August 19, 2019 / 4:15 AM / a month ago

CARE ratings for Indian debt instruments-Aug 19

    Aug 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 16, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A. S. Patel                           ST Bk Fac          CARE A4        50      -
Issuer not cooperating; Based on Best Available Information
Aercomfort Pvt Ltd                    ST Bk Fac          CARE A4        52.5    -
Issuer not cooperating; Based on best available information

Avartanah Infrastructure Pvt Ltd      ST Bk Fac          CARE A4        40      -
Issuer not cooperating; Based on best available information
Falcon Yarns Pvt Ltd                  ST Bk Fac          CARE A3        45
Revised from CARE A4+
Galaxy Constructions And Contractors  ST Bk Fac          CARE A4        20
Pvt Ltd
Issuer not cooperating; based on best available information
Goyum Screw Press                     ST Bk Fac          CARE A4        80      Assigned
Ikon Associates                       ST Bk Fac          CARE A4        50      -
Issuer not cooperating based on best available information
Keyur Industries                      ST Bk Fac          CARE A4        0.6     -
Issuer not cooperating; Based on best available information
L. B. Kunjir                          ST Bk Fac          CARE A4        85
Issuer not cooperating; on the basis of best available information
M. M. Constructions                   ST Bk Fac          CARE A4        150     Reaffirmed
Maithan Alloys Ltd                    ST Bk Fac          CARE A1+       4500    Reaffirmed
(enhanced from 430.00 Crore)
Mgi Infra Pvt Ltd                     ST Fac             CARE A4        47      -
Issuer not cooperating; Based on best available information
Nuziveedu Swathi Coastal Consortium   ST Bk Fac          CARE D         50      -
Issuer not cooperating; Based on best available information
Nkg Infrastructure Ltd                ST Bk Fac          CARE A3        9000    Reaffirmed
Paladiya Brothers And Company         ST Bk Fac          CARE A4+       65      Reaffirmed
Pragya Equities Pvt. Ltd.             ST Bk Fac          CARE A4        100     Assigned
Rajkamal Agro Industries              ST Bk Fac          CARE A4        0.6     -
Issuer not cooperating; Based on Best Available Information
Sahanu Sponge And Power Ltd           ST Bk Fac          CARE A4        3       -
Issuer not cooperating; based on best available information
Shree Shyam Guwar Gum Industries      ST Bk Fac          CARE A4        150     Assigned
Simplex Engineers & Traders           ST Fac             CARE A4        145     -
Issuer not cooperating; Based on best available information
Sprng Agnitra Pvt Ltd                 ST Bk Fac (LOC)*~  CARE A1+       7020.4  Reaffirmed
* Sub-limit of the rated term loan of Rs.1036 crore.; ~ To be backed by proposed Letter of
comfort/ Counter guarantee by L&T Finance Limited (LTF, rated CARE AAA; Stable/ CARE A1+) and
L&T Infrastructure Finance Company Limited (LTIFCL, rated CARE AAA; Stable/ CARE A1+) in the %
share of sanctioned term loan
Sprng Agnitra Pvt Ltd                 ST Bk Fac (LOC)*   CARE A1+       479.6
Reaffirmed & final rating assigned; * Sub-limit of the rated term loan of Rs.1036 crore.
Susheel Engineers                     Short –Term Bk Fac CARE A4        25      -
Issuer not cooperating; based on best available information
Swagath Motels Pvt Ltd                ST Bk Fac          CARE A4        5       -
Issuer not co-operating based on best available information
The Rishabh Winpro Pvt Ltd            ST Bk Fac          CARE A4:       70      -
Issuer not cooperating; Based on best available information
Trans Metalite (India) Ltd            ST Fac             CARE A4        15      -
Issuer not cooperating; Based on best available information
Trent Ltd                             ST Bk Fac          CARE A1+       180     Reaffirmed
Trent Ltd                             CP                 CARE A1+       4000    Reaffirmed
Walchandnagar Industries Ltd          ST Bk Fac          CARE A4        7150
Revised from CARE A4+

LONG TERM RATINGS:
-------------------
A. S. Patel                           LT Bk Fac          CARE BB-       30      -
Issuer not cooperating; Based on Best Available Information
Aercomfort Pvt Ltd                    LT Bk Fac          CARE B+        37.5    -
Issuer not cooperating; Based on best available information
Ahinsha Builders Pvt Ltd              LT Bk Fac          CARE B         370     -
Issuer not cooperating; Based on best available information
Amrit Humifresh Preservation Pvt Ltd  LT Fac             CARE B+        150     -
Issuer not cooperating; Revised from CARE BB-; Issuer not cooperating on the best available
information
Avartanah Infrastructure Pvt Ltd      LT/ ST Bk Fac      CARE B/A4      97.5
Revised from CARE B+/CARE A4;Issuer not cooperating on the basis of best available information
Calypso Agro Industries Pvt Ltd       LT Bk Fac          CARE B-        100     -
Issuer not cooperating; Revised from CARE B+ on the basis of best available information
Care Office Equipment Ltd             LT Bk Fac          CARE D         650     -
Issuer not cooperating; Based on best available information
Care Office Equipment Ltd             LT/ST Bk Fac       CARE D/D       150     -
Issuer not cooperating; Based on best available information
Corodex Infrastructure Pvt Ltd        LT Fac             CARE B+        20      -
Issuer not cooperating; Revised from CARE BB-; Issuer not cooperating on the best available
information
Corodex Infrastructure Pvt Ltd        LT Fac /ST Fac     CARE B+/A4     140     -
Issuer not cooperating; Revised from CARE BB-/ CARE A4; Issuer not cooperating Based on best
available information
Dhanraj Diamonds                      LT Bk Fac          CARE D         110
Revised from CARE B+
Emtici Engineering Ltd                LT Bk Fac          -              -       Withdrawn
Enertech Fuel Solutions Pvt Ltd       LT/ ST Bk Fac      CARE BB+/A4+   120.6
Revised from CARE BB/ CARE A4 (enhanced from 10.00 Crore)
Ess Kay Fincorp Ltd.                  NCD issue          -              -       Withdrawn
                                      (INE124N07028)*
*Ratings have been withdrawn following receipt of confirmation from trustee/investor regarding
full repayment of these NCD issues.
