March 29, 2017 / 7:29 AM / 4 months ago

CARE ratings for Indian debt instruments-Mar 29

31 Min Read

   Mar 29 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 28, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ask Home Furnishing Pvt Ltd           ST Bk Fac          CARE A4        10      Issuer Not
                                                                                Cooperating;
                                                                                on the basis
                                                                                of best 
                                                                                available 
                                                                                information
Bs Ltd                                ST Bk Fac          CARE A4        4043.7  ISSUER NOT
                                                                                COOPERATING;
                                                                                Revised 
                                                                                from 
                                                                                CARE A2 
                                                                                of best 
                                                                                available 
                                                                                information
Cadchem Laboratories Ltd              ST Bk Fac          CARE A4        25      Issuer not
                                                                                cooperating,
                                                                                CARE A 4
                                                                                of best 
                                                                                available 
                                                                                information
Celkon Impex Pvt Ltd                  ST Bk Fac          CARE A3        1070    Reaffirmed
Deesan Cotex Pvt Ltd                  ST Bk Fac          CARE A4        10      Reaffirmed
Enaltec Labs Pvt Ltd                  ST Bk FacNon-FBL   CARE A3+       110     Reaffirmed
Fluentgrid Ltd                        ST Bk Fac          CARE A3+       520     Reaffirmed
Friends International                 ST Bk Fac          CARE A4        55      “Issuer not
                                                                                cooperating
Gkb Lens Pvt Ltd                      ST Bk Fac          CARE A3        9.1     Reaffirmed
Il & Fs Financial Services Ltd        CP (CP) / ST Debt  CARE A1+       12500   Reaffirmed
                                      (STD)
Indiabulls Properties Pvt Ltd         ^CP (CP) issue     CARE A1+ (SO)  3000    Reaffirmed
Indiabulls Real Estate Ltd            ST Bk Fac          CARE A1+       1250    Reaffirmed
Indiabulls Real Estate Ltd            ^CP (CP) issue     CARE A1+       10000   Reaffirmed
Instromedix India Pvt Ltd             ST Bk Fac          CARE A4        22      Reaffirmed
Jayachandran Alloys Pvt Ltd           ST Bk Fac          CARE A4+       100     Reaffirmed
Khwahish Marketing Pvt Ltd            ST Bk Fac          CARE A4        10      Issuer Not
                                                                                Cooperating
Locuz Enterprise Solutions Ltd        ST Bk Fac          CARE A4        220     Assigned
M K Shipping And Allied Industries PvtST Bk Fac          CARE A3        700     Reaffirmed
Ltd
Mahavir Inductomelt Pvt Ltd           ST Bk Fac          CARE A3        1250    Reaffirmed
Maksteel Wire Healds Pvt Ltd          ST Bk Fac          CARE A4        10.7    Issuer not
                                                                                cooperating;
                                                                                Revised 
                                                                                from 
                                                                                CARE A4+
Nikita Jewellery Pvt Ltd              ST Bk Fac          CARE A4+       70      Issuer no
                                                                                cooperating
Nirman Engineers And Contractors      ST Bk Fac          CARE A4        100     Reaffirmed
Pennar Engineered Building Systems LtdST Bk Fac @        CARE A1 (SO)   5       Reaffirmed
@backed by unconditional and irrevocable corporate guarantee provided 
by Pennar Industries Limited (rated CARE A; Positive / CARE A1)
Pennar Engineered Building Systems LtdProposed CP @@     Provisional    250     Reaffirmed
                                                         CARE A1 (SO)
@@ proposed to be backed by unconditional and irrevocable corporate 
guarantee provided by Pennar Industries Limited 

Details of instruments/facilities in Ann
Puneet Industries Pvt Ltd             ST Bk Fac          CARE A3        1000    Reaffirmed
Ravji Manji Sorathia And Co.          ST Bk Fac          CARE A4;       100     Issuer not
                                                                                cooperating
Shri Siddhi Vinayak Trust             ST Bk Fac          CARE A4        3.4     Issuer Not
                                                                                Cooperating
Sunita Impex Pvt Ltd                  ST Bk Fac          CARE A4        99.5    Issuer not
                                                                                cooperating;
                                                                                Based on 
                                                                                best 
                                                                                available
                                                                                information

LONG TERM RATINGS:
-------------------
Adhikar Microfinance Pvt Ltd          LT Bk Fac          CARE BB        250     ISSUER NOT
                                                                                COOPERATING;
                                                                                Based on
                                                                                best 
                                                                                available
                                                                                information
Asian Impex                           LT Bk Fac          CARE D         75      Revised from
                                                                                CARE B+
Ask Home Furnishing Pvt Ltd           LT Bk Fac          CARE BB        175.3   Issuer Not
                                                                                Cooperating;
                                                                                on the basis
                                                                                of best 
                                                                                available 
                                                                                information
B S Buildtech                         LT Bk Fac          CARE BB        450     ISSUER NOT
                                                                                COOPERATING.
