December 24, 2019 / 6:17 AM / 2 months ago

CARE ratings for Indian debt instruments-Dec 24

    Dec 24 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 23, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Asian Tea Company Pvt Ltd             ST BkFac           CARE A4+       350     Reaffirmed
Auto Czars                            ST Bk Fac          CARE A4        30
(Issuer Not Cooperating)
Bmd Pvt Ltd                           STBk Fac           CARE A2+       35      Revised from
                                                                                CARE A1
Christy Fabric Pvt Ltd                ST Bk Fac          CARE A4        2.7     Reaffirmed
Christy Linens Pvt Ltd                ST Bk Fac          CARE A4        1.5     Reaffirmed
Christy Textile Products Pvt Ltd      ST Bk Fac          CARE A4        5       Reaffirmed
Evergreen Fabric Process Pvt Ltd      ST Bk Fac          CARE A4        2       Reaffirmed
Juniper Hotels Pvt Ltd                ST Bk Fac          CARE A4+       60      Revised from
                                                                                CARE A4
Harihar Alloys Pvt Ltd                ST Bk              -              -
                                      Fac-LC/BG(Indian
                                      Overseas Bk)
(Issuer Not Cooperating) and Withdrawn
K R F Ltd                             ST Bk Fac          CARE A4+       60      Revised from
                                                                                CARE A3
(Issuer Not Cooperating)
Lvj Projects Pvt Ltd                  LT/ST BkFac        CARE A4        60      Revised from
                                                                                CARE
                                                                                BB
                                                                                Negative/CARE A4
Mangalam Cement Ltd                   CP                 CARE A1        750     Reaffirmed
Netafim Agricultural Financing Agency ST BkFac           CARE A3+       1650    Reaffirmed
Pvt Ltd
P Damodara Raju                       ST Bk Fac          CARE A4        30      Assigned
Precision Mass Products Pvt Ltd       ST Bk Fac          CARE A4        18.5    Reaffirmed
(Enhanced from 1.50 Crore)
Prijai Heat Exchangers Pvt Ltd        ST BkFac           CARE A4+       47.5    Reaffirmed
Rajshri Constructions                 ST Bk Fac          CARE A4        52.5
(Issuer Not Cooperating)
Shree Shyam Road Carrier              ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
Umang Boards Ltd                      ST BkFac           CARE A4        174.5   Revised from
                                                                                CARE A4+
Venkraft Paper Mills Pvt Ltd          ST Bk Fac          CARE A3        92      Reaffirmed

LONG TERM RATINGS:
-------------------
Aircel Cellular Ltd                   LT BkFac*          CARE D         174790
(Issuer Not Cooperating); Based on best available information /*Part of Group facilities
(interchangeable between Aircel Limited, Aircel Cellular Limited, Dishnet Wireless Limited and
Aircel Smart Money Limited) 
Aircel Ltd                            LT BkFac*          CARE D         174790
(Issuer Not Cooperating); Based on best available information /*Part of Group facilities
(interchangeable between Aircel Limited, Aircel Cellular Limited, Dishnet Wireless Limited and
Aircel Smart Money Limited)
Aircel Smart Money Ltd                LT BkFac*          CARE D         174790
(Issuer Not Cooperating); Based on best available information /*Part of Group facilities
(interchangeable between Aircel Limited, Aircel Cellular Limited, Dishnet Wireless Limited and
Aircel Smart Money Limited)
Asian Tea Company Pvt Ltd             LT BkFac           CARE BB+;      160     Assigned
                                                         Stable
Auto Czars                            LT Bk Fac          CARE B; Stable 35      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Auxilo Finserve Pvt Ltd               LT Bk Fac          CARE A-; Stable5000    Reaffirmed
(enhanced from 225 Crore)
Biaora To Dewas Highway Pvt Ltd       LTBk Fac           CARE BBB-      12945.9
Under Credit watch with developing implications
Bmd Power Pvt Ltd                     LT BkFac           CARE A (CE);   351.5   Revised from
