May 8, 2017 / 5:46 AM / 6 months ago

CARE ratings for Indian debt instruments-May 8

    May 8 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 5, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Baba Saw Mill                         ST Bk Fac          CARE A4        38.3    Assigned
Badve Engineering Ltd                 ST Bk Fac          CARE A2+       65      Reaffirmed
                                      (Non-Fund Based-
                                      Working capital)

Craftsman Automation Pvt Ltd          ST Bk Fac          CARE A3+       1820    Reaffirmed
Future Retail Ltd                     ST Bk Fac (Non     CARE A1+       17150   Reaffirmed
                                      Fund based)
Future Retail Ltd                     CP (CP) issue*     CARE A1+       4875    Reaffirmed
*carved out of the sanctioned working capital limits of the company
Future Retail Ltd                     CP^                CARE A1+       3500    Reaffirmed
^ The outstanding CP including working capital borrowings will not exceed lower of the
sanctioned working capital limits or drawing power at any point of time.
Indicon Westfalia Ltd.                ST Bk Fac          CARE A1+       10      @
J. K. Files (India) Ltd               ST Bk Fac          CARE A1        180     Reaffirmed
Kailash Shipping Services Pvt Ltd     ST Bk Fac          CARE A3+       150     Reaffirmed
Kalyani Technotherm Ltd               ST Bk Fac          CARE A3+       30      Reaffirmed
Madhu Overseas                        ST Bk Fac          CARE A4        65      Assigned
Mamata Machinery Pvt Ltd              ST Bk Fac          CARE A3        23.5    Reaffirmed
Maruthi Garments                      ST Bk Fac          CARE A4        100     Issuer not
                                                                                cooperating
Mfar Realtors Pvt Ltd                 ST Bk Fac          -              -       Withdrawn
National Collateral Management ServiceST Bk Fac          CARE A1+       150     Reaffirmed
Ltd
Orchid Marine                         ST Bk Fac          CARE A4        100     Issuer not
                                                                                cooperating
Oriental Structural Engineers Pvt Ltd ST Bk Fac          CARE A2        1350    Revised from
                                                                                CARE A2+
Pinnae Feeds Ltd.                     ST Bk Fac          CARE A1+       150     @
Rays Power Experts Pvt Ltd            ST Bk Fac          CARE A2        437.5   Revised from
                                                                                CARE A3
Rays Power Experts Pvt Ltd            ST Bk Fac          CARE A2        437.5   Revised from
                                                                                CARE A3
Sea Blue Shipyard Ltd                 ST Bk Fac          CARE D         130     Issuer not
                                                                                cooperating
Shaleen Healthcare Pvt Ltd            ST Bk Fac          CARE A4        13.5    Issuer not
                                                                                cooperating
South India Cements                   ST Bk Fac          CARE A4        35      Reaffirmed
Welspun Corp Ltd                      ST Bk Fac          CARE A1+       56000   Reaffirmed
Welspun Corp Ltd                      CP                 CARE A1+       2000    Reaffirmed


