March 30, 2017 / 7:36 AM / 5 months ago

CARE ratings for Indian debt instruments-Mar 30

    Mar 30 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 29, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aastha Society                        ST Bk Fac          CARE A4        50      Reaffirmed
Aditya Auto Engineering Pvt Ltd       ST Bk Fac          CARE A4        35      Issuer not
                                                                                cooperating
Angel Fibers Pvt Ltd                  ST Bk Fac          CARE A4        15      Assigned

Anik Industries Ltd                   ST Bk Fac          CARE A4        1750    Revised from
                                                                                CARE A3
Associate Builders And Traders        ST Bk Fac          CARE A4        10      Issuer not
                                                                                cooperating
Atul Ltd.                             ST Bk Fac          CARE A1+       920     Reaffirmed
(enhanced from 88.00 CR)
Atul Ltd.                             CP (CP)            CARE A1+       3000    Reaffirmed
(enhanced from 200.00 CR)
Dashmesh Rubber Industries Pvt Ltd    ST Bk Fac          CARE A4        5       Revised from
                                                                                CARE D
Delfina Ceramic Pvt Ltd               ST Bk Fac          CARE A4        12.5    Issuer not
                                                                                cooperating
Emcee Engineering Works               ST Bk Fac          CARE A4        60      Issuer not
                                                                                cooperating
Firestone Tvs Pvt Ltd                 Short ST Bk Fac    CARE A3+       10      Revised from
                                                                                CARE A3
Galaxy Bearings Ltd                   ST Bk Fac          CARE A4+       23      Assigned
Garg & Company                        ST Bk Fac          CARE A4        63      Issuer not
                                                                                cooperating
Gaurav Contracts Co                   ST Bk Fac          CARE A4        70      Assigned
Heavy Metal And Tubes Ltd             ST Bk Fac          CARE A4        120     Reaffirmed
Jsw Steel Ltd                         ST Bk Fac          CARE A1+       170370  Reaffirmed
(Enhanced from Rs.12,737.00 crore)
Jsw Steel Ltd                         CP (CP) issue      CARE A1+       50000   Reaffirmed
                                      (standalone)*
* JSWSL shall ensure that the aggregate utilisation of fund based and non-fund based limits from
working capital consortium lenders plus the outstanding Commercial Papers shall not exceed the
total sanctioned and available limits by the working capital consortium banks at all times when
Commercial Papers are outstanding
Kaygaon Paper Mills Ltd               ST Bk Fac          CARE A4        87.5    Reaffirmed
Malladi Drugs And Pharmaceuticals Ltd ST Bk Fac          CARE A2        325     Revised from
                                                                                CARE A3
Manoj Vaibhav Gems ‘N’ Jewellers Pvt  ST Bk Fac          CARE A3        890     Issuer not
Ltd [Erstwhile Vaibhav Empire Pvt Ltd]                                          cooperating
Medical Products Service              ST Bk Fac          CARE A4        150     Assigned
Oswal Cables Pvt Ltd                  ST Bk Fac          CARE A4+       850     Assigned
Prince Corp Pvt Ltd                   ST Bk Fac          CARE A3        730     Reaffirmed
Remi Electrotechnik Ltd               ST Bk Fac-NonFB-BG CARE A3+       29.4    Reaffirmed
Sharma Metalloys Pvt Ltd              ST Bk Fac          CARE A4;       150     Issuer not
                                                                                cooperating
Souza Engineers And Contractors Pvt LtST Bk Fac          CARE A4        40      Reaffirmed
Sri Raja Vinyagar Mills               ST Bk Fac          CARE A4+       30      Issuer not
                                                                                cooperating
Suman Autos                           ST Bk Fac          CARE A4        10      Issuer not
                                                                                cooperating
Thenpandian Spinning Mills India Pvt LST Bk Fac          CARE A4        60      Issuer not
                                                                                cooperating
