May 11, 2017 / 4:12 AM / 3 months ago

CARE ratings for Indian debt instruments-May 11

    May 11 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 10, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Atlas Textiles                        ST Bk Fac          CARE A4        92.5    Reaffirmed
Chromic Steel Llp                     ST Bk Fac          CARE A4        45
Issuer not cooperating
Commercial Motors                     ST Bk Fac          CARE A4        115     Reaffirmed

Enkay Texfab Pvt Ltd                  ST Bk Fac          CARE A4        1.2
Issuer not cooperating
Eskay Silk Industries Pvt Ltd         ST Bk Fac          CARE A4        25
Issuer not cooperating
Fluidtherm Technology Pvt Ltd         ST Bk Fac          CARE A4+       74.8    Assigned
Idea Sales Agencies Pvt Ltd           ST Bk Fac          CARE A4        13.5    Reaffirmed
Infrastructure Leasing & Financial    CP/STD             CARE A1+       9750    Reaffirmed
Services Ltd
Jatin & Co                            ST Bk Fac          CARE A4        160.4   Assigned
Madhu India Deco Ltd                  ST Bk Fac          CARE A4        60      Reaffirmed
Merlin Creations Pvt Ltd              ST Bk Fac          CARE A4+       130     Reaffirmed
R&D Multiples (Metal Cast) Pvt Ltd    ST Bk Fac          CARE A4        175
Issuer not cooperating
Rohan Rajdeep Kerala Road Projects LtdST Bk Fac*         CARE A2 (SO)   40.5    Assigned
*backed by corporate guarantee from Rohan Rajdeep Tollways Limited (RRTL; rated CARE BBB+;
Stable/CARE A2 )
Shri Vaijanath Industries Pvt Ltd     ST Bk Fac          CARE A4        3.1
Issuer not cooperating
Sri Sai Constructions                 ST Bk Fac          CARE A4+       140
Issuer not cooperating
Sunren Automotive                     ST Bk Fac          CARE A4        25.7    Reaffirmed
Textech Indo India Pvt Ltd            ST Bk Fac          CARE A4        10      Assigned
Thangavel Fabrics Pvt Ltd             ST Bk Fac          CARE A4        173     Reaffirmed
enhanced from 11.30 CR
Urban Infrastructure Venture Capital LST Bk Fac          CARE A2+       100     Reaffirmed
reduced from Rs.30 crore

