CARE ratings for Indian debt instruments-Aug 14

Aug 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of August 13, 2019. COMPANY

INSTRUMENT

RATING

AMOUNT MOVEMENT

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

----------

------

------- --------- SHORT TERM RATINGS: ------------------- Abhinav Steels And Power Ltd

ST Bk Fac

CARE D

280 (Issuer Not Cooperating) Damodar Industries Ltd

ST Bk Fac

CARE A3+

185

Assigned Eastern Copper Manufacturing Company ST Bk Fac

CARE A4

120

Reaffirmed Pvt Ltd Gharpure Engineering & Construction PvST Bk Fac

-

-

Withdrawn Ltd Goverdhan Transformer Udyog Pvt Ltd ST Bk Fac

CARE D

10

Revised from

CARE A4 Hayath Foods

ST Bk Fac

CARE A4

240 (Issuer Not Cooperating) Jaymala Spintex Ltd

ST Bk Fac

CARE D

24 (Issuer Not Cooperating) Jove Steels Pvt Ltd

ST Bk Fac

-

-

Withdrawn K.Koteswara Reddy

ST Bk Fac

CARE A4

79.4

Assigned Lipi Data Systems Ltd

ST BkFac

CARE A3+

1440

Reaffirmed Mettu Chinna Mallareddy Godowns

Short -term Bk Fac CARE D

2.3

Revised from

CARE A4 (Issuer Not Cooperating) Mb Power (Madhya Pradesh) Ltd

ST Bk Fac -

CARE A3

490

Revised from

Non-Fund Based –

CARE A3+

LOC Naga Hanuman Fish Packers

ST Bk Fac

CARE A3

29.9

Revised from

CARE A4+ Neelachal Ispat Nigam Ltd

ST Bk Fac

CARE D

2520.5 Revised from

(Non-fund

CARE A4

Based-LC/BG) Neelachal Ispat Nigam Ltd

ST Bk Fac (LC/BG)# CARE A1 (CE) 50

Provisional

Rating to

Final Rating #the said facilities/ instruments are backed by unconditional and irrevocable corporate guarantee provided by MMTC (NS: MMTC ) Ltd. (rated CARE A; Stable / CARE A1 reaffirmed in January 2019). Orient Electric Ltd

ST Bk Fac

CARE A1+

1033

Reaffirmed (enhanced from 3.30 Crore) Paramount Ltd

ST Bk Fac

CARE A3+

500

Reaffirmed Patel Construction (Biaora) Pvt Ltd ST Bk Fac

CARE A4

45 (Issuer Not Cooperating) R. M. Automobiles

ST Bk Fac

-

-

Withdrawn Radico Khaitan (NS: RADC ) Ltd

ST Bk Fac – Non

CARE A1+

600

Reaffirmed at

Fund Based

CARE A1+ Removed from Credit Watch Radico Khaitan Ltd

CP Issue^

CARE A1+

1000

Reaffirmed at

CARE A1+ Removed from Credit Watch/^ Carved out of working capital limits of the company Rajluxmi Enterprises Pvt Ltd

Short –term Bk Fac CARE A4

30

Reaffirmed removed from (Issuer Not Cooperating) Rex Polyextrusion Pvt Ltd

ST Bk Fac

-

-

Withdrawn Smd Engineers And Contractors

ST Bk Fac

CARE A4

86.7 (Issuer Not Cooperating) Srei Equipment Finance Ltd

ST BkFac

CARE A1

10580 Revised from

CARE A1+ Credit Watch with Negative Implications Srei Equipment Finance Ltd

CP (CP) issue*

CARE A1

15000 Revised from

CARE A1+ Credit Watch with Negative Implications/* Carved out of the sanctioned working capital limits of the company. Srei Infrastructure Finance Ltd

Short term BkFac CARE A2+

3450

Revised from

CARE A1+ Credit Watch with Developing Implications/(reduced from 695.00 Crore) Srei Infrastructure Finance Ltd

Commercial Paper CARE A2+

10000 Revised from

Issue*

CARE A1+ Credit Watch with Developing Implications/(reduced from 3,000 Crore)*Carved out of the sanctioned fund based working capital limit/Drawing Powers (whichever is lower) of the company. Sri Raja Vinayagar Mills

ST BkFac

CARE A4

30 (Issuer Not Cooperating) Suam Overseas Pvt Ltd

ST Bk Fac

CARE A3+

65

Assigned The Western India Plywoods Ltd

ST Bk Fac

CARE A3

70

Reaffirmed Whitefield Spintex (India) Pvt Ltd

ST Bk Fac

CARE D

13.5 (Issuer Not Cooperating) MEDIUM TERM RATINGS: ------------------- Damodar Industries Ltd