LONG TERM RATINGS:
-------------------
Agrasen Cotton Industries             LT Bk Fac          CARE B+        80      Issuer not
                                                                                cooperating
Artedz Fabs Pvt Ltd                   LT Bk Fac          CARE B         129.7   Reaffirmed
Asahi India Glass Ltd                 LT Bk Fac          CARE BBB+      8941.8  Revised from
                                                                                CARE BBB
Asahi India Glass Ltd                 LT/ST Bk Fac       CARE BBB+/A3+  1580    Revised from
                                                                                CARE BBB/A3
Ashiana Dwellings Pvt Ltd             LT Bk Fac (TL)     CARE BB        495     Reaffirmed
Ashiana Dwellings Pvt Ltd             LT Bk Fac (TL)     CARE BB        95      Reaffirmed
Ashiana Dwellings Pvt Ltd             Optionally -       CARE BB        648.1   Reaffirmed
                                      convertible
                                      Debentures (OCDs)
Ashiana Landcraft Realty Pvt Ltd      LT Bk Fac          CARE BB        1750    Reaffirmed
Ashiana Landcraft Realty Pvt Ltd      NCDs-I             CARE BB        1249.2  Reaffirmed
Ashiana Landcraft Realty Pvt Ltd      NCDs-II            CARE BB        290.1   Reaffirmed
Baba Saw Mill                         LT Bk Fac          CARE B         31.1    Assigned
Badve Engineering Ltd                 LT Bk Fac (TL)     CARE A         8911.4  Reaffirmed
Badve Engineering Ltd                 LT Bk Fac (Fund    CARE A         2915    Reaffirmed
                                      Based –Working
                                      capital)
Badve Engineering Ltd                 Long/ST Bk         CARE A/A2+     470     Reaffirmed
                                      Fac(NonFund Based)
Cls Industries Pvt Ltd                LT Bk Fac          CARE C         140.1   Revised from
                                                                                CARE D
Craftsman Automation Pvt Ltd          LT Bk Fac          CARE BBB       7480.3  Revised from
                                                                                CARE BBB+
Damasha Stampings                     LT Bk Fac          CARE BB        42.2    Issuer not
                                                                                cooperating
Damasha Stampings                     LT/ST Bk Fac       CARE BB/A4     15      Issuer not
                                                                                cooperating
Future Retail Ltd                     LT Bk Fac (Fund    CARE AA-       25355   Reaffirmed
                                      Based)
Indicon Westfalia Ltd.                LT Bk Fac          CARE AA        100     @
J. K. Files (India) Ltd               LT Bk Fac          CARE A         1241.9  Reaffirmed
Kailash Shipping Services Pvt Ltd     LT Bk Fac          CARE BBB       192.2   Reaffirmed
Kalyani Technotherm Ltd               LT Bk Fac          CARE BBB       164.5   Reaffirmed
Kct Renewable Energy Pvt. Ltd.        LT Bk Fac          CARE AA        4950    @
Kct Renewable Energy Pvt. Ltd.        LT Bk Fac          ProvCARE AA    20      @
Lolark Polytex Pvt Ltd                LT Bk Fac          CARE BB        70      Reaffirmed
Lords Oriental Resorts Developers     LT Bk Fac          CARE B         131.6   Issuer not
(Silvassa) Pvt Ltd                                                              cooperating
M. Shailesh & Co.                     LT Bk Fac          CARE BB        100     Assigned
Madhu Overseas                        LT Bk Fac          CARE B         15      Assigned
Mahesh Traders                        LT Bk Fac          CARE BB-       92      Issuer not
                                                                                cooperating
Mamata Machinery Pvt Ltd              LT Bk Fac          CARE BBB-      101.7   Reaffirmed
Mamata Machinery Pvt Ltd              LT /ST Bk Fac      CARE BBB-/A3   294.5   Reaffirmed
Maruthi Garments                      LT Bk Fac          CARE BB-       3.3     Issuer not
                                                                                cooperating
Mfar Realtors Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
N.C. Foods                            LT Bk Fac          CARE B+        75.1    Assigned
National Collateral Management ServiceLT Bk Fac          CARE A+        4125.7  Reaffirmed
Ltd
Olive Bar & Kitchen Pvt Ltd           LT Bk Fac          CARE BBB-      44.7    Reaffirmed
Oriental Structural Engineers Pvt Ltd LT Bk Fac          CARE BBB+      3250    Revised from
                                                                                CARE A-
Oriental Structural Engineers Pvt Ltd LT/ST Bk Fac       CARE BBB+/A2   7000    Revised from
                                                                                CARE A-/A2+
P&R Engineering Services Pvt Ltd      LT Bk Fac          CARE BB+       131.4   Revised from
                                                                                CARE BB
P&R Infraprojects Ltd                 LT Bk Fac          CARE BB+       200     Revised from
                                                                                CARE BB
P&R Infraprojects Ltd                 LT/ST Bk Fac       CARE BB+/A4+   850     Revised from
                                                                                CARE BB/A4
Pinnae Feeds Ltd.                     LT Bk Fac          CARE AA        413     @
Pinnae Feeds Ltd.                     LT/Shortterm Bk FacProvisional
                                                         CARE AA        84.7    @
                                                         /CARE A1+
Proseed Foundation                    LT Bk Fac          CARE BB-       50      assigned
Rays Power Experts Pvt Ltd            LT Bk Fac          CARE BB        100     Revised from
                                                                                CARE BBB-
Rays Power Experts Pvt Ltd            LT Bk Fac          CARE BB        100     Revised from
                                                                                CARE BBB-
Regency Exports Pvt Ltd               LT Bk Fac          CARE BB+       124.4   Issuer not
                                                                                cooperating
Renew Akshay Urja Pvt Ltd             LT Bk Fac          CARE BBB+      6907.1  Revised from
                                                                                CARE BBB
S. D. Corporation Pvt Ltd             Proposed LT –      CARE AA+       4000    Final Rating
                                      NonConvertible
                                      Debentures^
^ credit enhancement in the form of an unconditional, irrevocable and continuing DSRA Guarantee
provided by Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA+ Stable)
Safe Parenterals Ltd                  LT Bk Fac          CARE B+        140     Assigned
Sea Blue Shipyard Ltd                 LT Bk Fac          CARE D         115.7   Issuer not
                                                                                cooperating
Shaleen Healthcare Pvt Ltd            LT Bk Fac          CARE B+        122.5   Issuer not
                                                                                cooperating
Shri Keshav Cements & Infra Ltd       LT Bk Fac          CARE BB        457.3   Revised from
                                                                                CARE BB-
Shriprop Living Space Pvt Ltd         LT Bk Fac          CARE BBB       1250    Assigned
Shriprop Projects Pvt Ltd             LT Bk Fac          CARE BBB       850     Assigned
Shrivision Homes Pvt Ltd              LT Bk Fac          CARE BBB       2500    Assigned
Sikka Automobile Pvt Ltd              LT Bk Fac          CARE BB-       140     Assigned
South India Cements                   LT Bk Fac          CARE BB        15      Reaffirmed
The All India Federation Of EducationaLT Bk Fac          CARE BBB-      234     Reaffirmed
Association
Tractors India Pvt Ltd                LT Bk Fac          CARE A-        4881.2  Removed from
                                                                                Credit
                                                                                Watch/Reaffirmed
Tractors India Pvt Ltd                LT Bk Fac          CARE A-/A2+    3500    Removed from
                                                                                Credit
                                                                                Watch/Reaffirmed
Trimax Datacenter Services Ltd        LT Bk Fac^         CARE A-        211.1   Reaffirmed
^ based on the unconditional and irrevocable corporate guarantee extended by Trimax IT
Infrastructure & Services Ltd
Vaishnavi Biotech Ltd                 LT Bk Fac          CARE BB+       244.5   Issuer not
                                                                                cooperating
Welspun Corp Ltd                      LT Bk Fac          CARE AA-       4015    Reaffirmed
Welspun Corp Ltd                      Non- Convertible   CARE AA-       13428   Reaffirmed
                                      Debentures

--------------------------------------------------------------------------------------------
$: 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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