October 22, 2018 / 7:18 AM / 3 months ago

CARE ratings for Indian debt instruments-Oct 22

    Oct 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 19, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aesthetic Stampings And Laminations   ST Bk Fac          CARE A4+       5       Assigned
Ltd
B. Sureshkumar And Company            ST Bk Fac          CARE A4+       110     -
(Issuer not cooperating)
Indian Railway Finance Corporation    ST Market          CARE A1+       80000   Reaffirmed
Ltd                                   Borrowing
                                      Programme (FY’17)
Indian Railway Finance Corporation LtdST Market          CARE A1+       120000  Reaffirmed
                                      Borrowing
                                      Programme (FY’18)
Indian Railway Finance Corporation LtdCP Issue           CARE A1+       150000  Reaffirmed
Priya Blue Industries Pvt Ltd.        ST BkFac           CARE A3+       2500    Reaffirmed
Silmohan Gems Pvt Ltd                 ST Bk Fac          CARE A4        101.9   Reaffirmed
Vaishali Gems                         ST Bk Fac          CARE A4        270     -
(Issuer not cooperating)
Venkateshwara Hatcheries Pvt Ltd      ST Bk Fac          CARE A2+       148.81  Revised from
                                                                                CARE A2
(enhanced from 59.75)
Venkateshwara Hatcheries Pvt Ltd      ST BkFac           CARE A2+       1488.1  Revised from
                                                                                CARE A2
(enhanced from 59.75 Crore)
Venky’S India Ltd                     ST BkFac           CARE A2+       525     Revised from
                                                                                CARE A3+
Wockhardt Ltd                         ST Bk Fac          CARE A3        5338    Revised from
                                      (Non-Fund Based)                          CARE A1

LONG TERM RATINGS:
-------------------
Aesthetic Stampings And Laminations   LT Bk FacLT Bk     CARE BB        -       Assigned
Ltd                                   Fac/ST BkFac
Amit Constructions                    LT Bk Fac          CARE B         50      -
(Issuer not cooperating)
Gaytri Industrial Corporation         LT Bk Fac          -              -       Withdrawn
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       15700   Reaffirmed
                                      Programme (FY’07)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       24210   Reaffirmed
                                      Programme (FY’08)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       48790   Reaffirmed
                                      Programme (FY’09)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       45298.3 Reaffirmed
                                      Programme (FY’10)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       57314.7 Reaffirmed
                                      Programme (FY’11)
Indian Railway Finance Corporation LtdMarket Borrowing   CARE AAA       113850  Reaffirmed
                                      Programme (FY’12)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       81060.4 Reaffirmed
                                      Borrowing
                                      Programme (FY’13)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       88283.4 Reaffirmed
                                      Borrowing
                                      Programme (FY’14)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       26250   Reaffirmed
                                      Borrowing
                                      Programme (FY’15)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       192000  Reaffirmed
                                      Borrowing
                                      Programme (FY’16)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       409850  Reaffirmed
                                      Borrowing
                                      Programme (FY’17)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       400000  Reaffirmed
                                      Borrowing
                                      Programme (FY’18)
Indian Railway Finance Corporation LtdLT Market          CARE AAA       549400  Assigned
                                      Borrowing
                                      Programme (FY’19)
L. N Enterprises                      LT Bk Fac          CARE BB-       100     -
(Issuer not cooperating)
Manglam Build Developers Ltd          LT Bk Fac          CARE BB+       3024.6  -
(Issuer not cooperating)
Mercator Petroleum Ltd                LT/ Shortterm      CARE BB+ /A4+  950     Revised from
                                      BkFac                                     CARE BBB        
                                            
Nimrana Developers                    LT Bk Fac @        CARE BB+ (SO)  1000    -
(Issuer not cooperating)
@backed by unconditional and irrevocable corporate guarantee extended by Manglam Build
Developers Limited
Priya Blue Industries Pvt Ltd.        LT BkFac           CARE BBB       270     Reaffirmed
Rangoli Developers                    LT Bk Fac @        CARE BB+ (SO)  470     -
(Issuer not cooperating)
@backed by unconditional and irrevocable corporate guarantee extended by Manglam Build
Developers Limited 
Sunrise Enterprises                   LT Bk Fac          CARE BB-       100     -
(Issuer not cooperating)
Vaishali Gems                         LT Bk Fac          CARE BB+       10      -
(Issuer not cooperating)
Venkateshwara Hatcheries Pvt Ltd      LT Bk Fac          CARE A-        505.81  Revised from
                                                                                CARE BBB+
(reduced from 507.86)
Venkateshwara Hatcheries Pvt Ltd      LT BkFac           CARE A-        5058.1  Revised from
                                                                                CARE BBB+
(reduced from 507.86 Crore)
Venkateshwara Hatcheries Pvt Ltd      LT/Short- term Bk  CARE A- /CARE  234.61  Revised from
                                      Fac                A2+                    CARE BBB+ /
                                                                                CARE A2
(reduced from 321.62)
Venkateshwara Hatcheries Pvt Ltd      LT/Shortterm Bk FacCARE A-/A2+    2346.1  Revised from
                                                                                CARE BBB+
(reduced from 321.62 Crore)
Venky’S India Ltd                     LT BkFac           CARE A-        1141.5  Revised from
                                                                                CARE BBB+
(reduced from 235.35 Crore)
Venky’S India Ltd                     LT/Shortterm Bk FacCARE A-/A2+    3050    Revised from
                                                                                CARE BBB+
(reduced from 335 Crore)
Wockhardt Ltd                         LT Bk Fac (Fund    CARE BBB-      9000    Revised from
                                      Based)                                    CARE A
Wockhardt Ltd                         NCD issue(Proposed)CARE BBB-      5000    Revised from
                                                                                CARE A
Woodfield Systems International Pvt   LT Bk Fac          -              -       Withdrawn
Ltd
--------------------------------------------------------------------------------------------
$: 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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