January 24, 2020 / 6:37 AM / a month ago

CARE ratings for Indian debt instruments-Jan 24

    Jan 24  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of January 23, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
B. G Roadlines                        ST BkFac           CARE A4+       3
(Issuer Not Cooperating)
B. G Transport Company                ST BkFac           CARE A4+       3
(Issuer Not Cooperating)
Bmi Wholesale Trading Pvt Ltd         ST Bk Fac          CARE A4        40      Reaffirmed
Classic Marble Company Pvt Ltd        ST BkFac           CARE A2        300     Reaffirmed
Dwarkadhish Cotspin Pvt Ltd           ST Bk Fac                         -       Revised from
                                                                                CARE A3 to
                                                                                CARE A4+ and
                                                                                simultaneously
                                                                                withdrawn
Emcure Pharmaceuticals Ltd            ST Bk Fac          CARE A2+       980     Reaffirmed
G. S. Roadlines                       ST BkFac           CARE A4+       3
(Issuer Not Cooperating)
G. S. Roadways                        ST Bk Fac          CARE A4+       3
(Issuer Not Cooperating)
Gennova Biopharmaceuticals Ltd        ST Bk Fac          CARE A2+(CE)   70      Reaffirmed
Marcan Pharmaceuticals Inc.           ST Bk Fac*         CARE A2+(CE)   445.8   Reaffirmed
*backed by unconditional and irrevocable corporate guarantee provided by Emcure Pharmaceuticals
Limited (EPL) (rated CARE A-; Stable , CARE A2+ ).
Reliance Infrastructure Ltd           FB – ST -TL        CARE D         6000    Reaffirmed
Sakthi Constructions                  Shot-term Bk Fac   CARE A4        80      Assigned
Silon Granito Llp                     ST Bk Fac          CARE D         25      Revised from
                                                                                CARE A4
Supreme Geotech Pvt Ltd               ST BkFac           CARE A4        15      Assigned
Undercarriage And Tractor Parts Pvt   ST Bk Fac          -              -       Reaffirmed at
Ltd                                                                             CARE A4+ and
                                                                                Withdrawn
Zuventus Healthcare Ltd               ST Bk Fac          CARE A1        150     Reaffirmed
                                      (Non-Fund based)
MEDIUM TERM RATINGS:
-------------------
Trikaal Leasing And Finance Ltd       Medium Term        CARE B+(FD)    28.7
                                      Instruments –
                                      Fixed Deposit
(Issuer Not Cooperating)
LONG TERM RATINGS:
-------------------
Abhishek Propbuild Pvt Ltd            LT Bk Fac          CARE D         1293    Revised from
                                                                                CARE BBB-(CE)
                                                                                Stable
Adani Power Ltd                       LT Bk Fac          CARE BBB-      2188    Revised from
                                                         Stable                 CARE BB+
                                                                                Stable
Adani Power Ltd                       LT / ST Bk Fac     CARE BBB-      396     Revised from
                                                         Stable /CARE A3        CARE BB+
                                                                                Stable /CARE A4+
Amrut Exports                         LT/ ST Bk Fac      -              -       Reaffirmed at
                                                                                CARE BB+/
                                                                                CARE A4+and
                                                                                subsequently
                                                                                Withdrawn
(Issuer Not Cooperating)
B. G Roadlines                        Long –term BkFac   CARE BB- Stable93.9
(Issuer Not Cooperating)
B. G Transport Company                Long –term BkFac   CARE BB- Stable75.6
(Issuer Not Cooperating)
Birdhichand Ghanshyamdas              LT Bk Fac          CARE BB-       106.8   Reaffirmed
                                                         Stable
Bmi Wholesale Trading Pvt Ltd         LT Bk Fac          CARE B+ Stable 183.1   Reaffirmed
Capri Global Capital Ltd              CP                 -              -       Withdrawn
Classic Marble Company Pvt Ltd        LT BkFac           CARE A- Stable 2163.6  Reaffirmed
Durga Krishna Store Pvt Ltd           LT BkFac           CARE BB Stable 20      Revised from
                                                                                CARE BB-
                                                                                Stable
(Issuer Not Cooperating)
Durga Krishna Store Pvt Ltd           Long/ST Bk Fac     CARE BB        200     Revised from
                                                         Stable/CARE A4         CARE BB-
                                                                                Stable/CAREA4
(Issuer Not Cooperating)/(enhanced from 13.00 Crore)
Dwarkadhish Cotspin Pvt Ltd           LT Bk Fac          -              -       Revised from
                                                                                CARE BBB-
                                                                                Stable to CARE
                                                                                BB+ Stable and
                                                                                simultaneously
                                                                                withdrawn
Dwarkadhish Cotspin Pvt Ltd           LT/STBk Fac        -              -       Revised from
                                                                                CARE BBB-
                                                                                Stable/ CARE A3
                                                                                to CARE BB+
                                                                                Stable/ CARE A4+
                                                                                and
                                                                                simultaneously
                                                                                withdrawn
Emcure Pharmaceuticals Ltd            LT Bk Fac          CARE A- Stable 10000.8 Revised from
                                                                                CARE A
                                                                                Negative
(reduced from1052.90 Crore)
Emcure Pharmaceuticals Ltd            LT / ST Bk Fac     CARE A-        6610    Revised from
                                                         Stable/CARE A2+        CARE
