May 5, 2017 / 5:51 AM / 6 months ago

CARE ratings for Indian debt instruments-May 5

    May 5 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 4, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Apollo Logisolutions Ltd              ST Bk Fac          CARE A3+       200     Reaffirmed
Bp Equities Pvt Ltd                   Proposed CP Issue  CARE A1+ (SO)  350     Reaffirmed
Drolia Electrosteels Pvt Ltd          ST Bk Fac (Non-FB) CARE A4+       100     Reaffirmed
G. L. Constructions Pvt Ltd           ST Bk Fac          CARE A4        90      Issuer not
                                                                                cooperating
Hema Dyeing & Printing Mills Pvt Ltd  ST Bk Fac          CARE A4+       1       Issuer not
                                                                                cooperating
Hi-Tech Engineers And Consultants Pvt ST Bk Fac          CARE A3        400     Issuer not
Ltd                                                                             cooperating
Housing Development Finance CorporatioST Bk Fac          CARE A1+       128556.3Reaffirmed
Ltd
enhanced from 10,586.47 CR
India Nets                            ST Bk Fac          CARE A1 (SO)   60      Reaffirmed
Integrated Cleanroom Technologies Pvt ST Bk Fac          CARE A2+       250     Reaffirmed
Ltd
(enhanced from 15.00 CR)
Jogani Exports                        ST Bk Fac          CARE A4+       300     Issuer not
                                                                                cooperating
K.S.D Construction                    ST Bk Fac          CARE A4        200     Reaffirmed
enhanced from 2 CR
Karam Chand Thapar & Bros. (Coal SalesST Bk Fac          CARE A1+       400     Negative
Ltd                                                                             implications
Karan Letex Ltd                       ST Bk Fac          CARE A4+       4       Reaffirmed
Kay Kay Scaffolding Pvt Ltd           ST Bk Fac          CARE A4        105     Reaffirmed
enhanced from 5.50 CR
Laj Exports Ltd                       ST Bk Fac          CARE A4+       600     Reaffirmed
enhanced from 42.50 CR
Navin Drilling Fluids & Minerals Pvt LST Bk Fac          CARE A4        20      Assigned
Neelkanth Pulp & Paper Boards         ST Bk Fac          CARE A4        78      Assigned
Netmagicit Services Pvt Ltd           ST Bk Fac – Non    CARE A1        40      Reaffirmed
                                      Fund Based
Niknam Chemicals Pvt Ltd              ST Bk Fac          CARE A4        58.5    Assigned
Overseas Polymers Pvt. Ltd.           ST Bk Fac- NonFB-  CARE A1        220     Reaffirmed
                                      LC
Pace Business Machines Pvt Ltd        ST Bk Fac          CARE A4        45      Assigned
Parker Tiles Pvt Ltd                  ST Bk Fac          CARE A4        43      Issuer not
                                                                                cooperating
Quadrant Televentures Ltd             ST Bk Fac          CARE A4        244     Revised from
                                                                                CARE A4+
Issuer not cooperating
Rabina Enterprises Pvt Ltd            ST Bk Fac          CARE A4+       222     Assigned
Ramkrushna Spinning Mills Pvt Ltd     ST Bk Fac          CARE A4        26.7    Reaffirmed
Ramniklal & Sons                      ST Bk Fac          CARE A4        60      Issuer not
                                                                                cooperating
Rockdude Exim Pvt Ltd                 ST Bk Fac          CARE A4        30      Issuer not
                                                                                cooperating
Rockdude Impex Pvt Ltd                ST Bk Fac          CARE A4        110     Issuer not
                                                                                cooperating
Saifuddin Appalal Mulla               ST Bk Fac          CARE A4        60      Issuer not
                                                                                cooperating
Seftech India Pvt Ltd                 ST Bk Fac          CARE A4+       300     Issuer not
