November 30, 2018 / 4:28 AM / 8 months ago

CARE ratings for Indian debt instruments-Nov 30

    Nov 30 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 29, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Akl Infracon Pvt Ltd                  ST Bk Fac          CARE A4        65      Assigned
Aska Equipments Ltd                   ST Bk Fac          CARE A2        110     Reaffirmed
Bardiya Gems & Jewellery Company      ST Bk Fac          CARE A4+       67.2    Reaffirmed
Elegant Fashion Fiber Chemicals Ltd   ST Bk Fac          CARE A4        -       Withdrawn

Hafsar Trading Company                ST Bk Fac          CARE A4        30      Reaffirmed
Indigo Seaways Pvt Ltd                ST Bk Fac          CARE A1 (SO)   17
Ratings placed on credit watch with developing implications; backed by corporate guarantee of
Saurashtra Enviro Projects Private Limited [SEPPL, rated CARE
Jayanta Khaund                        ST Bk Fac          CARE A4        100     Assigned
Jiya Exim Pvt Ltd                     ST Bk Fac          CARE A4        2.7     Reaffirmed
Kishan Agro Product                   ST Bk Fac          CARE A4        2.3     Reaffirmed
N K Shah Infraprojects                ST Bk Fac          CARE A4        40      Assigned
Navjivan Polyfab Pvt Ltd              ST Bk Fac          CARE A4        10      Assigned
Rac Papers Ltd                        ST Bk Fac          CARE A4        3.3     -
Issuer Not Cooperating; Based on best available information
Rayana Paper Board Industries Ltd     ST Bk Fac          CARE A3+       15.4    Reaffirmed
Reliance Jute Mills (International) LtST Bk Fac          CARE A4        70      Reaffirmed
Saurashtra Enviro Projects Pvt Ltd    ST Bk Fac^         -              -       Withdrawn
^Long-term rating assigned to the term loan (Rs.76.69 crore) & cash credit (Rs.4.75 crore) and
short-term rating assigned to the Credit Exposure Limit (Rs.1.10 crore) has been withdrawn as
the company has repaid its entire rated debt and has provided no due certificate issued by the
lender.
S. D. Corporation Pvt Ltd             CP^                CARE A1+(SO)   11100   Reaffirmed
^credit enhancement in the form of unconditional & irrevocable guarantee by Shapoorji Pallonji&
Company Private Limited (SPCPL, rated CARE AA+/Stable; CARE A1+) 
S. D. Corporation Pvt Ltd             CP^                CARE A1+(SO)   600     Final Rating
^credit enhancement in the form of unconditional & irrevocable guarantee by Shapoorji Pallonji&
Company Private Limited (SPCPL, rated CARE AA+/Stable; CARE A1+) 
The Western India Plywoods Ltd        ST Bk Fac          CARE A3        70      Reaffirmed
Vishakha Irrigation Pvt Ltd           ST Bk Fac          CARE A4        123.9   Reaffirmed

