December 12, 2018 / 5:02 AM / a year ago

CARE ratings for Indian debt instruments-Dec 12

    Dec 12 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 11, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Accent Microcell Pvt Ltd              ST Bk Fac          CARE A3        105     Reaffirmed
(enhanced from 7.50 Crore)
Aditya Medisales Ltd                  Proposed CP*       CARE A1+(SO)   5000    Assigned
*to be backed by credit enhancement in the form of unconditional and irrevocable corporate
guarantee by Shanghvi Finance Private Limited (SFPL, guarantor).

Ahw Steels Pvt Ltd                    ST Bk Fac          CARE A3        50      Reaffirmed
Avon Meters Pvt Ltd                   ST Bk Fac          -              -       Withdrawn
Bhagat Jee Steels Pvt Ltd             ST Bk Fac          CARE A4        5.7     -
Issuer Not Cooperating;Based on best available information
Flora O Food                          ST Bk Fac          CARE A4        150     Reaffirmed
Kissandhan Agri Financial Services PvtFB - ST-TL         CARE A2+       300     Reaffirmed
Ltd
Kissandhan Agri Financial Services PvtCP                 CARE A2+       500     Reaffirmed
Ltd
Lantec Technologies                   ST Bk Fac          CARE A4        6       Assigned
M.G Hussain                           ST Bk Fac          CARE A4        25      -
Issuer Not Cooperating, basedon best available information
Mahendra Sponge And Power Ltd         ST Bk Fac          CARE A3        400
Revised from CARE A3; Issuer Not Cooperating
Nacl Industries Ltd                   ST Bk Fac          CARE A2        1130    Reaffirmed
Nandini Enterprises                   ST Bk Fac          CARE A4        100     Assigned
Navgrah Fastners Pvt Ltd              ST Bk Fac          -              -       Withdrawn
Pavansut Paper Mill Pvt Ltd           ST Bk Fac          CARE A4        7       -
Issuer Not Cooperating; Based on best available information
Philip D’Costa & Co                   ST Bk Fac          CARE A4        40      -
Issuer Not Cooperating, Based on best available information
Rajasthan Antibiotics Ltd             ST Bk Fac          -              -       Withdrawn
S. D. Corporation Pvt Ltd             CP#                CARE A1+(SO)   11700   Reaffirmed
#credit enhancement in the form of an unconditional, irrevocable and revolving Corporate
Guarantee provided by SPCPL
Shanthi Feeds Pvt Ltd                 ST Bk Fac          CARE A2        545     Reaffirmed
(reduced from 72.25 Crore)
Shree Ram Fibres India Pvt Ltd        ST Bk Fac          CARE A4        30      Reaffirmed
Slcm Ltd                              ST Bk Fac          CARE A2+       132#    Reaffirmed
#Rupees equivalent of USD 2 Mn
Sri Chitra Agri Exports               ST Bk Fac          CARE A4        140
Issuer Not Cooperating; Based on best available information
The Anup Engineering Ltd              ST BkFac           CARE A1+       150     Reaffirmed
Up Alums Pvt Ltd                      ST Bk Fac          CARE A4        55      -
Issuer Not Cooperating; Based on best available information

LONG TERM RATINGS:
-------------------
Accent Microcell Pvt Ltd              LT Bk Fac          CARE BBB-      107.6   Reaffirmed
(reduced from 13.74 Crore)
Accent Microcell Pvt Ltd              LT/ ST Bk Fac      CARE BBB-/A3   112.5   Reaffirmed
Ahw Steels Pvt Ltd                    LT Bk Fac          CARE BBB-      750     Reaffirmed
Animesh Ispat Pvt Ltd                 LT Bk Fac          CARE BBB-      125
Revised from CARE BBB-; Stable; Issuer Not Cooperating; (reduced from 20.00 Crore)
Aqua Designs (India) Pvt Ltd          LT Bk Fac          CARE D         630     -
Issuer Not Cooperating; Revised from CARE BB+; on the basis of best available information.
Aqua Designs (India) Pvt Ltd          LT/ST Bk Fac       CARE D/D       870     -
Issuer Not Cooperating; Revised from CARE BB+; Stable/ CARE A4 on the basis of best available
information.
