January 29, 2018 / 7:29 AM / a month ago

CARE ratings for Indian debt instruments-Jan 29

    Jan 29 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 25, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ambit Finvest Pvt Ltd                 CP*                CARE A1+ (SO)  100     Reaffirmed
*based on credit enhancement in the form of an unconditional and irrevocable guarantee from the
parent, Ambit Private Limited (APL)
Chimur Cotton Industry                ST Bk Fac          CARE A4        0.07    Re-affirmed
Emami Agrotech Ltd (Formerly Emami    ST Bk Fac          CARE A2        4565.5  Reaffirmed
Biotech Ltd)
Gadre Marine Export                   ST Bk Fac          CARE A2+       3       Revised from
                                                                                CARE A2
Gadre Marine Export Pvt Ltd           ST Bk Fac          CARE A1        196.83  Revised from
                                                                                CARE A2+
Hypercity Retail India Ltd.           ST Bk Facility     -              0       Withdrawn
Hindware Home Retail Pvt Ltd          STFac              -              -       -
Haryana Conductors Pvt Ltd            ST Bk Fac          CARE A4        9       -
(ISSUER NOT COOPERATING)
Indofil Industries Ltd                STFac              CARE A1+       503.03  Reaffirmed
(enhanced from 375.00)
Indofil Industries Ltd                CP*                CARE A1+       200^    Reaffirmed
(enhanced from 100.00),^ Rs. 50 crore outstanding as on December 15,2017
*carved out of the sanctioned working capital limits of the company. 

Inkel Ltd                             Proposed ST Bk     CARE A3+       25      Reaffirmed
                                      Fac
Kalyani Technotherm Ltd               ST Bk Fac (Non-FB) -              -       Withdrawn
Kanwar Enterprise Pvt Ltd             ST BkFac           CARE A3        33      -
(ISSUER NOT COOPERATING)
Kesoram Industries Ltd                ST Bk Fac          CARE A2+       585     Ratings
                                                                                continue on
                                                                                credit watch
Nandi Vardhana Textile Mills Ltd      ST Bk Fac          CARE D         3.4     -
(ISSUER NOT COOPERATING)
Nalli Chinnasami Chetty               ST Bk Fac          CARE A2        9       Reaffirmed
Pinakin Plastoforming Ltd             ST Bk Fac          CARE D         0.5     Revised from
                                                                                CARE A4
Reliance Jio Infocomm Ltd             CP                 CARE A1+       15000   Reaffirmed
Sabari Constructions Technologies Pvt ST Bk Fac          CARE A4        5       Reaffirmed
Ltd
Sitapuram Power Ltd                   ST Bk Fac          CARE D         10      Revised from
                                                                                CARE A3+
Sanee Infrastructure Pvt Ltd          ST Bk Fac          CARE A4        8       Assigned
Seguro-Inkel Consortium Llp           ST – Bk Fac @      CARE A3+ (SO)  6       Reaffirmed
@ backed by unconditional and irrevocable corporate guarantee provided by Inkel Limited.
Sunheri Texcraft Pvt Ltd              ST Bk Fac          CARE A3        12.09   Revised from
                                                                                A4+
Syndicate Impex                       ST Bk Fac          CARE A4        4.3     -
(ISSUER NOT COOPERATING)

MEDIUM TERM RATINGS:
-------------------
Inkel Ltd                             Fixed Deposit      CARE BBB+(FD)  40      Reaffirmed
                                      Programme

LONG TERM RATINGS:
-------------------
A.G. Hospitalities Pvt Ltd            LT Bk Fac          CARE B+        31      Reaffirmed
Adani International Container TerminalLT Bk Facility*    -                      Withdrawn
Pvt Ltd
*The rating of this facility was ‘CARE AA (SO)’ as it was backed by the ‘letter of comfort’
extended by Adani Ports and Special Economic Zone Ltd (APSEZ; rated ‘CARE AA+; Stable’);
however, this rating has now been withdrawn as Adani International Container Terminal Private
Limited has fully repaid the amounts under the said bank facility and there is no amount
outstanding under the facility as on date.

