February 12, 2020 / 8:51 AM / 16 days ago

CARE ratings for Indian debt instruments-Feb 12

    Feb 12  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of February 11, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Acme Solar Energy (Madhya Pradesh) PvtST Bk Fac          CARE A2+       142.9   Reaffirmed
Ltd
Acme Solar Technologies (Gujarat) Pvt ST Bk Fac          CARE A2+       133.1   Reaffirmed
Ltd
Acme Magadh Solar Power Pvt Ltd       ST Bk Fac          -              -       Withdrawn*
*CARE has withdrawn the rating assigned to the short-term bank facilities (Letter of Comfort) of
AMSPPL with immediate effect, as the company has returned the aforementioned facility in full
and there is no amount outstanding as on date.
Acme Nalanda Solar Power Pvt Ltd      ST Bk Fac          -              -       Withdrawn
Agroh Rewa Ring Road Pvt Ltd          ST Bk Fac          CARE A3+ (CE)  9       Reaffirmed
Ambey Mining Pvt. Ltd                 ST Bk Fac          CARE A1        3800    Reaffirmed
Balaji Construction Company           ST Bk Fac          CARE A4        180     -
(Issuer not cooperating)
Deora Wires N Machines Pvt Ltd        ST Bk Fac          CARE D         24.5    -
(Issuer not cooperating)
Fujiyama Power Systems Pvt Ltd        ST Bk Fac          CARE A3        80      Reaffirmed
Fullerton India Home Finance Co. Ltd  CP (CP) Issue      CARE A1+       1000    Reaffirmed
Himadri Speciality Chemical Ltd       CP (carved out)*   CARE A1+       3000    Reaffirmed
*carved out of the sanctioned working capital limits of the company
India Sign Pvt Ltd                    ST Bk Fac          CARE A3+       95      -
(Issuer not cooperating)
Kamdhenu Ltd                          ST Bk Fac          CARE A2        200     Revised from
                                                                                CARE A2+
(Continue to be under credit watch with negative implications)
Loyal Textile Mills Ltd               ST Bk Fac          CARE A3+       4330    Reaffirmed
Mehta & Associates Fire Protection    ST Bk Fac          CARE D         22.5    -
Systems Pvt Ltd
(Issuer not cooperating)
Millennium Tiles Llp                  ST Bk Fac          CARE A4        43.2    Reaffirmed
N K Shah Infraprojects                ST Bk Fac          CARE A4        40      Reaffirmed
Oyster Steel And Iron Pvt Ltd         ST Bk Fac          CARE D         200     -
(Issuer not cooperating)
Pace Business Machines Pvt Ltd        ST Bk Fac          CARE A4+       35      Reaffirmed
Pooja Plasto Colour Pvt Ltd           ST Bk Fac          CARE A4        50      -
(Issuer not cooperating)
Pushpdeep Infrastructure Pvt Ltd      ST Bk Fac          CARE A3        500     Reaffirmed
Quazar Infrastructure Pvt Ltd         ST Bk Fac          CARE A4        7.6     -
(Issuer not cooperating)
Raymond Luxury Cottons Ltd            ST Bk Fac          CARE A1        1320    Reaffirmed
Rotomag Motors And Controls Pvt       ST Bk Fac          CARE A2+       5       Assigned
Rotomotive Powerdrives (India) Ltd    ST Bk Fac          CARE A2+ (C    129.5   Revised from
                                                                                CARE A2 (CE)
Sms Lifesciences India Ltd            ST Bk Fac (ii)     CARE A2        3.2     Reaffirmed
(Removed from credit watch)
Shree Rajasthan Syntex Ltd            ST Bk Fac          CARE D         404.2   Reaffirmed
Thriveni Earthmovers Pvt. Ltd         ST Bk Fac          CARE A2        6310    -
(Placed on credit watch with developing implications)


MEDIUM TERM RATINGS:
-------------------
Shree Rajasthan Syntex Ltd            Fixed Deposits     CARE D (FD)    34.531  Reaffirmed
                                      (Instrument)


LONG TERM RATINGS:
-------------------
108 Emergency Medical Transport       LT Bk Fac          CARE BB; Stable100     Assigned
Services East (Up)
108 Emergency Medical Transport       Long/ST Bk Fac     CARE BB;       131.1   Assigned
