January 1, 2019 / 6:12 AM / 7 months ago

CARE ratings for Indian debt instruments-Jan 1

    Jan 1 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 31, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arya Steels Rolling (India) Ltd       ST Bk Fac          CARE A4+       60      Assigned
Baba Malleshwar Rice Mill Pvt Ltd     ST Bk Fac          CARE A4        2.1     -
Issuer not cooperating; based on best available information.
Bharat Insecticides Ltd               ST Bk Fac          CARE A1+       200     Reaffirmed

Bharat Insecticides Ltd               CP (CP) Issue*     CARE A1+       200     Reaffirmed
*carved out of sanctioned working capital limits of the company
Bharat Rasayan Ltd                    ST Bk Fac          CARE A1+       1003.2  Reaffirmed
(enhanced from Rs. 40.00 Crore)
Bharat Rasayan Ltd                    CP (CP) Issue      CARE A1+       500     Reaffirmed
(enhanced from Rs. 40.00 Crore)
Bharat Rasayan Ltd                    CP (CP) Issue*     CARE A1+       1000    Reaffirmed
(enhanced from Rs. 60.00 Crore) ; *carved out of sanctioned working capital limits of the
company
Br Agrotech Ltd                       ST Bk Fac          CARE A1+       70      Reaffirmed
Br Agrotech Ltd                       CP (CP) Issue*     CARE A1+       100     Reaffirmed
*carved out of sanctioned working capital limits of the company
Classical Natural Stones              ST Bk Fac          CARE A4        86.2    Reaffirmed
Cmk Projects Pvt Ltd                  ST Bk Fac          CARE A4+       100     Reaffirmed
Cold Steel Corporation                ST Bk Fac          CARE A4+       43      Reaffirmed
Deepak Rameshwardas Lohiya            ST Bk Fac          CARE A4        60      Assigned
Falcon Yarns Pvt Ltd                  ST Bk Fac          CARE A4+       45      Reaffirmed
Flexible Abrasives Pvt Ltd            ST Bk Fac          CARE A4        17.5
Revised from CARE A4; Issuer not cooperating
Forte Furniture Products India Pvt LtdST Bk facility –   CARE A3 (SO)   100     Assigned
                                      Non-FBL^
^ backed by credit enhancement in form of short-fall undertaking from Zuari Global Limited
Gardex                                ST Bk Fac          CARE A4+       541     -
Issuer not cooperating; Revised from CARE A3 (A Three) on the basis of best available
information
Gautam Solar Pvt Ltd                  ST Bk Fac          CARE A2        25.5    Reaffirmed
(Enhanced from 2.50 Crore)
Hanuman Agro Industries Ltd           ST Bk Fac          CARE A4        20      Reaffirmed
Hind Aluminium Industries Ltd         ST Bk Fac          CARE A2+       914.4   Reaffirmed
Hindustan Equipments Pvt. Ltd.        ST Bk Fac          CARE A3        125     Reaffirmed
(enhanced from Rs. 5.00 Crore)
India Files Manufacturing Company     Short- term Bk Fac CARE A4        87.5    -
Issuer not cooperating; Revised from CARE A4+ on the basis of best available information
Indian Farmers Fertilizer Cooperative ST Bk Fac          CARE A1+       210000  Reaffirmed
Ltd
(reduced from 22,500 Crore)
Iol Chemicals And Pharmaceuticals Ltd ST Bk Fac          CARE A2        1500
Revised from CARE A3
Jalaram Ceramics Ltd                  ST Bk Fac          CARE A4        40      Assigned
K. P. Automotives Pvt. Ltd.           ST Bk Fac          CARE A3        450     Reaffirmed
Kay Jay Forgings Pvt Ltd              ST Bk Fac          CARE A2        10      Reaffirmed
Khivraj Vahan Pvt Ltd                 ST Bk Fac          CARE A2        3       Reaffirmed
Lava International Ltd                ST Bk Fac          CARE A2        10250
Revised from CARE A1
Levram Lifesciences Pvt Ltd           ST Bk Fac          CARE A4        50      Reaffirmed
Model Exims                           ST Bk Facilties    -              -       Withdrawn
Mrmc Foods Pvt Ltd                    ST Bk Fac          CARE A4        152     Reaffirmed
Multimetals Ltd                       ST Bk Fac          CARE A3+       400     Reaffirmed
Narola Gems                           Non-fund Bk Fac    CARE A3        8       -
Issuer not cooperating; Based on best available information*
National Electrical Equipments        ST Bk Fac          CARE A4+       70      Reaffirmed
Corporation
Nilkamal Bito Storage Systems Pvt Ltd ST Bk Fac          CARE A1        252.5   Reaffirmed
(enhanced from 23.00 Crore)
Nilkamal Ltd                          ST Bk Fac          CARE A1+       1000    Reaffirmed
Nilkamal Ltd                          CP*                CARE A1+       500     Reaffirmed
*carved out from sanctioned working capital limits
Northern Arc Capital Ltd              CP issue           CARE A1+       8000    Assigned
Orient Cement Ltd                     CP (CP) issue*     CARE A1+       1500    Reaffirmed
*Carved out of the sanctioned working capital limits of the company.
