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CARE ratings for Indian debt instruments-Feb 9
February 9, 2017 / 4:47 AM / 9 months ago

CARE ratings for Indian debt instruments-Feb 9

    Feb 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 8, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajmera Pharmasure Ltd                 ST Bk Fac          CARE A4        18      Reaffirmed
Briar Knoll Mills Pvt Ltd             ST Bk Fac          CARE A3        100     Assigned
Ess Kay Fincorp Pvt. Ltd.             ST instrument -    CARE A3+       220     Assigned
                                      Proposed ST
                                      Instrument – CP issue (Standalone)
Jagannath Extrusion India Ltd         ST Bk Fac          CARE A3        75      Reaffirmed
Ligare Aviation Ltd                   ST Bk Fac          CARE A3        50      Reaffirmed
Maharashtra State Power Generation Co.ST Bk Fac          CARE A2+       7500    Reaffirmed
Ltd
Sakar Healthcare Ltd                  ST Bk Fac          CARE A3        35      Reaffirmed
Saurabh Agrotech Pvt Ltd              ST Bk Fac          CARE A4        100     Assigned
Scotts Garments Ltd                   ST Bk FacFB        CARE A3+       3770    Reaffirmed
Scotts Garments Ltd                   ST Bk FacNon-FB    CARE A3+       653     Reaffirmed
Sidhi Vinayak Rice Mills              ST Bk Fac          CARE D         180     Revised from
                                                                                CARE A4
Ucal Polymer Industries Ltd           ST Bk Fac          CARE A3        3       Reaffirmed
Western Transformer & Equipment Pvt LtST Bk Fac          CARE A4        30      Reaffirmed
Zenstar Jewellery Llp                 ST Bk Fac          CARE A3+       10      Reaffirmed
                                      (Non-Fund Based)