Vijay Ship Breaking Corporation       ST Bk Fac          CARE A4        337.5   Reaffirmed
Vishal Fashions Pvt Ltd               ST Bk Fac          CARE A3        7.5     Issuer not
                                                                                cooperating

LONG TERM RATINGS:
-------------------
Aastha Society                        LT Bk Fac          CARE BB-       51.4    Reaffirmed
Aditya Auto Engineering Pvt Ltd       LT Bk Fac          CARE BB-       57.5    Issuer not
                                                                                cooperating
Alfa One Hi-Tech Infra Pvt Ltd        LT Bk Fac          CARE C         50      Issuer not
                                                                                cooperating
Amar Cottex Pvt Ltd                   LT Bk Fac          CARE D         70      Issuer not
                                                                                cooperating
Angel Fibers Pvt Ltd                  LT Bk Fac          CARE B+        481     Reaffirmed
Anik Industries Ltd                   LT Bk Fac          CARE BB+       940     Revised from
                                                                                CARE BBB-
Arkade Developers Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Ashwani Goyal                         LT Bk Fac          CARE B+        93.8    Revised from
                                                                                CARE B
Associate Builders And Traders        LT Bk Fac          CARE B+        71.5    Issuer not
                                                                                cooperating
Atul Ltd.                             LT Bk Fac          CARE AA+       4380    Reaffirmed
(enhanced from 342.00 CR)
Balaji Ginning And Pressing           LT Bk Fac          CARE B+        90      Reaffirmed
Bidar Solar Power Pvt Ltd             LT Bk Fac          CARE D         760     Revised from
                                                                                CARE BBB-
Business Broadcast News Holdings Ltd  NCD-1              CARE AA+(SO)   600     Removed from
                                                                                credit watch
                                                                                and rating 
                                                                                revised from 
                                                                                CARE AAA (SO)
Business Broadcast News Holdings Ltd  NCD-2              CARE AA+(SO)   300     Removed from
                                                                                credit watch
                                                                                and rating 
                                                                                revised from 
                                                                                CARE AAA (SO)
Business Broadcast News Holdings Ltd  NCD-3              CARE AA+(SO)   250     Removed from
                                                                                credit watch
                                                                                and rating 
                                                                                revised from 
                                                                                CARE AAA (SO)
Chandigarh Roller Flour Mills Pvt Ltd LT Bk Fac          CARE B         120     Assigned
Dashmesh Rubber Industries Pvt Ltd    LT Bk Fac          CARE B         68      Revised from
                                                                                CARE D
Delfina Ceramic Pvt Ltd               LT Bk Fac          CARE BB-       48.2    Issuer not
                                                                                cooperating
Elite Motors Pvt Ltd                  LT Bk Fac          CARE B+        73.9    Issuer not
                                                                                cooperating
Emcee Engineering Works               LT Bk Fac          CARE B         190.3   Issuer not
                                                                                cooperating
Firestone Tvs Pvt Ltd                 Long LT Bk Fac     CARE BBB+      70.1    Revised from
                                                                                CARE BBB
Galaxy Bearings Ltd                   LT Bk Fac          CARE BB+       16.9    Assigned
Galaxy Bearings Ltd                   LT Bk Fac/ ST Bk   CARE BB+ /CARE 141.5   Assigned
