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CARE ratings for Indian debt instruments-Mar 20
March 20, 2017 / 7:28 AM / 6 months ago

CARE ratings for Indian debt instruments-Mar 20

    Mar 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 17, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abc India Ltd                         ST Bk Fac          CARE A3        70      Reaffirmed
Akash Fishmeal & Fishoil Pvt Ltd      ST Bk Fac          CARE A4        40      Reaffirmed
(reduced from 5 crore)
Anandaloke Medical Centre Pvt. Ltd    ST Bk Fac          CARE A3+       3.4     Reaffirmed

Beeta Poly Coats Pvt Ltd              ST Bk Fac          CARE A4        25      Reaffirmed
Blue Star Engineering & Electronics Ltd CP*              CARE A1+(SO)   100     Reaffirmed
*The rating assigned to the aforesaid commercial papers is based on the credit 
enhancement in the form of letter of comfort which has been issued to the
investors of commercial paper by BSL. The proposed issue of commercial paper
by Blue Star Engineering & Electronics Limited (BSEEL) will be earmarked to
the working capital bank facilities of BSEEL which are already backed by
unconditional and irrevocable corporate guarantee issued by BSL. 

Blue Star Engineering & Electronics Ltd CP*              CARE A1+(SO)   100     Reaffirmed
*The rating assigned to the aforesaid commercial papers is based on the credit 
enhancement in the form of letter of comfort which has been issued to the
investors of commercial paper by BSL. The proposed issue of commercial paper
by Blue Star Engineering & Electronics Limited (BSEEL) will be earmarked to
the working capital bank facilities of BSEEL which are already backed by
unconditional and irrevocable corporate guarantee issued by BSL. 

Blue Star Engineering & Electronics Ltd CP*              CARE A1+(SO)   50      Reaffirmed
*The rating assigned to the aforesaid commercial papers is based on the credit 
enhancement in the form of letter of comfort which has been issued to the
investors of commercial paper by BSL. The proposed issue of commercial paper
by Blue Star Engineering & Electronics Limited (BSEEL) will be earmarked to
the working capital bank facilities of BSEEL which are already backed by
unconditional and irrevocable corporate guarantee issued by BSL. 
Chirayu Charitable Foundation         ST Bk Fac          CARE A4+       95      Issuer not
                                                                                cooperating
Consite Engineering Co. Ltd           ST Bk Fac (Non-FB) CARE A4        78      Issuer not
                                                                                cooperating
Ct Educational Society                ST Bk Fac          CARE A3        250     Assigned
Divyaratna Agrotech Pvt Ltd           ST Bk Fac          CARE D         295     Issuer not
                                                                                cooperating
Durgesh Impex Pvt Ltd                 ST Bk Fac          CARE A4+       40      Issuer not
                                                                                cooperating
Hasmukh Parekh Jewellers              ST Bk Fac          CARE A3        170     Reaffirmed
Hema Dyechem Pvt Ltd                  ST Bk Fac          CARE A3        23      Issuer not
                                                                                cooperating
Hira Steels Ltd                       ST Bk Fac          CARE A3        5       Reaffirmed
(reduced from Rs.0.65 crore)
Janico Buildcon Ltd                   ST Bk Fac          CARE A4+       140     Assigned
Jhaveri Flexo India Ltd               ST Bk Fac          CARE A4+       340     Assigned
Kalika Steel Jalna Pvt Ltd            ST Bk Fac          CARE A4        25      Issuer not
                                                                                cooperating
Ln Constructions                      ST Bk Fac          CARE A4        40      Assigned
