June 11, 2019 / 5:48 AM / a month ago

CARE ratings for Indian debt instruments-Jun 11

    Jun 11 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 10, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Anuspaa Heritage Products Pvt Ltd     ST Bk Fac          CARE A4        15      -
Issuer not cooperating; Based on best available information
Aries Agro Ltd                        ST Bk Fac          CARE A3        484.5
Revised from CARE A3+

Balasore Alloys Ltd                   ST Bk Fac          CARE A4+       953
Revised from CARE A3; Credit watch with negative implications
Fenix Process Technologies Pvt Ltd    ST Bk Fac          CARE D         160
Revised from CARE A4;
Gmr Airports Ltd                      ST Bk Fac          CARE A1        2000
Rating placed under credit watch with negative implications
Hec Infra Projects Ltd                ST Bk Fac          CARE A3        220     Reaffirmed
Hind Aluminium Industries Ltd         ST Bk Fac          CARE A2+       914.4   Reaffirmed
Jai Bharat Gum And Chemicals Ltd.     ST Bk Fac          CARE A4+       610
Revised from CARE A2+; Issuer not cooperating on the basis of best available information
Jm Financial Capital Ltd              CP Issue (IPO      -              -       Withdrawn
                                      Financing)
Jm Financial Products Ltd             CP Issue (IPO      -              -       Withdrawn
                                      Financing)
Jm Financial Properties And Holdings LCP (IPO financing) -              -       Withdrawn
Kesar Petroproducts Ltd               ST Bk Fac          CARE A4+       50
Rating revised from CARE A3
Naresh Singhal And Company            ST Bk Fac          CARE A4        55      -
Issuer not cooperating; Based on best available information
Parbhat Kumar Contractor              ST Bk Fac          CARE A4        90      Assigned
Setco Automotive Ltd                  ST Bk Fac          CARE A3        20      Reaffirmed
Unitech International Ltd             ST Bk Fac          CARE A4        230     -
Issuer not cooperating; Based on best available information
Vadilal Industries Ltd                ST Bk Fac          CARE A2        192.2
Placed under Credit Watch with Developing Implications
Vodafone Idea Ltd                     ST Bk Fac (TL) #   -              -       Withdrawn
# the company has provided No dues certificate furnished by lenders to CARE.
Vodafone Idea Ltd                     ST Bk Fac (Fund    CARE A1+       3550    Reaffirmed
                                      based)
Vodafone Idea Ltd                     ST Bk Fac          CARE A1+       221598.3Reaffirmed
                                      (Non-fund based)
(enhanced from 12,887.17 Crore)
Vodafone Idea Ltd                     CP (CP) Issue      CARE A1+       20000   Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Pc Jeweller Ltd                       Medium Term        CARE BB+ (FD)  3000
                                      Instrument-Fixed
                                      Deposit Programme
Revised from CARE BBB (FD) (Under Credit watch with Developing Implications)

