May 10, 2018 / 6:56 AM / 2 months ago

CARE ratings for Indian debt instruments-May 10

    May 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 9, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
JM Financial Capital Ltd              CP (for IPO        CARE A1+       3000    Assigned
                                      financing)
JM Financial Products Ltd             CP (for IPO        CARE A1+       5000    Assigned
                                      financing)
Kpg International Pvt Ltd             ST Bk Fac          CARE A4        40      Assigned
Pab Organics Pvt Ltd                  ST Bk Fac          CARE A3        3.5     Reaffirmed
Pk Hospitality Pvt Ltd                ST Bk Fac          CARE A4        188.5   Assigned
Shubh Ply And Veneers Pvt Ltd         ST Bk Fac          CARE A4        100     Assigned
The India Cements Ltd                 ST Bk Fac          CARE A1        7500    Reaffirmed

LONG TERM RATINGS:
-------------------
Bcv Developers Pvt Ltd                LT Bk Fac          CARE BBB+      3000    Assigned
Icici Securities Primary Dealership   Tier II Bonds      CARE AAA       500     Assigned
Infrastructure Leasing & Financial    Proposed NCDs      CARE AAA       5000    Assigned
Services Ltd
Jai Shri Balaji Infracon Pvt Ltd      LT Bk Fac          CARE BB-       90      Assigned
Kpg International Pvt Ltd             LT Bk Fac          CARE B+        45      Assigned
Matrix Roller Mills Pvt Ltd           LT Bk Fac          CARE B+        140     Assigned
Mercator Ltd                          NCD issue          -              -       Withdrawn
Pab Organics Pvt Ltd                  LT Bk Fac          CARE BBB-      54.1    Reaffirmed
Pab Organics Pvt Ltd                  LT/ST Bk Fac       CARE BBB-/A3   205     Reaffirmed
Pk Hospitality Pvt Ltd                LT Bk Fac          CARE BB+       335.1   Assigned
Safespace Warehousing (India) Pvt Ltd LT Bk Fac          CARE B+        68.9    Assigned
Shubh Ply And Veneers Pvt Ltd         LT Bk Fac          CARE B+        46.1    Assigned
The India Cements Ltd                 LT Bk Fac          CARE A         32408.7 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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