CARE ratings for Indian debt instruments-Apr 14

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CARE ratings for Indian debt instruments-Apr 14

Apr 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of April 13, 2015. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

(RS.MLN) -------

----------

------

------- --------- SHORT TERM RATINGS: ------------------- Amtek India (NSE: AMTI ) Ltd

ST Bk Fac

CARE A1+

1030

Reaffirmed (Enhanced from 88 CR) Annapurna Pet Pvt Ltd

ST Bk Fac

CARE A4

110

Reaffirmed (Enhanced from 6.00 CR) Aurionpro Solutions Ltd

ST Bk Fac

CARE A3

530

Reaffirmed Aurionpro Solutions Ltd

ST Bk Fac

CARE A3

22.5

Assigned Bindals Papers Mills Ltd

ST Bk Fac

CARE D

1212

Revised from

CARE C Bakers Circle (India) Pvt Ltd

ST Bk Fac

CARE A3

12.5

Reaffirmed Bright Power Projects (India) Pvt. LtdST Bk Fac

CARE A4+

1050

Reaffirmed (enhanced from Rs.50.00 crore) Corodex Infrastructure Pvt. Ltd

ST Bk Fac

CARE A4

116

Assigned Crest Steel & Power Pvt Ltd

ST Bk Fac

CARE A3

990

Reaffirmed Doosan Power Systems India Pvt Ltd

ST Bk Fac

CARE A1+(SO) 203

Reaffirmed Doosan Power Systems India Pvt Ltd

ST Bk Fac

CARE A1+(SO) 3850

Reaffirmed Emco Ltd

ST Bk Fac

CARE A4

13500 Revised from

CARE A4+ Essential Power Transmission Pvt Ltd ST non-fund based CARE A4

20

Revised from

Bk limits

CARE A3 Gharpure Engineering & Construction ST non-fund based CARE A3

2000

Reaffirmed Pvt Ltd

Bk Fac Indofil Industries Ltd

ST Non-FBL

CARE A2+

3500

Reaffirmed Indofil Industries Ltd

CP

CARE A2+

100

Reaffirmed Jaipur Central Co-Operative Bank Ltd Series A PTC

CARE A4+ (SO) 366.8 Assigned Kanin India Ltd

ST Bk Fac

CARE A3

55

Reaffirmed (enhanced from 4 CR) Leo Primecomp Pvt Ltd

ST Bk Fac

CARE A4

75

Revised from

CARE A4+ Macurex Sensors Pvt Ltd

ST Fac (Non-FB)

