November 21, 2017 / 7:26 AM / 7 months ago

CARE ratings for Indian debt instruments-Nov 21

   Nov 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 20, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aak Kamani Pvt Ltd                    ST Bk Fac          CARE A2+       2600    Revised from
                                                                                CARE A2
Akanshaispat Pvt Ltd                  ST Bk Fac          CARE A4        100     Reaffirmed
Future Retail Ltd                     CP (Standalone)^   CARE A1+       4500    Reaffirmed
^ As per undertaking submitted by FEL the outstanding CP including working
 capital borrowings will not exceed lower of the sanctioned working capital
 limits or drawing power at any point of time 

Aquatech Solutions Pvt Ltd            ST Bk Fac (Non-FB)                        Withdrawn
Aquatech Infra Projects Pvt Ltd       ST Bk Fac (Non-FB)                        Withdrawn
Gold Plus Glass Industry Ltd          ST Bk Fac          CARE A4+       345     Revised from
                                                                                CARE A4
Jiya Exim Pvt Ltd.                    ST Bk Fac          CARE A4        2.7     Reaffirmed
Orient Abrasives Ltd                  ST Bk Fac          CARE A1        150     Reaffirmed
P A Footwear P Ltd                    ST Bk Fac          CARE A2        300     Reaffirmed
Pab Organics Pvt Ltd                  ST Bk Fac          CARE A3        42.5    Assigned
Polymer Technologies International    ST Bk Fac          CARE A3        60      Issuer not
                                                                                cooperating

LONG TERM RATINGS:
-------------------
Aak Kamani Pvt Ltd                    LT Bk Fac          CARE A         90      Revised from
                                                                                CARE A-
Aak Kamani Pvt Ltd                    Long/ST Bk Fac     CARE A /CARE   560     Revised from
                                                         A2+                    CARE A- /CARE
                                                                                A2
Akanshaispat Pvt Ltd                  LT Bk Fac          CARE BB+       32.5    Revised from
                                                                                CARE BB
Aquatech Infra Projects Pvt Ltd       LT Bk Fac (FB)                            Withdrawn
Aquatech Solutions Pvt Ltd            LT Bk Fac (FB)                            Withdrawn
Everest Holovisions Ltd               LT Bk Fac          CARE B+        22.4    Reaffirmed
Everest Holovisions Ltd               LT/ST Bk Fac       CARE B+ /CARE  52.5    Reaffirmed
                                                         A4
Future Retail Ltd                     LT Bk Fac (TL)     CARE AA-       2000    Assigned
Future Retail Ltd                     CP (Standalone)    CARE AA-       1500    Assigned
Gold Plus Glass Industry Ltd          LT Bk Fac          CARE BB+       2490.7  Revised from
                                                                                CARE BB
Gufic Biosciences Ltd                 LT Bk Fac (CC)     CARE BBB-      250     Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
Guru Nanak Educational Society        LT Bk Fac          CARE BB+       168     Reaffirmed
Guru Nanak Educational Society        LT Bk Fac                                 Withdrawn
J J Hi Tech Foods Pvt Ltd             LT Bk Fac          CARE BB-       283.1   Reaffirmed
Jiya Exim Pvt Ltd.                    LT Bk Fac          CARE B+        131.7   Reaffirmed
Jsw Techno Projects Management Ltd    LT Bk Fac          CARE BBB+      6000    Reaffirmed
Kct Renewable Energy Pvt Ltd          LT Bk Fac*                                Withdrawn
*Ratings were based on credit enhancement/proposed credit enhancement 
 in the form of unconditional and irrevocable guarantee from 
 Karam Chand Thapar& Bros. (Coal Sales) Ltd.
Olenna Ifmr Capital 2017(Originator:  Series A2 PTC#     CARE BBB(SO)           Assigned
Fusion Microfinancepvt Ltd)
# The PTCs are rated on Ultimate Payment basis
Olenna Ifmr Capital 2017(Originator:  Series A1 PTC#     CARE A- (SO)           Assigned
Fusion Microfinancepvt Ltd)
# The PTCs are rated on Ultimate Payment basis
Orient Abrasives Ltd                  LT Bk Fac          CARE A         1310    Reaffirmed
P A Footwear P Ltd                    LT Bk Fac          CARE BBB+      100.5   Reaffirmed
P A Footwear P Ltd                    LT/ST Bk Fac       CARE BBB+      220     Reaffirmed
                                                         /CARE A2
Pab Organics Pvt Ltd                  LT Bk Fac          CARE BBB-      23      Assigned
Pab Organics Pvt Ltd                  LT/ST Bk Fac       CARE BBB-      120     Assigned
                                                         /CARE A3
Pioneer Builderrs Ltd                 LT Bk Fac          CARE BBB-      700     Reaffirmed
Polymer Technologies International    LT Bk Fac          CARE BBB-      140     Issuer not
                                                                                cooperating
Ramoji Wafers And Namkeen Pvt Ltd     LT Bk Fac                                 Withdrawn
Reliance Commercial Finance Ltd       NCDs               CARE AA+       25000   Continues on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
Sundaram Bnp Paribas Home Finance Ltd NCD (Proposed)     CARE AA+       2000    Assigned
Wonder Industries Pvt. Ltd            LT Bk Fac                                 Withdrawn
--------------------------------------------------------------------------------------------
$: 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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