Adani International Container TerminalLT Bk Fac          CARE AA-       646.03  Reaffirmed
Pvt Ltd
Adinath Cold Storage Pvt Ltd          LT Bk Fac          CARE B         8.5     Assigned
Agri Venture                          Long/ST Bk Fac     CARE D/D       5.95    -
(ISSUER NOT COOPERATING)
Ambit Finvest Pvt Ltd                 CP (IPO Financing) -              -       Withdrawn
Ambit Finvest Pvt Ltd                 LT Bk Fac*         CARE A+(SO)    201.75  Reaffirmed
*based on credit enhancement in the form of an unconditional and irrevocable guarantee from the
parent, Ambit Private Limited (APL)
Ambit Finvest Pvt Ltd                 LT Bk Fac *^       CARE A+(SO)    298.25  Reaffirmed
^The rating is provisional and will be confirmed upon receipt of executed guarantee documents to
the satisfaction of CARE,*based on credit enhancement in the form of an unconditional and
irrevocable guarantee from the parent, Ambit Private Limited (APL).
Bank Of India                         Upper Tier II      CARE AA-       3000    Reaffirmed
                                      Bonds (Basel II)
Bank Of India                         Perpetual Bonds    CARE AA-       700     Reaffirmed
                                      (Basel II)
Chimur Cotton Industry                LT Bk Fac          CARE B+        5.6     Re-affirmed
D.R.Hotels Pvt Ltd                    LT Bk Fac          CARE BB+       60.09   Reaffirmed
Emami Agrotech Ltd (Formerly Emami    LT Bk Fac          CARE A-        444.7   Reaffirmed
Biotech Ltd)
Ftf Pharma Pvt Ltd                    LT Bk Fac          -              -       Withdrawn
Gadre Marine Export                   LT Bk Fac          CARE BBB+      16      Revised from
                                                                                CARE BBB
Gadre Marine Export Pvt Ltd           LT Bk Fac          CARE A         59.39   Revised from
                                                                                CARE A-
Haryana Conductors Pvt Ltd            LT/ST Bk Fac       CARE BB/A4     10.5    -
(ISSUER NOT COOPERATING)
Hindware Home Retail Pvt Ltd          LTFac              -              -       -
Hypercity Retail India Ltd.           LT/ST BkFacility   -              0       Withdrawn
Hypercity Retail India Ltd.           LT Bk Facility     -              0       Withdrawn
Hypercity Retail India Ltd.           LT Bk Facility-TL  CARE AA- (SO)  285     Revised from
                                                                                CARE A
Hypercity Retail India Ltd.           LT/ST BkFacility   CARE AA-       35      Revised from
                                                         (SO)/A1+ (SO)          CARE BBB+ /
                                                                                CARE A2
Il&Fs Transportation Networks Ltd     LT Bk TL           CARE AA+       500     -
Indofil Industries Ltd                LTFac              CARE A         696.19  Reaffirmed
Indofil Industries Ltd                Long/ShortFac      CARE A         695     Reaffirmed
(enhanced from 595.00)
Inkel Ltd                             Proposed LT Bk Fac -              -       Withdrawn
                                      (Proposed TL)@
Inkel Ltd                             Proposed LT Bk     CARE BBB+      15      Assigned
                                      Fac (CC)
Inkel-Ekk Roads Pvt Ltd               LT Bk Fac @        CARE BBB+ (SO) 122     Assigned
@ Backed by unconditional and irrevocable corporate guarantee extended by Inkel Limited
Ipf Vikram India Ltd                  LT/ST BkFac        CARE A/A1      25      Assigned
Jm Financial Institutional Securities CP                 -              -       Withdrawn
Ltd
Kalyani Technotherm Ltd               LT/ST Bk Fac       -              -       Withdrawn
                                      (Fund)
