August 21, 2019 / 7:03 AM / 4 months ago

CARE ratings for Indian debt instruments-Aug 21

    Aug 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 20, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ashok Constructions                   ST BkFac           CARE A4        20      -
(Issuer not cooperating)
Centrum Financial Services Ltd        CP Programme       CARE A1+       250     Assigned
Centrum Financial Services Ltd        CP Programme       Provisional    750     Reaffirmed
                                                         CARE A1+
Creative Garments                     ST BkFac           CARE A4+       170     Reaffirmed
Emco Ltd                              ST BkFac           CARE D         12124.6 -
(Issuer not cooperating)
Fairy Food Products Pvt Ltd           ST Bk Fac          CARE A4        410     -
(Issuer not cooperating)
Gati Kausar India Ltd                 ST Bk Fac@         CARE A3 (CE)   5       Revised from
                                                                                CARE A3+(SO)
@ backed by the unconditional and irrevocable corporate guarantee provided by Gati Limited
(rated CARE BBB; Negative/CARE A3).
Gati Ltd                              ST Bk Fac          CARE A3        50      Revised from
                                                                                CARE A3+
Greenway Clothing                     ST BkFac           CARE A4        7.5     -
(Issuer not cooperating)
Goyal Educational & Welfare Society   ST Bk Fac          CARE D         10      -
(Issuer not cooperating)
J.J. Glastronics Pvt Ltd              ST Bk Fac          CARE A4+       360     Reaffirmed
Kisaan Steels Pvt Ltd                 ST Bk Fac          CARE A4        4       -
(Issuer not cooperating)
Mahaajay Spinners India Pvt Ltd       ST BkFac           CARE A4        65      -
(Issuer not cooperating)
Nikhil Construction                   ST Bk Fac          CARE A4+       310     -
(Removed from INC and rating reaffirmed)
Neumann Components Pvt Ltd            ST Bk Fac          -              -       Withdrawn
Pashupati Excrusion Pvt Ltd           ST Bk Fac          CARE A3        5.2     Assigned
Sai Engicon And Construction Pvt Ltd  ST Bk Fac          CARE A4        250     Revised from
                                                                                CARE A4+
(Issuer not cooperating)
Sharma Metalloys Pvt Ltd              ST Bk Fac          CARE A4        150     -
(Issuer not cooperating)
Shivam Autotech Ltd                   ST Bk Fac          CARE A2        280     Revised from
                                                                                CARE A2+
Sree Padmanabha Cashew                ST Bk Fac          CARE A4        5       -
(Issuer not cooperating)
Sri Balaji Tech                       ST Bk Fac          CARE A4        10      -
(Issuer not cooperating)
Sitapuram Power Ltd                   ST Bk Fac          -              -       Withdrawn
Tata Teleservices (Maharashtra) Ltd   ST Bk Fac –Non     CARE A1+       2090    Reaffirmed
                                      Fund Based- BG/LC
Tata Teleservices (Maharashtra) Ltd   CP issue           CARE A1+       55000   Reaffirmed
Tata Teleservices Ltd                 ST Bk Fac – Non    CARE A1+       1020    Reaffirmed
                                      Fund Based- BG/LC
Tata Teleservices Ltd                 CP issue           CARE A1+       30000   Reaffirmed
Rcl Paper And Packagings Ltd          ST BkFac           CARE D         27.5    -
(Issuer not cooperating)


MEDIUM TERM RATINGS:
-------------------
Gati Ltd                              Medium Term Fixed  CARE BBB      500      Revised from
                                      Deposits           Negative               CARE BBB stable
                                                                                


