December 18, 2017 / 4:55 AM / a month ago

CARE ratings for Indian debt instruments-Dec 18

    Dec 18 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 15, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bnc Power Projects Ltd                ST Bk Fac          CARE A3        875     Reaffirmed
(enhanced from 82.50 Crores)
Capital Enterprises                   ST Bk Facility     CARE D         70      ISSUER NOT
                                                                                COOPERATING
Emami Paper Mills Ltd                 ST Bk Fac          CARE A1        4300    Reaffirmed
(enhanced from 295.0 Crores)
Five-Star Business Finance Ltd        ST Bk Fac          CARE A1        300     Reaffirmed
Idea Telesystems Ltd                  ST Bk Fac          CARE A1+       202.5   Reaffirmed
(reduced from 80.00 Crores)
Khudiram Cold Storage Pvt Ltd         ST Bk Fac          CARE A4        1       Assigned
Mangaldeep Superstructures Pvt Ltd    ST Bk Fac          CARE A4        35      Assigned
Malladi Drugs And Pharmaceuticals Ltd ST Bk Fac          -              -       Withdrawn
Meril Diagnostics Pvt Ltd             ST Bk Fac#         CARE A1+ (SO)  250     Reaffirmed
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL)/(enhanced from Rs.15.00crs)
Meril Life Sciences India Pvt. Ltd.   ST Bk Fac#         CARE A1+ (SO)  170     Reaffirmed
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL)
Meril Life Sciences Pvt Ltd           ST Bk Fac#         CARE A1+ (SO)  160     Reaffirmed
#Backed by unconditional and irrevocable corporate guarantee extended by Bilakhia Holdings
Private Limited (BHPL)
Meril Life Sciences Pvt Ltd           CP (CP) issue#     CARE A1+ (SO)  250     Reaffirmed
#Backed by unconditional and irrevocable corporate guarantee extended by Bilakhia Holdings
Private Limited (BHPL)
Navkar Builders Ltd                   ST Bk Fac          CARE A4        20      Assigned
Om Shri Sai Baba Construction         ST Bk Fac          CARE A4        40      Re-affirmed
Permeshwar Fashions Impex Pvt Ltd     ST Bk Fac          CARE A3        32.5    Assigned
S.N. Hotels And Resorts Pvt Ltd       ST Bk Facility     CARE A4        1.5     Assigned
Santosh Starch Products Ltd           ST Bk Fac          CARE A4        2       Assigned
Sarna Chemicals Pvt Ltd               ST Bk Fac          CARE A3+       110     Reaffirmed
(reduced from 11.02 Crores)
Sky Cotex India Pvt Ltd               ST Bk Fac          CARE A3        41      Reaffirmed
Verdant Life Sciences Pvt Ltd         ST Bk Fac          CARE A4+       17      Reaffirmed
Zest Pharma                           ST Bk Fac          CARE A4+       20      Assigned

