May 16, 2018 / 4:28 AM / 8 days ago

CARE ratings for Indian debt instruments-May 16

    May 16 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 15, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
D And M Cables Pvt Ltd                ST Bk Fac          CARE A4        20      Reaffirmed
(Enhanced from 1.50 Crore)
Escorts Heart & Super Speciality      ST BkFac           CARE A3 (SO)   150     Revised from
Hospital Ltd                          (Overdraft) ^                             CARE A2
^ The facility is backed by credit enhancement in the form of unconditional and irrevocable
Corporate Guarantee of Fortis Global Healthcare Infrastructure Pte. Ltd. (FGHIPL).
Fortis Health Management Ltd          ST BkFac           CARE A3 (SO)   70@     Revised from
                                      (Overdraft) ^                             CARE A2
Gujarat State Fertilizers & Chemicals CP (CP) Issue      CARE A1+       10000   Reaffirmed
Ltd
[Enhanced from Rs.500 crore]
Il&Fs Education & Technology Services CP (CP) issue      CARE A1+       2000    Reaffirmed
Ltd
(enhanced from Rs. 125.00 Crore)
Indo Count Industries Ltd             ST Bk Fac          CARE A1+       7550    Reaffirmed
International Hospital Ltd            ST BkFac           CARE A3 (SO)   260@    Revised from
                                      (Overdraft) ^                             CARE A2
^ The facility is backed by credit enhancement in the form of unconditional and irrevocable
Corporate Guarantee of Fortis Global Healthcare Infrastructure Pte. Ltd. (FGHIPL)
International Hospital Ltd            CP                 CARE A3 (SO)   1500@   Revised from
                                                                                Provisional
                                                                                CARE A2
* The provisional rating assigned is based on indicative terms of the proposed issue. The
facility is proposed to be backed by Corporate Guarantee of RHT Health Trust (RHT) and Fortis
Global Healthcare Infrastructure Pte. Ltd. (FGHIPL). Final rating shall be assigned on execution
of transaction documents (including corporate guarantee) to the satisfaction of the CARE. FGHIPL
is a 100% subsidiary of RHT.
Raja Motors Sirsa                     ST Bk Fac          CARE A4        2       Assigned
Shapoorji Pallonji Infrastructure     Proposed CP(CP)    CARE A1+ (SO)  1000    Assigned
Capital Company Pvt Ltd               Issue*
*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))
Tata Motors Finance Ltd (Formerly KnowCP                 CARE A1+       60000   Reaffirmed
As Sheba Properties Ltd)
The Great Eastern Shipping Co. Ltd    ST BkFac           CARE A1+       2040    Reaffirmed
Vgs Enterprises                       ST Bk Fac          CARE A4        70      Assigned
Wockhardt Ltd                         ST Bk Fac(Non-Fund CARE A1        5338    Reaffirmed
                                      Based)
LONG TERM RATINGS:
-------------------
D And M Cables Pvt Ltd                LT Bk Fac          CARE BB-       231.5   Reaffirmed
(Enhanced from 8.50 Crore)
Hetero Med Solutions Ltd              Long term BkFac*   CARE A+ (SO)   1322.3  Revised from
                                                                                CARE A+
*Backed by unconditional and irrevocable corporate guarantee of Hetero Labs Limited (rated  CARE
A+; Negative/CARE A1 ). 
Hetero Wind Power (Pennar) Pvt Ltd    Long term BkFac*   CARE A+ (SO)   935     Revised from
                                                                                CARE A+
*Backed by unconditional and irrevocable corporate guarantee of Hetero Labs Limited (rated  CARE
A+; Negative/CARE A1 ). The Corporate Guarantee of HLL will be valid till the conclusion of
following events
- One year from actual COD
- Security is created and perfected
- The project achieves Net PLF (on a full year basis), equal to or more than the PLF assumed in
the base case financial model i.e. P- 75
- Till approval of generation based incentive is obtained for the project
- Creation of stipulated debt service reserve account 
Highbar Technologies Ltd              LT Bk Fac          CARE D         195.7   INC revoked
                                                                                and Rating
                                                                                Reaffirmed
Hindustan Construction Co. Ltd        LT Bk Fac-TL       CARE D         16075.3 INC revoked
                                                                                and Rating
                                                                                Reaffirmed
Hindustan Construction Co. Ltd        LT Bk Fac-CC       CARE D         10653.8 INC revoked
                                                                                and Rating
                                                                                Reaffirmed
Hindustan Construction Co. Ltd        LT/ST Bk Fac – Non CARE D         47758   INC revoked
                                      Fund based                                and Rating
                                                                                Reaffirmed
Hindustan Construction Co. Ltd        Non – Convertible  CARE D         467.3   INC revoked
                                      Debenture I                               and Rating
                                                                                Reaffirmed
Hindustan Construction Co. Ltd        Non – Convertible  CARE D         560.7   INC revoked
                                      Debenture II                              and Rating
                                                                                Reaffirmed
India Home Loan Ltd                   LT Bk Fac          CARE BBB-      2000    Reaffirmed
(enhanced from Rs.100 crore Crore)
Indo Count Industries Ltd             LT Bk Fac          CARE AA        3220.1  Revised from
                                                                                CARE AA
Mubarak Overseas Pvt Ltd              LT Bk Fac          CARE BB        500     Assigned
Nagayya Makkimane Shetty              LT Bk Facility     CARE B+        50      Assigned
Raj Motors Bathinda                   LT Bk Fac          CARE B+        86.3    Assigned
Raja Motors Sirsa                     LT Bk Fac          CARE B+        75      Assigned
Ramji Lal & Sons                      LT Bk Fac          CARE BB        300     Assigned
Ramji Lal Behari Lal                  LT Bk Fac          CARE BB        49      Assigned
Salasar Balaji Cold Storage Pvt Ltd   LT Bk Fac          CARE B+        95      Assigned
Tata Motors Finance Ltd (Formerly KnowPerpetual Debt     CARE AA-       397     Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowNCDs               CARE AA+       50000   Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowLT Bk Fac          CARE AA+       170000  Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowNCDs               CARE AA+       15270   Reaffirmed
As Sheba Properties Ltd)
Tata Motors Finance Ltd (Formerly KnowSubordinated Debt  CARE AA+       2650    Reaffirmed
As Sheba Properties Ltd)
The Great Eastern Shipping Co. Ltd    NCD (NCD)          CARE AAA       34500   Reaffirmed
(reduced from 3,635.00 Crore)
The Great Eastern Shipping Co. Ltd    Long /STBk Fac     CARE AAA/A1+   500     Reaffirmed
V P N Raw And Boiled Rice Mill        LT Bk Fac          CARE B+        90      Assigned
Vgs Enterprises                       LT Bk Fac          CARE B+        50      Assigned
Wockhardt Ltd                         LT Bk Fac (Fund    CARE A         9000    Revised from
                                      Based)                                    CARE A+
Wockhardt Ltd                         NCD -I issue       CARE A         2500    Revised from
                                      (Proposed)                                CARE A+
Wockhardt Ltd                         NCD -II issue      CARE A         2500    Assigned
                                      (Proposed)
--------------------------------------------------------------------------------------------
$: 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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