February 16, 2018 / 4:47 AM / 3 months ago

CARE ratings for Indian debt instruments-Feb 16

    Feb 16 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 15, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aka Logistics Pvt Ltd                 ST Bk Fac          CARE A2+       1100    Reaffirmed
(enhanced from 80.00 Crore)
Ambey Mining Pvt. Ltd                 ST Bk Fac          CARE A1        2000    Reaffirmed
(enhanced from 145.00 Crore)

Anant Chemicals                       ST Bk Fac          CARE A4        25      Assigned
Archit Plywood Pvt Ltd                ST Bk Fac          CARE A4        40      Reaffirmed
Budge Budge Refineries Limied         ST Bk Fac          CARE A3+       2802.5
Revised from CARE A3 (Enhanced from 200.00 Crore)
Dcm Shriram Industries Ltd            Proposed CP (CP)   CARE A1+       750     Assigned
                                      issue*
* carved out of the sanctioned working capital limits of the company.
Diehard Dies Pvt Ltd                  ST Bk Fac          CARE A4        8       Assigned
Encore Projects Pvt Ltd               ST Bk Fac          CARE A4        10      -
Issuer not cooperating; based on best available information
Housing Development Finance CorporatioST Bk Fac          CARE A1+       199739.9Reaffirmed
Ltd
(increased from 13,884.08 Crore)
Kaze Energy Ltd                       ST Bk Fac          CARE A3+       2758.2
Revised from CARE A3
Kpc Projects Ltd                      ST Bk Fac          CARE A2        50
Revised from CAREA3+
Krishna Wax Pvt Ltd                   ST Bk Fac          CARE A4        102.5   -
Issuer not cooperating; based on best available information
Madhya Bharat Power Corporation Ltd   ST Non- Fund Based CARE A4        100     Reaffirmed
                                      Bk Fac
Megafine Pharma Pvt Ltd               ST Bk Fac(Non-     CARE A2        135
                                      Fund Based)
Revised from CARE A2+
Nandan Petrochem Ltd                  ST Bk Fac (non-    CARE A4+       20      -
                                      fund based)
Issuer not cooperating; Based on best available information
Navin Fluorine International Ltd      ST Bk Fac (non-    CARE A1+       1350    Reaffirmed
                                      fund based)
Navin Fluorine International Ltd      CP (CP) issue*     CARE A1+       300     Reaffirmed
*carved out of the sanctioned working capital limits of the company.
Navin Fluorine International Ltd      CP(standalone)     CARE A1+       300     Reaffirmed
Psn Automobiles Pvt Ltd               ST Bk Fac          CARE A3        82.5    Reaffirmed
(enhanced from 7.25 Crore)
Psn Automotive Marketing Pvt Ltd      ST Bk Fac          CARE A3        115     Reaffirmed
Rmc Gems India Ltd                    ST Bk Fac          CARE A3        510     Reaffirmed
Samarth Engineering Company Pvt Ltd   ST Bk Fac          CARE A4        15      -
Issuer not cooperating; based on best available information
Saveetha Institute Of Medical And     ST Bk Fac          CARE A2+       150     Reaffirmed
Technical Sciences
Skg Timber Pvt Ltd                    ST Bk Fac          CARE A4        180     Reaffirmed
Sri Durga Automotives                 ST Bk Fac          CARE A4+       55.5    Assigned
Srikalahasthi Pipes Ltd               ST Bk Fac          CARE A1+       3200    Reaffirmed
Srikalahasthi Pipes Ltd               CP^                CARE A1+       750     Reaffirmed
Vikram Solar Ltd                      ST Bk Fac          CARE A2+       1000    Reaffirmed
Walchandnagar Industries Ltd          ST Bk Fac          CARE A4        7150
Revised fromCARE D
Wockhardt Ltd                         ST Bk Fac (Non-    CARE A1        5338
                                      Fund Based)
Revised from CARE A1+ (reduced from 596.30 Crore)

