September 10, 2018 / 5:56 AM / 2 months ago

CARE ratings for Indian debt instruments-Sep 10

    Sep 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 7 and September 9, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A B Cotspin India Ltd                 ST Bk Fac          CARE A4+       70      Assigned
Alfa Vitrified Pvt Ltd                ST Bk Fac          CARE A4        35
Revised from CARE A4+
Amba Shakti Udyog Ltd                 ST Bk Fac          CARE A3        262.5   Reaffirmed

Cache Technologies                    ST Bk Fac          CARE A4        22.5    Reaffirmed
Delta Electronics India Pvt Ltd       ST Bk Fac          CARE A1        183.8   Assigned
Ganesha International                 ST Bk Fac          CARE A4        130     -
Issuer Not Cooperating; Revised from CARE A4 on the basis of best available information
Gemscab Industries Ltd                ST Bk Fac          CARE A3+       965
Revised from CARE A3 ; (enhanced from 82.50 Crore)
Godawari Power And Ispat Ltd          ST Bk Fac          CARE A3+       893.4
Revised from CARE A3
Heavy Metal And Tubes Ltd             ST Bk Fac          CARE D         115     -
Issuer not cooperating; Revised from CARE A4 on the basis of best available information
ICICI Bank Ltd                        CDs                CARE A1+       500000  Reaffirmed
IL&FS Financial Services Ltd          CP issue           CARE A4        40000
Revised from CARE A1+ and placed on credit watch with negative implications
Infrastructure Leasing & Financial    CP issue           CARE A4        25000
Services Ltd
Revised from CARE A1+ and placed on credit watch with negative implications
Kreedai Exim                          ST Bk Fac          CARE A4        100
Reaffirmed ; (reduced from Rs.15 Crore)
Krishna Ceracoats Industries          ST Bk Fac          CARE A4        28.7    Reaffirmed
Leesun Ceramic Tiles Company          ST Bk Fac          CARE A4        12.5    Reaffirmed
M.A. Trading Company                  ST Bk Fac          CARE A4        90      Reaffirmed
Marco Cables Pvt Ltd                  ST Bk Fac          CARE A4        50      Reaffirmed
Marco Cables Pvt Ltd                  Proposed ST Bk Fac CARE A4        30      Reaffirmed
Maruthi Tubes Pvt Ltd                 ST Bk Fac          CARE A4        100
Reaffirmed ; (enhanced from 5.50 Crore)
Mj Pharmaceuticals Pvt Ltd            Proposed CP issue  CARE A1+(SO)   3000*
                                      – 1
Final Rating Assigned ; * backed by credit enhancement in the form of unconditional and
irrevocable corporate guarantee by Family Investment Private Limited
Mj Pharmaceuticals Pvt Ltd            Proposed CP issue  CARE A1+(SO)   4500**  Reaffirmed
                                      – 2
**to be backed by credit enhancement in the form of unconditional and irrevocable corporate
guarantee by Family Investment Private Limited (FIPL, guarantor)
MRF Ltd                               ST Bk Fac          CARE A1+       5500    Reaffirmed
Mte Industries Pvt Ltd                ST Bk Fac          CARE A4        10
Mte Industries Pvt Ltd                ST Bk Fac#         -              -       Withdrawn
#the rating assigned to short term bank facility (cheque discounting) has been withdrawn and no
dues under the facility
Reaffirmed ; (Enhanced from 0.95 Crore)
Paramount Pharma                      ST Bk Fac          CARE A4        100     Assigned
Point Textile Pvt Ltd                 ST Bk Fac          CARE A4        15      Assigned
Raiganj Jeevan Rekha Diagnostic Pvt.  ST Bk Fac          CARE A4        4
Ltd.
