December 18, 2019 / 9:33 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 17, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abc Builders                          ST Bk Fac          CARE A4        45      -
(Issuer not cooperating; Based on best available information)
Cuarzo                                ST Bk Fac          CARE A3+       50      -
(Placed on Credit Watch with Negative Implications)
Earth Stone Global                    ST Bk Fac          CARE A4        107.5   Reaffirmed
Garg Inox Ltd                         ST Bk Fac          CARE D         827.6   -
(Issuer not cooperating; Based on best available information)
Gupta Metal Sheets Ltd                ST Bk Fac          CARE A4        520.2   -
(Issuer not cooperating; Based on best available information)
Gopinath Chem-Tech Ltd                ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Hind Aluminium Industries Ltd         ST Bk Fac          CARE A3+       850     Revised from
                                                                                CARE A2+
Locuz Enterprise Solutions Ltd        ST Bk Fac          -              -       Withdrawn
Madhu Overseas                        ST Bk Fac          CARE A4        51      -
(Issuer not cooperating; Based on best available information)
Mahagouri Aluminium Pvt Ltd           ST Bk Fac          CARE A4        11      Assigned
Opg Power Generation Pvt Ltd          ST Bk Fac          CARE A2        6180    Removed from
                                                                                CARE A2
(Removed from CARE A2; ISSUER NOT COOPERATING (A Two; ISSUER NOT COOPERATING) and reaffirmed)
S. D. Corporation Pvt Ltd             CP                 CARE A1+(CE)   7500^   -
(Reaffirmed and placed under Credit Watch with Developing Implications)
^backed by unconditional & irrevocable guarantee by SPCPL. Due to unutilization of the
Commercial Paper limits, SDCPL has requested to reduce the amount of Commercial Paper limits
rated, from Rs.1170 crore to Rs.750 crore.
Sigachi Industries Pvt Ltd            ST Bk Fac          CARE A3+       60      Revised from
                                                                                CARE A3
Sp Imperial Star Pvt Ltd              NCD- “Series B”    CARE A+ (CE) 2 500     Revised from
                                      issue^                                    CARE AA-(CE)
^backed by credit enhancement in the form of an unconditional and irrevocable DSRA guarantee
from Shapoorji Pallonji and Company (SPCPL, rated CARE A+; under credit watch with developing
implications/CARE A1+; under credit watch with developing implications)
Spray Engineering Devices Ltd         ST Bk Fac          CARE A4        160     -
(Issuer not cooperating; Based on best available information)
Sunny Trexim Pvt Ltd                  ST Bk Fac          CARE A4        1000    Reaffirmed
Venkata Sai Agro Industries           ST Bk Fac          CARE A4        10      -
(Issuer not cooperating; Based on best available information)
Suncity Enterprises                   ST Bk Fac          -              -       -
(Reaffirmed at CARE A4 and Withdrawn)


LONG TERM RATINGS:
-------------------
Abc Builders                          LT Bk Fac          CARE BB-;      10      -
                                                         Stable
(Issuer not cooperating; Based on best available information)
Aditya Extractions Pvt Ltd            LT Bk Fac          CARE BB-;      105     Reaffirmed
                                                         Stable
Agp Cgd India Pvt Ltd                 LT Bk Fac          CARE BBB;      5180    Assigned
                                      (Proposed)         Stable
Agromach Spares Corporation           LT/Shortterm Bk FacCARE A-;       100     -
                                                         Stable/ A2+
(Revised from CARE A-; Stable/CARE A2 (Single A Minus; Outlook: Stable/A Two)
Amber Spintex Pvt Ltd                 LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Associated Aluminium Industries Pvt   LT/ ST Bk Fac      CARE BBB;      200     Revised from
Ltd                                                      Stable/ A3+            CARE BBB+;
                                                                                Stable / A2
Bharat Sheet Grah Pvt Ltd             LT Bk Fac          CARE B+; Stable57.7    Reaffirmed
Cuarzo                                LT Bk Fac          CARE BBB       72.3    -
(Placed on Credit Watch with Negative Implications)
Cuarzo                                LT / ST Bk Fac     CARE BBB /CARE 150     -
                                                         A3+
(Placed on Credit Watch with Negative Implications)
Deepak Cosmo Ltd                      Long -term Bk Fac  CARE BB; Stable200     -
(Issuer not cooperating; Based on best available information)
Earth Stone Global                    LT Bk Fac          CARE B+; Stable12.5    Reaffirmed
Essel Lucknow Raebareli Toll Roads LtdNCDs (NCD) issue   CARE BBB:      4677    Revised from
                                                         Negative               CARE AA;
                                                                                Negative
(On the basis of best available information)
Garg Inox Ltd                         Long -term Bk Fac  CARE D         1107    -
(Issuer not cooperating; Based on best available information)
Good Media News Pvt Ltd               LT Bk Fac          CARE B; Stable 105.8   Assigned
