February 8, 2019 / 7:19 AM / in 3 months

CARE ratings for Indian debt instruments-Feb 8

   Feb 8 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of February 7, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
3F Industries Ltd                     ST Bk Fac          CARE A3+       1565.7  Revised from
                                                                                CARE A2
Arps Tea Company Pvt Ltd              ST Bk Fac          CARE A4        6       Assigned
Axiscades Engineering Technologies LtdST Bk Fac          CARE A3        63      Revised from
                                                                                CARE A3+
Bharati Industries                    ST Bk Fac          CARE A4        3.5     Reaffirmed
C. P. Bagal And Company               ST Bk Fac          CARE A4        24      Reaffirmed
D.M.P Nirman Pvt Ltd                  ST Bk Fac          CARE A4+       80      Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Desh Bhagat Memorial Educational TrustST Bk Fac          CARE A3        75      Reaffirmed
Expanded Polymer Systems Pvt Ltd      ST Bk Fac          CARE A3        650     Reaffirmed
Gloster Cables Ltd                    ST Bk Fac          CARE A3        600     Assigned
Golden Hatcheries                     ST Bk Fac          CARE A3+       25      Revised from
                                                                                CARE A3
Gtn Enterprises Ltd                   ST Bk Fac          CARE A4        890     Reaffirmed
Hira Ferro Alloys Ltd                 ST Bk Fac          CARE A3        450     -
Hi-Tech Resistors Pvt Ltd             ST Bk Fac          CARE A4        24      -
(Issuer Not Cooperating)
Imperial Fasteners Pvt Ltd            ST Bk Fac          CARE A4        1.5     Reaffirmed
Jyoti Spinners                        STBk Fac           CARE A4        32      -
(Issuer Not Cooperating)
Kalpana Struct-Con Pvt Ltd            ST Bk Fac          CARE A3        162.5   Reaffirmed
Kanyaka Parameshwari Engineering Ltd  ST Bk Fac          CARE A3+       410     Reaffirmed
Kiran Gems Pvt Ltd                    ST Bk Fac          CARE A1        2100    Reaffirmed
Mpm Pvt Ltd                           ST Bk Fac          CARE A4+       151.5   -
(Issuer Not Cooperating)
Overseas Polymers Pvt Ltd             ST Bk Fac          CARE A1        2500    Placed on
                                      (non-fund based)                          credit watch
                                                                                with developing 
                                                                                implications
Rambal Ltd                            ST Bk Fac          CARE A3+       65      Reaffirmed
Sakar Granito (India) Pvt Ltd         ST Bk Fac          CARE A3        70      Reaffirmed
Shanker Wood Pvt Ltd                  ST Bk Fac          CARE A4        120     -
(Issuer Not Cooperating)
Shiv Prasad Eco Touchwood Pvt Ltd     ST Bk Fac          CARE A4        350     -
(Issuer Not Cooperating)
Shiv Prasad Enterprises               ST Bk Fac          CARE A4        360     -
(Issuer Not Cooperating)
Shree Doodhaganga Krishna Sahakari    ST Bk Fac          CARE A4        457.5   -
Sakkare Karakhane Niyamit
(Issuer Not Cooperating)
Shree Shankar Vijay Timber Exports PvtST Bk Fac          CARE A4        2.2     -
Ltd
(Issuer Not Cooperating)
Sohan Coppertech Pvt Ltd              ST Bk Facility     CARE A4        20      Reaffirmed
Sri Jagannatha Spinners Pvt Ltd       ST Bk Fac          CARE A3        25.5    Reaffirmed
Sri Murugan Industries                ST Bk Fac          CARE A4        80      -
(Issuer Not Cooperating)
Ssp Packagings Industries Pvt Ltd     ST Bk Fac          CARE A4        10      Reaffirmed
Sunder Impex Pvt Ltd                  ST Bk Fac          CARE A4        130     Reaffirmed
The Delhi Flour Mills Co. Ltd         ST Bk Fac          CARE A3        11.7    Revised from
                                                                                CARE A3+
Tru-Tek Systems Combine Pvt Ltd       ST Bk Fac          CARE A4        20      Reaffirmed
Mini Diamonds (India) Ltd             ST Bk Fac          -              -       Withdrawn
Topsack Packaging Pvt Ltd (Erstwhile  ST Bk Fac          -              -       Withdrawn
Big Bags Bangalore Pvt Ltd)
Tru-Tek Systems Combine Pvt Ltd       ST Bk Fac          CARE A4        2.7     Reaffirmed
Vikas Filaments Pvt Ltd               ST Bk Fac          CARE A4        1.5     Reaffirmed
