Sep 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of September 14, 2018. COMPANY
INSTRUMENT
RATING
AMOUNT MOVEMENT
(RS.MLN) -------
----------
------
------- --------- SHORT TERM RATINGS: ------------------- Adroit Pharmaceuticals Pvt Ltd
ST Bk Fac
CARE A4
40
Reaffirmed Bhagiradha Chemicals & Industries Ltd ST Bk Fac
CARE A3
235
Revised from
CARE A4+ Diagems Exports Pvt Ltd
ST Bk Fac
CARE A4+
140.5 Reaffirmed Ess And Bee International
ST Bk Fac
CARE A4+
60.1
Revised from
CARE A4+ (ISSUER NOT COOPERATING) Gagan Agro And Rice Exporters
ST Bk Fac
CARE D
140
Assigned Global Aqua
ST Bk Fac
CARE A4
100 (ISSUER NOT COOPERATING) Gujarat State Petroleum Corporation LtST Bk Fac
CARE A2
25000 Reaffirmed (reduced from 6,000.00 Crores) Kurseong Computer Sales Pvt Ltd
ST Bk Fac
CARE A4
10 (ISSUER NOT COOPERATING) Piramal Enterprises (NS:PIRA) Ltd
ST Bk Fac
CARE A1+
29250 Assigned Piramal Enterprises Ltd
ICDs
CARE A1+
2500
Assigned Piramal Enterprises Ltd
CP
CARE A1+
120000 Reaffirmed (enhanced from Rs.9,000 Crores) Rocktech Engineers
LT Bk Fac
CARE A4+
75
Assigned S.D.S. Electronics Pvt Ltd
ST Bk Fac
CARE D
50 (ISSUER NOT COOPERATING) South India Cements (NS:ICMN) Ltd
ST Bk Fac
-
-
Withdrawn Spray Engineering Devices Ltd
ST Bk Fac
CARE D
170
Revised from
CARE A4 Synergy Power Equipment Pvt Ltd
ST Bk Fac
CARE A4
72.5
Reaffirmed LONG TERM RATINGS: ------------------- Adroit Pharmaceuticals Pvt Ltd
LT Bk Fac
CARE BB-
20
Reaffirmed Agasti Sahakari Sakhar Karkhana Ltd LT Bk Fac
CARE B+
200
Revised from
CARE B (Enhanced from Rs 10.00 Crores) Agrawal Automobiles
LT Bk Fac
CARE BB-
100 (ISSUER NOT COOPERATING) Agrawal Automobiles
LT/ Shortterm Bk CARE BB-/A4
2
Fac (ISSUER NOT COOPERATING) Amber Spintex Pvt Ltd
LT Bk Fac
CARE BB
377.3 Reaffirmed (reduced from 43.97 Crores) Amrut Exports
LT/Short- term Bk CARE BB+/A4+ 1500
Revised from
Fac
CARE BB+/
CARE A4+ (ISSUER NOT COOPERATING) Arman Financial Services Ltd
LT Bk Fac
CARE BBB+
390
Revised from
CARE BBB Arman Financial Services Ltd
Proposed NCD Issue CARE BBB+
280
Assigned Azeen Agro Pvt Ltd
Long- term Bk Fac CARE BB-
99.9
Assigned Azeen Agro Pvt Ltd
LT/Short- termBk CARE BB-/A4
50.1
Assigned
Fac Bhagiradha Chemicals & Industries Ltd LT Bk Fac
CARE BBB-
391.5 Revised from
CARE BB+ Bhavanam Textiles (India) Pvt Ltd
LT Bk Fac
CARE B+
122.3 (ISSUER NOT COOPERATING) Gagan Agro And Rice Exporters
LT Bk Fac
CARE D
156.6 Assigned Gmr Hyderabad Vijayawada Expressways LT Bk Fac
CARE D
15529.2 Reaffirmed Pvt. Ltd. (reduced from 1641.64 Crores) Gujarat State Petroleum Corporation LtSubordinated NCDs* CARE BBB
10000 Reaffirmed
* These debentures have tenure of sixty years with a call option after 10 years from the issue date and every year thereafter without put option. There is a provision for step up of 200 bps in the coupon after 10 years. The coupon (payable semi-annually) has an optional deferral clause which is linked to non-payment of dividend on the equity shares of the company with a look back period of six months. There is a dividend stopper clause that restricts dividend payment on equity shares in case the coupon payment on the debentures being rated is deferred. There is a replacement capital covenant (RCC) which ensures that the instrument can be redeemed by issuance of similar or higher equity -content instrument(s). The RCC will apply for 30 years and will cease to be applicable if, among other covenants, the rating on the subordinated debentures is upgraded. Considering the terms of the issue, CARE has accorded 50 per cent equity content to this instrument. Gujarat State Petroleum Corporation LtSubordinated NCDs$ CARE BBB
