February 11, 2019 / 8:16 AM / 9 days ago

CARE ratings for Indian debt instruments-Feb 11

    Feb 11 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 8, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adarsh Noble Corporation Ltd          ST Bk Fac          CARE D         37.5    -
(Issuer Not Cooperating)
Archit Plywood Pvt Ltd                ST BkFac           CARE A4        40      -
(Issuer Not Cooperating)
Basanti Mata Agri Product Pvt Ltd     ST Bk Fac          CARE A4        1.8     -
(Issuer Not Cooperating)

Captronic Systems Pvt Ltd             ST Bk Fac          CARE A4        95      Assigned
Citizencredit Co-Operative Bank Ltd   ST Bk Fac          CARE A3+       60      Assigned
Dish Tv India Ltd                     ST BkFac (LOC/BG)  CARE A1        1900    Rating
                                                                                revised from
                                                                                A1+
Rating placed on credit watch with negative implications
Dish Tv India Ltd                     ST BkFac (TL)      CARE A1        2500    Rating
                                                                                revised from
                                                                                A1+
Rating placed on credit watch with negative implications
Eps Instrumentation Pvt Ltd           ST BkFac           CARE A4        90      -
(Issuer Not Cooperating)
Essel Infraprojects Ltd               ST BkFac           CARE A4        1460    Revised from
                                                                                CARE A3
Gn Pal & Associates                   ST Bk Fac          CARE A4        40      -
(Issuer Not Cooperating)
Green Facade Solutions Pvt Ltd        ST Bk Fac          CARE A4        75      -
(Issuer Not Cooperating)
Jai Bharat Rice Mills                 ST BkFac           CARE A4        2       -
(Issuer Not Cooperating)
Jai Shiv Food Products Pvt Ltd        ST Bk Fac          CARE A4        405     Reaffirmed
(enhanced from 15.50 Crore)
Jindal Steel & Power Ltd              ST Bk Fac          CARE A3        61821.8 Reaffirmed
(reduced from 6,824.81 Crore)
K.P.R. Sugar Mill Ltd                 (iv) ST BkFac*^    -              -       Withdrawn
*backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
from K.P.R Mill Limited (KPR, rated ‘CARE AA; Stable’, ‘CARE A1+’) ^CARE has withdrawn the
rating for short-term bank facilties (both standalone and guaranteed) with immediate effect, as
the company has fully repaid the amount under the said facility and there is no amount
outstanding under the facility as on date 
Kaytx Industries Pvt Ltd              ST Bk Fac          CARE D         150     Revised from
                                                                                CARE A4
Kalinga Agro Foods                    ST BkFac           CARE A4        30      -
(Issuer Not Cooperating)
K.P.R. Sugar Mill Ltd                 (iii) ST BkFac^    -              -       Withdrawn
^CARE has withdrawn the rating for short-term bank facilties (both standalone and guaranteed)
with immediate effect, as the company has fully repaid the amount under the said facility and
there is no amount outstanding under the facility as on date.
Kshitij Kumar Choudhary               ST BkFac           CARE A4        130     Reaffirmed
Lakhpat Trading And Industrys Pvt Ltd ST Bk Fac          CARE A4+       285     Assigned
Maa Uttar Bahini Agro Industries Pvt. ST BkFac           CARE A4        2.8     -
Ltd
(Issuer Not Cooperating)
Markwell International                ST Bk Fac          CARE A4        50      Assigned
Mahavir Foods                         ST Bk Fac          CARE D         150     -
(Issuer Not Cooperating)
Mohurgong And Gulma Tea Estates       ST Bk Fac          CARE A4        5       -
Nalli Chinnasami Chetty               ST Bk Fac          CARE A2        90      Reaffirmed
Neumann Components Pvt Ltd            ST BkFac           CARE A4        50.9    -
(Issuer Not Cooperating)
Paras Bhavani Steel Pvt Ltd           ST Bk Fac          CARE A4        220     Assigned
Panchshil Infrastructure Holdings Pvt ST Bk Fac          -              -       Withdrawn
Ltd
Pushp Enterprises                     ST Bk Fac          CARE A4        40      Reaffirmed
R. K. Overseas                        ST BkFac^          CARE A3 (SO)   220     Reaffirmed
^backed by unconditional and irrevocable corporate guarantee provided by Amir Chand Jagdish
Kumar (Exports) Ltd (ACJK).
