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CARE ratings for Indian debt instruments-Nov 27
November 27, 2017 / 9:44 AM / 15 days ago

CARE ratings for Indian debt instruments-Nov 27

   Nov 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 24, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Avanse Financial Services Ltd         ST Bk Fac          CARE A4        15      Reaffirmed
Baramati Speciality Steels Ltd        ST Bk Fac          CARE A3+       20      Revised from
                                                                                CARE A3
Escorts Heart And Super Speciality    ST Bk Fac          CARE A1+ (SO)  150     Rating placed
Hospital Ltd                          (Overdraft) ^                             on credit
                                                                                watch with 
                                                                                developing
                                                                                implications
^ The above facility is backed by credit enhancement in the form of 
 unconditional and irrevocable Corporate Guarantee of Fortis Global 
 Healthcare Infrastructure Pte. Ltd. (FGHIPL) which is a 100% 
 subsidiary of RHT Health Trust (RHT)
Escorts Heart Institute & Research    ST Bk Fac          CARE A1+       250     Continues on
Centre Ltd                                                                      credit watch
                                                                                with developing
implications
Flemingo Duty Free Shop Pvt Ltd       ST Bk Fac          CARE A2+       150     Reaffirmed
Fortis Health Management Ltd          ST Bk Fac          CARE A1+ (SO)  70      Rating placed
                                      (Overdraft) ^                             on credit
                                                                                watch with
                                                                                developing
                                                                                implications
^ The above facility is backed by credit enhancement in the form 
 of unconditional and irrevocable Corporate Guarantee of Fortis
 Global Healthcare Infrastructure Pte. Ltd. (FGHIPL) which is
 a 100% subsidiary of RHT Health Trust (RHT).
Fortis Healthcare Ltd.                ST Bk Fac          CARE A1+       560     Continues on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
Fortis Healthcare Ltd.                CP                 CARE A1+       6000    Continues on
                                                                                credit watch
                                                                                with developing
implications
Garg Ispatudyog Ltd                   ST Bk Fac          CARE A4        60      Assigned
Integrated Cleanroom Technologies Pvt ST Bk Fac          CARE A2+       350     Reaffirmed
Ltd
International Hospital Ltd            ST Bk Fac          CARE A1+ (SO)  260     Rating placed
                                      (Overdraft) ^                             on credit
                                                                                watch with
                                                                                developing 
                                                                                implications
^ The facility is backed by credit enhancement in the form of 
 unconditional and irrevocable Corporate Guarantee of Fortis 
 Global Healthcare Infrastructure Pte. Ltd. (FGHIPL)
International Hospital Ltd            CP @               Provisional    1500    Rating placed
                                                         CARE A1+ (SO)          on credit
                                                                                watch with 
                                                                                developing 
                                                                                implications
@ The provisional rating assigned is based on indicative terms of
  the proposed issue. The facility is proposed to be backed by
  Corporate Guarantee of RHT Health Trust (RHT) and Fortis Global
  Healthcare Infrastructure Pte. Ltd. (FGHIPL). Final rating shall
  be assigned on execution of transaction documents 
  (including corporate guarantee) to the satisfaction of the CARE.
  FGHIPL is a 100% subsidiary of RHT.
JM Financial Asset Reconstruction Co. CP                 CARE A1+       7500    Assigned
Ltd
JSW Steel Coated Products Ltd         ST Bk Fac          CARE A1+       8160    Revised from
                                      (Non-Fund based)                          CARE A1+ (SO)
JSW Steel Coated Products Ltd         ST Bk Fac          CARE A1+       5590    Revised and
                                      (Non-Fund based)                          final rating
                                                                                assigned 
                                                                                from 
                                                                                Provisional 
                                                                                CARE A1+ (SO)
Khyati Realtors Pvt Ltd               CP (CP) issue      CARE A1+(SO)   5000*   Reaffirmed
*Backed by credit enhancement in the form of unconditional and irrevocable
 corporate guarantee by Lakshdeep Investments & Finance Pvt. Ltd. (LIFPL, guarantor).
