April 11, 2017 / 6:21 AM / 4 months ago

CARE ratings for Indian debt instruments-Apr 11

25 Min Read

    Apr 11 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 10, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajai Builders                         ST Bk Fac          CARE A4        3.5     Issuer not
                                                                                cooperating
Antique Marbonite Pvt Ltd             ST Bk Fac          CARE A2+       1       Reaffirmed
Appachi Eco-Logic Cotton Pvt Ltd      ST Bk Fac          CARE A4        2.5     Reaffirmed

Archean Industries Pvt Ltd            ST Bk Fac          CARE D         15      Reaffirmed

Banmore Foam Pvt Ltd                  ST Bk Fac          CARE A4        2.25    Assigned
Bhushan Steel Ltd                     ST Bk Fac (Working CARE D         7256.8  Reaffirmed
                                      Capital)
Chelsea Mills Llp                     ST Bk Fac          CARE A3        46.4    Reaffirmed
Continental Device India Pvt Ltd      ST Bk Fac          CARE A3+       3.7     Reaffirmed
Diarough Manufacturing India Llp      ST Bk Fac          CARE A4+       25      Reaffirmed
Dynamic Refractories                  ST Bk Fac          CARE A4        0.5     Assigned
Federal-Mogul Goetze (India) Ltd      ST Fac             CARE A1+       62.5    Reaffirmed
Focuz Corporation Pvt Ltd             ST Bk Fac          CARE A4+       3       Issuer not
                                                                                cooperating
G.D. Goenka Pvt Ltd                   ST Bk Fac          CARE A3+       8.5     Reaffirmed
Gemco Energy Ltd                      ST Bk Fac          -              -       Withdrawn
Goyal Educational And Welfare Society ST Bk Facilitie    CARE A4        1       Issuer not
                                                                                cooperating
Gujarat Multi Gas Base Chemicals Pvt  ST Bk Fac          CARE A3        3       Reaffirmed
Ltd    
Happy Forgings Ltd                    ST Bk Fac          CARE A4+       31.44   Issuer not
                                                                                cooperating
Jct Ltd                               ST Bk Fac          CARE A4        81.27   Reaffirmed
Jakhau Salt Company Pvt Ltd           ST Bk Fac          CARE D         8       Reaffirmed
Manjushree Tea & India Pvt Ltd        ST Bk Fac          CARE A4        0.2     Issuer not
                                                                                cooperating
Mayur Ginning And Pressing Pvt Ltd    ST Bk Fac          CARE A4        4       Issuer not
                                                                                cooperating
Moser Baer Solar Ltd                  ST Bk Fac          CARE D         64.6    Reaffirmed
Nilkanth Ferro Ltd                    ST Bk Fac          CARE A4        38.81   Issuer not
                                                                                cooperating
Opel Sulz Pvt Ltd                     ST Bk Fac          CARE A4        0.35    Issuer not
                                                                                cooperating
Pinnacle Industries Ltd               ST Bk Fac          CARE A3+       32.05   Reaffirmed
Pravin Masalewale                     ST Bk Fac          CARE A3+       7       Reaffirmed
Priyanka India Pvt Ltd                ST Bk Fac          CARE A4        6.5     Assigned
Png Jewellery & Gems                  ST Bk Fac          -              -       Withdrawn
Rajamahal International Pvt Ltd       ST Bk Facilitie    CARE A4        7       Assigned
Rajesh Sharma Contractor              ST Bk Fac          CARE A4        4       Assigned
Rama Arts & Exports                   ST Bk Fac          CARE A4        0.1     Reaffirmed
Sabar Flex Industries                 ST Bk Facilitie    CARE A4        0.5     Issuer not
                                                                                cooperating
Samarth Lifestyle Retailing Pvt Ltd   ST Bk Fac          CARE A4        1.4     Reaffirmed
Serveall Land Developers Pvt Ltd      ST Bk Fac          CARE A3+       13.6    Revised from
                                                                                CARE A3
Shiva Pharmachem Ltd                  ST Bk Fac          CARE A3+       195     Reaffirmed
Shivalay Ispat And Power Pvt Ltd      ST Bk Fac          CARE A2+       31.4    Reaffirmed
Shivam Motors Pvt Ltd                 ST Bk Fac          CARE A4        4       Assigned
Snd Ltd                               ST Bk Fac          CARE A2+       100     Reaffirmed
Snj Synthetics Ltd                    ST Bk Fac          CARE A4        7.3     Issuer not
                                                                                cooperating
Sunil Sponge Pvt Ltd                  ST Bk Fac          CARE A4        6.25    Issuer not
                                                                                cooperating
T.C. Terrytex Ltd                     ST Bk Fac          CARE A4+       24      Issuer not
                                                                                cooperating
The Rishabh Winpro Pvt Ltd            ST Bk Fac          CARE A4        7       Issuer not
