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CARE ratings for Indian debt instruments-Dec 6
December 6, 2017 / 8:33 AM / 10 days ago

CARE ratings for Indian debt instruments-Dec 6

    Dec 6 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 5, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Allied Engineering Works Pvt Ltd      ST Bk Fac          CARE A4        150     Assigned
Aquatica Frozen Foods Global Pvt Ltd  ST Bk Fac          CARE A4+       380     Issuer Not
                                                                                Cooperating
Bell-O-Seal Valves Pvt Ltd            ST Bk Fac          CARE A4+       100     Reaffirmed
Cholamandalam Investment And Finance  CP issue           CARE A1+       60000   Reaffirmed
Co. Ltd
(enhanced from Rs.5000 crore)
Entire Ceramics Ltd                   ST Bk Fac          CARE A4        10      Reaffirmed
Five-Star Business Finance Ltd        ST Bk Fac          CARE A1        300     Assigned
Five-Star Business Finance Ltd        CP issue           CARE A1        250*    Revised from
                                                                                CARE A2+
*Outstanding amount of Rs.25 crore as on December 04, 2017
Friends Timber Pvt Ltd                ST Bk Fac          CARE A4        162.5   Reaffirmed
Genesis Resorts Pvt Ltd.              ST Bk Fac          CARE D         20      Issuer Not
                                                                                Cooperating
Janki Agro Industries                 ST Bk Fac          CARE A4        4.1     Reaffirmed
Jivo Wellness Pvt Ltd                 ST Bk Fac          CARE A3        55      Assigned
Kaze Energy Ltd                       ST Bk Fac          CARE A3        2758.2  Assigned
Krbl Ltd                              Proposed CP        CARE A1+       6000    Reaffirmed
(enhanced from Rs.500 crore)
Manaksia Coated Metals & Industries   Short- term Bk Fac CARE A3+       850     Reaffirmed
Ltd 
Mellcon Engineers Pvt Ltd             ST Bk Fac          CARE A4        35      Assigned
Narayani Ispat Pvt Ltd                ST Bk Fac          CARE A3        335     Assigned
Narayani Steels Ltd                   ST Bk Fac          CARE A3        1000    Assigned
Provogue (India) Ltd                  ST Bk Fac          CARE D         304.7   Issuer Not
                                                                                Cooperating
Rajasthan Tube Manufacturing Co. Ltd  ST Bk Fac          CARE A4        70      Assigned
Reliance Ports & Terminals Ltd        CP                 -              -       Withdrawn
Sanghavi Jewel Pvt. Ltd.              ST Bk Fac – Non    CARE D         10      Revised from
                                      Fund Based                                CARE A4
Spl Textile                           ST Bk Facility     CARE A4        97.5    Assigned
Sri Balaji Tech                       ST Bk Fac          CARE A4        10      Assigned
The Kalgidhar Society                 ST Bk Fac          CARE A3        100     Assigned
The Kalgidhar Trust                   ST Bk Fac          CARE A3        200     Assigned
Trv Global Exports Pvt Ltd            ST Bk Fac          CARE A4        140     Reaffirmed
Vascular Concepts Ltd                 ST Bk Fac          CARE A4+       60      Revised from
                                                                                CARE A3
Vishva Electrotech Ltd                ST Bk Fac          CARE A4        150     Reaffirmed

LONG TERM RATINGS:
-------------------
Allied Engineering Works Pvt Ltd      LT Bk Fac          CARE BB-       80      Assigned
Aquatica Frozen Foods Global Pvt Ltd  LT Bk Fac          CARE BB+       79.1    Issuer Not
                                                                                Cooperating
Arihant Dream Infra Projects Pvt Ltd  LT Bk Fac          CARE D         149     Issuer Not
                                                                                Cooperating
Asian Star Co. Ltd                    LT/ST Bk Fac (Fund CARE A- /CARE  11540   Reaffirmed
                                      Based)             A2+
Asian Star Jewels Pvt Ltd             LT/ST Bk Fac (Fund CARE A- (SO)   430     Reaffirmed
                                      Based)             /CARE A2+ (SO)
Balaji Industries                     LT Bk Fac          CARE B+        80      Assigned
Bell-O-Seal Valves Pvt Ltd            LT Bk Fac          CARE BB+       165     Reaffirmed
