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CARE ratings for Indian debt instruments-Sep 29
September 29, 2017 / 7:54 AM / 2 months ago

CARE ratings for Indian debt instruments-Sep 29

    Sep 29 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 28, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Anantha Pvc Pipes Pvt Ltd             ST Bk Fac          CARE A4        70      Reaffirmed
Arco Steel Pvt Ltd                    Bk Fac-NonFB -     CARE A4        150     Assigned
                                      ST-BG/LC
Arvind Ltd                            ST Bk Fac          CARE A1+       4822.2  Reaffirmed
Arvind Ltd                            CP (CP) (Carved    CARE A1+       3000    Reaffirmed
                                      Out of sanctioned
                                      working capital limits)
Arvind Ltd                            CP (Standalone     CARE A1+       4000    Reaffirmed
Cholamandalam Investment And Finance  CP issue           CARE A1+       50000   Assigned
Co. Ltd
D.B. Corp. Ltd.                       ST Bk Fac – Non    CARE A1+       2477.5  Reaffirmed
                                      Fund Based
Dayakara Solar Power Pvt Ltd          ST Bk Fac          CARE A2+       150.6   Revised from
                                                                                CARE A2
Dhampur Sugar Mills Ltd               Proposed CP (CP)   CARE A1        2000    Assigned
                                      issue*
*carved out of the sanctioned working capital limits of the company.
Diagems Exports Pvt Ltd               ST Bk Fac          CARE A4+       140.5   Reaffirmed
Drolia Electrosteels Pvt. Ltd.        ST Bk Fac          CARE A4+       100     Reaffirmed
Durgashakti Foods Pvt Ltd             ST facility        CARE A4        2.1     issuer not
                                      (Nonfund based -BG)                       cooperating
Grahati Solar Energy Pvt Ltd          ST Bk Fac          CARE A2+       245.7   Revised from
                                                                                CARE A2
Jsw Steel Ltd                         ST Bk Fac – Non    CARE A1+       168000  Reaffirmed
                                      Fund Based
(reduced from Rs.17,037 crore)
Jsw Steel Ltd                         CP issue           CARE A1+       50000   Reaffirmed
                                      (Standalone)
Kwality Feeds Ltd                     ST Bk Fac          CARE A4+       2.6     Assigned
Mihit Solar Power Pvt Ltd             ST Bk Fac          CARE A2+       296.3   Revised from
                                                                                CARE A2
Patna Offset Press                    ST Bk Fac          CARE A4        30      Reaffirmed
Piramal Realty Pvt Ltd                Proposed CP (CP)   CARE A1+ (SO)  1500    Assigned
                                      Issue
Stamlo Industries Ltd (Erstwhile StamlST Bk Fac – Loan   -              -       Withdrawn
Hotels Ltd)                           Equivalent Risk
 
