February 20, 2018 / 10:05 AM / 3 months ago

CARE ratings for Indian debt instruments-Feb 20

   Feb 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 19, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agarwal Duplex Board Mills Ltd        ST Bk Fac          CARE A4+       25      Revised from
                                                                                CARE A4
Aklavya Industries Pvt Ltd            ST Bk Fac          CARE A4        4.5     Reaffirmed
Alam Constructions                    ST BkFac           CARE A4        60      -

ISSUER NOT COOPERATING
Apex Diamonds                         ST Bk Fac          CARE A4+       73.7    Reaffirmed
[Reduced from Rs.8.00 crore]
Armaan Industries Pvt Ltd             ST Bk Fac          CARE A4        1.8     Reaffirmed
Bhoruka Power Corporation Ltd         ST Bk Fac          CARE A3        400     Revised from
                                                                                CARE A3+
(reduced from Rs 45 Crore Crore)
Bhuwneshwar Pathak Construction Pvt Ltd ST Bk Facility   CARE A4+       150     Assigned
Dr. O.P. Chaudhary Memorial Trust     ST Bk Fac          CARE A4        16      Assigned
Enrich Energy Pvt Ltd                 ST BkFac           CARE A3+       730     Revised from
                                                                                CARE A3
Goyal Mg Gases Pvt. Ltd               ST Non Fund Based  CARE A2        200     Reaffirmed
                                      Bk Fac
Emars Mining & Construction Pvt Ltd   ST Bk Fac          -              -       Withdrawn
Electrosteel Steels Ltd               ST Bk Fac          CARE D         7500    -
ISSUER NOT COOPERATING
Idfc Mutual Fund                      ST Bk Facility*    CARE A1+       10000   Reaffirmed
*Facility is extended to 14 debt schemes of IDFC Mutual Fund
Jagatpal Singh                        ST Bk Fac          CARE A4        70      Assigned
Jocil Ltd                             ST Bk Fac          CARE A2        150     Revised from
                                                                                CARE A2+
Jocil Ltd                             ST Fixed Deposit   CARE A2 (FD)   200     Revised
                                                                                From
                                                                                CARE A2+
                                                                                (FD)
Kanhha Cables Pvt. Ltd.               ST Bk Fac          CARE A4        70      Reaffirmed
Unison Forging Ltd                    ST Bk Fac          -              -       Withdrawn
Laser Power And Infra Pvt Ltd         ST Bk Fac          CARE A2        510     -
ISSUER NOT COOPERATING
Narmada Extrusions Ltd                STBkFac            CARE A4        652.5
ISSUER NOT COOPERATING
National Electrical Equipments        ST Bk Fac          CARE A4+       70      Reaffirmed
Corporation
R. R. Energy Ltd                      ST Bk Fac          -              -       Withdrawn
Ramesh Iron & Steel Company India Pvt ST Bk Fac          CARE A4/       50      Assigned
Ltd
RNR Constructions Pvt Ltd             ST Bk Fac          CARE A4        80      -
ISSUER NOT COOPERATING
Rubamin Ltd                           ST Bk Fac          CARE A1        559.7   Reaffirmed
Rubamin Ltd                           CP (CP) (Carved    CARE A1        500     Assigned
                                      out of sanctioned
                                      fund based working capital limits)
Saregama India Ltd                    ST Bk Fac          CARE A1+       100     Revised from
                                                                                CARE A1
(reduced from 12.00 Crore)
Marda Enterprises Pvt Ltd             ST Bk Fac          - -            -       Withdrawn
Shah Nanji Nagsi Exports Pvt Ltd      ST Bk Fac          -              0       Withdrawn
Sharda Educational Trust              ST Bk Fac (Fund    CARE A3        500     -
                                      Based)
Smc Power Generation Ltd              ST BkFac           CARE A4+       275     -
ISSUER NOT COOPERATING
Sona Processors (India) Ltd           ST BkFac           CARE A3+       33.5    Revised from
                                                                                CARE A3
Tapadia Polyesters Pvt Ltd            ST Bk Fac-Non Fund CARE A3        50      Reaffirmed
                                      based
(enhanced from 4.00 Crore)
Topline Lamination Pvt Ltd            ST Bk Fac          CARE A4        97.5    Assigned


LONG TERM RATINGS:
-------------------
A.S. Motors Pvt Ltd                   LT BkFac           CARE B+        234     -
ISSUER NOT COOPERATING
Aastha Fashions Pvt Ltd               LT Bk Fac          CARE BB-       74.1    Reaffirmed
(Reduced from Rs.7.83 crore Crore)
Agarwal Duplex Board Mills Ltd        LT Bk Fac          CARE BB+       100     Revised from
                                                                                CARE BB+
Ajay Landmark Pvt Ltd                 LT Bk Fac          CARE B         116.6   Reaffirmed
Aklavya Industries Pvt Ltd            LT Bk Fac          CARE BB-       126.6   Reaffirmed
(Enhanced from Rs.8.17 crore Crore)
Alam Constructions                    LT BkFac           CARE B+        60      -
ISSUER NOT COOPERATING
Armaan Industries Pvt Ltd             LT Bk Fac          CARE BB-       90.2    Reaffirmed
(Reduced from Rs.9.77 crore Crore)
Array Land Developers Pvt Ltd         LT Bk Fac          CARE D         336.1   Downgraded
ISSUER NOT COOPERATING
Ashiana Landcraft Realty Pvt Ltd      LT Instruments     CARE BB-       1000    Assigned
                                      –Debentures –
