March 22, 2017 / 5:12 AM / 5 months ago

CARE ratings for Indian debt instruments-Mar 22

    Mar 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 21, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
5 Core Acoustics Pvt Ltd              ST Bk Fac          CARE A4+       150     Issuer Not
                                                                                Cooperating
Arb Bearings Ltd                      ST Fac             CARE A2        127.5   Reaffirmed
Digi Export Venture Pvt Ltd           ST Bk Fac          CARE A4+       160     Issuer Not
                                                                                Cooperating
Ems And Exports                       ST Bk Fac          CARE A4+       430     Issuer Not
                                                                                Cooperating
Engineers Enterprises                 ST Bk Fac          -              -       withdrawn
Eswari Global Metal Industries Pvt LtdST Bk Fac          CARE A4+       230.5   Issuer Not
                                                                                Cooperating
Family Credit Ltd.                    CP                 CARE A1+       110000  Reaffirmed
(enhanced from 6,500crs)
Faraday Electricals Pvt Ltd           ST Bk Fac          -              -       withdrawn
Five Core Electronics Ltd             ST Bk Fac          CARE A4+       440     Issuer Not
                                                                                Cooperating
Hero Wiretex Pvt Ltd                  ST Bk Fac          CARE A4        150     Reaffirmed
(enhanced from 8 crs)
Indian Acoustics Pvt Ltd              Short- term Bk Fac CARE A4+       240     Issuer Not
                                                                                Cooperating
Mb Power (Madhya Pradesh) Ltd         ST Bk Fac          CARE A4        490     Revised from
                                      (Non-Fund Based)                          CARE A4+
Modison Copper Pvt Ltd                ST Bk Fac          CARE A3+       24      Reaffirmed
Modison Metals Ltd                    ST Bk Fac          CARE A1        175     Reaffirmed
Nagarjuna Fertilizers And Chemicals LtST Bk Fac          CARE D         11811.7 Revised from
                                                                                CARE A4
Phenil Sugars Ltd                     ST Bk Fac          CARE A4        20      Reaffirmed
Prince Marine Transport Services Pvt  ST Bk Fac          CARE D         30      Revised from
Ltd                                                                             CARE A4
Riga Sugar Company Ltd.               ST Bk Fac          CARE A4        50      Reaffirmed
(enhanced from 3.50crs)
Rs Development And Constructions IndiaST Bk Fac          CARE A4        200     Issuer Not
Pvt Ltd                                                                         Cooperating
Sarda Metals & Alloys Ltd             ST Bk Fac          CARE A4+       2206    Reaffirmed
Shivalik Bimetal Controls Ltd         ST Bk Fac          CARE A3+       400     Reaffirmed
                                      (Non-fund Based)
Shree Ginger Enterprises Ltd          ST Bk Fac –        CARE A3        270     Reaffirmed
                                      LC/BG/BD
Tirupati Balaji Fibres Ltd            ST Bk Fac          CARE A3        55      Reaffirmed
(Enhanced from 2.50crs)
Visual And Acoustics Corporation Llp  Short- term Bk Fac CARE A4+       115     Issuer Not
                                                                                Cooperating
Welspun Captive Power Generation Ltd  ST Bk Fac          CARE A2+       650     Reaffirmed
(reduced from 100crs)

LONG TERM RATINGS:
-------------------
Alwar Municipal Council               Issuer Rating      CARE BBB+ (Is) -       Assigned
Arb Bearings Ltd                      LT Bk Fac          CARE BBB+      100.7   Reaffirmed
(Reduced from 10.75crs)
Arb Bearings Ltd                      LT/ST Bk Fac       CARE BBB+      10      Reaffirmed
                                                         /CARE A2
Aspiro Pharma Ltd                     LT Bk Fac          CARE BBB-      323.1   Reaffirmed
(Reduced from 40.65crs)
Assotech Realty Pvt Ltd               LT Bk Fac          CARE BB        350     Revised from
                                                                                CARE BBB-
Atoz Infracon Pvt Ltd                 LT Bk Fac          CARE BB+       90      Issuer Not
                                                                                Cooperating