Gopalpur Ports Ltd                    Fund Based Bk Fac- CARE A-(CE)    14000^  Revised from
                                      LT TL                                     CARE A+(CE)
^CLC – Capex Letter of Credit; ^LOU – Letter of Undertaking for Buyer s Credit; *Loan Equivalent
Risk. / (Credit Enhancement)] and Continues under credit watch with developing implication)
Gopalpur Ports Ltd                    Non Fund Based Bk  CARE A-(CE)    500     Revised from
                                      Fac – BG                                  CARE A+(CE)
(Credit Enhancement)] and Continues under credit watch with developing implication)
Gopalpur Ports Ltd                    Fund Based – CC    CARE A-(CE)    250     Revised from
                                      Limits                                    CARE A+(CE)
(Credit Enhancement)] and Continues under credit watch with developing implication)
Gopalpur Ports Ltd                    LER* Limit - LT    CARE A-(CE)    250     Revised from
                                      (Derivative)                              CARE A+(CE)
                                      Facility
(Credit Enhancement)] and Continues under credit watch with developing implication) / *Loan
Equivalent Risk
Gopinath Chem-Tech Ltd                LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Gopinath Chem-Tech Ltd                LT / ST Bk Fac     -              -       Reaffirmed
                                                                                and Withdrawn
Gupta Metal Sheets Ltd                Long -term Bk Fac  CARE B-        750     Revised from
                                                                                CARE B
(Issuer not cooperating; Based on best available information)
Hind Aluminium Industries Ltd         LT/ ST Bk Fac      -              -       Withdrawn*
*withdrawn as the same was proposed and the company has not raised any amount against the same.
Hind Aluminium Industries Ltd         LT Bk Fac          CARE BBB+;     1716.5  Revised from
                                                         Stable                 CARE A-;
                                                                                Negative
J. K. Industries (Indore)             LT/ ST Bk Fac      CARE           200     Reaffirmed
                                                         B+;Stable/ A4
Jalaram Feeds                         LT Bk Fac          CARE B; Stable 59.3    Reaffirmed
Jm Enviro Technologies Pvt Ltd        LT/ ST Bk Fac      CARE BB-;      120     -
                                                         Stable/ A4
(Issuer not cooperating; Based on best available information)
Kanjiravelil Traders                  LT Bk Fac          CARE BB; Stable307     Reaffirmed
Kmv Spaces Llp                        LT Bk Fac          -              -       Withdrawn
Ku-Koo-Ch-Ku Poultry Farm             LT Bk Fac          CARE BB; Stable3500    Reaffirmed
Locuz Enterprise Solutions Ltd        LT Bk Fac          -              -       Withdrawn
Madhu Overseas                        LT Bk Fac          CARE B; Stable 15      -
(Issuer not cooperating; Based on best available information)
Mahagouri Aluminium Pvt Ltd           LT Bk Fac          CARE B+; Stable77.7    Assigned
Mahesvara Cashew Industries           Long -term Bk Fac  CARE B; Stable 108.5   Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating; Based on best available information)
Marigold Allied Corporation           Long -term Bk Fac  CARE BB-;      54.7    Reaffirmed
                                                         Stable
National Institute Of Aeronautical    LT Bk Fac          CARE BB; Stable72      -
Engineering Educational Society
(Issuer not cooperating; Based on best available information)
Opg Power Generation Pvt Ltd          LT Bk Fac          CARE BBB+;     7434.6  Removed from
                                                         Stable                 CARE BBB+;
                                                                                Stable
(Removed from CARE BBB+; Stable; ISSUER NOT COOPERATING (Triple B Plus; Outlook: Stable; ISSUER
NOT COOPERATING) and reaffirmed)
Owais Ali Overseas                    LT Bk Fac          -              -       Withdrawn
Paikar Real Estates Pvt Ltd           LT Bk Fac (TL)^    CARE A-(CE)    1618.7  Revised from
                                                                                CARE A+(CE)
^Credit enhancement in the form of Letter of Comfort (LoC) extended by Shapoorji Pallonji and
Company Private Limited (SPCPL, rated CARE A+ / CARE A1+; under Credit Watch with Developing
Implication)
Pnp Maritime Services Pvt Ltd         LT Bk Fac          CARE BBB;      483.3   Revised from
                                                         Stable                 CARE BBB+;
                                                                                Stable
Pnp Maritime Services Pvt Ltd         LT Bk Fac^         CARE A (CE) 2  867.7   Revised from
                                                                                CARE A+(CE)
^ An unconditional and irrevocable corporate guarantee from Shapoorji Pallonji and Company
Private Limited [SPCPL, rated CARE A+(Credit Watch with Developing Implications)/A1+(Credit
Watch with Developing Implications)] 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. However, upon occurrence of an
Event of Default, the accelerated repayments of the outstanding loan will not be covered by DSRA
guarantee, and shall be restricted to next scheduled debt servicing obligation.