                                                                                cooperating
Somany Sanitary Ware Pvt Ltd          ST Bk Fac          CARE A3        18.2    Revised from
                                                                                CARE A4+
enhanced from Rs 0.25 crore
Tlt Engineering India Pvt Ltd         ST Bk Fac          CARE A3        40      Issuer not
                                                                                cooperating
Uma Glass Works                       ST Bk Fac          CARE A4        16.5    Reaffirmed
Variety Polyesters Ltd                ST Bk Fac          CARE A4        38.5    Issuer not
                                                                                cooperating
Adani Ports And Special Economic Zone NCD (Proposed)     CARE AA+       7500    Reaffirmed
Ltd

LONG TERM RATINGS:
-------------------
Airoil Flaregas Pvt Ltd               LT Bk Fac          CARE BBB       40      Issuer not
                                                                                cooperating
Airoil Flaregas Pvt Ltd               Bk Fac             CARE BBB /A3   200     Issuer not
                                                                                cooperating
Ambit Concrete Pvt Ltd                Bk Fac             CARE BB+ /A4+  200     Reaffirmed
Apollo Logisolutions Ltd              LT Bk Fac          CARE BBB       1975.8  Reaffirmed
enhanced from 124.93 CR
Arumuga Mudaliar Sornam Educational   LT Bk Fac          CARE D         51.3    Reaffirmed
Trust
enhanced from 5.09 CR
Assotech Realty Pvt Ltd               LT Bk Fac          --                     Withdrawn
Chittorgarh Kota Tollway Pvt Ltd      Bk Fac             CARE A /A1     200     Assigned
Corodex Infrastructure Pvt Ltd        LT Bk Fac          CARE BB        20      Issuer not
                                                                                cooperating
Corodex Infrastructure Pvt Ltd        LT / ST Bk Fac     CARE BB /CARE  140     Issuer not
                                                         A4                     cooperating
Drolia Electrosteels Pvt Ltd          LT Bk Fac (FB)     CARE BB+       150     Reaffirmed
Drolia Electrosteels Pvt Ltd          LT Bk Fac (TL)     CARE BB+       97.8    Reaffirmed
reduced from Rs. 18.21 crore
Emaar Mgf Land Ltd                    LT Bk Fac          CARE BB        205     Revised from
                                                                                CARE B
Emaar Mgf Land Ltd                    NCD                CARE BB        2260    Revised from
                                                                                CARE D
Forbes And Co. Ltd                    Proposed LT Bk Fac CARE AA-       750     Assigned
Forbes And Co. Ltd                    Proposed NCD issue CARE AA-       750     Assigned
G. L. Constructions Pvt Ltd           LT Bk Fac          CARE BB-       63.2    Issuer not
                                                                                cooperating
Great Wall Corporate Services Pvt Ltd LT Bk Fac          CARE BB+       166     Reaffirmed
Great Wall Corporate Services Pvt Ltd Bk Fac             CARE BB+ /A4+  10      Reaffirmed
Green Infra Wind Farms Ltd            LT Bk Fac (Bk      CARE A-        45      Assigned
                                      Overdraft)
Green Infra Wind Farms Ltd            LT Bk Fac (TL)     CARE A (SO)    1079.4  Revised from
                                                                                CARE A- (SO)
reduced from 120 CR
Gujarat Urja Vikas Nigam Ltd          LT Bond Issue@     -              -       Withdrawn
@backed by an unconditional and irrevocable guarantee from Government of Gujarat
Hema Dyeing & Printing Mills Pvt Ltd  LT Bk Fac          CARE BB+       50      Issuer not
                                                                                cooperating
Hind Terminals Pvt Ltd                LT Bk Fac – TL     CARE A         4829    Reaffirmed
Hind Terminals Pvt Ltd                Bk Fac             CARE A/A1      1000    Reaffirmed
