April 19, 2017 / 8:30 AM / 5 months ago

CARE ratings for Indian debt instruments-Apr 19

   Apr 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 18, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.G. Shares & Securities Ltd          ST Bk Fac          CARE A4        200     Issuer Not
                                                                                Cooperating
Agl Polyfil Pvt Ltd                   ST Bk Fac          CARE A4        59.4    Assigned
Asuti Trading Pvt Ltd                 ST Bk Fac – LC     CARE A4+       50      Assigned
Balkrishna Textile Pvt Ltd            ST Bk Fac          CARE A3        200     Reaffirmed
Boxco Logistics India Pvt Ltd         ST Bk Fac          CARE A3        300     Reaffirmed
Canara Robeco Mutual Fund             ST Bk Fac          CARE A1+       5000    Reaffirmed
Datamini Technologies (India) Ltd     ST Bk Fac          CARE A4+       30      Reaffirmed
Dh Ltd                                ST Bk Fac          CARE A4+       207     Issuer Not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Etc Agro Processing (India) Pvt Ltd   ST Bk Fac (fund    CARE A3        800     Reaffirmed
                                      based/non-fund
                                      based)
Etg Agro Pvt Ltd                      ST Bk Fac (fund    CARE A3        800     Reaffirmed
                                      based/non-fund
                                      based)
Fashion Accessories                   ST Bk Fac          CARE A3+       230     Reaffirmed
Gajanand Spintex India Pvt Ltd        ST Bk Fac          CARE A4        1       Reaffirmed
Glaze Garments (India) Ltd            ST Bk Fac          CARE D         105     Issuer Not
                                                                                Cooperating
                                                                                Revised 
                                                                                from CARE BB 
Based on best available information
Gasha Steels Pvt Ltd                  ST Bk Fac          CARE A4+       110     Reaffirmed
Geo Miller & Company Pvt Ltd          ST Bk Fac          CARE A3        733     Reaffirmed
Gupta Metal Sheets Ltd                ST Bk Fac          CARE A4        520.2   Issuer Not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Ifgl Exports Ltd                      ST Bk Fac          CARE A1+ (SO)  40      Reaffirmed
Ifgl Refractories Ltd.                ST Bk Fac          CARE A1+       80      Reaffirmed
Ifgl Refractories Ltd.                ST Debt (including CARE A1+       100     Reaffirmed
                                      CP)*
*carved out of fund based working capital limit
Indian Armour Systems Pvt Ltd         ST Bk Fac          CARE A4        38      Issuer Not
                                                                                Cooperating
Intermarket (India) Pvt Ltd           ST Bk Fac          CARE A3        7       Reaffirmed
J. M. Mhatre Infra Pvt Ltd            ST Bk Fac          CARE A4        670     Reaffirmed
Jansons Industries Ltd                ST Bk Fac          CARE A3+       80      Issuer not
                                                                                cooperating
Jaycee Steels Pvt Ltd                 ST Bk Fac          CARE A4        5       Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Kerala Steel Associate                ST Bk Fac          CARE A4+       60      Reaffirmed
Kisaan Steels Pvt Ltd                 ST Bk Fac          CARE A4        4       Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Madhur Knit Crafts Pvt Ltd            ST Bk Fac          CARE A4        5       Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Mahati Industries Pvt Ltd             ST Bk Fac          CARE A3        250     Reaffirmed
Nata Devices India Pvt Ltd            ST Bk Fac          CARE A4        6.5     Issuer Not
                                                                                Cooperating
Navkar Processors                     ST Bk Fac          CARE A4        2.5     Issuer Not
                                                                                Cooperating.
Power Engineering Corporation         ST Bk Fac          CARE A4        40      Issuer Not
                                                                                Cooperating.
