September 17, 2018 / 6:59 AM / a month ago

CARE ratings for Indian debt instruments-Sep 17

    Sep 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 14, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adroit Pharmaceuticals Pvt Ltd        ST Bk Fac          CARE A4        40      Reaffirmed
Bhagiradha Chemicals & Industries Ltd ST Bk Fac          CARE A3        235     Revised from
                                                                                CARE A4+
Diagems Exports Pvt Ltd               ST Bk Fac          CARE A4+       140.5   Reaffirmed

Ess And Bee International             ST Bk Fac          CARE A4+       60.1    Revised from
                                                                                CARE A4+
(ISSUER NOT COOPERATING)
Gagan Agro And Rice Exporters         ST Bk Fac          CARE D         140     Assigned
Global Aqua                           ST Bk Fac          CARE A4        100
(ISSUER NOT COOPERATING)
Gujarat State Petroleum Corporation LtST Bk Fac          CARE A2        25000   Reaffirmed
(reduced from 6,000.00 Crores)
Kurseong Computer Sales Pvt Ltd       ST Bk Fac          CARE A4        10
(ISSUER NOT COOPERATING)
Piramal Enterprises Ltd               ST Bk Fac          CARE A1+       29250   Assigned
Piramal Enterprises Ltd               ICDs               CARE A1+       2500    Assigned
Piramal Enterprises Ltd               CP                 CARE A1+       120000  Reaffirmed
(enhanced from Rs.9,000 Crores)
Rocktech Engineers                    LT Bk Fac          CARE A4+       75      Assigned
S.D.S. Electronics Pvt Ltd            ST Bk Fac          CARE D         50
(ISSUER NOT COOPERATING)
South India Cements Ltd               ST Bk Fac          -              -       Withdrawn
Spray Engineering Devices Ltd         ST Bk Fac          CARE D         170     Revised from
                                                                                CARE A4
Synergy Power Equipment Pvt Ltd       ST Bk Fac          CARE A4        72.5    Reaffirmed

