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  5. CARE ratings for Indian debt instruments-Sep 5
CARE ratings for Indian debt instruments-Sep 5

CARE ratings for Indian debt instruments-Sep 5

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Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 4, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.M. Vinyl Pvt Ltd                    ST Bk Fac          CARE D         135     Revised from
                                                                                CARE A4+
Bathsha Marine Exports Pvt Ltd        ST Bk Fac          CARE A4        55      Reaffirmed
Capital First Home Finance Ltd        CP                 CARE A1+       7000    Reaffirmed
(Enhanced from Rs.400 crore)
Il&Fs Engineering And Construction Co.ST Bk Fac          CARE A4        21885.2 Revised from
Ltd                                                                             CARE A3
Jindal Drilling & Industries Ltd      ST Bk Fac          CARE A3+       1000    Revised from
                                                                                CARE A2+
Mahakali Chandrapur Polytex Pvt Ltd   ST Bk Fac          CARE A4        5.6     Assigned
Parul Technochem Llp                  ST Bk Fac          CARE A4        90      Assigned
Renew Solar Power Pvt Ltd             ST InstrumentsCP   CARE A1+(SO)   -       Final Rating
* The commercial paper issue is backed by unconditional and irrevocable corporate guarantee
provided by Renew Power Limited [RPL (erstwhile Renew Power Ventures Private Limited), rated
CARE A+; Stable/ CARE A1+] and structured payment mechanism
Renew Solar Power Pvt Ltd             ST InstrumentsCP   CARE A1+(SO)   -       Reaffirmed
**The commercial paper issue is proposed to be backed by unconditional and irrevocable corporate
guarantee to be provided by RPL and structured payment mechanism. CARE notes that the combined
CP’s raised by RPL and RSPPL will not exceed Rs.525 crore.
Silver Spark Apparels Ltd             ST Bk Fac          CARE A1        170     Reaffirmed
Smruthi Organics Ltd                  ST Bk Fac NFB      CARE A4        130     Reaffirmed
South Malabar Steels & Alloys Pvt Ltd ST Bk Fac          CARE A4        30      Reaffirmed
Superlite Jointings Pvt Ltd           ST Bk Fac          CARE A4        47      Assigned
Vidhyut Control (India) Pvt Ltd       ST Bk Fac          CARE A4        40      Assigned
Vision Vidyut Engineers Pvt Ltd       ST Bk Fac          CARE A4        15      Reaffirmed
Vraj & Vaj Construction               ST Bk Fac          CARE A4        25      Reaffirmed
(Enhanced from 2.00)

