February 7, 2018 / 4:08 AM / 4 months ago

CARE ratings for Indian debt instruments-Feb 7

    Feb 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 6, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A&T Infracon Pvt Ltd                  ST Bk Fac          CARE A4        100
Reaffirmed and removed from issuer not cooperating
Adroit Pharmaceuticals Pvt Ltd        ST Bk Fac          CARE A4        40      Assigned
Agrawal Distilleries Pvt Ltd          ST Bk Fac          CARE A4        20      Assigned

Axtel Industries Ltd                  ST Bk Fac          CARE A3+       80      Reaffirmed
Cesc Ltd                              ST Bk Fac          CARE A1+       2500    Reaffirmed
Chottanikarai Amman Road Transport    ST Bk Fac          CARE A4        95      Assigned
Crab And Taur Engineeers Pvt Ltd      ST Bk Fac          CARE A4        120     Reaffirmed
Cuarzo                                ST Bk Fac          CARE A3+       50      Assigned
Cuarzo                                ST Bk Fac          -*                     Withdrawn
*The (Structured Obligation) SO ratings assigned to the bank facilities of Cuarzo have been
withdrawn on account of withdrawal of unconditional and irrevocable corporate guarantee extended
by Nahar Colours and Coating Private Limited (NCCPL) and Orient Glazes Private Limited (OGPL)
for bank facilities of Cuarzo. 
Elec Steel Processing Industries      ST Bk Fac          CARE A4        150     Reaffirmed
(enhanced from 9.00 Crore)
Fabmark Exports                       ST Bk Fac          CARE A4        70      Assigned
Fusion Industries Ltd                 ST Bk Fac          CARE A4+       30      Reaffirmed
Gurukripa Conveyors                   ST Bk Fac          CARE A4        1
“Issuer not cooperating
Haldyn Glass Ltd                      Bk Fac-Non Fund    CARE A2        110.6   Reaffirmed
                                      Based (Non Fund
                                      Based)
Hira Electro Smelters Ltd             ST Bk Fac          CARE A4+       110     Reaffirmed
Jaya Guru Saw Mill                    ST Bk Fac          CARE A4        70      Assigned
Kartick Chandra Agro Products Pvt Ltd ST Bk Fac          CARE A4        1.4     Assigned
M.U. Jewellers Pvt Ltd                ST Bk Fac          -                      Withdrawn
Mechatronics Systems Pvt Ltd          ST Bk Fac          CARE A4        300
Issuer not cooperating; Based on best available information
Natural Storage Solutions Pvt Ltd     ST Bk Fac          CARE A3        140     Reaffirmed
Pelican Rotoflex Pvt Ltd              ST Bk Fac          CARE A3+       37.7    Reaffirmed
(enhanced from 2.77 Crore)
Prachi (India) Pvt Ltd                ST Bk Fac          CARE A4        30      Reaffirmed
Pratibha Krushi Prakriya Ltd          ST Bk Fac          CARE A3+       50      Reaffirmed
Randhawa Construction Co              ST Bk Fac          CARE A4        3.4
Revised from CARE A3 (reduced from 0.39 Crore)
Rayat & Bahra Group Of Institutes: An ST Bk Fac          CARE A4        10      Assigned
Educational & Charitable Society
Roots Industries India Ltd            ST Bk Fac          CARE A1        70      Reaffirmed
Ruchira Printing And Packaging        ST Bk Fac          CARE A4        1
Issuer not cooperating;Based on best available information
Shiva Industrial Security Agency      ST Bk Fac          CARE A3        85
(Gujarat) Pvt Ltd
Revised from CARE A4 (enhanced from 1.00 Crore)
Shiva Mills Ltd                       ST Bk Fac          CARE A3+       451     Assigned
Surya Textech                         ST Bk Fac          CARE A4        4       Reaffirmed
Thermo Products Pvt Ltd               ST Bk Facility     CARE A4        5       Assigned