                                                         Negative               CARE A+ (CE);
                                                                                Stable
Bmd Pvt Ltd                           LT BkFac           CARE A;        2456.3  Revised from
                                                         Negative               CARE A+;
                                                                                Stable
Christy Fabric Pvt Ltd                LT Bk Fac          CARE BB;       13.8    Reaffirmed
                                                         Stable
(reduced from 1.91 Crore)
Christy Linens Pvt Ltd                LT Bk Fac          CARE BB;       7.1     Reaffirmed
                                                         Stable
(reduced from 1.05 Crore)
Christy Textile Products Pvt Ltd      LT Bk Fac          CARE BB;       40      Reaffirmed
                                                         Stable
Devkinandan J. Gupta Metals Llp       LT / ST Bk Fac     CARE BB+;      750     Reaffirmed
                                                         Stable /CARE
                                                         A4+
Outlook revised to Stable from Positive /(Increased from 60.00 Crore)
Dishnet Wireless Ltd                  LT BkFac*          CARE D         174790
(Issuer Not Cooperating); Based on best available information /*Part of Group facilities
(interchangeable between Aircel Limited, Aircel Cellular Limited, Dishnet Wireless Limited and
AircelSmart Money Limited)
Durgashree Cashews                    LT Bk Fac          CARE D         60      Revised from
                                                                                CARE B+;Stable
(Issuer Not Cooperating)
Evergreen Fabric Process Pvt Ltd      LT Bk Fac          CARE BB;       18.5    Reaffirmed
                                                         Stable
(reduced from 2.62 Crore)
Harihar Alloys Pvt Ltd                LT Bk Fac –TL      -              -
                                      (Indian Overseas
                                      Bk &Bk of India )
(Issuer Not Cooperating)
Harihar Alloys Pvt Ltd                LT Bk Fac          -              -
                                      –CC(Indian
                                      Overseas Bk)
(Issuer Not Cooperating) and Withdrawn
Harihar Alloys Pvt Ltd                LT Bk Fac – TL     -              -
                                      (TIIC)
(Issuer Not Cooperating) and Withdrawn
Harihar Alloys Pvt Ltd                LT Bk Fac – TL     CARE B         72.2
                                      (Karur Vysya Bk)
(Issuer Not Cooperating)
Harihar Alloys Pvt Ltd                LT Bk Fac –CC      CARE B         60
                                      (Karur Vysya Bk)
(Issuer Not Cooperating)
Icici Securities Primary Dealership LtTier II Bonds      CARE AAA;      3750    Reaffirmed
                                                         Stable
Jakson Ltd                            Fund based BkFac   CARE A+;       1100    Reaffirmed
                                      – LT – CC          Negative
Outlook revised to Negative from Stable
Jakson Ltd                            Non-fund based Bk  CARE A+;       15250   Revised from
                                      Fac – LT/ST –LC/BG Negative/CARE          CARE A+;
                                                         A1                     Stable/CARE A1+
Jawandamal Dhannamal                  LT / ST Bk Fac     CARE BB+;      800     Reaffirmed
                                                         Stable /CARE
                                                         A4+
(Increased from Rs. 65.00 Crore)
Jc Biotech Pvt Ltd                    LT Bk Fac          CARE A- (CE);  140.4   Reaffirmed
                                                         Stable
Juniper Hotels Pvt Ltd                LT Bk Fac          CARE BB+;      4027.6  Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Jyotirmayee Foods Pvt Ltd             LT Bk Fac          CARE BB-;      227.2
                                                         Stable
(Issuer Not Cooperating); on the basis of best available Information
K R F Ltd                             LT Bk Fac          CARE BB+;      241.9   Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
(Issuer Not Cooperating)
