October 4, 2017 / 4:46 AM / 2 months ago

CARE ratings for Indian debt instruments-Oct 4

    Oct 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 3, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Andhra Bank                           CD Programme       CARE A1+       200000  Reaffirmed
Bharath International Travels (Mysore)ST Bk Fac          CARE A4        10      Assigned
Pvt Ltd
Diamond Footcare Udyog Pvt Ltd        ST Bk Fac          CARE A4        45      Reaffirmed

Reduced from Rs 6.50 Cr
Faze Three Ltd                        ST Bk Fac          CARE A3        48.7    Reaffirmed
Revised from 12.50 CR
Indian Acrylics Ltd                   ST Bk Fac          CARE A4        7.5     Revised from
                                      (Non-Fund Based)                          CARE A3
International Paper Appm Ltd          ST Bk Fac          CARE A1+ (SO)  635     Reaffirmed
The above ratings are based on credit enhancement in the form of Letter of Comfort extended by
International Paper Company, USA (IPC) to the bank facilities
Jct Ltd                               ST Bk Fac          CARE A4        1362.7  Reaffirmed
enhanced from 81.27 CR
K. S. Commodities Pvt Ltd             ST Bk Fac          CARE A4+       60      Reaffirmed
Lotus Wireless Technologies India Pvt ST Bk Fac          CARE A3        220     Reaffirmed
Ltd
reduced from Rs. 39 CR
Muthoot Fincorp Ltd                   CP Issue           CARE A1        9000    Assigned
Nacl Industries Ltd (Erstwhile        ST Bk Fac          CARE A2        1130    Revised from
Nagarjuna Agrichem Ltd)                                                         CARE A3+
Nakoda Group Of Industries Ltd        ST Bk Fac          CARE A4        4.1     Reaffirmed
Neutral Publishing House Ltd          ST Bk Fac          CARE A2+       75      Revised from
                                                                                CARE A2
Olympus Metal Pvt Ltd                 ST Bk Fac          CARE A4        100     Reaffirmed
Oyster Steel & Iron Pvt Ltd           ST Bk Fac          CARE A4        200     Reaffirmed
Ratnapriya Impex Pvt Ltd              ST Bk Fac          CARE A4+       510     Reaffirmed
Ritu Logistics                        ST Bk Fac          CARE A4        25      Reaffirmed
S S Infrastructure Development        ST Bk Fac          CARE A4        80      Assigned
Consultants Pvt Ltd
Savemax Wholesale Club Pvt Ltd        ST Bk Fac          CARE A3        720     Reaffirmed
Enhanced from Rs 70.12 Cr
Serum Institute Of India Pvt Ltd      ST Bk Fac          CARE A1+       5800    Reaffirmed
Sharekhan Financial Services Pvt Ltd  CP Issue           CARE A1+       10000   Assigned
Smt. Nandamuri Basava Taraka Rama Rao ST Bk Fac          CARE A3+       10      Revised from
Memorial Cancer Foundation & Research                                           CARE A3
Centre
Smt. Shakuntla Educational & Welfare  ST Bk Fac-Fund     CARE A4        500     Revised from
Society                               Based                                     CARE D
Stallion Laboratories Pvt Ltd         ST Bk Fac          CARE A4+       65      Assigned
Tc Travels And Services Ltd           ST Bk Fac          CARE A1+       100     Reaffirmed
Uttamenergy Ltd (Formerly Known As    ST Bk Fac          --                     Withdrawn
Uttam Energy Systems Ltd)
Yuva Shakthi Enterprises              ST Bk Fac          CARE A4+       100     Assigned

MEDIUM TERM RATINGS:
-------------------
Jct Ltd                               Medium term        CARE B(FD)     200     Reaffirmed
                                      instrument Fixed
                                      Deposit
Vatika Ltd                            Medium term        --                     Withdrawn
                                      instrument Fixed
                                      Deposit
withdrawn at the request of the company as no amount had been raised against the FD

