January 24, 2019 / 4:17 AM / 8 months ago

CARE ratings for Indian debt instruments-Jan 24

    Jan 24 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 23, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arowana Exports Pvt Ltd               ST Bk Fac          CARE D         70      -
Issuer not cooperating; Based on the best available information
Essel Infraprojects Ltd               ST Bk Fac          CARE A3        1460
Continues on credit watch ; (reduced from 864.20 Crore)
Himachal Futuristic Communications LtdST Bk Fac          CARE A2+       12812   Reaffirmed
Hni Office India Ltd                  ST Bk Fac          CARE A3        130     Reaffirmed

J.V. Strips Ltd                       ST Bk Fac          CARE A4        100
Revised from CARE A4+; Issuer not cooperating
Kaleshwarwar And Sons                 ST Bk Fac          CARE A4        40.2    -
Issuer Not Cooperating; Based on best available information
M K Printpack Industries              ST Bk Fac          CARE A4        23.3    -
Issuer not cooperating; Based on best available information
Madhya Bharat Power Corporation Ltd   ST Non-Fund Based  CARE A3(SO)    100     Assigned
                                      Bk Fac - BG@
@The above rating is based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee provided by Chhatisgarh Investments Ltd
Mugrody Constructions                 ST Bk Fac          CARE A4        100     Reaffirmed
Neelachal Ispat Nigam Ltd             ST Bk Fac (LC/ BG)*CARE A1 (SO)   50      Assigned
*to be backed by conditional and irrevocable corporate guarantee to be provided by MMTC Limited.
Further, the rating is provisional and will be confirmed once the company submit copies of
relevant executed documents, to the satisfaction of CARE.
Perfect Turners                       ST Bk Fac          CARE A4        40      Reaffirmed
Pushp Forgings Pvt Ltd                ST Bk Fac          CARE A4+       51.8    Reaffirmed
Raghuram Hume Pipes Pvt Ltd           ST Bk Fac          CARE A4        120     -
Issuer not cooperating; Based on best available information
Sgs Marine Habitability Pvt Ltd       ST Bk Fac          CARE A4        60      -
Issuer not cooperating; Based on best available information
Skilled Construction Co. Ltd          ST Bk Fac          CARE A4        48.5    Reaffirmed
Special Lime Stone Pvt Ltd            ST Bk Fac          CARE A4        5
Issuer not cooperating; on the basis of best available information
Vascular Concepts Ltd                 ST Bk Fac          CARE A4+       100     Reaffirmed
(Increased from Rs.6 Crore)
Vivek Pharmachem (India) Ltd          ST Bk Fac          CARE A3        200     -
Issuer not cooperating based on best available information

LONG TERM RATINGS:
-------------------
Anshu Hospitals Ltd                   LT Bk Fac TL       CARE BBB-      675     Assigned
Anshu Hospitals Ltd                   LT Bk Fac Fund     CARE BBB-      165     Assigned
                                      Based
Anshu Hospitals Ltd                   Long/ ST Bk Fac -  CARE BBB-/ A3  130     Assigned
                                      Non Fund Based
Aron Pipes Pvt Ltd                    LT Bk Fac          CARE BB-       131.3
Revised from CARE B+; (reduced from 14.57 Crore)
Atharv Intertrade Pvt Ltd             LT Bk Fac          CARE BB-       130     Reaffirmed
(enhanced from 10.00 Crore)
Durga Automotives Pvt Ltd             LT Bk Fac          CARE B         194     -
Issuer Not Cooperating;Based on best available information.
