March 19, 2020 / 8:53 AM / 2 months ago

CARE ratings for Indian debt instruments-Mar 19

    Mar 19  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of March 18, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ardee Engineering Company             ST Bk Fac          CARE A4 (A     95      Assigned
                                                         Four)
Associated Polytech Industries Pvt LtdST Bk Fac          CARE A4 (A     13.5    Reaffirmed
                                                         Four)
Basanti Devi Rice Mill Pvt Ltd        ST BkFac           CARE A4        5.9     -
(Issuer not cooperating)
Bowry Memorial Educational And MedicalST Bk Fac          CARE A4        50      Assigned
Trust
Bvg India Ltd                         ST BkFac           CARE A3        1635    Revised from
                                                                                CARE A2
(Issuer not cooperating) / (Under Credit watch with negative implications)
Delta Paper Mills Ltd                 ST Bk Fac          CARE A4        200     -
(Issuer not cooperating)
Export-Import Bank Of India           ST CP Program (CP)*CARE A1+       190089.5Reaffirmed
*Amount outstanding under long-term and short-term Certificate of Deposit and Commercial Paper
Programme not to exceed Rs.19,008.95 crore.
Golden Hatcheries                     ST Bk Fac- LRD     CARE A3+       25      Reaffirmed
Haro Gouri Agro Products              ST Bk Fac          CARE A4        5       Reaffirmed
High Breetd Fashions                  ST Bk Fac          CARE A4        95      Reaffirmed
H. M. Patel And Company               ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
India Commercial Services             ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4+ and
                                                                                withdrawn
Indo Shell Cast Pvt Ltd               ST Bk Fac          CARE A3+       1.5     Reaffirmed
Johns Biwheelers                      ST Bk Fac          CARE A4        115     -
(Issuer not cooperating)
Kankariya Textile Industries Pvt Ltd  ST Bk Fac          CARE A3+       15      Reaffirmed
Mahabir Nirman Pvt Ltd                ST BkFac           CARE A4        25      -
(Issuer not cooperating)
Manali Petrochemicals Ltd             ST Bk Fac          CARE A1        500     Reaffirmed
Partap Cotex Pvt Ltd                  ST Bk Fac          -              -       Reaffirmed
                                                                                and withdrawn
Partap Spintex Pvt Ltd                ST Bk Fac          -              -       Reaffirmed
                                                                                and withdrawn
Pradeep Industrial Packers Pvt Ltd    STFac              -              -       withdrawn
Progility Technologies Pvt Ltd        ST Bk Fac          CARE A3+       455     Reaffirmed
Rla Constructions                     ST Bk Fac          CARE A4        39      -
(Issuer not cooperating)
Righill Electrics Pvt Ltd             ST Bk Fac          CARE D         15      Revised from
                                                                                CARE A4
(Issuer not cooperating)
Supreme Electrical Pvt Ltd            ST Bk Fac          -              -       Withdrawn
Sarmangal Synthetics Pvt Ltd          ST Bk Fac          CARE A4        9.8     -
(Issuer not cooperating)
Shri Rajendra Kumar Kalal             ST Bk Fac          CARE A4+       130     Reaffirmed
Sri Lakshmi Godavari Spinning Mills   ST Bk Fac          CARE A4+       81.8    -
Ltd
(Issuer not cooperating)
Stone Concern Infrastructure          ST BkFac           CARE A4        200     -
Development Pvt Ltd
(Issuer not cooperating)
Theme Music Company Pvt Ltd           ST Bk Fac          CARE A4 (A     25      Assigned
                                                         Four)
Troikaa Pharmaceuticals Ltd           ST Bk Fac          CARE A2 (A     97      Revised from
                                                         Two)                   CARE A3+
Torry Harris Seafoods Pvt Ltd         ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4+ and
                                                                                Withdrawn
Turning Point                         ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn


LONG TERM RATINGS:
-------------------
Adrika Developers Pvt. Ltd.           Proposed LT Bk Fac Provisional    1350    Assigned
                                      – TL@              CARE BBB
@ based on un-conditional and irrevocable corporate guara(CE); Negative
Adrika Developers Pvt. Ltd.           Proposed NCD      @Provisional    1450    Assigned
                                                         CARE BBB
@ based on un-conditional and irrevocable corporate guara(CE); Negative
Alwar General Finance Company Pvt Ltd LT Bk Fac          CARE BB+;      100     Reaffirmed
                                                         Stable
Ardee Engineering Company             LT Bk Fac          CARE BB+;      120     Assigned
                                                         Stable
Associated Polytech Industries Pvt LtdLT Bk Fac          CARE B+; Stable45      Revised from
                                                                                CARE BB-
                                                                                Negative
Basanti Devi Rice Mill Pvt Ltd        LT Bk Fac          CARE BB; Stable79.3    -
(Issuer not cooperating)
Blue Autoworld Pvt Ltd                LTBk Fac           CARE B; Stable 55      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating)
Bowry Memorial Educational And MedicalLT Bk Fac          CARE BB;       90      Assigned
Trust                                                    Stable
Bvg India Ltd                         LT BkFac           CARE BBB;      6870    Revised from
                                                         Negative               CARE A-
(Issuer not cooperating) / (Under Credit watch with negative implications)
Bvg India Ltd                         LT/STBk Fac        CARE BBB;      6320    Revised from
                                                         Negative / A3          CARE A- / A2
(Issuer not cooperating) / (Under Credit watch with negative implications)
Dandona Finance Ltd                   LT Bk Fac (Working CARE BB+       450     -
                                      Capital Limits)
(Issuer not cooperating)
Delta Paper Mills Ltd                 LT Bk Fac          CARE BB-       1250    -
(Issuer not cooperating)
Educational Development Trust         LT Bk Fac          CARE BBB-;     152.5   Reaffirmed
                                                         Stable
Educational Development Trust         Long/ ST Bk Fac    CARE BBB-;     3       Reaffirmed
                                                         Stable / A3
Etawah Chakeri (Kanpur) Highway Pvt   LT Bk Fac          CARE BBB+      13237.4 Final Rating
Ltd                                                      (CE); Stable @
@ Backed by Letter of Undertaking by Oriental Infra Trust (OIT).