Balram Cotex                          LT Bk Fac          CARE B+        69.1    Assigned
Bs Ltd                                LT Bk Fac          CARE B         6691.8  ISSUER NOT
                                                                                COOPERATING;
                                                                                Revised 
                                                                                from 
                                                                                CARE BBB+
                                                                                on the basis
                                                                                of best 
                                                                                available 
                                                                                information
BS Ltd                                LT/ST Bk Fac       CARE B/CARE A4 7465.8  ISSUER NOT
                                                                                COOPERATING;
                                                                                Revised 
                                                                                from 
                                                                                CARE BBB+
                                                                                /CARE A2
                                                                                on the basis
                                                                                of best 
                                                                                available 
                                                                                information
Cadchem Laboratories Ltd              LT Bk Fac          CARE B+        94.8    Issuer not
                                                                                cooperating;
                                                                                Revised 
                                                                                from 
                                                                                CARE BB-
Calypso Agro Industries Pvt Ltd       LT Bk Fac          CARE B+        100     Reaffirmed
Celkon Impex Pvt Ltd                  LT Bk Fac          CARE BBB-      250     Revised from
                                                                                CARE BBB
Crest Promoters Pvt Ltd               LT Bk Fac          CARE BB        950     Assigned
Deesan Cotex Pvt Ltd                  LT Bk Fac          CARE B+        218.6   Reaffirmed
Durga Marble And Minerals             LT/ST Bk Fac       CARE BB/CARE A484      Reaffirmed
Electromech Maritech Pvt Ltd          LT Bk Fac (TL-I)   CARE BB        233.4   Assigned
Electromech Maritech Pvt Ltd          LT Bk Fac (TL-II)  CARE D         112.5   Assigned
Enaltec Labs Pvt Ltd                  LT Bk FacTL        CARE BBB+      264.1   Reaffirmed
Enaltec Labs Pvt Ltd                  LT Bk FacFBL       CARE BBB+      250     Reaffirmed
Fluentgrid Ltd                        LT Bk Fac          CARE BBB+      255.4   Revised from
                                                                                CARE BBB
Friends International                 LT/ST Bk Fac       CARE B+/CARE A455      Issuer not
                                                                                cooperating
G.S. Buildtech Pvt Ltd                LT/ ST Bk Fac      CARE B+/A4;    68      Issuer not
                                                                                cooperating;
                                                                                Revised 
                                                                                from CARE BB-
                                                                                /CARE A4 
                                                                                on the basis
