CARE ratings for Indian debt instruments-Dec 7

Last Updated: Thu, Dec 07, 2017 13:40 hrs

Dec 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of December 6, 2017. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------- ---------- ------ ------- --------- SHORT TERM RATINGS: ------------------- Allcargo Logistics Ltd. CP CARE A1+ 2500 Reaffirmed Allcargo Logistics Park Pvt Ltd ST Bk Fac – NFBL CARE A1+ (SO) 110 Reaffirmed Balaji Enterprises ST Bk Fac CARE A4 112.5 Assigned Blue Star Engineering & Electronics LtCP* CARE A1+ (SO) 100 Reaffirmed *The rating assigned to the aforesaid commercial papers is based on the credit enhancement in the form of letter of comfort which has been issued to the Investors of commercial paper by BSL. The commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) are earmarked to the working capital bank facilities of BSEEL which are already backed by unconditional and irrevocable corporate guarantee issued by BSL. Blue Star Engineering & Electronics LtCP* CARE A1+ (SO) 100 Reaffirmed *The rating assigned to the aforesaid commercial papers is based on the credit enhancement in the form of letter of comfort which has been issued to the Investors of commercial paper by BSL. The commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) are earmarked to the working capital bank facilities of BSEEL which are already backed by unconditional and irrevocable corporate guarantee issued by BSL. Blue Star Engineering & Electronics LtCP* CARE A1+ (SO) 50 Reaffirmed *The rating assigned to the aforesaid commercial papers is based on the credit enhancement in the form of letter of comfort which has been issued to the Investors of commercial paper by BSL. The commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) are earmarked to the working capital bank facilities of BSEEL which are already backed by unconditional and irrevocable corporate guarantee issued by BSL. Bothra Shipping Services Pvt Ltd ST Bk Fac CARE A1 321.2 Reaffirmed Elektromag Devices Pvt Ltd ST Bk Fac CARE A3+ 70 Revised from CARE A2 Elektromag Joest-Vibration Pvt Ltd ST Bk Fac CARE A3 72.5 Reaffirmed Eros Grand Resorts And Hotel Pvt Ltd ST Bk Fac CARE A4+ 79.9 Assigned Gspc Lng Ltd ST Bk Fac CARE A1 21471.3 Reaffirmed (enhanced from Rs.1137.13 crore) Heritage Beverages Pvt Ltd ST Bk Fac* CARE A3+ 65 Assigned *The combined business & risk profile of Enrich Agro Food Products Pvt Ltd (EAFPPL), Versatile Polytech Private Limited (VPPL) & Heritage Beverages Pvt Ltd Housing Development Finance CorporatioST Bk Fac CARE A1+ 216527.8Reaffirmed Ltd (increased from 13,884.08 CR) Italia Ceramics Ltd ST Bk Fac CARE A4 50 Reaffirmed Jaya Hume Pipes Pvt Ltd ST Bk Fac CARE A4 50 Assigned Jaya Spun Pipes ST Bk Fac CARE A4 25 Assigned Lambda Therapeutic Research Ltd ST Bk Fac CARE A1+ 20 Reaffirmed Maf Clothing Pvt Ltd ST non fund based CARE A3 61 Bk Fac Issuer not cooperating Mg Tex Fab Pvt Ltd ST Bk Fac CARE A4 1.6 Reaffirmed N S Engineering Pvt Ltd ST Bk Fac CARE A3+ 160 Reaffirmed (Reduced from Rs. 20 crore) Oil And Natural Gas Corporation Ltd ST Bk Fac CARE A1+ 95000 Reaffirmed Rudra Alloys Pvt Ltd ST Bk Fac CARE A4 20 Reaffirmed S. S. Fabricators