LONG TERM RATINGS:
-------------------
Adroit Pharmaceuticals Pvt Ltd        LT Bk Fac          CARE BB-       20      Reaffirmed
Agasti Sahakari Sakhar Karkhana Ltd   LT Bk Fac          CARE B+        200     Revised from
                                                                                CARE B
(Enhanced from Rs 10.00 Crores)
Agrawal Automobiles                   LT Bk Fac          CARE BB-       100
(ISSUER NOT COOPERATING)
Agrawal Automobiles                   LT/ Shortterm Bk   CARE BB-/A4    2
                                      Fac
(ISSUER NOT COOPERATING)
Amber Spintex Pvt Ltd                 LT Bk Fac          CARE BB        377.3   Reaffirmed
(reduced from 43.97 Crores)
Amrut Exports                         LT/Short- term Bk  CARE BB+/A4+   1500    Revised from
                                      Fac                                       CARE BB+/
                                                                                CARE A4+
(ISSUER NOT COOPERATING)
Arman Financial Services Ltd          LT Bk Fac          CARE BBB+      390     Revised from
                                                                                CARE BBB
Arman Financial Services Ltd          Proposed NCD Issue CARE BBB+      280     Assigned
Azeen Agro Pvt Ltd                    Long- term Bk Fac  CARE BB-       99.9    Assigned
Azeen Agro Pvt Ltd                    LT/Short- termBk   CARE BB-/A4    50.1    Assigned
                                      Fac
Bhagiradha Chemicals & Industries Ltd LT Bk Fac          CARE BBB-      391.5   Revised from
                                                                                CARE BB+
Bhavanam Textiles (India) Pvt Ltd     LT Bk Fac          CARE B+        122.3
(ISSUER NOT COOPERATING)
Gagan Agro And Rice Exporters         LT Bk Fac          CARE D         156.6   Assigned
Gmr Hyderabad Vijayawada Expressways  LT Bk Fac          CARE D         15529.2 Reaffirmed
Pvt. Ltd.
(reduced from 1641.64 Crores)
Gujarat State Petroleum Corporation LtSubordinated NCDs* CARE BBB       10000   Reaffirmed
* These debentures have tenure of sixty years with a call option after 10 years from the issue
date and every year thereafter without put option. There is a provision for step up of 200 bps
in the coupon after 10 years. The coupon (payable semi-annually) has an optional deferral clause
which is linked to non-payment of dividend on the equity shares of the company with a look back
period of six months. There is a dividend stopper clause that restricts dividend payment on
equity shares in case the coupon payment on the debentures being rated is deferred. There is a
replacement capital covenant (RCC) which ensures that the instrument can be redeemed by issuance
of similar or higher equity -content instrument(s). The RCC will apply for 30 years and will
cease to be applicable if, among other covenants, the rating on the subordinated debentures is
upgraded. Considering the terms of the issue, CARE has accorded 50 per cent equity content to
this instrument.
Gujarat State Petroleum Corporation LtSubordinated NCDs$ CARE BBB       10000   Reaffirmed
$ These debentures have tenure of sixty years with a call option after 12 years from the issue
date and every year thereafter without put option. There is a provision for step up of 200 bps
in the coupon after 12 years. The coupon (payable semi-annually) has an optional deferral clause
which is linked to non-payment of dividend on the equity shares of the company with a look back
period of six months. There is a dividend stopper clause that restricts dividend payment on
equity shares in case the coupon payment on the debentures being rated is deferred. There is a
replacement capital covenant (RCC) which ensures that the instrument can be redeemed by issuance
of similar or higher equity-content instrument(s). The RCC will apply for 30 years and will
cease to be applicable if, among other covenants, the rating on the subordinated debentures is
upgraded. Considering the terms of the issue, CARE has accorded 50 per cent equity content to
this instrument.
Gujarat State Petroleum Corporation   LT Bk Fac          CARE BBB+      77272.1 Reaffirmed
Ltd 
(enhanced from 7,705.15 Crores)
Gujarat State Petroleum Corporation   NCDs               CARE BBB+      40000   Reaffirmed
Ltd 
Hinduja Leyland Finance Ltd           Subordinated Debt  CARE PP-MLD AA-2000    Assigned
                                      issuePrincipal
                                      Protected MarketLinked Debenture (Proposed)
Integrated Induction Power Ltd        Long- term Bk Fac  CARE B+        70      Assigned
Integrated Induction Power Ltd        LT/Short- termBk   CARE B+/A4     50      Assigned
                                      Fac
Kurseong Computer Sales Pvt Ltd       LT Bk Fac          CARE BB-       80      Revised from
                                                                                CARE BB
(ISSUER NOT COOPERATING)
Madhav Tex Spin Pvt Ltd               LT Bk Fac          CARE BB        579.8
(ISSUER NOT COOPERATING)
Madhav Tex Spin Pvt Ltd               LT/ Short- Term Bk CARE BB/A4     150
                                      Fac
(ISSUER NOT COOPERATING)
Madhya Pradesh Financial Corporation  (A) LT BkFac #     CARE A- (SO)   3000    Reaffirmed
(reduced from 250.00 Crore)/# backed by unconditional and irrevocable guarantee extended by
Government of Madhya Pradesh (GoMP)
Madhya Pradesh Financial Corporation  (B) LT BkFac *     CARE A- (SO)   2304.3  Final Rating
* Guarantee deed from GoMP was pending to be received at the time of last review; however, CARE
is now in receipt of the guarantee which has been executed by GoMP on an unconditional and
irrevocable basis.
Madhya Pradesh Financial Corporation  (C) LT Bond Issue #CARE A- (SO)   1888.6  Reaffirmed
(reduced from 200.00 Crore)/# backed by unconditional and irrevocable guarantee extended by
Government of Madhya Pradesh (GoMP)
Namra Finance Ltd                     LT Bk Fac          CARE BBB+      132.5   Revised from
                                                                                CARE BBB
Namra Finance Ltd                     LT Bk Fac          CARE BBB+      1080.3  Revised from
                                                                                CARE BBB (SO)
Namra Finance Ltd                     LT Bk Fac          CARE BBB+      387.2   Revised from
                                                                                Provisional
                                                                                CARE BBB (SO)
Namra Finance Ltd                     Outstanding NCD    CARE BBB+      333     Revised from
                                      Issue                                     CARE BBB (SO)
Piramal Enterprises Ltd               LT Bk Fac          CARE AA        30750   Assigned
Piramal Enterprises Ltd               NCDs               CARE AA        1000^   Reaffirmed
^Rs.65 crore placed as on June 30, 2018
S.D.S. Electronics Pvt Ltd            LT Bk Fac          CARE D         40      Revised from
                                                                                CARE B
(ISSUER NOT COOPERATING)
Sai Marine Exports Pvt Ltd            LT BkFac           CARE BBB+      250     Assigned
Sai Marine Exports Pvt Ltd            LT/STBk Fac        CARE BBB+/A3+  865     Revised from
                                                                                CARE
                                                                                BBB+/CARE A3+
(Enhanced from 69.00 Crores)
Sivadharshini Papers Pvt Ltd          LT Bk Fac          CARE BB        153.8   Assigned
South India Cements Ltd               LT Bk Fac          -              -       Withdrawn
Spray Engineering Devices Ltd         LT Bk Fac          CARE D         210     Revised from
                                                                                CARE B+
Sri Vasavi Cotton Industries          LT Bk Fac          CARE BB-       68.2    Reaffirmed
(Reduced from 7.09 Crores)
Synergy Power Equipment Pvt Ltd       LT Bk Fac          CARE BB        40      Reaffirmed
Usha Spinners                         LT Bk Fac          CARE BB-       140     Assigned
Waaneep Solar Pvt Ltd                 LTBk Fac           CARE A-        3311.7  Revised from
                                                                                CARE BBB+
(reduced from 341.25 Crores)
--------------------------------------------------------------------------------------------
$: 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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