Medium Term Fixed CARE BBB (FD) 400

Assigned

Deposit LONG TERM RATINGS: ------------------- Abhinav Steels And Power Ltd

LT Bk Fac

CARE D

3794.1 (Issuer Not Cooperating) Athaluri Sushma Sree

Long -term Bk Fac CARE D

54.3 (Issuer Not Cooperating) Damodar Industries Ltd

LT Bk Fac

CARE BBB

1505

Assigned Damodar Industries Ltd

LT/ST BkFac

CARE BBB /A3+ 1560

Assigned Eastern Copper Manufacturing Company LT Bk Fac

CARE B

38.8

Reaffirmed Pvt Ltd Ecl Finance Ltd

CP Issue (IPO

-

-

Withdrawn

Financing) Edelweiss Rural And Corporate ServicesCP Issue (IPO

-

-

Withdrawn Ltd (Erstwhile Edelweiss Commodities Financing) Services Ltd) Flexi Plast Industries

LT Bk Fac

-

-

Withdrawn Gharpure Engineering & Construction PvLT Bk Fac

-

-

Withdrawn Ltd Goverdhan Transformer Udyog Pvt Ltd LT Bk Fac

CARE D

45

Revised from

CARE B+ Hayath Foods

LT Bk Fac

CARE B-

104.1 Revised from

CARE B (Issuer Not Cooperating) J.K. Infra-Utilities Pvt Ltd

LT Bk Fac

CARE BBB-

5

Assigned J.K. Infra-Utilities Pvt Ltd

LT/ST BkFac

CARE BBB-/A3 195

Assigned Jammu And Kashmir Bank Ltd

Lower Tier II BondsCARE AA-

6000 Placed under Credit Watch with Negative Implications Jaymala Spintex Ltd

LT Bk Fac

CARE D

319.4 (Issuer Not Cooperating) Jove Steels Pvt Ltd

LT Bk Fac

-

-

Withdrawn K.Koteswara Reddy

LT Bk Fac

CARE BB-

37.5

Assigned Lipi Data Systems Ltd

LT BkFac

CARE BBB

300

Reaffirmed Lipi Data Systems Ltd

LT / ST Bk Fac

CARE BBB/A3+ 200

Reaffirmed Maheshwari Agro Food Pvt Ltd

LT Bk Fac

-

-

Withdrawn Mb Power (Madhya Pradesh) Ltd

LT Bk Fac –TL

CARE BBB-

44130 Revised from

CARE BBB+ (reduced from 4,648 Crore) Mb Power (Madhya Pradesh) Ltd

LT Bk Fac – (ECBs) CARE BBB-

7320

Revised from

CARE BBB+ (reduced from 743 Crore) Mb Power (Madhya Pradesh) Ltd

LT Bk Fac–Non-Fund CARE BBB-

5710

Revised from

Based (BG)

CARE BBB+ Mb Power (Madhya Pradesh) Ltd

LT Bk Fac – Fund CARE BBB-

10600 Revised from

Based – Working

CARE BBB+

capital limits Mb Power (Madhya Pradesh) Ltd

LT Bk Fac -

CARE BBB-

2700

Revised from

Non-Fund Based –

CARE BBB+

Derivative Limit Mettu Chinna Mallareddy Godowns

Long -term Bk Fac CARE D

72.7

Revised from

CARE B (Issuer Not Cooperating) Naga Hanuman Fish Packers

LT Bk Fac

CARE BBB-

120.1 Revised from

CARE BB+ Neelachal Ispat Nigam Ltd

LT Bk Fac (TL)#

CARE A (CE)

9930.5 Reaffirmed #the said facilities/ instruments are backed by unconditional and irrevocable corporate guarantee provided by MMTC Ltd . (rated CARE A; Stable / CARE A1 reaffirmed in January 2019). Neelachal Ispat Nigam Ltd

NCDs-I #

CARE A (CE)

1500

Reaffirmed #the said facilities/ instruments are backed by unconditional and irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE A; Stable / CARE A1 reaffirmed in January 2019). Neelachal Ispat Nigam Ltd

NCDs-II #

CARE A (CE)

2000

Reaffirmed #the said facilities/ instruments are backed by unconditional and irrevocable corporate guarantee provided by MMTC Ltd. (rated CARE A; Stable / CARE A1 reaffirmed in January 2019). Neelachal Ispat Nigam Ltd

