February 5, 2018 / 6:00 AM / 6 months ago

CARE ratings for Indian debt instruments-Feb 5

    Feb 5 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 2, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abhishek Millennium Contracts Pvt Ltd ST BkFac           CARE A4+       120     Reaffirmed
Adilaxmi Industries                   ST Bk Fac          CARE A4        20      Reaffirmed
Agc Networks Ltd                      ST Bk Fac          CARE A4        380     -
ISSUER NOT COOPERATING

Ajanta Footcare (India) Pvt Ltd       ST Bk Fac@         CARE A1 (SO)   40      -
@ AFPL can avail such facilities by earmarking non-fund limit of BRIPL
Ajanta Footcare (India) Pvt Ltd       ST Bk Fac*         CARE A2+ (SO)  5       -
* based on the credit enhancement in the form of letter of comfort of Banik Rubber Industries
(India) Private Ltd (BRIPL – rated CARE A; Stable/CARE A1)
Atul Engineering Udyog                ST Bk Fac          CARE A4        45      Assigned
Balkrishna Spintex Pvt Ltd            ST Bk Fac          CARE A4        18.9    Reaffirmed
Banik Rubber Industries (India) Pvt   ST Bk Fac          CARE A1        28      Assigned
Ltd                                   (Non-Fund Based)
Bansal Associates                     ST Bk Fac          CARE A4        60      Reaffirmed
Bcs India Pvt Ltd                     ST Bk Fac          CARE A2        10      Upgraded from
                                                                                CARE A3+
Bharat Enterprises                    ST Bk Fac          CARE A3        64      -
ISSUER NOT COOPERATING
Classic Products Pvt Ltd              ST Bk Fac          CARE A4        5       Reaffirmed
Darjeeling Impex Ltd                  ST Bk Fac          CARE A4        30      Reaffirmed
Desh Bhagat Memorial Educational TrustST Bk Fac          CARE A3        75      Reaffirmed
Flora Marmo Industries Pvt Ltd        ST BkFac           CARE A4        189     -
ISSUER NOT COOPERATING
Gardenfresh Cold Chain Pvt Ltd        ST Bk Fac          CARE A4        10      Assigned
Golden Rock Granites Pvt Ltd          ST BkFac           CARE A4+       143     Reaffirmed
H R Ispat Pvt Ltd                     ST Bk Facility     CARE A4+       37.5    Reaffirmed
Himachal Baspa Power Co. Ltd          ST Bk Fac – Non    CARE A1+       3740    Reaffirmed
                                      Fund Based
Jagdamba Steels                       ST Bk Fac Total    CARE A4        3180    Reaffirmed
K.P.R Constructions                   ST Bk Fac          CARE A4+       207.3   Reaffirmed
Kanha Grain Process                   ST Bk Fac          CARE A4        30      Assigned
Khaitan Chemicals And Fertilizers Ltd ST Bk Fac          CARE A3        1447.2  Reaffirmed
Kilpest India Ltd                     ST Bk Fac          CARE A4        17.5    Reaffirmed
M. S. Engineering                     ST Bk Fac          CARE A4        15      Assigned
Maharashtra State Electricity         ST Bk Fac          CARE A3        2500    Assigned
Distribution Co. Ltd
Marshal Manufacturing And Exports     ST Bk Fac          CARE A4        45      Reaffirmed
Metro And Metro                       Short term Bk      CARE A2        50      -
                                      Fac
ISSUER NOT COOPERATING
National Plastic Industries Ltd       ST BkFac           CARE A3        20      Reaffirmed
Olympus Metal Pvt Ltd                 Short term Bk      -              -       Withdrawn
                                      Fac
Precision Camshafts Ltd               ST Bk Fac          CARE A1        440     Reaffirmed
Purbanchal Cement Ltd                 ST BkFac           CARE A2        10      Reaffirmed
Ratnagiri Seeds And Farm              ST Bk Fac          CARE A4        50      Assigned
Rex Polyextrusion Pvt Ltd             ST Bk Fac          CARE A3+       180     Issuer not
                                                                                cooperating,
Riddhi Siddhi Cold Storage Pvt Ltd    ST Bk Fac          CARE A4        2.1     -
ISSUER NOT COOPERATING
Sagar Foods                           ST BkFac           CARE A4        140     Assigned
Sharp Chucks And Machines Pvt Ltd     ST Bk Fac          CARE A4        10      Reaffirmed
Singh Construction Pvt Ltd            ST Bk Fac          CARE A4        100     -
ISSUER NOT COOPERATING
Universal Confectionery And Food      ST Bk Fac          -              -       Withdrawn
Products Pvt Ltd
Vedant Dyestuffs Intermediates Pvt LtdST Bk Fac          CARE A4        6.5     Reaffirmed
Vishal Paper Industries Pvt Ltd       ST Bk Fac          CARE A4        10      Reaffirmed
Vishal Wheelers Pvt Ltd               ST Bk Fac          CARE A4        2.5     Assigned

LONG TERM RATINGS:
-------------------
Aamor Inox Ltd                        Long- Term Bk Fac  CARE BB        320     -
ISSUER NOT COOPERATING
Aamor Inox Ltd                        Long- Term/ ST Bk  CARE BB/A4     450     -
