April 20, 2017 / 6:07 AM / 3 months ago

CARE ratings for Indian debt instruments-Apr 20

22 Min Read

    Apr 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 19, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A & T Infracon Pvt Ltd                ST Bk Fac          CARE A4        100     Issuer Not
                                                                                Cooperating
Ajanta Universal Fabrics Ltd          ST Bk Fac          CARE A4+       130     Reaffirmed
Arvind Techno Engineers Pvt Ltd       ST Bk Fac          CARE A2+       50      Reaffirmed

Avartanah Infrastructure Pvt Ltd      ST Bk Fac          CARE A4        40      Issuer Not
                                                                                Cooperating
Bhate & Raje Construction Company Pvt ST Bk Fac- Non     CARE A3        400     Issuer Not
Ltd                                   Fund Based                                Cooperating
Chawla International                  ST Bk Fac          CARE A4        72.5    Assigned
Eastern Hatcheries Pvt Ltd            ST Bk Fac @        CARE A3+ (SO)  400     Reaffirmed
@ backed by unconditional and irrevocable corporate guarantee provided by Venkateshwara
Hatcheries Private Limited (VHPL; rated; rated CARE BBB; Stable/ CARE A3+).
Fermenta Biotech Ltd                  ST Bk Fac          CARE A3+       52.5    Assigned
Gujarat Hy-Spin Pvt Ltd               ST Bk Fac          CARE A4        1.8     Issuer Not
                                                                                Cooperating
J. B. Advani And Company Pvt Ltd      Bk                 CARE A1+       120     Reaffirmed
                                      Fac-Non-fundbased
                                      - ST-Stand by Line of Credit
Jain Shawls                           ST Bk Fac          CARE A4        52.5    Reaffirmed
K. R. Sea Foods                       ST Bk Fac          CARE A4+       114     Reaffirmed
Lisie Medical Institutions            ST Bk Fac          CARE A2+       50      Issuer Not
                                                                                Cooperating
Mongia Steel Ltd                      ST Bk Fac          CARE A3        65      Issuer Not
                                                                                Cooperating
Om Builders                           ST Bk Fac          CARE A4        200     Assigned
Padam Motors Pvt Ltd                  ST Bk Fac          CARE A4        150     Issuer Not
                                                                                Cooperating
Paras Ram Textiles Pvt Ltd            ST Bk Fac          CARE A4        0.1     Reaffirmed
Pk Engineers And Contractors          ST Bk Fac          CARE A4        30      Assigned
Pratap Wahini Samaj Kalyan Sansthan   ST Bk Fac          CARE A4        18      Reaffirmed
Ramalingam Construction Company Pvt LtST Bk Fac (Non-FB) CARE A3+       1300    Reaffirmed
Raymond Ltd                           ST Bk Fac          CARE A1+       3900    Reaffirmed
S Kumars Associates                   ST Bk Fac          CARE A4        70      Assigned
Sahdev Jewellers                      ST Bk Fac          CARE A4        270     Issuer Not
                                                                                Cooperating
Sahdev Jewellers                      ST Bk Fac          CARE A4        144     Issuer Not
                                                                                Cooperating
Sahdev Jewellers                      ST Bk Fac          CARE D         100     Issuer Not
                                                                                Cooperating
Sahiba Ltd                            ST Bk Fac          CARE A3+       200     Reaffirmed
Salora International Ltd              ST Bk Fac          CARE A3        150     Reaffirmed
Sanghavi Jewel Pvt. Ltd.              ST Bk Fac – Non-FB CARE A4        10      Revised from
                                                                                CARE A4+
Santpuria Alloys Pvt Ltd              ST Bk Fac          CARE A3        60      Issuer Not
                                                                                Cooperating
Shinghal Agri Industries Pvt Ltd      ST Bk Fac          CARE A4        10      Assigned
Shri Laxminarayan Industrial          ST Bk Fac          CARE A4        40      Issuer Not
Co-Operative Service Society Ltd                                                Cooperating
Singrauli Finlease Pvt Ltd            ST Bk Fac          CARE A4        50      Issuer Not
                                                                                Cooperating
Swan Energy Ltd                       ST non-FB - LC/BG  CARE A4        600     Revised from
                                                                                CARE A4+
Time Mauser Industries Pvt Ltd        ST Bk Fac          CARE A1 (SO)   200     Assigned
Us Technology International Pvt Ltd   ST Bk Fac          CARE A3+       2855    Reaffirmed
(enhanced from 110)
Uttara Impex Pvt Ltd                  ST Bk Fac@         CARE A3+ (SO)  130     Reaffirmed
@ The above ratings are based on the credit enhancement in the form of an unconditional and
irrevocable corporate guarantee provided by Venkateshwara Hatcheries Private Limited (VHPL;
rated CARE BBB; Stable/ CARE A3+) for the bank facilities of Uttara Impex Private Limited
(UIPL).
