October 22, 2019 / 5:04 AM / a month 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 18, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Color Granito Pvt Ltd                 ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Gujarat Construction Company          ST Bk Fac          -              -       Withdrawn
Indiabulls Commercial Credit Ltd      CP                 CARE A1+       80000   Reaffirmed
Indiabulls Housing Finance Ltd        CP issue           CARE A1+       150000  Reaffirmed
Rali Engineering Works                ST Bk Fac          CARE A4        30      -
(Issuer not cooperating on the basis of best available information )
Nrv Yarns Pvt Ltd                     ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Sanauto Engineers India Pvt Ltd       ST Bk Fac          CARE A4+       50      Reaffirmed

United Infraventures Ltd              ST Bk Fac          CARE D         10      -
(Issuer not cooperating on the basis of best available information )
Unitriveni Overseas                   ST Bk Fac          CARE D         30      Revised from
                                                                                CARE A4
LONG TERM RATINGS:
-------------------
Centrum Housing Finance Ltd           LT Bk Fac          CARE A-; Stable4000    Reaffirmed
(enhanced from Rs.300 crores)
Color Granito Pvt Ltd                 LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Color Granito Pvt Ltd                 LT/ST Bk Fac       -              -       Reaffirmed
                                                                                and Withdrawn
Gujarat Construction Company          LT Bk Fac          -              -       Withdrawn
Indiabulls Commercial Credit Ltd      NCDs               CARE AA+;      20000   -
                                                         Negative
Removed from Credit Watch with developing implications and Negative Outlook assigned
Indiabulls Commercial Credit Ltd      Subordinate Debt   CARE AA+;      12000   -
                                                         Negative
Removed from Credit Watch with developing implications and Negative Outlook assigned
Indiabulls Commercial Credit Ltd      Public issue of    CARE AA+;      50000   -
                                      secured redeemable Negative
                                      NCDs
Removed from Credit Watch with developing implications and Negative Outlook assigned
Indiabulls Commercial Credit Ltd      Public issue of    CARE AA+;      5000    -
                                      unsecured          Negative
                                      redeemable NCDs
Removed from Credit Watch with developing implications and Negative Outlook assigned
Indiabulls Commercial Credit Ltd      LT Bk Fac          CARE AA+;      150000  -
                                                         Negative
Removed from Credit Watch with developing implications and Negative Outlook assigned
Indiabulls Housing Finance Ltd        Perpetual Debt     CARE AA;       2000    -
                                                         Negative
Removed from Credit Watch with developing implications and Negative Outlook assigned
Indiabulls Housing Finance Ltd        NCD                CARE AA+;      334365  -
                                                         Negative
Removed from Credit Watch with developing implications and Negative Outlook assigned
Indiabulls Housing Finance Ltd        Subordinate Debt   CARE AA+;      50000   -
                                                         Negative
Removed from Credit Watch with developing implications and Negative Outlook assigned
Indiabulls Housing Finance Ltd        NCD*               CARE AA+;      68011.4 -
                                                         Negative
Removed from  Credit Watch with developing implications  and Negative Outlook assigned,*Public
Issue of Non-Convertible Debentures and Subordinate Debt
Indiabulls Housing Finance Ltd        Subordinate Debt*  CARE AA+;      1988.6  -
                                                         Negative
Removed from Credit Watch with developing implications and Negative Outlook assigned,*Public
Issue of Non-Convertible Debentures and Subordinate Debt
Indiabulls Housing Finance Ltd        LT/ST BkFac        CARE AA+;      525000  -
                                                         Negative /CARE
                                                         A1+
Removed from Credit Watch with developing implications and Negative Outlook assigned/Reaffirmed
Nrv Yarns Pvt Ltd                     LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Radnik Auto Exports                   LT Bk Fac          CARE BB+;      100     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Rali Engineering Works                LT Bk Fac          CARE B+; Stable40      -
(Issuer not cooperating on the basis of best available information )
Sanauto Engineers India Pvt Ltd       LT Bk Fac          CARE BB+;      125.5   Reaffirmed
                                                         Stable
Sanauto Engineers India Pvt Ltd       LT / ST Bk Fac     CARE BB+;      24.5    Reaffirmed
                                                         Stable /CARE
                                                         A4+
Satyam Enterprises                    LT Bk Fac*         CARE BBB-      45      Assigned
                                                         (CE); Stable
*This rating is based on the credit enhancement in the form of an unconditional, irrevocable and
continuing corporate guarantee given by Aaditya Finechem Private Limited (AFPL; rated CARE BBB-;
Stable/ CARE A3) for ensuring timely servicing of these bank facilities of Satyam Enterprises.
Satyam Enterprises                    Proposed LT Bk     CARE BBB-      55      Assigned
                                      Fac**              (CE); Stable
**This rating is provisional and will be confirmed once the company fulfills the following
conditions to the satisfaction of CARE
Shapoorji Pallonji Forbes Shipping LtdLT Bk Facility^^   CARE A(CE);    693.6** Reaffirmed
                                                         Negative
**INR equivalent of USD 9.71mn: Rate considered INR/USD@71.42,outlook revised from
Stable to Negative
^^ backed by an unconditional and irrevocable Debt Service Reserve Amount (DSRA) guarantee from
Forbes & Company Limited(FCL, rated ‘CARE A+; Negative, outlook revised in October 2019) for
maintenance of debt service reserve equivalent to next instalment of scheduled principal and
interest amount throughout the tenure of the facility. However, upon occurrence of Event of
Default, the accelerated repayments of the outstanding loan will not be covered by DSRA
guarantee, and shall be restricted to next scheduled debt servicing obligation.
Shapoorji Pallonji Forbes Shipping LtdLT Bk Facility^    CARE A+(CE)    1540.7* -
*INR equivalent of USD 21.57mn: Rate considered INR/USD@71.42,Continues to be on Credit
Watch with Developing Implications
^backed by an unconditional and irrevocable Debt Service Reserve Amount (DSRA) guarantee from
Shapoorji Pallonji and Company Pvt. Ltd (SPCPL, rated ‘CARE AA-(Credit Watch with Developing
Implications)’; downgraded in June 2019) for maintenance of debt service reserve equivalent to
next instalment of scheduled principal and interest amount throughout the tenure of the
facility. However, upon occurrence of Event of Default, the accelerated repayments of the
outstanding loan will not be covered by DSRA guarantee, and shall be restricted to next
scheduled debt servicing obligation.
Implications
Speculum Plast Pvt Ltd                LT Bk Fac          CARE BB-;      81.9    Reaffirmed
                                                         Stable
Speculum Plast Pvt Ltd                LT/ST Bk Fac       CARE BB-;      23.1    Reaffirmed
                                                         Stable/CARE A4
United Infraventures Ltd              LT Bk Fac          CARE D         80      -
(Issuer not cooperating on the basis of best available information )
United Infraventures Ltd              Proposed LT Bk Fac CARE D         10.5    -
(Issuer not cooperating on the basis of best available information )
Unitriveni Overseas                   LT Bk Fac          CARE D         170     Revised from
                                                                                CARE BB;
                                                                                Stable
--------------------------------------------------------------------------------------------
$: 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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