January 13, 2020 / 4:28 AM / a month ago

CARE ratings for Indian debt instruments-Jan 13

    Jan 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 10, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adurti Enterprise India Pvt Ltd       ST Bk Fac          CARE A4        75      -
Issuer Not Cooperating; on the basis of best available Information
Arjun Nirman Infrastructures Pvt Ltd  ST Bk Fac          CARE A4        230     Reaffirmed
Erode Sri Palani Murugan Spinning MillST Bk Fac          CARE A4        3.3     -
Pvt Ltd
Issuer not cooperating; Based on best available information
Hester Biosciences Ltd                Short- term Bk Fac CARE A2        39.7    Reaffirmed
(reduced from Rs.23.97 Crore)
Karthik Alloys Ltd                    ST Bk Fac          CARE D         339.6   -
Issuer not cooperating; Based on best available information
K. Koteswara Reddy                    ST Bk Fac          CARE A4        79.4    -
Issuer not cooperating; Based on best available information
Kashvi Power & Steel Pvt Ltd          ST Bk Fac          CARE A4        150     -
Issuer not cooperating; Based on best available information
Mandovi Dry Docks                     ST Bk Fac          CARE A4+       60      Assigned
National Engineering Industries Ltd   CP #               CARE A1+       2400    Reaffirmed
(Enhanced from 180.00 Crore); # by earmarking fund based bank limit
Nehru College Of Education And        ST Bk Fac          CARE A3+       150     Reaffirmed
Charitable Trust
Prakash Engineers & Infraprojects Pvt ST Bk Fac          CARE A4+       500     Assigned
Ltd                                   (Non-Fund Based)
Sahapur Cold Storage                  ST Bk Fac          CARE D         1
Revised from CARE A4
Sound Castings Pvt Ltd                ST Bk Fac          CARE A1        605.4   Reaffirmed
(reduced from 86.74 Crore)
Tata International Ltd                ST Bk Fac-Nonfund  CARE A1        2300    Reaffirmed
                                      based
Tata International Ltd                CP                 CARE A1        1000    Reaffirmed
Trans Metalite (India) Ltd            ST Fac             -              -
Downgraded to CARE D; Issuer not cooperating from CARE A4; Issuer not cooperating and Withdrawn

