September 21, 2018 / 7:27 AM / 9 months ago

CARE ratings for Indian debt instruments-Sep 21

   Sep 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 20, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bodal Chemicals Ltd                   ST Bk Fac          -              -       Withdrawn
Caddie Hotels Pvt Ltd                 ST Bk Fac          -              -       Withdrawn
Caddie Hotels Pvt Ltd                 ST Bk Fac          -              -       Withdrawn
Fusion Jewelry Manufacturing Company  ST Bk Fac          CARE A4        75      Reaffirmed
Pvt Ltd
Hillways Construction Company Pvt Ltd ST Bk Fac          CARE A3        885     Reaffirmed
removed from issuer not cooperating

Jyotish Chandra Rice Mill             ST Bk Fac          CARE A4        6       Assigned
Kanhaiya Lal Agrawal                  ST Bk Fac          CARE A4        100     Reaffirmed
Kay Kay Exports                       ST Bk Fac          CARE A4        59      Reaffirmed
Power Grid Corporation Of India Ltd   ST Borrowing       CARE A1+       21000   Reaffirmed
                                      Programme
Power Grid Corporation Of India Ltd   CP issue           CARE A1+       30000   Reaffirmed
Rapicut Carbides Ltd                  ST Bk Fac          CARE A3+       37.5    Reaffirmed
Sapna Metal Processing Company        ST Bk Fac          CARE A4        12.5    Reaffirmed
West Coast Foods                      ST Bk Fac          CARE A4        10      Assigned
West Bengal State Electricity         ST Bk Fac          -              -       Withdrawn
Distribution Co. Ltd


