April 27, 2017 / 6:08 AM / 5 months ago

CARE ratings for Indian debt instruments-Apr 27

   Apr 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 26, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abhinav Overseas (A Unit Of Marino    ST Bk Fac          CARE A4        230     issuer not
Cables India Pvt Ltd)                                                           cooperating
Agarwal Coal Corporation Pvt Ltd      ST Bk Fac          CARE A1        8900    Reaffirmed
Agarwal Fuel Corporation Pvt Ltd      ST Bk Fac          CARE A1        1400    Reaffirmed
Agarwal Transport Corporation Pvt Ltd ST Bk Fac          CARE A1        5       Reaffirmed
Aishwarya Plast Exports Pvt Ltd       ST – Non-          CARE A4        194     Reaffirmed
                                      fundbased – LC/BG
Amar Polyfils Pvt Ltd                 ST Bk Fac          CARE A4        13.8    Reaffirmed
Ambey Laboratories Pvt Ltd            ST Bk Fac          CARE A4+       87.5    Issuer not
                                                                                cooperating
B.M.Gupta Estates Pvt Ltd             ST Bk Fac          CARE A4        150     issuer not
                                                                                cooperating
Best Corporation Pvt Ltd              ST Bk Fac          CARE A1        220     Reaffirmed
(reduced from 22.21)
Deepak Novochem Technologies Ltd      ST Bk Fac          CARE A3        70      Reaffirmed
Devu Tools Pvt Ltd                    ST Bk Fac          CARE A4        161.1   Reaffirmed
(Enhanced from Rs.13 crore)
G.C. Spintex Ltd                      ST Bk Fac          CARE A3        3.5     Assigned
Galaxy Construction And Contractors PvST Bk Fac          CARE A4        20      Reaffirmed
Ltd
Galaxy Offset India Pvt Ltd           ST Bk Fac          CARE A4        15      Assigned
Galaxy Offset India Pvt Ltd           LOC                CARE A4        15      Assigned
Ghai Construction Ltd                 ST Bk Fac          CARE A4        200     Revised from
                                                                                A4+
Heritage Hospital Ltd                 ST Bk Fac          CARE A3        158.7   Reaffirmed
(enhanced from 9.90)
Jaiprakash Associates Ltd             ST Bk Fac          CARE D         25130   Reaffirmed
Jagdamba Timbers Pvt Ltd              ST Bk Fac          CARE A4        110     issuer not
                                                                                cooperating
Kaizen Switchgear Products            ST Bk Fac          CARE A3+       162.8   Reaffirmed
Kotak Mahindra Mutual Fund            ST Bk Fac*         CARE A1+       15000   Reaffirmed
*Facility is extended to 4 debt schemes of Kotak Mahindra Mutual Fund
Kpc Medical College And Hospital      ST Bk Fac          CARE A4        100     Reaffirmed
(reduced from 15.00)
Logan Ceramic                         ST Bk Fac          CARE A4        17      issuer not
                                                                                cooperating
L&T Finance Ltd                       ST Bk Fac          -              -       withdrawn
Mstc Ltd                              ST Bk Fac          CARE A3+       53300.5 Reaffirmed
(reduced from 5480)
Nangalwala Industries Pvt Ltd         ST Bk Fac          CARE A4        100     Assigned
Netafim Agricultural Financing Agency ST Bk Fac          CARE A2+       1000    Revised from
Pvt Ltd                                                                         CARE A2
(enhanced from Rs.60.00 crore)
New Print India Pvt Ltd               ST Bk Fac          CARE A4        37.8    issuer not
                                                                                cooperating
Om India Trading Company Pvt Ltd      ST Bk Fac          CARE A3        275     Reaffirmed
(enhanced from 3.00)
Omkar Realtors Developers Pvt Ltd     ST Bk Fac          CARE A3        750     Reaffirmed
Prescient Color Ltd                   ST Bk Fac@         CARE A1 (SO)   40      Revised from
                                                                                CARE A3+
@ The above ratings are based on the credit enhancement in the form of an unconditional and
irrevocable corporate guarantee provided by Sudarshan Chemical Industries Limited (SCIL) for the
bank facilities of Prescient Color Limited (PCL)
Radiant Bar Ltd                       ST Bk Fac          CARE A4        25      Issuer not
                                                                                cooperating
Ratnapriya Impex Pvt Ltd              ST Bk Fac          CARE A4+       510     Reaffirmed
Rausheena Udyog Ltd.                  ST Bk Fac          CARE A4+       245     Revised from
                                                                                CARE A4