Hi-Tech Engineers And Consultants Pvt LT Bk Fac          CARE BBB-      10      Issuer not
Ltd                                                                             cooperating
Housing Development Finance CorporatioLT Bk Fac          CARE AAA       78062.6 Reaffirmed
Ltd
reduced from 8,058.31 CR
India Nets                            LT Bk Fac          CARE A+ (SO)   100.5   Reaffirmed
India Nets                            Bk Fac             CARE A+ (SO)   80      Reaffirmed
                                                         /A1 (SO)
Integrated Cleanroom Technologies Pvt LT Bk Fac          CARE A-        409.1   Reaffirmed
Ltd
(enhanced from 18.18 CR)
Integrated Cleanroom Technologies Pvt LT / ST Bk Fac     CARE A- /CARE  550     Reaffirmed
Ltd                                                      A2+
(enhanced from 35.00 CR)
Jugnu Foods Pvt Ltd                   LT Bk Fac          CARE B+        118     Assigned
K.S.D Construction                    LT Bk Fac          CARE BB        70      Reaffirmed
enhanced from 5 CR
Karam Chand Thapar & Bros. (Coal SalesLT Bk Fac          CARE AA        4530    Negative
Ltd                                                                             implications
Karam Chand Thapar & Bros. (Coal SalesBk Fac             CARE AA /A1+   5510    Negative
Ltd                                                                             implications
Karan Letex Ltd                       LT Bk Fac          CARE BB+       115     Reaffirmed
Kay Kay Scaffolding Pvt Ltd           LT Bk Fac          CARE B+        33.6    Reaffirmed
enhanced from 2.70 CR
Krishnagiri Thopur Toll Road Ltd      LT Bk Fac@         CARE AA- (SO)  2253.1  Reaffirmed
(Erstwhile L&T Krishnagiri Thopur Toll Road Ltd)
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely Western Andhra Tollways Limited (WATL), Krishnagiri Thopur Toll Road Limited (KTTL) and
Devihalli Hassan Tollway Limited (DHTL)) have given undertakings which irrevocably and
unconditionally guarantee to the lenders that in case of short-fall in any of the three SPVs,
the other two SPVs shall transfer surplus funds to meet the short-fall
Krishnagiri Thopur Toll Road Ltd      ST Bk Fac@         CARE AA- (SO)  998.3   Reaffirmed
(Erstwhile L&T Krishnagiri Thopur Toll
Road Ltd)
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely Western Andhra Tollways Limited (WATL), Krishnagiri Thopur Toll Road Limited (KTTL) and
Devihalli Hassan Tollway Limited (DHTL)) have given undertakings which irrevocably and
unconditionally guarantee to the lenders that in case of short-fall in any of the three SPVs,
the other two SPVs shall transfer surplus funds to meet the short-fall
L&T Infrastructure Development ProjectNCD                CARE AA        1350    Reaffirmed
Ltd
reduced from 150 CR
Laj Exports Ltd                       LT Bk Fac          CARE BB        40.6    Reaffirmed
reduced from 5.92 CR
Madura Micro Finance Ltd              LT Bk Fac          CARE BBB+      1000    Assigned
Manohar Lal Sarraf & Sons Jewellers PvST Bk Fac          -              -       Withdrawn
Ltd
Manohar Lal Sarraf & Sons Jewellers PvLT / ST Bk Fac     CARE BBB /CARE 40      Reaffirmed
Ltd                                                      A3
(Enhanced from Rs. 25 crore)
Navin Cotex                           LT Bk Fac          CARE BB-       80      Assigned
Navin Drilling Fluids & Minerals Pvt LLT Bk Fac          CARE B+        32.3    Assigned
Neelkanth Pulp & Paper Boards         LT Bk Fac          CARE BB        71.1    Assigned
Netmagicit Services Pvt Ltd           LT Bk Fac – TL     CARE A         576.2   Reaffirmed
Netmagicit Services Pvt Ltd           LT Bk Fac – Fund   CARE A         200     Reaffirmed
                                      Based
Niknam Chemicals Pvt Ltd              LT Bk Fac          CARE BB        81.5    Assigned
Nv Distilleries & Breweries Pvt Ltd   LT Bk Fac          CARE D         2851    Reaffirmed
Reduced from 292.61 CR
Nv Distilleries & Breweries Pvt Ltd   ST Bk Fac          CARE D         20      Reaffirmed
Overseas Polymers Pvt. Ltd.           LT Bk Fac- -       CARE A         950     Reaffirmed
                                      Fundbased CC
