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CARE ratings for Indian debt instruments-Apr 7
April 7, 2017 / 7:08 AM / 6 months ago

CARE ratings for Indian debt instruments-Apr 7

   Apr 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 6, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Amlagora Cold Storage Pvt Ltd         ST Bk Fac          CARE A4        1.8     Reaffirmed
Circle Infotech Pvt Ltd               ST Bk Fac          CARE A4        70      Reaffirmed
Devdasharath Royalties And Tollways   ST Bk Fac          CARE A4        86.1    Reaffirmed
Emco Ltd                              ST fund based Bk   CARE D         12124.6 Revised from
                                      Fac                                       CARE A4
Growel Feeds Pvt Ltd                  ST Bk Fac          CARE A3+       37.5    Revised from
                                                                                CARE A3
Hindustan Produce Company             ST Bk Fac          CARE A4        69.3    Assigned
Hindustan Spirit Ltd                  ST Bk Fac          CARE A4        20      
Issuer Not Cooperating; Based on best available information

Inani Marbles & Industries Ltd        ST Bk Fac          CARE A4+       33.5    Revised from
                                                                                CARE A3
Indian Phosphate Ltd                  ST Bk Fac          CARE A4        185     Reaffirmed
Jsw Structural Metal Decking Ltd      ST Bk Fac          CARE A3        240     Reaffirmed
(enhanced from Rs.11 crore)
Juniper Hotels Pvt Ltd                ST Bk Fac          CARE A4        30      
Issuer Not Cooperating; Based on best available information

Jyotirmaye Textiles Pvt Ltd           ST Bk Fac          CARE A4+       100     Revised from
                                                                                CARE A4
K.P.G. Enterprise                     ST Bk Fac          CARE A4+       490.8   Reaffirmed
Kantilal Chhaganlal Securities Pvt. Ltd ST Bk Fac        CARE A4        250     Reaffirmed
Lalitha Metals                        ST Bk Fac          CARE A4        1.5     Reaffirmed
M. Ranganathan                        ST Bk Fac          CARE A4        15      Reaffirmed
Mahavir Rolling Mill Pvt Ltd          ST Bk Fac          CARE A4+       100     Reaffirmed
N R Switch N Radio Services Pvt Ltd   ST Bk Fac          CARE A4        10      Reaffirmed
Nishapati Cold Storage Pvt. Ltd.      ST Bk Fac          CARE A4        1.6     Issuer not
                                                                                cooperating
Oopal Diamond                         ST Bk Fac          CARE A4        200     Revised from
                                                                                CARE A4+
Paranjape Schemes (Construction) Ltd  ST Bk Fac          CARE A3        50      Issuer not
                                                                                cooperating
Raj-Sneh Auto India Pvt. Ltd          ST Bk Fac          CARE A4        295     Issuer not
                                                                                cooperating
Relationship Properties Pvt Ltd       ST- NCD^           CARE A4        2250    Reaffirmed
^backed by an unconditional and irrevocable revolving Debt Service
 Reserve Account (DSRA) guarantee from Shapoorji Pallonji and Company
 Private Limited (SPCPL), for maintenance of debt service reserve equivalent 
 to an amount payable towards scheduled one quarter interest and one quarter
 principal for immediately succeeding quarter throughout 
 the tenure of the instrument.
Saraswati Chemical Corporation        ST Bk Fac          CARE A4+       160     Reaffirmed
Saraswati Chemical Pvt Ltd            ST Bk Fac          CARE A4+(SO)   70      Reaffirmed
Sarvottam Atta Pvt Ltd                ST Bk Fac          CARE A4        20      Assigned
Saveetha Institute Of Medical And     ST Bk Fac          CARE A2+       150     Revised from
Technical Sciences                                                              CARE A2
Shree Amba Industries                 ST Bk Fac          CARE A3        27.5    Issuer not
                                                                                cooperating
Pluto Ceramic                         ST Bk Fac          CARE D         12.5    Issuer not
                                                                                cooperating
Shiva Texfabs Ltd                     ST Bk Fac          CARE D         110     Issuer Not
                                                                                Cooperating;
Shree Balajee Landmark Hotels Pvt Ltd ST Bk Fac*         -              -       Withdrawn
*As per the ‘No Dues Letter’ (Dt: Mar. 21, 2017; No.CBG1796160895)
 issued by ICICI Bank, the long-term bank facilities 
(Overdraft of Rs.3.50 crore) having rating of ‘CARE BBB-‘
 and short-term bank facilities (Bank Guarantee of Rs.1.00 crore) 
 having rating of ‘CARE A3’ have been repaid in full. Thus, the 
 ratings toward the said facilities have been withdrawn