                                                                                cooperating
Umang Realtech Pvt Ltd                LT Bk Fac ^        100            -       Assigned
^ The above rating is based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee from Uppal Housing Private Limited (UHPL) rated CARE A3
Vishesh Industries                    ST Bk Facilitie    CARE A4        1.5     Issuer not
                                                                                cooperating
Vivimed Labs Ltd                      ST Bk Fac          CARE A3        177.6   Reaffirmed


MEDIUM TERM RATINGS:
-------------------
Continental Device India Pvt Ltd      Medium Term        CARE BBB (FD)  7.81    Reaffirmed
                                      Instrument – fd
                                      Deposits

LONG TERM RATINGS:
-------------------
Aarohi Constructions Pvt Ltd          LT Bk Fac          CARE BB-       20      Issuer not
                                                                                cooperating
Ajai Builders                         LT Bk Fac          CARE B+        2.93    Issuer not
                                                                                cooperating
Alfa Trust Dec 2016 (Originator: Ikf  Series A PTC       CARE A-        1.85    Assigned
Finance Ltd)
Annai Flour Mills Pvt Ltd             LT Bk Fac          CARE BB        15      Reaffirmed
Antique Marbonite Pvt Ltd             Long- Term Bk Fac  CARE A-        55      Reaffirmed
Antique Marbonite Pvt Ltd             Long- Term /       CARE A- /A2+   27      Reaffirmed
                                      Short- Term Bk Fac
Anup Insulation Pvt Ltd               Long/ST Bk Fac     CARE BB- /CARE 6       Assigned
                                                         A 4
Appachi Eco-Logic Cotton Pvt Ltd      LT Bk Fac          CARE B+        6.5     Reaffirmed
Archean Industries Pvt Ltd            LT Bk Fac          CARE D         44.8    Reaffirmed
Atria Solar Power Pvt Ltd             LT Bk Fac          CARE BBB-      55      Assigned
B L Agarwala                          LT Bk Fac          CARE BB        3       Issuer not
                                                                                cooperating
B L Agarwala                          LT Bk Fac          CARE BB        15      Issuer not
                                                                                cooperating
Banmore Foam Pvt Ltd                  LT Bk Fac          CARE B+        6.21    Assigned
Bharath Salt Refineries Ltd           LT Bk Fac          CARE D         49.8    Reaffirmed
Bhavani Enterprises_Hubli             LT Bk Fac          CARE B+        30      Assigned
Bhushan Steel Ltd                     LT Bk Fac          CARE D         37021.66Reaffirmed
Bhushan Steel Ltd                     Subordinate Debt   CARE D         -       Withdrawn
Bhushan Steel Ltd                     NCD (NCD)          CARE D         804     Reaffirmed
                                      Programme-I
Bhushan Steel Ltd                     NCD (NCD)          CARE D         655     Reaffirmed
                                      Programme-II
BTM Corp Ltd                          LT Bk Fac          CARE BB        27      Assigned
Bulland Buildtech Pvt Ltd             LT Bk Fac          CARE B+        45      Issuer not
                                                                                cooperating
Chelsea Mills Llp                     LT/ST Bk Fac       CARE BBB /CARE 11.5    Revised from
                                                         A3                     CARE BBB-/A3
Chelsea Mills Llp                     LT Bk Fac          CARE BBB       1.28    Revised from
                                                                                CARE BBB-
Cherry Gold Marble Pvt Ltd            LT Bk Fac          CARE BB-       4.43    Revised from
                                                                                CARE B+
Cks Medicare Pvt Ltd                  Long- Term Bk Fac  CARE B+        33.5    Issuer not
                                                                                cooperating
Continental Device India Pvt Ltd      LT Bk Fac          CARE BBB       7.3     Reaffirmed
Cosmos Infra Engineering India Pvt LtdLT Bk Fac          CARE BB-       72      Reaffirmed
D. B. Malls Pvt. Ltd.                 Long- Term Bk Fac  CARE BBB       229.2   Revised from
                                                                                CARE BBB-
D. Nareshkumar Exports Pvt. Ltd       LT Bk Fac          CARE BB+       29.1    Reaffirmed
Dabang Metal Industries               LT Bk Fac          CARE B         5.95    Issuer not
                                                                                cooperating
Dasari Builders Pvt Ltd               LT Bk Fac          CARE BBB-      25      Reaffirmed
Deen Dayal Foods Pvt Ltd              LT Bk Fac          CARE BB-       6       Assigned
Delhi Msw Solutions Ltd               LT Bk Fac^         CARE BBB-      199.51  Reaffirmed
^Backed by unconditional and irrevocable corporate guarantee of Ramky Enviro Engineers Limited
(REEL; rated CARE BBB- ;Stable/CARE A3 ).