                                      Fac                A4+
Garg & Company                        LT Bk Fac          CARE B+        37      Issuer not
                                                                                cooperating
Gaurav Contracts Co                   LT Bk Fac          CARE BB-       100     Assigned
Giriraj Exim Pvt Ltd                  Long/ST Bk Fac     CARE BBB-      700     Reaffirmed
                                                         /CARE A3
Green Mirror Buildcon Pvt Ltd         LT Bk Fac          CARE D         115     Issuer not
                                                                                cooperating
Haigreeva Infratech Projects Ltd      LT Bk Fac          CARE BBB-      1850    Issuer not
                                                                                cooperating
Heavy Metal And Tubes Ltd             LT Bk Fac          CARE B         224.9   Reaffirmed
Jk Hitech Rice Mill Pvt Ltd           LT Bk Fac          CARE B+        100.5   Reaffirmed
Jsw Steel Ltd                         LT Bk Fac          CARE AA-       238430.6Reaffirmed
(Enhanced from Rs.23,242.12 crore)
Jsw Steel Ltd                         Various NCD (NCD)  CARE AA-       113571.6Reaffirmed
                                      issue
Jsw Steel Ltd                         LT Bk Fac/ ST Bk   CARE AA- /CARE 72531.6 Reaffirmed
                                      Fac                A1+
Kajjehally Estate                     LT Bk Fac          CARE BB        190     Issuer not
                                                                                cooperating
Kaygaon Paper Mills Ltd               LT Bk Fac          CARE BB        339.3   Reaffirmed
Kunvarji Warehousing And Logistics PvtLT Bk Fac          CARE BB+       58.8    Revised from
Ltd                                                                             CARE BBB-
Madhya Pradesh Road Development       Issuer Rating#     CARE A         -       Reaffirmed
Corporation Ltd
# the above ‘Issuer Rating’ is subject to MPRDC maintaining an overall gearing not exceeding
0.50x
Malladi Drugs And Pharmaceuticals Ltd LT Bk Fac          CARE BBB+      1135.2  Revised from
                                                                                CARE BBB
Manoj Vaibhav Gems ‘N’ Jewellers Pvt  LT Bk Fac          CARE BBB-      962.8   Issuer not
Ltd [Erstwhile Vaibhav Empire Pvt Ltd]                                          cooperating
Manoj Vaibhav Gems ‘N’ Jewellers Pvt  LT Bk Fac/ ST Bk   CARE BBB-      160     Issuer not
Ltd [Erstwhile Vaibhav Empire Pvt Ltd]Fac                /CARE A3               cooperating
Meghmani Finechem Ltd.                LT Bk Fac (TL) @   CARE BBB+      1450.1  Issuer not
                                                                                cooperating
@ CARE has been seeking information from MFL to monitor the ratings vide e-mail
communications/letters dated November 11, 2016, November 15, 2016, November 18, 2016, November
23, 2016, December 30, 2016, February 02, 2017, February 20, 2017 and February 21, 2017 and
numerous phone calls. However, despite our repeated requests, the company has not provided the
requiste information for monitoring the ratings. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the publicly available information which however, in
CARE’s opinion is not sufficient to arrive at a fair rating. The rating on MFL’s bank facilities
(i.e. term loans) will now be denoted as ‘CARE BBB+; ISSUER NOT COOPERATING’.
Meghmani Finechem Ltd.                LT Bk Fac (Fund    CARE BBB+      340     Issuer not
                                      based) *                                  cooperating
* CARE has placed the outstanding ratings assigned to the fund based long term bank facilities
of MFL on ‘Notice of Withdrawal’ for 90 days at the request of the company and upon receipt of
‘No objection Certificates’ from its bankers towards the withdrawal of these ratings. The
aforesaid ratings would continue to remain on ‘Notice of Withdrawal’ for a period of 90 days,
after which they would stand withdrawn.
Meghmani Finechem Ltd.                Proposed ST Bk Fac CARE BBB+      -       Withdrawn
                                      (Non fund based) #
# CARE has withdrawn the rating assigned to the proposed short-term bank facilites of Meghmani
Finechem Ltd. (MFL) with immediate effect, based on company’s request, as MFL has not used the
rating assigned by CARE for mobilizing any funds and as such there is no amount outstanding
against the rated facility.
