December 29, 2017 / 7:54 AM / 6 months ago

CARE ratings for Indian debt instruments-Dec 29

    Dec 29 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 28, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Amritesh Industries Pvt Ltd           ST Bk Fac          CARE A4        50      Reaffirmed
Anupam Udyog                          ST Bk Fac          CARE A4        90      Assigned
Araxxa Foods Pvt Ltd                  ST Bk Fac          CARE A4        15.5    Reaffirmed
Bansal Yarns Pvt Ltd                  ST Bk Fac          CARE A4        70      Assigned

Bhaskar Industries Pvt. Ltd.          ST Bk Fac (Non     CARE A3+       200     Reaffirmed
                                      Fund Based)
Bhaskar Industries Pvt. Ltd.          ST Bk Fac (Non     -              -       Withdrawn
                                      Fund Based)
Briar Knoll Mills Pvt Ltd             ST Bk Fac          -              -       Withdrawn
Dynamic Powertech Pvt Ltd             ST Bk Fac          CARE A4+       20      Reaffirmed
Forace Industries Pvt Ltd             ST Bk Fac          CARE A4+       27      Reaffirmed
Inter Knit Fashion                    ST Bk Fac          CARE A4        77      Reaffirmed
J.K. Fenner (India) Ltd               ST Bk Fac          CARE A1+       279     Reaffirmed
Jimcap Electronics Pvt Ltd            ST Bk Fac          CARE A3        82      Reaffirmed
Kanupat Himghar Pvt Ltd               ST BkFac           CARE D         0.9     -
Issuer not cooperating; Based on best available information
Kolkata Marine Products Pvt Ltd       ST Bk Fac          CARE A4        175     Reaffirmed
(enhanced from 15.50 Crore)
Krushi Infras India Pvt. Ltd.         ST Bk Fac          CARE A4        544.7   -
Issuer not cooperating; Based on best available information
Loyal Textile Mills Ltd               ST Bk Fac          CARE A3+       2480    Reaffirmed
(Enhanced from 223.00 Crore)
Lsr Fab Pvt Ltd                       ST Bk Fac          CARE A3        5.4     Reaffirmed
Marwar Udhyog                         ST Bk Fac          CARE A Four    5       Assigned
Navkar Builders Ltd                   ST Bk Fac          CARE A4        120     Reaffirmed
(Enhanced from Rs. 2.00 crore Crore)
Positronics Pvt Ltd                   ST Bk Fac          CARE A4        65      Revised from
                                                                                CARE A3
S.K. Jain Constructions Pvt Ltd       ST Bk Fac          CARE A4        70      -
Shivangan Spinner Export India Llp    ST Bk Fac          CARE A         20      Assigned
Issuer not cooperating; based on best available information
Santhoshimathaa Oils And Fats Pvt Ltd ST Bk Fac          CARE A3        328     Revised from
                                                                                CARE A4+
Satchidananda Agrotech Pvt Ltd        ST Bk Fac          CARE A4        4.9     -
ISSUER NOT COOPERATING
Shraddha Impex                        ST Bk Fac          CARE A4        50      Reaffirmed
Shree Gurukrupa Construction Company  ST Bk Fac          CARE A4        80      Assigned
Shri Jagdamba Polymers Ltd            ST BkFac           CARE A3+       200     Reaffirmed
Spectrum Dyes And Chemicals Pvt Ltd   ST Bk Fac          CARE A3+       96      Reaffirmed
Spectrum Filtration Pvt Ltd           ST Bk Fac          CARE A4+       6       Revised from
                                                                                CARE A4
(Reduced from 1.00 Crore)
Sports International                  ST Bk Fac          CARE A4        3.8     Reaffirmed
Sri M.S.P Velayutha Nadar             ST Bk Facility     CARE A4        120     Assigned
Sintex Industries Ltd                 ST Debt (STD)/ CP  -              -       Withdrawn
                                      (CP) (Carved Out)
St Woven Bags Pvt Ltd                 ST Bk Fac          CARE A4        27      Reaffirmed
Sunflag Iron & Steel Co. Ltd          ST Instruments-    CARE A1        1000    Assigned
                                      CP- Proposed #
# carved out of sanctioned working capital limits
Team Engineers Advance Technologies   ST Bk Fac          CARE A4        37.5    Assigned
India Pvt Ltd
Thatavarthi Apparels Ltd              ST Bk Fac          CARE A4+       96.5    Revised from
                                                                                CARE A4
Time Mauser Industries Pvt Ltd        ST Bk Fac*         CARE A1        300     Reaffirmed
*The ratings assigned to the bank facilities of Time Mauser Industries Private Limited (TMIPL)
principally derives strength from the credit enhancement in the form of Letter of Comfort (LOC)
extended by Time Technoplast Limited (TTL, flagship company of Time group) to the lender of
TMIPL.
Trimula Sponge Iron Pvt Ltd           ST Bk Fac          CARE A4        10      Reaffirmed


