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CARE ratings for Indian debt instruments-Dec 27
December 27, 2017 / 4:35 AM / in 20 days

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, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ambuja Intermediates Pvt Ltd          ST Bk Fac          CARE A2+       270     Reaffirmed
(enhanced from Rs.19.00 Crore)
Arion Healthcare                      ST BkFac           CARE A4        20
Issuer not cooperating; Revised from CARE A4+

Askar Microns Pvt Ltd                 ST Bk Fac          CARE A4        82      Reaffirmed
Astron Packaging Ltd                  ST Bk Fac          CARE A2        170     Reaffirmed
Auto Czars                            ST Bk Fac          CARE A4        30      Assigned
Avexa Corporation Pvt Ltd [Erstwhile  ST Bk Fac          CARE A3+       1250    Reaffirmed
Sivaswathi Constructions Pvt Ltd]
Dinesh Engineers Pvt Ltd              ST Bk Fac loan     CARE A3+       260     Assigned
Elecon                                ST Bk Fac          CARE A4        26
Issuer Not Cooperating
Fermenta Biotech Ltd                  ST Bk Fac- LC/BG   CARE A3+       52.5
Placed on credit watch with developing implications
Flexible Abrasives Pvt Ltd            ST Bk Fac          CARE A4        17.5
Issuer not cooperating, Based on best available information
Flora O Foods                         ST BkFac           CARE A4        150     Reaffirmed
Jk Lakshmi Cement Ltd                 ST Bk Fac          CARE A1+       4500    Reaffirmed
Jk Lakshmi Cement Ltd                 CP                 CARE A1+       2000    Reaffirmed
Jk Lakshmi Cement Ltd                 CP*                CARE A1+       1200    Reaffirmed
*Carved out of working capital limits
Krbl Ltd                              Proposed CP        CARE A1+       7000    Reaffirmed
(enhanced from Rs.600 Crore)
L N Constructions                     ST Bk Facility     CARE A4        40      Reaffirmed
L. C. Foods Ltd                       ST Bk Fac          CARE A4        20
Issuer Not Cooperating Based on Best available information
Maa Ganga Rice Mill                   ST Bk Fac          CARE A4        3.2
ISSUER NOT COOPERATING
Macrocosm Builders                    ST Bk Fac          CARE A4        55      Assigned
Madhav Cotex Pvt Ltd                  ST Bk Fac          CARE A4        40      Assigned
Magadh Micro Towers And Transmission  ST facility        CARE A4        4.5     Reaffirmed
Pvt Ltd
Magicrete Building Solutions Pvt Ltd  ST Bk Fac          CARE A3        9.2     Reaffirmed
Mehul Construction Company Pvt Ltd    ST Bk Fac          CARE A3        405
Revised from CARE A4+; (enhanced from 35.50 Crore)
Metro City Tiles Pvt Ltd              ST Bk Fac          CARE A4        1       Reaffirmed
Mrinal Jyoti Das                      ST Bk Fac          CARE A4        35      Assigned
Partap Industries Ltd                 ST BkFac           CARE A3+       40
Issuer not cooperating; Based on best available information
Pinakin Plastoforming Ltd             ST Bk Fac          CARE A4        5
Reaffirmed and removed from issuer not cooperating
Pratibha Engineering Services         ST Bk Fac          CARE A4        77.6
Reaffirmed and removed from issuer not cooperating
Savino Granito Pvt Ltd                ST Bk Fac          CARE A4        32.5    Reaffirmed
Solarsqaure Energy Pvt Ltd            ST Bk Fac          CARE A4        147     Assigned
Sudarshan Jeans Pvt Ltd               ST BkFac           CARE A3+       35
Issuer not cooperating; Based on best available information
Sunil Healthcare Ltd                  ST Bk Fac          CARE A3+       189     Reaffirmed
(enhanced from Rs. 15.25 Crore)
Supreme Import Export Ltd             ST Bk Fac          CARE A4        100     Assigned
Swastik Electrotech Pvt Ltd           ST Bk Fac          CARE A4+       120     Assigned
