CARE ratings for Indian debt instruments-Oct 17

Source : REUTERS
Last Updated: Mon, Oct 17, 2016 12:40 hrs

Oct 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of October 14, 2016. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------- ---------- ------ ------- --------- SHORT TERM RATINGS: ------------------- Bhaskar Industries Pvt Ltd ST Bk Fac- Non CARE A3+ 400 Reaffirmed Fund Based Blue Star Ltd ST Bk Fac CARE A1+ 10100 Reaffirmed (Non-fund based) Blue Star Ltd CP (standalone) CARE A1+ 4000 Reaffirmed Ceat Ltd ST Bk Fac CARE A1+ 9000 Reaffirmed Ceat Ltd CP (CP) issue* CARE A1+ 2000 Reaffirmed *The aggregate CP outstanding and other working capital borrowings shall be within the sanctioned fund based limits of Rs. 500 crore. Dee Development Engineers Ltd ST Bk Fac CARE A2 1530 Reaffirmed Eco Cements Ltd. ST Bk Fac CARE A4 50 Suspension revoked and rating reaffirmed Grauer & Weil (India) Ltd ST Non-FB Bk Fac CARE A1+ 460 Reaffirmed Gujarat State Petroleum Corporation Ltd ST Bk Fac CARE A1 60000 Revised from CARE A1+ Haldia Energy Ltd Short- term Bk Fac CARE A1 2000 Assigned Haldia Energy Ltd CP (CP) Issue* CARE A1 3000 Assigned *HEL maintains that the aggregate outstanding under CP and cash credit shall be within the sanctioned fund based limit Il&Fs Renewable Energy Ltd ST Bk Fac- TL CARE A1(SO) ^ 9000 Reaffirmed ^Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee extended by IL&FS Energy Development Company Ltd. (IEDCL, rated CARE A+) to the short-term bank facilities of IREL. Indian Railway Finance Corporation LtdMarket Borrowing CARE A1+ 80000 Reaffirmed Programme (FY17) Indicon Westfalia Ltd. ST Bk Fac CARE A1+ (SO) 10 Reaffirmed Iup Jindal Metals And Alloys Ltd Short- term Bk Fac CARE A3+ 50 Reaffirmed Kesoram Industries Ltd ST Bk Fac CARE A1 5850 Reaffirmed Krishna Buildestates Pvt Ltd ST Bk Fac CARE A3 40 Assigned Mercator Ltd ST Bk Fac CARE A3+ 1125.1 Revised from CARE A2+ Mercator Ltd ST Bk Fac CARE A3+ (SO) 1240 Revised from CARE A2+ (SO) Mother Dairy Fruit And Vegetable Pvt Ltd ST Bk Fac CARE A1+ 100 Reaffirmed Mother Dairy Fruit And Vegetable Pvt Ltd ST Instruments CARE A1+ 3000 * Reaffirmed *carved out of the sanctioned working capital limits of the company. Navneet Education Ltd ST non-fund based CARE A1+ 20 Reaffirmed Bk limits Nilkamal Bito Storage Systems Pvt Ltd ST non-fund based CARE A1 120 Revised from Bk limits CARE A2+ Nocil Ltd ST Bk Fac CARE A1+ 800 Reaffirmed Nocil Ltd CP issue* CARE A1+ 500 Reaffirmed *carved out of the sanctioned working capital limits of the company O. P. Jindal Global University Short- term Bk Fac CARE A3+ 250 Reaffirmed Rajasthan Antibiotics Ltd ST Bk Fac CARE A3 200 Revised from CARE A3+ ; Removed from credit watch Sadbhav Engineering Ltd CP (carved out of CARE A1+ 1500 Reaffirmed working capital limits) Sadbhav Engineering Ltd CP (standalone) ^ CARE A1+ 500 Reaffirmed ^Sadbhav Engineering Limited (SEL) has given an undertaking to keep the sanctioned fund-based working capital limits unutilized to the extent of the standalone CP issue of Rs.50 crore. SEL has confirmed that the total of utilisation of fund-based working capital limits (within consortium) and outstanding of CP issued shall not exceed 'the sanctioned fund-based working capital limits under consortium or drawing power', whichever is lower. MEDIUM TERM RATINGS: ------------------- Dhampur Sugar Mills Ltd Medium-term CARE BBB- (FD) 300 Reaffirmed Instruments (FD) LONG TERM RATINGS: ------------------- Antony Road Transport Solutions Pvt Ltd LT Bk Fac CARE B+ 250 Assigned Bhadresh Agro Venture Ltd Bk facility Withdrawn Bhaskar Industries Pvt Ltd LT Bk Fac - TL CARE BBB+ 1364.5 Reaffirmed Bhaskar Industries Pvt Ltd LT Bk Fac- Fund CARE BBB+ 1420 Reaffirmed Based Bhilwara Jaipur Toll Road Pvt Ltd LT Bk Fac CARE A- (SO) 2522.9 Reaffirmed Blue Star Ltd LT Bk Fac (Fund CARE AA+ 500 Reaffirmed based Ceat Ltd LT