Ess Kay Fincorp Ltd.                  NCD issue          -              -       Withdrawn
                                      (INE124N07036)*
*Ratings have been withdrawn following receipt of confirmation from trustee/investor regarding
full repayment of these NCD issues.
Ess Kay Fincorp Ltd.                  NCD issue          -              -       Withdrawn
                                      (INE124N07176)*
*Ratings have been withdrawn following receipt of confirmation from trustee/investor regarding
full repayment of these NCD issues.
Ess Kay Fincorp Ltd.                  NCD issue          -              -       Withdrawn
                                      (INE124N07184)*
*Ratings have been withdrawn following receipt of confirmation from trustee/investor regarding
full repayment of these NCD issues.
Ess Kay Fincorp Ltd.                  LT Bk Fac          CARE A-        3672.2
Revised from CARE A-
Ess Kay Fincorp Ltd.                  LT Fac (Tier II)   CARE A-        200
Revised from CARE A-
Ess Kay Fincorp Ltd.                  NCD issue          CARE A-        200
                                      (unsecured)
                                      (INE124N08034)
Revised from CARE A-
Ess Kay Fincorp Ltd.                  NCD issue (Tier    CARE A-        200
                                      II) (INE124N08042)
Revised from CARE A-
Ess Kay Fincorp Ltd.                  NCD issue          CARE A-        92.3
                                      (INE124N07119)
Revised from CARE A-
Ess Kay Fincorp Ltd.                  NCD issue          CARE A-        375
                                      (INE124N07226)
Revised from CARE A-
Ess Kay Fincorp Ltd.                  NCD issue          CARE A-        500
                                      (INE124N07242)
Revised from CARE A-
Ess Kay Fincorp Ltd.                  Principal          CARE PP-MLD A- 250
                                      Protected- Market
                                      Linked Debenture (INE124N08067)
Revised from CARE PP-MLD A-
Ess Kay Fincorp Ltd.                  Principal          CARE PP-MLD A- 75.1
                                      Protected Market
                                      Linked Debentures (PP-MLD) (INE124N07077)
Revised from CARE PP-MLD A-
Ess Kay Fincorp Ltd.                  Principal          CARE PP-MLD A- 250
                                      Protected Market
                                      Linked Debentures (PP-MLD) (INE124N07127)
Revised from CARE PP-MLD A-
Exclusive Overseas Pvt Ltd            LT Fac             CARE C         177.1   -
Issuer not cooperating; Revised from CARE B; Issuer not cooperating on the best available
information
Exclusive Overseas Pvt Ltd            LT Fac /ST Fac     CARE C/A4      80      -
Issuer not cooperating; Revised from CARE B/ CARE A4; Issuer not cooperating Based on best
available information
Falcon Yarns Pvt Ltd                  LT Bk Fac          CARE BBB-      679.1
Revised from CARE BB+ (reduced from 72.97 Crore)
Galaxy Constructions And Contractors  LT Bk Fac          CARE B         320
Pvt Ltd
Issuer not cooperating; based on best available information
Gayatri Cotton Mills                  LT Bk Fac          CARE B+        80      -
Issuer not co-operating Based on best available information
Goyum Screw Press                     LT Bk Fac          CARE B+        30      Assigned
Idbi Asset Management Company Ltd.    IDBI Ultra ST Fund CARE Amfs      -       Reaffirmed
Idbi Asset Management Company Ltd.    IDBI ST Bond Fund  CARE A-mfs     -       Reaffirmed
Ikon Associates                       LT Bk Fac          CARE B         178.7   -
Issuer not cooperating based on best available information
Keyur Industries                      LT Bk Fac          CARE BB-       100     -
Issuer not cooperating; Based on best available information
Keyur Industries                      LT / ST Bk Fac     CARE BB-/A4    30      -
Issuer not cooperating; Based on best available information
Ksr Infracon Pvt Ltd                  LT Bk Fac          CARE BB        100
Revised from CARE BB+; Issuer not cooperating
Ksr Infracon Pvt Ltd                  LT/ST Bk Fac       CARE BB/A4     400
Revised from CARE BB+/CARE A4+; Issuer not cooperating
L. B. Kunjir                          LT Bk Fac          CARE BB-       354.4
Issuer not cooperating; on the basis of best available information
Laxmi Oil And Vanaspati Pvt Ltd       LT Bk Fac          CARE D         500
Revised from CARE BB; Negative
