December 7, 2017 / 7:51 AM / in 8 days

CARE ratings for Indian debt instruments-Dec 7

    Dec 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 6, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Allcargo Logistics Ltd.               CP                 CARE A1+       2500    Reaffirmed
Allcargo Logistics Park Pvt Ltd       ST Bk Fac – NFBL   CARE A1+ (SO)  110     Reaffirmed
Balaji Enterprises                    ST Bk Fac          CARE A4        112.5   Assigned
Blue Star Engineering & Electronics LtCP*                CARE A1+ (SO)  100     Reaffirmed

*The rating assigned to the aforesaid commercial papers is based on the credit enhancement in
the form of letter of comfort which has been issued to the Investors of commercial paper by BSL.
The commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) are earmarked to the
working capital bank facilities of BSEEL which are already backed by unconditional and
irrevocable corporate guarantee issued by BSL. 

Blue Star Engineering & Electronics LtCP*                CARE A1+ (SO)  100     Reaffirmed
*The rating assigned to the aforesaid commercial papers is based on the credit enhancement in
the form of letter of comfort which has been issued to the Investors of commercial paper by BSL.
The commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) are earmarked to the
working capital bank facilities of BSEEL which are already backed by unconditional and
irrevocable corporate guarantee issued by BSL. 

Blue Star Engineering & Electronics LtCP*                CARE A1+ (SO)  50      Reaffirmed
*The rating assigned to the aforesaid commercial papers is based on the credit enhancement in
the form of letter of comfort which has been issued to the Investors of commercial paper by BSL.
The commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) are earmarked to the
working capital bank facilities of BSEEL which are already backed by unconditional and
irrevocable corporate guarantee issued by BSL. 

Bothra Shipping Services Pvt Ltd      ST Bk Fac          CARE A1        321.2   Reaffirmed
Elektromag Devices Pvt Ltd            ST Bk Fac          CARE A3+       70      Revised from
                                                                                CARE A2
Elektromag Joest-Vibration Pvt Ltd    ST Bk Fac          CARE A3        72.5    Reaffirmed
Eros Grand Resorts And Hotel Pvt Ltd  ST Bk Fac          CARE A4+       79.9    Assigned
Gspc Lng Ltd                          ST Bk Fac          CARE A1        21471.3 Reaffirmed
(enhanced from Rs.1137.13 crore)
Heritage Beverages Pvt Ltd            ST Bk Fac*         CARE A3+       65      Assigned
*The combined business & risk profile of Enrich Agro Food Products Pvt Ltd (EAFPPL), Versatile
Polytech Private Limited (VPPL) & Heritage Beverages Pvt Ltd

Housing Development Finance CorporatioST Bk Fac          CARE A1+       216527.8Reaffirmed
Ltd
(increased from 13,884.08 CR)
Italia Ceramics Ltd                   ST Bk Fac          CARE A4        50      Reaffirmed
Jaya Hume Pipes Pvt Ltd               ST Bk Fac          CARE A4        50      Assigned
Jaya Spun Pipes                       ST Bk Fac          CARE A4        25      Assigned
Lambda Therapeutic Research Ltd       ST Bk Fac          CARE A1+       20      Reaffirmed
Maf Clothing Pvt Ltd                  ST non fund based  CARE A3        61
                                      Bk Fac
Issuer not cooperating
Mg Tex Fab Pvt Ltd                    ST Bk Fac          CARE A4        1.6     Reaffirmed
N S Engineering Pvt Ltd               ST Bk Fac          CARE A3+       160     Reaffirmed
(Reduced from Rs. 20 crore)
Oil And Natural Gas Corporation Ltd   ST Bk Fac          CARE A1+       95000   Reaffirmed
Rudra Alloys Pvt Ltd                  ST Bk Fac          CARE A4        20      Reaffirmed
S. S. Fabricators And Manufacturers   ST Bk Fac          CARE A4+       200     Reaffirmed
Theis Precision Steel India Pvt Ltd   ST Bk Fac          CARE A3+       100     Reaffirmed
Vizag Hospital And Cancer Research    ST Bk Fac          CARE A3        2.1     Reaffirmed
Centre Pvt Ltd
(enhanced from Rs. 0.01 crore)
Vsp International Pvt Ltd             ST Bk Fac          CARE A4+       10      Assigned
LONG TERM RATINGS:
-------------------
Airtech Electrovision Pvt Ltd         LT Bk Fac          CARE B+        80      Reaffirmed
Airtech Electrovision Pvt Ltd         Bk Fac             CARE B+ /A     10      Reaffirmed
Allcargo Logistics Ltd.               NCD (NCD) issue    CARE AA        2000    Reaffirmed
                                      (Proposed)
Allcargo Logistics Park Pvt Ltd       LT Bk Fac – TL     CARE AA (SO)   44.6    Reaffirmed
Allcargo Logistics Park Pvt Ltd       LT Bk Fac – TL     CARE AA (SO)   50      Reaffirmed
Allcargo Logistics Park Pvt Ltd       LT Bk Fac –FBL     CARE AA (SO)   10      Reaffirmed
Allcargo Shipping Company Pvt Ltd     LT Bk Fac – FB -TL CARE AA (SO)   309.3   Reaffirmed
Allcargo Shipping Company Pvt Ltd     LT Bk Fac – FB     CARE AA (SO)   20      Reaffirmed
                                      Limits
Anthem Editute Trust                  LT Bk Fac          CARE BB        300     Revised from
                                                                                CARE BB-
Ardent Steel Ltd                      Non-FB - STBG/LC   --                     Withdrawn
Ardent Steel Ltd                      Bk Fac-TL-LT       CARE BB        1518.1  Revised from
                                                                                CARE D
(enhanced from 125.22 CR)
Ardent Steel Ltd                      Bk Fac-Fund        CARE BB        187.8   Revised from
                                      Based-LT                                  CARE D
Balaji Enterprises                    LT Bk Fac          CARE B+        95      Assigned
Best Capital Services Ltd.            LT Bk Fac          CARE BB-       130     Assigned
Blue Star Engineering & Electronics LtLT Bk Fac (TL)@    CARE AA+ (SO)  199.8   Reaffirmed
'@backed by unconditional and irrevocable corporate guarantee issued by Blue Star Limited (BSL;
rated ‘CARE AA+; Stable/CARE A1+’ for bank facilities and instruments). 