Steel Rolling Mill Of Maharashtra     ST Bk Fac          CARE A4+(SO)   1       Reaffirmed
Sunheri Texcraft Pvt Ltd              ST Bk Fac          CARE A4+       120.9   Reaffirmed
(enhanced from 7.09 CR)
The Mobilestore Services Ltd          ST Bk Fac          CARE A4        260     Reaffirmed
(reduced from Rs.90.00 crore)
Thexa Pharma Pvt Ltd                  ST Bk Fac          CARE A4        10      Reaffirmed
Tirupati Balaji Foods Pvt Ltd         ST Bk Fac          CARE A4+       40      ISSUER NOT
                                                                                COOPERATING;
Based on best available information
Uttam Sugar Mills Ltd                 ST Bk Fac          CARE A4        417.5   Reaffirmed
Vivekananda Paddy Mills Pvt Ltd       ST Bk Fac          CARE A4        2.8     Issuer not
                                                                                cooperating
MEDIUM TERM RATINGS:
-------------------
Paranjape Schemes (Construction) Ltd  FD                 CARE BBB(FD)   550     Issuer not
                                                                                cooperating
LONG TERM RATINGS:
-------------------
Accurate Autocomps                    LT Bk Fac          -              -       Withdrawn
Amlagora Cold Storage Pvt Ltd         LT Bk Fac          CARE B         60.5    Reaffirmed
Athaluri Sushma Sree                  LT Bk Fac          CARE D;        54.3    Issuer not
                                                                                cooperating
Bhind Mihona Gopalpur Toll Road Ltd   LT Bk Fac (TL)     CARE BBB+ (SO) 600.4   Reaffirmed
Bina Khimalasa Malthon Toll Roads Ltd LT Bk Fac (TL)     CARE BBB+ (SO) 451.7   Reaffirmed
Chandrapur Municipal Corporation      Issuer Rating      CARE BBB               Assigned
Circle Infotech Pvt Ltd               LT Bk Fac          CARE BB-       60      Reaffirmed
Damoh Jabalpur Toll Roads Ltd         LT Bk Fac (TL)     CARE BBB+      975.8   Reaffirmed
Devdasharath Royalties And Tollways   LT Bk Fac          CARE BB-       40      Reaffirmed
Devdasharath Royalties And Tollways   LT/ST Bk Fac       CARE BB-/CARE  94.4    Reaffirmed
                                                         A4
Emco Ltd                              LT fund based Bk   CARE D;        4981.4  Revised from
                                      Fac                                       CARE B
Essar Steel India Ltd                 LT Bk Fac          CARE D         300000  Reaffirmed
Essar Steel India Ltd                 ST Bk Fac          CARE D         1000    Reaffirmed
Essar Steel India Ltd                 LT/ST Bk Fac       CARE D         120000  Reaffirmed
Essar Steel India Ltd                 NCD                CARE D         2625    Reaffirmed
(reduced from Rs.312 crore)
Essel Ahmedabad Godhra Toll Roads Ltd LT Bk Fac          BBB+ (SO)      7886.2  Reaffirmed
Ghanshyam Das Rungta Foundation       LT Bk Fac          CARE BBB-      230     Reaffirmed
(reduced from Rs. 28.69 crore)
Goldbricks Infrastructure Pvt. Ltd.   LT Bk Fac          CARE BB+       130     Revised from
                                                                                CARE BBB-
Gour Flour Mills Pvt Ltd              LT Bk Fac          CARE BB        80      
Issuer Not Cooperating; Based on best available information

