September 13, 2019 / 8:48 AM / a month ago

CARE ratings for Indian debt instruments-Sep 13

   Sep 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 12, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Celite Tyre Pvt Ltd                   ST Bk Fac (Non-FBL)-              -       Withdrawn
Garg Ispat Udyog Ltd                  ST Bk Fac          CARE D         60      -
(Issuer not cooperating; Based on best available information)
Garg & Company                        ST Bk Fac          CARE A4        63      -
(Issuer not cooperating; Based on best available information)
Genesis Packaging Pvt Ltd             ST Bk Fac          CARE A4        20      -
(Issuer not cooperating; Based on best available information)

Nirlep Appliances Pvt Ltd             ST Bk Fac          CARE A3        40      Reaffirmed
Saisons Trade And Industry Pvt Ltd    ST Bk Fac          CARE A4        30      -
(Issuer not cooperating; Based on best available information)
VRS Foods Ltd                         ST Bk Fac (Fund    CARE A4        350     Revised from
                                      Based)                                    CARE A3+
Xl Enterprises Ltd                    ST Bk Fac          CARE A4        88      Reaffirmed
SMVD Poly Pack Ltd                    ST Bk Fac          -              -       Revised from
                                                                                CARE A4+ to
                                                                                CARE A4 
                                                                                and 
                                                                                subsequently
                                                                                Withdrawn


LONG TERM RATINGS:
-------------------
Altico Capital India Ltd              LT Bk Fac          CARE B;        20000   Revised from
                                      (Proposed)         Negative               CARE AA-;
                                                                                Stable
Altico Capital India Ltd              NCDs (Proposed)    CARE B;        20000   Revised from
                                                         Negative               CARE AA-;
                                                                                Stable
Celite Tyre Pvt Ltd                   LT Bk Fac (FBL)    -              -       Withdrawn
Cosmos Infra Engineering (India) Pvt LTD FB - LT-TL      CARE B; Stable 550     -
(Issuer not cooperating; Based on best available information)
Cosmos Infra Engineering (India) Pvt LTD FB - LT-Bk      CARE B; Stable 170     -
                                      Overdraft
(Issuer not cooperating; Based on best available information)
G-Next Media Pvt Ltd                  LT/ST Bk Fac       CARE BB;CARE A421.5    Revised from
                                                                                CARE BB+;
                                                                                CARE A4+
(Issuer not cooperating; Based on best available information)
Express Projects Pvt Ltd              FB - LT Bk         CARE B+; Stable200     -
                                      Overdraft
(Issuer not cooperating; Based on best available information)
Garg & Company                        LT Bk Fac          CARE B         37      -
(Issuer not cooperating; Based on best available information)
Garg Ispat Udyog Ltd                  LT Bk Fac          CARE D         90      -
(Issuer not cooperating; Based on best available information)
Genesis Packaging Pvt Ltd             LT Bk Fac          CARE BB-;      100     -
                                                         Stable
(Issuer not cooperating; Based on best available information)
G-Next Media Pvt Ltd                  LT Bk Fac          CARE BB        115     Revised from
                                                                                CARE BB+
(Issuer not cooperating; Based on best available information)
Hansdeep Industries & Trading Co. Ltd LT Instruments     CARE AA- (CE); 3400.4  Reaffirmed
                                                         Stable*
*Backed by unconditional and irrevocable corporate guarantee from JK Lakshmi 
Cement Limited (JKLC, rated CARE AA- ; Stable/CARE A1+).
Hanwant Fastners Pvt Ltd              LT Bk Fac          CARE B         54.1    -
(Issuer not cooperating; Based on best available information)
Harsh Communication - Pune            LT Bk Fac          CARE BB+;      100     Revised from
                                                         Stable                 CARE BB;
Ircon International Ltd               LT/ST Bk Fac       CARE AAA;      65000   Reaffirmed
                                                         Stable/CARE A1+
Nirlep Appliances Pvt Ltd             LT Bk Fac*         CARE BBB-;     150     Reaffirmed
                                                         Stable
*The Long term rating assigned to Term Loan facilities have been withdrawn, as
 the loans are repaid in full and No-Dues was submitted by Nirlep Appliances Pvt.
