February 5, 2020 / 10:07 AM / 13 days ago

CARE ratings for Indian debt instruments-Feb 5

    Feb 5  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of February 4, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aathava Garments India Pvt Ltd        ST Bk Fac          CARE A3        90      Reaffirmed
Alchaw Metprint India Ltd             ST Bk Fac          CARE A4+       10      Reaffirmed
Bhagawati Development Services Pvt LtdST Bk Fac          CARE A4        52.5    Reaffirmed
C&S Electric Ltd                      ST Bk Fac -BG/LC   CARE A1        5200
(Placed on Credit Watch with Positive Implications)
Contour Constructions Pvt Ltd         ST Bk Fac          CARE A4        40
(Issuer Not Cooperating)
Great White Global Pvt. Ltd.          ST Bk FacNon-fund  CARE A3+       624.3   Reaffirmed
                                      based
(enhanced from 61.43 Crore)
Htl Ltd                               Non Fund Based -   CARE A2+ (CE)* 500     Reaffirmed
                                      ST- LC/BG
*The above ratings are based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee provided by HFCL Limited (rated CARE A-; Negative/ CARE A2+)
Htl Ltd                               Fund Based - ST –  CARE A2+ (CE)* 400     Reaffirmed
                                      Bk Overdraft
*The above ratings are based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee provided by HFCL Limited (rated CARE A-; Negative/ CARE A2+)
Jai Shiv Food Products Pvt Ltd        ST Bk Fac          CARE A4        405
(Issuer Not Cooperating)
Jubilee Tex                           ST Bk Fac          CARE A4+       75      Assigned
M. S. Metals And Steels Pvt Ltd       ST Bk Fac          CARE A2+       100     Reaffirmed
Metallic Ferro Alloys Llp             ST BkFac           CARE A4        150     Revised
                                                                                formCARE A4+
(Issuer Not Cooperating)
Mm Ceramics And Ferro Alloys          ST Bk Fac          CARE A2+       1620    Reaffirmed
Mtc Business Pvt Ltd                  ST Bk Fac          CARE A2+       5910    Reaffirmed
Mukul Exports                         ST BkFac           CARE A4        44      Reaffirmed
Mutha Engineering Pvt Ltd             ST BkFac           CARE A4        46      Reaffirmed
(enhanced from 3.60 Crore)
Namita Rice Mill Pvt Ltd              ST Bk Fac          CARE A4        1.9     Assigned
National Electrical Equipments        ST Bk Fac          CARE A4+       50      Reaffirmed
Corporation
Nirman Engineers And Contractors      ST Bk Fac          CARE A4        170
(Issuer Not Cooperating)
Pnc Rajasthan Highways Pvt Ltd        ST Bk FacBG*       -              -       Withdrawn
* CARE has withdrawn the rating assigned to the short-term bank facilities (Bank guarantee) of
PRHPL with immediate effect, as the company has repaid the aforementioned facility in full and
there is no amount outstanding as on date.
Realcade Lifescience Pvt Ltd          ST BkFac           CARE A4        4.5     Reaffirmed
(reduced from 0.60 Crore)
Royal Imports & Exports               ST Bk Fac          CARE A4        450     Reaffirmed
(Enhanced from 18.29 Crore)
Sabarkantha District Cooperative Milk ST Bk Fac          CARE A1+       6350    Reaffirmed
Producers' Union Ltd
Sabarkantha District Cooperative Milk CP (CP) issue      CARE A1+       1000    Reaffirmed
Producers' Union Ltd
Sakthi Tarpaulin Company              ST Bk Fac          CARE A4        50
(Issuer Not Cooperating)
Sentini Bioproducts Pvt Ltd           ST Bk Fac          CARE A2        20      Reaffirmed
Shreeji Woodcraft Pvt Ltd             ST BkFac           CARE A3        30      Reaffirmed
Skilled Construction Co. Ltd          ST Bk Fac          CARE A4        48.5
(Issuer Not Cooperating)
Surya Vidyut Ltd                      ST BkFac           CARE A2        150     Reaffirmed
Unifab Engineering Projects Pvt Ltd   ST Bk Fac          CARE A4        40
(Issuer Not Cooperating)
Vee Aar Woodchem Pvt Ltd              ST Bk Fac          CARE A4        32.25   Reaffirmed
Yajur Commodities Ltd                 ST Bk Fac^         CARE A1 (CE)   333     Reaffirmed
(reduced from 54.00 Crore)/^The facilities are backed by an executed corporate guarantee
provided by GPIL (Genus Power Infrastructures Limited).
