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CARE ratings for Indian debt instruments-Apr 24
April 24, 2017 / 6:39 AM / 8 months ago

CARE ratings for Indian debt instruments-Apr 24

    Apr 24 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 21, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abp Pvt Ltd                           Proposed CP (CP)   CARE A1+       1500    Assigned
                                      issue*
*carved out of sanctioned working capital limit
Accurex Bio Medical Pvt Ltd           Short- term Bk Fac CARE A4+       20.5    Reaffirmed

Adilaxmi Industries                   Short- term Bk Fac CARE A4        20      Reaffirmed
Advaith International                 Short- term Bk Fac CARE A4        4       Issuer not
                                                                                cooperating
Breech Oralcare Pvt Ltd               Short- term Bk Fac CARE A2        10      Reaffirmed
Buildon                               Short- term Bk Fac CARE A4        400     Assigned
Chettinad Builders Pvt Ltd            Short- term Fac    CARE A1        100     Assigned
Color Granito Pvt Ltd                 Short- term Bk Fac CARE A4        44.5    Reaffirmed
Coromandel Infotech India Ltd         Short- term Bk Fac CARE A3        50      Reaffirmed
Doosan Power Systems India Pvt Ltd    Short- term Bk Fac CARE A1+       1000    Reaffirmed
Doosan Power Systems India Pvt Ltd    Short- term Bk Fac CARE A1+       1000    Reaffirmed
Doosan Power Systems India Pvt Ltd    Short- term Bk Fac CARE A1+       182.7   Reaffirmed
Doosan Power Systems India Pvt Ltd    Short- term Bk Fac CARE A1+       2000    Assigned
Emars Mining And Construction Pvt Ltd Short- term Bk Fac CARE A4        351.4   Revised from
                                                                                CARE D
Eureka Forbes Ltd                     Short- term Bk Fac CARE A1+       750     Reaffirmed
Fugro Survey (India) Pvt Ltd          Bk Fac             CARE A2+       120     Revised from
                                                                                CARE A1
Ganesha Ecosphere Ltd                 Short- term Bk Fac CARE A2+       118     Reaffirmed
Ganpati Sugar Industries Ltd          Short- term Bk Fac CARE A3+       200     Revised from
                                                                                CARE A3
Ginni Filaments Ltd                   Short- term Bk Fac CARE A3        580     Assigned
Hi Technocrats Pvt Ltd                Short- term Bk Fac CARE A4        140     Issuer did
                                                                                not Cooperate
Him Overseas                          Short- term Bk Fac CARE A4        75      Issuer not
                                                                                cooperating
Hind Aluminium Industries Ltd         Short- term Bk Fac CARE A2+       964.4   Reaffirmed
Jayawanti Babu Foundation             Short- term Bk Fac CARE A4        14.9    Assigned
Katti- Ma Exports Pvt Ltd             Short- term Bk Fac CARE A4+       75      Assigned
Mahendra Sponge & Power Ltd           Short- term Bk Fac CARE A3+       400     Reaffirmed
Mott Macdoanald Pvt. Ltd              Short- term Bk Fac CARE A1        270     Revised from
                                                                                CARE A1+
Mukesh Ranjan Contractors             Short- term Bk Fac CARE A4+       120     Issuer Not
                                                                                Cooperating
P.G. Setty Construction Technology PvtShort- term Bk Fac CARE A4        150     Reaffirmed
Ltd
R K Chavan Infrastructure Pvt Ltd     Short- term Bk Fac CARE A4        26.3    Assigned
Saregama India Ltd                    Short- term Bk Fac CARE A1        120     Reaffirmed
enhanced from 1 CR
Secure Print Solutions Pvt Ltd        Short- term Bk Fac CARE A4        130     Reaffirmed
Senbo Engineering Ltd                 Short- term Bk Fac CARE A4        1573.2
Shrishaila Electricals (India) Pvt LtdShort- term Bk Fac CARE A4        40      Assigned
Sindia Steels Ltd                     Short- term Bk Fac CARE A4+       95      Reaffirmed
Skm Steels Ltd                        Short- term Bk Fac CARE A3+       50      Assigned
                                      (Non- fund- based
Slr Metaliks Ltd                      Short- term Bk Fac CARE A2 (SO)   700     Assigned
                                      (Non- fund- based)*
