January 21, 2019 / 8:15 AM / 2 months ago

CARE ratings for Indian debt instruments-Jan 21

    Jan 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 18, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arihant Constructions                 ST Bk Fac          -              -       Withdrawn
Apex Diamonds                         ST Bk Fac          CARE A4+       73.7    Reaffirmed
Arkkays National Engineering And      ST Bk Fac          CARE A3        290     Reaffirmed
Foundry Company
Bipin Kumar Agrawal                   ST BkFac           CARE A4        109     -

Issuer not cooperating
Coastal Gujarat Power Ltd             Proposed CP issue& CARE A1+ (SO)  5000    Assigned
Dkc Projects Pvt Ltd                  ST Bk Fac          CARE A4        50      -
Issuer not cooperating
Future Enterprises Ltd                CP (CP) issue*     CARE A1+       1500    Reaffirmed
*carved out of the sanctioned working capital limits of the company.
Future Enterprises Ltd                CP (CP) issue^     CARE A1+       1500    Reaffirmed
^As per undertaking submitted by FEL to CARE, the outstanding CP including working capital
borrowings will not exceed lower of the sanctioned working capital limits or drawing power at
any point of time. 
Future Enterprises Ltd                CP (CP) issue      CARE A1+       3500    Reaffirmed
(enhanced from 250.00 Crore)
Future Retail Ltd                     CP (CP) issue*     CARE A1+       6500    Reaffirmed
*carved out of the sanctioned working capital limits of the company.
Future Retail Ltd                     CP (CP) issue      CARE A1+       3000    Reaffirmed
(enhanced from 150.00 Crore)
Future Retail Ltd                     CP (CP) issue^     CARE A1+       4500    Reaffirmed
^As per undertaking submitted by FRL to CARE, the outstanding CP including working capital
borrowings will not exceed lower of the sanctioned working capital limits or drawing power at
any point of time.
Ganpati Infrapower Pvt Ltd            ST Bk Fac          -              -       Withdrawn
India Steel Continental Pvt Ltd       ST Bk Fac          CARE A4        55      -
Issuer not cooperating
K.K Builders                          ST Bk Fac          CARE A4        350     -
Issuer not cooperating
Kg Fabriks Ltd                        ST Bk Fac          CARE A4        111.2   -
Issuer not cooperating
Kora Shoes Pvt Ltd                    ST Bk Fac          CARE A4        164.5   -
Issuer not cooperating
London Star Diamond Company (India)   ST Bk Fac          CARE D         128.5   -
Pvt Ltd
Issuer not cooperating
Narayana Agro Oils Pvt Ltd            ST Bk Fac          -              -       Withdrawn
Mantra Exports Pvt Ltd                ST Non Fund Based  CARE A2        10      Reaffirmed
                                      Bk Fac
New Manasa Mata Foods                 ST Bk Fac          CARE A4        4.5     -
Issuer not cooperating
Nityananda Swain                      ST Fac             CARE A4        50      Assigned
Oilex Engineers (India) Pvt Ltd       ST Bk Fac          CARE A4+       73      -
Issuer not cooperating
Prakash Corrugated Products           ST Fac             CARE D         0.2     -
Issuer not cooperating
P.K. Nagrare Construction             ST Fac             CARE A4        40      Assigned
Plus Medicare Hospitals Pvt Ltd       ST Bk Fac          CARE A4        50      Reaffirmed
R. K. Modern (Raw & Boiled) Rice Mill ST BkFac           CARE A4        15      Assigned
Sara Spintex India Pvt Ltd            ST Bk Fac          CARE D         20      -
Issuer not cooperating
Sri Kannapiran Mills Ltd              ST Bk Fac          -              -       Withdrawn
Sri Balaji Tech                       Short -term BkFac  CARE A4        10      -
Issuer not cooperating
Subhash Singh Choudhary               ST Bk Fac          CARE A4        100     -
Issuer not cooperating
Thermo Products Pvt Ltd               ST Fac             CARE D         5       -
Issuer not cooperating
Tci-Concor Multimodal Solutions Pvt   ST Bk Fac- NFB -   CARE A2+       110     Assigned
Ltd                                   LC/BG
Vriddhi Infratech India Pvt Ltd       STBk Fac           CARE A4+       377.5   Reaffirmed
Vsn International                     ST Bk Fac          CARE A4        30      -
Issuer not cooperating