Avon Meters Pvt Ltd                   LT Bk Fac          -              -       Withdrawn
Bansal Pathways (Mangawan-Chakghat) PvLT Bk Fac          CARE BBB (SO)  3505    Assigned
Ltd
Bhagat Jee Steels Pvt Ltd             LT Bk Fac          CARE B         161.5   -
Issuer Not Cooperating;Based on best available information
Dtmg Packaging Pvt Ltd                Long- term Bk Fac  CARE D         62      Assigned
Esco Couplings & Transmissions Pvt LtdLT Bk Fac          CARE BB+       24.2    Assigned
Esco Couplings & Transmissions Pvt LtdLT /ST Bk Fac      CARE BB+/A4+   15      Assigned
Flora O Food                          LT Bk Fac          CARE BB-       40      Reaffirmed
Gopalpur Ports Ltd                    Fund Based Bk Fac- CARE AA-(SO)   14000
                                      LT TL
Revised from CARE AA(SO) and placed under credit and placed under credit; (CLC^/ LOU^ sublimit
of 600.00 Crore); Under credit watch with developing implicat
Gopalpur Ports Ltd                    Non Fund Based     CARE AA-(SO)   500
                                      BkFac – BG
Revised from CARE AA(SO); Under credit watch with developing implications; Facilities is backed
by a Letter of Comfort from Shapoorji Pallonji and Company
Gopalpur Ports Ltd                    Fund Based –       CARE AA-(SO)   250
                                      CCLimits
Under credit watch with developing implications; Facilities is backed by a Letter of Comfort
from Shapoorji Pallonji and Company Private Limited (SPCPL, rated CARE AA; under credit watch
with developing implications/ CARE A1+) 
Gopalpur Ports Ltd                    LER* Limit - LT    CARE AA-(SO)   250     -
                                      (Derivative)
                                      Facility
*Loan Equivalent Risk.Facilities is backed by a Letter of Comfort from Shapoorji Pallonji and
Company Private Limited (SPCPL, rated CARE AA; under credit watch with developing implications/
CARE A1+) 
Govindam Projects Pvt Ltd             LT Bk Fac          CARE BB-       100
Revised from CARE B
Gowtham Cements Pvt Ltd               LT Bk Fac          CARE B         19.8    Assigned
Greater Visakhapatnam Municipal       Proposed Bond IssueCARE AA (SO)   1000    Assigned
Corporation
High Point Properties Pvt Ltd         NCD^               CARE AA (SO)   2250
Rating Action: CARE AA+ (SO) and placed under credit watch with developing implications; ^credit
enhancement in the form of 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+) 
Icici Prudential Mutual Fund - Icici  Close – Ended      -              -       Withdrawn
Prudential Capital Protection OrientedCapital Protection
Fund Vii Plan B                       Oriented Fund
Icici Prudential Mutual Fund - Icici  Close – Ended      -              -       Withdrawn
Prudential Capital Protection OrientedCapital Protection
Fund Vii Plan C                       Oriented Fund
Icici Prudential Mutual Fund - Icici  Close – Ended      -              -       Withdrawn
Prudential Capital Protection OrientedCapital Protection
Fund Vii Plan D                       Oriented Fund
Ihhr Hospitality Andhra Pvt Ltd       LT Bk Fac- TL      CARE BBB (SO)  670     Reaffirmed
Ihhr Hospitality Andhra Pvt Ltd       LT Bk Fac- Bk      CARE BBB (SO)  30      Reaffirmed
                                      Overdraft
Kanha Exim                            LT Bk Fac          CARE BB        160     -
Issuer Not Cooperating; Revised from CARE BB+; Based on best available Information
Kissandhan Agri Financial Services PvtLT Bk Fac – CC     CARE A-        800     Reaffirmed
Ltd
Kissandhan Agri Financial Services PvtNCDs               CARE A-        300*    Assigned
Ltd
*Rupees equivalent of USD 4 Mn
Kissandhan Agri Financial Services PvtLong/ST BkFac      CARE A-/A2+    900     Reaffirmed
Ltd
Lambda Content India P Ltd            Proposed NCDs –    -              -       Withdrawn^
                                      II(ISIN –INE122Y08027)
^ The proposed NCD () has been withdrawn at the request of the company as no funds have been
raised under this NCD.