Yajur Commodities Ltd                 ST Bk Fac*         ProvCARE A1    417     Reaffirmed
                                                         (CE)
(enhanced from 21.00 Crore)/@ to be backed by unconditional and irrevocable corporate guarantee
to be provided by Genus Power Infrastructures Limited (GPIL)
 
LONG TERM RATINGS:
-------------------
Aathava Garments India Pvt Ltd        LT Bk Fac          CARE BBB-;     29.8    Reaffirmed
                                                         Stable
Alchaw Metprint India Ltd             LT Bk Fac          CARE BB;       29      Reaffirmed
                                                         Stable
Baroda Agro Chemicals Ltd             LT Bk Fac          CARE D         236.1
(Issuer Not Cooperating)
Bhagawati Development Services Pvt LtdLT Bk Fac          CARE B+; Stable30      Reaffirmed
Bscpl Aurang Tollway Ltd              LT Bk Fac          CARE D         8269.6  Revised from
                                                                                CARE BB+;
                                                                                Stable
C&S Electric Ltd                      LT Bk Fac - TL     CARE A         767.5
Placed on Credit Watch with Positive Implications
C&S Electric Ltd                      LT Bk Fac - CC     CARE A         2350
Placed on Credit Watch with Positive Implications
Chettinad International Coal Terminal LT/ Shortterm Bk   CARE A-;       980     Revised from
Pvt Ltd                               Fac                Stable/CARE A2+        CARE A-;
                                                                                Positive/ CARE
                                                                                A2+
Chettinad Mangalore Coal Terminal Pvt LT Bk Fac          CARE BBB;      234.7   Reaffirmed
Ltd                                                      Stable
Chidambaram Mulraj And Company Pvt LtdLT Bk Fac          -              -       Withdrawn
Contour Constructions Pvt Ltd         LT Bk Fac          CARE B-; Stable50      Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating)
Dps Contractors Pvt Ltd               LT Bk Fac          CARE BB;       20      Reaffirmed
                                                         Positive
Dps Contractors Pvt Ltd               LT/ST BkFac        CARE BB;       86      Reaffirmed
                                                         Positive/CARE
                                                         A4+
Eleanor Industries Llp                LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
                                                                                Withdrawn
Ganga Spintex Ltd                     LT Bk Fac          CARE BB; Stable106     Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)/(reduced from 19.90 Crore)
Great White Global Pvt. Ltd.          LT Bk FacFund basedCARE BBB+;     730     Revised from
                                                         Positive               CARE BBB+
                                                                                Stable
(enhanced from 60.00 Crore)
Great White Global Pvt. Ltd.          LT/ ST Bk Fac      CARE BBB+;     200     Assigned
                                      (Interchangeable   Positive
                                      Fund Based /NFBL)
Great White Global Pvt. Ltd.          LT Bk Fac (TL)     CARE BBB+;     72.9    Assigned
                                                         Positive
Green Infra Solar Energy Ltd          LT Bk Fac          -              -       Withdrawn
Green Infra Wind Energy Assets Ltd    LT Bk Fac          -              -       Withdrawn
Green Infra Wind Power Theni Ltd      LT Bk Fac          -              -       Withdrawn
Guinea Motors Pvt Ltd                 LT Bk Fac          CARE B+; Stable170     Reaffirmed
Hindustan Gum & Chemicals Ltd         LT / ST Bk Fac     CARE A+;       715     Reaffirmed
                                                         Stable/CARE A1+
(reduced from 111.50 Crore)
Htl Ltd                               Fund Based - LT -  CARE A- (CE)*; 300     Reaffirmed
                                      TL                 Negative
Outlook changed to Negative from Stable/*The above ratings are based on the credit enhancement
in the form of unconditional and irrevocable corporate guarantee provided by HFCL Limited (rated
CARE A-; Negative/ CARE A2+)
Jai Shiv Food Products Pvt Ltd        LT Bk Fac          CARE B; Stable 105.1   Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Jdb Steel Llp                         LT BkFac           CARE BB+;      350.1   Reaffirmed
                                                         Positive
(reduced from 38.99 Crore)/outlook revised fromStable
Jdb Steel Llp                         Long /ST BkFac     CARE BB+;      6       Reaffirmed
                                                         Positive/CARE
