CARE ratings for Indian debt instruments-Oct 19

Last Updated: Wed, Oct 19, 2016 12:40 hrs

Oct 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of October 18, 2016. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------- ---------- ------ ------- --------- SHORT TERM RATINGS: ------------------- Aqua Designs (India) Pvt Ltd ST Bk Fac CARE A3 870 Reaffirmed Bhaskar Steel & Ferro Alloy Pvt Ltd ST Bk Fac CARE A3 (SO) 100 Reaffirmed Emami Paper Mills Ltd ST Bk Fac CARE A1 2950 Reaffirmed Gasha Steels Pvt Ltd ST Bk Fac CARE A4+ 110 Assigned Gujarat State Petronet Ltd ST Bk Fac CARE A1+ 1000 Reaffirmed Jamipol Ltd ST Bk Fac CARE A1+ 10 Reaffirmed Karuna Telelink Pvt Ltd ST Bk Fac CARE A3+ 11 Reaffirmed Kerala Steel Associate LT Bk Fac CARE A4+ 60 Assigned Oil And Natural Gas Corporation Ltd ST Bk Fac CARE A1+ 95000 Reaffirmed Purti Vanaspati Pvt Ltd ST Bk Fac CARE A3 1100 Reaffirmed Raymond Ltd ST Bk Fac CARE A1+ 3900 Reaffirmed Raymond Ltd Commercial Pape CARE A1+ 2500 Reaffirmed Reliance Jute Mills (International) ST Bk Fac CARE A4 120 Reaffirmed Ltd S.P.R Constructions ST Bk Fac CARE A4+ 250 Assigned Sona Processors (India) Ltd ST Bk Fac CARE A3 21 Assigned Srmb Srijan Pvt Ltd ST Bk Fac CARE A3 1080 Reaffirmed Tamboli Castings Ltd ST Bk Fac CARE A2 42 Revised from CARE A3+ Tamil Nadu Newsprint And Papers Ltd ST Bk Fac CARE A1 3250 Reaffirmed The South Indian Bank Ltd CDs CARE A1+ 50000 Reaffirmed Thieh Ingots Pvt Ltd ST Bk Fac CARE A4+ 100 Assigned Upper India Steel Manufacturing And ST Bk Fac CARE A4 199 Reaffirmed Engineering Co. Ltd LONG TERM RATINGS: ------------------- Aqua Designs (India) Pvt Ltd LT Bk Fac CARE BBB- 630 Reaffirmed Bhaskar Steel & Ferro Alloy Pvt Ltd LT Bk Fac CARE BBB-(SO) 739.7 Reaffirmed Canara Hsbc Obc Life Insurance Co. LtdCPA/Financial CARE AAA (In) Reaffirmed Strength Classic Mall Development Company Pvt NCD CARE AA+ 4500 Reaffirmed Ltd Container Corporation Of India Ltd Issuer Rating* CARE AAA - Reaffirmed *CARE Rating has applied its rating methodology for Issuer rating to assess credit rating of Container Corporation of India Limited. Container Corporation Of India Ltd LT Non-FB Bk Fac CARE AAA 3820 Reaffirmed Emami Paper Mills Ltd LT Bk Fac CARE A 11601 Reaffirmed Emson Gears Ltd LT Bk Fac CARE BB- 600 Assigned Essential Hospitality Pvt Ltd Proposed NCDs Provisional CAR1000 Assigned (NCDs) @ (SO) Gasha Steels Pvt Ltd LT Bk Fac CARE BB+ 40 Assigned Gspl India Gasnet Ltd LT/ST Bk Fac# CARE AA+ 400 Reaffirmed (SO)/CARE A1+ (SO) # backed by an unconditional & irrevocable corporate guarantee of Gujarat State Petronet Ltd Gspl India Transco Ltd LT/ST Bk Fac# CARE AA+ 250 Reaffirmed (SO)/CARE A1+ (SO) # backed by an unconditional & irrevocable corporate guarantee of Gujarat State Petronet Ltd. Gujarat Jhm Hotels Ltd LT Bk Fac CARE BBB+ 588.7 Revised from CARE BBB Gujarat State Petronet Ltd LT Bk Fac CARE AA+ 8798.5 Reaffirmed Gujarat State Petronet Ltd LT/ST Bk Fac CARE AA+/CARE 28000 Reaffirmed A1+ Ice Make Refrigeration Pvt Ltd LT Bk Fac CARE BBB- 22.7 Assigned Ice Make Refrigeration Pvt Ltd LT/ ST Bk Fac CARE BBB-/CARE 95 Assigned A3 Jamipol Ltd Long /ST Bk Fac CARE AA-/CARE 200 Reaffirmed A1+ Jsl Lifestyle Ltd LT Bk Fac CARE BBB- 473.5 Revised from CARE BB+ Jsl Lifestyle Ltd ST Bk Fac CARE BBB-/A3 400 Revised from CARE BB+/A4+ Kairali Structural Fabrication Pvt LtdLT Bk Fac CARE BB 50 Assigned Kairali Structural Fabrication Pvt LtdLT/ST Bk Fac CARE BB/CARE 100 Assigned A4+ Kalliyath Steel Traders LT Bk Fac CARE BB+ 60 Assigned Kalliyath Steel Traders LT/ ST Bk Fac CARE BB+/CARE 40 Assigned A4+ Karnataka Water And Sanitation Pooled LT Bk Fac* Provisional CAR2000 Assigned