Bk Fac CARE AA 9550 Revised from CARE AA- Ceat Ltd NCD issue CARE AA 2000 Revised from CARE AA- Dee Development Engineers Ltd LT Bk Fac CARE A- 641.9 Reaffirmed Dee Development Engineers Ltd LT/ ST Bk Fac CARE A-/CARE A25710 Reaffirmed Dhampur Sugar Mills Ltd LT Bk Fac CARE BBB- 9532.1 Reaffirmed Eco Cements Ltd. LT Bk Fac CARE BB 291.5 Suspension revoked and rating revised from CARE BB- Ecoplus Steels Pvt Ltd LT Bk Fac CARE BB 589.1 Suspension revoked and rating revised from CARE Gail (India) Ltd LT Bonds - Series CARE AAA 7500 Reaffirmed 2012 Gail (India) Ltd LT Bonds - Series CARE AAA 5000 Reaffirmed 2015 Gail (India) Ltd Proposed LT Bonds CARE AAA 5000 Reaffirmed Gail (India) Ltd LT/ST Bk Fac CARE AAA /CARE 39500 Reaffirmed A1+ Gmr Bajoli Holi Hydropower Pvt Ltd LT Bk Fac (TL) CARE BBB- 13800 Reaffirmed Gmr Bajoli Holi Hydropower Pvt Ltd LT Bk Fac (Non CARE BBB- 250 Reaffirmed Fund based) Grauer & Weil (India) Ltd LT FB Bk Fac CARE AA- 650 Revised from CARE A+ Grauer & Weil (India) Ltd CP issue* Withdrawn* *carved out of the sanctioned working capital limits of the company Gravity Ferrous Pvt Ltd LT Bk Fac CARE BB+ 171.5 Revised from CARE BB Gujarat State Petroleum Corporation Ltd Subordinated NCDs* CARE A 10000 Revised from CARE AA- Gujarat State Petroleum Corporation Ltd Subordinated NCDs$ CARE A 10000 Revised from CARE AA- Gujarat State Petroleum Corporation Ltd LT Bk Fac CARE A+ 157170.4Revised from CARE AA Gujarat State Petroleum Corporation Ltd NCDs CARE A+ 40000 Revised from CARE AA Haldia Energy Ltd LT Bk Fac CARE A 36460 Reaffirmed Haridwar Highways Project Ltd LT Bk Fac CARE B+ 9810.9 Reaffirmed Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 15700 Reaffirmed Programme (FY07) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 24210 Reaffirmed Programme (FY08) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 48790 Reaffirmed Programme (FY09) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 45298.3 Reaffirmed Programme (FY10) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 57314.7 Reaffirmed Programme (FY11) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 113850 Reaffirmed Programme (FY12) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 81060.4 Reaffirmed Programme (FY13) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 88283.4 Reaffirmed Programme (FY14) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 26250 Reaffirmed Programme (FY15) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 192000 Reaffirmed Programme (FY16) Indian Railway Finance Corporation Ltd Market Borrowing CARE AAA 409850 Reaffirmed Programme (FY17) Indian Railway Finance Corporation Ltd Market Borrowing Withdrawn* Programme (FY15) * Rating has been withdrawn since there is no outstanding under the said issue. Indian Railway Finance Corporation Ltd Market Borrowing Withdrawn* Programme (FY16) * Rating has been withdrawn since there is no outstanding under the said issue. Indicon Westfalia Ltd. LT Bk Fac CARE AA (SO) 100 Reaffirmed Irb Infrastructure Developers Ltd LT Bk Fac CARE AA-(SO) * 4200 Reaffirmed *The credit enhancement is in the form of put option wherein the lenders of the above rated facility of IRB Infrastructure Developers Ltd. (IRB) would require Mhaiskar Infrastructure Private Limited (MIPL) to purchase the said facility and/or any interest due to be paid referred to as the put amount, within 15 days of exercise of the Put Option viz T+15 (final legal maturity with T as the due date of debt servicing for IRB) throughout the tenure of the facility. The credit enhancement also factors the Structured Payment Mechanism (SPM) in case of exercise of the above put option Iup Jindal Metals And Alloys Ltd LT Bk Fac CARE BBB- 140 Reaffirmed Kesoram Industries Ltd Long/ST Bk Fac CARE A/CARE A1 13150 Reaffirmed Kesoram Industries Ltd Optionally CARE BBB+ 900 Reaffirmed Convertible Redeemable PS Krishna