Dynamic Refractories                  LT Bk Fac          CARE BB-       8       Assigned
Federal-Mogul Goetze (India) Ltd      LT Fac             CARE A         285.7   Revised from
                                                                                CARE A-
Focuz Corporation Pvt Ltd             LT Bk Fac          CARE BB+       39.66   Issuer not
                                                                                cooperating
G.D. Goenka Pvt Ltd                   LT Bk Fac          CARE BBB+      99.7    Reaffirmed
Gajaanandha Jewellery Mart India Pvt  LT Bk Fac          CARE BBB+      7.2     Revised from
Ltd                                                                             CARE BBB
Gajaanandha Jewellery Mart India Pvt  LT/ST Bk Fac       CARE BBB+/A3   180     Revised from
Ltd                                                                             CARE BBB/CARE
                                                                                A3
Ganeshgarhia Construction Company     LT/ST Bk Fac       CARE BBB-      45      Reaffirmed
                                                         /CARE A3
Gemco Energy Ltd                      LT Bk Fac          -              -       Withdrawn
Goyal Educational And Welfare Society LT Bk Fac          CARE BB-       12      Issuer not
                                                                                cooperating
Gujarat Multi Gas Base Chemicals Pvt  LT Bk Fac          CARE BBB       2.62    Reaffirmed
Ltd    
Gujarat Multi Gas Base Chemicals Pvt  LT Bk Fac/ ST Bk   CARE BBB /CARE 8       Reaffirmed
Ltd                                   Fac                A3
Happy Forgings Ltd                    LT Bk Fac          CARE BB+       219.43  Issuer not
                                                                                cooperating
Hari Om Retail Pvt Ltd                LT Bk Fac          CARE B+        10      Issuer not
                                                                                cooperating
Hyderabad Integrated Msw Ltd          LT Bk Fac – TL^    CARE BBB-      220.92  Reaffirmed
^Backed by unconditional and irrevocable corporate guarantee of Ramky Enviro Engineers Limited
(REEL; rated CARE BBB-; Stable/CARE A3 ).
