February 14, 2019 / 6:01 AM / 9 days ago

CARE ratings for Indian debt instruments-Feb 14

    Feb 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 13, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aaacorp Exim India Pvt Ltd (Formerly  ST Bk Fac Non-FB   CARE D         194
Known As Aishwarya Plast Exports Pvt
Ltd)
Issuer Not Co-operating; Revised from CARE A4; Issuer Not Co-operating based onbest available
information
Anirudh Plastic Pvt Ltd               ST Bk Fac          CARE A4        60      Assigned
Ayoki Fabricon Pvt Ltd                ST Bk Fac          CARE A3        1210    Assigned
Balaji Agro Food Products             ST Bk Fac          CARE A4        0.7     Assigned
Central U.P Gas Ltd                   ST Bk Fac          CARE A1+       750

Revised from CARE A1 (A One)
Choudhary Construction Company        ST Bk Fac          CARE A3        -       Withdrawn
Ekdant Chawal Udyog                   ST Bk Fac          CARE A4        60      Assigned
Gardenfresh Cold Chain Pvt Ltd        ST Bk Fac          CARE A4        -       Withdrawn
Gb Chowdhury Holdings Pvt Ltd         ST Bk Fac          CARE A4+       -       Withdrawn
H K Lumbers Llp                       ST Bk Fac          CARE D         45
Issuer not cooperating; Based on best available information
H K Timbers Pvt Ltd                   ST Bk Fac          CARE D         75
Issuer not cooperating; Based on best available information
Jr Fibre Glass Industries Pvt Ltd     ST Bk Fac          CARE A4        11      Assigned
Kd Timber Llp                         ST Bk Fac          CARE A4        30      Assigned
Laxminarayan Spinners (I) Pvt Ltd     Short -term Bk Fac CARE A4        24      Assigned
Nivik Constructions                   ST Bk Fac          CARE A4        30      Reaffirmed
Parth International Pvt Ltd           ST Bk Fac          CARE A4        -       Withdrawn
Pennar Engineered Building Systems LtdST Bk Fac      CARE A1 (SO)   5       Reaffirmed
Pennar Industries Ltd                 ST Bk Fac          CARE A1        3175    Reaffirmed
(enhanced from 175.00 Crore)
Pinnacle Hospitals India Pvt Ltd      ST Bk Fac          CARE A4+       10
Revised from CARE A4
Rotomag Motors And Controls Pvt Ltd   ST Bk Fac          CARE A2        705
Revised from CARE A3+ (A Three Plus)
Rotomotive Powerdrives (India) Ltd    ST Bk Fac          CARE A2 (SO)   129.5
Revised from CARE A3+ (SO)
Sanghavi Jewel Pvt Ltd                ST Bk Fac – Non    CARE A4        10      Reaffirmed
                                      Fund Based
Shivam Autotech Ltd                   ST Fac             CARE A2+       280     Reaffirmed
(reduced from Rs.29 Crore)
Shivpuja Constructions Pvt Ltd        ST Bk Fac          CARE A2        50      Reaffirmed
Shri Venkatesh Udyog                  ST Bk Fac          CARE A4        50      Assigned
Techno Commercial Company Pvt Ltd     ST Bk Fac          CARE A4        10      Assigned
Verdant Life Sciences Pvt Ltd         ST Bk Fac          CARE A4        10.6
Revised from CARE A4+ (reduced from Rs. 1.70 Crore)
Victora Tool Engineers Pvt Ltd        ST Bk Fac          CARE A4+       -       Withdrawn
Wikas Printing And Carriers Pvt Ltd   Short -term Bk Fac CARE A4        12.5    Assigned


LONG TERM RATINGS:
-------------------
Aaacorp Exim India Pvt Ltd (Formerly  Bk Fac-Fund Based  CARE D         30
Known As Aishwarya Plast Exports Pvt  (CC)
Ltd)
Issuer Not Co-operating; Revised from CARE BB; Issuer Not Co-operating based on best available
information
Aadhar Housing Finance Ltd            LT Bk Fac          CARE AA        20900
Placed on credit watch with developing implications ;
Aadhar Housing Finance Ltd            NCD                CARE AA        5000
Placed on credit watch with developing implications ;
Aadhar Housing Finance Ltd            LT Bk Fac*         CARE AA (SO)   34016.5
Revised from  CARE AA+(SO); Stable [Double A Plus (Structured Obligation); Outlook: Stable];
placed on credit watch with developing implications ; *The ratings are based on credit
enhancement in the form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation
Ltd. (DHFL; rated ‘CARE AA+, under credit watch with developing implications’ in favour of
AHFL’s lenders.
Aadhar Housing Finance Ltd            LT Bk Fac*         CARE AA (SO)   12729
Revised from  CARE AA+(SO); Stable [Double A Plus (Structured Obligation); Outlook: Stable]; 
placed on credit watch with developing implications ; *The ratings are based on credit
enhancement in the form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation
Ltd. (DHFL; rated ‘CARE AA+, under credit watch with developing implications’ in favour of
AHFL’s lenders.