 Ltd to corroborate the same. 
Paradip East Quay Coal Terminal Pvt LTD LT Bk Fac – TL   CARE A- (CE);  9408.8  Reaffirmed
                                                         Stable
Paradip East Quay Coal Terminal Pvt LTD LT Bk Fac –      CARE A- (CE);  706.4   Reaffirmed
                                      Performance        Stable
                                      Guarantee
Pibco Enterprises Pvt Ltd             LT Instruments     CARE BB-;      94.9    Assigned
                                                         Stable
Pratiti Health Educational Institutes LT Bk Fac          CARE B+; Stable166.6   Revised from
Pvt. Ltd                                                                        CARE B
(Issuer not cooperating)
Reliance Business Broadcast News      NCD issue (NCD)-1a CARE D         2000    Removed from
Holdings Ltd                                                                    credit watch
                                                                                with 
                                                                                developing
                                                                                implications;
                                                                                Rating 
                                                                                revised 
                                                                                from 
                                                                                CARE BBB-(CE)
Reliance Business Broadcast News      NCD issue (NCD)-1b CARE D         2000    Removed from
Holdings Ltd                                                                    credit watch
                                                                                with 
                                                                                developing
                                                                                implications;
                                                                                Rating 
                                                                                revised 
                                                                                from 
                                                                                CARE BBB-(CE)
Reliance Business Broadcast News      NCD issue (NCD)-2  CARE D         2000    Removed from
Holdings Ltd                                                                    credit watch
                                                                                with 
                                                                                developing
                                                                                implications;
                                                                                Rating 
                                                                                revised 
                                                                                from 
                                                                                CARE BBB-(CE)
Reliance Business Broadcast News      NCD issue (NCD)-3  CARE D         2500    Removed from
Holdings Ltd                                                                    credit watch
                                                                                with 
                                                                                developing
                                                                                implications;
                                                                                Rating 
                                                                                revised 
                                                                                from 
                                                                                CARE BBB-(CE)
Reliance Home Finance Ltd             NCD (with          CARE D         20000   Revised from
                                      detachable                                CARE C; Stable
                                      warrants)
Reliance Home Finance Ltd             LT Debt Programme  CARE D         46200.8 Revised from
                                                                                CARE C; Stable
Reliance Home Finance Ltd             Subordinated Debt  CARE D         4000    Revised from
                                                                                CARE C; Stable
Reliance Home Finance Ltd             NCD public issue   CARE D         30000   Revised from
                                                                                CARE C; Stable
Reliance Home Finance Ltd             Upper Tier II      CARE D         5000    Revised from
                                      Bonds public issue^                       CARE C; Stable
^CARE has rated the aforesaid Upper Tier II bonds after taking into consideration
 their increased sensitivity to the Capital Adequacy Ratio (CAR), capital raising
 ability and profitability during the long tenure of the instruments. The rating 
 factors in the additional risk arising due to the existence of the lock-in clause
 in the instruments. Any delay in payment of interest/principal (as the case may be)
 following invocation of the lock-in-clause, would constitute as an event of default
 as per CARE’s definition of default and as such these instruments may exhibit a 
 somewhat sharper migration of rating compared to other debt instruments. 
Reliance Home Finance Ltd             Upper Tier II      CARE D         1000    Revised from
                                      Bonds Pvt.                                CARE C; Stable
                                      Placement^
^CARE has rated the aforesaid Upper Tier II bonds after taking into consideration
 their increased sensitivity to the Capital Adequacy Ratio (CAR), capital raising
 ability and profitability during the long tenure of the instruments. The rating 
 factors in the additional risk arising due to the existence of the lock-in clause
 in the instruments. Any delay in payment of interest/principal (as the case may be)
 following invocation of the lock-in-clause, would constitute as an event of default
 as per CARE’s definition of default and as such these instruments may exhibit a 
 somewhat sharper migration of rating compared to other debt instruments. 
