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CARE ratings for Indian debt instruments-Feb 23
February 23, 2017 / 5:41 AM / 7 months ago

CARE ratings for Indian debt instruments-Feb 23

    Feb 23 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 22, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Acme Solar Energy (Madhya Pradesh) PvtST Bk Fac          CARE A2+       142.9   Assigned
Ltd
Acme Solar Technologies (Gujarat) Pvt ST Bk Fac          CARE A2+       133.1   Assigned
Ltd

Angel’S Aluminium Corporation         ST Bk Fac          CARE A4        1       Reaffirmed
Carbon Edge Industries Ltd            ST Bk Fac          CARE A3        48.4    Reaffirmed
Centenary Polytex Pvt Ltd             ST Bk Fac          CARE A4        20      Reaffirmed
Dev Industries                        ST Bk Fac          -              -       Withdrawn
Flora O Foods                         ST Bk Fac          CARE A4        150     Reaffirmed
Gjs Infratech Pvt Ltd                 ST Bk Fac          CARE A3        540     Reaffirmed
Gravita India Ltd.                    ST Bk Fac          CARE A2        555     Reaffirmed
(enhanced from 41.50 CR)
Gtn Textile Ltd                       ST Bk Fac          CARE A4        797     Reaffirmed
Innovators Façade Systems Pvt Ltd     ST Bk Fac          CARE A3        407.7   Assigned
Kamakshi Jute Industries Ltd          ST Bk Fac          CARE A4        10      ISSUER NOT
                                                                                COOPERATING
Kross Manufacturers (India) Pvt Ltd   ST Bk Fac          CARE A3        100     ISSUER NOT
                                                                                COOPERATING
Mantra Exports Pvt Ltd                ST Bk Fac          CARE A2+       10      Reaffirmed
Orient Craft Ltd                      ST Bk Fac          CARE A3+       7000    Reaffirmed
(increased from 650 CR)
Patspin India Ltd                     ST Bk Fac          CARE A4        1575    Reaffirmed
Randhawa Construction Company         ST Bk Fac          CARE A3        3.9     Reaffirmed
Reed And Pick                         ST Bk Fac          CARE A4        70      Reaffirmed
Signode India Ltd                     ST Bk Fac          CARE AA /      1600    Reaffirmed
                                                         CARE A1+
S. D. Corporation Pvt Ltd             CP (CP) Issue^     CARE A1+(SO)   6650    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and continuing Corporate
Guarantee provided by Shapoorji Pallonji and Company Private Ltd.
S. D. Corporation Pvt Ltd             Proposed CP issue^ CARE A1+(SO)   1450    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and continuing Corporate
Guarantee provided by Shapoorji Pallonji and Company Private Ltd.
Signode India Ltd                     LT Bk Fac          CARE A4        100     Reaffirmed

