February 27, 2018 / 5:51 AM / 4 months ago

CARE ratings for Indian debt instruments-Feb 27

    Feb 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 26, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Advinus Therapeutics Ltd              ST Bk Fac          -              -       Withdrawn
Adinath Cars Pvt Ltd (Erstwhile Known ST Bk Fac          CARE A4 (A     5       Reaffirmed
As Adinath Motors)                                       Four)
Agl Polyfil Pvt Ltd                   ST Bk Fac          CARE A4        59.4    Reaffirmed
Ajay India Ltd                        ST Bk Fac          CARE A4        0.6     -

“Issuer not cooperating; Based on best available information”
Ambattur Clothing Pvt Ltd             ST Bk Fac          CARE A2        330     Reaffirmed
B.G. Shirke Construction Technology PvST                 CARE A1        2000    Assigned
Ltd                                   Inst-CP-Proposed#
# carved out of sanctioned working capital limits.
Bajrang Wire Products (India) Pvt. LtdST Bk Fac          CARE A3        135.8   Reaffirmed
Brintons Carpets Asia Pvt Ltd         ST Bk Fac          CARE A1        10      Reaffirmed
Edelweiss Agri Value Chain Ltd        ST Bk Fac-Non Fund CARE A1+       1800    Reaffirmed
                                      Based
(Reduced from Rs.380 crore Crore)
Gopal Sea Foods                       ST Bk Fac          CARE A4+       75      Revised from
                                                                                CARE A4
K D Infra                             ST Bk Fac          -              -       Withdrawn
Kesar Enterprise Ltd                  ST Bk Fac (Non     CARE D         2       Reaffirmed
                                      Fund Based)
Kan Victual Pvt Ltd                   ST Bk Fac          CARE A4        95      Reaffirmed
(enhanced from 8.50 Crore)
L&T Finance Holdings Ltd              CP                 CARE A1+       15000   Reaffirmed
L&T Finance Ltd. (Erstwhile Family    CP                 CARE A1+       185000  Reaffirmed
Credit Ltd.)
L&T Housing Finance Ltd               CP                 CARE A1+       50000   Reaffirmed
L&T Infrastructure Finance Co. Ltd    CP (CP)            CARE A1+       110000  Reaffirmed
Lava International Ltd                ST Bk Fac          CARE A1        10250   Reaffirmed
M.S.R Iron & Steel Industries India PvST Bk Fac          CARE A4        96.9    Reaffirmed
Ltd
(Enhanced from Rs. 5.00 Crores Crore)
Mercator Ltd                          ST BkFac           CARE A3+       1500    Reaffirmed
Modern Automotives Ltd                ST Bk Fac          CARE A3 (A     7.5     Reaffirmed
                                                         Three)
Nangalwala Industries Pvt Ltd         ST Bk Fac          CARE A4 ( A    100     Reaffirmed
                                                         Four)
Perfect Ply Industries Pvt Ltd        ST Bk Fac          CARE A4        10      Reaffirmed
Prince Pipes And Fittings Ltd         ST Bk Fac          CARE A3+(A     -       Reaffirmed
                                                         Three Plus)
R.H. International                    ST Bk Fac          CARE A4        16.5    Assigned
Ramesh Iron & Steel Company India Pvt ST Bk Fac          CARE A4        89.3    Reaffirmed
Ltd
(Enhanced from Rs. 5.00 Crores Crore)
Reliance Industries Ltd               CP                 CARE A1+       250000  Reaffirmed
(enhanced from Rs.20,000 crore)
Shree Transformers                    ST Bk Fac          -              -       Withdrawn
Sabari Krishna Enterprises            ST Bk Facility     CARE A4        50      Assigned
Sujala Pipes Pvt Ltd                  ST Bk Fac          CARE D         150.7   Revised from
                                                                                CARE A4
Issuer not cooperating; Based on best available information
Sailganga Eu Exports                  ST Bk Fac          CARE A4        100     Reaffirmed
Shakti Precision Components (India)   ST Bk Fac          CARE A3+       20      Reaffirmed
Pvt Ltd
Shiva Corporation India Ltd           ST Bk Fac          CARE A3        170     Reaffirmed
Shri Ganesh Industries                ST Bk Fac          CARE A4        30      -
Issuer not cooperating; Based on best available information
Sridhar Agro Product Pvt Ltd          ST Bk Fac          CARE A4 (A     20      Assigned
                                                         Four)
Sterling Ceramics                     ST Bk Fac          CARE A4+       7.5     Reaffirmed
Vaibhu Infratech India Pvt Ltd        ST Bk Fac          CARE A4        30      -
Issuer not cooperating; Based on best available information
Varsity Instruments Pvt Ltd           ST Bk Fac          CARE A4        95      -
Issuer not cooperating; Based on best available information

MEDIUM TERM RATINGS:
-------------------
L&T Housing Finance Ltd               Fixed Deposit      CARE AAA (FD)  1000    Revised from
                                      Programme                                 CARE AA+(FD)

D S Kulkarni Developers Ltd           Fixed Deposits     CARE D         338.6   -
ISSUER NOT COOPERATING; Based on best available information.

