Reuters logo
CARE ratings for Indian debt instruments-Apr 17
April 17, 2017 / 9:41 AM / 8 months ago

CARE ratings for Indian debt instruments-Apr 17

    Apr 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 13 & April 14, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aadesh Travels Pvt Ltd                ST Bk Fac          CARE A4        52.5    Assigned
Advanced Computer And Mobiles India   LT/ST (FB/NFB)     CARE A3        539.4   Reaffirmed
Pvt Ltd
(enhanced from Rs. 39.50 crore)

Agro Phos (India) Ltd                 ST Bk Fac          CARE A3        60      Assigned
Airen Copper Pvt Ltd                  ST Bk Fac          CARE A3        247.5   Reaffirmed
Airen Metals Pvt Ltd                  ST Bk Fac          CARE A3        1545    Reaffirmed
(enhanced from 110.00)
Amit Mines Pvt Ltd                    ST Bk Fac          CARE A4+       60      Reaffirmed
Bagzone Lifestyles Pvt Ltd            Bk                 CARE A3        75      Revised from
                                      Fac-Non-fundbased                         CARE A4+
                                      - ST-BG
Balajee Mini Steels & Re-Rolling Pvt LST Bk Fac          CARE A3 (SO)   58.2    Reaffirmed
Balmukund Cement & Roofings Pvt Ltd   ST Bk Fac          CARE A3 (SO)   130     Reaffirmed
(reduced from 17.09)
Bhagwati Kripa Paper Mills Pvt Ltd    ST Bk Fac          CARE A4        150     Reaffirmed
Bhandari Foils And Tubes Ltd          ST Bk Fac          CARE A3        1432.6  Reaffirmed
Bio Med Healthcare Products Pvt Ltd   ST Bk Fac          CARE A3        185     Revised from
                                                                                CARE A3+
Century Infrapower Pvt Ltd            ST Bk Fac          CARE A4+       400     Reaffirmed
(enhanced from 15)
Chaitanya International Minerals Llp  ST Bk Fac          CARE A4        20      Assigned
Chinar Forge Ltd                      ST Bk Fac          CARE A3        200     Reaffirmed
Deepkiran Foods Pvt Ltd               ST Bk Fac          CARE A1        5       Reaffirmed
Devi Construction Company Pvt Ltd     ST Bk Fac          CARE A3+       500     Reaffirmed
Ganpati Infrapower Pvt Ltd            ST Bk Fac          CARE A4+       450     Reaffirmed
[Enhanced from 22]
Gem Granites                          ST Bk Fac          CARE D         771.6   Reaffirmed
(reduced from 86.50)
Gna Axles Ltd                         ST Bk Fac          CARE A1        155     Revised from
                                                                                CARE A2+
Gopal Glass Works Ltd.                ST Bk Fac          CARE A2+       78      Reaffirmed
Hitek Engineering Services            ST Bk Fac          CARE A4+       210     Reaffirmed
Ind Sphinx Precision Ltd              ST Bk Fac          CARE A2        55      Assigned
Innovative Cuisine Pvt Ltd            ST Bk Fac          CARE A2+       3.5     Reaffirmed
(reduced from Rs.49.60 crore )
Invesco Asset Management (India) Pvt LST Bk Facility*    CARE A1+       5000    Reaffirmed
*Facility is extended to 9 debt schemes of Invesco India Mutual Fund
Jics Logistic Ltd                     ST Bk Fac          CARE A3        75      Reaffirmed
Joyville Shapoorji Housing Pvt Ltd    CP Issue*          CARE A1+ (SO)  200     Assigned
* Instrument is backed/ proposed to be backed by a credit enhancement in the form of an
unconditional and irrevocable Standby letter of Credit (SBLC) provided by RBL Bank Ltd (RBL,
rated CARE AA- for its Tier II Bonds (Basel III))
Joyville Shapoorji Housing Pvt Ltd    Proposed CP Issue  ProvCARE A1+   200     Reaffirmed
                                      ^ *                (SO)
^ Rating assigned would be ‘provisional’ subject to the following conditions: i. Proposed CP
issue shall be backed by a proposed credit enhancement in the form of an unconditional and
irrevocable Standby letter of Credit (SBLC) provided by RBL Bank Ltd (RBL, rated CARE AA- for
its Tier II Bonds (Basel III)) ii. Receipt of executed version of term sheet, back-stop facility
agreement and other financing documents./ * Instrument is backed/ proposed to be backed by a
credit enhancement in the form of an unconditional and irrevocable
Standby letter of Credit (SBLC) provided by RBL Bank Ltd (RBL, rated CARE AA- for its Tier II
Bonds (Basel III))
Jyoti Strips Pvt Ltd                  ST Bk Fac          CARE A3+       2570    Reaffirmed
(enhanced from Rs.132)
Karthik Alloys Ltd                    ST Bk Fac          CARE D         339.6   Issuer not
                                                                                Cooperating
Khanna Paper Mills Ltd                ST Bk Fac          CARE A2+       3383.5  Revised from
                                                                                CARE A2
(enhanced from 325.50)
Kris Flexipack Pvt Ltd                Non-fund Bk Fac    CARE A3+       294.1   Reaffirmed
Krishi Rasayan                        ST Bk Fac          CARE A2        425     Reaffirmed
Ltc Commercial Company Pvt Ltd        ST Bk Fac          CARE A3+       394     Issuer not
                                                                                Cooperating
Lulu Flight Kitchen Pvt Ltd           ST Bk Fac          CARE A3+       50      Reaffirmed
Marda Enterprises Pvt Ltd             ST Bk Fac          CARE A3        15      Reaffirmed
Methodex Systems Pvt Ltd              ST Bk Fac          CARE A2+       250     Revised from
                                                                                CARE A1
