RPT-CARE ratings for Indian debt instruments-Jan 12

Last Updated: Fri, Jan 13, 2017 10:40 hrs

(Repeating to add additional Ratings) Jan 12 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of January 11, 2017. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------- ---------- ------ ------- --------- SHORT TERM RATINGS: ------------------- A S Wood Impex Pvt Ltd ST Bk Fac CARE A3 450 Reaffirmed Asahi Songwon Colors Ltd ST Bk Fac CARE A1+ 330 Reaffirmed Asahi Songwon Colors Ltd CP* CARE A1+ 200 Reaffirmed * carved out of the sanctioned working capital limits of the company Bansal Extraction And Exports Pvt Ltd ST Bk Fac CARE A4 30 Reaffirmed D. K. Project Pvt Ltd ST Bk Fac CARE A3 250 Reaffirmed Deep Industries Ltd ST Bk Fac CARE A1 24.4 Revised from CARE A2+ Energy Development Company Ltd ST Bk Fac CARE A3+ 300 Reaffirmed Fairdeal Fibc Overseas ST Bk Fac CARE A4 40 Reaffirmed Fedders Lloyd Corporation Ltd ST Bk Fac CARE A3+ 8850 Reaffirmed Gondwana Engineers Ltd ST Bk Fac CARE A4 540 Assigned Harsha Engineers Ltd CP CARE A1+ 200 Reaffirmed; Removed from Credit Watch Hindys Lab Pvt Ltd ST Bk Fac CARE A4+ 140 Reaffirmed Hsil Ltd ST Bk Fac CARE A1+ 2500 Reaffirmed Hindys Lab Pvt Ltd ST Bk Fac CARE BB+ 195 Reaffirmed Hsil Ltd CPs* CARE A1+ 2500 Reaffirmed *carved out of sanctioned working capital limits of the company. India Circuits Ltd ST Bk Fac CARE A4 75 Assigned International Paper Appm Ltd ST Bk Fac CARE A1+(SO) 635 Reaffirmed Lambda Therapeutic Research Ltd ST Bk Fac CARE A1+ 20 Reaffirmed Mahalaxmi Exports ST Bk Fac CARE A3 141.5 Reaffirmed Maithan Ceramic Ltd ST Bk Fac CARE A2 160 Revised from CARE A3+ Mangalam Timber Products Ltd ST Bk Fac CARE A4 60.8 Reaffirmed Pennar Engineered Building Systems LtdST Bk Fac CARE A1 (SO) 0.7 Reaffirmed Pennar Industries Ltd ST Bk Fac CARE A1 1400 Reaffirmed Purbanchal Cement Ltd ST Bk Fac CARE A2 10 Reaffirmed Shristi Ispat & Alloys Ltd ST Bk Fac Withdrawn Renaatus Projects Pvt Ltd ST Bk Fac CARE A3 500 Reaffirmed Scott-Edil Advance Research ST Bk Fac CARE A3+ 42 Assigned Laboratories & Education Ltd Scott-Edil Pharmacia Ltd ST Bk Fac CARE A3+ 250 Assigned Shyam Metalics & Energy Ltd ST Bk Fac CARE A1 3020 Assigned Sitapuram Power Ltd ST Bk Fac CARE A3+ 100 Reaffirmed Srg Spinning & Weaving Mills Pvt Ltd ST Bk Fac CARE A4 50 Assigned Sunkraft Designs ST Bk Fac CARE A4 0.5 Reaffirmed Tibrewala Electronics Ltd ST Bk Fac CARE A2 237.6 Reaffirmed Todi Rayons Pvt Ltd ST Bk Fac CARE A4 15 Reaffirmed Tulsi Dye Chem Pvt Ltd ST Bk Fac CARE A3 502.5 Reaffirmed Vento Ceramic ST Bk Fac CARE A4 15.5 Assigned Vishva Electrotech Ltd ST Bk Fac CARE A4 150 Reaffirmed MEDIUM TERM RATINGS: ------------------- Dhampur Sugar Mills Ltd Medium Term Fixed CARE BBB (FD) 300 Revised from Deposit CARE BBB- (FD) Harsha Engineers Ltd Medium Term CARE A (FD) 220 Revised from Instrument - Fixed CARE A+ (FD); Deposit Removed from Credit