Lohiya Edible Oils Pvt Ltd            ST Bk Fac          CARE A3+       1050.3  Reaffirmed
Lohiya Industries                     ST Bk Fac          CARE A3+       1800    Reaffirmed
Maa Ganga Rice Mill                   ST Bk Fac          CARE A4        3.2     Suspension
                                                                                revoked and
                                                                                reaffirmed
Maharashtra State Power Generation Co.ST Bk Fac          CARE A2+       11500   Reaffirmed
Ltd
(enhanced from Rs. 750 crore)
Mangal Electrical Industries Pvt. Ltd ST Bk Fac          CARE A4        157.5   Issuer not
                                      (Non-fundbased-                           cooperating;
                                      LOC)                                      Revised 
                                                                                from
                                                                                CARE A4+;
                                                                                Based on 
                                                                                best
                                                                                available
                                                                                information
Natural And Essential Oils Pvt Ltd    ST Bk Fac          CARE A4        50      Reaffirmed
(enhanced from 3.00 CR)
Neilsoft Ltd                          ST Bk Fac          CARE A2+       20      Reaffirmed
Oracle Granito Ltd                    ST Bk Fac          CARE A3        90      Reaffirmed
Oswal Lumbers Pvt Ltd                 ST Bk Fac          CARE A4+       200     Reaffirmed
Park Hospitals                        ST Bk Fac          CARE A2+       50      Reaffirmed
Pooja Technocast                      ST Bk Fac          CARE A4        3       Issuer not
                                                                                cooperating
Power Finance Corporation Ltd         ST Market          CARE A1+       320000  Reaffirmed
                                      Borrowing
                                      Programme - FY17
R. A. Shaikh Paper Mills Pvt Ltd      ST Bk Fac          CARE A4        8       Reaffirmed
Radheshyam Spinning Mills Pvt Ltd     ST Bk Fac          CARE A4        33      Issuer not
                                                                                cooperating
Rexon Strips Ltd.                     ST Bk Fac          CARE A4        20      Reaffirmed
Ras Bearings Pvt Ltd                  ST Bk Fac#         -              2.5     Withdrawn
# these facilities were backed by credit enhancement in the form of an 
unconditional and irrevocable corporate guarantee extended by TBL; 
the same has now been withdrawn as the company has fully repaid the 
amounts under the said bank facility and there is no amount ?
outstanding under the facility as on date. 
S & J Granulate Solutions Pvt Ltd     ST Bk Fac          CARE A4        30      Assigned
Seth Industrial Corporation           ST Bk Fac          CARE A3        100     Reaffirmed
Shivmani Exports Pvt. Ltd.            ST Bk Fac          CARE A4        143     Reaffirmed
Skipper Ltd                           CP Issue*          CARE A1+       1000    Reaffirmed
(enhanced from 50.0 CR),*Carved out of the sanctioned working capital limits of the company.
Smd Engineers & Contractors           ST Bk Fac          CARE A4        86.7    Issuer not
                                                                                cooperating
Sprint Exports Pvt Ltd                ST Bk Fac          CARE A3        7815    Reaffirmed
Vasantha Industries Ltd               ST Bk Fac          CARE A3        14.07   Reaffirmed
(reduced from 14.66 CR)
Yarncoms India Pvt Ltd                ST Bk Fac          CARE A4        35      Assigned

