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CARE ratings for Indian debt instruments-Mar 16
March 16, 2017 / 5:46 AM / 8 months ago

CARE ratings for Indian debt instruments-Mar 16

    Mar 16 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 15, 2017.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abilities India Pistons And Rings Ltd ST Bk Fac          CARE A4        95.5    Revised from
                                                                                CARE A3
Amcl Machinery Ltd.                   ST Bk Fac          CARE A4(SO)    120     Reaffirmed
Associated Colours Industries Pvt Ltd ST Bk Fac          CARE A4        140.5   Reaffirmed

Cosmic Ferro Alloys Ltd               ST Bk Fac          CARE A4        1220.5  Issuer not
                                                                                cooperating
Dhruv Industries Ltd                  ST Bk Fac          CARE A4+       305     Reaffirmed
Emmbi Industries Ltd                  ST Bk Fac          CARE A3+       210     Reaffirmed
(enhanced from Rs.1 crore)
Excel Enterprise                      ST Bk Fac          CARE A4        115     Issuer not
                                                                                cooperating
Faze Three Ltd                        ST Bk Fac          CARE A4        125     Reaffirmed
Gurvinder Singh                       ST Bk Fac          CARE A4        43      Issuer not
                                                                                cooperating
Haldia Energy Ltd                     ST Bk Fac          CARE A1+       2000    Revised from
                                                                                CARE A1
Haldia Energy Ltd                     CP (CP) Issue*     CARE A1+       3000    Revised from
                                                                                CARE A1
*HEL maintains that the aggregate outstanding under CP and cash credit shall be within the
sanctioned fund based limit Details of facilities in Annexure-1.
Hayath Foods                          ST Bk Fac          CARE A4        240     Issuer not
                                                                                cooperating
Indus Projects Pvt Ltd                ST Bk Fac          CARE A4+       240     Reaffirmed
International Trade Links Pvt Ltd     ST Bk Fac          CARE A4        39      Reaffirmed
(enhanced from 0.30 CR)
Joginder Singh                        ST Bk Fac          CARE A4        40      Issuer not
                                                                                cooperating
K. D. Iron & Steel Company            ST Bk Fac          CARE A3        20      Issuer not
                                                                                cooperating
Karan Kothari Jewellers Pvt Ltd       ST Bk Fac          CARE A4        50      Reaffirmed
Krupalu Rice Industries Pvt. Ltd.     ST Bk Fac          CARE A4        10      Issuer not
                                                                                cooperating
Kyb-Conmat Pvt Ltd                    ST Bk Fac          CARE A3+       50      Revised from
                                                                                CARE A3
Mahesh Developers Pvt Ltd             ST Bk Fac          CARE A4        50      Issuer not
                                                                                cooperating
Marshal Manufacturing And Exports     ST Bk Fac          CARE A4        45      Assigned
Medikon India                         ST Bk Fac          CARE A4        10      Assigned
Mg Tex Fab Pvt Ltd                    ST Bk Fac          CARE A4        1.6     Reaffirmed
Paragon Polymer Products Pvt Ltd      ST Bk Fac          CARE A2+       430     Revised from
                                                                                CARE A2
Pragat Akshay Urja Ltd                ST Bk Fac          CARE A4        20      Assigned
Preston India Pvt Ltd                 ST Bk Fac          CARE A2+       207     Revised from
                                                                                CARE A2
Star Delta Transformers Ltd           ST Bk Fac          -              -       Withdrawn
Shyamjoti Rice Mill Pvt Ltd           ST Bk Fac          CARE A4        14      Reaffirmed
(Enhanced from 0.70 CR)
Sree Sree Rakhahari Cold Storage Pvt  ST Bk Fac          CARE A4        1.4     Reaffirmed
Ltd
Tata International Ltd                Proposed CP        CARE A1        500     Assigned
The Mobilestore Services Ltd          ST Bk Fac          CARE A4        900     Reaffirmed
Vidyut Controls And Automation Pvt LtdST Bk Fac          CARE A4+       20      Assigned
Vishnu Saran And Company              ST Bk Fac          CARE A4+       80      Issuer not
                                                                                cooperating
MEDIUM TERM RATINGS:
-------------------
Newlink Overseas Finance Ltd          FD                 CARE BBB(FD)   189.6   Reaffirmed
(enhanced from 18.25 CR)

LONG TERM RATINGS:
-------------------
Abilities India Pistons And Rings Ltd LT Bk Fac          CARE BB        35.6    Revised from
