June 4, 2018 / 4:40 AM / 20 days ago

CARE ratings for Indian debt instruments-Jun 4

    Jun 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 1, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Dgn Faser Pvt Ltd                     ST Bk Fac          CARE A4        2
(ISSUER NOT COOPERATING)
Elite Infra Projects Pvt Ltd          ST Bk Fac          CARE D         60
(ISSUER NOT COOPERATING)
Hema Construction                     ST Bk Fac          CARE D         45      Revised from
                                                                                CARE B+
(ISSUER NOT COOPERATING)
Il&Fs Transportation Networks Ltd     CPs                CARE A2+       7500    Revised from
                                                                                CARE A1
Il&Fs Transportation Networks Ltd     Short--Term Bk Fac CARE A2+       2300    Revised from
                                      – TL                                      CARE A1
Jai Maa Sharda Agro & Rice Mills Pvt  ST BkFac           CARE A4        5       Revised from
Ltd.                                                                            CARE A4
(ISSUER NOT COOPERATING)
Kailashdarshan Tiles Llp              ST Bk Fac          CARE A4        12.1    Assigned
Karla Constructions                   ST Bk Fac          CARE A4        50
(ISSUER NOT COOPERATING)
Kothari Products Ltd                  ST Bk Fac          CARE A2        14955   Revised from
                                                                                CARE A2+
Kpl Exports Pvt Ltd                   ST Bk Fac*         CARE A2(SO)    3150    Revised from
                                                                                CARE A2+(SO)
*backed by unconditional & irrevocable corporate guarantee provided by Kothari Products Limited
(KPL; rated  CARE BBB+;Stable  and  CARE A2 )
Kpl Exports Pvt Ltd                   ST Bk Fac          CARE A2(SO)    1850    Revised from
                                      (Proposed)@                               Provisional
@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.      
                                                                         CARE A2+(SO)
Lezora Vitrified Pvt Ltd              ST BkFac           CARE A4        27
(ISSUER NOT COOPERATING)
Pooja Technocast                      ST Bk Fac          CARE A4        3
(ISSUER NOT COOPERATING)
Rana Engineering Company              ST Bk Fac          CARE A4+       70      Revised from
                                                                                CARE A4
Shapoorji Pallonji Infrastructure     CP*                CARE A1+ (SO)  1000    Final Rating
Capital Company Pvt Ltd
*Instrument is backed by a credit enhancement in the form of an unconditional and irrevocable
Standby letter of Credit (SBLC) provided by RBL Bank Limited (RBL, rated CARE AA-; Stable for
its Tier II Bonds (Basel III))
Shri Laxminarayan Industrial          STBkFac            CARE A4        40
Co-Operative Service Society Ltd
(ISSUER NOT COOPERATING)
Sunteck Realty Ltd                    ST Bk Fac –        CARE A1+       100     Assigned
                                      Non-Fund based
Tata Motors Finance Ltd (Formerly KnowCP                 CARE A1+       70000   Reaffirmed
As Sheba Properties Ltd)
(Enhanced from Rs.6,000 Crores)

