August 7, 2019 / 8:55 AM / 3 months ago

CARE ratings for Indian debt instruments-Aug 7

    Aug 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of August 6, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bengal Tea & Fabrics Ltd              ST Bk Fac          CARE A3+       22.5    Reaffirmed
(Reduced from Rs.2.50 crore)
Cargo Motors Pvt Ltd                  ST Bk Fac          CARE A4        900     Revised from
                                                                                CARE A4+
placed on credit watch with negative implications
Cl Gupta Exports Ltd                  ST Bk Fac          CARE A2        30      Reaffirmed
Creative Garments Pvt Ltd             ST Bk Fac          CARE A3+       259.1   Reaffirmed
                                      (Non-Fund Based)
Creative Portico Pvt Ltd              ST Bk Fac (Nonfund CARE A3+       103.7   Reaffirmed
                                      based)
Creative Textile Mills Pvt Ltd        Bk Fac-Non-Fund    CARE A3+       160     Reaffirmed
                                      Based - ST-BG/LC
Dev And Associates                    ST Bk Fac          CARE A4        100
(Issuer Not Cooperating)
Digital Circuits Pvt Ltd              ST Bk Fac          CARE A4        80
(Issuer Not Cooperating)
Dollar Industries Ltd                 ST Bk Fac          CARE A1+       11.7    Reaffirmed
Ensol Multiclean Equipments Pvt Ltd   ST Bk Fac          CARE A4        107.5   Reaffirmed
(issuer Not Cooperating)
M K Printpack Industries              ST Bk Fac          CARE A4        23.3
(issuer Not Cooperating)
Mas Financial Services Ltd            ST Bk Fac          CARE A1+       1000    Reaffirmed
Mas Financial Services Ltd            CP Issue *         CARE A1+       2500    Reaffirmed
* The company has agreed to keep sanctioned fund-based working capital limits unutilized to the
extent of commercial paper (CP) issued
Navneet Motors                        ST Bk Fac          CARE A4        470
(issuer Not Cooperating)
Navya Constructions                   ST Bk Fac          CARE A4+       90      Reaffirmed
Orfina Ceramic Pvt Ltd                ST Bk Fac          CARE A4        40      Reaffirmed
Pace Process Controls Pvt Ltd         ST Bk Fac          CARE A4        90
(issuer Not Cooperating)
Paladiya Brothers And Company         ST Bk Fac          CARE A4+       65      Reaffirmed
Prabha Steel Industries               ST Bk Fac          -              -       Withdrawn
Ps Bedi And Company Pvt Ltd           ST Bk Fac          CARE A4        40      Assigned
Raghav Productivity Enhancers Ltd     ST Bk Fac          CARE A3        10      Reaffirmed
Rajamahal International Pvt Ltd       ST Bk Fac          CARE A4        70
(issuer Not Cooperating)
Sanghavi Jewel Pvt Ltd                ST Bk Fac – Non    CARE D         10      Revised from
                                      Fund Based                                CARE A4
Saraf Foods Ltd                       ST Bk Fac          CARE A4+       35      Reaffirmed
Satya Sai Exims                       ST Bk Fac          CARE A4        50
(issuer Not Cooperating)
Shivalik India Alco Pvt Ltd           ST Bk Fac          CARE A4        15
(issuer Not Cooperating)
Sri Sai Constructions                 ST Bk Fac          CARE A4        140     Revised from
                                                                                CARE A4+
(issuer Not Cooperating)
Suyash Engineering Company            ST Bk Fac          CARE A4        30
(issuer Not Cooperating)
The Sandesh Ltd                       ST Bk Fac          CARE A1+       350     Reaffirmed

LONG TERM RATINGS:
-------------------
Adithya Global Health Care Pvt Ltd    LT Bk Fac          CARE B         252     Revised from
                                                                                CARE B+
Amarnath Enterprises                  LT Bk Fac          CARE B         64.5
(issuer Not Cooperating)
Asian Re-Surfacing Of Road Agency Pvt LT Bk Fac          CARE B-        22.3    Revised from
Ltd                                                                             CARE B
Asian Re-Surfacing Of Road Agency Pvt LT / ST Bk Fac     CARE B-/CARE A462.5    Revised from
Ltd                                                                             CARE B / CARE
                                                                                A4
Atria Wind Power (Savarakundla) Pvt LtLT Bk Fac          CARE BBB       1519.1  Revised from
                                                                                CARE BBB-
Bengal Shriram Hitech City Pvt Ltd    LT Bk Fac          CARE BBB+(CE)  1150    Assigned
(reduced from Rs.175 crore)
Bengal Tea & Fabrics Ltd              LT Bk Fac          CARE BBB       291.7   Revised from
                                                                                CARE BBB
(Reduced from Rs.29.22 crore)
Bestview Infracon Ltd                 NCDs - Type A*     -              -       Withdrawn
* Withdrawn on the basis of no dues certificate received from debenture trustee
Bestview Infracon Ltd                 NCDs - Type B      CARE B+        338     Reaffirmed
Bewakoof Brands Pvt Ltd               LT Bk Fac          CARE BB+       196.6   Reaffirmed
(issuer Not Cooperating)
Cargo Motors Pvt Ltd                  LT Bk Fac          CARE BB-       10      Revised from
                                                                                CARE BB+
placed on credit watch with negative implications
