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CARE ratings for Indian debt instruments-Apr 13
April 13, 2017 / 6:32 AM / 7 months ago

CARE ratings for Indian debt instruments-Apr 13

    Apr 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 12, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.S. Betgeri                          ST Bk Fac          CARE A4        44.8    Assigned
Adico Forge Pvt Ltd                   ST Bk Fac*         CARE A4        30      Reaffirmed
* backed by unconditional and irrevocable corporate guarantee provided by Amul Industries
Private Limited (AIPL; rated ‘CARE BB-; Stable/CARE A4)
B. R. Goyal Infrastructure Pvt Ltd    ST Bk Fac          CARE A3        42.8    Reaffirmed
Balmukund Sponge & Iron Pvt Ltd       ST Bk Fac          CARE A3        407.4   Reaffirmed

Bla Udyog Pvt Limite                  ST Bk Fac          CARE A4        40      Assigned
Bmi Wholesale Trading Pvt Ltd         ST Bk Fac          CARE A4+       40      Reaffirmed
Dakshin Gujarat Vij Co. Ltd           ST Bk Fac          CARE A1+       300     Reaffirmed
De Converter India Pvt Ltd            ST Bk Fac          CARE A4        1.2     Reaffirmed
Eco Polyfibres Pvt Ltd                ST Bk Fac          CARE D         75      Issuer not
                                                                                cooperating;
                                                                                Revised from
CARE A4
Fiotex Cotspin Pvt Ltd                ST Bk Fac          CARE A4        109     Reaffirmed
Geetanjali University                 ST Bk Fac          CARE A3        50      Issuer not
                                                                                cooperating
Gujarat Energy Transmission CorporatioST Bk Fac          CARE A1+       8330    Reaffirmed
Ltd
Gujarat Urja Vikas Nigam Ltd          ST Bk Fac          CARE A1+       30199.5 Reaffirmed
Havells India Ltd                     ST Bk Fac          CARE A1+       4099    Reaffirmed
Healthfore Technologies Ltd           ST Bk Facility     CARE A2(SO)*** 71      Revised from
                                                                                CARE A1+
***backed by unconditional and irrevocable Corporate Guarantee of RHC Holding Pvt Ltd
Hema Engineering Industries Ltd       ST Bk Fac          CARE A3        625     Reaffirmed
Jain Grani Marmo Pvt Ltd              ST Bk Fac          CARE A4        10      Reaffirmed
Kannu Aditya India Ltd                ST Bk Fac          CARE D         750     Issuer not
                                                                                cooperating
Ligare Aviation Ltd                   ST Bk Fac          CARE A4        50      Revised from
                                                                                CARE A3
Manaksia Industries Ltd               ST Bk Fac          CARE A2+       285     Revised from
                                                                                CARE A2+
Marsons Energy Pvt Ltd                ST Bk Fac          CARE A4+       145     Issuer not
                                                                                cooperating
Metroglobal Ltd.                      ST Bk Fac          CARE A2+       400     Reaffirmed
Narsingh Construction                 ST Bk Fac          CARE A4        40      Revised from
                                                                                CARE A4
Navin Housing And Properties Pvt Ltd  ST Bk Fac          CARE A3        50      Revised from
                                                                                CARE A3+
Opgs Power Gujarat Pvt Ltd            ST Bk Fac          CARE A2+       -       Reaffirmed
^ backed by Letter of Comfort (LoC) from OPG Power Ventures Plc (Rated CARE A; Stable)
Rajshree Polypack Pvt Ltd             ST Bk Fac          CARE A3+       54      Revised from
                                                                                CARE A3
Rishabh Constructions Pvt Ltd         ST Bk Fac          CARE A4        25      Reaffirmed
Rockdrill Projects Pvt Ltd            ST Bk Fac          CARE A4        320     Reaffirmed
Sanghi Brothers (Indore) Pvt Ltd      ST Bk Fac          CARE A4+       190     Reaffirmed
Shrijee Lifestyle Pvt Ltd             ST Bk Fac          CARE A3+       250     Reaffirmed
Terapanth Foods Ltd                   ST Bk Fac          CARE A4+       60      Revised from
                                                                                CARE A4
Uttar Gujarat Vij Co. Ltd             ST Bk Fac          CARE A1+       935     Reaffirmed
Value Line Trade (P) Ltd              ST Bk Fac          CARE A4        46.5    Assigned
Vks Gormi Udotgarh Corridor Pvt Ltd   ST Bk Fac*         CARE BB+ /CARE 17.6    Issuer not
                                                         A4+                    cooperating,
                                                                                Revised CARE 
                                                                                BBB-(SO) /CARE 
                                                                                A3(SO)
  *Backed by unconditional and irrevocable corporate guarantee extended by Vinod Kumar Shukla
Construction Private Limited


MEDIUM TERM RATINGS:
