May 7, 2019 / 6:25 AM / 2 months ago

CARE ratings for Indian debt instruments-May 7

    May 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 6, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
C. Vadivelu                           ST Bk Fac          CARE A4        101     Assigned
Classic Products Pvt Ltd              ST Bk Fac          CARE A4        5       Reaffirmed
Flora Marmo Industries Pvt Ltd        ST Bk Fac          CARE A4        189
Issuer Not cooperating; Based on best available

Jaipur Vidyut Vitran Nigam Ltd        ST Bk Fac @        CARE A2+ (SO)  1590    Final Rating
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR).
Jaipur Vidyut Vitran Nigam Ltd        ST Bk Fac @        CARE A2+ (SO)  1000    Reaffirmed
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR).
Jaipur Vidyut Vitran Nigam Ltd        ST Bk Fac $        Provisional    700     Reaffirmed
                                                         -CARE A2+ (SO)
$ The above ratings are currently Provisional and will be confirmed once the company fulfills
the following conditions to the satisfaction of CARE: a. Execution of irrevocable, continuing
and without any condition guarantee by Government of Rajasthan for timely servicing of the said
bank facilities.
Jodhpur Vidyut Vitran Nigam Ltd       ST Bk Fac @        CARE A2+ (SO)  1300    Final Rating
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR).
Lata Exports Apparels Pvt Ltd         ST Bk Fac          CARE D         75
Issuer not cooperating; Based on best available information
Maruti Fertochem Ltd                  ST Bk Fac          CARE D         2.5
Revised from CARE A4; Stable; issuer not cooperating
Moda Cocktail                         ST Bk Fac          CARE A4        5.6     Assigned
Narmada Extrusions Ltd                ST Bk Fac          CARE A4        652.5
Issuer Not cooperating; Based on best available
Paras Defence And Space Technologies LST Bk Fac          CARE A4        100
Issuer Not cooperating; Based on best available
R And T Business Syndicate            ST Bk Fac          CARE A4        35
Issuer Not cooperating; Based on best available
Syndicate Impex                       ST Bk Fac          CARE A4        43
Issuer Not Cooperating
Tmt Steels Pvt Ltd                    ST Bk Fac          -                      Withdrawn
Vishwa Infrastructure                 ST Bk Fac          CARE A4        36.5    Assigned