Cedar Inclusive Finance Trust         Series A1 PTCs     -              -       Withdrawn
1
(Originator: Esaf Small Finance Bank
Ltd)
Cedar Inclusive Finance Trust         Series A2 PTCs     -              -       Withdrawn
1
(Originator: Esaf Small Finance Bank
Ltd)
Cedar Inclusive Finance Trust         Series A3 PTCs     -              -       Withdrawn
1
(Originator: Esaf Small Finance Bank
Ltd)
Chennamanagathihalli Solar Power      LT Bk Fac          CARE B         138.5
Project Llp
(issuer Not Cooperating)
Chikkahalli Solar Power Project Llp   LT Bk Fac          CARE B         143
(issuer Not Cooperating)
Cl Gupta Exports Ltd                  LT Bk Fac          CARE A-        152.4   Reaffirmed
(reduced from 16.05crs)
Cl Gupta Exports Ltd                  LT/ ST Bk Fac      CARE A- /CARE  1407.5  Reaffirmed
                                                         A2
Cl Gupta Overseas Llp                 LT Bk Fac          CARE BBB       300     Reaffirmed
Creative Garments Pvt Ltd             LT Bk Fac (TL)     CARE BBB+      2.8     Revised from
                                                                                CARE BBB+
Creative Garments Pvt Ltd             Long/ST Bk Fac     CARE BBB+      1360    Revised from
                                      (Fund based)       /CARE A3+              CARE BBB+ /
                                                                                CARE A3+
Creative Portico Pvt Ltd              LT Bk Fac (Fund    CARE BBB+      350     Revised from
                                      based)                                    CARE BBB+
Creative Textile Mills Pvt Ltd        Bk Fac-Fund Based  CARE BBB+      446     Revised from
                                      - LTTL                                    CARE BBB+
Creative Textile Mills Pvt Ltd        Bk Fac-Fund Based  CARE BBB+      2075    Revised from
                                      - LT/              /CARE A3+              CARE BBB+ /
                                      ST-CC/PC/Bill Discounting                 CARE A3+
Dev And Associates                    LT Bk Fac          CARE BB-       50      Revised from
                                                                                CARE BB
(issuer Not Cooperating)
Digital Circuits Pvt Ltd              LT Bk Fac          CARE B-        168     Revised from
                                                                                CARE B
(issuer Not Cooperating)
Digital Circuits Pvt Ltd              Long/Shortterm Bk  CARE B-/CARE A412      Revised from
                                      Fac                                       CARE B /CARE
                                                                                A4
(issuer Not Cooperating)
Dollar Industries Ltd                 LT Bk Fac          CARE A+        2566.5  Reaffirmed
(enhanced from 189.40crs)
Ensol Multiclean Equipments Pvt Ltd   LT Bk Fac          CARE BB-       52.3    Reaffirmed
(issuer Not Cooperating)
Goa Glass Fibre Ltd                   LT Bk Fac (Fund    CARE BB+       250     Reaffirmed
                                      Based)
Goa Glass Fibre Ltd                   Long/ST Bk Fac     CARE BB+ /CARE 60      Reaffirmed
                                      (Non-Fund Based)   A4+
Hirehalli Solar Power Project Llp     LT Bk Fac          CARE B         153
(issuer Not Cooperating)
Hukkeri Solar Power Project Llp       LT Bk Fac          CARE B         90
(issuer Not Cooperating)
Hunsankodilli Solar Power Project Llp LT Bk Fac          CARE B         143
(issuer Not Cooperating)
Kurugunda Solar Power Project Llp     LT Bk Fac          CARE B         135
(issuer Not Cooperating)
M K Printpack Industries              LT Bk Fac          CARE BB-       133.1   Revised from
                                                                                CARE BB
(issuer Not Cooperating)
Mahalaxmi Builders And Developers     LT Bk Fac          CARE B+        140
(issuer Not Cooperating)
Maheshwari Industries                 LT Bk Fac          CARE B         70
(issuer Not Cooperating)
Marian Projects Pvt Ltd               LT Bk Fac          CARE B+        370
(issuer Not Cooperating)
Mas Financial Services Ltd            LT Bk Fac          CARE A+        41500   Reaffirmed
(enhanced from Rs.2,900 crore)
N & N Constructions                   LT Bk Fac          CARE D         122.5
(issuer Not Cooperating)
Navneet Motors                        LT Bk Fac          CARE BB-       250
(issuer Not Cooperating)
Navya Constructions                   LT Bk Fac          CARE BB        20      Reaffirmed
Neelkanth Coal Manufacturing Pvt Ltd  LT Bk Fac          -              -       Withdrawn
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB+      650     Assigned
Northern Arc 2019 Mosec Tangier       Series A1 PTC      ProvCARE A-    -
(Originator: Inditrade Microfinance Ltd                  (SO)
(Inditrade), Light Microfinance Pvt Ltd & Svasti Microfinan
Northern Arc 2019 Mosec Tangier       Series A2 PTC      ProvCARE BBB   -
(Originator: Inditrade Microfinance Ltd                  (SO)
(Inditrade), Light Microfinance Pvt Ltd & Svasti Microfinan
Orfina Ceramic Pvt Ltd                LT/ST Bk Fac*      -              -       Withdrawn
* Long-term/Short-term rating withdrawn as earlier rated Cash Credit facility is bifurcated into
Working capital term loan (Fund based-LT) and Bank overdraft facility (Fund based-ST) as per
latest sanction terms. 
