February 25, 2019 / 8:16 AM / 9 months ago

CARE ratings for Indian debt instruments-Feb 25

   Feb 25 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 22, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arfin India Ltd                       ST Bk Fac          CARE A2        25      Reaffirmed
Arvind Pd Composites Pvt Ltd          ST Bk Fac          CARE A2+       47.2    Reaffirmed
B S Builders                          ST Bk Fac          CARE A4        40      Assigned
Cheran Weaves India Pvt Ltd           ST Bk Fac          -              -       Withdrawn
Bhadohi International                 ST Bk Fac          CARE A4        90      Revised from
                                                                                CARE A4
(Issuer Not Cooperative)
Bhavna Autowheels Pvt Ltd             ST Bk Fac          CARE A4        52.5    Reaffirmed
Dhariwal Steel Pvt Ltd                ST Bk Fac          CARE A4        14      -
(Issuer Not Cooperative)
Ennore Tank Terminals Pvt Ltd         ST Bk Fac          CARE A1+       551     Reaffirmed
Harrisons Malayalam Ltd               ST Bk Fac          CARE A3        92.6    Reaffirmed
Joy Guru Cold Storage Pvt Ltd         ST Bk Fac          CARE A4        0.7     -
(Issuer Not Cooperative)
Kanhha Cables Pvt Ltd                 ST Bk Fac          CARE A4        70      Reaffirmed
Kirloskar Chillers Pvt Ltd            ST Bk Fac          CARE A1        160     Reaffirmed
Kpc Projects Ltd                      ST Bk Fac          CARE A2        50      Reaffirmed
Lavanya Mudrana                       ST Bk Fac          CARE A4        10      Assigned
Magnum Aviation Pvt Ltd               ST Bk Fac          CARE A4        85      Reaffirmed
Maharaja Cables                       ST Bk Fac          CARE A4        40      Reaffirmed
Mega Construction Company             ST Bk Fac          CARE A4        105     Assigned
Msp Steel & Power Ltd                 ST Bk Fac          CARE A3        1170    Assigned
Om Shri Sai Baba Construction         ST Bk Fac          CARE A4        40      Reaffirmed
Pravin Masalewale                     ST Bk Fac          CARE A2        70      Reaffirmed
Progility Technologies Pvt Ltd        ST Bk Fac          CARE A3+       455     Revised from
                                                                                CARE A2
Progressive Motors                    ST Bk Fac          CARE A4        33      -
(Issuer Not Cooperative)
Radha Krishna Agro Products           ST Bk Fac          CARE A4        3.2     -
(Issuer Not Cooperative)
Radharani Himghar Pvt Ltd             ST Bk Fac          CARE A4        1.8     Reaffirmed
Rc Golden Granites Pvt Ltd            ST Bk Fac          CARE A4        89      Reaffirmed
                                                                                and removed
                                                                                from
                                                                               (Issuer Not
                                                                                Cooperative)
Supreme Gold Irrigations Ltd          ST Bk Fac          -              -       Withdrawn
Se Forge Ltd                          ST Bk facility –   CARE A4+       960     Revised from
                                      Non Fund based                            CARE A3
                                      working capital limits
Shalimar Paints Ltd                   ST Bk Fac          CARE A4+       762.5   Revised from
                                                                                CARE D
Shree Jagannath Motors                ST Bk Fac          CARE A4        1       -
(Issuer Not Cooperative)
Tirupati Rice Mill                    ST Bk Fac          CARE A4        3.7     -
(Issuer Not Cooperative)
Thoppil Contractors (India) Pvt Ltd   ST Bk Fac          CARE B+/CARE A4150     Revised from
                                                                                CARE BB-
Tv18 Broadcast Ltd                    CP (Standalone)    CARE A1+       7500    Reaffirmed
L N Constructions                     ST Bk Fac          CARE D         40      -
(Issuer Not Cooperative)
Unimed Technologies Ltd               Proposed CP issue  CARE A1+(SO)   -       Final Rating
                                      – 1                                       Assigned
Unimed Technologies Ltd               Proposed CP issue  CARE A1+(SO)   -       Reaffirmed
                                      – 2
Urban Transit Pvt Ltd                 ST Bk Fac          CARE D         100     -
(Issuer Not Cooperative)
Vinayak Oil & Fats Pvt Ltd            ST Bk Fac          CARE A3        75      Reaffirmed


LONG TERM RATINGS:
-------------------
Abeer Textile Pvt Ltd                 LT Bk Fac #        CARE BBB+(SO)  1239.6  Reaffirmed
# Backed by first charge on the entire job-work receipts and lease rental from 
Arvind Limited (Arvind; rated CARE AA; Stable/CARE A1+).