Nabha Power Ltd                       ST Bk Fac (LOC/BG) CARE A1        2500    Reaffirmed
Nangalwala Chemical Industries        ST Bk Fac          CARE A4        30      Reaffirmed
Nayak Infrastructure Pvt Ltd          ST Bk Fac          CARE A3        25      Assigned
Ostro Madhya Wind Pvt Ltd             ST Bk Fac          CARE A3+       440     Assigned
Osmed Formulations Pvt Ltd            ST Bk Fac          CARE D         10      Revised from
                                                                                A4
Paschim Gujarat Vij Co. Ltd           ST Bk Fac          CARE A1+       900     Reaffirmed
Pantel Technologies Pvt Ltd           ST Bk Fac          CARE D         100     Revised from
                                                                                CARE A4
Prerna Services Pvt Ltd               ST Bk Fac          CARE D         20      Revised from
                                                                                CARE A4
Parishudh Machines Pvt Ltd            ST Bk Fac          CARE D         20      Revised from
                                                                                CARE A4
Rahul Agro Industries                 ST Bk Fac          CARE A4        100.1   Reaffirmed
Rajasthan Powergen Transformers Pvt LtST Bk Fac          CARE A4        40      Issuer not
                                                                                Cooperating
Rajesh Projects India Pvt Ltd         ST Bk Fac          CARE D         230     issuer not
                                                                                Cooperating
Reliance Big Entertainment Pvt Ltd    ST Bk Fac          CARE A1+       -       Removed from
                                                                                credit watch
$ backed by unconditional and irrevocable corporate guarantee provided by Reliance Capital Ltd
Reliance Infrastructure Ltd           ST Bk Fac          CARE A1+       15000   Continues on
                                                                                Credit Watch
(enhanced from 800)
R.G. Residency Pvt Ltd                ST Bk Fac          CARE D         100     issuer not
                                                                                Cooperating
Rika Global Impex Ltd.                ST Bk Fac (Non-FB) CARE A3        200     Reaffirmed
(reduced from 25)
Ritu Logistics                        ST Bk Fac          CARE A4        25      Reaffirmed
Rochem Separation Systems Pvt Ltd     ST Bk Fac          CARE A3        320.4   Assigned
Rohit Steels                          ST Bk Fac          CARE A4        20      Assigned
Rungta Irrigation Ltd                 ST Bk Fac          CARE A4        80      issuer not
                                                                                Cooperating
Salasar Techno Engineering Ltd        ST Bk Fac          CARE A3+       600     Revised from
                                                                                CARE A4+
(Enhanced from 7.50)
Sbi Funds Management Pvt Ltd          ST Bk Fac*         CARE A1+       20000   Reaffirmed
*Facility is extended to 5 debt schemes of SBI Mutual Fund    
Sd Corporation Pvt Ltd                CP (CP) Issue^     CARE A1+       6650    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and continuing Corporate
Guarantee provided/to be provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, CARE AA+
Stable).provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, CARE AA+ Stable).
Sd Corporation Pvt Ltd                Proposed CP issue^ ProvCARE A1+   1450    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and continuing Corporate
Guarantee provided/to be provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, CARE AA+
Stable).
Shivani Scientific Industries Pvt Ltd ST Bk Fac          CARE A4+       27.5    Issuer not
                                                                                Cooperating
Shraddha Energy & Infraprojects Pvt LtST Bk Fac          CARE A4+       139.5   Reaffirmed
Shri Ramchander Straws Products Ltd   ST Bk Fac          CARE A4+       6       issuer not
                                                                                Cooperating
Shubhalakshmi Polyesters Ltd.         ST Bk Fac          CARE A3+       5495.6  Reaffirmed
Sigma Industrial Corporation          ST Bk Fac          CARE D         100     Revised from
                                                                                CARE A4
Simplex Engineers & Traders           ST Bk Fac          CARE A4        145     issuer not
                                                                                Cooperating
Stylam Industries Ltd                 ST Bk Fac          CARE A3+       851     Reaffirmed
Suncity Projects Pvt Ltd              ST Bk Fac          CARE A3        1270    Reaffirmed
Supreme And Company Pvt Ltd           ST Bk Fac          CARE A3        1025    Reaffirmed
Taneja Aerospace And Aviation Ltd     ST Bk Fac          CARE A4        291.2   Reaffirmed
Tata Motor Finance Ltd                CP                 CARE A1+       60000   Assigned
Tata Motor Finance Solutions Ltd      CP                 CARE A1+       20000   Assigned
Trust Marketing                       ST Bk Fac          CARE A3+       200     Reaffirmed
Urban Transit Pvt Ltd                 ST Bk Fac          CARE A3 (SO)*  100     Reaffirmed
*The ratings factor in credit enhancement in the form of an unconditional and irrevocable
corporate guarantee extended by promoters Scomi Engineering Bhd. 