Buildestates Pvt Ltd Long/ST Bk Fac CARE BBB-/CARE 100 Assigned A3 Lanco Babandh Power Ltd LT Bk Fac (TL) CARE D 83440 Reaffirmed Lanco Babandh Power Ltd Long/ Short- term CARE D 7500 Reaffirmed Bk Fac (Non-Fund Based) Leopard Vitrified Pvt Ltd LT Bk Fac CARE BB 355.5 Revised from CARE BB- Leopard Vitrified Pvt Ltd LT/ST Bk Fac CARE BB/CARE A442.5 Revised from CARE BB-/ CARE A4 Malwa Power Pvt Ltd LT Bk Fac CARE A- (SO)# 92.2 Revised from CARE BBB+(SO) #backed by unconditional and irrevocable corporate guarantee provided by Dee Development Engineers Limited (rated CARE A-/ CARE A2 ) Mercator Ltd LT Bk Fac CARE BBB 11998.3 Revised from CARE A- Mercator Ltd NCD issue CARE BBB 1500 Revised from CARE A- Mercator Ltd LT Bk Fac CARE BBB (SO) 992 Revised from CARE A- Mother Dairy Fruit And Vegetable Pvt Ltd LT Bk Fac CARE AAA 13150 Revised from CARE AA+ Mother Dairy Fruit And Vegetable Pvt Ltd LT Bk Fac - TL Withdrawn^ ^Withdrawal of Rs.68.25 crore Term loan facilities as the company has fully repaid the aforementioned bank facilities in full and there is no outstanding under the said bank facilities Navneet Education Ltd LT /ST Bk limits CARE AA+/CARE 3000 Reaffirmed A1+ Nilkamal Bito Storage Systems Pvt Ltd LT FB Bk limits CARE A 70 Revised from CARE A- Nocil Ltd LT Bk Fac CARE AA 1425 Revised from CARE AA- O. P. Jindal Global University LT Bk Fac CARE BBB 2800 Reaffirmed Quagel Chemicals (Bhavnagar) Pvt Ltd Bk facility Withdrawn Raj Steel Rolling Mills LT Bk Fac CARE BB+ 100 Assigned Rajasthan Antibiotics Ltd LT Bk Fac CARE BBB- 464.1 Revised from CARE BBB ; Removed from Rural Electrification Corporation Ltd LT Market CARE AAA 9517.9 Reaffirmed Borrowing Programme - FY05 Rural Electrification Corporation Ltd LT Market CARE AAA 35841 Reaffirmed Borrowing Programme - FY06 Rural Electrification Corporation Ltd LT Market CARE AAA 3148 Reaffirmed Borrowing Programme - FY07 Rural Electrification Corporation Ltd LT Market CARE AAA 15683 Reaffirmed Borrowing Programme - FY08 Rural Electrification Corporation Ltd LT Market CARE AAA 99213 Reaffirmed Borrowing programme - FY09 Rural Electrification Corporation Ltd LT Market CARE AAA 136607.8Reaffirmed Borrowing programme - FY10 Rural Electrification Corporation Ltd LT Market CARE AAA 157981 Reaffirmed Borrowing programme - FY11 Rural Electrification Corporation Ltd LT Market CARE AAA 70000 Reaffirmed Borrowing programme - FY17 Rural Electrification Corporation Ltd LT Market CARE AAA 258625.5Reaffirmed Borrowing programme - FY12 Rural Electrification Corporation Ltd LT Market CARE AAA 360000 Reaffirmed Borrowing programme - FY13 Rural Electrification Corporation Ltd LT Market CARE AAA 370000 Reaffirmed Borrowing programme - FY14 Rural Electrification Corporation Ltd LT Market CARE AAA 410000 Reaffirmed Borrowing programme - FY15 Rural Electrification Corporation Ltd LT Market CARE AAA 365000 Reaffirmed Borrowing programme - FY16 Rural Electrification Corporation Ltd LT Market CARE AAA 150000 Reaffirmed Borrowing programme - FY17 Rural Electrification Corporation Ltd LT Market Withdrawn* Borrowing programme - FY16* * Withdrawal of short term ratings for FY16 Market Borrowing Programme as there is no outstanding under the said issue Sadbhav Engineering Ltd LT Bk Fac CARE A+ 5266.8 Reaffirmed Sadbhav Engineering Ltd LT NCD CARE A+ 2700 Reaffirmed Sadbhav Engineering Ltd LT/ST Bk Fac CARE A+/CARE 18000 Reaffirmed A1+ Sadbhav Infrastructure Project Ltd NCD@ CARE A+ (SO) 5005.4 Reaffirmed Sadbhav Infrastructure Project Ltd NCD@ CARE A+ (SO) 3000 Assigned Shine Cotspin Pvt Ltd LT Bk Fac CARE BB- 250 Assigned Venus Industrial Corporation Pvt Ltd Bk facility Suspended Venus Stampings Pvt Ltd Bk facility Suspended -------------------------------------------------------------------------------------------- $: 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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