February 27, 2020 / 6:55 AM / a month ago

CARE ratings for Indian debt instruments-Feb 27

    Feb 27  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of February 26, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ayushman Medical Diagnostics Pvt Ltd  ST BkFac*          -              0       Withdrawn
(reduced from 0.64 Crore),*The company has surrendered the above mentioned short term bank
facilities. Taking cognizance of the fact, CARE has withdrawn the rating assigned to the said
facility
Balaji Impex_ Prakasam                ST Bk Fac          CARE A4        62.5    Assigned
Ganesham Electrotech Supermarket Pvt  ST Bk Fac          -              -       Reaffirmed
Ltd                                                                             and Withdrawn
Bhagwat Printing Press                STBk Fac           CARE A4;       10      -
Issuer did not cooperate; Based on best available information
Dorset Industries Pvt Ltd             ST Bk Fac (NonFund CARE BBB:      30      Assigned
                                      based)             Stable/CARE A3
Bhagyanagar Copper Pvt Ltd            ST Bk Fac@         CARE A3+ (CE)  100     Reaffirmed

 @The ratings of Bhagyanagar Copper Private Limited are backed by unconditional and irrevocable
corporate guarantee extended by Bhagyanagar India Limited (rated CARE BBB: Stable/CARE A3+).
Cuarzo                                ST Bk Fac          CARE A3+       50      -
Continues on Credit Watch with Negative Implications
Jiya Exim Pvt Ltd                     ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
Dolphin International Pvt Ltd         ST BkFac           CARE A4        120     -
Issuer did not cooperate; Based on best available information
Fujiyama Power Systems Pvt Ltd        ST Bk Fac          CARE A3        195     Reaffirmed
(enhanced from 8.00 Crore)
Guru Nanak Auto Enterprises Ltd       ST Bk Fac          CARE A3+       150     Reaffirmed
Indus Vegpro Pvt Ltd                  ST Bk Fac          CARE A4+       86.9    Assigned
Magnum Aviation Pvt Ltd               STBk Fac           CARE A4        85      -
Issuer did not cooperate; Based on best available information
Orion Security Solutions Pvt Ltd      ST BkFac           CARE A4        750     Revised from
                                                                                CARE A3+
placed on credit watch with negative implications
Partap Cotex Pvt Ltd                  ST Bk Fac          CARE A3+       20      Revised from
                                                                                CARE A2
Partap Spintex Pvt Ltd                ST Bk Fac          CARE A3+       116.3   Revised from
                                                                                CARE A2
(enhanced from 1.00 Crore)
Hari Kripa Business Venture Pvt Ltd   ST Bk Fac          CARE D         30      Revised from
                                                                                CARE A4
Kay Jay Forgings Pvt Ltd              ST Bk Fac          -              -       Revised to
                                                                                CARE A3+ from
                                                                                CARE A2 and
                                                                                Withdrawn
Narayan Industries (Chattisgarh)      ST Bk Fac          CARE D         30      Revised from
                                                                                CARE A4
Issuer not cooperating
Pinnacle Hospitals India Pvt Ltd      ST Bk Fac          CARE A3        10      Revised from
                                                                                CARE A4+
R. R. Distributors Pvt Ltd            STBk Fac           CARE A4        35      -
Issuer did not cooperate; Based on best available information
Riwasa Tiles Ltd                      ST BkFac           CARE A4        52.5    -
Issuer did not cooperate; Based on best available information
Siraj International Llp               ST Bk Fac          CARE A4+       96.6    Assigned
Buildon                               ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Sponge Sales India Pvt Ltd            ST Bk Fac          CARE A4+       360     -
Issuer did not cooperate; Based on best available information
Stanadyne India Pvt Ltd               ST BkFac           CARE A2+       300     Reaffirmed
(enhanced from 25.00 Crore)
Swastik Electrotech Pvt Ltd           ST Bk Fac          CARE A4+       169     Reaffirmed
Tamboli Castings Ltd                  ST Bk Fac          CARE A2        43      Reaffirmed
(enhanced from 4.20 Crore)
Technico Industries Ltd               ST Bk Fac          CARE A3 (A     400     Revised from