Export-Import Bank Of India           LT Bk Borrowing    CARE AAA;      30000   Reaffirmed
                                      Program            Stable
Export-Import Bank Of India           CD Program (CD)*^  CARE AAA;      190089.5Reaffirmed
                                                         Stable / A1+
*Amount outstanding under long-term and short-term Certificate of Deposit and Commercial Paper
Programme not to exceed Rs.19,008.95 crore. / ^interchangeable long term / short term limit
Fedbank Financial Services Ltd.       LT Bk Fac          CARE AA-;      35000   Reaffirmed
                                                         Stable
Gea Bgr Energy System India Ltd       LT Bk Fac          CARE A-;       291     Reaffirmed
                                                         Stable
Gea Bgr Energy System India Ltd       LT/ST Bk Fac       CARE A-;       650     Reaffirmed
                                                         Stable/CARE A2+
Golden Hatcheries                     LT Bk Fac- TL      CARE BBB;      1128.8  Reaffirmed
                                                         Stable
H. M. Patel And Company               LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
                                                                                Withdrawn
Haro Gouri Agro Products              LT Bk Fac          CARE BB-;      82      Revised from
                                                         Stable                 CARE B+ Stable
India Commercial Services             LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB and
                                                                                Withdrawn
Indo Shell Cast Pvt Ltd               LT Bk Fac          CARE BBB;      133.4   Reaffirmed
                                                         Stable
Indo Shell Cast Pvt Ltd               Long /ST BkFac     CARE BBB;      90      Reaffirmed
                                                         Stable / A3+
Infinity Fincorp Solutions Pvt Ltd    CP                 -              -       Withdrawn
Jai Jagdambey Dall Mill               LT Bk Fac          CARE B; Stable 70      Revised from
                                                                                CARE B+ ;
                                                                                Stable
(Issuer not cooperating)
Jharkhand Rajya Gramin Bank           Tier I Perpetual   CARE A - ;     3000    Assigned
                                      Debt Instrument    Stable
                                      (PDI)
Jodhani Papers Ltd                    LT Fac             -              -       Withdrawn
Johns Biwheelers                      LT Bk Fac          CARE BB-;      9       Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer not cooperating)
Kankariya Textile Industries Pvt Ltd  LT Bk Fac          CARE BBB;      87.5    Reaffirmed
                                                         Negative
Kankariya Textile Industries Pvt Ltd  LT/ST Bk Fac       CARE BBB;      90      Reaffirmed
                                                         Negative/ A3+
Klm Axiva Finvest Ltd                 LT Bk Fac          CARE BB+;      150     Reaffirmed
                                                         Stable
Klm Axiva Finvest Ltd                 NCD issue-1        CARE BB+;      660     Reaffirmed
                                                         Stable
Klm Axiva Finvest Ltd                 NCD issue-2        CARE BB+;      940     Reaffirmed
                                                         Stable
Klm Axiva Finvest Ltd                 NCD issue-Proposed CARE BB+;      1250    Assigned
                                                         Stable
Krishna Shipping And Allied Services  LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+ and
                                                                                Withdrawn
Leela Krishna Automobiles Pvt Ltd     LT Bk Fac          CARE BB-;      290.4   Revised from
                                                         Stable                 CARE BB+;
                                                                                Positive
(Issuer not cooperating)
Libra Auto Car Co. Ltd                LT Bk Fac          CARE D         100     Revised from
                                                                                CARE C
(Issuer not cooperating)
Mahabir Nirman Pvt Ltd                LT Bk Fac          CARE B; Stable 35      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating)
Manali Petrochemicals Ltd             LT Bk Fac          CARE A-; Stable500     Reaffirmed
Muthoot Fincorp Ltd                   LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE A-;
                                                                                Stable
Natural Cotton Spinners Pvt Ltd       Long -term Bk Fac  CARE B+; Stable232     Revised CARE
                                                                                BB-; Stable
(Issuer not cooperating)
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB+;     720     Assigned
                                                         Stable
Nooli Jewellers                       LT BkFac           CARE B+; Stable220     Revised from
                                                                                CARE
                                                                                BB-;Stable
(Issuer not cooperating)
Nrb Industrial Bearings Ltd           LT Bk Fac          CARE BBB-;     168     Reaffirmed
                                                         Stable
Om Sai Intex Pvt Ltd                  LT Bk Fac          CARE BBB+;     650     Reaffirmed
                                                         Positive
Partap Cotex Pvt Ltd                  LT Bk Fac          -              -       Reaffirmed
                                                                                and withdrawn
Partap Spintex Pvt Ltd                LT Bk Fac          -              -       Reaffirmed
                                                                                and withdrawn