Services East (Up)                                       Stable / A4
108 Emergency Medical Transport       LT Bk Fac          CARE BB; Stable100     Assigned
Services West (Up)
108 Emergency Medical Transport       Long/ST Bk Fac     CARE BB;       59.4    Assigned
Services West (Up)                                       Stable/ A4
Aarvy Healthcare Pvt Ltd              LT Bk Fac          CARE B+; Stable500     Assigned
Acme Magadh Solar Power Pvt Ltd       LT Bk Fac          CARE A-; Stable504.3   Reaffirmed
Acme Nalanda Solar Power Pvt Ltd      LT Bk Fac          CARE A-; Stable758.6   Reaffirmed
Acme Solar Energy (Madhya Pradesh) PvtLT Bk Fac          CARE A (CE);   1632.1  Reaffirmed
Ltd                                                      Stable#
# backed by unconditional & irrevocable co-obligor undertaking provided by both the entities
(viz. ACME Solar Energy (Madhya Pradesh) Private Limited and ACME Solar Technologies (Gujarat)
Private Limited) to each other
Acme Solar Technologies (Gujarat) Pvt LT Bk Fac          CARE A (CE);   1063.1  Reaffirmed
Ltd                                                      Stable#
# backed by unconditional & irrevocable co-obligor undertaking provided by both the entities
(viz. ACME Solar Energy (Madhya Pradesh) Private Limited and ACME Solar Technologies (Gujarat)
Private Limited) to each other
Agroh Biaora Tollways Pvt Ltd         LT Bk Fac          CARE BBB (CE); 578.3   Reaffirmed
                                                         Stable
Agroh Ratlam Tollways Pvt Ltd         LT Bk Fac          CARE A-; Stable592.6   Reaffirmed
Agroh Rewa Ring Road Pvt Ltd          LT Bk Fac          CARE BBB (CE); 468.8   Reaffirmed
                                                         Stable
Agroh Toll Highways Pvt Ltd           LT / ST Bk Fac^    -              -       Withdrawn
^Rating assigned to the bank guarantee limits of Rs.6.53 crore has been withdrawn as the same
has been surrendered 
Agroh Toll Highways Pvt Ltd           LT Bk Fac          CARE A-; Stable556.3   Reaffirmed
Ambey Mining Pvt. Ltd                 LT Bk Fac          CARE A; Stable 800     Reaffirmed
Anand Rice Mills                      LT Bk Fac          CARE B; Stable 440     Revised from
                                                                                CARE BB+;
                                                                                Stable
(Issuer not cooperating)
Auxilo Finserve Pvt Ltd               LT Bk Fac          CARE A-; Stable4000    Reaffirmed
Auxilo Finserve Pvt Ltd               Proposed           CARE A-; Stable1000    Assigned
                                      NonConvertible
                                      Debentures
Balaji Construction Company           LT Bk Fac          CARE BB-;      118     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer not cooperating)
Bhaskar International Pvt Ltd         LT Bk Fac          CARE B-; Stable65      Revised from
                                                                                CARE B
(Issuer not cooperating)
Deepak Agro Pvt Ltd                   LT Bk Fac          CARE BB-;      130     Assigned
                                                         Stable
Deora Wires N Machines Pvt Ltd        LT Bk Fac          CARE D         53      -
(Issuer not cooperating)
Deora Wires N Machines Pvt Ltd        LT/ ST Bk Fac      CARE D / D     30      -
(Issuer not cooperating)
Devihalli Hassan Tollway Ltd          NCD@               CARE AA+ (CE); 1594.4  Reaffirmed
                                                         Stable
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely, Western Andhra Tollways Limited (WATL), Krishnagiri Thopur Toll Road Limited (KTTL) and
Devihalli Hassan Tollway Limited (DHTL)) have given undertakings which irrevocably and
unconditionally guarantee to the lenders that in case of shortfall in any of the three SPVs, the
other two SPVs shall transfer surplus funds to meet the shortfall.