Orfina Ceramic Pvt Ltd                LT Bk Fac          CARE BB-       36.4    Reaffirmed
Pace Process Controls Pvt Ltd         LT Bk Fac          CARE BB-       7
(issuer Not Cooperating)
Pacific Global                        LT Bk Fac          CARE B         195
(issuer Not Cooperating)
Paladiya Brothers And Company         LT Bk Fac          CARE BB+       400     Reaffirmed
Pl_Securitization Trust Iv August     Series A PTC       ProvCARE AAA   -       -
2019(Originator: Indiabulls Consumer                    (SO)
Finance Ltd)
Prabha Steel Industries               LT Bk Fac          -              -       Withdrawn
Ps Bedi And Company Pvt Ltd           LT Bk Fac          CARE B+        90      Assigned
Ps Bedi And Company Pvt Ltd           Proposed Long/ST   CARE B+ /CARE  10      Assigned
                                      Bk Fac             A4
Raghav Productivity Enhancers Ltd     LT Bk Fac          CARE BBB       113.4   Reaffirmed
Rajamahal International Pvt Ltd       LT Bk Fac          CARE B         50
(issuer Not Cooperating)
Reddy Structures Pvt Ltd              LT Bk Fac          CARE BB+       296.8
(issuer Not Cooperating)
Sanghavi Jewel Pvt Ltd                LT Bk Fac – Fund   CARE D         787.1   Revised from
                                      Based                                     CARE B
Saraf Foods Ltd                       LT Bk Fac          CARE BB+       321.5   Reaffirmed
(enhanced from 32.04 crs)
Saraf Foods Ltd                       LT/ ST Bk Fac      CARE BB+ /CARE 142.5   Reaffirmed
                                                         A4+
Satya Sai Exims                       LT Bk Fac          CARE BB-       60.3
(issuer Not Cooperating)
Semler Research Centre Pvt Ltd        LT Bk Fac          CARE B-        40      Revised from
                                                                                CARE B
(issuer Not Cooperating)
Sharada Ayurvedic Medical College     LT Bk Fac          CARE B-        56.5    Revised from
                                                                                CARE B
(issuer Not Cooperating)
Shivalik India Alco Pvt Ltd           LT Bk Fac          CARE BB        100
(issuer Not Cooperating)
Shri Prasanna Anjaneya Agro Tech      LT Bk Fac          CARE B         70      Revised from
                                                                                CARE B+
(issuer Not Cooperating)
Siwal Infracon Pvt Ltd                LT Bk Fac          CARE B+        62.8
(issuer Not Cooperating)
Siwal Infracon Pvt Ltd                Long- term/ ST
Bk  CARE B+/CARE A440
                                      Fac
(issuer Not Cooperating)
Sri Sai Constructions                 LT Bk Fac          CARE BB        50      Revised from
                                                                                CARE BB+
(issuer Not Cooperating)
Suyash Engineering Company            LT Bk Fac          CARE B+        25      Revised from
                                                                                CARE BB-
(issuer Not Cooperating)
The Sandesh Ltd                       Long- Term Bk Fac  CARE AA        600     Reaffirmed
Udupi Developers                      LT Bk Fac          CARE D         147.5
(issuer Not Cooperating)
Vallhabha Milk Products Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Vivriti Erebor 01 2019 (Originator:   Series A1 PTC      CARE A- (SO)   190.9   Assigned
Laxmi India Finleasecap Pvt Ltd)
Vivriti Erebor 01 2019 (Originator:   Series A2 PTC      CARE BBB+ (SO) 2.2     Assigned
Laxmi India Finleasecap Pvt Ltd)
Wholesome Foods                       LT Bk Fac          CARE B         85.5    Revised from
                                                                                CARE D
Wholesome Foods                       LT/ST Bk Fac       CARE B /CARE A450      Revised from
                                                                                CARE D/CARE D
Yarganvi Solar Power Project Llp      LT Bk Fac          CARE B         126.3
(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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