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CARE ratings for Indian debt instruments-Mar 17
March 17, 2017 / 6:28 AM / 9 months ago

CARE ratings for Indian debt instruments-Mar 17

    Mar 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 16, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A & A Modular Systems                 ST Bk Fac          CARE A4        10      Issuer not
                                                                                cooperating
Accord Communications Ltd             ST Bk Fac          CARE D         20      Revised from
                                                                                CARE A4
Abhishek Millennium Contracts Pvt Ltd ST Bk Fac          CARE A4+       120     Assigned
Aquatech Infra Projects Pvt Ltd       ST Bk Fac (BG)     CARE A4        90      Issuer not
                                                                                cooperating
Aquatech Solutions Pvt Ltd            ST Bk Fac          CARE A4        100     Issuer not
                                                                                cooperating
Avaneetha Textiles Pvt Ltd            ST Bk Fac          CARE A3        55.4    Reaffirmed
Bravo Agencies Pvt Ltd                ST Bk Fac          CARE D         75      Revised from
                                                                                CARE A4
Cipla Ltd                             ST Bk Fac (FB)     CARE A1+       31920   Reaffirmed
Cipla Ltd                             ST Bk Fac (Non-FB) CARE A1+       584.1   Reaffirmed
C.I. Automotors Pvt Ltd               ST Bk Fac          -              -       Withdrawn#
# the company has surrendered the aforementioned bank facilities and there is no outstanding
against the said bankfacilities. Taking cognizance of the fact CARE has withdrawn the rating
assigned to the short term bank facilities
Fairy Food Products Pvt Ltd           ST Bk Fac          CARE A4        410     Issuer not
                                                                                cooperating
Gare Brothers                         ST Bk Fac          CARE A4        15      Issuer not
                                                                                cooperating
Goel Scientific Glass Works Ltd       ST Bk Fac          CARE A4        25      Reaffirmed
Grv Spintex Pvt Ltd                   ST Bk Fac          CARE A4        38      Reaffirmed
Interjewel Pvt Ltd                    ST Bk Fac (Non-FB) CARE A3+       16      Reaffirmed
International Leather Goods           ST Bk Fac          CARE A4        10      Withdrawn
Jsw Structural Metal Decking Ltd      ST Bk Fac          CARE A3        110     Assigned
K. G. Ispat Pvt Ltd                   ST Bk Fac          CARE A4        12.5    Issuer not
                                                                                cooperating
Kargwal Enterprises Pvt Ltd           ST Bk Fac          CARE A4        120     Reaffirmed
Karshanbhai Gangaram Parmar           ST Bk Fac          CARE A4        150     Assigned
Kpc Flexi Tube                        ST Bk Fac          CARE A4        120     Issuer not
                                                                                cooperating
Lansh Engineering Pvt Ltd             ST Bk Fac          CARE A4        45      Issuer not
                                                                                cooperating
Lyophilization Systems India Pvt Ltd  ST Bk Fac          CARE A4+       40      Reaffirmed
Mayor & Company                       ST Bk Fac          CARE A4        112     Issuer not
                                                                                cooperating
Nagarjuna Agrichem Ltd                ST Bk Fac          CARE A3+       1130    Reaffirmed
(enhanced from 90.00)
Navbharat Explosives Company Ltd.     ST Bk Fac          CARE A4        75      Issuer not
                                                                                cooperating
Nortech Power Projects Pvt. Ltd.      ST Bk Fac          CARE A4        100     ISsuer not
                                                                                cooperating
Prayan Ispat And Steel Pvt Ltd        ST Bk Fac          CARE D         15      Revised from
                                                                                CARE A4
Saify Interiors                       ST Bk Fac          CARE A4        55      Issuer not