MEDIUM TERM RATINGS:
-------------------
Sardar Sarovar Narmada Nigam Ltd.     FD                 CARE BBB(FD)*  10000   Reaffirmed
*out of which Rs.584.25 crore was outstanding as on March 31, 2016

LONG TERM RATINGS:
-------------------
Abc India Ltd                         LT Bk Fac          CARE BBB-      188.9   Reaffirmed
(reduced from 23.85 CR)
Adishwar India Ltd                    LT Bk Fac          CARE BBB-      580     Reaffirmed
Akash Fishmeal & Fishoil Pvt Ltd      LT Bk Fac          CARE BB-       185     Reaffirmed
(reduced from 26 crore)
Anandaloke Medical Centre Pvt. Ltd    LT Bk Fac          CARE BBB       64.9    Reaffirmed
Beeta Poly Coats Pvt Ltd              LT Bk Fac          CARE B+        123.6   Reaffirmed
Blue Star Engineering & Electronics Ltd LT Bk Fac (TL)@  CARE AA+(SO)   249.7   Reaffirmed
@backed by unconditional and irrevocable corporate guarantee issued by
 BlueStar Limited (BSL; rated ‘CARE AA+; Stable/CARE A1+’ 
 for bank facilities and instruments).

Brijbhoomi Expressway Pvt Ltd         LT Bk Facility     CARE BBB       1452.3  Reaffirmed
(reduced from Rs.150.71 crore)
Chirayu Charitable Foundation         LT Bk Fac          CARE BB        860.9   Issuer not
                                                                                cooperating
Consite Engineering Co. Ltd           LT Bk Fac (FB)     CARE B         55      Issuer not
                                                                                cooperating
Ct Educational Society                LT Bk Facility     CARE BBB-      900     Assigned
Dashmesh Weaving & Dyeing Milss Pvt Ltd LT Bk Fac        CARE BB-       137     Issuer not
                                                                                cooperating;
                                                                                Based on
                                                                                best 
                                                                                available
                                                                                information
Divyaratna Agrotech Pvt Ltd           LT Bk Fac          CARE D         40      Issuer not
                                                                                cooperating
Durgesh Impex Pvt Ltd                 LT/ST Bk Fac       CARE BB+ /CARE 250     Issuer not
                                                         A4+                    cooperating
Globeop Financial Services (India) PvtProposed NCD issue CARE BBB-      3250    Reaffirmed
Ltd
(enhanced from 300 CR)
Grandiose Buildteck Pvt Ltd           LT Bk Fac          CARE BB        150     Assigned
Greenko Godavari Power Projects Pvt Ltd LT Bk Fac^       CARE A+(SO)    950     Assigned
^Backed by unconditional and irrevocable corporate guarantee of Greenko 
Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ )
Greenko Godavari Power Projects Pvt LtST Bk Fac#         CARE A+(SO)    10      Assigned
#proposed to be backed by unconditional and irrevocable corporate guarantee 
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ )
Greenko Solar Energy Pvt Ltd          NCD issue ^        CARE A+(SO)    4500    Final Rating
^Backed by unconditional and irrevocable corporate guarantee of
 Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ )
Greenko Solar Energy Pvt Ltd          Proposed           CARE A+(SO)    1500    Assigned
                                      NonConvertible
                                      Debenture issue #
#proposed to be backed by unconditional and irrevocable corporate guarantee 
of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ )
Hardyal Milk Product Pvt Ltd          LT Bk Fac          CARE D         507.2   Revised from
                                                                                CARE BB
(reduced from 68.15 CR)
Hema Dyechem Pvt Ltd                  LT/ST Bk Fac       CARE BBB-      145     Issuer not
                                                         /CARE A3               cooperating
Hira Steels Ltd                       LT Bk Facility     CARE BBB-      319.2   Reaffirmed
(reduced from Rs.34.64 crore)
Integra Micro Systems Pvt Ltd         LT Bk Fac          CARE BBB-      120     Reaffirmed
Integra Micro Systems Pvt Ltd         LT/ ST Bk Fac      CARE BBB-      160     Reaffirmed
                                                         /CARE A3
(enhanced from 15 CR)
Jai Maa Iron Foundry Pvt Ltd          LT Bk Fac          CARE BB-       185.2   Issuer not
                                                                                cooperating;
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Janico Buildcon Ltd                   LT Bk Facility     CARE BB        110     Assigned
Jewelmark India Pvt Ltd               LT/ST Bk Fac       CARE BB+ /CARE 70      Reaffirmed
                                                         A4+
Jhaveri Flexo India Ltd               TL                 CARE BB+       60      Assigned
Jhaveri Flexo India Ltd               LT Bk Fac          CARE BB+       400     Assigned
Jupiter Petrochem                     LT Bk Facility     CARE BB        150     Issuer not
                                                                                cooperating
K.G.P Gold Palace                     LT Bk Fac          CARE B         90      Reaffirmed
Kalika Steel Jalna Pvt Ltd            LT Bk Fac          CARE BB        300     Issuer not
                                                                                cooperating
Ln Constructions                      LT Bk Fac          CARE B+        47.5    Assigned
Lohiya Edible Oils Pvt Ltd            LT Bk Fac          CARE BBB       284.2   Reaffirmed
Lohiya Industries                     LT Bk Fac          CARE BBB       220     Reaffirmed
