February 21, 2018 / 6:42 AM / a year ago

CARE ratings for Indian debt instruments-Feb 21

    Feb 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 20, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ashwini Frozen Foods                  ST Bk Fac          CARE D         2.5     -
ISSUER NOT COOPERATING
Agl Polyfil Pvt Ltd                   ST Bk Fac          CARE A4        59.4    Reaffirmed
Alcob India Pvt Ltd                   ST Fac             CARE A4        495     Assigned
Aneri Construction Pvt Ltd            ST Bk Fac          CARE A4        80      -
ISSUER NOT COOPERATING

Aradhan Chemtech                      ST Bk Fac          CARE A4        10      -
ISSUER NOT COOPERATING
Bell Flower Trading Company Pvt Ltd   ST Bk Fac          CARE A4+       1       Revised from
                                                                                CARE A4
Bhaarathi Spintex India Pvt Ltd       ST Bk Fac          CARE A4        13.6    Reaffirmed
(reduced from 1.53 Crore)
Byrnihat Coal Pvt Ltd.                ST BkFac           CARE A4        25      -
ISSUER NOT COOPERATING
Dhariwal Steel Pvt Ltd                ST Bk Fac          CARE A4        14      Assigned
H.B. Ravi Kumar                       ST Bk Fac          CARE A4        60      -
ISSUER NOT COOPERATING
Jewel Consumer Care Pvt Ltd           ST Bk Fac          CARE A4+       70      Revised from
                                                                                CARE A4
(reduced from Rs.13.00 Crore)
Kesoram Industries Ltd                ST Bk Fac          CARE A2+       5850    -
Ratings continue on Credit watch with negative implications
Mdh Trucks Pvt Ltd                    ST Bk Fac          CARE A4        20      Assigned
Orient Paper & Industries Ltd         ST Bk Fac          CARE A1+       10      Revised from
                                                                                CARE A1
(reduced from 4.30 Crore) ,(Under Credit watch with Developing Implications) ) and removal of
credit watch
Pharmatech Process Equipments         Short- term Bk Fac CARE A4        35      Reaffirmed
Pratibha Fabrics Ltd                  ST BkFac           CARE A3+       25.5    Revised from
                                                                                A3
(reduced from Rs.4.65 crore Crore)
Punjab National Bank                  CD                 CARE A1+       600000  -
Placed on Credit Watch with DevelopingImplications
Ra Chem Pharma Ltd                    ST Bk Fac@         CARE A1+ (SO)  588.5   Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by Micro Labs
Limited.
Raajratna Energy Holdings Pvt Ltd     ST Bk Fac          CARE A4+       35      Reaffirmed
(enhanced from 3.00 Crore) , removed
from Issuer not
cooperating
Raipur Power And Steel Ltd            ST Bk Fac          CARE A4        220     Revised
                                                                                fromCARE A3+
ISSUER NOT COOPERATING
Rr Fab Constructions                  ST Bk Fac          CARE A4        14      -
ISSUER NOT COOPERATING
Sonata Ceramica Pvt Ltd               ST Bk Fac          -              -       Withdrawn
Shree Constructions                   ST Bk Fac          CARE A4        20      Assigned
Yadav Tractor Company                 ST Bk Fac          CARE A4        30      Assigned

LONG TERM RATINGS:
-------------------
Adhunik Khanan Va Parivahan Theka     LT Bk Fac          -              -       Withdrawn
Sahakari Samiti Ltd.