Ryatar Sahakari Sakkare Karkhane NiyamST Bk Fac          CARE A4        200     Reaffirmed
Sidhi Vinayak Rice Mills              ST Bk Fac          CARE D         180     -
(Issuer Not Cooperating)
Sai Overseas                          ST BkFac           CARE A4        40      -
(Issuer Not Cooperating)
Seema Construction Company            ST Bk Fac          CARE A4        400     -
(Issuer Not Cooperating)
Siddhartha Engineering Ltd            ST Bk Fac          CARE A4+       150     -
(Issuer Not Cooperating)
Skg Timbers Pvt Ltd                   ST BkFac           CARE A4        180     -
(Issuer Not Cooperating)
Sukhbir Agro Energy Ltd               ST BkFac (Fund     CARE A2        2000    Reaffirmed
                                      Based)
Tesla Transmission Control            ST Bk Fac          CARE A4        38      Assigned
The Climate Makers (Sales)            ST Bk Fac          CARE A4        70      -
(Issuer Not Cooperating)
Trimax It Infrastructure And Services ST Bk Fac          CARE D         6502.8  -
Ltd
(Issuer Not Cooperating)
Tigris International (Formerly Dp     ST Bk Fac^         CARE A3 (SO)   103     Reaffirmed
Enterprises)
^backed by unconditional and irrevocable corporate guarantee provided by Amir Chand Jagdish
Kumar (Exports) Ltd (ACJK).
Universal Biomass Energy Pvt Ltd      ST Bk Fac (Non     CARE A3        5       Reaffirmed
                                      Fund Based)
Vijay Construction                    ST Bk Fac          -              -       Withdrawn
Vibhor Steel Tubes Pvt Ltd            ST Bk Fac          CARE A3        946     Assigned
Zee Entertainment Enterprises Ltd     ST BkFac           CARE A1+       800     Revised from
                                                                                CARE A1+
Zee Media Corporation Ltd             ST Bk Fac – BG     CARE A1        380     -
Rating placed on credit watch with negative implications
Zigma Global Environ Solutions Pvt LtdST Bk Fac          CARE A3        569.6   Assigned

LONG TERM RATINGS:
-------------------
Aameya Polymers Llp                   LT Bk Fac          CARE BB-       44.7    Assigned
Aameya Polymers Llp                   LT/ST BkFac        CARE BB-/A4    100     Assigned
Abhilasha Ispat Udyog                 LT Bk Fac          CARE BB        80      -
(Issuer Not Cooperating)
Adarsh Noble Corporation Ltd          LT Bk Fac          CARE D         212.5   -
(Issuer Not Cooperating)
Aditya Auto Industries                LT Bk Fac          CARE B+        88      -
(Issuer Not Cooperating)
Ananth Solar Power Maharashtra Pvt LtdLT Bk Fac          -              -       Withdrawn
                                      (Proposed TL)
Angel Feeds                           LT BkFac           CARE B         65.1    -
(Issuer Not Cooperating)
Arasu Jewels                          LT Bk Fac          CARE B         70      Assigned
Archit Plywood Pvt Ltd                LT BkFac           CARE B+        42.5    -
(Issuer Not Cooperating)
Athens Life Sciences                  LT Bk Fac          CARE B+        80.8    Assigned
Bagori Polymers Pvt Ltd               LT Bk Fac          CARE BB-       143.5   -
(Issuer Not Cooperating)
Barani Hydraulics India Pvt Ltd       LT Bk FacST Bk Fac CARE BB /CARE  -       Assigned
                                                         A4                     Assigned
Basanti Mata Agri Product Pvt Ltd     LT Bk Fac          CARE B+        134.4   -
(Issuer Not Cooperating)
Bhamra Agro Industries Pvt Ltd        LT Bk Fac          CARE B+        72      -
(Issuer Not Cooperating)
Brijraj Motors Pvt Ltd                LT Bk Fac          CARE BB        187.5   -
(Issuer Not Cooperating)
Captronic Systems Pvt Ltd             LT Bk Fac          CARE B         68.9    Assigned
Citizencredit Co-Operative Bank Ltd   LT Bk Fac          CARE BBB-      140     Assigned
Citizencredit Co-Operative Bank Ltd   LT/ST BkFac        CARE BBB-/A3+  50      Assigned
                                      (Proposed)
Dish Infra Services Pvt. Ltd.         Fund based Bk Fac  CARE A (SO)    400     Revised from
                                      (CC)                                      CARE A+
Rating placed on credit watch with negative implications