LONG TERM RATINGS:
-------------------
Aditya Chanakya Group                 LT Bk Facility     CARE B+        600     Assigned
Amritesh Industries Pvt Ltd           LT Bk Fac          CARE B+        100     Reaffirmed
Anupam Udyog                          LT Bk Fac          CARE BB-       30      Assigned
Araxxa Foods Pvt Ltd                  LT Bk Fac          CARE BB-       58.9    Revised from
                                                                                CARE B+
Bankey Bihari Infrahomes Pvt Ltd      LT Bk Fac          CARE BB        400     Assigned
Bansal Yarns Pvt Ltd                  LT Bk Fac          CARE BB-       30      Assigned
Bhaskar Industries Pvt. Ltd.          LT Bk Fac (Fund    -              -       Withdrawn
                                      Based)
Bhaskar Industries Pvt. Ltd.          Long Term Bk       CARE BBB+      1555.4  Reaffirmed
                                      Fac (TL)
Bhaskar Industries Pvt. Ltd.          LT Bk Fac (Fund    CARE BBB+      1180    Reaffirmed
                                      Based)
Briar Knoll Mills Pvt Ltd             LT Bk Fac          CARE D         49.5    Revised from
                                                                                CARE BBB-
Cedar Inclusive Finance Trust 1       Series A1 PTC      Provisional    2000    Assigned
                                                         CARE A-                                
                      
