September 26, 2018 / 5:58 AM / 24 days ago

CARE ratings for Indian debt instruments-Sep 26

    Sep 26 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 25, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bend Joints Pvt Ltd                   ST Bk Fac          CARE A4        45      Reaffirmed
Bla Power Pvt Ltd                     ST Bk Fac          -              -       Withdrawn
Daga Poly Laminators Pvt Ltd          ST Bk Fac          CARE A4+       85      Assigned
Dollar Industries Ltd                 ST Bk Fac          CARE A1+       11.7    Revised from
                                                                                CARE A1
Essel Mining And Industries Ltd       CP Issue           CARE A1+       10000   Reaffirmed
(Reduced from 2,000.00 Crores)
Gnanam Tex                            ST Bk Fac          CARE A4        70      Assigned
Kei Industries Ltd                    ST Bk Fac          CARE A1        8900    Revised from
                                                                                CARE A2+
Kei Industries Ltd                    CP                 CARE A1        300     Revised from
                                                                                CARE A2+
Kesar Petroproducts Ltd               ST Bk Fac          CARE A3        50      Assigned
Kriti Industries (India) Ltd          ST BkFac           CARE A2        20      Reaffirmed
(reduced from Rs.3.00 Crores)
Lucid Colloids Ltd                    ST Bk Fac          CARE A4        85      Revised from
                                      (non-fund based)                          CARE A4+
Rourkela Steel Corporation            ST BkFac           CARE A3        95      Assigned
Shilchar Technologies Ltd             ST BkFac           CARE A3+       250     Revised from
                                                                                CARE A2+
(Issuer Not Cooperating)
Shree Ramkrishna Exports Pvt. Ltd.    ST Bk Fac          CARE A1        1144.3  Reaffirmed
Srei Equipment Finance Ltd            ST Bk Fac          CARE A1+       9600    Reaffirmed
(reduced from 1,160.00 Crores)
Stallion Laboratories Pvt Ltd         Long-term Bk Fac   CARE A4        75      Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Swarnalatha Spintex Pvt Ltd           ST Bk Fac          -              -       Withdrawn
Texmaco Infrastructure & Holdings Ltd ST Bk Fac          CARE A1+       125     Reaffirmed
Venkata Sai Agro Industries           ST Bk Fac          CARE A4        10      Reaffirmed
Virdev Intermediates Pvt Ltd          ST Bk Fac          CARE A4+       40      Reaffirmed
  
MEDIUM TERM RATINGS:
-------------------
Kei Industries Ltd                    Fixed Deposits     CARE A (FD)    50      Revised from
                                                                                CARE A- (FD)
LONG TERM RATINGS:
-------------------
Aasma Foods & Beverages Pvt Ltd       LT Bk Fac          CARE B+        80      Assigned
Adani Agri Logistics (Harda) Ltd      LT BkFac           CARE BBB+      184.8   Revised from
                                                                                CARE BBB
Adani Agri Logistics (Harda) Ltd      LT/shortterm Bk FacCARE BBB+/CARE 21.5    Revised from
                                                         A3+                    CARE BBB/
                                                                                CARE A3+
Adani Agri Logistics (Hoshangabad) LtdLT Bk Fac          CARE BBB+      186.3   Revised from
                                                                                CARE BBB
Adani Agri Logistics (Hoshangabad) LtdLT/ST Bk Fac       CARE BBB+/CARE 21.5    Revised from
                                                         A3+                    CARE BBB
Adani Agri Logistics (Satna) Ltd      LT Bk Fac          CARE BBB+      174     Revised from
                                                                                CARE BBB
Adani Agri Logistics (Satna) Ltd      LT/ST Bk Fac       CARE BBB+/CARE 21.5    Revised from
                                                         A3+                    CARE BBB/
                                                                                CARE A3+
Agrawal Woven Polymers                LT Bk Fac          CARE B+        71.4    Assigned
Apco Chetak Ultraway Pvt Ltd          LT Bk Fac          CARE A-        8900    Assigned
Arham Arts                            LT Bk Fac          CARE B-        51.9    Reaffirmed
(reduced from 5.36 Crores)
Bend Joints Pvt Ltd                   LT Bk Fac          CARE BB        140.5   Reaffirmed
Bestview Infracon Ltd                 NCDs- Type B*      CARE B+        338     Reaffirmed
NCDs Type B will receive return as per the Distribution Ratio of Remainder Amount post
guaranteed return to NCDs Type A. 