-------------------
Akme Fintrade (India) Ltd.            Medium term        CARE BBB- (FD) 30      Assigned
                                      Instrument (Fixed
                                      Deposit)




LONG TERM RATINGS:
-------------------
A.S. Betgeri                          LT Bk Fac          CARE BB-       30      Assigned
Adico Forge Pvt Ltd                   LT Bk Fac          -              -       Withdrawn
Akme Fintrade (India) Ltd.            LT Bk Fac          CARE BBB-      590     Reaffirmed
Amul Auto Components Pvt Ltd          LT Bk Fac          CARE BBB-      47      Reaffirmed
Aswini Apartments                     LT Bk Fac          CARE BBB-      50      Revised from
                                                                                CARE BBB
B. R. Goyal Infrastructure Pvt Ltd    LT Bk Fac          CARE BBB       316.1   Reaffirmed
B. R. Goyal Infrastructure Pvt Ltd    LT/ST Bk Fac       CARE BBB       1220    Reaffirmed
                                                         /CARE A3
Balaji Alliance Developers Llp        LT Bk Fac          CARE B+        100     Reaffirmed
Balmukund Sponge & Iron Pvt Ltd       LT Bk Fac          CARE BBB-      515     Reaffirmed
Bla Udyog Pvt Limite                  LT Bk Fac          CARE B+        100     Assigned
Bmi Wholesale Trading Pvt Ltd         LT Bk Fac          CARE BB+       210     Reaffirmed
Byreddy Vishnuvardhan Reddy           LT Bk Fac          CARE B+        65      Reaffirmed
Dakshin Gujarat Vij Co. Ltd           LT Bk Fac          CARE AA-       5853.7  Revised from
                                                                                CARE A+
Dakshin Gujarat Vij Co. Ltd           Long /ST Bk Fac    CARE AA- / A1+ 605     Revised from
                                                                                CARE A+ / A1+
De Converter India Pvt Ltd            LT Bk Fac          CARE BB        61.6    Reaffirmed
Dhansar Engineering Company Pvt Ltd   LT Bk Fac          CARE BBB+      2355.9  Revised from
                                                                                CARE BBB
Dnk Roshans Departmental Stores Pvt LtLT Bk Fac          CARE BB-       200     Revised from
                                                                                CARE B+
Eco Polyfibres Pvt Ltd                LT Bk Fac          CARE D         75      Issuer not
                                                                                cooperating
                                                                                Revised from
CARE BB-
Eden Renewable Ranji Pvt Ltd          LT Bk Fac          CARE A-        179.4   Revised from
                                                                                CARE BBB+
Eden Solar Energy Gurgaon Pvt Ltd     LT Bk Fac          CARE A-        174.8   Revised from
                                                                                CARE BBB+
Eden Solar Rajdhani Pvt Ltd           LT Bk Fac          CARE A-        162     Revised from
                                                                                CARE BBB+
Enexio Power Cooling Solutions India  LT Bk Fac          CARE BBB+      12      Reaffirmed
Pvt Ltd
Enexio Power Cooling Solutions India  LT/ST Bk Fac       CARE BBB+ / A2+700     Reaffirmed
Pvt Ltd
Fiotex Cotspin Pvt Ltd                LT Bk Fac          CARE BB-       1280    Revised from
                                                                                CARE B+
Ganjam Trading Company Pvt Ltd        LT Bk FacLRD-II    CARE A-        300     Assigned
Ganjam Trading Company Pvt Ltd        LT Bk FacLRD-I     CARE BBB+      210     REAffirmed
Geetanjali University                 LT Bk Fac          CARE BBB-      288.6   Issuer not
                                                                                cooperating
Geoxa Logistics                       LT Bk Fac          -              -       Revised from
                                                                                CARE B
Geoxa Steels Pvt Ltd                  LT Bk Fac          CARE BB-       50      Revised from
                                                                                CARE B+
G-Next Media Pvt Ltd                  LT Bk Facilitie    CARE BB+       115     Issuer not
                                                                                cooperating
G-Next Media Pvt Ltd                  LT/ ST Bk Facil    CARE BB+/A4+   21.5    Issuer not
                                                                                cooperating
Greenko Wind Projects Pvt Ltd         LT Bk Fac – BG^    CARE A+        250     Assigned
^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited
(GEPL, rated CARE A+; Stable/ CARE A1+ )
Gujarat Energy Transmission CorporatioLT Bk Fac          CARE AA-       63575.4 Revised from
Ltd                                                                             CARE A+
Gujarat Urja Vikas Nigam Ltd          LT Bk Fac          CARE AA-       2260    Revised from
                                                                                CARE A+
Havells India Ltd                     LT Bk Fac          CARE AAA       2442.2  Reaffirmed
Healthfore Technologies Ltd           LT Bk Facility     CARE BBB+(SO)* 1000    Revised from