The Climate Makers (Sales)            ST Bk Fac          CARE A4        70      Reaffirmed
Vsn International                     ST Bk Fac          CARE A4        30      Assigned


LONG TERM RATINGS:
-------------------
Akshaya Agro Sales Pvt Ltd            LT Bk Fac          -                      Withdrawn
Akshaya Agro Sales Pvt Ltd            LT/ ST Bk Fac      -                      Withdrawn
Ambuja Intermediates Pvt Ltd          LT Bk Fac          CARE A-        260.5   Reaffirmed
(enhanced from Rs.25.05 Crore)
Ambuja Intermediates Pvt Ltd          LT/ ST Bk Fac      CARE A-/A2+    300     Reaffirmed
(enhanced from Rs.25.00 Crore)
Arion Healthcare                      LT Bk Fac          CARE BB        280
Issuer not cooperating; Revised from CARE BB+
Askar Microns Pvt Ltd                 LT Bk Fac          CARE BB-       90      Reaffirmed
Astron Packaging Ltd                  LT Bk Fac          CARE BBB+      450.1   Reaffirmed
(reduced from 49.59 Crore)
Auto Czars                            LT Bk Fac          CARE B+        35      Assigned
Avexa Corporation Pvt Ltd [Erstwhile  LT Bk Fac          CARE BBB       700     Reaffirmed
Sivaswathi Constructions Pvt Ltd]
(reduced from Rs.75.00 Crore)
Avexa Corporation Pvt Ltd [Erstwhile  LT/ST Bk Fac       CARE BBB/A3+   2050    Reaffirmed
Sivaswathi Constructions Pvt Ltd]
(enhanced from Rs.200.00 Crore)
Bharat Hitech (Cements) Pvt Ltd       LT Bk Fac          CARE BB        177.4
Revised from CARE BB-; (reduced from 17.76 Crore)
Bmd Power Pvt Ltd                     LT Bk Fac@         CARE A+        495     Reaffirmed
(reduced from Rs.55.50 Crore); @backed by corporate guarantee provided by BMD Private Limited
Cb Doctor Ventilators Pvt Ltd         LT Bk Fac          CARE A4        75      Reaffirmed
Cb Doctor Ventilators Pvt Ltd         LT Bk Fac          CARE B+        12.5
Revised from CARE B
Cb Doctor Ventilators Pvt Ltd         LT/ST Bk Fac       CARE B+/A4     30
Long-term rating revised from CARE B; and Short-term rating reaffirmed
Dee Vee Projects Ltd                  LT Bk Fac          CARE BBB+      256     Reaffirmed
(reduced from 30.63 Crore)
Dee Vee Projects Ltd                  Long/ST Bk Fac     CARE BBB+/A2   2318.7  Reaffirmed
Dheer Agri Godowns                    LT Bk Fac          CARE A-        160.1   Reaffirmed
(Reduced from 33.00 Crore)
Diamond Solvex Pvt Ltd                LT Bk Fac          CARE B+        270
Issuer Not Cooperating
Dil Ltd                               LT Bk Fac          -                      Withdrawn
                                      (proposed lease
                                      rental discounting)
Dinesh Engineers Pvt Ltd              LT Bk Fac          CARE BBB       290     Assigned
Dinesh Engineers Pvt Ltd              LT / ST Bk Fac     CARE BBB/A3+   200     Assigned
Elecon                                LT Bk Fac          CARE B         30
Issuer Not Cooperating
Enviro Control Associates (I) Pvt Ltd LT Bk Fac          CARE A+        80      Reaffirmed
Enviro Control Associates (I) Pvt Ltd LT/ STBk Fac       CARE A+/A1+    1400    Reaffirmed
(enhanced from 114 Crore)
Fakirsons Papchem Pvt Ltd             LT/ ST Bk Fac      CARE BBB-/A3   350     Reaffirmed
(enhanced from 25.00 Crore)
Fermenta Biotech Ltd                  LT Bk Fac (CC)     CARE BBB+      340
Placed on credit watch with developing implications
Fermenta Biotech Ltd                  LT Bk Fac (TL)     CARE BBB+      87.5
Placed on credit watch with developing implications
Flexible Abrasives Pvt Ltd            LT Bk Fac          CARE BB        82.3
Issuer not cooperating, Based on best available information
Flora O Foods                         LT BkFac           CARE BB-       40      Reaffirmed
Gac Shipping (India) Pvt Ltd          LT Bk Fac          CARE BBB+      170     Reaffirmed
(enhanced from 2.00 Crore)