                                      Fac
ISSUER NOT COOPERATING
Adilaxmi Industries                   LT Bk Fac          CARE BB-       158.7   Reaffirmed
(reduced from Rs. 16.04 crore)
Agc Networks Ltd                      LT Bk Fac          CARE BB        1515.5  -
ISSUER NOT COOPERATING
Age Old Spirits                       LT Bk Fac          CARE BB-       90      Revised from
                                                                                CARE B+
Agrocrops Exim Ltd                    LT Bk Fac          CARE BB        60      Assigned
Ajanta Footcare (India) Pvt Ltd       LT Bk Fac*         CARE A- (SO)   40      Reaffirmed
based on the credit enhancement in the form of letter of comfort of Banik Rubber Industries
(India) Private Ltd (BRIPL – rated CARE A; Stable/CARE A1)
Ajanta Footcare (India) Pvt Ltd       LT Bk Fac#         CARE A- (SO)   10      -
# based on the proposed credit enhancement in the form of letter of comfort from BRIPL.
@ AFPL
Ajanta Footcare (India) Pvt Ltd       LT / ST Bk Fac*    CARE           5       -
                                                         A-(SO)/A2+ (SO)
* based on the credit enhancement in the form of letter of comfort of Banik Rubber Industries
(India) Private Ltd (BRIPL – rated CARE A; Stable/CARE A1)
Atul Engineering Udyog                LT Bk Fac          CARE BB        150.6   Assigned
Atul Engineering Udyog                LT Bk Fac/ ST Bk   CARE BB/A4     14.4    Assigned
                                      Fac
Balkrishna Spintex Pvt Ltd            LT Bk Fac          CARE BB        385.3   Reaffirmed
Banik Rubber Industries (India) Pvt   LT Bk Fac (Fund    CARE A         210     Reaffirmed
Ltd                                   Based)
Banik Rubber Industries (India) Pvt   Long/ST Bk Fac     CARE A /A1     112     Reaffirmed
Ltd                                   (Non-Fund Based)
Bansal Associates                     LT Bk Fac          CARE BB        40      Revised from
                                                                                CARE BB-
Bcs India Pvt Ltd                     LT Bk Fac          CARE BBB+      90      Upgraded from
                                                                                CARE BBB
Bhandari Agrofeeds Pvt Ltd            LT Bk Fac          CARE B+        115     -
ISSUER NOT COOPERATING
Bhavnaben C Khanpara                  LT Bk Fac          CARE B         53.1    Assigned
Classic Products Pvt Ltd              LT Bk Fac          CARE BB        135     Reaffirmed
Classic Products Pvt Ltd              Long/ST Bk Fac     CARE BB/A4     50      Reaffirmed
Cmi Fpe Ltd                           Long/ST Bk Fac     CARE BBB+/A2+  2000    Rating
                                      (Fund                                     reaffirmed
                                      Based/Non-Fund BasedBk Fac)
Dalmia Bharat Ltd                     LT/ST Bk Fac       -              -       Withdrawn
Dalmia Bharat Ltd                     Proposed NCD issue -              -       Withdrawn
Dalmia Bharat Ltd                     CP issue           -              -       Withdrawn
Darjeeling Impex Ltd                  LT Bk Fac          CARE BB-       60      Reaffirmed
Desh Bhagat Memorial Educational TrustLT Bk Fac          CARE BBB-      25      Reaffirmed
Duggar Fiber Pvt Ltd                  LT Bk Fac          CARE BB-       103     Reaffirmed
Flora Marmo Industries Pvt Ltd        LT BkFac           CARE BB-       223.4   -
ISSUER NOT COOPERATING
G.V.D. Textiles Pvt Ltd               LT Bk Fac          CARE BB-       145.5   Assigned
Ganeshgarhia Construction Company     LT/ST BkFac        CARE BBB/A3+   1000    Revised from
                                                                                CARE
                                                                                BBB-/CARE A3
Gardenfresh Cold Chain Pvt Ltd        LT Bk Fac          CARE B+        220     Assigned
Golden Rock Granites Pvt Ltd          LT BkFac           CARE BB+       0.1     Reaffirmed
H R Ispat Pvt Ltd                     LT Bk Facility     CARE BB        407.5   Reaffirmed
Himachal Baspa Power Co. Ltd          LT Bk Fac          CARE AA-       60329.6 Revised from
                                                                                CARE A+
Himachal Baspa Power Co. Ltd          LT Bk Fac – CC     CARE AA-       2740    Revised from
                                                                                CARE A+
Ifmr Fimpact Income Builder Fund      IFMR FImpact       CARE AA- (AIF)         Assigned
                                      Income BuilderFund
Ifmr Fimpact Long-Term Credit Fund    LTCredit Fund      CARE AA- (AIF) -       Reaffirmed
Ifmr Fimpact Long-Term Multi Asset    IFMR FImpact LT    CARE AA- (AIF) -       Reaffirmed
Class Fund                            Multi AssetClass
