January 22, 2018 / 5:12 AM / in 7 months

CARE ratings for Indian debt instruments-Jan 22

    Jan 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 19, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aadhar Housing Finance Ltd (Erstwhile CP                 -              -       Withdrawn
Dhfl Vysya Housing Finance Ltd)
Aadhar Housing Finance Ltd (Erstwhile LT Bk Fac          -              -       Withdrawn
Dhfl Vysya Housing Finance Ltd)
Aceto Chem Pvt Ltd                    ST BkFac           CARE A4        40      Issuer not
                                                                                cooperating
Ahuja Overseas                        ST Bk Fac          CARE A4        174     Reaffirmed
Atibir Industries Co. Ltd             ST Bk Fac          CARE A3+       4480    Reaffirmed

(enhanced from Rs 441.00 crore )
Cherry Hill Interiors Pvt Ltd         ST Bk Fac          CARE A1+       200     Reaffirmed
Ess Kay Fincorp Ltd. (Erstwhile Ess KaCP Issues          CARE A3+       420     Reaffirmed
Fincorp Pvt. Ltd.)
Gmr Warora Energy Ltd                 ST Bk Fac (BG)     CARE A4        2300    Reaffirmed
(reduced from 244.38 Crore)
Infrastructure Leasing & Financial    CP issue (CP) / ST CARE A1+       20000   Reaffirmed
Services Ltd                          Debt (STD)
(enhanced from Rs.1,700 crore Crore)
Ivl Dhunseri Petrochem Industries Pvt ST BkFac           CARE A1#       8670    Revised from
Ltd                                                                             CARE A2+
(enhanced from Rs.775.00 crore Crore)
Ivl Dhunseri Petrochem Industries Pvt CPIssue^           CARE A1        1000    Reaffirmed
Ltd
^carved out of working capital limits
Laurus Labs Ltd                       ST – CP *          CARE A1+       2000    Reaffirmed
(enhanced from Rs 100 crore Crore)
*carved out of the sanctioned working capital limits of the company 
Madhu Industries Pvt Ltd              ST Bk Fac          CARE A4        38.2    Issuer not co
                                                                                operating
Pack Print Industries India Pvt Ltd   ST Bk Fac          CARE A4        45      Reaffirmed
Parth Motors                          ST Bk Fac          CARE A4        10      Issuer Not
                                                                                Cooperating
Renew Power Ventures Pvt Ltd          CP                 CARE A1+       3000    Reaffirmed
(enhanced from Rs.50 crore Crore)
Shree Raghukul Texprints Pvt Ltd      ST Bk Fac          CARE A4        7       Reaffirmed
Vanaik Spinning Mills Ltd             ST Bk Fac          -              -       Withdrawn
Wheel Packaging                       ST Bk Fac          CARE A4        24.5    Reaffirmed
(enhanced from 2.25 Crore)
    
LONG TERM RATINGS:
-------------------
Aatulya Lifecare Pvt Ltd              Long- term Bk Fac  CARE D         52      Revised from
                                                                                CARE B
Aceto Chem Pvt Ltd                    LT BkFac           CARE BB        53.6    Issuer not
                                                                                cooperating
Aceto Chem Pvt Ltd                    LT BkFac/ STBk Fac CARE BB/A4     45      Issuer not
                                                                                cooperating
Acute Realty Pvt Ltd                  LT Bk Facility-TL  ProvCARE A+            Assigned
                                                         (SO)
 The above rating is based on the credit enhancement in the form of proposed Tripartite
agreement to be entered between Future Retail Ltd. (FRL), Acute Realty Pvt. Ltd. (ARPL) and ARPL
s lender wherein FRL is expected to give an unconditional undertaking that it shall continue to
make payment of monthly lease rentals (as per proposed Master Lease Agreement, MLA) to ARPL
until the term loan of ARPL is repaid in full irrespective of usage of the assets leased by ARPL
to FRL. The rating also factors in the personal guarantee to be extended by Mr. Kishore Biyani
and Mr. Rakesh Biyani.
