February 13, 2017 / 6:14 AM / 5 months ago

CARE ratings for Indian debt instruments-Feb 13

13 Min Read

    Feb 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 10, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aklavya Industries Pvt Ltd            ST Bk Fac          CARE A4        4.5     Assigned
Aneri Construction Pvt Ltd            ST Bk Fac          CARE A4        80      Reaffirmed
Armaan Industries Pvt Ltd             ST Bk Fac          CARE A4        1.8     Assigned
Avr Valves Pvt Ltd                    ST Bk Fac          CARE A4+       72      Revised from
                                                                                CARE A4
enhanced from 5.80 CR
Brooks Laboratories Ltd               ST Bk Fac          CARE A3+       25      Assigned
Emcure Pharmaceuticals Ltd            Short- term Bk Fac CARE A1+       700     Reaffirmed
Gennova Biopharmaceuticals Ltd        ST Bk Fac          CARE A1+ (SO)  70      Reaffirmed
Glitter Wires And Conductors Pvt Ltd  ST Bk Fac          CARE A4        70      Assigned
Gujarat State Energy Generation Ltd   ST Bk Fac          CARE A3        2000    Assigned
Impact Enterprises Pvt Ltd            ST Bk Fac          CARE A4        9       Reaffirmed
Italia Ceramics Ltd                   ST Bk Fac          CARE A4        50      Assigned
M/S. Prayag Developers And Builders   Galaxy Prayag      3 Star                 Assigned
Mediplus (India) Ltd                  ST Bk Fac          CARE A3+       118.8   Assigned
Prem Motors Pvt Ltd                   ST Bk Fac          CARE A3+       2960    Reaffirmed
enhanced from 195 CR
Qutone Ceramic Pvt. Ltd.              ST Bk Fac          CARE A3+       80      Revised from
                                                                                CARE A3
Qutone Granito Pvt. Ltd.              ST Bk Fac          CARE A3+       35      Revised from
                                                                                CARE A3
Qutone Tiles Pvt. Ltd.                ST Bk Fac          CARE A3+       43.9    Revised from
                                                                                CARE A3
Rapier Machinery Manufacturing CompanyST Bk Fac          CARE A3+       5       Revised from
India Pvt Ltd                                                                   CARE A3
Real Spintex Pvt Ltd                  ST Bk Fac          CARE A4        50.6    Reaffirmed
S. Jogani Exports Pvt Ltd             ST Bk Fac (Non-FB) CARE A3        153     Reaffirmed
Sanwariya Impex Pvt Ltd               ST Bk Fac          CARE A4        0.6     Reaffirmed
Satchidananda Agrotech Pvt. Ltd       ST Bk Fac          CARE A4        4.9     Assigned
Satco Capital Markets Ltd             ST Bk Fac          CARE A4        300     Reaffirmed
enhanced from Rs 20 crore
Styrax Pharma Pvt Ltd                 ST Bk Fac          CARE A4+       50      Reaffirmed
Swastik Enterprises                   ST Bk Fac          CARE A4        50      Assigned
Usha Martin Ltd.                      ST Bk Fac          CARE A3        22750   Revised from
                                                                                CARE A3+
reduced from 2,625 cr

