CARE ratings for Indian debt instruments-Nov 1
Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of October 31, 2017. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ——- ———- —— ——- ——— SHORT TERM RATINGS: ——————- Ashaganga Exports ST Bk Fac CARE A4 130 Reaffirmed Hari Udyog Pvt Ltd ST Bk Fac CARE A4+ 45 Reaffirmed Magma Fincorp Ltd CP Issue CARE A1+ 12500 Reaffirmed * carved out of the sanctioned working capital limits of the company Magma Fincorp Ltd CP Issue CARE A1+ 7500 Reaffirmed Mansi International Pvt Ltd ST Bk Fac CARE A4 35 – Issuer Not Cooperating N.G. Projects Ltd ST Bk Fac CARE A3+ 1360 Reaffirmed Nikka Mal Pyare Lal Jain ST Bk Fac CARE A4 30 Reaffirmed Suspension revoked Panama Petrochem Ltd ST Bk Fac CARE A1 4140 Reaffirmed Stallion Laboratories Pvt Ltd ST Bk Fac CARE A4+ 75 Reaffirmed Supreme Polytubes Ltd ST Bk Fac CARE A4 100 Reaffirmed Varp Power Pvt Ltd ST Bk Fac CARE A4 5 Reaffirmed LONG TERM RATINGS: ——————- Aarish Solar Power Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. Aashman Energy Pvt Ltd NCDs CARE AA- 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. Ashaganga Exports LT Bk Fac CARE BB 0.4 Reaffirmed Divyesh Power Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. Elena Renewable Energy Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. Gayatri Projects Ltd LT Bk Fac CARE BB- 21380.3 Revised from CARE BBB- Gayatri Projects Ltd LT/Shortterm Bk FacCARE BB- / A4 45940.3 Revised from CARE BBB- / A3 Gems Paradise LT Bk Fac CARE BB 80 Assigned Ginger Infrastructure Pvt Ltd LT Bk Fac CARE D 150 Revised from CARE B+ Hari Marine Pvt Ltd LT Bk Fac CARE B+ 139.7 Reaffirmed Hari Udyog Pvt Ltd LT Bk Fac CARE BB 84.5 Reaffirmed Khanna Jewellers P Ltd LT Bk Fac CARE BB+ 2000 Reaffirmed Kwality Animal Feeds Pvt Ltd LT Bk Fac CARE BBB- 100 Assigned Lakshmi Cotfab Pvt Ltd LT Bk Fac CARE B+ 135.4 Assigned Laxmiraj Distributors Pvt Ltd LT Bk Fac CARE BB- 100 Reaffirmed Laxmiraj Distributors Pvt Ltd LT/ST Bk Fac CARE BB- / A4 100 Reaffirmed Mamta Cotton Industries LT Bk Fac CARE BB- 185.6 Reaffirmed Mansi International Pvt Ltd LT Bk Fac CARE BB- 65 – Issuer Not Cooperating N.G. Projects Ltd LT Bk Fac CARE BBB 250 Reaffirmed Nikka Mal Pyare Lal Jain LT Bk Fac CARE B+ 110 Reaffirmed Suspension revoked Panama Petrochem Ltd LT Bk Fac CARE A+ 260 Reaffirmed Perfect Chemfood Industries LT Bk Fac CARE BB 122.5 Reaffirmed Pratyash Renewable Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. S. V. Foods_(Jaipur) LT Bk Fac CARE B 65 Reaffirmed Sanford Vitrified Pvt Ltd LT/ST Bk Fac CARE BBB- / A3 140 Assigned Sei Baskara Power Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. Sei Enerstar Renewable Energy Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. Sei Mihir Energy Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. Shree R.R.Pipes LT Bk Fac CARE D 100 – Issuer Not Cooperating Shreyas Renewable Energy Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. Sri Laxmi Narasimha Rice Industry LT Bk Fac CARE D 60 – Issuer Not Cooperating Stallion Laboratories Pvt Ltd LT Bk Fac CARE BB+ 235.8 Reaffirmed Stallion Laboratories Pvt Ltd LT/ST Bk Fac CARE BB+ /CARE 115 Reaffirmed A4+ Supreme Polytubes Ltd LT Bk Fac CARE BB- 150 Reaffirmed Swaasa Pharma Ltd LT Bk Fac CARE B+ 135.3 Assigned Varp Power Pvt Ltd LT Bk Fac CARE BB+ 47.8 Reaffirmed Vibrant Laminate Pvt Ltd LT Bk Fac CARE B+ 135 Assigned Zuvan Energy Pvt Ltd NCDs CARE AA- @ 3000 Reaffirmed @ The above rating is based on credit enhancement in the form of Guarantee Agreement for debt servicing among the 10 solar power SPVs and structured payment mechanism associated with the terms of the proposed Non -Convertible Debenture (NCD) issue. ——————————————————————————————– $: 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.