CARE A4+

66

Reaffirmed Madhu Industries Pvt Ltd

ST Bk Fac

CARE A4

38.2

Reaffirmed Manaj Infraconstruction Ltd

ST non-fund based CARE A2+ (SO) 350

Reaffirmed

Bk limits Mass Metals Pvt Ltd

ST Bk Fac

CARE A4

80

Assigned Meena Agency Ltd

ST Bk Fac

CARE A3

20

Assigned Natural & Essential Oils Pvt Ltd

ST Bk Fac

CARE A4

30

Reaffirmed Olympus Metal Pvt Ltd

ST Bk Fac

CARE A4

100

Assigned

(Proposed) Orchid (NSE: ORCD ) Chemicals And Pharmaceuticals ST Bk Fac

CARE A4

4985

Reaffirmed Ltd Paittakulam Marbles

ST Bk Fac

CARE A4

70

Assigned Paras Flowform Engineering Ltd

ST Bk Fac

CARE A4

70

Reaffirmed Pcl Oil & Solvents Ltd

ST Bk Fac

CARE A4+

975

Reaffirmed Petron Engineering Construction Ltd ST non-fund based CARE A4

4412

Reaffirmed

Bk limits Platinuum Edu Trust

ST Bk Fac

CARE A4

10

Reaffirmed Prabha Steel Industries

ST Bk Fac

CARE A3+

92.5

Reaffirmed Proenergy Resources Pvt Ltd

ST Bk Fac

CARE A3+(SO) 105

Assigned Proposed Bank Facilities Of Inkel Ltd Proposed ST Bk Fac CARE A3

50

Reaffirmed Protrans Supply Chain Management Pvt LST Bk Fac

CARE A3+(SO) 47

Assigned Replika Press Pvt Ltd

ST Bk Fac

CARE A2+

40

Assigned Ritzy Chemicals Pvt Ltd

ST Bk Fac

CARE A4+

1250

Reaffirmed (enhanced from 101 CR) Ritzy Polymers

ST Bk Fac

CARE A4+(SO) 380

Reaffirmed S. Chand & Company Pvt Ltd

ST Bk Fac

CARE A1

105

Reaffirmed (reduced from 11.50 CR) S. Chand & Company Pvt Ltd

ST Instrument

CARE A1

200

Reaffirmed

(CP)* *Carved out of sanctioned working capital limits. Sify Technologies Ltd

ST Bk Fac

CARE A2+

400

Reaffirmed Sobha Projects And Trade Ltd'S

ST Fac (Non-FB)

CARE A4

100

Reaffirmed Summit Corporation Pvt Ltd

ST Bk Fac

CARE D

15

Assigned Stylam Industries Ltd

ST Bk Fac

CARE A3+

510

Revised from

CARE A3 The State Trading Corporation Of IndiaST Bk Fac

CARE A4

40000 Reaffirmed Ltd Topworth Pipes And Tubes Pvt Ltd

ST Bk Fac

CARE A3

4600

Reaffirmed Topworth Steels And Power Pvt Ltd

ST Bk Fac

CARE A4+

4964

Reaffirmed Topworth Urja And Metals Pvt Ltd

ST Bk Fac

CARE A3

3988

Reaffirmed Trimula Industries Ltd

ST Bk Fac

CARE A3 (SO)*^ 500

Assigned *TIL's bank facilities are secured by Letter of Comfort by Gulf Petrochem FZC (GPFZC) ^These ratings are 'In-principle' and will be confirmed after the Letter of Comfort is executed to the satisfaction of CARE Ulka Sea Foods Pvt Ltd

ST Bk Fac

CARE A3

265

Reaffirmed MEDIUM TERM RATINGS: ------------------- Proposed Bank Facilities Of Inkel Ltd Proposed Fixed

CARE BBB(FD) 400

Reaffirmed

Deposit Issue LONG TERM RATINGS: ------------------- A.R.R Srinivasan & Company

LT Bk Fac

CARE BB

128.5 Reaffirmed A.R.R Srinivasan & Sons

LT Bk Fac

CARE BB

127.5 Reaffirmed Amtek India Ltd

LT Bk Fac

CARE AA-

48670.2 Reaffirmed (Enhanced from 4038.12 CR) Amtek India Ltd

NCD-I

CARE AA-

750

Reaffirmed Amtek India Ltd

NCD-II

CARE AA-

2000

Reaffirmed Amtek India Ltd

Proposed

CARE AA-

3000

Assigned

Non-Convertible

Debenture Annapurna Pet Pvt Ltd

LT Bk Fac

CARE B+

246.3 Reaffirmed (Enhanced from 18.15 CR) Appollo Distilleries Pvt Ltd

LT Bk Fac

CARE D

710.6 Reaffirmed Arth Micro Finance Pvt Ltd

Long/ST Bk Fac

CARE BB+ /CARE 125

Assigned

(Proposed)

A4+ Aurionpro Solutions Ltd

LT Bk Fac

CARE BBB-

520

Reaffirmed Bakers Circle (India) Pvt Ltd

LT Bk Fac

CARE BBB-

64

Reaffirmed (reduced from 8.17 CR) Bakers Circle (India) Pvt Ltd

LT/ST Bk Fac

CARE BBB-

5.8

Reaffirmed

/CARE A3 Bhate & Raje Construction Company Pvt LT Bk Fac (FB)^

CARE AAA(SO)^ 180.6 Reaffirmed Ltd ^ backed by fixed deposits hypothecated to bank Bhate & Raje Construction Company Pvt LT Bk Fac