                                                                                cooperating
Salient Ceramic                       ST Bk Fac          CARE A4        16.5    Reaffirmed
Shaarc Projects Ltd                   ST Bk Fac          CARE A4+       65      Assigned
Shree Ganesh Industries               ST Bk Fac          CARE A4        30      Assigned
Shubham Tex-O-Pack Pvt Ltd            ST Bk Fac          CARE A4        10      Reaffirmed
Skg Timbers Pvt Ltd                   ST Bk Fac          CARE A4        230     Assigned
Sterling Cast And Forge               ST Bk Fac          CARE A4        20      Issuer not
                                                                                cooperating
Strata Geosystems India Pvt Ltd       ST Bk Fac          CARE A2+       130     Reaffirmed
Sud Pines Pvt Ltd                     ST Bk Fac          CARE A4        13.8    Issuer not
                                                                                cooperating
Tag Offshore Ltd                      ST Bk Fac          CARE A3+       400     Revised from
                                                                                CARE A2+
Technithon Technologies Pvt Ltd       ST Bk Fac          CARE A4        50      Issuer not
                                                                                cooperating
Texspin Bearings Ltd                  ST Bk Fac          CARE A2        50      Reaffirmed
(reduced from Rs.10.00 crore)
V. K. Udyog Ltd                       ST Bk Fac          CARE A4        325     Reaffirmed
(reduced from 84.00)

LONG TERM RATINGS:
-------------------
A & A Modular Systems                 LT Bk Fac          CARE B+        75      Issuer not
                                                                                cooperating
Accord Communications Ltd             LT Bk Fac          CARE D         52.4    Revised from
                                                                                CARE B-
Adwetha Cement Holdings Ltd           Proposed LT        -              -       Withdrawn
                                      Instruments- NCD#
# CARE has withdrawn the rating assigned to the proposed NCD issue (Rs.225 crore) of Adwetha
Cement Holdings Limited with immediate effect, as the company has not placed the aforementioned
NCDs and there is no amount outstanding under the issue as on date.
Adwetha Cement Holdings Ltd           LT Instruments-    CARE AA- (SO)  750     Reaffirmed
                                      NCD@
@ backed by unconditional and irrevocable corporate guarantee provided by Dalmia Bharat Limited
(DBL, rated ‘CARE AA- /CARE A1+’) and a structured payment mechanism
Aquatech Infra Projects Pvt Ltd       LT Bk Fac (CC      CARE BB        10      Issuer not
                                                                                cooperating
Aquatech Solutions Pvt Ltd            LT Bk Fac          CARE BB        400     Issuer not
                                                                                cooperating
Avaneetha Textiles Pvt Ltd            LT Bk Fac          CARE BBB-      111.4   Reaffirmed
Avaneetha Textiles Pvt Ltd            Long/ST Bk Fac     CARE BBB-      650     Reaffirmed
                                                         /CARE A3
Bholaram Education Society            LT Bk Fac          CARE BB        75      Revised from
                                                                                CARE BB-
Bravo Agencies Pvt Ltd                LT Bk Fac          CARE D         75      Revised from
                                                                                CARE BB-
C.I. Automotors Pvt Ltd               LT Bk Fac          CARE B+        175     Reaffirmed
C.I. Finlease Ltd                     LT Bk Fac          CARE BB-       300     Reaffirmed
(enhanced from Rs.8.00 crore)
Cipla Ltd                             LT Bk Fac (FB)     -              -       Withdrawn
Colors Sulzer Pvt Ltd                 LT Bk Fac          CARE BB        199.9   Assigned
Dalmia Bharat Ltd                     LT Bk Fac          -              -       Withdrawn*
* CARE has withdrawn the rating assigned to the Bank facilities (Term Loan of Rs. 75 crore) of
Dalmia Bharat Limited withimmediate effect, as the company has repaid the aforementioned term
loan in full and there is no amount outstanding under the said loan as on date.
