January 23, 2020 / 8:51 AM / a month ago

CARE ratings for Indian debt instruments-Jan 23

    Jan 23 - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of January 22, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ab Udyog Pvt Ltd                      ST Bk Fac          CARE A4        10      Assigned
Automobile Corporation Of Goa Ltd     ST Bk Fac          CARE A1+       30      Reaffirmed
Balajee Mini Steels & Rerolling Pvt LtST Bk Fac          CARE A4+ (CE)  125
Issuer not Cooperating; Revised from CARE A3 (CE) on the basis of best available information

Balmukund Cement & Roofings Pvt Ltd   ST Bk Fac          CARE A4+ (CE)  66.2
Issuer not Cooperating; Revised from CARE A3 (CE) on the basis of best available information
Balmukund Sponge & Iron Pvt Ltd       ST Bk Fac          CARE A4+       417.4
Issuer not Cooperating; Revised from CARE A3 on the basis of best available information
Blue Star Ltd                         ST Bk Fac          CARE A1+       5180    Reaffirmed
                                      (Non-fund based)
Blue Star Ltd                         CP                 CARE A1+       5000    Reaffirmed
Can Fin Homes Ltd                     CP                 CARE A1+       45000#
#Rs.1825 crore outstanding as on December 31, 2019
Chaudhary Timber Industries Pvt Ltd   LT/ ST Bk Fac      CARE A2        1017.5  Assigned
Gemscab Industries Ltd                ST Bk Fac          -              -
Reaffirmed at CARE A3+ and Withdrawn
Madhav Alloys Ltd                     ST Bk Fac          -              -
Reaffirmed at CARE A2+ and Withdrawn
S. M. Cold Storage Pvt Ltd            ST Bk Fac          CARE A4        2.6     Reaffirmed
Sava Healthcare Ltd                   ST Bk Fac          -              -
Reaffirmed at CARE A4; Issuer not Cooperating and Withdrawn
Satyadeeptha Pharmaceuticals Ltd      ST Bk Fac          CARE A3        80      Reaffirmed
Saurashtra Capital Services Pvt. Ltd. Bk Fac – BG        CARE A4        70      Reaffirmed
The Kalgidhar Society                 ST Bk Fac          CARE A3        130     Reaffirmed
The Kalgidhar Trust                   ST Bk Fac          CARE A3        170     Reaffirmed
Yash Pakka Ltd                        ST Bk Fac-         CARE A3        257.6   Reaffirmed
                                      Non-Fund Based
5 Core Acoustics Pvt Ltd.             ST Bk Fac          CARE D         150
Revised from CARE A4; Issuer not Cooperating based on best available information