                                                                                of best 
                                                                                available 
                                                                                information
Gati Infrastructure Bhasmey Power Pvt LT Bk Fac          CARE D         2853.4  Revised from
Ltd                                                                             CARE B
Gayatri Rice Mill                     LT Bk Fac          CARE BB+       263.8   ISSUER NOT
                                                                                COOPERATING
Gkb Lens Pvt Ltd                      LT Bk Fac          CARE BBB-      130     Reaffirmed
Gkb Lens Pvt Ltd                      Long/ST Fac        CARE BBB-/CARE 6       Reaffirmed
                                                         A3
Gopal Shivhare                        LT Bk Fac          CARE D         50      Issuer not
                                                                                cooperating
Gopal Shivhare                        LT Bk Fac/ ST Bk   CARE D         30      Issuer not
                                      Fac                                       cooperating
Gourmet Empire Pvt Ltd                LT Bk Fac          CARE B+        67.6    Issuer not
                                                                                cooperating;
                                                                                Based on 
                                                                                on the basis
                                                                                of best 
                                                                                available 
                                                                                information
Helios Mercantile Ltd                 LT Bk Fac – CC     CARE BBB (SO)  480     Revised from
                                                                                CARE BBB+(SO)
Il & Fs Financial Services Ltd        LT Bk Fac          CARE AAA       5000    Assigned
Il & Fs Financial Services Ltd        Subordinate Debt   CARE AAA       1000*   Assigned
* Rs.71.10 crore being reduced and Rs.100 crore being transferred to Subordinate Debt
Il & Fs Financial Services Ltd        NCDs               CARE AAA       48289   Reaffirmed
Il & Fs Financial Services Ltd        Subordinate Debt   CARE AAA       10000   Reaffirmed
Il & Fs Financial Services Ltd        Non-convertible    CARE AAA(RPS)  2500    Reaffirmed
                                      Redeemable
                                      Cumulative PS
Indiabulls Properties Pvt Ltd         LT Bk Fac          CARE AA- (SO)  20499.6*Reaffirmed
*backed by unconditional and irrevocable corporate guarantee provided
 by Indiabulls Real Estate Ltd (IBREL, rated CARE AA-/ CARE A1+) to the
 lenders/debenture trustee of the company for repayment obligation 
Indiabulls Properties Pvt Ltd         NCDs (NCD)         CARE AA- (SO)  3200*   Reaffirmed
*backed by unconditional and irrevocable corporate guarantee provided 
by Indiabulls Real Estate Ltd (IBREL, rated CARE AA-/ CARE A1+) to the 
lenders/debenture trustee of the company for repayment obligation 
Indiabulls Properties Pvt Ltd         LT Bk Fac          Provisional    5000*   Reaffirmed
                                                         CARE AA- (SO);
*backed by unconditional and irrevocable corporate guarantee provided 
by Indiabulls Real Estate Ltd (IBREL, rated CARE AA-/ CARE A1+) to the
lenders/debenture trustee of the company for repayment obligation 
Indiabulls Real Estate Ltd            NCDs (NCD)         *CARE AA (SO); 2250    Reaffirmed
*the above rating is based on the credit enhancement in the form of
 Debt Service Reserve Account (DSRA) equivalent to at least 25.50%
 of the outstanding amount of the NCDs to be maintained in the form
 of “AAA” rated bonds/“AAA” rated Bank’s Fixed deposits till the tenure
 of the bonds, liened to the Trustees of the NCD issue. 