                                                                                CARE A
*backed by unconditional and irrevocable put option with banker provided by RHC Holding Private
Limited
Healthfore Technologies Ltd           LT Bk Facility     CARE BBB+(SO)**1666.7  Revised from
                                                                                CARE A-
**backed by shortfall undertaking from RHC Holding Private Limited
Hema Engineering Industries Ltd       LT Bk Fac          CARE BBB       3748    Reaffirmed
Indian Hydrocolloids                  Long/ST Bk Fac     CARE B+ /CARE  200     Assigned
                                                         A4
Indo Rama Renewables Jath Ltd         LT Bk Fac          -              -       Withdrawn
J.C Brothers Jewellers                LT Bk Fac          CARE BBB-      300     Assigned
Jain Grani Marmo Pvt Ltd              LT Bk Fac          CARE BB-       1       Revised from
                                                                                CARE BB
Jain Grani Marmo Pvt Ltd              LT/ST Bk Fac       CARE BB- /CARE 50      LT revised
                                                         A4                     from CARE BB
                                                                                /ST reaffirmed
Kannu Aditya India Ltd                LT/ST Bk Fac       CARE D         2000    Issuer not
                                                                                cooperating
Kayess Flour Mills Pvt Ltd            LT Bk Fac          CARE BB        97.5    Issuer Not
                                                                                Cooperating
Kilburn Chemicals Ltd                 LT Bk Fac          CARE BBB-      1660    Reaffirmed
Ligare Aviation Ltd                   LT Bk Fac%         CARE BBB       833.3   Revised from
                                                                                CARE A-
%backed by shortfall undertaking from RHC
Ligare Aviation Ltd                   LT Bk Fac&         CARE BBB       166.7   Revised from
                                                                                CARE A-
&backed by unconditional & irrevocable Corporate Guarantee of Malav Holdings Pvt Ltd & Shivi
Holdings Pvt Ltd
Ligare Aviation Ltd                   LT Bk Fac*         CARE BBB+      1000    Revised from
                                                                                CARE A
*backed by unconditional and irrevocable Corporate Guarantee of RHC Holding Pvt Ltd
Ligare Aviation Ltd                   LT Bk Fac#         CARE BBB+      350     Revised from
                                                                                CARE A
#backed by put option with banker
Magic Wires Pvt Ltd                   LT Bk Fac          CARE BB        150     Issuer Not
                                                                                Cooperating
Manaksia Industries Ltd               LT Bk Fac          CARE BBB+      618.5   Revised from
                                                                                CARE A-
Marsons Energy Pvt Ltd                LT Bk Fac          CARE BB+       50      Issuer not
                                                                                cooperating
Medha Energy Pvt Ltd                  LT Bk Fac          CARE A-        156.5   Revised from
                                                                                CARE BBB+
Metroglobal Ltd.                      LT Bk Fac          CARE BBB+      250     Reaffirmed
Narsingh Construction                 LT Bk Fac          CARE BB        10      Revised from
                                                                                CARE BB
Navin Housing And Properties Pvt Ltd  LT Bk Fac          CARE BBB-      200     Revised from
                                                                                CARE BBB
Opg Power Ventures Plc                Proposed LT Bk Fac CARE A         25650   reaffirmed
Opgs Power Gujarat Pvt Ltd            LT Bk Fac          CARE A-        -       Reaffirmed
^ backed by Letter of Comfort (LoC) from OPG Power Ventures Plc (Rated CARE A; Stable)
Opgs Power Gujarat Pvt Ltd            LT Bk Fac –CC      CARE A-        -       Reaffirmed
^ backed by Letter of Comfort (LoC) from OPG Power Ventures Plc (Rated CARE A; Stable)
Pan India Paryatan Pvt Ltd            LT Bk Fac          CARE A-        545     Reaffirmed
Rajshree Polypack Pvt Ltd             LT Bk Fac          CARE BBB+      265.6   Revised from
                                                                                CARE BBB
Rhc Holding Pvt Ltd                   NCD issue2         -              -       Withdrawn
2 Withdrawn upon full repayment
Rhc Holding Pvt Ltd                   CP/ST NCD3         -              -       Withdrawn
3 Withdrawn upon full repayment of CP/ST NCDs
Rhc Holding Pvt Ltd                   NCD issue1         CARE A         2500    Credit Watch
                                                                                with negative
                                                                                implica
1 backed by the guarantee/security of first and exclusive pledge of unencumbered shares of