And Manufacturers ST Bk Fac CARE A4+ 200 Reaffirmed Theis Precision Steel India Pvt Ltd ST Bk Fac CARE A3+ 100 Reaffirmed Vizag Hospital And Cancer Research ST Bk Fac CARE A3 2.1 Reaffirmed Centre Pvt Ltd (enhanced from Rs. 0.01 crore) Vsp International Pvt Ltd ST Bk Fac CARE A4+ 10 Assigned LONG TERM RATINGS: ------------------- Airtech Electrovision Pvt Ltd LT Bk Fac CARE B+ 80 Reaffirmed Airtech Electrovision Pvt Ltd Bk Fac CARE B+ /A 10 Reaffirmed Allcargo Logistics Ltd. NCD (NCD) issue CARE AA 2000 Reaffirmed (Proposed) Allcargo Logistics Park Pvt Ltd LT Bk Fac – TL CARE AA (SO) 44.6 Reaffirmed Allcargo Logistics Park Pvt Ltd LT Bk Fac – TL CARE AA (SO) 50 Reaffirmed Allcargo Logistics Park Pvt Ltd LT Bk Fac –FBL CARE AA (SO) 10 Reaffirmed Allcargo Shipping Company Pvt Ltd LT Bk Fac – FB -TL CARE AA (SO) 309.3 Reaffirmed Allcargo Shipping Company Pvt Ltd LT Bk Fac – FB CARE AA (SO) 20 Reaffirmed Limits Anthem Editute Trust LT Bk Fac CARE BB 300 Revised from CARE BB- Ardent Steel Ltd Non-FB - STBG/LC -- Withdrawn Ardent Steel Ltd Bk Fac-TL-LT CARE BB 1518.1 Revised from CARE D (enhanced from 125.22 CR) Ardent Steel Ltd Bk Fac-Fund CARE BB 187.8 Revised from Based-LT CARE D Balaji Enterprises LT Bk Fac CARE B+ 95 Assigned Best Capital Services Ltd. LT Bk Fac CARE BB- 130 Assigned Blue Star Engineering & Electronics LtLT Bk Fac (TL)@ CARE AA+ (SO) 199.8 Reaffirmed '@backed by unconditional and irrevocable corporate guarantee issued by Blue Star Limited (BSL; rated ‘CARE AA+; Stable/CARE A1+’ for bank facilities and instruments). Blue Star Engineering & Electronics LtLT Bk Fac (Bk Fac@ CARE AA+ (SO) 300 Assigned Bothra Shipping Services Pvt Ltd LT Bk Fac CARE A 319.6 Reaffirmed Elektromag Devices Pvt Ltd LT Bk Fac CARE BBB 22.5 Revised from CARE BBB+ Elektromag Joest-Vibration Pvt Ltd LT Bk Fac CARE BBB- 60 Reaffirmed Enrich Agro Food Products Pvt Ltd LT Bk Fac CARE BBB+ 2320.2 Assigned Eros Grand Resorts And Hotel Pvt Ltd LT Bk Fac CARE BB+ 3.4 Revised from CARE BB (Reduced from 11 crore) Etco Denim Pvt Ltd. Bk Fac CARE D 1129.9 Issuer not cooperating Etco Denim Pvt Ltd. LT Bk Fac CARE D 2464.5 Issuer not cooperating Etco Denim Pvt Ltd. ST Bk Fac CARE D 290 Issuer not cooperating Etco Industries Pvt Ltd. LT Bk Fac CARE D 1405.6 Issuer not cooperating Etco Industries Pvt Ltd. ST Bk Fac CARE D 120 Issuer not cooperating Glory Products Pvt Ltd LT Bk facility CARE BB 61.1 Assigned Great Eastern Energy Corporation Ltd LT Bk Fac CARE BB+ 5000.8 Revised from CARE D Great Eastern Energy Corporation Ltd LT NCDs (NCDs) CARE BB+ 815.6 Revised from CARE C Gspc Lng Ltd LT Bk Fac CARE A 5028.7 Reaffirmed (enhanced from Rs.352.87 crore) Gspc Lng Ltd Bk Fac CARE A /A1 1500 Reaffirmed (enhanced from Rs.110 crore) Heritage Beverages Pvt Ltd LT Bk Fac* CARE BBB+ 530 Assigned *The combined business & risk profile of Enrich Agro Food Products Pvt Ltd (EAFPPL), Versatile Polytech Private Limited (VPPL) & Heritage Beverages Pvt Ltd Housing Development Finance CorporatioLT Bk Fac CARE AAA 35820 Reaffirmed Ltd (reduced from 4,575.08 CR) Indian Microfinance Loan Receivables Series A PTC CARE AA (SO) Reaffirmed Trust March 2017 (Originator: Bharat