LONG TERM RATINGS:
------------------
Bend-N-Fab Engineering Pvt Ltd        LT Bk Fac          CARE B+        92.5    Assigned
Bend-N-Fab Engineering Pvt Ltd        LT / ST Bk Fac     CARE B+ /A4    25      Assigned
C. Vadivelu                           LT Bk Fac          CARE BB-       149     Assigned
Classic Products Pvt Ltd              LT Bk Fac          CARE BB+       170     Reaffirmed
Classic Products Pvt Ltd              LT / ST Bk Fac     CARE BB+ /A4   90      Reaffirmed
(Enhanced from Rs. 5.00 crore)
Devi Chand And Sons                   LT Bk Fac          CARE BB        74.2    Reaffirmed
(enhanced from Rs.6.70 crore)
Dewan Housing Finance Corporation Ltd-Assignee Payouts   Equivalent     662.6
Dhfl Direct Assignment March 2012 – I                    to CARE AAA (SO)
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Assignee Payouts   Equivalent     594.6
Dhfl Direct Assignment March 2012 – II                   to CARE AAA (SO)
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Assignee Payouts   Equivalent     234.2
Dhfl Direct Assignment March 2012 – III                  to CARE AAA (SO)
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A1 PTC      CARE AAA (SO)  82.1
Nirmaan Rmbs Trust - Series I – 2014
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A2 PTC      CARE AAA (SO)  3.4
Nirmaan Rmbs Trust - Series I – 2014
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd-Series A2 PTC      CARE AA        29.1
Nirmaan Rmbs Trust - Series I – 2015
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A1 PTC      CARE AAA (SO)  941.3
Nirmaan Rmbs Trust - Series I – 2015
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A PTC       CARE AA (SO)   913.9
Nirmaan Rmbs Trust – Series I – 2016
Revised from CARE AAA , Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A PTC       CARE AA (SO)   9384.2
Nirmaan Rmbs Trust – Series I – 2018
Revised from CARE AAA , Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Second Loss        Equivalent     526.9
Nirmaan Rmbs Trust – Series I – 2018  Facility           to CARE A- (SO)
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A1 PTC      CARE AAA (SO)  821.8
Nirmaan Rmbs Trust - Series II - 2013
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A2 PTC      CARE AAA (SO)  34.2
Nirmaan Rmbs Trust - Series II - 2013
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A2 PTC      CARE AA (SO)   39.9
Nirmaan Rmbs Trust - Series II – 2015
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd-Series A1 PTC      CARE AAA (SO)  1289.5
Nirmaan Rmbs Trust - Series II – 2015
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A PTC       CARE AA (SO)   1079.8
Nirmaan Rmbs Trust - Series II – 2016
Revised from CARE AAA , Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Second Loss        Equivalent     72.4
Nirmaan Rmbs Trust - Series II – 2016 Facility           to CARE A- (SO)
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A1 PTC      CARE AAA (SO)  984
Nirmaan Rmbs Trust - Series III - 2013
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A2 PTC      CARE AAA (SO)  34.2
Nirmaan Rmbs Trust - Series III - 2013
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A2 PTC      CARE AA (SO)   13.3
Nirmaan Rmbs Trust - Series III – 2014
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd-Series A1 PTC      CARE AAA (SO)  318.5
Nirmaan Rmbs Trust - Series III – 2014
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A1 PTC      CARE AAA (SO)  534.2
Nirmaan Rmbs Trust - Series IV - 2013
Placed on Credit Watch with Negative Implications
Dewan Housing Finance Corporation Ltd-Series A2 PTC      CARE AAA (SO)  22.3
Nirmaan Rmbs Trust - Series IV - 2013
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd-Series A PTC       CARE AAA (SO)  126.1
Nirmaan Rmbs Trust - Series IV – 2014
Placed on Credit Watch with Negative Implications
Flora Marmo Industries Pvt Ltd        LT Bk Fac          CARE BB-       223.4
Issuer Not cooperating; Based on best available
Fullerton India Credit Co. Ltd        NCD                CARE AAA       34350   Reaffirmed
The Company has redeemed NCD of Rs.565 crore
Jaipur Vidyut Vitran Nigam Ltd        LT Bk Fac @        CARE A-(SO)    1000    Final Rating
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR).
Jaipur Vidyut Vitran Nigam Ltd        LT Bk Fac @        CARE A-(SO)    1000    Reaffirmed
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (GoR).
Jaipur Vidyut Vitran Nigam Ltd        LT Bk Fac $        CARE A-(SO)    300     Reaffirmed
$ The above ratings are currently Provisional and will be confirmed once the company fulfills
the following conditions to the satisfaction of CARE: a. Execution of irrevocable, continuing
and without any condition guarantee by Government of Rajasthan for timely servicing of the said
bank facilities.
Jodhpur Vidyut Vitran Nigam Ltd       LT Bk Fac @        CARE A-(SO)    1000    Final Rating
@ The above ratings are based on credit enhancement in the form of irrevocable, continuing and
without any condition guarantee by Government of Rajasthan (G
Jodhpur Vidyut Vitran Nigam Ltd       LT Bk Fac $        CARE A-(SO)    80      Reaffirmed
$ The above ratings are currently Provisional and will be confirmed once the company fulfills
the following conditions to the satisfaction of CARE: a. Execution of irrevocable, continuing
and without any condition guarantee by Government of Rajasthan for timely servicing of the said
bank facilities.
Lata Exports Apparels Pvt Ltd         LT Bk Fac          CARE D         67.5
Issuer not cooperating; Based on best available information
Lekhya Motors Pvt Ltd                 LT Bk Fac          CARE B+        125
Issuer not cooperating; Based on best available information
Maruti Fertochem Ltd                  LT Bk Fac          CARE D         220
Revised from CARE B; Stable; issuer not cooperating
Mirza Sons                            Long/ST Bk Fac     CARE B/A4      81.5    Assigned
Moda Cocktail                         LT Bk Fac          CARE BB-       120     Assigned
Mohan Motor Udyog Pvt. Ltd.           LT Bk Fac          CARE D         600
Revised from CARE B+; issuer not cooperating
Narmada Extrusions Ltd                LT Bk Fac          CARE BB-       136.9
Issuer Not cooperating; Based on best available
Nivara Home Finance Ltd               LT Bk Fac          CARE BBB-      600     Reaffirmed
Paras Defence And Space Technologies LLT / ST Bk Fac     CARE BB- /A4   180
Issuer Not cooperating; Based on best available
Pragati Packaging                     LT Bk Fac          CARE BB-       80      Assigned
R And T Business Syndicate            LT Bk Fac          CARE B         15
Issuer Not cooperating; Based on best available
Rajasthan Education Institute & HealthLT Bk Fac          CARE D         50.1
Society
Issuer Not cooperating; Based on best available
Reliance Commercial Finance Ltd       Series A1 PTCs     CARE A (SO)    710.3
Revised from CARE AA-(SO) and placed on Credit Watch with Negative Implications
Reliance Commercial Finance Ltd       Series A1 PTCs     CARE A (SO)    3819.5
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Commercial Finance Ltd       Series A2 PTCs     CARE A (SO)    1756.9
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Commercial Finance Ltd       Series A1 PTCs     CARE A (SO)    2637.2
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Commercial Finance Ltd       Series A2 PTCs     CARE A (SO)    3718.5
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Commercial Finance Ltd       Series A2 PTCs     CARE A (SO)    3668.6
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Commercial Finance Ltd       Series A1 PTCs     CARE A+ (SO)   1053.6
Reaffirmed at CARE A+(SO) and placed on Credit Watch with Negative Implications
Reliance Home Finance Ltd             Series A1 PTCs     CARE A (SO)    609.9
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Home Finance Ltd             Series A2 PTCs     CARE A (SO)    1686.2
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Home Finance Ltd             Series A3 PTCs     CARE A (SO)    89.8
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Home Finance Ltd             Series A1 PTCs     CARE A (SO)    980.9
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Reliance Home Finance Ltd             Series A2 PTCs     CARE A (SO)    1479.3
Revised from CARE AA(SO) and placed on Credit Watch with Negative Implications
Syndicate Impex                       LT Bk Fac          CARE B+        11.6
Issuer Not Cooperating
Tmt Steels Pvt Ltd                    LT Bk Fac          -                      Withdrawn
V Arjoon Shipping Pvt Ltd             LT Bk Fac          CARE BB        163.6   Assigned
Vishwa Infrastructure                 LT Bk Fac          CARE B+        30      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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