(reduced from 32.50)
Sanjay Shukla                         ST Bk Fac          CARE A4        69      Assigned
Sanvijay Rolling & Engineering Ltd    ST Bk Fac          CARE A3        200     Revised from
                                                                                CARE A3+
Sava Healthcare Ltd                   ST Bk Fac          CARE A4        20      issuer not
                                                                                cooperating
Shree Hari Chemicals Export Ltd       ST Bk Fac          CARE A4+       73.5    Reaffirmed
Shri Ram Corporation                  ST Bk Fac          CARE A4        20      Assigned
Sinhgad Technical Education Society   ST Bk Fac          CARE D         244.5   Reaffirmed
Summit Corporation Pvt Ltd            ST Bk Fac          CARE D         15      Issuer not
                                                                                cooperating
Talin International Pvt Ltd           ST Bk Fac          CARE A4        5       Issuer not
                                                                                cooperating
The Nagpur Pallottine Society         ST Bk Fac          CARE A4        10      Reaffirmed
The Rajaratna Mills Pvt Ltd           ST Bk Fac          CARE A4        102.9   Reaffirmed
(enhanced from Rs.5.69 crore)
Vistas Investments Pvt Ltd            ST Bk Fac          CARE A4        100     Revised from
                                                                                CARE A2
LONG TERM RATINGS:
-------------------
Abhinav Overseas (A Unit Of Marino    LT Bk Fac          CARE B+        10      Revised from
Cables India Pvt Ltd)                                                           CARE BB-
Accord Builders                       LT Bk Fac @        CARE BBB- (SO) 459     Assigned
@ backed by credit enhancement in form of unconditional and irrevocable corporate guarantee from
Omkar Realtors & Developers Private Limited   
Acp Tollways Pvt Ltd                  LT Bk Fac          CARE BBB       12390   Reaffirmed
(reduced from 1250)
Agarwal Coal Corporation Pvt Ltd      LT Bk Fac          CARE A         1500    Reaffirmed
Agarwal Fuel Corporation Pvt Ltd      LT Bk Fac          CARE A         350     Reaffirmed
Agarwal Transport Corporation Pvt Ltd LT Bk Fac          CARE A         300     Reaffirmed
Aishwarya Plast Exports Pvt Ltd       Bk Fac-TLLT *      -              -       Withdrawn
* The bank term loans have been repaid in full and there is no outstanding against the said
loans as on date
Aishwarya Plast Exports Pvt Ltd       LT – FB - PCFC     CARE BB        30      Reaffirmed
Alfa Moulding Industries Pvt Ltd      LT Bk Fac          CARE B+        55      Reaffirmed
Amar Polyfils Pvt Ltd                 LT Bk Fac          CARE BB-       100     Revised from
                                                                                CARE B
Ambey Laboratories Pvt Ltd            LT Bk Fac          CARE BB+       236.9   Issuer not
                                                                                cooperating
B.M.Gupta Estates Pvt Ltd             LT Bk Fac          CARE B         150     Revised from
                                                                                CARE BB
Best Corporation Pvt Ltd              LT Bk Fac          CARE A         1002.4  Reaffirmed
(reduced from 131.28)
Best Finance Corporation Pvt Ltd      LT Bk Fac          CARE BBB+ (SO) 250     Reaffirmed
Bholenath Rice Mills                  LT Bk Fac          CARE B+        57.6    issuer not
                                                                                cooperating
Chidambaram Mulraj & Company Pvt Ltd  LT Bk Fac          CARE BB+       163.8   Revised from
                                                                                CARE BB
Deepak Novochem Technologies Ltd      LT Bk Fac          CARE BBB-      98      Reaffirmed
Deepak Novochem Technologies Ltd      LT /ST Bk Fac      CARE BBB-      230     Reaffirmed
                                                         /CARE A3
Deoband Highways Pvt Ltd              LT Bk Fac          CARE BBB-      3750    Assigned
Devu Tools Pvt Ltd                    LT Bk Fac          CARE BB        1248.2  Revised from
                                                                                CARE BB+
(Enhanced from Rs.101.21 crore)
G.C. Spintex Ltd                      LT Bk Fac          CARE BBB-      122.5   Assigned
G.R Constructions                     LT Bk Fac          CARE B+        400     Assigned
Galaxy Construction And Contractors PvLT Bk Fac          CARE B         320     Reaffirmed
Ltd
Galaxy Offset India Pvt Ltd           LT Bk Fac          CARE BB+       466.5   Assigned