Brajesh Automobiles Pvt Ltd           LT Bk Fac          CARE BB+       245     issuer Not
                                                                                Cooperating
Cherma’S Exquisite Ltd                LT Bk Fac          CARE B+        124.1   Revised from
                                                                                CARE BB-
(reduced from 14.50crs)
Columbia Asia Hospitals P Ltd.        LT Bk Fac          CARE BBB       250     Assigned
Elaine Dairy Pvt Ltd                  LT Bk Fac          CARE BB        97      Reaffirmed
(Enhanced from Rs.5.03crs)
Entire Ceramics Ltd                   LT Bk Fac          CARE BB+       245.2   Reaffirmed
(reduced from 29.80crs)
Five-Star Business Finance Ltd        LT Bk Fac          CARE A-        2200    Revised from
                                                                                CARE BBB+
(reduced from 250.00crs)
Five-Star Business Finance Ltd        NCD issue          CARE A-        750     Revised from
                                                                                CARE BBB+
Five-Star Business Finance Ltd        NCD issue          CARE A-        400     Revised from
                                                                                CARE BBB+
Friends Timber Pvt Ltd                Long /ST Bk Fac    CARE B+ /CARE  60      Reaffirmed
                                                         A4
Gandevikar Jewellers Pvt Ltd          LT Bk Fac          CARE BBB-      110     Reaffirmed
(reduced from 33.00crs)
Gandevikar’S Sara Gold Pvt Ltd        LT Bk Fac          CARE BBB-      150     Reaffirmed
Genesis Resorts Pvt Ltd.              LT Bk Fac          CARE D         1189.1  Issuer Not
                                                                                Cooperating
Gmr Chennai Outer Ring Road Pvt Ltd   LT Bk Fac (TL-I)^  CARE BB (SO)   6513.4  Revised from
                                                                                CARE BBB-
(reduced from 662.99crs) ^The facility is backed by unconditional and irrevocable sponsor
support extended by GMR Infrastructure Ltd. (GIL) rated CARE BB; Stable/CARE A4 and GMR Highways
Limited (GHL)
Gmr Chennai Outer Ring Road Pvt Ltd   LT Bk Fac (TL-II)@ CARE BB (SO)   555     Revised from
                                                                                CARE BBB-
@ The facility is backed by unconditional and irrevocable corporate guarantee provided by GIL
and GHL.
Gmr Chennai Outer Ring Road Pvt Ltd   LT Bk Fac          CARE BB (SO)   260     Revised from
                                      (Non-fund Based)                          CARE BBB-
Goyal Energy & Steel Pvt. Ltd.        LT Bk Fac          CARE BBB-      914.2   Revised from
                                                                                CARE BB+
(reduced from 96.50crs)
Il&Fs Technologies Ltd                LT Bk Fac (FB)     CARE A-        530     Revised from
                                                                                CARE A-
(enhanced from 48crs)
Il&Fs Technologies Ltd                LT Bk Fac          CARE A-        1570    Revised from
                                      (Non-fund based)                          CARE A-
(reduced from 162crs)
Indorama Industries Ltd               LT Bk Fac*         CARE A+ (SO)   1340    Assigned
*backed by unconditional & irrevocable corporate guarantee provided by Indorama Corporation PTE
Ltd., Singapore
Ishwarlal Harjivandas Jewellers Pvt   LT Bk Fac          CARE BB        300     Reaffirmed
Ltd
(enhanced from Rs. 15.00 crore)
Janki Agro Industries                 LT Bk Fac          CARE BB-       163.5   Reaffirmed
(reduced from 17.15crs)
Jivo Wellness Pvt Ltd                 LT Bk Fac          CARE BBB-      35      Assigned
Kamdhenu Enterprise                   LT Bk Fac          CARE B+        240     Assigned
L&T Finance Ltd.                      Proposed Principal CARE PP-MLD AA+5000    Assigned
                                      protected
                                      Market-linked Debenture
Laxmi Oil And Vanaspati Pvt Ltd       LT Bk Fac          CARE BBB-      400     Assigned
Laxmi Traders                         LT Bk Fac          CARE B+        100     Assigned
Lodha Developers Thane Pvt Ltd        NCDs@              CARE BBB-(SO)  4950    Final Rating
@ Based on the credit enhancement in the form of unconditional and irrevocable corporate
guarantee extended by Lodha Developers Private Limited.
