January 14, 2019 / 4:57 AM / 4 months ago

CARE ratings for Indian debt instruments-Jan 14

    Jan 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 11, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arco Steel Pvt Ltd                    ST Bk Fac          -              -       Withdrawn
Bhumi Plastic Pipes Pvt Ltd           ST BkFac           CARE A4        10
(Issuer Not Cooperating)
Crab And Taur Engineers Pvt Ltd       ST Bk Fac          CARE A4        120     Reaffirmed
Davangere Sugar Co. Ltd               ST Bk Fac          CARE A4+       565.6   Reaffirmed

Dipesh Construction Company           Short -term Bk Fac -              -       Withdrawn
Friends Alloys                        ST Bk Fac          CARE A4        30      Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Goldi Solar Pvt Ltd                   ST BkFac           CARE A3        30
(Issuer Not Cooperating)
Khandelwal Laboratories Pvt Ltd       ST BkFac           CARE A4        70      Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Mahadev Profiles Pvt Ltd              ST Bk Fac          CARE A4        51.5    Assigned
Nikka Mal Pyare Lal Jain              ST Bk Fac          CARE A4        30
(Issuer Not Cooperating)
Patkar Extrusions Pvt Ltd             ST Bk Fac          -              -       Withdrawn
Raasvin Rubbers Pvt Ltd               ST Bk Fac          CARE A4        2       Assigned
Santosh Starch Products Ltd           ST Bk Fac          -              -       Withdrawn
Seaboy Fisheries Pvt Ltd              ST Bk Fac          CARE A4        53      Assigned
Skv Infratech Pvt Ltd                 ST Bk Fac          CARE A4        105
(Issuer Not Cooperating)
Smart Card It Solutions Ltd           ST Bk Fac          CARE A4        75      Revision from
                                                                                CARE A3
(Issuer Not Cooperating)
Spl Textile                           ST Bk Fac          CARE A4        127.5   Re-affirmed
(Enhanced from 9.75 Crores)
Sri Shandar Snacks Pvt Ltd            ST Bk Fac          CARE D         3.8     Assigned
Srm Spinners Ltd                      ST Bk Fac          CARE A4+       20      Assigned
 
LONG TERM RATINGS:
-------------------
Achiievers Finance India Pvt Ltd      LT Bk Fac          -              -       Withdrawn
Alliance Insurance Brokers Pvt Ltd    LT Bk Fac          -              -       Withdrawn
Arco Steel Pvt Ltd                    LT Bk Fac          -              -       Withdrawn
Beepee Hospitality Llp                LT Bk Fac          CARE B         64      Assigned
Bhumi Plastic Pipes Pvt Ltd           LT BkFac           CARE B+        90      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Crab And Taur Engineers Pvt Ltd       LT Bk Fac          CARE BB-       45      Reaffirmed
Davangere Sugar Co. Ltd               LT Bk Fac          CARE BB+       1214.7  Reaffirmed
Dipesh Construction Company           LT Bk Fac          -              -       Withdrawn
Friends Alloys                        LT Bk Fac          CARE B+        160     Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Global Denims Pvt Ltd                 LT Bk Fac          CARE D         71.7    Revised from
                                                                                CARE B+
Goels Coir Foam (India) Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Goldi Solar Pvt Ltd                   LT BkFac           CARE BBB-      50.9
(Issuer Not Cooperating)
Goldi Solar Pvt Ltd                   LT/Shortterm Bk FacCARE BBB-/A3   220
(Issuer Not Cooperating)
Gwalior Pathways Pvt Ltd              LT Bk Fac          CARE BBB+ (SO) 250
Reaffirmed; Outlook revised from Negative to Stable and Final Rating assigned
Harapriya Infrastructure              LT Bk Fac          CARE BB-       130     Assigned
International Land Developers Pvt Ltd Non-FB - LTBGs     CARE B+        334.8   Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
J S Spintex Ltd                       LT Bk Fac          CARE BB-       167.4
(Issuer Not Cooperating)
Jewelmark India Pvt Ltd               LT/ST BkFac        CARE BB+/A4+   90
(Issuer Not Cooperating)
Jyotirmayee Foods Pvt Ltd             LT Bk Fac          CARE BB-       227.2   Assigned
Khandelwal Laboratories Pvt Ltd       LT BkFac           CARE BB        130     Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Mahadev Profiles Pvt Ltd              LT Bk Fac          CARE B+        88.5    Assigned
Mercury Travels Ltd                   LT Bk Fac          CARE BB+       212.5
(Issuer Not Cooperating)
Neelkanth Coal Manufacturing Pvt Ltd  LTBk Fac           CARE BB-       102     Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Nikka Mal Pyare Lal Jain              LT Bk Fac          CARE B+        110
(Issuer Not Cooperating)
Ozone Projects Pvt Ltd                Non - Convertible  CARE B         29.9    Revised from
                                      Debentures Issue –                        CARE D
Removed from (Issuer Not Cooperating)
Ozone Projects Pvt Ltd                Non - Convertible  CARE B(SO)@    1263    Reaffirmed
                                      Debentures Issue –
Removed from (Issuer Not Cooperating)@The rating of NCD-I is based on credit enhancement in the
form of (1) NCD structuring where the cash flows from sale of 72 unsold-identified units & 44
sold units to be used to repay the NCD, (2) Debt Service Reserve Account (DSRA)maintenance equal
to one coupon payment and (3) 2x security cover
Patkar Extrusions Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Patkar Extrusions Pvt Ltd             LT/ST Bk Fac       -              -       Withdrawn
Pooja Products Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Raasvin Rubbers Pvt Ltd               LT Bk Fac          CARE BB        87.8    Assigned
Santosh Starch Products Ltd           LT Bk Fac          -              -       Withdrawn
Santosh Starch Products Ltd           LT/ST Bk Fac       -              -       Withdrawn
Shri Sankalp Medical And Research     LT Bk Fac          CARE BB-       146     Assigned
Institute Pvt Ltd
Skv Infratech Pvt Ltd                 LT Bk Fac          CARE B+        35
(Issuer Not Cooperating)
Smart Card It Solutions Ltd           LTBk Fac           CARE BB        334.5   Revision from
                                                                                CARE BBB-
(Issuer Not Cooperating)
Smart Card It Solutions Ltd           ProposedLTBk Fac   CARE BB        745.3   Revision from
                                                                                CARE BBB-
(Issuer Not Cooperating)
Spl Textile                           LT Bk Fac#         -              0       Withdrawn
(Reduced from 0.10 Crores)#the rating assigned to long term bank facility (term Loan) has been
withdrawn since the firm has fully repaid the said facility and there is no outstanding under
the facility.
Sri Shandar Snacks Pvt Ltd            LT Bk Fac          CARE D         76.2    Assigned
Srm Spinners Ltd                      LT Bk Fac          CARE BB+       270.4   Assigned
Swan Solutions And Services Pvt Ltd   LT Bk Fac          CARE BB-       52.5    Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Swan Solutions And Services Pvt Ltd   Long/ST BkFac      CARE BB-/A4    87.5    Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Tilak Ram Babu Ram Pvt Ltd            LT Bk Fac          CARE B         150
(Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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