LONG TERM RATINGS:
-------------------
Aastha Fashions Pvt Ltd               LT Bk Fac          CARE BB-       70      Assigned
Aglon Industries Pvt Ltd              LT Bk Fac          CARE B+        745     Assigned
Aklavya Industries Pvt Ltd            LT Bk Fac          CARE BB-       65.5    Assigned
Aneri Construction Pvt Ltd            Bk Fac             CARE BB- /A4   135     Revised from
                                                                                CARE B+ /A4
Armaan Industries Pvt Ltd             LT Bk Fac          CARE BB-       68.2    Assigned
Avr Valves Pvt Ltd                    Bk Fac             CARE AA+ /A4+  32.5    Revised from
                                                                                CARE BB /A4
Avr Valves Pvt Ltd                    LT Bk Fac          CARE BB+       20.5    Revised from
                                                                                CARE BB
reduced from 2.62 CR
Brooks Laboratories Ltd               LT Bk Fac          CARE BBB       80      Assigned
Dcs Ltd                               LT Bk Fac          CARE BB+       1326.5  Reaffirmed
Emcure Pharmaceuticals Ltd            LT Bk Fac          CARE AA-       8452.5  Reaffirmed
Emcure Pharmaceuticals Ltd            Bk Fac             CARE AA- /A1+  3870    Reaffirmed
Fedbank Financial Services Ltd (FedfinLT Bk Fac          CARE AA-       6000    Reaffirmed
Fedbank Financial Services Ltd (FedfinNCD                CARE AA-       2000    Reaffirmed
Feedback Energy Distribution Co. Ltd  NCD issue#         CARE BBB- (SO) 500     Final Rating
# The rating is based on the credit enhancement in form of unconditional and irrevocable
corporate guarantee from Feedback Infra Private Limited (rated ‘CARE BBB-; Stable’ / ‘CARE A3’).
Five-Star Business Finance Ltd        Proposed NCD Issue CARE BBB+      400     Assigned
Gennova Biopharmaceuticals Ltd        LT Bk Fac          CARE AA- (SO)  330.5   Reaffirmed
Gennova Biopharmaceuticals Ltd        Bk Fac             CARE AA- (SO)  40      Reaffirmed
                                                         /A1+ (SO)
Glitter Wires And Conductors Pvt Ltd  LT Bk Fac          CARE BB-       10      Assigned
Gujarat State Energy Generation Ltd   LT Bk Fac          CARE BBB-      5686.9  Assigned
Gujarat State Energy Generation Ltd   Bk Fac             CARE BBB- /A3  700     Assigned
Gvk Projects And Technical Services LtLT Bk Fac          CARE BB        350     Revised from
                                                                                CARE BB+
Gvk Projects And Technical Services LtBk Fac             CARE BB /A4    3300    Revised from
                                                                                CARE BB+ /A4+
Harmony Yarns Pvt Ltd                 LT Bk Fac          CARE BB-       177.5   Reaffirmed
reduced from 18.53 CR
Harmony Yarns Pvt Ltd                 LT Bk Fac          CARE BB-       177.5   Reaffirmed
reduced from 18.53 CR
Impact Enterprises Pvt Ltd            LT Bk Fac          CARE B+        48      Reaffirmed
Indore Municipal Corporation          Issuer Rating      CARE A+ (Is)           Assigned
Italia Ceramics Ltd                   LT Bk Fac          CARE BB-       111.3   Assigned
K.S Cot Fiber Pvt Ltd                 Bk Fac             CARE B /A4     70      Reaffirmed
K.S Cotex (India) Pvt Ltd             Bk Fac             CARE B/ A4     67.4    Reaffirmed
Mediplus (India) Ltd                  LT Bk Fac          CARE BBB       31.2    Assigned
Modern Insecticides Ltd               Bk Fac*            CARE BB /A4    250     Reaffirmed
*Facilities reclassified
Mohini Fibers Ltd                     Bk Fac             CARE BB+ /A4+  212.5   Assigned
Nandagudi Oils And Agro Industries LlpLT Bk Fac          CARE B+        100     Assigned
Nishant Marketing                     Bk Fac             CARE B+ /A4    80      Assigned
Pankaj Enka Pvt Ltd                   Bk Fac             CARE B+ /A4    200     Revised from
                                                                                CARE BB-
Parvin Cotex Pvt Ltd                  LT Bk Fac          CARE BB-       100     Reaffirmed
Prem Motors Pvt Ltd                   LT Bk Fac          CARE BBB       1688.6  Reaffirmed
enhanced from 155.52 CR
Qutone Ceramic Pvt. Ltd.              LT Bk Fac          CARE BBB       205.3   Revised from
                                                                                CARE BBB-
Qutone Granito Pvt. Ltd.              LT Bk Fac          CARE BBB       889.3   Revised from
                                                                                CARE BBB-
Qutone Tiles Pvt. Ltd.                LT Bk Fac          CARE BBB       1081.6  Revised from
                                                                                CARE BBB-
Rapier Machinery Manufacturing CompanyTL                 --                     Withdrawn
India Pvt Ltd
Rapier Machinery Manufacturing CompanyLT Bk Fac          CARE BBB+      250     Revised from
India Pvt Ltd                                                                   CARE BBB
Rau Pithampur Infrastructure Pvt Ltd  LT Bk Fac          CARE BBB       600     Revised from
                                                                                CARE BBB-
Rau Pithampur Infrastructure Pvt Ltd  Bk Fac             CARE BBB /A3   36.5    Revised from
                                                                                CARE BBB- /A3
Real Spintex Pvt Ltd                  LT Bk Fac          CARE BB-       627.9   Reaffirmed
reduced from Rs.67.75 crore
Ronak Processors Pvt Ltd              LT Bk Fac          CARE BB        129.6   Reaffirmed
S. Jogani Exports Pvt Ltd             LT Bk Fac (FB)     CARE BBB       1007    Reaffirmed
S.P.Y Agro Industries Ltd             LT Bk Fac          CARE D         2151.1  Revised from
                                                                                CARE B-
S.P.Y Agro Industries Ltd             ST Bk Fac          CARE D         250     Revised from
                                                                                CARE A4
Sagar Wines Marketeers Pvt Ltd        LT Bk Fac          CARE BBB-      240     Reaffirmed
enhanced from 20 CR
Sakar Industries Pvt Ltd              Bk Fac             CARE BB /A4    460     Assigned
Sanwariya Impex Pvt Ltd               LT Bk Fac          CARE B+        56      Reaffirmed
Satchidananda Agrotech Pvt. Ltd       LT Bk Fac          CARE B         125.1   Assigned
Sidhi Vinayak Rice Mills              LT Bk Fac          CARE D         41.4    Revised from
                                                                                CARE B
Sidhi Vinayak Rice Mills              ST Bk Fac          CARE D         180     Revised from
                                                                                CARE A4
Styrax Pharma Pvt Ltd                 LT Bk Fac          CARE BB+       380     Reaffirmed
Suruchi Processors Pvt Ltd            LT Bk Fac          CARE BB        60      Reaffirmed
reduced from 10 CR
Svc Projects Pvt Ltd                  LT Bk Fac          CARE BB+       141.6   Reaffirmed
enhanced from 5 CR
Svc Projects Pvt Ltd                  ST Bk Fac          CARE BB+ /A4+  558.4   Reaffirmed
enhanced from 25 CR
Swastik Enterprises                   LT Bk Fac          CARE B+        50      Assigned
Vijay Tanks And Vessels Pvt Ltd       LT Bk Fac          CARE A+        500     Reaffirmed
Vijay Tanks And Vessels Pvt Ltd       Bk Fac             CARE A+ /A1+   3663    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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