Dhru Motors                           LT/ST Bk Fac       CARE B;        370     Revised from
                                                         Stable/CARE A          CARE BB;
                                                                                Stable/ A4
Fujiyama Power Systems Pvt Ltd        LT Bk Fac          CARE BBB-;     24      Reaffirmed
                                                         Stable
Fujiyama Power Systems Pvt Ltd        LT/ ST Bk Fac      CARE BBB-;     196     Reaffirmed
                                                         Stable/ A3
Fullerton India Home Finance Co. Ltd  LT Debt Programme  CARE AAA;      37500   Reaffirmed
                                                         Stable
Fullerton India Home Finance Co. Ltd  Subordinated Debt  CARE AAA;      1500    Reaffirmed
                                                         Stable
Fusion Voice Solutions India Pvt Ltd  Bk Fac-Fund Based  CARE B+; Stable180     Revised from
                                      - LT-Cash Cred                            CARE BB-;
                                                                                Stable
(Issuer not cooperating)
G V Audio Visionn Pvt Ltd             LT Bk Fac          CARE D         75      Revised from
                                                                                CARE B; Stable
(Issuer not cooperating)
Haq Steels And Metaliks Ltd           LT / ST Bk Fac     CARE BB+;      200     -
                                                         Stable/ A4+
(Issuer not cooperating)
Haryana Petrochem                     LT Bk Fac          CARE B+; Stable76      Revised from
                                                                                CARE BB- ;
                                                                                Stable
(Issuer not cooperating)
Himadri Speciality Chemical Ltd       LT Bk Fac          CARE AA-;      486.8   Reaffirmed
                                                         Stable
Himadri Speciality Chemical Ltd       Outstanding        CARE AA-;      1500    Reaffirmed
                                      Nonconvertible     Stable
                                      debenture
Himadri Speciality Chemical Ltd       LT/ ST Bk Fac      CARE AA-;      16250   Reaffirmed
                                                         Stable/ A1+
India Sign Pvt Ltd                    LT Bk Fac          CARE BBB;      80      -
                                                         Stable
(Issuer not cooperating)
Kamdhenu Ltd                          LT Bk Fac          CARE BBB+      1300    Revised from
                                                                                CARE A-
(Continue to be under credit watch with negative implications)
Karan Intermediates Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Karan Intermediates Pvt Ltd           LT /ST Bk Fac      -              -       Withdrawn
Khalghat Sendhwa Tollways Pvt Ltd     LT Bk Fac (TL)     CARE A-; Stable3793.4  Reaffirmed
Khalghat Sendhwa Tollways Pvt Ltd     LT Bk Fac          CARE A-; Stable286.6   Reaffirmed
                                      (Overdraft)
Kmv Projects Ltd                      LT Bk Fac          CARE A; Stable 3445    Reaffirmed
Kmv Projects Ltd                      LT Bk Fac          CARE A; Stable 117.5   Assigned
Kmv Projects Ltd                      LT/ST Bk Fac       CARE A;        12400   Reaffirmed
                                                         Stable/ A2+
Koundinya Educational Society         LT Bk Fac          CARE B; Stable 50.4    -
(Issuer not cooperating)
Krish Cereals Pvt Ltd                 LT Bk Fac          CARE BB; Stable230     Revised from
                                                                                CARE BB+;
                                                                                Stable
Krishnagiri Thopur Toll Road Ltd      NCDs@              CARE AA+ (CE); 995.5   Reaffirmed
                                                         Stable
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely, Western Andhra Tollways Limited (WATL), Krishnagiri Thopur Toll Road Limited (KTTL) and
Devihalli Hassan Tollway Limited (DHTL)) have given undertakings which irrevocably and
unconditionally guarantee to the lenders that in case of shortfall in any of the three SPVs, the
other two SPVs shall transfer the surplus funds to meet the shortfall.