*backed by letter of comfort extended by SFI
Sporting Syndicate Pvt Ltd            Short- term Bk Fac CARE A4+       80      Issuer Not
                                                                                Cooperating
Revised from CARE A3
Tata Mutual Fund                      Short- term Bk Fac*CARE A1+       15000   Reaffirmed
*Facility is extended to 6 debt schemes of Tata Mutual Fund
Ual Industries Ltd                    Short- term Bk Fac CARE A2+       900     Reaffirmed
Vrs Foods Ltd                         Short- term Bk Fac CARE A3+       350     Assigned

LONG TERM RATINGS:
-------------------
Accurex Bio Medical Pvt Ltd           Long- term Bk Fac  CARE BB+       40      Reaffirmed
Adilaxmi Industries                   Long- term Bk Fac  CARE BB-       160.4   Revised from
                                                                                CARE B+
Advaith International                 Long- term Bk Fac  CARE B+        52.3    Issuer not
                                                                                cooperating
Advantage Vinimay Pvt Ltd             Long- term Bk Fac  CARE BB-       73.3    Reaffirmed
Amar Plastics                         Long- term Bk Fac  CARE BB-       434.6   Reaffirmed
Animesh Ispar Pvt Ltd                 Long- term Bk Fac  CARE BBB       200     Reaffirmed
Apple Hospital And Research Institute Long- term Bk Fac  CARE BB+       245.6   Reaffirmed
Ltd
enhanced from 4.49 CR
Belstar Investment And Finance Pvt LtdLong- term Bk Fac  CARE A         6000    Reaffirmed
enhanced from 400 CR
Belstar Investment And Finance Pvt LtdSub- ordinated DebtCARE A-        100     Reaffirmed
Bnp Paribas Mutual Fund               BNP Paribas        CARE AAAmfs            Rating placed
                                      Government                                on Notice of
                                      Securities Fund                           Withdrawal for
90 days
Bnp Paribas Mutual Fund               BNP Paribas        CARE AAAmfs            Rating placed
                                      Overnight Fund                            on Notice of
                                                                                Withdrawal for
                                                                                90 days
Breech Oralcare Pvt Ltd               Long- term Bk Fac  CARE BBB       60      Reaffirmed
Buildon                               Long- term Bk Fac  CARE BB        15      Assigned
Cent Bank Home Finance Ltd            Non- Convertible   CARE A-        300     Revised from
                                      Debenture issue                           CARE A
                                      (Tier- II)
Chettinad Builders Pvt Ltd            Long- term/Short-  CARE A /CARE   750     Reaffirmed
                                      term Bk Fac        A1
Chettinad International Coal Terminal Short- term Bk Fac -              -       Withdrawn
Pvt Ltd                               $
$ Backed by corporate guarantee from South India Corpn Private Limited
Chettinad International Coal Terminal Long-              CARE A /CARE A10       Reaffirmed
Pvt Ltd                               term/Shortterm Bk
                                      Fac $
$ Backed by corporate guarantee from South India Corpn Private Limited
Chettinad International Coal Terminal Long-              CARE A /CARE A10       Reaffirmed
Pvt Ltd                               term/Shortterm Bk
                                      Fac @
@Backed by corporate guarantee from Chettinad Logistics Private Limited
Chettinad Logistics Pvt Ltd           Long- term Bk Fac  CARE A         200     Reaffirmed
Chettinad Logistics Pvt Ltd           Long- term/Short-  CARE A/ A1     4275    Reaffirmed
                                      term Bk Fac
Color Granito Pvt Ltd                 Long- term Bk Fac  CARE B+        296.5   Reaffirmed
Color Granito Pvt Ltd                 Bk Fac             CARE B+ / A4   100     Reaffirmed
Coloured Rocks Trading Pvt Ltd        Long- term Bk Fac@ -              -       Withdrawn
@The rating is based on the credit enhancement in the form of unconditional and irrevocable
Standby letter of credit (SBLC) issued by Barclays Bank PLC (for USD 3.7 Million). The rating is
valid till the expiry of the validity of the SBLC or extinguishment of the facility before the
validity period on invocation of the SBLC, whichever is earlier.