Bestview Infracon Ltd                 NCDs- Type A       CARE BB-       135     Reaffirmed
Bla Power Pvt Ltd                     LT Bk Fac          -              -       Withdrawn
Brindavan Hydropower Pvt Ltd          LT Bk Fac          CARE BBB       745.8   Revised from
                                                                                CARE BBB-
(reduced from 80.87 Crores)
Daga Poly Laminators Pvt Ltd          LT Bk Fac          CARE BB+       6       Assigned
Daga Poly Laminators Pvt Ltd          LT/ST Bk Fac       CARE BB+/CARE  120     Assigned
                                                         A4+
Devrishi Papers Pvt Ltd               LT BkFac           CARE B+        200     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Devrishi Papers Pvt Ltd               Long/STBk Fac      CARE B+ /CARE  100     Revised from
                                                         A4                     CARE BB-/
                                                                                CARE A4
(Issuer Not Cooperating)
Dollar Industries Ltd                 LT Bk Fac          CARE A+        1894    Revised from
                                                                                CARE A
(reduced from Rs.205.89 Crores)
Durgashree Cashews                    LT Bk Fac          CARE B+        60      Assigned
Ghv (India) Pvt Ltd                   LT/STBk Fac        CARE A/CARE A1 250     Assigned
Gnanam Tex                            LT Bk Fac          CARE B+        97.7    Assigned
Greenko Clean Energy Projects Pvt Ltd Proposed NCD issue ProvCARE A+    2010    Assigned
                                                         (SO)
Greenko Clean Energy Projects Pvt Ltd Proposed NCD issue ProvCARE A+    990     Assigned
                                                         (SO)
Gupta Enterprises                     LT /ST Bk Fac –    -              -       Withdrawn
                                      IOB
Gupta Enterprises                     LT /ST Bk Fac –    CARE BBB-/CARE 592.5   Revised from
                                      Indian Bk          A3                     CARE BB+/
                                                                                CARE A4+
(Issuer Not Cooperating)
Gupta Hair Products Pvt Ltd           LT /ST Bk Fac –    CARE BBB-/CARE 147.5   Revised from
                                      Dena Bk            A3                     CARE BB+/
                                                                                CARE A4+
(Issuer Not Cooperating)
Hi-Tech Systems & Services Ltd        LT BkFac           CARE A-        987.9   Reaffirmed
(reduced from 106.29 Crores)
Hi-Tech Systems & Services Ltd        LT/ Shortterm Bk   CARE A-/CARE   475     Reaffirmed
                                      Fac                A2+
Homeshree Housing Finance Ltd         LT BkFac           CARE BB        125     Assigned
                                      (Proposed)
Il&Fs Energy Development Co. Ltd      LT NCD Tranche I   CARE BB-       4000    Revised from
                                      andTranche II                             CARE BB-(SO)
(credit watch under negative implications)
Il&Fs Energy Development Co. Ltd      LT ICD (ICD) Issue ProvCARE BB-   1000    Revised from
                                                                                Provisional
                                                                                CAREBB (SO)
(credit watch under negative implications)
Il&Fs Energy Development Co. Ltd      Proposed LT NCDs   ProvCARE BB-   1000    Revised from
                                      Tranche-III                               Provisional
                                                                                CARE BB-(SO)
(credit watch under negative implications)
Indiabulls Consumer Finance Ltd       NCDs               CARE AA        30000   Assigned
(Erstwhile Ivl Finance Ltd)
(enhanced from Rs. 1,500 Crores)
Indian Microfinance Loan Receivables  Series A           CARE AAA (SO)  -       Revised
Trust July 2017 [Originator: Bharat   Pass Through                              from CARE AA
Financial Inclusion Ltd (Bfil)]       Certificates                              (SO)
Indo Fabrics                          LT BkFac           CARE BB        105.8   Reaffirmed
(enhanced from 8.38 Crores)/removed from (Issuer Not Cooperating)
Isiri Agro Pvt Ltd                    Long -term Bk Fac  CARE B         160
(Issuer Not Cooperating)
Kalanikethan Silks Pvt Ltd            LT Bk Fac          CARE BBB+      603.3   Reaffirmed
(reduced from 65.82 Crore)
Kare Power Resources Pvt Ltd          LT Bk Fac          CARE BBB-      697     Revised from
                                                                                CARE BB+
