December 26, 2017 / 5:59 AM / 6 months ago

CARE ratings for Indian debt instruments-Dec 26

   Dec 26 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 22, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A P Fashions Pvt Ltd                  STBk Fac           CARE A4+       220     Assigned
Arjun Nirman Infrastructure Pvt Ltd   ST Bk Fac          CARE A4        140     Assigned
Asean Agencies                        ST Bk Facility     CARE A4        35      Assigned
Ashoka P.U. Foam India Pvt Ltd        ST Bk Fac          CARE A4        50      Assigned

Atlantic Polymers Pvt Ltd             ST Bk Fac          CARE A4+       110     Assigned
Bhandari Exports                      ST Bk Fac          CARE A4+       4       Reaffirmed
C.R.I. Pumps Pvt Ltd                  ST Bk Fac          CARE A1+       837     Reaffirmed
enhanced from 50 Crore
Ceres Hotels Pvt Ltd                  ST Bk Fac (Non-FB) CARE A3+       10      Reaffirmed
Clix Capital Services Pvt Ltd         CP Issue           CARE A1+       6000    Reaffirmed
Enhanced from 300 Crore
Cossmo Tex                            ST Bk Fac          CARE A4        37.5    Reaffirmed
Dhiraj Engineers & Contractors        ST Bk Fac          CARE A4        45      Assigned
Innovare Labs Pvt Ltd                 ST Bk Fac          CARE A3        110     Assigned
Instromedix India Pvt Ltd             ST Bk Fac          CARE A4        14.3    Reaffirmed
Reduced from 2.20 Crore
Jindal (India) Ltd                    ST Bk Fac          CARE A3+       4900    Reaffirmed
Jsw Projects Ltd                      ST Bk Fac          CARE A1+       350     Placed on
                                                                                credit watch
                                                                                with developing
                                                                                implications
reduced from 50.00 Crore
Khandelwal Laboratories Pvt Ltd       ST Bk Fac          CARE A4+       70      Reaffirmed
Kusumgar Corporates Pvt Ltd           ST Bk Fac-Non Fund CARE A2        115     Reaffirmed
                                      based
Laxmi Board And Paper Mills Pvt Ltd   ST Bk Fac          CARE A3+       70      Reaffirmed
Soni Soya Products Ltd                ST Bk Fac          -              -       Withdrawn
Narsingh Thakur                       ST Bk Fac          CARE A4        30      Assigned
P. M. Industries                      ST Bk Fac          CARE D         23.6    Revised from
                                                                                CARE B on the
                                                                                basis of best
                                                                                available 
                                                                                information
ISSUER NOT COOPERATING
Patwari Electricals Pvt Ltd           ST Bk Fac          CARE A4        190     Re-affirmed
Pooja Mini Modern Rice Mill           ST Bk Fac          CARE A4        4.2     Assigned
Shree Ram Lime Products Pvt Ltd       ST Bk Fac          CARE A4+       10      Assigned
Supreme Gold Irrigations Ltd          ST Bk Fac          CARE A4        100     Reaffirmed
Italica Floor Tiles Ltd               ST Bk Fac          -              -       Withdrawn
Tata Teleservices (Maharashtra) Ltd   Proposed CP        CARE A1+       65000   Assigned;
                                                                                Credit Watch
                                                                                with developing
                                                                                implications
Tata Teleservices Ltd                 Proposed CP issue  CARE A1+       40000   Continues on
                                                                                Credit Watch
                                                                                with developing
                                                                                implications
Tata Teleservices Ltd                 Proposed CP issue  CARE A1+       85000   Assigned
Placed on Credit Watch With Developing Implications
Vinci Global Pvt Ltd                  ST Bk Fac          CARE A4        60      Assigned
Viraj Syntex Pvt Ltd                  ST Bk Fac          CARE A4        15      Assigned