LONG TERM RATINGS:
-------------------
Aditya Hotels And Hospitalities Pvt LtLT Bk Fac          CARE D         122.7
Revised from CARE B;
Anuspaa Heritage Products Pvt Ltd     LT Bk Fac          CARE BB-       77.7    -
Issuer not cooperating; Revised from CARE BB; on the basis of best available information
Aries Agro Ltd                        LT Bk Fac          CARE BBB-      1266
Revised from CARE BBB+;
Balasore Alloys Ltd                   LT Bk Fac          CARE BB+       900
Revised from CARE BBB-; Credit watch with negative implications
Bank Of Baroda                        Perpetual Bonds    -              -       Withdrawn
                                      (Basel II)#
#Transferred from Dena Bank to Bank of Baroda on account of amalgamation
Bhilwara Jaipur Toll Road Pvt Ltd     LT Bk Fac*         CARE BBB (SO)  2102.5
Revised from CARE BBB+ (SO); *backed by unconditional & irrevocable corporate guarantee provided
by Om Metal Infraprojects Limited (OMIL; rated CARE BBB; Negative/ CARE A3+)
Desdemona Northern Arc 2018           Series A1 PTCs     -              -       Withdrawn
(Originator: M Power Microfinance Pvt
Ltd)
Desdemona Northern Arc 2018           Series A2 PTCs     -              -       Withdrawn
(Originator: M Power Microfinance Pvt
Ltd)
Desdemona Northern Arc 2018           Series A3 PTCs     -              -       Withdrawn
(Originator: M Power Microfinance Pvt
Ltd)
Dra Narmada Busport Pvt Ltd           LT Bk Fac (Fund    CARE A (SO)    250     Assigned
                                      based)
Dra Narmada Busport Pvt Ltd           LT Bk Fac (Non     CARE A (SO)    3.6     Assigned
                                      fund based)
Fenix Process Technologies Pvt Ltd    LT Bk Fac          CARE D         104
Revised from CARE B-;
Gmr Airport Developers Ltd            LT Bk Fac TL@      CARE A+ (SO)   404.2
Revised from CARE AA- (SO) (Under credit watch with negative implications); @ backed by
unconditional and irrevocable corporate guarantee of GMR Airports Limited (GAL, rated Prov CARE
A+/CARE A1
Gmr Airports Ltd                      Proposed NCD issue@-              -       Withdrawn
Revised from Provisional CARE AA-; under credit watch with negative implications to Provisional
CARE A+;under credit watch with negative implications and Withdrawn; @ Provisional rating is
based on indicative terms of the proposed issue.
Gopalpur Ports Ltd                    Fund Based Bk Fac- CARE A+(SO)    14000
                                      LT TL
Revised from CARE AA-(SO) ; (CLC^/ LOU^ sublimit of 600.00 Crore); ^CLC – Capex Letter of
Credit; ^LOU – Letter of Undertaking for Buyer’s Credit; Facilities is backed by a Letter of
Comfort from Shapoorji Pallonji and Company Private Limited (SPCPL, rated CARE AA-; under credit
watch with developing implication/ CARE A1+)
Gopalpur Ports Ltd                    Non Fund Based Bk  CARE A+(SO)    500
                                      Fac – BG
continues under credit watch with developing implications ; Facilities is backed by a Letter of
Comfort from Shapoorji Pallonji and Company Private Limited (SPCPL, rated CARE AA-; under credit
watch with developing implication/ CARE A1+)
Gopalpur Ports Ltd                    Fund Based – CC    CARE A+(SO)    250
                                      Limits
Facilities is backed by a Letter of Comfort from Shapoorji Pallonji and Company Private Limited
(SPCPL, rated CARE AA-; under credit watch with developing implication/ CARE A1+)
Gopalpur Ports Ltd                    LER* Limit - LT    CARE A+(SO)    250     -
                                      (Derivative)
                                      Facility
*Loan Equivalent Risk; Facilities is backed by a Letter of Comfort from Shapoorji Pallonji and
Company Private Limited (SPCPL, rated CARE AA-; under credit watch with developing implication/
CARE A1+)
Hec Infra Projects Ltd                LT Bk Fac          CARE BBB-      161.9
Revised from CARE BBB;
Hind Aluminium Industries Ltd         LT Bk Fac          CARE A-        1727.2
Revised from CARE A-;
Hind Aluminium Industries Ltd         Long/ST Bk Fac     CARE A-/A2+    99
Revised from CARE A-; CARE A2+
Jai Bharat Gum And Chemicals Ltd.     LT Bk Fac          CARE BB+       10
Revised from CARE BBB+; Issuer not cooperating on the basis of best available information
Keerthi Industries Ltd                LT Bk Fac          CARE BB+       210.8
Revised from CARE BBB-;
Kesar Petroproducts Ltd               LT Bk Fac          CARE BB+       100
Rating revised from CARE BBB- and outlook revised from Negative to Stable
Lava Cast Pvt Ltd                     LT Bk Fac          CARE BBB-(SO)  1567
Revised from CARE BBB-(SO)
Mangalam Timber Products Ltd          LT Bk Fac TL       Prov-CARE      500     Reaffirmed
                                                         A+(SO)
Nakia Trust 2018 (Originator: SuryodaySeries A PTC       CARE AA (SO)   -
Small Finance Bank Ltd)
Revised from CARE A+ (SO)
Naresh Singhal And Company            LT Bk Fac          CARE B+        32.5    -
Issuer not cooperating; Based on best available information
Om Metals Infraprojects Ltd           LT Bk Fac          CARE BBB       1510
Revised from CARE BBB+;
Om Metals Infraprojects Ltd           Long/ST Bk Fac     CARE BBB/A3+   6420