                                      NonConvertible Debentures
Bbt Elevated Road Pvt Ltd             LT Bk Facility     CARE BBB-(SO)  1350    Revised from
                                                                                CARE BBB
Bhoruka Power Corporation Ltd         LT Bk Fac          CARE BBB-      5306.7  Revised from
                                                                                CARE BBB
(reduced from Rs 912.82 Crore Crore)
Bhoruka Power Corporation Ltd         Medium-term        CARE BBB- (FD) 100     Revised from
                                      instruments                               CARE BBB
Bhuwneshwar Pathak Construction Pvt Ltd LT Bk Facility   CARE BB        7       Assigned
Capital First Home Finance Ltd        LT Bk Fac          CARE AA+       14610.1 Reaffirmed
(Enhanced from Rs. 861.01 crore Crore)
Colors Sulzer Pvt Ltd                 LT Bk Fac          CARE BB+       171.7   Revised from
                                                                                CARE BB
Cubatic Texfab Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Daksha Infrastructure Pvt Ltd         LT Bk Fac          CARE BB+       68.9    -
ISSUER NOT COOPERATING
Dr. O.P. Chaudhary Memorial Trust     LT Bk Fac          CARE B+        44.9    Assigned
Eco Cement India Ltd                  LT Bk Fac          CARE BB+       100     Revised from
                                                                                CARE BB
Eduestate                             LT Bk Fac          -              -       Withdrawn
Electrosteel Steels Ltd               LT Bk Fac          CARE D         81144.4 -
ISSUER NOT COOPERATING
Electrosteel Steels Ltd               LT/ST Bk Fac       CARE D         5500    -
ISSUER NOT COOPERATING
Emars Mining & Construction Pvt Ltd   LT Bk Fac          -              -       Withdrawn
Enrich Energy Pvt Ltd                 LT Bk Fac          CARE BBB+      530     Revised from
                                                                                CARE BBB-
Eon Electric Ltd                      LT BkFac           CARE BB+       400     -
ISSUER NOT COOPERATING
Eon Electric Ltd                      Long/STBk Fac      CARE BB+ /A4+  550     -
ISSUER NOT COOPERATING
Global Entrade                        LT Bk Facility     CARE BB        120     Assigned
Goyal Mg Gases Pvt. Ltd               LT Bk Fac-TL       CARE BBB+      255.5   Reaffirmed
Goyal Mg Gases Pvt. Ltd               LT FB Fac- CC      CARE BBB+      150     Reaffirmed
Gyanmudra Education Foundation        LT Bk Fac          CARE BB-       107.5   Revised from
                                                                                CARE B+
(increased from 8.61 Crore)
Jagatpal Singh                        LT Bk Fac          CARE BB-       6       Assigned
Jasdan Energy Pvt Ltd                 LT Bk Fac          CARE BBB+      1329    Reaffirmed
(Reduced from 141.22 Crore)
Jocil Ltd                             LT Bk Fac          CARE A-        300     Revised from
                                                                                CARE A
Kanhha Cables Pvt. Ltd.               LT Bk Fac          CARE BB-       30      Reaffirmed
Kanhha Cables Pvt. Ltd.               LT/ ST Bk Fac      CARE BB-/A4    80      Reaffirmed
Laser Power And Infra Pvt Ltd         LT Bk Fac          CARE BBB+      600     -
ISSUER NOT COOPERATING
Lvj Projects Pvt Ltd                  LT Bk Fac          CARE BB        15      Reaffirmed
Lvj Projects Pvt Ltd                  LT/ST Bk Fac       CARE BB/A4     60      Reaffirmed
M.S.R Iron & Steel Industries India Pvt ST Bk Fac        CARE A4/       50      Assigned
Ltd
M.S.R Iron & Steel Industries India Pvt LT Bk Fac        CARE BB-       100     Assigned
Ltd
Mahalakshmi Alloys And Metals Pvt Ltd LT Bk Fac          CARE BB-       54      Assigned
Mahalakshmi Alloys And Metals Pvt Ltd LT/ST BkFac        CARE BB-/A4    40      Assigned
Mangalore Poly Pack (India) Pvt Ltd   LT Bk Fac          CARE BB-       70      Assigned
Marda Enterprises Pvt Ltd             LT Bk Fac          - -            -       Withdrawn
Mps Steels Pvt Ltd                    LT Bk Fac          CARE B+        85.1    Reaffirmed
(reduce from 10.66 Crore)
Muthoottu Mini Financiers Ltd         LT Bk Fac          CARE BB+       3755.4  Reaffirmed
Muthoottu Mini Financiers Ltd         NCDs               CARE BB+       1632.7  Reaffirmed
Narmada Extrusions Ltd                LTBkFac            CARE BB-       136.9
ISSUER NOT COOPERATING
National Electrical Equipments        LT Bk Fac/ST Bk    CARE BB+/A4+   25      Reaffirmed
Corporation                           Fac
Novarc Labs Pvt Ltd                   LT BkFac           CARE B         70      -
ISSUER NOT COOPERATING
Ozone Diamonds Pvt Ltd                LT / ST Bk Fac     CARE BB /A4+   100     Assigned
R. R. Energy Ltd                      LT Bk Fac          -              -       Withdrawn
Ramesh Iron & Steel Company India Pvt LT Bk Fac          CARE BB-       300     Assigned
Ltd
Rds & Sons Pvt Ltd                    LT Bk Fac          CARE B+        67.7    Assigned
Riverbank Developers Pvt Ltd          NCD (NCD)          -              -       Withdrawn 
Riverbank Developers Pvt Ltd          Corporate          CARE BBB-      1350    Revised from
                                      Guarantee#                                CARE BBB
# extended to BBT Elevated Road Private Limited (BERPL), an SPV, for term 
loan of Rs.135 crore for elevated road project. The guarantee is to be 
operated through a structured payment mechanism for timely transfer of 
the required funds for payment of principal and interest (to the extent 
of Rs.135.0 crore) to a designated account.