Varron Aluminium Pvt Ltd              ST Bk Fac          CARE D         550     Issuer not
                                                                                Cooperating
Varron Industries Pvt Ltd             ST Bk Fac          CARE D         1428    Issuer not
                                                                                Cooperating
Varsity Instruments Pvt Ltd           ST Bk Fac          CARE A4        95      Assigned
Walzen Strips Pvt. Ltd.               ST Bk Fac          CARE A4+       52.5    Assigned
Win-Stone Industries (India) Pvt Ltd  ST Bk Fac          CARE D         6       Revised from
                                                                                CARE A4

LONG TERM RATINGS:
-------------------
A.K. Soni Hosiery Mills Pvt Ltd       LT Bk Facilitie    CARE D         179.6   Revised from
                                                                                CARE B+         
                                                                     
A.K. Soni Hosiery Mills Pvt Ltd       ST Bk Fac          CARE D         5       Revised from
                                                                                CARE A4
Aadesh Travels Pvt Ltd                LT Bk Fac          CARE B+        25      Assigned
Abf Rural Godown                      LT Bk Fac          CARE B+        100     Assigned
Adani Power Ltd.                      LT Bk Fac          CARE BBB-      87778.3 @
Adani Power Ltd.                      LT / ST Bk Fac     CARE BBB-      50626.8 @
                                                         /CARE A3               
Adani Power Ltd.                      LT Bk Fac (Rupee   CARE BBB+ (SO) 64664   @
                                      TL – Phase IV)                          
Adore Suitings Pvt Ltd                LT Bk Fac          CARE B+        57.3    Issuer not
                                                                                Cooperating
Advanced Computer And Mobiles India PvLT Bk Fac (TL)     CARE BBB-      160.6   Assigned
Ltd
Advanced Computer And Mobiles India PvLT Bk Fac (Fund    CARE BBB-      50      Reaffirmed
Ltd                                   Based)
(reduced from Rs. 39.50 crore)
Advanced Computer And Mobiles India PvST Bk Fac (NFB)    CARE BBB-/CARE 300     Reaffirmed
Ltd                                                      A3
(enhanced from Rs. 29.00 crore)
Advent Infraprojects Pvt Ltd          LT/ST Bk Fac       CARE BB- /CARE 100     Assigned
                                                         A4
Agro Phos (India) Ltd                 LT Bk Fac          CARE BBB-      150     Assigned
Airen Copper Pvt Ltd                  LT Bk Fac          CARE BBB-      50      Reaffirmed
Airen Metals Pvt Ltd                  LT Bk Fac          CARE BBB       310.8   Reaffirmed
(enhanced from 30.84)
Alpha Corp Development Pvt Ltd (Acdpl,LT Instrument      ProvCARE BBB   3000    Reaffirmed
Formerly Known As Alpha G:Corp        (NonConvertible
Development Pvt Ltd)                  Debentures) 1) 2)
1) Proposed NCDs shall rank subordinate to senior debt with reference to annual debt service
obligations
2) Provisional rating assigned is based on indicative terms of the proposed issue. Final rating
shall be assigned on
execution of transaction documents to the satisfaction of the CARE.
Amit Mines Pvt Ltd                    LT Bk Fac          CARE BB+       420     Reaffirmed
Amrapali Smart City Developers Pvt LtdLT Bk Fac          CARE D         2700    Issuer not
                                                                                Cooperating
Angle Infrastructure Pvt Ltd          LT Bk Fac          CARE D         900     Revised from
                                                                                CARE BB-
Appollo Distilleries And Breweries PvtLT Bk Fac          CARE D         574     Reaffirmed
Ltd
Arg Developers Pvt Ltd                LT Bk Fac          CARE BB        493.7   Reaffirmed
Arg Housing Pvt Ltd                   LT Bk Fac          CARE BB-       171.7   Revised from
                                                                                CARE BB
Arg Royal Ensign Developers Pvt Ltd   LT Bk Fac          CARE B+        129.6   Reaffirmed
(enhanced from 8.47)
Bagzone Lifestyles Pvt Ltd            Bk Fac-FB - LT-CC  CARE BBB-      75      Revised from
                                                                                CARE BB+
Balajee Mini Steels & Re-Rolling Pvt LLT Bk Fac          CARE BBB- (SO) 270.6   Reaffirmed
Balmukund Cement & Roofings Pvt Ltd   LT Bk Fac          CARE BBB- (SO) 124.9   Reaffirmed
Bhagwati Kripa Paper Mills Pvt Ltd    LT Bk Fac          CARE BB+       180.2   Reaffirmed
Bhagwati Products Ltd                 LT Bk Fac          CARE A-        367.4   Revised from
                                                                                CARE A
(reduced from 70.00)
Bhagwati Products Ltd                 LT/ST Bk Fac       CARE A- /CARE  9500    Revised from
                                                         A2+                    CARE A/ CARE
                                                                                A1
(enhanced from 650)
Bhandari Foils And Tubes Ltd          LT Bk Fac          CARE BBB-      500     Revised from
