May 23, 2018 / 7:04 AM / a month ago

CARE ratings for Indian debt instruments-May 23

    May 23 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 22, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Antony Waste Handling Cell Pvt Ltd    ST Bk Fac          CARE A3        330     Reaffirmed
                                      Non-fund based
Babanarayan Himghar Pvt Ltd           ST Bk Fac          CARE A4        1.4     Assigned
Capital Photo Service Pvt Ltd         ST Bk Fac          CARE A4+       60      Reaffirmed

Clix Capital Services Pvt Ltd         ST Bk Fac          CARE A1+       300     Reaffirmed
Clix Capital Services Pvt Ltd         CP Issue           CARE A1+       12000   Reaffirmed
Clix Finance India Pvt Ltd            CP (CP) issue      CARE A1+       5000    Reaffirmed
Finfoot Lifestyle Pvt Ltd             ST BkFac           CARE A4        2       Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Gajmukh Mercantile Pvt Ltd            ST Bk Fac          CARE A4        37.1    Assigned
Jay Fe Cylinders Ltd.                 ST Bk Fac          CARE A3        500     Assigned
Kesoram Industries Ltd                ST Bk Fac          CARE A3+       7050    Revised from
                                                                                CARE A2+
(Credit watch with developing implications)
Pancham Jewellers Pvt Ltd             ST Bk Fac          CARE A4        10      Assigned
Rajshree Overseas Pvt Ltd             ST Bk Fac          CARE A4        80      Assigned
Sadbhav Engineering Ltd               CP (standalone)    CARE A1        1700    Reaffirmed
Shoppers Stop Ltd                     ST BkFac           CARE A1+       215     Revised from
                                                                                CARE A1
(Credit watch with Developing Implications)
Shoppers Stop Ltd                     CP(CP) issue*      CARE A1+       1000    Revised from
                                                                                CARE A1
Credit watch with Developing Implications,*The CP/STD issue shall be maintained such that the
outstanding CP/STD & fund based working capital limit utilized will not exceed the lesser of
sanctioned fund based limits or the Drawing Power at any point of time.

