May 21, 2018 / 4:05 AM / 3 months ago

CARE ratings for Indian debt instruments-May 21

    May 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 18, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Besco Ltd. (Foundry Division)         ST Bk Fac          CARE A4        27.7    Reaffirmed
Bharat Industries                     ST Bk Fac          CARE A4        59.5
Issuer Not Cooperating
Bony Polymers Pvt Ltd                 ST Bk Fac (Fund    CARE A3        236     Reaffirmed
                                      Based)
(Enhanced from 9.60 Crore)
Bony Polymers Pvt Ltd                 ST Bk Fac (Non     CARE A3        40      Reaffirmed
                                      Fund Based)
Calzini Fashions Ltd                  ST Bk Fac          CARE A4        5       Assigned
Gurunank Rice Industries              ST Bk Fac          CARE A4        30      Assigned
Indian Agro & Food Industries Ltd     Proposed CP (CP)   CARE A1+       500     Assigned
                                      issue*
*carved out of working capital limits
Vishal Coaters Pvt Ltd                ST Bk Fac          CARE A4+       20      Assigned

LONG TERM RATINGS:
-------------------
Annpurna Rice Mill                    LT Bk Fac          CARE B+        70      Assigned
Ardent Properties Pvt Ltd             Proposed NCDs      CARE AA        1000    Assigned
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+ (SO)  14810   Reaffirmed
The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’ issued by Dewan
Housing Finance Corporation Ltd. (DHFL), rated CARE AAA; Stable (Triple A; Outlook: Stable), in
favour of AFSL’s lenders/investors. 

Avanse Financial Services Ltd         LT Bk Fac          CARE AA+ (SO)  500     Final Rating
The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’ issued by Dewan
Housing Finance Corporation Ltd. (DHFL), rated CARE AAA; Stable (Triple A; Outlook: Stable), in
favour of AFSL’s lenders/investors. 

Avanse Financial Services Ltd         LT Bk Fac          CARE AA+ (SO)  1690    Provisional ;
                                                                                Reaffirmed
The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’ issued by Dewan
Housing Finance Corporation Ltd. (DHFL), rated CARE AAA; Stable (Triple A; Outlook: Stable), in
favour of AFSL’s lenders/investors. 

Besco Ltd. (Foundry Division)         LT Bk Fac          CARE BB-       117.3   Reaffirmed
Bhagirath Dhannalal                   LT Bk Fac          CARE B         65      Assigned
Bharat Industries                     LT Bk Fac          CARE BB-       3
Revised from CARE B+; Issuer Not Cooperating
Bhola Nath Zaveri Jewellers Pvt Ltd   LT Bk Fac          CARE B+        66      Assigned
Bony Polymers Pvt Ltd                 LT Bk Fac (TL)     CARE BBB-      496.5   Reaffirmed
(Enhanced from 39.47 Crore)
Bony Polymers Pvt Ltd                 LT Bk Fac (Fund    CARE BBB-      300     Reaffirmed
                                      Based)
Calzini Fashions Ltd                  LT Bk Fac          CARE BB-       80      Assigned
Calzini Fashions Ltd                  LT / ST Bk Fac     CARE BB-/ A4   15      Assigned
Gurunank Rice Industries              LT Bk Fac          CARE B+        40      Assigned
H M Industrial Pvt Ltd                LT Bk Fac          -              -       Withdrawn
H M Industrial Pvt Ltd                LT / ST Bk Fac     -              -       Withdrawn
Il&Fs Energy Development Co. Ltd      Proposed LT-       CARE AA+ (SO)  1950    Provisional ;
                                      NCDs-Tranche-I                            Reaffirmed
Il&Fs Energy Development Co. Ltd      Proposed LT- NCDs  CARE AA+ (SO)  3050    Provisional ;
                                                                                Reaffirmed
M. Sundardas And Sons                 LT Bk Fac          CARE BB-       90.5    Assigned
Myntra Jabong India Pvt Ltd           LT/ST Bk Fac @     CARE BBB-      3000
                                                         (SO)/ A3 (SO)
Placed on credit watch with positive implications; @holds credit enhancement in the form of
unconditional and irrevocable guarantee by Flipkart India Private Limited and sanction condition
requiring a specified amount of free cash balance, net of debt to be maintained by Flipkart
group at all times during the entire tenure of the facility 
Nakia Trust 2018 (Originator: SuryodaySeries A PTC       CARE A+ (SO)   -       Provisional ;
Small Finance Bank Ltd)                                                         Assigned
Series A PTCs are rated on Ultimate Payment basis; The tenure may change due to prepayments /
foreclosures in the pool.
New Rising Promoters Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Options Lawns Pvt Ltd                 LT Bk Fac          CARE B+        80.1    Reaffirmed
Rajasthan Industries                  LT Bk Fac          CARE BB        150     Assigned
Rituraj Holding Pvt Ltd               LT Bk Fac          CARE BB        14      Assigned
Rituraj Holding Pvt Ltd               LT/Shortterm Bk FacCARE BB/ A4+   65      Assigned
Shri Hari Pulses                      LT Bk Fac          CARE B+        80      Assigned
Sintex Prefab And Ltd                 NCDs (NCD)**       -              -       Withdrawn
**Withdrawn on full redemption with confirmation from the debenture trustee to that effect
Sintex Prefab And Ltd                 LT Bk Fac#         CARE A-        1993.8
Revised from CARE A+; (reduced from Rs.577.38 Crore); #Fund based facility of Rs.378.00 crore
has been withdrawn on cancellation of the limits as confirmed by the lender 
Sintex Prefab And Ltd                 NCDs (NCD)         CARE A-        5000
Revised from CARE A+
Sintex Prefab And Ltd                 Long/STBk Fac      CARE A-/CARE   7000
                                                         A2
Revised from CARE A+ /A1+
Vishal Coaters Pvt Ltd                LT Bk Fac          CARE BB+       129.4   Assigned


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