February 28, 2017 / 4:45 AM / in 10 months

CARE ratings for Indian debt instruments-Feb 28

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

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aathava Garments India Pvt Ltd        ST Bk Fac          CARE A3        80      Reaffirmed
Amman-Try Sponge And Power Pvt Ltd    ST Bk Fac          CARE A3        150     Reaffirmed
Bapalal Keshavlal                     ST Bk Fac          CARE A3        100     Reaffirmed
Bindlas Duplex Ltd                    ST Bk Fac          CARE A3        102.5   Reaffirmed

Cherryhill Interiors Ltd              ST Bk Fac          CARE A1+       200     Reaffirmed
J.M.L. Marketings (P) Ltd             ST Bk Fac          CARE A3        50      Revised from
                                                                                CARE A3+
Kohinoor Foods Ltd                    ST Bk Fac          CARE A3        7473    Reaffirmed
(enhanced from 655.25 CR)
Mahalaxmi Rubtech Ltd                 ST Bk Fac          CARE A2        35      Reaffirmed
(enhanced from Rs.3.00 crore)
Mm Forgings Ltd                       ST Bk Fac          CARE A1+       100     Reaffirmed
Murlidhar Ratanlal Exports Ltd        ST Bk Fac          CARE A4+       493.5   Reaffirmed
Neptune Industries Ltd                ST Bk Fac          CARE A4        51.8    Reaffirmed
Progressive Exim Ltd                  ST Bk Fac          CARE A4+       100     ISSUER NOT
                                                                                COOPERATING
Shri Dhanalakshmi Spinntex Pvt Ltd    ST Bk Fac          CARE A4+       125     Reaffirmed
Sri Jagannatha Spinners Pvt Ltd       ST Bk Fac          CARE A3        56      Reaffirmed
(enhanced from 5.2 CR)
Subh Laxmi Syntex Ltd                 ST Bk Fac          CARE A4        6       Reaffirmed
Sunshine Glass Company Pvt Ltd        ST Bk Fac          CARE A3        53.8    Reaffirmed
Sunshine Tiles Company Pvt Ltd        ST Bk Fac          CARE A2+       239.5   Reaffirmed
(enhanced from 14.45 CR)
Tenormac Enterprises Pvt Ltd          ST Bk Fac          -              -       WIThdrawn
Tyre Technocrats (India) Pvt Ltd      ST Bk Fac          CARE A4        35      Reaffirmed
Vsp Udyog Pvt Ltd                     ST Bk Fac          CARE D         290     Revised from
                                                                                CARE A4+

MEDIUM TERM RATINGS:
-------------------

Unique Estate Development Company Ltd FD                 CARE AA- (FD)  370     Reaffirmed