Vishnu Cotton Mills Ltd.              ST Fac (Non Fund   CARE A4+       61.1    Reaffirmed
                                      Based)                                    with
                                                                                Revocation 
                                                                                of
                                                                                (Issuer Not 
                                                                                Cooperating)
Wfb Baird And Company India Pvt Ltd   ST Bk Fac          CARE A3+       1125    Reaffirmed
Wfb Baird And Company India Pvt Ltd   ST Bk Fac          CARE A3+       240     Reaffirmed
Wheel Packaging                       ST Bk Fac          CARE A4        1       Reaffirmed


LONG TERM RATINGS:
-------------------
3F Industries Ltd                     LT Bk Fac          CARE BBB       2058.3  Revised from
                                                                                CARE BBB+
3F Industries Ltd                     Fixed Deposits     CARE BBB       880     Revised from
                                                                                CARE BBB+
3F Industries Ltd                     Long/ST Bk Fac     CARE BBB/CARE  7300    Revised from
                                                         A3+                    CARE BBB+
Ae Tollway Pvt Ltd                    LT Bk Fac (TL)#    CARE BBB+ (SO) 16500   Reaffirmed
# backed by Irrevocable and unconditional Corporate Guarantee from IRB 
Infrastructure Developers Limited (IRB) to the effect that it shall
provide an interest-free unsecured loan to meet shortfall in interest/debt 
servicing of the Loan from Scheduled Six-Laning Date(SSLD) till DSCR 
of 1.10x(without promoter support) is reached. 
Agrawal Education Foundation          LT Bk Fac          CARE B+        65.2    Revised from
                                                                                CARE BB-
Amophil Chemicals Pvt Ltd             LT Bk Fac          CARE BB-       229     Reaffirmed
Arps Tea Company Pvt Ltd              LT Bk Fac          CARE BB-       97.2    Assigned
Axiscades Engineering Technologies LtdLT Bk Fac          CARE BBB       385.8   Revised from
                                                                                CARE BBB+
Axiscades Engineering Technologies LtdLong/ ST Bk Fac    CARE BBB /CARE 650     Revised from
                                                         A3+                    CARE BBB+
Bagzone Lifestyles Pvt Ltd.           LT/ST Fund         CARE BBB-/CARE 150     Reaffirmed
                                      based/Non fund     A
                                      based Bk Fac
Best Seeds Karnal                     LT Bk Fac          CARE B+        57.4    Assigned
Bharati Industries                    LT Bk Fac          CARE BB-       48      Revised from
                                                                                CARE B+
C. P. Bagal And Company               LT Bk Fac          CARE BB-       50      Reaffirmed
CG Tollway Pvt Ltd                    LT Bk Fac(TL)#     CARE A+(SO)    14000   Reaffirmed
# Irrevocable and unconditional Corporate Guarantee of Sponsor, 
IRB Infrastructure Developers Limited (IRBIDL) to meet any shortfall in (a)
project cost funding (b) meeting the Major Maintenance requirement of the 
Project (c) meeting any shortfall in Debt Servicing (d) to meet any shortfall
in one quarter’s Debt Service Reserve (e) Termination payment to meet the 
entire outstanding debt obligation in case of termination of Concession 
due to any event during entire loan tenor (before and after COD) 
Cherma’S Exquisite Ltd                LT Bk Fac          --             --      Withdrawn
Continental Corrugators Pvt Ltd       LT Bk Fac          CARE BB-       96.2    Revised from
                                                                                CARE B+
D.M.P Nirman Pvt Ltd                  LT Bk Fac          CARE BB+       80      Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Desh Bhagat Memorial Educational Trust LT Bk Fac         -              -       Withdrawn*
*CARE has withdrawn the rating assigned to the proposed Fund based facility
 of Desh Bhagat Memorial Educational Trust (DBM), with immediate effect 
since the said facility was neither sanctioned nor does the trust plans 
to get it sanctioned in the near future. The above action has been taken
at the request of DBM. 