LONG TERM RATINGS:
-------------------
Anantha Pvc Pipes Pvt Ltd             LT Bk Fac          CARE B         80      Reaffirmed
Arco Steel Pvt Ltd                    Bk Fac-Fundbased - CARE BB+       100     Assigned
                                      LT-CC
Arvind Ltd                            LT Bk Fac          CARE AA        5911.8  Reaffirmed
Arvind Ltd                            NCD                CARE AA        1000    Reaffirmed
Arvind Ltd                            Proposed NCD       CARE AA        1000    Assigned
Arvind Ltd                            Long/ST Bk Fac     CARE AA /CARE  12230   Reaffirmed
                                                         A1+
B & A Ltd                             LT Bk Fac          CARE BBB+      563.7   Reaffirmed
(enhanced from Rs.48.50 cr)
D.B. Corp. Ltd.                       LT Bk FacFund BasedCARE AAA       1550    Reaffirmed
D.B. Corp. Ltd.                       LT Bk FacTL        CARE AAA       129.2   Reaffirmed
D.B. Corp. Ltd.                       LT Bk Fac – Non    CARE AAA       22.5    Reaffirmed
                                      Fund Based
Dayakara Solar Power Pvt Ltd          LT Bk Fac          CARE A- (SO)   2171.2  Revised from
                                                                                CARE BBB+ (SO)
(reduced from 222.00crs)
Drolia Electrosteels Pvt. Ltd.        LT Bk Fac          CARE BB+       236.8   Reaffirmed
(reduced from Rs. 24.78 crore)
Durgashakti Foods Pvt Ltd             LT Bk Facility     CARE BB        158.5   issuer not
                                                                                cooperating
Grahati Solar Energy Pvt Ltd          LT Bk Fac          CARE A- (SO)   3617.3  Revised from
                                                                                CARE BBB+ (SO)
(reduced from 371crs)
Hindustan Organic Chemicals Ltd       LT Redeemable non  -              -       Withdrawn
                                      convertible TBs
Home Credit India Finance Pvt. Ltd    NCD                CARE BBB       6000    Revised from
                                                                                CARE BB+
Home Credit India Finance Pvt. Ltd    LT Bk Fac @        CARE BBB+ (SO) 5978.75 Revised from
                                                                                CARE BBB (SO)
@backed by the corporate guarantee from Home Credit B.V.
Home Credit India Finance Pvt. Ltd    LT Bk Fac #        ProvCARE BBB+  521.25  Revised from
                                                         (SO)                   Prov CARE BBB
                                                                                (SO)
# proposed to be backed by the corporate guarantee from Home Credit B.V.
Jsw Steel Holding (Usa) Inc.          LT Bk facility – TL-              -       Withdrawn
Jsw Steel Holding (Usa) Inc.          LT Bk facility –   -              -       Withdrawn
                                      Non Fund Based
Jsw Steel Ltd                         LT Bk Fac – TL     CARE AA-       279830.5Reaffirmed
(enhanced from Rs. 22,355.05 crore)
Jsw Steel Ltd                         LT Bk Fac – Fund   CARE AA-       14000   Reaffirmed
                                      Based
(reduced from Rs. 1,488.00 crore)
Jsw Steel Ltd                         NCDs               CARE AA-       103510.4Reaffirmed
Jsw Steel Ltd                         Long/ST Bk Fac –   CARE AA-/CARE  67560   Reaffirmed
                                      Non Fund Based     A1+
(reduced from Rs. 7,253.16 crore)
Kwality Feeds Ltd                     LT Bk Fac          CARE BB+       145.9   Assigned
Macaw Ifmr Capital 2017 (Originator:  Series A1 PTC      ProvCARE A (SO)-       Assigned
Annapurna Microfinance Pvt Ltd)
Macaw Ifmr Capital 2017 (Originator:  Series A2 PTC      ProvCARE BBB   -       Assigned
Annapurna Microfinance Pvt Ltd)                          (SO)
Madhav Cotton Pvt Ltd                 LT Bk Fac          CARE B+        52.9    Reaffirmed
Mihit Solar Power Pvt Ltd             LT Bk Fac          CARE A- (SO)   3964    Revised from
                                                                                CARE BBB+ (SO)
Navayuga Jahnavi Toll Bridge Pvt Ltd  LT Bk Fac          CARE BB+       7200    Reaffirmed
Patna Offset Press                    LT Bk Fac          CARE BB-       19.9    Revised from
                                                                                CARE B+
Rai Bahadur Narain Singh Sugar Mills LLT Bk Fac (CC)     CARE BB+       1880    Revised from
                                                                                CARE BB
Rajlaxmi Agro Processor Pvt Ltd       LT Bk Fac          CARE B+        60      issuer not
                                                                                cooperating
Rohtak Hissar Tollway Pvt Ltd         LT Bk Fac          CARE BBB-      9524    Reaffirmed
Satin Creditcare Network Ltd          NCD (Proposed)     CARE BBB+      650     Assigned
Stamlo Industries Ltd (Erstwhile StamlLT Bk Fac – TL     -              -       Withdrawn
Hotels Ltd)
Stamlo Industries Ltd (Erstwhile StamlLT Bk Fac – Over   CARE A-        40      Reaffirmed
Hotels Ltd)                           draft
Stamlo Industries Ltd (Erstwhile StamlLT /ST Bk Fac      CARE A- /CARE  85      Reaffirmed
Hotels Ltd)                                              A2+
Sustainable Agro-Commercial Finance LtLT Bk Fac          CARE BBB+      3330    Assigned
Vishal Arogaya Sampat                 LT Bk Fac          CARE BB-       300     Reaffirmed
(enhanced from 20.00crs)
--------------------------------------------------------------------------------------------
$: 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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