April 28, 2017 / 4:55 AM / 4 months ago

CARE ratings for Indian debt instruments-Apr 28

    Apr 28 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 27, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aditya Industries                     ST Bk Fac          CARE A4+       27      Reaffirmed
Ai Champdany Industries Ltd           ST Bk Fac          CARE A4        598.4   Reaffirmed
Arwade Infrastructure Ltd             ST Bk Fac          CARE A4+       10      Reaffirmed
Associated Container Terminals Ltd    ST Bk Fac          CARE A2+       30      Reaffirmed

Avenue Supermarts Ltd                 Proposed CP/STD    CARE A1+       200     Reaffirmed
                                      issue
B.D. Overseas And Fiscal Services Ltd ST Bk Fac          CARE A4        10      Assigned
Bharat Urban Infra Developers Pvt Ltd ST Bk Fac          CARE A4        30      Issuer not
                                                                                cooperating
Cebon Ceramic Pvt Ltd                 ST Bk Fac          CARE A4        10      Reaffirmed
Davinder Exports                      ST Bk Fac          CARE A3        20      Issuer not
                                                                                cooperating
Denis Chem Lab Ltd                    ST Bk Fac          CARE A4        50      Reaffirmed
Educational Development Trust         ST Bk Fac          CARE A3        20      Reaffirmed
Fibremarx Papers Pvt Ltd              ST Bk Fac          CARE A4        155     Reaffirmed
Finar Ltd                             ST Bk Fac          CARE A3+       60      Reaffirmed
Flamingo Pharmaceuticals Ltd          ST Bk Fac          CARE A4+       130     Revised from
                                      (Non-Fund Based)                          CARE A3
Gkb Vision Pvt Ltd                    ST Bk Fac          CARE A4+       72.5    Revised from
                                                                                CARE A4
Gupta H.C. Overseas (I) Pvt. Ltd      ST Bk Fac          CARE A3+       75      Reaffirmed
Hsil Ltd                              ST Bk Fac          CARE A1+       2500    Reaffirmed
Hsil Ltd                              CP*                CARE A1+       2500    Reaffirmed
* carved out of working capital limits of the company
Hufort Healthcare Pvt Ltd             ST Bk Fac          CARE A4        135     Assigned
Jay Ace Technologies Ltd              ST Bk Fac          CARE A4        80      Issuer not
                                                                                cooperating
Jupiter Solar Power Ltd               ST Bk Fac          CARE A4        684.4   Reaffirmed
(enhanced from 55 CR)
L-Comps And Impex Pvt Ltd             ST Bk Fac          CARE A4+       55      Issuer not
                                                                                cooperating
Maa Mahamaya Alloys Pvt Ltd           ST Bk Fac          CARE A4        51.7    Issuer not
                                                                                cooperating
Mega International (P) Ltd.           ST Bk Fac          CARE A3+       110     Revised from
                                                                                CARE A3
Meghaaarika Impex Pvt Ltd             ST Bk Fac          CARE A4        80      Reaffirmed
Moksha Thermoplastics Pvt Ltd         ST Bk Fac          CARE A3        81      Reaffirmed
enhanced from 5.35 CR
Panchami Electronics Pvt Ltd          ST Bk Fac          CARE A4        4       Issuer not
                                                                                cooperating
Rieco Industries Ltd                  ST Bk Fac*         CARE A1 (SO)   700     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 Rieco Industries Limited (Rieco).