                                                         Three)                 CARE A3+
(enhanced from 35.00 Crore)

LONG TERM RATINGS:
-------------------
Adithi Automotives Pvt Ltd            Long -term Bk Fac  CARE D         80      -
Issuer did not cooperate; Based on best available information
Ajay Engi-Infrastructure Pvt Ltd      LT/ STBk Fac       CARE BBB+;     150     Reaffirmed
                                                         Stable/CARE A2
Alcove Developers Llp                 LT Bk Fac          CARE BBB-,     800     Reaffirmed
                                                         Stable
Aspee Precision Components Pvt Ltd    LT Bk Fac          CARE BBB-,     26.2    Reaffirmed
                                                         Stable
(reduced from 3.33 Crore)
Aspee Sons                            LT Bk Fac          CARE BBB-,     175.4   Reaffirmed
                                                         Stable
(reduced from 22.82 Crore)
Aspee Springs Ltd                     LT Bk Fac          CARE BBB-,     173.1   Reaffirmed
                                                         Stable
(reduced from 20.48 Crore)
Ayushman Medical Diagnostics Pvt Ltd  LT BkFac           CARE BBB-,     607.3   Reaffirmed
                                                         Stable
(reduced from 67.44 Crore)
Balaji Impex_ Prakasam                LT Bk Fac          CARE B; Stable 17.5    Assigned
Bhagwat Printing Press                LT BkFac           CARE B-; Stable90      -
Issuer did not cooperate; Based on best available information
Bhagyanagar Copper Pvt Ltd            LT Bk Fac@         CARE BBB (CE); 150     Revised from
                                                         Stable                 CARE BBB
@The ratings of Bhagyanagar Copper Private Limited are backed by unconditional and irrevocable
corporate guarantee extended by Bhagyanagar India Limited (rated CARE BBB: Stable/CARE A3+).
Buildon                               LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Calcutta Jute Manufacturing Co. Ltd   Long/ST Bk Fac @   CARE A- (CE);  120     Assigned
                                                         Stable/CARE
                                                         A2+ (CE)
@ backed by credit enhancement in the form of corporate guarantee of Hooghly Infrastructure Pvt
Ltd
Cmi Ltd                               LT Bk Fac          CARE BBB+;     3069.9  Reaffirmed
                                                         Stable
(enhanced from 220.00 Crore)
Cmi Ltd                               Long/ ST BkFac     CARE BBB+;     2350    Reaffirmed
                                                         Stable /CARE
                                                         A3+
Cuarzo                                LT Bk Fac          CARE BBB       57.8    -
Continues on Credit Watch with Negative Implications
Cuarzo                                LT / ST Bk Fac     CARE BBB /CARE 150     -
                                                         A3+
Continues on Credit Watch with Negative Implications
Dhanesh Trading Company               LT BkFac           CARE B-; Stable100     -
Issuer did not cooperate; Based on best available information
Dorset Industries Pvt Ltd             LT Bk Fac (Fund    CARE BBB:      570     Assigned
                                      based)             Stable
Fujiyama Power Systems Pvt Ltd        LT Bk Fac          CARE BBB-;     75      Reaffirmed
                                                         Stable
(enhanced from 2.40 Crore)
Fujiyama Power Systems Pvt Ltd        LT/ ST BkFac       CARE BBB-;     330     Reaffirmed
                                                         Stable/CARE A3
(enhanced from 19.60 Crore)
Gallant Jewelry                       LT / ST Bk Fac     CARE BB;       147.6   -
                                                         Stable/CARE A4
ISSUER NOT COOPERATING
Gandevikar Jewellers Pvt Ltd          LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BBB-/
                                                                                Stable and
simultaneously withdrawn
Gandevikar’S Sara Gold Pvt Ltd        LT Bk Fac          CARE BBB;      230     Reaffirmed
                                                         Stable
(enhanced from 15.00 crore Crore)
Ganesham Electrotech Supermarket Pvt  LT Bk Fac          -              -       Revised from
Ltd                                                                             CARE BB
Guru Nanak Auto Enterprises Ltd       LT Bk Fac          CARE BBB;      1332.2  Reaffirmed
                                                         Stable
(enhanced from 90.81 Crore)