LONG TERM RATINGS:
-------------------
Aditya Birla Arc Ltd                  NCDs               CARE AA-;      3400    Assigned
                                                         Stable
Adurti Enterprise India Pvt Ltd       LT Bk Fac          CARE BB-;      75      -
                                                         Stable
Issuer Not Cooperating; Revised from CARE BB on the basis of best available Information
Arjun Nirman Infrastructures Pvt Ltd  LT Bk Fac          CARE BB-;      100
                                                         Stable
Revised from CARE BB; Stable
Bob Financial Solutions Ltd (Formerly Issuer Rating      CARE AA        -
Known As Bobcards Ltd)
Reaffirmed and placed on Notice of Withdrawal for one year
Celestial Solar Solutions Pvt Ltd     LT Bk Fac          CARE A-; Stable708.4   Reaffirmed
(enhanced from 53.28 Crore)
Crux Biotech India Pvt Ltd            LT Bk Fac          CARE B; Stable 550.6   -
Issuer not cooperating; Revised from CARE BB-; Stable; Issuer not cooperating Based on best
available information
Efftronics Systems Pvt Ltd            LT Bk Fac          CARE BB+;      390     Assigned
                                                         Stable
Efftronics Systems Pvt Ltd            LT/ST Bk Fac       CARE BB+;      110     Assigned
                                                         Stable/CARE A4+
Erode Sri Palani Murugan Spinning MillLong -term Bk Fac  CARE BB-;      146.7   -
Pvt Ltd                                                  Stable
Issuer not cooperating; Based on best available information
Hanuman Dal Industries                LT Bk Fac (Fund    CARE D         250.6   -
                                      Based)
Issuer not cooperating; Based on best available information
Hanuman Rice Industries               LT Bk Fac (Fund    CARE D         168.2   -
                                      Based)
Issuer not cooperating; Based on best available information
Hester Biosciences Ltd                LT Bk Fac          CARE A-;Stable 213.4   Reaffirmed
(enhanced from Rs.16.74 Crore)
Hester Biosciences Ltd                Long / ST Bk Fac   CARE A-;       500     Reaffirmed
                                                         Stable/CARE A2
(enhanced from Rs.30.00 Crore)
J V Agro Pvt Ltd                      LT Bk Fac          CARE B; Stable 225     -
Issuer Not Cooperating; Revised from CARE B+; Stable on the basis of best available information
K. Koteswara Reddy                    Long -term Bk Fac  CARE B+;       37.5    -
                                                         Stable
Issuer not cooperating; Revised from CARE BB- on the basis of best available information
Karthik Alloys Ltd                    LT Bk Fac          CARE D         120     -
Issuer not cooperating; Based on best available information
Kashvi Power & Steel Pvt Ltd          LT Bk Fac          CARE B+        174.1   -
Issuer not cooperating; Based on best available information
Maharashtra State Electricity         LT Fund based Bk   CARE BBB+;     48333.2
Distribution Co. Ltd                  Fac                Stable
Revised from CARE A+; Stable; (reduced from 5,857.12 Crore)
Mandovi Dry Docks                     LT Bk Fac          CARE BB+;      100     Assigned
                                                         Stable
Mits Mega Food Park Ltd               LT Bk Fac          CARE D         194
Revised from CARE BB; Stable; (Reduced from 20.00 Crore)
Nehru College Of Education And        LT Bk Fac          CARE BBB+;     550
Charitable Trust                                         Stable
Revised from CARE BBB+; Negative; (Reduced from 78.82 Crore)
Northern Arc 2019 Cv Auckland         Series A1 PTC      CARE A- (SO)   299.9
(Originator: Kogta Financial India Ltd)
Final Rating Assigned
Northern Arc 2019 Cv Auckland         Series A2 PTC      CARE BBB+ (SO) 3.3
(Originator: Kogta Financial India Ltd)
Final Rating Assigned
Ozone Projects Pvt Ltd                Non - Convertible  CARE C         1263
                                      Debentures Issue –
                                      I
Revised from CARE B; Stable
Ozone Projects Pvt Ltd                Non - Convertible  CARE C         29.9
                                      Debentures Issue –
                                      II
Revised from CARE B; Stable
Prakash Engineers & Infraprojects Pvt LT Bk Fac (Fund    CARE BB+;      210     Assigned
Ltd                                   Based)             Stable
Pune Municipal Corporation            NCDs (NCDs)        CARE AA+;      2000    Reaffirmed
                                                         Stable
Riyara Trading                        LT Bk Fac          CARE BB -;     120     -
                                                         Stable
Issuer not cooperating; Revised from CARE BB; Stable On the basis of best available information
Rohan Rajdeep Toll Roads Ltd          LT Bk Fac          CARE A; Stable 496.1   Reaffirmed
(reduced from 58.13 Crore)
Rohan Rajdeep Toll Roads Ltd          NCDs               CARE A; Stable 561.5   Reaffirmed
(reduced from 65.80 Crore)
S P Lab                               LT Bk facilities – CARE BB+;      17.5    Assigned
                                      TL                 Stable
S P Lab                               LT Bk facilities – CARE BB+;      63.7    Assigned
                                      Fund Based         Stable
Sahapur Cold Storage                  LT Bk Fac          CARE D         87
Revised from CARE B; Stable; (Reduced from 9.10 Crore)
Shivachaya Sugarcane Bio-Products Pvt LT Bk Fac          CARE D         140     -
Ltd
Issuer Not Cooperating; Revised from CARE B+; Stable on the basis of best available information
Sound Castings Pvt Ltd                LT Bk Fac          CARE A; Stable 293.9   Reaffirmed
(reduced from 75.61 Crore)*; *Change in nature facilities
Sound Castings Pvt Ltd                LT/ST Bk Fac       CARE A;        120     Reaffirmed
                                                         Stable/CARE A1
(reduced from 17.00 Crore)*; *Change in nature facilities
Tata International Ltd                Perpetual NCDs     CARE A; Stable 12000
Revised from CARE A+; Stable
Tata International Ltd                Proposed Perpetual CARE A; Stable 8000    Assigned
                                      NCD
Tata International Ltd                LT Bk Fac-Fund     CARE A+; Stable5750    Reaffirmed
                                      based
Trans Metalite (India) Ltd            LT Fac             -              -
Downgraded to CARE D; Issuer not cooperating from CARE B-; Stable; Issuer not cooperating and
Withdrawn
United Metalik Pvt Ltd.               LT Bk Fac          CARE BB;Stable 150     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@refinitiv.com)
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