Beawar Municipal Council              Issuer Rating      CARE BB+ (Is)  -       Assigned
Bhagwati Lacto Foods Pvt Ltd          LT Bk Fac          CARE B+        150     Reaffirmed
Bhiwadi Municipal Council             Issuer Rating      CARE A- (Is)   -       Assigned
Care Corupack Ltd                     LT Bk Fac          CARE BB-       237.2   Issuer Not
                                                                                Cooperating
Cheeka Rice Mills                     LT Bk Fac          CARE B+        80      Issuer Not
                                                                                Cooperating
D. Navinchandra Gems Pvt Ltd          LT Bk Fac (FB)     -              -       withdrawn
Ems And Exports                       LT Bk Fac          CARE BB+       20      Issuer Not
                                                                                Cooperating
Engineers Enterprises                 LT Bk Fac          -              -       withdrawn
Engineers Enterprises                 LT/ST Bk Fac       -              -       withdrawn
Eswari Global Metal Industries Pvt LtdLT Bk Fac          CARE BB+       220.9   Issuer Not
                                                                                Cooperating
Family Credit Ltd.                    Perpetual Debt     CARE AA        2500    Assigned
Family Credit Ltd.                    NCDs               CARE AA+       44000   Assigned
Family Credit Ltd.                    Subordinated Debt  CARE AA+       3500    Assigned
Family Credit Ltd.                    NCDs (Public Issue)CARE AA+       10000   Assigned
Faraday Electricals Pvt Ltd           LT Bk Fac          -              -       withdrawn
Faraday Electricals Pvt Ltd           LT/ST Bk Fac       -              -       withdrawn
Five Core Electronics Ltd             LT Bk Fac          CARE BB+       10      Issuer Not
                                                                                Cooperating
Girija Fabrics Pvt Ltd                LT Bk Fac          CARE B+        65.8    Reaffirmed
Graintech Foods India Pvt Ltd         LT Bk Fac          -              -       withdrawn
Hero Wiretex Pvt Ltd                  LT Bk Fac          CARE BB+       350     Revised from
                                                                                CARE BB
(enhanced from 15crs)
India Land Infrastructure Development LT Bk Fac          CARE A         259.9   Reaffirmed
Pvt Ltd
(enhanced from 15.67)
Indian Acoustics Pvt Ltd              Long- term Bk Fac  CARE BB+       35.4    Issuer Not
                                                                                Cooperating
Jhunjunu Municipal Council            Issuer Rating      CARE A (Is)    -       Assigned
Jitendra Dall Mill                    LT Bk Fac          CARE B+        50      Assigned
Jodhpur Municipal Corporation         Issuer Rating      CARE BB (Is)   -       Assigned
Kanodia Infratech Ltd                 LT Bk Fac          -              -       withdrawn
Khanapur Taluka Co-Op Spinning Mills  LT Bk Fac          CARE B         233.1   Issuer Not
Ltd                                                                             Cooperating
Kishangarh Municipal Council          Issuer Rating      CARE A+ (Is)   -       Assigned
Kothari Prima Pvt Ltd                 LT Bk Fac          CARE BB-       200     Issuer Not
                                                                                Cooperating
Lakshmipat Singhania Foundation For   LT Bk Fac          CARE BBB-      1504.8  Reaffirmed
Higher Learning
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac (Fund    CARE B         7580    Revised from
                                      Based - ECBs)                             CARE BB+
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac (Fund    CARE B         6770    Revised from
                                      Based – CC)                               CARE BB+
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac          CARE B         8880    Revised from
                                      (Non-Fund Based)                          CARE BB+
Mb Power (Madhya Pradesh) Ltd         LT Bk Fac (Fund    CARE D         51960   Revised from
                                      Based –TL)                                CARE BB+
Modison Copper Pvt Ltd                LT Bk Fac          CARE BBB       51      Reaffirmed
Modison Metals Ltd                    LT Bk Fac          CARE A         450     Reaffirmed
Mps Steels Pvt Ltd                    LT Bk Fac          CARE B+        106.6   Reaffirmed