Dholi Spintex Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Dial Pharmaceuticals                  LT Bk Fac          CARE B         87.8    Revised from
                                                                                CAREB+
Eisha Concord Realtors                LT Bk Fac          CARE B+        100     -
(Issuer Not Cooperating)
Expanded Polymer Systems Pvt Ltd      LT Bk Fac          CARE BBB-      355     Reaffirmed
Forace Polymers Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Forace Polymers Pvt Ltd               ST Bk Fac          -              -       Withdrawn
Gloster Cables Ltd                    LT Bk Fac          CARE BBB       394.4   Assigned
Gmr Gujarat Solar Power Ltd           LT Fac (TL)        CARE BBB+      2130.9  Reaffirmed
Goan Real Estate And Construction Pvt LT Bk Fac          CARE D         678.6   Revised from
LTD                                                                             CARE B
Golden Hatcheries                     LT Bk Fac-LOC      -              -       Withdrawn*
*Withdrawn as the firm has repaid the entire facility
Golden Hatcheries                     LT Bk Fac          CARE BBB       600     Revised from
                                                                                CARE BBB-
Greenergy Wind Corporation Pvt Ltd    LT Bk Fac @        CARE BBB+      350     Reaffirmed
'@ The above rating is provisional due to ongoing process of transferring wind 
mill assets of 8.2MW from Golden Hatcheries (GOH) to 
Greenergy Wind Corporation P Ltd. Out of 8.2MW, 4.8 MW was 
transferred during March’18. The rating will be finalized post 
transfer of remaining assets involving no cash outflow. 
GTN Enterprises Ltd                   LT Bk Fac          CARE BB-       129.9   Reaffirmed
Hillways Hospitality Llp              LT Bk Fac          -              -       Withdrawn
Hira Ferro Alloys Ltd                 LT Bk Fac          CARE BBB-      312.7   Reaffirmed
Hi-Tec Rockfibre Pvt Ltd              LT Bk Fac          CARE B+        45.5    -
(Issuer Not Cooperating)
Hi-Tech Resistors Pvt Ltd             LT Bk Fac          CARE B+        32.2    -
(Issuer Not Cooperating)
Imperial Fasteners Pvt Ltd            LT Bk Fac          CARE B+        113     Revised from
                                                                                CARE BB
Invention Realtors Pvt Ltd            LT Bk Fac          CARE D         150     -
(Issuer Not Cooperating)
J Ambition Coal And Minerals Pvt Ltd  LT/ST Bk Fac       CARE B+/CARE   70      Assigned
                                                         A4
J. K. Khanij                          LT Bk Fac          CARE B         113.3   Revised from
                                                                                CARE B+
Jericho Chemicals Llp                 LT Bk Fac          CARE BB+       493     Revised from
                                                                                CARE BB+
JKR Sona Mandi Jewellers Pvt Ltd      LT Bk Fac          CARE B+        100     Reaffirmed
Jubilee Infrastructures               Long -term Bk Fac  CARE B         60      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Jyoti Spinners                        LTBk Fac           CARE B         63      -
(Issuer Not Cooperating)
Kalpana Struct-Con Pvt Ltd            LT Bk Fac          CARE BBB-      60      Reaffirmed
Kalpana Struct-Con Pvt Ltd            Proposed LTBk Fac  CARE BBB-      10      Reaffirmed
Kamakhya Traders                      LT Bk Fac          CARE B         100     -
(Issuer Not Cooperating)
Kanyaka Parameshwari Engineering Ltd  LT Bk Fac          CARE BBB       80      Reaffirmed
Kiran Gems Pvt Ltd                    LT Bk Fac          CARE A+        24760   Reaffirmed
Kiran Jewelery                        LT Bk Fac          CARE A+        1350    Reaffirmed
Kiran Jewels (India)                  LT Bk Fac          CARE A+        100     Reaffirmed
Libas Designs Ltd                     LT Bk Fac          CARE BB+       130.1   Reaffirmed