Dalmia Bharat Ltd                     LT/ST Bk Fac       CARE AA- /CARE 300     Reaffirmed
                                                         A1+
Fairy Food Products Pvt Ltd           LT Bk Fac          CARE B         79.7    Issuer not
                                                                                cooperating
Gare Brothers                         LT Bk Fac          CARE B-        50      Issuer not
                                                                                cooperating
Ginni Refractories Pvt Ltd            LT Bk Fac          CARE BB        80      Reaffirmed
Goel Scientific Glass Works Ltd       LT Bk Fac          CARE BB-       38      Reaffirmed
Grv Spintex Pvt Ltd                   LT Bk Fac          CARE BB        516.1   Reaffirmed
Ind – Barath Thermotek Pvt Ltd        Non – Convertible  CARE D         6990    Revised from
                                      Debenture issue –                         CARE B+
                                      Series I
Ind – Barath Thermotek Pvt Ltd        Non – Convertible  CARE D         800     Revised from
                                      Debenture issue –                         CARE B+
                                      Series II
Indian Grameen Services               LT Bk Facility -   -              -       Withdrawn
                                      Proposed
Interjewel Designs                    Long/ST Bk Fac (FB)CARE BB+ /CARE 360     Reaffirmed
                                                         A4+
Interjewel Designs                    Long/ST Bk Fac-    CARE BB+ /CARE 5       Reaffirmed
                                      Non-Fund Based     A4+
Interjewel Pvt Ltd                    LT Bk Fac (FB)     CARE BBB       2100    Reaffirmed
International Leather Goods           LT Bk Fac          CARE BB        140     Withdrawn
Jagrati Trade Services Pvt Ltd        LT/ ST Bk Fac      CARE B+ /CARE  5       Assigned
                                                         A4
Jamu Automobiles Pvt Ltd              LT Bk Fac          CARE BB        90      Reaffirmed
Jsw Energy                            Proposed LT        CARE AA-       5000    Assigned
                                      NonConvertible
                                      Debenture
Jsw Structural Metal Decking Ltd      LT Bk Fac          CARE BBB-      50      Assigned
Jyotindra Prasad Singh                LT Bk Fac          CARE BB        60      Issuer not
                                                                                cooperating
K. G. Ispat Pvt Ltd                   LT Bk Fac          CARE B         40      Issuer not
                                                                                cooperating
Kargwal Enterprises Pvt Ltd           LT Bk Fac          CARE BB        201.7   Reaffirmed
Karshanbhai Gangaram Parmar           LT Bk Fac          CARE BB-       30      Assigned
Katihar Medical College               LT Bk Fac          CARE BBB+      75.5    Reaffirmed
(reduced from 10.55)
Kpc Flexi Tube                        LT Bk Fac          CARE B+        22      Issuer not
                                                                                cooperating
Lansh Engineering Pvt Ltd             LT Bk Fac          CARE BB        50      Issuer not
                                                                                cooperating
Leela Tradelink Pvt Ltd               LT Bk Fac          CARE BB        202.5   Reaffirmed
Lyophilization Systems India Pvt Ltd  LT Bk Fac          CARE BB+       25      Reaffirmed
Mentor Home Loans India Ltd.          LT Bk Fac          CARE BBB-      1363.8  Reaffirmed
(enhanced from 92)
Millenium Marbles Pvt Ltd             LT Bk Fac          CARE BB        52.3    Reaffirmed
Millenium Marbles Pvt Ltd             LT/ST Bk Fac       CARE BB /CARE  50      Reaffirmed
                                                         A4
Mkj Tradex Ltd                        LT Bk Fac          CARE BBB       750     Reaffirmed
Motoden Automotive Pvt Ltd            LT Bk Fac          CARE B         150     Assigned
Nagarjuna Agrichem Ltd                LT Bk Fac          CARE BBB+      2277.8  Reaffirmed
(enhanced from 140.78)
National Exports Corporation          LT Bk Fac / ST Bk  CARE BB /CARE  75      Reaffirmed
                                      Fac                A4+
Navbharat Explosives Company Ltd.     LT Bk Fac          CARE B+        85      Issuer not
                                                                                cooperating
Nortech Power Projects Pvt. Ltd.      LT Bk Fac          CARE C         20      ISsuer not
                                                                                cooperating
Oasis Tradelink Ltd                   LT/ ST Bk Fac      CARE BBB-      180     Revised from
                                                         /CARE A3               CARE BB+ /
                                                                                CARE A4+
Pee Kay Shuttering House              LT Bk Fac          CARE B+        134.8   Issuer not
                                                                                cooperating