Laxmi Sree Rice Mill Pvt Ltd          ST Bk Fac          CARE A4        10.5    Assigned
Maharaja Shree Umaid Mills Ltd        ST Bk Fac          CARE A4        359.7   Reaffirmed
Ponni Sugars (Erode) Ltd              ST Bk Fac          CARE A3+       215     Revised from
                                      (Non-Fund Based                           CARE A3
Precision Plastic Industries Pvt. Ltd ST Bk Fac – Non    CARE A3        120     Revised from
                                      Fund Based- LC/BG                         CARE A3+
                                      Limits
Rajat Infra Developers Pvt Ltd        ST Bk Fac          CARE A4        70      Assigned
Rajkamal Agro Industries              ST Bk Fac          CARE A4        0.6     Reaffirmed
Rupsha Fish Pvt Ltd                   ST Bk Fac          CARE A4        50      Assigned
Suraksha Realty Ltd                   CP (CP) issue - 1* CARE A1+(SO)   5000    Reaffirmed
* backed by credit enhancement in the form of unconditional and 
 irrevocable corporate guarantee by Lakshdeep Investments & Finance 
 Pvt. Ltd. (LIFPL, guarantor). The guarantee is provided on joint
 and several basis along with Khyati Realtors Private Limited (KRPL;
  wholly owned subsidiary of LIFPL)
Suraksha Realty Ltd                   CP (CP) issue – 2^ CARE A1+(SO)   6500    Reaffirmed
^Backed by credit enhancement in the form of unconditional and 
 irrevocable corporate guarantee by Lakshdeep Investments & Finance Pvt. Ltd. 
 (LIFPL, guarantor).
Tuaman Engineering Ltd                ST Bk Fac          CARE A3        280     Reaffirmed
Tulip Cotspin Pvt Ltd                 ST Bk Fac          CARE A4        30      Reaffirmed
Srg Spinning & Weaving Mills Pvt Ltd  ST Bk Fac                                 Withdrawn
V.K. Valves Pvt Ltd                   ST Bk Fac          CARE A4        30      Assigned
Vivek Pharmachem (India) Ltd          ST Bk Fac          CARE A3        200     Reaffirmed


LONG TERM RATINGS:
-------------------
Asta Ceramic Pvt Ltd                  LT Bk Fac          CARE BB        56.7    Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   10560   Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO); S500     Final Rating
Avanse Financial Services Ltd         NCD                Provisional    3000    Assigned
                                                         CARE AA+ (SO)
Avanse Financial Services Ltd         LT Bk Fac          Provisional    2940    Reaffirmed
                                                         CARE AA+(SO)
Baramati Speciality Steels Ltd        LT Bk Fac          CARE BBB+      318.9   Revised from
                                                                                CARE BBB;
Dharti Dredging And Infrastructure LtdLT Bk Fac          CARE D         799.6   Revised from
                                                                                CARE BBB-;
Dharti Dredging And Infrastructure LtdLT/ST Bk Fac       CARE D         2080    Revised from
                                                                                CARE BBB- /
                                                                                CARE A3
Eisha Concord Realtors                LT Bk Fac          CARE BB-;      100     Revised from
                                                                                CARE BB
Issuer Not Cooperating;
Engineers India Ltd                   Long/ ST Bk Fac    CARE AAA /CARE 14156.1 Reaffirmed
                                                         A1+
Escorts Heart Institute & Research    LT Bk Fac          CARE A+        280     Continues on
Centre Ltd                                                                      credit watch
                                                                                with developing
implications
Flemingo Duty Free Shop Pvt Ltd       LT Bk Fac          CARE A         689.5   Reaffirmed
Flemingo Duty Free Shop Pvt Ltd       LT/ST Bk Fac       CARE A /CARE   2160.5  Reaffirmed
                                                         A2+
Fortis Healthcare Ltd.                LT Bk Fac          CARE A+        1440    Continues on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
Garg Ispatudyog Ltd                   LT Bk Fac          CARE B-        90      Assigned
Hospitalia Eastern Pvt Ltd            LT Bk Fac (TL)@                           Withdrawn
@ Credit enhancement was in the form of unconditional and irrevocable
 corporate guarantee from RHT Health Trust (RHT) and Fortis 
 Global Healthcare Infrastructure Pte. Ltd. (FGHIPL).
