October 16, 2017 / 5:25 AM / in a month

CARE ratings for Indian debt instruments-Oct 16

    Oct 16 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 13, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Dharam Industries                     ST Bk Fac          CARE A4        14      Issuer not
                                                                                cooperating
Dharam Stainless Steel Pvt Ltd        ST Bk Fac          CARE A4        55      Issuer not
                                                                                cooperating

Excelsource International Pvt Ltd     ST Bk Fac          CARE A4        251.1   Revised from
                                                                                CARE A4+
Kridhan Infra Ltd                     ST Bk Fac          CARE A4+       60      Assigned
Metallic Alloys                       ST Bk Fac          CARE A4+       150     Assigned
Margo Plywood Pvt Ltd                 ST Bk Fac          CARE B+/       120     Reaffirmed
                                                         CARE A4
(enhanced from 10 CR)
Mozart Vitrified Pvt Ltd              ST Bk Fac          CARE A4        30      Assigned
Promax Technologies                   ST Bk Fac          CARE A4        12.5    Assigned
Royal Synthetics                      Bk Fac – Non-fund  CARE A4+       960.8   Assigned
                                      based – ST – LC/BG
Royal Synthetics                      Bk Fac – Non-fund  CARE A4+       19.2    Assigned
                                      based – ST–
                                      Forward Contract
Tata International Ltd                CP (Carved Out)*   CARE A1+(SO)   500     -

LONG TERM RATINGS:
-------------------
Bharath Wind Farm Ltd                 LT Bk Fac          CARE D         75.2    Assigned
Chetan Alloys Pvt Ltd                 LT Bk Fac          CARE B+        100     Issuer not
                                                                                cooperating
Daulat Flour Mill                     LT Bk Fac          CARE B+        75      Issuer not
                                                                                cooperating
Dharam Industries                     LT Bk Fac          CARE B+        64      Issuer not
                                                                                cooperating
Dharam Stainless Steel Pvt Ltd        LT Bk Fac          CARE B+        5       Issuer not
                                                                                cooperating
Dharam Stainless Steel Pvt Ltd        LT/ST Bk Fac       CARE B+/       10      Issuer not
                                                         CRAE A4                cooperating
Kridhan Infra Ltd                     LT Bk Fac          CARE BB+       180     Assigned
Margo Plywood Pvt Ltd                 LT Bk Fac          CARE B+        0.9     Reaffirmed
(reduced from 0.30 CR)
Margo Plywood Pvt Ltd                 LT/ST Bk Fac       CARE A4        41.69   Reaffirmed
(reduced from 4.21 CR)
Metallic Alloys                       LT/ST Bk Fac       CARE BB+/      450     Assigned
                                                         CARE A4+
Mozart Vitrified Pvt Ltd              LT Bk Fac          CARE B+        360     Reaffirmed
(enhanced from 12.50 CR)
Nirmaan Rmbs Trust – Series Iii – 2017Series A PTC       -              -       Withdrawn
Nirmaan Rmbs Trust – Series Iii – 2017Second Loss        -              -       Withdrawn
                                      Facility
Oriental Nagpur Betul Highway Pvt Ltd LT Instruments -   CARE AAA (SO)* 23767.3 Reaffirmed
                                      Nonconvertible
                                      Debentures - Series A
(reduced from 2510 CR),*Non-Convertible Debentures (NCDs) are backed by underlying annuities to
be received from National Highways Authority of India (NHAI; rated CARE AAA; Stable)
supplemented by structural measures put in place in the form of trustee administered escrow
payment mechanism and creation of debt service reserve account (DSRA), debenture redemption
reserve account, major maintenance reserve account (MMRA), construction reserve account and
additional reserve account.
Oriental Nagpur Betul Highway Pvt Ltd LT Instruments -   CARE AAA (SO)* 2613.5  Reaffirmed
                                      Nonconvertible
                                      Debentures - Series B
(reduced from 276 CR),*Non-Convertible Debentures (NCDs) are backed by underlying annuities to
be received from National Highways Authority
of India (NHAI; rated CARE AAA; Stable) supplemented by structural measures put in place in the
form of trustee administered escrow payment mechanism and creation of debt service reserve
account (DSRA), debenture redemption reserve account, major maintenance reserve account (MMRA),
construction reserve account and additional reserve account.
Oriental Nagpur Betul Highway Pvt Ltd LT Instruments -   CARE AAA (SO)*#1393.6  Assigned
                                      Nonconvertible
                                      Debentures - Series C
*Non-Convertible Debentures (NCDs) are backed by underlying annuities to be received from
National Highways Authority of India (NHAI; rated CARE AAA; Stable) supplemented by structural
measures put in place in the form of trustee administered escrow payment mechanism and creation
of debt service reserve account (DSRA), debenture redemption reserve account, major maintenance
reserve account (MMRA), construction reserve account and additional reserve account. #The rating
is provisional subject to execution of transaction agreements and creation of various reserves
as envisaged. The rating shall be confirmed once the required documents are submitted to the
satisfaction of CARE.
Promax Technologies                   LT/ST Bk Fac       CARE BB- /CARE 45      Assigned
                                                         A4
Rlj Infracement Pvt Ltd               LT Bk Fac          CARE B+        120     Issuer not
                                                                                cooperating
Royal Synthetics                      Bk Fac – Fund      CARE BB+       20      Assigned
                                      based – LT – CC
Western India Sea Brines 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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below