February 6, 2018 / 6:42 AM / 2 months ago

CARE ratings for Indian debt instruments-Feb 6

    Feb 6 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 5, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Apt Tools And Machineries India Pvt   ST Bk Fac          CARE A4        15      Assigned
Ltd 
Beekaylon Synthetics Pvt Ltd.         ST Bk Fac          CARE A2+       165     Reaffirmed
Bronze Granito Llp                    ST Bk Fac          CARE A4        28.5    Assigned
Dashmesh Rubber Industries Pvt Ltd.   ST Bk Fac          CARE A4        5       Reaffirmed

Dhoot Transmission Pvt Ltd            ST Bk Fac          CARE A2+       264.8   Reaffirmed
Gayatri Bio-Organics Ltd              ST Bk Fac          CARE D         100     -
ISSUER NOT COOPERATING
Godawari Power And Ispat Ltd          ST BkFac           CARE A4+       893.4   Revised from
                                                                                CARE D
(reduced from 300.00 Crore)
H.Q. Lamps Manufacturing Company Pvt  Short- term Bk Fac CARE A4        350     -
Ltd.
ISSUER NOT COOPERATING
Harson Laboratories Pvt Ltd           ST Bk Fac          CARE A4        10      Assigned
Hightech Healthcare                   ST Bk Fac          CARE A4        62.5    Revised from
                                                                                CARE A4
ISSUER NOT COOPERATING
Himadri Speciality Chemical Ltd.      ST BkFac           CARE A1+       4450    Reaffirmed
(enhanced from 400.00 Crore)
Hlbs Tech Pvt Ltd                     ST Bk Fac          CARE A4        50      Assigned
Imperial Fastners Pvt Ltd             ST Bk Fac          CARE A4        11      Reaffirmed
Jai Bhushan Malik Contractors         ST BkFac           CARE A4        115     Assigned
Jyoti Construction Company            ST Bk Fac          CARE A4        120     Assigned
Kalinga Agro Foods                    ST Bk Fac          CARE A4        30      Assigned
Khosla Profil Pvt Ltd                 ST Bk Fac          CARE A3+       450     Revised from
                                                                                CARE A3
Liz Traders And Agents Pvt Ltd        CP                 CARE A1+       1500    Reaffirmed
Lodha Offset Ltd                      ST Bk Fac          -              -       Withdrawn
M. M. Ceramics And Ferro Alloys       ST Bk Fac          CARE A2+       1810    Reaffirmed
(enhanced from 170.00 Crore)
M. S. Metals And Steels Pvt. Ltd.     ST Bk Fac          CARE A2+       100     Reaffirmed
Malhotra Constructions Pvt Ltd        ST Bk Fac          CARE A4        110     Assigned
Mineral World Llp                     ST Bk Fac          CARE A4        10      Reaffirmed
Mm Tv Ltd                             ST Bk Fac          CARE A1        60      Reaffirmed
Nexus Feeds Ltd                       ST Bk Fac          CARE A4        100     Revised
                                                                                from
                                                                                CARE A3
ISSUER NOT COOPERATING
Panchshil Infrastructure Holdings Pvt ST Bk Fac          CARE A3        20      -
Ltd
ISSUER NOT COOPERATING
Sanhit Polymer                        ST Bk Fac          CARE A4        15      -
ISSUER NOT COOPERATING
Sarthak Industries Ltd                ST Bk Fac          CARE A4+       100     Reaffirmed
(reduced from Rs. 15.50 Crore)
Shah Concast Pvt Ltd                  ST Bk Fac          CARE A4        105     Reaffirmed
Shanthi Feeds Pvt Ltd                 ST Bk Fac          CARE A2        722.5   Reaffirmed
(enhanced from 42.25 Crore)
Simplex Engineering & Foundry Works   ST Bk Fac          CARE A3        400     Reaffirmed
Pvt Ltd
(reduced from 75 Crore)
Sneh Sadan Traders And Agents Ltd     CP                 CARE A1+       2750    Reaffirmed
Sri Laxmi Enterprises                 ST Bk Fac          CARE D         50      -
ISSUER NOT COOPERATING
Tata Communications Payment Solutions ST Bk Fac          -              -       Withdrawn
Ltd
Tata Communications Payment Solutions ST Bk Fac          CARE A1+ (SO)  4640#   Reaffirmed