Galaxy Offset India Pvt Ltd           TL                 CARE BB+       306.5   Assigned
Galaxy Offset India Pvt Ltd           CC                 CARE BB+       160     Assigned
Ghai Construction Ltd                 LT Bk Fac          CARE BB -      50      Revised from
                                                                                BB+
Godawari Traders                      LT Bk Fac          CARE BB-       70      Issuer not
                                                                                cooperating
Goyal Motors                          LT Bk Fac          CARE B+        90      Assigned
Heritage Hospital Ltd                 LT Bk Fac          CARE BB+       2006.7  Reaffirmed
(reduced from 209.82)
Highrise Facility Solutions Pvt Ltd   LT Bk Fac @        CARE BBB- (SO);800     Assigned
@ backed by credit enhancement in form of unconditional and irrevocable corporate guarantee from
Omkar Realtors & Developers Private Limited
Hissar Pipes Pvt Ltd                  LT Bk Fac          CARE BB-       100     Issuer not
                                                                                cooperating
Iced Desserts And Food Parlours (IndiaLT Bk Fac          CARE B         150     Assigned
Pvt Ltd
Indianoil Lng Pvt Ltd                 LT Bk Fac          CARE A-        28770   Assigned
Ipca Laboratories Ltd                 LT/ST Bk Fac (FB/  CARE AA /CARE  11900   Assigned
                                      Non-FB)            A1+
Iq City Foundation                    LT Bk Fac          CARE BBB-      2100    Reaffirmed
J & G Transformer Company             LT Bk Fac          CARE B+        129.5   Issuer not
                                                                                cooperating
J. K. Khanij                          LT Bk Fac          CARE B+        70      Assigned
Jagdamba Timbers Pvt Ltd              Long / ST Bk Fac   CARE B /CARE A420      issuer not
                                                                                cooperating
Jai Beverages Pvt. Ltd.               LT Bk Fac          CARE BBB+      53      Revised from
                                                                                BBB
(Reduced from Rs.5.53 Crore)
Jaiprakash Associates Ltd             LT NonConvertible  -              -       Withdrawn*
                                      Debentures XI
*CARE has withdrawn the rating assigned to the 10.75% Non-Convertible Debenture issue of
Jaiprakash Associates Limited with immediate effect, as the company
Jaiprakash Associates Ltd             LT Bk Fac          CARE D         212449.7Reaffirmed
Jaiprakash Associates Ltd             LT/ST Bk Fac       CARE D         54572.3 Reaffirmed
Jaiprakash Associates Ltd             LT NonConvertible  CARE D         17492.5 Reaffirmed
                                      Debentures
                                      (aggregate) IV, VIII, X, XII, XIII
Jindal Dyechem Industries Pvt. Ltd.   LT Bk Fac          CARE BBB       500     Assigned
Jnana Bandhu Education Trust          LT Bk Fac          CARE BB-       65      Issuer not
                                                                                cooperating
Kaizen Switchgear Products            LT Bk Fac          CARE BBB       55.2    Reaffirmed
(reduced from 9.74)
Kalinga Media & Entertainment Pvt. LtdLT Bk Fac          CARE A (SO)    125     Reaffirmed
(enhanced from 9.50)
Kanakadurga Finance Ltd               LT Bk Fac          CARE BBB       628     Revised from
                                                                                CARE BBB-
Karni Processors Pvt Ltd              LT Bk Fac          CARE BB        218     Reaffirmed
Kirtiman Cements & Packaging IndustrieLT Bk Fac          CARE B+        270     Revised from
Ltd                                                                             CARE BB-
Kpc Medical College And Hospital      LT Bk Fac          CARE BB        893.9   Reaffirmed
(reduced from 91.15)
Krg Associates                        LT Bk Fac          CARE B         120     Issuer not
                                                                                cooperating
L&T Finance Ltd                       LT Bk Fac          -              -       withdrawn
L&T Finance Ltd                       NCDs               -              -       withdrawn
L&T Finance Ltd                       NCDs Public Issue  -              -       withdrawn
L&T Finance Ltd                       Perpetual Debt     -              -       withdrawn
L&T Finance Ltd                       CP                 -              -       withdrawn
L&T Finance Ltd                       Subordinate Debt   -              -       withdrawn
L&T Fincorp Ltd                       LT Bk Fac          -              -       withdrawn