Gaytri Industrial Corporation         LT Bk Fac          CARE BB+       84.2
Issuer not cooperating; Based on best available information
Gupta Builders & Promoters Pvt. Ltd   LT Bk Fac          CARE BB        500
Issuer Not Cooperating
Hansdeep Industries & Trading Co. Ltd LT Instruments     CARE AA        5250    Reaffirmed
Harsh Agro                            LT Bk Fac          CARE A-        147     Reaffirmed
(Reduced from 30.75 Crore)
Jagat Agro                            LT Bk Fac          CARE A-        96.8    Reaffirmed
(Reduced from 18.34 Crore)
Jaimal Singh Satnam Singh             LT Bk Fac          CARE B+        57.5
Issuer Not Cooperating
Jatin Agro                            LT Bk Fac          CARE A-        271.6   Reaffirmed
(Reduced from 44.24 Crore)
Jk Lakshmi Cement Ltd                 Fixed Deposits     CARE AA        500     Reaffirmed
Jk Lakshmi Cement Ltd                 LT Bk Fac          CARE AA        16438.9 Reaffirmed
Jk Lakshmi Cement Ltd                 LT Instruments     CARE AA        4097.9  Reaffirmed
Kanchana Automobiles Pvt Ltd          LT Bk Fac          CARE BB-       120
Revised from CARE BB
Karthikey Industries                  LT/ ST Bk Fac      CARE BB /A4+   60      Assigned
Kudu Fabrics                          LT Bk Fac          CARE BB        130
Issuer Not Cooperating
Kushalbagh Marbles Pvt Ltd            LT Bk Fac          CARE BB-       98.1    Reaffirmed
L N Constructions                     LT Bk Facility     CARE B+        47.5    Reaffirmed
L. C. Foods Ltd                       LT Bk Fac          CARE B+        190
Issuer Not Cooperating Based on Best available information
Maa Ganga Rice Mill                   LT Bk Fac          CARE B+        48
ISSUER NOT COOPERATING
Macrocosm Builders                    LT Bk Fac          CARE BB        45      Assigned
Madhav Cotex Pvt Ltd                  LT Bk Fac          CARE B+        60      Assigned
Magadh Micro Towers And Transmission  LT Bk Facility     CARE B         20.5    Reaffirmed
Pvt Ltd
Magicrete Building Solutions Pvt Ltd  LT Bk Fac          CARE BBB-      343.4   Reaffirmed
Mayur Roller Flour Mills              LT Bk Fac          CARE BB        70      Assigned
Mehul Construction Company Pvt Ltd    LT Bk Fac          CARE BBB-      190
Revised from CARE BB+; (reduced from 24.00 Crore)
Metro City Tiles Pvt Ltd              LT Bk Fac          CARE BB        146.9   Reaffirmed
(enhanced from Rs.12.03 Crore)
Mfl Securitisation Trust Xxviii       Series A1 PTCs     --                     Withdrawn
Originator: Magma Fincorp Ltd
Mfl Securitisation Trust Xxviii       Series A2 PTCs     --                     Withdrawn
Originator: Magma Fincorp Ltd
Mfl Securitisation Trust Xxviii       Second Loss        --                     Withdrawn
Originator: Magma Fincorp Ltd         Facility
Mfl Securitisation Trust Xxviii       Liquidity Facility --                     Withdrawn
Originator: Magma Fincorp Ltd
Mighty Auto Wheels Pvt Ltd            LT Bk Fac          CARE B         130     Assigned
Molagavalli Renewable Pvt Ltd         Proposed           CARE A+        3130    Assigned
                                      LTInstrument –
                                      Non-Convertible Debentures (Issuance III) @
Mrinal Jyoti Das                      LT Bk Fac          CARE B+        15      Assigned
Narmada Wind Energy Pvt Ltd           Proposed           CARE A+        5880    Assigned
                                      LTInstrument –
                                      Non-Convertible Debentures (Issuance II) @
Oriental Structural Engineers Pvt Ltd ST Bk Fac          -                      Withdrawn*
*CARE has withdrawn the rating assigned to the short-term bank facilities of the company with
immediate effect, as the company has repaid the said bank facility in full and there is no
amount outstanding under the said bank facility.