LONG TERM RATINGS:
-------------------
Allahabad Bank                        Basel III          -              -       Withdrawn
                                      Additional TierI
                                      Bonds
Allahabad Bank                        Upper Tier II      CARE A         10000   Revised from
                                      Bonds                                     CARE AA-
Allahabad Bank                        Perpetual Bonds    CARE A         3000    Revised from
                                                                                CARE AA-
Allahabad Bank                        Proposed Basel III CARE A-        8000    Revised from
                                      Additional Tier-I                         CARE A+
                                      Bonds
Allahabad Bank                        Lower Tier II      CARE A+        8500    Revised from
                                      Bonds                                     CARE AA
Allahabad Bank                        Subordinated Tier  CARE A+        10000   Revised from
                                      II Bonds                                  CARE AA
Antony Waste Handling Cell Pvt Ltd    LT Bk Fac :Fund    CARE BBB       275     Reaffirmed
                                      based
Avinash Developers Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Babanarayan Himghar Pvt Ltd           LT Bk Fac          CARE B         100.2   Assigned
Binjrajka Industries Pvt Ltd          LT Bk Fac                         -       Withdrawn
Capital Photo Service Pvt Ltd         LT Bk Fac          CARE BB+       155     Reaffirmed
Clix Capital Services Pvt Ltd         LT Bk Fac          CARE AA-       21200   Reaffirmed
Clix Capital Services Pvt Ltd         NCDs (Proposed)    CARE AA-       5000    Reaffirmed
Clix Capital Services Pvt Ltd         NCDs (Proposed)    CARE AA-       5000    Assigned
Clix Capital Services Pvt Ltd         LT/ST BkFac        CARE AA-/A1+   2000    Reaffirmed
Clix Finance India Pvt Ltd            LT Bk Fac          CARE AA-       15000   Reaffirmed
Clix Finance India Pvt Ltd            NCD (Proposed)     CARE AA-       3000    Reaffirmed
Clix Finance India Pvt Ltd            NCD (Proposed)     CARE AA-       2000    Assigned
Clix Finance India Pvt Ltd            LT/ST BkFac        CARE AA-/A1+   3000    Reaffirmed
Crossword Bookstores Ltd              LT Bk Fac $        CARE AA- (SO)  80      Revised from
                                                                                CARE A
($ Backed by unconditional and irrevocable corporate guarantees of SSL )
Crossword Bookstores Ltd              LT / ST Bk Fac- WC CARE AA-       120     Revised from
                                      Limits $           (SO)/A1+ (SO)          CARE A
($ Backed by unconditional and irrevocable corporate guarantees of SSL )
Crossword Bookstores Ltd              LT / ST Bk Fac- WC CARE AA-       30      Revised from
                                      Limits #           (SO)/A1+ (SO)          Provisional
                                                                                CARE A
(# To be Backed by unconditional and irrevocable corporate guarantees of SSL)
Finfoot Lifestyle Pvt Ltd             LT BkFac           CARE B-        116.7   Revised from
                                                                                CARE B-
(Issuer Not Cooperating)
G. M. Agro Industries                 LT Bk Fac          CARE B+        60      -
(Issuer Not Cooperating)
Gajmukh Mercantile Pvt Ltd            LT/ST Bk Fac       CARE B+/A4     80      Assigned
Infissi Fenestration Llp              LT Bk Fac          CARE B         95.2    Reaffirmed
Jay Fe Cylinders Ltd.                 LT Bk Fac          CARE BBB-      292.5   Assigned
K. R. Pumps & Co.                     Long- term Bk Fac  CARE B+        17.5    Assigned
K. R. Pumps & Co.                     Long- term/ ST Bk  CARE B+/A4     46.5    Assigned
                                      Fac
Keemah Ifmr Capital 2018 (Originator: Series A1 PTC      CARE A         832.5   Assigned
Asirvad Microfinance Ltd)
Keemah Ifmr Capital 2018 (Originator: Series A2 PTC      CARE A-        37.5    Assigned
Asirvad Microfinance Ltd)
Kesoram Industries Ltd                LT Bk Fac          -              -       Withdrawn
Kesoram Industries Ltd                Long/ST BkFac      CARE BBB/A3+   11000   Revised from
                                                                                CARE A-/CARE
                                                                                A2+
(Credit watch with developing implications)
New Turki Cold Storage And General MilLT Bk Fac          CARE B+        76.1    Assigned
Oriental Bank Of Commerce             Basel III          -              -       Withdrawn
                                      Compliant
                                      Additional Tier I Bonds
Pancham Jewellers Pvt Ltd             LT Bk Fac          CARE BB        260     Assigned
Paras Steel Industries                LT Bk Fac          CARE BB-       75      Assigned
Precision Realty Developers Pvt. Ltd. LT Bk Fac          -              -       Withdrawn
Raghuleela Builders Pvt Ltd           FB - LT-TL - LRD   -              -       Withdrawn
Raghuleela Builders Pvt Ltd           FB - LT-TL         -              -       Withdrawn
Rajul Builders                        LT Bk Fac          CARE BB-       195.2   Assigned
Rishabh Industries                    LT Bk Fac          CARE B+        29.8    Reaffirmed
Rishabh Industries                    Long/ST Bk Fac     CARE B+/A4     130     Reaffirmed
Rohan Builders & Developers Pvt Ltd   LT Bk Fac          CARE A-        1616.3  Reaffirmed
Sansar Trust May 2018 Ii Originator:  Series A PTC       CARE AAA       20857.9 Assigned
Shriram Transport Finance Co. Ltd
Shoppers Stop Ltd                     LT Bk Fac          CARE AA-       7426.7  Revised from
                                                                                CARE A
(Credit watch with Developing Implications)
Shoppers Stop Ltd                     NCD issue          CARE AA-       1000    Revised from
                                                                                CARE A
(Credit watch with Developing Implications)
Sri Lalitha Educational Society       LT Bk Fac          CARE BB        63.6    Assigned
Sunny View Estates Pvt Ltd            Proposed (NCD)^    CARE AA+(SO)   1000    Assigned
^credit enhancement in the form of a unconditional, irrevocable and revolving DSRA Guarantee
provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA+; Stable/CARE A1+)
Vardhman Spinners                     LT Bk Fac          CARE BB-       109.6   Assigned
Zimidara Pesticides                   LT Bk Fac          CARE B+        100     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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