Meritra Homes Pvt Ltd                 LT Bk Fac          CARE BB        100     Reaffirmed
Meritra Homes Pvt Ltd                 LT Bk Fac          CARE BB        50      Reaffirmed
Nice International Ltd                LT Bk Fac          CARE BB-       60      Reaffirmed
Nice International Ltd                LT / ST Bk Fac     CARE BB-       40      Reaffirmed
                                                         /CARE A4
Oswal Cables Pvt Ltd                  LT Bk Fac          CARE BB+       41.6    Assigned
Oswal Cables Pvt Ltd                  LT Bk Fac/ ST Bk   CARE BB+ /CARE 400     Assigned
                                      Fac                A4+
P.A.R.K Industries Pvt Ltd            LT Bk Fac          CARE BB+       15.2    Revised from
                                                                                CARE BB
P.A.R.K Industries Pvt Ltd            LT/ST Bk Fac       CARE BB+       50      Revised from
                                                         /CARE A4+              CARE BB
Paradise Polymers Ltd                 LT Bk Fac          CARE D         81      Issuer not
                                                                                cooperating
Paradise Polymers Ltd                 LT/ST Bk Fac       CARE D         20      Issuer not
                                                                                cooperating
Pride Purple Builders Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Prince Corp Pvt Ltd                   LT Bk Fac          CARE BBB       965.9   Reaffirmed
Ramayani Creations                    LT Bk Fac          CARE B+        150     Issuer not
                                                                                cooperating
Remi Electrotechnik Ltd               LT Bk              CARE BBB       110     Reaffirmed
                                      Fac-Fundbased- CC
Sandcity Autotec Pvt Ltd              LT Bk Fac          CARE B+        67.8    Issuer not
                                                                                cooperating
Satya Sai Builders & Contractors      LT Bk Fac          CARE B+        70      Assigned
Satya Sai Builders & Contractors      Long–term/ST Bk FacCARE B+ /CARE  80      Assigned
                                                         A4
Shiv Gram Udyog Sansthan              LT Bk Fac          CARE B         110.2   Reaffirmed
Sintex Infra Projects Ltd             LT Bk Fac          CARE A         2416.7  Credit watch
                                                                                with
                                                                                developing 
                                                                                implications  
Sintex Infra Projects Ltd             LT/ ST Bk Fac      CARE A /A1     6150    Credit watch
                                                                                with
                                                                                developing 
                                                                                implications  
Souza Engineers And Contractors Pvt LtLT Bk Fac          CARE BB        22      Reaffirmed
Sri Raja Vinyagar Mills               LT Bk Fac          CARE BB+       240.7   Issuer not
                                                                                cooperating
Suman Autos                           LT Bk Fac          CARE BB        47      Issuer not
                                                                                cooperating
Tata Motors Ltd                       NCDs               CARE AA+       5000    Assigned
Tata Motors Ltd                       NCDs               CARE AA+       65500   Assigned
Thenpandian Spinning Mills India Pvt LLT Bk Fac          CARE BB-       240     Issuer not
                                                                                cooperating
Udupi Developers                      LT Bk Fac          CARE BB-       147.5   Issuer not
                                                                                cooperating
Underwater Services Company Ltd       LT Bk Fac          CARE A+        490     Reaffirmed
(reduced from Rs.50 crore)
Unitech Cotspin Ltd                   LT Bk Fac          CARE B+        150     Assigned
Universal Auto Gears Llp              LT Bk Fac          CARE B         78.4    Assigned
Vaibhav Cotex Pvt Ltd                 LT Bk Fac          CARE B+        67.3    Reaffirmed
Vcarve Renewable Energy Pvt Ltd       LT Bk Fac          CARE BB-       150     Issuer not
                                                                                cooperating
Veekay Prints Pvt Ltd                 LT Bk Fac          CARE BBB-      135.9   Issuer not
                                                                                cooperating
Vijay Ship Breaking Corporation       LT/ST Bk Fac       CARE BB /CARE  45      Reaffirmed
                                                         A4
Vishal Fashions Pvt Ltd               LT Bk Fac          CARE BBB-      943.3   Issuer not
                                                                                cooperating
Vkt Pharma Pvt Ltd                    LT Bk Fac          CARE BB+       590     Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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