                                                                                CARE BBB-
Aerolam Insulations Pvt Ltd           LT Bk Fac          CARE BB-       80.1    Issuer not
                                                                                cooperating
Aerolam Insulations Pvt Ltd           LT/ST Bk Fac       CARE BB- /CARE 60      Issuer not
                                                         A4                     cooperating
Ag8 Ventures Ltd                      LT Bk Fac          CARE B+        1436.5  Revised from
                                                                                CARE BB
Ag8 Ventures Ltd                      LT Bk Fac          CARE B+        67.5    Revised from
                                                                                CARE BB to
                                                                                CARE D and then
upgraded to CARE B+
Agrasen Ispat Pvt. Ltd.               LT Bk Fac          CARE BB+       300     Issuer not
                                                                                cooperating
All Kind Healthcare Unit-Iii          LT Bk Fac          CARE B+        301.5   Assigned
Amcl Machinery Ltd.                   LT Bk Fac          CARE B+(SO)    60      Revised from
                                                                                CARE BB(SO)
Associated Colours Industries Pvt Ltd LT Bk Fac          CARE B         4.9     Revised from
                                                                                CARE BB-
(reduced from 0.51 CR)
Borah Agencies Pvt Ltd                LT Bk Fac          CARE B+        100     Reaffirmed
Capital Enterprises                   LT Bk Fac          CARE D         120     Issuer not
                                                                                cooperating
Chhajed Warehousing                   LT Bk Fac          CARE BB-       65.2    Issuer not
                                                                                cooperating
Cosmic Ferro Alloys Ltd               LT Bk Fac          CARE BB        846.5   Issuer not
                                                                                cooperating
D.P Bansal Commercial Company Pvt Ltd LT Bk Fac          CARE B+        73.5    Issuer not
                                                                                cooperating
Dhruv Industries Ltd                  LT Bk Fac          CARE BB+       97      Reaffirmed
(reduced from 12.05 CR)
Elastrex Polymer Pvt Ltd              LT Bk Fac          CARE A-        45.9    Reaffirmed
(reduced from 6.66 CR)
Elastrex Polymer Pvt Ltd              LT/ST Bk Fac       CARE A- /      750     Revised from
                                                         CARE A2+                    CARE A- /
                                                                                CARE A2
Emmbi Industries Ltd                  LT Bk Fac          CARE BBB+      1018.5  Reaffirmed
(enhanced from Rs.100.98 crore)
Faze Three Ltd                        TL                 -              -       Withdrawn
Faze Three Ltd                        LT Bk Fac          CARE BB        572.5   Revised from
                                                                                CARE C
Garg Steels_(Jalandhar)               LT Bk Fac          CARE B+        110     Reaffirmed
Gurvinder Singh                       LT Bk Fac          CARE B+        20      Issuer not
                                                                                cooperating
Haldia Energy Ltd                     LT Bk Fac          CARE A+        35830   Revised from
                                                                                CARE A
(reduced from 3,646 CR)
Hayath Foods                          LT Bk Fac          CARE B         104.1   Issuer not
                                                                                cooperating
Hexa Ceramic Pvt Ltd                  LT Bk Fac          CARE BB-       90.4    Reaffirmed
(reduced from 9.77 CR)
Hexa Ceramic Pvt Ltd                  LT/ST Bk Fac       CARE BB- /CARE 16      Reaffirmed
                                                         A4
Indus Projects Pvt Ltd                LT Bk Fac          CARE BB+       35      Reaffirmed
Inled Lighting Llp                    LT Bk Fac          CARE B+        60      Assigned
International Trade Links Pvt Ltd     LT Bk Fac          CARE BB-       280     Reaffirmed
(enhanced from 24.55 CR)
Joginder Singh                        LT Bk Fac          CARE B+        20      Issuer not
                                                                                cooperating
K. D. Iron & Steel Company            LT Bk Fac          CARE BBB-      401.1   Issuer not
                                                                                cooperating
K.C. Jammu Automart Pvt Ltd           LT Bk Fac          CARE BB-       120     Issuer not
                                                                                cooperating
Karan Kothari Jewellers Pvt Ltd       LT Bk Fac          CARE BB        680     Reaffirmed
