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CARE ratings for Indian debt instruments-Dec 19
December 19, 2017 / 5:37 AM / a month ago

CARE ratings for Indian debt instruments-Dec 19

    Dec 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 18, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Apex Construction                     ST BkFac           CARE A4        70      Assigned
Arihant Tiles And Marbles Pvt Ltd     ST Bk Fac          CARE A4        29.8    Reaffirmed
Bla Udyog Pvt Ltd                     ST BkFac           CARE A4        40      -
ISSUER NOT COOPERATING

Classical Natural Stones              ST Bk Fac          CARE A4        88.5    Reaffirmed
Heighten Constructions                ST Bk Facility     CARE A4+       70      Assigned
Knit Prime                            ST Bk Fac          CARE A4        38      Assigned
Laxmi Construction Co                 ST Bk Fac          CARE A3        110     Assigned
Limbani Steel Pvt Ltd                 ST Bk Fac          -              -       Withdrawn
Medi Assist Insurance Tpa Pvt Ltd     ST Bk Fac          CARE A1        300     Revised from
                                                                                CARE A1+
Navayuga Engineering Co. Ltd          Proposed CP^       CARE A1        2500    Assigned
^carved out of sanctioned working capital limits
Saurashtra Enviro Projects Pvt Ltd    ST Bk Fac          CARE A1        11      Reaffirmed
Senthil Timber Traders                ST Bk Fac          CARE A4        100     Assigned
Shanthi Feeds Pvt Ltd                 ST Bk Fac          CARE A2        422.5   Reaffirmed
Sharekhan Financial Services Pvt Ltd  CP Issue (IPO      CARE A1+       20000   Assigned
                                      Financing)
Shiv Agro Products Pvt Ltd            ST Bk Fac          CARE A4        2.5     -
ISSUER NOT COOPERATING
Shree Ram Fibres India Pvt Ltd        ST Bk Fac          CARE A4        15      Reaffirmed
Shree Sita Rice Mill                  ST Bk Fac          CARE A4        20      -
ISSUER NOT COOPERATING
Sonic Biochem Extractions Ltd         ST BkFac           CARE A3+       184.5   Reaffirmed
Sree Mangayarkarasi Mills Pvt Ltd     ST Bk Fac          CARE A4        40.5    Assigned
Shree Krishnanand Infrastructure &    ST Bk Fac          CARE D         80      -
Developers Pvt Ltd
Sri Murugan Industries                ST Bk Fac          CARE A4        80      Assigned
Swastik Polytex Pvt Ltd               ST Bk Fac          CARE A4        5       Assigned
Vijay Industries                      ST Bk Fac          CARE A4        20      Assigned
Vishnu Chemicals Ltd                  ST Bk Fac          CARE A4+       1143.5  Revised from
                                                                                CARE A3
Win-Tel Ceramics Pvt Ltd              ST Bk Fac          CARE A4+       20      Revised from
                                                                                CARE A4


LONG TERM RATINGS:
-------------------
Aadhar Housing Finance Ltd            LT Bk Fac#         -              -       Withdrawn
#based on the Letter of Comfort issued by Dewan Housing Finance Limited (DHFL)
Aadhar Housing Finance Ltd            CP#                -              -       Withdrawn
#based on the Letter of Comfort issued by Dewan Housing Finance Limited (DHFL)
Aadhar Housing Finance Ltd            NCDs#              -              -       Withdrawn
#based on the Letter of Comfort issued by Dewan Housing Finance Limited (DHFL)
