RAYMOND LIMITED. (Rs. crore) (Rs. crore)
|
|
- Annice Flowers
- 5 years ago
- Views:
Transcription
1 RAYMOND LIMITED Amount (Rs. crore) 1 Remarks Long-term Bank 1,585 CARE AA- Short-term Bank 475 (enhanced from Rs ) Total 2,060 CARE A1+ [A One Plus] Non Convertible Debentures 175 CARE AA- Commercial Paper/Short-term Debt* 250 CARE A1+ [A One Plus] Non Convertible Debentures 100 CARE AA- Assigned *The CP/STD outstanding of the company should not exceed the liquid investments held by the company at any point of time. Based on the unconditional and irrevocable corporate guarantee provided by Raymond Ltd to Celebrations Apparel Ltd and Everblue Apparel Ltd, CARE has reaffirmed the following ratings: Name of the Company Celebrations Apparel Ltd Long-term Bank Short-term Bank Amount (Rs. crore) Total CARE AA- (SO) [Double A Minus (Structured Obligation)] 1 CARE A1+ (SO) [A One Plus (Structured Obligation)] Remarks Name of the Company Everblue Apparel Ltd Long-term Bank Short-term Bank Amount (Rs. crore) Total CARE AA- (SO) [Double A Minus (Structured Obligation)] 5 CARE A1+ (SO) [A One Plus (Structured Obligation)] Remarks Rating Rationale The ratings continue to draw strength from the resourceful and experienced promoter group and management, dominant position of the company in the worsted suiting fabrics industry, diversified revenue stream supported by established brands and integration in the operations. The ratings also draw comfort from the widespread distribution network supplemented by assetlight retail strategy. Consistently maintained sizeable liquid investments and strong fixed asset base of the company add further strength to the ratings. The ratings, however, are constrained due to the commodity price risk and foreign exchange fluctuation risk. 1 Complete definition of the ratings assigned are available at and other CARE publications 1
2 The company s ability to improve its profitability margins and debt coverage indicators amidst current fragile economic scenario and intense competition in the industry are the key rating sensitivities. Background Incorporated in 1925, Raymond Ltd (RL) is one of the leading integrated producers of worsted suiting fabric in the world. It is the flagship company of the Vijaypat Singhania group, which is a diversified conglomerate having interests in textiles, apparel retailing, toiletries, engineering files and tools and private aviation services. RL, on a standalone basis, is mainly engaged into fabric manufacturing with total production capacity of approximately 38 million meters per annum. Credit Risk Assessment Resourceful and experienced promoters and management The promoter group of RL has been in the textiles business since 1925 and has also been closely involved in the management of operations in addition to defining and monitoring the business strategy. The promoters are supported by a well-qualified and experienced management team. Diversified revenue stream along with complete vertical integration On consolidated level, the company has five major reportable segments Textiles, Garments, Denim, Tools & Hardware (T&H) and Auto Components. RL s revenue stream is fairly distributed across segments with Textiles contributing 49% to consolidated income in FY13 (refers to the period April 1 to March 31) followed by Garments with 26%, 10% by Denims and 15% by the engineering segment (includes T&H and Auto Components). Furthermore, RL s clothing business operations (comprising of Textiles, Garments and Denim) are vertically integrated across the complete value chain from fabric to garments to branded apparel to retail. This integrated setup gives RL significant operational flexibility and an ability to rationalise costs by managing dependence on outsourced vendors. Dominant position in the worsted suiting fabrics industry in India with established brands in the retail market The Raymond brand, under which, the company s worsted fabric retails, is India s largest textile brand and has a dominant market share in the worsted suiting fabrics segment in the domestic market. Furthermore, in worsted suiting fabrics segment, RL has presence across various price points. Over the years, apart from its flagship brand, RL has also developed various other successful brands like Park Avenue, Parx, ColorPlus, Makers, and Raymond Premium Apparel. Widespread distribution network supplemented by asset-light retail strategy RL has one of the largest retail networks in the textile space in the country with 922 stores [which include The Raymond Shops (TRS), The Exclusive Brand Outlets (EBO) and Made-to-Measure (MTM) stores] encompassing retail space of 1.78 million sq. feet as on March 31, RL via pan India presence retails its products through a distribution network of more than 30,000 points-of-sale. Furthermore, around 75% of its stores are on franchise basis implying that the company generally follows an assetlight franchise model, wherein, the company usually incurs only the initial capital expenditure needed to open a store. The entire stock requirement of the franchisees is bought by them from the company without any recourse i.e. there is no returns of any unsold stock. Therefore, the entire risk of investment in the inventory is borne by the franchisees. Out of the remaining stores, majority are on lease basis. Any aggressive expansion of the stores, however, may impact the credit profile of RL. Moderate debt protection indicators, coupled with consistently maintained sizeable liquid investments The company has moderate debt coverage and leverage indicators characterized by interest coverage of 2.11x