Agl Polyfil Pvt Ltd                   LT Bk Fac          CARE B+        177.5   Reaffirmed
Alcob India Pvt Ltd                   LT Fac             CARE BB-       180     Assigned
Aneri Construction Pvt Ltd            LT Bk Fac/ ST Bk   CARE BB-/A4    135     -
                                      Fac
ISSUER NOT COOPERATING
Anokhi Pahel Enterprise               LT Bk Fac          -              -       Withdrawn
Aradhan Chemtech                      LT Bk Fac          CARE B+        60      -
ISSUER NOT COOPERATING
Ashwini Frozen Foods                  LT Bk Fac          CARE D         1.5     -
ISSUER NOT COOPERATING
Ashwini Frozen Foods                  LT/ST Bk Fac       CARE D         60      -
ISSUER NOT COOPERATING
Ava Apparels Llp                      LT/ST Bk Fac       -              -       Withdrawn
Bell Flower Trading Company Pvt Ltd   LT Bk Fac          CARE BB+       176.2   Revised from
                                                                                CARE BB
[Enhanced from Rs.15.24 crore]
Bhaarathi Spintex India Pvt Ltd       LT Bk Fac          CARE BB        411.7   Revised from
                                                                                CARE BB-
(reduced from 42.56 Crore)
Byrnihat Coal Pvt Ltd.                LT Bk Fac          CARE B         45      -
ISSUER NOT COOPERATING
Dhariwal Steel Pvt Ltd                LT Bk Fac          CARE B+        50      Assigned
G L Metallica Pvt Ltd                 LT Bk Fac          CARE BB-       93.7    -
ISSUER NOT COOPERATING
Globetrotters Educational InnoventionsLT Bk Fac          CARE BBB-      97.7    Reaffirmed
Pvt Ltd
H.B. Ravi Kumar                       LT Bk Fac          CARE BB        60      -
ISSUER NOT COOPERATING
Him Sagar Farm Fresh                  LT Bk Fac          CARE B+        128.5   Assigned
Indo Fabrics                          LT Bk Fac          CARE BB        83.8    -
ISSUER NOT COOPERATING
Intron Life Sciences                  LT Bk Fac          CARE BB        84.5    Assigned
Jewel Consumer Care Pvt Ltd           LT Bk Fac          CARE BB+       314.3   Reaffirmed
(reduced from Rs.58.21 crore Crore)
Jewel Consumer Care Pvt Ltd           LT/ ST Bk Fac      CARE BB+/CARE  150     Revised from
                                                         A4+                    CARE BB+/
                                                                                CARE A4
(enhanced from Rs.7.50 crore Crore)
Kesoram Industries Ltd                LT Bk Fac          CARE A-        4300    -
Ratings continue on Credit watch with negative implications
Kesoram Industries Ltd                Long/Shortterm Bk  CARE A-/A2+    13150   -               
                      Fac                                       
Ratings continue on Credit watch with negative implications
Maa Shitala Agro Pvt. Ltd.            LT Bk Facility     CARE BB-       117.4   Assigned
Madhavaram Constructions              LT Bk Fac          CARE B+        150     Assigned
Maruti Infracreation Pvt Ltd          LT Bk Fac          CARE BB+       70      -
ISSUER NOT COOPERATING
Maruti Infracreation Pvt Ltd          LT/ST Bk Fac       CARE BB+/A4+   310     -
ISSUER NOT COOPERATING
Mdh Trucks Pvt Ltd                    LT Bk Fac          CARE B         100     Assigned
Orient Paper & Industries Ltd         LT Bk Fac          CARE AA-       913.1   Revised from
                                                                                CARE A
(reduced from 248.29 Crore) ,(Under Credit watch with Developing Implications) and removal of
credit watch
Orient Paper & Industries Ltd         Long/ST Bk Fac     CARE AA-/A1+   1310    Revised from
                                                                                CARE A/CARE A1
(reduced from 319.50 Crore) ,(Under Credit watch with Developing Implications) and removal of
credit watch
Ostro Kutch Wind Pvt Ltd              LT Bk Fac          CARE BBB       13800   Assigned
Pharmatech Process Equipments         LT Bk Fac          CARE BB        86      Reaffirmed
(enhanced from Rs.6.50 Crore)
Pratibha Fabrics Ltd                  LT BkFac           CARE BBB       211.4   Revised from
                                                                                BBB-
(reduced from Rs.21.39 crore Crore)
Punjab National Bank                  Perpetual Bonds    CARE AA        21630   -
Placed on Credit Watch with DevelopingImplications
Punjab National Bank                  Upper Tier II BondsCARE AA        90000   -
Placed on Credit Watch with DevelopingImplications
Punjab National Bank                  Basel III          CARE AA-       15000   -
                                      Compliant
                                      Perpetual Tier I Bonds