Dish Infra Services Pvt. Ltd.         Long - term Bk     CARE A (SO)    19236.8 Revised from
                                      Fac (TL )                                 CARE A+
Rating placed on credit watch with negative implications
Dish Infra Services Pvt. Ltd.         LT/ST              CARE A         24038.5 Revised from
                                      Fundbased/Non-fund (SO)/A1(SO)            CARE
                                      based BkFac                               A+/CAREA1+
Rating placed on credit watch with negative implications
Dish Infra Services Pvt. Ltd.         Long - term/Short- CARE A         1000    Revised
                                      term               (SO)/A1(SO)            fromCARE
                                      BkFac(Non-fund based )                    A+/CARE A1+
Rating placed on credit watch with negative implications
Emaar Mgf Land Ltd                    Non- Convertible   CARE BB        22600   -
                                      Debenture Issue
Rating placed under credit watch with negative implications
Eps Instrumentation Pvt Ltd           LT BkFac           CARE B+        15      -
(Issuer Not Cooperating)
Fast Track Cfs Pvt Ltd                LT Bk Fac          CARE B         130     -
(Issuer Not Cooperating)
Gn Pal & Associates                   LT Bk Fac          CARE B+        90      -
(Issuer Not Cooperating)
Green Facade Solutions Pvt Ltd        LT Bk Fac          CARE B+        15      -
(Issuer Not Cooperating)
Gujarat Road And Infrastructure Co.   NCD issue          CARE AAA (SO)  -       -
Ltd
Placed under Credit watch with developing implications
Hindusthan Speciality Chemicals Ltd   LT Bk Fac          -              -       Withdrawn
Hindusthan Urban Infrastructure Ltd   LT Bk Fac          -              -       Withdrawn
Hindusthan Urban Infrastructure Ltd   LT/ ST Fac         -              -       Withdrawn
Ifmr Fimpact Investment Fund          IFMR FImpact       CARE AA        -       Reaffirmed
                                      Investment Fund
Jai Bharat Rice Mills                 LT BkFac           CARE B+        165.5   -
(Issuer Not Cooperating)
Jai Bharat Rice Mills                 LT/ ST BkFac       CARE B+/A4     60      -
(Issuer Not Cooperating)
Jai Shiv Food Products Pvt Ltd        LT Bk Fac          CARE BB-       105.1   Revised from
                                                                                CARE B+
(reduced from 11.27 Crore)
Jindal Steel & Power Ltd              NCDs Programme-II  -              -       Withdrawn
Jindal Steel & Power Ltd              LT Bk Fac          CARE BBB       15000   Reaffirmed
                                      (Priority TL)
Jindal Steel & Power Ltd              LT Bk Fac          CARE BBB-      173196  Reaffirmed
(reduced from 17,995.68 Crore)
Jindal Steel & Power Ltd              NCDs Programme-I   CARE BBB-      5000    Reaffirmed
Jindal Steel & Power Ltd              NCDs Programme-III CARE BBB-      8000    Reaffirmed
Jindal Steel & Power Ltd              NCDs Programme-IV  CARE BBB-      1000    Reaffirmed
Jindal Steel & Power Ltd              NCDs Programme-V   CARE BBB-      372     Reaffirmed
(reduced from 699.60 Crore)
Jindal Steel & Power Ltd              NCDs Programme-VI  CARE BBB-      4000    Reaffirmed
K.P.R. Sugar Mill Ltd                 (i) LT Bk Fac      CARE A         1500    Reaffirmed
K.P.R. Sugar Mill Ltd                 (ii) LT Bk Fac*    CARE AA (SO)   520.2   Reaffirmed
*backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
from K.P.R Mill Limited (KPR, rated CARE AA; Stable , CARE A1 )
Kalinga Agro Foods                    LT BkFac           CARE B         31      -
(Issuer Not Cooperating)
Kalyan Vaijinathrao Kale              LT Bk Fac          CARE B+        37.3    Reaffirmed
Kaytx Industries Pvt Ltd              LT Bk Fac          CARE D         400     Revised from
                                                                                CARE BB
Kirloskar Chillers Pvt Ltd            LT Bk FacST Bk Fac CARE A /CARE A1280     Reaffirmed
Kshitij Kumar Choudhary               LT BkFac           CARE BB        20      Revised from
                                                                                CARE BB-