LONG TERM RATINGS:
-------------------
Aditya Infra And Agri Business Pvt LtdLT Bk Fac          CARE B+        80      -
(Issuer not cooperating)
Advance Metering Technology Ltd       LT Bk Fac          -              -       Withdrawn
                                      (Proposed TL)@
@CARE has withdrawn the proposed rating assigned to the long-term bank facilities as the loan
was not availed against the rating and based on management’s request for withdrawal 
Advance Metering Technology Ltd       LT Bk Fac          CARE BB+       50      Revised from
                                                                                CARE BBB-
Advance Metering Technology Ltd       Long/ ST Bk Fac    CARE BB+/A4+   85      Revised from
                                                                                CARE BBB-/A3
Amul Cotton Industries                LT Bk Fac          CARE B+        65      Reffirmed
Ashok Constructions                   LT Bk Fac          CARE B         50      Revised from
                                                                                CARE B+
(Issuer not cooperating)
Auxilo Finserve Pvt Ltd               LT Bk Fac          CARE A-        2250    Reaffirmed
Barak Valley Cements Ltd              LT Bk Fac          CARE C         250     Revised from
                                                                                CARE B
Bulland Buildtech Pvt Ltd             LT Bk Fac          CARE D         450     -
(Issuer not cooperating)
Canara Robeco Capital Protection      Canara Robeco      CARE AAAmfs    -       Assigned
Oriented Fund Series 11               Capital Protection
                                      Oriented Fund Series – 11
Emco Ltd                              LT Bk Fac          CARE D         4981.4  -
(Issuer not cooperating)
Fairy Food Products Pvt Ltd           LT Bk Fac          CARE B         79.7    -
(Issuer not cooperating)
Gali Bhanu Prakash                    LT Bk Fac          CARE B         55.3    Revised from
                                                                                CARE B+
(Issuer not cooperating)
Gati Kausar India Ltd                 NCDs               CARE BB+       1200    Reaffirmed
Gati Kausar India Ltd                 LT Bk Fac-CC@      CARE BBB (CE)  50      Revised from
                                                                                CARE BBB
@ backed by the unconditional and irrevocable corporate guarantee provided by Gati Limited
(rated CARE BBB; Negative/CARE A3).
Gati Ltd                              LT Bk Fac          CARE BBB       1730.2  Revised from
                                                         Negative               CARE BBB stable
Goyal Educational & Welfare Society   LT Bk Fac          CARE D         120     -
(Issuer not cooperating)
Greenway Clothing                     LT Bk Fac          CARE B         87.3    -
(Issuer not cooperating)
J.J. Glastronics Pvt Ltd              LT Bk Fac          CARE BB+       97.3    Reaffirmed
Jai Sakthi Mills                      LT Bk Fac          CARE B+        356.2   -
(Issuer not cooperating)
Kajjehally Estate                     LT Bk Fac          CARE B+        190     -
(Issuer not cooperating)
Kisaan Steels Pvt Ltd                 LT Bk Fac          CARE BB        124.2   -
(Issuer not cooperating)
Lord Wheels Pvt Ltd                   LT Bk Fac          CARE B+        98.2    -
(Issuer not cooperating)
Lotus Global Pvt Ltd                  LT Bk Fac          CARE BB+       12.3    -
(Issuer not cooperating)
Lotus Global Pvt Ltd                  Long/ ST Bk Fac    CARE BB+/A4+   238     -
(Issuer not cooperating)
M & T Constructions                   LT Bk Fac          CARE B         60      -
(Issuer not cooperating)
Mahaajay Spinners India Pvt Ltd       LT Bk Fac          CARE B         35      -
(Issuer not cooperating)
Neumann Components Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Nikhil Construction                   LT Bk Fac          CARE BB+       260     -
(Removed from INC and rating
reaffirmed)
Panchavati Valves & Flanges Pvt       LT Bk Fac          CARE B         20      Revised from
                                                                                CARE B+
(Issuer not cooperating)
Panchavati Valves & Flanges Pvt       Long/ ST Bk Fac    CARE B/A4      40      Revised from
                                                                                CARE B+/A4
(Issuer not cooperating)
Parmeshwari Enterprises               LT Bk Fac          CARE BB-       55      Revised from
                                                                                CARE BB