    
LONG TERM RATINGS:
-------------------
A & T Infracon Pvt Ltd                LT Bk Fac          CARE BB        40      Issuer Not
                                                                                Cooperating
Ajanta Universal Fabrics Ltd          LT Bk Fac          CARE BB+       115.9   Reaffirmed
Ajanta Universal Fabrics Ltd          Long/ST Bk Fac     CARE BB+ /A4+  30.7    Reaffirmed
Arvind Techno Engineers Pvt Ltd       LT Bk Fac          CARE A-/CARE   1050    Reaffirmed
                                                         A2+
Avartanah Infrastructure Pvt Ltd      LT Bk Fac          CARE B+        97.5    Revised from
                                                                                CARE BB-
Bala Industries & Entertainment Pvt LtLT Bk Fac@         CARE BBB (SO)  50      Reaffirmed
(Reduced from 12)
 @ The above ratings are based on the credit enhancement in the form of an unconditional and
irrevocable corporate
guarantee provided by Venkateshwara Hatcheries Private Limited (VHPL; rated CARE BBB; Stable/
CARE A3+) for the bank facilities of Bala Industries and Entertainment Private Limited (BIEPL). 
 
Best Koki Automotive Pvt Ltd          LT Bk Fac          CARE BBB       143.3   Issuer Not
                                                                                Cooperating
Best Koki Automotive Pvt Ltd          Long/ST Bk Fac     CARE BBB /CARE 50      Issuer Not
                                                         A3+                    Cooperating
Betul Oil Ltd                         LT Bk Fac          CARE BBB       750     Reaffirmed
Bhate & Raje Construction Company Pvt LT Bk              CARE AAA(SO)   180.6   Issuer Not
Ltd                                   Fac-FD/optionally                         Cooperating
                                      convertible debenture
Bhate & Raje Construction Company Pvt LT Bk Fac          CARE BBB       109.6   Issuer Not
Ltd                                                                             Cooperating
Brewster Ifmr Capital 2017 (OriginatorSeries A1 PTC      ProvCARE A-    -       Assigned
Asirvad Microfinance Pvt Ltd)                            (SO)
Brewster Ifmr Capital 2017 (OriginatorSeries A2 PTC      ProvCARE BBB+  -       Assigned
Asirvad Microfinance Pvt Ltd)                            (SO)
Care Utility Products Pvt Ltd         LT Bk Fac          CARE B+        81.3    Reaffirmed
Chandigarh Distillers & Bottlers Ltd  LT Bk Fac          CARE BBB+      532     Revised from
                                                                                CARE A-
(Reduced from 70.02 )
Chawla International                  LT Bk Fac          CARE B+        5       Assigned
Clean Sustainable Solar Energy Pvt LtdLT Bk Fac          CARE A (SO)*   1649.5  Revised from
                                                                                CARE BBB+ (SO)
*backed by unconditional and irrevocable guarantee by Tata Power Renewable Energy Limited
Cms Computers Ltd                     LT/ST Bk Fac       CARE BBB/CARE  645     Reaffirmed
                                                         A3+
Continental Multimodal Terminals Ltd  LT Bk Fac – FB – TLCARE BBB+      350     Reaffirmed
Continental Multimodal Terminals Ltd  LT/ST –            CARE BBB+/A2   20      Reaffirmed
                                      Fund/Non-FB limits
Dashmesh Rice Mills                   LT Bk Fac          CARE D         60      Revised from
                                                                                CARE B
Dev Cotex Pvt Ltd                     LT Bk Fac          CARE D         100     Issuer not
                                                                                cooperating
Eastern Hatcheries Pvt Ltd            LT Bk Fac #        CARE BBB-(SO)  181.2   Reaffirmed
(reduced from 30.35)
/ # backed by letter of comfort provided by VHPL.
