CARE ratings for Indian debt instruments-May 12

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CARE ratings for Indian debt instruments-May 12
Credit: © Reuters.

May 12 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of May 11, 2017. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

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

----------

------

------- --------- SHORT TERM RATINGS: ------------------- Ace Footmark Pvt Ltd

ST Bk Fac

CARE A4+

42

Reaffirmed Cipla (NS: CIPL ) Ltd

ST Bk Fac (FB)

CARE A1+

34347.4 Reaffirmed (Enhanced from Rs.2,957.00) Cipla Ltd

ST Bk Fac (FB)

-

-

Withdrawn Cipla Ltd

ST Bk Fac (Non-FB) -

-

Withdrawn Cipla Ltd

ST Bk Fac (Non-FB) CARE A1+

1700

Reaffirmed (Enhanced from Rs.50.00 crore) Cox And Kings Ltd

CP*

CARE A1+

11970 Reaffirmed (Enhanced from Rs. 1,122 crores) *Carved out of the sanctioned working capital limits of the company Ernst & Young Llp

ST Bk Fac

CARE A1+

1750

Reaffirmed Ernst & Young Services Pvt Ltd

ST Bk Fac

CARE A1+

500

Reaffirmed Garg Aluminio Pvt Ltd

ST Bk Fac

CARE A4

30

Reaffirmed Gravita Metal Inc.

ST Bk Fac @

CARE A2+(SO) 7.2

Assigned @ backed by unconditional and irrevocable corporate guarantee provided by Gravita India Ltd. to the above mentioned bank facilities. Hira Electro Smelters Ltd

ST Bk Fac

CARE A4+

110

Assigned Jindal Stainless (NS: JIST ) Ltd

ST Bk Fac

CARE D

31900 Reaffirmed (reduced from 6,245 CR) Jindal Realty Pvt Ltd

ST Bk Fac

CARE A3

600

Revised from

CARE A3+ Krishna Transnational Marbles Pvt Ltd ST Bk Fac

CARE A4+

10

Issuer not

cooperating Mahadeo Construction Company

ST Bk Fac

CARE A4+

50

Reaffirmed (reduced from 10.00 CR) Mideast Integrated Steels Ltd

Proposed ST

CARE A4

1000

Reaffirmed

nonfund based Bk

limits Tata Realty And Infrastructure Ltd

ST Bk Fac

CARE A1+

2000

Reaffirmed LONG TERM RATINGS: ------------------- Ace Footmark Pvt Ltd

LT Bk Fac

CARE BB-

185.8 Reaffirmed (Reduced from 18.80 CR) Ace Footmark Pvt Ltd

LT /ST Bk Fac

CARE BB- /CARE 20

Reaffirmed

A4+ Ahill Apparel Exports Pvt Ltd

LT Bk Fac

CARE BBB-

279.2 Assigned Anant Raj (NS: ANRA ) Ltd

LT Instruments

-

-

Withdrawn*

(NCDs) *Rating for NCDs shall be withdrawn as the company has fully repaid the same during FY17 as per Intimation submitted by ARL to BSE and as per CARE s policy. Anant Raj Ltd

LT Bk Fac

CARE BBB

11043.6 Reaffirmed Ashiana Housing Ltd

Issuer Rating

CARE A (Is)

-

Reaffirmed Cox And Kings Ltd

LT Bk Fac

CARE AA

13210 Reaffirmed [Enhanced from Rs. 1,246 crore] Ernst & Young Llp

LT Bk Fac

CARE AA+

875

Reaffirmed (enhanced from 50 CR) Garg Aluminio Pvt Ltd

LT Bk Fac

CARE BB

61.4

Reaffirmed Gravita Metal Inc.

LT Bk Fac @

CARE A-(SO)

90

Assigned @ backed by unconditional and irrevocable corporate guarantee provided by Gravita India Ltd. to the above mentioned bank facilities. Hira Electro Smelters Ltd

LT Bk Fac

CARE BB+

180

Assigned Icici Prudential (LON: PRU ) Mutual Fund

ICICI Prudential

-

Withdrawn

Capital Protection

Oriented Fund IV - Plan E and H It Enfraservices Pvt Ltd

LT Bk Fac (LRD -TL)CARE BB+(SO)* 1650

Assigned *Rating is based on the credit enhancement derived from the structured payment mechanism including the Escrow account for the lease rental from 'Logix City Centre', 'Logix Techno Park' and 'Logix Cyber Park'. Jindal Realty Pvt Ltd

LT Bk Fac

CARE BBB-

150

Revised from

CARE BBB (reduced from 25.00 CR) Jindal Realty Pvt Ltd

LT/ST Bk Fac

CARE BBB-

455

Revised from

/CARE A3

CARE BBB /

CARE A3+ (reduced from 66.70 CR) Jindal Stainless Ltd

LT Bk Fac (TL)

