February 8, 2018 / 7:20 AM / 10 days ago

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, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Balaji Phosphates Pvt Ltd             ST Bk Fac          CARE A4        64      Reaffirmed
Bansala Engineers Powertech Llp       ST Bk Fac          CARE A4        37.5    Assigned
Bharati Industries                    ST Bk Fac          CARE A4        3.5     Assigned
Bhimani Chemicals Pvt Ltd             ST Bk Fac          CARE A3        60      Reaffirmed
B L Mehta Constructions Pvt Ltd       ST Bk Fac          CARE BB-/A4    300     Assigned
Deevya Shakti Paper Mills Pvt Ltd     ST Bk Fac          CARE A3+       60.7    -
ISSUER NOT COOPERATING
Essem Enterprise                      ST Bk Fac          CARE A4        14.3    -
ISSUER NOT COOPERATING
Ganga R. K. Industries Pvt Ltd        ST Bk Fac          CARE A4        15      Reaffirmed
Goal Closures                         ST Bk Fac          CARE A4+       51.9    Reaffirmed
J G Rice Mills                        ST Bk Fac          CARE A4        20      Assigned
Jaraikela Lumberman (India) Pvt Ltd   ST Bk Fac          CARE A3        85      Assigned
Jewelex India Pvt Ltd                 ST Bk limits(Fund  CARE A2+       6503    Reaffirmed
                                      based)
Jewelex India Pvt Ltd                 ST Bk              CARE A2+       20      Reaffirmed
                                      limits(Non-fund
                                      based)
Kotecha Steel Forge Pvt Ltd           ST Bk Fac          CARE A4        9.5     Reaffirmed
Model Infra Corporation Pvt Ltd       ST Bk Fac-         CARE A3+       430     Reaffirmed
                                      Non-fundbased
Nahar Colours And Coating Pvt Ltd     ST Bk Fac          CARE A2+       200     Reaffirmed
Neuland Laboratories Ltd              ST Bk Fac          CARE A3+       1139    Reaffirmed
Sagar Cements (R) Ltd (Erstwhile Bmm  ST BkFac^          CARE A3+       100     -
Cements Ltd.)
^ Proposed to be backed by unconditional and irrecoverable corporate guarantee to be provided by
Sagar Cements Limited (rated CARE BBB/CARE A3+; ISSUER NOT COOPERATING
Sagar Cements Ltd                     ST Bk Fac          CARE A3+       250     -
ISSUER NOT COOPERATING
Savitra Tiles Pvt Ltd                 Short TermFac      CARE A4        15.5    Reaffirmed
Removed from Issuer Not cooperating
Sentini Sanitarywares Pvt Ltd         ST Bk Fac          -              -       Withdrawn
Shree Nursingsahay Mudungopal EngineerST BkFac           CARE A4        30      Assigned
Pvt Ltd
Steel Forge And Cast Industries       ST Bk Fac          CARE A4        15      Reaffirmed
Swadesh Suitings Pvt Ltd              ST Bk Fac          CARE A4        9       Assigned
Tirupati Pulses Pvt Ltd               ST Bk Fac          CARE A4        20      Assigned
Vallabh Metal Inc.                    Short term Bk Fac  CARE A4+       80      Revised from
                                                                                CARE A4+
ISSUER NOT COOPERATING
Wellcare Oil Tools Pvt Ltd            Short term BkFac   CARE A4        27      Reaffirmed
Zenstar Jewellery Llp                 ST Bk Fac(Non-Fund CARE A3+       10      Reaffirmed
                                      Based)

MEDIUM TERM RATINGS:
-------------------
Manipal Housing Finance Syndicate Ltd Fixed Deposits     CARE BBB+      180     -
                                      Programme
ISSUER NOT COOPERATING 

LONG TERM RATINGS:
-------------------
Asirvad Microfinance Ltd              Series A1 PTC      Provisional    832.5   Assigned
                                                         CARE A
Asirvad Microfinance Ltd              Series A2 PTC      Provisional    37.5    Assigned
                                                         CARE A-
Aura Jewels                           LT/ST BkFac        CARE BBB-/A3   150     Assigned
B L Mehta Constructions Pvt Ltd       LT Bk Fac          CARE BB-       50      Assigned
Balaji Phosphates Pvt Ltd             LT Bk Fac          CARE BB-       36.9    Reaffirmed
Bansala Engineers Powertech Llp       LT Bk Fac          CARE BB-       15      Assigned
Bharati Industries                    LT Bk Fac          CARE B+        48      Assigned
Bhimani Chemicals Pvt Ltd             LT/ST Bk Fac       CARE BBB-/A3   110     Reaffirmed
Brar Seeds Pvt Ltd                    LT Bk Fac          CARE BB-       130     Assigned
