December 27, 2018 / 4:49 AM / 9 months ago

CARE ratings for Indian debt instruments-Dec 27

    Dec 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 26, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abs Construction Co.                  ST Bk Fac          CARE A4        -       Withdrawn
Amarsagar Seafoods Pvt Ltd            ST Bk Fac          CARE A3        185
Revised from CARE A4+
Astral Steritech Pvt Ltd              ST Bk Fac #        -              -       Withdrawn
# The Company has surrendered the aforementioned bank facilities and there is no outstanding
under the said facilities as on date. Taking cognizance of this, CARE has withdrawn the above
ratings. 
Daya Steel Agencies Pvt Ltd           ST Bk Fac          CARE A4        30      Assigned

Enershell Alloys & Steel Pvt Ltd      ST Bk Fac          CARE A4        152     Reaffirmed
Eswar Rubber Products Pvt Ltd         ST Bk Fac          CARE A4        22.5    Reaffirmed
Export-Import Bank Of India           ST CP Programme    CARE A1+       9,8209.9# Reaffirmed
                                      (CP)*
*Amount outstanding under long-term and short-term Certificate of Deposit and Commercial Paper
Programme will not exceed Rs.9,820.99 crore.; #Consequent to
Gajender Infratech Pvt Ltd            ST Bk Fac          CARE A4        26      Assigned
Gautam Exim Ltd                       ST Bk Fac          CARE A4        105     Reaffirmed
Jasch Plastics India Ltd              ST Bk Fac          -              -       Withdrawn
Joyville Shapoorji Housing Pvt Ltd    CP (CP)            -              -       Withdrawn
Jsw Cement Ltd                        ST Bk Fac-Non-Fund CARE A1        4250    Reaffirmed
                                      Based
(enhanced from Rs. 356.92Crore)
Jumax Foam Pvt Ltd                    ST Bk Fac          CARE A3        50      Reaffirmed
Medi Assist Insurance Tpa Pvt Ltd     ST Bk Fac          CARE A1+       300
Upgraded from CARE A1
Minda Kosei Aluminium Wheel Pvt Ltd   ST Fac             CARE A1        225     Reaffirmed
(enhanced from 15 Crore)
Mj Pharmaceuticals Pvt Ltd            Proposed CP*       Provisional-   7500    Assigned
                                                         CARE A1+(SO)
*to be backed by credit enhancement in the form of unconditional and irrevocable corporate
guarantee by Shanghvi Finance Private Limited (SFPL, guarantor).
Munnangi Sea Foods Pvt Ltd            ST Bk Fac          CARE A3        14.7
Issuer not cooperating; Based on best available information
Neilsoft Ltd                          ST Bk Fac          CARE A2        20      Reaffirmed
Panyam Cements And Mineral Industries ST Bk Fac          CARE D         93.2
Ltd
Issuer not cooperating; Based on best available information
Phillips Carbon Black Ltd             CP Issue*          CARE A1+       5000    Reaffirmed
*The aggregate of CP and other working capital borrowings should be within the sanctioned
working capital limits of the company.
Pulikkal Medical Foundation           ST Bk Fac          CARE A1        50      Reaffirmed
Purbanchal Cement Ltd                 ST Bk Fac          CARE A2        30      Reaffirmed
Radhakishan                           ST Bk Fac          CARE A4+       450     Reaffirmed
Renew Solar Power Pvt Ltd             ST Instruments- CP CARE A1+ (SO)  1300*   Reaffirmed
*The commercial paper issue is backed by unconditional and irrevocable corporate guarantee
provided by Renew Power Limited [RPL (erstwhile Renew Power Ventu
Renew Solar Power Pvt Ltd             ST Instruments- CP Provisional-   550**
                                                         CARE A1+ (SO)
Revised from CARE A1+(SO) ; **The commercial paper issue is proposed to be backed by
unconditional and irrevocable corporate guarantee to be provided by Renew Power Limited [RPL
(erstwhile Renew Power Ventures Private Limited), rated CARE A+; Stable/ CARE A1+] and
structured payment mechanism. 