                                                                                CARE BBB
Bio Med Healthcare Products Pvt Ltd   LT Bk Fac          CARE BBB       167.9   Reaffirmed
(reduced from 21.00)
Bright Fame International             LT/ ST Bk Fac      CARE B+/CARE A480      Reaffirmed
Century Infrapower Pvt Ltd            LT Bk Fac*         CARE BB+       150     Reaffirmed
*Long term rating of CARE BB+ assigned to the Term Loan facility has been withdrawn, as the said
term loan has been fully repaid
Century Infrapower Pvt Ltd            LT/ST Bk Fac       CARE BB+ /CARE 930     Reaffirmed
                                                         A4+
Chaitanya International Minerals Llp  LT Bk Fac          CARE B+        80      Assigned
Chinar Forge Ltd                      LT Bk Fac          CARE BBB-      307.5   Reaffirmed
(enhanced from 23.75)                                   
Chowringhee Residency Pvt Ltd.        LT Bk Fac          CARE BBB-      2500    Reaffirmed
City Union Bank Ltd                   Lower Tier II BondsCARE A+        100     Reaffirmed
Colorplus Fashions Ltd                LT/ST Bk Fac       CARE A+ /CARE  450     Reaffirmed
                                                         A1+
Coromandel Sugars Ltd                 LT Bk Fac*         CARE A-        408.3   Revised from
                                                                                CARE BBB+
*backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
from The India Cements Limited (ICL, rated CARE A-; Stable/ CARE A1)
Coromandel Sugars Ltd                 LT Bk Fac          CARE BBB-      1050    Reaffirmed
Dbl Hassan Periyapatna Tollways Ltd   LT Bk Fac (Fund    CARE BBB       1296.7  Assigned
                                      based)
Dbl Hassan Periyapatna Tollways Ltd   LT Bk Fac          CARE BBB       129.3   Assigned
                                      (Non-Fund based)
Dee Vee Projects Ltd                  LT Bk Fac          CARE BBB+      306.3   Reaffirmed
Dee Vee Projects Ltd                  Long/ST Bk Fac     CARE BBB+/CARE 2318.7  Reaffirmed
                                                         A2
Deepkiran Foods Pvt Ltd               LT / ST Bk Fac     CARE A /CARE   170     Reaffirmed
                                                         A1
Devi Construction Company Pvt Ltd     LT Bk Fac          CARE BBB       49      Reaffirmed
Dreisatz Mysolar24 Pvt Ltd            LT Bk Fac          CARE A-        438.5   Reaffirmed
Ems Infracon Pvt Ltd                  LT Bk Fac          CARE BBB       157.5   Revised from
                                                                                CARE BBB-
(enhanced from 10.57)
Ems Infracon Pvt Ltd                  LT-ST Bk Fac       CARE BBB /CARE 1400    Revised from
                                                         A3+                    CARE BBB-
                                                                                /CARE A3
(enhanced from 115.00)
Essel Housing Projects Pvt Ltd        LT Bk Fac          ProvCARE BBB-  200     Assigned
                                                         (SO) @
@Backed by irrevocable and unconditional corporate guarantee of Suncity Projects Private Limited
(SPPL) rated CARE BBB-(Stable) / CARE A3; reaffirmed in Feb-17    
Gandevikar Jewellers Pvt Ltd          LT Bk Fac          CARE BBB-      330     Revised from
                                                                                CARE BBB
Gandevikar’S Sara Gold Pvt Ltd        LT Bk Fac          CARE BBB-      80      Reaffirmed
Ganpati Infrapower Pvt Ltd            LT Bk Fac          CARE BB+       50      Reaffirmed
[Enhanced from 3]
Gem Granites                          LT Bk Fac          CARE D         580.2   Reaffirmed
(reduced from 80.19)
Gem Granites                          LT/ST Bk Fac       CARE D         193.3   Reaffirmed
Gna Axles Ltd                         LT Bk Fac          CARE A         1633.7  Revised from
                                                                                CARE A-
Gopal Glass Works Ltd.                LT Bk Fac          CARE A-        50      Reaffirmed
Hanwant Fasteners Pvt Ltd             LT Bk Fac          CARE B+        54.1    issuer not
                                                                                Cooperating
Hasti Petro Chemical & Shipping Ltd   LT Bk Fac          CARE BB        647.4   Revised from
                                                                                CARE BB-
Herrera Ifmr Capital 2017 [Originator:Series A2 PTC #    ProvCARE BB+   -       Assigned
Annapurna Microfinance Pvt Ltd)                          (SO)
# The PTCs rated based on ultimate payment basis
Herrera Ifmr Capital 2017 [Originator:Series A1 PTC #    ProviCARE A-   -       Assigned
Annapurna Microfinance Pvt Ltd)                          (SO)
# The PTCs rated based on ultimate payment basis
Hitek Engineering Services            LT Bk Fac          CARE BB+       100     Reaffirmed
Ifci Venture Capital Funds Ltd        LT Bk Fac *        CARE A- (SO)   2587.6  Revised from
                                                                                CARE A (SO)
* backed by the Letter of Comfort from IFCI Ltd (rated CARE A; Negative/CARE A1+ ).