Seya Industries Ltd                   ST Bk Fac          CARE A2        60      Reaffirmed
Swastik Pipe Ltd                      ST Bk Fac          CARE A3        550     Issuer not
                                                                                cooperating
The Handicrafts And Handlooms Export  ST Bk Fac          CARE A4        184     Revised from
Corporation Of India Ltd                                                        CARE A3
reduced from 90.4 CR
Trilok Security Systems India Pvt Ltd ST Bk Fac          CARE A4        12.5    Reaffirmed
reduced from 2 CR
Universal Technocast                  ST Bk Fac          CARE A4+       1.2     Issuer not
                                                                                cooperating
Vertex Dye Chem                       ST Bk Fac          CARE A4        20      Assigned

LONG TERM RATINGS:
-------------------
Adhunik Power & Natural Resources Ltd LT Bk Fac          CARE D         28366   Assigned
Adhunik Power & Natural Resources Ltd ST Bk Fac          CARE D         2261.1  Assigned
Aditya Industries                     LT Bk Fac          CARE BB        102.8   Reaffirmed
Ai Champdany Industries Ltd           LT Bk Fac          CARE BB-       1050.7  Revised from
                                                                                CARE BB
Amri Hospitals Ltd                    LT Bk Fac          CARE A- (SO)   2140    Reaffirmed
Amri Hospitals Ltd                    NCD issue          CARE A- (SO)   1460    Reaffirmed
Arwade Infrastructure Ltd             LT Bk Fac          CARE BB+       60      Reaffirmed
Associated Container Terminals Ltd    LT Bk Fac          CARE BBB+      10      Reaffirmed
Atra Pharmaceuticals Ltd              LT Bk Fac          CARE D         431.1   Issuer not
                                                                                cooperating
Atra Pharmaceuticals Ltd              ST Bk Fac          CARE D         40      Issuer not
                                                                                cooperating
Auto Vogue Pvt Ltd                    LT Bk Fac          CARE BB-       47.2    Reaffirmed
reduced from 8 cr
B.D. Overseas And Fiscal Services Ltd LT Bk Fac          CARE BB-       217.4   Revised from
                                                                                CARE B+
Babylon Agro Products Pvt Ltd         LT Bk Fac          CARE B+        150     Assigned
Ballaram Hanumandas Charitable Trust  LT Bk Fac          CARE BBB       38.8    Reaffirmed
(reduced from 8.08 CR)
Bansal Pathways Habibganj Pvt Ltd     LT Bk Fac          CARE BB+       1200    Assigned
Bansal Pathways Habibganj Pvt Ltd     LT/ ST Bk Fac      CARE BB+ /CARE 50      Assigned
                                                         A4+
Bell Finvest (India) Ltd              LT Bk Fac          CARE BBB-      1500    Reaffirmed
Bhagwati Steel Sales                  LT Bk Fac          CARE BB        100     Issuer not
                                                                                cooperating
Bhandari Agrofeeds Pvt Ltd            LT Bk Fac          CARE B+        115     Assigned
Bharat Urban Infra Developers Pvt Ltd LT Bk Fac          CARE B+        150     Issuer not
                                                                                cooperating
Biltech Building Elements Ltd         LT Bk Fac          CARE BB+       629.9   Revised from
                                                                                CARE BBB-
Bridgestone India Pvt Ltd             Bk Fac             CARE AAA       4730    Reaffirmed
reduced from Rs.636.00 crore
Cebon Ceramic Pvt Ltd                 LT Bk Fac          CARE B+        30.6    Reaffirmed
reduced from 3.60 CR
Cebon Ceramic Pvt Ltd                 Bk Fac             CARE B+ /A4    20      Reaffirmed
enhanced from Rs. 1 crore
Chacha Lifestyle Pvt Ltd              LT Bk Fac          CARE BB-       120     Issuer not
                                                                                cooperating
Davinder Exports                      LT Bk Fac          CARE BBB-      165     Issuer not
                                                                                cooperating
Denis Chem Lab Ltd                    LT Bk Fac          CARE BB+       184.6   Reaffirmed
(reduced from 22.51 CR)
Denis Chem Lab Ltd                    LT/ ST Bk Fac      CARE BB+       154.5   Reaffirmed
                                                         /CARE A4
Eco Cement India Ltd                  LT Bk Fac          CARE BB        100     Reaffirmed
Educational Development Trust         LT Bk Fac          CARE BBB-      152.8   Reaffirmed
reduced from Rs.22.21 crore
Fibremarx Papers Pvt Ltd              LT Bk Fac          CARE BB        370.1   Reaffirmed
Finar Ltd                             LT Bk Fac          CARE BBB       184.2   Reaffirmed
(reduced from 19.89 CR)
Flamingo Pharmaceuticals Ltd          LT Bk Fac (TL)     CARE BB+       1378.2  Revised from
                                                                                CARE BBB-
Reduced from 148.75 CR
Flamingo Pharmaceuticals Ltd          Long/ST Bk Fac     CARE BB+ /A4+  750     Revised from
                                      (Fund Based)                              CARE BBB- /A3
Ggl Hotel & Resort Co. Ltd            LT Bk Fac          CARE BBB+      1780    Reaffirmed
Gic Bhutan Re Ltd. (Gic Bhutan)       CPA                CARE A (In)            Reaffirmed
Gkb Vision Pvt Ltd                    Long/ST Bk Fac     CARE BB+ /CARE 111.5   Revised from
                                                         A4+                    CARE BB /
                                                                                CARE A4
Gupta H.C. Overseas (I) Pvt. Ltd      LT Bk Fac          CARE BBB+      500     Reaffirmed
H K Lumbers Llp                       LT Bk Fac          CARE D         60      Assigned