Lakhpat Trading And Industrys Pvt Ltd LT Bk Fac          CARE BB        50      Assigned
Laxmi Board And Paper Mills Pvt Ltd   LT Bk Fac – TL     -              -       Withdrawn*
Laxmi Board And Paper Mills Pvt Ltd   LT Bk Fac          CARE BBB+      370     Reaffirmed
Lc Infra Projects Pvt Ltd             LT Bk Fac - Fund   CARE BBB+      100     Assigned
                                      Based
Lc Infra Projects Pvt Ltd             LT/ST Bk Fac - Non CARE BBB+/A3+  400     Assigned
                                      Fund Based
Maa Uttar Bahini Agro Industries Pvt. LT BkFac           CARE B         34.6    -
Ltd
(Issuer Not Cooperating)
Mahavir Foods                         LT Bk Fac          CARE D         70      -
(Issuer Not Cooperating)
Markwell International                LT Bk Fac          CARE BB        30      Assigned
Markwell International                LT/ ST Fac         CARE BB/A4     70      Assigned
Mawana Sugars Ltd                     Fund Based – LT/ST CARE BB/A4     250     Assigned
                                      –Working Capital
                                      Limit
Mohurgong And Gulma Tea Estates       LT Bk Fac          CARE BB-       145     Assigned
Mumbai Waste Management Ltd           LT Bk Fac          CARE BBB+      780.6   -
Placed on Credit watch with developing implications
Mumbai Waste Management Ltd           Long/ST BkFac      CARE BBB+/A3+  25      -
Placed on Credit watch with developing implications
Nalli Chinnasami Chetty               LT Bk Fac          CARE BBB+      25.3    Reaffirmed
(enhanced from Rs.1.61 crore Crore)
Navayuga Dhola Infra Projects Ltd     LT Bk Fac          CARE BBB+      4386.6  Reaffirmed
(reduced from Rs.461.46 crore Crore)
Neumann Components Pvt Ltd            LT BkFac           CARE BB        237.8   -
(Issuer Not Cooperating)
Nirmal Spinning Mills Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Panacea Biotec Ltd                    LT Bk Fac          CARE D         9595.5  Reaffirmed
Panchshil Infrastructure Holdings Pvt LT Bk Fac          -              -       Withdrawn
Ltd
Paradise Properties                   LT Bk Fac          CARE D/D       256     -
(Issuer Not Cooperating)
Paras Bhavani Steel Pvt Ltd           LT Bk Fac          CARE BB        502.4   Assigned
Prabhu Sponge Pvt Ltd                 LT BkFac           CARE B-        90      -
(Issuer Not Cooperating)
Pushp Enterprises                     LT Bk Fac          CARE BB        50      Reaffirmed
Raghav Industries                     LT Bk Fac          -              -       Withdrawn
Reach Dredging Ltd                    LT Bk Fac          CARE BBB       279.7   Reaffirmed
Reach Dredging Ltd                    Long/ST BkFac      CARE BBB/A3+   100     Reaffirmed
Ryatar Sahakari Sakkare Karkhane NiyamLT Bk Fac          CARE B-        550     Reaffirmed
Sagar Steel Processing And            LT Bk Fac          CARE BBB-      230     -
Manufacturing Unit
(Issuer Not Cooperating)
Sai Overseas                          LT BkFac           CARE B-        106     -
(Issuer Not Cooperating)
Sameer Construction Company           LT Bk Fac          CARE B+        30      -
(Issuer Not Cooperating)
Sameer Construction Company           LT / ST Bk Fac     CARE B+/A4     30      -
(Issuer Not Cooperating)
Seema Construction Company            LT Bk Fac          CARE BB        95      -
(Issuer Not Cooperating)
Shiva Corporation (India) Ltd         LT Bk Fac          CARE BBB-      150     Reaffirmed
(enhanced from 10 Crore)
Shiva Corporation (India) Ltd         LT / ST Bk Fac     CARE BBB-/A3   350     Reaffirmed
(enhanced from 17 Crore)
Shri Krishan Kripa Rice Mill          LT Bk Fac          CARE B+        120     -
(Issuer Not Cooperating)
Shri Markanda Steel Rolling Mills     LT Bk Fac          CARE B         50      Assigned
Shriram Navinkumar And Sons Ispat Pvt LT Bk Fac          CARE BB-       72.5    -
Ltd
(Issuer Not Cooperating)
Siddhartha Engineering Ltd            LT Bk Fac          CARE BB+       370     -
(Issuer Not Cooperating)
Siddhartha Engineering Ltd            Long/ST Bk Fac     CARE BB+/A4+   1180    -
(Issuer Not Cooperating)
Sidhi Vinayak Rice Mills              LT Bk Fac          CARE D         41.4    -