Premier Irrigation Adritec Pvt Ltd    ST Bk Fac          CARE A4        451.6   Reaffirmed
Radiant Polymers Pvt Ltd              ST Bk Fac          CARE A4        70      Issuer Not
                                                                                Cooperating
Rolex Rings Pvt Ltd                   ST Bk Fac          CARE A4        115.2   Assigned
Salem Stainless Steel Suppliers Pvt Ltd ST Bk Fac        CARE A4+       130     Reaffirmed
Sanhit Polymer                        ST Bk Fac          CARE A4        15      Assigned
Sanrhea Technical Textile Ltd         ST Bk Fac          CARE A4*       1.8     Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Shoppers Stop Ltd                     ST Bk Fac          CARE A1        215     Reaffirmed
Shoppers Stop Ltd                     CP (CP) issue/ST   CARE A1        1000    Reaffirmed
                                      Debt 
Siddha Sphere Llp                     Siddha Galaxia     CARE Kolkata           Suspended
                                      Phase II           6-Star rating
Technovinyl Polymers India Ltd        ST Bk Fac          CARE A3+       26.8    Reaffirmed
Thieh Ingots Pvt Ltd                  ST Bk Fac          CARE A4+       100     Reaffirmed
Thriveni Earthmovers Pvt Ltd          ST Bk Fac          CARE A2+       3539.6  Reaffirmed
Trinetra Cement Ltd                   ST Bk Fac          CARE A3        100     Continues to
                                                                                be on Credit
                                                                                Watch
Viraj Exports Pvt Ltd                 ST Bk Fac          CARE A4        130     Issuer Not
                                                                                Cooperating
Wockhardt Hospitals Ltd               ST Bk Fac          CARE A3        500     Reaffirmed
Wpil Ltd                              CP*                CARE A1        150     Reaffirmed
*carved out of working capital limits
Videocon Telecommunications Ltd       ST Bk Fac          CARE D         6449.2  Reaffirmed

LONG TERM RATINGS:
-------------------
Agarwal Associates (Promoters) Ltd    LT Bk Fac          CARE BBB-      155     Assigned
Agl Polyfil Pvt Ltd                   LT Bk Fac          CARE B+        177.5   Reaffirmed
Asuti Trading Pvt Ltd                 LT/ST Bk Fac –     CARE BB+ /CARE 1150    Assigned
                                      CC/LC              A4+
Atria Solar Power Pvt Ltd             LT Bk Fac          CARE BBB-      880     Reaffirmed
Balkrishna Textile Pvt Ltd            LT Bk Fac          CARE BBB-      456.9   Reaffirmed
Banaras Swarn Kala Kendra Pvt Ltd     LT Bk Fac          CARE BB        100     Issuer Not
                                                                                Cooperating
Bhagyoday Agro Industries             LT Bk Fac          CARE B+        76      Reaffirmed
Bhagyoday Agro Industries             LT/ST Bk Fac       CARE B+ /CARE  20      Reaffirmed
                                                         A4
Boxco Logistics India Pvt Ltd         LT Bk Fac          CARE BBB-      863.5   Reaffirmed
Brindavan Bottlers Pvt. Ltd.          LT Bk Fac (Fund    CARE BBB+      200     Issuer not
                                      based)                                    cooperating
Brindavan Bottlers Pvt. Ltd.          LT Bk Fac (TL)     CARE BBB+      614.5   Issuer not
                                                                                cooperating
Calyx Telecommunication Pvt Ltd       LT Bk Fac          CARE B+        150     Issuer Not
                                                                                Cooperating.