(reduced from 75.40 Crores)
Katihar Medical College               LT BkFac           CARE BBB+      220     Reaffirmed
(reduced from 22.04 Crores)
Kei Industries Ltd                    LT Bk Fac          CARE A         5135.9  Revised from
                                                                                CARE A-
Kesar Petroproducts Ltd               LT Bk Fac          CARE BBB-      100     Assigned
Kriti Industries (India) Ltd          LT BkFac           CARE BBB+      855.3   Reaffirmed
(enhanced from Rs.64.62 Crores)
Kriti Industries (India) Ltd          Long/STBk Fac      CARE BBB+/CARE 1270.2  Reaffirmed
                                                         A2
(enhanced from Rs.110.88 Crores)
Kriti Nutrients Ltd                   Long / ST Bk Fac   CARE BBB+      520     Reaffirmed
                                                         /CARE A2
Lucid Colloids Ltd                    LT/ST BkFac (fund  CARE BB-/CARE  1130    Revised from
                                      based)             A4                     CARE BB+/
                                                                                CARE A4+
Mytrah Adarsh Power Pvt Ltd           LT Bk Fac          CARE BBB       5440.8  Assigned
Oriental Bank Of Commerce             Upper Tier II      CARE A         7000    Revised from
                                      Bonds                                     CARE A+
Oriental Bank Of Commerce             Perpetual Tier I   CARE A         6000    Revised from
                                      Bonds                                     CARE A+
Oriental Bank Of Commerce             Basel III          CARE A+        30000   Revised from
                                      Compliant Tier II                         CARE AA-
                                      Bonds
Oriental Bank Of Commerce             Lower Tier II BondsCARE A+        10250   Revised from
                                                                                CARE AA-
Rangoli Particle Boards Pvt Ltd       LT BkFac           CARE BB+       59.1    Revised from
                                                                                CARE BB
(reduced from Rs.6.41 Crores)
Rosepetal Trust Sep 2018 Originator:  Series A PTC       ProvCARE       -       Assigned
Fincare Small Finance Bank Ltd                           A-(SO)
Rourkela Steel Corporation            LT BkFac           CARE BBB-      50      Assigned
Shilchar Technologies Ltd             LT/ ST Bk Fac      CARE BBB+      50      Revised from
                                                         /CARE A3+              CARE A- /
                                                                                CARE A2+
(Issuer Not Cooperating)
Shivshanti Hospitality Pvt Ltd        LT Bk Fac          CARE B         100     Assigned
Shree Ramkrishna Exports Pvt. Ltd.    LT/ ST Bk Fac      CARE A+/CARE   16539.8 Reaffirmed
                                                         A1
Siddhi Vinayak Filling Station        LT Bk Fac          CARE B+        54.5    Assigned
Srei Equipment Finance Ltd            LT Bk Fac          CARE AA        165040.5Reaffirmed
(enhanced from 15,645.68 Crore)
Sri Spinners                          LT Bk Fac          CARE B+        55.7    Assigned
Stallion Laboratories Pvt Ltd         LT Bk Fac          CARE BB        235.8   Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Stallion Laboratories Pvt Ltd         LT/ST BkFac        CARE BB/CARE A4115     Revised from
                                                                                CARE BB+/CARE
                                                                                A4+
(Issuer Not Cooperating)
Sugarcane Producers Vividh Karykari   Long/ST Bk Fac     CARE B+        90      Assigned
Sahakari Society Ltd
Svc Projects Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Svc Projects Pvt Ltd                  LT/ST Bk Fac       -              -       Withdrawn
Swarnalatha Agritech Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Swarnalatha Spintex Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Texmaco Infrastructure & Holdings Ltd LT Bk Fac          CARE A+        5       Reaffirmed
Venkata Sai Agro Industries           LT Bk Fac          CARE B+        80      Reaffirmed
Virdev Intermediates Pvt Ltd          LT Bk Fac          CARE BB+       47.4    Revised from
                                                                                CARE BB
(reduced from 8.80 Crore)
Virtue Industries                     LT Bk Fac          CARE BB-       105     Revised from
                                                                                CARE B+
--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below