Ksh Infra Industrial Park Pvt Ltd     LT/ST Bk Fac       CARE BB;       1350    Assigned
                                                         Stable/ A4
Long Term /Short Term Bank Facilities LT Bk Fac          CARE BB+;      22.3    Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
(Issuer not cooperating)
Long Term /Short Term Bank Facilities LT /ST Bk Fac      CARE BB+;      125     Revised from
                                                         Stable / A4+           CARE BBB-;
                                                                                Stable / A3
(Issuer not cooperating)
Loyal Textile Mills Ltd               LT Bk Fac          CARE BBB+;     1240    Revised from
                                                         Negative               CARE BBB+
M Power Micro Finance Pvt Ltd         LT Bk Fac          CARE BBB-;     482     Reaffirmed
                                                         Stable
M Power Micro Finance Pvt Ltd         LT Sub-ordinated TLCARE BBB-;     50      Reaffirmed
                                                         Stable
Makers Laboratories Ltd               LT Bk FacTL        CARE BBB+;     87      Reaffirmed
                                                         Stable
Makers Laboratories Ltd               LT Bk FacFund basedCARE BBB+;     38      Reaffirmed
                                                         Stable
Manappuram Finance Ltd                NCD issue          CARE AA; Stable10500   Assigned
                                      (Proposed)
Manawar Kukshi Tollways Pvt Ltd       LT Bk Fac          CARE BBB (CE); 439.3   Reaffirmed
                                                         Stable
Mehta & Associates Fire Protection    LT Bk Fac          CARE D         40      -
Systems Pvt Ltd
(Issuer not cooperating)
Mehta & Associates Fire Protection    LT /ST Bk Fac      CARE D / D     80      -
Systems Pvt Ltd
(Issuer not cooperating)
Millennium Tiles Llp                  LT Bk Fac          CARE BB-;      307.9   Reaffirmed
                                                         Stable
Multiland Electronics Pvt Ltd         LT Bk Fac          CARE B; Stable 50      -
(Issuer not cooperating)
N K Shah Infraprojects                LT Bk Fac          CARE BB-;      10      Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Northern Arc 2019 Mosec Girard        Series A1 PTC      CARE A- (SO)   429     Assigned
Northern Arc 2019 Mosec Girard        Series A2 PTC      CARE BBB- (SO) 14.8    Assigned
Northern Solaire Prakash Pvt Ltd      LT Bk Fac          CARE A+        991.5   -
(Placed on credit watch with developing implications)
Oyster Steel And Iron Pvt Ltd         LT Bk Fac          CARE D         1000    -
(Issuer not cooperating)
Pace Business Machines Pvt Ltd        LT Bk Fac          CARE BB+;      52.9    Reaffirmed
                                                         Stable
Pace Business Machines Pvt Ltd        LT/Shortterm Bk FacCARE BB+;      200     Reaffirmed
                                                         Stable/ A4+
Pokaran Solaire Energy Pvt Ltd        LT Bk Fac          CARE A+        268.4   -
(Placed on credit watch with developing implications)
Pooja Plasto Colour Pvt Ltd           LT Bk Fac          CARE B; Stable 20      Revised from
                                                                                CARE B+
(Issuer not cooperating)
Popular Stores                        LT Bk Fac          -              -       -
(Revised to CARE B-; Stable : Issuer not cooperating (Single B Minus; Outlook; Stable: Issuer
not cooperating) from CARE B; Stable: Issuer Not Cooperating (
Pushpdeep Infrastructure Pvt Ltd      LT Bk Fac          CARE BBB-;     100     Reaffirmed
                                                         Negative
Quazar Infrastructure Pvt Ltd         LT Bk Fac          CARE B-; Stable52.4    Revised from
                                                                                CARE B
(Issuer not cooperating)
R. L. Agro Foods Pvt Ltd              LT Bk Fac          CARE B; Stable 700     Revised from
                                                                                CARE BB+;
                                                                                Stable
(Issuer not cooperating)
Raj Sneh Auto Wheels Pvt Ltd          LT Bk Fac          CARE D         150     -
(Issuer not cooperating)
Rajiv Chowk Sohna Highway Pvt Ltd     LT Bk Fac          CARE A-; Stable3378.0* Reaffirmed
(Removed from credit watch)
* Includes Bank Guarantee amounting to Rs.78 crore as Sub-limit of this term loan facility.