Lambda Content India P Ltd            NCDs – I(ISIN –    CARE BBB-      5086    Reaffirmed
                                      INE122Y08019)
Lantec Technologies                   LT Bk Fac          CARE BB+       92.3    Assigned
M.G Hussain                           Long -term Bk Fac  CARE B+        48      -
Issuer Not Cooperating, basedon best available information
M.S. Reddy                            Long -term Bk Fac  CARE B+        74      -
Issuer Not Cooperating, based on best available information
Mahendra Sponge And Power Ltd         LT Bk Fac          CARE BBB       561.6
Revised from CARE BBB-; Stable; Issuer Not Cooperating; (reduced from 59.35 Crore)
Mahendra Sponge And Power Ltd         Long /ST Bk Fac    CARE BBB/CARE  100
                                                         A3
Revised from CARE BBB-; Stable/CARE A3; Issuer Not Cooperating
Mahendra Strips Pvt Ltd               LT Bk Fac          CARE BBB       50
Revised from CARE BBB-; Stable; Issuer Not Cooperating; (reduced from 10.00 Crore)
Manchukonda Prakasham Industries IndiaLT Bk Fac          CARE A         50      Reaffirmed
Pvt Ltd
Manchukonda Prakasham Industries IndiaLong/ST BkFac      CARE A/A1      250     Reaffirmed
Pvt Ltd
Matilal & Gouri & Storage Pvt. Ltd    LT Bk Fac          CARE B+        50      Assigned
Maxtar Bio Genics                     LT Bk Fac          CARE B+        100     -
Issuer Not Cooperating; Based on best available information
Nacl Industries Ltd                   LT Bk Fac          CARE A-        2245    Reaffirmed
Nandini Enterprises                   LT Bk Fac          CARE B+        35      Assigned
Navgrah Fastners Pvt Ltd              LT Bk Fac          -              -       Withdrawn
North End Foods Marketing Pvt. Ltd    LT Bk Fac          CARE A-        375     Reaffirmed
North End Foods Marketing Pvt. Ltd    Long/ST BkFac      CARE A-/A2+    1925    Reaffirmed
Patel Infrastructure Ltd              LT BkFac           CARE A         1500
Reaffirmed Outlook revised from Stable to Negative
Patel Infrastructure Ltd              Long/STBk Fac      CARE A/A1      7500
Reaffirmed Outlook revised from Stable to Negative
Patil And Company                     LT BkFac           CARE BB        100
Revised from CARE B
Patil And Company                     Long/ ST Bk Fac    CARE BB/A4     70
Revised from CARE B /CARE A4
Pavansut Paper Mill Pvt Ltd           LT Bk Fac          CARE B         112.4   -
Issuer Not Cooperating; Based on best available information
Philip D’Costa & Co                   Long -term Bk Fac  CARE BB-       40      -
Issuer Not Cooperating, Based on best available information
Pnp Maritime Services Pvt Ltd         LT Bk Fac^         CARE AA- (SO)  1112
Revised from CARE AA(SO); and placed under credit watch with developing implications; ^credit
enhancement in the form of unconditional and irrevocable corporate guarantee from Shapoorji
Pallonji and Company Private Limited (SPCPL, rated CARE AA; under credit watch with developing
implications/ CARE A1+) for maintaining revolving Debt Service Reserve Account (DSRA) for an
amount payable towards one quarter interest and one quarter principal for immediately succeeding
quarter during the tenure of the facility. 