Ifci Venture Capital Funds Ltd        LT Bk Fac          CARE BBB+      572     Reaffirmed
Ifci Venture Capital Funds Ltd        LT NCDs            CARE BBB+      1776    Reaffirmed
Ifci Venture Capital Funds Ltd        Long / ST Bk Fac   CARE BBB+      250     Reaffirmed
                                                         /CARE A2+
Ifci Venture Capital Funds Ltd        LT Bk Fac #        ProvCARE A-    1690.4  Revised from
                                                         (SO)                   Provisional
                                                                                CARE A (SO)
#proposed to be backed by the Letter of Comfort from IFCI Limited
Ind Sphinx Precision Ltd              LT Bk Fac          CARE BBB+      359.7   Assigned
Ind Sphinx Precision Ltd              LT/ST Bk Fac       CARE BBB+/CARE 166.6   Assigned
                                                         A2
Innovative Cuisine Pvt Ltd            LT Bk Fac          CARE A-        430.5   Revised from
                                                                                CARE BBB+
Innovative Cuisine Pvt Ltd            LT / ST Bk Fac     CARE A- /CARE  185     Revised from
                                                         A2+                    CARE BBB+/
                                                                                CARE A2+
Integrated Equipment (India) Pvt Ltd  LT Bk Fac          CARE D         86.3    Revised from
                                                                                CARE BBB-
Integrated Equipment (India) Pvt Ltd  LT FBL             CARE D         300     Revised from
                                                                                CARE BBB-
Integrated Equipment (India) Pvt Ltd  LT Non Fund Based  CARE D         100     Revised from
                                                                                CARE BBB-
Itzcash Card Ltd (Itzcash)            LT Bk Fac          CARE BB+       370     Revised from
                                                         /CARE A4+              CARE BB /
                                                                                CARE A4+
(enhanced from Rs.15 crore)
Jagath Milk Dairy                     LT Bk Fac          CARE B+        101.3   Assigned
Jalpa Devi Tollways Ltd               LT Bk Fac#         CARE A-(SO)    6540    Assigned
#backed by unconditional and irrevocable corporate guarantee extended by Dilip Buildcon Limited
(DBL, rated CARE A- /CARE A2+) till the tenor of the loan
Jics Logistic Ltd                     LT/ ST Bk Fac      CARE BBB-      250     Reaffirmed
                                                         /CARE A3
Joyville Shapoorji Housing Pvt Ltd    LT- NCDs- Series- ACARE AA        898.4   Reaffirmed
Joyville Shapoorji Housing Pvt Ltd    LT-Proposed NCDs   CARE AA        2701.6  Reaffirmed
                                      -Series- A
Joyville Shapoorji Housing Pvt Ltd    LT- NCDs- Series- BCARE AA        2096.2  Reaffirmed
Joyville Shapoorji Housing Pvt Ltd    LT-Proposed NCDs   CARE AA        6303.8  Reaffirmed
                                      -Series- B
Jyoti Strips Pvt Ltd                  LT Bk Fac          CARE BBB       500     Reaffirmed
(enhanced from 15)
Karthik Alloys Ltd                    LT Bk Fac          CARE D         120     Issuer not
                                                                                Cooperating
Kashi Jewellers                       Long/ST Bk Fac     CARE BBB+      150     Reaffirmed
                                                         /CARE A2
Ketan Brothers Diamondz Exports       LT Bk Fac – FB     CARE BBB-      1000    Assigned
Kewalram Textiles Pvt Ltd             LT /ST Bk Fac @    CARE BBB- (SO) 902     Reaffirmed
                                                         /CARE A3 (SO)
@backed by unconditional and irrevocable corporate guarantee extended by Singapore-based KCTex
International Ltd(KIL) which is the holding company of Kewalram Textiles Pvt. Ltd (with 96%
stake).   
Kewalram Textiles Pvt Ltd             LT/ST Bk Fac#      ProvCARE BBB-  1200    Reaffirmed
                                                         (SO) /CARE A3
                                                         (SO)   
#proposed to be backed by unconditional and irrevocable corporate guarantee of KIL. This rating
is provisional and shallbe confirmed upon the execution of the corporate guarantee deed to the
satisfaction of CARE.
[Enhanced from Rs.27.70 crore]
Khanna Paper Mills Ltd                LT Bk Fac          CARE A-        3365.5  Revised from
                                                                                CARE BBB+
(reduced from 352.69)
Kilburn Engineering Ltd               LT Bk Fac          CARE BBB-      300     Reaffirmed
Kilburn Engineering Ltd               LT Bk Fac          CARE BBB-      1000    Reaffirmed
                                                         /CARE A3
Kris Flexipack Pvt Ltd                Fund based Bk Fac  CARE BBB+      618.2   Reaffirmed
Krishi Rasayan                        LT Bk Fac          CARE BBB+      310     Reaffirmed
Krishi Rasayan                        LT/ ST Bk Fac      CARE BBB+ / A2 65      Reaffirmed
Krrish Realtynirman Pvt Ltd           LT Bk Fac          CARE D         900     Revised from
                                                                                CARE BB-
Laxmi India Finleasecap Pvt. Ltd.     LT Bk Fac          CARE BB+       100     Reaffirmed
Ltc Commercial Company Pvt Ltd        LT Bk Fac          CARE BBB       131     Issuer not
                                                                                Cooperating
Lucky Shikshan Sansthan               LT Bk Fac          CARE BBB-      162.8   Reaffirmed
Lulu Flight Kitchen Pvt Ltd           LT Bk Fac          CARE BBB       50      Reaffirmed
Lulu Flight Kitchen Pvt Ltd           LT/ST Bk Fac       CARE BBB /CARE 150     Reaffirmed
                                                         A3+
Maahi Milk Producer Co. Ltd           Issuer Rating      CARE AA- (Is)  -       Reaffirmed
Madhav Infra Pvt Ltd                  LT Bk Fac          CARE BBB+      1627.9  Reaffirmed
Madhav Infra Pvt Ltd                  LT / ST Bk Fac     CARE BBB+ / A3+2390    Reaffirmed
Maharashtra State Road Development    LT Bk Fac*         CARE A- (SO)   31.9    Reaffirmed
Corporation Ltd.