CARE BBB

109.6 Reaffirmed Ltd Bhate & Raje Construction Company Pvt LT/ST Bk Fac

CARE BBB /CARE 400

Reaffirmed Ltd

A3 Bindals Papers Mills Ltd

LT Bk Fac

CARE D

4022.8 Revised from

CARE C Bright Power Projects (India) Pvt. LtdLT Bk Fac

CARE BB+

494.4 Reaffirmed (enhanced from Rs.30.50 crore) Corodex Infrastructure Pvt. Ltd

LT Bk Fac

CARE BB

34

Assigned Crest Steel & Power Pvt Ltd

LT Bk Fac

CARE BBB

16001.3 Reaffirmed Cygnus Equipments And Rentals Ltd

LT Bk Fac

CARE BB-

116.5 Reaffirmed (enhanced from 6.68 CR) Doosan Power Systems India Pvt Ltd

LT Bk Fac

CARE AA(SO)

783.2 Reaffirmed Doosan Power Systems India Pvt Ltd

LT Bk Fac

CARE AA(SO)

3000

Assigned Doosan Power Systems India Pvt Ltd

LT Bk Fac

CARE AA-(SO) 1380

Reaffirmed Doosan Power Systems India Pvt Ltd

Long/ST Bk Fac

CARE AA-(SO) 5476.5 Reaffirmed

/CARE A1+(SO) Doosan Power Systems India Pvt Ltd

LT Bk Fac

CARE BB

6641.8 Reaffirmed Eefco Metals & Poweders Pvt Ltd

LT Bk Fac

CARE BB

103.5 Assigned Emco Ltd

LT Bk Fac

CARE B

3694

Revised from

CARE BB+ Essential Power Transmission Pvt Ltd LT fund based Bk CARE BB+

133

Revised from

limits

CARE BBB- Exclusive Overseas Pvt Ltd

LT Bk Fac

CARE BB-

105

Reaffirmed Exclusive Overseas Pvt Ltd

LT/ST Bk Fac

CARE BB- /CARE 62.1

Reaffirmed

A4 (enhanced from 1.5 CR) Gharpure Engineering & Construction PvLT fund based Bk CARE BBB

400

Reaffirmed Ltd

Fac Harak Chandra Flour Mills Ltd

LT Bk Fac

CARE BB-

52.5

Revised from

CARE BB- Hdb Financial Services Ltd

Series A PTC

CARE A (SO)

2103.6 Assigned Hetali Enterprises

LT Bk Fac

CARE B+

327.5 Reaffirmed Hinduja Leyland Finance Ltd

Series A PTC

CARE AAA(SO) 2044.3 Assigned Hotel Rumani

LT Bk Fac

CARE B

57.9

Revised from

CARE D Indofil Industries Ltd

LT Bk Fac (TL)

CARE A

2804.5 Revised from

CARE A- Indofil Industries Ltd

LT/ST FB Working CARE A/CARE A2+4750

Revised from

Capital limits

CARE

A-/Reaffirmed Interjewel Designs

Long/ST Bk Fac

CARE BBB-

560

Reaffirmed Jay Agro Industries

LT Bk Fac

CARE B+

184.6 Assigned Kanin India Ltd

LT Bk Fac

CARE BBB-

69.3

Reaffirmed (reduced from 10.41 CR) Kanin India Ltd

LT/ST Bk Fac

CARE BBB-

130

Reaffirmed

/CARE A3 (enhanced from 11.50 CR) Kumar Elastomech Pvt Ltd

LT Bk Fac

CARE BBB-

54.6

Assigned Leo Primecomp Pvt Ltd

LT Bk Fac

CARE B+

990.6 Revised from

CARE BB+ (Reduced from 105.91 CR) Lord Shiva Trust

LT Bk Fac

CARE BB

146.7 Reaffirmed (Enhanced from 13.75 CR) Macurex Sensors Pvt Ltd

LT Bk Fac (TL)

-

*

Withdrawn

* Company has fully repaid the loan and there is no outstanding against the rated facility. Macurex Sensors Pvt Ltd

