARE BB+       120     Reaffirmed
Jai Gears Pvt Ltd                     LT/ ST BkFac       CARE BB+/A4    40      Assigned
Jm Financial Asset Reconstruction Co. LT Bk Fac          CARE AA-       6500    Reaffirmed
Ltd
Jsw Dharamtar Port Pvt Ltd.           Long term Bk Fac   CARE A+        750     Placed on
                                      – Subordinated debt                       credit watch
                                                                                with developing 
                                                                                implications
Jsw Dharamtar Port Pvt Ltd.           Long term Bk Fac   CARE AA-       3300    Placed on
                                      – TL                                      credit watch
                                                                                with developing 
                                                                                implications
                                                                                with developing 
                                                                                implications
Jsw Dharamtar Port Pvt Ltd.           LT Bk Fac (Non     CARE AA-       300     Placed on
                                      Fund Based – BG)                          credit watch
                                                                                with developing 
                                                                                implications
Jsw Infrastructure Ltd                LT Bk Fac          CARE AA-       850     Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
Jsw Infrastructure Ltd                LT NCD             CARE AA-       1960    Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
Jsw Jaigarh Port Ltd                  Long term Bk Fac   CARE AA-       16360   Placed on
                                      – TL                                      credit watch
                                                                                with developing 
                                                                                implications
Jsw Paradip Terminal Pvt Ltd          LT Bk Fac (TL)     CARE AA-(SO)   4400@   Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
 (Under credit watch with developing
@ backed by unconditional and irrevocable corporate guarantee
 by JSW Infrastructure Limited (JSWIL)
Jsw Paradip Terminal Pvt Ltd          LT Bk (BG)         CARE AA-(SO)   400@    Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
 (Under credit watch with developing
@ backed by unconditional and irrevocable corporate
 guarantee by JSW Infrastructure Limited (JSWIL)
Kanakashri Electricals                LT Bk Fac          CARE BB-       20      Assigned
Karp Impex Ltd                        LT Bk Facility     CARE BBB-      10500   -
ISSUER NOT COOPERATING
Khandelwal Polymers                   LT Bk Fac          CARE B         37.5    Assigned
Khandelwal Polymers                   LT/ST Bk Fac       CARE B/A4      12.5    Assigned
Kings International Ltd               LT Bk Fac          CARE BB-       50      Assigned
Latiyal Handicrafts Pvt Ltd           LT Bk Fac          CARE BB+       123.1   Revised from
                                                                                CARE BB
Latiyal Handicrafts Pvt Ltd           LT/ST Bk Fac       CARE BB+/A4+   180     Revised from
                                                                                CARE BB /
                                                                                CARE A4
Leon Realtors Pvt Ltd                 LT Instruments-    CARE B+        550     Reaffirmed
                                      NCD (NCDs)
Leon Realtors Pvt Ltd                 LT Bk Fac (TL –    CARE BBB (SO)  1202    Reaffirmed
                                      Lease Rental
                                      Discounting)*
 * The rating is based on the credit enhancement in the form of 
 structured payment mechanism which entails operating escrow account 
 and maintenance of Debt Service Reserve Account in the form of FD.

M.D. Hygiene Pvt Ltd                  LT BkFac           CARE BB-       73.6    Reaffirmed
M.D. Hygiene Pvt Ltd                  LT/ Shortterm Bk   CARE BB-/A4    60      Reaffirmed
                                      Fac
Marvelous Engineers Pvt Ltd           LT Bk Fac          CARE B         22.5    Reaffirmed
Nandan Buildcon Pvt Ltd               LT/ST Bk Fac       CARE D         1110    Revised from
                                                                                CARE B
Nandan Buildcon Pvt Ltd               LT Bk Fac          CARE D         827.6   Revised from
                                                                                CARE B
Padmavati Pipes & Fittings Inc        LT Bk Fac          CARE BBB-      27.1    Assigned
Padmavati Pipes & Fittings Inc        Long term/Short    CARE BBB- /A3  87.1    Assigned
                                      termBk Fac
Parivartan Buildtech Pvt Ltd          LT Bk Fac          CARE BB+       100     -
ISSUER NOT COOPERATING
Parivartan Buildtech Pvt Ltd          LT/STBk Fac        CARE BB+/A4+   150.5   -
ISSUER NOT COOPERATING
Radiant Polymers Pvt Ltd              LT BkFac           CARE           190     Revised from
                                                         B+/(Single B           CARE B
                                                         Plus/Outlook: /)
ISSUER NOT COOPERATING
Radiant Polymers Pvt Ltd              LT/STBk Fac        CARE B+/A4     30      Revised from
                                                                                CARE B/A4
ISSUER NOT COOPERATING
Raheja Icon                           NCD issue          CARE BB        680
CARE has sought confirmation from the Issuer and debenture trustee on repayment 
and no confirmation on the same has been received till date. The above instruments
have been identified as “potential defaults” in line with the above mentioned SEBI 
guidelines and CARE shall review the ratings as and when any information 
on the said instrument is available. 
Raymond Ltd                           LT BkFac           CARE AA        12750   Reaffirmed
Raymond Ltd                           NCD                CARE AA        1000    Reaffirmed
Raymond Ltd                           NCD                CARE AA        1500    Reaffirmed
Raymond Ltd                           NCD                               -       Rating
                                                                                withdrawn to
                                                                                NonConvertible
                                                                                Debenture 
                                                                                issue as the 
                                                                                same is fully 
                                                                                repaid and 
                                                                                there is no 
                                                                                outstanding
Reliance Capital Ltd                  NCD                CARE AA+       180000  Continues to
                                                                                be on credit
                                                                                watch
Reliance Commercial Finance Ltd       LT debt programme  CARE AA+       10000   Assigned
Sai Sumukha Properties Pvt Ltd        LT Bk Fac          CARE B+        124.9   Assigned
Sandipan Pramanik                     LT Bk Fac          CARE BB        100     Assigned
Shakti Yarn Pvt Ltd                   LT Bk Fac          CARE BB+       310     Reaffirmed
Shree Ginger Enterprises Ltd          LT Bk Fac          CARE D         345     Issuer Not
                                                                                Cooperating
                                                                                rating
revised from CARE BBB-
Shree Shakti Construction             LT Bk Fac          CARE B+        85      Reaffirmed
Sri Jagannath Transport Corporation   LT Bk Fac          CARE BB+       60      Reaffirmed
Teja Sea Foods                        LT Bk Facility     CARE B+        25      Assigned
Vindhyachal Distilleries Pvt Ltd      LT Bk Fac          CARE BBB       211.5   Reaffirmed
Vindhyachal Distilleries Pvt Ltd      LT/ST Bk Fac       CARE BBB/CARE  85      Reaffirmed
                                                         A3+
--------------------------------------------------------------------------------------------
$: 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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