Issuer not cooperating;Reaffirmed; Based on best available information
Rehmat Overseas                       ST Bk Fac          CARE A4        50      -
Issuer Not Cooperating; Based on best available information
S. G. Preservatives Pvt Ltd           ST Bk Fac          CARE A4        10      Reaffirmed
Sham Electric Stores                  ST Bk Fac          CARE A4+       75      Reaffirmed
Shirdi Sai Electricals Ltd            ST Bk Fac          Withdrawn      -
Reaffirmed CARE A2+ and Withdrawn
Smartha Enterprise Pvt Ltd            ST Bk Fac          -              -       Withdrawn
Suresh Jain Industries                ST Bk Fac          CARE A4        1.3     Reaffirmed
Tata Motors Ltd                       ST Bk Fac          CARE A1+       10000   Assigned
Tata Motors Ltd                       CP                 CARE A1+       60000
Reaffirmed ; (Enhanced from Rs. 5000 crore)
Udipta Energy And Equipment Pvt Ltd   ST Bk Fac          CARE A4+       130
Revised from CARE A4
Vindeshwari Exim Pvt Ltd              ST Bk Fac          -              -       Withdrawn
Vikran Engineering And Exim Pvt Ltd   ST Bk Fac          CARE A3        100     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Chd Developers Ltd                    Medium term        CARE BBB (FD)  381.5   Reaffirmed
                                      instruments –
                                      Fixed Deposit programme 1
Chd Developers Ltd                    Medium term        CARE BBB (FD)  73.7    Assigned
                                      instruments –
                                      Fixed Deposit programme 2
ICICI Bank Ltd                        Fixed Deposits     CARE AAA (FD)  -       Reaffirmed
MRF Ltd                               Fixed deposit      CARE AAA(FD)   500     Reaffirmed


LONG TERM RATINGS:
-------------------
A B Cotspin India Ltd                 LT Bk Fac          CARE BB+       371.7   Assigned
Aarohi Constructions Pvt Ltd          LT Bk Fac          CARE B+        200
Revised from CARE BB-
Adani Agri Logistics (Dewas) Ltd      LT Bk Fac          CARE BBB+      178.3   Reaffirmed
Adani Agri Logistics (Dewas) Ltd      LT/ST Bk Fac       CARE BBB+/A3+  21.5    Reaffirmed
Adani Agri Logistics (Mp) Ltd         LT Bk Fac          CARE BBB+      195.5   Reaffirmed
Adani Agri Logistics (Mp) Ltd         LT/ST Bk Fac       CARE BBB+/A3+  21.5    Reaffirmed
Adani Agri Logistics (Ujjain) Ltd     LT Bk Fac          CARE BBB+      161.4   Reaffirmed
Adani Agri Logistics (Ujjain) Ltd     LT/ST Bk Fac       CARE BBB+/A3+  21.5    Reaffirmed
Alfa Vitrified Pvt Ltd                Long- term Bk Fac  CARE BB-       130
Reaffirmed ; (reduced from 16.63 Crore)
Alvas Education Foundation            LT Bk Fac          CARE BB        1831.3
Reaffirmed ; (reduced from 200.00 Crore)
Amba Shakti Udyog Ltd                 LT Bk Fac          CARE BBB-      537.5   Reaffirmed
Brown Belly Products Pvt Ltd          LT Bk Fac          CARE B+        158     Assigned
Cache Technologies                    LT Bk Fac          CARE B+        27.5    Reaffirmed
Capri Global Capital Ltd              LT Bk Fac          CARE A+        45000
Reaffirmed ; (Enhanced from Rs.2500 Crore)
Capri Global Housing Finance Ltd      LT Bk Facility     CARE A-        11000
Reaffirmed ; (enhanced from 600 Crore)
Chd Developers Ltd                    LT Bk Fac          CARE BBB       2353
Reaffirmed; (enhanced from 128.00 Crore)
Delta Electronics India Pvt Ltd       LT Bk Fac          CARE A         928.8   Assigned
Emco Electrodyne Pvt Ltd              LT Bk Fac          CARE B+        70      Assigned
Ganesha International                 LT Bk Fac          CARE B         40      -
Issuer Not Cooperating; Revised from CARE B+; on the basis of best available information
Gayatri Jhansi Roadways Ltd           LT Bk Fac          CARE A+        2146
Revised from CARE A; (reduced from Rs.234.78 Crore)
Gayatri Lalitpur Roadways Ltd         LT Bk Fac          CARE A         1579.9
Reaffirmed; (reduced from Rs.174.56 Crore)
Gemscab Industries Ltd                LT Bk Fac          CARE BBB+      928.9
Revised from CARE BBB; (enhanced from 87.12 Crore)
Godawari Power And Ispat Ltd          LT Bk Fac          CARE BBB       14263.6
Revised from CARE BBB-; (reduced from 1503 Crore)
Godawari Power And Ispat Ltd          NCD                CARE BBB       525.8
Revised from CARE BBB-; (reduced from 54.65 Crore)
Gupta & Company Developers Pvt. Ltd   LT Bk Fac          CARE B+        70      Assigned
Heavy Metal And Tubes Ltd             LT Bk Fac          CARE D         1929.2  -
Issuer not cooperating; Revised from CARE B; on the basis of best available information
ICICI Bank Ltd                        Perpetual Bonds    -              -       Withdrawn
Withdrawn; (Reduced from Rs.500 Crore)
ICICI Bank Ltd                        Additional Tier I  AA+            135000  Reaffirmed
                                      Bonds
ICICI Bank Ltd                        Tier II Bonds      CARE AAA       100000  Reaffirmed
                                      (Basel III)
ICICI Bank Ltd                        Infrastructure     CARE AAA       339000
                                      Bonds
Reaffirmed; (Reduced from Rs.35,000 Crore)
ICICI Bank Ltd                        Lower Tier II BondsCARE AAA       127250