                                                         A4+
outlook revised from table
Kinjal Chemicals Pvt Ltd              LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
(Issuer Not Cooperating)
Krishna Prasad Industries             LT Bk Fac          CARE B; Stable 60      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
L&T Housing Finance Ltd               Proposed Principal CARE PP-MLD    5000    Assigned
                                      Protected Market   AAA; Stable
                                      Linked Debenture
L&T Infrastructure Finance Company LtdProposed Principal CARE PP-MLD    5000    Assigned
                                      Protected Market   AAA; Stable
                                      Linked Debenture
Late Smt. Vidyawanti Labhu Ram        LT Bk Fac          CARE BBB-;     220.6   Reaffirmed
Foundation For Science Research &                        Stable
Social Welfare
Laxmi Oil And Vanaspati Pvt Ltd       LT BkFac           CARE D         500
(Issuer Not Cooperating)
M. S. Metals And Steels Pvt Ltd       LT Bk Fac          CARE A-; Stable2400    Reaffirmed
Madhuban Trade Steels Pvt Ltd         LT Bk Fac          CARE A-; Stable950     Reaffirmed
Mercure Metals And Alloys Pvt Ltd     LT Bk Fac          CARE A-; Stable100     Reaffirmed
Metallic Ferro Alloys Llp             LT/STBk Fac        CARE BB; Stable450     Revised form
                                                                                CARE
                                                                                BB+;Stable
(Issuer Not Cooperating)
Mm Ceramics And Ferro Alloys          LT Bk Fac          CARE A-; Stable1190    Reaffirmed
Mohijuli Tea Co Pvt Ltd               LT Bk Fac          CARE D         75.2    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Mtc Business Pvt Ltd                  LT Bk Fac          CARE A-; Stable2165    Reaffirmed
Mtc Business Pvt Ltd                  LT/ ST Bk Fac      CARE A-;       1314.3  Reaffirmed
                                      (Fund Based)       Stable/CARE A2+
Mukul Exports                         LT BkFac*          -              -       Withdrawn
*CARE has withdrawn the outstanding rating assigned to the bank facilities (term loan) of the
Mukul Exports with immediate effect. The above action has been taken at the request of Mukul
Exports and ‘No Due confirmation’ received from the bank that has extended the facilities rated
by CARE.
Mukul Exports                         LT Bk Fac          CARE BB-;      50      Revised from
                                                         Stable                 CARE BB;
                                                                                stable
Mukul Exports                         LT/ STFac          CARE BB-;      6       Revised from
                                                         Stable/CARE A4         CAREBB;
                                                                                Stable/
                                                                                reaffirmed
Mutha Engineering Pvt Ltd             LT BkFac           CARE BB; Stable242.3   Reaffirmed
(enhanced from 8.45 Crore)
Mytrah Aadhya Power Pvt Ltd           LT Bk Fac          CARE BBB;      2699    Reaffirmed
                                                         Stable
(reduced from Rs.275.54 Crore)
Namita Rice Mill Pvt Ltd              LT Bk Fac          CARE B; Stable 67.5    Assigned
National Electrical Equipments        LT/STBk Fac        CARE BB+;      20      Reaffirmed
Corporation                                              Stable/CARE A4+
Navkar Infrastructure                 LT Bk Fac          -              0       Withdrawn
Nikhil Tobaccos                       LT BkFac           CARE B;stable  300     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Nirman Engineers And Contractors      LT Bk Fac          CARE B; Stable 60      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Northern Arc 2019 Mfi                 Series A PTCs#     ProvCARE A (SO)-       -
Godard
(Originator: Satin Creditcare
Network Ltd)
#The PTCs are rated on Ultimate Payment basis
Plaudit Techno India Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Pnc Rajasthan Highways Pvt Ltd        LT Bk FacTL        CARE A-;       3709.8  Reaffirmed
                                                         Stable
Pragnya South City Projects Pvt Ltd   LT Bk Fac          -              -       Withdrawn
(Erstwhile L&T South City Projects Pvt
Ltd)
R. D. Forge (A Unit Of R D Chemicals  LT BkFac*          -              -       Withdrawn
Pvt Ltd)
*CARE has withdrawn the outstanding rating assigned to the bank facilities (term loan) of the R.
D. Forge (RDF) with immediate effect. The above action has been taken at the request of RDF and
‘No Due confirmation’ received from the bank that has extended the facilities rated by CARE.
