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CARE ratings for Indian debt instruments-Sep 21
September 21, 2017 / 5:08 AM / a month 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, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bajaj Energy Ltd                      ST Bk Fac          CARE A4        570     Revised from
                                                                                CARE A1
Chintpurni Steel Pvt Ltd              LT/Short- term Bk  CARE A4+       15      Issuer not
                                      Fac                                       Cooperating
Future Retail Ltd                     CP (carved out of  CARE A1+       6500    Reaffirmed
                                      working capital
                                      limits)
Future Retail Ltd                     CP (Standalone)^   CARE A1+       4500    Reaffirmed
^ As per undertaking submitted by FRL the outstanding CP including working capital borrowings
will not exceed lower of the sanctioned working capital limits
Hi Technocrats Pvt Ltd                LT / ST Bk Fac     CARE A4        120     Reaffirmed
(Reduced from 14crs)
Kothari Products Ltd                  ST Bk Fac          CARE A2+       14955   Reaffirmed
Kpl Exports Pvt Ltd                   ST Bk Fac*         CARE A2+(SO)   3150    Reaffirmed
*backed by unconditional & irrevocable corporate guarantee provided by Kothari Products Limited
(KPL; rated CARE A- and CARE A2+ )
Kpl Exports Pvt Ltd                   ST Bk Fac          ProvCARE       1850    Reaffirmed
                                      (Proposed)@        A2+(SO)
@rating for the proposed facilities is “Provisional” and will be confirmed upon the execution of
the corporate guarantee and submission of requisite documents to the satisfaction of CARE.
Marutii Quality Products Pvt Ltd      ST Bk Fac          CARE A4        15      Assigned
Mehadia And Sons C And F Division     ST Bk Fac          CARE A4        2       Reaffirmed
Naresh Kumar & Company Pvt Ltd        ST Bk Fac          CARE A3+       50      Reaffirmed
Packaging Solutions                   ST Bk Fac          CARE A4        25      Issuer not
                                                                                Cooperating
Panacea Biotec Ltd                    ST Bk Fac          CARE D         619.7   Revised from
                                                                                CARE A4
Pooja Plasto Colours Pvt Ltd          ST Bk Fac          CARE A4        50      Issuer not
                                                                                Cooperating
Power Finance Corporation Ltd         ST instruments –   CARE A1+       200000  Reaffirmed
                                      Market Borrowing
                                      Programme (FY18)
(reduced from 36,000)
R.J Tradelinks                        ST Bk Fac          CARE A4        1       Reaffirmed
S.P. Automobiles                      ST Bk Fac          CARE A4        10      Issuer not
                                                                                Cooperating
Sagar Manufacturers Pvt Ltd           ST Bk Fac          CARE A3+       30.4    Reaffirmed
Se Forge Ltd                          ST Bk facility –   CARE A3+       960     Reaffirmed
                                      Non Fund based
                                      working capital limits
Shri Arunachaleswarar Tex             ST Bk Fac          CARE A4        30      Assigned
Vennar Ceramics Ltd                   ST Bk Fac          CARE A2 (SO)   40      Reaffirmed
(enhanced from 1.00crs)

LONG TERM RATINGS:
-------------------
B.K.Polimex India Pvt Ltd             LT/ST Bk Fac       CARE BB /CARE  200     Reaffirmed
                                                         A4
Bajaj Energy Ltd                      LT Bk Fac          CARE BB-       25783.5 Revised from
                                                                                CARE A
Bhanushri Realities                   LT Bk Fac          CARE B+        136     Assigned
Chintpurni Steel Pvt Ltd              LT Bk Fac          CARE BB+       335     Issuer not
                                                                                Cooperating
Emf Microloans Pool Series X - March  Series A PTCs      -              -       Withdrawn
2016
Fomento Maritime Pte Ltd              LT Bk Fac          CARE BBB-      2552.4  Assigned
Fomento Shipping Pte Ltd              LT Bk Fac          CARE BBB-      2552.4  Assigned
Hi Technocrats Pvt Ltd                LT Bk Fac          CARE BB-       35      Revised from
                                                                                CARE BB