Hyderabad Integrated Msw Ltd          LT Bk Fac – TL#    ProvCARE BBB-  50      Reaffirmed
#proposed to be backed by unconditional and irrevocable corporate guarantee of Ramky Enviro
Engineers Limited (REEL; rated CARE BBB-; Stable/CARE A3
Iconic Fashion Retailing Pvt Ltd      LT Bk Fac          CARE BB-       11.9    Reaffirmed
Ishwar Oil Industries                 LT Bk Fac          CARE B+        5.53    Issuer not
                                                                                cooperating
Jakhau Salt Company Pvt Ltd           LT Bk Fac          CARE D         85      Reaffirmed
Jakhau Salt Company Pvt Ltd           LT/ST Bk Fac       CARE D         32.5    Reaffirmed
Jaypee Powergrid Ltd                  LT Bk Fac          CARE A-        464.13  Reaffirmed
Jct Ltd                               LT Bk Fac          CARE B         241.86  Reaffirmed
M.P Mining And Energy Ltd             LT Bk Fac          CARE B         10      Assigned
Manjushree Tea & India Pvt Ltd        LT Bk Fac          CARE B+        5.95    Issuer not
                                                                                cooperating
Mayur Ginning And Pressing Pvt Ltd    LT Bk Fac          CARE B+        5       Issuer not
                                                                                cooperating
Millennium Baby Care                  LT Bk Fac          CARE B+        16.1    Assigned
Millennium Baby Care                  LT Bk Fac/ ST Bk   CARE B+ /CARE  7       Assigned
                                      Fac                A4
Mod Age Consultants & Advisory ServiceLT NCD             CARE D         17      Revised from
Pvt Ltd                                                                         CARE B-
Modi Solvex                           LT Bk Fac          CARE B         10.25   Assigned
Moser Baer Solar Ltd                  LT Bk Fac          CARE D         881.46  Reaffirmed
Newtonia Cv Ifmr Capital 2017         Series A1 PTC      CARE A-        3.06    Assigned
(Originator: Ikf Finance Ltd)
Newtonia Cv Ifmr Capital 2017         Series A2 PTC      CARE BBB+      1.23    Assigned
(Originator: Ikf Finance Ltd)
Nifty Technologies                    LT/ Shortterm Bk   CARE B+/CARE A410.47   Issuer not
                                      Fac                                       cooperating
Nilkanth Ferro Ltd                    LT Bk Fac          CARE BB        20.13   Issuer not
                                                                                cooperating
Nirwan Charitable Trust               LT Bk Fac          CARE BB+       22.79   Reaffirmed
Nobility Estates Pvt Ltd              LT Instruments-    CARE BB        127     Issuer not
                                      NonConvertible                            cooperating
                                      Debentures
Nv Vogt Solar One Pvt Ltd             LT Bk Fac          CARE BBB       55      Assigned
Om Packaging                          LT Bk Fac          CARE B+        6       Issuer not
                                                                                cooperating
Opel Sulz Pvt Ltd                     LT Bk Fac          CARE BB-       6.7     Issuer not
                                                                                cooperating
Pellet Energy Systems Pvt Ltd         LT Bk Fac          CARE BB-       28.5    Issuer not
                                                                                cooperating
Pinnacle Industries Ltd               LT Bk Fac          CARE BBB       48.34   Reaffirmed
Pinnacle Industries Ltd               TL against         CARE BBB+      11.55   Reaffirmed
                                      securitisation of
                                      lease rent receivables
Png Jewellery & Gems                  LT Bk Fac          CARE BBB       30.8    Reaffirmed
Png Jewellery & Gems                  Long- term/ ST Bk  CARE BBB       52      Reaffirmed
                                      Fac                /CARE A3
Pratiti Health Educational Institutes LT Bk Fac          CARE B+        22.5    Suspension
Pvt. Ltd
Pravin Masalewale                     LT Bk Fac          CARE BBB+      107.98  Reaffirmed
Prima Terra Buildtech Pvt. Ltd.       LT Bk Fac          -              -       Withdrawn
Prime Plaza Hotels Pvt Ltd            LT Bk Fac          CARE BB        44.3    Reaffirmed
Priyanka India Pvt Ltd                LT Bk Fac          CARE BB        1       Assigned
Raghav Sulzcon Pvt Ltd                LT Bk Fac          CARE BB        8       Issuer not
                                                                                cooperating
Rajamahal International Pvt Ltd       LT Bk Fac          CARE B+        5       Assigned
Rajesh Sharma Contractor              LT Bk Fac          CARE BB-       3       Assigned
Rakesh Kumar Gupta Rice Mills Pvt. LtdLT Bk Fac          CARE B+        7.5     Issuer not
                                                                                cooperating
Rama Arts & Exports                   LT Bk Fac          CARE B+        5.64    Reaffirmed
Rama Arts & Exports                   LT/ST Bk Fac       CARE B+ / A4   0.62    Reaffirmed
Ramakrishna Hospitals Pvt Ltd         LT Bk Fac          CARE BB -      39.82   Reaffirmed
Ravi Cam Manufacturing Pvt Ltd        LT Bk Fac          CARE B+        6.18    Assigned
Ruban Patliputra Hospital Pvt. Ltd.   LT Bk Fac          CARE B+        14.39   Reaffirmed
Ryatar Sahakari Sakkkare Karkhane     LT Bk Fac          CARE B         50      Assigned
Niyamit
S N Super Speciality Hospital Pvt Ltd LT Bk Fac          CARE B+        28      Reaffirmed
S S Group Pvt Ltd                     NCDs               CARE BB+       125.4   Reaffirmed
S S Group Pvt Ltd                     LT Bk Fac          CARE BB+       85      Assigned
Sabar Flex Industries                 LT Bk Fac          CARE B         7.47    Issuer not
                                                                                cooperating
Samarth Lifestyle Retailing Pvt Ltd   LT Bk Fac          CARE BB        45.88   Reaffirmed
Sansar Trust December 2016 V          Series A PTC       CARE AA        500.26  Assigned
(Originator: Shriram Transport Finance
Company Ltd.)