Accord Udyog Pvt Ltd                  LT Bk Fac          CARE B         80      Revised from
                                                                                CARE B
(Issuer Not Cooperative)
Agroha Industries                     LT Bk Fac          CARE BB-       81.9    -
(Issuer Not Cooperative)
Aka Logistics Pvt Ltd                 Long - term Bk Fac -              -       Withdrawn
Aka Logistics Pvt Ltd                 Short – term Bk    -              -       Withdrawn
                                      Fac
Allahabad Bank                        Proposed           -              -       Withdrawn
                                      Additional Tier I
                                      Bond
Allahabad Bank                        Proposed           -              -       Withdrawn
                                      Additional Tier I
                                      Bond
Aravali Transmission Service Co. Ltd  LT Bk Fac – Non    CARE A         225     Reaffirmed
                                      Fund Based
Arfin India Ltd                       LT Bk Fac          CARE BBB+      892.5   Reaffirmed
Arti Silk Mills Pvt Ltd               LT Bk Fac          CARE BB+       252.6   Reaffirmed
Arvind Pd Composites Pvt Ltd          Long- Term Bk Fac  CARE BBB+      225.7   Reaffirmed
B S Builders                          LT Bk Fac          CARE BB-       60      Assigned
B S Builders                          Proposed Long/ST   CARE BB-/CARE  40      Assigned
                                      Bk Fac             A4
Balaji Weft Pvt Ltd                   LT Bk Fac          CARE BBB+ (SO) 418     Revised from
                                                                                CARE A-
Balaji Weft Pvt Ltd                   LT/ST Bk Fac       CARE BBB+      50      Revised from
                                                         (SO)/CARE A2           CARE A-
                                                         (SO)
Bazaari Global Finance Ltd            LT Bk Fac          CARE BB        50      Reaffirmed
Bhavna Autowheels Pvt Ltd             LT Bk Fac          CARE BB-       2.5     Reaffirmed
Cheran Weaves India Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Deepshikha Exim Pvt Ltd               LT Bk Fac #        CARE BBB+ (SO) 237     Revised from
                                                                                CARE A-
# Bank facilities are backed by the unconditional and irrevocable corporate guarantee 
of Jindal Worldwide Limited
Dhariwal Steel Pvt Ltd                LT Bk Fac          CARE B         50      -
(Issuer Not Cooperative)
Ennore Tank Terminals Pvt Ltd         LT Bk Fac          CARE AA        1794.2  Reaffirmed
Gagan Agro And Rice Exporters         LT Bk Fac          CARE D         190     Reaffirmed
Gayatri Weavers Pvt Ltd               LT Bk Fac #        CARE BBB+ (SO) 326     Revised from
                                                                                CARE A-
#Bank facilities are backed by the unconditional and irrevocable
 corporate guarantee of Jindal Worldwide Limited
Gentleman Suitings Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Ghcl Ltd                              LT Bk Fac          CARE A+        11064.4 Reaffirmed
Ghcl Ltd                              LT/ST Bk Fac       CARE A+/CARE   13670   Reaffirmed
                                                         A1+
Harita Seating Systems Ltd            LT Bk Fac          CARE A         278     Placed on
                                                                                credit watch
                                                                                with positive
                                                                                implications
Harita Seating Systems Ltd            Long/ ST Bk Fac    CARE A /CARE A150      Placed on
                                                                                credit watch
                                                                                with positive
                                                                                implications
Harrisons Malayalam Ltd               LT Bk Fac          CARE BBB-      1220    Revised from
                                                                                CARE BBB-
Hindusthan Loha Ltd                   LT Bk Fac          CARE BBB-      250     Assigned
J V Agro Pvt Ltd                      LT Bk Fac          CARE B+        225     Assigned