Fund Trust (SO) * backed by unconditional and irrevocable undertaking provided by Government of Karnataka (GoK) to make budgetary allocations for timely debt servicing and make good without demur any cash shortfall arising on this loan commitment. The rating is provisional and subject to implementation of structured payment mechanism and signing of tripartite agreement between GoK, KWSPFT and lenders in line with indicative terms and conditions submitted to CARE. Karuna Telelink Pvt Ltd LT Bk Fac CARE BBB 49 Reaffirmed Kec International Ltd LT Bk Fac (TL) CARE A+ 1634.6 Reaffirmed Kec International Ltd LT Bk Fac (FB) CARE A+ 16000 Reaffirmed Kec International Ltd NCD CARE A+ 750 Reaffirmed Kec International Ltd Long/ST Bk Fac CARE A+/CARE 104000 Revised from (Non-FB) A1+ CARE A1 and reclassified from Short- Term Kerala Steel Associate LT Bk Fac CARE BB+ 90 Assigned Lanco Vidarbha Thermal Power Ltd LT Bk Fac CARE D 96140 Reaffirmed Man Infraconstruction Ltd LT fund based Bk CARE BBB+ 325 Reaffirmed Man Infraconstruction Ltd Long/ST nonfund CARE BBB+/A2 1881.8 Reaffirmed based Bk Nashik Sinnar Tollways Ltd LT Bk Fac CARE BBB- 1900 Reaffirmed North Bihar Highway Ltd LT Bk Fac - TL CARE A- 2750 Assigned (Senior Debt) North Bihar Highway Ltd Non - Convertible CARE A- 2000 Assigned Debenture North Bihar Highway Ltd LT Bk Fac - TL CARE BBB+ 500 Assigned (Subordinate Debt) Oil And Natural Gas Corporation Ltd LT Bk Fac CARE AAA 5000 Reaffirmed Omaxe Ltd LT Bk Fac CARE BBB- 10550 Reaffirmed Omaxe Ltd Medium Term CARE BBB (FD) 2000 Reaffirmed Instruments- Fixed Deposit Omaxe Ltd NCDs (NCD) CARE BBB (SO)* 250 Reaffirmed * The above ratings are based on the credit enhancement in the form of Structured Payment Mechanism including operation of Escrow Accounts. Omaxe Ltd LT/ST Bk Fac CARE BBB-/CARE 1450 Reaffirmed A3 Ongc Petro-Additions Ltd Compulsorily CARE AAA (SO) 56150 Reaffirmed Convertible Debentures Osho Forge Ltd LT Bk Fac CARE BB- 500 Assigned Prakash Asphaltings And Toll Highways LT Bk Fac CARE BBB+ 2048.4 Revised from (India) Ltd CARE BBB Prakash Asphaltings And Toll Highways LT / ST Bk Fac CARE BBB+/A2 3115.5 Revised from (India) Ltd CARE BBB/A3+ Purti Vanaspati Pvt Ltd LT Bk Fac CARE BBB- 100 Reaffirmed Raymond Ltd LT Bk Fac CARE AA 12750 Reaffirmed Raymond Ltd NCDs CARE AA 2350 Reaffirmed Raymond Ltd NCDs Withdrawn Reliance Jute Mills (International) LtLT Bk Fac CARE BB- 8.5 Reaffirmed Reliance Jute Mills (International) LtLong/ST Bk Fac CARE BB-/CARE 130 Reaffirmed A4 Reliance Ports And Terminals Ltd LT Bk Fac CARE AAA 499 Reaffirmed Reliance Ports And Terminals Ltd NCD* CARE AAA 65000 Reaffirmed S.P.R Constructions LT Bk Fac CARE BB+ 80 Assigned Sona Processors (India) Ltd LT Bk Fac CARE BBB- 396.7 Assigned Srmb Srijan Pvt Ltd LT Bk Fac CARE BBB- 2118.7 Reaffirmed Suvarna Fabrotech Pvt Ltd Long/ST Bk Fac CARE BB-/CARE 97.5 Assigned A4 Tamboli Castings Ltd LT Bk Fac CARE BBB+ 185.9 Revised from CARE BBB Tamil Nadu Newsprint And Papers Ltd LT Bk Fac CARE A+ 21193.5 Reaffirmed Tamil Nadu Newsprint And Papers Ltd Long /ST Bk Fac CARE A+/A1+ 4250 Reaffirmed The South Indian Bank Ltd Lower Tier II BondsCARE A+ 2000 Reaffirmed The South Indian Bank Ltd Tier II Bonds CARE A+ 3000 Reaffirmed (Basel III Compliant) Thieh Ingots Pvt Ltd LT Bk Fac CARE BB+ 50 Assigned Upper India Steel Manufacturing And LT Bk Fac CARE BB- 576 Reaffirmed Engineering Co. Ltd Weldfast Electrodes Pvt Ltd LT Bk Fac CARE BBB 50 Reaffirmed -------------------------------------------------------------------------------------------- $: 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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