Ltd
# backed by credit enhancement in the form of letter of comfort from Tata Communications Ltd.
(TCL), rated CARE AA+/CARE A1+
Vrion Global Pvt Ltd                  ST Bk Fac          CARE A4        100     Reaffirmed
Yajur Commodities Ltd                 ST Bk Fac*         CARE A1 (SO)   630     Reaffirmed
*backed by unconditional & irrevocable corporate guarantee provided by GPIL

MEDIUM TERM RATINGS:
-------------------
Sreeragh General Finance Ltd          Fixed Deposits     CARE BB+ (FD)  49.1    Revised from
                                                                                CARE BBB(FD)
LONG TERM RATINGS:
-------------------
Annada Cold Storage Pvt Ltd           LT Bk Facility     CARE B+        56      Assigned
Apt Tools And Machineries India Pvt   LT Bk Fac          CARE BB-       55      Assigned
Ltd 
Aron Pipes Pvt Ltd                    LT Bk Fac          CARE B+        145.7   Reaffirmed
(enhanced from 13.57 Crore)
Aura Poly Plastics Pvt Ltd            LT Bk Fac/ ST Bk   -              -       Withdrawn
                                      Fac
Balram Cotex                          LT Bk Fac          CARE B+        67      Reaffirmed
(reduced from 6.91 Crore)
Bank Of Maharashtra                   Lower Tier II      -              -       Reaffirmed
                                      Bonds (Basel II)
                                      /Tier II Bonds (Basel III)
Bank Of Maharashtra                   Upper Tier II      -              -       Reaffirmed
                                      Bonds /Perpetual
                                      Bonds (Basel II)
Bank Of Maharashtra                   Additional Tier    -              -       Reaffirmed
                                      I Bonds (Basel III)
Beekaylon Synthetics Pvt Ltd.         LT Bk Fac          CARE A-        1125    Reaffirmed
Bhamra Agro Industries Pvt Ltd        LT Bk Facility     CARE B+        72      Assigned
Biodeal Pharmaceuticals Pvt Ltd       LT Bk Fac          CARE BB        139.3   Reaffirmed
(Enhanced from Rs. 6.00 Crore)
Bronze Granito Llp                    LT Bk Fac          CARE B+        323.7   Assigned
Central Bank Of India                 Upper Tier II      -              -       Reaffirmed
                                      Bonds /Perpetual
                                      Bonds (Basel II)
Central Bank Of India                 Additional Tier    -              -       -
                                      I Bonds (Basel III)
Central Bank Of India                 Lower Tier II                     -       Reaffirmed
                                      Bonds (Basel II)
                                      /Tier II Bonds (Basel III)
Citi Centre Developers                LT BkFac           -              -       Withdrawn
Dashmesh Rubber Industries Pvt Ltd.   LT Bk Fac          CARE B+        62.9    Revised from
                                                                                CARE B
(reduced from 6.80 Crore)
Dena Bank                             Lower Tier II      -              -       Reaffirmed
                                      Bonds (Basel II)
                                      /Tier II Bonds (Basel III)
Dena Bank                             Upper Tier II      -              -       Reaffirmed
                                      Bonds /Perpetual
                                      Bonds (Basel II)
Dena Bank                             Additional Tier    -              -       Reaffirmed
                                      I Bonds (Basel III)
Dev India Projects Pvt Ltd            LT Bk Facility     CARE B+        83.7    -
ISSUER NOT COOPERATING
Dhoot Transmission Pvt Ltd            LT Bk Fac          CARE A-        248.9   Reaffirmed
(reduced from 42.94 Crore)
Dhoot Transmission Pvt Ltd            LT/ ST Bk Fac      CARE A-/A2+    750     Reaffirmed
Dial Pharmaceuticals                  LT Bk Fac          CARE B+        89.8    Assigned
Ebell Fashions Pvt Ltd                LT Bk Fac          CARE A         272.9   Revised from
                                                                                CARE A- (SO)@
@ The rating was earlier based on credit enhancement in the form of unconditional and
irrevocable corporate guarantee extended by J. M. Hosiery & Co. Limited. However, the corporate
guarantee has been withdrawn and a standalone rating has now been assigned.