RNR Constructions Pvt Ltd             LT Bk Fac          CARE BB        60      -
ISSUER NOT COOPERATING
Rubamin Ltd                           LT Bk Fac          CARE A         2224.4  Reaffirmed
(reduced from 223.37 Crore)
Ruban Patliputra Hospital Pvt Ltd.    LT Bk Fac          CARE BB-       185.1   Revised from
                                                                                CARE B+
(enhanced from 14.39 Crore)
S. N. Super Speciality Hospital Pvt Ltd LT BkFac         CARE BB        280     Revised from
                                                                                CARE B+,
Saregama India Ltd                    LT Bk Fac          CARE A+        650     Revised from
                                                                                CARE A
(enhanced from 38.00 Crore)
Shah Nanji Nagsi Exports Pvt Ltd      LT Bk Fac          -              0       Withdrawn
Sharda Educational Trust              LT Bk Fac (TL)     -              -       Withdrawn
Sharda Educational Trust              LT Bk Fac (TL)     CARE BBB-      1120    Assigned
Sharda Educational Trust              LT Bk Fac (Non-    CARE BBB-      120     Reaffirmed
                                      Fund Based)
removed from Issuer Not cooperating
Smc Power Generation Ltd              LT BkFac           CARE BB+       1866.6  -
ISSUER NOT COOPERATING
Sona Processors (India) Ltd           LT BkFac           CARE BBB       744     Revised from
                                                                                CARE BBB- 
Sree Praagna Hospitals Pvt Ltd        LT Bk Fac          CARE B+        80      -
ISSUER NOT COOPERATING
Sri Gopal Automobiles                 LT Bk Fac          CARE BB-       130     Assigned
Super Cotton Industries               LT Bk Fac          CARE B+        68      Reaffirmed
removed from issuer not cooperating/(reduced from 7.53 crore Crore)
Tapadia Polyesters Pvt Ltd            LT Bk FacTL        CARE BBB-      322.1   Reaffirmed
(reduced from 45.00 Crore)
Tapadia Polyesters Pvt Ltd            LT Bk FacFund      CARE BBB-      260     Reaffirmed
                                      based
(enhanced from 18.00 Crore)
Topline Lamination Pvt Ltd            LT Bk Fac          CARE BB-       50      Assigned
Trinayani Cement Pvt Ltd              LT Bk Fac          CARE BB+       100     Revised from
                                                                                CARE BB
Tsn Associates And Industries         LT Bk Fac          CARE B,        55      Assigned
Tulip Tea Co. Ltd                     LT Bk Fac          CARE BB-       90      Reaffirmed
Unison Forging Ltd                    LT Bk Fac          -              -       Withdrawn
Unison Forging Ltd                    LT/ST Bk Fac       -              -       Withdrawn
Visage Holdings And Finance Pvt Ltd   NCD-III            CARE BBB-      320     Assigned
Visage Holdings And Finance Pvt Ltd   LT Bk Fac          CARE BBB-      770     Revised from
                                                                                CARE BBB-
Visage Holdings And Finance Pvt Ltd   NCD-I              CARE BBB-      210     Revised from
                                                                                CARE BBB-
Visage Holdings And Finance Pvt Ltd   NCD-II             CARE BBB-      120     Revised from
                                                                                CARE BBB-
Visage Holdings And Finance Pvt Ltd   Sub-ordinated      CARE BBB-      120     Revised from
                                      Debt issue                                CARE BB+
Vivek Agrotech Pvt Ltd                LT Bk Facility     CARE BB        85.9    Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING, (Reduced from 9.62 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)
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