(Issuer not cooperating)
Pashupati Excrusion Pvt Ltd           LT Bk Fac          CARE BBB-      172     Assigned
Pellet Energy Systems Pvt Limi        LT Bk Fac          CARE D         285     -
(Issuer not cooperating)
Raheja Icon Entertainment Pvt Ltd     NCD issue          CARE B         680     -
(CARE has sought confirmation from the debenture trustee on repayment and invocation of
Corporate Guarantee but no confirmation on the same has been received till date)
Rajrani Cold Storage And Ice Plant PvtLT Bk Fac          CARE D         137.1   -
Ltd
(Issuer not cooperating)
Rcl Paper And Packagings Ltd          LT Bk Fac          CARE D         72.8    -
(Issuer not cooperating)
Sadashiva Oil Industries              LT Bk Fac          CARE BB-       48.5    Reaffirmed
Sai Aarav Motors                      LT Bk Fac          -              -       Withdrawn
Sai Engicon And Construction Pvt Ltd  LT Bk Fac          CARE BB-       50      Revised from
                                                                                CARE BB+
(Issuer not cooperating)
Saka Embroidery Pvt Ltd               LT Bk Fac          CARE B+        105.8   -
(Issuer not cooperating)
Shiv Valley Highways Pvt Ltd          LT Bk Fac – Fund   CARE BBB+ (CE) 6960    Revised from
                                      based                                     CARE A-
Shiv Valley Highways Pvt Ltd          LT Bk Fac – Non    CARE BBB+ (CE) 740     Revised from
                                      Fund based                                CARE A-
Shivam Autotech Ltd                   LT Bk Fac          CARE BBB       5179.3  Revised from
                                                                                CARE BBB+
Shri Jagannath Educational Health And LT Bk Fac          CARE D         142.9   -
Charitable Trust
(Issuer not cooperating)
Shri Rasbihari Agro Processors Pvt LtdLTBk Fac           -              -       Withdrawn
Sitapuram Power Ltd                   LT Bk Fac          -              -       Withdrawn
Sitapuram Power Ltd                   LT Bk Fac*         CARE AA (CE)   409.3   Reaffirmed
*backed by credit enhancement in the form of Letter of Comfort extended by Zuari Cement Limited
(ZCL) to the bank facilities of Sitapuram Power Limited (SPL)
Sree Padmanabha Cashew                LT Bk Fac          CARE B         50      Revised from
                                                                                CARE B+
(Issuer not cooperating)
Sree Vinayak Vidhyalayaa Charitable   LT Bk Fac          CARE D         72.1    -
Trust
(Issuer not cooperating)
Sri Balaji Tech                       LT Bk Fac          CARE B         104     -
(Issuer not cooperating)
Sri Balaji Tech                       LT/ST Bk Fac       CARE B/A4      20      -
(Issuer not cooperating)
Sri Murari Pavan Agrotech             LT Bk Fac          CARE B+        150     -
(Issuer not cooperating)
Susee Premium Automobiles Pvt Ltd     LT Bk Fac          CARE D         144.8   -
(Issuer not cooperating)
Tara Jewels Ltd                       LT / ST (Fund      CARE D         4860    -
                                      Based)
(Issuer not cooperating)
Tara Jewels Ltd                       LT / ST (Non Fund  CARE D         2570    -
                                      Based)
(Issuer not cooperating)
Tata Teleservices (Maharashtra) Ltd   LT Bk Fac –TL      CARE A+        11925   Reaffirmed
Tata Teleservices (Maharashtra) Ltd   LT Bk Fac – Fund   CARE A+        500     Reaffirmed
                                      Based- CC
Tata Teleservices (Maharashtra) Ltd   LT/ST- Fund        CARE A+/A1+    10000   Reaffirmed
                                      based/Non-fund
                                      based
Tata Teleservices Ltd                 LT Bk Fac – TL     CARE A+        27925   Reaffirmed
Tata Teleservices Ltd                 LT/ST- Fund        CARE A+/A1+    10000   Reaffirmed
                                      based/Non-fund
                                      based
Tech Mahindra Ltd                     LT Bk Fac          CARE AAA       12000   Reaffirmed
Tech Mahindra Ltd                     LT/ST Bk Fac       CARE AAA/A1+   6000    Reaffirmed
*change in nature of bank facilities
Unique Impex                          LT Bk Fac          CARE B+        45      -
(Issuer not cooperating)
Unnati Fortune Hotmart Pvt Ltd        LT Bk Fac          CARE D         250     -
(Issuer not cooperating)
Vedbhumi Builders And Developers Pvt- LT Bk Fac          CARE D         389.4   -
Ltd
(Issuer not cooperating)

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