Indiabulls Real Estate Ltd            Proposed NCDs (NCD)CARE AA-       1000    Assigned
Indiabulls Real Estate Ltd            LT Bk Fac          CARE AA-       4787.3  Reaffirmed
Indiabulls Real Estate Ltd            NCDs (NCD)         CARE AA-       21000   Reaffirmed
Instromedix India Pvt Ltd             LT Bk Fac          CARE BB        20      Reaffirmed
Instromedix India Pvt Ltd             LT/ ST Bk Fac      CARE BB /CARE  54.8    Reaffirmed
                                                         A4
Jayachandran Alloys Pvt Ltd           LT Bk Fac          CARE BB+       181.7   Reaffirmed
Jhajjar Kt Transco Pvt Ltd            LT Bk Fac          CARE A-        2071.8  Reaffirmed
Kalpana Shivhare                      LT Bk Fac          CARE B+        35      Issuer not
                                                                                cooperating
Kalpana Shivhare                      LT Bk Fac/ ST Bk   CARE B+/CARE A450      Issuer not
                                      Fac                                       cooperating
Kamla Shivhare                        LT Bk Fac          CARE D         47      Issuer not
                                                                                cooperating
Kamla Shivhare                        LT Bk Fac/ ST Bk   CARE D         30      Issuer not
                                      Fac                                       cooperating
Kerry Indev Logistics Pvt Ltd         LT Bk Fac          CARE A-        920     Reaffirmed
(Erstwhile Indev Logistics Pvt Ltd)
Khwahish Marketing Pvt Ltd            LT Bk Fac          CARE B+        75      Issuer Not
                                                                                Cooperating
Laxmi Narayan Shivhare                LT Bk Fac          CARE C         70      Issuer not
                                                                                cooperating
Laxmi Narayan Shivhare                LT Bk Fac/ ST Bk   CARE C/CARE A4 30      Issuer not
                                      Fac                                       cooperating
Locuz Enterprise Solutions Ltd        LT Bk Fac          CARE BB-       70      Assigned
M K Shipping And Allied Industries PvtLT Bk Fac          CARE BBB-      70      Reaffirmed
Ltd
Mahavir Inductomelt Pvt Ltd           LT Bk Fac          CARE BBB-      120     Reaffirmed
Maksteel Wire Healds Pvt Ltd          LT Bk Fac          CARE BB        47.9    Issuer not
                                                                                cooperating;
                                                                                Revised 
                                                                                from CARE BB+
Maksteel Wire Healds Pvt Ltd          LT/ST Bk Fac       CARE BB/CARE   50      Issuer not
                                                         A4;                    cooperating;
                                                                                Revised
                                                                                from
                                                                                CARE BB+/ 
                                                                                CARE A4+
Mynores India Pvt Ltd                 LT Bk Fac          CARE A-(SO);   74.2    Reaffirmed
Nirman Engineers And Contractors      LT Bk Fac          CARE B+        30      Reaffirmed
Oriental Enterprise Pvt Ltd           LT Bk Fac          CARE BB        213.6   Issuer not
                                                                                cooperating;
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Oriental Enterprise Pvt Ltd           LT/ ST Bk Fac      CARE BB/CARE   170     Issuer not
                                                         A4+                    cooperating;
                                                                                Based on
                                                                                best 
                                                                                available 
                                                                                information
Oriental Nicco Projects Pvt Ltd       LT Bk Fac          CARE BB        150     Issuer not
                                                                                cooperating;
                                                                                Based on
                                                                                best available
                                                                                information
Oriental Nicco Projects Pvt Ltd       LT/ ST Bk Fac      CARE BB/CARE A4350     Issuer not
                                                                                cooperating;
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Pennar Engineered Building Systems LtdLT Bk Fac @        CARE A (SO)    750     Reaffirmed
@backed by unconditional and irrevocable corporate guarantee provided by Pennar 
Industries Limited (rated CARE A; Positive / CARE A1)
Pennar Engineered Building Systems LtdLT/ST Bk Fac @     CARE A (SO)    2300    Reaffirmed
                                                         /CARE A1 (SO)
@backed by unconditional and irrevocable corporate guarantee provided by Pennar
 Industries Limited (rated CARE A; Positive / CARE A1)
Pennar Engineered Building Systems LtdLT/ST Bk Fac @@    Provisional    200     Assigned