Gayatri Bio-Organics Ltd              LT Bk Fac          CARE D         166.6   -
(reduced from 21.96 Crore) /ISSUER NOT COOPERATING
Godawari Power And Ispat Ltd          LT BkFac           CARE BB+       15030   Revised from
                                                                                CARE D
(enhanced from 1110.21 Crore)
Godawari Power And Ispat Ltd          NCD                CARE BB+       546.5   Revised from
                                                                                CARE D
(Reduced from 76.67 Crore)
H.Q. Lamps Manufacturing Company Pvt  Long- term Bk Fac  CARE BB        300     -
Ltd.
ISSUER NOT COOPERATING
Harson Laboratories Pvt Ltd           LT Bk Fac          CARE B+        80      Assigned
Hightech Healthcare                   LT Bk Fac          CARE B+        35      Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Himadri Speciality Chemical Ltd.      LT BkFac           CARE A+        6373.2  Reaffirmed
(enhanced from 572.97 Crore)
Himadri Speciality Chemical Ltd.      LT/Shortterm Bk FacCARE A+/A1+    760     Reaffirmed
(enhanced from 65.00 Crore)
Hlbs Tech Pvt Ltd                     LT Bk Fac          CARE BB-       60      Assigned
Idbi Bank                             Lower Tier II      -              -       Reaffirmed
                                      Bonds (Basel II)
                                      /Tier II Bonds (Basel III)
Idbi Bank                             Upper Tier II      -              -       -
                                      Bonds /Perpetual
                                      Bonds (Basel II)
Idbi Bank                             Additional Tier    -              -
                                      I Bonds (Basel III)
Il&Fs Energy Development Co. Ltd      Proposed LT- NCDs  ProvCARE AA+   500     Assigned
                                                         (SO)
Ilabs Hyderabad Technology Centre Pvt LT Bk Fac          CARE BBB+ (SO) 1200    Reaffirmed
Ltd
Imperial Fastners Pvt Ltd             LT Bk Fac          CARE BB        142.2   Reaffirmed
Ipf Vikram India Ltd                  LT Bk Fac          CARE A         245.6   Assigned
Ipf Vikram India Ltd                  LT/ST BkFac        CARE A/A1      300     Reaffirmed
Irb Infrastructure Developers Ltd     LT Bk Fac (TL)#    -              -       Withdrawn
# The credit enhancement is in the form of put option wherein the lenders would require Mhaiskar
Infrastructure Private Limited (MIPL) to purchase the rated facility and/or any interest due to
be paid referred to as the put amount, within 15 days of exercise of the Put Option viz T+15
(final legal maturity with T as the due date of debt servicing for IRB) throughout the tenure of
the rated facility. The credit enhancement also factors the Structured Payment Mechanism (SPM)
in case of exercise of above put option.