Reliance Home Finance Ltd             NCD issue          CARE D         10000   Revised from
                                                                                CARE C; Stable
Reliance Home Finance Ltd             Principal          CARE PP-MLD D  3000    Revised from
                                      Protected Market                          CARE PP-MLD
                                      Linked Debenture                          C; Stable
Renuka Farmers LLP                    LT/ST Bk Fac       CARE D;/CARE D 150     Issuer not
                                                                                cooperating;
                                                                                revised
                                                                                from 
                                                                               (CARE B+; 
                                                                                Stable/
                                                                                CARE A4 
                                                                                Single B 
                                                                                Plus; 
Saisons Trade And Industry Pvt Ltd    LT Bk Fac          CARE BB; Stable350     -
(Issuer not cooperating; Based on best available information)
Shikhar Integrated Cold Chain Pvt Ltd LT Bk Fac          CARE D         170     -
(Issuer not cooperating; Based on best available information)
Sintex Prefab And Infra Ltd           LT Bk Fac          CARE D         500     Revised from
                                                                                CARE C
(Issuer not cooperating)
Sintex Prefab And Infra Ltd           NCDs - I (ISIN -   CARE D         325     Revised from
                                      INE972T07019)                             CARE C
(Issuer not cooperating)
Sintex Prefab And Infra Ltd           NCDs - II (ISIN -  CARE D         865     Revised from
                                      INE972T07043)                             CARE C
(Issuer not cooperating)
Sintex Prefab And Infra Ltd           NCDs - III (ISIN - CARE D         2500    -
                                      INE972T07035)
(Issuer not cooperating; Based on best available information)
SMVD Poly Pack Ltd                    LT Bk Fac          -              -       Revised from
                                                                                CARE BB+;
                                                                                Stable to
                                                                                CARE BB; 
                                                                                Stable and
                                                                                subsequently
                                                                                Withdrawn
Udaipur Cement Works Ltd              LT/ST Bk Fac –     CARE AA- (CE); 200     Reaffirmed
                                      LC/BG              Stable /CARE
                                                         A1+ (CE)*
*Backed by unconditional and irrevocable corporate guarantee from JK Lakshmi
 Cement Limited (JKLC, rated CARE AA- ; Stable/CARE A1+).
Udaipur Cement Works Ltd              LT Bk Fac – TL     CARE AA- (CE); 2200    Reaffirmed
                                                         Stable*
*Backed by unconditional and irrevocable corporate guarantee from JK Lakshmi
 Cement Limited (JKLC, rated CARE AA- ; Stable/CARE A1+).
Udaipur Cement Works Ltd              LT Bk Fac – CC     CARE AA- (CE); 300     Reaffirmed
                                                         Stable*
*Backed by unconditional and irrevocable corporate guarantee from JK Lakshmi 
Cement Limited (JKLC, rated CARE AA- ; Stable/CARE A1+).
Udaipur Cement Works Ltd              LT Bk Fac – TL     ProCARE AA-    1000    Assigned
                                                         (CE); Stable**
**Proposed to be backed by unconditional and irrevocable corporate guarantee
 from JK Lakshmi Cement Limited (JKLC, rated ‘CARE AA-; Stable/CARE A1+). 
 The rating is Provisional and shall be confirmed once the relevant executed
 documents are submitted to the satisfaction of CARE. 
VRS Foods Ltd                         LT Bk Fac – TL     CARE BB+;      1330    Revised
                                                         Stable;                fromCARE BBB
VRS Foods Ltd                         LT Bk Fac (Fund    CARE BB+;      3820    Revised
                                      Based-CC)          Stable;                fromCARE BBB
Welspun Captive Power Generation Ltd  NCDs               -              -       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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