(Reduced from 11.92crs)
Nagarjuna Fertilizers And Chemicals   LT Bk Fac          CARE D         16964.9 Revised from
Ltd                                                                             CARE B
Nagaur Municipal Council              Issuer Rating      CARE BB+ (Is)  -       Assigned
Omicron Power Engineers Pvt Ltd       LT Bk Fac          CARE C         300.9   Issuer Not
                                                                                Cooperating
Pali Municipal Council                Issuer Rating      CARE BB+ (Is)  -       Assigned
Phenil Sugars Ltd                     LT Bk Fac          CARE BB-       700     Reaffirmed
Ping Telematics Pvt Ltd               LT Bk Fac          CARE B         85      Reaffirmed
Pioneer Computronix Pvt Ltd           LT Bk Fac          CARE BB-       10      Reaffirmed
Pioneer Computronix Pvt Ltd           LT/ST Bk Fac       CARE BB- /CARE 130     Reaffirmed
                                                         A4
Prince Marine Transport Services Pvt  LT Bk Fac (TL)     CARE D         8.2     Issuer Not
Ltd                                                                             Cooperating
Prince Marine Transport Services Pvt  LT Bk Fac (CC)     CARE D         55      Revised from
Ltd                                                                             CARE C
Riga Sugar Company Ltd.               LT Bk Fac          CARE B+        1248    Revised from
                                                                                CARE B
(reduced from 129.22crs)
Ronak Agro Foods                      LT Bk Fac          CARE BB        74.3    Issuer Not
                                                                                Cooperating
Rs Development And Constructions IndiaLT Bk Fac          CARE BB        239.2   Issuer Not
Pvt Ltd                                                                         Cooperating
Sanjay Homes & Developers Pvt Ltd     LT Bk Fac          CARE BB-       200     Reaffirmed
Saraswatii Global Pvt Ltd             LT / ST Bk Fac     CARE BB /CARE  200     Reaffirmed
                                                         A4                     /Assigned
Sarda Metals & Alloys Ltd             LT Bk Fac          CARE BB+       4033.1  Reaffirmed
Shiv Real Ispat Pvt Ltd               LT Bk Fac          CARE BB        60      Reaffirmed
Shivalik Bimetal Controls Ltd         LT Bk Fac (TL)     CARE BBB       24.4    Reaffirmed
(reduced from 4.15crs)
Shivalik Bimetal Controls Ltd         Long/ST Bk Fac     CARE BBB /CARE 260     Reaffirmed
                                      (Fund Based)       A3+
Shree Ginger Enterprises Ltd          LT Bk Fac – CC     CARE BBB-      345     Reaffirmed
Shrirang Kisanlal Sarda               LT Bk Fac          CARE BBB-      115.6   Reaffirmed
Sikar Municipal Council               Issuer Rating      CARE BB+ (Is)  -       Assigned
Sunteck Realty Ltd.                   Proposed NCD       -              -       withdrawn
Surani Paper Pvt Ltd                  LT Bk Fac          CARE B         36.2    Assigned
Surani Paper Pvt Ltd                  LT Bk Fac / ST Bk  CARE B /CARE   72.5    Assigned
                                      Fac                A4
Tirupati Balaji Fibres Ltd            LT Bk Fac          CARE BBB-      304.4   Reaffirmed
(Reduced from 67.30crs)
Tonk Municipal Council                Issuer Rating      CARE BBB(Is)   -       Assigned
Topline Industries (Raj.) Unit- Ii    LT Bk Fac          -              -       withdrawn
Topline Industries (Raj.) Unit- Ii    ST Bk Fac          -              -       withdrawn
Uttar Haryana Bijli Vitran Nigam Ltd  Issuer Rating      CARE BB (Is)   -       Reaffirmed
Visual And Acoustics Corporation Llp  Long- term Bk Fac  CARE BB+       15      Issuer Not
                                                                                Cooperating
Welspun Captive Power Generation Ltd  NCDs^              CARE AA-(SO)   2200    Reaffirmed
^ Backed by unconditional and irrevocable Corporate Guarantee of Welspun India Ltd (rated CARE
AA-: Stable/CARE A1+, removed from credit watch in Dec 2016)
Zonac Knitting Machines Pvt Ltd       LT Bk Fac          CARE BBB       215.1   Reaffirmed
Zonac Knitting Machines Pvt Ltd       LT/ST Bk Fac       CARE BBB /CARE 25      Reaffirmed
                                                         A3+
--------------------------------------------------------------------------------------------
$: 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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