CARE D

32240 Reaffirmed (reduced from 7,446 CR) Jindal Stainless Ltd

LT Bk Fac (WC)

CARE D

9200

Reaffirmed (reduced from 1,690 CR) Jindal Stainless Ltd

LT Bk Fac

CARE D

380

Reaffirmed

(Subordinate Debt) (reduced from 500 CR) Jindal Stainless Ltd

LT Bk Fac (ECB)

CARE D

10500 Reaffirmed (reduced from 1,303 CR) Jindal Stainless Ltd

NCD

CARE D

2190

Revised from

CARE C (reduced from 229.00 CR) Krishna Transnational Marbles Pvt Ltd LT Bk Fac

CARE BB+

50

Issuer not

cooperating Lord Shiva Trust

LT Bk Fac

CARE B+

96.2

Reaffirmed Mahadeo Construction Company

LT Bk Fac

CARE BB+

119.7 Reaffirmed (enhanced from 6.17 CR) Mahatma Gandhi University Of Medical LT Bk Fac

CARE BBB+

2015.3 Reaffirmed Sciences And Technology Mideast Integrated Steels Ltd

Proposed LT fund CARE BB-

1000

Revised from

based Bk limits

CARE B Mifl Securitisation Trust Ii

Series A1 PTCs

-

-

Withdrawn Mifl Securitisation Trust Ii

Series A2 PTCs

-

-

Withdrawn Mifl Securitisation Trust Ii

Second Loss

-

-

Withdrawn

Facility Mifl Securitisation Trust Ii

Liquidity Facility -

-

Withdrawn Mifl Securitisation Trust Iii

Series A1 PTCs

-

-

Withdrawn Mifl Securitisation Trust Iii

Series A2 PTCs

-

-

Withdrawn Mifl Securitisation Trust Iii

Second Loss

-

-

Withdrawn

Facility Mifl Securitisation Trust Iii

Liquidity Facility -

-

Withdrawn Mohan Project Contractors Pvt Ltd

LT Bk Fac

CARE BBB-(SO) 100

Revised from

CARE BB-(SO) Noida Cyber Park Pvt Ltd

LT Bk Fac (LRD -TL)CARE BB+(SO)* 2850

Assigned *Rating is based on the credit enhancement derived from the structured payment mechanism including the Escrow account for the lease rental from 'Logix City Centre', 'Logix Techno Park' and 'Logix Cyber Park'. Ramkrishna Electronics (Kurnool

LT Bk Fac

CARE D

300

Reaffirmed Division) Rana Steels India Ltd

LT Bk Fac

CARE B

262.4 Revised from

CARE B+ (Reduced from 26.64 CR) Rana Steels India Ltd

LT /ST Bk Fac

CARE B /CARE A440

Revised from

CARE B+ Rolling Construction Pvt Ltd

LT Bk Fac @

CARE BBB(SO) 329.5 Reaffirmed @Backed by irrevocable and unconditional corporate guarantee of Rolling Construction Private Limited rated CARE BBB (Negative) reaffirmed in March-2017. Sai Chhaya Autolink Pvt Ltd

LT Bk Fac

CARE B+

114.8 Assigned Shiksha Bharti Educational Society

LT Bk Fac

CARE B

115

Reaffirmed Skb Food Products Pvt. Ltd.

LT Bk Fac

CARE BB+

100

Assigned Sri Shankara Cancer Foundation

LT Bk Fac TL*

-

-

Withdrawn Sri Shankara Cancer Foundation

LT Bk Fac

281

Revised from

CARE BB+ Suyash Chemicals & Fertilizers Pvt LtdLT Bk Fac

CARE BB

286.2 Reaffirmed (Enhanced from Rs.23.74 crore) Synergy Food And Agro Processors Pvt LT Bk Fac

CARE B

63.2

Assigned Ltd Virchand Narsi Cotton Pvt Ltd

LT Bk Fac

CARE B+

265

Assigned Vishakha Renewables Pvt Ltd

LT Bk Fac

CARE BBB-(SO) 382.5 Assigned Vishakha Renewables Pvt Ltd

LT /ST Bk Fac

CARE BBB-(SO) 30

Assigned

/CARE A3(SO) Vishal Enterprise

LT Bk Fac

CARE BB+

68.8

Revised from

CARE BB Vishal Enterprise

LT/ST Bk Fac

CARE BB+ /CARE 95

Revised from

A4+

CARE BB /

CARE A4 Volupia Developers Pvt Ltd

LT Bk Fac

CARE A

750

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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