Aadhar Housing Finance Ltd            NCD*               CARE AA (SO)   17000
Revised from  CARE AA+(SO); Stable [Double A Plus (Structured Obligation); Outlook: Stable];
placed on credit watch with developing implications ; *The ratings are based on credit
enhancement in the form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation
Ltd. (DHFL; rated ‘CARE AA+, under credit watch with developing implications’ in favour of
AHFL’s lenders.
Aadhar Housing Finance Ltd            NCD*               CARE AA (SO)   30000
Revised from  CARE AA+(SO); Stable [Double A Plus (Structured Obligation); Outlook: Stable];
placed on credit watch with developing implications ; *The ratings are based on credit
enhancement in the form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation
Ltd. (DHFL; rated ‘CARE AA+, under credit watch with developing implications’ in favour of
AHFL’s lenders.
Aadhar Housing Finance Ltd            Sub-ordinated      CARE AA- (SO)  1500
                                      Debenture*
Revised from  CARE AA (SO); Stable [Double A (Structured Obligation); Outlook: Stable]; placed
on credit watch with developing implications ; *The ratings are based on credit enhancement in
the form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation Ltd. (DHFL; rated
‘CARE AA+, under credit watch with developing implications’ in favour of AHFL’s lenders.
Aaryaman Recreation Club Ltd          LT Bk Fac          CARE D         75
Issuer not cooperating; Based on best available information
Airtravel Enterprises India Ltd       LT Bk Fac          CARE BB-       600
Revised from CARE BB; Stable (Double B; Outlook: Stable )
Airtravel Enterprises India Ltd       LT/ Shortterm Bk   CARE BB-/A4    80
                                      Fac
Revised from CARE BB; Stable/CARE A4 (Double B; Outlook: Stable/A Four)
Anirudh Plastic Pvt Ltd               LT Bk Fac          CARE BB        25      Assigned
Aspee Precision Components Pvt Ltd    LT Bk Fac          CARE BBB-      33.3    Reaffirmed
(enhanced from Rs. 2.25 Crore)
Ayoki Fabricon Pvt Ltd                LT Bk Fac          CARE BBB-      240     Assigned
Balaji Agro Food Products             LT Bk Fac          CARE BB-       83.5    Assigned
Bhagwati Lacto Foods Pvt Ltd          LT Bk Fac          CARE B+        250     Reaffirmed
Bina Metal Way Pvt Ltd                LT Bk Fac          CARE B+        10      Assigned
Bina Metal Way Pvt Ltd                Long /ST Bk Fac    CARE B+/A4     165     Assigned
Choudhary Construction Company        LT Bk Fac          CARE BBB-      -       Withdrawn
Clean Wind Power (Pratapgarh) Pvt Ltd LT Bk Fac (TL)     CARE A         488.7   Reaffirmed
(reduced from 52.70 Crore)
Clean Wind Power (Pratapgarh) Pvt Ltd LT Bk Fac (Bk      CARE A         30      Reaffirmed
                                      Overdraft)
Edelweiss Asset Reconstruction Co. LtdPrincipal          CARE PP-MLD AA 5000    Assigned
                                      Protected Market   (SO)*
                                      Linked Debentures (PP-MLD)
*The rating is based on the credit enhancement in the form of unconditional and irrevocable
corporate guarantee from Edelweiss Financial Services Limited
Ekdant Chawal Udyog                   LT Bk Fac          CARE B+        15      Assigned
Gardenfresh Cold Chain Pvt Ltd        LT Bk Fac          CARE B+        -       Withdrawn
Gb Chowdhury Holdings Pvt Ltd         LT Bk Fac          CARE BB+       -       Withdrawn
Goraya Industries                     LT Bk Fac          CARE B+        97.5    Reaffirmed
(reduced from Rs. 10.50 Crore)
H K Lumbers Llp                       LT Bk Fac          CARE D         13.5
Issuer not cooperating; Based on best available information
H K Timbers Pvt Ltd                   LT Bk Fac          CARE D         60
Issuer not cooperating; Based on best available information
Invention Realtors Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Jay Jalaram Enterprise                LT Bk Fac          CARE BB        116.3
Issuer not cooperating; Based on best available information
Jr Fibre Glass Industries Pvt Ltd     LT Bk Fac          CARE BB-       134     Assigned
Kd Timber Llp                         LT Bk Fac          CARE B         30      Assigned
Laxminarayan Spinners (I) Pvt Ltd     LT Bk Fac          CARE BB-       352.7   Assigned
Mukteshwar Sugar Mills Ltd            LT Bk Fac          CARE B         250     Assigned
N. Rose Developers Pvt Ltd            Bk Fac-Non FB -    -              -       Withdrawn*
                                      LT-BGs