Aadhar Housing Finance Ltd            Subordinated debt# -              -       Withdrawn
#based on the Letter of Comfort issued by Dewan Housing Finance Limited (DHFL)
Allahabad Bank                        Proposed Basel III CARE A+        13000   Assigned
                                      Additional Tier-I
                                      Bonds
Anas Motors Pvt Ltd                   LT Bk Fac          CARE BB-       63.7    Assigned
Apex Construction                     LT BkFac           CARE BB        60      Assigned
Aqua Designs (India) Pvt Ltd          LT Bk Fac          CARE BB+       630     Revised from
                                                                                CARE BBB-
Aqua Designs (India) Pvt Ltd          Long/ ST Bk Fac    CARE BB+/A4+   870     Revised from
                                                                                CARE BBB- / A3
Arihant Tiles And Marbles Pvt Ltd     LT Bk Fac          CARE BB        157.3   Assigned
Arihant Tiles And Marbles Pvt Ltd     LT/Shortterm Bk    CARE BB / A4   250.5   Reaffirmed
                                      Fac
Arvindbhai Bechardas Jewellers Pvt LtdLT Bk Fac          CARE BBB+      500     Revised from
                                                                                CARE BBB
Ashashree Frozen Foods Pvt Ltd        LT BkFac           CARE B         67      -
ISSUER NOT COOPERATING
Bla Udyog Pvt Ltd                     LT BkFac           CARE B+        100     -
ISSUER NOT COOPERATING
Classical Natural Stones              LT Bk Fac          CARE B+        28      Reaffirmed
Darbhanga Motihari Transmission Co. Lt*NCDs (Proposed)   Provisional    8600    Assigned
                                                         CARE AAA 
*Proposed NCD Issue backed by discounting of future incomes receivables from Power Grid
Corporation of India Limited (PGCIL; rated CARE AAA; Stable/ CARE A1+). This is supplemented by
a Trustee monitored Structured Payment Mechanism (SPM) having tight Waterfall for servicing of
the proposed NCDs.
Galaxy Real Estate Developers &       LT Bk Fac          CARE B+        80      Assigned
Builders Pvt Ltd
Ganapati Builders Ltd                 LT Bk Fac          CARE B+        80      Assigned
General Trading Corporation           LT Bk Fac          CARE BB        100     Assigned
General Trading Corporation           LT/ST Bk Fac       CARE BB/A4     80      Assigned
Greenko Clean Energy Projects Pvt Ltd Non-Convertible    CARE A+        1000    Assigned
                                      Debenture issue ^
^backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited
(GEPL; rated CARE A+; Stable/CARE A1+ ).
Harsha Abakus Solar Pvt Ltd           LT Bk Fac          CARE BBB       410     Reaffirmed
Harsha Abakus Solar Pvt Ltd           Long- Term/STBk FacCARE BBB / A3  2306.7  Reaffirmed
Heighten Constructions                LT Bk Facility     CARE BB        50      Assigned
Hinduja Leyland Finance               Series A PTC       Provisional    -       Assigned
                                                         CARE AAA
Il & Fs Financial Services Ltd        Perpetual Debt     CARE AA+       2000    Reaffirmed
Indigo Seaways Pvt Ltd                LT Bk Fac@         Provisional    844.1   Assigned
                                                         CARE A
@Proposed to be backed by corporate guarantee of Saurashtra Enviro Projects Pvt. Ltd (SEPPL,
rated CARE A; Stable / CARE A1). The rating is provisional and shall be confirmed upon execution
of the corporate guarantee deed to the satisfaction of CARE.