Hari Kripa Business Venture Pvt Ltd   LT Bk Fac          CARE D         234.2   Revised from
                                                                                CARE BB
Indus Vegpro Pvt Ltd                  LT Bk Fac          CARE BB; Stable23.1    Assigned
Jiya Exim Pvt Ltd                     LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+
K & J Projects Pvt Ltd                LT Bk Fac          CARE BBB-;     238.3   Reaffirmed
                                                         Stable
(Enhanced from 21.30 Crore)
K N Kuppusamy Educational Trust       LT Bk Fac                         -       Reaffirmed at
                                                                                CARE BB-
Kay Hardware                          LT BkFac           CARE B+; Stable123     Revised from
                                                                                CARE
                                                                                BB-;
Stable
Issuer did not cooperate; Based on best available information
Kay Jay Forgings Pvt Ltd              LT Bk Fac          -              -       Revised to
                                                                                CARE BBB
Khagaria Purnea Highway Project Ltd   LT BkFac (Senior   CARE BBB       3934.9  Revised from
                                      debt)                                     CARE BBB+
(reduced from Rs. 422.82 crore Crore)
Khagaria Purnea Highway Project Ltd   LT BkFac           CARE BBB-      300     Revised from
                                      (Sub-ordinate debt)                       CARE BBB
Kpi Global Infrastructure Ltd         LT Fac             CARE BBB       1193.7  Revised from
                                                                                CARE BBB-
(reduced from Rs. 121.08 crore Crore)
Kpi Global Infrastructure Ltd         LT/ STFac          CARE BBB;      145     Revised from
                                                         Stable/ CARE           CARE BBB-
                                                         A3+
(enhanced from Rs. 2.50 crore Crore)
L&T Uttaranchal Hydropower Ltd        LT Bk Fac (Non-    CARE A; Stable 250     Reaffirmed
                                      Fund Based) – LOC
L&T Uttaranchal Hydropower Ltd        LT Bk Fac (Non-    CARE A; Stable 50      Reaffirmed
                                      Fund Based) – BG
Magnum Aviation Pvt Ltd               LT BkFac           CARE B-; Stable95      Revised from
                                                                                CARE B; Stable
Issuer did not cooperate; Based on best available information
Multi Commodity Exchange Clearing     Issuer Rating      CARE AA+ (Is); -       Reaffirmed
Corporation Ltd                                          Stable
Narayan Industries (Chattisgarh)      LT Bk Fac          CARE D         80      Revised from
                                                                                CARE B
Issuer not cooperating
Narayan Industries (Chattisgarh)      LT/ST Bk Fac       CARE D         10      Revised from
                                                                                CARE B
Issuer not cooperating
Orion Security Solutions Pvt Ltd      LT BkFac           CARE BB        500     Revised from
                                                                                CARE BBB
Partap Cotex Pvt Ltd                  LT Bk Fac          CARE BBB       185     Revised from
                                                                                CARE BBB+
(reduced from 20.30 Crore)
Partap Spintex Pvt Ltd                LT Bk Fac          CARE BBB       655.8   Revised from
                                                                                CARE BBB+
(reduced from 78.01 Crore)
Pinnacle Hospitals India Pvt Ltd      LT Bk Fac          CARE BBB-      305.3   Revised from
                                                                                CARE BB+
(reduced from 38.57 Crore)
Polygon Packaging Llp                 LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+
Polygon Packaging Llp                 LT/ ST Bk Fac      -              -       Reaffirmed at
                                                                                CARE B+
Prabal Motors Pvt Ltd                 LT Bk Fac          CARE BB; Stable695     Reaffirmed
(enhanced from 52.71 Crore)
Priority Gold Pvt Ltd                 LT Bk Fac / ST Bk  -              -       Withdrawn
                                      Fac (Fund
                                      Based/Non Fund Based)
Priority Gold Pvt Ltd                 LT Bk Fac (Fund    -              -       Withdrawn
                                      Based)