LONG TERM RATINGS:
-------------------
Aka Logistics Pvt Ltd                 LT Bk Fac          CARE A-        150     Reaffirmed
(enhanced from 10.00 Crore)
Ambey Mining Pvt. Ltd                 LT Bk Fac          CARE A         500     Reaffirmed
(enhanced from 40.00 Crore) Crore)
Anant Chemicals                       LT Bk Fac          CARE BB-       236.2   Assigned
Archit Plywood Pvt Ltd                LT Bk Fac          CARE B+        42.5    Reaffirmed
Budge Budge Refineries Limied         LT Bk Fac          CARE BBB+      247.5
Revised from CARE BBB(Enhanced from 5.00 Crore)
Deepak Proteins Pvt Ltd               LT Bk Fac          CARE B+        90      Reaffirmed
Diehard Dies Pvt Ltd                  LT Bk Fac          CARE BB        136.6   Assigned
Dish Infra Services Pvt. Ltd          LT Fund based Bk   CARE A+(SO)    400
                                      Fac (CC)
Continues on credit watch with developing implications
Dish Infra Services Pvt. Ltd          LT Non- Fund based CARE A+(SO)    1540
                                      Bk Fac (LC)
Continues on credit watch with developing implications
Dish Infra Services Pvt. Ltd          LT/ ST Bk Fac      CARE A+(SO)/   20835.3
                                                         A1+(SO)
Continues on Credit Watch (enhanced from 1833.53 Crore)
Eden Realty Ventures Pvt Ltd          LT Bk Fac          CARE BBB-      750     Assigned
Encore Projects Pvt Ltd               LT Bk Fac          CARE BB-       63.4    -
Issuer not cooperating; based on best available information (Reduced from 7.56 Crore)
Encore Projects Pvt Ltd               LT/ ST Bk Fac      CARE BB- / A4  13.5    -
Issuer not cooperating; based on best available information
Gkd India Ltd.                        LT Bk Fac          CARE BB        66.5    Reaffirmed
Green Orbit Apparels Pvt Ltd          LT Bk Fac          CARE BB-       100     Assigned
Housing Development Finance CorporatioLT Bk Fac          CARE AAA       35820   Reaffirmed
Ltd
Jay Bharat Metcast Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Jay Bharat Metcast Pvt Ltd            ST Bk Fac          -              -       Withdrawn
Jay Bharat Metcast Pvt Ltd            LT/ ST Bk Fac      -              -       Withdrawn
Kachchh Veneers Pvt Ltd               LT/ ST Bk Fac      CARE BB- / A4  165     Assigned
Kajaria Sanitaryware Pvt Ltd          LT Bk Fac          CARE A (SO)    151.8   Reaffirmed
(reduced from RS.19.07 Crore)
Kajaria Sanitaryware Pvt Ltd          LT/ ST Bk Fac      CARE A (SO)/   10      Reaffirmed
                                                         A1 (SO)
Kaze Energy Ltd                       LT Bk Fac          CARE BBB+      2920    Assigned
Kpc Projects Ltd                      LT Bk Fac          CARE A-        1140
Revised from CAREBBB+(enhanced from 104.00 Crore)
Kpc Projects Ltd                      LT/ ST Bk Fac      CARE A- / A2   2112.5
Revised from CAREBBB+ / CAREA3+(reduced from 221.25 Crore)
Krishna Wax Pvt Ltd                   LT Bk Fac          CARE BB-       47.5    -
Issuer not cooperating; based on best available information
Madhya Bharat Power Corporation Ltd   LT Fund Based Bk   CARE BB        7718.8  Reaffirmed
                                      Fac- TL
Madhya Bharat Power Corporation Ltd   Long/ ST Bk Fac    CARE BBB(SO)   800
Revised from CARE BBB- (SO)
Manchukonda Prakasham Industries IndiaLT Bk Fac          CARE A         50      Reaffirmed
Pvt Ltd
Manchukonda Prakasham Industries IndiaLong/ ST Bk Fac    CARE A/ A1     250     Reaffirmed
Pvt Ltd
Maruti Clean Coal And Power Ltd       LT Bk Fac – Fund   CARE BBB+      12099.4
                                      based – TL
Revised from CARE BBB (reduced from 1,244.00 Crore)
Maruti Clean Coal And Power Ltd       LT Bk Fac – Fund   CARE BBB+      1000