LONG TERM RATINGS:
-------------------
Aathava Garments India Pvt Ltd        LT Bk Fac          CARE BBB-      50      Reaffirmed
(reduced from 5.15 CR)
Amman-Try Sponge And Power Pvt Ltd    LT Bk Fac          CARE BBB-      50      Reaffirmed
Ananda Offset Pvt Ltd                 LT Bk Fac          CARE A-        107.5   Reaffirmed
(reduced from 13.53 CR)
Ansal Properties And Infrastructure   LT Bk Fac          CARE D         725     Revised from
Ltd                                                                                CARE B
Ardent Properties Pvt Ltd             LT Bk Fac          CARE AA        2000    Reaffirmed
(Enhanced from 150 CR)
As Nutra Tech Pvt Ltd                 LT Bk Fac          CARE D         134     Revised from
                                                                                CARE B
Azure Power Makemake Pvt Ltd          LT Bk Fac          CARE BBB+      1600    Assigned
Bharat Power Inc                      LT Bk Fac          CARE BB+       33.2    Reaffirmed
Bindlas Duplex Ltd                    LT Bk Fac          CARE BBB-      262     Reaffirmed
(Reduced from 30.41 CR)
Charms India Pvt Ltd                  LT Bk Fac          CARE BB-       790     Reaffirmed
Cherryhill Interiors Ltd              LT Bk Fac          CARE A+        100     Reaffirmed
Cherryhill Interiors Ltd              LT/ST Bk Fac       CARE A+ /      350     Reaffirmed
                                                         CARE A1+
Dbl Nadiad Modasa Tollways Ltd        LT Bk Fac          CARE A         1400    Assigned
E-Homes Infrastructure Pvt Ltd        NCD                CARE BB        2010    Assigned
E-Homes Infrastructure Pvt Ltd        LT Bk Fac          CARE BB-       1500    Reaffirmed
Ferani Hotels Pvt. Ltd.               LT Bk Fac (FB) - CC-              -       WIThdrawn
Ferani Hotels Pvt. Ltd.               LT Bk Fac (FB)     CARE BBB+      1412.5  Reaffirmed
(reduced from 212.94 CR)
Glen Appliances Pvt Ltd               LT Bk Fac          CARE A-        158     Reaffirmed
(reduced from 20 CR)
Glen Appliances Pvt Ltd               LT/ST Bk Fac       CARE A- /      91      Reaffirmed
                                                         CARE A2+
(enhanced from 5 CR)
Greenko Solar Energy Pvt Ltd          Proposed           CARE A+(SO)    4500    Assigned
                                      NonConvertible
                                      Debenture issue ^
^proposed to be backed by unconditional and irrevocable corporate guarantee of Greenko Energies
Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ )
Hamilton Land Developers Pvt Ltd      LT Bk Fac          CARE BB-       200     Assigned
Hi-Trac Manpower Services Pvt Ltd     LT Bk Fac          CARE B+        172.5   Assigned
Internex Poly Pvt Ltd                 LT Bk Fac          CARE BB-       65.3    Reaffirmed
J.M.L. Marketings (P) Ltd             LT Bk Fac          CARE BBB-      349     Revised from
                                                                                CARE BBB
Kohinoor Foods Ltd                    LT Bk Fac          CARE BBB-      1995    Reaffirmed
(reduced from 209.67 CR)
Mahalaxmi Rubtech Ltd                 LT Bk Fac          CARE BBB+      147.7   Reaffirmed
Mahalaxmi Rubtech Ltd                 LT/ST Bk Fac       CARE BBB+      124.5   Reaffirmed
                                                         /CARE A2
(enhanced from Rs.9.55 crore)
Mm Forgings Ltd                       LT Bk Fac          CARE A+        327.3   Reaffirmed
(reduced from 40.51 CR)
Mm Forgings Ltd                       LT/ST Bk Fac       CARE A+ /      1120    Reaffirmed
                                                         CARE A1+
Murlidhar Ratanlal Exports Ltd        LT Bk Fac          CARE BB+       648     Reaffirmed
Murlidhar Ratanlal Exports Ltd        LT/ST Bk Fac       CARE BB+ /     175     Reaffirmed
                                                         CARE A4+
National Plastics                     LT Bk Fac          CARE B+        63.2    Assigned
Neptune Industries Ltd                LT Bk Fac          CARE B+        127.6   Reaffirmed
Noor India Buildcon Pvt Ltd           LT Bk Fac          CARE B+        70      Revised from
                                                                                CARE B
Premier Cryogenics Ltd                LT Bk Fac          CARE BBB+      350     Reaffirmed
(enhanced from 15 CR)
Progressive Exim Ltd                  LT Bk Fac          CARE BB+       6.6     ISSUER NOT
                                                                                COOPERATING
Progressive Exim Ltd                  LT/ST Bk Fac       CARE BB+ /     245     ISSUER NOT
                                                         CARE A4+               COOPERATING
R. B. Construction                    LT Bk Fac          CARE BBB-      327.5   ISSUER NOT
                                                                                COOPERATING
Rajvi Resorts And Hotels Pvt Ltd      LT Bk Fac          CARE BB+       410     Assigned
Shri Dhanalakshmi Spinntex Pvt Ltd    LT Bk Fac          CARE BB+       962     Reaffirmed
(increased from 63.87 CR)
Spads Red Fields Exim Pvt Ltd         LT Bk Fac          CARE BB        60      Revised from
                                                                                CARE B+
Sri Jagannatha Spinners Pvt Ltd       LT Bk Fac          CARE BBB-      237.7   Reaffirmed
(increased from 19.90 CR)
Subh Laxmi Syntex Ltd                 LT Bk Fac          CARE BB-       106.2   Reaffirmed
(reduced from 12.90 CR)
Subh Laxmi Syntex Ltd                 LT/ST Bk Fac       CARE BB- /     130     Reaffirmed
                                                         CARE A4
Subhash Kabini Power Corporation Ltd  LT Bk Fac          CARE D         537.6   Revised from
                                                                                CARE BB
[Reduced from Rs.63.70 crore]
Sunshine Glass Company Pvt Ltd        LT Bk Fac          CARE BBB-      249.5   Reaffirmed
(enhanced from 18.95 CR)
Sunshine Tiles Company Pvt Ltd        LT Bk Fac          CARE A-        835.5   Reaffirmed
Suprint Sales                         LT Bk Fac          CARE B+        70      Assigned
Survi Projects Pvt Ltd                LT Bk Fac          CARE BBB-      20      Reaffirmed
Survi Projects Pvt Ltd                LT/ST Bk Fac       CARE BBB-      220     Reaffirmed
                                                         /CARE A3
The India Cements Ltd                 Proposed Non-      CARE A-        1500    Assigned
                                      Convertible
                                      Debenture
The Kandivali Education Society       LT Bk Fac          CARE BB+       187.2   Reaffirmed
Tyre Technocrats (India) Pvt Ltd      LT Bk Fac          CARE BB+       220.2   Revised from
                                                                                CARE BB
Unique Estate Development Company Ltd LT Bk Fac (FB)     CARE AA-       4560    Reaffirmed
Vsp Udyog Pvt Ltd                     LT Bk Fac          CARE D         2003.1  Revised from
                                                                                CARE BB+
--------------------------------------------------------------------------------------------
$: 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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