Placed on Credit Watch with DevelopingImplications
Punjab National Bank                  Infrastructure     CARE AA+       50000   -
                                      Bonds
Placed on Credit Watch with DevelopingImplications
Punjab National Bank                  Basel III          CARE AA+       20000   -
                                      Compliant Tier
                                      IIBonds
Placed on Credit Watch with DevelopingImplications
Ra Chem Pharma Ltd                    LT Bk Fac @        CARE AA- (SO)  899     Reaffirmed
@ backed by the unconditional and irrevocable corporate guarantee provided by Micro Labs Limited
Raajratna Energy Holdings Pvt Ltd     LT Bk Fac          CARE BB+       299.9   Reaffirmed
(reduced from 33.55 Crore) , removed
from Issuer not
cooperating
Raipur Power And Steel Ltd            LT Bk Fac          CARE BB        3326.5  Revised
                                                                                fromCARE BBB
ISSUER NOT COOPERATING
Rajasthan Electronics & Instruments   LT Bk Fac          CARE BBB+      100     Reaffirmed
Ltd
(Outlook revised from Positive to Stable)
Rajasthan Electronics & Instruments   Long term/Short    CARE BBB+/A3+  350     Reaffirmed
Ltd                                   termBk Fac
(Outlook revised from Positive to Stable)
Reddy Structures Pvt Ltd              LT Bk Fac          CARE BB+       1011.6  Revised from
                                                                                CARE BBB-
(reduced from 174.89 crore Crore) ,ISSUER NOT COOPERATING
Rr Fab Constructions                  LT Bk Fac          CARE BB-       38      -
ISSUER NOT COOPERATING
Ruchi Soya Industries Ltd             LT Bk Fac          CARE D         34242.4 -
ISSUER NOT COOPERATING
Ruchi Soya Industries Ltd             LT / ST Bk Fac     CARE D         64909.5 -
ISSUER NOT COOPERATING
S.S.S. Rice Mill Pvt Ltd              LT Bk Facility     CARE BB-       161.5   Assigned
Samrat Plastic Industries             LT Bk Fac          CARE B+        81.1    -
ISSUER NOT COOPERATING
Sdb Developers Pvt Ltd                LT Bk Fac          CARE BB+       300     Revised from
                                                                                CARE BB
(enhanced from 15.00 Crore)
Shree Constructions                   LT Bk Fac          CARE B+        40      Assigned
Shree Tatyasaheb Kore Warana Sahakari LT Bk Fac          CARE BB        950     Revised from
Sakhar Karkhana Ltd                                                             CARE BB
ISSUER NOT COOPERATING
Shree Tatyasaheb Kore Warana Sahakari LT Bk Fac          CARE BB        1533.6  Revised from
Sakhar Karkhana Ltd                                                             CARE BB
ISSUER NOT COOPERATING
Shree Tatyasaheb Kore Warana Sahakari LT/ST Bk Fac       CARE BB/A4     4100    Revised from
Sakhar Karkhana Ltd                                                             CARE BB
ISSUER NOT COOPERATING
Shri Keshav Cements And Infra Ltd     LT Bk Fac          CARE BB-       457.3   Revised from
                                                                                CARE BB
(enhanced from 11.75 Crore) ,ISSUER NOT COOPERATING
Sonata Ceramica Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Step By Step Shiksha Samiti           LT Bk Fac          CARE BBB       175.9   Reaffirmed
The Clearing Corporation Of India Ltd Proposed           CARE AAA(RPS)  500     Assigned
                                      Non-Convertible
                                      Cumulative Redeemable PS Issue
(Rupees Fifty crore only Crore)
The G V M C Public Health Employees   LT Bk Fac          CARE BB        100     -
Mutually Aided Thrift And Cooperative Credit Society Ltd
ISSUER NOT COOPERATING
Vaibhav Cotgin Pvt Ltd                LT Bk Fac          CARE B+        135     Assigned
Vamsadhara Ginning And Pressing       LT Bk Fac          CARE B+        50      Assigned
Industries
Varun Procon Pvt Ltd                  LT Bk Fac          CARE BB+       80      -
ISSUER NOT COOPERATING
Varun Procon Pvt Ltd                  LT/ST Bk Fac       CARE BB+/A4+   130     -
ISSUER NOT COOPERATING
Versant Online Solutions Pvt Ltd      LT Bk Facility     CARE B         29.5    -
ISSUER NOT COOPERATING
Vinnarasi Educational And Social      LT Bk Fac          CARE BB        75      Assigned
Service Trust
Well Wisher Trexim Pvt Ltd            LT Bk Fac          CARE BB+       134     Revised from
                                                                                CARE BB
[Enhanced from Rs.12.54 crore]
Yadav Tractor Company                 LT Bk Fac          CARE B+        34.3    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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