Revised from CARE BBB+ /CARE A2
Palathra Constructions Pvt Ltd        LT Bk Fac          CARE B+        520     Assigned
Parbhat Kumar Contractor              LT Bk Fac          CARE BB-       10      Assigned
Pnp Maritime Services Pvt Ltd         LT Bk Fac^         CARE A+(SO)    1051.5
Revised from CARE AA-(SO) Continues under credit watch with developing implications ; Backed by
an unconditional and irrevocable corporate guarantee from Shapoorji Pallonji and Company Private
Limited [SPCPL, rated CARE AA-(Credit Watch with Developing Implications)/A1+] for maintaining
revolving Debt service reserve account (DSRA) for an amount payable towards one quarter interest
and one quarter principal for immediately succeeding quarter during the tenure of the facility.
However, upon occurrence of an Event of Default, the accelerated repayments of the outstanding
loan will not be covered by DSRA guarantee, and shall be restricted to next scheduled debt
servicing obligation.
Raymix Concrete India Pvt Ltd         LT Bk Facility     CARE D         200     -
Issuer not cooperating; Revised from CARE B; on the basis of best available information
Sd Svp Nagar Redevelopment Pvt Ltd    NCDs^              CARE AA- (SO)  750
Revised from CARE AA(SO) and continues under credit watch with developing implications ; ^
credit enhancement in the form of unconditional, irrevocable and revolving Debt Service Reserve
Account (DSRA) guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL; rated CARE
AA-; under Credit Watch with Developing Implications / CARE A1+).
Setco Automotive Ltd                  LT Bk Fac          CARE BBB-      2571.8
Revised from CARE BBB-;
Shapoorji Pallonji Forbes Shipping LtdLT Bk Fac          CARE A+ (SO)   1630.8*
Revised from CARE AA- (SO) Continues under credit watch with developing implications ; (reduced
from 174.70 Crore); *USD 23.68 mn@ INR 68.87 as on March 26, 2019
Shrirang Kisanlal Sarda               LT Bk Fac          CARE BBB-      99.1    Reaffirmed
(Enhanced from 8.20 Crore)
Simplex Infrastructures Ltd           LT Bk Fac          CARE A-        26244
Revised from CARE A -;
Simplex Infrastructures Ltd           NCDs               CARE A-        5250
Revised from CARE A-
Simplex Infrastructures Ltd           Long/ST Bk Fac     CARE A-/A2+    79000
Revised from CARE A-/CARE A2+
Sintex Industries Ltd                 NCD (NCD)issue     CARE C         5000    -
Issuer not cooperating; Revised from CARE B;
Sp Imperial Star Pvt Ltd              NCD- “Series B”    CARE AA-(SO)   500
                                      issue*
Revised from CARE AA(SO) and continues under credit watch with developing implications ; *
credit enhancement in the form of unconditional and irrevocable DSRA guarantee from Shapoorji
Pallonji and Company Private Limited (SPCPL, rated: CARE AA-; Credit Watch with developing
implications/CARE A1+)
Swaraj India Industries Ltd           LT Bk Fac          -              -       Withdrawn
Swaraj India Industries Ltd           LT/ST Bk Fac       -              -       Withdrawn
Titagarh Singapore Pte Ltd            LT Bk Fac          CARE A- (SO)   1060.8
Reaffirmed and Outlook Revised Stable to Negative
Unitech International Ltd             LT Bk Fac          CARE BB-       120     -
Issuer not cooperating;Revised from CARE BB Based on best available information
Vadilal Enterprises Ltd               LT Bk Fac          CARE BBB+ (SO) 340.4
Placed under Credit Watch with Developing Implications; Bank facilities are backed by the
unconditional and irrevocable corporate guarantee of Vadilal Industries Limited (VIL; rated:
CARE BBB+ / CARE A2; Under credit watch with developing implications)
Vadilal Enterprises Ltd               Long/ST Bk Fac     CARE BBB+ (SO) 5
                                                         /A2 (SO)
Placed under Credit Watch with Developing Implications; Bank facilities are backed by the
unconditional and irrevocable corporate guarantee of Vadilal Industries Limited (VIL; rated:
CARE BBB+ / CARE A2; Under credit watch with developing implications)
Vadilal Industries Ltd                LT Bk Fac          CARE BBB+      1286.7
Placed under Credit Watch with Developing Implications
Vivriti Trippier 07 2018 (Originator: Series A1 PTCs     -              -       Withdrawn
S.M.I.L.E. Microfinance Ltd)
Vivriti Trippier 07 2018 (Originator: Series A2 PTCs     -              -       Withdrawn
S.M.I.L.E. Microfinance Ltd)
Vodafone Idea Ltd                     LT Bk Fac (TL)     CARE A+        139983.4
Revised from CARE AA-; (reduced from 14,001.00 Crore)
Vodafone Idea Ltd                     LT Bk Fac (Fund    CARE A+        8220    -
                                      based)
(reduced from 1,292.00 Crore); Revised from CARE AA-
Vodafone Idea Ltd                     LT Bk Fac (Nonfund CARE A+        191301.8-
                                      based)
(enhanced from 18630.18 Crore); Revised from CARE AA-
Vodafone Idea Ltd                     NCD (NCD) issue    CARE A+        84010
Revised from CARE AA;

--------------------------------------------------------------------------------------------
$: 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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