December 17, 2018 / 5:23 AM / 3 months ago

CARE ratings for Indian debt instruments-Dec 17

    Dec 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 14, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Airan Steel And Power Pvt Ltd         ST Bk Fac          CARE A4        5       Reaffirmed
Alpha Foam Ltd                        ST Bk Fac          CARE A3+       16      Reaffirmed
Anjani Portland Cement Ltd            ST Bk Fac          CARE A1        200     Reaffirmed
(enhanced from 10.00 Crore)

Apt Packaging Ltd                     ST Bk Fac          CARE D         32      Assigned
Corlim Marine Exports Pvt Ltd         ST Bk Fac          CARE A3        440
INC Revocation and Reaffirmation of Rating ; (enhanced from 30.00 Crore)
Fedders Electric & Engineering Ltd    ST Bk Fac          CARE D         7620
Issuer not cooperating;Based on best available information
G. R. Weavers Pvt Ltd                 ST Bk Fac          CARE A4        50      Assigned
Ghatge Patil Industries Ltd           ST Bk Fac          CARE A3        1100
Revised from CARE A4+
Jagdamba Agro Industry                ST Bk Fac          CARE A4        30
Issuer not cooperating; based on best available information
Jalaram Agriexports Pvt Ltd           ST Bk Fac          CARE A4        50      Reaffirmed
Jsw Dharamtar Port Pvt Ltd.           ST Bk Fac (Non     CARE A1+       50
                                      Fund Based – LC/BG)
Reaffirmed and Removed from Credit Watch
Jsw Infrastructure Ltd                ST Bk Fac          CARE A1+       763.9
Reaffirmed and Removed from Credit Watch ; (reduced from Rs 80 Crore)
Jsw Jaigarh Port Ltd                  ST Bk Fac          CARE A1+       930
Reaffirmed and Removed from Credit Watch ; (enhanced from Rs 65 Crore)
Jyoti Holdings Pvt Ltd                ST Bk Fac          -              -       Withdrawn
K P N Textile Mills Pvt Ltd           ST Bk Fac          CARE A4        17.7
Issuer not cooperating; Based on best available information
K. S. Commodities Pvt Ltd             ST Bk Fac          CARE A4+       60
Issuer not cooperating;Based on best available information
K.V.J. Builders And Developers Pvt LtdShort -term Bk Fac CARE A4        70
Issuer not cooperating;Based on best available information
Kolkata Marine Products Pvt Ltd       ST Fac             CARE A4        175
Issuer not cooperating; based on best available information
Kvn Impex Pvt Ltd                     ST Bk Fac          CARE A4+       2210    Reaffirmed
Maithan Ceramic Ltd                   ST Bk Fac          CARE A2        406     Reaffirmed
(enhanced from 16.00 Crore)
Mehta & Associates Fire Protection    ST Bk Fac          CARE A4        22.5    Assigned
Systems Pvt Ltd
Mohd. Firoz Construction Company      ST Bk Fac          CARE A4        35
Issuer not cooperating; based on best available information
O. K. Enterprise                      ST Bk Fac          CARE A4        75      Assigned
Raajratna Ventures Ltd                ST Bk Fac          CARE A2        160     Reaffirmed
Rcn Impex Pvt Ltd                     ST Bk Fac          CARE A4        75
Issuer not cooperating; Based on best available information
South West Port Ltd                   ST Bk Fac – Non    CARE A1+       300
                                      Fund Based
Reaffirmed and Removed from Credit Watch ; (reduced from Rs 155 Crore)
South West Port Ltd                   ST Bk Fac – Fund   CARE A1+       150     Assigned
                                      Based
Spark Electricals                     Short -Term Bk Fac CARE A4        37.5
“Issuer not cooperating; based on best available information”
Sri Savitr Solar Pvt Ltd              ST Bk Fac          CARE A4        115
Issuer not cooperating, based on best available information
Sridhar Agro Product Pvt Ltd          ST Bk Fac          CARE A4        20
Issuer not cooperating; based on best available information
Sudhanva Engineers And Builders       ST Bk Fac          CARE A4        60      Reaffirmed
Trident Ltd                           ST Bk Fac          CARE A1+       2000    Reaffirmed
Upl Ltd                               CP issue           CARE A1+       10000   Reaffirmed
(enhanced from 100 Crore)