Growel Feeds Pvt Ltd                  LT Bk Fac          CARE BBB       1275.9  Revised from
                                                                                CARE BBB-
Hind Unitrade Pvt Ltd                 LT Bk Fac          CARE BB-       150     Assigned
Hindustan Produce Company             LT Bk Fac          CARE B+        28.5    Assigned
Hindustan Spirit Ltd                  LT Bk Fac          CARE BB-       142.3   
Issuer Not Cooperating; Based on best available information
Ifmr Capital Finance Pvt Ltd          Proposed CP issue  -              -       Withdrawn
Inani Marbles & Industries Ltd        LT Bk Fac          CARE BB+       140     Revised from
                                                                                CARE BBB-
Inani Marbles & Industries Ltd        LT/ST Bk Fac       CARE BB+/CARE  6.5     Revised from
                                                         A4+                    CARE BBB-
Indian Phosphate Ltd                  LT Bk Fac          CARE BB        313.7   Reaffirmed
Jsw Structural Metal Decking Ltd      LT Bk Fac          CARE BBB-      50      Reaffirmed
Juniper Hotels Pvt Ltd                LT Bk Fac          CARE BB;       706.1   
Issuer Not Cooperating; Based on best available information

Jyotirmaye Textiles Pvt Ltd           LT Bk Fac          CARE BB        943.7   Revised from
                                                                                CARE BB-
(enhanced from Rs.74.37 crore)
Jyotirmaye Textiles Pvt Ltd           LT/ST Bk Fac       CARE BB /CARE  17.5    Revised from
                                                         A4+                    CARE BB- /
                                                                                CARE A4
K.P.G. Enterprise                     LT Bk Fac          CARE BB-       60      Reaffirmed
Kancor Ingredients Ltd                LT Bk Fac          CARE BBB+      48.8    Revised from
                                                                                CARE BBB-
(reduced from 6.56 CR)
Kancor Ingredients Ltd                Long/ST Bk Fac     CARE BBB+      1750    Revised from
                                                         /CARE A3+              CARE BBB- /
                                                                                CARE A3
(reduced from 204.68 CR)
Kims Super Speciality Hospital Pvt LtdLT Bk Fac          CARE BB+       238.6   
Issuer Not Cooperating; Based on best available information

Koyili Hospital                       LT Bk Fac          CARE BB-       198.2   Reaffirmed
(increased from 18.01)
L&T Seawoods Ltd                      NCD (NCD)                                 Withdrawn
Lalchand Builders Pvt Ltd             LT Bk Fac          CARE B+        137     Revised from
                                                                                CARE B
Lalitha Metals                        LT Bk Fac          CARE B-        73.7    Reaffirmed
(reduced from 7.93 CR)
Lovable Lingerie Ltd                  LT Bk Fac – TL     CARE A+        27.7    Reaffirmed
Lovable Lingerie Ltd                  LT FB Fac – CC     CARE A+        135     Reaffirmed
M. Ranganathan                        LT Bk Fac          CARE B+        34      Downgraded
                                                                                from CARE BB-
Madras Sugars Ltd                     LT Bk Fac          -              -       Withdrawn
                                      (guaranteed)*
* backed by unconditional and irrevocable corporate guarantee issued
 by Shiva Distilleries Limited (SDL rated CARE BBB )
Madras Sugars Ltd                     LT Bk Fac (Stand   -              -       Withdrawn
                                      alone)
* backed by unconditional and irrevocable corporate guarantee issued 
by Shiva Distilleries Limited (SDL rated CARE BBB )
Maharashtra Airport Development Co. Ltd LT NCD           CARE A-        1500    Reaffirmed
Maharashtra Airport Development Co. Ltd LT Bking FacFund CARE A-        1730.5  Reaffirmed
                                      based-TL
Maharashtra Airport Development Co. LtIssuer Rating      CARE A-                Reaffirmed
Mahavir Rolling Mill Pvt Ltd          LT Bk Fac          CARE BB+       200     Reaffirmed
Mak Hospitals Pvt Ltd                 LT Bk Fac          CARE B+        120     Revised from
                                                                                CARE B
Meenakshi Infrastructures Pvt Ltd     LT Bk Fac          CARE BB-       3050    Revised from
                                                                                CARE B+
N R Switch N Radio Services Pvt Ltd   LT Bk Fac          CARE BB        120     Revised From
                                                                                CARE BB-
N R Switch N Radio Services Pvt Ltd   LT/ST Bk Fac       CARE BB/CARE A45       Long-term
                                                                                revised from
                                                                                CARE BB- 
                                                                                and ST 
                                                                                Reaffirmed
N. M. Rubbers                         LT Bk Fac          CARE B         7000    Reaffirmed
Navayuga Devanahalli Tollway Pvt Ltd  LT Bk FacTL        CARE A-        2543.1  Revised from
                                      (Senior debt)                             CARE BBB+
(reduced from Rs.254.61 crore)
Navayuga Devanahalli Tollway Pvt Ltd  LT Instrument- NCD CARE A-        3689.4  Revised from
                                                                                CARE BBB+
(reduced from 370.00)
Navayuga Devanahalli Tollway Pvt Ltd  LT Bk FacTL        CARE BBB+      2034.8  Revised from
                                      (Subordinate debt)                        CARE BBB
(reduced from Rs.203.72 crore)
Nishapati Cold Storage Pvt. Ltd.      LT Bk Fac          CARE BB-       95.5    
Issuer Not Cooperating; 