Ivrcl Chengapalli Tollways Ltd        LT Bk Fac          CARE D         8619    Reaffirmed
J D Talc                              LT Bk Fac          CARE B+        51.6    Assigned
Kamsa Steel Pvt Ltd                   LT Bk Facility     CARE B+        30      Assigned
Knit Prime                            LT Bk Fac          CARE BB-       94      Assigned
Laxmi Construction Co                 LT Bk Fac          CARE BBB       97.9    Assigned
Laxmi Construction Co                 LT / ST Bk Fac     CARE BBB/A3    820     Assigned
Limbani Steel Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Mega Automobiles Pvt Ltd              Long- term Bk Fac  CARE B+        100.9   Assigned
N. B. Hi-Tech Cold Storage            LT Bk Fac          CARE B+        60.4    Assigned
Navayuga Engineering Co. Ltd          LT Bk Fac          CARE A         30154.2 Reaffirmed
Navayuga Engineering Co. Ltd          LT/ ST BkFac       CARE A/A1      65930   Reaffirmed
Nimbus Motors Pvt. Ltd                LT Bk Fac          CARE BB        325     Assigned
Persang Alloy Industries Pvt Ltd      LT Bk Fac          CARE BB        46.2    Assigned
Persang Alloy Industries Pvt Ltd      LT /ST Bk          CARE BB        110     Assigned
Rajshanti Metals Pvt Ltd              LT/ST Bk Fac       -              -       Withdrawn
Ram Ratna Electricals Ltd             LT BkFac           CARE BB+       188.8   Reaffirmed
Ram Ratna Electricals Ltd             LT/STBk Fac        CARE BB+/A4+   100     Reaffirmed
S K Steel Tech                        LT Bk Fac          CARE BB        100     Assigned
Saurashtra Enviro Projects Pvt Ltd    LT Bk Fac          CARE A         814.4   Reaffirmed
Senthil Timber Traders                LT Bk Fac          CARE B         15      Assigned
Shanthi Feeds Pvt Ltd                 LT Bk Fac          CARE A-        913.8   Revised from
                                                                                CARE BBB+
Shiv Agro Products Pvt Ltd            LT Bk Fac          CARE BB-       44.8    -
ISSUER NOT COOPERATING
Shiva Wheels Pvt Ltd                  LT BkFac           CARE B+        88.9    -
ISSUER NOT COOPERATING
Shree Krishnanand Infrastructure &    LT Bk Fac          CARE D         10      -
Developers Pvt Ltd
ISSUER NOT COOPERATING
ISSUER NOT COOPERATING
Shree Laxmi Timber Traders & Saw Mill LT Bk Fac          CARE B+        55      Assigned
Shree Ram Fibres India Pvt Ltd        LT Bk Fac          CARE BB-       60.6*   Reaffirmed
*Outstanding as on October 31, 2017
Shree Sita Rice Mill                  LT Bk Fac          CARE BB-       126.2   -
ISSUER NOT COOPERATING
Sonic Biochem Extractions Ltd         LT Bk Fac          CARE BBB       1131.8  Reaffirmed
Sonic Biochem Extractions Ltd         Long/ST BkFac      CARE BBB/A3+   55      Reaffirmed
Sree Mangayarkarasi Mills Pvt Ltd     LT Bk Fac          CARE B+        77.5    Assigned
Sree Vinayak Vidhyalayaa Charitable   LT Bk Fac          CARE BB-       72.1    Assigned
Trust
Sreereddy Properties Pvt Ltd          LT Bk Fac          CARE B+        53.4    Assigned
Sri Murugan Industries                LT Bk Fac          CARE B-        18      Assigned
Stellar Ventures Pvt Ltd              LT Bk Fac          CARE BB        498.9   Reaffirmed
Swastik Polytex Pvt Ltd               LT Bk Fac          CARE B+        60.5    Revised from
                                                                                CARE BB-
Vasishta Constructions Pvt Ltd        Long term Bk Fac   CARE BBB       332     Revised from
                                                                                CARE BBB-
Vasishta Constructions Pvt Ltd        LT/ST Bk Fac       CARE BBB / A3+ 1450    Revised from
                                                                                CARE BBB- / A3
Vijay Industries                      LT Bk Fac          CARE BB-       55      Assigned
Vishnu Chemicals Ltd                  LT Bk Fac          CARE BB+       2137.3  Revised from
                                                                                CARE BBB-
Vision Ispat Pvt Ltd                  LT Bk Facility     CARE B+        50      -
ISSUER NOT COOPERATING
Win-Tel Ceramics Pvt Ltd              LT Bk Fac          CARE BB+       80      Revised from
                                                                                CARE BB
Yogeshwar Cotton Industries           LT Bk Fac          -              -       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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