January 24, 2018 / 6:06 AM / a month 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, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Banco Products (India) Ltd            ST Bk Fac          CARE A1+       15      Assigned
Capital First Home Finance Ltd        CP (CP)            CARE A1+       4000    Reaffirmed
Capital First Ltd                     CP (CP)            CARE A1+       30000   Reaffirmed
Express Infrastructure Pvt Ltd        CP (Carved Out)*   CARE A1+       500     Reaffirmed

*carved out of sanctioned working capital limits of the company
G. M. Ravindra                        ST Bk Fac          CARE A4        40      Assigned
Il&Fs Securities Services Ltd         CP                 CARE A1+       12000   Reaffirmed
Krishna Metacraft Pvt Ltd             ST Bk Fac          CARE A4        51.5    Assigned
Mandhana Industries Ltd               ST Bk Fac          CARE D         875     -
ISSUER NOT COOPERATING
M.P. Agarwala Pvt Ltd                 ST Bk Fac          CARE A4        30      Assigned
Maheshwari Woods Pvt Ltd              ST Bk Fac          CARE A4        60      Reaffirmed
Prem Industries                       ST Bk Fac          -              -       Withdrawn
R. D. Exports                         ST Bk Fac          CARE A4        60      Assigned
S R Collection Pvt Ltd                ST Bk Fac          CARE A4        5       Reaffirmed
Sadguru Engineers And Allied Services ST Bk Fac          CARE A4        130     Assigned
Pvt Ltd
Uttam Galva Metallics Ltd             ST Bk Fac – (Non-  CARE D         9100    -
                                      fund based)
ISSUER NOT COOPERATING
Uttam Value Steels Ltd                ST Bk Fac          CARE D         13900   -
ISSUER NOT COOPERATING


LONG TERM RATINGS:
-------------------
A.P. International                    LT Bk Fac          CARE B+        59.1    Assigned
Aaa Roller Flour Mills Pvt Ltd        LT Bk Fac          CARE BB-       193.2   Reaffirmed
Adeline Pharma Pvt Ltd                LT Bk Fac          CARE A-        200     Assigned
Aditya Birla Finance Ltd.             Subordinated Debt  CARE AA+       5500    Reaffirmed
Annapurna Microfinance Pvt Ltd        Series A PTC #     Provisional    28.7    Assigned
# The PTCs are rated on Ultimate Payment basis           CARE A- 
Asthalakshami Agrotech Pvt Ltd        LT Bk Fac          -              -       Withdrawn
Banco Gaskets (India) Ltd             LT/ST Bk Fac       CARE AA/A1+    200     Assigned
Banco Products (India) Ltd            LT/ST Bk Fac       CARE AA/A1+    235     Assigned
C.A. Vegefruit Stores                 LT Bk Fac          CARE B+        82.9    Reaffirmed
C.P. Ispat Pvt Ltd                    LT Bk Fac          CARE B         145     Revised from
                                                                                CARE D
ISSUER NOT COOPERATING
Capital First Home Finance Ltd        LT Bk Fac          CARE AA+       8610.1  -
Placed on credit watch with positive implications
Capital First Home Finance Ltd        NCD                CARE AA+       5000    -
Placed on credit watch with positive implications
Capital First Ltd                     Perpetual Debt     CARE AA        4000    -
Placed on credit watch with positive implications
Capital First Ltd                     LT Bk Fac          CARE AA+       82450   -
Placed on credit watch with positive implications
Capital First Ltd                     NCD                CARE AA+       72000   -
Placed on credit watch with positive implications
Capital First Ltd                     Subordinates Debt  CARE AA+       8000    -
Placed on credit watch with positive implications
Darbhanga Motihari Transmission Co. LtLT Bk Fac-TL       -              -       Withdrawn
Dolce Pharmaceutical Pvt Ltd          LT Bk Fac          CARE B+        117.5   Assigned
Express Infrastructure Pvt Ltd        LT Bk Fac          CARE AA-       3782.2  Reaffirmed