LONG TERM RATINGS:
-------------------
Acute Retail Infra Pvt Ltd (Formerly  LT Bk Facility-TL  CARE A+ (SO)   660@    Final Rating
Acute Retail Pvt Ltd)
@ The above rating are based on the credit enhancement in the form of Tripartite agreement
entered between Future Retail Ltd. (FRL) (CARE AA-Stable; CARE A1+), Acute Retail Infra Pvt.
Ltd. (ARIPL) and IDBI Trusteeship Services Limited wherein FRL has given an unconditional
undertaking that it shall continue to make payment of monthly lease rentals (as
per Master Lease Agreement, MLA) to ARIPL until the term loan of ARIPL is repaid in full
irrespective of usage of the assets leased by ARIPL to FRL. The rating also factors in the
personal guarantee to be extended by Mr. Kishore Biyani and Mr.
Rakesh Biyani.
Arihant Constructions                 LT Bk Fac          -              -       Withdrawn
Arkkays National Engineering And      LT Bk Fac          CARE BBB-      409.4   Reaffirmed
Foundry Company
Ashirvad Agro Processors              LT Bk Fac          CARE BB-       110     Assigned
Bipin Kumar Agrawal                   LT BkFac           CARE BB        40      -
Issuer not cooperating
C.A. Vege Fruit Stores                LT Bk Fac          CARE D         82.9    -
Issuer not cooperating
Dharti Dredging And Infrastructure LtdLT Bk Fac          CARE D         799.6   -
Issuer not cooperating
Dharti Dredging And Infrastructure LtdLT/ST Bk Fac       CARE D         2080    -
Issuer not cooperating
Dkc Projects Pvt Ltd                  LT Bk Fac          CARE B+        30      -
Issuer not cooperating
Dynamic Realty Enterprises            LT Bk Fac          -              -       Withdrawn
Fincare Small Finance Bank Ltd        LT Bk Fac          CARE A         1253.8  Revised from
                                                                                CARE A-
Fincare Small Finance Bank Ltd        Long term          CARE A         350     Revised from
                                      instruments-NCD                           CARE A-
Ganpati Infrapower Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Garg Granites Pvt Ltd                 LT Bk Fac          CARE B+        75      -
Issuer not cooperating
Giriraj Spintex Pvt Ltd               LT Bk Fac          CARE BB-       70      Assigned
India Steel Continental Pvt Ltd       LT Bk Fac          CARE B+        302.1   -
Issuer not cooperating
Jamu Automobiles Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Jharkhand Road Projects ImplementationNCD^               CARE A+(SO)    15458.1 -
Co. Ltd
(reduced from 1571.13 Crore),Placed under Credit Watch with Negative Implications ,^ NCDs backed
by discounting of future annuity receivables of the project.
Jharkhand Road Projects ImplementationNCD^               CARE BB- (SO)  15458.1 Revised from
Company Limitej                                                                 CARE A+(SO)
(reduced from 1571.13 Crore)^ NCDs backed by discounting of future annuity receivables of the
project.