LONG TERM RATINGS:
-------------------
A P Fashions Pvt Ltd                  LT BkFac           CARE BB        40      Assigned
Arjun Nirman Infrastructure Pvt Ltd   LT Bk Fac          CARE BB        36.5    Assigned
Asean Agencies                        LT Bk Facility     CARE BB        90      Assigned
Ashoka P.U. Foam India Pvt Ltd        LT Bk Fac          CARE BB        74.4    Assigned
Associated Power Structures Pvt Ltd   LT Bk Fac          -              -       Withdrawn
Associated Power Structures Pvt Ltd   LT/ ST Bk Fac      -              -       Withdrawn
Atlantic Polymers Pvt Ltd             LT Bk Fac          CARE BB        40      Assigned
Bengal & Assam Company Ltd            LT Bk Fac          CARE A+        1145    Revised from
                                                                                CARE A
Reduced from 149.50 Crore
Bhandari Exports                      LT Bk Fac          CARE BB+       7.2     Reaffirmed
Bhandari Exports                      LT Bk Fac/ ST Bk   CARE BB+/CARE  120     Reaffirmed
                                      Fac                A4+
Brij Engineering Works-Kanpur         LT/ST Bk Fac       CARE BB-/CARE  70      Assigned
                                                         A4
C.R.I. Pumps Pvt Ltd                  LT Bk Fac          CARE A+        5663    Reaffirmed
enhanced from 200 Crore
Ceres Hotels Pvt Ltd                  LT Bk Fac (TL)     CARE BBB+      2500    Reaffirmed
Ceres Hotels Pvt Ltd                  LT Bk Fac (FB)     CARE BBB+      50      Reaffirmed
Cossmo Tex                            LT Bk Fac          CARE BB        11.7    Reaffirmed
reduced from 1.44 Crore
Dhiraj Engineers & Contractors        LT Bk Fac          CARE BB-       50      Assigned
Goels Coir Foam (India) Pvt Ltd       LT BkFac           CARE BB        40      Assigned
Golden Retreats Pvt Ltd               LT Bk Fac          CARE B+        83.5    Assigned
Il&Fs Energy Development Co. Ltd      LT-Inter-Corporate Provisional    1000    Assigned
                                      Deposit (ICD) IssueCARE AAA (SO)
Indian Overseas Bank                  Basel III          CARE BBB       10000   Placed on
                                      Compliant                                 credit watch
                                      Additional Tier I Perpetual Bonds @       with negative
                                                                                implications
@ CARE has rated the aforesaid Basel III Compliant Additional Tier-I (AT1) 
 Perpetual Bonds after taking into consideration
Innovare Labs Pvt Ltd                 LT Bk Fac          CARE BBB-      773.5   Assigned
Instromedix India Pvt Ltd             LT Bk Fac          CARE BB        20      Reaffirmed
Instromedix India Pvt Ltd             Long/ST BkFac      CARE BB/CARE   62.5    Reaffirmed
                                                         A4
Enhanced from 5.48 Crore
Italica Floor Tiles Ltd               LT Bk Fac          -              -       Withdrawn
Jindal (India) Ltd                    LT Bk Fac          CARE BBB       5812.3  Reaffirmed
enhanced from 385.78
Jsw Projects Ltd                      LT Bk Fac          CARE A+        13947.3 Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
reduced from 1796.68 Crore
Kalyan Vaijinathrao Kale              LT Bk Fac          CARE B+        63.9    Assigned
Khandelwal Laboratories Pvt Ltd       LT Bk Fac          CARE BB+       130     Reaffirmed
Kusumgar Corporates Pvt Ltd           LT Bk FacTL        CARE BBB+      165.2   Reaffirmed
Kusumgar Corporates Pvt Ltd           LT Bk FacFund      CARE BBB+      120     Reaffirmed
                                      based
Laxmi Board And Paper Mills Pvt Ltd   LT Bk Fac          CARE BBB+      327.7   Reaffirmed
reduced from 35.55 Crore
Mainak Agro Food Product              LT Bk Fac          CARE BB-       45.4    Assigned
Muthoot Mercantile Ltd                LT Bk Fac          CARE BB+       250     Reaffirmed
Narsingh Thakur                       LT Bk Fac          CARE B         36      Assigned
P. M. Industries                      LT Bk Fac          CARE D         76.4    Revised from
                                                                                CARE B on the
                                                                                basis of best
                                                                                available 
                                                                                information
ISSUER NOT COOPERATING
Pack Paper Agencies Pvt Ltd           Long Term/ ST Bk   CARE BB-/CARE  105     -
                                      Fac                A4
ISSUER NOT COOPERATING
Patil And Company                     LT Bk Fac          CARE B         100     Revised from
                                                                                CARE B-
Patil And Company                     Long/ ST Bk Fac    CARE B/CARE A4 70      Revised from
                                                                                CARE B-
Patwari Electricals Pvt Ltd           LT Bk Fac          CARE B+        110     Re-affirmed
Pooja Mini Modern Rice Mill           LT Bk Fac          CARE BB-       98.6    Assigned
Royal Star Agrotech Pvt Ltd           LT Bk Fac          CARE BB        147     Reaffirmed
Sahyog Ginning And Pressing Pvt Ltd   LT Bk Fac          -              -       Withdrawn
Sayed Hifazat Ali                     LT Bk Fac          CARE BB        87.5    Assigned
Shivam Oils And Proteins Industry     LT Bk Fac          CARE BB        70      -
ISSUER NOT COOPERATING
Shree Muthukumaran Silks              LT Bk Fac          CARE BB-       80      Assigned
Shree Ram Lime Products Pvt Ltd       LT Bk Fac          CARE BB+       60      Assigned
Shri Kalyanika Promoters & Developers LT Bk Fac          CARE B-        100     Assigned
Pvt Ltd
Soni Soya Products Ltd                LT Bk Fac          CARE BB-       97.7*   Revised from
                                                                                CARE B+
*Outstanding as on December 14, 2017
Suncity Textile Pvt Ltd               LT Bk Fac          CARE BB        100     -
ISSUER NOT COOPERATING
Supreme Gold Irrigations Ltd          LT Bk Fac          CARE BB        116.7   Reaffirmed
Venkatesh Associates                  LT Bk Fac          CARE BB-       200     Revised from
                                                                                CARE B+
Vinci Global Pvt Ltd                  LT Bk Fac          CARE B         40      Assigned
Viraj Syntex Pvt Ltd                  LT Bk Fac          CARE BB-       67.9    Assigned
Viraj Syntex Pvt Ltd                  LT Bk Fac/ ST Bk   CARE BB-/CARE  13.5    Assigned
                                      Fac                A4
Vitra India Glass Pvt Ltd             LT Bk Facility     CARE B+        46.3    Revised from
                                                                                CARE B
--------------------------------------------------------------------------------------------
$: 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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