Consolidated Coin Company Pvt Ltd     LT Bk Fac          CARE BBB       50      Revised from
                                                                                CARE BBB-
Consolidated Coin Company Pvt Ltd     LT/ST Bk Fac       CARE BBB /CARE 2550    Revised from
                                                         A3+                    CARE BBB-
                                                                                /CARE A3
Crossword Bookstores Ltd.             Bk facility – LT   CARE A (SO)    80*     Reaffirmed
                                      loans
* Backed by unconditional and irrevocable corporate guarantees of Shopper Stop Ltd. (SSL)
Crossword Bookstores Ltd.             Bk facility Fund   CARE A (SO)    100*    Reaffirmed
                                      Based – LT/        /CARE A1 (SO)
                                      ST Working Capital Limits
* Backed by unconditional and irrevocable corporate guarantees of Shopper Stop Ltd. (SSL)
Crossword Bookstores Ltd.             Bk facility Fund   CARE A (SO)    50**    Reaffirmed
                                      Based – LT/        /CARE A1 (SO)
                                      STWorking Capital Limits
**To be backed by unconditional and irrevocable corporate guarantees of SSL.
Darpan Vinimay Pvt. Ltd.              LT Bk Fac          CARE BBB-      100     Reaffirmed
Datamini Technologies (India) Ltd     LT Bk Fac          CARE BB+       35      Reaffirmed
Dh Ltd                                LT Bk Fac          CARE BB+       250     Issuer Not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
E R Automotives Ltd                   LT Bk Fac          CARE BB+       60      Issuer Not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Etc Agro Processing (India) Pvt Ltd   LT Bk Fac (TL)     CARE BBB-      7.5     Reaffirmed
Etc Agro Processing (India) Pvt Ltd   LT Bk Fac (fund    CARE BBB-      20      Reaffirmed
                                      based)
Etc Agro Processing (India) Pvt Ltd   LT/ST Bk Fac (fund CARE BBB-      1510    Reaffirmed
                                      based/non-fund     /CARE A3
                                      based)
Etg Agro Pvt Ltd                      LT Bk Fac (TL)     CARE BBB-      40      Reaffirmed
Etg Agro Pvt Ltd                      LT/ST Bk Fac (fund CARE BBB-/CARE 2717.6  Reaffirmed
                                      based/non-fund     A3
                                      based)
Financial Software And Systems Pvt LtdLT Bk Fac          CARE A         5694.3  Reaffirmed
Gajanand Spintex India Pvt Ltd        LT Bk Fac          CARE BB-       113.7   Revised from
                                                                                CARE B+
Gajanand Spintex India Pvt Ltd        LT/ST Bk Fac       CARE BB-/A4    60      Revised from
                                                                                CARE B+
Gasha Steels Pvt Ltd                  LT Bk Fac          CARE BB+       40      Reaffirmed
Geo Miller & Company Pvt Ltd          LT Bk Fac          CARE BBB-      12      Reaffirmed
Glaze Garments (India) Ltd            LT Bk Fac          CARE D         219.4   Issuer Not
                                                                                Cooperating
                                                                                Revised
                                                                                from 
                                                                                CARE BB 
Based on best available information
Gmr Airports Ltd                      Proposed NCD issue CARE AA- *     5000    Assigned
*Provisional rating assigned is based on indicative terms of the proposed issue.