                                      Fund
Ifmr Fimpact Medium Term OpportunitiesIFMR FImpact       CARE AA- (AIF) -       Reaffirmed
Fund                                  Medium
                                      TermOpportunities Fund
Jagdamba Steels                       LT Bk Fac          CARE BB        150     Reaffirmed
Jai Gurudev Ginning And Pressing      LT Bk Fac          CARE B+        82.1    -
Industries
ISSUER NOT COOPERATING
Jp Agro                               LT Bk Fac          CARE D         100     Revised from
                                                                                CARE B
 
ISSUER NOT COOPERATING
K. M. M. Foods Pvt Ltd                LT Bk Fac          CARE D         56.6    -
ISSUER NOT COOPERATING
K. P. Industries                      LT Bk Fac          CARE D         96.9    -
ISSUER NOT COOPERATING,*Based on best available information
K.P.R Constructions                   LT Bk Fac          CARE BB+       42.7    Reaffirmed
Kanha Grain Process                   LT Bk Fac          CARE BB-       103.5   Assigned
Khaitan Chemicals And Fertilizers Ltd LT Bk Fac          CARE BBB-      1725.5  Reaffirmed
Khivraj Motors Pvt Ltd                LT Bk Fac          CARE A-        530     Reaffirmed
Kilpest India Ltd                     LT Bk Fac          CARE BB-       42.5    Reaffirmed
Krishnamurthy Spinning Mills Pvt Ltd  LT Bk Fac          CARE B+        143.4   Revised from
                                                                                CARE B
Kusters Engineering India Pvt Ltd     LT/ ST BkFac       CARE BB/A4     120     Reaffirmed
Lakshmi Tea Factory                   LT Bk Fac          CARE B+        60      Assigned
Lexus Watertech India Pvt Ltd         LT BkFac           CARE BB-       63.4    Assigned
ISSUER NOT COOPERATING,*Based on best available information
Luhit Tea Company Pvt Ltd             LT Bk Facility     CARE B+        179     Reaffirmed
Lunawat Milk And Agro Pvt Ltd         LT/ shortterm Bk   CARE B-/A4     76.8    Revised from
                                      Fac                                       CARE B+
M S Agro Industries                   LT Bk Fac          CARE B+        87      Assigned
M. S. Engineering                     LT Bk Fac          CARE B+        44.8    Assigned
Marshal Manufacturing And Exports     LT Bk Fac          CARE BB-       25      Revised from
                                                                                CARE BB
Metro And Metro                       LT/ ST Bk Fac      CARE BBB+/A2   240     -
ISSUER NOT COOPERATING
Momai Foods Pvt Ltd                   Long- term Bk Fac  CARE D         98.6    -
ISSUER NOT COOPERATING,*Based on best available information
Mp Highways Pvt. Ltd.                 LT Fac             CARE A         2094.6  -
(reduced from 215.70 CR)
National Plastic Industries Ltd       LT BkFac           CARE BBB-      318.5   Reaffirmed
Olympus Metal Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Pnc Raebareli Highways Pvt Ltd        LT Bk Fac (Senior  CARE AA        6077.3  Revised from
                                      Debt)                                     CARE A+
Pnc Raebareli Highways Pvt Ltd        LT Bk Fac          CARE AA-       698     Revised from
                                      (Subordinate Debt)                        CARE A
Precision Camshafts Ltd               LT Bk Fac          CARE A         500.3   Reaffirmed
Precision Camshafts Ltd               Long- term/ ST Bk  CARE A/A1      665     Reaffirmed
                                      Fac
Purbanchal Cement Ltd                 LT BkFac           CARE BBB+      300     Reaffirmed
                                                                                and Outlook
                                                                                revised from
                                                                                Stable
Purbanchal Cement Ltd                 Long/ST BkFac      CARE BBB+/A2   10      Reaffirmed
                                                                                and Outlook
                                                                                revised from
Stable
Rana Steels India Ltd                 LT Bk Fac          CARE D         262.4   Revised from
                                                                                CARE B
Rana Steels India Ltd                 LT/ST Bk Fac       CARE D         40      Revised from
                                                                                CARE B
Ratnagiri Seeds And Farm              LT Bk Fac          CARE B+        50      Assigned
Reengus Sikar Expressway Ltd          LT Bk Fac          -                      Withdrawn
Reliance Broadcast Network Ltd        LT Bk Fac          CARE AA-(SO)   1000#   Continues on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