Venkraft Paper Mills Pvt Ltd          ST Bk Fac          CARE A3        92      Reaffirmed

LONG TERM RATINGS:
-------------------
Advent Infraprojects Pvt Ltd          LT/ ST Bk Fac      CARE B/A4      100
Revised from CARE BB-
Airan Steel And Power Pvt Ltd         LT Bk Facility     CARE BB-       60      Reaffirmed
Airan Steel And Power Pvt Ltd         LT/STBk Fac        CARE BB-/A4    25      Reaffirmed
Almondz Global Infra Consultant Ltd   LT Bk Fac          CARE BBB-      270     Assigned
Alpha Foam Ltd                        LT Bk Fac          CARE BBB/      324     Reaffirmed
(reduced from 34.45 Crore)
Amber Builders                        LT Bk Fac          CARE BB        50
Revised from CARE BB-
Amber Builders                        LT/ Shortterm Bk   CARE BB/A4     90
                                      Fac
Long term rating revised from CARE BB-
Anjani Portland Cement Ltd            LT Bk Fac          CARE A         300     Reaffirmed
Annai Constructions                   Long -term Bk Fac  CARE BB        50
Issuer not cooperating;Based on best available information
Apt Packaging Ltd                     LT Bk Fac          CARE D         124.4   Assigned
Asm Castings Pvt Ltd                  LT/ ST Bk Fac      CARE BB- /A4   2.5     Assigned
Asm Castings Pvt Ltd                  LT Bk Fac          CARE BB-/      107.5   Assigned
Baba Satyanarayan Himghar Pvt Ltd     LT Bk Facility     CARE B         72.5    Assigned
Blueberry Industry                    LT Bk Fac          CARE B         150
Issuer not cooperating; Revised from CARE B+; based on best available information
Chaitanya India Fin Credit Pvt Ltd    LT Bk Fac TL       CARE BBB-      150     Reaffirmed
Fedders Electric & Engineering Ltd    LT Bk Fac          CARE D         4600
Issuer not cooperating;Based on best available information
Freight Systems (India) Pvt Ltd       LT Bk Fac          CARE BBB+      180     Reaffirmed
G. R. Weavers Pvt Ltd                 LT Bk Fac          CARE BB-       135.8   Assigned
Ghatge Patil Industries Ltd           LT Bk Fac          CARE BBB-      1837.5
Revised from CARE BB+ (enhanced from 159.26 Crore)
Ghatge Patil Industries Ltd           Fixed Deposit      CARE BBB-      400
Revised from CARE BB+
Guinea Motors Pvt Ltd                 LT Bk Facility     CARE BB-       170     Reaffirmed
(Increased from 10.00 Crore)
Gupta Rice Export                     LT Bk Fac          CARE B+        50      Assigned
Gupta Rice Export                     Long/ST Bk Fac     CARE B+/A4     30      Assigned
Indus Ferro Tech Ltd                  LT Bk Fac          CARE BBB-(SO)  57.4
Revised from CARE BB+ (reduced from 10.72 Crore)
Jagdamba Agro Industry                LT Bk Fac          CARE B         35.9
Issuer not cooperating; Revised from CARE B+; based on best available information
Jalaram Agriexports Pvt Ltd           LT Bk Fac          CARE BB        170     Reaffirmed
Joyville Shapoorji Housing Pvt Ltd    NCDs (NCDs)-       CARE AA-       1526.8
                                      Series- A^
Revised from CARE AA; ^ Series A subscribed by sponsor and Series B subscribed by Investors
Joyville Shapoorji Housing Pvt Ltd    NCDs- Series- A^@  CARE AA-       624
Revised from Provisional CARE AA; ^ Series A subscribed by sponsor and Series B subscribed by
Investors; @The company has submitted the relevant executed documents i.e. Debenture Trustee
Agreement, Debenture Trust 
Joyville Shapoorji Housing Pvt Ltd    NCDs- Series- B^   CARE AA-       3562.5
Revised from CARE AA; ^ Series A subscribed by sponsor and Series B subscribed by Investors
Joyville Shapoorji Housing Pvt Ltd    NCDs- Series- B^@  CARE AA-       1456
Revised from Provisional CARE AA; ^ Series A subscribed by sponsor and Series B subscribed by
Investors; @The company has submitted the relevant executed documents i.e. Debenture Trustee
Agreement, Debenture Trust 
Joyville Shapoorji Housing Pvt Ltd    Proposed NCDs-     CARE AA-       1449.2
                                      Series- A^*
Revised from Provisional CARE AA; ^ Series A subscribed by sponsor and Series B subscribed by
Investors; *The ‘provisional’ rating will be confirmed after the execution and verification of
the transaction documents to the satisfaction of CARE. 
