August 13, 2019 / 7:49 AM / a month ago

CARE ratings for Indian debt instruments-Aug 13

    Aug 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 12, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ace Wood Industries                   ST Bk Fac          CARE A4        70      Assigned
Akansha Ispat Pvt Ltd                 Short - term Bk FacCARE A4        135     Reaffirmed
(enhanced from 11.00 Crore)
Aryan Constructions                   ST BkFac           CARE A4        50      -

*Issuer did not cooperate; Based on best available information
Captab Biotec Unit Ii                 ST Bk Fac –        CARE A4        35      Assigned
                                      (Non-Fund Based)
Gencor Pacific Auto Engineering Pvt LtShort – term Bk FacCARE A4        36.9    Assigned
Kpc Medical College & Hospital        ST BkFac           CARE D         100     -
Issuer not cooperating; based on best available information
Essar Steel India Ltd                 ST Bk Fac          CARE D         1000    -
Issuer Not Cooperating; based on best available information
Edayar Zinc Ltd                       ST Bk Fac          CARE D         2470    -
Issuer not cooperating; Based on best available information.
Tebma Shipyards Ltd                   ST Bk Fac          CARE D         4804.7  -
Issuer Not Cooperating; Based on Best Available Information
Ghousia Food Products Pvt Ltd         ST Bk Fac          CARE A4        120     -
Issuer Not Cooperating; based on best available information
Mantena Infra Llp                     ST BkFac           CARE A3+       310
Issuer not cooperating; based on best available information
Turtle Ltd                            ST Bk Fac          -              -       Withdrawn
Meenambakkam Realty Pvt Ltd           ST Bk Fac (Fund    CARE A3        260     Assigned
                                      based)
Meenambakkam Realty Pvt Ltd           ST Bk Fac          CARE A3        250     Assigned
                                      (Non-Fund based)
Reed And Pick                         ST Bk Fac          CARE A4        70
Issuer not cooperating;Based on best available information
Setco Automotive Ltd                  ST Bk Fac          CARE A4        20      Revised from
                                                                                CARE A3
Shiv Shakti Knit Fabs                 ST BkFac (TL)      CARE A4        3.8     Reaffirmed

LONG TERM RATINGS:
-------------------
Ace Wood Industries                   LT Bk Fac          CARE BB-       30      Assigned
Ace Wood Industries                   LT/STBk Fac        CARE BB-/CARE  20      Assigned
                                                         A4
Acme Pv Powertech Pvt Ltd             LT Bk Fac          CARE BBB       3080    Revised from
                                                                                CARE BBB
Acme Pv Powertech Pvt Ltd             LT Bk Fac          CARE BBB       210     Revised from
                                                                                CARE BBB
Ador Ceramics Pvt Ltd                 LT Bk Fac          CARE BB-       61.7    -
*Issuer did not cooperate; Based on best available information
Advent Infraprojects Pvt Ltd          LT/ST Bk Fac       -              -       Withdrawn
Akansha Ispat Pvt Ltd                 LT Bk Fac          CARE BB+       37.5    Reaffirmed
Amun Solarfarms Ltd                   LT Bk Fac (TL)     -              -       Withdrawn
Aryan Constructions                   LT BkFac           CARE B+        4.5     Revised from
                                                                                CARE BB-
*Issuer did not cooperate; Based on best available information
Avighna Solarfarms Ltd                LT Bk Fac (TL)     -              -       Withdrawn
Avp Powerinfra Pvt Ltd                LT Bk Fac – TL     CARE A (CE)    1704    -
(Credit watch with developing implications)
Avp Powerinfra Pvt Ltd                LT Bk Fac – CC     CARE A (CE)    149     -
(Credit watch with developing implications)* Sanctioned amount SPV-wise, total amount not to
exceed Rs.100 crore on an aggregate basis as per the sanctioned terms
Badoni Power Pvt Ltd                  LT Bk Fac – TL     CARE A (CE)    1832    -
Badoni Power Pvt Ltd                  LT Bk Fac – CC     CARE A (CE)    124     -
(Credit watch with developing implications)* Sanctioned amount SPV-wise, total amount not to
exceed Rs.100 crore on an aggregate basis as per the sanctioned terms
Bmr Blue Genetics Pvt Ltd             LT BkFac@          CARE BBB-(CE)  99      -
Issuer not cooperating; based on best available information
Captab Biotec Unit Ii                 LT Bk Fac – (Fund  CARE C         65      Assigned
                                      Based)
Captab Biotec Unit Ii                 LT Bk Fac – TL     CARE D         6.4     Assigned
Devangi Construction                  LT Bk Fac          CARE B+        75
Issuer not cooperating; Based on best available information
Divine Solren Pvt Ltd                 LT BkFac- TL       CARE A-        2594.5  Reaffirmed
Outlook revised from Stable
Edayar Zinc Ltd                       LT Bk Fac          CARE D         150     -
Issuer not cooperating; Based on best available information.