LONG TERM RATINGS:
-------------------
A.M. Industries                       LT Bk Fac          CARE           80
                                                         BB-/Stable
Issuer not Cooperating; on the basis of best available information
Ab Udyog Pvt Ltd                      LT Bk Fac          CARE BB-/      277.4   Assigned
                                                         Stable
Annada Cold Storage Pvt Ltd           LT Bk Fac          CARE B+/       56      Reaffirmed
                                                         Stable
Automobile Corporation Of Goa Ltd     LT Bk Fac          CARE AA/       100     Reaffirmed
                                                         Stable
Balajee Mini Steels & Rerolling Pvt LtLT Bk Fac (TL)     CARE BB+ (CE), 54.2
                                                         Stable
Issuer not Cooperating; Revised from CARE BBB- (CE); Stable on the basis of best available
information
Balajee Mini Steels & Rerolling Pvt LtLT Bk Fac (CC)     CARE BB+ (CE), 177
                                                         Stable
Issuer not Cooperating; Revised from CARE BBB- (CE); Stable on the basis of best available
information
Balmukund Cement & Roofings Pvt Ltd   LT Bk Fac          CARE BB+ (CE), 143
                                                         Stable
Issuer not Cooperating; Revised from CARE BBB- (CE); Stable on the basis of best available
information
Balmukund Sponge & Iron Pvt Ltd       LT Bk Fac          CARE BB+,      500.2
                                                         Stable
Issuer not Cooperating; Revised from CARE BBB-; Stable on the basis of best available
information
Blue Sapphire Healthcares Pvt Ltd     LT Bk Fac          -              -
Reaffirmed at CARE BBB; Outlook: Stable and Withdrawn
Blue Star Engineering & Electronics LtLT Bk Fac          -              -       Withdrawn
                                      (Term-Loan)
Blue Star Engineering & Electronics LtLT Bk Fac (Working CARE AA+ (CE)/ 1000    Reaffirmed
                                      capital limits) @  Stable
'@backed by unconditional and irrevocable corporate guarantee issued by Blue Star Limited (BSL;
rated ‘CARE AA+; Stable/CARE A1+’ for bank facilities & instrument)
Blue Star Ltd                         LT Bk Fac (FB)     CARE AA+/      500     Reaffirmed
                                                         Stable
Blue Star Ltd                         LT/ST Bk Fac       CARE AA+/      12700   Reaffirmed
                                      (FB/Non-Fund based)Stable/CARE A1+
Can Fin Homes Ltd                     Secured Redeemable CARE AAA       25000@
                                      Non Convertible
                                      Debenture
@ Rs.2662 crore is outstanding as on December 31, 2019
Can Fin Homes Ltd                     Secured Redeemable CARE AAA       25000@
                                      Non Convertible
                                      Debenture
@ Rs.2662 crore is outstanding as on December 31, 2019
Can Fin Homes Ltd                     Secured Redeemable CARE AAA       30000@
                                      NCD
@ Rs.2662 crore is outstanding as on December 31, 2019
Can Fin Homes Ltd                     Tier II Bonds      CARE AAA       3000$
                                      (Subordinated
                                      Bonds)
$ Rs.100 crore outstanding as on December 31, 2019
Ccl International Ltd                 LT Bk Fac          CARE BB/       35      Reaffirmed
                                                         Stable
Ccl International Ltd                 LT / Short term Bk CARE BB/       100     Reaffirmed
                                      Fac                Stable/CARE A4
Chaudhary Timber Industries Pvt Ltd   LT Bk Fac          CARE BBB+/     2.5     Assigned
                                                         Stable
Emperia Realty                        LT Bk Fac          CARE D         137.5
Revised from CARE BB-; Stable
Essel Devanahalli Tollway Pvt Ltd     LT Bk Fac (Senior  CARE A-/       2262.5  Reaffirmed
                                      Debt)              Stable
(reduced from Rs.249.06 Crore)
Essel Devanahalli Tollway Pvt Ltd     LT Instrument –    CARE A-/       3594.6  Reaffirmed
                                      NCD                Stable
(reduced from Rs.365.47 Crore)
Essel Devanahalli Tollway Pvt Ltd     LT Bk Fac          CARE BBB+/     1352.4  Reaffirmed
                                      (Subordinate Debt) Stable
(reduced from Rs.204.55 Crore)
Gemscab Industries Ltd                LT Bk Fac          -              -
Reaffirmed at CARE BBB+; Outlook: Positive and Withdrawn
Gvk Janani Shishu Suraksha (UP)       LT Bk Fac          CARE BB-/      147
                                                         Negative