Protrans Supply Chain Management Pvt  LT/STBk Fac        CARE A- (CE);  20      Reaffirmed
Ltd                                                      Stable /CARE
                                                         A2+ (CE)
(reduced from 5.00 Crore),outlook revised to Stable from Positive
R. R. Distributors Pvt Ltd            LTBk Fac           CARE B; Stable 45      Revised from
                                                                                CARE B+;
                                                                                Stable
Issuer did not cooperate; Based on best available information
Rama Cotspin Pvt Ltd                  LT Bk Fac          CARE BBB       112.5   Revised from
                                                                                CARE BBB+
(reduced from 12.26 Crore)
Rau Pithampur Infrastructure Pvt Ltd  LT Bk Fac          CARE BBB+      326.5   Reaffirmed
(Reduced from 38.39 Crore)
Riwasa Tiles Ltd                      LT BkFac           CARE B         122.9   Revised from
                                                                                CARE BB+;
                                                                                Stable
Issuer did not cooperate; Based on best available information
Sab Motors Pvt Ltd                    LT BkFac           CARE BB; Stable191.8   Revised from
                                                                                CARE BB-
(enhanced from 10.00 Crore)
Sampat Aluminium Pvt Ltd              LT Bk Fac          CARE D         45.4    -
ISSUER NOT COOPERATING
Shreejee Cotex                        LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
Sify Technologies Ltd                 Proposed CP Issue  -              -       Withdrawn
Siraj International Llp               LT Bk Fac          CARE BB+;      48      Assigned
                                                         Stable
Sponge Sales India Pvt Ltd            LT Bk Fac          CARE BB+;      140     -
                                                         Stable
Issuer did not cooperate; Based on best available information
Sri Ganeswara Rice Tech               LT Bk Fac          CARE D         361.7   Revised from
                                                                                CARE BB
Stanadyne India Pvt Ltd               LT BkFac           CARE A-;       139.5   Revised from
                                                         Negative               CARE A-
(reduced from 21.42 Crore)
Stanadyne India Pvt Ltd               Long/STBk Fac      CARE A-;       500     Revised from
                                                         Negative /CARE         CARE A-
                                                         A2+
Suashish Diamonds Ltd                 LT Bk Fac          CARE A-; Stable1480    Reaffirmed
(reduced from Rs.200.00 crore Crore)
Swastik Electrotech Pvt Ltd           LT / ST Bk Fac     CARE BB+;      71      Reaffirmed
                                                         Stable/CARE A4+
Tamboli Castings Ltd                  LT Bk Fac          CARE BBB+;     122.1   Reaffirmed
                                                         Stable
(reduced from Rs.16.76 crore Crore)
Technico Industries Ltd               LT Bk Fac          CARE BBB-;     1424.8  Revised from
                                                         Negative               CARE BBB
(enhanced from 126.23 Crore)
Thriveni Sainik Mining Pvt Ltd        LT Bk Fac (Fund    CARE BBB+ (CE) 2590    -
                                      Based-TL)#
(reduced from 320.00 Crore),Placed on credit watch with developing implications
Thriveni Sainik Mining Pvt Ltd        LT Bk Fac (Fund    CARE BBB+ (CE) 600     -
                                      Based-CC)#
(reduced from 70.00 Crore),Placed on credit watch with developing implications
Thriveni Sainik Mining Pvt Ltd        Long/ST Bk Fac     CARE BBB+      1700    -
                                      (Non-Fund          (CE)/CARE A2
                                      BasedLC/BG)#       (CE)
(enhanced form 160.00 Crore),Placed on credit watch with developing implications
Uma Spintex India Pvt Ltd             LT Bk Fac          CARE D         766     -
Issuer did not cooperate; Based on best available information
Vinit Knittings Pvt Ltd               LT Bk Fac          CARE B; Stable 70      -
Issuer did not cooperate; Based on best available information
Vkt Pharma Pvt Ltd                    LT Bk Fac          CARE BBB-;     970.4   Reaffirmed
                                                         Stable
(enhanced from 85.04 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@refinitiv.com)
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