CARE ratings for Indian debt instruments-Oct 14

Source : REUTERS
Last Updated: Fri, Oct 14, 2016 11:40 hrs

Oct 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of October 13, 2016. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------- ---------- ------ ------- --------- SHORT TERM RATINGS: ------------------- Anjaney Ferro Alloys Ltd Short- term Bk Fac CARE A1 190 Reaffirmed Caddie Hotels Pvt Ltd Short- term Bk Fac CARE A3 700 Reaffirmed Harita Seating Systems Ltd ST Bk Fac# - - Withdrawn #CARE has withdrawn the rating assigned to the facility with immediate effect, due to extinguishment of the same and there is no amount outstanding under the facility as on date Hilton Metal Forging Ltd Short- term Bk Fac CARE A4 270 Reaffirmed Jm Ferro Alloys Pvt Ltd Short- term Bk Fac CARE D 120 Revised from CARE A4 Karuna Management Services Ltd Short- term Bk Fac CARE A3 88 Reaffirmed Leesun Ceramics Tiles Co. Short- term Bk Fac CARE A4 25 Assigned Maithan Alloys Ltd Short- term Bk Fac CARE A1+ 3150 Reaffirmed (enhanced from 227 Cr) Neeraj Paper Marketing Ltd Short- term Bk Fac CARE A4+ 200 Revised from CARE A4 Om Metals Infraprojects Ltd Short- term Bk Fac CARE A2+ 50 Reaffirmed Raymond Luxury Cottons Ltd Short- term Bk Fac CARE A1 800 Reaffirmed Satluj Spintex Ltd Short- term Bk Fac CARE A3 12.5 Assigned Shivam Hospital Short- term Bk Fac CARE A4+ 75 Revised from CARE A4 Shri Siddhi Vinayak Trust Short- term Bk Fac CARE A4 3.4 Reaffirmed Sintex Industries Ltd ST Debt (STD)/ CP CARE A1+ % 3000 (CP) (Carved Out) Sintex Industries Ltd STD / CP CARE A1+ % 4000 (Standalone) Sintex-Bapl Ltd Short- term Bk Fac CARE A2 % 70 Transoceanic Agro Comm Pvt Ltd Short- term Bk Fac CARE A3 2111 Assigned LONG TERM RATINGS: ------------------- Alfa Trust Sept 2016 Series A PTCs CARE A- (SO) Assigned Provisional Anjaney Ferro Alloys Ltd LT Bk Fac CARE A 185 Reaffirmed Bee Systems LT Bk Fac CARE BB+ 75 Revised from CARE BB Bhadresh Agro Venture Ltd LT / ST Bk Fac CARE D 750 Revised from CARE BB+ / CARE A4+ Caddie Hotels Pvt Ltd LT Bk Fac CARE BBB- 1848.9 Reaffirmed Cedar Mfi Trust 31 Series A PTCs CARE BBB (SO) 950 Assigned Cedar Mfi Trust 32 Series A PTCs CARE BBB (SO) 589.1 Assigned Cedar Mfi Trust 33 Series A PTCs CARE BBB (SO) 248.6 Assigned Cedar Mfi Trust 34 Series A PTCs CARE BBB (SO) 985.1 Assigned Provisional Coral Associates LT / ST Bk Fac CARE BB+ /CARE 88.3 Assigned A4+ Data Infosys Ltd LT Bk Fac CARE BBB- 10 Assigned Data Infosys Ltd LT / ST Bk Fac CARE BBB-/CARE 80 Assigned A3 Dhanlaxmi Bank Ltd Lower Tier II BondsCARE BB+ 1177 Reaffirmed Dq Entertainment International Ltd LT Bk Fac CARE D 1555.8 Revised from CARE BB (reduced from 204.70 Cr) Emami Frank Ross Ltd LT Bk Fac CARE BBB 450 Reaffirmed (enhanced from 34.25 Cr) Ganpati Mega Builders Pvt Ltd LT Bk Fac CARE BB 60 Assigned Ganpati Mega Builders Pvt Ltd LT / ST Bk Fac CARE BB /CARE 90 Assigned A4 Harita Seating Systems Ltd LT Bk Fac (TL)* - - Withdrawn *CARE has withdrawn the rating assigned to the Term Loan facility with immediate effect, as the company has fully repaid the amount under the said facility and there is no amount outstanding under the facility as on date Harita Seating Systems Ltd LT Bk Fac CARE A- 278 Revised from CARE BBB+ (reduced from 28.03 Cr) Harita Seating Systems Ltd LT / ST Bk Fac CARE A-/CARE 50 Revised from A2+ CARE BBB+/ CARE A3+ Hilton Metal Forging Ltd LT Bk Fac CARE BB- 70 Revised from CARE BB Indraprastha Gas Ltd LT Instruments - CARE AAA 4000 Reaffirmed Bonds (Proposed) Jm Ferro Alloys Pvt Ltd LT Bk Fac CARE D 75 Revised from CARE B+ Jsw Techno Projects Management Ltd LT Bk Fac CARE BBB+ 6000 Reaffirmed Karuna Management Services Ltd LT Bk Fac CARE BBB 945 Reaffirmed Leesun Ceramics Tiles Co. LT Bk Fac CARE B+ 93.2 Assigned Maithan Alloys Ltd LT Bk Fac CARE A+ 1747.6 Reaffirmed (enhanced from 55 Cr) Nadhi Bio Products Pvt Ltd LT Bk Fac CARE BBB- 548.1 Revised from