LONG TERM RATINGS:
-------------------
Agropure Capital Foods Pvt Ltd        LT/ST Bk Fac       CARE BBB-      600     Revised from
                                                         /CARE A3               CARE BB+/
                                                                                CARE A4+
Ajmera Pharmasure Ltd                 LT Bk Fac          CARE BB        82      Reaffirmed
Amit Iron Pvt Ltd                     LT Bk Fac          CARE BB-       250     Assigned
Bannari Amman Flour Mill Ltd          LT Bk Fac          CARE BBB-      240.9   Reaffirmed
Briar Knoll Mills Pvt Ltd             LT Bk Fac          CARE BBB-      489.5   Assigned
Cosmopolitan Hospitals Pvt Ltd        LT Bk Fac          CARE BBB       54      Reaffirmed
Dalmia Power Ltd                      LT Bk Fac          -              -       Withdrawn
Edelweiss Agri Value Chain Ltd        NCD                CARE AA (SO) * 3300    Final Rating
*The above ratings are based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee issued by Edelweiss Financial Services Limited (EFSL).
Edelweiss Agri Value Chain Ltd        NCD                Provisional CAR1700    Reaffirmed
                                                         (SO)
E-Procurement Technologies Ltd        LT Bk Fac          CARE BBB       20      Reaffirmed
E-Procurement Technologies Ltd        LT / ST Bk Fac     CARE BBB /CARE 50      Reaffirmed
                                                         A3+
ESS Kay Fincorp Pvt. Ltd.             LT Instrument –    CARE BBB-      200     Assigned
                                      Proposed NCD issue
                                      (Tier II)
Everest Holovisions Ltd               LT Bk Fac          CARE B+        17.1    Reaffirmed
Everest Holovisions Ltd               LT/ST Bk Fac       CARE B+/A4     55      Reaffirmed
Govindam Projects Pvt Ltd             LT Bk Fac          CARE B         100     Assigned
GPA Foods Pvt. Ltd                    LT Bk Fac          CARE BBB-      82.2    Revised from
                                                                                CARE BB+
Imperiall Technoforge Pvt Ltd         LT Bk Fac          CARE D         66      Assigned
Jagannath Extrusion India Ltd         LT Bk Fac          CARE BBB-      53.7    Reaffirmed
Jagannath Extrusion India Ltd         LT/ST Bk Fac       CARE BBB-/A3   12.5    Reaffirmed
Janwani Foods Industries              LT Bk Fac          CARE B         50      Assigned
Jay Bharat Metcast Pvt Ltd            LT Bk Fac          CARE BB-       237.2   Revised from
                                                                                CARE B+
Jay Bharat Metcast Pvt Ltd            LT Bk Fac/ ST Bk   CARE BB- /CARE 104.4   Revised from
                                      Fac                A4                     CARE B+/CARE
                                                                                A4
Kajaria Sanitaryware Pvt Ltd          LT Bk Fac          CARE A         190.7   Revised from
                                                                                CARE A-
Kajaria Sanitaryware Pvt Ltd          LT/Shortterm Bk FacCARE A /CARE   10      Revised from
                                                         A1                     CARE A-
Ligare Aviation Ltd                   LT Bk Fac*         CARE A         1000    Continues on
                                                                                credit watch
                                                                                with negative 
                                                                                implication   
*backed by unconditional and irrevocable Corporate Guarantee of RHC Holding Pvt Ltd (RHC)
Ligare Aviation Ltd                   LT Bk Fac#         CARE A         550     Continues on
                                                                                credit watch
                                                                                with negative 
                                                                                implication 
#backed by put option with banker provided by RHC
Ligare Aviation Ltd                   LT Bk Fac%         CARE A-        944.4   Continues on
                                                                                credit watch
                                                                                with negative  
                                                                                implication
%backed by shortfall undertaking from RHC
Ligare Aviation Ltd                   LT Bk Fac&         CARE A-        333.3   Continues on
                                                                                credit watch
                                                                                with negative  
                                                                                implication
&backed by unconditional & irrevocable Corporate Guarantee of Malav Holdings Pvt Ltd & Shivi
Holdings Pvt Ltd
Maharashtra State Power Generation Co.LT Bk Fac          CARE BBB+      57999.6 Reaffirmed
Ltd
Mahesh Vegoils Pvt Ltd                LT Bk Fac          CARE BB+       92.5    Assigned
Mahindra Rural Housing Finance Ltd    NCD                CARE AA+       2000    Reaffirmed
Mahindra Rural Housing Finance Ltd    Subordinated Debt  CARE AA+       3000    Reaffirmed
Maneesh Pipes Pvt Ltd                 LT Bk Fac          CARE BB        191.5   Reaffirmed
Palm Grove Beach Hotels Pvt. Ltd.     LT Bk Fac (FB)     CARE A-        3043.5  Reaffirmed
R.S. Triveni Foods Pvt Ltd            LT/ST Bk Fac       ARE BBB- /CARE 400     Revised from
                                                         A3                     CARE BB+/A4+
Sakar Healthcare Ltd                  LT Bk Fac          CARE BBB-      155.4   Reaffirmed
Saurabh Agrotech Pvt Ltd              LT Bk Fac          CARE BB        240     Assigned
Scotts Garments Ltd                   LT Bk FacTL        CARE BBB       692.2   Reaffirmed
Shree Guru Raghavendra Ginning And    Long -term Bk Fac  CARE B         52.5    Reaffirmed
Pressing
Shri Guru Gorakhnath Rice Mills       LT Bk Fac          CARE B+        200     Reaffirmed
Shri Laxmi Narayan Real Ispat Pvt Ltd LT Bk Fac          CARE B+        76.4    Assigned
Shri Mahavir Pulses Pvt Ltd           LT/ST Bk Fac       CARE BBB-      80      Revised from
                                                         /CARE A3               CARE BB+/A4+
Sidhi Vinayak Rice Mills              LT Bk Fac          CARE D         41.4    Revised from
                                                                                CARE B
Suryoday Micro Finance Ltd            NCD                CARE A-        500     Assigned
Ucal Polymer Industries Ltd           LT Bk Fac*         CARE BBB-      47.5    Reaffirmed
*CARE has withdrawn the rating assigned to long term term-loan facility with immediate effect,
as the company has fully repaid the amount under the said facility and there is no amount
outstanding under the facility as on date.
Western Transformer & Equipment Pvt   LT Bk Fac          CARE BB-       30      Reaffirmed
Western Transformer & Equipment Pvt   LT/ST Bk Fac       CARE BB-/A4    50      Reaffirmed
Zenstar Jewellery Llp                 LT/ST Bk Fac (Fund CARE BBB+      150     Reaffirmed
                                      Based)             /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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