Majestic Exports                      LT Bk Fac          CARE BBB-      44.8    Reaffirmed
Majestic Exports                      LT/ST Bk Fac       CARE BBB-/CARE 160     Reaffirmed
                                                         A3
Mercure Metals And Alloys Pvt Ltd     LT Bk Fac          CARE A-        700     Assigned
Metalik Fuel Pvt Ltd                  LT Bk Fac          CARE BBB       245     Reaffirmed
Mini Diamonds (India) Ltd             LT Bk Fac          -              -       Withdrawn
Mpm Pvt Ltd                           LT Bk Fac          CARE BB+       175     -
(Issuer Not Cooperating)
Nectar Bottling And Marketing Llp     LT Bk Fac          CARE BB-       340     -
(Issuer Not Cooperating)
Nirmal Bot Ltd                        Debentures-NCDs)   CARE AAA (SO)  1702.6  Reaffirmed
Oriclean Pvt Ltd                      LT Bk Fac          CARE BBB-      220     Reaffirmed
Overseas Polymers Pvt Ltd             LT Bk Fac (TL)     CARE A         2400    Assigned
Overseas Polymers Pvt Ltd             LT Bk Fac (fund    CARE A         1150    Placed on
                                      based)                                    credit watch
                                                                                with developing 
                                                                                implications
Pharande Promoters And Builders       LT Bk Fac          CARE BB+       2000    -
                                      (Proposed FBL)
(Issuer Not Cooperating)
R.S. Green Foods Pvt Ltd              LT Bk Fac          CARE D         124.7   -
(Issuer Not Cooperating)
Rajheramb Properties                  LT Bk Fac          CARE BB-       161.3   -
(Issuer Not Cooperating)
Rambal Ltd                            LT Bk Fac          CARE BBB       175     Reaffirmed
Raunaq Ice And Cold Storage           LT / ST Bk Fac     CARE BB-/CARE  110     Reaffirmed
                                                         A4+
Reengus Sikar Expressway Ltd          NCD Issue          CARE AAA (SO)  1260    Reaffirmed
Safal Chem India Pvt Ltd              LT Bk Fac          CARE BB-       60.9    Assigned
Sai Udyog                             Long -term Bk Fac  CARE BB        52.1    Assigned
Sakar Granito (India) Pvt Ltd         LT Bk Fac          CARE BBB-      215.5   Rating
                                                                                reaffirmed
                                                                                and outlook 
                                                                                revised from 
                                                                                Stable to
                                                                                Negative
Sardar Industries                     LT Bk Fac          CARE B+        87.8    Reaffirmed
Shanker Wood Pvt Ltd                  LT Bk Fac          CARE B+        30      -
(Issuer Not Cooperating)
Shiv Prasad Enterprises               LT Bk Fac          CARE BB        13.5    -
(Issuer Not Cooperating)
Shree Doodhaganga Krishna Sahakari    LT Bk Fac          CARE B         2171.2  -
Sakkare Karakhane Niyamit
(Issuer Not Cooperating)
Shree Kunj Bihari Roller Flour Mills  LT Bk Fac          CARE B+        40      Assigned
Shree Kunj Bihari Roller Flour Mills  LT/ST Bk Fac       CARE B+/CARE A420      Assigned
Shree Shankar Vijay Timber Exports PvtLT/ST Bk Fac       CARE BB /CARE  470     -
Ltd                                                      A4
(Issuer Not Cooperating)
SMT. Malti Devi Memorial Trust        LT Bk Fac          CARE B         45.5    -
(Issuer Not Cooperating)
Sohan Coppertech Pvt Ltd              LT Bk Facility     CARE BB        85      Reaffirmed
SRI Jagannatha Spinners Pvt Ltd       LT Bk Fac          CARE BBB       252.9   Revised from
                                                                                CARE BBB-