L&T Fincorp Ltd                       NCDs               -              -       Withdrawn
L&T Fincorp Ltd                       Perpetual Debt     -              -       Withdrawn
L&T Fincorp Ltd                       CP                 -              -       Withdrawn
L&T Fincorp Ltd                       Subordinate Debt   -              -       withdrawn
Logan Ceramic                         LT Bk Fac          CARE B+        105.1   issuer not
                                                                                cooperating
Maheshwari Agro                       LT Bk Fac          CARE B+        13.3    Assigned
Maheshwari Agro                       LT/Shortterm Bk FacCARE B+ /CARE  60      Assigned
                                                         A4
Malpani Cottons Pvt Ltd               LT Bk Fac          CARE BB-       140     Reaffirmed
Metalik Fuel Pvt Ltd                  Long -term Bk Fac  CARE BBB       320     Revised from
                                                                                CARE BBB-
Metro Institute Of Medical Sciences PvLT Bk Fac          CARE BBB-      1321.9  Reaffirmed
Ltd
Metro Mas Hospitals Pvt Ltd           LT Bk Fac          CARE BBB- (SO) 89.8    Reaffirmed
(decreased from 16.32)
Metro Medical Services Ltd            Metro Medical      CARE BBB- (SO) 254.5   Reaffirmed
                                      Services Ltd
(increased from Rs.5.50 crore)
Minda Kosei Aluminium Wheel Pvt Ltd   LT Bk Fac          CARE A+ (SO)   1320    revised from
                                                                                CARE A (SO)*
* The rating is based on the credit enhancement in the form of Letter of Comfort from Minda
Industries Ltd (MIL)
Mstc Ltd                              LT Bk Fac          CARE BBB       8000    Reaffirmed
(reduced from 900)
Nangalwala Industries Pvt Ltd         LT Bk Fac          CARE BB        161.9   Assigned
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB       500     Assigned
Netafim Agricultural Financing Agency LT Bk Fac          CARE A-        2500    Revised from
Pvt Ltd                                                                         CARE BBB+
(enhanced from Rs.60.00 crore)
New Print India Pvt Ltd               LT Bk Fac          CARE B+        62.2    Revised from
                                                                                CARE BB
Niil Infrastructures Pvt Ltd          LT Bk Fac          CARE D         500     Revised from
                                                                                CARE BB-
Nivasan Homes Pvt Ltd                 LT Bk Fac          CARE BB-       70      Assigned
Om India Trading Company Pvt Ltd      LT Bk Fac          CARE BBB-      205.1   Reaffirmed
(reduced from 23.60)
Om India Trading Company Pvt Ltd      LT/ST Bk Fac       CARE BBB-      550     Reaffirmed
                                                         /CARE A3
(reduced from 75.00)
Omkar Realtors Developers Pvt Ltd     LT Bk Fac          CARE BBB-      14580   Reaffirmed
Omkar Ventures Pvt Ltd                LT Bk Fac @        CARE BBB- (SO) 1100    Assigned
@ backed by credit enhancement in form of unconditional and irrevocable corporate guarantee from
Omkar Realtors & Developers Private Limited
Ozone Urbana Infra Developers Pvt Ltd NCDs-I             -              -       Withdrawn
Ozone Urbana Infra Developers Pvt Ltd NCDs-II            -              -       Withdrawn
Parasavnath Motors Pvt Ltd            LT Bk Fac          CARE B+        60      Assigned
Pawan Autowheels Pvt Ltd              LT Bk Fac          CARE B         111.5   Issuer not
                                                                                cooperating
Pengvin Ceramics                      LT Bk Fac          CARE BB        42.7    Reaffirmed
(reduced from 4.56)
Pengvin Ceramics                      LT/ ST Bk Fac      CARE BB /CARE  13      Reaffirmed
                                                         A4
Prescient Color Ltd                   LT Bk Fac@         CARE A+ (SO)   248.9   Revised from
                                                                                CARE BBB
(Reduced from 27.79)/ @ The above ratings are based on the credit enhancement in the form of an
unconditional and irrevocable corporate guarantee provided by Sudarshan Chemical Industries
Limited (SCIL) for the bank facilities of Prescient Color Limited (PCL) 
Ps Srijan Conclave                    LT Bk Fac          CARE BBB       260     Reaffirmed
Ps Srijan Realventure Llp             LT Bk Fac          CARE BBB+      500     Reaffirmed
Radiant Bar Ltd                       LT Bk Fac          CARE BB        102.5   Issuer not
                                                                                cooperating