Financial Inclusion Limite... Italia Ceramics Ltd LT Bk Fac CARE BB- 101.9 Reaffirmed J. M. Mhatre Infra Pvt. Ltd Bk Fac-FB - LT-CC -- Withdrawn J. M. Mhatre Infra Pvt. Ltd Bk Fac-Non-FB - -- Withdrawn ST-BG/LC Jaya Hume Pipes Pvt Ltd LT Bk Fac CARE BB- 50 Assigned Jaya Spun Pipes LT Bk Fac CARE BB- 30 Assigned Jindal Denim (India) Pvt Ltd LT Bk Fac# CARE A- (SO) 340 Provisional # Bank facilities are proposed to be backed by the unconditional and irrevocable corporate guarantee of Jindal Worldwide Limited Jyotsanaben K.Goswami LT Bk Fac CARE B 69.6 Reaffirmed (reduced from 8.41 CR) Krofta Papers Pvt Ltd LT Bk Fac CARE B+ 145 Assigned Lambda Therapeutic Research Ltd LT Bk Fac CARE AA- 160 Reaffirmed Lambda Therapeutic Research Ltd Bk Fac CARE AA- /A1+ 300 Reaffirmed Maf Clothing Pvt Ltd Bk Fac CARE BBB- /A3 569 Issuer not cooperating Mahindra Aerostructures Pvt Ltd LT Bk Fac FB CARE BBB+ 526.4 Reaffirmed (reduced from 67.20 CR) Mahindra Aerostructures Pvt Ltd LT Bk Fac Non-FB CARE BBB+ 40 Reaffirmed Marudhar Polysacks Pvt Ltd LT Bk Fac -- Withdrawn Mg Tex Fab Pvt Ltd LT Bk Fac CARE BB- 45.7 Reaffirmed Moka Business Pvt Ltd LT Bk Fac CARE BB 75 Revised from CARE B+ Moka Business Pvt Ltd Bk Fac CARE BB /A4 75 Revised from CARE B+ N S Engineering Pvt Ltd LT Bk Fac CARE BBB 140 Reaffirmed Northstar Solar Power Pvt Ltd LT Bk Fac CARE BBB- 200.7 Reaffirmed (Reduced from 21.72 CR) Oil And Natural Gas Corporation Ltd LT Bk Fac CARE AAA 5000 Reaffirmed Ongc Petro Additions Ltd Compulsorily CARE AAA (SO) 56150 Reaffirmed Convertible Debentures@ '@The above rating is based on the credit enhancement in the form of irrevocable & unconditional undertaking from Oil and Gas Corporation (ONGC- rated CARE AAA; Stable/A1+) Ltd for buy-out of the CCDs on exercise of put-option by investor Orange Mamatkheda Wind Pvt Ltd LT Bk Fac CARE BBB+ 6252 Revised from CARE BBB Repco Microfinance Ltd LT Bk Fac CARE BBB+ 2500 Reaffirmed (Enhanced from 100 CR) Rudra Alloys Pvt Ltd LT Bk Fac CARE B+ 80 Reaffirmed S. S. Fabricators And Manufacturers LT Bk Fac CARE BB+ 100 Reaffirmed Sanskar Synthetics Pvt Ltd LT Bk Fac CARE BB- 129.9 Reaffirmed Senthil Kumar Textiles LT Bk Fac CARE BB- 326.1 Reaffirmed (Enhanced from 6.82 CR) Shree Rajeshwar Weaving Mills Pvt Ltd Bk Fac CARE D/ D 150 Issuer not cooperating Thakurdas Lotwala LT Bk Fac CARE B+ 75 Reaffirmed The Catholic Syrian Bank Ltd Lower Tier II BondsCARE BBB- 418 Reaffirmed Theis Precision Steel India Pvt Ltd LT Bk Fac CARE BBB 155 Reaffirmed (enhanced from 6.00 CR) Uniton Infra Pvt Ltd LT Bk Fac CARE B+ 150 Assigned Vee Kay Enterprises LT Bk Fac CARE B+ 105.5 Reaffirmed Versatile Polytech Pvt Ltd LT Bk Fac* CARE BBB+ 220 Assigned *The combined business & risk profile of Enrich Agro Food Products Pvt Ltd (EAFPPL), Versatile Polytech Private Limited (VPPL) & Heritage Beverages Pvt Ltd Vision Roofings LT Bk facility CARE BB- 52 Assigned Vizag Hospital And Cancer Research LT Bk Fac CARE BBB 174.2 Revised from Centre Pvt Ltd CARE BBB- (enhanced from Rs. 11.29 crore) Vsp International Pvt Ltd Bk Fac CARE BB /A4+ 90 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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