Watch LONG TERM RATINGS: ------------------- A S Wood Impex Pvt Ltd LT Bk Fac CARE BBB- 25 Reaffirmed Agarwal Reclaim And Rubber Products Pvt LT Bk Fac CARE D 115 Revised from Ltd CARE BB- Agrow Foods LT Bk Fac CARE B 100 Reaffirmed Asahi Songwon Colors Ltd LT Bk Fac CARE AA- 52.5 Revised from CARE A+ Asahi Songwon Colors Ltd LT/ST Bk Fac CARE AA-/CARE 410 Revised from A1+ CARE A+/ CARE A1+ Bansal Extraction And Exports Pvt Ltd LT Bk Fac CARE B+ 196.4 Reaffirmed Bansal Extraction And Exports Pvt Ltd LT/ST Bk Fac CARE B+/CARE A4450 Reaffirmed Bhilai Jaypee Cement Ltd LT Bk Fac CARE D 1700 Reaffirmed Bhilai Jaypee Cement Ltd ST Bk Fac CARE D 1350 Reaffirmed Curo India Pvt Ltd LT Bk Fac CARE BB(SO)^ 550 Assigned ^ The rating is based on the credit enhancement in the form of structured payment mechanism which entails operating escrow account and maintenance of DSRA in the form of lien marked fixed deposit (covering three month's principal and interest obligation). D. K. Project Pvt Ltd LT Bk Fac CARE BBB- 75 Reaffirmed Deep Industries Ltd LT Bk Fac CARE A 3399.6 Revised from CARE A- Deep Industries Ltd LT/ ST Bk Fac CARE A /CARE A1900 Revised from CARE A- / CARE A2+ Dhampur Sugar Mills Ltd LT Bk Fac CARE BBB 9532.1 Revised from CARE BBB- Energy Development Company Ltd LT Bk Fac CARE BBB- 100 Reaffirmed Fairdeal Fibc Overseas LT/Shortterm Bk FacARE BB /CARE A415 Reaffirmed Fairdeal Fibc Overseas LT Bk Fac CARE BB 35.1 Reaffirmed Fedders Lloyd Corporation Ltd LT Bk Fac CARE BBB+ 5681.7 Reaffirmed Ghanshyam Anjana LT Bk Fac CARE BB- 80 Assigned Ghanshyam Anjana LT/ST Bk Fac CARE BB-/CARE 25 Assigned A4 Gondwana Engineers Ltd LT Bk Fac CARE B 420 Assigned Greenko Energies Pvt Ltd LT Bk Fac CARE A+ 8410 Revised from CARE A Greenko Energies Pvt Ltd LT/Shortterm Bk FacCARE A+ /CARE 1000 Assigned A1+ Harsha Abakus Solar Pvt Ltd LT/ST Bk Fac CARE BBB/CARE 1000 Revised from A3 CARE BBB/ CARE A3+ Harsha Engineers Ltd LT Bk Fac CARE A 863.4 Revised from CARE A+; Removed from Credit Watch Harsha Engineers Ltd LT/ST Fac CARE A/CARE A1+2332.3 Revised from CARE A+/ CARE A1+; Removed from Credit Watch Hi-Tec Rock Fibre Pvt. Ltd LT Bk Fac CARE B+ 45.5 Assigned Hsil Ltd LT Bk Fac CARE AA- 8670 Reaffirmed India Circuits Ltd LT Bk Fac CARE BB- 75 Assigned International Paper Appm Ltd LT Bk Fac- TL CARE AA-(SO) 700 Assigned International Paper Appm Ltd LT Bk Fac- CC CARE AA-(SO) 430 Reaffirmed Jsw Paradip Terminal Pvt Ltd LT Bk Fac (TL) Provisional 4400 Assigned CARE A+ (SO) Jsw Paradip Terminal Pvt Ltd LT Bk Fac (BG) Provisional 400 Assigned CARE A+ (SO) Jyothy Laborotories Ltd NCDs Withdrawn Lambda Therapeutic Research Ltd LT Bk Fac CARE AA- 160 Reaffirmed Lambda Therapeutic Research Ltd LT / ST Bk Fac CARE AA- /CARE 300 Reaffirmed A1+ Maithan Ceramic Ltd LT Bk Fac CARE BBB+ 250 Revised from CARE BBB Maithan Ceramic Ltd LT/ ST Bk Fac CARE BBB+ 120 Revised from /CARE A2 CARE