Revised from CARE BB+; Stable
Gvk Janani Shishu Suraksha (UP)       Long/ST Bk Fac     CARE BB-/      290
                                                         Negative/CARE
                                                         A4
Revised from CARE BB+; Stable/CARE A4+
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund IX Plan D
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund IX Plan E
Icici Prudential Mutual Fund          ICICI Prudential   -              -       Withdrawn
                                      Capital Protection
                                      Oriented Fund X Plan A
Indian Technical And Computer InstitutLT Bk Fac          CARE B-/       100     Assigned
                                                         Stable
K J Somaiya Medical Trust             LT Bk Fac          CARE BBB+/     244.7   Assigned
                                                         Stable
K.P.R.M Ramasswami Dhal Trading CompanST Bk Fac*         -              -
*Reclassification of bank facility from short term to long term
K.P.R.M Ramasswami Dhal Trading CompanLT Bk Fac          CARE BB/       72.1    Reaffirmed
                                                         Stable
Madhav Alloys Ltd                     LT Bk Fac          -              -
Reaffirmed at CARE A-; Stable and Withdrawn
Mangalore Fishmeal And Oil Company    LT Bk Fac          CARE D         116.7
Revised from CARE C; Issuer not Cooperating, on the basis of best available information
Northern Arc 2020 2W Azmi Originator: Series A1 PTC      Provisional-   153.2   Assigned
Kanakadurga Finance Ltd (Kfl)                            CARE A- (SO)
Northern Arc 2020 2W Azmi Originator: Series A2 PTC      Provisional-   3.4     Assigned
Kanakadurga Finance Ltd (Kfl)                            CARE BBB+ (SO)
Prakash Hi-Tech Developers And        LT Bk Fac          CARE B-/Stable 50
Constructions Pvt Ltd
Issuer not Cooperating; Revised from CARE B; Stable on the basis of best available information
Premvati Rice Mill                    LT Bk Fac          -              -       Withdrawn
Premvati Rice Mill                    LT/ST Bk Fac       CARE B+/       60      Reaffirmed
                                                         Stable/CARE A4
Rams Assorted Cold Storage Ltd        Long /ST Bk Fac    CARE BB+/      450     Assigned
                                                         Stable/CARE A4+
S. M. Cold Storage Pvt Ltd            LT Bk Fac          CARE B+/       60      Reaffirmed
                                                         Stable
Safal Chem India Pvt Ltd              LT Bk Fac          -              -
Reaffirmed at CARE BB-; Stable and withdrawn
Sahajanand Cotspin Pvt Ltd            LT Bk Fac          -              -
Reaffirmed at CARE BB-; Positive and Withdrawn
Satyadeeptha Pharmaceuticals Ltd      LT Bk Fac          CARE BBB/      508.6
                                                         Stable
Revised from CARE BBB-; Stable
Sava Healthcare Ltd                   LT Bk Fac          -              -
Reaffirmed at CARE B+; Issuer not Cooperating and Withdrawn
Shri Dhanalakshmi Green Energy India  LT Bk Fac          CARE D         328.5
Pvt Ltd
“Issuer not Cooperating; Revised from CARE B+; on the basis of best available information”
Singoli (Charbhuja) Krishak Sewa      LT Bk Fac          -              -
Sahakari Sanstha Ltd
Reaffirmed at CARE B+; Stable and Withdrawn
Sologres Granito Pvt Ltd              LT Bk Fac          CARE BB+/      239.9   Reaffirmed
                                                         Stable
(Reduced from 26.28 Crore)
Sologres Granito Pvt Ltd              Long/ ST Bk Fac    CARE BB+/      32.5    Reaffirmed
                                                         Stable/CARE A4+
Somaiya Vidyavihar                    LT Bk Fac          CARE A/ Stable 528.6   Assigned
The Kalgidhar Society                 LT Bk Fac          CARE BBB/      21.3    Reaffirmed
                                                         Stable
The Kalgidhar Trust                   LT Bk Fac          CARE BBB/      14.2    Reaffirmed
                                                         Stable
Uniroyal Sthaptya                     LT Bk Fac          CARE B+/       3       Assigned
                                                         Stable
Uniroyal Sthaptya                     LT/ST Bk Fac       CARE B+;       82      Assigned
                                                         Stable/CARE A4
Yash Pakka Ltd                        LT Bk Fac- TL      CARE BBB/      1147.4  Reaffirmed
                                                         Stable
(enhanced from Rs.97.87 Crore)
Yash Pakka Ltd                        LT Bk Fac- Fund    CARE BBB/      647.3   Reaffirmed
                                      Based              Stable

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