J. M. Hosiery & Co. Ltd               LT Bk Fac          CARE A-        1100    Reaffirmed
(enhanced from 85 Crore)
J.J. Cold Storage                     LT Bk Fac          -              -       Withdrawn
Jai Bhushan Malik Contractors         LT BkFac           CARE B+        5       Assigned
Jk Hitech Rice Mill Pvt Ltd           LT Bk Fac          CARE B+        100.5   -
ISSUER NOT COOPERATING
Jyoti Construction Company            LT Bk Fac          CARE BB        65      Assigned
Kalinga Agro Foods                    LT Bk Fac          CARE B+        31      Assigned
Kedareshwar Fibers                    LT Bk Fac          CARE BB-       72.9    Assigned
Khosla Profil Pvt Ltd                 LT Bk Fac          CARE BBB       273.9   Revised from
                                                                                CARE BBB-
Kiran Global Chem Ltd (Erstwhile KiranLT Bk Fac          CARE BB        931.5   Revised from
Global Chems Ltd)                                                               CARE BBB-
(reduced from 96.21 Crore)
Kiran Global Chem Ltd (Erstwhile KiranLT/ ST Bk Fac      CARE BB/A4     1085    Revised from
Global Chems Ltd)                                                               CARE BBB-
                                                                                / CARE A3
Kongunadu Educational Charitable TrustLT Bk Fac          CARE BBB-      66.8    Assigned
Lodha Offset Ltd                      LT Bk Fac Fac      -              -       Withdrawn
M. M. Ceramics And Ferro Alloys       LT Bk Fac          CARE A-        850     Reaffirmed
(enhanced from 75.00 Crore)
M. S. Metals And Steels Pvt. Ltd.     LT Bk Fac          CARE A-        1700    Reaffirmed
Malhotra Constructions Pvt Ltd        LT Bk Fac          CARE B+        30      Assigned
Mars Packaging Industries             Long- term Bk Fac  CARE B+        72.3    Reaffirmed
(reduced from 7.38 Crore)
Mineral World Llp                     LT Bk Fac          CARE BB-       113     Reaffirmed
(reduced from 11.44 Crore)
Mm Tv Ltd                             LT Bk Fac          CARE A         475.3   Reaffirmed
(Enhanced from 33.97 Crore)
Nexus Feeds Ltd                       LT Bk Fac          CARE B         1008.6  Revised
                                                                                from
                                                                                CARE BBB-
ISSUER NOT COOPERATING
Nutrient Marine Foods Ltd             LT/ST Bk Fac       CARE BB-/A4    400     Revised from
                                                                                CARE
                                                                                BB /CARE A4     
                                                                          
ISSUER NOT COOPERATING
Panchshil Infrastructure Holdings Pvt LT Bk Fac          CARE BBB-      -       -
Ltd
ISSUER NOT COOPERATING
Piano Presitel                        LT Bk Fac          CARE BB+       211.4   Assigned
Point Footwear Pvt Ltd                LT BkFac           CARE BB-       128.5   Assigned
Ry Midas Alluminiums Pvt Ltd          LT /Shortterm Bk   CARE BB-/A4    290     -
                                      Fac
ISSUER NOT COOPERATING
S. D. International                   LT Bk Fac          CARE A- (SO) * 100     Reaffirmed
* based on credit enhancement in the form of unconditional and irrevocable guarantee of J. M.
