August 26, 2019 / 6:43 AM / 22 days ago

CARE ratings for Indian debt instruments-Aug 26

    Aug 26 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 23, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agro Phos (India) Ltd                 ST Bk Fac          CARE A4+       60      Reaffirmed
(Removed from Issuer not Cooperating)
Armstrong India Constructions         ST Bk Fac          CARE A4        170     Assigned
Future Lifestyle Fashions Ltd         CP Issue           CARE A1+       375     Reaffirmed
Future Lifestyle Fashions Ltd         CP Issue^          CARE A1+       1125    Assigned
^As per undertaking submitted by FLFL to CARE, 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.
Ifgl Refractories Ltd.                ST Bk Fac          CARE A1+       80      -
(Issuer not cooperating; based on best available information)
Ifgl Refractories Ltd.                CP$                CARE A1+       100     -
(Issuer not cooperating; based on best available information)/$ carved out of fund based working
capital
Ikf Finance Ltd                       CP (CP)            CARE A1        500     Reaffirmed
Laxmi Enterprises_(Jharkhand)         ST Bk Fac          CARE A4        87.6    -
(Issuer not cooperating; based on best available information)
M. K. Gupta And Company               ST Bk Fac          CARE A4        130     -
(Issuer not cooperating; based on best available information)
Mcsr Constructions                    ST Bk Fac          CARE A4        80      -
(Issuer not cooperating; based on best available information)
Rajshri Iron Industries Pvt Ltd       ST Bk Fac          CARE A4        3.5     -
(Issuer not cooperating; based on best available information)
Rajasthan Tube Manufacturing Co. Ltd  ST Bk Fac          -              -       Withdrawn
S. S. Rice Mill                       ST Bk Fac          CARE A4        25      -
(Issuer not cooperating; based on best available information)
Sandhyasamrat Construction And ServiceST Bk Fac          CARE A4        35      -
Pvt Ltd
(Issuer not cooperating; based on best available information)
Shiv Rice Mill                        ST Bk Fac          CARE A4        4.7     -
(Issuer not cooperating; based on best available information)
Shree Narshingha Cold Storage Pvt Ltd ST Bk Fac          CARE A4        1.5     -
(Issuer not cooperating; based on best available information)
Shirpur Gold Refinery Ltd             ST Bk Fac          CARE D         3280    Revised from
                                                                                CARE A4+
Shree Gopinath Paper Mills Pvt Ltd    ST Bk Fac          -              -       Withdrawn
Star Agriwarehousing Collateral       ST Bk Fac – Non    CARE A4        300     Revised from
Management Limit                      Fund Based                                CARE A2
Tirupati Cold Storage Pvt Ltd         ST Bk Fac          CARE A4        19.8    -
(Issuer not cooperating; based on best available information)
Venketswar Agro                       ST Bk Fac          CARE A4        2.7     -
(Issuer not cooperating; based on best available information)
V. Satya Murthy                       ST Bk Fac          CARE B/A4      110     Revised from
                                                                                CARE B+/A4
(Issuer not cooperating; based on best available information)