(Issuer Not Cooperating)
Siti Networks Ltd                     LT Bk Fac          CARE BBB-      1420    Rating
                                                                                revised from
                                                                                A-
Rating placed on credit watch with negative implications
Siti Networks Ltd                     LT Bk Fac          CARE BBB-      1420    Rating
                                                                                revised from
                                                                                A-
Rating placed on credit watch with negative implications
Sk Overseas                           LT BkFac           CARE B+        95.6    -
(Issuer Not Cooperating)
Skg Timbers Pvt Ltd                   LT BkFac           CARE B+        30      -
(Issuer Not Cooperating)
Sukhbir Agro Energy Ltd               LT BkFac           CARE A-        11645.1 Reaffirmed
(enhanced from 1,021.41 Crore)
Sukhbir Agro Energy Ltd               Long/ST BkFac      CARE A-/A2     1055    Reaffirmed
Surindera Cycles Pvt Ltd              LT BkFac           CARE BB-       188.5   Reaffirmed
(reduced from Rs.19.00 crore Crore)
Syndicate Wiper Systems Pvt Ltd       LT Bk Fac          CARE BBB-      50      -
(Issuer Not Cooperating)
Syndicate Wiper Systems Pvt Ltd       LT/ST Bk Fac       CARE BBB-/A3   100     -
(Issuer Not Cooperating)
Talwalkars Better Value Fitness Ltd   LT NCD             CARE AA        250     Assigned
Talwalkars Lifestyle Ltd              LT Bk Fac- TL      CARE AA        2829.8  Reaffirmed
(Enhanced from 237.98 Crore)
Talwalkars Lifestyle Ltd              LT NCD             CARE AA        716.7   Reaffirmed
(Reduced from 91.67 Crore)#
Talwalkars Lifestyle Ltd              LT NCD             CARE AA        250     Assigned
Tesla Transmission Control            LT Bk Fac          CARE BB        50      Assigned
Thakurdas Lotwala                     LT BkFac           CARE B+        75      -
(Issuer Not Cooperating)
The Climate Makers (Sales)            LT BkFac           CARE B+        59.5    -
(Issuer Not Cooperating)
Trimax Datacenter Services Ltd        LT Bk Fac          CARE D         211.1   -
(Issuer Not Cooperating)
Trimax It Infrastructure And Services LT Bk Fac          CARE D         8634    -
Ltd
(Issuer Not Cooperating)
Universal Biomass Energy Pvt Ltd      LT Bk Fac (TL)     -              -       Withdrawn
Universal Biomass Energy Pvt Ltd      LT Bk Fac (Fund    CARE BBB-      150     Reaffirmed
                                      Based-CC)
Universal Infra Pvt Ltd               LT Bk Fac          CARE BBB+ (SO)*139.9   Reaffirmed
(reduced from 16.34 Crore)
Vibhor Steel Tubes Pvt Ltd            LT Bk Fac          CARE BBB       545.7   Assigned
Vibrant Laminate Pvt Ltd              LT Bk Fac          CARE B+        135     -
(Issuer Not Cooperating)
Vijay Construction                    LT Bk Fac          -              -       Withdrawn
Vijay Construction                    Long/ST Bk Fac     -              -       Withdrawn
Zee Entertainment Enterprises Ltd     LT BkFac           CARE AA+       1250    Revised from
                                                                                CARE AA+
Zee Learn Ltd                         LT NCD (NCD) issue@CARE AA+ (SO)  650     -
Rating placed on credit watch with negative implications, @ Backed by unconditional and
irrevocable Corporate Guarantee extended by Zee Entertainment Enterprises Limited (rated CARE
AA+; Credit watch with negative implications/CARE A1+) for maintaining Debt Service Reserve
Account (DSRA) to top up the reserve account to meet any shortfall in servicing outstanding
obligations of the said debentures, seven days prior to the due date. 
Zee Media Corporation Ltd             LT Bk Fac – TL     CARE A         1132    -
Rating placed on credit watch with negative implications
Zee Media Corporation Ltd             LT Bk Fac – CC     CARE A         1000    -
Rating placed on credit watch with negative implications
Zigma Global Environ Solutions Pvt LtdLT Bk Fac          CARE BBB-      574.2   Reaffirmed
(enhanced from 12.66 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