September 25, 2017 / 7:16 AM / 25 days ago

CARE ratings for Indian debt instruments-Sep 25

    Sep 25 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 22, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Accel Frontline Ltd                   ST Bk Fac          CARE A4+       200     Reaffirmed
(reduced from 52.50 CR)
Adani Gas Ltd.                        CP (CP) issue      CARE A1+       1500    Reaffirmed
Annapurna Industries                  ST Bk Fac          CARE A4        140     Assigned

Fresco Plus Ceramic Pvt Ltd           ST Bk Fac          CARE A4        5       Assigned
Kapton Alloys Pvt Ltd                 ST Bk Fac          -              -       Withdrawn
London Star Diamond Company (India)   ST Bk Fac          CARE D         128.5   -
Pvt Ltd
(Issuer not cooperating)
Manaksia Steels Ltd                   ST Bk Fac          CARE A1+       2045    Reaffirmed
(enhanced from Rs.167.50 crore)
Manaksia Steels Ltd                   CP*                CARE A1+       200     Assigned
Mercator Ltd                          ST Bk Fac          CARE A3+       1500    Reaffirmed
                                                                                and removed
                                                                                from credit
                                                                                watch
(enhanced from Rs.112.51 crore)
Quazar Infrastructure Pvt Ltd         ST Bk Fac          CARE A4        7.6     -
(Issuer not cooperating)
Rahul Ferromet & Engineering Pvt Ltd  ST Bk Fac          CARE A4        127     Reaffirmed
Rama Infraprojects Pvt Ltd            ST Bk Fac          CARE A4        20      Assigned
Redstone Granito Pvt Ltd              ST Bk Fac          CARE A4+       60      Reaffirmed
Rudra Industries                      ST Bk Fac          CARE A4        10      Assigned
Seaward Exports Pvt Ltd               ST Bk Fac          CARE A4        140     Reaffirmed
Setco Automotive Ltd.                 ST – Non-FB Fac    CARE A3        20      Reaffirmed
Transformers & Rectifiers (India) Ltd ST Bk Fac          CARE A2        1500    Reaffirmed