Orient Cement Ltd                     CP (CP) issue      CARE A1+       1000    Reaffirmed
Pennar Enviro Ltd                     ST Bk Fac          CARE A1 (SO)   45      Reaffirmed
Pennar Enviro Ltd                     ST Bk Fac          CARE A1 (SO)   30
Final Rating
Pennar Industries Ltd                 ST Bk Fac          CARE A1        1750    Reaffirmed
Pooja Mini Modern Rice Mill           ST Bk Fac          CARE A4        4.2     Reaffirmed
R3 Crop Care Pvt Ltd                  ST Bk Fac          CARE D         266     -
Issuer not cooperating; Revised from CARE A4 On the basis of best available information
R. L. Kalthia Ship Breaking Pvt Ltd   ST Bk Fac          CARE A3        220     Assigned
S Chand And Company Ltd               ST Bk Fac          CARE A1+       30      Reaffirmed
S Chand And Company Ltd               Proposed CP        CARE A1+       250*    Reaffirmed
(enhanced from 20 Crore); *carved out of the sanctioned working capital limits of the company
S.M. Cold Storage Pvt Ltd             ST Fac             CARE A4        2.6     Assigned
Samant Singh                          ST Bk Fac          CARE A4        5       Assigned
Samant Singh                          Proposed ST Bk Fac CARE A4        35      Assigned
Sandhyasamrat Construction And ServiceST Bk Fac          CARE A4        35      -
Pvt. Ltd.
Issuer not cooperating; based on best available information.
Sanjay Shukla                         ST Bk Fac          CARE A4        69      Reaffirmed
Satchinanda Agro Tech Pvt Ltd         ST Bk Fac          CARE A4        4.9     Reaffirmed
Shri Balaji Rollings Pvt Ltd          ST Bk Fac          CARE A4+       215     Assigned
Shri Sai Rice Mill                    ST Bk Fac          CARE A4        15      Assigned
Shyamshree Residency Pvt Ltd          ST Bk Fac          CARE A4        71      Assigned
Somi Conveyor Beltings Ltd            Short -Term Bk Fac CARE A4+       200     -
Issuer not cooperating; revised from CARE A3+ on the basis of best available information
Sports International                  ST Bk Fac          CARE A4        3.8     Reaffirmed
Tehri Pulp & Paper Ltd                ST Bk Fac          CARE A4        257.5   Reaffirmed
(Increased from Rs. 18.95 Crore)
Usha Breco Ltd                        ST Bk Fac          CARE A2+       10      Reaffirmed
Vadera Tradelink Pvt Ltd              ST Bk Fac          CARE A4        30      Reaffirmed
Vibfast Pigments                      ST Bk Fac*         CARE A4        152.4   Reaffirmed
(enhanced from 2.24 Crore); *facilities of Rs.10.20 reclassified from Long-term/ Short-term to
Short-term bank facilities
Vibfast Pigments Pvt Ltd              ST Bk Fac*         CARE A4        150.4   Reaffirmed
(enhanced from 2.02 Crore); *facilities of Rs.11.20 reclassified from Long-term/ Short- term to
Short- term
Vkl Seasoning Pvt Ltd                 ST Bk Fac          CARE A3+       40      Reaffirmed
Zenith Engineering Corporation        ST Bk Fac          -              -       Withdrawn

LONG TERM RATINGS:
-------------------
Adani Power (Mundra) Ltd              NCD (NCD) issue ^  -              -       Withdrawn
^ backed by credit enhancement in the form of security of first and exclusive pledge of
promoters’ unencumbered shares of Adani Ports and Special Economic Zone Limited (APSEZ), Adani
Transmission Limited (ATL) and Adani Enterprises Limited (AEL) in the ratio of 80:10:10, such
that the value of these shares is 2 times the value of the outstanding Non-Convertible
Debentures (NCDs). Original issue size of this NCD was Rs.750 crore and the outstanding against
the same  as on March 31, 2018 was Rs.600 crore. 