LONG TERM RATINGS:
-------------------
Altico Capital India Ltd              LT Bk Fac          CARE AA-       20000   Assigned
Altico Capital India Ltd              NCDs               CARE AA-       20000   Assigned
Annapurna Dal Mill                    LT Bk Fac          CARE BB-       52.8    Revised from
                                                                                CARE BB
Bodal Chemicals Ltd                   LT Bk Fac          -              -       Withdrawn
Caddie Hotels Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Cantech Engineers Pvt Ltd             LT Bk Fac          CARE BB+       73.4    Assigned
Classic Enterprises Pvt Ltd           LT Bk Fac          CARE BBB-      35.5    Assigned
Classic Enterprises Pvt Ltd           LT/ST Bk Fac       CARE BBB-      59      Assigned
                                                         /CARE A3
D. D. Construction                    LT Bk Fac          CARE BB-       70      Assigned
Future Enterprises Ltd.               LT NCDs            CARE AA-       5500    Reaffirmed
Future Enterprises Ltd.               LT NCDs            CARE AA-       2000    Assigned
Future Supply Chain Solutions Ltd.    LT Instruments     CARE AA-       1990    Assigned
                                      NonConvertible
                                      Debentures
Green Infra Wind Solutions Ltd        LT Bk FacLOC       -              -       Withdrawn*
*CARE has withdrawn the rating assigned to the aforementioned bank facilities of 
Green Infra Wind Solutions Limited with immediate effect, as the company has
repaid the said bank facilities in full and there is no amount outstanding under
these facilities as on date.
Green Infra Wind Solutions Ltd        LT Bk FacLine of   -              -       Withdrawn*
                                      credit
*CARE has withdrawn the rating assigned to the aforementioned bank facilities of 
Green Infra Wind Solutions Limited with immediate effect, as the company has
repaid the said bank facilities in full and there is no amount outstanding under
these facilities as on date.
Green Infra Wind Solutions Ltd        LT Bk Fac          CARE BBB       2729.4  Reaffirmed
Hillways Construction Company Pvt Ltd LT Bk Fac          CARE BBB       165     Reaffirmed
removed from issuer not cooperating
Jay Bharat Spices Pvt Ltd             LT Bk Fac          CARE BB        300     Assigned
Jm Financial Capital Ltd              CP Issue (IPO      -              -       Withdrawn
                                      Financing)
Jyotish Chandra Rice Mill             LT Bk Fac          CARE BB        57.9    Assigned
Kanhaiya Lal Agrawal                  LT Bk Fac          CARE BB        40      Reaffirmed
Kathpal Dairies                       LT Bk Fac          CARE D         196     Revised from
                                                                                CARE B+
Kay Kay Exports                       LT Bk Fac          CARE BB-       130     Reaffirmed
Manav Investment & Trading Co. Ltd    NCD (NCD) Issue-I^ CARE AAA (SO); 3250    Assigned
^backed by underwriting commitment from Axis Capital Limited (ACL) to cover all 
obligations that may arise on the rated NCDs
Manav Investment & Trading Co. Ltd    NCD Issue-II^^     Provisional    500     Assigned
                                                         CARE AAA (SO)
^^The rating is provisional and will be confirmed once the company meets the 
following conditions to the satisfaction of CARE:
- ACL will provide an underwriting commitment in the form of unconditional, 
unequivocal and irrevocable obligation to cover all obligations that may
arise on the rated NCDs.
- Satisfaction of terms and conditions considered by CARE
Mayur Roller Flour Mills              LT Bk Fac          CARE BB        70      Reaffirmed
Param Exports                         LT Bk Fac -        -              -       Reaffirmed
                                      EPC/PC/PSC*
*EPC=Export Packing credit; PC=Packing credit; PSC=Post Shipment Credit, 
PSFL = Post Shipment Foreign Currency Loan
Param Exports                         LT Bk Fac -        CARE BB+       -       Reaffirmed
                                      PC/PSC/ PSFL*
*EPC=Export Packing credit; PC=Packing credit; PSC=Post Shipment Credit, 
PSFL = Post Shipment Foreign Currency Loan
Power Grid Corporation Of India Ltd   LT Bk Fac          CARE AAA       356620  Reaffirmed
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       939712.3Reaffirmed
                                      Programme
Power Grid Corporation Of India Ltd   LT bonds (Series   CARE AAA       7100    Reaffirmed
                                      XXVI & XXVII)
Power Grid Corporation Of India Ltd   LT/Shortterm Bk FacCARE AAA /CARE 22000   Reaffirmed
                                                         A1+
Rapicut Carbides Ltd                  LT/ ST Bk Fac      CARE BBB /CARE 47      Reaffirmed
                                                         A3+
Sagar Steels                          LT Bk Fac          CARE BBB-      600     Assigned
Sapna Metal Processing Company        LT Bk Fac          CARE BB-       89.9    Reaffirmed
Savitri Swadeshi Bikri Kendra         LT Bk Fac          CARE B+        100     -
Issuer Not Cooperating; Based on best available Information
Shikhar Integrated Cold Chain Pvt Ltd LT Bk Fac          CARE D         170     Revised from
                                                                                CARE B
Issuer Not Cooperating
Shubham Propmart Pvt Ltd              LT Bk Fac          CARE D         98.1    Revised from
                                                                                CARE B
Spaze Towers Pvt Ltd                  Proposed LT Bk Fac CARE BBB-      1000    Assigned
                                      - TL
Times Buildspace Pvt Ltd              LT Bk Fac          -              -       Withdrawn
U-Phase Infraprojects Pvt. Ltd.       LT Bk Fac          -              -       withdrawn
Utkarsh Small Finance Bank Ltd        LT Bk Fac          CARE A         1092.6  Reaffirmed
Utkarsh Small Finance Bank Ltd        NCDs               CARE A         385.6   Reaffirmed
Utkarsh Small Finance Bank Ltd        NCDs               CARE A         750     Reaffirmed
Utkarsh Small Finance Bank Ltd        LT - Tier-II Bonds CARE A         1500    Reaffirmed
Utkarsh Small Finance Bank Ltd        NCDs               CARE A         1255    Reaffirmed
Utkarsh Small Finance Bank Ltd        NCDs               CARE A         1350    Reaffirmed
Utkarsh Small Finance Bank Ltd        NCDs               CARE A         500     Reaffirmed
Utkarsh Small Finance Bank Ltd        LT - Tier-II Bonds CARE A         400     Reaffirmed
West Bengal State Electricity         LT Bk Fac          -              -       Withdrawn
Distribution Co. Ltd
West Coast Foods                      LT/ ST Bk Fac      CARE BB- /CARE 40      Assigned
                                                         A4
Zears Developers Pvt Ltd              LT 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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