April 21, 2017 / 6:28 AM / 4 months ago

CARE ratings for Indian debt instruments-Apr 21

    Apr 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 20, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adarsh Noble Corporation Ltd          ST Bk Fac          CARE A4+       37.5    Assigned
Bengal Energy Ltd                     ST Bk Fac          CARE A3        8500    Revised from
                                                                                CARE A4+
Bhagwan Mahavir Education Foundation  ST Bk Fac          CARE A3+       100     Reaffirmed

Birla Furukawa Fibre Optics Pvt Ltd   ST Bk Fac          CARE A1        1280.9  Revised from
                                                                                CARE A2+
Escorts Heart Institute & Research    ST Bk Fac          CARE A1+       250     Reaffirmed
Centre Ltd
(increased from 10 )
Ess Pee Industrial Corporation        ST Bk Fac          CARE A4+       34.5    Issuer Not
                                                                                Cooperating
Fortis Healthcare Ltd                 ST Bk Fac          CARE A1+       750     Reaffirmed
(decreased from 172.50)
Future Enterprises Ltd.               CP^                CARE A1+       1500    Assigned
^ The outstanding CP including working capital borrowings will not exceed lower of the
sanctioned working capital limits or drawing power at any point of time.
Future Retail Ltd.                    CP^                CARE A1+       1500    Assigned
^ The outstanding CP including working capital borrowings will not exceed lower of the
sanctioned working capital limits or drawing power at any point of time.
Gharpure Engineering And ConstructionsST Bk Fac          CARE A3        2000    Reaffirmed
Pvt Ltd                               (Non-fund based )
Gogoal Hydro Pvt Ltd                  ST Bk Fac          CARE A4        315     Issuer Not
                                                                                Cooperating
Grampus Laboratories                  ST Bk Fac          CARE A4        10      Issuer Not
                                                                                Cooperating
Gujarat Construction Company          ST Bk Fac          CARE A4        120     Assigned
Hawa Valves (India) Pvt Ltd           ST Bk Fac          CARE A3        840     Reaffirmed
(Enhanced from 70.00 CR)
Hira Ferro Alloys Ltd                 ST Bk Fac          CARE A4+       250     Revised from
                                                                                CARE A3
(reduced from Rs.40 crore)
Ifci Factors Ltd                      ST Bk Fac*         CARE A1 (SO)   4425    Reaffirmed
*backed by Letter of Comfort from IFCI Ltd (rated CARE A; Negative/CARE A1+ ).
Indiana Gratings Pvt. Ltd.            ST Bk Fac          CARE A1        600     Reaffirmed
Karuna Greentech Pvt Ltd              ST Bk Fac          CARE A4        100     Assigned
L&T Mutual Fund                       ST Bk Facility*    CARE A1+       2500    Reaffirmed
*Facility is extended to 12 debt schemes of L&T Mutual Fund
Mechemco Industries                   ST Bk Fac          CARE A4+       20      Reaffirmed
Milestone Gears Pvt Ltd               ST Bk Fac          CARE A3        300     Assigned
Navgrah Fastners Pvt Ltd              ST Bk Fac          CARE A4        45.2    Issuer Not
                                                                                Cooperating
R.K. Pharmaceuticals                  ST Bk Fac          CARE A4        100     Issuer Not
                                                                                Cooperating
Replika Press Pvt Ltd                 ST Bk Fac          CARE A2+       320     Issuer Not
                                                                                Cooperating
Roha Dyechem Pvt Ltd                  ST Bk Fac          CARE A2+       450     Reaffirmed
                                      (Non-fundbased)
Shri Balaji Oil Mills                 ST Bk Fac          CARE A4        30      Assigned
Smbt Sevabhavi Trust                  ST Bk Fac          CARE A4        200     Issuer Not
                                                                                Cooperating
Sriyansh Knitters                     ST Bk Fac          CARE A4        15      Issuer Not
                                                                                Cooperating
Swiss Garnier Genexiaa Sciences       ST Bk Fac          CARE A4+       10      Reaffirmed
Tcns Ltd                              ST Bk Fac          CARE A4+       105     Reaffirmed
Twincity Sunlife Pvt Ltd              ST Bk Fac          CARE A4        35      Reaffirmed
Usha Breco Ltd                        ST Bk Fac          CARE A2+       10      Assigned
Volt Age Infra Pvt Ltd                ST Bk Fac          CARE D         95      Issuer Not
                                                                                Cooperating
Vijay Engineering Works               ST Bk Fac          CARE A4+       2       Issuer Not
                                                                                Cooperating
Wfb Baird And Company India Pvt Ltd   ST Bk Fac          CARE A3+       365     Assigned

LONG TERM RATINGS:
-------------------