Adani Rail Infra Pvt Ltd              NCD (NCD) issue ^  CARE AA- (SO)  6000
Final Rating Assigned; ^ backed by credit enhancement in the form of security of first and
exclusive pledge of promoters’ unencumbered shares of Adani Ports and Special Economic Zone
Limited (APSEZ), Adani Transmission Limited (ATL) and Adani Enterprises Limited (AEL) in the
ratio of 80:10:10, such that the value of these shares is 2 times the value of the outstanding
Non-Convertible Debentures (NCDs). 

Agrasen Ispat Pvt Ltd                 LT Bk Fac          CARE BB+       335
Reaffirmed and removed from Issuer not cooperating
Amkette Analytics Ltd                 LT Bk Fac          CARE BB-       70      Assigned
Amkette Analytics Ltd                 LT/ST Bk Fac       CARE BB-/A4    65      Assigned
Arya Steels Rolling (India) Ltd       LT Bk Fac          CARE BB+       180     Assigned
Associated Aluminium Industries Pvt LtLong/ST Bk Fac     CARE BBB+/A2   200     Reaffirmed
                                      (Fund based/Non
                                      Fund Based)
Azure Power Saturn Pvt Ltd            LT Bk Fac          CARE BBB       454.9   Reaffirmed
(reduced from 55.80 Crore)
Baba Malleshwar Rice Mill Pvt Ltd     LT Bk Fac          CARE BB-       90.4    -
Issuer not cooperating; based on best available information.
Bhansali Jewellery House              LT Bk Fac          CARE BB-       100     Assigned
Bharat Insecticides Ltd               LT Bk Fac          CARE AA-       400     Reaffirmed
Bharat Rasayan Ltd                    LT Bk Fac          CARE AA-       1500    Reaffirmed
(enhanced from Rs. 106.32 Crore)
Br Agrotech Ltd                       LT Bk Fac          CARE AA-       300     Reaffirmed
Canara Hsbc Oriental Bank Of Commerce CPA/Financial      CARE AAA (In)  -       Reaffirmed
Life Insurance Company Ltd            Strength
Classical Natural Stones              LT Bk Fac          CARE B+        24      Reaffirmed
Cmk Projects Pvt Ltd                  LT Bk Fac          CARE BB+       200     Reaffirmed
Cold Steel Corporation                LT Bk Fac          CARE BB+       55      Reaffirmed
Deepak Rameshwardas Lohiya            LT Bk Fac          CARE BB-       30      Assigned
Ecohomes Townships Llp                LT -Bk Fac – Fund  -              -       Withdrawn
                                      based-TL
Falcon Yarns Pvt Ltd                  LT Bk Fac          CARE BB+       729.7   Reaffirmed
(reduced from 86.25 Crore)
Fedbank Financial Services Ltd.       LT Bk Fac          CARE AA-       17500   Reaffirmed
(enhanced from 1500 Crore)
Fedbank Financial Services Ltd.       NCD issue          CARE AA-       2000    Reaffirmed
Fest Homes Developers Pvt Ltd         LT Bk Fac          CARE BB+ (SO)  1270    Assigned
Flexible Abrasives Pvt Ltd            LT Bk Fac          CARE BB        72.3
Revised from CARE BB; Stable ; Issuer not cooperating
Forte Furniture Products India Pvt LtdLT Bk facility –   CARE AAA (SO)  135     Assigned
                                      Overdraft*
* backed by credit enhancement in the form of unconditional and irrevocable Standby Letter of
Credit from ING Bank, Netherlands.