LONG TERM RATINGS:
-------------------
Adig Jemtex Pvt Ltd                   LT Bk Fac          CARE BB        46.4    Revised from
                                                                                CARE BB-
Andhra Bank                           Lower Tier II      CARE AA        2800    Reaffirmed
                                      Bonds – Series C
Andhra Bank                           Tier I Bonds       CARE AA-       8000    Reaffirmed
                                      (Basel III) -
                                      Perpetual Bonds
Andhra Bank                           Tier I Bonds       CARE AA-       9000    Reaffirmed
                                      (Basel III) -
                                      Perpetual Bonds - Series III
Andhra Bank                           Proposed Tier I    CARE AA-       5000    Reaffirmed
                                      Bonds (Basel III)
                                      - Perpetual Bonds - Series IV
Andhra Bank                           Lower Tier II      CARE AA+       7000    Reaffirmed
                                      Bonds – Series F
Andhra Bank                           Lower Tier II      CARE AA+       6000    Reaffirmed
                                      Bonds – Series G
Andhra Bank                           Lower Tier II      CARE AA+       3200    Reaffirmed
                                      Bonds – Series H
Andhra Bank                           LT Bonds           CARE AA+       5001    Reaffirmed
Andhra Bank                           Tier-II            CARE AA+       5000    Reaffirmed
                                      Bonds-Series A
                                      (Basel III)
Andhra Bank                           Tier-II            CARE AA+       5000    Reaffirmed
                                      Bonds-Series B
                                      (Basel III)
Andhra Bank                           Tier-II            CARE AA+       10000   Reaffirmed
                                      Bonds-Series C
                                      (Basel III)
Andhra Bank                           Proposed Tier-II   CARE AA+       10000   Reaffirmed
                                      Bonds-Series D
                                      (Basel III)
Baid Leasing And Finance Co. Ltd.     LT Bk Fac          CARE BBB-      450
Placed on credit watch with developing implications
Bharath International Travels (Mysore)LT Bk Fac          CARE BB-       43.5    Assigned
Pvt Ltd
Brewster Ifmr Capital 2017            Series A1 PTCs#    CARE A (SO)            Provisional
#The PTCs are rated on ultimate payment basis
Brewster Ifmr Capital 2017            Series A2 PTCs#    CARE BBB+ (SO)         Provisional
#The PTCs are rated on ultimate payment basis
Canopus Ifmr Capital 2017             Series A1 PTCs#    CARE A (SO)            Provisional
#The PTCs are rated on ultimate payment basis
Canopus Ifmr Capital 2017             Series A2 PTCs#    CARE A (SO)            Provisional
#The PTCs are rated on ultimate payment basis
Diamond Footcare Udyog Pvt Ltd        LT Bk Fac          CARE BB        517.8   Reaffirmed
Enhanced from Rs 44.76 Cr
Faze Three Ltd                        LT Bk Fac          CARE BBB-      771.3   Reaffirmed
Revised from 69.50 CR
Gee Emm Spinfab Ltd                   LT Bk Fac          CARE BBB-      513.6   Reaffirmed
reduced from 55.41 CR
Indian Acrylics Ltd                   LT Bk Fac (Fund    CARE B         42.5    Revised from
                                      based- CC)                                CARE BBB-
Indian Acrylics Ltd                   LT Bk Fac (Fund    CARE D         748.4   Revised from
                                      Based- TL)                                CARE BBB-
International Paper Appm Ltd          LT Bk Fac – Fund   CARE AA (SO)   430     Reaffirmed
                                      Based Working
                                      Capital Limits
The above ratings are based on credit enhancement in the form of Letter of Comfort extended by
International Paper Company, USA (IPC) to the bank facilities
International Paper Appm Ltd          LT Bk Fac – TL     CARE AA- (SO)  220     Reaffirmed
Enhanced from Rs 70 Cr; The above ratings are based on credit enhancement in the form of Letter
of Comfort extended by International Paper Company, USA (IPC) to the bank facilities of
International Paper APPM Limited
Itzcash Card Ltd                      Bk Fac (Fund based --                     Withdrawn
                                      and Non-fund based)
Jct Ltd                               LT Bk Fac          CARE B         1582.8  Reaffirmed
reduced from 241.86 CR
Jr Toll Road Pvt. Ltd.                FB Fac (LT)^       CARE A- (SO)   3890    Revised from
                                                                                CARE A+ (SO)
^Backed by unconditional and irrevocable corporate guarantee of Reliance Infrastructure Limited
(R-Infra)
K. S. Commodities Pvt Ltd             Bk Fac             CARE BB /A4+   300     Reaffirmed
Kec International Ltd                 LT Bk Fac (Fund    CARE AA-       16000   Revised from
                                      Based)                                    CARE A+