Reaffirmed; (Reduced from Rs.14,936 Crore)
ICICI Bank Ltd                        Upper II Tier BondsCARE AAA       79010
Reaffirmed; (Reduced from Rs.8,401 Crore)
ICICI Bank Ltd                        Unsecured          CARE AAA       7250
                                      Redeemable Bonds
                                      (Erstwhile ICICI Limited)
Reaffirmed; (Reduced from Rs.879 Crore)
ICICI Bank Ltd                        Lower Tier II      CARE AAA       888     Reaffirmed
                                      Bonds(Erstwhile Bk
                                      of Rajasthan)
IL&FS Financial Services Ltd          NCDs               CARE BB        48000
Revised from CARE AA+ (Credit watch with negative implications)
IL&FS Financial Services Ltd          Subordinate Debt   CARE BB        11000
Revised from CARE AA+ (Credit watch with negative implications)
IL&FS Financial Services Ltd          LT Bk Fac          CARE BB        24250
Revised from CARE AA+ (Credit watch with negative implications); (enhanced from Rs.500 Crore)
IL&FS Financial Services Ltd          Perpetual Debt     CARE BB-       2000
Revised from CARE AA(Credit watch with negative implications)
IL&FS Financial Services Ltd          Non-convertible    CARE BB- (RPS) 2500
                                      Redeemable
                                      Cumulative PS
Revised from CARE AA (RPS) [Double A Redeemable Preference Shares] (Credit watch with negative
implications)
Infrastructure Leasing & Financial    NCDs               CARE BB        96419.4
Services Ltd
Revised from CARE AA+ (Credit watch with negative implications)
Infrastructure Leasing & Financial    Subordinate Debt   CARE BB        68.5
Services Ltd
Revised from CARE AA+ (Credit watch with negative implications)
Infrastructure Leasing & Financial    LT Bk Fac          CARE BB        4000
Services Ltd
Revised from CARE AA+ (Credit watch with negative implications)
Infrastructure Leasing & Financial    Redeemable         CARE BB- (RPS) 15000
Services Ltd                          Preference Shares
Revised from CARE AA (RPS) (Credit watch with negative implications)
Infrastructure Leasing & Financial    Non-fund based Bk  CARE BB /A4    2000
Services Ltd                          Fac
Revised from CARE AA+ / CAREA1+ (Credit watch with negative implications)
K L Ventures & Enterprises            LT Bk Fac          CARE D         50      -
Issuer not cooperating; Revised from CARE BB-; on the basis of best available information
Kisan Udyog                           LT Bk Fac          CARE B+        90      Assigned
Krishna Ceracoats Industries          LT Bk Fac          CARE BB        46.6
Reaffirmed ; (Reduced from 5.36 Crore)
Leesun Ceramic Tiles Company          LT Bk Fac          CARE B+        69.4
Reaffirmed ; (reduced from 7.86 Crore)
Marco Cables Pvt Ltd                  LT Bk Fac          CARE BB+       150
Rating Reaffirmed; Outlook revised from Negative to Stable
Marco Cables Pvt Ltd                  Proposed LT Bk Fac CARE BB+       70
Rating Reaffirmed; Outlook revised from Negative to Stable
Marco Cables Pvt Ltd                  Long / ST Bk Fac   CARE BB+/A4    150
Rating Reaffirmed; Outlook revised from Negative to Stable
Marco Cables Pvt Ltd                  Proposed Long /ST  CARE BB+/A4    50
                                      Bk Fac
Rating Reaffirmed; Outlook revised from Negative to Stable
Maruthi Tubes Pvt Ltd                 LT Bk Fac          CARE B         80
Reaffirmed ; (enhanced from 7.15 Crore)
Matrushakti Industries Llp            LT Bk Fac          CARE B+        74.4    -
Issuer not cooperating; Revised from CARE BB-;Stable; Issuer Not Cooperating; Based on best
available information
MRF Ltd                               LT Bk Fac          CARE AAA       21000   Reaffirmed
MRF Ltd                               Proposed TL/NCD    CARE AAA       1000    Reaffirmed
MRF Ltd                               NCD issue          CARE AAA       5000    Reaffirmed
MRF Ltd                               NCD issue          CARE AAA       5000    Reaffirmed
                                      (Proposed)
Mte Industries Pvt Ltd                LT Bk Fac          CARE BB-       138.7
Reaffirmed ; (Enhanced from 8.92 Crore)
Navayuga Bengalooru Tollway Pvt Ltd   I) LT Bk Fac       -              -       Withdrawn
Navayuga Bengalooru Tollway Pvt Ltd   II)LT Bk Fac       CARE BB-       4741.9  Assigned
Novelty Gold                          LT Bk Fac          CARE B+        -       Withdrawn
Oasis Tradelink Ltd                   LT Bk Fac          CARE D         150
Revised from CARE BB;
Oasis Tradelink Ltd                   ST Bk Fac          CARE D         150
Revised from CARE A4
Paramount Pharma                      LT Bk Fac          CARE B         100     Assigned
Parijat Oil And Feeds Pvt Ltd         LT Bk Fac          CARE B         185     Assigned
Patidar Agricare                      LT Bk Fac          CARE B         27.5
Reaffirmed; (reduced from 5.15 Crore)
Point Textile Pvt Ltd                 LT Bk Fac          CARE B         176.4   Assigned
Prakash Industries Ltd                LT Bk Fac          CARE BB        10000   Reaffirmed
Raiganj Jeevan Rekha Diagnostic Pvt.  LT Bk Fac          CARE B         70      -
Ltd.
