September 6, 2017 / 7:39 AM / 3 months ago

CARE ratings for Indian debt instruments-Sep 6

    Sep 6 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 5, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Anvil Cables Pvt Ltd                  ST Bk Fac          CARE A3        778.4   Reaffirmed
C&S Electric Ltd                      ST Bk Fac – BG/LC  CARE A1        4400    #
Dbl Tikamgarh Nowgaon Tollways Ltd    ST Bk Fac          CARE A1 (SO)   51.3    #
Dhiman Iron And Steel Industries Pvt  ST Bk Fac          -              -       Withdrawn
Ltd 
Greenpark Hotels And Resorts Ltd      ST Bk Fac          CARE A2+       20      Reaffirmed
(reduced from Rs.4.00CRS)
Gripwell Tools Industries             ST Bk Fac          -              -       Withdrawn
Hillsfood Agro Beverages Pvt Ltd      ST Bk Fac          CARE A4        3       Reaffirmed
Hng Float Glass Ltd                   ST Bk Fac          -              -       Withdrawn
Indo Rama Synthetics Ltd              ST Bk Fac          CARE D         1100    Revised from
                                                                                CARE A4
International Hospital Ltd            ST Bk Fac          CARE A1+ (SO)  260     Assigned
                                      (Overdraft)
International Hospital Ltd            Proposed CP (CP)   ProvCARE A1+   1500    Assigned
                                      issue @            (SO)
@ The provisional rating assigned is based on indicative terms of the proposed issue. Final
rating shall be assigned on execution of transaction documents (including corporate guarantee)
to the satisfaction of the CARE.
Kovai Medical Center And Hospital Ltd ST Bk Fac          CARE A1+       130     Revised from
                                                                                CARE A1
Panyam Cements And Mineral Industries ST Bk Fac          CARE D         93.2    Revised from
Ltd                                                                             CARE A4
Saurav Chemicals Ltd                  ST Bk Fac          CARE A2+       262.5   Revised from
                                                                                CARE A2
Sonic Biochem Extractions Ltd         ST Bk Fac          CARE A3+       184.5   Revised from
                                                                                CARE A3
Sunfame Ceramics Pvt Ltd              ST Bk Fac          CARE A4        23      Reaffirmed
Vaibhav Global Ltd                    ST Bk Fac          CARE A2+       110     Revised from
                                                                                CARE A2
(enhanced from 5crs)
Venus Album Company Pvt Ltd           ST Bk Fac          -              -       Withdrawn
Victory Ceratech Pvt Ltd              ST Bk Fac          CARE A4+       27      Reaffirmed

LONG TERM RATINGS:
-------------------
Ananya Finance For Inclusive Growth PvLT Bk Fac          CARE BB+       1000    Revised from
Ltd                                                                             CARE BB
Anvil Cables Pvt Ltd                  LT Bk Fac          CARE BBB       478.4   Revised from
                                                                                CARE BBB-
Ariston Tiles Ltd                     LT Bk Fac          CARE BB        80.5    Reaffirmed
(reduced from 9.63crs)
Ariston Tiles Ltd                     LT/ ST Bk Fac      CARE BB /CARE  30      Reaffirmed
                                                         A4
Artemis Medicare Services Ltd         LT Bk Fac          CARE A-        2236.6  Reaffirmed
(enhanced from Rs.23.36 crore)
Artemis Medicare Services Ltd         LT/ ST Bk Fac      CARE A- /CARE  250     Reaffirmed
                                                         A2
Aryodaya Sales Pvt Ltd                LT Bk Fac          CARE BB+       200     Assigned
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   9060    Reaffirmed
Avanse Financial Services Ltd         LT Bk Fac          CARE AA+(SO)   750     Final Rating
Avanse Financial Services Ltd         LT Bk Fac          ProvCARE       2190    Reaffirmed
                                                         AA+(SO)
Bee Systems                           LT Bk Fac          CARE BB+       75      Reaffirmed
