February 15, 2018 / 6:40 AM / 3 months ago

CARE ratings for Indian debt instruments-Feb 15

    Feb 15 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 14, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Amtech Electronics (India) Ltd        ST Bk Fac          CARE A3        127.4   -
(ISSUER NOT COOPERATING)
Bannari Amman Spinning Mills Ltd      ST BkFac           CARE A3+       1987.5  Reaffirmed
(enhanced from 75.00 Crore)

Dayal Lumbers Pvt Ltd                 ST Bk Fac          CARE A4        100     Assigned
Garden Silk Mills Ltd                 ST Bk Fac –        CARE D         5320    Reaffirmed
                                      Non-fund based
                                      working capital limits
Gujarat Foils Ltd                     ST Bk Fac – (Non-  CARE D         1050    -
                                      fund based)
(ISSUER NOT COOPERATING)
Krishna Buildestates Pvt Ltd          ST Bk Fac          CARE A3        10      Reaffirmed
(reduced from 4.00 Crore)
M. P. Power Management Co. Ltd        ST Bk Fac          CARE A2+ (SO)  9400    Reaffirmed
Mcpi Pvt. Ltd.                        ST BkFac           CARE A2+       9950    Assigned
Noble Tech Industries Pvt Ltd         ST Bk Fac          CARE A3        929.8   Revised from
                                                                                CARE A4+
(ISSUER NOT COOPERATING)
Proenergy Resources Pvt Ltd           ST Bk Fac          -                      Withdrawn
Prem Motors Pvt Ltd                   ST Bk Fac          CARE A3+       3060    Reaffirmed
Saggi Electric Company                ST Bk Fac          CARE A4        10      Assigned
Sakal Papers Pvt Ltd                  ST Bk Fac          CARE A1        610     -
Placed on credit watch with developing implications
Sar Clothing (India) Pvt Ltd          ST Bk Fac          CARE A4+       50      Reaffirmed
Shiv Electricals                      ST Bk Fac          CARE A4+       100     Assigned
Shraddha Energy And Infra Projects PvtST Bk Fac          CARE A4        139.5   -
Ltd
(ISSUER NOT COOPERATING)
The South Indian Bank Ltd             CDs                CARE A1+       75000   Reaffirmed
(enhanced from 5,000 Crore)