M. M. Constructions                   LT Bk Fac          CARE B+        20
Revised from CARE BB-
Maithan Alloys Ltd                    LT Bk Fac          CARE AA        900     Reaffirmed
(reduced from 99.02 Crore)
Mgi Infra Pvt Ltd                     LT Fac             CARE B+        40      -
Issuer not cooperating; Revised from CARE BB-; Issuer not cooperating on the basis of best
available information
Mss Infracon Pvt Ltd                  Proposed LT Bk Fac CARE BB-       450
Revised from CARE B+ (reduced from55.00 Crore)
Nkg Infrastructure Ltd                LT Bk Fac          CARE BBB-      2300    Reaffirmed
Nuziveedu Swathi Coastal Consortium   LT Bk Fac          CARE D         510     -
Issuer not cooperating; Based on best available information
Paladiya Brothers And Company         LT Bk Fac          CARE BB+       400     Reaffirmed
Plg Photovoltaic Ltd                  LT Bk Fac          CARE A-        1800    Assigned
Principal Asset Management Pvt. Ltd.  Principal ST Debt  CARE A-mfs     -
                                      Fund*
Revised from CARE AAAmfs ; *continues to be on Notice of Withdrawal for 90 days
Rajkamal Agro Industries              LT Bk Fac          CARE BB-       5.9     -
Issuer not cooperating; Based on Best Available Information
Rajkamal Agro Industries              LT/ST Bk Fac       CARE BB-/A4    100     -
Issuer not cooperating; Based on Best Available Information
Ravi Teja Textiles                    LT Bk Fac          CARE D         48.2    -
Issuer not cooperating based on best available information
Sahanu Sponge And Power Ltd           LT Bk Fac          CARE B+        112.1   -
Issuer not cooperating; based on best available information
Shiv Ganesh Industries                LT Bk Fac          CARE B         55      -
Issuer not cooperating; based on best available information
Shree Ram Brinechem Pvt Ltd           LT Bk Fac          CARE B+        60      -
Issuer not co-operating; On the basis of best available information
Shree Shyam Guwar Gum Industries      LT Bk Fac          CARE B+        14.8    Assigned
Shriram Housing Finance Ltd           NCD (Proposed)     CARE AA+       2500    Assigned
Shrivallabh Pittie Industries Ltd     LT Bk Fac –TL      CARE B         1305.5
Revised from CARE C; Issuer not cooperating
Shrivallabh Pittie Industries Ltd     LT/ST Bk Fac –     CARE B         1400    -
                                      CC/LC/BG
Revised from CARE C; Issuer not cooperating
Shrivallabh Pittie Industries Ltd     LT Bk Fac – TL     CARE B         612.4
Revised from CARE D; Issuer not cooperating
Siddhivinayak Trailers                LT Bk Fac          CARE B         50      Reaffirmed
Simplex Engineers & Traders           LT Fac             CARE C         5       -
Issuer not cooperating; Revised from CARE B; Issuer not cooperating on the best available
information
Specific Alloys Pvt Ltd               LT Bk Fac          CARE B+        75      -
Issuer not cooperating; based on best available information
Specific Alloys Pvt Ltd               Long/Short –Term   CARE B+/A4     25      -
                                      Bk Fac
Issuer not cooperating; based on best available information
Sprng Agnitra Pvt Ltd                 LT Bk Fac (TL)     CARE A-        10360
Revised from CARE A-
Sprng Agnitra Pvt Ltd                 LT Bk Fac (BGs)^   CARE AA+       700     Reaffirmed
^To be backed by proposed Letter of Comfort by L&T Finance Limited (LTF, rated CARE AAA; Stable/
CARE A1+).
Susheel Engineers                     LT Bk Fac          CARE B         95      -
Issuer not cooperating; Revised from CARE B+ on the basis of best available information
Swagath Motels Pvt Ltd                Long -term Bk Fac  CARE BB        60      -
Issuer not co-operating based on best available information
The Rishabh Winpro Pvt Ltd            LT Bk Fac          CARE B:        49.7    -
Issuer not cooperating; Based on best available information
Trans Metalite (India) Ltd            LT Fac             CARE B-        110.9   -
Issuer not cooperating; Based on the best available information
Trent Ltd                             LT Bk Fac          CARE AA+       65      Reaffirmed
Trent Ltd                             NCDs               CARE AA+       4000    Reaffirmed
Walchandnagar Industries Ltd          LT Bk Fac          CARE BB        2200
Revised from CARE BB+
White Gold Agro Industries            LT Bk Fac          CARE B         73.6    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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