Nuclear Power Corporation Of India    LT Bk Fac          CARE AAA       47000   Reaffirmed
(enhancement from 3200 CR)
Nuclear Power Corporation Of India    LT NCD -1%         CARE AAA       15242   Reaffirmed
% O/s as on June, 2016
Nuclear Power Corporation Of India    LT NCD -2          CARE AAA       15000   Reaffirmed
Nuclear Power Corporation Of India    LT NCD -3          CARE AAA       20000   Reaffirmed
Nuclear Power Corporation Of India    LT NCD -4*         CARE AAA       25000   Reaffirmed
*placed amount Rs 2200 crores
Nuclear Power Corporation Of India    LT NCD -5          CARE AAA       22000   Reaffirmed
Nuclear Power Corporation Of India    LT NCD- 6          CARE AAA       35000   Reaffirmed
Nuclear Power Corporation Of India    LT NCD -7^         CARE AAA       25000   Reaffirmed
^placed amount Rs 2000 crores
Nuclear Power Corporation Of India    LT NCD – 8^^       CARE AAA       35000   Reaffirmed
^^Placed amount Rs 2500 crores
Nuziveedu Seeds Ltd                   LT Bk Fac          CARE A+        3666.6  Reaffirmed
(reduced from 462.92 CR)
Ocean Healthcare Pvt Ltd              LT Bk Fac          CARE BB        131     Reaffirmed
(reduced from 14 CR)
Paranjape Schemes (Construction) Ltd  LT Bk Fac          CARE BBB       240     Issuer not
                                                                                cooperating
Paranjape Schemes (Construction) Ltd  NCD                CARE BBB       1750    Issuer not
                                                                                cooperating
Pluto Ceramic                         LT Bk Fac          CARE D         43      Issuer not
                                                                                cooperating
Raj-Sneh Auto India Pvt. Ltd          LT Bk Fac          CARE BB        354.1   Issuer not
                                                                                cooperating
Ranjan Fabrics Pvt Ltd                LT Bk Fac          CARE BB-       94.5    Assigned
Reliance General Insurance Company LtdSubordinated Debt  CARE AA;       2300    Reaffirmed
                                      issue
Reliance General Insurance Company LtdProposed           CARE AA;       240     Assigned
                                      Subordinated Debt
                                      issue
Reliance Webstore Ltd                 LT/ST Bk Fac (FB)  -              -       Withdrawn
Reliance Wimax Ltd                    LT/ST Bk Fac (FB)  -              -       Withdrawn
S.K. Sulz Fab Pvt Ltd                 LT Bk Fac          CARE B         59      Assigned
Sagar Damoh Toll Roads Ltd            LT Bk Fac          CARE BBB+ (SO) 571.4   Reaffirmed
Sai Aarav Motors                      LT Bk Fac          CARE BB        70      Issuer not
                                                                                cooperating
Saraswati Chemical Corporation        LT Bk Fac          CARE BB        190     Reaffirmed
Saraswati Chemical Pvt Ltd            LT Bk Fac          CARE BB(SO)    50      Reaffirmed
Sarvottam Atta Pvt Ltd                LT Bk Fac          CARE BB        180     Reaffirmed
(enhanced from 16 CR)
Sarvottam Vegetable Oil Refinery Pvt Ltd LT Bk Fac       CARE B         102.4   Revised from
                                                                                CARE BB-
Saveetha Institute Of Medical And     LT Bk Fac          CARE A-        50      Revised from
Technical Sciences                                                              CARE BBB+
(enhanced from 0.15 CR)
Shiva Texfabs Ltd                     LT Bk Fac          CARE D         3999.3 
Issuer Not Cooperating; Based on best available information