Maa Ganga Rice Mill                   LT Bk Fac          CARE B+        48      Suspension
                                                                                revoked and
                                                                                reaffirmed
Machine Tools (India) Ltd             LT Bk Facility     CARE BBB-      50      Issuer not
                                                                                cooperating
Machine Tools (India) Ltd             LT/ST Bk Fac       CARE BBB-      85      Issuer not
                                                         /CARE A3               cooperating
Maharashtra State Power Generation Co.LT Bk Facility     CARE BBB+      79373.1 Reaffirmed
Ltd
(enhanced from Rs 5799.96 crore)
Mangal Electrical Industries Pvt. Ltd LT Bk Fac (FB-CC)  CARE BB        140     Issuer not
                                                                                cooperating;
                                                                                Revised from
                                                                                CARE BB+; 
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Mangal Electrical Industries Pvt. Ltd LT/ST Bk Fac       CARE BB/CARE A4222.5   Issuer not
                                      (Fundbased-CC)                            cooperating;
                                                                                Revised from
                                                                                CARE BB+/
                                                                                CARE A4+; 
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Mantra Earth                          LT Bk Fac          CARE B+        150     Issuer not
                                                                                cooperating
Mantra Island Homes Chimbli Llp       LT Bk Fac          CARE BBB-      350     Issuer not
                                                                                cooperating
Mantra Residency Llp                  LT Bk Fac          CARE BBB-      200     Issuer not
                                                                                cooperating
Mb Ispat Corporation Ltd              LT Bk Fac          CARE B+        112.5   Issuer not
                                                                                cooperating
Moon Diamonds                         LT Bk Fac (FB)     CARE BBB-      170     Issuer not
                                                                                cooperating
Natural And Essential Oils Pvt Ltd    LT Bk Fac          CARE BB        188.5   Reaffirmed
(enhanced from 9.81 CR)
Neilsoft Ltd                          LT Bk Facility     CARE A-        120     Reaffirmed
(Enhanced from 10 CR)
Nutrient Marine Foods Ltd             LT/ST Bk Fac       CARE BB /CARE  400     Reaffirmed
                                                         A4
(reduced from 60 CR)
Oracle Granito Ltd                    LT Bk Facility     CARE BBB-      446.3   Reaffirmed
(enhanced from 42.89 CR)
Oswal Lumbers Pvt Ltd                 LT Bk Fac          CARE BB        20      Reaffirmed
Park Hospitals                        LT Bk Fac          CARE A-        450     Reaffirmed
Periwal Polymers Pvt Ltd              LT Bk Fac          CARE B+        40      Reaffirmed
Periwal Polymers Pvt Ltd              LT /ST Bk Fac      CARE B+ /CARE  30      Reaffirmed
                                                         A4
Polywell Enterprises                  LT Bk Fac          CARE BB        55.6    Reaffirmed
Pooja Technocast                      LT Bk Fac          CARE BB-       114.1   Issuer not
                                                                                cooperating
Power Finance Corporation Ltd         LT Market          CARE AAA       600000  Reaffirmed
                                      Borrowing
                                      Programme - FY17
Puranchand & Sons Trading Llp         LT Bk Fac          CARE BB        75      Issuer not
                                                                                cooperating
R. A. Shaikh Paper Mills Pvt Ltd      LT Bk Fac          CARE BB        101.9   Reaffirmed
Radheshyam Spinning Mills Pvt Ltd     LT Bk Fac          CARE BB-       159.5   Issuer not
                                                                                cooperating
Radheshyam Spinning Mills Pvt Ltd     LT/ ST Bk Fac      CARE BB-       110     Issuer not
                                                                                cooperating
Rahul Wire Ropes                      LT Bk Fac          CARE BB        73.9    Reaffirmed
Ras Bearings Pvt Ltd                  LT Bk Facility #   -              167.5   Withdrawn
# these facilities were backed by credit enhancement in the form of an 
unconditional and irrevocable corporate guarantee extended by TBL; 
the same has now been withdrawn as the company has fully repaid the 
amounts under the said bank facility and there is no amount ?
outstanding under the facility as on date. 
Ras Bearings Pvt Ltd                  LT Bk Fac – (a)    CARE BBB-      48.8    Assigned
Ras Bearings Pvt Ltd                  LT Bk Fac – (b) *  CARE BBB(SO)   85.2    Assigned
*backed by credit enhancement in the form of a letter of comfort extended by 
Texspin Bearings Limited (TBL; rated ‘CARE BBB+; Positive/CARE A2’)
for ensuring its debt servicing
Ras Bearings Pvt Ltd                  LT/ST Bk Fac - (c) CARE BBB(SO)   2.5     Assigned
                                      *                  /CARE A3+(SO)
*backed by credit enhancement in the form of a letter of comfort extended by 