Aban Offshore Ltd                     LT Bk Fac          CARE D         6428.6  Reaffirmed
Aban Offshore Ltd                     LT /ST Bk Fac      CARE D         1350    Reaffirmed
Aban Offshore Ltd                     CRPS Issue Series ICARE D         1050    Reaffirmed
Aban Offshore Ltd                     CRPS Issue Series  CARE D         1560    Reaffirmed
                                      II
Aban Offshore Ltd                     CRPS Issue Series  CARE D         200     Reaffirmed
                                      III
Adarsh Noble Corporation Ltd          LT Bk Fac          CARE BB+       212.5   Assigned
Ashtavinayak Builders & Developers    LT Bk Fac          CARE B+        75      Issuer Not
                                                                                Cooperating
B R Metallics                         LT Bk Fac          CARE BB        120     Assigned
Baba Kashmira Singh Jan Sewa Trust    LT Bk Fac          CARE BB+       209.7   Issuer Not
                                                                                Cooperating
Bengal Energy Ltd                     LT Bk Fac          CARE BBB-      930.1   Revised from
                                                                                CARE BB+
(reduced from 167.95 CR)
Bhagwan Mahavir Education Foundation  LT Bk Fac          CARE BBB       1234.3  Reaffirmed
(enhanced from 63.05 CR)
Birla Furukawa Fibre Optics Pvt Ltd   LT Bk Fac          CARE A         883     Revised from
                                                                                CARE A-
Brace Iron & Steel Pvt Ltd            LT Bk Fac          CARE D         8100.4  Revised from
                                                                                CARE B(SO)*
(reduced from 850 CR) *Based on credit enhancement in the form of Structured Payment Mechanism
backed by bank monitored Trust and Retention
Account of the Lessee (Bhushan Steel Limited).
Brotherhood Trust                     LT Bk Fac          CARE BBB-      60      Reaffirmed
Calyx Merlin Ventures Llp             LT Bk Fac          CARE BB        350     Issuer Not
                                                                                Cooperating
Chemmanur Credits And Investments Ltd LT Bk Fac          CARE BB+       500     Reaffirmed
Chemmanur Credits And Investments Ltd NCD                CARE BB+       1000    Reaffirmed
Citi Centre Developers                LT Bk Fac          CARE D         200     Revised from
                                                                                CARE B
Dhanraj Solvex Pvt Ltd                LT Bk Fac          CARE B+        250     Issuer Not
                                                                                Cooperating
Dil Ltd                               LT Bk Fac          CARE BB+       125     Assigned
                                      (proposed lease
                                      rental discounting)
Emaar Mgf Land Ltd                    LT InstrumentNon-  -              -       Withdrawn
                                      Convertible
                                      Debentures (NCDs)
Escorts Heart Institute & Research    LT Bk Fac          CARE A+        280     Reaffirmed
Centre Ltd
(decreased from 50 )
Ess Pee Industrial Corporation        LT Bk Fac          CARE BB+       40.2    Issuer Not
                                                                                Cooperating
Essem 18 Developers Pvt Ltd           LT Bk Fac          CARE B+        150     Assigned
Fortis Healthcare Ltd                 LT Bk Fac          CARE A+        550     Reaffirmed
(increased from 40)
General Insurance Corporation Of IndiaCPA                CARE AAA       -       Reaffirmed
Gharpure Engineering And ConstructionsLT Bk Fac (FB)     CARE BBB       400     Reaffirmed
Pvt Ltd
Gogoal Hydro Pvt Ltd                  LT Bk Fac          CARE BB        130     Issuer Not
                                                                                Cooperating
Grampus Laboratories                  LT Bk Fac          CARE B+        37.1    Issuer Not
                                                                                Cooperating
Gujarat Construction Company          LT Bk Fac          CARE B+        20      Assigned
Hawa Valves (India) Pvt Ltd           LT Bk Fac          CARE BBB       784.3   Reaffirmed
(Enhanced from 56.07 CR)
Hindustan Enviro Life Protection      LT Bk Fac          CARE BB-       90      Issuer Not
Services Ltd                                                                    Cooperating
Hira Ferro Alloys Ltd                 LT Bk Fac          CARE BB+       462.4   Revised from
                                                                                CARE BBB-
(reduced from Rs.53.76 crore)
Ifci Factors Ltd                      LT NCDs            CARE BBB-      2000    Revised from
                                                                                CARE BBB (SO)
Ifci Factors Ltd                      LT Bk Fac*         CARE BBB+(FD)  1625    Revised from
                                                                                CARE A-(SO)
*backed by Letter of Comfort from IFCI Ltd (rated CARE A; Negative/CARE A1+ ).