LONG TERM RATINGS:
-------------------
Atlas Textiles                        LT Bk Fac          CARE B+        16.8    Revised from
                                                                                CARE BB-
reduced from Rs.2.03 crore
Bhopal Garage And Service Station     LT Bk Fac          CARE BB        150.9
Issuer not cooperating
Cedar Mfi Trust 36                    Series A PTC       CARE BBB (SO)  570     Assigned
Chromic Steel Llp                     LT Bk Fac          CARE B+        20.1
Issuer not cooperating
Chromic Steel Llp                     Bk Fac             CARE B+ /A4    29
Issuer not cooperating
Clover Energy Pvt Ltd                 LT Bk Fac          CARE BBB (SO)  2422.5  Reaffirmed
                                      (Proposed)
enhanced from 50 CR
Commercial Motors                     LT Bk Fac          CARE B         4.3     Reaffirmed
Delux Mechanical Pvt Ltd              LT Bk Fac          --                     Withdrawn
Delux Mechanical Pvt Ltd              ST Bk Fac          --                     Withdrawn
Enkay Texfab Pvt Ltd                  LT Bk Fac          CARE BB+       87.5
Issuer not cooperating
Eskay Silk Industries Pvt Ltd         LT Bk Fac          CARE B+        161.9
Issuer not cooperating
Fluidtherm Technology Pvt Ltd         LT Bk Fac          CARE BB        52.5    Assigned
Hungama Digital Entertainment Pvt Ltd LT Bk Fac          CARE BBB+      600     Reaffirmed
Idea Sales Agencies Pvt Ltd           LT Bk Fac          CARE B         129.3   Reaffirmed
Infrastructure Leasing & Financial    LT Bk Fac          CARE AAA       4000    Reaffirmed
Services Ltd
Infrastructure Leasing & Financial    NCD                CARE AAA       61419.4 Reaffirmed
Services Ltd
reduced from Rs.6,566.54 crore
Infrastructure Leasing & Financial    Subordinate Debt   CARE AAA       68.5    Reaffirmed
Services Ltd
Infrastructure Leasing & Financial    Redeemable PS      CARE AAA (RPS) 15000   Reaffirmed
Services Ltd
Iris Ecopower Venture Pvt Ltd         LT Bk Fac          CARE BBB (SO)  1493.7  Reaffirmed
                                      (Proposed)
enhanced from 50 CR
Jain Sons Finlease Ltd.               NCD issue          CARE BBB-      1000    Reaffirmed
Jain Sons Finlease Ltd.               LT Bk Fac          CARE BBB-      150     Reaffirmed
Janam Steel And Alloys                LT Bk Fac          CARE B+        65
Issuer not cooperating
Lotus Clean Power Venture Pvt Ltd     LT Bk Fac          CARE BBB (SO)  1604.7  Reaffirmed
                                      (Proposed)
enhanced from 50 CR
Mahashakthi Chemicals And Fertilizers LT Bk Fac          CARE B+        75
Pvt Ltd
Issuer not cooperating
Maheshwari Rice Mills                 LT Bk Fac          CARE B+        61.9    Reaffirmed
Maple Renewable Power Pvt Ltd         LT Bk Fac          CARE BBB (SO)  2034.1  Reaffirmed
                                      (Proposed)
enhanced from 50 CR
Maxwell Auto Components Pvt Ltd       LT Bk Fac          CARE B+        152.2
Issuer not cooperating
Navin Ginning Factory                 LT Bk Fac          CARE BB-       90      Assigned
Olive Ecopower Pvt Ltd                LT Bk Fac          CARE BBB (SO)  1812.1  Reaffirmed
                                      (Proposed)
enhanced from 50 CR
Orchid Renewable Powertech Pvt Ltd    LT Bk Fac          CARE BBB (SO)  1535.2  Reaffirmed
                                      (Proposed)
enhanced from 50 CR
R G Buildwell Engineers Ltd           LT Bk Fac          CARE BBB       330     Reaffirmed
R G Buildwell Engineers Ltd           Bk Fac             CARE BBB /A3   1270    Reaffirmed
enhanced from 99 CR
R&D Multiples (Metal Cast) Pvt Ltd    LT Bk Fac          CARE BB-       130.6
Issuer not cooperating
R.K. Exports                          LT Bk Fac          CARE BB+       70
Issuer not cooperating
Rohan Rajdeep Kerala Road Projects LtdLT Bk Fac*         CARE BBB+ (SO) 681.1   Assigned
*backed by corporate guarantee from Rohan Rajdeep Tollways Limited (RRTL; rated CARE BBB+;
Stable/CARE A2 )
Rohan Rajdeep Toll Roads Ltd          LT Bk Fac          CARE A-        771.2   Revised from
                                                                                CARE BBB+
Rohan Rajdeep Toll Roads Ltd          NCD                CARE A-        873     Revised from
                                                                                CARE BBB+
Satnam Rice Mills                     LT Bk Fac          CARE B+        150     Reaffirmed
Shiv Cotton Industries                LT Bk Fac          CARE B+        54
Issuer not cooperating
Shri Vaijanath Industries Pvt Ltd     LT Bk Fac          CARE C         41
Issuer not cooperating
Shri Vaijanath Industries Pvt Ltd     LT Bk Fac          CARE D         20
Issuer not cooperating
Sri Sai Constructions                 LT Bk Fac          CARE BB+       50
Issuer not cooperating
Star Iris Exports Pvt Ltd             LT Bk Fac          CARE B+        29      Reaffirmed
reduced from 3.84 CR
Star Iris Exports Pvt Ltd             Bk Fac             CARE B+        60      Reaffirmed
Sunren Automotive                     LT Bk Fac          CARE B+        30      Reaffirmed
Tarachand International Pvt Ltd       Bk Fac             CARE D /D      500
Issuer not cooperating
Textech Indo India Pvt Ltd            LT Bk Fac          CARE BB-       46.5    Assigned
Thangavel Fabrics Pvt Ltd             LT Bk Fac          CARE BB        150     Reaffirmed
enhanced from 9.88 CR
Tulip Renewable Powertech Pvt Ltd     LT Bk Fac          CARE BBB (SO)  2420.2  Reaffirmed
                                      (Proposed)
enhanced from 50 CR
Vardhman Industrial Steel Pvt Ltd     LT Bk Fac          CARE B+        120     Reaffirmed
Violet Green Power Pvt Ltd            LT Bk Fac          CARE BBB (SO)  606.1   Reaffirmed
                                      (Proposed)
enhanced from 50 CR
Writers And Publishers Pvt. Ltd.      LT Bk Fac          --                     Withdrawn

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