for FY12, which further weakened to 1.38x in FY13 and overall gearing of 1.22x as on March 31, 2012, and 1.38x as on March 31, However, the liquidity risk of RL is considerably mitigated on account of sizeable treasury investments maintained by the company over the past many years. During October 2010, RL had reached a Voluntary Separation Scheme (VSS) settlement with the workers of its Thane textile factory aggregating Rs.260 crore, out of which around Rs.150 crore was paid in FY11 and balance is payable in October 2013.The settlement has freed up approximately 120 acres of land in the prime location of Thane, having a considerable market value. Any additional equity infusion towards development of Thane land is a key rating sensitivity. Susceptible to commodity price risk as well as foreign exchange fluctuation risk For RL, the cost of raw materials (including wool, cotton and polyester) constitutes around 33% of cost of sales. In the past, the prices of raw materials have been volatile exposing the company to commodity price risk. Furthermore, RL imports approximately 46% of its total raw material requirement from overseas markets, making it vulnerable to fluctuations in foreign 2
3 exchange rates. Nevertheless, the company actively manages its currency risk by hedging a considerable amount of its net exposure. Weak operational performance During FY13, RL on a standalone basis incurred a loss of Rs.48 crore on total income of Rs.2,095 crore vis-a-vis PAT of Rs.56 crore on operating income of Rs.1,939 crore during FY12. Furthermore, RL registered PBILDT of Rs.234 crore in FY13 translating into the PBILDT margin of 11.15% against the PBILDT margin of 15.78% for FY12. The drop in the PBILDT margin was on account of higher wool prices (major raw material comprising approximately one half of total raw material costs), coupled with increase in other input costs such as employee expenses, and power and fuel charges. However, RL was unable to pass on the rise in input prices to customers owing to challenging market conditions and weak consumer sentiments. Furthermore, during FY13, RL incurred Rs.45 crore towards voluntary retirement scheme (VRS). On a consolidated basis, RL reported PAT of Rs.19 crore on total income of Rs.4,117 crore in FY13 against PAT of Rs.157 crore on total income of Rs.3,685 crore in FY12. Financial Performance (Standalone) (Rs. Cr) For the period ended / as at Mar.31, (12m, A) (12m, A) (12m, A) Working Results Net Sales Total Operating income PBILDT Interest Depreciation PBT PAT (after deferred tax) Gross Cash Accruals Financial Position Equity Capital Networth Total capital employed Key Ratios Growth Growth in Total income (%) Growth in PAT (after D.Tax) (%) NM NM NM Profitability PBILDT/Total Op. income (%) PAT (after deferred tax)/ Total income (%) ROCE (%) Solvency Long-term Debt Equity ratio (times) Overall gearing ratio(times) Interest coverage(times) Term debt/gross cash accruals(years) NM Liquidity Current ratio(times) Quick ratio(times)
4 For the period ended / as at Mar.31, (12m, A) (12m, A) (12m, A) Turnover Average collection period (days) Average creditors (days) Average inventory (days) Operating cycle (days) Note: During October 2010, RL had reached a Voluntary Separation Scheme (VSS) settlement with the workers of its Thane textile factory aggregating Rs.260 crore, hence, profitability figures of FY11 are not comparable. Profiles of entities guaranteed by Raymond Ltd I. Celebrations Apparel Ltd Celebrations Apparel Ltd (CAL) is a wholly-owned subsidiary of RL and is into manufacturing of men s apparel, mainly formal shirts. CAL has manufacturing facilities at Hosakote (near Bengalooru), with a total production capacity of approximately 1.8 million shirts per annum. CAL predominantly does job work for other Raymond group companies and job work income contributed around 57% to the total income in FY13 (vis-à-vis 55% in FY12). RL has extended an unconditional and irrevocable corporate guarantee to meet CAL s debt repayment obligations. During FY13, CAL registered PAT of Rs.0.85 crore on total operating income of Rs crore. II. Everblue Apparel Ltd Everblue Apparel Ltd (EBAL), established in 2001, is a 100% subsidiary of RL. EBAL, initially by way of a conducting agreement dated August 2006, executed with Raymond UCO Denim Ltd [(RUCO), a JV between Raymond Ltd (RL) and UCO NV of Belgium], had rented out its unit for manufacturing denim garments to RUCO for a fixed annual consideration of 1.1 million per annum. However, from July 1, 2012, the conducting arrangement is replaced by a job-work agreement. As per the job-work agreement, EBAL is required to manufacture, pack, label and store the garmenting products as per the specifications given by RUCO. RUCO issues production orders to EBAL from time to time and in consideration EBAL is paid job-work charges, which is decided mutually between EBAL and RUCO based on the design and style of the garments to be manufactured. RL has provided an unconditional and irrevocable corporate guarantee to meet EBAL s debt repayment obligations. In FY13, EBAL posted total operating income and PAT of Rs crore and Rs.0.92 crore, respectively. DISCLAIMER CARE s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. 4