Prayan Ispat And Steel Pvt Ltd        LT Bk Fac          CARE D         50.9    Revised from
                                                                                CARE B+
Protech Feed Pvt Ltd                  LT Bk Fac          CARE BB-       93.5    Assigned
Pune Buildtech Pvt Ltd                LT Bk Fac (FB)     CARE D         2860    Reaffirmed
Ram Nath Memorial Trust Society       LT Bk Fac          CARE D         201.5   Revised from
                                                                                CARE BB-
Richu Mal Bishan Sarup                LT Bk Fac          CARE B+        50      Issuer not
                                                                                cooperating
Safal Realty Pvt Ltd                  Issuer Rating      -              -       Withdrawn
Salasar Balaji Industries             LT Bk Fac          CARE BB        150     Issuer not
                                                                                cooperating
Salient Ceramic                       LT Bk Fac          CARE B+        73.2    Revised from
                                                                                CARE B
Santoshi Rice And General Mills       LT Bk Fac          CARE B+        58      Issuer not
                                                                                cooperating
Saraswati Trading Co.                 LT Bk Fac          CARE B+        45      Issuer not
                                                                                cooperating
Saraswati Trading Co.                 Long/ST Bk Fac     CARE B+ /CARE  15      Issuer not
                                                         A4                     cooperating
Satish Agro Industries                LT Bk Fac          CARE BB-       60      Assigned
Shaarc Projects Ltd                   LT Bk Fac          CARE BB+       10      Assigned
Shaarc Projects Ltd                   LT/ST Bk Fac       CARE BB+       25      Assigned
                                                         /CARE A4+
Shah Group Builders Ltd               LT Bk Fac          CARE D         1350    Revised from
                                                                                BB
Shree Ganesh Industries               LT Bk Fac          CARE B+        87.8    Assigned
Shree Mandvi Vibhag Sahakari Khand    LT Bk Fac          CARE D         539.1   Issuer not
Udyog Mandli Ltd                                                                cooperating
Shri Krishnashray (India) Pvt Ltd     LT Bk Fac          CARE B+        128     Assigned
Shubham Tex-O-Pack Pvt Ltd            LT Bk Fac          CARE BB-       82.6    Reaffirmed
Sk Overseas                           LT Bk Fac          CARE B+        60      Issuer not
                                                                                cooperating
Skg Timbers Pvt Ltd                   LT Bk Fac          CARE BB-       30      Assigned
Srinivasa Educational Academy         LT Bk Fac          CARE D         372     Revised from
                                                                                CARE BB
Sterling Cast And Forge               LT Bk Fac          CARE B+        33.5    Issuer not
                                                                                cooperating
Strata Geosystems India Pvt Ltd       LT Bk Fac          CARE A-        133.7   Reaffirmed
Sud Pines Pvt Ltd                     LT Bk Fac          CARE B+        45      Issuer not
                                                                                cooperating
Sukh Sagar Synthetics Pvt Ltd         LT Bk Fac          CARE BB-       90      Reaffirmed
Sulabh Pharmaceuticals Pvt Ltd        LT Bk Fac          CARE BB        110     Assigned
Tag Offshore Ltd                      LT Bk Fac          CARE BBB       9750.8  Revised from
                                                                                CARE A-
Tarang Jewels Pvt Ltd                 LT Bk Fac          CARE B         150     Reaffirmed
Technithon Technologies Pvt Ltd       LT Bk Fac          CARE B         79.9    Issuer not
                                                                                cooperating
Texspin Bearings Ltd                  LT Bk Fac          CARE BBB+      1054.4  Reaffirmed
(enhanced from Rs.98.45 crore)
V. K. Udyog Ltd                       LT Bk Fac          CARE BB        105     Reaffirmed
(reduced from 13.24)
Vasavi Solar Power Pvt Ltd            LT Bk Fac (TL- I)  CARE BB        260     Assigned
Vasavi Solar Power Pvt Ltd            LT Bk Fac (TL-II)  CARE D         140.6   Assigned
White Pearls Hotels And Investments PvLT Bk Fac          CARE B+        150     Reaffirmed
Ltd
Wisemore Advisory Pvt Ltd             Proposed NCD #     ProvCARE BB    2860    Assigned
                                                         (SO)
# Credit enhancement in the form of proposed pledge of unencumbered shares of Renew Power
Ventures Private Limited (RPVPL)
Woodlands Housing Pvt Ltd             LT Bk Fac          CARE BB-       150     Assigned
-------------------------------------------------------------------------------------------
$: 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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