LONG TERM RATINGS:
-------------------
A.M. Vinyl Pvt Ltd                    LT Bk Fac          CARE D         315     Revised from
                                                                                CARE BB+
Aria Hotels & Consultancy Services PvtLT Bk Fac TL       CARE BBB-      5761.4  Reaffirmed
Ltd
(reduced from Rs.578.68 crore)
Aria Hotels & Consultancy Services PvtLT FB CC           CARE BBB-      75      Reaffirmed
Ltd
Arisudana Industries Ltd              LT Bk Fac          CARE BBB+      628.2   Reaffirmed
Arisudana Industries Ltd              LT Bk Fac/ ST Bk   CARE BBB+      500     Assigned
                                      Fac                /CARE A2
Ayush Food Product Pvt Ltd            LT Bk Fac          CARE BB-       118     Assigned
Bathsha Marine Exports Pvt Ltd        LT Bk Fac          CARE B+        23.1    Revised from
                                                                                CARE B
(Reduced from 3.92)
Bhimashankar Agro Coldchain And       LT Bk Fac          CARE BB-       51.2    Reaffirmed
Processing Producer Co. Ltd
Faze Three Ltd                        LT Bk Fac/ ST Bk   CARE BBB /CARE 820     Revised from
                                      Fac                A3+                    CARE BBB- /
                                                                                CARE A3
Il&Fs Engineering And Construction Co.LT Bk Fac          CARE BB        9028.1  Revised from
Ltd                                                                             CARE BBB-
Jindal Drilling & Industries Ltd      LT Bk Fac          CARE BBB+      200     Revised from
                                                                                CARE A-
Kannankandy Fridge Centre             LT Bk Fac          CARE BB        110     Assigned
Kannankandy Sales Corporation         LT Bk Fac          CARE BB        190     Assigned
M P S Steels Pvt Ltd                  LT Bk Fac          CARE B+        91.8    Reaffirmed
(enhanced from 8.51)
Mahakali Chandrapur Polytex Pvt Ltd   LT Bk Fac          CARE B-        48.6    Assigned
Manoj Vaibhav Gems N Jewellers Pvt LtdLT Bk Fac          -              -       Withdrawn
Manoj Vaibhav Gems N Jewellers Pvt LtdLT Bk Fac/ ST Bk   -              -       Withdrawn
                                      Fac
North Karnataka Expressway Ltd        NCD                CARE AA+(SO)   445     Revised from
                                                                                CARE AAA (SO)
(reduced from 61.10)
Parul Technochem Llp                  LT Bk Fac          CARE BB        33.2    Assigned
R. R Business Pvt Ltd                 LT Bk Fac/ ST Bk   CARE BB /CARE  148     Revised from
                                      Fac                A4                     CARE BB-
Issuer Not Cooperating,(enhanced from Rs.10 crore)
Rds & Sons Pvt Ltd                    LT Bk Fac          CARE B+        149     Reaffirmed
(enhanced from 6.77)
Reliance Mediaworks Financial ServicesNCD*               CARE AA+(SO)   6500    Revised from
Pvt Ltd                                                                         Provisional
                                                                                CARE AA+ (SO)
(Credit watch with developing implications)’,*The NCDs are proposed to be backed by credit
enhancement in the form of a Corporate Guarantee issued by Reliance Capital Ltd. (RCL), rated
‘CARE AA+’ (Double A Plus) (Credit watch with developing implications), in favour of the
NCD investors. 
Sandhu Farms Pvt Ltd                  LT Bk Fac          CARE D         30.3    Reaffirmed
Seth Construction Company             LT Bk Fac/ ST Bk   CARE BB+ /CARE 150     Reaffirmed
                                      Fac                A4+
Shrine Buildtech Pvt Ltd              LT Bk Fac          CARE D         400     Revised from
                                                                                CARE BB
Silver Spark Apparels Ltd             LT Bk Fac          CARE A         644     Reaffirmed
Silver Spark Apparels Ltd             LT Bk Fac/ ST Bk   CARE A /CARE A1300     Reaffirmed
                                      Fac
Smruthi Organics Ltd                  LT Bk Fac FB       CARE BB        290     Reaffirmed
(enhanced from Rs.24 crore)
Smruthi Organics Ltd                  LT Bk Fac TL       CARE BB        42.4    Reaffirmed
South Malabar Steels & Alloys Pvt Ltd LT Bk Fac          CARE BB        50      Reaffirmed
Sri Ganeshwara Rice Tech              LT Bk Fac          CARE BB        361.7   Revised from
                                                                                CARE BB-
(enhanced from Rs 25.05 crore)
Superlite Jointings Pvt Ltd           LT Bk Fac          CARE BB        53      Assigned
Vidhyut Control (India) Pvt Ltd       LT Bk Fac          CARE BB        40      Assigned
Vision Vidyut Engineers Pvt Ltd       LT Bk Fac          CARE B+        67.1    Reaffirmed
Vraj & Vaj Construction               LT Bk Fac          CARE B+        60      Reaffirmed
Wind Urja India Pvt Ltd               LT Bk Fac          -              -       Withdrawn
--------------------------------------------------------------------------------------------
$: 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.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)

Source: in.reuters
Anand Gupta Editor - EQ Int'l Media Network

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