Jc Biotech Pvt Ltd                    LT Bk Fac          CARE A- (SO)   140.4   Reaffirmed
Jiva Plywood Pvt Ltd                  LT Bk FacST Bk Fac CARE B         -       Reaffirmed
                                                                                Reaffirmed
Jm Enviro Technologies Pvt Ltd        Long/Short term    CARE BB-/CARE  120     Revised from
                                      Bk Fac             A4                     CARE B+
Josco Bullion Traders Pvt Ltd         LT Bk Fac          CARE BBB       2440    Reaffirmed
Josco Fashion Jewellers               LT Bk Fac          CARE BBB       1885    Reaffirmed
Josco Jewellers Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Joy Guru Cold Storage Pvt Ltd         LT Bk Fac          CARE B-        80      Revised From
                                                                                CARE B
(Issuer Not Cooperative)
Kanhha Cables Pvt Ltd                 LT Bk Fac          CARE BB-       40      Reaffirmed
Kanhha Cables Pvt Ltd                 LT/ ST Bk Fac      CARE BB-/CARE  80      Reaffirmed
                                                         A4
Kirloskar Chillers Pvt Ltd            LT Bk Fac          CARE A         20      Reaffirmed
Kpc Projects Ltd                      LT Bk Fac          CARE A-        1190    Reaffirmed
Kpc Projects Ltd                      LT/ST Bk Fac       CARE A- /CARE  2357.5  Reaffirmed
                                                         A2
L N Constructions                     LT Bk Fac          CARE D         47.5    -
(Issuer Not Cooperative)
Lavanya Mudrana                       LT Bk Fac          CARE BB-       55      Assigned
Magnum Aviation Pvt Ltd               LT Bk Fac          CARE B         95      Reaffirmed
Maharaja Cables                       LT Bk Fac          CARE BB-       20      Reaffirmed
Maharaja Cables                       Long/ ST Bk Fac    CARE BB-/CARE  15      Reaffirmed
                                                         A4
Mega Construction Company             LT Bk Fac          CARE BB        30      Assigned
Micro Industrial Corporation          LT/ST Bk facility  CARE BBB-/CARE 800     Assigned
                                                         A3
Mp Highways Pvt Ltd                   LT Bk Fac          CARE A         1929.9  Reaffirmed
Msp Steel & Power Ltd                 LT Bk Fac          CARE BBB-      5590    Assigned
Niharika Threads Pvt Ltd              LT Bk Fac #        CARE BBB+ (SO) 418     Revised from
                                                                                CARE A-
# Bank facilities are backed by the unconditional and irrevocable
 corporate guarantee of Jindal Worldwide Limited
Om Shri Sai Baba Construction         LT Bk Fac          CARE BB-       50      Reaffirmed
Omkamal Steel Pvt Ltd                 LT Bk Fac          CARE BB-       46.2    -
(Issuer Not Cooperative)
Palm Grove Beach Hotels Pvt Ltd       LT Bk Fac          CARE A-        2170    Reaffirmed
Periwal Polymer Pvt Ltd               LT Bk Fac          CARE B+        40      Reaffirmed
Periwal Polymer Pvt Ltd               LT/ST Bk Fac       CARE B+/CARE   10      Reaffirmed
                                                         A4
Pioneer Investcorp Ltd                NCDs               CARE AAA (SO)  1000    Assigned
Popular Auto Distributors             Long -term Bk Fac  CARE B         100     -
(Issuer Not Cooperative)
Pravin Masalewale                     LT Bk Fac          CARE A-        959.4   Reaffirmed
Progility Technologies Pvt Ltd        LT Bk Fac          CARE BBB       80      Revised from
                                                                                CARE BBB+
Progressive Motors                    LT Bk Fac          CARE B+        40      -
(Issuer Not Cooperative)
Radha Krishna Agro Products           LT Bk Fac          CARE BB-       73      -
(Issuer Not Cooperative)
Radharani Himghar Pvt Ltd             LT Bk Fac          CARE B+        140.5   Reaffirmed
Reach Dredging Ltd                    LT Bk Fac          CARE BBB       379.7   Reaffirmed
Reach Dredging Ltd                    Long/ST Bk Fac     CARE BBB/CARE  310     Reaffirmed
                                                         A3+
Rohtak-Hissar Tollway Pvt Ltd         LT Bk Fac          CARE BB+       -       Reaffirmed
Rubamin Ltd                           CP (CP) (Carved    -              -       Withdrawn
