June 22, 2018 / 8:48 AM / 5 months ago

CARE ratings for Indian debt instruments-Jun 22

    Jun 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 21, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aditi Infrabuild &Services Ltd        ST Bk Fac          CARE A4        140     Reaffirmed
Bawa Float Glass Ltd                  ST Bk Fac          CARE A3+       10      -
(Placed on credit watch with developing implications)
Bvg India Ltd                         ST Bk Fac          CARE A1        1060    Reaffirmed
Jm Financial Capital Ltd              CP (IPO Financing) CARE A1+       3000    Assigned
Jm Financial Products Ltd             CP (IPO Financing) CARE A1+       5000    Assigned
Jm Financial Properties And Holdings  CP (IPO Financing) CARE A1+       40000   Assigned
L&T Finance Ltd.                      CP (IPO Financing) CARE A1+       90000   Assigned
L&T Infrastructure Finance Co. Ltd    CP (IPO Financing) CARE A1+       50000   Assigned
Lansh Engineering Pvt Ltd             ST Bk Fac          CARE A4        45      -
(ISSUER NOT COOPERATING; Based on best available information)
P.S. Associates                       ST Bk Fac          CARE A4        20      Assigned
Sabar Flex Industries                 ST Bk Fac          CARE A4        5       -
(Issuer not cooperating)
Technithon Technologies Pvt Ltd       ST Bk Fac          CARE A4        50      -
(ISSUER NOT COOPERATING; Based on best available information)
V. A. Products                        ST Bk Fac          CARE A4        45      -
(Issuer Not Cooperating based on best available information)
Network Clothing Company Privat       ST Bk Fac          -              -       Withdrawn
Rs Development And Constructions IndiaST Bk Fac          -              -       Withdrawn
Pvt Ltd
United Infraventures Ltd              ST Bk Fac          CARE D         10      -
(Issuer not cooperating; Based on no information available)