# backed by letter of comfort from RCL.
Reliance Broadcast Network Ltd        LT NCDs(NCD) – 3   CARE AA-(SO)   1500#   Continues on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
# backed by letter of comfort from RCL.
Reliance Broadcast Network Ltd        LT Bk Fac          CARE AA+ (SO)  928.3@  Continues on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
Reduced from Rs.114.19
crore),@backed by unconditional and irrevocable corporate guarantee by Reliance Capital Limited
(Guarantor or Benefactor
rated CARE A
Reliance Broadcast Network Ltd        LT NCDs(NCD) – 1   CARE AA+ (SO)  3300@   Continues on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
@backed by unconditional and irrevocable corporate guarantee by Reliance Capital
Limited(Guarantor or Benefactor rated CARE AA+/A1+; Credit Watch with Developing Implications)
Reliance Broadcast Network Ltd        LT NCDs(NCD) – 2   CARE AA+ (SO)  3750 %  Continues on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
% backed by credit enhancement in the form of an unconditional and irrevocable mandatory PUT
option by RCL, in favour of the debenture trustee on behalf of the debenture holders for timely
repayment of all outstanding amounts.
of the debenture trustee on behalf of
Rex Polyextrusion Pvt Ltd             LT Bk Fac          CARE BBB       916.6   Issuer not
                                                                                cooperating,
                                                                                Based on best
                                                                                Available
                                                                                information
ISSUER NOT COOPERATING
Rich Offset India Pvt Ltd             LT Bk Fac          CARE BB+       350.4   Assigned
Rich Prints Pvt Ltd                   LT Bk Fac          CARE BB        105.2   Assigned
Riddhi Siddhi Cold Storage Pvt Ltd    LT Bk Fac          CARE B         151     -
ISSUER NOT COOPERATING
Ronak Processors Pvt Ltd              LT Bk Fac          CARE BB        136.8   Reaffirmed
Sadaram Jining And Pressing IndustriesLT Bk Fac          CARE D         81.9    -
ISSUER NOT COOPERATING,*Based on best available information
Sanjiv Prakashan                      LT Bk Fac          CARE BBB-      170     Reaffirmed
Sharp Chucks And Machines Pvt Ltd     LT Bk Fac          CARE BB+       50.9    Reaffirmed
Sharp Chucks And Machines Pvt Ltd     LT Bk Fac/ ST Bk   CARE BB+/A4    260     Reaffirmed
                                      Fac
Sigma Buildcon                        LT Bk Fac          CARE B+        50      Assigned
Singh Construction Pvt Ltd            LT Bk Fac          CARE B+        30      -
ISSUER NOT COOPERATING
Sree Veerabhadreshwara Rice And Flour LT Bk Fac          CARE B+        100     Reaffirmed
Mill
Teemage Builders Pvt Ltd              LT Bk Fac          CARE BBB-      1000    Reaffirmed
Triveni Wires Pvt Ltd                 LT Bk Facility     CARE B+        266     Assigned
Universal Confectionery And Food      LT Bk Fac          -              -       Withdrawn
Products Pvt Ltd
Vedant Dyestuffs Intermediates Pvt LtdLT Bk Fac          CARE BB        129.4   Revised from
                                                                                CARE BB-
Vishal Paper Industries Pvt Ltd       LT Bk Fac          CARE BB-       170.6   Upgraded from
                                                                                CARE B
Vishal Wheelers Pvt Ltd               LT Bk Fac          CARE B+        88.3    Assigned
Zigma Laminates & Systems Pvt Ltd     LT Bk Fac ST Bk    CARE B-                Revised from
                                      Fac                                       CARE B
--------------------------------------------------------------------------------------------
$: 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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