Blue Star Engineering & Electronics LtLT Bk Fac (Bk Fac@ CARE AA+ (SO)  300     Assigned
Bothra Shipping Services Pvt Ltd      LT Bk Fac          CARE A         319.6   Reaffirmed
Elektromag Devices Pvt Ltd            LT Bk Fac          CARE BBB       22.5    Revised from
                                                                                CARE BBB+
Elektromag Joest-Vibration Pvt Ltd    LT Bk Fac          CARE BBB-      60      Reaffirmed
Enrich Agro Food Products Pvt Ltd     LT Bk Fac          CARE BBB+      2320.2  Assigned
Eros Grand Resorts And Hotel Pvt Ltd  LT Bk Fac          CARE BB+       3.4     Revised from
                                                                                CARE BB
(Reduced from 11 crore)
Etco Denim Pvt Ltd.                   Bk Fac             CARE D         1129.9
Issuer not cooperating
Etco Denim Pvt Ltd.                   LT Bk Fac          CARE D         2464.5
Issuer not cooperating
Etco Denim Pvt Ltd.                   ST Bk Fac          CARE D         290
Issuer not cooperating
Etco Industries Pvt Ltd.              LT Bk Fac          CARE D         1405.6
Issuer not cooperating
Etco Industries Pvt Ltd.              ST Bk Fac          CARE D         120
Issuer not cooperating
Glory Products Pvt Ltd                LT Bk facility     CARE BB        61.1    Assigned
Great Eastern Energy Corporation Ltd  LT Bk Fac          CARE BB+       5000.8  Revised from
                                                                                CARE D
Great Eastern Energy Corporation Ltd  LT NCDs (NCDs)     CARE BB+       815.6   Revised from
                                                                                CARE C
Gspc Lng Ltd                          LT Bk Fac          CARE A         5028.7  Reaffirmed
(enhanced from Rs.352.87 crore)
Gspc Lng Ltd                          Bk Fac             CARE A /A1     1500    Reaffirmed
(enhanced from Rs.110 crore)
Heritage Beverages Pvt Ltd            LT Bk Fac*         CARE BBB+      530     Assigned
*The combined business & risk profile of Enrich Agro Food Products Pvt Ltd (EAFPPL), Versatile
Polytech Private Limited (VPPL) & Heritage Beverages Pvt Ltd
Housing Development Finance CorporatioLT Bk Fac          CARE AAA       35820   Reaffirmed
Ltd
(reduced from 4,575.08 CR)
Indian Microfinance Loan Receivables  Series A PTC       CARE AA (SO)           Reaffirmed
Trust March 2017 (Originator: Bharat
Financial Inclusion Limite...
Italia Ceramics Ltd                   LT Bk Fac          CARE BB-       101.9   Reaffirmed
J. M. Mhatre Infra Pvt. Ltd           Bk Fac-FB - LT-CC  --                     Withdrawn
J. M. Mhatre Infra Pvt. Ltd           Bk Fac-Non-FB -    --                     Withdrawn
                                      ST-BG/LC
Jaya Hume Pipes Pvt Ltd               LT Bk Fac          CARE BB-       50      Assigned
Jaya Spun Pipes                       LT Bk Fac          CARE BB-       30      Assigned
Jindal Denim (India) Pvt Ltd          LT Bk Fac#         CARE A- (SO)   340     Provisional
# Bank facilities are proposed to be backed by the unconditional and irrevocable corporate
guarantee of Jindal Worldwide Limited
Jyotsanaben K.Goswami                 LT Bk Fac          CARE B         69.6    Reaffirmed
(reduced from 8.41 CR)
Krofta Papers Pvt Ltd                 LT Bk Fac          CARE B+        145     Assigned
Lambda Therapeutic Research Ltd       LT Bk Fac          CARE AA-       160     Reaffirmed
Lambda Therapeutic Research Ltd       Bk Fac             CARE AA- /A1+  300     Reaffirmed
Maf Clothing Pvt Ltd                  Bk Fac             CARE BBB- /A3  569
Issuer not cooperating
Mahindra Aerostructures Pvt Ltd       LT Bk Fac FB       CARE BBB+      526.4   Reaffirmed
(reduced from 67.20 CR)
Mahindra Aerostructures Pvt Ltd       LT Bk Fac Non-FB   CARE BBB+      40      Reaffirmed
Marudhar Polysacks Pvt Ltd            LT Bk Fac          --                     Withdrawn
Mg Tex Fab Pvt Ltd                    LT Bk Fac          CARE BB-       45.7    Reaffirmed
Moka Business Pvt Ltd                 LT Bk Fac          CARE BB        75      Revised from
                                                                                CARE B+
Moka Business Pvt Ltd                 Bk Fac             CARE BB /A4    75      Revised from
                                                                                CARE B+
N S Engineering Pvt Ltd               LT Bk Fac          CARE BBB       140     Reaffirmed
Northstar Solar Power Pvt Ltd         LT Bk Fac          CARE BBB-      200.7   Reaffirmed
(Reduced from 21.72 CR)
Oil And Natural Gas Corporation Ltd   LT Bk Fac          CARE AAA       5000    Reaffirmed
Ongc Petro Additions Ltd              Compulsorily       CARE AAA (SO)  56150   Reaffirmed
                                      Convertible
                                      Debentures@
'@The above rating is based on the credit enhancement in the form of irrevocable & unconditional
undertaking from Oil and Gas Corporation (ONGC- rated CARE AAA; Stable/A1+) Ltd for buy-out of
the CCDs on exercise of put-option by investor 