Essar Steel India Ltd                 LT Bk Fac          CARE D         300000  -
Issuer Not Cooperating; based on best available information
Essar Steel India Ltd                 LT/Shortterm Bk    CARE D         120000  -
                                      Fac
Issuer Not Cooperating; based on best available information
Essar Steel India Ltd                 NCD                CARE D         2625    -
Issuer Not Cooperating; based on best available information
Gencor Pacific Auto Engineering Pvt LtLT Bk Fac          CARE B-        95.6    Assigned
Ghousia Food Products Pvt Ltd         LT Bk Fac          CARE B+        200     Revised from
                                                                                CARE BB-
Issuer Not Cooperating; based on best available information
Greenko Solar Power (Medak) Ltd       NCD - Series A*    CARE A+ (CE)   900     -
(Credit watch with developing implications)
Greenko Solar Power (Medak) Ltd       NCD – Series B*    CARE A+ (CE)   400     -
(Credit watch with developing implications)
Irep Credit Capital Pvt Ltd           LT Bk Fac          CARE BBB       1000    Reaffirmed
Jilesh Power Pvt Ltd                  LT Bk Fac*         CARE A+ (CE)   2600    -
(Credit watch with developing implications)
Kpc Medical College & Hospital        LT BkFac           CARE D         893.9   -
Issuer not cooperating; based on best available information
Lava Cast Pvt Ltd                     LT BkFac           CARE BB (CE)   1567    Revised from
                                                                                CARE BBB-(SO)
(Credit watch with developing implications)
Manisha Naturopathy And Wellness CentrLT Bk Fac          CARE B+        170     Reaffirmed
Pvt Ltd
(Enhanced from 10.00 Crore)
Mantena Infra Llp                     LT Bk Fac          CARE BBB+      300
Issuer not cooperating; based on best available information
Meenambakkam Realty Pvt Ltd           LT Bk Fac          CARE BBB-      900     Assigned
Mytrah Abhinav Power Pvt Ltd          LT Bk Fac          CARE BBB       5270    Revised from
                                                                                CARE BBB
Mytrah Adarsh Power Pvt Ltd           LT Bk Fac          CARE BBB       5440.8  Revised from
                                                                                CARE BBB
Navdurga Pulp And Paper Mills India   LT BkFac           CARE BB-       147     Assigned
Pvt Ltd
New Pack Agro Chem                    LT Bk Fac          -              -       Withdrawn
Ostro Anantapur Pvt Ltd               LT Bk Fac – TL     CARE A (CE)    7139    -
(Credit watch with developing implications)
Ostro Anantapur Pvt Ltd               LT Bk Fac – CC     CARE A (CE)    436
(Credit watch with developing implications),Sanctioned amount SPV-wise, total amount not to
exceed Rs.100 crore on an aggregate basis as per the sanctioned terms
Ostro Jaisalmer Pvt Ltd               LT Bk Fac – TL     CARE A (CE)    3303
(Credit watch with developing implications)
Ostro Jaisalmer Pvt Ltd               LT Bk Fac – CC     CARE A (CE)    167