LONG TERM RATINGS:
-------------------
Adinath Cars Pvt Ltd (Erstwhile Known LT Bk Fac          CARE           108.6   Assigned
As Adinath Motors)                                       BB/(Double
                                                         B/Outlook : /)
Adinath Cars Pvt Ltd (Erstwhile Known LT/ST Fac          CARE BB/A4     150     Revised from
As Adinath Motors)                                                              CARE BB-/
                                                                                CARE A4 stable
Advinus Therapeutics Ltd              LT Bk Fac          -              -       Withdrawn
Agl Polyfil Pvt Ltd                   LT Bk Fac          CARE B+        197.5   Reaffirmed
(Enhanced from Rs.17.75 Crore)
Ajay India Ltd                        LT Bk Fac          CARE BB-       89      -
“Issuer not cooperating; Based on best available information”
Ajay India Ltd                        *Issuer did not                   0
                                      cooperate; Based
                                      on best available information
Ajay Synthetics Pvt Ltd               LT Bk Fac          CARE BB-       100     -
Issuer not cooperating; Based on best available information
Amlagora Cold Storage Pvt Ltd         LT Bk FacST Bk Fac CARE B         -       Reaffirmed
                                                                                Reaffirmed
Bajrang Wire Products (India) Pvt. LtdLT Bk Fac          CARE BBB-      64.2    Reaffirmed
Bajrang Wire Products (India) Pvt. LtdLT/ STBk Fac       CARE BBB-/A3   350     Reaffirmed
Bokahola Tea Company Pvt Ltd          LT Bk Fac          CARE BB        232.5   Assigned
Brintons Carpets Asia Pvt Ltd         LT/ ST Bk Fac      CARE A-/A1     140     Reaffirmed
D S Kulkarni Developers Ltd           LT Bk Fac          CARE D         7157.9  -
ISSUER NOT COOPERATING; Based on best available information.
D S Kulkarni Developers Ltd           NCDs               CARE D         1115.9  -
ISSUER NOT COOPERATING; Based on best available information.
D.E.C. Infrastructures And Projects   LT Bk Fac          CARE A-        390     Reaffirmed
(India) Pvt Ltd
(reduced from Rs. 40.00 crore Crore)
D.E.C. Infrastructures And Projects   LT/ST Bk Fac       CARE A-/A2+    1200    Reaffirmed
(India) Pvt Ltd
Dhanda Breeding Farm Pvt Ltd          LT Bk Fac          CARE B+        66.4    -
Issuer not cooperating; Based on best available information
Edelweiss Agri Value Chain Ltd        LT Bk Fac-Fund     CARE AA        4200    Reaffirmed
                                      Based
(Reduced from Rs.620 crore Crore)
Edelweiss Agri Value Chain Ltd        LT/ST BkFac- Fund  CARE AA/A1+    4000    Reaffirmed
                                      Based/Non-Fund
                                      Based
Edison Energy India Pvt Ltd           LT Bk Fac          CARE BB+       451.5   Assigned
Electromech                           LT Bk Fac          -              -       Withdrawn
Ghan Marine Products                  LT Bk Fac          CARE BB        100     Revised from
                                                                                CARE BB-
Hindupur Steel And Alloys Pvt Ltd     LT Bk Fac          CARE BB-       222.1   -
Issuer not cooperating; Based on best available information
Hindupur Steel And Alloys Pvt Ltd     *Issuer did not                   0
                                      cooperate; Based
                                      on best available information
Jay Jalaram Enterprise                LT Bk Fac          CARE BB        116.3   Reaffirmed
(reduced from 11.87 Crore)
Jc Biotech Pvt Ltd                    II) LT Bk          --             -       Withdrawn
                                      Fac*(Drop line
                                      overdraft facility)
Jc Biotech Pvt Ltd                    I)LT BkFac*        CARE A-(SO)    74.4    Assigned
K D Infra                             LT Bk Fac          -              -       Withdrawn
K K Rao Green Energy Pvt Ltd          LT Bk Fac          CARE BB        123.4   Reaffirmed
Kailash Rice And General Mills        LT Bk Fac          CARE B         92      -
Issuer not cooperating; Based on best available information
Kan Victual Pvt Ltd                   LT Bk Fac          CARE BB+       135     Reaffirmed
(reduced from 13.87 Crore)
Kesar Enterprise Ltd                  LT Bk Fac (TL)     CARE D         1072.6  Reaffirmed
Kesar Enterprise Ltd                  LT Bk Fac (Fund    CARE D         633     Reaffirmed
                                      Based)
L&T Finance Holdings Ltd              NCDs               CARE AAA       10000   Revised from
                                                                                CARE AA+
L&T Finance Holdings Ltd              Compulsorily       CARE AAA (RPS) 22710   Revised from