                                                                                ANegative/ CARE
                                                                                A2+
(enhanced from 586.00 Crore)
Essem 18 Constructions                LT Bk Fac          CARE B+ Stable 100     Assigned
Fusion Microfinance Pvt Ltd           LT Bk Fac          CARE A-        15000   Reaffirmed
                                                         Positive
outlook revised from Stable to Positive
Fusion Microfinance Pvt Ltd           NCDs               CARE A-        100     Reaffirmed
                                                         Positive
outlook revised from Stable to Positive
Fusion Microfinance Pvt Ltd           NCDs               CARE A-        200     Reaffirmed
                                                         Positive
outlook revised from Stable to Positive
Fusion Microfinance Pvt Ltd           NCD (sub-debt)     CARE A-        300     Reaffirmed
                                                         Positive
outlook revised from Stable to Positive
Fusion Microfinance Pvt Ltd           NCDs               CARE PP-MLD A- 250     Reaffirmed
                                                         Positive
outlook revised from Stable to Positive
G. S. Roadlines                       Long –term BkFac   CARE BB- Stable86.7
(Issuer Not Cooperating)
G. S. Roadways                        LT Bk Fac          CARE BB- Stable88.6
(Issuer Not Cooperating)
Gennova Biopharmaceuticals Ltd        LT Bk Fac          CARE A-(CE)    142.7   Revised from
                                                         Stable                 CARE A (CE)
                                                                                Negative
Jaipur Rugs Company Pvt Ltd           LT Bk Fac          CARE BBB+      32.8    Reaffirmed
                                                         Stable
Jaipur Rugs Company Pvt Ltd           LT/ST BkFac        CARE BBB+      747.2   Reaffirmed
                                                         Stable/CARE A3+
Kedareshwar Fibers                    LT Bk Fac          -              -       Revised at
                                                                                CARE B+
                                                                                Stable from CARE
                                                                                BB-Stable
Marcan Pharmaceuticals Inc.           LT Bk Fac*         CARE A- (CE)   1544.6  Revised from
                                                         Stable                 CARE A (CE)
                                                                                Negative
*backed by unconditional and irrevocable corporate guarantee provided by Emcure Pharmaceuticals
Limited (EPL) (rated CARE A-; Stable , CARE A2+ ).
Noble Corrugators Pvt Ltd             LT Bk Fac          CARE BBB-      50
                                                         Stable
(Issuer Not Cooperating)
Reliance Infrastructure Ltd           FB – LT -TL        CARE D         16543.8 Reaffirmed
Reliance Infrastructure Ltd           NCDs               CARE D         2950    Revised from
                                                                                CARE C
(Issuer Not Cooperating)
Reliance Infrastructure Ltd           NCDs               CARE D         6000    Revised from
                                                                                CARE C
(Issuer Not Cooperating)
Rukmani Retails Pvt Ltd               LT Bk Fac          CARE B Stable  45      Revised from
                                                                                CARE B+ Stable
(Issuer Not Cooperating)
Rukmani Retails Pvt Ltd               LT/ST BkFac        CARE B         55      Revised from
                                                         Stable/CARE A4         CARE B+
                                                                                Stable/CARE A4
(Issuer Not Cooperating)
Sakthi Constructions                  LT Bk Fac          CARE B+ Stable 40      Assigned
Silon Granito Llp                     LT Bk Fac          CARE D         287     Revised from
                                                                                CARE B+ Stable
(reduced from 37.50 Crore)
Sml Films Ltd (Previously Known As    LT Bk Fac          -              -       Withdrawn
Surat Metallics Ltd)
Sms-Aabs India Tollways Pvt Ltd       LT Bk Fac          CARE A+ Stable 57      Reaffirmed
(reduced from Rs.5.90 crore Crore)
Sms-Aabs India Tollways Pvt Ltd       LT / ST Bk Fac     CARE A+        432     Reaffirmed
                                                         Stable/CARE A1+
Star Pcg Sme Series I Oct             Assignee Payouts   Equivalent     -       Assigned
19 (Originator: Indostar Capital                         to CARE AA (SO)
Finance Ltd)
Supreme Geotech Pvt Ltd               LT BkFac           CARE BB-       165     Assigned
                                                         Stable
Timex Art Decor Pvt Ltd               LT/ST BkFac        CARE BB+       165     Revised from
                                                         Stable/CARE A4+        CARE BB+
                                                                                Stable/CARE A4
 
Undercarriage And Tractor Parts Pvt   LT Bk Fac          -              -       Reaffirmed at
Ltd                                                                             CARE BB+
                                                                                Stable and
                                                                                Withdrawn
Undercarriage And Tractor Parts Pvt   LT/ST Bk Fac       -              -       Reaffirmed at
Ltd                                                                             CARE BB+
                                                                                Stable/ CARE A4+
                                                                                and Withdrawn
Yashdeep Trademart Pvt Ltd            LT Bk Fac          -              -       Revised to
                                                                                CARE B-
                                                                                Stable from CARE
                                                                                B Stable and
                                                                                Withdrawn
Zuventus Healthcare Ltd               LT Fac TL          CARE A Stable  477.1   Revised from
                                                                                CARE A+ Stable
(reduced from 86.04 Crore)
Zuventus Healthcare Ltd               LT / ST Bk         CARE A Stable  600     Revised from
                                      Fac(Fund based)    /CARE A1               CARE A+
                                                                                Stable/ CARE A1
--------------------------------------------------------------------------------------------
$: 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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