LONG TERM RATINGS:
-------------------
A-1 Cold Storage Pvt Ltd              LT Bk Fac          CARE B+        55.5    Assigned
Agroh Ratlam Tollways Pvt Ltd         LT BkFac           CARE A-        745.6   Reaffirmed
(Reduced from Rs.80.00 crores )
Anna Bhau Ajara Taluka Shetkari SahkarLT Bk Fac          CARE BB-       118.5   Revised from
Soot Girni Ltd                                                                  CARE BB
Bnc Power Projects Ltd                LT Bk Fac          CARE BBB       300     Reaffirmed
Capital Enterprises                   LT Bk Facility     CARE D         50      ISSUER NOT
                                                                                COOPERATING
Central Bank Of India                 Lower Tier II BondsCARE A         2700    Reaffirmed
Central Bank Of India                 Upper Tier II BondsCARE A-        22850   Reaffirmed
Chandigarh Roller Flour Mills Pvt Ltd LT Bk Fac          CARE B         120     Withdrawn
Emami Paper Mills Ltd                 LT Bk Fac          CARE A         12931.5 Reaffirmed
(enhanced from 1,160.1 Crores)
Five-Star Business Finance Ltd        LT Bk Fac          CARE A-        4200    Reaffirmed
(enhanced from 220.00 Crores)
Flexirural Urja Jalgaon Ltd           LT Bk Fac          CARE BBB       990     Assigned
G. R. Multiflex Packaging Pvt Ltd     LT BkFac           CARE D         120     ISSUER NOT
                                                                                COOPERATING
Hs Weavers Pvt Ltd                    LT Bk Fac          CARE BB-       56.5    Reaffirmed
(reduced from 5.89 Crores)
K. D. Singh Poultries Pvt Ltd         LT Bk Fac          CARE B+        150     Assigned
Kasera Ginning Factory                Long- term Bk Fac  CARE BB-       180     Revised from
                                                                                CARE B+
Khudiram Cold Storage Pvt Ltd         LT Bk Fac          CARE B+        122.7   Assigned
Malladi Drugs And Pharmaceuticals Ltd LT Bk Fac          -              -       Withdrawn
Mangaldeep Superstructures Pvt Ltd    LT Bk Fac          CARE B+        62.5    Assigned
Meril Diagnostics Pvt Ltd             LT Bk Fac#         CARE AA- (SO)  370     Reaffirmed
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL)
Meril Diagnostics Pvt Ltd             LT/ ST Bk Fac#     CARE AA-       250     Reaffirmed
                                                         (SO)/A1+
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL)
Meril Endo Surgery Pvt Ltd            LT Bk Fac#         CARE AA- (SO)  212.5   Reaffirmed
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL)
Meril Endo Surgery Pvt Ltd            LT/ ST Bk Fac#     CARE AA-       620     Reaffirmed
                                                         (SO)/A1+ (SO)
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL);/(Enhanced from Rs.38 crs)
Meril Healthcare Pvt Ltd              LT BkFac#          CARE AA- (SO)  274     Reaffirmed
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL)
Meril Healthcare Pvt Ltd              LT/ST BkFac#       CARE AA-       740     Reaffirmed
                                                         (SO)/A1+ (SO)
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL);/(Enhanced from Rs.59 crs)
Meril Life Sciences India Pvt. Ltd.   LT/Short- term Bk  CARE AA-       600     Reaffirmed
                                      Fac                (SO)/A1+ (SO)
#Bank Facilities are backed by unconditional and irrevocable corporate guarantee extended by
Bilakhia Holdings Private Limited (BHPL)
Meril Life Sciences Pvt Ltd           LT/Short- term Bk  CARE AA- (SO)  1000    Reaffirmed
                                      Fac#
#Backed by unconditional and irrevocable corporate guarantee extended by Bilakhia Holdings
Private Limited (BHPL)
Mh Parbhani Power Pvt Ltd             LT Bk Fac          CARE BBB       1980    Assigned
Navkar Builders Ltd                   LT Bk Fac          CARE BB-       130     Assigned
Om Shri Sai Baba Construction         LT Bk Fac          CARE BB-       50      Re-affirmed
Permeshwar Fashions Impex Pvt Ltd     LT Bk Fac          CARE BBB       430     Assigned
Radha Casting & Metalik Pvt. Ltd.     LT BkFac           CARE B         40      ISSUER NOT
                                                                                COOPERATING
S.N. Hotels And Resorts Pvt Ltd       LT Bk Facility     CARE BB-       55.9    Assigned
Santosh Starch Products Ltd           LT Bk Fac          CARE BB        13      Assigned
Santosh Starch Products Ltd           LT/ST BkFac        CARE BB/A4     135     Assigned
Sarna Chemicals Pvt Ltd               LT Bk Fac          CARE BBB       85.1    Revised from
                                                                                CARE BBB+
(reduced from 10.95 Crores)
Shree Samleswari Cotton Industries    LT Bk Fac          CARE BB        57.5    ISSUER NOT
                                                                                COOPERATING
Shreeji Sales Corporation             LT Bk Fac          CARE D         54.9    Assigned
Sky Cotex India Pvt Ltd               LT Bk Fac          CARE BBB-      811.5   Reaffirmed
(enhanced from 76.57 Crores)
Trust: Amako Ifmr Capital             Series A1 PTCs     -              -       Withdrawn
2016-Originator: S V Creditline Pvt Ltd
(Svcl)-Amako Ifmr Capital 2016
Trust: Amako Ifmr Capital             Series A2 PTCs     -              -       Withdrawn
2016-Originator: S V Creditline Pvt Ltd
(Svcl)-Amako Ifmr Capital 2016
Verdant Life Sciences Pvt Ltd         LT Bk Fac          CARE BB+       250     Reaffirmed
(reduced from Rs. 26.87 crores)
Vikas Cotton Industries Pvt Ltd       LT Bk Fac          CARE B         85.4    Reaffirmed
(reduced from Rs.8.82 Crores)
Welfare Organization For Multipurpose LT Bk Fac          -              -       Withdrawn
Mass Awareness Network
Yashomala Farming And Tourism Pvt Ltd LT Bk Fac          CARE BB+       350     Reaffirmed
Zest Pharma                           LT Bk Fac/ ST Bk   CARE BB+/A4+   30      Assigned
                                      Fac
--------------------------------------------------------------------------------------------
$: 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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