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CARE ratings for Indian debt instruments-Nov 15
November 15, 2017 / 6:41 AM / 10 days ago

CARE ratings for Indian debt instruments-Nov 15

    Nov 15 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 14, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abhirajengicon Pvt Ltd                ST Bk Fac          CARE A4        25      Reaffirmed
Gee Geeagrotech                       ST Bk Fac          CARE A4        5       Assigned
Jindal Stainless (Hisar) Ltd          ST Bk Fac (Non-FB) CARE A2        30550   Revised from
                                                                                CARE A3
 (reduced from 3,180.00crs)
L&T Finance Holdings Ltd              CP                 CARE A1+       15000   Reaffirmed
Navdurga Rice Mill                    ST Bk Fac          CARE A4        15      Reaffirmed
(enhanced from 0.24crs)
Omega Traexim Inc.                    ST Bk Fac          CARE A4        500     Assigned
Sakku Spinning Mills Pvt Ltd          LT/ST Bk Fac       CARE A4        1160    Issuer Not
                                                                                Cooperating
Super Spinning Mills Ltd              ST Bk Fac          CARE A4        484     Revised from
                                                                                CARE A4+
Systems And Components India Pvt Ltd  ST Bk Fac          CARE A4        97.5    Assigned
Tokai Engineering Pvt Ltd             ST Bk Fac          CARE A4        10      Assigned
Vardhman Udhyog                       ST Bk Fac          -              -       Withdrawn
Walchandnagar Industries Ltd          ST Bk Fac          CARE D         6450    Review
(reduced from 1032.00crs)