Sansar Trust December 2016 V          Second Loss        CARE BBB+      25.77   Assigned
(Originator: Shriram Transport FinanceFacility
Company Ltd.)
Sansar Trust Feb 2014 – Iv            Series A PTCs      -              -       Withdrawn
Serveall Land Developers Pvt Ltd      LT Bk Fac          CARE BBB       81.96   Revised from
                                                                                CARE BBB-
Shiva Pharmachem Ltd                  LT Bk Fac          CARE BBB       60.19   Reaffirmed
Shivalay Ispat And Power Pvt Ltd      LT Bk Fac          CARE A-        25      Reaffirmed
Shivam Motors Pvt Ltd                 LT Bk Fac          CARE BB        59      Reaffirmed
Shri Mahavir Bright Steel Udyog       Long- Term Bk Fac  CARE B         8       Issuer not
                                                                                cooperating
Shri Sai Priya Sugars Ltd             LT Bk Fac- TL      CARE BB+       360.61  Revised from
                                                                                CARE BB
Shriniwas Education Society           LT Bk Fac          CARE BBB-      21.73   Reaffirmed
Shristi Housing Development Ltd       LT Bk Fac          -              -       Withdrawn
Siti Networks Ltd (Formerly Known As  LT Bk Fac          CARE A-        150     Reaffirmed
Siti Cable Network Ltd)
Snd Ltd                               LT Bk Fac (TL)     CARE A-        204.6   Reaffirmed
Snd Ltd                               LT Bk Fac (CC)     CARE A-        100     Reaffirmed
Snj Synthetics Ltd                    LT Bk Fac          CARE BB        38.16   Issuer not
                                                                                cooperating
Somnath Enterprises                   LT Bk Fac          CARE B+        9.35    Issuer not
                                                                                cooperating
Sony Aircon                           LT Bk Fac          CARE B+        10      Issuer not
                                                                                cooperating
Sunil Sponge Pvt Ltd                  LT Bk Fac          CARE BB-       13.75   Issuer not
                                                                                cooperating
T.C. Terrytex Ltd                     LT Bk Fac          CARE BB+       149.35  Issuer not
                                                                                cooperating
The National Small Industries         LT Bk Fac          CARE AA+       3000    Reaffirmed
Corporation Ltd
The Rishabh Winpro Pvt Ltd            LT Bk Fac          CARE B         4.97    Issuer not
                                                                                cooperating
Three M Paper Manufacturing Pvt Ltd   LT Bk Fac          CARE BB+       38.75   Reaffirmed
Vishesh Industries                    LT Bk Fac          CARE B+        5.86    Issuer not
                                                                                cooperating
Vivimed Labs Ltd                      LT Bk Fac          CARE BBB-      314.42  Reaffirmed
Wondervalue Realty Developers Pvt. LtdLT Bk Fac          CARE D         300     Issuer not
                                                                                cooperating
Yantra E-Solar India Pvt Ltd          LT Bk Fac          CARE BBB-      23.25   Reaffirmed
Yash Knitwear                         LT Bk Fac          CARE BB-       10      Reaffirmed
Yogeshwar Cotton Industries           LT Bk Fac          CARE B+        7       Issuer not
                                                                                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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