LONG TERM RATINGS:
-------------------
Aarish Solar Power Pvt Ltd            NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechanism associated with the terms of
the proposed Non -Convertible Debenture (NCD) issue.
Aashman Energy Pvt Ltd                NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechanism associated with the terms of
the proposed Non -Convertible Debenture (NCD) issue.
Accel Frontline Ltd                   LT Bk Fac          CARE BB+       100     Reaffirmed
(reduced from 49.00 CR)
Annapurna Industries                  LT Bk Fac          CARE BB        90      Assigned
Bhaskar International Pvt Ltd         LT Bk Fac          CARE B+        65      -
(Issuer not cooperating)
Dbl Mundi Sanawad Tollways Ltd        LT Bk Fac          CARE BBB+      872.1   Reaffirmed
(reduced from Rs.95.64 crore)
Dbl Sardarpur Badnawar Tollways Ltd   LT Bk Fac          CARE BBB-      463.7   Reaffirmed
(reduced from Rs.50.17 crore)
Divyesh Power Pvt Ltd                 NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechanism associated with the terms of
the proposed Non -Convertible Debenture (NCD) issue.
Elena Renewable Energy Pvt Ltd        NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechanism associated with the terms of
the proposed Non -Convertible Debenture (NCD) issue.
Fresco Plus Ceramic Pvt Ltd           LT Bk Fac          CARE B         55.8    Assigned
Ghcl Ltd                              LT Bk Fac          CARE A         8707.8  Revised from
                                                                                CARE A-
Ghcl Ltd                              LT/ST Bk Fac       CARE A /CARE A112150   Revised from
                                                                                CARE A- /
                                                                                CARE A2+
(enhanced from Rs.1,115 crore)
Jasmine Industrial Corporation        LT/ST Bk Fac       CARE B+ /CARE  300     Assigned
                                                         A4
Kaithal Solvent Pvt Ltd               LT Bk Fac          CARE B+        131.8   Reaffirmed
Kapton Alloys Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Khush Housing Finance Pvt. Ltd.       Proposed NCD issue CARE BBB-      400     Assigned
Lava Cast Pvt Ltd.                    LT Bk Fac – TL     CARE BBB-(SO)  1292.6  Revised from
                                                                                CARE BBB(SO)
Lava Cast Pvt Ltd.                    LT Bk Fac – CC     CARE BBB-(SO)  400     Revised from
                                                                                CARE BBB(SO)
Lava Cast Pvt Ltd.                    LT Bk Fac – NFB    CARE BBB-(SO)  140     Revised from
                                                                                CARE BBB(SO)
Leap India Pvt Ltd                    Proposed TL        CARE BBB-      1000    Assigned
London Star Diamond Company (India)   LT/ST Bk Fac       CARE D         108     -
Pvt Ltd
(Issuer not cooperating)
Magalir Micro Finance Pvt Ltd         Proposed LT Bk Fac CARE BB+       150     Assigned
Manaksia Steels Ltd                   LT Bk Fac          CARE A         500     Reaffirmed
Mercator Ltd                          LT Bk Fac          CARE BBB+      10894.9 Revised from
                                                                                CARE BBB
(Reduced from Rs.1,199.83 CR)
Microtex Fashion Industries           LT Bk Fac          CARE D         72.3    -
(Issuer not cooperating); Based on best available information
Model Economic Township Limite        BG- Non Fund       CARE AAA       2500    Assigned
                                      Based- LT
Naveen Rice Mills                     LT Bk Fac          CARE B         140     -
(Issuer not cooperating)
Naveen Rice Mills                     LT Bk Fac          CARE B         10      -
(Issuer not cooperating)
Novartis Fiscal Ltd                   LT Bk Fac          CARE BB-       50      Assigned
Pratyash Renewable Pvt Ltd            NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechan
Quazar Infrastructure Pvt Ltd         LT Bk Fac          CARE B         52.4    -
(Issuer not cooperating)
Rahul Ferromet & Engineering Pvt Ltd  LT Bk Fac          CARE BB-       134     Reaffirmed
Rajvir Industries Ltd                 LT Bk Fac          CARE D         1725.1  Revised from
                                                                                CARE B-
Rajvir Industries Ltd                 LT/ST Bk Fac       CARE D         100     Revised from
                                                                                CARE B- /
                                                                                CARE A4
Rama Infraprojects Pvt Ltd            LT Bk Fac          CARE BB        50      Assigned
Redstone Granito Pvt Ltd              LT Bk Fac          CARE BB+       285.9   Reaffirmed
Reliance Securities Ltd               Market Linked      CARE PP-MLD AA 1500    Assigned
                                      Debentures*        (SO)
*The rating is based on the credit enhancement in the form of a ‘Letter of Comfort’ issued by
Reliance Capital Ltd. (RCL), rated ‘CARE AA+ (credit watch with developing implications)’, in
favour of RSL’s investors/lenders in the aforesaid instruments
Rudra Industries                      LT Bk Fac          CARE B+        45      Assigned
Seaward Exports Pvt Ltd               LT Bk Fac          CARE BB-       1.5     Reaffirmed
Sei Baskara Power Pvt Ltd             NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechanism associated with the terms of
the proposed Non -Convertible Debenture (NCD) issue.
Sei Enerstar Renewable Energy Pvt Ltd NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechanism associated with the terms of
the proposed Non -Convertible Debenture (NCD) issue.
Sei Mihir Energy Pvt Ltd              NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechanism associated with the terms of
the proposed Non -Convertible Debenture (NCD) issue.
Setco Automotive (Uk) Ltd.            LT Bk Fac- FBL     CARE BBB-(SO)  100     Revised from
                                                                                CARE BBB(SO)
Setco Automotive Ltd.                 LT FB              CARE BBB-      1091.8  Revised from
                                                                                CARE BBB
Setco Automotive Ltd.                 LT - FB Fac        CARE BBB-      1740    Revised from
                                                                                CARE BBB
Shreyas Renewable Energy Pvt Ltd      NCD                CARE AA-(SO)@  3000    Assigned
@ The above rating is based on credit enhancement in the form of Financial Support Arrangement
between the 10 solar power SPVs and structured payment mechanism associated with the terms of
the proposed Non -Convertible Debenture (NCD) issue.
Spads Redfields Exim Pvt Ltd          LT Bk Fac          CARE BB        90      Reaffirmed
Sundaram Alternative Opportunities    Sundaram           CARE AA+       -       Assigned
Series - High Yield Secured Debt Fund Alternative
                                      Opportunities Series - High Yield Secured Debt Fund
Transformers & Rectifiers (India) Ltd LT Bk Fac          CARE A-        850.2   Reaffirmed
(enhanced from 10.02 CR)
Transformers & Rectifiers (India) Ltd LT/ST Bk Fac       CARE A- /CARE  9360    Reaffirmed
                                                         A2
(enhanced from 864.00 CR)
Zuvan Energy Pvt Ltd                  NCD                CARE AA-(SO)   3000    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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