Ratnapriya Impex Pvt Ltd              LT Bk Fac          CARE BB        30      Reaffirmed
Rausheena Exim                        LT Bk Fac          CARE BB        60      Reaffirmed
Rausheena Udyog Ltd.                  LT Bk Fac          CARE BB+       227.5   Revised from
                                                                                CARE B+
(reduced from 25.10)
Revashankar Gems Ltd                  LT Bk Fac          CARE BB+       450     Issuer not
                                                                                cooperating
Rizvi Estates And Hotels Pvt Ltd      LT Bk Fac          CARE B         180     Reaffirmed
(enhanced from 3.33)
Sanjay Shukla                         LT Bk Fac          CARE BB-       77.2    Assigned
Sanvijay Rolling & Engineering Ltd    LT Bk Fac          CARE BBB-      3500    Revised from
                                                                                CARE BBB+
Sava Healthcare Ltd                   LT Bk Fac          CARE BB -      210     issuer not
                                                                                cooperating
Shree Hari Chemicals Export Ltd       LT Bk Fac          CARE BB+       20      Reaffirmed
Shri Ram Corporation                  LT Bk Fac          CARE B+        47.5    Assigned
Shri Swami Samarth Engineers          LT Bk Fac          CARE BB        60      Issuer not
                                                                                cooperating
Siddha Real Estate Development Pvt LtdLT Bk Fac          CARE BBB       820     Reaffirmed
Siddhi Vinayak Cottsin                LT Bk Fac          CARE B+        65      issuer not
                                                                                cooperating
Sinhgad Technical Education Society   LT Bk Fac          CARE D         4937.4  Reaffirmed
Srinivasa Rice Industry               LT Bk Fac          CARE B         68      issuer not
                                                                                cooperating
Summit Corporation Pvt Ltd            LT Bk Fac          CARE D         111.7   Issuer not
                                                                                cooperating
Suncity Hi-Tech Infrastructure Pvt LtdLT Bk Fac          CARE BB        1000    Reaffirmed
Sunhill Hospitals Pvt Ltd             LT Bk Fac          CARE BBB- (SO) 266.9   Reaffirmed
(decreased from Rs.32.59 crore)
Surana Developers (Wadala) Llp        LT Bk Fac @        CARE BBB- (SO) 1130    Assigned
@ backed by credit enhancement in form of unconditional and irrevocable corporate guarantee from
Omkar Realtors & Developers Private Limited
Talin International Pvt Ltd           LT/Shortterm Bk FacCARE B+ /CARE  62.5    Issuer not
                                                         A4                     cooperating
Tegan Texofab Pvt Ltd                 LT Bk Fac          CARE BB-       127.5   issuer not
                                                                                cooperating
Tegan Texofab Pvt Ltd                 LT/Shortterm Bk FacCARE BB- /CARE 120     issuer not
                                                         A4                     cooperating
The Nagpur Pallottine Society         LT Bk Fac          CARE BB        86.3    Reaffirmed
The Rajaratna Mills Pvt Ltd           LT Bk Fac          CARE BB-       337.2   Reaffirmed
(enhanced from Rs.11.52 crore)
Trishul Dream Homes Ltd               LT Bk Fac          CARE BB        150     Assigned
Trishul Dream Homes Ltd               LT / ST Bk Fac     CARE BB /CARE  270     Assigned
                                                         A4
Unicure India Ltd                     LT Bk Fac          CARE BBB-      70      Reaffirmed
Unicure India Ltd                     LT/ST Bk Fac       CARE BBB-      150     Reaffirmed
                                                         /CARE A3
(enhanced from 9)
Union Mutual Fund                     Union Capital      CARE AAAmfs    -       Assigned
                                      Protection         (SO)
                                      Oriented FundSeries 8
Vaishali Agro Soya Products           LT Bk Fac          CARE B+        177.8   Revised from
                                                                                CARE B
Vgs Realty Construction Pvt Ltd       LT Bk Fac @        CARE BBB- (SO) 378     Assigned
@ backed by credit enhancement in form of unconditional and irrevocable corporate guarantee from
Omkar Realtors & Developers Private Limited
Windsor Exports                       LT Bk Fac          CARE BBB-      354.9   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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