R.N. Knitfab Pvt Ltd                  LT Bk Fac          CARE BBB-;     100     Reaffirmed
                                                         Stable
Renew Mega Solar Power Pvt Ltd        Long -term Bk Fac  CARE BBB+;     2528.8  Reaffirmed
                                                         Negative
Renew Saur Shakti Pvt Ltd             Long -term Bk Fac  CARE BBB+;     4859.5  Reaffirmed
                                                         Negative
Revathi Engineering Pvt Ltd           LT Bk Fac          CARE B+; Stable30      Reaffirmed
Revathi Engineering Pvt Ltd           LT/ ST Bk Fac      CARE B+;       25      Reaffirmed
                                                         Stable/CARE A4
Rudra Solarfarms Ltd                  Long -term Bk Fac  CARE BBB;      900     Revised from
                                                         Negative               CARE BBB;
                                                                                Stable
S. D. Corporation Pvt Ltd             NCDs               CARE A+(CE)    6150#   Revised from
                                                                                CARE AA-(CE)
(Continues to be under Credit Watch with Developing Implications) / #backed by unconditional,
irrevocable and revolving Debt Service Reserve Account (DSRA)
Sangamner Shetki Sahakari Sangh Ltd   LT Bk Fac          CARE BB-;      100     Assigned
                                                         Stable
Setia Auto Finance Pvt Ltd            LT Bk Fac          CARE BB+;      250     Assigned
                                                         Stable
Shivansh Diamond Pvt Ltd              Long -term Bk Fac  CARE D         470     -
(Issuer not cooperating; Based on best available information)
Shree Padmanabh Ispat Pvt Ltd         Long -term Bk Fac  CARE BB; Stable60      Revised from
                                                                                CARE BB- ;
                                                                                Stable
Shree Radha Krishna Alloys (P) Ltd    LT Bk Fac          -              -       -
(Reaffirmed at CARE B, outlook Stable and withdrawn)
Shukla Agritech Flour Industries Pvt  LT Bk Fac          CARE D         -       -
LTD
(Reaffirmed at CARE D and withdrawn)
Sigachi Industries Pvt Ltd            LT Bk Fac          CARE BBB;      300.3   Revised from
                                                         Stable                 CARE BBB-;
                                                                                Positive
Sp Imperial Star Pvt Ltd              NCD- “Series A”    CARE A-; Stable6500    Revised from
                                      issue                                     CARE A; Stable
Spray Engineering Devices Ltd         Long -term Bk Fac  CARE C; Stable 210     -
(Issuer not cooperating; Based on best available information)
Suncity Enterprises                   LT Bk Fac          -              -       -
(Reaffirmed at CARE BB; stable and Withdrawn)
Suncity Enterprises                   Long/ST Bk Fac     -              -       -
(Reaffirmed at CARE BB; stable/ CARE A4 and Withdrawn)
Surajkiran Renewable Resources Pvt LtdLT Fac             CARE BBB;      2610    Reaffirmed
                                                         Negative
Talettutayi Solar Projects Pvt Ltd    LT Bk Fac          CARE BBB;      564.8   Reaffirmed
                                                         Stable
Talettutayi Solar Projects Six Pvt LtdLT Bk Fac          CARE BBB;      564.8   Reaffirmed
                                                         Stable
Venkata Sai Agro Industries           Long -term Bk Fac  CARE B+; Stable80      -
(Issuer not cooperating; Based on best available information)
Vijaya Lakshmi Spintex Ltd            LT Bk Fac          -              -       Withdrawn
Vijaya Lakshmi Spintex Ltd            LT/ST Fac          -              -       Withdrawn
Vishnu Prakash R Punglia Ltd          LT Bk Fac          CARE BBB-;     800     Assigned
                                                         Stable
Vishnu Prakash R Punglia Ltd          LT/ST Bk Fac       CARE BBB-;     2050    Assigned
                                                         Stable/ A3
Zebion Infotech Pvt Ltd               LT Bk Fac          CARE B+; Stable26      Assigned
Zebion Infotech Pvt Ltd               LT / ST Bk Fac     CARE B+;       151     Assigned
                                                         Stable/ A4

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