Indiana Conveyors Pvt. Ltd.           Long/ST Bk Fac     CARE BBB-/CARE 100     Reaffirmed
                                                         A3
Indiana Gratings Pvt. Ltd.            LT Bk Fac          CARE A         474.7   Reaffirmed
Jetpur Somnath Tollways Pvt Ltd       LT Bk Fac          CARE BBB       7120    Continues to
                                                                                be on credit
                                                                                watch with
developing implications
Karuna Greentech Pvt Ltd              LT Bk Fac          CARE BB        50      Assigned
Khagaria Purnea Highway Project Ltd   LT Bk Fac (Senior  CARE A         5169.5  Reaffirmed
                                      debt)
(reduced from 536.80 CR)
Khagaria Purnea Highway Project Ltd   LT Bk Fac          CARE A-        300     Reaffirmed
                                      (Sub-ordinate debt)
Khem Chand Nagpal Cotton Industries   LT Bk Fac          CARE B+        79      Assigned
Mechemco Industries                   LT Bk Fac          CARE BB+       63.5    Reaffirmed
Milestone Gears Pvt Ltd               LT Bk Fac          CARE BBB-      1109.2  Assigned
Narmada Concast Pvt Ltd               LT Bk Fac          CARE B         287.1   Issuer Not
                                                                                Cooperating
Narmada Concast Pvt Ltd               LT /ST Bk Fac      CARE B / A4    40      Issuer Not
                                                                                Cooperating
Nashik District Maratha Vidya PrasarakLT Bk Fac          CARE A+        137     Reaffirmed
Samaj
Navgrah Fastners Pvt Ltd              LT Bk Fac          CARE BB-       6.2     Issuer Not
                                                                                Cooperating
Nish Developers Pvt. Ltd              LT Bk Fac          CARE BBB+      1042.6  Reaffirmed
Pragathi Group                        Proposed LT Bk Fac@CARE BBB+(SO)  510     Assigned
@ The above rating is based on the proposed credit enhancement in the form of ring fencing of
cash-flows by way of escrowing of receivables from two operational solar power plants with
aggregate capacity of 11MW. Further, the above rating is provisional and will be confirmed once
the firm creates exclusive charge on project receivables in favour of the lender, receipt of
sanction letter, Trust and Retention Agreement to the satisfaction of CARE.