LONG TERM RATINGS:
-------------------
Abhirajengicon Pvt Ltd                LT Bk Fac          CARE BB-       67.5    Reaffirmed
Agrasen Iron And Steel Pvt Ltd        LT Bk Fac          CARE BB+       140     Assigned
(enhanced from Rs.25.00crs)
Atria Brindavan Power Pvt Ltd         LT Bk Fac          CARE BBB- (SO) 696     Revised from
                                                                                CARE BB+(SO)
(reduced from Rs.71.61 crore)
Avp Powerinfrapvt Ltd                 LT Bk Fac – TL     CARE BBB       1406.8  Assigned
Avp Powerinfrapvt Ltd                 LT Bk Fac – CC     CARE BBB       90      Assigned
Axiscades Engineering Technologies LtdLT Bk Fac          CARE BBB+      18.7    #
Axiscades Engineering Technologies LtdLT/ ST Bk Fac      CARE BBB+/A3+  350     #
Badoni Power Pvt Ltd                  LT Bk Fac – TL     CARE BBB       1525    Assigned
Badoni Power Pvt Ltd                  LT Bk Fac – CC     CARE BBB       90      Assigned
Fagne Tarsod Corridor Pvt Ltd         LT Bk Fac          ProvCARE BBB   3343.3  Assigned
                                                         (SO)
G. D. Knit Tex                        LT Bk Fac          -              -       Withdrawn
Gee Geeagrotech                       LT Bk Fac          CARE BB-       110     Assigned
Gujarat Credo Alumina Chemicals Pvt   LT Bk Fac          CARE BBB-      1750    Assigned
Ltd
Hettich India Pvt Ltd                 Issuer Rating      CARE AA- (Is)  -       Assigned
Idbi Asset Management Co. Ltd         lDBI Ultra ST Fund CARE AAAmfs    -       Revised from
                                                                                CARE AA-mfs
Il&Fs Renewable Energy Ltd            ST Bk Fac@         -              -       withdrawn
@ IL&FS Energy Development Company Ltd. (rated CARE A+;’Stable’) has extended an unconditional
and irrevocable Corporate Guarantee to IL&FS Renewable Energy
Indian Microfinance Loan Receivables  Series A PTCs      CARE AA (SO)   -       Assigned
Trust July 2017 (Originator: Bharat
Financial Inclusion Ltd)
Ineos Styrolution India Ltd           LT/ST Bk Fac       CARE AA+ /CARE 1774    Reaffirmed
                                                         A1+
Jindal Stainless (Hisar) Ltd          LT Bk Fac (TL)     CARE BBB+      25470   Revised from
                                                                                CARE BBB-
(reduced from 2,600.00crs)
Jindal Stainless (Hisar) Ltd          LT Bk Fac (FB)     CARE BBB+      7700    Revised from
                                                                                CARE BBB-
Jorabatshillong Expressway Ltd.       Proposed NCDs      ProvCARE AAA   8900    Assigned
                                      (NCDs)             (SO)
Laxmi India Finleasecap Pvt. Ltd.     LT Bk Fac          CARE BB+       100     Reaffirmed
Macaw Ifmr Capital 2017 (Originator:  Series A1 PTCs#    CARE A (SO)    -       Assigned
Annapurna Microfinance Pvt Ltd)
#Series A1 and A2 PTCs are rated on ultimate payment basis
Macaw Ifmr Capital 2017 (Originator:  Series A2 PTCs#    CARE BBB (SO)  -       Assigned
Annapurna Microfinance Pvt Ltd)
#Series A1 and A2 PTCs are rated on ultimate payment basis
Navdurga Rice Mill                    Long- term Bk Fac  CARE BB        70      Reaffirmed
Omega Traexim Inc.                    LT Bk Fac          CARE BB-       500     Assigned
Pl Engineering Ltd                    LT/ ST Bk Fac      -              -       Withdrawn
Ranergy Solutions Pvt Ltd             LT Bk Fac          CARE B+        127.8   Assigned
Reliance Broadcast Network Ltd        Proposed LT        ProvCARE       1800    Assigned
                                      NonConvertible     AA+(SO)
                                      Debentures (NCD)
S.D. Corporation Pvt Ltd.             NCDs (NCD)^        CARE AA+ (SO)  2000    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)
Sakku Spinning Mills Pvt Ltd          LT Bk Fac          CARE BB-       581.8   Issuer Not
                                                                                Cooperating
Shubham Propmart Pvt Ltd              LT Bk Fac          CARE B         98.1    Assigned
Super Spinning Mills Ltd              LT Bk Fac          CARE BB        283.2   Revised from
                                                                                CARE BB+
(reduced from 41.16CRS)
Super Spinning Mills Ltd              Long/ST Bk Fac     CARE BB /CARE  632.1   Revised from
                                                         A4                     CARE BB+/
                                                                                CARE A4+
(reduced from 66.88crs)
Systems And Components India Pvt Ltd  LT Bk Fac          CARE BB        65      Assigned
Tokai Engineering Pvt Ltd             LT Bk Fac          CARE B-        70      Assigned
Umesh Industries Pvt Ltd              LT Bk Fac          CARE B+        87.8    Reaffirmed
(Reduced from 9.17crs)
Universal Polysack (India) Pvt Ltd    LT Bk Fac          CARE B         92      Reaffirmed
Vardhman Udhyog                       LT Bk Fac          -              -       Withdrawn
Vidhya Cylinders Priavate Ltd         LT Bk Fac          CARE BB-       20      Reaffirmed
Vidhya Cylinders Priavate Ltd         LT/Shortterm Bk FacCARE BB- /CARE 40      Reaffirmed
                                                         A4
Wadhawan Global Capital Pvt Ltd.      NCD                ProvCARE AA-   5000    Revised from
                                                                                CARE AA-
Walchandnagar Industries Ltd          LT Bk Fac (TL)*    -              -       withdrawn
*CARE has withdrawn the outstanding ratings of  CARE D  [Single D] assigned to the term loans of
the long term bank facilitiesof Walchandnagar Industries Limited with immediate effect. The
above action has been taken at the request of Walchandnagar Industries Limited and  No Objection
Certificate  received from the bank(s) that have extended the facilities rated by CARE.
Walchandnagar Industries Ltd          LT Bk Fac (Fund    CARE D         2200    Review
                                      Based)
(reduced from 290.00crs)
--------------------------------------------------------------------------------------------
$: 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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