5 CARE is headquartered in Mumbai, with Offices all over India. The office addresses and contact numbers are given below: HEAD OFFICE: MUMBAI Mr. D.R. Dogra Managing Director Mobile : dr.dogra@careratings.com Mr. Rajesh Mokashi Dy. Managing Director Mobile rajesh.mokashi@careratings.com Mr.Ankur Sachdeva Vice President Banking & Financial Services Mobile: ankur.sachdeva@careratings.com CREDIT ANALYSIS & RESEARCH LTD. HEAD OFFICE 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai Tel: care@careratings.com Fax: KOLKATA Ms. Priti Agarwal Cell: Tel: / 1602 E- mail: priti.agarwal@careratings.com 3rd Flr., Prasad Chambers (Shagun Mall Bldg), 10A, Shakespeare Sarani, Kolkata CHENNAI Mr. V Pradeep Kumar Cell: Tel: / Fax: pradeep.kumar@careratings.com Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, Anna Salai, Chennai AHMEDABAD Mr. Mehul Pandya Cell: Tel: Fax: mehul.pandya@careratings.com 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad NEW DELHI Ms. Swati Agrawal Cell: Tel: / swati.agrawal@careratings.com 3 rd Floor, B -47, Inner Circle, Near Plaza Cinema, Connaught Place, New Delhi BENGALURU Mr. Dinesh Sharma Cell: Tel: dinesh.sharma@careratings.com Unit No. 8, I floor, Commander's Place, No. 6, Raja Ram Mohan Roy Road, (Opp. P F Office), Richmond Circle, Bangalore HYDERABAD Mr. Saikat Roy Tel: saikat. roy@careratings.com 401, Ashoka Scintilla , Himayat Nagar Hyderabad PUNE Mr. Rahul Patni Cell: Tel: rahul.patni@careratings.com 9th Floor, Pride Kumar Senate, Plot No. 970, Bhamburda, Senapati Bapat Road, Shivaji Nagar, Pune JAIPUR Mr. Rahul Jain Cell: Tel: /14 rahul.jain@careratings.com 304, Pashupati Akshat Heights, Plot No. D-91, Madho Singh Road, Near Collectorate Circle, Bani Park, Jaipur
TLT Engineering India Private Limited
Ratings TLT Engineering India Private Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 9.45 CARE BBB- (Triple B Minus) Reaffirmed Long/Short-term Bank Facilities 35.00
More informationCARE REVISES THE RATING ASSIGNED TO BANK FACILITIES AND CP/STD OF BOMBAY RAYON FASHIONS LTD. Amount
July 31, 2012 Press Release CARE REVISES THE RATING ASSIGNED TO BANK FACILITIES AND CP/STD OF BOMBAY RAYON FASHIONS LTD. Facilities/Instruments Long-term Bank Facilities Amount Ratings 1 (Rs. crore) 3,167.20
More informationAU FINANCIERS (INDIA) LIMITED
AU FINANCIERS (INDIA) LIMITED Ratings Instrument Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 1,100 CARE A [Single A] Non Convertible Debenture 45 CARE A [Single A] Subordinated Debt
More informationDIGAMBER CAPFIN LIMITED
DIGAMBER CAPFIN LIMITED Rating Facilities Amount (Rs. crore) Rating 1 Remarks Long-term Bank Facilities 30 CARE BB (Double B) Assigned Rating Rationale The rating is primarily constrained by the small
More informationSATIN CREDITCARE NETWORK LIMITED
SATIN CREDITCARE NETWORK LIMITED Ratings Instrument/Facility Amount (Rs. crore) Ratings 1 Remarks Fully Paid-Up Cumulative Non- Convertible Compulsorily Redeemable Preference Shares (Proposed) Long-term
More informationPENNA CEMENT INDUSTRIES LIMITED
Ratings PENNA CEMENT INDUSTRIES LIMITED Facilities Amount (Rs. crore) Ratings 1 Remarks Proposed Non-Convertible Debenture 150 CARE A+ [Single A Plus] Assigned Total Facilities 150 Rating Rationale The
More informationFUTURE RETAIL LIMITED
FUTURE RETAIL LIMITED Ratings Facilities Amount (Rs. crore) Ratings 1 * Remarks Long-term Bank Facilities 950 CARE A [Single A] Short-term Bank Facilities 625 CARE A1 [A One] Total Facilities 1,575 Commercial
More informationINDOSTAR CAPITAL FINANCE PVT. LIMITED
Rated Instruments/Facilities INDOSTAR CAPITAL FINANCE PVT. LIMITED Instrument / Facility Amt Rated (Rs crore) Rating 1 Remarks Long Term Debt^ 2,450 (enhanced from Rs.1,950)* CARE AA- (Double A Minus)
More informationTATA MOTORS LIMITED. 1 Complete definition of the ratings assigned are available at and other CARE publications
TATA MOTORS LIMITED Ratings Instruments Amount (Rs. crore) Ratings 1 Remarks Non-Convertible Debentures 6,600 CARE AA+ [Double A plus] Revised from CARE AA [Double A] Total 6,600 Rating Rationale CARE
More informationSHREE GANESH JEWELLERY HOUSE (I) LIMITED
Ratings SHREE GANESH JEWELLERY HOUSE (I) LIMITED Facilities/Instruments Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 150 CARE BBB+ Short-term Bank Facilities 3695 CARE A3+ (A Three Plus)
More informationMCNALLY BHARAT ENGINEERING COMPANY LIMITED
MCNALLY BHARAT ENGINEERING COMPANY LIMITED Ratings Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 3,904.2 (enhanced from 3,779.8) CARE A (Single A) Revised from CARE A+ (Single
More informationCESC LIMITED. Ratings
Ratings CESC LIMITED Facilities/Instruments Amount Ratings 1 Remarks Long-term Bank Facilities 905.4 (reduced from 1,015.0) CARE AA (Double A) Reaffirmed Short-term Bank Facilities 250.0 CARE A1+ (A One
More informationAMTEK INDIA LIMITED. CARE AA- (Double A Minus) Reaffirmed and credit watch removed. CARE A1+ (A One Plus) Reaffirmed and credit watch removed
AMTEK INDIA LIMITED Ratings Facilities/Instruments Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 4038.12 (enhanced from 2392.62) Short-term Bank Facilities 88 (enhanced from 38) Total
More informationUnidrug Innovative Pharma Technologies Limited
Ratings Unidrug Innovative Pharma Technologies Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 7.10 (reduced from 7.30) CARE BB (Double B) Revised from CARE BB- (Double
More informationHINDUSTAN CONSTRUCTION COMPANY LIMITED
HINDUSTAN CONSTRUCTION COMPANY LIMITED Ratings Facilities/ Instruments Amount (Rs. crore) Rating 1 * Remarks Long-term Facilities (Term Loans) 2,084.28 (reduced from 2,358.75) Short-term Facilities 875.00
More informationSHIVA INDUSTRIAL SECURITY AGENCY (GUJARAT) PRIVATE LIMITED JANUARY 19, 2017
SHIVA INDUSTRIAL SECURITY AGENCY (GUJARAT) PRIVATE LIMITED JANUARY 19, 2017 Ratings Facilities Amount Long-term Bank Facilities 12.69 Short-term Bank Facilities 1.00 13.69 Total (Rupees Thirteen crore
More informationAquarelle India Pvt. Ltd.