Joyville Shapoorji Housing Pvt Ltd    Proposed NCDs-     CARE AA-       3381.5
                                      Series- B^*
Revised from Provisional CARE AA; ^ Series A subscribed by sponsor and Series B subscribed by
Investors; *The ‘provisional’ rating will be confirmed after the execution and verification of
the transaction documents to the satisfaction of CARE. 
Jsw Dharamtar Port Pvt Ltd.           Long term Bk Fac   CARE A+        750
                                      – Subordinated debt
Reaffirmed and Removed from Credit Watch
Jsw Dharamtar Port Pvt Ltd.           Long term Bk Fac   CARE AA-       3300
                                      – TL
Reaffirmed and Removed from Credit Watch
Jsw Dharamtar Port Pvt Ltd.           LT Bk Fac (Non     CARE AA-       300
                                      Fund Based – BG)
Reaffirmed and Removed from Credit Watch
Jsw Infrastructure Ltd                LT Bk Fac          CARE AA-       265.7
Reaffirmed and Removed from Credit Watch ; (reduced from Rs 85 Crore)
Jsw Jaigarh Port Ltd                  LT Bk Fac          CARE AA-       14875
Reaffirmed and Removed from Credit Watch ; (reduced from Rs 1636 Crore)
Jsw Paradip Terminal Pvt Ltd          LT Bk Fac (BG)     -              400@    -
Reaffirmed and Removed from credit watch ; @ backed by unconditional and irrevocable corporate
guarantee by JSW Infrastructure Limited (JSWIL)
Jsw Paradip Terminal Pvt Ltd          LT Bk Fac (TL)     CARE AA- (SO)  4400@
Reaffirmed and Removed from credit watch ; @ backed by unconditional and irrevocable corporate
guarantee by JSW Infrastructure Limited (JSWIL)
Jyoti Holdings Pvt Ltd                LT Bk Fac          -              -       Withdrawn
K P N Textile Mills Pvt Ltd           Long -term Bk Fac  CARE BB        84
Issuer not cooperating; Based on best available information
K. S. Commodities Pvt Ltd             LTFac/ST Bk Fac    CARE BB/CARE   300
                                                         A4+
Issuer not cooperating;Based on best available information
K.V.J. Builders And Developers Pvt LtdLong -term Bk Fac  CARE B+        105
Issuer Not Cooperating;Based on Best available information
Kalanikethan Fashions Pvt Ltd         LT Bk Fac          CARE BBB-      565.8
Issuer not co-operating:Based on best available information
Kolkata Marine Products Pvt Ltd       LT Bk Fac          CARE BB-       5
Issuer not cooperating; based on best available information
Kvn Impex Pvt Ltd                     LT Bk Fac          CARE BB+       100     Reaffirmed
Macro Infra Contractor Pvt Ltd        LT Bk Fac          -              -       Withdrawn
Madhepura Electric Locomotive Pvt Ltd LT Bk Fac          CARE A -       11630   Reaffirmed
Maithan Ceramic Ltd                   LT Bk Fac          CARE BBB+      300     Reaffirmed
(enhanced from 25.00 Crore)
Maithan Ceramic Ltd                   LT/ ST Bk Fac      CARE BBB+/A2   150     Reaffirmed
(enhanced from 12.00 Crore)
Mehta & Associates Fire Protection    LT Bk Fac          CARE C         40      Assigned
Systems Pvt Ltd
Mehta & Associates Fire Protection    LT /ST Bk Fac      CARE C/A4      80      Assigned
Systems Pvt Ltd
Mohd. Firoz Construction Company      LT Bk Fac          CARE B         20
Issuer not cooperating; Revised from CARE B+; based on best available information
Naveen Rice Mills                     LT Bk Fac          CARE B         150
Issuer not cooperating; Based on best available information
Newry Properties Pvt Ltd              Long -term Bk Fac  CARE BB-       200
Issuer not cooperating; Based on best available information
O. K. Enterprise                      LT Bk Facility     CARE BB-       15      Assigned
Olenna Ifmr Capital 2017              Series A1 PTCs     -              -       Withdrawn
Olenna Ifmr Capital 2017              Series A2 PTCs     -              -       Withdrawn
Paradip East Quay Coal Terminal Pvt LtLong term Bk Fac   CARE A- (SO)   9408.8
                                      – TL
Reaffirmed and Removed from Credit Watch
Paradip East Quay Coal Terminal Pvt LtLong term Bk Fac   CARE A- (SO)   706.4
                                      – Performance