Kas Industries India Pvt Ltd          LT Bk Fac          CARE BBB-      626.4   Reaffirmed
Khivraj Motors Pvt Ltd                LT Bk Fac          CARE A-        530     Reaffirmed
(enhanced from 18 CR)
Krupalu Rice Industries Pvt. Ltd.     LT Bk Fac          CARE BB        67.2    Issuer not
                                                                                cooperating
Kyb-Conmat Pvt Ltd                    LT Bk Fac          CARE BBB       150     Revised from
                                                                                CARE BBB-
Lucky Minerals                        LT Bk Fac          CARE BB+       120     Reaffirmed
(Increased from 8.25 CR)
Lucky Minerals                        LT/ST Bk Fac       CARE BB+ /CARE 17.5    Reaffirmed
                                                         A4+
Mahesh Developers Pvt Ltd             LT Bk Fac          CARE BB        200     Issuer not
                                                                                cooperating
Marshal Manufacturing And Exports     LT Bk Fac          CARE BB        25      Assigned
Mb Sponge And Power Ltd               LT Bk Fac          CARE B+        116     Issuer not
                                                                                cooperating
Medikon India                         LT Bk Fac          CARE BB-       50      Assigned
Mg Tex Fab Pvt Ltd                    LT Bk Fac          CARE BB-       54.2    Reaffirmed
Myco Infra Pvt Ltd                    LT Bk Fac          CARE B         300     Revised from
                                                                                CARE B+
N.R.Ispat & Power Pvt Ltd             LT Bk Fac          CARE BB        586.5   Issuer not
                                                                                cooperating
Navayuga Dichpally Tollway Pvt Ltd    LT Bk Fac          CARE BBB       1631    Reaffirmed
(reduced from 177.87 CR)
Newlink Overseas Finance Ltd          NCD                -              -       Withdrawn
Newlink Overseas Finance Ltd          NCD                CARE BBB-      80      Reaffirmed
(reduced from 9.00 CR)
Newlink Overseas Finance Ltd          NCDs (Proposed)    CARE BBB-      150     Reaffirmed
Newlink Overseas Finance Ltd          FD                 CARE BBB(FD)   189.6   Reaffirmed
(enhanced from 18.25 CR)
Novarc Labs Pvt Ltd                   LT Bk Fac          CARE B         70      Assigned
Opgs Power Gujarat Pvt Ltd            Issuer Rating      CARE BBB-(Is)  #       Assigned
#Total outstanding term loan of Rs. 1,496.40 crore, cash credit limit of Rs.135 crore and short
term debt of Rs.430 crore (as per the details furnished by the company).
P.D. Sekhsaria Trading Co. Pvt. Ltd.  Bk Fac-FB-LT -     CARE BBB-      900     Reaffirmed
                                      Working capital Fac
P.D. Sekhsaria Trading Co. Pvt. Ltd.  LT Bk Fac          CARE BBB-      50      Reaffirmed
Paragon Polymer Products Pvt Ltd      LT Bk Fac          CARE A-        96.5    Reaffirmed
(reduced from 13.88 CR)
Paragon Polymer Products Pvt Ltd      LT/ST Bk Fac       CARE A- /CARE  1310    Revised from
                                                         A2+                    CARE A- /
                                                                                CARE A2
(reduced from 173.12 CR)
Paramount Rice Pvt Ltd                LT Bk Fac          CARE BB-       100     Assigned
Paras Seeds Corporation               LT Bk Fac          CARE B+        100     Issuer not
                                                                                cooperating
Pari Agro Exports                     LT Bk Fac          CARE BB-       130     Reaffirmed
Pl Engineering Ltd                    LT/ST Bk Fac       CARE BB- /CARE 150     Revised from
                                                         A4                     CARE BB /
                                                                                CARE A4
(reduced from 50 CR)
Pluto Real Estate Developers Llp      LT Bk Fac          CARE BBB-      61      Reaffirmed
Pragat Akshay Urja Ltd                LT Bk Fac          CARE B+        60      Assigned
Prakash Stainless Pvt Ltd             LT Bk Fac          CARE BB-       150     Issuer not
                                                                                cooperating
Preston India Pvt Ltd                 LT Bk Fac          CARE A-        85      Reaffirmed
(reduced from 16.42 CR)
Preston India Pvt Ltd                 LT/ST Bk Fac       CARE A- /CARE  450     Revised from
                                                         A2+                    CARE A- /
                                                                                CARE A2
Quadros Motors Pvt Ltd                LT Bk Fac          CARE BB-       62      Reaffirmed
Raj Ispat Udyog                       LT Bk Fac          CARE B+        70      Issuer not
                                                                                cooperating
Raj Steel Industries                  LT Bk Fac          CARE B+        50      Issuer not
                                                                                cooperating