Rishi Shipping                        ST Bk Fac          CARE A2        45      Reaffirmed
(reduced from Rs.5.70 Crore)
Saregama India Ltd                    ST Bk Fac          CARE A1+       100     Reaffirmed
Tulsi Dye Chem Pvt Ltd                ST Bk Fac          CARE A3        37.5    Reaffirmed
(reduced from Rs.50.25 Crore)
Unimed Technologies Ltd               Proposed CP*       Provisional-   5000    Assigned
                                                         CARE A1+(SO)
*to be backed by credit enhancement in the form of unconditional and irrevocable corporate
guarantee by Shanghvi Finance Private Limited (SFPL, guarantor).
Vizag Profiles Pvt Ltd                ST Bk Fac          CARE D         760
Issuer not cooperating; Based on best available information
Zen Technologies Ltd                  ST Bk Fac          CARE A3        150     Reaffirmed
(enhanced from 10 Crore)

LONG TERM RATINGS:
-------------------
Abs Construction Co.                  LT Bk Fac          CARE BB-       -       Withdrawn
Adani Agri Logistics (Barnala) Ltd    LT Bk Fac          CARE BBB       289.4   Reaffirmed
Adani Agri Logistics (Barnala) Ltd    LT/ ST Bk Fac      CARE BBB /     39      Reaffirmed
                                                         CARE A3+
Adani Agri Logistics (Bathinda) Ltd   LT Bk Fac          CARE BBB       289.4   Reaffirmed
Adani Agri Logistics (Bathinda) Ltd   LT/ ST Bk Fac      CARE BBB /     39      Reaffirmed
                                                         CARE A3+
Adani Agri Logistics (Mansa) Ltd      LT Bk Fac          CARE BBB       289.4   Reaffirmed
Adani Agri Logistics (Mansa) Ltd      LT/ ST Bk Fac      CARE BBB /     39      Reaffirmed
                                                         CARE A3+
Adani Agri Logistics (Moga) Ltd       LT Bk Fac          CARE BBB       289.4   Reaffirmed
Adani Agri Logistics (Moga) Ltd       LT/ ST Bk Fac      CARE BBB /     39      Reaffirmed
                                                         CARE A3+
Adani Agri Logistics (Nakodar) Ltd    LT Bk Fac          CARE BBB       289.4   Reaffirmed
Adani Agri Logistics (Nakodar) Ltd    LT/ ST Bk Fac      CARE BBB /     39      Reaffirmed
                                                         CARE A3+
Adani Agri Logistics (Raman) Ltd      LT Bk Fac          CARE BBB       289.4   Reaffirmed
Adani Agri Logistics (Raman) Ltd      LT/ ST Bk Fac      CARE BBB /     39      Reaffirmed
                                                         CARE A3+
Afp Manufacturing Company Pvt Ltd     LT Bk Fac          CARE BB        338.5   Reaffirmed
(enhanced from Rs.29.95 Crore)
Amarsagar Seafoods Pvt Ltd            LT Bk Fac          CARE BBB-      39.8
Revised from CARE BB+ ; (reduced from Rs.6.14 Crore)
Ashapura Intimates Fashion Ltd        LT Bk Fac          CARE C         -
Issuer Not Cooperating; Based on Best Available Information
Astral Steritech Pvt Ltd              LT Bk Fac #        -              -       Withdrawn
# The Company has surrendered the aforementioned bank facilities and there is no outstanding
under the said facilities as on date. Taking cognizance of this, CARE has withdrawn the above
ratings. 
Astral Steritech Pvt Ltd              LT/ ST Bk Fac      CARE A- / CARE 200     Reaffirmed
                                                         A2+
C.P. Sponge Iron Pvt Ltd              LT Bk Fac          CARE D         200     -
Issuer not cooperating; Revised from CARE B+ based on best available information
Daya Steel Agencies Pvt Ltd           LT Bk Fac          CARE B+        50      Assigned
Dimple Realtors Pvt Ltd               LT Bk Fac          CARE BB        1000    Reaffirmed
Enershell Alloys & Steel Pvt Ltd      LT Bk Fac          CARE BB-       347.6
Revised from CARE B
Esskaay Corporation                   LT Bk Fac          CARE B+        195     Assigned
Eswar Rubber Products Pvt Ltd         LT Bk Fac          CARE BB-       170
Revised from CARE B
Export-Import Bank Of India           LT Bk Borrowing    CARE AAA       30000   Reaffirmed
                                      Programme
Export-Import Bank Of India           CDProgramme (CD)*^ CARE AAA /     9,8209.9# Reaffirmed
                                                         CARE A1+
*Amount outstanding under long-term and short-term Certificate of Deposit and Commercial Paper
Programme will not exceed Rs.9,820.99 crore.; ^interchangeable long term / short term limit;
#Consequent to the loss incurred by the Bank in FY18, and after considering the impact of
intangible assets (primarily deferred tax assets), the Net Owned Funds of the Bank have declined
from Rs.10,434.63 crore to Rs.6,547.33 crore. Accordingly the overall Umbrella limit has reduced
from Rs.15,651.95 crore to Rs.9,820.99 crore (150% of NOF). 