R. D. Forge (A Unit Of R D Chemicals  LT BkFac           CARE BB; Stable100     Revised from
Pvt Ltd)                                                                        CARE BB-;
                                                                                stable
R. D. Forge (A Unit Of R D Chemicals  LT/ STFac          CARE BB;       10      Assigned
Pvt Ltd)                                                 Stable/CARE A4
Ratna Home Products Pvt Ltd           LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Realcade Lifescience Pvt Ltd          LT/ STBk Fac       CARE BB;       40      Revised from
                                                         Stable/CARE A4         CARE
                                                                                BB-;Stable/ CARE
                                                                                A4
(enhanced from 3.00 Crore)
Realcade Lifescience Pvt Ltd          LT BkFac           CARE BBB;      201.1   Revised from
                                                         Stable                 CARE BB-;
                                                                                Stable
(reduced from 24.91 Crore)
Royal Imports & Exports               LT Bk Fac          CARE BB;       113     Reaffirmed
                                                         Stable
(Reduced from 11.71 Crore)
Royal Imports & Exports               LT/ST BkFac        CARE BB;       30      Assigned
                                                         Stable/CARE A4
S K Steel Tech                        LT Bk Fac          CARE BB+;      100     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Sabarkantha District Cooperative Milk LT Bk Fac          CARE AA+;      1242.7  Reaffirmed
Producers' Union Ltd                                     Stable
(reduced from 149.07 Crore)
Sakthi Tarpaulin Company              LT Bk Fac          CARE B; Stable 135.3
(Issuer Not Cooperating)
Sentini Bioproducts Pvt Ltd           LT Bk Fac          CARE BBB+;     829.9   Reaffirmed
                                                         Stable
Shree Veerabhadreshwara Rice IndustrieLT Bk Fac          CARE B; Stable 60      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Shreeji Woodcraft Pvt Ltd             LT /STBk Fac       CARE BBB-;     90      Reaffirmed
                                                         Stable/CARE A3
Skilled Construction Co. Ltd          LT Bk Fac          CARE B; Stable 36.5    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Sri Gopal Automobiles                 LT Bk Fac          CARE B; Stable 130     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Sri Suresh Poultry Complex            LT Bk Fac          CARE B+; Stable70      Revised from
                                                                                CARE BB-;
                                                                                Stable;
(Issuer Not Cooperating)
Sri Venkateswara Poultry Complex      LT Bk Fac          CARE B+; Stable142.5   Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Surya Vidyut Ltd                      LT BkFac           CARE A-;       5621    Reaffirmed
                                                         Stable
(Reduced from 629.51 Crore)
Therelek Engineers Pvt Ltd            LT Bk Fac          CARE BB-;      257.1
                                                         Stable
(Issuer Not Cooperating)
Tirupati Buildcon Pvt Ltd             LT BkFac           CARE BBB;      285     Reaffirmed
                                                         Stable
(reduced from 33.00 Crore)
Tirupati Buildcon Pvt Ltd             Long/STBk Fac      CARE BBB;      570     Reaffirmed
                                                         Stable /CARE
                                                         A3+
Unifab Engineering Projects Pvt Ltd   LT / ST BkFac      CARE BB:       20
                                                         Stable /CARE A4
(Issuer Not Cooperating)
Unifab Engineering Projects Pvt Ltd   LT Bk Fac          CARE BB; Stable25.6
(Issuer Not Cooperating)
Vee Aar Woodchem Pvt Ltd              LT Bk Fac          CARE B+; Stable37.75   Reaffirmed
Yajur Commodities Ltd                 LT Bk Fac ^        CARE A (CE);   50      Reaffirmed
                                                         Stable
^The facilities are backed by an executed corporate guarantee provided by GPIL (Genus Power
Infrastructures Limited).
Yajur Commodities Ltd                 LT Bk Fac@          ProvCARE A     100     Assigned
                                                         (CE); Stable
@ to be backed by unconditional and irrevocable corporate guarantee to be provided by Genus
Power Infrastructures Limited (GPIL). This is a provisional rating and it will be confirmed upon
the execution of the corporate guarantee and submission of requisite documents to the
satisfaction of CARE.
Yajur Commodities Ltd                 LT Bk Fac@ (TL)    ProvCARE A     197.9   Reaffirmed
                                                         (CE); Stable
(reduced from 31.79 Crore)/@ to be backed by unconditional and irrevocable corporate guarantee
to be provided by Genus Power Infrastructures Limited (GPIL). This is a provisional rating and
it will be confirmed upon the execution of the corporate guarantee and submission of requisite
documents to the satisfaction of CARE.
--------------------------------------------------------------------------------------------
$: 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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