Forte Furniture Products India Pvt LtdLT Bk facility -   CARE BBB (SO)  50      Assigned
                                      CC^
^ backed by credit enhancement in form of short-fall undertaking from Zuari Global Limited
Garve Motors Pvt Ltd                  LT Bk Fac          CARE BB-       190     Reaffirmed
Gautam Solar Pvt Ltd                  LT Bk Fac- Fund    CARE BBB       180     Reaffirmed
                                      Based
Gautam Solar Pvt Ltd                  LT Bk Fac- TL*     -              -       Withdrawn
*The ratings assigned to LT loans have been withdrawn at the request of GSPL and No Objection
Certificate received from the bank
Gautam Solar Pvt Ltd                  LT / ST Bk Fac     CARE BBB       520     Reaffirmed
(Enhanced from 29.00 Crore)
Hanuman Agro Industries Ltd           LT Bk Fac          CARE BB        145
Revised from CARE BB-; (reduced from 15.85 Crore)
Hcl It City Lucknow Pvt Ltd           LT Bk Fac – TL     CARE AAA (SO)* 3860    Reaffirmed
*The above ratings are based on the credit enhancement in the form of unconditional, absolute &
irrevocable corporate guarantee provided by M/s Vama Sundari
Hcl It City Lucknow Pvt Ltd           LT/STBk Fac –      CARE           820     Reaffirmed
                                      NonFund Based      AAA(SO)*/A1+
                                                         (SO)*
*The above ratings are based on the credit enhancement in the form of unconditional, absolute &
irrevocable corporate guarantee provided by M/s Vama Sundari Investments (Delhi) Pvt Ltd
(VSIDPL). 
Heliocore Pvt Ltd                     LT Bk Fac          CARE BBB+ (SO) 79.6
Revised from CARE BBB (SO)
Hind Aluminium Industries Ltd         LT Bk Fac          CARE A-        1727.2  Reaffirmed
(reduced from Rs.174.52 Crore)
Hind Aluminium Industries Ltd         Long/ST Bk Fac     CARE A-/A2+    99      Reaffirmed
(enhanced from Rs.8.10 Crore)
Hindustan Equipments Pvt. Ltd.        LT Bk Fac          CARE BBB       582.7
Revised from CARE BBB-; (enhanced from Rs. 39.91 Crore)
Hindustan Equipments Pvt. Ltd.        LT / Shortterm Bk  CARE BBB/CARE  96
                                      Fac                A3
Revised from CARE BBB-
Indian Farmers Fertilizer Cooperative LT Bk Fac          CARE AA        70000   Reaffirmed
Ltd
(enhanced from 5,500 Crore)
Insolexo Pvt Ltd                      LT Bk Fac          CARE BBB+ (SO) 80.9
Revised from CARE BBB (SO)
Iol Chemicals And Pharmaceuticals Ltd LT Bk Fac          CARE BBB+      4293.3
Revised from CARE BBB-
Ivl Dhunseri Petrochem Industries Pvt CP #               -              -       Withdrawn
Ltd
# carved out of the sanctioned working capital limits
Jaipur Rugs Company Pvt Ltd           LT Bk Fac          CARE BBB+      40      Assigned
Jaipur Rugs Company Pvt Ltd           LT/ST Bk Fac       CARE BBB+/A3+  740     Assigned
Jalaram Ceramics Ltd                  LT Bk Fac          CARE B         125     Assigned
Joseph Sri Harsha And Mary Indraja    LT Bk Fac          CARE BBB-      200     Assigned
Educational Society
K. P. Automotives Pvt. Ltd.           LT Bk Fac          CARE BBB-      82.5    Reaffirmed
K. P. Automotives Pvt. Ltd.           LT/STBk Fac        CARE BBB-/A3   185     Reaffirmed
Kanakadurga Finance Ltd               Proposed NCD issue CARE BBB       100     Assigned
Kay Jay Forgings Pvt Ltd              LT Bk Fac          CARE BBB+      1580    Reaffirmed
Khivraj Motors Pvt Ltd                LT Bk Fac          CARE A-        1139.2  Reaffirmed
(enhanced from Rs. 53.00 Crore)
Khivraj Vahan Pvt Ltd                 LT Bk Fac          CARE BBB+      315     Reaffirmed
Ktc Threads Llp                       LT Bk Fac          CARE B+        13.2    Reaffirmed
(reduced from 1.58 Crore)
Ktc Threads Llp                       LT/Shortterm Fac   CARE B+/A4     110     Reaffirmed
Kuberkamna Marbles Pvt Ltd            LT Bk Fac          CARE BB        100*
Revised from CARE BB+; (Enhanced from 4.50 Crore); *Overdraft facilities of Rs.2 crore have not
been renewed by the bank; hence rating for the same has been withdrawn
Kuberkamna Marbles Pvt Ltd            LT/STBk Fac        CARE BB/A4     100
Revised from CARE BB+; (Enhanced from 5.00 Crore)
L&T Finance Ltd.                      Secured Redeemable CARE AAA       50000   Assigned