(Credit watch with developing implications),* Sanctioned amount SPV-wise, total amount not to
exceed Rs.100 crore on an aggregate basis as per the sanctioned terms
Ostro Madhya Wind Pvt Ltd             LT Bk Fac – TL     CARE A (CE)    5563
(Credit watch with developing implications)
Ostro Madhya Wind Pvt Ltd             LT Bk Fac – CC     CARE A (CE)    559
(Credit watch with developing implications),* Sanctioned amount SPV-wise, total amount not to
exceed Rs.100 crore on an aggregate basis as per the sanctioned terms
Ostro Urja Wind Pvt Ltd               LT Bk Fac – TL     CARE A (CE)    4800
(Credit watch with developing implications)
Ostro Urja Wind Pvt Ltd               LT Bk Fac – CC     CARE A (CE)    402
(Credit watch with developing implications),* Sanctioned amount SPV-wise, total amount not to
exceed Rs.100 crore on an aggregate basis as per the sanctioned terms
Paramount Textile Mills Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Pennar Renewables Pvt Ltd             NDS - Series A*    CARE A+ (CE)   960
(Credit watch with developing implications)
Pennar Renewables Pvt Ltd             NDS – Series B*    CARE A+ (CE)   440
(Credit watch with developing implications)
Power Grid Corporation Of India Ltd   LT Bk Fac          CARE AAA       30000   Reaffirmed
(enhanced from 300 Crore)
Power Grid Corporation Of India Ltd   LT/STBk Fac        CARE AAA/CARE  27000   Reaffirmed
                                                         A1+
(enhanced from 2,200 Crore)
Prathamesh Solarfarms Ltd             LT Bk Fac – TL     CARE A (CE)    3465
(Credit watch with developing implications)
Prathamesh Solarfarms Ltd             LT Bk Fac – CC     CARE A (CE)    -
(Credit watch with developing implications)
Premier Photovoltaic (Medak) Pvt Ltd  NDS - Series A*    CARE A+ (CE)   1390
(Credit watch with developing implications)
Premier Photovoltaic (Medak) Pvt Ltd  NDS – Series B*    CARE A+ (CE)   620
(Credit watch with developing implications)
Reed And Pick                         LT Bk Fac          CARE B         7.5
Issuer not cooperating;Based on best available information
Renew Akshay Urja Ltd                 LT instrument –    CARE AA+ (CE)  7180
                                      NonConvertible
                                      Debentures @
@ backed by unconditional and irrevocable first loss partial credit guarantee from Indian
Infrastructure Finance Company Ltd (IIFCL, rated ‘CARE AAA; Stable’) and Indian Renewable Energy
Development Agency Limited (IREDA, rated ‘CARE AA+; Positive’) whereby they guarantee to pay to
the Debenture Trustee any shortfall in the amount required to be paid by the Issuer to the
Debenture Trustee in respect of Redemption Amounts (to the extent of Principal Amounts and
Interest payable) up to a maximum amount as specified in the Guarantee Agreement (partial
guarantee ranging from 31.5% to 34.8% of outstanding principal amount and averaging around 33%
for the tenure of NCD). The obligations of each guarantor (IIFCL & IREDA) to pay the aggregate
shortfall amount are in the proportion of applicable IIFCL Available Residual Guaranteed Amount
to the IREDA Available Residual Guaranteed Amount.