Texspin Bearings Limited (TBL; rated ‘CARE BBB+; Positive/CARE A2’)
for ensuring its debt servicing
BBB+; Positive/CARE A2 ) for ensuring its debt servic
Rashtriya Ispat Nigam Ltd             LT Instruments –                          withdrawn
                                      Proposed Bonds
                                      Issue
Rda Energy Pvt Ltd                    LT Bk Fac          CARE BBB+      449.5   Reaffirmed
Rexon Strips Ltd.                     LT Bk Fac          CARE B         220     Revised from
                                                                                CARE B+
S & J Granulate Solutions Pvt Ltd     LT Bk Facility     CARE BB        159.1   Assigned
Sarala Development & Microfinance Pvt LT Bk Fac          CARE BBB-      1000    Reaffirmed
Ltd
(enhanced from 30 CR)
Seth Industrial Corporation           LT Bk Fac          CARE BBB-      504.2   Reaffirmed
Shivmani Exports Pvt. Ltd.            LT Bk Fac          CARE BB        1       Reaffirmed
Shree Seco Pvt. Ltd.                  LT Bk Fac          CARE C         15.9    Reaffirmed
Shree Seco Pvt. Ltd.                  LT/ST Bk Fac       CARE C /CARE A465      Reaffirmed
Shreenathji Terine Pvt. Ltd.          LT Bk Fac          CARE BB-       22.6    Assigned
Shreenathji Terine Pvt. Ltd.          LT/ST Bk Fac       CARE BB- /CARE 45      Assigned
                                                         A4
Silk Cotton                           LT Bk Fac          CARE D         75.2    Issuer not
                                                                                cooperating
Sita Ram Rice Mills                   LT Bk Fac          CARE B+        65.6    Reaffirmed
Smd Engineers & Contractors           LT Bk Fac          CARE BB        25      Issuer not
                                                                                cooperating
Sonam Clock Pvt Ltd                   LT Bk Fac          CARE BB        16.2    Revised from
                                                                                CARE BB-
Sonam Clock Pvt Ltd                   LT/ ST Bk Fac      CARE BB /CARE  125     Revised from
                                                         A4                     CARE BB-
Sprint Exports Pvt Ltd                LT/ ST Bk Fac      CARE BBB-      450     Reaffirmed
                                                         /CARE A3
Stella Udyog                          Long/ST Bk Fac     CARE B+/CARE   70      Issuer not
                                                         A4;                    cooperating
Surabhi Agrico Pvt Ltd                LT Bk Fac          CARE B         100     Assigned
Technobit Industries Pvt Ltd          LT Bk Fac          CARE B         73.2    Issuer not
                                                                                cooperating
Technobit Industries Pvt Ltd          LT/ ST Bk Fac      CARE B         21      Issuer not
                                                                                cooperating
Thermal Powertech Corporation India Ltd LT Bk Fac        CARE A         95074.7 Reaffirmed
(reduced from 9513.13 CR)
Vasantha Industries Ltd               LT Bk Fac          CARE BBB-      1975.6  Reaffirmed
(reduced from 234.38 CR)
Vasundhara Diamond Roof Pvt Ltd       LT Bk Facility     CARE BBB       150     Revised from
                                                                                CARE BBB-
Vikas Steel Inc                       LT Bk Fac          CARE BB-       200     Reaffirmed
(enhanced from 15 CR)
Vikas Steel Inc                       LT/ST Bk Fac       CARE BB- /CARE 50      Reaffirmed
                                                         A4
Vishal Conduit Products Pvt Ltd       LT Bk Fac/ ST Bk   CARE B-/CARE   50      Issuer not
                                      Fac                A4;                    cooperating;
                                                                                Revised 
                                                                                from 
                                                                                CARE B
                                                                                /CARE A4 
                                                                                on basis 
                                                                                of best 
                                                                                available 
                                                                                information
Xrbia Abode Developers Pvt Ltd        LT Bk Fac          CARE BBB       600     Issuer not
                                                                                cooperating
Xrbia Chakan Developers Pvt Ltd       LT Bk Fac          CARE BBB       700     Issuer not
                                                                                cooperating
Xrbia Developers Ltd                  LT Bk Fac          CARE BBB       1900    Issuer not
                                                                                cooperating
Xrbia North Hinjewadi Developers Pvt Ltd LT Bk Fac       CARE BBB       200     Issuer not
                                                                                cooperating
Xrbia Warai Developers Pvt Ltd        LT Bk Fac          CARE BBB       800     Issuer not
                                                                                cooperating
Yarncoms India Pvt Ltd                LT Bk Fac          CARE B         50      Assigned
--------------------------------------------------------------------------------------------
$: 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)

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