Juneja Sons Steel Processors          LT Bk Fac          CARE B         91.2    Assigned
K.K Builders                          LT Bk Fac          CARE BB        310     -
Issuer not cooperating
K.K Leisures And Tourism InternationalLT Bk Fac          CARE B         110     -
Pvt Ltd
Issuer not cooperating
Kg Fabriks Ltd                        LT Bk Fac          CARE B+        573     -
Issuer not cooperating
Kora Shoes Pvt Ltd                    Long -term Bk Fac  CARE BB-       24.9    -
Issuer not cooperating
London Star Diamond Company (India)   LT / Shortterm Bk  CARE D /D      108     -
Pvt  Ltd                               Fac
Issuer not cooperating
Manipal Research And Management       LT Bk Fac          -              -       Revised to
Services International                                                          CARE BBB- and
                                                                                Withdrawn
Mantra Exports Pvt Ltd                LT Fund Based Bk   CARE A-        300     Reaffirmed
                                      Fac
Memg International Ltd                LT Bk Fac          -              -       Revised to
                                                                                CARE BBB- and
                                                                                Withdrawn
Moradabad Bareilly Expressway Ltd     NCD issue          CARE A         3549    -
Placed under Credit Watch with Negative Implications
Moradabad Bareilly Expressway Ltd     LT Fac             CARE A         12110.4 -
Placed under Credit Watch with Negative Implications
Narayana Agro Oils Pvt Ltd            LT Bk Fac          -              -       Withdrawn
New Manasa Mata Foods                 LT Bk Fac          CARE B+        71.6    -
Issuer not cooperating
Nityananda Swain                      LT Bk Fac          CARE BB-       36.5    Assigned
North Karnataka Expressway Ltd        NCDs @             CARE AA+(SO)   289     -
(reduced from 44.5 Crore),@based on the various credit enhancement measures and structured
payment mechanism for the NCD s repayment.
Placed under Credit Wa
Oilex Engineers (India) Pvt Ltd       LT Bk Fac          CARE BB+       2       -
Issuer not cooperating
Oilex Engineers (India) Pvt Ltd       LT/ST Bk Fac       CARE BB+/A4+   20      -
Issuer not cooperating
P.K. Nagrare Construction             LT Bk Fac          CARE BB-       26.9    Assigned
Panama Sunarch Developers             LT Bk Fac          -              -       Withdrawn
Payal Dealers Pvt. Ltd                LT BkFac           CARE BB-       139.2   -
Issuer not cooperating
Pentech Metals Pvt Ltd                LT Bk Fac          CARE BB+       80      Assigned
Pentech Metals Pvt Ltd                LT / ST Bk Fac     CARE BB+/A4    20      Assigned
Plus Medicare Hospitals Pvt Ltd       LT Bk Fac          CARE BB-       414     Revised from
                                                                                CARE BB
Prakash Corrugated Products           LT Fac             CARE D         223.1   -
Issuer not cooperating
Prasad Lifespaces Llp                 LT Bk Fac          CARE B+        150     -
Issuer not cooperating
Pune Municipal Corporation            NCDs (NCDs)        CARE AA+       2000    Reaffirmed
R. K. Modern (Raw & Boiled) Rice Mill LT BkFac           CARE B+        65.6    Assigned
R. R. & Sons Vehicles Pvt Ltd         LT Bk Fac          CARE BB-       50      Assigned
Rupam Industries                      LT Bk Fac          CARE B+        90.4    Assigned
Sanjeev Auto Part Manufacturers Pvt   LT Bk Fac          CARE A         1286.5  Reaffirmed
Ltd
(enhanced from 58.17 Crore)
Sara Spintex India Pvt Ltd            LT Bk Fac          CARE D         363.6   -
Issuer not cooperating
Shree Jagdamba Rice Mills             LT Bk Fac          CARE B+        163.2   Reaffirmed
Sri Balaji Tech                       Long -term BkFac   CARE B         104     -
Issuer not cooperating
Sri Balaji Tech                       LT/Shortterm Bk FacCARE B/A4      20      -
Issuer not cooperating
Sri Kannapiran Mills Ltd              LT Bk Fac          -              -       Withdrawn
Subhash Singh Choudhary               LT Bk Fac          CARE BB        100     -
Issuer not cooperating
Susee Premium Automobiles Pvt Ltd     Long -term Bk Fac  CARE D         144.8   -
Issuer not cooperating
Svera Agro Ltd                        LT Bk Fac          CARE B+        150     Assigned
Tci-Concor Multimodal Solutions Pvt   LT Bk Fac- TL      CARE A-        50      Assigned
Ltd
Tci-Concor Multimodal Solutions Pvt   LT Bk Fac- CC      CARE A-        190     Assigned
Ltd
Thermo Products Pvt Ltd               LT Fac             CARE D         53.3    -
Issuer not cooperating
Unique Impex                          Long -term Bk Fac  CARE B+        45      -
Issuer not cooperating
Vinod Fabrics                         LT Bk Fac          CARE BB-       66.5    -
Issuer not cooperating
Vitthalrao Shinde Sahakari Sakhar     LT Bk Fac          CARE BB+       1400    Assigned
Karkhana Ltd
Vitthalrao Shinde Sahakari Sakhar     LT/ST Bk Fac       CARE BB+/A4    1350    Assigned
Karkhana Ltd
Vriddhi Infratech India Pvt Ltd       LT BkFac           CARE BB+       20      Assigned
Vriddhi Infratech India Pvt Ltd       LT BkFac           CARE BB+       20      Revised from
                                                                                CARE BB+
Vsn International                     LT Bk Fac          CARE BB-       35      -
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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