Hosiery & Co. Ltd. (JMHCL)
Sanhit Polymer                        LT Bk Fac          CARE BB-       50      -
ISSUER NOT COOPERATING
Sarthak Industries Ltd                LT/ ST Bk Fac      CARE BB+/A4+   10      Reaffirmed
Shah Concast Pvt Ltd                  LT Bk Fac          CARE B+        102     Reaffirmed
Shanthi Feeds Pvt Ltd                 LT Bk Fac          CARE A-        913.8   Reaffirmed
Shree Ram Kripa Build Home Pvt Ltd    LT Bk Fac          -              -       Withdrawn
Siddhivinayak Motors Pvt Ltd          LT Bk Fac          CARE BB+       230.5   Reaffirmed
(enhanced from Rs.21.05 Crore)
Simplex Engineering & Foundry Works PvLT Bk Fac          CARE BBB-      250     Reaffirmed
Ltd
(reduced from 40 Crore)
Sri Laxmi Enterprises                 LT Bk Fac          CARE D         91.4    -
ISSUER NOT COOPERATING
Ssg Pharma Pvt Ltd                    LT Bk Fac          CARE B+        160     Assigned
Sugee Developers Pvt Ltd              LT Bk Fac          CARE BB+       282.9   Reaffirmed
Summanus Ifmr Capital 2016-Originator:Series A1 PTCs     -              -       Withdrawn
S V Creditline Pvt Ltd Summanus Ifmr
Capital 2016
Summanus Ifmr Capital 2016-Originator:Series A2 PTCs     -              -       Withdrawn
S V Creditline Pvt Ltd Summanus Ifmr
Capital 2016
Summanus Ifmr Capital 2016-Originator:Series A3 PTCs     -              -       Withdrawn
S V Creditline Pvt Ltd Summanus Ifmr
Capital 2016
Supreme Mills India Pvt Ltd           LT Bk Fac          CARE BB-       67      Assigned
Tata Communications Payment Solutions LT Bk Fac          -              -       Withdrawn
Ltd
Tata Communications Payment Solutions LT Bk Fac          CARE AA (SO)   3000#   Reaffirmed
Ltd
# backed by credit enhancement in the form of letter of comfort from Tata Communications Ltd.
(TCL), rated CARE AA+/CARE A1+
Tata Communications Payment Solutions Proposed           CARE           -       Reaffirmed
Ltd                                   LT/ShortTerm/      AA(SO)/A1+(SO)
                                      Fund/Non Fund BasedBk Fac
^backed by credit enhancement in the form of letter of comfort proposed to be extended by TCL.
Trades Worth (Steel) Company          LT Bk Facility     CARE B+        65      Assigned
Uco Bank                              Lower Tier II      -              -       -
                                      Bonds (Basel II)
                                      /Tier II Bonds (Basel III)
Uco Bank                              Upper Tier II      -              -       -
                                      Bonds /Perpetual
                                      Bonds (Basel II)
Uco Bank                              Additional Tier    -              -       -
                                      I Bonds (Basel III)
United Bank                           Lower Tier II      -              -       -
                                      Bonds (Basel II)
                                      /Tier II Bonds (Basel III)
United Bank                           Upper Tier II      -              -       -
                                      Bonds /Perpetual
                                      Bonds (Basel II)
United Bank                           Additional Tier    -              -
                                      I Bonds (Basel III)
Uttranchal Welfare Society            LT Bk Fac          CARE BB        136     Reaffirmed
(reduced from Rs. 24.77 Crore)
Vasa Nonwoven Industries Pvt Ltd      LT Bk Fac          CARE B+        75.2    Reaffirmed
(enhanced from 5.09 Crore)
Virchand Narsi Cotton Pvt Ltd         LT Bk Fac          CARE B+        265     Reaffirmed
Vivek Agrotech Pvt Ltd                LT Bk Facility     CARE B+        96.2    -
ISSUER NOT COOPERATING
Vrion Global Pvt Ltd                  LT Bk Fac          CARE BB-       50      Reaffirmed
Welspun Corp Ltd                      NCD issue (NCD) -1 CARE AA-       900     Reaffirmed
(Reduced from Rs.294 crore)
Welspun Corp Ltd                      NCD issue (NCD) -2 CARE AA-       2000    Reaffirmed
(Reduced from Rs.700 crore )
Yajur Commodities Ltd                 LT Bk Fac#         CARE A (SO)    520     Assigned
to be backed by unconditional and irrevocable corporate guarantee to be provided by Genus Power
Infrastructure Limited (GPIL). The rating for these facilities (I) is “Provisional” and 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*         CARE A (SO)    50      Reaffirmed
*backed by unconditional & irrevocable corporate guarantee provided by GPIL
--------------------------------------------------------------------------------------------
$: 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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