Ahuja Overseas                        LT Bk Fac          CARE BB-       5       Assigned
Atibir Industries Co. Ltd             LT Bk Fac          CARE BBB       3490    Reaffirmed
(reduced from Rs 356.00 crore )
Cedar Inclusive Finance Trust         Series A2 PTC      ProvCARE A (SO)-       -
2-(Originator: Esaf Small Finance Bank
Ltd)
Cedar Inclusive Finance Trust         Series A1 PTC      ProvCARE AA-   -       -
2-(Originator: Esaf Small Finance Bank                   (SO)
Ltd)
Cedar Inclusive Finance Trust         Series A3 PTC      ProvCARE BBB+  -       -
2-(Originator: Esaf Small Finance Bank                   (SO)
Ltd)
Cherry Hill Interiors Pvt Ltd         LT Bk Fac          CARE A+        100     Reaffirmed
Cherry Hill Interiors Pvt Ltd         LT/STBk Fac        CARE A+/A1+    350     Reaffirmed
Eleanor Realty Holdings India Pvt. LtdLT Bk Facility –   * Prov CARE    1700    Assigned
                                      Lease Rental       BBB- #(SO)
                                      Discounting
*The rating is Prov  and will be confirmed once the company meets the pre-conditions to the
satisfaction of CARE./#Also the rating is based on the credit enhancement in the form of
structured payment mechanism where all the rent receivables from present/future lessee would be
collected in the escrow account which would be used for debt servicing 
Eleanor Realty Holdings India Pvt. LtdNCDs               *Prov CARE B   1615    Assigned
*The rating is Prov and will be confirmed once the company meets the pre-conditions to the
satisfaction of CARE.
Ess Kay Fincorp Ltd. (Erstwhile Ess KaLT Fac (Tier II)   CARE BBB       200     Reaffirmed
Fincorp Pvt. Ltd.)
Ess Kay Fincorp Ltd. (Erstwhile Ess KaLT Bk Fac          CARE BBB+      3672.2  Reaffirmed
Fincorp Pvt. Ltd.)
*The rating is Prov and will be confirmed once the company meets the pre-conditions to the
satisfaction of CARE.
Ess Kay Fincorp Ltd. (Erstwhile Ess KaNCD issue          CARE BBB+      213.3   Reaffirmed
Fincorp Pvt. Ltd.)
Ess Kay Fincorp Ltd. (Erstwhile Ess KaNCD issue          CARE BBB+      94.5    Reaffirmed
Fincorp Pvt. Ltd.)
Ess Kay Fincorp Ltd. (Erstwhile Ess KaNCD issue          CARE BBB+      200     Reaffirmed
Fincorp Pvt. Ltd.)(unsecured)
Ess Kay Fincorp Ltd. (Erstwhile Ess KaNCD issue          CARE BBB+      200     Reaffirmed
Fincorp Pvt. Ltd.)(Tier II)
Ess Kay Fincorp Ltd. (Erstwhile Ess KaNCD issue          CARE BBB+      150     Reaffirmed
Fincorp Pvt. Ltd.)(unsecured)
Ess Kay Fincorp Ltd. (Erstwhile Ess KaNCD issue          CARE BBB+      150     Reaffirmed
Fincorp Pvt. Ltd.)
Ess Kay Fincorp Ltd. (Erstwhile Ess KaNCD                CARE BBB+      150     Reaffirmed
Fincorp Pvt. Ltd.)
Ess Kay Fincorp Ltd. (Erstwhile Ess KaPrincipal          CARE PP-MLD    250     Reaffirmed
Fincorp Pvt. Ltd.)                    Protected- Market  BBB+
                                      Linked Debenture
Ess Kay Fincorp Ltd. (Erstwhile Ess KaPrincipal          CARE PP-MLD    150     Reaffirmed
Fincorp Pvt. Ltd.)                    Protected- Market  BBB+
                                      Linked Debenture
Everblue Apparel Ltd                  LT Bk Fac (TL)     CARE AA (SO)   1       Reaffirmed
Gacl-Nalco Alkalies & Chemicals Pvt LtLT Bk Fac          CARE A         14000   Assigned
Ganesh Ramchandra Apte                LT Bk Fac (FB)     -                      Withdrawn
Gmr Pochanpalli Expressways Ltd       LT Bk Fac (BG)     CARE A-(SO)*   200     Assigned
*backed by securitization of the future NHAI annuity receivables
Gmr Warora Energy Ltd                 LT Bk Fac (TL)     CARE BB        31910   Revised from
                                                                                CARE D
(reduced from 3,445.79 Crore)
Gmr Warora Energy Ltd                 NCDs               CARE BB        750     Reaffirmed
Gmr Warora Energy Ltd                 Long/ST Bk Fac     CARE BB/A4     3900    Reaffirmed
                                      (CC/LC)
(reduced from 397.62 Crore)
Growel Processors Pvt Ltd             LT BkFac           CARE BBB       864.5   Revised from
                                                                                BB+
(reduced from 71.72 Crore)
Ivl Dhunseri Petrochem Industries Pvt LT BkFac           CARE A         7832.9  Revised from
Ltd                                                                             CARE A-#