Lvj Projects Pvt Ltd                  LT Bk Fac          CARE BB-;      15      Revised from
                                                         Stable                 CARE BB;
                                                                                Negative
M. R. Weaving Mills Pvt Ltd           LT/ST BkFac        -              -       Withdrawn
M. R. Weaving Mills Pvt Ltd           LT Bk Fac          CARE BB+;      680.4   Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(reduced from 73.12 Crore)
Mahalaxmi Jwellers Pvt Ltd            LT Bk Fac          CARE B; Stable 75      Reaffirmed
Mangalam Cement Ltd                   Proposed NCD       CARE A+; Stable500     Reaffirmed
Mangalam Cement Ltd                   LT BkFac           CARE A+;       7046.4  Reaffirmed
                                                         Stable
Mangalam Cement Ltd                   Long/STBk Fac      CARE A+;       1600    Reaffirmed
                                                         Stable/CARE A1
Netafim Agricultural Financing Agency LT BkFac           CARE BBB+;     2840    Revised from
Pvt Ltd                                                  Negative               CARE BBB+
                                                                                Stable
Northern Arc 2019 Dora Originator:    Series A1 PTC      CARE A (SO)    -       Reaffirmed
Samunnati Financial Intermediation And
Services Pvt Ltd
Northern Arc 2019 Dora Originator:    Series A2 PTC      CARE BBB (SO)  -       Reaffirmed
Samunnati Financial Intermediation And
Services Pvt Ltd
P Damodara Raju                       LT Bk Fac          CARE B+; Stable30      Assigned
Ping Telematics Pvt Ltd               LT Bk Fac          CARE B+; Stable85
(Issuer Not Cooperating); Based on best available information
Pramodkumar Pravinkumar Ginning And   LT Bk Fac          -              -       Reaffirmed at
Pressing Factory                                                                CARE
                                                                                B+;Stable and
                                                                                withdrawn
Precision Mass Products Pvt Ltd       LT Bk Fac          CARE BB; Stable56.8    Reaffirmed
Precision Mass Products Pvt Ltd       LT/ ST Bk Fac@     CARE BB;       15      Reaffirmed
                                                         Stable/CARE A4
@Bank Guarantee reclassified from Short term bank facility to Long term/ Short term bank
facility 
Prijai Heat Exchangers Pvt Ltd        LT BkFac / STBk    CARE BB+;      100     Reaffirmed
                                      Fac                Stable /CARE
                                                         A4+
Prijai Heat Exchangers Pvt Ltd        LT BkFac           CARE BB+;Stable145.8   Reaffirmed
Pure Diets India Ltd                  LT Bk Fac          CARE BB;       80      Reaffirmed
                                                         Stable
Rajshri Constructions                 LT Bk Fac          CARE B+; Stable20
(Issuer Not Cooperating)
Ras Bearings Pvt Ltd                  LT Bk Fac          CARE BB; Stable33.5    Revised from
                                                                                CARE BBB-;
                                                                                Stable
(Issuer Not Cooperating)
Ras Bearings Pvt Ltd                  LT Bk Fac#         CARE BB+(CE);  127.7   Revised from
                                                         Stable                 CARE BBB
                                                                                (CE); Positive
(Issuer Not Cooperating)#backed by credit enhancement in the form of letter of comfort extended
by Texspin Bearings Limited (TBL) for ensuring its timely debt servicing.
Ras Bearings Pvt Ltd                  LT/ST Bk Fac#      CARE BB+(CE);  2.5     Revised from
                                                         Stable/CARE            CARE BBB
                                                         A4+ (CE)               (CE); Positive/
                                                                                 CARE A3+ (CE)
(Issuer Not Cooperating)#backed by credit enhancement in the form of letter of comfort extended
by Texspin Bearings Limited (TBL) for ensuring its timely debt servicing.