                                      based – CC
Revised from CARE BBB
Maruti Clean Coal And Power Ltd       LT/ ST Bk Fac –    CARE BBB+/ A3+ 1370
                                      Nonfund based –
                                      BG/ LC
Revised from CARE BBB/ CARE A3
Megafine Pharma Pvt Ltd               LT Bk Fac(TL)      CARE BBB+      154.2
Revised from CARE A-
Megafine Pharma Pvt Ltd               LT Bk Fac(Fund     CARE BBB+      400
                                      Based)
Revised from CARE A-
Mod Age Consultants & Advisory ServiceLT NCD             CARE D         170     -
Pvt Ltd
Issuer not cooperating; based on best available information
Nandan Petrochem Ltd                  LT Bk Fac (fund    CARE BB+       480     -
                                      based)
Issuer not cooperating; Based on best available information
Navin Fluorine International Ltd      LT Bk Fac (fund    CARE AA        850     Reaffirmed
                                      based)
Pari Agro Exports                     LT Bk Fac          CARE D         130
Revised from CARE BB-
Psn Automobiles Pvt Ltd               LT Bk Fac          CARE BBB-      25      Reaffirmed
Psn Automotive Marketing Pvt Ltd      LT Bk Fac          CARE BBB-      25      Reaffirmed
Revashankar Gems Ltd                  LT Bk Fac          CARE BB+       400     Reaffirmed
[Reduced from Rs.45.00 crores]
S.S.S. Fibre Ltd                      LT Bk Fac          CARE BB+       64      Reaffirmed
Samarth Engineering Company Pvt Ltd   LT Bk Fac          CARE BB-       40.9    -
Issuer not cooperating; based on best available information (Reduced from 4.97 Crore)
Sant Autos                            LT Bk Fac          CARE B         60      -
Issuer not cooperating; Revised from CARE B+
Saveetha Institute Of Medical And     LT Bk Fac          CARE A-        50      Reaffirmed
Technical Sciences
Skg Timber Pvt Ltd                    LT Bk Fac          CARE BB-       30      Reaffirmed
Sonamoti Agrotech Pvt Ltd             LT Bk Fac          CARE BB-       109.7   Assigned
Sri Durga Automotives                 LT Bk Fac          CARE BB-       170     Assigned
Srikalahasthi Pipes Ltd               LT Bk Fac          CARE AA-       3319.3
Revised from CARE A+
Sudharma Infratech Pvt Ltd            LT Bk Fac          CARE BB-       50      Reaffirmed
Sudharma Infratech Pvt Ltd            LT/ STBk Fac       CARE BB- / A4  92.5    Reaffirmed
The Andhra Pradesh Mineral DevelopmentIssuer Rating      CARE AA (Is)   -       Reaffirmed
Corporation Ltd
Thexa Pharma Pvt Ltd                  LT Bk Fac          CARE D         332.7   -
Issuer not cooperating; Based on best available information. Revised from CARE BB-
Thexa Pharma Pvt Ltd                  ST Bk Fac          CARE D         10      -
Issuer not cooperating; Based on best available information. Revised from CARE A4
Vikram Solar Ltd                      LT Bk Fac          CARE A-        1056.9
Reaffirmed with change in outlook from Stable(reduced from 110.20 Crore)
Walchandnagar Industries Ltd          LT Bk Fac- Fund    CARE BB        2200
                                      Based
Revised fromCARE D
Wockhardt Ltd                         LT Bk Fac (Fund    CARE A+        9000
                                      Based)
Revised from CARE AA- (enhanced from 766.25 Crore)
Wockhardt Ltd                         Non- Convertible   CARE A+        2500
                                      Debenture issue
                                      (Proposed)
Revised from CARE AA-


--------------------------------------------------------------------------------------------
$: 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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