Prithvi Edifice Pvt Ltd               LT Bk Fac          CARE D         76.7    Issuer Not
                                                                                Cooperating
Progressive Cars Pvt Ltd              LT Bk Fac          CARE B+        140.5   Assigned
R.K. Pharmaceuticals                  LT Bk Fac          CARE B+        50      Issuer Not
                                                                                Cooperating
Rajalakshmi Automobiles Pvt Ltd       LT Bk Fac          CARE BB        338.2   Reaffirmed
Replika Press Pvt Ltd                 LT Bk Fac          CARE A-        540     Issuer Not
                                                                                Cooperating
Roha Dyechem Pvt Ltd                  LT Bk Fac (TL)     CARE A-        3209    Reaffirmed
Roha Dyechem Pvt Ltd                  LT/ST Bk Fac       CARE A- /CARE  1350    Reaffirmed
                                      (Fundbased)        A2+
S V Creditline Pvt Ltd                LT Bk Fac          CARE BB+       1000    Revised from
                                                                                CARE BBB-
Sai Jyoti Logistics Services Pvt Ltd  LT Bk Fac-TL       -              -       Withdrawn
Sai Jyoti Logistics Services Pvt Ltd  LT Bk Fac#         CARE A+(SO)    75      Reaffirmed
(enhanced from 6 CR) # backed by the undertaking from Time Technoplast Limited (TTL, Flagship
Company of Time group) to the lenders of SJL
for the repayment
Sathya Lifestyles Pvt Ltd             LT Bk Fac          CARE D         100     Issuer Not
                                                                                Cooperating
Shreenathji Oil Industries            LT Bk Fac          CARE B         50      Reaffirmed
Shreerangam Packaging Pvt Ltd         LT Bk Fac          CARE B+        97.1    Issuer Not
                                                                                Cooperating
Shri Balaji Oil Mills                 LT Bk Fac          CARE B+        63      Assigned
Smbt Sevabhavi Trust                  LT Bk Fac          CARE BB        1458.2  Issuer Not
                                                                                Cooperating
Society For Education For Life        LT Bk Fac          CARE BBB-      300     Reaffirmed
(Enhanced from Rs.22 CR)
South India Corpn Pvt Ltd             LT Bk Fac          CARE A         1300    Reaffirmed
South India Corpn Pvt Ltd             LT /ST Bk Fac      CARE A /CARE A11479    Reaffirmed
Sri Adhikari Brothers Television      LT Bk Fac          CARE BBB-      861.5   Revised from
Network Ltd                                                                     CARE BBB
Sriyansh Knitters                     LT Bk Fac          CARE BB-       115     Issuer Not
                                                                                Cooperating
Suyog Anjani Avishkar Associates      LT Bk Fac          CARE B+        99.8    Issuer Not
                                                                                Cooperating
Swiss Garnier Genexiaa Sciences       LT Bk Fac          CARE BB+       1140    Reaffirmed
Tajshree Cars Pvt Ltd                 LT Bk Fac          CARE D         148.5   Revised from
                                                                                CARE BB-
Tcns Ltd                              LT /ST Bk Fac      CARE BB+/CARE  220     Reaffirmed
                                                         A4+
(enhanced from 18 cr)
The Daughters Of Mary Immaculate And  LT Bk Fac          CARE BBB-      230.6   Reaffirmed
Collaborators Trust
(Reduced from Rs.23.50 CR)
The Society Of Daughters Of Mary      LT Bk Fac          CARE BBB-      560     Reaffirmed
Immaculate And Collaborators
(enhanced from 10 CR)
Tv Vision Ltd                         LT Bk Fac – TL     CARE BBB-(SO)  243.9   Revised from
                                                                                CARE BBB(SO)
Twincity Sunlife Pvt Ltd              LT Bk Fac          CARE BB-       65      Reaffirmed
U.B Cotton Pvt Ltd                    LT /ST Bk Fac      CARE BBB/CARE  300     Revised from
                                                         A3+                    CARE BBB- /
                                                                                CARE A3
Umiya Carbon Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Umiya Carbon Pvt Ltd                  LT /ST Bk Fac      -              -       Withdrawn
Usha Breco Ltd                        LT Bk Fac          CARE A         457.5   Reaffirmed
(reduced from 49.00 CR)
Venus Pipes And Tubes Pvt Ltd         LT Bk Fac          CARE B+        71.5    Reaffirmed
(reduced from 7.50 CR)
Vijay Engineering Works               LT Bk Fac          CARE BB        61      Issuer Not
                                                                                Cooperating
Vijay Printing Press Pvt Ltd          LT Bk Fac          CARE BBB       75.8    Reaffirmed
Volt Age Infra Pvt Ltd                LT Bk Fac          CARE D         70      Issuer Not
                                                                                Cooperating
Wfb Baird And Company India Pvt Ltd   LT Bk Fac          CARE BBB       80      Assigned
Wfb Baird And Company India Pvt Ltd   LT /ST Bk Fac      CARE BBB /CARE 125     Assigned
                                                         A3+
--------------------------------------------------------------------------------------------
$: 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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