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CARE ratings for Indian debt instruments-Sep 19
September 19, 2017 / 5:45 AM / 3 months ago

CARE ratings for Indian debt instruments-Sep 19

    Sep 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 18, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agnibina Foods Pvt Ltd                ST Bk Fac          CARE A4        4.9     Reaffirmed
Bharat Financial Inclusion Ltd        ST Debt            CARE A1+       2000    Placed on
                                                                                credit watch
                                                                                with developing
implications

Christy Friedgram Industry            ST Bk Fac          CARE A3        100     Assigned
Hira Ferro Alloys Ltd                 ST Bk Fac          CARE A3        250     Revised from
                                                                                CARE A4+
Harso Steels Pvt Ltd                  ST Bk Fac          CARE D         111.8   -
(Issuer Not Cooperating)
Jrd Denims Ltd                        ST Bk Fac (BG)     CARE A4+       70      Assigned
Kei Industries Ltd                    CP*                CARE A2+       300     Reaffirmed
Kei Industries Ltd                    ST Bk Fac          CARE A-        5135.9  Reaffirmed
Kishan Lal Agrawal Contractor         ST Bk Fac          CARE A4        55      Assigned
P.C. Thomas & Company                 ST Bk Fac          CARE A4        140     Assigned
Pavansut Paper Mill Pvt Ltd           ST Bk Fac          CARE A4        7       Reaffirmed
S&Ib Services Pvt Ltd                 ST Bk Fac          CARE A2+       401.4   Assigned
S.D. Corporation Pvt Ltd              CP (CP) Issue^     CARE A1+(SO)   6500    Reaffirmed
S.D. Corporation Pvt Ltd              Proposed CP issue^ CARE A1+(SO)   1600    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and revolving DSRA Guarantee
provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA+, Stable)
Sms Lifesciences India Ltd            ST Bk Fac          CARE A2+       250     Assigned
Topsun Energy Ltd                     ST Bk Fac          CARE A3        7       Reaffirmed
Vidyuth Control Systems Pvt Ltd       ST Bk Fac          CARE A4        93      Assigned

MEDIUM TERM RATINGS:
-------------------
Kei Industries Ltd                    FD                 CARE A-(FD)    50      Reaffirmed
Small Industries Development Bank Of  FD                 CARE AAA(FD)   70000   Reaffirmed
India
(enhanced from Rs.5,000 crore)


LONG TERM RATINGS:
-------------------
Agnibina Foods Pvt Ltd                LT Bk Fac          CARE B+        67.2    Reaffirmed
(reduced from 9.20 CR)
Bharat Financial Inclusion Ltd        NCD                CARE A+        4000    Placed on
                                                                                credit watch
                                                                                with developing
implications
Bharat Financial Inclusion Ltd        LT/ST Bk Fac       CARE A+ /A1+   65000   Placed on
                                                                                credit watch
                                                                                with developing
implications
Bhira Investments Ltd                 LT Bk Fac*         CARE AA(SO)    3300    Reaffirmed
% Credit enhancement in the form of an unconditional and irrevocable corporate guarantee from
The Tata Power Company Limited.
Chaitanya India Fin Credit Pvt Ltd    LT Bk Fac          CARE BBB-      150.3   Reaffirmed
Christy Friedgram Industry            LT Bk Fac          CARE BBB       100     Assigned
Foodworld Supermarkets Pvt Ltd        LT Bk Fac          CARE BBB-      800     Reaffirmed
(enhanced from 60 crore)
Happy Home Corporation                LT Bk Fac          CARE BBB-      3852    -
(Issuer Not Cooperating)
Harso Steels Pvt Ltd                  LT Bk Fac          CARE D         148.2   -
(Issuer Not Cooperating)
Hira Ferro Alloys Ltd                 LT Bk Fac (TL)     CARE BBB-      106.6   Revised from
                                                                                CARE BB+
(reduced from Rs. 15.24 crore)
Hira Ferro Alloys Ltd                 LT Bk Fac (Fund    CARE BBB-      310     Revised from
                                      Based)                                    CARE BB+
Jrd Denims Ltd                        LT Bk Fac (TL)     CARE BB+       850     Reaffirmed
(Enhanced from 50 CR)
Jrd Denims Ltd                        LT Bk Fac (CC)     CARE BB+       200     Assigned
Kei Industries Ltd                    LT Bk Fac          CARE A2+       8900    Reaffirmed
Khopoli Investments Ltd               LT Bk Fac          CARE AA(SO)    1640    Assigned
Kishan Lal Agrawal Contractor         LT Bk Fac          CARE BB-       45      Assigned
Mep Nagpur Ring Road 1 Pvt Ltd        LT Bk Fac (Fund    CARE BBB-(SO)  1530    Assigned
                                      based)
Nufab Technical Textiles Pvt Ltd      LT Bk Fac          CARE BB-       58      Assigned
P.C. Thomas & Company                 LT Bk Fac          CARE BB        80      Assigned
Pavansut Paper Mill Pvt Ltd           LT Bk Fac          CARE B         112.4   Reaffirmed
(enhanced from 9.50 CR)
Reliance Sibur Elastomers Pvt Ltd     LT Bk Fac (nonFBL) CARE AAA       6000    Assigned
                                      - LOC
S&Ib Services Pvt Ltd                 LT Bk Fac          CARE BBB+      264.6   Assigned
Sadashiva Oil Industries              LT Bk Fac          CARE B+        65      Assigned
Shiv Shakti Ginning And Pressing Pvt  LT Bk Fac          CARE B+        250     Reaffirmed
Ltd
Shree Lalita                          LT Bk Fac          CARE BB+       35      Assigned
Shree Lalita                          LT/ST Bk Fac       CARE BB+ /CARE 40      Assigned
                                                         A4+
Shri Ram Finance Corporation Pvt Ltd  LT Bk Fac          CARE BBB-      581     Reaffirmed
(enhanced from Rs. 40 CR)
Sia Developers                        LT Bk Fac          CARE BB        170     Revised from
                                                                                CARE BBB-
(Issuer Not Cooperating)
Sms Lifesciences India Ltd            LT Bk Fac          CARE BBB+      195     Assigned
Sms Lifesciences India Ltd            LT/ST Bk Fac       CARE BBB+      300     Assigned
                                                         /CARE A2
Topsun Energy Ltd                     LT Bk Fac          CARE BBB-      859     Reaffirmed
(enhanced from Rs.71.72 crore)
Umachi Foods & Commodities Pvt Ltd    LT Bk Fac          CARE B         90      Assigned
Vidyuth Control Systems Pvt Ltd       LT Bk Fac          CARE BB        55      Assigned
Vinayak Oil & Fats Pvt Ltd            LT Bk Fac          CARE BBB-      75      Assigned
Vinayak Oil & Fats Pvt Ltd            LT Bk Fac          CARE A3        75      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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