Ratings Aquarelle India Pvt. Ltd. Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities-Term Loan 42.00 CARE A- (A Minus) Assigned Long-term Bank Facilities-Fund based 54.00 CARE A-
More informationRUCHI SOYA INDUSTRIES LIMITED
RUCHI SOYA INDUSTRIES LIMITED Ratings Facilities/Instruments Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 4,250.50 [enhanced from Rs.3,731.50] Long-term / Short-term Bank Facilities 6,478.00
More informationKESORAM INDUSTRIES LIMITED
Ratings KESORAM INDUSTRIES LIMITED Instruments/Facilities Amount (Rs. crore) Ratings 1 Remarks Facilities Long-term Bank Facilities 2,918.1 (enhanced from 2,596.8) Short-term Bank Facilities 600.0 (enhanced
More informationNovember 07, 2014 CARE ASSIGNS CARE AA RATING TO NCD ISSUE OF TATA POWER COMPANY LIMITED & REAFFIRMS THE RATING OF OUSTANDING INSTRUMENTS
November 07, 2014 CARE ASSIGNS CARE AA RATING TO NCD ISSUE OF TATA POWER COMPANY LIMITED & REAFFIRMS THE RATING OF OUSTANDING INSTRUMENTS Ratings Facilities Amount (Rs. crore) Ratings 1 Remarks Perpetual
More informationTMT Steels Private Limited
Ratings TMT Steels Private Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 5 CARE BB- (Double B Minus) Assigned Short-term Bank Facilities 5 CARE A4 (A Four) Assigned
More informationEMCURE PHARMACEUTICALS LIMITED
EMCURE PHARMACEUTICALS LIMITED Ratings Facilities Amount (Rs. crore) Long-term Bank Facilities 507.89 (reduced from 542.80) Short-term Bank Facilities 115.04 (reduced from 117) Long/Short-term Bank Facilities
More informationRoop Polymers Limited
Ratings Roop Polymers Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 75.67 (enhanced from Rs.60.85 crore) CARE BBB (Triple B) Reaffirmed Short-term Bank Facilities 19.80
More informationSakar Healthcare Private Limited
Ratings Sakar Healthcare Private Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 18.48 (reduced from 20.30) CARE BBB- (Triple B Minus) Reaffirmed Short-term Bank Facilities
More informationShirdi Sai Electricals Ltd
Ratings Shirdi Sai Electricals Ltd Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 40 (enhanced from 15) CARE BBB+ (Triple B Plus) Revised from CARE BBB (Triple B) Short-term
More informationAmtek Auto Ltd Ratings Facilities Amount (Rs. crore) Ratings 1 Remarks Proposed Non-Convertible Debentures 600 CARE AA (Double A) Assigned Total 600
Amtek Auto Ltd Ratings Facilities Amount (Rs. crore) Ratings 1 Remarks Proposed Non-Convertible Debentures 600 CARE AA (Double A) Assigned Total 600 Rating Rationale The rating derives strength from the
More informationEMT Megatherm Pvt Ltd
Ratings EMT Megatherm Pvt Ltd Facilities Amount Ratings 1 Remarks Long term Bank Facilities 17.1 (reduced from 18) CARE BB+ (Double B Plus) Reaffirmed Short term Bank Facilities 27 (reduced from 28) CARE
More informationTapadia Polyesters Private Limited
Tapadia Polyesters Private Limited January 06, 2017 Ratings Facilities Amount Rating 1 Long-term Bank Facilities 63.00 CARE BBB-; Stable (Triple B Minus; Outlook: Stable) Short-term Bank Facilities 4.00
More informationCentral Bank of India
Central Bank of India May 25, 2018 Ratings Facilities/Instruments Amount Rating 1 Rating Action Lower Tier II Bond Series XIII - - Withdrawn Details of instruments/facilities in Annexure-1 Detailed Rationale,
More informationJSW STEEL LIMITED. Rating assigned. Instruments Amount (Rs. crore) Ratings 1 Remarks Commercial Paper issue 1, CARE A1+ (A One Plus) Assigned
Rating assigned JSW STEEL LIMITED Instruments Amount (Rs. crore) Ratings 1 Remarks Commercial Paper issue 1,500.00 CARE A1+ (A One Plus) Assigned JSWSL has proposed to raise up to Rs.1,500 crore through
More informationCoimbatore Capital Limited January 6, 2017
Ratings Facilities Coimbatore Capital Limited January 6, 2017 Amount Short-term Bank Facilities 37 37 Total Facilities (Rupees Thirty Seven crore only) Details of instruments/facilities in Anneuxre-1 Rating
More informationGanapati Builders Limited