Overseas Polymers Pvt. Ltd.           ST/LT Bk Fac       CARE A /A1     500     Reaffirmed
                                      (FB/Non-fundbased)
Pace Business Machines Pvt Ltd        LT Bk Fac          CARE BB+       62.5    Assigned
Pace Business Machines Pvt Ltd        Bk Fac             CARE BB+ /A4   162.5   Assigned
Paras Cotspin Ltd                     LT Bk Fac          CARE B+        107.5   Assigned
Parker Tiles Pvt Ltd                  LT Bk Fac          CARE BB        238.2   Issuer not
                                                                                cooperating
Quadrant Televentures Ltd             LT Bk Fac          CARE B+        172.2   Revised from
                                                                                CARE BB+
Issuer not cooperating
Ramkrushna Spinning Mills Pvt Ltd     LT Bk Fac          CARE BB-       452.3   Reaffirmed
Ramniklal & Sons                      LT Bk Fac          CARE BB-       170     Issuer not
                                                                                cooperating
Rockdude Exim Pvt Ltd                 LT Bk Fac          CARE B+        19      Issuer not
                                                                                cooperating
Rockdude Impex Pvt Ltd                LT Bk Fac          CARE BB-       109     Issuer not
                                                                                cooperating
Rohan Rajdeep Hydro Power Projects    LT Bk Fac*         CARE BBB (SO)  70      Reaffirmed
*backed by corporate guarantee of Rajdeep Buildcon Private Limited.
Saarth Enterprises Pvt Ltd            LT Bk Fac          CARE D         80      Issuer not
                                                                                cooperating
Saifuddin Appalal Mulla               LT Bk Fac          CARE B+        6       Issuer not
                                                                                cooperating
Sanvira Industries Ltd                LT Bk Fac          CARE BBB-      2693.5  Reaffirmed
reduced from 273.00 CR
Shalimar Distributors And Investments ST Bk Fac          --                     Withdrawn
Pvt Ltd
Sks Power Generation (Chhattisgarh) LtLT Bk Fac          CARE D         54569.6 Reaffirmed
enhanced from Rs 4301.89 crore
Sks Power Generation (Chhattisgarh) LtST Bk Fac          CARE D         5040    Reaffirmed
enhanced from Rs 301 crore
Somany Sanitary Ware Pvt Ltd          LT Bk Fac          CARE BBB-      213     Revised from
                                                                                CARE BB+
enhanced from Rs 5.03 crore
Sri Ram Enterprises                   LT Bk Fac          CARE BB+       43.6    Issuer not
                                                                                cooperating
Sunrise Industries                    LT Bk Fac          CARE BB-       60      Assigned
Taurus Mutual Fund                    Taurus Liquid Fund CARE BBB- mfs
Rating placed on Notice of Withdrawal for 30 days
Tlt Engineering India Pvt Ltd         LT Bk Fac          CARE BBB-      82.5    Issuer not
                                                                                cooperating
Tlt Engineering India Pvt Ltd         Bk Fac             CARE BBB- /A3  350     Issuer not
                                                                                cooperating
Uma Glass Works                       LT Bk Fac          CARE B         92      Revised from
                                                                                CARE C
Variety Polyesters Ltd                LT Bk Fac          CARE BB-       60      Issuer not
                                                                                cooperating
Wasan Auto Sales Pvt Ltd              LT Bk Fac          CARE BB-       80      Issuer not
                                                                                cooperating

--------------------------------------------------------------------------------------------
$: 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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