* backed by unconditional and irrevocable guarantee from Government of Maharashtra (GoM)
Maharashtra State Road Development    LT                 CARE A- (SO)   12014.3 Reaffirmed
Corporation Ltd.                      InstrumentsBonds*
                                      (Series XVI - XXIV)
* backed by unconditional and irrevocable guarantee from Government of Maharashtra (GoM)
Maharashtra State Road Development    LT Bk Fac          CARE BBB       5.8     Reaffirmed
Corporation Ltd.
Mahaveer Fibres Pvt Ltd               LT Bk Fac          CARE BB-       111     Revised form
                                                                                CARE B+
(reduced from 11.95)
Man Realty Ltd                        LT Bk Fac**        CARE BBB (SO)  2500    Revised from
                                                                                CARE BBB+ (SO)
**backed by Letter of Comfort given by Man Industries (India) Ltd
Marda Enterprises Pvt Ltd             LT Bk Fac          CARE BBB-      57.5    Reaffirmed
Medics International Lifesciences Ltd LT Bk Fac          CARE BB        1936.4  Revised from
                                                                                CARE BB-
(increased from 118.64)
Meenamani Ganga Builders Llp          LT Bk Fac          CARE B+        500     Issuer not
                                                                                Cooperating
Methodex Systems Pvt Ltd              LT Bk Facilitie    CARE BBB+      450     Revised from
                                                                                CARE A-
Mi Mysolar24 Pvt Ltd                  LT Bk Fac          CARE A-        426.5   Reaffirmed
Milestone Opportunities Fund 10       -                  -              -       Withdrawn
Mutha Engineering Pvt Ltd             LT Bank Fac        CARE BB-       110     Upgraded from
                                                                                CARE B+
(reduced form Rs.11.23 crore)
Nabha Power Ltd                       LT Bk Fac          CARE A         4399.9  Reaffirmed
                                      (External
                                      commercial borrowings)
Nabha Power Ltd                       LT Bk Fac (Working CARE A         7500    Reaffirmed
                                      capital limits)
Nabha Power Ltd                       LT Bk Fac (BG)     CARE A         800     Reaffirmed
Nangalwala Chemical Industries        LT Bk Fac          CARE BB        28.8    Revised from
                                                                                CARE BB-
Nayak Infrastructure Pvt Ltd          LT Bk Facility     CARE BBB       875     Assigned
Nayak Infrastructure Pvt Ltd          LT/ ST Bk Facility CARE BBB       1300    Assigned
                                                         /CARE A3
Osmed Formulations Pvt Ltd            LT Bk Fac          CARE D         22.3    Revised from
                                                                                CARE BB-
(reduced from 3.20)
Osmed Formulations Pvt Ltd            LT/ST Bk Fac       CARE D         20      Revised from
                                                                                CARE BB-/CARE
                                                                                A4
Ostro Madhya Wind Pvt Ltd             LT Bk Fac          CARE BBB       5000    Reaffirmed
(enhanced from 457.24)
Paayas Milk Producer Co. Ltd          Issuer Rating      CARE AA- (Is)  -       Reaffirmed
Pantel Technologies Pvt Ltd           LT Bk Fac          CARE D         140     Revised from
                                                                                CARE B+
Paras Gottam And Company              LT /ST Bk Fac      CARE B+ /CARE  100     Reaffirmed
                                                         A4
Parishudh Machines Pvt Ltd            LT Bk Fac          CARE D         65      Revised from
                                                                                CARE B
Paschim Gujarat Vij Co. Ltd           LT Bk Fac          CARE AA-       8469.3  Revised from
                                                                                CARE A+
Paschim Gujarat Vij Co. Ltd           Long /ST Bk Fac    CARE AA-       490     Revised from
                                                         /CARE A1+              CARE A+/ CARE
                                                                                A1+
Pawan Enterprises                     LT/ST Bk Fac       CARE BB-/A4    88      Issuer not
                                                                                Cooperating
Prerna Services Pvt Ltd               LT Bk Fac          CARE D         52.2    Revised from
                                                                                CARE B+
Punjab Biomass Power Ltd              TL                 CARE BB-       178.5   Reaffirmed
Punjab Biomass Power Ltd              CC                 CARE BB-       99.7    Reaffirmed
R.G. Residency Pvt Ltd                LT Bk Fac          CARE D         940.7   issuer not
                                                                                Cooperating
Rahul Agro Industries                 LT Bk Fac          CARE BB-       180     Revised from
                                                                                CARE B+
Rajasthan Education Institute & HealthLT Bk Fac          CARE BB-       62.6    Issuer not
Society                                                                         Cooperating
Rajasthan Powergen Transformers Pvt LtLT Bk Fac          CARE B         65.8    Revised from
                                                                                CARE B+
Rajesh Projects India Pvt Ltd         LT Bk Fac          CARE D         562.6   issuer not
                                                                                Cooperating
Reliance Big Entertainment Pvt Ltd    LT Bk Fac          CARE A+        -       Reaffirmed
@ Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
from Reliance Innoventures Pvt. Ltd. (RIPL).