Ratings Facilities Ganapati Builders Limited Amount Long term Bank Facilities 8.00 Total December 18, 2017 8.00 (Rupees Eight crore only) Rating 1 CARE B+; Stable (Single B Plus ; Outlook: Stable) Rating
More informationMillenium Steel India Private Limited
Millenium Steel India Private Limited Ratings Facilities Amount Long term Bank Facilities 6.88 Short term Bank Facilities 26.00 Total Facilities February 28, 2018 32.88 (Rs. Thirty Two crore and Eighty
More informationPanyam Cements and Mineral Industries Limited January 6, 2017
Ratings Facilities Panyam Cements and Mineral Industries Limited January 6, 2017 Amount Long-term Bank Facilities 30.00 Short-term Bank Facilities 9.32 Rating 1 CARE BB-; Stable (Double B Minus; Outlook:
More informationCARE s Rating Methodology - Wholesale Trading
RATING METHODOLOGY - WHOLESALE TRADING CARE s Rating Methodology - Wholesale Trading [In supersession of CARE s Rating Methodology - Wholesale Trading issued in June 2017] Overview The increase in global
More informationVIVIMED LABS LIMITED
Ratings VIVIMED LABS LIMITED Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 92.60 (reduced from 109.07 CARE BBB- (Triple B Minus) Revised from CARE A- and removed from Credit
More informationReliance Infrastructure Limited
Ratings Reliance Infrastructure Limited Facilities Amount (Rs. crore) Ratings 1 Remarks 2600(Enhanced from Rs CARE A+ (on credit watch) [Single A Long Term Bank Facilities 600 crore) CARE A1+(on credit
More informationSpykar Lifestyles Private Limited
Spykar Lifestyles Private Limited Ratings Facilities/Instruments Long term Bank Facilities-FB-Cash Short term Bank Facilities-NFB- LC/BG February 20, 2017 Amount 60.10 (enhanced from 46.10) 10.00 Total
More informationICICI Prudential Capital Protection Oriented Fund III-XII. July 26, 2017
IIIXII July 26, 2017 Ratings Facilities/Instruments Scheme Type Ratings 1 Remarks III Plan B, E, G and H IV Plan A, C, D, F and G V Plan A and C V Plan B, DF* VI Plan AH VII Plan AH VIII Plan AJ IX Plan
More informationBansal Construction Works
Bansal Construction Works January 23, 2017 Ratings Facilities Long Term Bank Facilities Long Term / Short Term Bank Facilities Amount 12.00 8.00 Ratings 1 CARE BBB; Stable (Triple B; Outlook: Stable) CARE
More informationShyam Sel & Power Limited January 04, 2017
Ratings Shyam Sel & Power Limited January 04, 2017 Facilities Long-term Bank Facilities Short-term Bank Facilities Total Facilities Details of instruments/facilities in Annexure-1 Amount 575.14 (enhanced
More informationSunil Hitech Engineers Ltd.
Sunil Hitech Engineers Ltd. April 20, 2018 Ratings Facilities Long-term Bank Facilities (TL) Long-term Bank Facilities (CC) Short-term Bank Facilities Long/Short Term Bank Facilities Amount (Rs. crore)
More informationRSB Transmissions (I) Limited January 20, 2017
Ratings Long-term Bank Amount 286.84 (reduced from 310.19) Short-term Bank 194.29 481.13 Total (Rupees Four Hundred Eighty One crore and Thirteen lakh only) Details of facilities in Annexure-1 RSB Transmissions
More informationTrimex Sands Private Limited
Ratings Trimex Sands Private Limited Facility Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 29.63 (reduced from 41.57) CARE BBB+ (Triple B Plus) Reaffirmed Total Facilities 29.63 Rating
More informationFuture Enterprises Limited
Future Enterprises Limited Ratings Facilities Long-term Bank Facilities (Term Loan) Long-term Bank Facilities (Term Loan) Long Term Bank Facilities (Fund Based) Short-term Bank Facilities (Non Fund based)
More informationL&T Finance Ltd. (erstwhile Family Credit Ltd) July 7, (Rs. crore) 16,500
Ratings Instrument L&T Finance Ltd. (erstwhile Family Credit Ltd) July 7, 2017 Amount (Rs. crore) 16,500 Commercial Paper issue (enhanced from Rs 13,500) Details of instruments/facilities in Annexure-1
More informationRating Methodology - Private Power Producers
RATING METHODOLOGY - PRIVATE POWER PRODUCERS Rating Methodology - Private Power Producers [In supersession of Rating Methodology - Private Power Producers issued in December 2016] The ongoing liberalisation