LT Bk Fac (TL)

CARE D

5430.1 Revised from

CARE B+ Neelachal Ispat Nigam Ltd

LT Bk Fac (Fund

CARE D

1600

Revised from

Based- CC)

CARE B+ Orient Electric Ltd

LT Bk Fac

CARE AA-

77

Reaffirmed (reduced from 32.71 Crore) Orient Electric Ltd

Long/ST BkFac

CARE AA-/A1+ 2600

Reaffirmed Paramount Ltd

LT/STBk Fac

CARE BBB/A3+ 2000

Reaffirmed Patel Construction (Biaora) Pvt Ltd LT Bk Fac

CARE B+

40 (Issuer Not Cooperating) R. M. Automobiles

LT Bk Fac

-

-

Withdrawn Radico Khaitan Ltd

LT Bk Fac – Fund CARE AA-

5685.7 Reaffirmed at

Based

CARE AA- Removed from Credit Watch Rajluxmi Enterprises Pvt Ltd

LT Bk Fac

CARE BB-

70

Revised from

CARE B+ removed from (Issuer Not Cooperating) Rex Polyextrusion Pvt Ltd

LT Bk Fac

-

-

Withdrawn Smd Engineers And Contractors

Long -term Bk Fac CARE BB-

25 (Issuer Not Cooperating) Spencer'S Travel Services Ltd

Long -term Bk Fac CARE BB

150 (Issuer Not Cooperating) Srei Equipment Finance Ltd

Unsecured

CARE A

3618

Revised from

Subordinated Tier

CARE A+

IINCDs (Series III, IV, V,VII, VIII & IX) Credit Watch with Negative Implications Srei Equipment Finance Ltd

Perpetual Bonds

CARE A-

375

Revised from

(SeriesI)

CARE A Credit Watch with Negative Implications Srei Equipment Finance Ltd

LT BkFac

CARE A+

165475.4Revised from

CARE AA- Credit Watch with Negative Implications Srei Equipment Finance Ltd

NCD (NCDs)(Series CARE A+

5338.6 Revised from

VII, XII, XIV

CARE AA-

andXV) Credit Watch with Negative Implications Srei Equipment Finance Ltd

Proposed NCD issue CARE A+

3

Revised from

CARE AA- Credit Watch with Negative Implications Srei Infrastructure Finance Ltd

Long term BkFac

CARE A-

107819.7Revised from

CARE A+ Credit Watch with Developing Implications/(reduced from 12,058.84 Crore) Srei Infrastructure Finance Ltd

Long term

CARE A-

202.2 Revised from

infrastructure bond

CARE A+ Credit Watch with Developing Implications Srei Infrastructure Finance Ltd

NCD issue- Series CARE A-

4951.7 Revised from

I, II, IV, V and

CARE A+

VII-IX Credit Watch with Developing Implications/(reduced from 698.00 Crore) Srei Infrastructure Finance Ltd

Proposed Secured CARE A-

12549.1 Revised from

Redeemable NCDs

CARE A+ Credit Watch with Developing Implications Srei Infrastructure Finance Ltd

Unsecured

CARE BBB+

8611.1 Revised from

Subordinated Tier

CARE A

II NCDs (Series II – VI) Credit Watch with Developing Implications/(reduced from 886.41 Crore) Sri Raja Vinayagar Mills

LT BkFac

CARE B

240.7 Revised from

CARE B+ (Issuer Not Cooperating) Sri Srinivasa Delinters

LT Bk Fac

CARE BB-

80

Reaffirmed (Enhanced from Rs.6.00 crore Crore)/Removed from non-cooperation Suam Overseas Pvt Ltd

LT Bk Fac

CARE BBB

295

Assigned Suam Overseas Pvt Ltd

LT/ST BkFac

CARE BBB /A3+ 310

Assigned Swadeshi Aluminium Company Pvt Ltd

LT Bk Fac

CARE D

180

Revised from

CARE B (Issuer Not Cooperating) The Western India Plywoods Ltd

LT Bk Fac

CARE BBB-

305.4 Reaffirmed (reduced from 31.07 Crore) Tirumala Cashew Industries

Long -term Bk Fac CARE BB-

150 (Issuer Not Cooperating) Whitefield Spintex (India) Pvt Ltd

LT Bk Fac

CARE D

266.8 (Issuer Not Cooperating) -------------------------------------------------------------------------------------------- $: 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.