H K Lumbers Llp                       ST Bk Fac          CARE D         75      Assigned
Harshvardhan Retailing Pvt Ltd        LT Bk Fac@         --                     Withdrawn
Hinduja National Power Corporation LtdLT Bk Fac – TL     CARE BBB+      59850   Reaffirmed
Hinduja National Power Corporation LtdLT Bk Fac – CC     CARE BBB+      12900   Assigned
Hsil Ltd                              LT Bk Fac          CARE AA-       9366.3  Reaffirmed
enhanced from 915.63 CR
Hufort Healthcare Pvt Ltd             LT Bk Fac          CARE BB        55      Assigned
Jay Ace Technologies Ltd              LT Bk Fac          CARE BB        480     Issuer not
                                                                                cooperating
Jupiter Solar Power Ltd               LT Bk Fac          CARE B         1307.3  Reaffirmed
(reduced from 153.85 CR)
Kashyap Constructions Pvt Ltd         LT Bk Fac          --                     Withdrawn
Kashyap Constructions Pvt Ltd         ST Bk Fac          --                     Withdrawn
Kerala State Power And Infrastructure LT Bk Fac          CARE BBB-      250     Assigned
Finance Corporation Ltd
Khandwa Industries Pvt Ltd            LT Bk Fac          CARE D         121.5   Revised from
                                                                                CARE B+
Kisan Proteins Pvt Ltd                Bk Fac             CARE B+ /A4    95      Issuer not
                                                                                cooperating
Kushal Bharat Equipment &             LT Bk Fac          CARE BB-       130     Reaffirmed
Infrastructure Pvt Ltd
L-Comps And Impex Pvt Ltd             LT Bk Fac          CARE BB        95      Issuer not
                                                                                cooperating
Maa Mahamaya Alloys Pvt Ltd           LT Bk Fac          CARE BB-       208.7   Issuer not
                                                                                cooperating
Manjunath Bhandary                    LT Bk Fac          CARE B+        150     Assigned
Mega International (P) Ltd.           LT Bk Fac          CARE BBB       20      Revised from
                                                                                CARE BBB-
Mega International (P) Ltd.           Bk Fac             CARE BBB /A3+  170     Revised from
                                                                                CARE BBB- /A3
Meghaaarika Impex Pvt Ltd             LT Bk Fac          CARE BB-       150     Reaffirmed
Metro Eco Green Resorts Ltd           LT Bk Fac          CARE B+        1190    Issuer not
                                                                                cooperating
Moksha Thermoplastics Pvt Ltd         LT Bk Fac          CARE BBB-      125.3   Reaffirmed
enhanced from 7.18 CR
Moksha Thermoplastics Pvt Ltd         Bk Fac             CARE BBB- /A3  127.5   Reaffirmed
enhanced from 8.25 CR
Muthayammal Educational And CharitableLT Bk Fac          CARE BB+       52.5    Revised from
Trust                                                                           CARE BB
reduced from 7.75 CR
N Ranga Rao And Sons Pvt Ltd          LT Bk Fac          CARE A-        1675.1  Reaffirmed
enhanced from 140.92 CR
Nipman Fasteners Industries Pvt. Ltd. LT Bk Fac          CARE BBB       711.9   Issuer not
                                                                                cooperating
Omax Minerals Pvt Ltd                 LT Bk Fac          CARE BBB-      200     Reaffirmed
P. H. Woven Sacks Pvt Ltd             LT Bk Fac          CARE B         68.5    Issuer not
                                                                                cooperating
Panchami Electronics Pvt Ltd          LT Bk Fac          CARE B+        56      Issuer not
                                                                                cooperating
Pegma Resources Pvt Ltd               LT Bk Fac          CARE BB-       57.3    Revised from
                                                                                CARE B+
Pegma Resources Pvt Ltd               Bk Fac             CARE BB- /A4   115     Long-term
                                                                                revised from
                                                                                CARE B+
Pink City Expressway Pvt Ltd          LT Bk Fac          CARE D         17905.5 Reaffirmed
Punjab And Sind Bank                  Basel III          CARE A+        10000   Assigned
                                      Compliant Tier I
                                      Bonds
Punjab State Transmission Corporation LT Bk Fac          CARE BBB-      4495.1  Issuer not
Ltd                                                                             cooperating
R J Cold Storage Pvt Ltd              LT Bk Fac          CARE B+        300     Issuer not
                                                                                cooperating
Raheja Developers Ltd                 LT Bk Fac          CARE BBB-      11716.4 Revised from
                                                                                CARE BBB
(enhanced from 906.31 CR)
Raheja Icon Entertainment Pvt Ltd     NCD issue^         CARE BBB- (SO) 680     Revised from
                                                                                CARE BBB (SO)
^ The above rating is based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee from Raheja Developers Limited (RDL)
Raima Toll Road Pvt Ltd               LT Bk Fac          CARE BBB- (SO) 648     Revised from
                                                                                CARE BBB-
Under Credit Watch
Rieco Industries Ltd                  LT Bk Fac*         CARE A+ (SO)   300     Revised from
                                                                                CARE BBB-
* 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 Rieco Industries Limited (Rieco). 