G G Polyplast Pvt Ltd                 LT Bk Fac          CARE B         58.3    Assigned
Gajender Infratech Pvt Ltd            LT Bk Fac          CARE BB        320     Assigned
Gangadi Investments Pvt Ltd           Proposed NCD issue -              -       Withdrawn
Gautam Exim Ltd                       LT Bk Fac          CARE BB        10      Reaffirmed
Gautam Exim Ltd                       LT/ST Bk Fac       CARE BB /CARE  275     Reaffirmed
                                                         A4
Gopal Ice Factory And Chilling Centre LT Bk Fac          CARE B+        59      Assigned
Gvk Emergency Management & Research   LT Bk Fac          CARE BBB+      436.5   Reaffirmed
Institute
(reduced from 44.65 Crore)
Gvk Emergency Management & Research   Long/ST Bk Fac     CARE BBB+      216     Reaffirmed
Institute                                                /CARE A3+
(reduced from 43.41 Crore)
Gvk Emri                              LT Bk Fac          CARE BBB       100     Reaffirmed
Gvk Emri                              Long/ST Bk Fac     CARE BBB /CARE 280     Reaffirmed
                                                         A3+
Gvk Janani Shishu Suraksha            LT Bk Fac          CARE BB+       147
Revised from CARE BBB-
Gvk Janani Shishu Suraksha            ST Bk Fac          CARE BB+ / A4+ 290
Revised from CARE BBB- /A3
Janani Exports                        LT Bk Fac          CARE BB+       150     -
Issuer Not Cooperating; Based on best available information
Jasch Plastics India Ltd              LT Bk Fac          -              -       Withdrawn
Jetair Pvt Ltd                        LT Bk Fac-CC       CARE BBB-      218.5   Reaffirmed
(enhanced from 16.85 Crore)
Jetair Pvt Ltd                        LT/ST Bk Fac       CARE BBB-      60      Reaffirmed
                                                         /CARE A3
(reduced from 14.40 Crore)
Jsw Cement Ltd                        LT Bk FacTL        CARE A-        21946.6 Reaffirmed
Jsw Cement Ltd                        LT Bk FacFund basedCARE A-        1359.2  Reaffirmed
(reduced from Rs. 204.00 Crore)
Jumax Foam Pvt Ltd                    LT Bk Fac          CARE BBB-      50      Reaffirmed
Kayess Flour Mills Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Mahesh Vegoils Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Mahesh Vegoils Pvt Ltd                LT / ST Bk Fac     -              -       Withdrawn
Manav Infra Projects Ltd              LT Bk Fac          -              -       Withdrawn
Manjubhargava Cot Fibers Pvt Ltd      LT Bk Fac          CARE B+        127.5   Assigned
Minda Kosei Aluminium Wheel Pvt Ltd   LT Fac             -              -       Withdrawn
Minda Kosei Aluminium Wheel Pvt Ltd   LT Fac             CARE A         3325.4  Reaffirmed
(enhanced from 293 Crore)
Momai Apparels Ltd                    LT Bk Fac          CARE C (SO)    325     -
Issuer Not Cooperating; Based on Best Available Information
Munnangi Sea Foods Pvt Ltd            LT Bk Fac          CARE BBB-      654.1
Issuer not cooperating; Revised from CARE BBB-; on the basis of best available information
Neilsoft Ltd                          LT Bk Fac          CARE A-        140     Reaffirmed
Northern Arc 2018 Mfi Soren           Series A1 PTC#     Provisional-   -
(Originator: Chaitanya India Fin Credit                  CARE A (SO)
Pvt Ltd)
# The PTCs are rated on Ultimate Payment basis
Northern Arc 2018 Mfi Soren           Series A2 PTC#     Provisional-   -
(Originator: Chaitanya India Fin Credit                  CARE BBB (SO)
Pvt Ltd)
# The PTCs are rated on Ultimate Payment basis
Panyam Cements And Mineral Industries LT Bk Fac          CARE D         300
Ltd
Issuer not cooperating; Based on best available information
Panyam Cements And Mineral Industries NCDs               CARE D         976.8
