November 4, 2019 / 9:17 AM / a month ago

CARE ratings for Indian debt instruments-Nov 4

   Nov 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 1, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abilities India Pistons And Rings Ltd ST Bk Fac          CARE A4+       180.5   Reaffirmed
Eastman Reclamations                  ST Bk Fac          CARE A4        35.5    -
(Issuer not cooperating; Based on best available information)
Kohinoor Reclamations                 ST Bk Fac          CARE A4        35.4    -

(Issuer not cooperating; Based on best available information)
Pacific Laminates                     ST Bk Fac          CARE A4        1.7     Reaffirmed
Power Grid Corporation Of India Ltd   CP Issue^          CARE A1+       90000   Reaffirmed
(enhanced from 6,000.00 Crore)
^As approved by the board of the company, borrowings from commercial paper issue 
and short term borrowing programme will not exceed Rs. 9,000.00 crore at any point of time.
Power Grid Corporation Of India Ltd   ST Borrowing       CARE A1+       90000   Reaffirmed
                                      Programme^
(enhanced from 6,000.00 Crore)
^As approved by the board of the company, borrowings from commercial paper issue 
and short term borrowing programme will not exceed Rs. 9,000.00 crore at any point of time.
Sandhyasamrat Construction And ServiceST Bk Fac          CARE A4        150     -
Pvt Ltd
Removed from Non Cooperation and Reaffirmed, (enhanced from 3.50 Crore)
Olive Industries                      ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Serum Institute Of India Pvt Ltd      ST Bk Fac          CARE A1+       3249.7  Reaffirmed
(reduced from 328.54 Crore)
Shree Shivam Industries               ST Bk Fac          CARE A4        20      -
(Issuer not cooperating; Based on best available information)
Suryamitra Exim Pvt Ltd               ST Bk Fac          CARE A3+       130     Assigned
Vdc Utility Services Llp              ST Bk Fac          CARE D         20      Revised from
                                                                                CARE A4

LONG TERM RATINGS:
-------------------
3F Industries Ltd                     LT Bk Fac          CARE BBB       3271.2  Reaffirmed
3F Industries Ltd                     Fixed Deposits     CARE BBB       1000    Reaffirmed
(enhanced from 88.00 Crore)
3F Industries Ltd                     Long/ST Bk Fac     CARE BBB/CARE  5600    Reaffirmed
                                                         A3+
Abilities India Pistons And Rings Ltd LT Bk Fac          CARE BB+       116     Reaffirmed
Adarsha International                 LT Bk Fac          CARE B         52      -
(Issuer not cooperating; Based on best available information)
Champion Group Of Company             LT BkFac           CARE BB-       170     Reaffirmed
(enhanced from 13.50 Crore)
Colour Cottex Pvt Ltd                 LT Bk Fac          CARE D         789.8   -
(Issuer not cooperating; Based on best available information)
Eastman Reclamations                  LT Bk Fac          CARE B         76      -
(Issuer not cooperating; Based on best available information)
Kohinoor Reclamations                 LT Bk Fac          CARE B         77.6    -
(Issuer not cooperating; Based on best available information)
Majestic Exports                      Long -term Bk Fac  CARE BB+       44.8    -
(Issuer not cooperating; Revised from CARE BBB-; Stable)
Majestic Exports                      LT/STBk Fac        CARE BB+/A4+   160     -
(Issuer not cooperating; Based on best available information),
Revised from CARE BBB-; Stable/CARE A3
Northern Arc 2019 MFI Kremer          Series A1 PTC#     ProCARE A-     247.1   -
Originator: Dvara Kshetriya Gramin                       (SO)
Financial Services Pvt Ltd
# Both the PTCs are rated on Ultimate Payment basis
Northern Arc 2019 MFI Kremer          Series A2 PTC#     ProCARE BBB    13.9    -
Originator: Dvara Kshetriya Gramin                       (SO)
Financial Services Pvt Ltd
# Both the PTCs are rated on Ultimate Payment basis
Olive Industries                      LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
P.P. Automotive Pvt Ltd               LT Bk Fac          CARE B+        80      -
(Issuer not cooperating; Based on best available information)
Pacific Laminates                     LT Bk Fac          CARE BB-       52.5    Reaffirmed
Rd Dynamech Infra Pvt Ltd             LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Rd Dynamech Infra Pvt Ltd             LT / ST Bk Fac     -              -       Reaffirmed
                                                                                and Withdrawn
Reengus Sikar Expressway Ltd          NCD Issue          CARE AAA       1150    Reaffirmed
Sandhyasamrat Construction And ServiceLT Bk Fac          CARE BB        40      Revised from
Pvt Ltd                                                                         CARE B+
(Issuer not cooperating; Based on best available information),(enhanced from 3.50 Crore)
Satguru Metals & Power Pvt Ltd        LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Serum Institute Of India Pvt Ltd      LT/ST Bk Fac       CARE AAA;      19065.5 Reaffirmed
                                                         Stable/CARE A1+
(reduced from 1980.50 Crore)
Shivam Megastructures Pvt Ltd         Proposed LongBk    CARE BBB-      3850    Reaffirmed
                                      Fac
Shree Gauri Rice Mill Pvt Ltd         LT Bk Fac          CARE BB-       150     Reaffirmed
(enhanced from 11 Crore)
Shree Ramkrishna Oil Industries       Long- term Bk Fac  CARE B+        95      Reaffirmed
Shree Shivam Industries               LT Bk Fac          CARE B+        39.9    -
(Issuer not cooperating; Based on best available information)
Skytouch Polypack                     LT Bk Fac          CARE B+        58.5    -
(Issuer not cooperating; Based on best available information),Revised from CARE BB-; Stable
Smt. Bharto Devi Educational Trust    Long Term Bk Fac   CARE B         65      Assigned
Srinivasa Feed Mixing Plant           Long -term Bk Fac  CARE B+        80      Assigned
Suryamitra Exim Pvt Ltd               LT Bk Fac          CARE BBB       2014    Assigned
Vdc Utility Services Llp              LT Bk Fac          CARE D         95.2    Revised from
                                                                                CARE BB-
Viaton Energy Pvt Ltd                 LT Bk Fac@         CARE BBB (CE)  365.5   Reaffirmed
@The ratings of Viaton Energy Private Limited are backed by unconditional and 
irrevocable corporate guarantee extended
by 3F Industries Limited (rated CARE BBB; Stable/CARE A3+).
--------------------------------------------------------------------------------------------
$: 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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