Kec International Ltd                 LT/ST Bk Fac       CARE AA- /A1+  104000  Revised from
                                      (Non-Fund Based)                          CARE A+
Khanna Jewellers P Ltd                LT Bk Fac          CARE BB+       250     Assigned
Lotus Wireless Technologies India Pvt LT Bk Fac          CARE BBB       130     Revised from
Ltd                                                                             CARE BBB-
reduced from Rs. 25.00 CR
Nacl Industries Ltd (Erstwhile        LT Bk Fac          CARE A-        2245    Revised from
Nagarjuna Agrichem Ltd)                                                         CARE BBB+
reduced from 227.78 CR
Nainani Medico                        LT Bk Fac          CARE BB+       92.5    Revised from
                                                                                CARE BB
Nakoda Group Of Industries Ltd        LT Bk Fac          CARE BB-       160.7   Reaffirmed
Neutral Publishing House Ltd          LT Bk Fac          CARE A-        225     Reaffirmed
Olympus Metal Pvt Ltd                 LT Bk Fac          CARE BB-       750     Reaffirmed
Oyster Steel & Iron Pvt Ltd           LT Bk Fac          CARE BB-       1000    Reaffirmed
Paschal Formwork (India) Pvt Ltd      LT Bk Fac          CARE BB-       42.5    Reaffirmed
Piramal Finance Ltd                   NCD                CARE AA        2500    Reaffirmed
Piramal Finance Ltd                   NCD*               CARE AA        7500    Reaffirmed
enhanced from Rs.250 crore; *CARE has reclassified the rating amount and enhanced the amount of
Non-Convertible Debentures by Rs.500 crore and reduced the amount of Subordinate Debt by Rs.500
crore with immediate effect
Piramal Finance Ltd                   Subordinate Debt*  CARE AA        5000    Reaffirmed
Reduced from Rs 1000 Cr; *CARE has reclassified the rating amount and enhanced the amount of
Non-Convertible Debentures by Rs.500 crore and reduced the amount of Subordinate Debt by Rs.500
crore with immediate effect
Pittappillil Agencies                 LT Bk Fac          CARE BB-       200     Reaffirmed
Enhanced from 12 CR
Popular Scooters Pvt Ltd              LT Bk Fac          CARE BB        100     Reaffirmed
Enhanced from 9 CR
Pramukh Cotex Pvt Ltd                 LT Bk Fac          CARE BB-       127.8   Revised from
                                                                                CARE B+
Ratnapriya Impex Pvt Ltd              LT Bk Fac          CARE BB        30      Reaffirmed
Reliance Power Transmission Ltd       ST Bk Fac          CARE --                Withdrawn
Ritu Logistics                        LT Bk Fac          CARE B+        90      Reaffirmed
S S Infrastructure Development        LT Bk Fac          CARE BB        20      Assigned
Consultants Pvt Ltd
Savemax Wholesale Club Pvt Ltd        LT Bk Fac          CARE BBB       1552.3  Reaffirmed
Enhanced from Rs 132.11 Cr
Serum Institute Of India Pvt Ltd      LT / ST Bk Fac     CARE AAA /A1+  15901   Reaffirmed
Smt. Nandamuri Basava Taraka Rama Rao LT Bk Fac          CARE BBB+      394.5   Revised from
Memorial Cancer Foundation & Research                                           CARE BBB
Centre
Smt. Shakuntla Educational & Welfare  LT Bk Fac-TL       CARE B+        1486.2  Revised from
Society                                                                         CARE D
Stallion Laboratories Pvt Ltd         LT Bk Fac          CARE BB+       235.8   Assigned
Stallion Laboratories Pvt Ltd         Bk Fac             CARE BB+ /A4+  74.2    Assigned
The Panoramic Getaway                 LT Bk Fac          CARE BB-       143.8   Reaffirmed
Enhanced from 14.25 CR
Uttamenergy Ltd (Formerly Known As    LT Bk Fac          --                     Withdrawn
Uttam Energy Systems Ltd)
Vatika Ltd                            LT Bk Fac          CARE BB        3701.4  Reaffirmed
reduced from 449 CR
Vatika One India Next Pvt Ltd         NCD                CARE BB (SO)   1000    Reaffirmed
Vatika Seven Elements Pvt Ltd         LT Bk Fac          CARE BB (SO)   1205.7  Reaffirmed
reduced from 175 CR
Vatika Sovereign Park Pvt Ltd         LT Bk Fac          CARE BB (SO)   1134.7  Reaffirmed
reduced from 119 CR
Vijayalakshmi Agro Food Industries    LT Bk Fac          CARE B+        150     Reaffirmed
Enhanced from 8 CR
Voltamp Transformers Ltd              LT Bk Fac          CARE AA        100     Revised from
                                                                                CARE AA-
Voltamp Transformers Ltd              Bk Fac             CARE AA/ A1+   1860.3  Revised from
                                                                                CARE AA- /A1+
Warbler Cv Ifmr Capital 2017          Series A1 PTCs#    CARE A (SO)            Provisional
(Originator: Ikf Finance Ltd)
#The PTCs are rated on ultimate payment basis
Warbler Cv Ifmr Capital 2017          Series A2 PTCs#    CARE A- (SO)           Provisional
(Originator: Ikf Finance Ltd)
#The PTCs are rated on ultimate payment basis
Yuva Shakthi Enterprises              LT Bk Fac          CARE BB+       29.5    Assigned

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