Indian Sucrose Ltd                    LT Bk Fac-Fund     CARE BB+       1500    Assigned
                                      Based
Integrated Cleanroom Technologies Pvt LT Bk Fac/ ST Bk   CARE A /CARE   800     Reaffirmed
Ltd                                   Fac                A2+
Integrated Cleanroom Technologies Pvt LT Bk Fac          CARE A;        471.3   Reaffirmed
Ltd
International Hospital Ltd            LT Bk Fac                                 Withdrawn
                                      (Term-Loans)
Ishwarlal Harjivandas Jewellers Pvt LtLT Bk Fac          CARE BB        150     Assigned
Jm Financial & Investment Consultancy CP Issue (IPO                             Withdrawn
Services Pvt Ltd                      Financing)
Jm Financial Asset Reconstruction Co. NCDs               CARE AA-       10000   Assigned
Ltd
JM Financial Asset Reconstruction Co. LT Bk Fac          CARE AA-       500     Assigned
Ltd
JM Financial Capital Ltd              CP Issue (IPO                             Withdrawn
                                      Financing)
JM Financial Products Ltd             CP Issue (IPO                             Withdrawn
                                      Financing)
Jm Financial Properties And Holdings Ltd CP Issue (IPO                          Withdrawn
                                      Financing)
Joymakali Cold Storage Pvt Ltd        LT Bk Fac          CARE B;        56.2    Assigned
JSW Steel Coated Products Ltd         LT Bk Fac (TL)     CARE A+        22175   Revised from
                                                                                CARE A+
JSW Steel Coated Products Ltd         LT Bk Fac (Fund    CARE A+        3150    Revised from
                                      Based)                                    CARE A+ (SO)
JSW Steel Coated Products Ltd         Long/ST Bk Fac     CARE A+ /CARE  9300    Revised from
                                                         A1+                    CARE A+
                                                                                (SO)/CARE A1+ 
                                                                                 (SO)
Laxmi Sree Rice Mill Pvt Ltd          LT Bk Fac          CARE B+        55.9    Assigned
Maharaja Shree Umaid Mills Ltd        LT/ST Bk Fac       CARE BB /CARE  700     Reaffirmed
                                                         A4
Maharaja Shree Umaid Mills Ltd        LT Bk Fac          CARE BB;       900.5   Reaffirmed
Matangi Cotton Industries             LT /ST Bk Fac      CARE BB- /CARE 140     Reaffirmed
                                                         A4
Matangi Cotton Industries             LT Bk Fac          CARE BB-;      1.6     Reaffirmed
Mentor Home Loans India Ltd           LT Bk Fac          CARE BBB       222000  Revised from
                                                                                CARE BBB-
Narayan Cold Storage Pvt Ltd          LT Bk Fac          CARE B         83.5    Assigned
Ponni Sugars (Erode) Ltd              LT Fund Based Bk   CARE BBB       86.2    Revised from
                                      Fac (TL)                                  CARE BBB-
Ponni Sugars (Erode) Ltd              LT Fund Based Bk   CARE BBB       300     Revised from
                                      Fac (CC)                                  CARE BBB-
Ponni Sugars (Erode) Ltd              Long- term/ST Fund CARE BBB       100     Revised from
                                      Based/Non-Fund     /CARE A3+              CARE BBB-
                                      based Bk Fac                              /CARE A3
Precision Plastic Industries Pvt. Ltd LT Bk Fac – TL     CARE BBB       527.5   Revised from
                                                                                CARE BBB+
Precision Plastic Industries Pvt. Ltd LT Bk Fac – CC     CARE BBB       450     Revised from
                                      Limit                                     CARE BBB+
Rajat Infra Developers Pvt Ltd        LT Bk Fac          CARE BB-;      30      Assigned
Rajkamal Agro Industries              LT/ST Bk Fac       CARE BB- /CARE 100     Reaffirmed
                                                         A4
Rajkamal Agro Industries              LT Bk Fac          CARE BB-;      5.9     Reaffirmed
Renew Power Ventures Pvt Ltd          NCDs               CARE A+;       1210    Assigned
Renew Power Ventures Pvt Ltd          LT Bk Fac                                 Withdrawn
Rupsha Fish Pvt Ltd                   LT Bk Fac          CARE BB        100     Assigned
Satguru Metals And Power Pvt Ltd      LT Bk Fac          CARE B+        49.5    Assigned
Shree Ram Cottex Industries Pvt Ltd   LT Bk Fac          CARE B+        300     Reaffirmed
Srg Spinning & Weaving Mills Pvt Ltd  LT Bk Fac          CARE BB-       68.7    revised from
                                                                                CARE B+
Tuaman Engineering Ltd                LT Bk Fac          CARE BBB       140     Reaffirmed
Tulip Cotspin Pvt Ltd                 LT Bk Fac          CARE BB-;      392.5   Revised from
                                                                                CARE B+
Unique Impex                          LT Bk Fac          CARE B+        45      Assigned
V.K. Valves Pvt Ltd                   LT Bk Fac          CARE BB-       35      Assigned
Vivek Pharmachem (India) Ltd          LT Bk Fac          CARE BBB-      110     Reaffirmed
Vivek Pharmachem (India) Ltd          LT Bk Fac/ ST Bk   CARE BBB-      200     Reaffirmed
                                      Fac                /CARE A3
--------------------------------------------------------------------------------------------
$: 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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