Prateek Industries                    LT Bk Fac          CARE B         97      Assigned
Rajasthan Antibiotics Ltd             LT Bk Fac          -              -       Withdrawn
Rohtas Fasteners Pvt Ltd              LT Bk Fac          CARE BBB-      55.8    -
Issuer Not Cooperating; Based on best available information
S. D. Corporation Pvt Ltd             NCD^               CARE AA (SO)   15050
Revised from CARE AA+ (SO) and placed under credit watch with developing implications; ^credit
enhancement in the form of Unconditional Irrevocable and revo
Sd Svp Nagar Redevelopment Pvt Ltd    NCDs^              CARE AA (SO)   750
CARE AA+ (SO) and placed under credit watch with developing implications; ^credit enhancement in
the form of 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+) 
Shanghvi Finance Pvt Ltd              Issuer Rating*     CARE AA+       -       Assigned
*subject to the company maintaining overall debt cap of Rs 7250 crore
Shanthi Feeds Pvt Ltd                 LT Bk Fac          CARE A-        1111.2  Reaffirmed
(enhanced from 91.38 Crore)
Shapoorji Pallonji Forbes Shipping LtdLT BkFac (TL)      CARE AA-(SO)   1747^
Revised from CARE AA(SO); and placed under credit watch with developing implications; ^credit
enhancement in the form of unconditional and irrevocable Debt Service Reserve Account (DSRA)
guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL, rated: CARE AA; Credit
Watch with developing implications/CARE A1+) for maintenance of debt service reserve equivalent
to next installment of scheduled principal and interest amount throughout the tenure of the
facility. 
Shree Ram Fibres India Pvt Ltd        LT Bk Fac          CARE BB        158.9
Revised from CARE BB-
Sohan Lal Commodity Management Pvt LtdLong/ST BkFac      CARE A-/A2+    150     Reaffirmed
Sp Imperial Star Pvt Ltd              NCD- “Series B”    CARE AA (SO)   500
                                      issue*
Revised from CARE AA+ (SO) and placed under credit watch with developing implications; * credit
enhancement in the form of unconditional and irrevocable DSRA guarantee from Shapoorji Pallonji
and Company Private Limited (SPCPL, rated: CARE AA; Credit Watch with developing
implications/CARE A1+) 
Sri Rama Marketing                    LT Bk Fac          CARE BB        150     -
Issuer Not Cooperating; based on best available information
Sri Srinivasa Agro Rice Industries    Long -term Bk Fac  CARE B+        120     -
Issuer Not Cooperating, basedon best available information
Sunny View Estates Pvt Ltd            NCDs^              CARE AA (SO)   2000
Revised from CARE AA+ (SO) and placed under credit watch with developing implications; ^credit
enhancement in the form of a unconditional, irrevocable and revolving DSRA Guarantee provided by
Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA; Credit Watch with developing 
implications/CARE A1+) 
Sunny View Estates Pvt Ltd            NCDs^              CARE AA (SO)   1000
Revised from CARE AA+ (SO) and placed under credit watch with developing implications; ^credit
enhancement in the form of a unconditional, irrevocable and revolving DSRA Guarantee provided by
Shapoorji Pallonji and Company Private Ltd (SPCPL, rated CARE AA; Credit Watch with developing
implications/CARE A1+) 
Super Ispat (Raipur) Pvt Ltd          LT Bk Fac          CARE BBB       60
Revised from CARE BBB-; Stable; Issuer Not Cooperating
Suzlon Global Services Ltd            LT Bk Fac          CARE A         10000   Reaffirmed
(reduced from 1300 Crore)
Suzlon Global Services Ltd            LT/ST Bk Fac       CARE A/CARE    2500    Reaffirmed
                                                         A2+
Talwar Mobiles Pvt Ltd                LT Bk Fac          CARE BB        250
Issuer Not Cooperating; Based on best available information
The Anup Engineering Ltd              LT BkFac           CARE A+        150     Reaffirmed
The Anup Engineering Ltd              LT/STBk Fac        CARE A+/A1+    1700    Reaffirmed
(enhanced from Rs.145 Crore)
Thrissur Expressway Ltd               LT Bk Fac          CARE D         5051.8
Issuer Not Cooperating; Based on best available information
Up Alums Pvt Ltd                      LT Bk Fac          CARE B+        95      -
Issuer Not Cooperating; Revised from CARE BB-; on the basis of best available information
Vdb Projects Pvt Ltd                  LT BkFac           CARE B+/       846.5   Reaffirmed
Vdb Projects Pvt Ltd                  LT/ ShortTerm Bk   CARE B+/A4     1040    Reaffirmed
                                      Fac
Vishavkarma Agro Industries           LT Bk Fac          CARE BB-       97.3    -
Issuer Not Cooperating; Based on best available information

--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below