Reliance Big Entertainment Pvt Ltd    LT Bk Fac          CARE BBB-      400     Reaffirmed
Reliance Capital Ltd                  LT debt Programme  CARE AA+       170000  Reaffirmed
Reliance Commercial Finance Ltd       LT Bk Fac          CARE AA+       105000  Reaffirmed
Reliance Commercial Finance Ltd       NCDs               CARE AA+       10000   Assigned
Reliance Commercial Finance Ltd       Subordinated Debt  CARE AA+       5000    Assigned
Reliance Commercial Finance Ltd       Market Linked      CARE PP-MLD AA+2000    Assigned
                                      Debentures
Reliance Infrastructure Ltd           LT Bk Fac          CARE A+        37000   Continues on
                                                                                Credit Watch
(enhanced from 2600)
Reliance Infrastructure Ltd           LT NCD -1          CARE A+        8000    Continues on
                                                                                Credit Watch
Reliance Infrastructure Ltd           LT NCD-2           CARE A+        12000   Continues on
                                                                                Credit Watch
Reliance Infrastructure Ltd           LT NCD-3           CARE A+        3650    Continues on
                                                                                Credit Watch
Rika Global Impex Ltd.                LT / ST Bk Fac     CARE BBB/CARE  2050    Revised from
                                      (FB/NonFB)         A3                     CARE BBB-
                                                                                /Reaffirmed
(reduced from 210)
Ritu Logistics                        LT Bk Fac          CARE B+        90      Reaffirmed
Rochem Separation Systems Pvt Ltd     LT Bk Fac          CARE BBB-      504.6   Assigned
Rochem Separation Systems Pvt Ltd     LT/ST Bk Fac       CARE BBB-      375     Assigned
                                                         /CARE A3
Rohit Steels                          LT Bk Fac          CARE BB        130     Assigned
Rungta Irrigation Ltd                 LT Bk Fac          CARE B+        140     issuer not
                                                                                Cooperating
S. K. Industries                      LT Bk Fac          CARE B+        79      issuer not
                                                                                Cooperating
Salasar Techno Engineering Ltd        LT Bk Fac (TL)     CARE BB+       -       Withdrawn
Salasar Techno Engineering Ltd        LT Bk Fac          CARE BBB       400     Revised from
                                                                                CARE BB+
(Enhanced from 37.50)
Sansar Trust March 2017 Vi (OriginatorSeries A PTC       Prov lCARE AA  -       Assigned
Shriram Transport Finance Company Ltd.)                  (SO)
Sant Auto                             LT Bk Fac          CARE B+        60      Assigned
Sd Corporation Pvt Ltd                LT Bk Fac#         CARE AA+       675     Reaffirmed
# Revolving Debt Service Reserve Account (DSRA) guarantee from Shapoorji Pallonji and Company
Private Ltd (SPCPL,CARE AA+ Stable) to fund DSRA three business days in advance in case borrower
i.e. S.D. Corporation Pvt. Ltd. is not ableto fund DSRA four business days in advance prior to
relevant due date for an amount equal to one month debtservice/repayment obligation (including
principal and interest). 