Ltd
Issuer not cooperating; Based on best available information
Phillips Carbon Black Ltd             LT Bk Fac          CARE AA-       5500
Reaffirmed with outlook revised from Stable ; (reduced from 554.00 Crore)
Phillips Carbon Black Ltd             LT/ST Bk Fac       CARE AA- / A1+ 18500
Reaffirmed with outlook revised from Stable
Pulikkal Medical Foundation           LT Bk Fac          CARE A+        25      Reaffirmed
(reduced from 6.69 Crore)
Purbanchal Cement Ltd                 LT Bk Fac          CARE BBB+      200     Reaffirmed
Purbanchal Cement Ltd                 Long/ST Bk Fac     CARE BBB+      10      Reaffirmed
                                                         /CARE A2
Radhakishan                           LT Bk Fac          CARE BB+       70      Reaffirmed
Radhakishan                           LT/ST Bk Fac       CARE BB+ /CARE 125     Reaffirmed
                                                         A4+
Rahil Multipack                       LT Bk Fac          CARE B         -       Withdrawn
Ranasaria Poly Pack Pvt Ltd           LT/ST Bk Fac       CARE BBB-      250     Reaffirmed
                                                         /CARE A3
(enhanced from 15.00 Crore)
Reach Promoters Pvt. Ltd.             LT Bk Fac          CARE BB+       1000    Assigned
Reliance Sibur Elastomers Pvt Ltd     LT Bk Fac (nonFBL) CARE AAA       2500    Reaffirmed
                                      - LOC
(reduced from 600 Crore)
Rishi Shipping                        LT Bk Fac          CARE BBB+      257.4   Reaffirmed
(reduced from Rs.51.24 Crore)
Rishi Shipping                        LT/ ST Bk Fac      CARE BBB+ /    80      Reaffirmed
                                                         CARE A2
(reduced from Rs.11.00 Crore)
Saregama India Ltd                    LT Bk Fac          CARE A+        650     Reaffirmed
Shapoorji Pallonji Oil And Gas Pvt LtdLT Bk Fac ^        CARE AA (SO)   2500    Assigned
^ backed by credit enhancement in the form of an unconditional, irrevocable and revolving Debt
Service Reserve Account (DSRA) guarantee from Shapoorji Pallonji and Company Private Limited
(SPCPL; rated CARE AA; under Credit Watch with Developing Implications / CARE A1+). 
Shreegluco Biotech Pvt Ltd            LT Bk Fac          CARE BB        1540    Reaffirmed
Surajkiran Solar Technologies Pvt Ltd LT Bk Fac- TL      CARE BBB       2610    Assigned
Tata Steel Bsl Ltd [Erstwhile Bhushan LT Bk Fac - TL     CARE AA        210000  Assigned
Steel Ltd]
Tata Steel Bsl Ltd [Erstwhile Bhushan LT/ST Bk Fac -     CARE AA /CARE  50000   Assigned
Steel Ltd]                            Fund based/Nonfund A1+
                                      based
Tulsi Dye Chem Pvt Ltd                LT Bk Fac          CARE BBB-      850     Reaffirmed
(enhanced from Rs.30.00 Crore)
Tulsi Dye Chem Pvt Ltd                LT / ST Bk Fac     CARE BBB- /    125     Reaffirmed
                                                         CARE A3
(reduced from Rs.21.00 Crore)
Universal Steel                       LT Bk Fac          CARE BB-       70      Assigned
Vizag Profiles Pvt Ltd                LT Bk Fac          CARE D         400
Issuer not cooperating; Based on best available information
Weikfield Foods Pvt Ltd               LT Bk Fac          CARE BBB       240     Assigned
Weikfield Foods Pvt Ltd               LT/ST Bk Fac       CARE BBB /CARE 80      Assigned
                                                         A3+
Zen Technologies Ltd                  LT Bk Fac          CARE BBB-      500     Reaffirmed
(enhanced from 40 Crore)
Zen Technologies Ltd                  LT / ST Bk Fac     CARE BBB- /    720     Reaffirmed
                                                         CARE A3
(enhanced from 57 Crore)

--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below