* withdrawn based on NOC received from the bank
N. Rose Developers Pvt Ltd            LT Bk Fac – TL     CARE BBB-      1200
Revised from CARE BB+;Stable(Double B Plus; Outlook: Stable)
Nivik Constructions                   LT Bk Fac          CARE BB        30      Reaffirmed
Parth International Pvt Ltd           LT Bk Fac          CARE BB        -       Withdrawn
Pennar Engineered Building Systems LtdLT Bk Fac          CARE A (SO)    1100    Reaffirmed
(enhanced from 75.00 Crore)
Pennar Engineered Building Systems LtdLT Bk Fac          CARE A (SO)    450     Assigned
Pennar Engineered Building Systems LtdLT/ST Bk Fac       CARE A (SO)/A1 2295    Reaffirmed
                                                         (SO)
(reduced from 250.00 Crore)
Pennar Engineered Building Systems LtdLT/ST Bk Fac       CARE A (SO)/A1 605     Assigned
                                                         (SO)
Pennar Industries Ltd                 LT Bk Fac          CARE A         3587.5  Reaffirmed
(enhanced from 230.00 Crore)
Pinnacle Hospitals India Pvt Ltd      LT Bk Fac          CARE BB+       385.7
Revised from CARE BB;
Piramal Capital & Housing Finance Ltd LT Bk Fac          CARE AA+       275000  Reaffirmed
(enhanced from Rs.20,000 Crore)
Plastomet                             LT Bk Fac          CARE B+        145.3   Assigned
Pnc Raebareli Highways Pvt Ltd        LT Bk Fac (Senior  CARE AA        5641.4  Reaffirmed
                                      Debt)
(reduced from 607.73 Crore)
Pnc Raebareli Highways Pvt Ltd        LT Bk Fac          CARE AA-       670.3   Reaffirmed
                                      (Subordinate Debt)
(reduced from 69.80 Crore)
Prem Kumar Pradeep Kumar              LT Bk Fac          CARE B+        99      Assigned
Radhadamodar Multipurpose Cold StorageLT Bk Fac          CARE B+        73.4    Assigned
Pvt Ltd
Rotomag Motors And Controls Pvt Ltd   LT Bk Fac          CARE BBB+      47.1
Revised from CARE BBB+; (Enhanced from Rs.2.71 Crore)
Rotomag Motors And Controls Pvt Ltd   LT / ST Bk Fac     CARE BBB+/CARE 300
                                                         A2
Revised from CARE BBB+ /A3+
Rotomotive Powerdrives (India) Ltd    LT Bk Fac          CARE BBB+ (SO) 44.3
Revised from CARE BBB+ (SO); (Reduced from Rs.5.32 Crore)
Rotomotive Powerdrives (India) Ltd    LT / ST Bk Fac     CARE BBB+      200
                                                         (SO)/CARE A2
                                                         (SO)
Revised from CARE BBB+ (SO); Stable/ CARE A3+ (SO)
S.G. Multimetals                      LT Bk Fac          CARE B+        100     Assigned
Sanghavi Jewel Pvt Ltd                LT Bk Fac – Fund   CARE B         787.1   Reaffirmed
                                      Based
Shivam Autotech Ltd                   LT Fac             CARE BBB+      5179.3  Reaffirmed
(enhanced from Rs.483.23 Crore)
Shivpuja Constructions Pvt Ltd        LT Bk Fac          CARE BBB+      83.2    Reaffirmed
Shri Venkatesh Udyog                  LT Bk Fac          CARE B+        20.2    Assigned
Spectrum Johnson Tiles Pvt Ltd        LT Bk Fac          CARE BB+       455
Issuer not cooperating; Revised from CARE BBB; Stable (Triple B; Outlook: Stable) on the basis
of best available information
Spectrum Johnson Tiles Pvt Ltd        Long –Term/ ST Bk  CARE BB+/A4    245
                                      Fac
Issuer not cooperating; Revised from CARE BBB; Stable/CARE A3 (Triple B; Outlook: Stable/ A
Three) on the basis of best available information
Swarna Pragati Housing Microfinance PvLT Bk Fac          CARE BBB-      1064.2
Ltd
Revised from CARE BBB- (reduced from Rs.150 Crore)
Techno Commercial Company Pvt Ltd     LT Bk Fac          CARE BB-       90      Assigned
Urjankur Shree Tatyasaheb Kore Warana LT Bk Fac          CARE BB        1228.2
Power Co. Ltd
Revised from CARE BBB (Under Credit watch with Negative Implications) (reduced from 125.84
Crore)
Verdant Life Sciences Pvt Ltd         LT Bk Fac          CARE BB        256.4
Revised from CARE BB+, Stable (Double B Plus, Outlook: Stable) (increased from Rs. 25.00 Crore)
Victora Tool Engineers Pvt Ltd        LT Bk Fac          CARE BB+       -       Withdrawn
Vidhisha Paper Mills Pvt Ltd          LT Bk Fac          CARE BB-       34.5    Reaffirmed
Vidhisha Paper Mills Pvt Ltd          LT/ST Bk Fac       CARE BB-/A4    30      Reaffirmed
Wikas Printing And Carriers Pvt Ltd   LT Bk Fac          CARE BB+       157.5   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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