Rocktech Engineers                    LT BkFac           CARE BB; Stable377     Revised from
                                                                                CARE BB+;
                                                                                Stable
S.B. Impex                            LT Bk Fac          CARE B+; Stable100     Reaffirmed
removed from (Issuer Not Cooperating)
Sagar Steels                          LT Bk Fac          CARE BBB-;     700     Reaffirmed
                                                         Stable
(Enhanced from 60.00 Crore)
Sd Svp Nagar Redevelopment Pvt Ltd    NCDs (NCDs) Issue  CARE A+(CE);   750     Revised from
                                                                                CARE AA-(CE);
continues under credit watch with developing implications)
Shiv Rice And General Mills           LT Bk Fac          CARE B; Stable 50      Revised
                                                                                fromCARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Shree Ganesh Residency Llp            LT BkFac           CARE B+; Stable296.5   Revised from
                                                                                CARE BB-
Shree Shyam Road Carrier              LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable) and
                                                                                withdrawn
Shri Govindkrupa Cotton Processing PvtLT BkFac           CARE B+; Stable122.5   Revised from
Ltd                                                                             CARE BB-;
                                                                                Stable
(Issuer Not Cooperating) Based on best available information
Times Steel And Power Ltd             LT Bk Fac          CARE B+        220
(Issuer Not Cooperating) Based on best available information
Tipsons Financial Services Pvt Ltd    LT BkFac           CARE A+ (SO);  2000    Revised from
                                                         Stable                 CARE AA (SO);
                                                                                Stable
(enhanced from 150.00 Crore)
Umang Boards Ltd                      LT BkFac           CARE BB; Stable413.9   Revised from
                                                                                CARE BB+;
                                                                                Stable
Utkarsh Small Finance Bank Ltd        LT Bk Fac          CARE A; Stable 136.4   Reaffirmed
(reduced from 109.26 Crore)
Utkarsh Small Finance Bank Ltd        NCDs               CARE A; Stable -       Withdrawn
(reduced from 38.56 Crore)* /* Upon redemption of NCD (ISIN: INE396P07084) of Rs.38.56 crore
Utkarsh Small Finance Bank Ltd        NCDs               CARE A; Stable 500#    Reaffirmed
(reduced from 75 Crore)/# Upon Part payment of the NCD issue (ISIN: INE396P07118)
Utkarsh Small Finance Bank Ltd        NCDs               CARE A; Stable 775@    Reaffirmed
(reduced from 125.50 Crore) /@ Upon Redemption of NCD (ISIN: INE396P08025) of issue size Rs.80
crore upon balance repayment of Rs.48 crore
Utkarsh Small Finance Bank Ltd        NCD                CARE A; Stable 1350    Reaffirmed
Utkarsh Small Finance Bank Ltd        NCD                CARE A; Stable 500     Reaffirmed
Utkarsh Small Finance Bank Ltd        LT - Tier-II Bonds CARE A; Stable 1500    Reaffirmed
Utkarsh Small Finance Bank Ltd        LT - Tier-II Bonds CARE A; Stable 400     Reaffirmed
Venkraft Paper Mills Pvt Ltd          LT Bk Fac          CARE BBB-;     532.7   Reaffirmed
                                                         Stable
Vivriti Confluence 072018 Originator: Series A1 PTC      CARE A- (SO)   -       Reaffirmed
Samunnati Financial Intermediation And
Services Pvt Ltd
Vivriti Confluence 072018 Originator: Series A2 PTC      CARE BBB (SO)  -       Reaffirmed
Samunnati Financial Intermediation And
Services Pvt Ltd
Vortex Rubber Industries Pvt Ltd      LT Bk Fac          CARE BB-;      100
                                                         Stable
(Issuer Not Cooperating); Based on best available information
Yamuna Bio Energy Pvt Ltd             LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE
                                                                                BB-;Stable and
                                                                                withdrawn
Yamuna Bio Energy Pvt Ltd             LT/ST BkFac        -              -       Reaffirmed at
                                                                                CARE
                                                                                BB-;Stable/ CARE
                                                                                A4 and 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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