Bharat Financial Inclusion Ltd        LT / ST Bk Fac     CARE A+ /CARE  65000   Reaffirmed
                                                         A1+
(Enhanced from Rs.6000 crore)
C&S Electric Ltd                      LT Bk Fac – TL     CARE A         186     #
C&S Electric Ltd                      LT Bk Fac – CC     CARE A         2100    #
Canara Robeco Mutual Fund             Canara Robeco      CARE AAAmfs    -       Assigned
                                      Savings Plus Fund
Cedar Mfi Trust 25 (Originator: Esaf  Series A PTCs      -              -       Withdrawn
Microfinance And Investment Pvt Ltd)

Dbl Ashoknagar Vidisha Tollways Ltd   LT Bk Fac          CARE A-        619.2   Reaffirmed
Dbl Bankhlafata Dogawa Tollways Ltd   LT Bk Fac          CARE A-        819.2   Reaffirmed
Dbl Betul Sarani Tollways Ltd         LT Bk Fac          CARE A+ (SO)   2203.6  #
Dbl Hassan Periyapatna Tollways Ltd   LT Bk Fac (Fund    CARE BBB       1296.7  Reaffirmed
                                      based)
Dbl Hassan Periyapatna Tollways Ltd   LT Bk Fac          CARE BBB       129.3   Reaffirmed
                                      (Non-Fund based)
Dbl Hata Dargawon Tollways Ltd        LT Bk Fac          CARE A+ (SO)   740     #
Dbl Hata Dargawon Tollways Ltd        LT / Shortterm Bk  CARE A+        37.1    #
                                      Fac                (SO)/CARE A1          
                                                         (SO)
Dbl Patan Rehli Tollways Ltd          LT Bk Fac          CARE A+ (SO)   1950    #
Dbl Patan Rehli Tollways Ltd          LT / Shortterm Bk  CARE A+        104.3   #
                                      Fac                (SO)/CARE A1           
                                                         (SO)
Dbl Tikamgarh Nowgaon Tollways Ltd    LT Bk Fac          CARE A+ (SO)   920.1   #
Dhiman Iron And Steel Industries Pvt  LT Bk Fac          -              -       Withdrawn
Ltd    
Dilip Buildcon Ltd                    LT Bk Fac          CARE A+        1998.09 #
Dilip Buildcon Ltd                    LT/Shortterm Bk FacCARE A+/CARE A145000   #
Garg And Company                      LT Bk Fac          CARE B+        151     Reaffirmed
(enhanced from Rs. 14.50 crore)
Greenpark Hotels And Resorts Ltd      LT Bk Fac – TL     -              -       Withdrawn
Greenpark Hotels And Resorts Ltd      LT Bk Fac –        CARE A         230     Revised from
                                      Overdraft                                 CARE A-
Gripwell Tools Industries             LT Bk Fac          -              -       Withdrawn
Hillsfood Agro Beverages Pvt Ltd      LT Bk Fac          CARE B+        120     Revised from
                                                                                CARE B
Hng Float Glass Ltd                   LT Bk Fac          CARE A         1960.2  Reaffirmed
(reduced from 283.54crs)
Hng Float Glass Ltd                   LT/ST Bk Fac       CARE A /CARE   600     Reaffirmed
                                                         A2+
(reduced from 75.00crs)
Hospitalia Eastern Pvt. Ltd.          LT Bk Fac          CARE A+ (SO)   600     Reaffirmed
                                      (Term-loan) @
@ Credit enhancement in the form of unconditional and irrevocable corporate guarantee from RHT
Health Trust (RHT) and Fortis Global Healthcare Infrastructure Pte. Ltd. (FGHIPL). 
Ifci Venture Capital Funds Ltd        LT Bk Fac          CARE BBB       926.3   Revised from
                                                                                CARE BBB+
Ifci Venture Capital Funds Ltd        LT NCDs            CARE BBB       1776    Revised from
                                                                                CARE BBB+
Ifci Venture Capital Funds Ltd        Long/ST Bk Fac     CARE BBB       250     Revised from
                                                         /CARE A3+              CARE BBB+ /
                                                                                CARE A2+
Ifci Venture Capital Funds Ltd        LT Bk Fac          CARE BBB+ (SO) 1966.8* Reaffirmed
* backed by the Letter of Comfort from IFCI Ltd (rated CARE A-; Negative/CARE A1 ).