(Reduced from 4crs)
Indiabulls Real Estate Ltd            LT Instrument-NCD  CARE AA-       1000    Assigned
Irb Tumkur Chitradurga Tollways Pvt   LT Bk Fac – TL     -              -       Withdrawn
Ltd 
Kothari Products Ltd                  LT Bk Fac          CARE A-        45      Reaffirmed
Maruti Knit Tex                       LT Bk Fac          -              -       Withdrawn
Marutii Quality Products Pvt Ltd      LT Bk Fac          CARE B+        111.7   Assigned
Mehadia And Sons                      LT Bk Fac          CARE B+        80      Reaffirmed
(enhanced from Rs.6.50 crore)
Mehadia And Sons C And F Division     LT Bk Fac          CARE B+        78      Reaffirmed
(enhanced from Rs. 6.30 crore)
Micro International                   LT Bk Fac          CARE B+        100     Issuer not
                                                                                Cooperating
Nandi Economic Corridor Enterprises   LT Fac             CARE BBB       13588.2 Revised from
Ltd                                                                             CARE BBB -
Naresh Kumar & Company Pvt Ltd        LT Bk Fac          CARE BBB+      1717.4  Reaffirmed
Naresh Kumar & Company Pvt Ltd        Long/ST Bk Fac     CARE BBB+      190     Reaffirmed
                                                         /CARE A3+
Packaging Solutions                   LT Bk Fac          CARE BB-       68      Issuer not
                                                                                Cooperating
Panacea Biotec Ltd                    LT Bk Fac          CARE D         9595.5  Revised from
                                                                                CARE B+
(reduced from Rs.1202.88 crore)
Peerless Hotels Ltd                   LT Bk Fac          CARE A         43      Reaffirmed
(reduced from 8.10crs)
Pooja Plasto Colours Pvt Ltd          LT Bk Fac          CARE B+        20      Issuer not
                                                                                Cooperating
Power Finance Corporation Ltd         LT instruments –   CARE AAA       310000  Reaffirmed
                                      Market Borrowing
                                      Programme (FY18)
(reduced from 36,000)
Precision Bearings Pvt Ltd            LT/ST Bk Fac       CARE BB /CARE  200     Reaffirmed
                                                         A4
Proagri Seeds                         LT Bk Fac          CARE B+        85      Issuer not
                                                                                Cooperating
R.J Tradelinks                        LT Bk Fac          CARE B +       84      Reaffirmed
(enhanced from Rs. 6.90 crore)
S.P. Automobiles                      LT Bk Fac          CARE B+        50      Issuer not
                                                                                Cooperating
Sagar Manufacturers Pvt Ltd           LT Bk Fac          CARE BBB       3066.2  Reaffirmed
(enhanced from 34.46crs)
Se Forge Ltd                          LT Bk facility - TLCARE BBB+      2763.2  Revised from
                                                                                CARE BBB
Se Forge Ltd                          LT Bk facility –   CARE BBB+      464.5   Revised from
                                      Fund Based Working                        CARE BBB
                                      capital limits
Shivanshu Sintered Pvt Ltd            LT Bk Fac          CARE BB-       140     Issuer not
                                                                                Cooperating
Shivohum Textiles                     LT Bk Fac          CARE B         84      Assigned
Shri Arunachaleswarar Tex             LT Bk Fac          CARE BB-       117     Reaffirmed
(Enhanced from 10.70 crs)
Shri Ram Industries                   LT Bk Fac          CARE B+        150     Issuer not
                                                                                Cooperating
Super Spintex Pvt Ltd                 LT Bk Fac          CARE BB-       1300    Reaffirmed
Super Spintex Pvt Ltd                 LT/ST Bk Fac       CARE BB-/CARE  50      Reaffirmed
                                                         A4
Vennar Ceramics Ltd                   LT Bk Fac          CARE A-(SO)    255.1   Reaffirmed
(reduced from 32.05crs)
Walwhan Renewable Energy Pvt Ltd      LT Bk Fac          ProvCARE AA    3000    Assigned
                                                         (SO)
--------------------------------------------------------------------------------------------
$: 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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