LONG TERM RATINGS:
-------------------
Accord Electropower Pvt Ltd           LT Bk Fac          CARE B+        39.6    Assigned
Ahmedabad Maliya Tollway Ltd          LT Bk Fac*         CARE A-        8820*   Reaffirmed
*Outstanding as on September 30, 2018
Ahmedabad Maliya Tollway Ltd          Non- Convertible   CARE AA (SO)   1750    Reaffirmed
                                      Debenture issue@
@ Backed by unconditional and irrevocable Sponsor Support Undertaking and Put Option agreement
on the NCDs provided by L&T Infrastructure Development Projects Limited (LTIDPL; rated ‘CARE AA;
Stable’). 
Akl Infracon Pvt Ltd                  LT Bk Fac          CARE B+        85      Assigned
Amreli Renewable Energy Pvt Ltd       LT Bk Fac          CARE A-        1497.9
Revised from CARE BBB+; (reduced from 155.00 Crore)
Aska Equipments Ltd                   LT Bk Fac          CARE BBB+      50      Reaffirmed
Capital First Ltd                     Perpetual Debt     CARE AA        4000
Reaffirmed; Revised from credit watch with positive implications
Capital First Ltd                     LT Bk Fac          CARE AA+       75000
Reaffirmed; Revised from credit watch with positive implications
Capital First Ltd                     LT NCD             CARE AA+       79750
Reaffirmed; Revised from credit watch with positive implications
Capital First Ltd                     LT NCD             CARE AA+       10000
Reaffirmed; Revised from credit watch with positive implications
Capital First Ltd                     LT NCD             CARE AA+       10000   Assigned
Capital First Ltd                     Subordinated Debt  CARE AA+       14000
Reaffirmed; Revised from credit watch with positive implications
Clarion Wind Farm Pvt Ltd             LT Bk Fac          CARE D         1034.1  Assigned
Elegant Fashion Fiber Chemicals Ltd   LT Bk Fac          CARE BB        -       Withdrawn
Gamma Green Power Pvt Ltd             LT Bk Fac          CARE D         425.8   Assigned
Hafsar Trading Company                LT Bk Fac          CARE BB+       150     Reaffirmed
Haldia Agro Pvt Ltd                   LT Bk Fac          CARE B+        67
Revised from CARE B; Stable; issuer not cooperating
Indigo Seaways Pvt Ltd                LT Bk Fac          CARE A (SO)    844
Ratings placed on credit watch with developing implications; backed by corporate guarantee of
Saurashtra Enviro Projects Private Limited [SEPPL, rated CARE A; Stable / CARE A1 (Under credit
watch with developing implications)]. 
Jayanta Khaund                        LT Bk Fac          CARE BB-       40      Assigned
Jiya Exim Pvt Ltd                     LT Bk Fac          CARE B+        108.8   Reaffirmed
(reduced from 13.17 Crore)
Kishan Agro Product                   LT Bk Fac          CARE BB-       80.7    Reaffirmed
(reduced from 8.22 Crore)
Krysttal Motors Pvt Ltd               LT Bk Fac          CARE BB-       70      Assigned
Mahaveer Finance India Ltd            LT Bk Fac          CARE BBB-      750
Revised from CARE BB+
Mahaveer Finance India Ltd            NCD issue.         CARE BBB-      200
Revised from CARE BB+
N K Shah Infraprojects                LT Bk Fac          CARE BB        10      Assigned
Nagesh Enterprises                    LT Bk Fac          CARE BB-       247.6   Reaffirmed
(enhanced from 20.63 Crore)
National Housing Bank                 Market Borrowing   CARE AAA       52450   Reaffirmed
                                      Programme
National Housing Bank                 Deposits           CARE AAA       120000  Reaffirmed
                                      (Rs.10,000 crore
                                      under RHF and Rs.2000 crore under UHF)*
* RHF - Rural Housing Fund; UHF - Urban Housing Fund, renamed as Funds for Affordable Housing to
Urban Poor/EWS/LIG
National Housing Bank                 Deposits           CARE AAA       120000  Reaffirmed
                                      (Rs.8,000 crore
                                      under RHF and Rs.4,000 crore under UHF)*
* RHF - Rural Housing Fund; UHF - Urban Housing Fund, renamed as Funds for Affordable Housing to
Urban Poor/EWS/LIG
National Housing Bank                 Non- Convertible   CARE AAA       60000   Assigned
                                      Debentures
Navjivan Polyfab Pvt Ltd              LT Bk Fac          CARE B         110     Assigned
Oriental Nagpur Bye Pass Construction LT Bk Fac          CARE BB        8438.9
Pvt Ltd
Revised from CARE D
Rac Papers Ltd                        LT Bk Fac          CARE C         133     -
Issuer Not Cooperating; Based on best available information
Rattanindia Finance Pvt Ltd           NCDs               CARE A         10000   Assigned
Rattanindia Finance Pvt Ltd           LT/Shortterm Bk FacCARE A/A1+     4500    Assigned
Rayana Paper Board Industries Ltd     LT Bk Fac          CARE BBB       427.5   Reaffirmed
Reliance Jute Mills (International) LtLT/ST Bk Fac       CARE BB-/A4    180     Reaffirmed
Saurashtra Enviro Projects Pvt Ltd    LT Bk Fac^         -              -       Withdrawn
^Long-term rating assigned to the term loan (Rs.76.69 crore) & cash credit (Rs.4.75 crore) and
short-term rating assigned to the Credit Exposure Limit (Rs.1.10 crore) has been withdrawn as
the company has repaid its entire rated debt and has provided no due certificate issued by the
lender.
Saurashtra Enviro Projects Pvt Ltd    LT/ST Bk Fac       CARE A/A1      100
Assigned and placed on credit watch with developing implications
Shiv Shankar Rice Mills_(Ferozpur)    LT Bk Fac          CARE BB-       174.2   Assigned
Sri Vishnu Buildcon Pvt. Ltd.         LT Bk Fac          CARE B+        44.1    -
Issuer not cooperating; Based on best available information
Sve Drilling Tools Pvt Ltd            LT Bk Fac          CARE BB-       120     Assigned
Tec Aero Devices                      LT Bk Fac          CARE B+        50      Assigned
Tec Aero Devices                      LT/ST Bk Fac       CARE B+/A4     10      Assigned
The Western India Plywoods Ltd        LT Bk Fac          CARE BBB-      310.7   Reaffirmed
(reduced from 31.87 Crore)
V. Thangavel And Sons Pvt Ltd         LT Bk Fac          CARE BBB-      270.9   Assigned
V. Thangavel And Sons Pvt Ltd         LT/ST Bk Fac       CARE BBB-/A3   25.3    Assigned
Vishakha Irrigation Pvt Ltd           LT Bk Fac          CARE BB+       185.5   Reaffirmed
Vishakha Irrigation Pvt Ltd           LT/ ST Bk Fac      CARE BB+/A4    80      Reaffirmed

--------------------------------------------------------------------------------------------
$: 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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