                                      Guarantee
Reaffirmed and Removed from Credit Watch
Patanjali Chikitsalaya                Long -term Bk Fac  CARE B         90
Issuer not cooperating; Based on best available information
Patel Infrastructure Ltd              LT Bk Fac          CARE A         3000    Reaffirmed
(enhanced from Rs.150.00 Crore)
Patel Infrastructure Ltd              Long/ST Bk Fac     CARE A /A1     12000   Reaffirmed
(enhanced from Rs.750.00 Crore)
Raajratna Ventures Ltd                LT Bk Fac          CARE BBB+      124     Reaffirmed
(Enhanced from Rs.8.00 Crore)
Raajratna Ventures Ltd                LT/ ST Bk Fac      CARE BBB+/A2   570     Reaffirmed
(Enhanced from Rs.52.00 Crore)
Raj Sneh Auto Wheels Pvt Ltd          LT Bk Fac          CARE D         150
Issuer not cooperating; Revised from CARE B; on the basis of best available information
Ramswaroop Rameshwarlal Jewellers     LT Bk Fac          CARE BB        119.7   Reaffirmed
Ranasaria Poly Pack Pvt Ltd           LT/ST Bk Fac       CARE BBB-/A3   150     Assigned
Rcn Impex Pvt Ltd                     Long -term Bk Fac  CARE BB-       50
Issuer not cooperating; Based on best available information
Reinhart India Pvt Ltd                LT/ STBk Fac       CARE BBB-      1550*
                                                         (SO)/A3 (SO)
Revised from CARE BBB-; * The bank facilities are backed by unconditional and irrevocable
corporate guarantee provided by Paul Reinhart AG (PRAG). The Corporate Guarantee Deed was
earlier not available and has now been provided to CARE. 
Rosetta Ifmr Capital 2017             Series A PTCs      -              -       Withdrawn
S. Gurusiddaiah                       LT Bk Fac          CARE B         60      Assigned
Shanti Constructions (Guj) Pvt Ltd    LT Bk Fac          CARE BBB-      207.5
Reaffirmed; Outlook revised from Stable to Positive (enhanced from 5.00 Crore)
Shanti Constructions (Guj) Pvt Ltd    LT / ST Bk Fac     CARE BBB-/A3   620
Reaffirmed; Outlook revised from Stable to Positive (enhanced from 39.95 Crore)
Shree Krishna Cold Storage Pvt. Ltd   LT Bk Fac          CARE B         100
Issuer not cooperating; Revised from CARE B+; based on best available information
Silver Touch Technologies Ltd         LT Bk Fac          CARE BBB       100
Revised from CARE BBB+
Silver Touch Technologies Ltd         LT/ST Bk Fac       CARE BBB/CARE  450
                                                         A3
Revised from CARE BBB+ /A3+
Sinha Square                          LT Bk Facility     CARE B+        94.2    Assigned
Spark Electricals                     LT/Short -Term Bk  CARE BB-/A4    29.5
                                      Fac
“Issuer not cooperating; based on best available information”
Sri Savitr Solar Pvt Ltd              LT Bk Fac          CARE BB        285
Issuer not cooperating, based on best available information
Sridhar Agro Product Pvt Ltd          LT Bk Fac          CARE B-        20
Issuer not cooperating; Revised from CARE B; based on best available information
Sridhar Agro Product Pvt Ltd          Long/ST Bk Fac     CARE B-/A4     50
Issuer not cooperating; Revised from CARE B; /CARE A4 based on best available information
Sudhanva Engineers And Builders       LT Bk Fac          CARE BB-       50
Revised from CARE B+
Sudhanva Engineers And Builders       LT Bk Fac/ ST Bk   CARE BB-/A4    20
                                      Fac
Revised from CARE B+ /A4
Toyo Engineering India Pvt Ltd        LT/ST Bk Fac       CARE A+/A1+    28270   Reaffirmed
(enhanced from 2,227.00 Crore)
Trident Ltd                           LT Bk Fac          CARE AA-       18129.2 Reaffirmed
(enhanced from 1,564.63 Crore)
Trident Ltd                           LT/ ST Bk Fac      CARE AA-/A1+   15000   Reaffirmed
Venkraft Paper Mills Pvt Ltd          LT Bk Fac          CARE BBB-      549.8   Reaffirmed
(enhanced from 46.95 Crore)
Vivriti Windu 010 2017                Series A PTCs      -              -       Withdrawn

--------------------------------------------------------------------------------------------
$: 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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