Ifci Venture Capital Funds Ltd        LT Bk Fac -        ProvCARE BBB+  1950#   Reaffirmed
                                      Proposed
#proposed to be backed by the Letter of Comfort from IFCI Limited
Indo Rama Synthetics Ltd              LT Bk Fac          CARE D         1429.3  Revised from
                                                                                CARE BB
Indo Rama Synthetics Ltd              Long/ ST Bk Fac    CARE D         6470.7  Revised from
                                                                                CARE BB/ CARE
                                                                                A4
Inductotherm (India) Pvt Ltd          LT Bk Fac          CARE AA+       150     Reaffirmed
Inductotherm (India) Pvt Ltd          LT/ ST Bk Fac      CARE AA+ /CARE 500     Reaffirmed
                                                         A1+
International Hospital Ltd            LT Bk Fac (TL)     CARE A+ (SO)   1700    Reaffirmed
Jalpa Devi Tollways Ltd               LT Bk Fac          CARE A+ (SO)   6540    #
Kovai Medical Center And Hospital Ltd LT Bk Fac          CARE A+        1106.3  Reaffirmed
M G Associates                        LT Bk Fac          CARE BB-       200     Assigned
Maxtar Bio-Genics                     LT Bk Fac          CARE B+        100     Revised from
                                                                                CARE BB
Issuer not cooperating
Midland Microfin Ltd                  LT Bk Fac          CARE BBB       1100    Reaffirmed
Midland Microfin Ltd                  NCDs               CARE BBB       250     Reaffirmed
Panyam Cements And Mineral Industries LT Bk Fac          CARE D         300     Revised from
Ltd                                                                             CARE BB-
Panyam Cements And Mineral Industries NCDs               CARE D         978.6   Revised from
Ltd                                                                             CARE BB-
Premier Pipes Ltd                     LT/Shortterm Bk FacCARE BB-/CARE  150     Assigned
                                                         A4
Prerna Strips                         LT Bk Fac          CARE BB-       106.5   Issuer not
                                                                                Cooperating
Sands Infrabuild Pvt Ltd              LT Bk Fac          CARE BBB       8000    Reaffirmed
Saurav Chemicals Ltd                  LT Bk Fac          CARE BBB+      375.5   Reaffirmed
Sbi Funds Management Pvt Ltd-Sbi MagnuOpen Ended Liquid  CARE AAAmfs    -       Reaffirmed
Instacash Fund                        Scheme
Sbi Funds Management Pvt Ltd-Sbi      Open Ended Liquid  CARE AAAmfs    -       Reaffirmed
Premier Liquid Fund                   Scheme
Sonic Biochem Extractions Ltd         LT Bk Fac          CARE BBB       1131.8  Reaffirmed
(reduced from Rs.123.50 crore)
Sonic Biochem Extractions Ltd         Long/ST Bk Fac     CARE BBB /CARE 55      Revised from
                                                         A3+                    CARE BBB/
                                                                                CARE A3
Srinivasa Poultry Farm                LT Bk Fac          CARE B+        80      Assigned
Sunfame Ceramics Pvt Ltd              LT Bk Fac          CARE BB-       43.7    Revised from
                                                                                CARE B+
Suryavanshi Infrastructure Pvt Ltd    LT Bk Fac          CARE A+ (SO)   36.8    #
Suryavanshi Infrastructure Pvt Ltd    LT / Shortterm Bk  CARE A+        2.6     #
                                      Fac                (SO)/CARE A1           
                                                         (SO)
Truetzschler India Pvt Ltd            LT Bk Fac          CARE AA        160     Reaffirmed
Truetzschler India Pvt Ltd            LT/ST Bk Fac       CARE AA /CARE  100     Reaffirmed
                                                         A1+
Vaibhav Global Ltd                    LT / ST Bk Fac     CARE A- /CARE  1200    Revised from
                                                         A2+                    CARE BBB+ /
                                                                                CARE A2
(enhanced from 105crs)
Venus Album Company Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Victory Ceratech Pvt Ltd              LT Bk Fac          CARE BB+       25.9    Reaffirmed
(Reduced from 5.77crs)
Victory Ceratech Pvt Ltd              LT/ST Bk Fac       CARE BB+ /CARE 25      Reaffirmed
                                                         A4+
Yash Electrical System                LT Bk Fac          CARE BB-       90      Reaffirmed
Yash Electrical System                LT / ST Bk Fac     CARE BB- /CARE 10      Reaffirmed
                                                         A4
--------------------------------------------------------------------------------------------
$: 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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