                                                         CARE A (SO)
                                                         /CARE A1 (SO
@@ proposed to be backed by unconditional and irrevocable corporate guarantee
 provided by Pennar Industries Limited 
Picl Multi State Credit Co-Operative  LT Bk Fac          CARE B         50      Assigned
Society Ltd
Pioneer Power Ltd                     LT Bk Fac          CARE BB+       246.3   Issuer not
                                                                                cooperating;
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Platinum Textiles Ltd                 LT Bk Fac – TL     CARE BBB       1757    Revised from
                                                                                CARE BBB+
Platinum Textiles Ltd                 LT Bk Fac – CC     CARE BBB       2500    Revised from
                                                                                CARE BBB+
Puneet Industries Pvt Ltd             LT Bk Fac          CARE BBB-      110     Reaffirmed
R. S. Fuel Pvt Ltd                    LT/Shortterm Bk FacCARE BBB-/CARE 250     ISSUER NOT
                                                         A3;                    COOPERATING;
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
R. S. Fuel Pvt Ltd                    LT Bk Fac          CARE BBB-;     49      ISSUER NOT
                                                                                COOPERATING;
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Rajasthan Rajya Vidyut Prasaran Nigam LT Bk Fac          CARE BBB-;     200     Issuer Not
Ltd                                                      ISSUER NOT             Cooperating;
                                                         COOPERATING            Based on 
                                                                                best 
                                                                                available 
                                                                                information
Ram Swaroop Shivhare                  LT Bk Fac/ ST Bk   CARE B+/CARE A450      Issuer not
                                      Fac                                       cooperating
Ram Swaroop Shivhare                  LT Bk Fac          CARE B+;       50      Issuer not
                                                                                cooperating
Rangotsav Sarees Pvt. Ltd.            LT Bk Fac          CARE BB        200     ISSUER NOT
                                                                                COOPERATING.
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Ravji Manji Sorathia And Co.          LT Bk Fac          CARE BB        50      Issuer not
                                                                                cooperating
Rukson Packaging Pvt Ltd              LT Bk Fac          CARE BB-       121     Issuer no
                                                                                cooperating
Scm Clothes Pvt Ltd                   LT Bk Fac - CC     CARE BBB-      300     Reaffirmed
Scm Clothes Pvt Ltd                   LT Bk Fac – TL     CARE BBB-      133.3   Reaffirmed
Shree Rayon Pvt Ltd                   Long/ST Bk Fac     CARE BB+       138.6   Reaffirmed
Shreeji Fibre Pvt Ltd                 LT Bk Fac          CARE B-;       58.5    Issuer Not
                                                                                Cooperating
Shri Prasanna Anjaneya Agro Tech      LT Bk Fac          CARE B+ ;      70      Assigned
Shri Siddhi Vinayak Trust             LT Bk Fac          CARE BB        98.3    Issuer Not
                                                                                Cooperating
Sri Shyam Jewellers                   LT Bk Fac          CARE B+        70      “Issuer not
                                                                                cooperating
Suman Jewellery                       LT Bk Fac          CARE BB        200     Reaffirmed
Sunita Impex Pvt Ltd                  LT Bk Fac          CARE BB-       5       Issuer not
                                                                                cooperating;
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Transcon Sheth Creators Pvt Ltd       LT Bk Fac (FB)     CARE BBB-      2500    Assigned
Tvs Elastomeric Engineered Products PvLT Bk Fac          CARE BBB+      80.4    Reaffirmed
Ltd
Tvs Elastomeric Engineered Products Pvt Long/ ST Bk Fac  CARE BBB+      30      Revised from
Ltd                                                      /CARE A2 +             CARE BBB+ /
                                                                                CARE A2
Urban Tree Infrastructures Pvt Ltd    LT Bk Fac          CARE BB+       250     Issuer not
                                                                                cooperating
Veera Associates                      LT Bk Fac          CARE BB-       85      Issuer not
                                                                                cooperating
Veera Associates                      Long/ST Bk Fac     CARE BB-/CARE  40      Issuer not
                                                         A4                     cooperating
-------------------------------------------------------------------------------------------
$: 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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