Issuer not cooperating; Revised from CARE B+; Issuer Not Cooperating; Based on best available
information
Rashmi Enterprises-Delhi              LT Bk Fac          CARE BB-       60      Assigned
Regen Infrastructure And Services Pvt LT Bk Fac (Fund    CARE D         200
Ltd                                   Based)
Revised from CARE BB;
Regen Infrastructure And Services Pvt Long/ST Bk Fac     CARE D         150
Ltd                                   (Non-Fund Based)
Revised from CARE BB; Stable/ CARE A4
Rehmat Overseas                       LT Bk Fac          CARE B         10      -
Issuer Not Cooperating; Based on best available information
Riyara Trading                        LT Bk Fac          CARE BB        120
Reaffirmed ; (Enhanced from 6.50 Crore)
S. G. Preservatives Pvt Ltd           Long- term Bk Fac  CARE B+        194
Reaffirmed ; (enhanced from 14 Crore)
Saipuram Wind Energies Pvt Ltd        LT Bk Fac^         CARE A+ (SO)   5429
Reaffirmed ; (reduced from Rs.1110 Crore); ^Backed by unconditional and irrevocable corporate
guarantee of Greenko Energies Private Limited (GEPL; rated ‘CARE A+; Stable/CARE A1+’)
Sanghavi Exports International Pvt. LtLT Bk Fac (Fund    CARE D         5445    -
                                      Based)
Issuer not cooperating*; Based on best available information
Sham Electric Stores                  LT Bk Fac          CARE BB+       24      Reaffirmed
Shirdi Sai Electricals Ltd            LT Bk Fac          Withdrawn      -
Revised to CARE A-; from CARE A; and Withdrawn
Shirdi Sai Electricals Ltd            LT/STBk Fac        Withdrawn      -
Revised to CARE A-; Negative/CARE A2+[Single A Minus; Outlook: Negative/A two plus] from CARE A;
Stable/CARE A2+ [Single A; Outlook: Stable / A two plus] an
Shiv Dal Mill                         LT Bk Fac          CARE B+        100     -
Issuer not cooperating; Based on best available information
Shrikalyani Agritech Pvt. Ltd.        LT Bk Fac          CARE B         103.1   -
Issuer not cooperating; Revised from CARE B+;Stable; Issuer NotCooperating; Based on best
available information
Smartha Enterprise Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Sri Ram Cashews                       LT Bk Fac          CARE B+        60      Assigned
Suresh Jain Industries                LT Bk Fac (TL)     -              -       Withdrawn
Suresh Jain Industries                LT Bk Fac          CARE B+        57.3    Reaffirmed
Tata Motors Ltd                       LT Bk Fac          CARE AA+       35000
Reaffirmed ; (Enhanced from Rs.2350 Crore)
Tata Motors Ltd                       NCDs               CARE AA+       72000
Reaffirmed ; (Reduced from Rs. 8550 crore only Crore)
Tata Motors Ltd                       NCDs               CARE AA+       7000    Assigned
Tejas Ispat Pvt Ltd                   LT Bk Fac          CARE B         90      -
Issuer not cooperating; Revised from CARE B+;Stable; Issuer NotCooperating; Based on best
available information
Theme Hotels Pvt Ltd                  LT Bk Fac          CARE D         38.9
Revised from CARE B-
Udipta Energy And Equipment Pvt Ltd   LT Bk Fac          CARE BB+       82.3
Revised from CARE BB; (reduced from 10.00 Crore)
Vikran Engineering And Exim Pvt Ltd   LT Bk Fac          CARE BBB       500
Reaffirmed ; (enhanced from Rs.20 Crore)
Vikran Engineering And Exim Pvt Ltd   Proposed NCD (NCD) CARE BBB       400     Assigned
                                      Issue
Vikran Engineering And Exim Pvt Ltd   LT/ ST Bk Fac      CARE BBB/A3    1400
Reaffirmed ; (enhanced from Rs.70 Crore)
Vindeshwari Exim Pvt Ltd              LT/ST 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)
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