LT Bk Fac (Fund

CARE BB+

100

Reaffirmed

Based) Madhu Industries Pvt Ltd

LT Bk Fac

CARE BB+

16.8

Reaffirmed Madhu Industries Pvt Ltd

Long/ST Bk Fac

CARE BB+ /CARE 195

Reaffirmed

A4 Magma Fincorp Ltd (NSE: MAGM )

Series A1 PTC

CARE AA (SO) 1079.5 Assigned Magma Fincorp Ltd

Series A2 PTC

CARE AA (SO) 56.8

Assigned Magma Fincorp Ltd

Liquidity Facility CARE AAA (SO) 14.2

Assigned Magma Fincorp Ltd

Second Loss

CARE BBB- (SO) 108

Assigned

Facility (SL) Maharishi Institute Of Creative

Bk Fac

-

-

Suspended Intelligence Man Infraconstruction Ltd (NSE: MANI )

LT fund based Bk CARE A-

575

Reaffirmed

limits Man Infraconstruction Ltd

Long/ST non-fund CARE A- /CARE 1881.8 Reaffirmed

based Bk limits

A2+ Mass Metals Pvt Ltd

LT Bk Fac

CARE BB

137.5 Assigned Meena Agency Ltd

LT/ ST Bk Fac

CARE BBB-

160

Assigned

/CARE A3 Mumbai Nasik Expressway Ltd

LT Bk Fac (Senior CARE BBB

4541

Reaffirmed

Debt) Mumbai Nasik Expressway Ltd

LT Bk Fac

CARE BBB-

1685.5 Reaffirmed

(Subordinated

Debt) Natural & Essential Oils Pvt Ltd

LT Bk Fac

CARE BB

114.3 Reaffirmed Olympus Metal Pvt Ltd

LT Bk Fac

CARE BB-

750

Assigned

(Proposed) Omid Engineering Pvt Ltd

LT Bk Fac

CARE BB-

160

Reaffirmed Orchid Chemicals And Pharmaceuticals LT Bk Fac

CARE B-

19710.7 Revised from Ltd

CARE C Oriental Nagpur Bye Pass Construction LT Bk Fac

CARE BBB-

10136.8 Reaffirmed Pvt Ltd. Oriental Pathways (Agra) Pvt Ltd

LT Bk Fac

CARE BBB-

1025.2 Reaffirmed (reduced from 117.99 CR) Oriental Pathways (Indore) Pvt Ltd

LT Bk Fac

CARE BBB+

3120.3 Reaffirmed (reduced from 348.65 CR) P. D. Sekhsaria Trading Company Pvt LtBk Fac-FB-LT

CARE BBB-

600

Reaffirmed

-Working capital

Fac Paittakulam Marbles

LT Bk Fac

CARE BB

15.8

Assigned Paras Flowform Engineering Ltd

LT Bk Fac

CARE BB-

7.8

Reaffirmed Paras Flowform Engineering Ltd

LT/ST Bk Fac

CARE BB- /CARE 130

Reaffirmed

A4 Pcl Oil & Solvents Ltd

LT Bk Fac

CARE BB+

380

Reaffirmed Petron Engineering Construction Ltd LT fund based Bk CARE BB

1820.5 Revised from

limits

CARE B- Pink City Expressway Pvt. Ltd

LT Bk Fac

CARE BB+

19659.7 Reaffirmed Platinuum Edu Trust

LT Bk Fac

CARE BB-

215.2 Reaffirmed Pnc Raebareli Highways Pvt. Ltd

LT Bk Fac (Senior CARE BBB

6280

Assigned

Loan) Pnc Raebareli Highways Pvt. Ltd

LT Bk Fac

CARE BBB-

698

Assigned

(Sub-ordinate

Loan) Poddar Diamonds Ltd

LT Bk Fac (FB)