Shree Amba Industries                 LT Bk Fac          CARE BBB-      334.9   Issuer not
                                                                                cooperating
Shree Azad Transport Company Pvt Ltd  LT Bk Fac          CARE BB-;      75      
Issuer Not Cooperating; Based on best available information

Shree Balajee Landmark Hotels Pvt Ltd LT Bk Fac*         CARE BBB-      480     Reaffirmed
(Enhanced from Rs.43.72 crore)
Shree Mangal Trading Company          LT Bk Fac          CARE B+        150     Assigned
Shri Krishna Motor Company            LT Bk Fac          CARE BB-       85      Revised from
                                                                                CARE B+
Siro Clinpharm Pvt Ltd                LT/ST Bk Fac (FB)  CARE BB        75      Reaffirmed
Steel Rolling Mill Of Maharashtra     LT Bk Fac          CARE BB+       250     Reaffirmed
Steel Rolling Mill Of Maharashtra     LT/ST Bk Fac       CARE BB+ /CARE 12.5    Reaffirmed
                                                         A4+
Sumal India                           LT Bk Fac          CARE BB        100     Reaffirmed
Sunheri Texcraft Pvt Ltd              LT Bk Fac          CARE BB+       50      Reaffirmed
(enhanced from 2 CR)
Swathy Smart Cards Hi-Tech Pvt Ltd    LT Bk Fac          CARE D         426.6  
Issuer Not Cooperating; Based on best available information

Swathy Smart Cards Hi-Tech Pvt Ltd    Long/ST Bk Fac     CARE D         118.5   
Issuer Not Cooperating; Based on best available information

Tebma Shipyards Ltd                   Financial Strength -              -       Withdrawn
                                      Grading
The Mobilestore Services Ltd          LT Bk Fac          CARE B+        706.6   Reaffirmed
Thexa Pharma Pvt Ltd                  LT Bk Fac          CARE BB-       332.7   Revised from
                                                                                CARE BB
Tirupati Balaji Foods Pvt Ltd         LT Bk Fac          CARE BB+       95.3  
Issuer Not Cooperating; Based on best available information

Tpl Industries Ltd                    LT Bk Fac          CARE BB+       105     Assigned
Uttam Sugar Mills Ltd                 LT Bk Fac          CARE B         7346.5  Revised from
                                                                                CARE C
Varam Capital Pvt Ltd                 LT Bk Fac          CARE BB+       1000    
Issuer Not Cooperating; Based on best available information

Vedic Resorts & Hotels Pvt. Ltd.      LT Bk Fac          CARE BB+       249.1   Reaffirmed
Vitra India Glass Pvt Ltd             LT Bk Fac          CARE B         55      Assigned
Vivekananda Paddy Mills Pvt Ltd       LT Bk Fac          CARE BB-       66.8    
Issuer Not Cooperating; Based on best available information

Vkt Pharma Pvt Ltd                    LT Bk Fac          CARE BB+       900     Reaffirmed
(reduced from 59 CR)
--------------------------------------------------------------------------------------------
$: 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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