Rane Engine Valve Ltd                 Proposed CP issue  -              -       Withdrawn
Rathi Feeds India Pvt Ltd             LT Bk Fac          CARE B+        150     Assigned
Richa Petro Products Ltd              LT Bk Fac          CARE D         125.8   Issuer not
                                                                                cooperating
Sagardeep Alloys Ltd                  LT Bk Fac          CARE BB        150     Rating placed
                                                                                on Notice of
                                                                                Withdrawal for
90 days
Sanjayuttam Agro Foods Pvt Ltd        LT Bk Fac          CARE B+        169.7   Issuer not
                                                                                cooperating
Shell Inn International Ltd.          LT Bk Fac          -              -       Withdrawn
Shitalpur Mohinder Kalimata Himghar   LT Bk Fac          CARE B         106.4   Issuer not
Pvt Ltd                                                                             cooperating
Shree H.D. Overseas                   LT Bk Fac          CARE B         60      Assigned
Shyamjoti Rice Mill Pvt Ltd           LT Bk Fac          CARE B+        186.5   Reaffirmed
(Enhanced from 9.78 cr)
Smt. Sonpatti Devi Memorial Medical   LT Bk Fac          CARE B+        55      Issuer not
Trust                                                                           cooperating
Spads Red Fields Exim Pvt Ltd         LT Bk Fac          CARE BB        60      Reaffirmed
Sree Sree Rakhahari Cold Storage Pvt  LT Bk Fac          CARE B+        38.5    Reaffirmed
Ltd
Star Delta Transformers Ltd           LT Bk Fac          -              -       Withdrawn
Star Delta Transformers Ltd           LT/ST Bk Fac       -              -       Withdrawn
Sukh Sagar Industries                 LT Bk Fac          CARE B+        51      Reaffirmed
(reduced from 5.15 CR)
Tajshree Autowheels Pvt Ltd           LT Bk Fac          CARE BB-       87.5    Reaffirmed
Tajshree Motors Pvt Ltd               LT Bk Fac          CARE BB-       50      Reaffirmed
Tata International Ltd                Proposed NCDs      CARE A+        12000   Assigned
Tata Motors Ltd                       NCD                -              -       Withdrawn
Tata Motors Ltd                       LT Bk Fac          CARE AA+       18500   Reaffirmed
Tata Motors Ltd                       NCD                CARE AA+       5000    Assigned
Tata Motors Ltd                       NCD                CARE AA+       63500   Reaffirmed
The Mobilestore Services Ltd          LT Bk Fac          CARE B+        706.6   Reaffirmed
Tikaula Sugar Mills Ltd               LT Bk Fac          CARE BBB       874.8   Revised from
                                                                                CARE BB+
(reduced from 89.75 CR)
Vidarbha Institute Of Medical SciencesLT Bk Fac          CARE B+        120     Assigned
Pvt Ltd
Vidyut Controls And Automation Pvt LtdLT Bk Fac          CARE BB+       60      Assigned
Vishnu Saran And Company              LT Bk Fac          CARE BB+       50      Issuer not
                                                                                cooperating
Vishwa (Dwarka - Okha) Road Links Pvt LT Bk Fac          CARE BB+       800     Reaffirmed
Ltd
Vivek Agrotech Pvt Ltd                LT Bk Fac          CARE B+        99.5    Issuer not
                                                                                cooperating
West Bengal Infrastructure DevelopmentC. Bond Series IB  -              -       Withdrawn
Finance Corporation Ltd               (AA, AB,
                                      AC/2005-06)
West Bengal Infrastructure DevelopmentB. Bond Series IB  CARE A-(SO)    10000   Reaffirmed
Finance Corporation Ltd               (AG, AH, AI/2009-
                                      10)@
@ The above ratings are based on credit enhancement in the form of unconditional and irrevocable
guarantee of the Government of West Bengal (GoWB) for repayment of principal and payment of
interest in respect of the bonds. Furthermore, the ratings derive comfort from a Structured
Payment Mechanism (SPM) involving lien of G-Sec, SDL, AAA rated PSU Bonds and recurring/term
deposits in favour of Trustee for redemption of the bonds.
West Bengal Infrastructure DevelopmentA. Bond Series IB  CARE AA(SO)    10000   Revised from
Finance Corporation Ltd               (AD, AE, AF/2007-                         CARE AA- (SO)
                                      08)@
@ The above ratings are based on credit enhancement in the form of unconditional and irrevocable
guarantee of the Government of West Bengal (GoWB) for repayment of principal and payment of
interest in respect of the bonds. Furthermore, the ratings derive comfort from a Structured
Payment Mechanism (SPM) involving lien of G-Sec, SDL, AAA rated PSU Bonds and recurring/term
deposits in favour of Trustee for redemption of the bonds.
Win Enterprise                        LT Bk Fac          CARE B+        99.5    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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