LONG TERM RATINGS:
-------------------
Acme Solar Energy (Madhya Pradesh) PvtLT Bk Fac#         CARE A(SO)     1910    Assigned
Ltd
# backed by unconditional & irrevocable co-obligor undertaking provided by Acme Solar
Technologies (Gujarat) Private Limited.
Acme Solar Technologies (Gujarat) Pvt LT Bk Fac#         CARE A(SO)     1440    Assigned
Ltd
# backed by unconditional & irrevocable co-obligor undertaking provided by Acme Solar Energy
(Madhya Pradesh) Private Limited.
Amtrak Technologies Pvt Ltd           LT Bk Fac          CARE BB        8       Reaffirmed
Amtrak Technologies Pvt Ltd           LT/ST Bk Fac       CARE BB /      180     Reaffirmed
                                                         CARE A4
Angel’S Aluminium Corporation         LT Bk Fac          CARE BB-       120     Reaffirmed
Asai Vishwa Speciality Chemicals Pvt  LT Bk Fac          CARE B+        226.5   Reaffirmed
Ltd
Carbon Edge Industries Ltd            LT Bk Fac          CARE BBB-      130.4   Reaffirmed
Carbon Edge Industries Ltd            LT/ST Bk Fac       CARE BBB-      600     Reaffirmed
Centenary Polytex Pvt Ltd             LT Bk Fac          CARE BB-       33.9    Reaffirmed
Centenary Polytex Pvt Ltd             LT/ST Bk Fac       CARE BB- /     50      Reaffirmed
                                                         CARE A4
Dev Industries                        LT Bk Fac          -              -       Withdrawn
Flora O Foods                         LT Bk Fac          CARE BB-       40      Reaffirmed
Gjs Infratech Pvt Ltd                 LT Bk Fac          CARE BBB-      210     Reaffirmed
Gravita India Ltd.                    LT Bk Fac          CARE A-        212.8   Reaffirmed
Gravita India Ltd.                    LT/ST Bk Fac       CARE A- /      915     Reaffirmed
                                                         CARE A2
(enhanced from Rs.59.50 CR)
Gtn Textile Ltd                       LT Bk Fac          CARE D         344.9   Reaffirmed
Innovators Façade Systems Pvt Ltd     LT Bk Fac          CARE BBB-      290.2   Assigned
Innovators Façade Systems Pvt Ltd     LT/ST Bk Fac       CARE BBB-      37.5    Assigned
                                                         /CARE A3
Kamakshi Jute Industries Ltd          LT Bk Fac          CARE BB        163     ISSUER NOT
                                                                                COOPERATING
Krish Agro Farms Pvt Ltd              LT Bk Fac          CARE BB-       65      Assigned
Kross Manufacturers (India) Pvt Ltd   LT Bk Fac          CARE BBB-      403.4   ISSUER NOT
                                                                                COOPERATING
Macro Ventures Pvt Ltd                LT Bk Fac (TL)     -              -       Withdrawn*
Macro Ventures Pvt Ltd                LT Bk Fac (FB)                    90      Reaffirmed
(Reduced from 11 CR)
Mantra Exports Pvt Ltd                LT Bk Fac          CARE A-        250     Reaffirmed
Nalli Trust                           LT Bk Fac          CARE BBB+      1241.5  Reaffirmed
(enhanced from 115.90 CR)
Nspr Constructions India Pvt Ltd      LT Bk Fac          CARE BBB       85      Revised from
                                                                                CARE BBB-
Nspr Constructions India Pvt Ltd      LT/ST Bk Fac       CARE BBB /     415     Revised from
                                                         CARE A3+               CARE BBB- /
                                                                                CARE A3
Orient Craft Ltd                      LT Bk Fac          CARE BBB+      3517.3  Reaffirmed
(reduced from 388.75 CR)
Patspin India Ltd                     LT Bk Fac          CARE C/        70      Reaffirmed
                                                         CARE A4  
Patspin India Ltd                     LT Bk Fac          CARE D         1549.7  Reaffirmed
Pawan Cotton Industries               LT Bk Fac          CARE BB-       64.2    Assigned
Randhawa Construction Company         LT Bk Fac          CARE BBB-      40      Reaffirmed
(enhanced from 2.75 CR)
Randhawa Construction Company         LT/ST Bk Fac       CARE BBB-      50      Reaffirmed
                                                         /CARE A3
(reduced from 7.50 CR)
Reed And Pick                         LT Bk Fac          CARE B+        7.5     Reaffirmed
S. D. Corporation Pvt Ltd             Proposed LT – NCDs^CARE AA+(SO)   2400    Assigned
^ credit enhancement in the form of an unconditional, irrevocable and continuing Corporate
Guarantee provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA+).
Shivangi Polysack Pvt Ltd             LT Bk Fac          -              -       Withdrawn
State Bank Of Patiala                 Basel III          -              -       Withdrawn
                                      Compliant Tier II
                                      Bonds
Umashakti Steels Pvt Ltd              LT Bk Fac          CARE BB+       150     Revised from
                                                                                CARE BB
Win Star Industries Pvt Ltd (Formerly LT Bk Fac          CARE BB+       108.7   Reaffirmed
Known As Vardhman Fashion Pvt Ltd)
--------------------------------------------------------------------------------------------
$: 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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