January 12, 2017 / 11:07 AM / 6 months ago

RPT-CARE ratings for Indian debt instruments-Jan 12

18 Min Read

(Repeating to add additional Ratings)
    Jan 12 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 11, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A S Wood Impex Pvt Ltd                ST Bk Fac          CARE A3        450     Reaffirmed
Asahi Songwon Colors Ltd              ST Bk Fac          CARE A1+       330     Reaffirmed
Asahi Songwon Colors Ltd              CP*                CARE A1+       200     Reaffirmed
* carved out of the sanctioned working capital limits of the company
Bansal Extraction And Exports Pvt Ltd ST Bk Fac          CARE A4        30      Reaffirmed
D. K. Project Pvt Ltd                 ST Bk Fac          CARE A3        250     Reaffirmed
Deep Industries Ltd                   ST Bk Fac          CARE A1        24.4    Revised from
                                                                                CARE A2+
Energy Development Company Ltd        ST Bk Fac          CARE A3+       300     Reaffirmed
Fairdeal Fibc Overseas                ST Bk Fac          CARE A4        40      Reaffirmed
Fedders Lloyd Corporation Ltd         ST Bk Fac          CARE A3+       8850    Reaffirmed
Gondwana Engineers Ltd                ST Bk Fac          CARE A4        540     Assigned
Harsha Engineers Ltd                  CP                 CARE A1+       200     Reaffirmed;
                                                                                Removed from
                                                                                Credit Watch
Hindys Lab Pvt Ltd                    ST Bk Fac          CARE A4+       140     Reaffirmed
Hsil Ltd                              ST Bk Fac          CARE A1+       2500    Reaffirmed
Hindys Lab Pvt Ltd                    ST Bk Fac          CARE BB+       195     Reaffirmed
Hsil Ltd                              CPs*               CARE A1+       2500    Reaffirmed
*carved out of sanctioned working capital limits of the company.
India Circuits Ltd                    ST Bk Fac          CARE A4        75      Assigned
International Paper Appm Ltd          ST Bk Fac          CARE A1+(SO)   635     Reaffirmed
Lambda Therapeutic Research Ltd       ST Bk Fac          CARE A1+       20      Reaffirmed
Mahalaxmi Exports                     ST Bk Fac          CARE A3        141.5   Reaffirmed
Maithan Ceramic Ltd                   ST Bk Fac          CARE A2        160     Revised from
                                                                                CARE A3+
Mangalam Timber Products Ltd          ST Bk Fac          CARE A4        60.8    Reaffirmed
Pennar Engineered Building Systems LtdST Bk Fac          CARE A1 (SO)   0.7     Reaffirmed
Pennar Industries Ltd                 ST Bk Fac          CARE A1        1400    Reaffirmed
Purbanchal Cement Ltd                 ST Bk Fac          CARE A2        10      Reaffirmed
Shristi Ispat & Alloys Ltd            ST Bk Fac                                 Withdrawn
Renaatus Projects Pvt Ltd             ST Bk Fac          CARE A3        500     Reaffirmed
Scott-Edil Advance Research           ST Bk Fac          CARE A3+       42      Assigned
Laboratories & Education Ltd
Scott-Edil Pharmacia Ltd              ST Bk Fac          CARE A3+       250     Assigned
Shyam Metalics & Energy Ltd           ST Bk Fac          CARE A1        3020    Assigned
Sitapuram Power Ltd                   ST Bk Fac          CARE A3+       100     Reaffirmed
Srg Spinning & Weaving Mills Pvt Ltd  ST Bk Fac          CARE A4        50      Assigned
Sunkraft Designs                      ST Bk Fac          CARE A4        0.5     Reaffirmed
Tibrewala Electronics Ltd             ST Bk Fac          CARE A2        237.6   Reaffirmed
Todi Rayons Pvt Ltd                   ST Bk Fac          CARE A4        15      Reaffirmed
Tulsi Dye Chem Pvt Ltd                ST Bk Fac          CARE A3        502.5   Reaffirmed
Vento Ceramic                         ST Bk Fac          CARE A4        15.5    Assigned
Vishva Electrotech Ltd                ST Bk Fac          CARE A4        150     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Dhampur Sugar Mills Ltd               Medium Term Fixed  CARE BBB (FD)  300     Revised from
                                      Deposit                                   CARE BBB- (FD)
Harsha Engineers Ltd                  Medium Term        CARE A (FD)    220     Revised from
                                      Instrument - Fixed                        CARE A+ (FD);
                                      Deposit                                   Removed from
                                                                                Credit Watch
LONG TERM RATINGS:
-------------------
A S Wood Impex Pvt Ltd                LT Bk Fac          CARE BBB-      25      Reaffirmed
Agarwal Reclaim And Rubber Products Pvt LT Bk Fac        CARE D         115     Revised from
Ltd                                                                             CARE BB-
Agrow Foods                           LT Bk Fac          CARE B         100     Reaffirmed
Asahi Songwon Colors Ltd              LT Bk Fac          CARE AA-       52.5    Revised from
                                                                                CARE A+
Asahi Songwon Colors Ltd              LT/ST Bk Fac       CARE AA-/CARE  410     Revised from
                                                         A1+                    CARE A+/ CARE
                                                                                A1+
Bansal Extraction And Exports Pvt Ltd LT Bk Fac          CARE B+        196.4   Reaffirmed
Bansal Extraction And Exports Pvt Ltd LT/ST Bk Fac       CARE B+/CARE A4450     Reaffirmed
Bhilai Jaypee Cement Ltd              LT Bk Fac          CARE D         1700    Reaffirmed
Bhilai Jaypee Cement Ltd              ST Bk Fac          CARE D         1350    Reaffirmed
Curo India Pvt Ltd                    LT Bk Fac          CARE BB(SO)^   550     Assigned
^ The rating is based on the credit enhancement in the form of structured payment
 mechanism which entails operating escrow account and maintenance of DSRA in the
 form of lien marked fixed deposit (covering three month's principal
 and interest obligation).