Elite Traexim Pvt Ltd                 LT Bk Fac          CARE B         72      Assigned
Emson Gears Ltd                       LT Bk Fac          CARE BBB-      674.1
Revised from CARE BB; (reduced from Rs. 68.00 Crore)
Essel Infraprojects Ltd               LT Bk Fac          -              -       Withdrawn
Gems Paradise                         LT Bk Fac          CARE BB        80
Issuer not cooperating; Based on best available information
Guru Nanak Educational Society        LT Bk Fac          CARE BB+       168     -
Issuer not cooperating; Based on best available information
Himachal Futuristic Communications LtdLT Bk Fac          CARE A-        5883.6  Reaffirmed
Himachal Futuristic Communications LtdLT Instrument -NCD CARE A-        337.3   Reaffirmed
HNI Office India Ltd                  LT Bk Fac          CARE BBB-      80      Reaffirmed
Hyderabad Power Installations Pvt Ltd LT Bk Facility     CARE BB        60      Assigned
Hyderabad Power Installations Pvt Ltd LT/ ST Bk Facility CARE BB/ A4    120     Assigned
Indian Art Gallery                    LT / ST Bk Fac     CARE BB+/ A4+  -       Withdrawn
J And P Metals                        LT Bk Fac          CARE B+        55      Reaffirmed
J.V. Strips Ltd                       LT Bk Fac          CARE C         540
Revised from CARE BB+;Stable: Issuer not cooperating
Kaleshwarwar And Sons                 LT Bk Fac          CARE B+        55      -
Issuer Not Cooperating; Based on best available information
Kalpana Biri Manufacturing Co. Pvt. LtLT Bk Fac          CARE BB+       120     -
Issuer not cooperating; Based on best available information
Laxmi Sopan Agriculture Produce       LT Bk Fac          CARE B         32.6    -
Marketing Co. Ltd
Issuer Not Cooperating; Based on best available information
M K Printpack Industries              LT Bk Fac          CARE BB        133.1   -
Issuer not cooperating; Based on best available information
M.G. Associates                       Long -term Bk Fac  CARE B+        200
Revised from CARE BB-; Stable Issuer Not Cooperating, Based on best available information
Madhya Bharat Power Corporation Ltd   LT Fund Based Bk   CARE BB        7599.8  Reaffirmed
                                      Fac -TL
(reduced from 771.88 Crore)
Madhya Bharat Power Corporation Ltd   LT Non-Fund Based  CARE BB        100
                                      Bk Fac – BG
Reclassification from short-term to long-term
Madhya Bharat Power Corporation Ltd   Long/ ST Bk Fac -  CARE           490     Reaffirmed
                                      LOC@               BBB(SO)/CARE
                                                         A3(SO)
(reduced from 80.00 Crore) ; @The above rating is based on the credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided by Chhatisgarh Investments Ltd
Mugrody Constructions                 LT Bk Fac          CARE BB        150     Reaffirmed
Nasa Brain And Spine Centre           LT/ Short Bk Fac   CARE B/ A4     100     -
Issuer not cooperating; Revised from CARE BB-; Stable/ CARE A4 on the basis of best available
information
Neelachal Ispat Nigam Ltd             LT Bk Fac (TL)     CARE A (SO)    9930.5  Reaffirmed
(enhanced from 782.23 Crore)
Neelachal Ispat Nigam Ltd             NCDs- I            CARE A (SO)    1500    Reaffirmed
Neelachal Ispat Nigam Ltd             NCDs- II           CARE A (SO)    2000    Reaffirmed
Osho Forge Ltd                        LT Bk Fac          CARE BBB-      572.8
Revised from CARE BB; (reduced from Rs. 58.00 Crore)
Ostro Andhra Wind Pvt Ltd             LT Bk Fac (CC)     -              -       Withdrawn*
* CARE has withdrawn the rating assigned to the long term bank facilities (cash credit) of Ostro
Andhra Wind Private Limited (OAWPL) with immediate effect, as the company has repaid the
aforementioned facility and there is no amount outstanding under the facility as on date