10000 Reaffirmed $ These debentures have tenure of sixty years with a call option after 12 years from the issue date and every year thereafter without put option. There is a provision for step up of 200 bps in the coupon after 12 years. The coupon (payable semi-annually) has an optional deferral clause which is linked to non-payment of dividend on the equity shares of the company with a look back period of six months. There is a dividend stopper clause that restricts dividend payment on equity shares in case the coupon payment on the debentures being rated is deferred. There is a replacement capital covenant (RCC) which ensures that the instrument can be redeemed by issuance of similar or higher equity-content instrument(s). The RCC will apply for 30 years and will cease to be applicable if, among other covenants, the rating on the subordinated debentures is upgraded. Considering the terms of the issue, CARE has accorded 50 per cent equity content to this instrument. Gujarat State Petroleum Corporation LT Bk Fac
CARE BBB+
77272.1 Reaffirmed Ltd (enhanced from 7,705.15 Crores) Gujarat State Petroleum Corporation NCDs
CARE BBB+
40000 Reaffirmed Ltd Hinduja Leyland Finance Ltd
Subordinated Debt CARE PP-MLD AA-2000
Assigned
issuePrincipal
Protected MarketLinked Debenture (Proposed) Integrated Induction Power Ltd
Long- term Bk Fac CARE B+
70
Assigned Integrated Induction Power Ltd
LT/Short- termBk CARE B+/A4
50
Assigned
Fac Kurseong Computer Sales Pvt Ltd
LT Bk Fac
CARE BB-
80
Revised from
CARE BB (ISSUER NOT COOPERATING) Madhav Tex Spin Pvt Ltd
LT Bk Fac
CARE BB
579.8 (ISSUER NOT COOPERATING) Madhav Tex Spin Pvt Ltd
LT/ Short- Term Bk CARE BB/A4
150
Fac (ISSUER NOT COOPERATING) Madhya Pradesh Financial Corporation (A) LT BkFac #
CARE A- (SO) 3000
Reaffirmed (reduced from 250.00 Crore)/# backed by unconditional and irrevocable guarantee extended by Government of Madhya Pradesh (GoMP) Madhya Pradesh Financial Corporation (B) LT BkFac *
CARE A- (SO) 2304.3 Final Rating
* Guarantee deed from GoMP was pending to be received at the time of last review; however, CARE is now in receipt of the guarantee which has been executed by GoMP on an unconditional and irrevocable basis. Madhya Pradesh Financial Corporation (C) LT Bond Issue #CARE A- (SO) 1888.6 Reaffirmed (reduced from 200.00 Crore)/# backed by unconditional and irrevocable guarantee extended by Government of Madhya Pradesh (GoMP) Namra Finance Ltd
LT Bk Fac
CARE BBB+
132.5 Revised from
CARE BBB Namra Finance Ltd
LT Bk Fac
CARE BBB+
1080.3 Revised from
CARE BBB (SO) Namra Finance Ltd
LT Bk Fac
CARE BBB+
387.2 Revised from
Provisional
CARE BBB (SO) Namra Finance Ltd
Outstanding NCD
CARE BBB+
333
Revised from
Issue
CARE BBB (SO) Piramal Enterprises Ltd
LT Bk Fac
CARE AA
30750 Assigned Piramal Enterprises Ltd
NCDs
CARE AA
1000^ Reaffirmed ^Rs.65 crore placed as on June 30, 2018 S.D.S. Electronics Pvt Ltd
LT Bk Fac
CARE D
40
Revised from
CARE B (ISSUER NOT COOPERATING) Sai Marine Exports Pvt Ltd
LT BkFac
CARE BBB+
250
Assigned Sai Marine Exports Pvt Ltd
LT/STBk Fac
CARE BBB+/A3+ 865
Revised from
CARE
BBB+/CARE A3+ (Enhanced from 69.00 Crores) Sivadharshini Papers Pvt Ltd
LT Bk Fac
CARE BB
153.8 Assigned South India Cements Ltd
LT Bk Fac
-
-
Withdrawn Spray Engineering Devices Ltd
LT Bk Fac
CARE D
210
Revised from
CARE B+ Sri Vasavi Cotton Industries
LT Bk Fac
CARE BB-
68.2
Reaffirmed (Reduced from 7.09 Crores) Synergy Power Equipment Pvt Ltd
LT Bk Fac
CARE BB
40
Reaffirmed Usha Spinners
LT Bk Fac
CARE BB-
140
Assigned Waaneep Solar Pvt Ltd
LTBk Fac
CARE A-
3311.7 Revised from
CARE BBB+ (reduced from 341.25 Crores) -------------------------------------------------------------------------------------------- $: 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.