D. K. Project Pvt Ltd                 LT Bk Fac          CARE BBB-      75      Reaffirmed
Deep Industries Ltd                   LT Bk Fac          CARE A         3399.6  Revised from
                                                                                CARE A-
Deep Industries Ltd                   LT/ ST Bk Fac      CARE A /CARE A1900     Revised from
                                                                                CARE A- /
                                                                                CARE A2+
Dhampur Sugar Mills Ltd               LT Bk Fac          CARE BBB       9532.1  Revised from
                                                                                CARE BBB-
Energy Development Company Ltd        LT Bk Fac          CARE BBB-      100     Reaffirmed
Fairdeal Fibc Overseas                LT/Shortterm Bk FacARE BB /CARE A415      Reaffirmed
Fairdeal Fibc Overseas                LT Bk Fac          CARE BB        35.1    Reaffirmed
Fedders Lloyd Corporation Ltd         LT Bk Fac          CARE BBB+      5681.7  Reaffirmed
Ghanshyam Anjana                      LT Bk Fac          CARE BB-       80      Assigned
Ghanshyam Anjana                      LT/ST Bk Fac       CARE BB-/CARE  25      Assigned
                                                         A4
Gondwana Engineers Ltd                LT Bk Fac          CARE B         420     Assigned
Greenko Energies Pvt Ltd              LT Bk Fac          CARE A+        8410    Revised from
                                                                                CARE A
Greenko Energies Pvt Ltd              LT/Shortterm Bk FacCARE A+ /CARE  1000    Assigned
                                                         A1+
Harsha Abakus Solar Pvt Ltd           LT/ST Bk Fac       CARE BBB/CARE  1000    Revised from
                                                         A3                     CARE BBB/
                                                                                CARE A3+
Harsha Engineers Ltd                  LT Bk Fac          CARE A         863.4   Revised from
                                                                                CARE A+;
                                                                                Removed 
                                                                                from
                                                                                Credit Watch
Harsha Engineers Ltd                  LT/ST Fac          CARE A/CARE A1+2332.3  Revised from
                                                                                CARE A+/ CARE
                                                                                A1+; Removed 
                                                                                from Credit
                                                                                Watch
Hi-Tec Rock Fibre Pvt. Ltd            LT Bk Fac          CARE B+        45.5    Assigned
Hsil Ltd                              LT Bk Fac          CARE AA-       8670    Reaffirmed
India Circuits Ltd                    LT Bk Fac          CARE BB-       75      Assigned
International Paper Appm Ltd          LT Bk Fac- TL      CARE AA-(SO)   700     Assigned
International Paper Appm Ltd          LT Bk Fac- CC      CARE AA-(SO)   430     Reaffirmed
Jsw Paradip Terminal Pvt Ltd          LT Bk Fac (TL)     Provisional    4400    Assigned
                                                         CARE A+ (SO)
Jsw Paradip Terminal Pvt Ltd          LT Bk Fac (BG)     Provisional    400     Assigned
                                                         CARE A+ (SO)
Jyothy Laborotories Ltd               NCDs                                      Withdrawn
Lambda Therapeutic Research Ltd       LT Bk Fac          CARE AA-       160     Reaffirmed
Lambda Therapeutic Research Ltd       LT / ST Bk Fac     CARE AA- /CARE 300     Reaffirmed
                                                         A1+
Maithan Ceramic Ltd                   LT Bk Fac          CARE BBB+      250     Revised from
                                                                                CARE BBB
Maithan Ceramic Ltd                   LT/ ST Bk Fac      CARE BBB+      120     Revised from
                                                         /CARE A2               CARE BBB/CARE
                                                                                A3+
Majisa Silk Mills                     LT Bk Fac          CARE BB-       51.3    Assigned
Mangalam Cement Ltd                   LT Bk Fac          CARE AA-       4693.1  Reaffirmed
(reduced from 528.32 CR)
Mangalam Cement Ltd                   LT/ ST Bk Fac      CARE AA- /CARE 1250    Reaffirmed