                                      Redeemable                                CAREAA+(RPS)
                                      Non-Convertible Cumulative PS
L&T Finance Ltd. (Erstwhile Family    Perpetual Debt     CARE AA+       5000    Revised from
Credit Ltd.)                                                                    CARE AA
L&T Finance Ltd. (Erstwhile Family    NCD                CARE AAA       101250  Revised from
Credit Ltd.)                                                                    CARE AA+
L&T Finance Ltd. (Erstwhile Family    NCD (Public Issue) CARE AAA       6000    Revised from
Credit Ltd.)                                                                    CARE AA+
L&T Finance Ltd. (Erstwhile Family    Subordinated Debt  CARE AAA       13000   Revised from
Credit Ltd.)                                                                    CARE AA+
L&T Finance Ltd. (Erstwhile Family    LT Bk Fac          CARE AAA       143000  Revised from
Credit Ltd.)                                                                    CARE AA+
L&T Finance Ltd. (Erstwhile Family    Principal          CARE PP-MLD AAA5000    Revised from
Credit Ltd.)                          Protected                                 CARE PP-MLD
                                      Market-linked Debenture                   AA+
L&T Housing Finance Ltd               Perpetual Debt     CARE AA+       1000    Revised from
                                                                                CARE AA
L&T Housing Finance Ltd               LT Bk Fac          CARE AAA       29000   Revised from
                                                                                CARE AA+
L&T Housing Finance Ltd               NCDs               CARE AAA       57000   Revised from
                                                                                CARE AA+
L&T Housing Finance Ltd               Subordinated Debt  CARE AAA       3000    Revised from
                                                                                CARE AA+
L&T Infrastructure Finance Co. Ltd    Perpetual debt     CARE AA+       4000    Revised from
                                                                                CARE AA
L&T Infrastructure Finance Co. Ltd    Long Term BkFac    CARE AAA       80000   Revised from
                                                                                CARE AA+
L&T Infrastructure Finance Co. Ltd    NCD                CARE AAA       95000   Revised from
                                                                                CARE AA+
L&T Infrastructure Finance Co. Ltd    Infrastructure     CARE AAA       18000   Revised from
                                      Bonds                                     CARE AA+
L&T Infrastructure Finance Co. Ltd    Sub. Bonds         CARE AAA       15000   Revised from
                                                                                CARE AA+
L&T Infrastructure Finance Co. Ltd    Sub. Bonds         CARE AAA       2000    Revised from
                                                                                CARE AA+
Lava International Ltd                LT Bk Fac          CARE A         2745.5  Reaffirmed
(enhanced from Rs.147.30 crore Crore)
M S Sawa Clay And Minerals Pvt Ltd    LT BkFac           CARE B+        162.7   Reaffirmed
M.S.R Iron & Steel Industries India PvLT Bk Fac          CARE BB-       303.1   Reaffirmed
Ltd
(Enhanced from Rs. 10.00 Crores Crore)
Mercator Ltd                          LT BkFac           CARE BBB+      9595.3  Reaffirmed
(Reduced from Rs.1,089.49 Crore)
Mercator Ltd                          NCD issue          CARE BBB+      500     Reaffirmed
Outlook revised from Stable
Modern Automotives Ltd                LT Bk Fac          CARE BBB-      230     Reaffirmed
Nangalwala Industries Pvt Ltd         LT Bk Fac          CARE BB        154.3   Reaffirmed
P.M.Impex Pvt Ltd                     LT Bk Fac          -              -       Withdrawn
Perfect Ply Industries Pvt Ltd        LT Bk Fac          CARE B+        70.6    Reaffirmed
(reduced from 7.38 Crore)
Prince Pipes And Fittings Ltd         LT Bk Fac –TL      CARE BBB+      -       Reaffirmed
Prince Pipes And Fittings Ltd         LT Bk Fac –Fund    CARE BBB+      -       Reaffirmed
                                      Based
R.H. International                    LT Bk Fac          CARE B+        10      Assigned
R.H. International                    LT Bk Fac/ST Bk    CARE B+ /CARE  140     Assigned
                                      Fac                A4
Rajvi Resorts And Hotels Pvt Ltd      LT Bk Fac          CARE BB+       371.7   Reaffirmed
(reduced from 41.00 Crore)
Ramesh Iron & Steel Company India Pvt LT Bk Fac          CARE BB-       1010.7  Reaffirmed
Ltd
(Enhanced from Rs. 30.00 Crores Crore)