                                      Non- Convertible
                                      Debenture (public issue)/ Unsecured Redeemable
Subordinated NCD (Public Issue)
Lava International Ltd                LT Bk Fac          CARE BBB+      2745.5
Revised from CARE A
Laxmi Oil And Vanaspati Pvt Ltd       LT Bk Fac          CARE BBB-      500     Reaffirmed
Reaffirmed; Outlook revised from Stable ; (Enhanced from 40.00 Crore)
Lodha Finserv Pvt Ltd                 LT Bk Fac          CARE BBB       500     Reaffirmed
M M Barels Industry                   LT Bk Fac          CARE B+        90      Assigned
Mahakaleshwar Tollways Pvt Ltd        LT Bk Fac          CARE BB+       1648.4
Issuer not cooperating; Based on best available information
Mega Steel Industries                 LT Bk Fac          CARE BB-       95      Assigned
Model Exims                           LT/ ST Bk Fac      -              -       Withdrawn
Model Exims (India) Pvt Ltd           LT/ ST Bk Fac      -              -       Withdrawn
Mrmc Foods Pvt Ltd                    LT Bk Fac          CARE BB-       400     Reaffirmed
Multimetals Ltd                       LT / ST Bk Fac     CARE BBB-/A3+  350     Reaffirmed
Nachiketa Papers Ltd                  LT Bk Fac          CARE BB+       144.8   -
Issuer not cooperating; Based on best available information
Narola Gems                           Fund based Bk Fac  CARE BBB-      517.5   -
Issuer not cooperating; Based on best available information
National Electrical Equipments        LT Bk Fac/ ST Bk   CARE BB+/A4+   25      Reaffirmed
Corporation                           Fac
Nilkamal Bito Storage Systems Pvt Ltd LT Bk Fac          CARE A         117.5   Reaffirmed
(reduced from 14.00 Crore)
Nilkamal Ltd                          LT Bk Fac          CARE AA        2835.9  Reaffirmed
(enhanced from 175.00 Crore)
Orient Cement Ltd                     LT Bk Fac          CARE AA-       12781.9
Rating Reaffirmed Outlook revised from Stable to Negative ; (reduced from 1317.00 Crore)
Paras Foods                           LT Bk Fac          CARE BB        90      Assigned
Parmeshwari Tea Comapany              LT Bk Fac          CARE BB-       60.1    Reaffirmed
Pennar Enviro Ltd                     LT Bk Fac          CARE A (SO)    60      Reaffirmed
Pennar Enviro Ltd                     LT Bk Fac          CARE A (SO)    20
Final Rating
Pennar Enviro Ltd                     LT Bk Fac          CARE A (SO)    20      Reaffirmed
Pennar Enviro Ltd                     LT / ST Bk Fac     CARE A (SO)/A1 145     Reaffirmed
                                                         (SO)
Pennar Enviro Ltd                     LT / ST Bk Fac     CARE A (SO)/A1 80
                                                         (SO)
Final Rating
Pennar Industries Ltd                 LT Bk Fac          CARE A         2300    Reaffirmed
Pooja Mini Modern Rice Mill           LT Bk Fac          CARE BB-       98.6    Reaffirmed
Popular Autoworks Pvt Ltd             LT Bk Fac          CARE BB        180.2   Reaffirmed
(enhanced from 13.36 Crore)
Popular Autoworks Pvt Ltd             LT/ST Bk Fac       CARE BB/A4     317     Reaffirmed
(reduced from 32.75 Crore)
Puranik Buildcon Pvt Ltd              NCD issue          -              -       Withdrawn
R. L. Kalthia Ship Breaking Pvt Ltd   LT Bk Fac          CARE BBB-      30      Assigned
R.K. Wind Farms (Karur) Pvt Ltd       LT Bk Fac          CARE BB-       97.3    Reaffirmed
(reduced from 11.00 Crore)
R3 Crop Care Pvt Ltd                  LT Bk Fac          CARE D         30      -
Issuer not cooperating; Revised from CARE BB- / On the basis of best available information
S Chand And Company Ltd               LT Bk Fac          CARE AA-       900     Reaffirmed
(enhanced from 80 Crore)
S.M. Cold Storage Pvt Ltd             LT Bk Fac          CARE B+        60      Assigned
Samant Singh                          LT Bk Fac          CARE B+        42.5    Assigned
Samant Singh                          Proposed LT Bk Fac CARE B+        27.5    Assigned
Sandhyasamrat Construction And ServiceLT Bk Fac          CARE BB-       35      -
Pvt. Ltd.
Issuer not cooperating; Revised from CARE BB on the basis of best available information.