LONG TERM RATINGS:
-------------------
Anjani Portland Cement Ltd            NCD issue          -              -       Withdrawn
Ats Infrabuild Pvt Ltd                Proposed NCD Issue CARE BB        1350    Assigned
Dgn Faser Pvt Ltd                     LT Bk Fac          CARE B-        45.6
(ISSUER NOT COOPERATING)
Dgn Faser Pvt Ltd                     LT/ST Bk Fac       CARE B-/A4     7
(ISSUER NOT COOPERATING)
Dhanania Rubber Ltd                   LT Bk Fac          -              -       Withdrawn
Elite Infra Projects Pvt Ltd          LT Bk Fac          CARE D         95
(ISSUER NOT COOPERATING)
Galaxy Enterprise                     LT Bk Fac          CARE BB-       100
(ISSUER NOT COOPERATING)
Hdfc Credila Financial Services Pvt LtPerpetual Debt     CARE AA+       750     Assigned
Hema Construction                     LT Bk Fac          CARE D         45      Revised from
                                                                                CARE B+
(ISSUER NOT COOPERATING)
Ifci Ltd                              LT Instruments –   CARE A (SO)    5750    Revised from
                                      NCD*                                      CARE A+ (SO)
*based on credit enhancement in the form of lien of Special Government security (G-sec) in favor
of trustee such that the total lien amount is at least 70% of the total liability on the NCD and
supplemented by a structured payment mechanism (SPM)    
Ifci Ltd                              Subordinated Bonds CARE BBB       10450   Revised from
                                                                                CARE BBB+
Ifci Ltd                              Long term BkFac    CARE BBB+      78250   Revised from
                                                                                CARE A-
Ifci Ltd                              LT Instruments     CARE BBB+      26550   Revised from
                                                                                CARE A-
Il&Fs Transportation Networks Ltd     Long - Term Bk Fac CARE A-        17415   Revised from
                                                                                CARE A
Il&Fs Transportation Networks Ltd     LT Instruments     CARE A-        4250    Revised
                                      Debentures- NCD                           from CARE A
Il&Fs Transportation Networks Ltd     Long/ST Bk Fac     CARE A- /A2+   8900    Revised from
                                                                                CARE A
Jai Maa Sharda Agro & Rice Mills Pvt  LT BkFac           CARE BB-       67.5    Revised from
Ltd.                                                                            CARE BB-
(ISSUER NOT COOPERATING)/(enhanced from 4.75 Crores)
Janatha Steel Mills Pvt Ltd           LT Bk Fac          CARE BBB-      30      Assigned
Kailashdarshan Tiles Llp              LT Bk Fac          CARE B+        95      Assigned
Karla Constructions                   LT Bk Fac          CARE B+        70
(ISSUER NOT COOPERATING)
Khandwa Industries Pvt Ltd            LT Bk Fac          CARE D         121.5
(ISSUER NOT COOPERATING)
Kothari Products Ltd                  LT Bk Fac          CARE BBB+      45      Revised from
                                                                                CARE A-
Lezora Vitrified Pvt Ltd              LT BkFac           CARE B+        320
(ISSUER NOT COOPERATING)
Mangala Seeds                         LT Bk Fac          CARE B+        80
(ISSUER NOT COOPERATING)
Om Construction Company               LT Bk Fac          CARE BB        38.4
(ISSUER NOT COOPERATING)
Om Construction Company               LT /ST Bk Fac      CARE BB/A4     50
(ISSUER NOT COOPERATING)
Peekay Rolling Mills Pvt Ltd          LT Bk Fac          CARE BBB+      130     Assigned
Peekay Rolling Mills Pvt Ltd          LT/ST Fac          CARE BBB+/A2   600     Assigned
Pooja Technocast                      LT Bk Fac          CARE BB-       114.1
(ISSUER NOT COOPERATING)
Pravin Electricals Pvt Ltd            LT Bk Fac          CARE BB+       80      Assigned
                                      (Including
                                      proposed Rs. 1.00 crore)
Pravin Electricals Pvt Ltd            LT / ST BkFac      CARE BB+/A4    620     Assigned
Rana Engineering Company              LT Bk Fac          CARE BB+       80      Revised from
                                                                                CARE BB
Ruchi Technoplast                     LT Bk Fac          CARE BB-       65.7    Assigned
Sangam Dresses Pvt Ltd                LT Bk Fac          CARE BB        79.8    Assigned
Shri Laxminarayan Industrial          LTBkFac            CARE B+        46.5
Co-Operative Service Society Ltd
(ISSUER NOT COOPERATING)
Siddhivinayak Aqua Feed & Cure        LT Bk Fac          -              -       Withdrawn
Singer Impex                          LT Bk Fac          CARE D         100
(ISSUER NOT COOPERATING)
Siti Networks Ltd                     LT Bk Fac          CARE A-        1330    Reaffirmed
(reduced from Rs. 150 Crores)
Siti Networks Ltd                     LT Bk Fac          CARE A-        1330    Reaffirmed
(reduced from Rs. 150 Crores)
Siti Networks Ltd                     LT Bk Fac          CARE AA+(SO)   3780    -
Span Outsourcing Pvt Ltd              LT/ ST Bk Fac      CARE B+/A4     100     Revised from
                                                                                CARE BB /
                                                                                CARE A4
(ISSUER NOT COOPERATING)
Sri Balaji Industries                 LT Bk Fac          CARE D         76.3    Revised from
                                                                                CARE B
(ISSUER NOT COOPERATING)
Sri Ranganatha Gold And Silver        LT Bk Fac          CARE D         75
(ISSUER NOT COOPERATING)
Sunrise Industries_(Delhi)            LT Bk Fac          CARE BB-       60
Reaffirmed and removed from (ISSUER NOT COOPERATING)
Sunteck Realty Ltd                    LT Bk Fac – TL     CARE AA-       4460    Reaffirmed
Sunteck Realty Ltd                    LT Bk Fac – Fund   CARE AA-       5010    Reaffirmed
                                      based
Sunteck Realty Ltd                    Proposed NCD issue CARE AA-       1000    Reaffirmed
Sunteck Realty Ltd                    NCD issue          CARE AA-       300     Reaffirmed
Tata Motors Finance Ltd (Formerly KnowSubordinated Debt  CARE AA+       9150    Assigned
As Sheba Properties 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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