LONG TERM RATINGS:
-------------------
Aditi Infrabuild &Services Ltd        LT Bk Fac          CARE BB-       150     Reaffirmed
Aditi Infrabuild &Services Ltd        LT/ ST Bk Fac      CARE BB-/A4    10      Reaffirmed
Ariel Sbl Ifmr Capital 2015 - Aptus   Series A1 PTC      CARE A-        35.1    Reaffirmed
Value Housing Finance India Ltd
Ariel Sbl Ifmr Capital 2015 - Aptus   Series A2 PTC      CARE BBB+      2.8     Reaffirmed
Value Housing Finance India Ltd
Ashtavinayak Auto Pvt Ltd             LT Bk Fac          CARE D         137.5   -
(ISSUER NOT COOPERATING; Based on best available information)
Attis Sbl Ifmr Capital 2016 - Aptus   Series A1 PTC      CARE A-        95      Reaffirmed
Value Housing Finance India Ltd
Attis Sbl Ifmr Capital 2016 - Aptus   Series A2 PTC      CARE BBB       5.2     Reaffirmed
Value Housing Finance India Ltd
B.K.Polimex India Pvt Ltd             LT Bk Fac          CARE BB        20      Assigned
B.K.Polimex India Pvt Ltd             LT/ST Bk Fac       CARE BB/A4     250     Reaffirmed
Balraj Kumar Vinod Kumar              LT Bk Fac          CARE BB-       70      Assigned
Bawa Float Glass Ltd                  LT/ ST Bk Fac      CARE BBB/CARE  140     -
                                                         A3+
(Placed on credit watch with developing implications)
Bharat Sanchar Nigam Ltd              LT Bk Fac          CARE AAA       200000  Reaffirmed
Bvg India Ltd                         LT Bk Fac          CARE A+        6746.8  Reaffirmed
Bvg India Ltd                         Long- term/ ST Bk  CARE A+/A1     7090    Reaffirmed
                                      Fac
Corum Hospitality                     LT Bk Fac          CARE D         108.6   -
(Issuer not cooperating)
Devangi Construction                  LT Bk Fac          CARE B+        75      Assigned
Gali Bhanu Prakash                    LT Bk Fac          CARE B+        55.3    Assigned
Gayatri Projects Ltd                  LT Bk Fac          CARE BB-       20303   Revised from
                                                                                CARE D
Gayatri Projects Ltd                  LT/ST Bk Fac       CARE BB-/A4    45940.3 Revised from
                                                                                CARE D/D
Herrera Ifmr Capital 2017 - Annapurna Series A1 PTC      -              -       Withdrawn
Finance Pvt Ltd
Herrera Ifmr Capital 2017 - Annapurna Series A2 PTC      CARE BB+       -       Reaffirmed
Finance Pvt Ltd
Jm Financial Capital Ltd              CP Issue (IPO      -              -       Withdrawn
                                      Financing)
Jm Financial Products Ltd             CP Issue (IPO      -              -       Withdrawn
                                      Financing)
L&T Finance Ltd (Erstwhile Family     CP (IPO Financing) -              -       Withdrawn
Credit Ltd)
L&T Infrastructure Finance Co. Ltd    CP (IPO Financing) -              -       Withdrawn
Lansh Engineering Pvt Ltd             LT Bk Fac          CARE B+        50      Revised from
                                                                                CARE BB
(ISSUER NOT COOPERATING; Based on best available information)
Madhav Ginning And Pressing Pvt Ltd   LT Bk Fac          -              -       Withdrawn
Maruti International                  LT Bk Fac          CARE B+        50      Assigned
Network Clothing Company Privat       LT Bk Fac          -              -       Withdrawn
Noor Impex Pvt Ltd                    LT/ST Bk Fac       CARE BB-/CARE  180     -
                                                         A4
(Reaffirmed and removed from Issuer Non Cooperation)
Northern Arc 2018 Mfi Valencia - FusioSeries A1 PTC#     Provisional    308.1   Assigned
Microfinance Pvt Ltd                                     CARE A
# The PTCs are rated on Ultimate Payment basis
Northern Arc 2018 Mfi Valencia - FusioSeries A1 PTC#     Provisional    14.3    Assigned
Microfinance Pvt Ltd                                     CARE BBB+
# The PTCs are rated on Ultimate Payment basis
P.S. Associates                       LT / ST Bk Fac     CARE B+ /CARE  80      Assigned
                                                         A4
Pgh International Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Rs Development And Constructions IndiaLT Bk Fac          -              -       Withdrawn
Pvt Ltd
Sabar Flex Industries                 LT Bk Fac          CARE B         74.7    -
(Issuer not cooperating)
Sai Aarav Motors                      LT Bk Fac          CARE BB        70      -
(Issuer Not Cooperating; Based on best available information)
Shivam Protein Products Pvt Ltd       LT Bk Fac          CARE B         96.9    Revised from
                                                                                CARE B+
(Issuer not cooperating)
Shree Mandvi Vibhag Sahakari Khand    LT Bk Fac          CARE D         539.1   -
Udyog Mandli Ltd
(Issuer not cooperating, Based on best available information)
Sunpaul Properties Pvt Ltd            LT Bk Fac          CARE B+        90      -
(Issuer Not Cooperating based on best available information)
Swastik Cement Products Pvt Ltd       LT Bk Fac          CARE BB        70      Revised from
                                                                                CARE BB
(Issuer not cooperating)
Tamil Nadu Civil Supplies Corporation LT Bk Fac@         CARE A-        200     -
(Removed from credit watch;Rating Reaffirmed) / @ backed by unconditional and irrevocable
guarantee from Government of Tamil Nadu (GoTN) for the bank facilities vide GO Ms. No. 137
Finance (Loans & Advances Cell) Department dated April 24, 2018.The guarantee is valid for a
period of three years with effect from Jan.20, 2018.
Technithon Technologies Pvt Ltd       LT Bk Fac          CARE C         79.9    Revised from
                                                                                CARE B
Ticel Bio Park Ltd                    LT Bk Fac          CARE D         613.2   Assigned
United Infraventures Ltd              LT Bk Fac          CARE D         90.5    -
(Issuer not cooperating; Based on no information available)
V. A. Products                        LT Bk Fac          CARE B         15      -
(Issuer Not Cooperating based on best available information)
Xerxes Sbl Ifmr Capital 2016 - India  Series A1 PTC      CARE A-        99.1    Reaffirmed
Shelter Finance Corporation Ltd
Xerxes Sbl Ifmr Capital 2016 - India  Series A2 PTC      CARE BBB-      12.7    Reaffirmed
Shelter Finance Corporation Ltd
--------------------------------------------------------------------------------------------
$: 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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