                                      out)
Sardar Cotton                         LT Bk Fac          CARE D         108.7   -
(Issuer Not Cooperative)
Saroj Weavers Pvt Ltd                 LT Bk Fac #        CARE BBB+ (SO) 249     Revised from
                                                                                CARE A-
# Bank facilities are backed by the unconditional and irrevocable
 corporate guarantee of Jindal Worldwide Limited
Se Forge Ltd                          LT Bk facility - TLCARE BB+       2409.2  Revised from
                                                                                CARE BBB,
                                                                                Negative
Se Forge Ltd                          LT Bk facility –   CARE BB+       464.5   Revised from
                                      Fund Based Working                        CARE BBB,
                                      capital limits                            Negative
Shalimar Paints Ltd                   LT Bk Fac          -              -       Withdrawn
Shalimar Paints Ltd                   LT Bk Fac          CARE BB+       1100    Revised from
                                                                                CARE D
Shalimar Paints Ltd                   Long/ST Bk Fac     CARE BB+/CARE  207.5   Revised from
                                                         A4+                    CARE D/CARE D
Shree Jagannath Motors                LT Bk Fac          CARE BB-       99      -
(Issuer Not Cooperative)
Shri Kalyanika Promoters And DeveloperLT Bk Fac          CARE B         96.5    Revised from
Pvt Ltd                                                                         CARE B-
Shrine Buildtech Pvt Ltd              LT Bk Fac          CARE BB-       50      Revised from
                                                                                CARE D
Siba Habitats Pvt Ltd                 LT Bk Fac          CARE B         59.7    -
(Issuer Not Cooperative)
Simoco Telecommunication (South Asia) LT Bk Fac          CARE D         180     -
Ltd
(Issuer Not Cooperative)
South Ganga Waters Technologies Pvt Ltd LT Bk Fac        CARE BB+       178.1   Continues on
                                                                                credit watch
                                                                                with negative
                                                                                implications
Supreme Agro Foods Pvt Ltd            LT Bk Fac          CARE BBB+      280     Revised from
                                                                                CARE BBB
Supreme Gold Irrigations Ltd          LT Bk Fac          -              -       Withdrawn
The Josco Fashion Jewellers           LT Bk Fac          CARE BBB       1135    Reaffirmed
Thoppil Contractors (India) Pvt Ltd   Long -term Bk Fac  CARE B+        250     Revised from
                                                                                CARE BB-
Tirupati Rice Mill                    LT Bk Fac          CARE BB-       55      -
(Issuer Not Cooperative)
Uma Medicare Ltd                      LT Bk Fac          -              -       Withdrawn
Urban Transit Pvt Ltd                 LT Bk Fac          CARE D         1520    -
(Issuer Not Cooperative)
Vaishnavi Food Products               LT Bk Fac          CARE B+        62.3    Revised from
                                                                                CARE B
Vijay Tanks And Vessels Pvt Ltd       LT Bk Fac          CARE A+        500     Reaffirmed
Vijay Tanks And Vessels Pvt Ltd       LT/STBk Fac        CARE A+/CARE   6702    Reaffirmed
                                                         A1+
Vinayak Oil & Fats Pvt Ltd            LT Bk Fac          CARE BBB-      75      Reaffirmed
Yash Weavers Ltd                      LT Bk Fac          CARE BBB+ (SO) 311.2   Revised from
                                                                                CARE A-
Yash Weavers Ltd                      LT/ST Bk Fac       CARE BBB+      25.5    Revised from
                                                         (SO)/CARE A2           CARE A-
                                                         (SO)
--------------------------------------------------------------------------------------------
$: 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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