Fortis Healthcare (India) Limited (FHL) and Religare Enterprises
Rishabh Constructions Pvt Ltd         LT Bk Fac          CARE BB        130.3   Revised from
                                                                                CARE BB-
Rishabh Constructions Pvt Ltd         LT/ST Bk Fac       CARE BB/A4     1016    LT Revised
                                                                                from CARE BB-
                                                                                / ST Reaffirmed
Ritnand Balved Education Foundation   LT Bk Fac          CARE AA-       16548.3 Reaffirmed
Ritnand Balved Education Foundation   LT / ST Bk Fac     CARE AA-/A1+   150     Reaffirmed
Rockdrill Projects Pvt Ltd            LT Bk Fac          CARE BB        200     Reaffirmed
Sanghi Brothers (Indore) Pvt Ltd      LT Bk Fac          CARE BB+       888.7   Reaffirmed
Sarjay Chemicals Pvt Ltd              LT Bk Fac          CARE D         75      Issuer not
                                                                                cooperating
Satman Automobiles Pvt Ltd            LT Bk Fac          CARE B+        150     Issuer not
                                                                                cooperating
Shri Lal Mahal Ltd                    LT Bk Fac (TL)     CARE D         167.3   “Issuer not
                                                                                cooperating;
                                                                                Revised from 
                                                                                CARE BB+
Shri Lal Mahal Ltd                    LT/ST Bk Fac (Non  CARE D         2930    “Issuer not
                                      Fund Based)                               cooperating;
                                                                                Revised from 
                                                                                CARE BB+/A4+
Shri Lal Mahal Ltd                    LT/ST Bk Fac (Fund CARE D         8402.7  “Issuer not
                                      Based)                                    cooperating;
                                                                                Revised from 
                                                                                CARE BB+/A4+
Shrijee Lifestyle Pvt Ltd             LT Bk Fac          CARE BBB+      513.6   Reaffirmed
Siyaram Yarn Pvt Ltd                  LT Bk Fac          CARE BB-       67.8    REAffirmed
Terapanth Foods Ltd                   LT Bk Fac          CARE BB+       371     Revised from
                                                                                CARE BB
The Chennai Shopping Mall Jewellers   LT Bk Fac          CARE BBB-      60      Assigned
Ujjivan Small Finance Bank Ltd        LT Bk Fac          CARE A+        60000   Assigned
Ujjivan Small Finance Bank Ltd        NCD V              CARE A+        400     Assigned
Ujjivan Small Finance Bank Ltd        NCD VI             CARE A+        600     Assigned
Ujjivan Small Finance Bank Ltd        NCD VII            CARE A+        1000    Assigned
Ujjivan Small Finance Bank Ltd        NCD VIII           CARE A+        1000    Assigned
Ujjivan Small Finance Bank Ltd        NCD IX             CARE A+        1000    Assigned
Unitech Cotspin Ltd                   LT Bk Fac          CARE B+        221.7   Reaffirmed
Uttar Gujarat Vij Co. Ltd             LT Bk Fac          CARE AA-       2500    Revised from
                                                                                CARE A+
Uttar Gujarat Vij Co. Ltd             Long /ST Bk Fac    CARE AA- /CARE 797.5   Revised from
                                                         A1+                    CARE A+ / A1+
Value Line Trade (P) Ltd              LT Bk Fac          CARE B         75      Assigned
Vinayak Raj Shikshan Sansthan         LT Bk Fac          CARE BBB-      52      Reaffirmed
Viraj Renewables Energy Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Vivek Agrotech Pvt Ltd                LT Bk Fac          CARE B+        96.2    Revised from
                                                                                CARE B+
Vks Gormi Udotgarh Corridor Pvt Ltd   LT Bk Fac*         CARE BB+       240.4   Issuer not
                                                                                cooperating,
                                                                                Revised CARE 
                                                                                BBB-
*Backed by unconditional and irrevocable corporate guarantee extended by Vinod Kumar Shukla
Construction Private Limited
Wadhawan Global Capital Pvt. Ltd.     NCD                Provisional    -       Assigned 
                                                         CARE AAA   
^ The above rating is based on pledge of Compulsorily Convertible Debentures (CCDs) issued by
DIL (a 100% subsidiary of DHFL) which in turn are backed by the unconditional put option from
Dewan Housing Finance Corporation Ltd.
Wadhawan Holding Pvt Ltd              Bk Fac-TLLT        CARE BBB-      265.8   Reaffirmed
Welspun Solar Rajasthan 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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