Shivani Cotex Pvt Ltd                 LT Bk Fac          CARE B+        122.2   Issuer not
                                                                                Cooperating
Shivani Scientific Industries Pvt Ltd LT Bk Fac          CARE BB+       77.2    issuer not
                                                                                Cooperating
Shraddha Energy & Infraprojects Pvt LtLT Bk Fac          CARE BB+       1643.1  Reaffirmed
Shree Shubham Logistics Ltd           LT Bk Fac          CARE BBB       3305.3  Revised from
                                                                                CARE BBB+
(reduced from Rs.369.28 crore)
Shree Shubham Logistics Ltd           LT/ ST Bk Fac      CARE BBB       1600    Revised from
                                                         /CARE A3               CARE BBB+ /
                                                                                CARE A3+
(enhanced from Rs.140.00 crore)
Shri Om Sai Auto                      LT Bk Fac          CARE B+        100.7   Assigned
Shri Ramchander Straws Products Ltd   LT Bk Fac          CARE BB+       80      issuer not
                                                                                Cooperating
Shri Rokadoba Maharaj Ginning And     LT Bk Fac          CARE B+        92.8    Reaffirmed
Pressing Pvt Ltd
(reduced from 10.03)
Shrivallabh Pittie Industries Ltd     LT Bk Fac          CARE BB+       2750    Issuer not
                                                                                Cooperating
Shubhalakshmi Polyesters Ltd.         LT Bk Fac          CARE BBB       6823.9  Reaffirmed
Sidhartha Buildhome Pvt Ltd           LT Bk Fac          CARE D         1290    Revised from
                                                                                CARE BB-
Sigma Industrial Corporation          LT Bk Fac          CARE D         100     Revised from
                                                                                CARE BB-
Simplex Engineers & Traders           LT Bk Fac          CARE B+        5       issuer not
                                                                                Cooperating
Skipper Ltd                           Long -term Bk Fac  CARE A+        4587    Reaffirmed
(enhanced from 434.50)
Skipper Ltd                           Long /ST Bk Fac    CARE A+ /CARE  13000   Reaffirmed
                                                         A1+
Sp Imperial Star Pvt Ltd              LT- NCD Series-A   CARE A         6500    Assigned
                                      (Zero Coupon)
Sp Imperial Star Pvt Ltd              LT- NCD Final      CARE AA+ (SO)  500     Assigned
                                      Rating Series B
                                      (Zero Coupon)*
*backed by an unconditional and irrevocable DSRA guarantee from SPCPL (rated CARE AA+ Stable)
Spc Infrastructure Pvt Ltd            LT / ST Bk Fac     CARE BBB-      200     Reaffirmed
                                                         /CARE A3
Stci Finance Ltd                      NCDs               -              -       Withdrawn
Stylam Industries Ltd                 LT Bk Fac          CARE BBB+      458.8   Reaffirmed
Suncity Projects Pvt Ltd              LT Bk Fac          CARE BBB-      600     Reaffirmed
Supreme And Company Pvt Ltd           LT Bk Fac          CARE BBB-      587.1   Reaffirmed
(enhanced from 63.77)
Supreme And Company Pvt Ltd           Long/ST Bk Fac     CARE BBB-      1210    Reaffirmed
                                                         /CARE A3
Svasti Microfinance Pvt Ltd           LT Bk Fac          CARE BB+       400     Reaffirmed
Taneja Aerospace And Aviation Ltd     LT Bk Fac          CARE BB-       350.9   Reaffirmed
Tata Motor Finance Ltd                Perpetual Debt     CARE AA-       397     Assigned
Tata Motor Finance Ltd                NCDs               CARE AA+       15270   Assigned
Tata Motor Finance Ltd                Subordinated Debt  CARE AA+       2650    Assigned
Tata Motor Finance Solutions Ltd      Perpetual Debt     CARE AA-       1000    Assigned
Tata Motor Finance Solutions Ltd      NCDs               CARE AA+       10000   Assigned
Tata Motor Finance Solutions Ltd      Subordinated Debt  CARE AA+       2000    Assigned
Tetradrip Pharma Pvt Ltd              LT Bk Fac          CARE B+        70      Assigned
The Kutch Salt And Allied Industries LLT Bk Fac          CARE BB+       180     Reaffirmed
Trust Marketing                       LT/ST Bk Fac       CARE BBB /CARE 600     Reaffirmed
                                                         A3+
Ultra Home Construction Pvt Ltd       LT Bk Fac          CARE D         2045.6  issuer not
                                                                                Cooperating
Urban Transit Pvt Ltd                 LT Bk Fac          CARE BBB-(SO)* 1520    Reaffirmed
*The ratings factor in credit enhancement in the form of an unconditional and irrevocable
corporate guarantee extended by promoters Scomi Engineering Bhd. (SEB) to the lenders of UTPL. 
Varron Aluminium Pvt Ltd              LT Bk Fac          CARE D         400     Issuer not
                                                                                Cooperating
Varron Aluminium Pvt Ltd              LT Bk Fac/ST Bk FacCARE D         500     Issuer not
                                                                                Cooperating
Varron Auto Kast Ltd                  LT Bk Fac          CARE D         1550    Issuer not
                                                                                Cooperating
Varron Auto Kast Ltd                  LT Bk Fac/ST Bk FacCARE D         3220    Issuer not
                                                                                Cooperating
Varron Industries Pvt Ltd             LT Bk Fac          CARE D         179.4   Issuer not
                                                                                Cooperating
Varron Industries Pvt Ltd             LT Bk Fac/ST Bk FacCARE D         1091    Issuer not
                                                                                Cooperating
Varsity Instruments Pvt Ltd           LT Bk Fac          CARE BB-       5       Assigned
Vasu Infrastructure Pvt Ltd           LT Bk Fac          CARE BB        500     issuer not
                                                                                Cooperating
Velko Infratek Projects Pvt Ltd       LT Bk Fac          CARE BB+       50      Assigned
Velko Infratek Projects Pvt Ltd       LT/ST Bk Fac       CARE BB+ /CARE 150     Assigned
                                                         A4+
Wadhwa Residency Pvt. Ltd.            LT Bk Fac – TL     CARE BBB(SO)*  5003.5  Reaffirmed
* based on escrow of project receivables and other terms of the sanction
Walzen Strips Pvt. Ltd.               LT Bk Fac          CARE BB        191     Assigned
Welspun Renewables Energy Pvt Ltd     LT Bk Fac          CARE A         22527   Reaffirmed
Win-Stone Industries (India) Pvt Ltd  LT Bk Fac          CARE D         142.6   Revised from
                                                                                CARE C
--------------------------------------------------------------------------------------------
$: 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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below