Daulatram Industries                  LT Bk Fac          CARE D         169.7   Assigned
Deevya Shakti Paper Mills Pvt Ltd     LT Bk Fac          CARE BBB+      374.5   -
ISSUER NOT COOPERATING
Dwarka Gems Ltd                       LT Bk Fac          CARE B-/A4     103.8   -
Issuer not cooperating
Essem Enterprise                      LT Bk Fac          CARE B         88.6    -
ISSUER NOT COOPERATING
Ganga R. K. Industries Pvt Ltd        LT/ STBk Fac       CARE BB-/A4    70      Reaffirmed
Goal Closures                         LT Bk Fac          CARE BB+       296     Reaffirmed
Gr Phagwara Expressway Ltd            LT Bk Fac          CARE A+        1500    Assigned
Growing Opportunity Finance (India)   LT Bk Fac          CARE BBB-      1300    Revised from
Ltd                                                                             CARE BB+
Gupta Promoters Pvt Ltd               LT Bk Fac          CARE BB+       70      Reaffirmed
Hindusthan National Glass & Indus     LT Bk Fac          CARE D         20630   -
Ltd
ISSUER NOT COOPERATING
Hindusthan National Glass & Indus     NCD - Series-III   CARE D         2000    -
Ltd
ISSUER NOT COOPERATING
Hindusthan National Glass & Indus     LT/ST Bk Fac       CARE D/D       6000    -
Ltd
ISSUER NOT COOPERATING
Icici Prudential Mutual Fund          ICICI Prudential   ---            -       Withdrawn
                                      Capital Protection
                                      Oriented Fund VI Plan H
J G Rice Mills                        LT Bk Fac          CARE B+        75.5    Assigned
Jalan Transolution India Ltd          LT Bk Fac          CARE BBB-      535     Assigned
Jaraikela Lumberman (India) Pvt Ltd   LT Bk Fac          CARE BBB-      75      Assigned
Joint Effort Society                  LT Bk Fac          CARE B+        58      Assigned
Kotecha Steel Forge Pvt Ltd           LT/ STBk Fac       CARE BB-/A4    50      Reaffirmed
Mahavir Ghar Sansaar                  LT Bk Fac          CARE B         90      Assigned
Malwa Solar Power Generation Pvt Ltd  LT-Fund based Bk   CARE A+        2043.9  -
Reaffirmed and Final Rating Assigned
Manipal Housing Finance Syndicate Ltd LT Bk Fac          CARE BBB+      2747.4  -
ISSUER NOT COOPERATING
ISSUER NOT COOPERATING
Model Infra Corporation Pvt Ltd       LT Bk Fac-         CARE BBB+      219.7   Reaffirmed
                                      Fundbased- TL
Model Infra Corporation Pvt Ltd       LT Bk Fac-         CARE BBB+      400     Reaffirmed
                                      Fundbased
Mp Associate                          LT Bk Fac – TL     CARE BB-       792     Revised from
                                                                                CARE B+
Nagaur Mukundgarh Highways Pvt Ltd    LT BkFac           CARE AA-       619     Assigned
Nagaur Mukundgarh Highways Pvt Ltd    LT/ ST Bk Fac      CARE AA-       381     Assigned
Nahar Colours And Coating Pvt Ltd     LT Bk Fac          CARE A-        77.3    Reaffirmed
Nahar Colours And Coating Pvt Ltd     LT /ST Bk Fac      CARE A-/A2+    500     Reaffirmed
Neuland Laboratories Ltd              LT Bk Fac          CARE BBB+      2305.3  Reaffirmed
Orient Glazes Pvt Ltd                 LT Bk Fac          CARE A-        266.8   Reaffirmed
Orient Glazes Pvt Ltd                 LT /ST Bk Fac      CARE A-/A2+    450     Reaffirmed
Paramesu Biotech Pvt Ltd              LT Bk Fac          CARE BB        468.4   Revised from
                                                                                CARE BB-
Polylace India Pvt Ltd                LT Bk Fac          CARE BB-       120     Revised from
                                                                                CARE B+
Polylace India Pvt Ltd                LT /STBk Fac       CARE BB-/A4    129.6   Revised from
                                                                                CARE B+/
                                                                                Reaffirmed
Popular Auto Distributors             LT Bk Fac          CARE B+        100     Assigned
Raffles Residency Pvt Ltd             LT Bk Fac          CARE BB        450     Revised CARE
                                                                                BBB-
Reinhart India Pvt Ltd                LT/ ST Bk Fac      CARE BBB-/A3   1300    Assigned
Sagar Cements (R) Ltd (Erstwhile Bmm  LT Bk FacTL@       CARE BBB       867     -
Cements Ltd.)