CARE BB+ (reduced from 60 Cr) Navachetana Microfin Services Pvt Ltd LT Bk Fac CARE BB+ 800 Reaffirmed Navayuga Engineeering Co. Ltd LT Bk Fac CARE A- 25433.8 Revised from CARE BBB+ (enhanced from 2,158.86) Navayuga Engineeering Co. Ltd LT / ST Bk Fac CARE A-/CARE 48000 Revised from A2+ CARE BBB+ / CARE A2 (enhanced from 4,000 Cr) Neeraj Paper Marketing Ltd LT Bk Fac CARE BB+ 600 Revised from CARE BB Ob Infrastructure Ltd Non - Convertible CARE A+ (SO) 2539 Revised from Debentures* CARE A (SO) [Reduced from Rs. 284.50 crore] * backed by structured payment mechanism for servicing of NCDs. Om Metals Infraprojects Ltd LT Bk Fac CARE A- 1320 Reaffirmed (reduced from 134 Cr) Om Metals Infraprojects Ltd LT / ST Bk Fac CARE A-/CARE 4070 Reaffirmed A2+ Raymond Luxury Cottons Ltd LT Bk Fac CARE A- 3383.2 Reaffirmed [Enhanced from Rs. 241.94 crore] Reliance Broadcast Network Ltd LT Bk Fac # CARE AA (SO) 1000 Continues on credit watch # backed by letter of comfort from RCL. Reliance Broadcast Network Ltd LT NCD NCD - 1 # CARE AA (SO) 2500 Continues on credit watch # backed by letter of comfort from RCL. Reliance Broadcast Network Ltd LT NCD NCD - 2 ^ CARE AA (SO) 2000 Continues on credit watch ^ Backed by credit enhancement in the form of an unconditional and irrevocable mandatory PUT option by RCL, in favour of the debenture trustee on behalf of the debenture holders for timely repayment of all outstanding amount Reliance Broadcast Network Ltd LT Bk Fac @ CARE AAA (SO) 2854.4 Continues on credit watch (reduced from Rs 285.66 crores) @ Backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited (Guarantor or Benefactor) Reliance Broadcast Network Ltd LT NCD NCD - 3 ^ CARE AAA (SO) 1500 Continues on credit watch ^ Backed by credit enhancement in the form of an unconditional and irrevocable mandatory PUT option by RCL, in favour of the debenture trustee on behalf of the debenture holders for timely repayment of all outstanding amount Reliance Broadcast Network Ltd LT NCD NCD - 4 ^ CARE AAA (SO) 250 Continues on credit watch ^ Backed by credit enhancement in the form of an unconditional and irrevocable mandatory PUT option by RCL, in favour of the debenture trustee on behalf of the debenture holders for timely repayment of all outstanding amount Reliance Broadcast Network Ltd LT NCD NCD - 5 # CARE AAA (SO) 500 Continues on credit watch # backed by letter of comfort from RCL. Satluj Spintex Ltd LT Bk Fac CARE BBB- 2318.8 Assigned Shivam Hospital LT Bk Fac CARE BB+ 23.2 Revised from CARE BB Shree Ram Cottex Industries Pvt Ltd LT Bk Fac CARE B+ 300 Assigned Shri Siddhi Vinayak Trust LT Bk Fac CARE BB 98.3 Reaffirmed (reduced from 9.85 Cr) Sidhidata Solar Urja Pvt Ltd LT Bk Fac CARE BBB+ 229.1 Reaffirmed (reduced from 24.25 Cr) Sintex Industries Ltd LT Bk Fac CARE AA+ % 52426.3 Sintex Industries Ltd NCDs (NCD) CARE AA+ % 15675 Sintex Industries Ltd LT / ST Bk Fac CARE AA+ /CARE 3000 A1+ % Sintex Infra Projects Ltd LT Bk Fac CARE A % 2185.4 Sintex Infra Projects Ltd LT/ ST Bk Fac CARE A / 5100 CARE A1 % Sintex-Bapl Ltd LT Bk Fac CARE A % 1862.9 Sobha Ltd LT Bk Fac-TL CARE A 19705.6 Reaffirmed Sobha Ltd LT Bk Fac-Fund CARE A 4300 Reaffirmed Based-Working Capital Sobha Ltd LT Bk Fac- Non CARE A 3750 Reclassified Fund Based from CARE A2+ Thane Ghodbunder Toll Road Pvt Ltd LT Bk Fac CARE BBB- 1106.3 Reaffirmed (reduced from 123.69 Cr) Tirupati Steel Enterprises LT Bk Facility CARE BB- 200 Reaffirmed Transoceanic Agro Comm Pvt Ltd LT Bk Fac CARE BBB- 21 Assigned Universal Cylinders Ltd LT Bk Fac CARE BB 50 Assigned Voltamp Transformers Ltd LT Bk Fac CARE AA- 100 Reaffirmed Voltamp Transformers Ltd LT / ST Bk Fac CARE AA-/CARE 1860.3 Reaffirmed A1+ (reduced from 188.30 Cr) -------------------------------------------------------------------------------------------- $: 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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