Coromandel Infotech India Ltd         Long- term Bk Fac  CARE BBB-      100     Reaffirmed
Dhroov Resorts                        Long- term Bk Fac  CARE D         110     Issuer Not
                                                                                Cooperating
Dodsal Enterprises Pvt Ltd            Long- term Bk Fac  CARE BBB       350     Reaffirmed
Dodsal Enterprises Pvt Ltd            Long- term/Short-  CARE BBB/CARE  5400    Reaffirmed
                                      term Bk Facilitie  A3+
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  -              -       Withdrawn
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  -              -       Withdrawn
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  CARE A+        2000    Reaffirmed
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  CARE A+        2000    Provisional
Doosan Power Systems India Pvt Ltd    Long/Short- term   CARE A+/ A1+   3350    Reaffirmed
                                      Bk Fac
Doosan Power Systems India Pvt Ltd    Long/Short- term   CARE A+/ A1+   3350    Reaffirmed
                                      Bk Fac
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  CARE AA        7756    Assigned
Doosan Power Systems India Pvt Ltd    Proposed Long-     CARE AA        714     Assigned
                                      term Bk Facilities
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  CARE AA-       4734.1  Reaffirmed
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  CARE AA-       7106.6  Assigned
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  CARE AA-       7879.7  Assigned
Doosan Power Systems India Pvt Ltd    Proposed Long-     CARE AA-       413.7   Assigned
                                      term Bk Fac
Doosan Power Systems India Pvt Ltd    Long- term Bk Fac  CARE AA-       6930    Assigned
Doosan Power Systems India Pvt Ltd    Long- term/Short-  CARE AA/ A1+   4000    Reaffirmed
                                      term Bk Fac
Duhan Electric Works                  Long- term Bk Fac  CARE BB        66.5    Assigned
Emars Mining And Construction Pvt Ltd Long- term Bk Fac  CARE B         50      Revised from
                                                                                CARE D
Eureka Forbes Ltd                     Long- term Bk Fac  CARE AA-       1000    Reaffirmed
Eureka Forbes Ltd                     Issuer Rating      CARE AA-       -       Reaffirmed
Fonroche Raajhans Energy Pvt Ltd      Long- term Bk Fac  CARE A-        409.2   Reaffirmed
                                      – TL                                      and Removal
                                                                                from credit
                                                                                watch
Fonroche Raajhans Energy Pvt Ltd      Long- term Bk Fac  CARE A-        10      Reaffirmed
                                      – CC                                      and Removal
                                                                                from credit
                                                                                watch
Fonroche Saaras Energy Pvt Ltd        Long- term Bk Fac  CARE A-        1280    Reaffirmed
                                                                                and Removal
                                                                                from credit
                                                                                watch
Fonroche Saaras Energy Pvt Ltd        Short- term Bk Fac CARE A-        30      Reaffirmed
                                                                                and Removal
                                                                                from credit
                                                                                watch
Foundation For Life Sciences And      Long- term Bk Fac  CARE BB        441.2   Issuer Not
Business Management (Shoolini                                                   Cooperating
University)
Fugro Survey (India) Pvt Ltd          Long- term Bk Fac  CARE A-        50      Revised from
                                                                                CARE A
Gail Gas Ltd                          Long- term         CARE AA        2500    Reaffirmed
                                      Proposed Bond Issue