More informationICICI PRUDENTIAL MUTUAL FUND (Revised) August 08, 2018
: ICICI PRUDENTIAL MUTUAL FUND (Revised) August 08, 2018 Scheme Name Scheme Tenure 1 Action Series VIII Plan F * Close Ended 683 Days [Triple A mfs (Structured Obligation)] Reaffirmed Details of /Facilities
More informationJMS Mining Services Pvt Ltd
s JMS Mining Services Pvt Ltd Amount (Rs. crore) Long-term Bank 260 Short-term Bank 15 Long/Short-term Total Bank Bank Details of facilities in Annexure-1 485 (enhanced from 215) 760 (Rupees Seven Hundred
More informationL&T Infrastructure Finance Company Limited
Ratings L&T Infrastructure Finance Company Limited July 23, 2018 Facilities Amount(Rs. crore) Rating 1 Rating Action Commercial Paper (IPO Financing) - - Withdrawn Details of instruments/facilities in
More informationC.M.Builds Private Limited November 03, 2017
Rating Facilities Long-term Bank Facilities C.M.Builds Private Limited November 03, 2017 Amount 10 Total Facilities (Rupees Ten crore only) Details of instruments/facilities in Annexure-1 10 Rating 1 CARE
More informationMahavir Coal Resources Private Limited
Mahavir Coal Resources Private Limited Ratings Facilities Amount (Rs. crore) Ratings 1 Rating Action Long-term Bank Facilities 25 (enhanced from Rs.11.25 crore) CARE BB; Stable (Double B; Outlook: Stable)
More informationJaiprakash Associates Limited
Jaiprakash Associates Limited April 26, 2017 Ratings Facilities/Instruments Amount (Rs. crore) Rating 1 Rating Action Long-term Bank Facilities 21,244.97 (reduced from 21,786.30) Short-term Bank Facilities
More informationL&T Infrastructure Finance Company Limited
Ratings Facilities L&T Infrastructure Finance Company Limited December 07, 2017 Amount (Rs. crore) Rating 1 Rating Action Commercial Paper (for IPO financing) - - Withdrawn Details of instruments/facilities
More informationEmaar MGF Land Limited
Emaar MGF Land Limited January 23, 2017 Ratings S.No Facilities Amount 1 Long-term Bank Facilities 205 (reduced from 320) Total Facilities 205 (Rupees Two Hundred Five crore only) 2 Non-convertible Debenture
More informationRating Methodology: Factoring Linkages in Ratings (Parent-Subsidiary Link, Group Support, Government Support)
FACTORING LINKAGES IN RATINGS Rating Methodology: Factoring Linkages in Ratings (Parent-Subsidiary Link, Group Support, Government Support) [In supersession of CARE s Rating Methodology: Factoring Linkages
More informationCARE s Fund Credit Quality Rating Criteria
FUND CREDIT QUALITY RATING CRITERIA CARE s Fund Credit Quality Rating Criteria Introduction CARE s fund credit quality ratings are opinion on the overall credit quality of specific Debt Mutual Fund schemes.
More informationGayatri Projects Limited
Gayatri Projects Limited March 12, 2018 Ratings Amount Long-term Bank 2138.03 Long-term/Short-term Bank 4594.03 6732.06 (Rupees Six thousand Seven Total hundred Thirty Two crore and Six lakh only) Details
More informationHDFC Bank Ltd. May 8, 2017
HDFC Bank Ltd. May 8, 2017 Rating Facilities/Instruments Amount (Rs. crore) Rating 1 Rating Action Certificate of Deposits 40,000 (enhanced from 25,000) CARE A1+ (A One Plus) Reaffirmed Additional Tier
More informationBandhan Financial Services Pvt. Ltd.
Ratings Bandhan Financial Services Pvt. Ltd. Facilities Amount (Rs. crore) Ratings 1 Remarks Unsecured Subordinated Tier II NCD 160.0 CARE A (Single A) Assigned Total 160.0 Rating Rationale The assigned
More informationDalmia Bharat Limited
Dalmia Bharat Limited March 16, 2017 Ratings Amount Rating1 Rating Action Long-term/Short-term Bank 30 CARE AA-; Stable/ (Double A Minus/A One Plus; Outlook: Stable) Long-term Bank - - Withdrawn* Total
More informationHDFCs Assignment Of Receivables Of SEP 11. [Originator: HDFC Limited]
HDFCs Assignment Of Receivables Of SEP 11 [Originator: HDFC Limited] March 29, 2018 Ratings Instrument Assignee Payouts Amount 212.69 (Rs.Two hundred and twelve crore and sixty nine lakhs only) Details
More informationICICI Securities Primary Dealership Ltd.
