December 15, 2017 / 6:21 AM / a month ago

CARE ratings for Indian debt instruments-Dec 15

    Dec 15 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 14, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bawa Float Glass Ltd                  ST Bk Fac          CARE A3+       10      Reaffirmed
Bhandari Foils And Tubes Ltd          ST Bk Fac          CARE A3        1032.6  Reaffirmed
(Reduced from Rs.143.26 crore Crore)
Cheer Sagar Exports                   ST Bk Fac          CARE A4+       19      Assigned
Crosslay Remedies Ltd                 ST BkFac           CARE A1+       100     #
Doosan Power Systems India Pvt Ltd    ST Bk Fac          CARE A1+ (SO)* 2000    Final Rating
*Backed by unconditional and irrevocable corporate guarantee provided by Doosan Heavy Industries
& Construction Company Limited (DHIC), South Korea
Max Healthcare Institute Ltd          ST BkFac           CARE A1+       7.6     #
Mayur Telecom Pvt Ltd                 ST Bk Fac          CARE A4        10      Assigned
Modern Dalkhola Flour Mills Pvt Ltd   ST Bk Fac          CARE A4        150     Reaffirmed
Rana Engineering Company              ST Bk Fac          CARE A4        70      Reaffirmed
(enhanced from 5.00 Crore)
S.D. Corporation Pvt Ltd              CP(CP) Issue^      CARE A1+ (SO)  5550    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and continuing Corporate
Guarantee provided by Shapoorji Pallonji and Company Private Limited (SPCPL, rated CARE AA+
Stable)
S.D. Corporation Pvt Ltd              Proposed CPissue^  CARE A1+ (SO)  3550    Reaffirmed
^ credit enhancement in the form of an unconditional, irrevocable and continuing Corporate
Guarantee provided by Shapoorji Pallonji and Company Private Limited (SPCPL, rated CARE AA+
Stable)
Sarv Bio Labs Pvt Ltd                 ST Bk Fac          CARE A4+       75      Revised from
                                                                                CARE A4
Satco Capital Markets Ltd.            ST Bk Fac          CARE A4        400     Reaffirmed
(enhanced from Rs 30 crore Crore)
Techno Edge Electronics Pvt Ltd       ST Bk Fac          A4             15      Assigned
Vellapally Brothers                   ST Bk Fac          CARE A4        2       Reaffirmed

LONG TERM RATINGS:
-------------------
Abhishek Alloys Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Advent Infraprojects Pvt Ltd          LT/ ST Bk Fac      CARE B/A4      100     Revised from
                                                                                CARE BB-
                                                                                /CARE A4
Alps Hospital Ltd                     LT Bk Fac          CARE A+        340     #
Balaji Medical And Diagnostics        LT Bk Fac          CARE A+        1685.3  #
Research Centre                                                                          
Bansal Construction Works             LT Bk Fac          -              -       Withdrawn
Bansal Construction Works             LT/ ST Bk Fac      -              -       Withdrawn
Bawa Float Glass Ltd                  LT/ ST Bk Fac      CARE BBB/A3+   140     Reaffirmed
(Enhanced from Rs.13.50 Crore)
Bhandari Foils And Tubes Ltd          LT Bk Fac          CARE BBB-      900     Reaffirmed
(Enhanced from Rs. 50.00 crore Crore)
Bhaval Exports                        LT Bk Fac          CARE BB-       57.7    Assigned
Cheer Sagar Exports                   LT Bk Fac          CARE BB+       3       Assigned
Cheer Sagar Exports                   LT/ST Bk Fac       CARE BB+/A4+   95      Assigned
Chhabeela Energy Foods Pvt Ltd        LT Bk Fac          CARE BB        600     Assigned
Crosslay Remedies Ltd                 LT Bk Fac          CARE A+        1441.4  #
Devki Devi Foundation                 LT Bk Fac          CARE A+        1279.2  #
Ellenbarrie Industrial Gases Ltd      LT Bk Fac          CARE BB+       170     Re-affirmed
Freight Systems (India) Pvt Ltd       LT Bk Fac          CARE BBB+      180     Reaffirmed
Gera Developments Pvt Ltd             NCD issue          CARE A+        1600    Assigned
                                      (Proposed)*
* The above mentioned NCD is proposed to be raised in order pay-off the existing rated NCD issue
amounting to Rs.159.00 crore in total
Grand Windsor Resorts Ltd             LT Bk Fac          CARE BBB-      102.5   Revised from
                                                                                CARE BB+
(enhanced from 8.95 Crore)
Grand Windsor Resorts Ltd             LT/ST Bk Fac       CARE BBB-/A3   25      Revised from
                                                                                CARE BB+
                                                                                /CARE A4+ 
(reduced from 3.00 Crore)
Gujarmal Modi Hospital And Research   LT Bk Fac          CARE A+        150     #
Centre For Medical Science                                                      
Harsh Communication                   LT Bk Fac          CARE BB        100     Assigned
Hometrail Buildtech Pvt. Ltd          LT Bk Fac          CARE A+        605.7   #
Hometrail Estate Pvt. Ltd             LT Bk Fac          CARE A+        748.2   #
Idea Cellular Ltd                     LT Bk Fac          CARE AA+       263004.6#
 (Enhanced from 23394.92 Crore)
Infrastructure Leasing & Financial    NCDs               -              -       Withdrawn
Services Ltd
J P Sortex Pvt Ltd                    LT Bk Fac          CARE BB        370     Assigned
Max Healthcare Institute Ltd          LT Bk Fac          CARE A+        3448.2  #
Mayur Telecom Pvt Ltd                 LT Bk Fac          CARE BB-       50      Assigned
Medsave Healthcare Tpa Ltd            LT Bk Fac          -              -       Withdrawn
Medsave Healthcare Tpa Ltd            LT/ST BkFac        -              -       Withdrawn
Modern Dalkhola Flour Mills Pvt Ltd   LT Bk Fac          CARE BB        80      Reaffirmed
(reduced from 9.75 Crore)
Naiknavare Profile Constructions Pvt LProposed NCDs      CARE D         700     Assigned
Opgs Power Gujarat Pvt Ltd            Issuer Rating      CARE BB (Is)   -       ISSUER NOT
                                                                                COOPERATING
# The rating is on standalone basis subject to the company maintaining overall gearing not
exceeding 3.8x (overall gearing projected as on March 31, 2017.
Orange Agar Wind Power Pvt Ltd        LT Bk Fac          CARE BBB+      2550    Assigned
Prasad Lifespaces Llp                 LT Bk Facility     CARE B+        150     Assigned
Rana Engineering Company              LT Bk Fac          CARE BB        80      Reaffirmed
(enhanced from 6.00 Crore)
Saket City Hospital Pvt Ltd           LT Bk Fac          CARE A+        2854.4  #
Sarv Bio Labs Pvt Ltd                 LT Bk Fac          CARE BB+       165     Revised from
                                                                                CARE BB
Sri Langta Baba Steels Pvt Ltd        LT Bk Facility     CARE B+        250     Reaffirmed
Techno Edge Electronics Pvt Ltd       LT Bk Fac          CARE B+        40      Assigned
Tirupati Cold Storage                 LT Bk Fac          CARE D         55.4    Revised from
                                                                                CARE B+
Vellapally Brothers                   LT Bk Fac          CARE BB        97.5    Reaffirmed
Zeal Metaliks Pvt Ltd                 LT Bk Fac          CARE BB        240     Re-affirmed
(enhanced from 15 crore Crore)
--------------------------------------------------------------------------------------------
$: 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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