Ganesha Ecosphere Ltd                 Long- term Bk Fac  CARE A-        2596    Reaffirmed
Ganpati Sugar Industries Ltd          Long- term Bk Fac  CARE BBB       814.3   Revised from
                                                                                CARE BBB-
Ginni Filaments Ltd                   Long- term Bk Fac  CARE BBB-      2847.9  Assigned
Golden Food Products                  Long- term Bk Fac  CARE B         154     Issuer not
                                                                                cooperating
Gondwana Engineers Ltd                Long- term Bk Fac  CARE D         420     Revised from
                                                                                CARE B
Gondwana Engineers Ltd                Short- term Bk Fac CARE D         540     Revised from
                                                                                CARE A4+
Graffiti (India) Pvt Ltd              Long- term Bk Fac  CARE D         120     Assigned
Graffiti (India) Pvt Ltd              Short- term Bk Fac CARE D         30      Assigned
Great Eastern Energy Corporation Ltd  Non- Convertible   CARE C         1010    Reaffirmed
                                      Debentures
Great Eastern Energy Corporation Ltd  Long- term Bk Fac  CARE D         5130    Reaffirmed
Hi Technocrats Pvt Ltd                Long- term Bk Fac  CARE BB        40      Issuer did
                                                                                not Cooperate
Hind Aluminium Industries Ltd         Long- term Bk Fac  CARE A-        1404.6  Reaffirmed
Hind Aluminium Industries Ltd         Bk Fac             CARE A- / A2+  31      Reaffirmed
Hitachi Payment Services Pvt Ltd      NCDs               CARE AA        1200    Continues on
                                                                                credit watch
                                                                                with developing
                                                                                implications
Icici Securities Primary Dealership   Tier II Bonds      CARE AAA       2750    Reaffirmed
Ltd.
Icici Securities Primary Dealership   Tier II Bonds      CARE AAA       500     Assigned
Ltd.                                  (Proposed)
Jagaran Microfin Pvt Ltd              Long- term Bk Fac  CARE BBB-      1000    Reaffirmed
Jayawanti Babu Foundation             Long- term Bk Fac  CARE B+        85.1    Assigned
Karania Bros.                         Long- term Bk Fac  CARE B+        145     Assigned
Katti- Ma Exports Pvt Ltd             Long- term Bk Fac  CARE BB+       175     Assigned
M.K. Mathivathanan                    Long- term Bk Fac  CARE B+        203.2   Reaffirmed
Madhav Infracon (Bhopal Vidisha       Long- term Bk Fac  CARE BBB+      43.9    Reaffirmed
Corridor) Pvt Ltd
Reduced from Rs.6.82 crore
Madhav Infracon (Ghansore Mandla      Long- term Bk Fac  CARE BBB       61.9    Reaffirmed
Corridor) Pvt Ltd
Reduced from Rs.8.04 crore
Mahajan Engineering Works             Long- term Bk Fac  CARE BBB-      100     Reaffirmed
Mahendra Sponge & Power Ltd           Long- term Bk Fac  CARE BBB       593.5   Reaffirmed
reduced from 75.38 CR
Mahendra Sponge & Power Ltd           Bk Fac             CARE BBB / A3+ 100     Reaffirmed
Mahendra Strips Pvt Ltd               Long- term FacilityCARE BBB-      100     Reaffirmed
Meenakshi Cotgin                      Long- term Bk Fac  CARE B+        66      Assigned
Mott Macdoanald Pvt. Ltd              Long- term Bk Fac  CARE A         120     Revised from
                                                                                CARE A+
Mukesh Ranjan Contractors             Long- term Bk Fac  CARE BB+       20      Issuer Not
                                                                                Cooperating
P.G. Setty Construction Technology PvtLong- term Bk Fac  CARE BB-       135.7   Revised from
Ltd                                                                             CARE B+
R K Chavan Infrastructure Pvt Ltd     Long- term Bk Fac  CARE B+        123.7   Assigned
Radhakisan Pulses                     Long- term Bk Fac  CARE BB        200     Revised from
                                                                                CARE BB-
Rajrani Cold Storage And Ice Plant PvtLong- term Bk Fac  CARE BB-       137.1   Issuer did