LONG TERM RATINGS:
-------------------
4S Spintex India Pvt Ltd              LT Bk Fac          CARE B+/Stable 196.9   -
(Issuer not cooperating; based on best available information)
Agro Phos (India) Ltd                 LT Bk Fac          CARE BB+       170     Reaffirmed
(Removed from Issuer not Cooperating)
Armstrong India Constructions         LT Bk Fac          CARE BB-/Stable70      Assigned
Autoriders International Ltd          LT Bk Fac          CARE BB        85      Reaffirmed
Bhageria Industries Ltd               LT/ST Bk Fac       CARE           760     -
                                                         A(Stable)/CARE
                                                         A1
(Revised and reclassified from CARE A2+ toCARE A; Stable / CARE A1)
Calypso Agro Industries Pvt Ltd       LT Bk Fac          CARE D         100     Revised from
                                                                                CARE B-/Stable
Divya Agro Roller Flour Mills Pvt Ltd LT Bk Fac          CARE D         96      -
(Issuer not cooperating; based on best available information)
Farmers Fortune (India) Pvt Ltd       LT Bk Fac          CARE BB        196     Revised from
                                                                                CARE BBB+
Farmers Fortune (India) Pvt Ltd       Long/ST Bk Fac –   CARE BB/A4     50      Revised from
                                      Fund based/ Non                           CARE BBB+/A2
                                      Fund based
Ifgl Refractories Ltd.                LT Bk Fac          CARE A+/ Stable31.3    Revised from
                                                                                CARE AA-
(Issuer not cooperating; based on best available information)
Ifgl Refractories Ltd.                LT/ST Bk Fac       CARE A+/       1460    Revised from
                                                         Stable/A1+             CARE AA-
(Issuer not cooperating; based on best available information)
Jahnvis Multi Foundation              LT Bk Fac          CARE B+        100     Assigned
K R B S Jewelery Pvt Ltd              LT Bk Fac          CARE BB-       100     Revised from
                                                                                CARE BB
(Issuer not cooperating; based on best available information)
Kannankandy Fridge Centre             LT Bk Fac          -              -       Withdrawn
Kannankandy Sales Corporation         LT Bk Fac          -              -       Withdrawn
Kubs Safes And Locks Pvt Ltd          LT Bk Fac          CARE D         287.6   -
(Issuer not cooperating; based on best available information)
Laxmi Enterprises_(Jharkhand)         LT Bk Fac          CARE BB-       66.7    -
(Issuer not cooperating; based on best available information)
M. K. Gupta And Company               LT Bk Fac          CARE BB-       16.4    -
(Issuer not cooperating; based on best available information)
Mcsr Constructions                    LT Bk Fac          CARE BB-/Stable30      -
(Issuer not cooperating; based on best available information)
Motil Devi Organic Food Industries PvtLT Bk Fac          CARE B         63.9    -
Ltd
(Issuer not cooperating; based on best available information)
Optival Health Solutions Pvt Ltd      LT Bk Fac          CARE BBB+      1750    Reaffirmed
Patanjali Chikitsalaya-Chen           LT Bk Fac          CARE B-        90      Revised from
                                                                                CARE B
(Issuer not cooperating; based on best available information)
Pvn Constructions                     LT Bk Fac          CARE B+        50      -
(Issuer not cooperating; based on best available information)
Pvn Constructions                     LT/ST Bk Fac       CARE B+/A4     50      -
(Issuer not cooperating; based on best available information)
Rajasthan Tube Manufacturing Co. Ltd  LT Bk Fac          -              -       -
Revised from CARE B+; Stable (Single B Plus; Outlook: Stable) to CARE B; Stable, (Single B;
Outlook: Stable,) and subsequently Withdrawn
Rajshri Iron Industries Pvt Ltd       LT/ST Fac          CARE           50      -
                                                         B-(Stable)/A4
(Issuer not cooperating; based on best available information)
Rajshri Iron Industries Pvt Ltd       LT Bk Fac          CARE B-/Stable 106.5   -
(Issuer not cooperating; based on best available information)
Ramalingeshwara Cotton Industries     LT Bk Fac          CARE B+/Stable 51      Revised from
                                                                                CARE BB-
(Issuer not cooperating)
Reliance Capital Ltd                  LT debt programme  CARE BB/Stable 150000  Removed from
                                                                                CARE BBB
(Removed from credit watch with negative implications)
Reliance Capital Ltd                  Subordinated Debt  CARE BB/Stable 15000   Removed from
                                                                                CARE BBB
(Removed from credit watch with negative implications)
Reliance Capital Ltd                  Market Linked      CARE PP-MLD    5000    Revised from
                                      Debenture          BB/Stable              CARE PP-MLD
                                                                                BBB
(Removed from credit watch with negative implications)
S. S. Rice Mill                       LT Bk Fac          CARE B-/Stable 52      Revised from
                                                                                CARE B/Stable
(Issuer not cooperating; based on best available information)
Sandhyasamrat Construction And ServiceLT Bk Fac          CARE B+        35      Revised from
Pvt Ltd                                                                         CARE BB-
(Issuer not cooperating; based on best available information)
Shirpur Gold Refinery Ltd             LT Bk Fac          CARE D         375     Revised from
                                                                                CARE BB+ /
                                                                                Stable
Shiv Rice Mill                        LT Bk Fac          CARE B+        42.8    Revised from
                                                                                CARE
                                                                                BB-/Stable
Shree Gopinath Paper Mills Pvt Ltd    LT Bk Fac          -              -       Withdrawn
Shree Gopinath Paper Mills Pvt Ltd    LT/ST Bk Fac       -              -       Withdrawn
Shree Krishna Cold Storage Pvt Ltd    LT Bk Fac          CARE B         100     -
(Issuer not cooperating; based on best available information)
Shree Krishna Steels                  LT/ST Bk           -              -       -
                                      Fac-Fundbased/Non
                                      Fund based –– CC/LC
(Revised from CARE BB+; Stable/ CARE A4+ (Double B Plus; Outlook: Stable/ A Four Plus) to CARE
B+; Stable/ CARE A4 (Single B Plus; Outlook: Stable/ A Four)
Shree Narshingha Cold Storage Pvt Ltd LT Bk Fac          CARE B         82      -
(Issuer not cooperating; based on best available information)
Shrikrishna Avdhoot Agro Pvt Ltd      LT Bk Fac          CARE D         47.5    Revised from
                                                                                CARE B+/Stable
Star Agriinfrastructure Pvt Ltd       LT Bk Fac – TL     CARE BB/Stable 176.3   Revised from
                                                                                CARE BBB
(Triple B; Outlook: Negative)
Star Agriwarehousing Collateral       LT Bk Fac – TL     CARE BB        293.5   Revised from
Management Limit                                                                CARE BBB+
Star Agriwarehousing Collateral       Long/ST Bk Fac –   CARE BB/A4     550     Revised from
Management Limit                      Fund based/ Non                           CARE BBB+/A2
                                      Fund based
Tirupati Cold Storage Pvt Ltd         LT Bk Fac          CARE B         40      -
(Issuer not cooperating; based on best available information)
Travancore Multispeciality Hospitals  LT Bk Fac- TL      -              -       Withdrawn
Pvt Li
Uniton Infra Pvt Ltd                  LT Bk Fac          CARE B+/Stable 150     -
(Issuer not cooperating; based on best available information)
V. Satya Murthy                       LT Bk Fac          CARE B         30      Revised from
                                                                                CARE B+
(Issuer not cooperating; based on best available information)
Venketswar Agro                       LT Bk Fac          CARE B/Stable  66.3    Revised from
                                                                                CARE B+/Stable
(Issuer not cooperating; based on best available information)
Vesta Equipment Pvt Ltd               LT Bk Fac          CARE D         34.5    -
(Issuer not cooperating; based on best available information)
Vesta Equipment Pvt Ltd               LT/ST Fac          CARE D         85      -
(Issuer not cooperating; based on best available information)
Zee Gold Dmcc                         LT Bk Fac          CARE C         750     Revised from
                                                                                CARE
                                                                                BB+(CE)/Stable
--------------------------------------------------------------------------------------------
$: 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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