Sanjay Shukla                         LT Bk Fac          CARE BB-       69.2    Reaffirmed
Saraswati Printers                    LT Bk Fac          CARE B+        -       Withdrawn
Satchinanda Agro Tech Pvt Ltd         LT Bk Fac          CARE B+        140.2   Reaffirmed
Senthil Kumar Textiles                LT Bk Fac          CARE BB        294.4
Revised from CARE BB-; (reduced from 32.61 Crore)
Shree Veerabhadreshwara Rice IndustrieLT Bk Fac          CARE B+        60
Revised from CARE B
Shri Balaji Rollings Pvt Ltd          LT Bk Fac          CARE BB+       40      Assigned
Shri Sai Rice Mill                    LT Bk Facility     CARE B+        60      Assigned
Shyamshree Residency Pvt Ltd          LT Bk Fac          CARE B         7       Assigned
Siti Networks Ltd                     LT Bk Fac          CARE A-        1420
Rating reaffirmed;Outlook revised from Stable to Negative; (enhanced from 133.00 Crore)
Solantra Pvt Ltd                      LT Bk Fac          CARE BBB+ (SO) 78.8
Revised from CARE BBB
Somi Conveyor Beltings Ltd            LT/Short -Term Bk  CARE BB+/A4+   180     -
                                      Fac
Issuer not cooperating, revised from CARE BBB; Negative/CARE A3+ on the basis of best available
information
Sports International                  LT Bk Fac          CARE BB        81.8    Reaffirmed
Sundaram Alternative Opportunities    Sundaram           CARE AA+ (AIF) -       Reaffirmed
Series - High Yield Secured Debt Fund Alternative
                                      Opportunities Series - High Yield Secured Debt Fund
Tehri Pulp & Paper Ltd                LT Bk Fac          CARE BB        358.7
Revised from CARE BB-; (Reduced from Rs. 47.97 Crore)
Tetradrip Pharma Pvt Ltd              LT Bk Fac          CARE B+        69.3
Revised from CARE B+; Stable; Issuer not cooperating
Trichy Tollway Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Trichy Tollway Pvt Ltd                NCD issue          CARE AA-       1487.5  Reaffirmed
(reduced from 161.88 Crore)
Tuf Commodities Dmcc                  Long/ ST Bk Fac*   CARE           175
                                                         BBB/(SO)/A3+
                                                         (SO)
Revised from CARE BBB- ; *will be backed by unconditional & irrevocable corporate guarantee
which will be provided by TUF Metallurgical Private Limited (TMPL; rated ‘CARE BBB; Stable/ CARE
A3+’)
Tuf Metallurgical Pvt Ltd             LT/ ST Bk Fac      CARE BBB/A3+   600
Revised from CARE BBB-
Um Green Lighting Pvt Ltd             LT Bk Fac          CARE B+        175
Revised from CARE D ; (Enhanced from 16 Crore)
Um Green Lighting Pvt Ltd             LT/ ST Bk Fac      CARE B+/A4     115
Revised from CARE D ; (Enhanced from 10.50 Crore)
Usha Breco Ltd                        Medium-term        -              -       Withdrawn*
                                      Instruments- Fixed
                                      Deposit
*CARE has withdrawn the rating assigned to the Fixed Deposit (FD) of the company with immediate
effect, as the company has not placed the said FD and there is nil amount outstanding under the
said FD. 
Usha Breco Ltd                        LT Bk Fac          CARE A         1271.8  Reaffirmed
(enhanced from 125.80 Crore)
Vadera Tradelink Pvt Ltd              LT Bk Fac          CARE BB-       120     Reaffirmed
Vibfast Pigments                      LT / ST Bk Fac*    CARE BB/A4     10      Reaffirmed
(reduced from 11.20 Crore); *facilities of Rs.10.20 reclassified from Long-term/ Short-term to
Short-term bank facilities
Vibfast Pigments Pvt Ltd              LT / Short- term   CARE BB/A4     11      Reaffirmed
                                      Bk Fac*
(reduced from 10.30 Crore); *facilities of Rs.11.20 reclassified from Long-term/ Short- term to
Short- term
Vkl Seasoning Pvt Ltd                 LT Bk Fac (TL)     CARE BBB       327.9   Reaffirmed
(enhanced from 31.89 Crore)
Vkl Seasoning Pvt Ltd                 LT Bk Fac (CC)     CARE BBB       400     Reaffirmed
(enhanced from 34.00 Crore)
Zenith Engineering Corporation        LT Bk Fac          -              -       Withdrawn
Zydus Wellness Ltd                    Proposed NCDs IssueCARE AA+       15000   Assigned

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