 Raymond Luxury Cottons Ltd           LT Bk Fac          CARE A-        2555.2  Reaffirmed
Rohan Rajdeep Toll Roads Ltd          FB - LT-TL         CARE A; Stable 368.1   Reaffirmed
Rohan Rajdeep Toll Roads Ltd          TL-LT              CARE A; Stable 128     Reaffirmed
Rohan Rajdeep Toll Roads Ltd          Debentures-NCD     CARE A; Stable 561.5   Reaffirmed
Rotomag Motors And Controls Pvt       LT Bk Fac          CARE A-; Stable36.1    Revised from
                                                                                CARE BBB+;
                                                                                Positive
Rotomag Motors And Controls Pvt       LT / ST Bk Fac     CARE A-;       1200    Revised from
                                                         Stable/ A2+            CARE BBB+;
                                                                                Positive/ A2
Rotomotive Powerdrives (India) Ltd    LT Bk Fac          CARE A- (CE);  35.9    Revised from
                                                         Stable                 CARE BBB+
                                                                                (CE); Positive
Rotomotive Powerdrives (India) Ltd    LT / ST Bk Fac     CARE A- (CE);  170     Revised from
                                                         Stable/ A2+            CARE BBB+
                                                         (CE)                   (CE); Positive/
                                                                                 A2(CE)
Royal Alloys                          LT Bk Fac          CARE B+; Stable72.5    Reaffirmed
S. K. Foods                           LT Bk Fac          CARE BB; Stable150     Revised from
                                                                                CARE BB+;
                                                                                Stable
Sasidhar Poultries Pvt Ltd            LT Bk Fac          CARE B+; Stable120     Assigned
Shakti Fastners                       LT Bk Fac          CARE B+; Stable57      Revised from
                                                                                CARE BB- ;
                                                                                Stable
(Issuer not cooperating)
Shree Rajasthan Syntex Ltd            LT Bk Fac          CARE D         921     Reaffirmed
Sms Lifesciences India Ltd            LT Bk Fac/ ST Bk   -              -       Withdrawn
                                      Fac (iv)
Sms Lifesciences India Ltd            LT Bk Fac (i)      CARE BBB+;     245     Reaffirmed
                                                         Stable
(Removed from credit watch)
Sms Lifesciences India Ltd            LT Bk Fac/ ST Bk   CARE BBB+;     300     Reaffirmed
                                      Fac (iii)          Stable/ A2
(Removed from credit watch)
Solaire Power Pvt Ltd                 LT Bk Fac          CARE A-        1193.7  -
(Placed on credit watch with developing implications)
Solairedirect Projects India Pvt Ltd  LT Bk Fac          CARE A-        1145.2  -
(Placed on credit watch with developing implications)
Sri Chaitanya Educational Society     LT Bk Fac          CARE B; Stable 50      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating)
Surya Laxmi Industries                LT Bk Fac          CARE BB-;      104.4   Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer not cooperating)
Suryauday Solaire Prakash Pvt Ltd     LT Bk Fac          CARE A+        540.7   -
(Placed on credit watch with developing implications)
Svera Agro Ltd                        LT Bk Fac          CARE B+; Stable150     -
(Issuer not cooperating)
Technique Solaire Invest 1 India Pvt  LT Bk Fac          CARE BBB;      192.9   Reaffirmed
Ltd                                                      Stable
The Andhra Pradesh State Seeds        LT Bk Fac          CARE BBB-;     2000    Assigned
Development Corporation Ltd                              Stable
Thriveni Earthmovers Pvt. Ltd         LT Bk Fac          CARE BBB+      4505.6  -
(Placed on credit watch with developing implications)
Uniquest Infra Ventures Pvt Ltd       LT/ ST Bk Fac      CARE AA-;      750     Reaffirmed
                                                         Stable / A1+
Western Andhra Tollways Ltd           NCD@               CARE AA+ (CE); 900     Reaffirmed
                                                         Stable
@based on the credit enhancement in the form of cash pooling mechanism wherein the three SPVs
(namely, Western Andhra Tollways Limited (WATL), Krishnagiri Thopur Toll Road Limited (KTTL) and
Devihalli Hassan Tollway Limited (DHTL)) have given undertakings which irrevocably and
unconditionally guarantee to the lenders that in case of shortfall in any of the three SPVs, the
other two SPVs shall transfer the surplus funds to meet the shortfall.


--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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