Renew Mega Solar Power Pvt Ltd        LT BkFac           CARE BBB+      2528.8  Revised from
                                                                                CARE BBB+
Renew Saur Shakti Pvt Ltd             LT BkFac           CARE BBB+      5150    Revised from
                                                                                CARE BBB+
S. D. Corporation Pvt Ltd             NCDs (NCD)@        -              -       Withdrawn
@NCDs of Rs.240 crore, backed by unconditional, irrevocable and revolving Debt Service Reserve
Account (DSRA) guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL, rated: CARE
AA-; Credit Watch with developing implications/CARE A1+)
Saggraha Management Services Pvt Ltd  LT Bk Fac          CARE BB        100     Assigned
Sembcorp Energy India Ltd             LT BkFac           CARE AA-       83848.9
Semler Research Center Pvt Ltd        Issuer rating      CARE B (Is)    -       -
Issuer not co-operating Based on best available information
Setco Automotive Ltd                  LT Bk Fac          CARE BB        2571.8  Revised
                                                                                fromCARE BBB-
Shiv Shakti Knit Fabs                 LT Bk Fac          CARE BB-       157.4   Reaffirmed
(enhanced from 10.91 Crore)
Shiva Raju Pachimatla                 LT Bk Fac          CARE B         99.9    Reaffirmed
Sintex Prefab And Infra Ltd           LT BkFac           CARE C         500     -
Issuer not cooperating;Based on best available Information
Sintex Prefab And Infra Ltd           NDS - I (ISIN -    CARE C         325     -
                                      INE972T07019)
(Reduced from Rs.112.50 crore Crore),Issuer not cooperating;Based on best available Information
Sintex Prefab And Infra Ltd           NDS - II (ISIN -   CARE C         865     -
                                      INE972T07043)
(Reduced from Rs.137.50 crore Crore),Issuer not cooperating;Based on best available Information
Sintex Prefab And Infra Ltd           NDS - III (ISIN -  CARE D         2500    -
                                      INE972T07035)
Issuer not cooperating;Based on best available Information
Sri Laxmi Narasimha Rice Industry     Long -term Bk Fac  CARE D         60      -
Issuer Not Cooperating; Based on best available information
Surajkiran Renewable Resources Pvt LtdLT Fac             CARE BBB       2610    Revised from
                                                                                CARE BBB
Surajkiran Solar Technologies Pvt Ltd LT Fac             CARE BBB       2610    Revised from
                                                                                CARE BBB
Suryoday Energy Pvt Ltd               LT Bk Fac          CARE BBB       2176.6  Revised from
                                                                                CARE BBB
T G R Projects India Pvt Ltd          LT BkFac           CARE B         320     Revised from
                                                                                CARE B+
Talettutayi Solar Projects Pvt Ltd    LT Bk Fac          CARE BBB       590.6   Revised from
                                                                                CARE BBB
Talettutayi Solar Projects Six Pvt LtdLT Bk Fac          CARE BBB       590.6   Revised from
                                                                                CARE BBB
Tebma Shipyards Ltd                   LT Bk Fac          CARE D         1646.8  -
Issuer Not Cooperating; Based on Best Available Information
Tuf Commodities Dmcc                  LT/ST Bk Fac@      CARE BBB/CARE  175     -
                                                         A3+ (CE)
 @ to be backed by unconditional and irrevocable corporate guarantee to be provided by TUF
Metallurgical Private Limited (TMPL; rated ‘CARE BBB; Stable/ CARE A3+’). The rating for the
above facilities is “Provisional” and will be confirmed upon the execution of the corporate
guarantee and submission of requisite documents to the satisfaction of CARE.,Ratings
put under credit watch with developing implications, (Credit Enhancement)]
(Credit watch with developing implications)
Turtle Ltd                            LT Bk Fac          -              -       Withdrawn
Varenyam Motor Car                    LT Bk Fac          CARE B+        112.5   Revised from
                                                                                CARE BB-
Issuer Not Cooperating; Based on Best Available Information
Yash Agro Industries                  LT Bk Fac          -              -       Withdrawn
--------------------------------------------------------------------------------------------
$: 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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