Rohan Builders & Developers Pvt Ltd   LT Bk Fac          CARE BBB+      2000    Reaffirmed
S.N. Milk Products Pvt Ltd            LT Bk Fac          CARE BB        450     Reaffirmed
Sankheswaraa Gold Exports Pvt Ltd     LT Bk Fac          CARE B         125     Assigned
Seya Industries Ltd                   LT Bk Fac – TL     CARE A-        996.3   Reaffirmed
enhanced from Rs.48.00 crore
Seya Industries Ltd                   LT Bk Fac – Fund   CARE A-        750     Reaffirmed
                                      Based
enhanced from Rs.50.00 crore
Shivam Protein Products Pvt Ltd       LT Bk Fac          CARE B+        96.9    Issuer not
                                                                                cooperating
Smita Exim Pvt Ltd                    ST Bk Fac          --                     Withdrawn
Sukh Sagar Motors Pvt Ltd             LT Bk Fac          CARE D         64.8    Issuer not
                                                                                cooperating
Sundaram Steels Pvt Ltd               LT Bk Fac          CARE BB-       170.7   Reaffirmed
Super Ispat (Raipur) Pvt Ltd          LT Bk Facility     CARE BBB       60      Assigned
Surya Containers Pvt Ltd              LT Bk Fac          CARE D         68.2    Issuer not
                                                                                cooperating
Surya Containers Pvt Ltd              ST Bk Fac          CARE D         60      Issuer not
                                                                                cooperating
Swagattam Plastics                    LT Bk Fac          CARE BB        20.5    Issuer not
                                                                                cooperating
Swagattam Plastics                    LT/ Shortterm Fac  CARE BB /CARE  45      Issuer not
                                                         A4                     cooperating
Swastik Pipe Ltd                      LT Bk Fac          CARE BBB-      1248    Issuer not
                                                                                cooperating
Tejankar Healthcare And Medical       LT Bk Fac          CARE B+        140.2   Issuer not
Research Institute Pvt Ltd                                                      cooperating
The Divine Resort                     LT Bk Fac          CARE B+        63      Issuer not
                                                                                cooperating
The Handicrafts And Handlooms Export  LT Bk Fac          CARE BB+       50      Revised from
Corporation Of India Ltd                                                        CARE BBB-
enhanced from Rs. 3 crore
Trilok Security Systems India Pvt Ltd LT Bk Fac          CARE BB        87.1    Revised from
                                                                                CARE BB
enhanced from 8 CR
Tuscan Agrow                          LT Bk Fac          CARE BB        190     Assigned
Universal Technocast                  LT Bk Fac          CARE BB        59.2    Issuer not
                                                                                cooperating
Vaibhav Rice Mill_Bavla               LT Bk Fac          CARE BB        89.6    Issuer not
                                                                                cooperating
Vedanta Washery & Logistic Solutions  LT Bk Fac@         CARE BBB- (SO) 200     Reaffirmed
Pvt Ltd
@ The rating is based on the credit enhancement in the form of letter of comfort from R. K.
Transport & Constructions Private Limited (RKTCPL)
Vedasri Green Energy Pvt Ltd          LT Bk Fac          CARE BB-       100     Assigned
Vertex Dye Chem                       LT Bk Fac          CARE BB-       50      Assigned
Vitthal Corporation Ltd               LT Bk Fac          CARE B+        1536    Revised from
                                                                                CARE BB-
Xplore-Tech Services Pvt Ltd          LT Bk Fac          CARE BBB       160     Reaffirmed
Reduced from 23 CR

--------------------------------------------------------------------------------------------
$: 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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below