Eastern Hatcheries Pvt Ltd            Long/ST Bk Fac #   CARE BBB-(SO)  50      Reaffirmed
                                                         /CARE A3 (SO)
# backed by letter of comfort provided by VHPL.
Esense Learning Pvt Ltd               LT / ST Bk Fac     CARE AA+ (SO)  100     Assigned
                                                         /CARE A1+ (SO)
Fabworth Promoters Pvt. Ltd.          LT Bk Fac          CARE BB-       5550    Issuer Not
                                                                                Cooperating
Fermenta Biotech Ltd                  LT Bk Fac (CC)     CARE BBB+      340     Assigned
Fermenta Biotech Ltd                  LT Bk Fac (TL)     CARE BBB+      87.5    Assigned
Globus Spirits Ltd                    LT Bk Fac          CARE A         2844    Reaffirmed
(reduced from 300.91)
Globus Spirits Ltd                    LT Bk Fac          CARE A / A1    100     Reaffirmed
Gufic Biosciences Ltd                 FB- LT – CC        CARE BBB-      250     Reaffirmed
Gujarat Hy-Spin Pvt Ltd               LT Bk Fac          CARE BB-       388.9   Issuer Not
                                                                                Cooperating
Gujarat Hy-Spin Pvt Ltd               LT Bk Fac/ ST Bk   CARE BB- /CARE 20      Issuer Not
                                      Fac                A4                     Cooperating
Guru Nanak Rice Mills                 LT Bk Fac          CARE D         150     Revised from
                                                                                CARE B+
Haryana Liquors Pvt Ltd               LT Bk Fac          CARE B+        688.4   Revised from
                                                                                CARE BB
(reduced from 80.65)
Haryana Liquors Pvt Ltd               LT /ST Bk Fac      CARE B+ /CARE  10      Revised from
                                                         A4                     CARE BB/CARE
                                                                                A4
Hindustan Construction Co. Ltd        LT Bk Fac – TL     CARE D         1067.53 Reaffirmed
Hindustan Construction Co. Ltd        LT Bk Fac – CC     CARE D         10653.8 Reaffirmed
Hindustan Construction Co. Ltd        Long/ST Bk Fac –   CARE D         47758   Revised from
                                      Non-fundbased                             CARE C / CARE
                                                                                A4
Hindustan Construction Co. Ltd        Non - Convertible  CARE D         467.3   Reaffirmed
                                      Debenture I
Hindustan Construction Co. Ltd        Non - Convertible  CARE D         560.7   Reaffirmed
                                      Debenture II
Jagath Transport                      LT Bk Fac          CARE B         50      Assigned
Jain Shawls                           LT Bk Fac          CARE BB        50      Reaffirmed
Jas Toll Road Co. Ltd                 LT Bk Fac – TL     CARE B+        1407.8  Revised from
                                                                                CARE BB
Jrg Educational Trust                 LT Bk Fac          CARE BB+       36.7    Reaffirmed
Kunj Alloys Pvt Ltd                   LT Bk Fac          CARE BB+       350     Reaffirmed
Lisie Medical Institutions            LT Bk Fac          CARE A-        450     Issuer Not
                                                                                Cooperating
Mdd Medical Systems (India) Pvt Ltd   LT Bk Fac          CARE BB+       20      Issuer Not
                                                                                Cooperating
Mdd Medical Systems (India) Pvt Ltd   Long/ST Bk Fac     CARE BB+/CARE  100     Issuer Not
                                                         A4+                    Cooperating
Mongia Steel Ltd                      LT Bk Fac          CARE BBB-      260     Issuer Not
                                                                                Cooperating
National Highways Authority Of India  LT TFBs            CARE AAA       100000  Reaffirmed
National Highways Authority Of India  LT TFBs            CARE AAA       50000   Reaffirmed
National Highways Authority Of India  LT TFBs            CARE AAA       190000  Reaffirmed
National Highways Authority Of India  LT Borrowing       CARE AAA       331180  Reaffirmed
                                      Programme for
                                      FY16-17
Om Builders                           LT Bk Fac          CARE BB-       60      Assigned
Omid Engineering Pvt Ltd              LT Bk Fac          CARE BB-       140     Reaffirmed
Padam Motors Pvt Ltd                  LT Bk Fac          CARE BB        129.3   Issuer Not
                                                                                Cooperating
Palm Heights Pvt Ltd                  LT Bk Fac          CARE D         150     Revised from
                                                                                CARE B
Paras Ram Textiles Pvt Ltd            LT Bk Fac          CARE B+        77.1    Reaffirmed
Pk Engineers And Contractors          LT Bk Fac          CARE B+        40      Assigned
Pratap Wahini Samaj Kalyan Sansthan   LT Bk Fac          CARE B+        45.2    Reaffirmed