Ltd                                                                             not Cooperate
Rajson Hotels Pvt Ltd                 Long- term Bk Fac  CARE BB-       90      Assigned
S.S. Nath & Company                   Long- term Bk Fac  CARE BB+       100     Issuer Not
                                                                                Cooperating
Revised from CARE BBB-
Sant Baba Bhag Singh Memorial         Long- term Bk Fac  CARE B+        132.8   Issuer Not
Charitable Society                                                              Cooperating
Sardar Industries                     Long- term Bk Fac  CARE B+        94.2    Assigned
Saregama India Ltd                    Long- term Bk Fac  CARE A         380     Reaffirmed
enhanced from 17 CR
Secure Print Solutions Pvt Ltd        Long- term Bk Fac  CARE BB-       150     Reaffirmed
Senbo Engineering Ltd                 Long- term Bk Fac  CARE B+        1426.8  Assigned
Shree Jagdamba Rice Mills             Long- term Bk Fac  CARE B+        150     Assigned
Shri Ram Ginning Pressing And Oil MillLong- term Bk Fac  CARE B+        90.2    Revised from
                                                                                CARE B
Shrishaila Electricals (India) Pvt LtdLong- term Bk Fac  CARE B         15      Assigned
Shyam Corporation Pvt Ltd             Long- term Bk Fac  CARE BB+       112.7   Revised from
                                                                                CARE BB
Shyam Corporation Pvt Ltd             Short- term Bk Fac CARE BB+       100     Revised from
                                                                                CARE BB/A4
Sindia Steels Ltd                     Long- term Bk Fac  CARE BB+       75      Reaffirmed
Singer Impex                          Long- term Bk Fac  CARE D         100     Revised from
                                                                                CARE BB-
Issuer not cooperating
Skm Steels Ltd                        Long- term Bk Fac  CARE BBB+      2850    Revised from
                                      (Fund- based)                             CARE BBB
Skm Steels Ltd                        Long- term Bk Fac  CARE BBB+      1400    Assigned
                                      (Fund- based)
                                      Vendor Financing
Slr Metaliks Ltd                      Long- term Bk Fac  CARE A- (SO)   4400    Assigned
                                      (TL)@
@backed by unconditional and irrevocable corporate guarantee provided by Sociedade De Fomento
Industrial Private Limited (SFI);
Slr Metaliks Ltd                      Long- term Bk Fac  CARE BBB+ (SO) 1150    Assigned
                                      (Fund Based)*
*backed by letter of comfort extended by SFI
Sri Koundinya Educational Society     Long- term Bk Fac  CARE BB        70      Assigned
Srinithi Enterprises Pvt Ltd          Long- term Bk Fac  CARE BB        150     Reaffirmed
Srinivasa Edifice Pvt Ltd             Long- term Bk Fac  CARE BB+       150     Assigned
Srm Hotels Pvt Ltd                    Long- term Bk Fac  CARE B+        489.1   Reaffirmed
Suashish Diamonds Ltd                 Long- term Bk Fac  CARE A-        2250    Reaffirmed
reduced from 425 CR
Swadeshi Aluminum Company Pvt Ltd     Long- term Bk Fac  CARE B+        180     Issuer did
                                                                                not Cooperate
Swastik Epitome Developers            Long- term Bk Fac  CARE BB-       780     Issuer did
                                                                                not Cooperate
Tagore Educational Trust              Long- term Bk Fac  CARE BBB       413.4   Reaffirmed
Taurus Cv Trust March 2017            Series A PTC       CARE AAA (SO)  4493.9  Assigned
Taurus Cv Trust March 2017            Second Loss        CARE BBB+ (SO) 312.3
                                      Facility
Taurus Cv Trust March 2017            First Loss FacilityUnrated        269.6
Transindia Logistic And Trading       Long- term Bk Fac  CARE BB-       150     Assigned
Ual Industries Ltd                    Long- term Bk Fac  CARE A         1193.4  Reaffirmed
Vrs Foods Ltd                         Long- term Bk Fac  CARE BBB       5150    Assigned

--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)

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