LONG TERM RATINGS:
-------------------

A&T Infracon Pvt Ltd                  LT Bk Fac          CARE BB        40
Reaffirmed and removed from issuer not cooperating
Adroit Pharmaceuticals Pvt Ltd        LT Bk Fac          CARE BB-       20      Assigned
Agrawal Distilleries Pvt Ltd          LT Bk Fac          CARE BB        71.6    Assigned
Ajay Engi-Infrastructure Pvt Ltd      LT/ ST Bk Fac      CARE BBB+/A2   150     Reaffirmed
Ajmer Vidyut Vitran Nigam Ltd.        Proposed LT bond   CARE A+        41635.6 Assigned
                                      issue
Al Faheem Meatex Pvt Ltd              LT Bk Fac          CARE BBB-      120
Issuer not cooperating; Based on best available information
Al Faheem Meatex Pvt Ltd              LT/ST Bk Fac       CARE BBB-/A3   230
Issuer not cooperating; Based on best available information
Axtel Industries Ltd                  LT/ ST Bk Fac      CARE BBB/A3+   120     Reaffirmed
Bajaj Steels And Industries Ltd       LT Bk Fac          CARE B+        60      Assigned
Bharuch Dahej Railway Co. Ltd         LT Bk Fac          CARE BBB+      1611.3
Revised from CARE A- (reduced from 188.82 Crore)
Cesc Ltd                              LT Bk Fac          CARE AA        21163.7 Reaffirmed
(enhanced from 1,780.12 Crore)
Chottanikarai Amman Road Transport    LT Bk Fac          CARE B+        45      Assigned
Crab And Taur Engineeers Pvt Ltd      LT Bk Fac          CARE BB-       45
Revised from CARE BB
Cuarzo                                LT Bk Fac          -*                     Withdrawn
*The (Structured Obligation) SO ratings assigned to the bank facilities of Cuarzo have been
withdrawn on account of withdrawal of unconditional and irrevocable corporate guarantee extended
by Nahar Colours and Coating Private Limited (NCCPL) and Orient Glazes Private Limited (OGPL)
for bank facilities of Cuarzo.
Cuarzo                                LT Bk Fac          CARE BBB       56.3    Assigned
Cuarzo                                LT / ST Bk Fac     CARE BBB/A3+   150     Assigned
Devarpan Foods Pvt Ltd                LT Bk Fac          CARE BBB-      150     Assigned
Dhanvantari Milk Products Pvt Ltd     LT Bk Fac          CARE BBB       205.1   Reaffirmed
(Enhanced from 8.23 Crore)
Elec Steel Processing Industries      LT Bk Fac          CARE BB        108.3   Reaffirmed
(enhanced from 9.62 Crore)
Essel Finance Amc Ltd (Erstwhile      Essel Liquid       CARE AAAmfs            Reaffirmed
Peerless Funds Management Co. Ltd)    Fund(Erstwhile
                                      Peerless Liquid Fund) Open Ended Liquid Scheme
Essel Finance Amc Ltd (Erstwhile      Essel Flexible     CARE AAAmfs            Reaffirmed
Peerless Funds Management Co. Ltd)    Income
                                      Fund(Erstwhile Peerless Flexible Income Fund) Open Ended
Debt Scheme
Essel Finance Amc Ltd (Erstwhile      Essel Ultra ST     CARE AAAmfs            Reaffirmed
Peerless Funds Management Co. Ltd)    Fund(Erstwhile
                                      Peerless Ultra ST Fund) Open Ended Debt Scheme
Essel Finance Amc Ltd (Erstwhile      Essel ST           CARE AAAmfs            Reaffirmed
Peerless Funds Management Co. Ltd)    Fund(Erstwhile
                                      Peerless ST Fund) Open Ended Debt Scheme
Fabmark Exports                       LT Bk Fac          CARE B         5       Assigned
Frontier Springs Ltd                  LT Bk Fac          -                      Withdrawn
Frontier Springs Ltd                  ST Bk Fac          -                      Withdrawn
Fusion Industries Ltd                 LT Bk Fac          CARE BB+       261.6   Reaffirmed
Golden Triangle Fort And Palace Pvt LtLT Bk Fac          CARE BB-       49.6
Revised from CARE BB
Grand Canyon Sez Pvt Ltd              LT Bk Fac-LRD TL - CARE BBB-      250     Assigned
                                      Proposed
Gurukripa Conveyors                   LT Bk Fac          CARE B         77.2
“Issuer not cooperating
Haldyn Glass Ltd                      Bk Fac-FundBased   CARE A-        203
                                      (CC)
Revised from CARE BBB+
Hindustan Gum & Chemicals Ltd         Long/ST Bk Fac     CARE A+/A1+    1665    Reaffirmed
(reduced from 211.50 Crore)
Hira Electro Smelters Ltd             LT Bk Fac          CARE BB+       164.6   Reaffirmed
(reduced from 18 Crore)
Irep Credit Capital Pvt Ltd           LT Bk Fac          CARE BBB       1000    Assigned
                                      (Proposed)
Jaipur Vidyut Vitran Nigam Ltd.       Proposed LT bond   CARE A+        40133.4 Assigned
                                      issue
Jaya Guru Saw Mill                    LT Bk Fac          CARE B+        10      Assigned
Jodhpur Vidyut Vitran Nigam Ltd.      Proposed LT bond   CARE A+        40303.9 Assigned
                                      issue
Joyramchak Bandhab Samity             LT Bk Fac          -                      Withdrawn
Kartick Chandra Agro Products Pvt Ltd LT Bk Fac          CARE B         122.5   Assigned