(enhanced from Rs.592.28 crore Crore)
Ivl Dhunseri Petrochem Industries Pvt LT/Shortterm Bk FacCARE A/A1      6650    Revised from
Ltd                                                                             CARE A-/ CARE
                                                                                A2+#
(enhanced from Rs.600.00 crore Crore)
Loh Swetanshu Prakashbhai             LT Bk Fac          CARE BB-       57      Issuer Not
                                                                                Cooperating
Madhu Industries Pvt Ltd              LT Bk Fac          CARE BB+       8.9     Issuer not co
                                                                                operating
Madhu Industries Pvt Ltd              LT/ ST Bk Fac      CARE BB+/A4    195     Issuer not co
                                                                                operating
Mimir Ifmr Capital 2018               Series A1 PTC#     ProvCARE A-    -       Assigned
                                                         (SO)
#The PTCs are rated on Ultimate Payment basis
Mimir Ifmr Capital 2018               Series A2 PTC#     ProvCARE       -       Assigned
                                                         BBB+(SO)
#The PTCs are rated on Ultimate Payment basis
Oriental Nagpur Betul Highway Ltd     LT Instruments -   CARE AAA       1393.6  Final Rating
                                      NCDs - Series C    (SO)/*
*Non-Convertible Debentures (NCDs) are backed by underlying annuities to be received from
National Highways Authority of India (NHAI; rated CARE AAA; Stable) supplemented by structural
measures put in place in the form of trustee administered escrow payment mechanism and creation
of debt service reserve account (DSRA), debenture redemption reserve account, major maintenance
reserve account (MMRA), construction reserve account and additional reserve account.
Pack Print Industries India Pvt Ltd   LT Bk Fac          CARE BB        196.3   Reaffirmed
Parth Motors                          LT Bk Fac          CARE BB        64.5    Issuer Not
                                                                                Cooperating
Radha Ballabh Health Care And ResearchLT Bk Fac          CARE B+        200     Issuer Not
Institute Pvt Ltd                                                               Cooperating
Scil Capital India Pvt Ltd            LT FB –            CARE BBB-      200     Reaffirmed
                                      EPC/PCFC/PSCFC/ FBP
Shiv S. Balvantrai Rotliwala          Long/ ST Bk Fac    CARE BBB-/A3   300     Reaffirmed
(Enhanced from Rs.25.00 crore Crore)
Shree Raghukul Texprints Pvt Ltd      LT Bk Fac          CARE BB-       191.2   Reaffirmed
(enhanced from13.42 Crore)
Shree Raghukul Texprints Pvt Ltd      LT/ST Bk Fac       CARE BB-/A4    50      Reaffirmed
(enhanced from 0.88 Crore)
Shree Ranisati Processors Pvt Ltd     LT Bk Fac          CARE BB-       118.3   Reaffirmed
Shree Ranisati Processors Pvt Ltd     LT/ST Bk Fac       CARE BB-/A4    60      Reaffirmed
(enhanced from 3.17 Crore)
Shri Ambika Traders                   LT Bk Fac          CARE BB-       60      Assigned
Shri Rawatpura Sarkar Lok Kalyan TrustLT Bk Fac          CARE BB        240     Reaffirmed
Shri Rawatpura Sarkar Lok Kalyan TrustLong/ ST Bk Fac    CARE BB/A4     10      Reaffirmed
Sri Rama Pharmaceutical Distributors  LT Bk Fac          CARE BB        240     Reaffirmed
Sri Rama Pharmaceutical Distributors  Long/ ST Bk Fac    CARE BB/A4     10      Reaffirmed
Sri Sai Swarupa Seeds Pvt Ltd         LT/ ST Bk Fac      CARE BB        80      Revised from
                                                                                CARE BB+
Issuer Not Cooperating
Uday Autolink Pvt Ltd                 LT Bk Fac          CARE D         345.9   Issuer Not
                                                                                Cooperating
Vijay Steel Industries                LT Bk Fac          CARE B+        10      Reaffirmed
Vijay Steel Industries                LT /STBk Fac       CARE B+/A4     80      Reaffirmed
Wheel Packaging                       LT Bk Fac          CARE BB        75      Reaffirmed
(enhanced from 3.50 Crore)
Yogi Cotex Pvt Ltd                    LT Bk Fac          CARE B+        130     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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