BBB/CARE A3+ Majisa Silk Mills LT Bk Fac CARE BB- 51.3 Assigned Mangalam Cement Ltd LT Bk Fac CARE AA- 4693.1 Reaffirmed (reduced from 528.32 CR) Mangalam Cement Ltd LT/ ST Bk Fac CARE AA- /CARE 1250 Reaffirmed A1+ (Enhanced from 50.0 CR) Mangalam Timber Products Ltd LT Bk Fac CARE B+ 120 Reaffirmed Mokama Munger Highway Ltd LT Bk Fac - TL CARE A 760 Assigned (Subordinate Debt) Mokama Munger Highway Ltd LT Bk Fac - TL CARE A+ 973.8 Assigned (Senior Debt) Mokama Munger Highway Ltd NCD CARE A+ 1650 Assigned Mp Highways Pvt Ltd LT Bk Fac CARE A- 2157 Revised from CARE BBB+ Pennar Engineered Building Systems LtdLT Bk Fac CARE A (SO) 550 Reaffirmed Pennar Engineered Building Systems LtdLT/ST Bk Fac CARE A (SO) 1350 Reaffirmed Positive /CARE A1 (SO) Pennar Engineered Building Systems LtdLT/ST Bk Fac CARE A (SO) 350 Final Rating Positive /CARE A1 (SO) Pennar Industries Ltd LT Bk Fac CARE A 1774.3 Reaffirmed Punj Lloyd Ltd LT Bk Fac CARE D 51446.7 Reaffirmed Punj Lloyd Ltd NCD I CARE D 1350 Reaffirmed Punj Lloyd Ltd NCD III CARE D 3000 Reaffirmed Punj Lloyd Ltd LT/ST Bk Fac CARE D/CARE D 79371.9 Reaffirmed Purbanchal Cement Ltd LT Bk Fac CARE BBB+ 300 Reaffirmed Purbanchal Cement Ltd LT/ST Bk Fac CARE BBB+ 10 Reaffirmed /CARE A2 Radhe Cotton Company LT Bk Fac CARE BB- 55.8 Assigned Raffles Residency Pvt Ltd LT Bk Fac CARE BBB- 450 Assigned Renaatus Projects Pvt Ltd LT Bk Fac CARE BBB- 500 Reaffirmed Scott-Edil Advance Research LT Bk Fac CARE BBB 329.1 Assigned Laboratories & Education Ltd Scott-Edil Pharmacia Ltd LT Bk Fac CARE BBB 500 Assigned Shija Hospitals And Research InstituteLT Bk Fac CARE BB+ 352 Assigned Pvt Ltd Shree Majisa Texofin LT Bk Fac CARE BB- 57 Assigned Shristi Ispat & Alloys Ltd LT Bk Fac CARE BB+ 85 Revised from CARE BB Shyam Metalics & Energy Ltd LT Bk Fac CARE A 3630 Assigned Siderforgerossi India Pvt Ltd LT Bk Fac CARE BBB- 170 Assigned Sitapuram Power Ltd LT Bk Fac CARE BBB- 892.4 Reaffirmed (reduced from 101.99 CR) Srg Spinning & Weaving Mills Pvt Ltd LT Bk Fac CARE B+ 55.8 Assigned Sunkraft Designs LT Bk Fac/ ST Bk CARE BB/CARE A4150 Reaffirmed Fac Sunrise Construction Company LT Bk Fac CARE BB- 10 Reaffirmed Sunrise Construction Company LT / ST Bk Fac CARE BB- /CARE 50 Reaffirmed A4 Tibrewala Electronics Ltd LT Bk Fac CARE BBB+ 140 Reaffirmed Todi Rayons Pvt Ltd LT Bk Fac CARE BB- 367.5 Reaffirmed Todi Rayons Pvt Ltd LT/ ST Bk Fac CARE BB- /CARE 110 Reaffirmed A4 Tulsi Dye Chem Pvt Ltd LT Bk Fac CARE BBB- 300 Reaffirmed Tulsi Dye Chem Pvt Ltd LT/ST Bk Fac CARE BBB- 10 Reaffirmed /CARE A3 Unnat Agro Industries LT Bk Fac CARE B 85 Assigned Vento Ceramic LT Bk Fac CARE BB- 63.8 Assigned Vintage Home Fashions LT Bk Fac CARE B- 75 Assigned Vishva Electrotech Ltd LT Bk Fac CARE BB- 162.2 Reaffirmed Vision Ispat Pvt Ltd LT Bk Fac CARE B+ 50 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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