Ratings Instrument Amount (Rs. crore) Tier II Bonds 50 (Rupees Fifty Crore Only) Details of instruments/facilities in Annexure-1 ICICI Securities Primary Dealership Ltd. May 09, 2018 Rating 1 CARE (Triple
More informationSai Engicon and Construction Private Limited December 17, 2018
Ratings /Instruments Long term Bank Short-term Bank Sai Engicon and Construction Private Limited December 17, 2018 Amount 5.00 20.00 Total 25.00 (Rupees Twenty Five crore only) Details of facilities in
More informationRating Methodology - Manufacturing Companies
RATING METHODOLOGY - MANUFACTURING COMPANIES Rating Methodology - Manufacturing Companies [In supersession of Rating Methodology - Manufacturing Companies issued in December 2016] Credit analysis of an
More informationAssotech Realty Private Limited
Assotech Realty Private Limited March 21, 2017 Ratings Facilities Amount Rating 1 Long-term Bank Facilities 35 CARE BB; ISSUER NOT COOPERATING (Double B; ISSUER NOT COOPERATING) Total 35 (Rupees Thirty
More informationSharekhan Financial Services Private Limited
Ratings Sharekhan Financial Services Private Limited December 18, 2017 Instruments Commercial Paper Issue (IPO Financing) Details of instruments/facilities in Annexure-1 Amount (Rs. crore) 2000 (Rupees
More informationRating Methodology - Port Projects [In supersession of Rating Methodology Port Projects issued in June 2017]
RATING METHODOLOGY - PORT PROJECTS Rating Methodology - Port Projects [In supersession of Rating Methodology Port Projects issued in June 2017] Background India has 7,517-km long coastline with 13 major
More informationBhilangana Hydro Power Limited
Ratings Facilities/Instruments Non- (NCD) Non--I (NCD-I) Non--II (NCD-II) Bhilangana Hydro Power Limited March 26, 2018 153.80 Total (Rupees One Hundred Fifty Three crore and Eighty lakh only) Details
More informationBinani Cement Limited
Binani Cement Limited July 11, 2018 Ratings Amount Rating 1 Long term Bank 2,304.27 CARE D; ISSUER (Single D; ISSUER Short term Bank 436.00 ) Total facilities 2,740.27 (Rupees Two Thousand Seven Hundred
More informationMahalaxmi Roller Flour Mills
Rating Facilities Long-term bank facilities Total 5.84 (Rs. Five Crore and Eighty Four Lakh only) Details of instruments/facilities in Annexure-1 Mahalaxmi Roller Flour Mills July 09, 2018 Amount Rating
More informationColourtex Industries Private Limited
Colourtex Industries Private Limited January 18, 2017 Ratings Facilities Long-term Bank facilities Long-term/Short-term Bank facilities Amount 50.25 (reduced from 71.14) 370.00 420.25 Total Facilities
More informationRadico NV Distilleries Maharashtra Limited
Ratings Radico NV Distilleries Maharashtra Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long term Bank Facilities 47.25 CARE BBB (Triple B) Reaffirmed Long term Bank Facilities* 17.80 CARE BBB+
More informationK.P. CHACKO & SONS JUNE 30, 2017
Ratings K.P. CHACKO & SONS JUNE 30, 2017 Facilities Amount Rating 1 Long-term Bank Facilities 17 CARE B+; Stable (Single B Plus ; Outlook: Stable) Rating Action Assigned Total 17 (Rupees Seventeen crore
More informationAircel Limited. November 16, Amount (Rs. crore) 17,479 (Rupees Seventeen Thousand Four Hundred and Seventy Nine Crore Only)
Aircel Limited November 16, 2017 Ratings Facilities Amount Long term Bank Facilities 17,479 Total Details of instruments/facilities in Annexure-1 17,479 (Rupees Seventeen Thousand Four Hundred and Seventy
More informationNLC Tamil Nadu Power Limited
Ratings NLC Tamil Nadu Power Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long term Bank Facilities* 3,437.00 CARE AAA (SO)(In-Principle) [Triple A (Structured Obligation)] (In-Principle) Long
More informationJMC Projects (India) Limited
JMC Projects (India) Limited January 20, 2017 Ratings Long Term Bank Long Term / Short Term Bank Total Commercial Paper Issue (carved out of working capital limits) Amount 687.32 (reduced from Rs.726.88
More informationC&S Electric Limited April 6, 2018
C&S Electric Limited April 6, 2018 Ratings Facilities Long-term Bank Facilities Term Loan Long-term Bank Facilities Cash Credit Short-Term Bank Facilities Amount 87.01 (enhanced from 18.60) 235 (enhanced
More informationHigh Breetd Fashions January 17, 2019
Rating Facilities Short-term Bank Facilities Total Facilities High Breetd Fashions January 17, 2019 Amount Ratings 1 9.50 CARE A4 ( A Four) 9.50 (Rupees Nine Crore and Fifty Lakh only) Remarks Reaffirmed
More informationViraj Exports Private Limited
Rating Viraj Exports Private Limited November 03, 2017 Bank Facilities Amount Rating 1 Rating Action Short-term Bank Facilities 15.50 (Enhanced from Rs.13.00 crore) CARE A4 (A Four) Reaffirmed Total 15.50
More informationSINTEX INDUSTRIES LIMITED
Ratings SINTEX INDUSTRIES LIMITED Facilities/ Instruments Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 3,768.63 (enhanced by Rs.1,220.00 crore) CARE AA (Double A) Long/Short-term Bank
More informationIndia Infrastructure Finance Company Ltd October 06, 2017