Madhupriya Fashions Pvt Ltd           Long- term Bk Fac  CARE B+        90      Reaffirmed
(reduced from 11crs)
Madura Micro Finance Ltd              LT Bk Fac          CARE BBB+      1000    Reaffirmed
Madura Micro Finance Ltd              NCD issue          CARE BBB+      400     Reaffirmed
Madura Micro Finance Ltd              NCD issue          CARE BBB+      330     Assigned
                                      (Proposed)
Manaksia Coated Metals & Industries   LT Bk Fac          CARE BBB+      905     Reaffirmed
Ltd
(enhanced from Rs.62.50 crore)
Mellcon Engineers Pvt Ltd             LT Bk Fac          CARE B+        30      Assigned
Narayani Ispat Pvt Ltd                LT Bk Fac          CARE BBB-      725     Assigned
Narayani Steels Ltd                   LT Bk Fac          CARE BBB-      975     Assigned
Narmada Fibres Llp                    LT Bk Fac          CARE B+        150     Assigned
Ob Infrastructure Ltd                 LT Instruments     CARE A+ (SO)   2176    Reaffirmed
                                      Nonconvertible
                                      Debentures*
(reduced from 253.90crs)* backed by structured payment mechanism for servicing of NCD s.
Provogue (India) Ltd                  LT Bk Fac          CARE D         2186.8  Issuer Not
                                                                                Cooperating
Rajasthan Tube Manufacturing Co. Ltd  LT Bk Fac          CARE B         80      Assigned
Rana Oil Industries                   LT Bk Fac          CARE B         150     Revised from
                                                                                CARE B
issuer Not Cooperating
Relationship Properties Pvt Ltd       LT - NCD           -              -       Withdrawn
Reliance Ports & Terminals Ltd        NCD                CARE AAA       105000  Reaffirmed
Ry Midas Alluminiums Pvt Ltd          LT Bk Fac/ ST Bk   CARE BB- /CARE 290     Reaffirmed
                                      Fac                A4
Sagar Fibers Pvt Ltd                  LT Bk Fac          CARE B         70      Revised from
                                                                                CARE B
Issuer not cooperating
Saikrupa Cotgin Pvt Ltd               LT Bk Fac          CARE B+        183.7   Revised from
                                                                                CARE BB-
(Reduced from Rs.30.50 crore)
Saikrupa Fibers Pvt Ltd               LT Bk Fac          CARE B         163.3   Reaffirmed
(reduced from 17.12crs)
Sanghavi Jewel Pvt. Ltd.              LT Bk Fac – Fund   CARE D         850     Revised from
                                      Based                                     CARE B+
Spl Textile                           LT Bk Facility     CARE BB-       1       Assigned
Sri Balaji Tech                       LT Bk Fac          CARE B         104     Assigned
Sri Balaji Tech                       LT/ST Bk Fac       CARE B /CARE A420      Assigned
Sujay Feeds                           LT Bk Fac          CARE B+        88      Assigned
The Kalgidhar Society                 LT Bk Fac          CARE BBB       97.1    Assigned
The Kalgidhar Trust                   LT Bk Fac          CARE BBB       121.5   Assigned
Thoppil Contractors (India) Pvt Ltd   LT Bk Fac          CARE BB-       250     Reaffirmed
Thoppil Contractors (India) Pvt Ltd   LT/ST Bk Fac       CARE BB- /CARE 150     Reaffirmed
                                                         A4
Tirumala Dall Udyog                   LT Bk Fac          CARE B+        70      Assigned
Trv Global Exports Pvt Ltd            LT Bk Fac          CARE B         30      Revised from
                                                                                CARE C
Ultra Denim Pvt Ltd                   LT Bk Fac          CARE BBB-      275     Assigned
Ultra Denim Pvt Ltd                   LT/ST Bk Fac       CARE BBB-      25      Assigned
                                                         /CARE A3
Vascular Concepts Ltd                 LT Bk Fac          CARE BB+       220     Revised from
                                                                                CARE BBB-
Vishva Electrotech Ltd                LT Bk Fac          CARE BB-       162.2   Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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