May 23, 2019 / 8:20 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, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Cochin Minerals And Rutile Ltd        ST Bk Fac          CARE A4        714     Reaffirmed
(enhanced from 30.00 Crore)
Comet Granito Pvt Ltd                 ST BkFac           CARE A4        52.8
(Issuer Not Cooperating)
Dynamic Refractories                  ST Bk Fac          CARE D         5       Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Navneet Education Ltd                 ST Bk Fac          CARE A1+       20      Reaffirmed
Neeraj Paper Marketing Ltd            STBk Fac           CARE A4        200
(Issuer Not Cooperating)
Pragat Akshay Urja Ltd                ST Bk Fac          CARE D         20      Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
    
LONG TERM RATINGS:
-------------------
Ag8 Ventures Ltd                      LT Bk Fac          CARE D         1504
(Issuer Not Cooperating)
Bhilwara Zila Dugdh Utpadak Sahakari  LT Bk Fac          CARE BBB-      100     Assigned
Sangh Ltd
Cochin Minerals And Rutile Ltd        LT Bk Fac          CARE BB-       57.1    Reaffirmed
(enhanced from 1.50 Crore)
Comet Granito Pvt Ltd                 LT Bk Fac          CARE BB        350.9
(Issuer Not Cooperating)
Dynamic Refractories                  LT Bk Fac          CARE D         80      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Icici Home Finance Co. Ltd            Subordinate Debt   -              -       Withdrawn
Jfk International Ltd                 Long / ST BkFac    CARE BB-/A4    200     Assigned
Khushiya Industries Pvt Ltd           LT Bk Fac          CARE D         208     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Kw Dream Homes Consortium Pvt Ltd     Proposed LT        CARE BB-       750     Assigned
                                      Instruments-
                                      NonConvertible Debentures
Leopard Vitrified Pvt Ltd             LT BkFac           CARE BB        383.2
(Issuer Not Cooperating)
Leopard Vitrified Pvt Ltd             LT/ Shortterm Bk   CARE BB/A4     42.5
                                      Fac
(Issuer Not Cooperating)
Liquinox Gases Pvt Ltd                LT Bk Fac          CARE B         250     Assigned
Maruthi Ready Mix                     LT Bk Fac          CARE B+        53.9    Assigned
Navneet Education Ltd                 Long/ST BkFac      CARE AA+/A1+   4500    Reaffirmed
(enhanced from 300.00 Crore)
Neeraj Paper Marketing Ltd            LT BkFac           CARE BB        600     Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Oriental Bank Of Commerce             Upper Tier II      CARE A         7000    Revised from
                                      Bonds                                     CARE A
Oriental Bank Of Commerce             Perpetual Tier I   CARE A         6000    Revised from
                                      Bonds                                     CARE A
Oriental Bank Of Commerce             Basel III          CARE A+        30000   Revised from
                                      Compliant Tier II                         CARE A+
                                      Bonds
Oriental Bank Of Commerce             Lower Tier II BondsCARE A+        10250   Revised from
                                                                                CARE A+
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       100000  Assigned
                                      Programme for FY20
Pragat Akshay Urja Ltd                LT Bk Fac          CARE D         60      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Ratnagarbha Agro Pvt Ltd              LT Bk Fac          CARE D         129.9   Reaffirmed
(Issuer Not Cooperating)
Reliance Commercial Finance Ltd       NCDs*              CARE BBB (SO)  2000    Revised from
                                                                                CARE A (SO)
continues to be on Credit watch with developing implications /*rating is backed by unconditional
and irrevocable corporate guarantee by Reliance Capital Limited. 
Reliance Financial Ltd                Market Linked      CARE PP-MLD    3500    Revised from
                                      Debentures*        BBB- (SO)              CARE PP- MLD
                                                                                A- (SO)
continues to be on Credit watch with developing implications /*The ratings are based on credit
enhancement in the form of a  Letter of Comfort  issued by Reliance Capital Ltd. (RCL), rated 
CARE BBB (Credit watch with developing implications) , in favor of RFL s debt instruments. 
Reliance Financial Ltd                Market Linked      CARE PP-MLD    500     Revised from
                                      Debentures*        BBB- (SO)              CARE PP- MLD
                                                                                A- (SO)
continues to be on Credit watch with developing implications /*The ratings are based on credit
enhancement in the form of a  Letter of Comfort  issued by Reliance Capital Ltd. (RCL), rated 
CARE BBB (Credit watch with developing implications) , in favor of RFL s debt instruments. 
Reliance Mediaworks Financial ServicesNCDs*              CARE BBB (SO)  6382    Revised from
Pvt Ltd                                                                         CARE A (SO)
continues to be on Credit watch with developing implications /*The NCDs are proposed to be
backed by credit enhancement in the form of a Corporate Guarantee issued by Reliance Capital
Ltd. (RCL), rated  CARE BBB  (Credit watch with developing implications), in favour of the NCD
investors. 
Reliance Securities Ltd               Market Linked      CARE PP-MLD    1500    Revised from
                                      Debentures*        BBB- (SO)              CARE PP- MLD
                                                                                A- (SO)
continues to be on Credit watch with developing implications /*The rating is based on the credit
enhancement in the form of a  Letter of Comfort  issued by Reliance Capital Ltd. (RCL), rated 
CARE BBB  (Credit watch with developing implications), in favor of RSL s investors/lenders in
the aforesaid instruments 
Rudra Global Infra Products Ltd       LT Bk Fac          -              -       Withdrawn
Rudra Global Infra Products Ltd       LT/ ST Bk Fac      -              -       Withdrawn
Siesta Laminates Pvt Ltd              LT Bk Fac          CARE B+        78.4    Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Superhouse Education Foundation       LT Bk Fac          CARE BBB+      390     Assigned
Uttam Doors Pvt Ltd                   LT Bk Fac          CARE D         92      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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