 Final rating shall be assigned on execution of transaction documents 
(including final term sheet, trust deed, etc.) to the satisfaction of
 the CARE and repayment of existing term loan out of NCD proceeds
Gupta Metal Sheets Ltd                LT Bk Fac          CARE B         750     Issuer Not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Ifgl Exports Ltd                      LT Bk Fac          CARE AA- (SO)  333.4   Reaffirmed
Ifgl Refractories Ltd.                LT/ ST Bk Fac      CARE AA-/CARE  650     Reaffirmed
                                                         A1+
Iifcl Infrastructure Debt Fund Scheme IIFCL Mutual Fund  CARE AAA               Reaffirmed
Series I, Ii & Iii                    Infrastructure     (MF-IDF)
                                      Debt Fund - Series I
Iifcl Infrastructure Debt Fund Scheme IIFCL Mutual Fund  CARE AAA               Reaffirmed
Series I, Ii & Iii                    Infrastructure     (MF-IDF)
                                      Debt Fund Scheme - Series II
Iifcl Infrastructure Debt Fund Scheme IIFCL Mutual Fund  CARE AAA               Reaffirmed
Series I, Ii & Iii                    Infrastructure     (MF-IDF)
                                      Debt Fund Scheme - Series III
Indian Armour Systems Pvt Ltd         LT Bk Fac          CARE BB-       30      Issuer Not
                                                                                Cooperating
Indospace Industrial Park Oragadam    LT Bk Fac          CARE BBB+      720.8   Revised from
Walajabad Ltd                                                                   CARE BBB-
Intermarket (India) Pvt Ltd           LT Bk Fac          CARE BBB       200     Reaffirmed
J. M. Mhatre Infra Pvt Ltd            LT Bk Fac          CARE BB-       210     Reaffirmed
Jansons Industries Ltd                LT Bk Fac          CARE BBB       768.6   Issuer not
                                                                                cooperating
Jay Agro Industries                   LT Bk Fac          CARE B+        165.1   Issuer Not
                                                                                Cooperating
Jaycee Steels Pvt Ltd                 LT Bk Fac          CARE BB-       66.4    Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Kairali Structural Fabrication Pvt LtdLT Bk Fac          CARE BB        50      Reaffirmed
Kairali Structural Fabrication Pvt LtdLT / ST Bk Fac     CARE BB /CARE  100     Reaffirmed
                                                         A4+
Kalliyath Steel Traders               LT Bk Fac          CARE BB+       60      Reaffirmed
Kalliyath Steel Traders               LT/ ST Bk Fac      CARE BB+/CARE  40      Reaffirmed
                                                         A4+
Kas Onsite Power Solutions Llp        LT Bk Fac – TL     CARE BBB       1450    Assigned
Kerala Steel Associate                LT Bk Fac          CARE BB+       90      Reaffirmed
Kisaan Steels Pvt Ltd                 LT Bk Fac          CARE BB        124.2   Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Madhur Knit Crafts Pvt Ltd            LT Bk Fac          CARE BB-       199.5   Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Madhur Knit Crafts Pvt Ltd            LT/ST Bk Fac       CARE BB-/A4    30      Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Mahati Industries Pvt Ltd             LT Bk Fac          CARE BBB-      210     Revised from
                                                                                CARE BBB
Meenu Paper Mills Pvt Ltd             LT Bk Fac          CARE BB        123     Issuer Not
                                                                                Cooperating
Mody Enterprise                       LT Bk Fac          CARE BB        350     Reaffirmed
Mody Enterprise                       Long/ST Bk Fac     CARE BB / A4   100     Reaffirmed
Nata Devices India Pvt Ltd            LT Bk Fac          CARE B+        50      Issuer Not
                                                                                Cooperating
Navkar Processors                     LT Bk Fac          CARE BB-       172.5   Issuer Not
                                                                                Cooperating.
Opulent Hospitality India Pvt Ltd     LT Bk Fac          CARE B+        53      Assigned
Power Engineering Corporation         LT Bk Fac          CARE BB-       20      Issuer Not
                                                                                Cooperating.