Ostro Andhra Wind Pvt Ltd             LT Bk Fac (TL)     CARE BBB       5659.8  Reaffirmed
(reduced from 580.90 Crore)
Ostro Ap Wind Pvt Ltd                 LT Bk Fac (CC)     -              -       Withdrawn*
* CARE has withdrawn the rating assigned to the long term bank facilities (cash credit) of Ostro
AP Wind Private Limited (OAPWPL) with immediate effect, as the company has repaid the
aforementioned facility and there is no amount outstanding under the facility as on date 
Ostro Ap Wind Pvt Ltd                 LT Bk Fac (TL)     CARE BBB       5847.4  Reaffirmed
(reduced from 600.36 Crore)
Paras Dyeing And Printing Mills       LT Bk Fac          CARE BB-       90      Reaffirmed
Pavanputra Sheetgrah Pvt Ltd          LT Bk Fac          CARE B+        56.5
Revised from CARE B; (Reduced from 6.20 Crore)
Paviter Metals Pvt Ltd                LT Bk Fac          CARE BB        105
Reaffirmed; Outlook revised From Stable to Positive (enhanced from 8.00 Crore)
Perfect Turners                       Long –term Bk Fac  CARE BB        0.1     Reaffirmed
Perfect Turners                       LT/ ST Bk Fac      CARE BB/ A4    80      Reaffirmed
Prabhu Dayal And Brothers             LT Bk Fac          CARE B+        60      Assigned
Pushp Forgings Pvt Ltd                LT Bk Fac          CARE BB+       100.8   Reaffirmed
Raghuram Hume Pipes Pvt Ltd           LT Bk Fac          CARE BB-       120     -
Issuer not cooperating; based on best available information. Revised from CARE BB;
Rajamanickam Poultry Farm             LT Bk Fac          CARE B+        60      Assigned
Rosha Alloys Pvt Ltd                  LT Bk Fac          CARE B+        75      -
Issuer not cooperating, Based on best available information
Satwik Feeds                          LT Bk Fac          CARE B+        60      Reaffirmed
Sgs Marine Habitability Pvt Ltd       LT Bk Fac          CARE B+        140     -
Issuer not cooperating; based on best available information. Revised from CARE BB-;
Shree Hari Developers                 LT Bk Fac          CARE D         51.6
Revised from CARE BB-
Shree Industries                      Long -term Bk Fac  CARE B+,       110     -
Issuer not cooperating, basedon best available information
Shree Nath Gum And Chemicals          LT Bk Fac          -              -       Withdrawn
Shree Nath Gum And Chemicals          LT/ ST Bk Fac      -              -       Withdrawn
Skilled Construction Co. Ltd          LT Bk Fac          CARE B+        36.5
Revised from CARE BB-;
Special Lime Stone Pvt Ltd            LT Bk Fac          CARE B+        55
Issuer not cooperating; Revised from CARE BB-; Stable on the basis of best available information
Sri Saraswathi Educational Society    LT Bk Fac          CARE B+        150
Issuer Not Cooperating
Vaibhav Cotex Pvt Ltd                 LT Bk Fac          CARE B+        107     -
Issuer Not Cooperating; Based on best available information
Vaibhav Cotgin Pvt Ltd                LT Bk Fac          CARE B+        135     -
Issuer Not Cooperating; Based on best available information
Vascular Concepts Ltd                 LT Bk Fac          CARE BB+       180     Reaffirmed
(Reduced from Rs.22 Crore)
Vignan’S Foundation For Science,      LT Bk Fac          CARE BBB-      -       Withdrawn
Technology And Research
Vinayak Jewels (India) Pvt Ltd        LT / ST Bk Fac     CARE BBB-/ A3  150     Assigned
Vivek Pharmachem (India) Ltd          LT Bk Fac          CARE BBB-      110     -
Issuer not cooperating based on best available information
Vivek Pharmachem (India) Ltd          LT/ ST Bk Fac      CARE BBB-/ A3  200     -
Issuer not cooperating based on best available information
--------------------------------------------------------------------------------------------
$: 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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