Kbs Creations                         Long/ST Bk Fac     CARE BBB+/A2+  150     Reaffirmed
Kbs Diamonds                          LT Bk Fac          CARE BBB       140     Reaffirmed
Khushiya Industries Pvt Ltd           Long Term Fac                     208
CARE BB-; ISSUER NOT CO-OPERATING
M.U. Jewellers Pvt Ltd                LT Bk Fac          -                      Withdrawn
Maharashtra State Electricity         Proposed NCDs      -                      Withdrawn
Distribution Co. Ltd
Maxpure Water System Pvt Ltd          LT Bk Fac          CARE BB        150     Reaffirmed
Mechatronics Systems Pvt Ltd          LT Bk Fac          CARE BB        300
Issuer not cooperating; Basedon best available information
Mkd Infrastructure And Projects Pvt LtLT Bk Facility     CARE B+        60      Assigned
Modern Engineering Enterprise         LT Bk Facility     CARE BB-       150     Assigned
Natural Storage Solutions Pvt Ltd     LT /ST Bk Fac      CARE BBB-/A3   120     Reaffirmed
New Engineering Works                 LT Bk Fac          -                      Withdrawn
Oriental Bank Of Commerce             Basel III          CARE A         20000
                                      Compliant
                                      AdditionalTier I Bonds
Placed on Credit Watch with DevelopingImplications
Paras Dyeing And Printing Mills       LT Bk Fac          CARE BB-       90
Revised from CARE B+
Pelican Rotoflex Pvt Ltd              LT Bk Fac          CARE BBB       121.7   Reaffirmed
(enhanced from 3.13 Crore)
Pelican Rotoflex Pvt Ltd              LT/ST Bk Fac       CARE BBB/A3+   150     Reaffirmed
(enhanced from 10 Crore)
Prachi (India) Pvt Ltd                LT Bk Fac          CARE B+        150     Reaffirmed
Pratibha Krushi Prakriya Ltd          LT Bk Fac          CARE BBB       2027.8  Reaffirmed
(enhanced from 79.56 Crore)
Pratibha Milk Industries              LT Bk Fac          CARE BBB       549.3   Reaffirmed
(Enhanced from 32.53 Crore)
Priti Gems Exports Pvt. Ltd.          LT Bk Fac          CARE BB+       450
Issuer not cooperating; Based on best available information
Priti Gems Exports Pvt. Ltd.          Proposed LT Bk Fac CARE BB+       100
Issuer not cooperating; Based on best available information
Rajasthan Fort And Palace Pvt Ltd     LT Bk Fac          CARE BB        217.1   Reaffirmed
Randhawa Construction Co              LT Bk Fac          CARE BB        40
Revised from CARE BBB-
Randhawa Construction Co              LT/ST Bk Fac       CARE BB/A4     50
Revised from CARE BBB-/CARE A3
Rayat & Bahra Group Of Institutes: An LT Bk Fac          CARE B         853.5   Assigned
Educational & Charitable Society
Roots Industries India Ltd            LT Bk Fac          CARE A         150     Reaffirmed
(reduced from 16.08 Crore)
Rosetta Ifmr Capital 2017 (Originator:Series A PTC#      CARE A (SO)
Fusion Microfinance Pvt Ltd)
rating is now confirmed; # The PTCs are rated on Ultimate Payment basis
Ruchira Printing And Packaging        LT Bk Fac          CARE B+        167.5
Issuer not cooperating;Revised from CARE BB-
S K Marketing-Mumbai                  LT Bk Fac          CARE B+        60      Assigned
Sapthagiri Hospitality Pvt Ltd        LT Bk Fac          CARE BB-       155.9   Reaffirmed
(reduced from 15.82 Crore)
Saran Alloys Pvt Ltd                  LT Bk Fac          CARE B+        63.5    Assigned
Satin Creditcare Network Ltd          NCDs(Proposed)     CARE BBB+      600     Assigned
Shiva Industrial Security Agency      LT /ST Bk Fac      CARE BBB-/A3   140
(Gujarat) Pvt Ltd
Revised from CARE BB/CARE A4
Shiva Mills Ltd                       LT Bk Fac          CARE BBB       459.2   Assigned
Shiva Mills Ltd                       Long/ ST Bk Fac    CARE BBB/A3+   100     Assigned
Shree Baalaji Milk And Milk Products  LT Bk Fac          CARE BBB       502.9   Reaffirmed
(Enhanced from 44.09 Crore)
Sks Fasteners Ltd                     LT Bk Fac (TL)     -                      Withdrawn
Sks Fasteners Ltd                     ST Bk Fac (fund    -                      Withdrawn
                                      based)
Sri Veeranjaneya Eco-Bricks Pvt Ltd   LT Bk Fac          CARE B         60      Assigned
Sunny View Estates Pvt Ltd            Long Term - NCD    CARE AA+       2000    Assigned
                                      (NCDs)
Surya Textech                         LT Bk Fac          CARE BB        129.4   Reaffirmed
(reduced from 13.67 Crore)
Thermo Products Pvt Ltd               LT Bk Fac          CARE BB-       54.7    Assigned
Ultra Drugs Pvt Ltd                   LT Bk Fac          CARE BB        50
Issuer not cooperating ; Based on best available information
Weldfast Electrodes Pvt Ltd           LT Bk Fac          CARE BBB       50
Issuer not cooperating; Based on best available information


--------------------------------------------------------------------------------------------
$: 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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