Real Value Ventures Pvt Ltd           NCDs Issue I       CARE B+        1400    -
Issuer not cooperating
Real Value Ventures Pvt Ltd           NCD Issue II       CARE B+        290     -
Issuer not cooperating
Real Value Ventures Pvt Ltd           NCD Issue III      CARE B+        270     -
Issuer not cooperating
Real Value Ventures Pvt Ltd           Proposed NCD Issue CARE B+        160     -
                                      IV
Issuer not cooperating
Reliance Industries Ltd               NCD                CARE AAA       200000  Reaffirmed
Richlook Creations Pvt Ltd            LT Bk Fac          CARE BB-       63.1    Reaffirmed
(Reduced from 8.11 Crore)
Richlook Creations Pvt Ltd            LT/ST Bk Fac       CARE BB-/A4    75      Reaffirmed
S.C.S. Pvt Ltd                        LT Bk Fac          CARE BB        45      Assigned
S.C.S. Pvt Ltd                        LT/ST BkFac        CARE BB/A4     105     Assigned
Sabari Krishna Enterprises            LT Bk Facility     CARE B+        40      Assigned
Sakar Industries Pvt Ltd              Long/ST Bk Fac     CARE BB/A4     460     Reaffirmed
Satnam Rice Mills                     LT BkFac           CARE B+        150     Reaffirmed
Shakti Precision Components (India)   LT Bk Fac          CARE BBB+      1031.8  Reaffirmed
Pvt Ltd
(enhanced from Rs. 77.55 Crore)
Shiva Corporation India Ltd           LT Bk Fac          CARE BBB-      100     Revised from
                                                                                CARE BBB-
Shiva Shakti Sugars Ltd               LT BkFac           CARE BB        2025.8  Revised from
                                                                                CARE BB-
(reduced from Rs. 232.16 crore Crore)
Shree Transformers                    LT Bk Fac          -              -       Withdrawn
Shri Ganesh Industries                LT Bk Fac          CARE B+        87.8    -
Issuer not cooperating; Based on best available information
Skeiron Renewable Energy Amidyala Ltd Long Term Bk       CARE BBB-      12520.9 Assigned
                                      (Senior Debt)
Skeiron Renewable Energy Amidyala Ltd Long Term Bk       CARE BBB-      1788.5  Assigned
                                      (Sub-Debt)
Skeiron Renewable Energy Amidyala Ltd Working Capital    CARE BBB-      390.6   Assigned
                                      (Proposed)
Somila Texfab (India) Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Sparsh Hospitals & Critical Care Pvt  LT Bk Fac          CARE D         79.7    Revised from
 Ltd                                                                            CARE BB
(reduced from 8.54 Crore)
Sri Koundinya Educational Society     LT Bk Fac          CARE B+        70      Revised from
                                                                                CARE BB
Outlook Stable (Issuer not co-operating based on best available information)
Sri Panchamukhi Nutrients Pvt Ltd     LT Bk Facility     CARE B+        150     Revised from
                                                                                CARE B
Sridhar Agro Product Pvt Ltd          LT Bk Facility     CARE B         20      Assigned
Sridhar Agro Product Pvt Ltd          Long/ST Bk Fac     CARE B/A4      50      Assigned
Sterling Ceramics                     LT Bk Fac          CARE BB+       36.6    Reaffirmed
(reduced from 5.72 Crore)
Sterling Ceramics                     LT/ST BkFac        CARE BB+ /A4+  7.5     Reaffirmed
Sujala Pipes Pvt Ltd                  LT Bk Fac          CARE D         318     Revised from
                                                                                CARE B+
Issuer not cooperating; Based on best available information
Teenmurty Summit Realty Llp           LT Bk              CARE A (SO)    1000    Assigned
                                      Fac-TL-Proposed#
Vaibhu Infratech India Pvt Ltd        LT Bk Fac          CARE B+        35      Revised from
                                                                                CARE BB-
Issuer not cooperating; Based on best available information
Varsity Instruments Pvt Ltd           LT Bk Fac          CARE B+        5       Revised from
                                                                                CARE BB-
Issuer not cooperating; Based on best available information
Visu Leasing And Finance Pvt Ltd      LT Bk Fac          CARE A         10000   Reaffirmed
(enhanced from Rs.500 crore Crore)
Visu Leasing And Finance Pvt Ltd      Proposed NCDs      CARE A         2500    Assigned
(Rs. Two Hundred Fifty Crore only Crore)
Vivek Agrotech Pvt Ltd                LT Bk Facility     CARE BB        136.4   Reaffirmed
(Enhanced from 8.59 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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