Orange Mamatkheda Wind Pvt Ltd        LT Bk Fac          CARE BBB+      6252    Revised from
                                                                                CARE BBB
Repco Microfinance Ltd                LT Bk Fac          CARE BBB+      2500    Reaffirmed
(Enhanced from 100 CR)
Rudra Alloys Pvt Ltd                  LT Bk Fac          CARE B+        80      Reaffirmed
S. S. Fabricators And Manufacturers   LT Bk Fac          CARE BB+       100     Reaffirmed
Sanskar Synthetics Pvt Ltd            LT Bk Fac          CARE BB-       129.9   Reaffirmed
Senthil Kumar Textiles                LT Bk Fac          CARE BB-       326.1   Reaffirmed
(Enhanced from 6.82 CR)
Shree Rajeshwar Weaving Mills Pvt Ltd Bk Fac             CARE D/ D      150
Issuer not cooperating
Thakurdas Lotwala                     LT Bk Fac          CARE B+        75      Reaffirmed
The Catholic Syrian Bank Ltd          Lower Tier II BondsCARE BBB-      418     Reaffirmed
Theis Precision Steel India Pvt Ltd   LT Bk Fac          CARE BBB       155     Reaffirmed
(enhanced from 6.00 CR)
Uniton Infra Pvt Ltd                  LT Bk Fac          CARE B+        150     Assigned
Vee Kay Enterprises                   LT Bk Fac          CARE B+        105.5   Reaffirmed
Versatile Polytech Pvt Ltd            LT Bk Fac*         CARE BBB+      220     Assigned
*The combined business & risk profile of Enrich Agro Food Products Pvt Ltd (EAFPPL), Versatile
Polytech Private Limited (VPPL) & Heritage Beverages Pvt Ltd
Vision Roofings                       LT Bk facility     CARE BB-       52      Assigned
Vizag Hospital And Cancer Research    LT Bk Fac          CARE BBB       174.2   Revised from
Centre Pvt Ltd                                                                  CARE BBB-
(enhanced from Rs. 11.29 crore)
Vsp International Pvt Ltd             Bk Fac             CARE BB /A4+   90      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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