@ Backed by unconditional and irrecoverable corporate guarantee provided by Sagar Cements
Limited (rated ‘CARE BBB/CARE A3+; ISSUER NOT COOPERATING’).
Sagar Cements (R) Ltd (Erstwhile Bmm  LT Bk FacCC^       CARE BBB       260     -
Cements Ltd.)
^ Proposed to be backed by unconditional and irrecoverable corporate guarantee to be provided by
Sagar Cements Limited (rated ‘CARE BBB/CARE A3+; ISSUER NOT
Sagar Cements (R) Ltd (Erstwhile Bmm  LT InstrumentsNon  CARE BBB       1500    -
Cements Ltd.)                         -
                                      ConvertibleDebentures@
@ Backed by unconditional and irrecoverable corporate guarantee provided by Sagar Cements
Limited (rated ‘CARE BBB/CARE A3+; ISSUER NOT COOPERATING’).
Sagar Cements Ltd                     LT Bk Fac          CARE BBB       2275.5  -
ISSUER NOT COOPERATING
Savitra Tiles Pvt Ltd                 LT BkFac           CARE BB-       66.6    Revised from
                                                                                CARE B+
Removed from Issuer Not cooperating
Sentini Sanitarywares Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Sharda Agri Foods Pvt Ltd             LT Bk Fac          CARE BB-       60      Reaffirmed
Shree Nursingsahay Mudungopal EngineerLT BkFac           CARE B-        90      Assigned
Pvt Ltd
Sigachi Industries Pvt Ltd            LT Bk Fac          CARE BBB-      100     Assigned
Sri Manjunatha Spinning Mills Ltd     LT Bk Fac          CARE BB-       186     Assigned
Srishti Builders                      LT Bk Fac          CARE B+        90      Reaffirmed
Steel Forge And Cast Industries       LT/ STBk Fac       CARE BB-/A4    45      Reaffirmed
Sukavala Renewable Energy Pvt Ltd     LT Bk Fac          CARE BBB+      3967.5  Revised from
                                                                                CARE BBB
Swadesh Suitings Pvt Ltd              LT Bk Fac          CARE BB-       131     Assigned
Tirupati Industries                   LT Bk Fac          CARE BB-       200     Assigned
Tirupati Pulses Pvt Ltd               LT Bk Fac          CARE BB-       140     Assigned
Vardhman Roller Flour Mills Pvt Ltd   LT Bk Fac          CARE B+/       319     Assigned
Vinayak Education Society             LT Bk Fac          CARE BB        76      Reaffirmed
Wellcare Oil Tools Pvt Ltd            Long term BkFac    CARE BB-       41.9    Reaffirmed
Wellcare Oil Tools Pvt Ltd            LT/STBk Fac        CARE BB-/A4    60      Reaffirmed
Wisemore Advisory Pvt Ltd             NCDs (Tranche I) # CARE BB        2098    Reaffirmed
# Credit enhancement in the form of pledge of unencumbered shares of Renew Power Ventures
Private Limited (RPVPL)
Wisemore Advisory Pvt Ltd             Proposed NCDs      CARE BB        730     Reaffirmed
                                      (Tranche II) ^
^ Credit enhancement proposed in the form of pledge of unencumbered shares of RPVPL
Zenstar Jewellery Llp                 LT/ ST Bk Fac      CARE BBB+ /    150     Reaffirmed
                                      (Fund Based)       A3+

--------------------------------------------------------------------------------------------
$: 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)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below