CARE BB+

700

Reaffirmed Prabha Steel Industries

LT Bk Fac

CARE BBB-

9.5

Reaffirmed Proenergy Resources Pvt Ltd

LT Bk Fac

CARE BBB+(SO) 15

Assigned Proposed Bank Facilities Of Inkel Ltd Proposed LT Bk Fac CARE BBB-

350

Reaffirmed Protrans Supply Chain Management Pvt LLT Bk Fac

CARE BBB+(SO) 113

Assigned Rabin Singha Heavy Earth Movers Co. LT Bk Fac

CARE D

227.9 Reaffirmed Pvt. Ltd. (Reduced from 23.38 CR) Replika Press Pvt Ltd

LT Bk Fac

CARE A-

820

Assigned Ritesh Properties & Industries Ltd

LT Bk Fac

CARE BB-

770

Reaffirmed Ritzy Chemicals Pvt Ltd

LT Bk Fac

CARE BB+

310

Reaffirmed (enhanced from 24 CR) Ritzy Polymers

LT Bk Fac

CARE BB+(SO) 180

Reaffirmed S S Nath & Company

LT Bk Fac

CARE BBB-

90

Reaffirmed S. Chand & Company Pvt Ltd

LT Bk Fac

CARE A+

500

Revised from

CARE A (reduced from Rs.50.75 crore) S. N Enviro-Tech Pvt Ltd

LT Bk Fac

CARE BBB-

32.9

Revised from

CARE BBB (Reduced from 3.35 CR) S. N Enviro-Tech Pvt Ltd

LT/ST Bk Fac

CARE BBB-/CARE 470

Revised from

A3

CARE BBB /

CARE A3+ Shriram City Union Finance Ltd

Series A2 PTC &

CARE AA-(SO) 47.2

Assigned &The series PTC A2 will be rated based on ultimate payment of, both, principal & interest. Shriram City Union Finance Ltd

Series A1 PTC

CARE AAA(SO) 896.2 Assigned Sify Technologies Ltd

LT Bk Fac

CARE A-

4127

Reaffirmed (Enhanced from 388.41 CR) Sify Technologies Ltd

LT/ST Bk Fac

CARE A- /CARE 750

Reaffirmed

A2+ (Enhanced from 55 CR) Sobha Projects And Trade Ltd'S

LT Bk Fac (FB)

CARE B+

482

Reaffirmed (reduced from 101 CR) Sobha Projects And Trade Ltd'S

LT/ST Bk Fac (NFB) CARE B+

300

Reaffirmed Sona Diamond & Gold Exporters Pvt Ltd LT Bk Fac

CARE B+

60

Assigned Stylam Industries Ltd

LT Bk Fac

CARE BBB

384.6 Revised from

CARE BBB- Summit Corporation Pvt Ltd

LT Bk Fac

CARE D

129.9 Assigned The State Trading Corporation Of IndiaLT Bk Fac

CARE BB

20000 Reaffirmed Ltd Topworth Pipes And Tubes Pvt Ltd

LT Bk Fac

CARE BBB-

2841.2 Reaffirmed Topworth Steels And Power Pvt Ltd

LT Bk Fac

CARE BB+

2866.6 Reaffirmed Topworth Tollways (Satna) Pvt Ltd

LT Bk Fac

CARE BBB(SO) 520

Reaffirmed Topworth Tollways (Ujjain) Pvt Ltd

LT Bk Fac

CARE BBB(SO) 1243.2 Reaffirmed Topworth Urja And Metals Pvt Ltd

LT Bk Fac

CARE BBB-

4106.3 Reaffirmed Trimula Industries Ltd

LT Bk Fac

CARE BBB(SO)* 2200

Assigned Trimula Industries Ltd

LT Bk Fac

CARE BBB(SO)*^ 200

Assigned *TIL's bank facilities are secured by Letter of Comfort by Gulf Petrochem FZC (GPFZC) ^These ratings are 'In-principle' and will be confirmed after the Letter of Comfort is executed to the satisfaction of CARE Ulka Sea Foods Pvt Ltd

LT Bk Fac

CARE BBB-

55.9

Reaffirmed Vaibhav Rice Mill

LT Bk Fac

CARE BB-

93.4

Assigned Vaishali Agro Soya Products

LT Bk Fac

CARE B+

192.5 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.

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