SRI Murugan Industries                Long -term Bk Fac  CARE B-        18      -
(Issuer Not Cooperating)
SSP Packagings Industries Pvt Ltd     LT Bk Fac          CARE BB-       50      Reaffirmed
Sterling Gated Community Pvt Ltd      LT Instruments     CARE B+        600     Reaffirmed
                                      -NCD issue
Sunder Impex Pvt Ltd                  LT Bk Fac          CARE B+        20      Reaffirmed
Technique Solaire Invest 1 India Pvt Ltd LT Bk Fac       CARE BBB       210     Assigned
The Delhi Flour Mills Co. Ltd         LT Bk Fac – TL     CARE BBB-      1597    Revised from
                                                                                CARE BBB
The Delhi Flour Mills Co. Ltd         LT Bk Fac – CC     CARE BBB-      1145    Revised from
                                                                                CARE BBB
Topsack Packaging Pvt Ltd (Erstwhile  LT Bk Fac          -              -       Withdrawn
Big Bags Bangalore Pvt Ltd)
Tru-Tek Systems Combine Pvt Ltd       LT Bk Fac          CARE B+        10      Revised from
                                                                                CARE BB-
Tru-Tek Systems Combine Pvt Ltd       LT/Shortterm Bk FacCARE B+/CARE   67.3    Long-term
                                                         A4                     rating
                                                                                revised 
                                                                                from CARE BB-
Unicure India Ltd                     LT Bk Fac – CC     CARE BBB-      110     Reaffirmed
Unicure India Ltd                     Long/ST Bk Fac     CARE BBB-/CARE 180     Reaffirmed
                                      –Non Fund based    A3
Varanasi Sangam Expressway Pvt Ltd    LT Bk Fac          CARE A         9920    Reaffirmed
Varanasi Sangam Expressway Pvt Ltd    LT/ STBk Fac       CARE A/CARE A1 1223.5  Reaffirmed
Viaton Energy Pvt Ltd                 LT Bk Fac          CARE BBB (SO)  365.5   Revised from
                                                                                CARE BBB+
Vidya Infrabuilt Pvt Ltd              LT Bk Fac          CARE BB+       30      Assigned
Vidya Infrabuilt Pvt Ltd              LT/ Shortterm Bk   CARE BB+/CARE  220     Assigned
                                      Fac                A4+
Vikas Filaments Pvt Ltd               LT Bk Fac          CARE B+        3.7     Reaffirmed
Vikas Filaments Pvt Ltd               LT/ST Bk Fac       CARE B+/CARE   58.5    Reaffirmed
                                                         A4
Vishnu Cotton Mills Ltd.              LT Facility (TL)   -              0       Withdrawn
Vishnu Cotton Mills Ltd.              LT Fac (Fund       CARE BB+       90      Reaffirmed
                                      Based)                                    with
                                                                                Revocation 
                                                                                of
                                                                                (Issuer Not 
                                                                                Cooperating)*
WFB Baird And Company India Pvt Ltd   LT Bk Fac          CARE BBB       158.8   Reaffirmed
WFB Baird And Company India Pvt Ltd   LT Bk Fac          CARE BBB       80      Reaffirmed
WFB Baird And Company India Pvt Ltd   LT/ST Bk Fac       CARE BBB/CARE  125     Reaffirmed
                                                         A3+
Wheel Packaging                       LT Bk Fac          CARE BB        75      Reaffirmed
Wheel Packaging                       LT/ Short- term Bk CARE BB/CARE A4 23.5   Reaffirmed
                                      Fac
--------------------------------------------------------------------------------------------
$: 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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