Cedar Inclusive Finance Trust 1       Series A3 PTC      Provisional    80      Assigned
                                                         CARE BBB-
Cedar Inclusive Finance Trust 1       Series A2 PTC      Provisional    50      Assigned
                                                         CARE BBB+
Dynamic Powertech Pvt Ltd             LT Bk Fac          CARE BB+       3.6     Reaffirmed
(reduced from 0.52 Crore)
Dynamic Powertech Pvt Ltd             LT/ST Bk Fac       CARE BB+/A4+   40      Reaffirmed
Esaf Small Finance Bank Ltd           Series A1 PTC      Provisional    2000    Assigned
                                                         CARE A-
Esaf Small Finance Bank Ltd           Series A3 PTC      Provisional    80      Assigned
                                                         CARE BBB- 
Esaf Small Finance Bank Ltd           Series A2 PTC      Provisional    50      Assigned
                                                         CARE BBB+
Forace Industries Pvt Ltd             LT Bk Fac          CARE BB+       43      Reaffirmed
Ghevariya Export                      LT/Short TermBk    CARE BB+/A4+   120     Downgraded
                                      Fac                                       from CARE
                                                                                BBB-/ CARE A3
Govindam Projects Pvt Ltd             LT Bk Fac          CARE B         100     Reaffirmed
J.K. Fenner (India) Ltd               LT Bk Fac          -              -       Withdrawn
J.K. Fenner (India) Ltd               Long/ST Bk Fac     CARE AA-/CARE  45      Revised from
                                                         A1+                    CARE A+/ CARE
                                                                                A1+
Jaipur Vidyut Vitran Nigam Ltd.       LT Bonds Issue     CARE A-        3707    Reaffirmed
Jimcap Electronics Pvt Ltd            LT Bk Fac          CARE BBB-      223.1   Reaffirmed
Jodhpur Vidyut Vitran Nigam Ltd.      LT Bonds Issue     CARE A-        2784.9  Reaffirmed
Kamal And Company                     LT Bk Fac          CARE BB-       65      Reaffirmed
Kanupat Himghar Pvt Ltd               LT BkFac           CARE D         110.9   -
Issuer not cooperating; Based on best available information
Kolkata Marine Products Pvt Ltd       LT Bk Fac          CARE BB-       5       Reaffirmed
Krushi Infras India Pvt. Ltd.         LT Bk Fac          CARE B+        154     Revised from
                                                                                CARE BB-
Issuer not cooperating;
Ktc Threads Llp                       LT Bk Fac          CARE B+/       15.8    Reaffirmed
(reduced from 2.87 Crore)
Ktc Threads Llp                       LT/ ST BkFac       CARE B+/A4     110     Reaffirmed
Loyal Textile Mills Ltd               Long/ST Bk Fac     -              -       Withdrawn
Loyal Textile Mills Ltd               LT Bk Fac          CARE BBB       3403    Reaffirmed
Lsr Fab Pvt Ltd                       LT Bk Fac          CARE BBB-      174.1   Reaffirmed
Lsr Fab Pvt Ltd                       LT/ST Bk Fac       CARE BBB- / A3 150     Reaffirmed
M. R. Weaving Mills Pvt Ltd           LT Bk Fac          CARE BB-       808     Reaffirmed
M. R. Weaving Mills Pvt Ltd           LT/ STBk Fac       CARE BB-/A4    5       Reaffirmed
Marwar Udhyog                         LT Bk Fac          CARE B-/       50.7    Assigned
Marwar Udhyog                         LT / ST Bk Fac     CARE B-/A Four 20      Assigned
Mnc Electricals Pvt Ltd               LT Bk Fac          CARE BB-/      70      Assigned
Mnc Electricals Pvt Ltd               LT/ST Bk Fac       CARE BB-/A4    120     Assigned
Navkar Builders Ltd                   LT Bk Fac          CARE BB-/      130     Reaffirmed
Nemcare Hospital Tezpur Pvt Ltd       LT Bk Fac          CARE BB-       150     Assigned
Positronics Pvt Ltd                   LT Bk Fac          CARE BB/       42      Revised from
                                                                                CARE BBB-
Positronics Pvt Ltd                   LT / Shortterm Bk  CARE BB/A4     35      Revised from
                                      Fac                                       CARE BBB-;
                                                                                /A3
Rajshila Synthetics Pvt Ltd           LT Bk Fac          CARE BB+/      35      Reaffirmed
Rajshila Synthetics Pvt Ltd           LT/ST Bk Fac       CARE BB+/A4+   281.5   Reaffirmed
Rathi Special Steels Ltd              LT Bk Fac          CARE BBB-/     356.5   Reaffirmed
(Reduced from 36.45 Crore)
S.K. Jain Constructions Pvt Ltd       LT Bk Fac          CARE B+        50      -
Issuer not cooperating; based on best available information
Santhoshimathaa Oils And Fats Pvt Ltd LT Bk Fac          CARE BBB-      155     Revised from
                                                                                CARE BB+
(reduced from 18.70 Crore)
Satchidananda Agrotech Pvt Ltd        LT Bk Fac          CARE B         125.1   -
ISSUER NOT COOPERATING
Seshasayee Knittings Pvt Ltd          LT Bk Fac          CARE BB+       73      Assigned
Shivangan Spinner Export India Llp    LT Bk Fac          CARE B+        46.5    Assigned
Shree Gurukrupa Construction Company  LT Bk Fac          CARE BB-       20      Assigned
Shri Jagdamba Polymers Ltd            LT Bk Fac          CARE BBB       244.6   Reaffirmed
Shri Jagdamba Polymers Ltd            LT/STBk Fac        CARE BBB / A3+ 220     Reaffirmed
Shri Jambheshwar Gums                 LT Bk Fac          CARE B+/       30      Assigned
Sintex Industries Ltd                 LT Bk Fac          -              -       Withdrawn
Sintex Industries Ltd                 Long/ST Bk Fac     -              -       Withdrawn
Sk Overseas                           LT Bk Fac          CARE B+        95.6    Reaffirmed
Spectrum Dyes And Chemicals Pvt Ltd   LT Bk Fac          CARE BBB+      652.3   Revised from
                                                                                CARE BBB
Spectrum Dyes And Chemicals Pvt Ltd   Long/ ST BkFac     CARE BBB+      1200    Revised from
                                                         /CARE A3+              CARE BBB / A3+
Spectrum Filtration Pvt Ltd           LT Bk Fac          CARE BB+       67.6    Revised from
                                                                                CARE BB
(Reduced from 7.91 Crore)
Sports International                  LT Bk Fac          CARE BB/       97      Reaffirmed
Sri M.S.P Velayutha Nadar             LT Bk Facility     CARE B/        30      Assigned
St Woven Bags Pvt Ltd                 LT Bk Fac          CARE B/        99.1    Reaffirmed
Team Engineers Advance Technologies   LT Bk Fac          CARE BB-       62.5    Assigned
India Pvt Ltd
Thatavarthi Apparels Ltd              LT Bk Fac          CARE BB+       371.7   Revised from
                                                                                CARE BB
(reduced from Rs.42 Crore)
Time Mauser Industries Pvt Ltd        LT Bk Fac*         CARE A         250     Reaffirmed
*The ratings assigned to the bank facilities of Time Mauser Industries Private Limited (TMIPL)
principally derives strength from the credit enhancement in the form of Letter of Comfort (LOC)
extended by Time Technoplast Limited (TTL, flagship company of Time group) to the lender of
TMIPL.
Trimula Sponge Iron Pvt Ltd           LT Bk Fac          CARE BB-       60      Reaffirmed
Viaton Energy Pvt Ltd                 LT BkFac           CARE BBB+      419.3   Reaffirmed
(reduced from 43.00 Crore)
Vivriti Pavo 012 2017                 Series A1 PTC      CARE A-        660     Assigned
Vivriti Pavo 012 2017                 Series A2 PTC      CARE BBB       17.5    Assigned
Vivriti Pavo 012 2017                 Series A3 PTC      CARE BBB       5       Assigned


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