India Infrastructure Finance Company Ltd October 06, 2017 Ratings Facilities Unsecured Taxable * Amount (Rs. Crore) 3,000 (Rupees Three Thousand crore only) Long-term 67.12 Infrastructure (Rupees Sixty
More informationKhagaria Purnea Highway Project Limited
Khagaria Purnea Highway Project Limited March 31, 2018 Ratings Facilities Long-term Bank Facilities (Senior debt) Long-term Bank Facilities (Sub-ordinate debt) Amount 462.35 (reduced from Rs.516.95 crore)
More informationPavathal Spinning Mills Private Limited
Ratings Pavathal Spinning Mills Private Limited December 27, 2017 Amount (Rs. crore) Ratings 1 Remarks Long-term Bank 10.42 (reduce from 11.11) CARE BB+; Stable (Double B Plus; Outlook:Stable) Reaffirmed
More informationBannari Amman Sugars Limited January 13, 2017
Ratings Long-term Bank Short-term Bank Long-term /Shortterm Bank Total Bannari Amman Sugars Limited January 13, 2017 Amount 871.50 (reduced from 1,239.50) 7.50 15.40 894.40 (Rupees Eight Hundred Ninety
More informationRating Criteria For Small and Medium Enterprises
Rating Criteria For Small and Medium Enterprises Background SME (Small and Medium Enterprises) segment plays a very vital role in the economic development of our nation. Credit risk assessment in this
More informationL&T Finance Ltd (erstwhile Family Credit Ltd) July 23, 2018
Ratings Facilities L&T Finance Ltd (erstwhile Family Credit Ltd) July 23, 2018 Amount (Rs. crore) Commercial Paper Issue (IPO Financing) Rating 1 Rating Action Withdrawn Details of instruments/facilities
More informationAsahi Songwon Colors Limited
Asahi Songwon Colors Limited January 11, 2017 Ratings Amount Long-term Bank 5.25 Short-term Bank 33.00 Long-term/ Short-term Bank Total 41.00 79.25 (Rupees Seventy Nine crore and Twenty Five lakh only)
More informationPrecision Camshafts Limited
Ratings Precision Camshafts Limited Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 154.15 CARE BBB+ (Triple B Plus) Long-term / Short-term Bank Facilities 47.50 CARE BBB+ / CARE
More informationInternational Print-O-Pac Limited
International Print-O-Pac Limited June 06,2018 Ratings Facilities Amount Long-term Bank Facilities 12.50 Short-term Bank Facilities 12.50 25.00 Total Facilities (Rupees Twenty five crore only) Details
More informationCentral Bank of India
Ratings Instrument Amount (Rs. crore) Lower Tier II Bonds 270 Upper Tier II Bonds 2,285 Total 2,555 (Rs. Two thousand five hundred and fifty five crore only) Details of instruments/facilities in Annexure-1
More informationGlobal Offshore Services Limited
Ratings Facilities/Instruments Term Loan Fund Based Limits LT/ST Bank Facilities Non- Fund based Limits Long term Bank Facilities Term Loan UBI # FB Limits UBI LT/ST Bank Facilities NFB Limits- UBI Global
More informationKalimati Motors Private Limited
Ratings Facilities Kalimati Motors Private Limited Amount Long-term Bank Facilities 13.00 Total Details of instruments/facilities in Annexure-1 13.00 (Rupees Thirteen crore only) March 23, 2018 Rating
More informationBSE-SME COMPANY RESEARCH REPORT
BSE-SME COMPANY RESEARCH REPORT BRONZE INFRA- TECH LTD. December 19, 2012 www.careratings.com F DISCLOSURES AND DISCLAIMER DISCLOSURES Each member of the team involved in the preparation of this report,
More informationBrookefield Real Estates and Projects Private Limited November 05, 2018
Ratings Long term Bank Total 860.0 (Rs. Eight Hundred Sixty Crores Only) Details of instruments/facilities in Annexure-1 Detailed Rationale & Key Rating Drivers Brookefield Real Estates and Projects Private
More informationMadhav Alloys Private Limited
Madhav Alloys Private Limited Ratings Facilities Amount (Rs. crore) Long-term Bank Facilities 81.84 Short-term Bank Facilities 70 Ratings1 CARE A- [Single A Minus] CARE A2+ [A Two Plus] Remarks Revised
More informationCredit Analysis & Research Limited. Complete definitions of the ratings assigned are available at and other CARE publications
Neuland Laboratories Limited Ratings Facilities Amount (Rs. crore) Ratings 1 Remarks Long-term Bank Facilities 205.51 (enhanced from Rs. 175.51 crore ) CARE BBB- (Triple B Minus) Reaffirmed Short-term
More informationSINTEX INDUSTRIES LIMITED
EQUI-GRADE Analytical Power for Investment Decisions Sintex Industries Limited Plastics and Textiles SINTEX INDUSTRIES LIMITED December 29, 2011 Very Good Fundamentals; Considerable Upside Potential CMP:
More informationCoimbatore Capital Limited
Coimbatore Capital Limited December 27, 2017 Ratings Facilities Amount Short-term Bank Facilities 37 Total Facilities Details of instruments/facilities in Annexure-1 37 (Rupees Thirty Seven crore only)
More informationNational Collateral Management Services Limited May 5, (Rs. crore)
Ratings Facilities National Collateral Management Services Limited May 5, 2017 Amount Long term Bank Facilities 412.57 Rating 1 CARE A+; Stable (Single A Plus; Outlook: Stable) Rating Action Reaffirmed
More information