                                                         A1+
(Enhanced from 50.0 CR)
Mangalam Timber Products Ltd          LT Bk Fac          CARE B+        120     Reaffirmed
Mokama Munger Highway Ltd             LT Bk Fac - TL     CARE A         760     Assigned
                                      (Subordinate Debt)
Mokama Munger Highway Ltd             LT Bk Fac - TL     CARE A+        973.8   Assigned
                                      (Senior Debt)
Mokama Munger Highway Ltd             NCD                CARE A+        1650    Assigned
Mp Highways Pvt Ltd                   LT Bk Fac          CARE A-        2157    Revised from
                                                                                CARE BBB+
Pennar Engineered Building Systems LtdLT Bk Fac          CARE A (SO)    550     Reaffirmed
Pennar Engineered Building Systems LtdLT/ST Bk Fac       CARE A (SO)    1350    Reaffirmed
                                                         Positive
                                                         /CARE A1 (SO)
Pennar Engineered Building Systems LtdLT/ST Bk Fac       CARE A (SO)    350     Final Rating
                                                         Positive /CARE
                                                         A1 (SO)
Pennar Industries Ltd                 LT Bk Fac          CARE A         1774.3  Reaffirmed
Punj Lloyd Ltd                        LT Bk Fac          CARE D         51446.7 Reaffirmed
Punj Lloyd Ltd                        NCD I              CARE D         1350    Reaffirmed
Punj Lloyd Ltd                        NCD III            CARE D         3000    Reaffirmed
Punj Lloyd Ltd                        LT/ST Bk Fac       CARE D/CARE D  79371.9 Reaffirmed
Purbanchal Cement Ltd                 LT Bk Fac          CARE BBB+      300     Reaffirmed
Purbanchal Cement Ltd                 LT/ST Bk Fac       CARE BBB+      10      Reaffirmed
                                                         /CARE A2
Radhe Cotton Company                  LT Bk Fac          CARE BB-       55.8    Assigned
Raffles Residency Pvt Ltd             LT Bk Fac          CARE BBB-      450     Assigned
Renaatus Projects Pvt Ltd             LT Bk Fac          CARE BBB-      500     Reaffirmed
Scott-Edil Advance Research           LT Bk Fac          CARE BBB       329.1   Assigned
Laboratories & Education Ltd
Scott-Edil Pharmacia Ltd              LT Bk Fac          CARE BBB       500     Assigned
Shija Hospitals And Research InstituteLT Bk Fac          CARE BB+       352     Assigned
Pvt Ltd
Shree Majisa Texofin                  LT Bk Fac          CARE BB-       57      Assigned
Shristi Ispat & Alloys Ltd            LT Bk Fac          CARE BB+       85      Revised from
                                                                                CARE BB
Shyam Metalics & Energy Ltd           LT Bk Fac          CARE A         3630    Assigned
Siderforgerossi India Pvt Ltd         LT Bk Fac          CARE BBB-      170     Assigned
Sitapuram Power Ltd                   LT Bk Fac          CARE BBB-      892.4   Reaffirmed
(reduced from 101.99 CR)
Srg Spinning & Weaving Mills Pvt Ltd  LT Bk Fac          CARE B+        55.8    Assigned
Sunkraft Designs                      LT Bk Fac/ ST Bk   CARE BB/CARE A4150     Reaffirmed
                                      Fac
Sunrise Construction Company          LT Bk Fac          CARE BB-       10      Reaffirmed
Sunrise Construction Company          LT / ST Bk Fac     CARE BB- /CARE 50      Reaffirmed
                                                         A4
Tibrewala Electronics Ltd             LT Bk Fac          CARE BBB+      140     Reaffirmed
Todi Rayons Pvt Ltd                   LT Bk Fac          CARE BB-       367.5   Reaffirmed
Todi Rayons Pvt Ltd                   LT/ ST Bk Fac      CARE BB- /CARE 110     Reaffirmed
                                                         A4
Tulsi Dye Chem Pvt Ltd                LT Bk Fac          CARE BBB-      300     Reaffirmed
Tulsi Dye Chem Pvt Ltd                LT/ST Bk Fac       CARE BBB-      10      Reaffirmed
                                                         /CARE A3
Unnat Agro Industries                 LT Bk Fac          CARE B         85      Assigned
Vento Ceramic                         LT Bk Fac          CARE BB-       63.8    Assigned
Vintage Home Fashions                 LT Bk Fac          CARE B-        75      Assigned
Vishva Electrotech Ltd                LT Bk Fac          CARE BB-       162.2   Reaffirmed
Vision Ispat Pvt Ltd                  LT Bk Fac          CARE B+        50      Assigned
--------------------------------------------------------------------------------------------
$: 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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