Prathap Foundation For Education And  LT Bk Fac          CARE BBB       105     Revised from
Training                                                                        CARE BBB-
Premier Irrigation Adritec Pvt Ltd    LT Bk Fac          CARE BB        417.8   Reaffirmed
Proventus Ager India Pvt Ltd          LT Bk Fac          CARE B+        130     Issuer not
                                                                                Cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
R.R Business Pvt Ltd                  LT Bk Fac          CARE BB-       100     Assigned
Radiant Polymers Pvt Ltd              LT Bk Fac          CARE B         190     Issuer Not
                                                                                Cooperating
Radiant Polymers Pvt Ltd              LT/ST Bk Fac       CARE B/A4      370     Issuer Not
                                                                                Cooperating
Reliance Financial Ltd                NCDs               CARE AA (SO)   500     Removal from
                                                                                credit watch
                                                                                Rating
                                                                                reaffirmed
Reliance Financial Ltd                Market Linked      CARE PP-MLD AA 2500    Removal from
                                      Debentures         (SO)                   credit watch
                                                                                Rating 
                                                                                reaffirmed
Rolex Rings Pvt Ltd                   LT Bk Fac          CARE B+        134.8   Assigned
Saha Infratech Pvt Ltd                NCD issue          CARE BB        1600    Reaffirmed
Salem Stainless Steel Suppliers Pvt Ltd LT Bk Fac        CARE BB+/CARE  444     Reaffirmed
                                                         A4+
Sanhit Polymer                        LT Bk Fac          CARE BB-       50      Assigned
Sanjayuttam Agro Foods Pvt Ltd        LT Bk Fac          CARE BB-       194.6   Revised from
                                                                                CARE B+
                                                                                ISSUER 
                                                                                NOT
                                                                                COOPERATING 
Sanrhea Technical Textile Ltd         LT/ST Bk Fac       CARE B/CARE A4 83      Issuer not
                                                                                cooperating
                                                                                Revised 
                                                                                from 
                                                                                CARE BB- 
Based on best available information
Shoppers Stop Ltd                     LT Bk Fac          CARE A         7426.7  Reaffirmed
Shoppers Stop Ltd                     NCD issue          CARE A         1000    Reaffirmed
Sks Buildtech Pvt Ltd                 LT Bk Fac          CARE BB-       260     Issuer Not
                                                                                Cooperating
Society Distributors Pvt Ltd          LT Bk Fac          CARE BB        150     Issuer not
                                                                                cooperating
Star Solar Power Pvt Ltd              LT Bk Fac          CARE BBB+      310     Revised from
                                                                                CARE BBB
Sungold Energy Pvt Ltd                LT Bk Fac          CARE BBB+      310     Revised from
                                                                                CARE BBB
Sunrise Electromelt                   LT Bk Fac          CARE BB        250     Assigned
Technovinyl Polymers India Ltd        LT Bk Fac          CARE BBB+      140     Reaffirmed
Thieh Ingots Pvt Ltd                  LT Bk Fac          CARE BB+       50      Reaffirmed
Thriveni Earthmovers Pvt Ltd          LT Bk Fac          CARE A-        1779.1  Reaffirmed
Tirupati International                Tirupati           CARE BB+       49.9    Issuer not
                                      International                             cooperating
                                                                                Based on 
                                                                                best 
                                                                                available 
                                                                                information
Transcon Sheth Creators Pvt Ltd       LT Bk Fac (FB)     CARE BBB-      10000   Reaffirmed
Trimex Sands Pvt Ltd                  LT Bk Fac          CARE BBB-      131.8   Revised from
                                                                                CARE BBB
Trinetra Cement Ltd                   LT Bk Fac          CARE BBB       500     Continues to
                                                                                be on Credit
                                                                                Watch
Trinetra Cement Ltd                   LT Bk Fac (TL) *                          Withdrawn
* Term loan from Indo Star Capital Finance Limited backed by unconditional 
and irrevocable guarantee from The India Cements Limited is fully 
repaid and there is no amount outstanding
Limited is fully repaid and ther
Videocon Telecommunications Ltd       LT Bk Fac          CARE D         25625   Reaffirmed
Vijayant Agencies Pvt Ltd             LT Bk Fac          CARE B+        100     Assigned
Viraj Exports Pvt Ltd                 LT Bk Fac          CARE B+        8.5     Issuer Not
                                                                                Cooperating
Wpil Ltd                              LT Bk Fac          CARE A         532.5   Reaffirmed
Wpil Ltd                              Issuer Rating      CARE A (Is)            Reaffirmed
Wpil Ltd                              Long/ST Bk Fac     CARE A/CARE A1 2239.6  Reaffirmed
Wrinkle Distributors Pvt. Ltd.        LT Bk Fac          CARE BBB-      100     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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