Fusion Microfinance Pvt Ltd           Series A1 PTC      CARE A-        36.1    Assigned
Fusion Microfinance Pvt Ltd           Series A2 PTC      CARE BBB       27.8    Assigned
G. M. Ravindra                        LT Bk Fac          CARE BB-       65      Assigned
Gokul Ginning Factory                 LT Bk Fac          CARE B+        50      Assigned
Hemani Chemi Organics Pvt Ltd         LT Bk Fac          CARE BBB-      150     Assigned
Infrastructure Leasing & Financial    Proposed NCDs      CARE AAA       10000   Assigned
Services Ltd
J.R.R. Construction Pvt Ltd           LT Bk Fac          CARE B         79      Reaffirmed
Removed from non-cooperation
Krishna Metacraft Pvt Ltd             LT / ST Bk Fac     CARE BB-/A4    27.5    Assigned
Kushal Fibers                         LT Bk Fac          CARE BB-       130     -
ISSUER NOT COOPERATING
Laxmi Kripa Steels And Power Pvt Ltd  LT Bk Fac          CARE BB        200     Assigned
Lsr Forge Pvt Ltd                     LT Fac             -              -       Withdrawn
M.P. Agarwala Pvt Ltd                 LT Bk Fac          CARE B+        40      Assigned
Maheshwari Woods Pvt Ltd              LT Bk Fac          CARE BB        72.9    Reaffirmed
Mandhana Industries Ltd               LT Bk Fac          CARE D         8796.3  -
ISSUER NOT COOPERATING
Mandhana Industries Ltd               NCDs               CARE D         570     -
ISSUER NOT COOPERATING
Micro Polypet Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Micro Polypet Pvt Ltd                 LT/ST Bk Fac       -              -       Withdrawn
Nectar Bottling & Marketing Llp       LT Bk Fac          CARE BB-       340     Assigned
Nirmal Bot Ltd                        Debentures - NCD   CARE AAA       1905    Reaffirmed
Omkamal Steel Pvt Ltd                 LT Bk Fac          CARE BB-       46.2    Revised from
                                                                                CARE B+
Prem Industries                       LT Bk Fac          CARE B+        76.1    Reaffirmed
Radiant Polymers Pvt Ltd              Proposed Non -     CARE B+        337     Assigned
                                      Convertible
                                      Debenture issue (Series A)
Radiant Polymers Pvt Ltd              Proposed Non-      CARE B+        413     Assigned
                                      Convertible
                                      Debenture issue (Series B)
Rajat Developers                      LT Bk Fac          CARE B+/       85      Assigned
S R Collection Pvt Ltd                LT Bk Fac          CARE BB-       135.4   Reaffirmed
Sadguru Engineers And Allied Services LT Bk Fac          CARE BB        20      Assigned
Pvt Ltd
Satin Creditcare Network Ltd          Series A1 PTC      CARE A-        72      Assigned
Satin Creditcare Network Ltd          Series A2 PTC      CARE BBB       45      Assigned
Shree Om Metals Pvt Ltd.              LT Bk Fac          CARE B+/       90      Assigned
Slec Infra Projects Pvt Ltd           LT Bk Fac          CARE BB-       270     Revised from
                                                                                CARE BB
Taurus Commercials Pvt Ltd            LT Bk Fac          CARE B+        29.6    -
ISSUER NOT COOPERATING
Taurus Commercials Pvt Ltd            LT / Short - term  CARE B+/ A4    65      -
                                      Bk Fac
ISSUER NOT COOPERATING
Uttam Galva Metallics Ltd             LT Bk Fac – (TL)   CARE D         39339.4 -
ISSUER NOT COOPERATING
Uttam Galva Metallics Ltd             LT Bk Fac – (Fund  CARE D         1700    -
                                      Based)
ISSUER NOT COOPERATING
Uttam Value Steels Ltd                LT Bk Fac          CARE D         6400.7  -
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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