LONG TERM RATINGS:
-------------------
Ahuja Automobiles                     LT Bk Fac          CARE D         133     -
(ISSUER NOT COOPERATING)
Amtech Electronics (India) Ltd        LT Bk Fac          CARE BBB-      47.5    -
(ISSUER NOT COOPERATING)
Bannari Amman Spinning Mills Ltd      LT BkFac           CARE BBB+      2829.9  Reaffirmed
(enhanced from 178.39 Crore)
Bannari Amman Spinning Mills Ltd      Long/ST Bk Fac     CARE BBB+/A3+  3950    Reaffirmed
                                                         (Triple B
                                                         Plus/Outlook: /A Three Plus)
(enhanced from 335.00 Crore)
Bimla Rice International              LT Bk Fac          CARE B+        78.7    -
(ISSUER NOT COOPERATING)
Carnation Developers Pvt Ltd          LT Bk Fac          CARE BB        150     Assigned
Dayal Lumbers Pvt Ltd                 LT Bk Fac          CARE B+        15      Assigned
Garden Silk Mills Ltd                 LT Bk Fac–Non Fund -              -       Withdrawn
                                      based *
*SBLC amounting to Rs 416.79crore has been devolved and reclassified as term loan
Garden Silk Mills Ltd                 LT Bk Fac– TL*     CARE D         14806.1 Reaffirmed
Garden Silk Mills Ltd                 LT Bk Fac– Fund    CARE D         2987.1  Reaffirmed
                                      based working
                                      capital limits
Gentleman Suitings Pvt Ltd            LT Bk Fac          CARE B         99.9    Revised from
                                                                                CARE BB-
Gmr Bajoli Holi Hydro Power Pvt Ltd   LT Fac (TL)        CARE BB-       13800   Revised from
                                                                                CARE D
Gmr Bajoli Holi Hydro Power Pvt Ltd   LT Bk Fac          CARE BB-       250     Revised from
                                      (Non-fund based)                          CARE D
Govind Milk And Milk Products Pvt Ltd LT Bk Fac          CARE BB        617.4   Revised from
                                                                                CARE BBB-
*Issuer did not cooperate; Based on best available information
Gujarat Foils Ltd                     LT Bk Fac– (TL)    CARE D         342.4   -
(ISSUER NOT COOPERATING)
Gujarat Foils Ltd                     LT Bk Fac– (Fund   CARE D         1050    -
                                      Based)
(ISSUER NOT COOPERATING)
Gupta Overseas Pvt Ltd                LT Bk Fac          CARE B         85.4    Reaffirmed
(reduced from 9.28 Crore)
Jewelmark India Pvt Ltd               LT/STBk Fac        CARE BB+/A4+   90      Reaffirmed
(Enhanced from Rs. 7 crore Crore)
Jitf Water Infrastructure Ltd         LT Bk Fac (Fund    CARE BBB-      260     Reaffirmed
                                      Based)
Jitf Water Infrastructure Ltd         LT / ST Bk Fac     CARE BBB-/A3   2379.8  Reaffirmed
                                      (Non Fund Based)
(reduced from 300.00 Crore)
Kosamattam Finance Ltd                LT Bk Fac          -              -       Withdrawn
Krish Infrastructure Pvt Ltd          LT Bk Fac          CARE BB+       237.2   Assigned
Krishna Buildestates Pvt Ltd          Long/ST Bk Fac     CARE BBB-/A3   170     Reaffirmed
(enhanced from 10.00 Crore)
Lolark Polytex Pvt Ltd                LT Bk Fac          CARE BB        70      Reaffirmed
M. P. Power Management Co. Ltd        LT Bk Fac          CARE A- (SO)   13600   Reaffirmed
(enhanced from 560.00 Crore)
Maa Kudargarhi Steels Pvt Ltd         LT Bk Fac          CARE BBB-      551.6   Assigned
Mahamaya Foods & Grains Pvt Ltd       LT Bk Fac          CARE BB        150     Assigned
Mcpi Pvt. Ltd.                        LT BkFac           CARE A-        2000    Assigned
Narayan Fruits And Vegetables Cold    LT Bk Fac          CARE B         55      Assigned
Storage Pvt Ltd
Noble Tech Industries Pvt Ltd         LT Bk Fac          CARE BBB-      1247.3  Revised from
                                                                                CARE BB+
(ISSUER NOT COOPERATING)
Noble Tech Industries Pvt Ltd         LT/ Shortterm Bk   CARE BBB-/A3   5.2     Revised from
                                      Fac                                       CARE BB+/
                                                                                CARE A4+
(ISSUER NOT COOPERATING)
Prem Motors Pvt Ltd                   LT Bk Fac          CARE BBB+      1613.4  Revised from
                                                                                CARE BBB
Proenergy Resources Pvt Ltd           LT Bk Fac          -                      Withdrawn
Rajsamadhiyala Spintex Pvt Ltd        LT Bk Fac          CARE BB        544.6   Reaffirmed
Rajsamadhiyala Spintex Pvt Ltd        LT/ ST Bk Fac      CARE BB/A4+    35      Reaffirmed
Ram Raghu Healthcare Pvt Ltd          LT Bk Fac          CARE D         42.6    Assigned
Rama Power & Steel Pvt Ltd            LT Bk Fac          CARE BBB-      200     Assigned
Riddhi Siddhi Associates              LT Bk Fac          CARE BB+       582.2   Reaffirmed
(enhanced from 39.50 Crore)
Riddhi Siddhi Associates              LT/ST BkFac        CARE BB+/A4    600     Reaffirmed
(enhanced from 50 Crore)
Ritika Pvt Ltd                        LT Bk Fac          CARE BBB-      350     Assigned
Rksk Steel India Pvt Ltd              LT Bk Fac          CARE BBB-      250     Assigned
Royal Touch Laminates Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Saggi Electric Company                LT Bk Fac          CARE B         50      Assigned
Sakal Papers Pvt Ltd                  CP#                -              -       Withdrawn
# Carved out of sanctioned working capital limits
Sakal Papers Pvt Ltd                  LT Bk Fac          CARE A-        800     -
Placed on credit watch with developing implications
Shraddha Energy And Infra Projects PvtLT Bk Fac (TL)     CARE BB        1063.1  -
Ltd
(ISSUER NOT COOPERATING)
Shraddha Energy And Infra Projects PvtLT Bk Fac (Fund    CARE BB        580     -
Ltd                                   Based)
(ISSUER NOT COOPERATING)
The Federal Bank Ltd                  Tier II bonds      CARE AA        5000    Assigned
                                      (Under Basel III)
Tikaula Sugar Mills Ltd               LT Bk Fac (Fund    CARE BBB+      700     Revised from
                                      based)                                    CARE BBB-
Tikaula Sugar Mills Ltd               LT Bk Fac (TL)     CARE BBB+      88      Revised from
                                                                                CARE BBB-
(reduced from 17.48 Crore)
Trilok And Associates                 LT Bk Fac          CARE BB-       41.6    Assigned
Trilok And Associates                 LT / ST Bk Fac     CARE BB-/A4    58.4    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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