Patidar Boards Privae Ltd             LT BkFac           CARE BB-;      196.6   Revised from
                                                         Stable                 CARE BB+;
                                                                                Stable
(Issuer not cooperating)
Pradeep Industrial Packers Pvt Ltd    LTFac              -              -       Revised to
                                                                                CARE BB-;
                                                                                Stable
Progility Technologies Pvt Ltd        LT Bk Fac          CARE BBB;      80      Reaffirmed
                                                         Stable
R. Vinudhanu Commerce                 LT Bk Fac          CARE B; Stable 100     Revised from
                                                                                CARE B+;
                                                                                Stable
Radhamadhav Automobiles Pvt Ltd       LT Bk Fac          CARE BB-;      708.7   Revised from
                                                         Stable                 CARE BB+;
                                                                                Positive
(Issuer not cooperating)
Rama Cotspin Pvt Ltd                  LT Bk Fac          -              -       Reaffirmed
                                                                                and withdrawn
Rangoli Particle Boards Pvt Ltd       LT BkFac           CARE BB-;      59.1    Revised from
                                                         Stable                 CARE BB+;
                                                                                Stable
(Issuer not cooperating)
Ravi Renewable Energy And Lighting    LT Bk Fac –CC      -              -       Withdrawn
(India) Pvt Ltd
Ravi Renewable Energy And Lighting    LT / ST Bk Fac     -              -       Withdrawn
(India) Pvt Ltd
Righill Electrics Pvt Ltd             LT Bk Fac          CARE D         35      Revised from
                                                                                CARE B-;
                                                                                Stable
(Issuer not cooperating)
Rla Constructions                     LT Bk Fac          CARE B+; Stable15      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating)
Saakar Infra Nirman Pvt Ltd           LT BkFac           CARE BBB-;     430     Assigned
                                                         Stable
Saakar Infra Nirman Pvt Ltd           LT/STBk Fac        CARE BBB-;     490     Assigned
                                                         Stable / A3
Sahyog Industries                     LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+ and
                                                                                Withdrawn
Sarmangal Synthetics Pvt Ltd          Long -term Bk Fac  CARE BB -;     140     Reaffirmed at
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer not cooperating)
Shri Rajendra Kumar Kalal             LT Bk Fac          CARE BB+;      50      Revised from
                                                         Negative               CARE BB+;
                                                                                Stable
Sikka Motors Pvt Ltd                  LT BkFac           CARE B+; Stable490     Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating)
Sri Lakshmi Godavari Spinning Mills   LT Bk Fac          CARE BB; Stable650.9   -
Ltd 
(Issuer not cooperating)
Sri Ranisati Steels Pvt Ltd           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-;
                                                                                Stable and
                                                                                Withdrawn
Stone Concern Infrastructure          LT Bk Fac          CARE BB-;      100     Revised from
Development Pvt Ltd                                      Stable                 CARE BB;
                                                                                Stable
(Issuer not cooperating)
Supreme Electrical Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Suvidha Microfin                      LT Bk Fac          CARE B+        100     Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating)
Suvidhi Rayons Pvt Ltd                LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable
Theme Music Company Pvt Ltd           LT Bk Fac          CARE BB-;      59      Assigned
                                                         Stable
Theme Music Company Pvt Ltd           LT/ST Bk Fac       CARE BB-;      46      Assigned
                                                         Stable/ A4
Torry Harris Seafoods Pvt Ltd         LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB+;
                                                                                Stable and
                                                                                Withdrawn
Troikaa Pharmaceuticals Ltd           LT Bk Fac          CARE BBB+;     663.7   Reaffirmed
                                                         Stable
Troikaa Pharmaceuticals Ltd           LT/ ST Bk Fac      CARE BBB+;     1265    Revised from
                                                         Stable/ A2             CARE BBB+/ A3
Turning Point                         LT/STBk Fac        -              -       Revised to
                                                                                CARE BB
                                                                                Stable/ A4
Winterfell Realty Pvt Ltd             LT Bk Fac          CARE BBB-;     6970    Reaffirmed
                                                         Stable
Yashodakrishna Automobiles Pvt Ltd    LT Bk Fac          CARE BB-;      345.4   Revised from
                                                         Stable                 CARE BB+;
                                                                                Positive
(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@refinitiv.com)
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