Kalyani Technotherm Ltd               LT Bk Fac (FB)     -              -       Withdrawn
Kanwar Enterprise Pvt Ltd             LT BkFac           CARE BBB-      7       -
(ISSUER NOT COOPERATING)
Kas Industries India Pvt Ltd          LT Bk Fac          CARE BBB-      60.76   Reaffirmed
Kedia Lumbers                         LT/ST Bk Fac       CARE BB/A4     12.5    Reaffirmed
Kerala Communicators Cable Ltd        LT Bk Fac          CARE BBB-      7.5     Reaffirmed
Kesoram Industries Ltd                LT Bk Fac          CARE A-        430     Ratings
                                                                                continue on
                                                                                credit watch
Kesoram Industries Ltd                Long/ST Bk Fac     CARE A-        1315    Ratings
                                                                                continue on
                                                                                credit watch
Miv Logistics Pvt Ltd                 LT Bk Fac @        CARE BBB+(SO)  23      Reaffirmed
@ Backed by unconditional and irrevocable corporate guarantee extended by Inkel Limited
Nalli Chinnasami Chetty               LT Bk Fac          CARE BBB+      1.61    Reaffirmed
Nandi Vardhana Textile Mills Ltd      LT Bk Fac          CARE D         24.56   -
(ISSUER NOT COOPERATING)
Orange Renewable Power Pvt Ltd        LT Bk Fac          -              -       Withdrawn
Pinakin Plastoforming Ltd             LT Bk Fac          CARE D         8       Revised from
                                                                                CARE B+
Polestar Maritime Ltd                 LT Bk Fac          CARE A         113.14  Reaffirmed
Polestar Maritime Ltd                 LT/STBk Fac        CARE A/A1      5.69    Reaffirmed
Rajat Steel Syndicate                 LT Bk Fac          CARE B+        11      Assigned
Sabari Constructions Technologies Pvt LT Bk Fac          CARE BB        22.55   Reaffirmed
Ltd
Samarpan Synthetics Pvt Ltd           LT Bk Fac          CARE BB        29.14   Revised from
                                                                                CARE BB-
Sanee Infrastructure Pvt Ltd          LT Bk Fac          CARE B-        2.9     Assigned
Sardar Cotton                         LT Bk Fac          CARE D         10.87   -
(ISSUER NOT COOPERATING)
Seguro-Inkel Consortium Llp           LT – Bk Fac @      CARE BBB+ (SO) 25      Reaffirmed
@ backed by unconditional and irrevocable corporate guarantee provided by Inkel Limited.
Shree Umiya Builders & Developers     Proposed LT Bk     CARE BB        50      Assigned
                                      Facility – TL
Sitapuram Power Ltd                   LT Bk Fac          CARE D         78.02   Revised from
                                                                                CARE BBB
Slk Trade Linc                        LT/ST Bk Fac       CARE BB/A4     12.5    Reaffirmed
Sohan Coppertech Pvt Ltd              LT Bk Fac          CARE BB        8.5     Reaffirmed
Sree Varasidhi Vinayaka Cottons       LT Bk Fac          CARE B+        5.4     Assigned
Suncity Projects Pvt Ltd              LT Bk Fac ST Bk    CARE BBB /CARE 199.91  Reaffirmed
                                      Fac                A3                     Reaffirmed
Sunheri Texcraft Pvt Ltd              LT Bk Fac          CARE BBB-      5.49    Revised from
                                                                                CARE BB+
Syndicate Impex                       LT Bk Fac          CARE B+        1.16    -
(ISSUER NOT COOPERATING)
V.R. Nachimuthu                       LT Bk Fac          CARE BB-       15      -
(ISSUER NOT COOPERATING)
Woodside Parks Ltd                    NCD                CARE AA - (SO) 80      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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