November 12, 2018 / 3:42 AM / 10 months ago

CARE ratings for Indian debt instruments-Nov 12

    Nov 12 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 9, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Au Small Finance Bank                 CD (CD)            CARE A1+       5000    Assigned
Capital First Ltd                     CP                 CARE A1+       70000   Reaffirmed
International Paper Appm Ltd          ST Bk Fac          CARE A1+ (SO)  500     Reaffirmed
reduced from Rs. 63.50 crore; The above ratings are based on credit enhancement in the form of
Letter of Comfort extended by International Paper Company, USA (IPC) to the bank facilities of
International Paper APPM Limited 

Maa India Projects                    ST Bk Fac          CARE A4        40      Assigned
Naviya Technologies                   ST Bk Fac          CARE A4        20      Reaffirmed
Sangam Rice Pvt Ltd                   ST Bk Fac          CARE A4        110
Issuer not cooperating; Based on best available information

LONG TERM RATINGS:
-------------------
Agroh Kodinar Veraval Highways Pvt LtdLT Bk Fac – Fund   CARE BBB (SO)  3216    Reaffirmed
                                      based
#backed by irrevocable and unconditional corporate guarantee of Agroh Infrastructure Developers
Private Limited (AIDPL; rated ‘CARE BBB; Stable/CARE A3+’), which shall be valid and effective
during the construction period till its Commercial Operations Date (COD) for the due repayment
of the facility and payment of all interest and other monies payable by Agroh Diu Link Highways
Private Limited (ADLHPL) in terms of the financing documents.
Canara Goods Transport                LT Bk Fac          CARE B+        60      Reaffirmed
Clix Capital Services Pvt Ltd         NCDs (Proposed)    CARE AA-       3000    Assigned
Clix Finance India Pvt Ltd            NCDs (Proposed)    CARE AA-       2000    Assigned
Container Corporation Of India Ltd    LT Bk Fac – Non    CARE AAA       4620    Reaffirmed
                                      fund based
Container Corporation Of India Ltd    Issuer Rating*     CARE AAA (Is)          Reaffirmed
*The rating is subject to the company maintaining overall gearing not exceeding 0.05x (expected
level as on March 31, 2019)
Coral Steel                           LT Bk Fac          CARE B+        30      Assigned
Fagne Tarsod Corridor Pvt Ltd         LT Bk Fac^         -                      Withdrawn
#The above rating is currently provisional as it is proposed to be backed by irrevocable and
unconditional corporate guarantee of Agroh Infrastructure Developers Private Limited (AIDPL;
rated ‘CARE BBB; Stable/CARE A3+’), which shall be valid and effective during the construction
period till its commercial operations date (COD) for the due repayment of the facility and
payment of all interest and other monies payable by Fagne Tarsod Corridor Private Limited
(FTCPL). The rating shall be confirmed once the company achieves financial closure and submits
the deed of corporate guarantee and other documents to the satisfaction of CARE Ratings Limited.

Fagne Tarsod Corridor Pvt Ltd         LT Bk Fac          CARE BBB (SO)  3068.5  Reaffirmed
International Paper Appm Ltd          LT Bk Fac-TL       -                      Withdrawn
International Paper Appm Ltd          LT Bk Fac-CC       CARE AA (SO)   300     Reaffirmed
reduced from Rs. 43 crore; The above ratings are based on credit enhancement in the form of
Letter of Comfort extended by International Paper Company, USA (IPC) to the bank facilities of
International Paper APPM Limited
Maa India Projects                    LT Bk Fac          CARE B+        30      Assigned
Naviya Technologies                   LT Bk Fac          CARE BB        80
Revised from BB-
Naviya Technologies                   LT Bk Fac/ ST Bk   CARE BB/ A4    150
                                      Fac
Revised from BB- /A4; enhanced from Rs.6.00 crore
Platinum Trust March 2018             Series A PTC       -                      Withdrawn
Platinum Trust March 2018             Second Loss        -                      Withdrawn
                                      Facility
Sangam Rice Pvt Ltd                   LT Bk Fac          CARE B         55
Issuer not cooperating; Based on best available information
Solan Spinning Mills Pvt Ltd          LT Bk Fac          CARE B+        85
Issuer not cooperating; Based on best available information
--------------------------------------------------------------------------------------------
$: 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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