Oriental Structural Engineers Pvt Ltd LT Bk Fac          CARE A-        3700
Revised from CARE BBB+; (enhanced from 325 Crore)
Oriental Structural Engineers Pvt Ltd LT/ST Bk Fac       CARE A-/A2+    7900
Revised from CARE BBB+; /CARE A2 ; (enhanced from 700 Crore)
Partap Industries Ltd                 LT Bk Fac          CARE BBB+      351.3
Issuer not cooperating; Based on best available information
Pinakin Plastoforming Ltd             LT Bk Fac          CARE B+        80
Revised from CARE BB- and removed from issuer not cooperating
Pratibha Engineering Services         LT Bk Fac          CARE BB        15
Reaffirmed and removed from issuer not cooperating
Pratibha Engineering Services         LT/ ST Bk Fac      CARE BB/A4     50
Reaffirmed and removed from issuer not cooperating
Reengus Sikar Expressway Ltd          Proposed NCD Issue CARE AAA       1352    Reaffirmed
(reduced from Rs.140.50 Crore)
Reliance Capital Ltd                  LT debt Programme  CARE AA+       170000
(Credit watch with developing implications)
Reliance Capital Ltd                  Subordinated debt  CARE AA+       20000
(Credit watch with developing implications)
Reliance Capital Ltd                  Market Linked      CARE PP-MLD    10000
                                      Debentures         AA+
(Credit watch with developing implications)
Reliance Commercial Finance Ltd       LT Bk Fac          CARE AA+       125000
Continues on credit watch
Reliance Commercial Finance Ltd       NCDs               CARE AA+       25000
Continues on credit watch
Reliance Commercial Finance Ltd       Subordinated Debt  CARE AA+       5000
Continues on credit watch
Reliance Commercial Finance Ltd       Market Linked      CARE PP MLD    2000
                                      Debentures         AA+
Continues on credit watch
Renew Wind Energy (Rajasthan One) Pvt Proposed           CARE A+        5740    Assigned
Ltd                                   LTInstrument –
                                      Non-Convertible Debentures (Issuance I) @
Satyam Builders                       LT BkFac           CARE BB+       100
Revised from CARE BB+; ISSUER NOT COOPERATING
Savino Granito Pvt Ltd                LT Bk Fac          CARE BB-       237.2
Revised from CARE B ; (Reduced from 25.75 Crore)
Sharad Cotton Pvt Ltd                 LT Bk Fac          CARE B+        90      Reaffirmed
Shri Shamrao Patil Yadravkar          LT Bk Fac          CARE D         74.9    Assigned
Educational And Charitable Trust
Shripal Goel Educational Society      LT Bk Fac          CARE BB        65
Issuer Not Cooperating
Solarsqaure Energy Pvt Ltd            LT Bk Fac          CARE BB        42      Assigned
Sterling Gated Community Pvt Ltd      LT Instruments     CARE B+        600
                                      -NCD issue
Revised from CARE B+;
Sudarshan Jeans Pvt Ltd               LT Bk Fac          CARE BBB+      1909.8
Issuer not cooperating; Based on best available information
Sunder Deep Educational Society       LT Bk Fac          CARE BB        150     Reaffirmed
Sunil Healthcare Ltd                  LT Bk Fac          CARE BBB       284.6   Reaffirmed
(reduced from Rs. 28.68 Crore)
Supersonic Distribution & Services PvtLT/ST Bk Fac       CARE B/A4      241.8
Ltd
Revised from CARE BB-; /CARE A4
Supreme Import Export Ltd             LT Bk Fac          CARE B+        50      Assigned
The Climate Makers (Sales)            LT Bk Fac          CARE BB-       59.5    Reaffirmed
Vsn International                     LT Bk Fac          CARE BB-       35      Assigned
Woodfield Systems International Pvt LtLT Bk Fac          CARE BB+       150.1
Issuer not cooperating; Based on best available information


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