Pravin Food Pvt Ltd                   LT Bk Fac          CARE BBB+      30      Reaffirmed
Ramalingam Construction Company Pvt LtLT Bk Fac (FB)     CARE BBB+      700     Reaffirmed
Raymond Ltd                           NCDs               -              -       Withdrawn
Raymond Ltd                           LT Bk Fac          CARE AA        12750   Reaffirmed
Raymond Ltd                           NCDs               CARE AA        2000    Reaffirmed
Raymond Ltd                           Proposed           CARE AA        1500    Assigned
                                      NonConvertible
                                      Debentures
Raymond Ltd                           Proposed           CARE AA        1500    Assigned
                                      NonConvertible
                                      Debentures
S Kumars Associates                   LT Bk Fac          CARE BB-       20      Assigned
Sabari Foundation                     LT Bk Fac          CARE BB+       306.3   Reaffirmed
Sahiba Ltd                            LT Bk Fac          CARE BBB+      1121    Revised from
                                                                                CARE BBB
(increased from Rs.111.43 crore)
Salora International Ltd              LT Bk Fac          CARE BBB-      600     Reaffirmed
Sanghavi Jewel Pvt. Ltd.              LT Bk Fac – FB     CARE B+        850     Revised from
                                                                                CARE BB+
Santpuria Alloys Pvt Ltd              LT Bk Fac          CARE BBB-      171.1   Issuer Not
                                                                                Cooperating
Sdb Developers Pvt Ltd                LT Bk Fac          CARE BB        150     Reaffirmed
Shemaroo Entertainment Ltd            LT Bk Fac – TL     CARE A         315     Reaffirmed
(reduced from 45)
Shemaroo Entertainment Ltd            LT Bk Fac – CC     CARE A         1250    Reaffirmed
(enhanced from 100)
Shinghal Agri Industries Pvt Ltd      LT Bk Fac          CARE B         117.7   Assigned
Shree Venkateshwara Food Industries   LT Bk Fac          CARE B         99      Revised from
                                                                                CARE B+
Shri Laxminarayan Industrial          LT Bk Fac          CARE B+        46.5    Issuer Not
Co-Operative Service Society Ltd                                                Cooperating
Shruti Snacks Pvt Ltd                 LT Bk Fac          CARE BB-       121.5   Reaffirmed
(reduced from 13.40)
Singrauli Finlease Pvt Ltd            LT Bk Fac          CARE B         70      Issuer Not
                                                                                Cooperating
Swan Energy Ltd                       LT FB – CC         CARE BB        600     Revised from
                                                                                CARE BB+
Swastik Cement Products Pvt Ltd       LT Bk Fac          CARE BB        70      Issuer Not
                                                                                Cooperating
Tapasheel Enterprise                  LT Bk Fac          -              -       Withdrawn
Tapasheel Enterprise                  ST Bk Fac          -              -       Withdrawn
The Hind Samachar Ltd                 LT Bk Fac          CARE A+        500     Revised from
                                                                                CARE A
Time Mauser Industries Pvt Ltd        LT Bk Fac          CARE A (SO)    150     Assigned
Tirupati Fibers                       LT Bk Fac          CARE B+        80      Assigned
Tranformex Ferrous Pvt Ltd            LT Bk Fac          CARE B         46.4    Issuer Not
                                                                                Cooperating
Triton Maritime Pvt Ltd               LT Bk Fac          CARE BBB-      401.7   Revised from
                                                                                CARE BBB
Us Technology International Pvt Ltd   LT Bk Fac          CARE BBB+      245     Reaffirmed
(enhanced from 20)
Us Technology Resources Pvt Ltd       LT Bk Fac          CARE BBB+      230     Reaffirmed
Ust Global Information Technology ParkLT Bk Fac@         CARE BBB+ (SO) 1500    Reaffirmed
Pvt Ltd
(enhanced from 107.7)
@ backed by unconditional and irrevocable corporate guarantee provided by US Technology
International Private Limited (USTIPL; rated CARE BBB+; Stable / CARE A3+)
Ust Global Technology Services (India)LT Bk Fac          CARE BBB+      261.4   Reaffirmed
Pvt Ltd
(enhanced from 25)
Uttara Impex Pvt Ltd                  Long/ ST Bk Fac@   CARE BBB (SO)  60      Reaffirmed
                                                         /CARE A3+ (SO)
@ The above ratings are based on the credit enhancement in the form of an unconditional and
irrevocable corporate guarantee provided by Venkateshwara Hatcheries Private Limited (VHPL;
rated CARE BBB; Stable/ CARE A3+) for the bank facilities of Uttara Impex Private Limited
(UIPL).
Western India Sea Brines Pvt Ltd      LT Bk Fac          CARE B+        82.4    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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