January 3, 2020 / 8:28 AM / 24 days ago

CARE ratings for Indian debt instruments-Jan 3

    Jan 3 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of January 2, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajai Builders                         ST Bk Fac          -              -       Withdrawn
Reaffirm at CARE A4
Bell-O-Seal Valves Pvt Ltd            ST Bk Fac          CARE A4+       100     Reaffirmed
Blueflame Industries Pvt Ltd          ST Bk Fac          CARE B+/Stable 44.1    Reaffirmed
(reduced from 4.57 Crore)
B. T. Fisheries                       ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4; and
                                                                                Withdrawn
Deccan Auto Ltd                       ST Bk Fac          CARE D         80      Revised from
                                                                                CARE A4+
Bhaskar Industries Pvt Ltd            ST non-fund based  CARE A3+       200     -
                                      – LC/BG
(reduced from 26.00 Crore)

Hazelo Lab Pvt Ltd                    ST Bk Fac          CARE A3+       50      Reaffirmed
Seabridge Terminal Pvt. Ltd           ST Bk Fac- BG*     -              -       Withdrawn
*Bank Guarantee and Forward Cover facilities have not renewed
Hindys Lab Pvt Ltd                    ST Bk Fac          CARE A3        50      Reaffirmed
Ind Sphinx Precision Ltd              ST Bk Fac          CARE A2        55      Reaffirmed
Jindal Itf Ltd                        ST Bk Fac – BG*    CARE A1+(CE)   250     Reaffirmed
* The facilities are backed by unconditional and irrevocable corporate guarantee provided by
Jindal Saw Limited (JSAW rated CARE AA; Stable/ CARE A1+).    
K.P.H Dream Cricket Pvt Ltd           ST Bk Fac*         CARE A2        -       Reaffirmed
(reduced from Rs. 35 crore Crore),*The bank facilities are backed by personal guarantees from Mr
Mohit Burman, Ms Preity Zinta, Mr Ness Wadia and Mr Karan Paul, in the proportion of their
shareholding in the company. Furthermore, these promoters have also provided an undertaking to
meet the shortfall (if any) in the debt servicing and maintain their shareholding in the company
during the tenor of the loan.
Plus Medicare Hospitals Pvt Ltd       ST Bk Fac          -              -       Withdrawn
Ksh Distriparks Pvt Ltd               ST Bk Fac          CARE A3+       18      Reaffirmed
(reduced from 2.00 Crore)
Ksh Logistics Pvt Ltd                 ST Bk Fac          CARE A3        7.5     Reaffirmed
Magadh Sugar & Energy Ltd             ST BkFac           CARE A2        395.5   Reaffirmed
Marwadi Shares And Finance Ltd        ST BkFac           CARE A2+       20150   Reaffirmed
(enhanced from 1,400.00 Crore)
Muthoot Homefin (India) Ltd           CP                 CARE A1+       5000    Reaffirmed
Pab Organics Pvt Ltd                  ST Bk Fac          CARE A3        3.5     Reaffirmed
Patel Jiva Sales Pvt Ltd              ST Bk Fac          CARE A4        80      Revised from
                                                                                CARE A4
Issuer Not Cooperating; Based on best available information
Prakash Polyester Pvt Ltd             ST Bk Fac          CARE A4        3       Reaffirmed
R & D Multiples (Metal Cast) Pvt Ltd  ST Bk Fac          CARE A4+       273     Reaffirmed
Rajat Agro Commodities Pvt Ltd        ST Bk Fac          CARE A4+       60      Reaffirmed
(reduced from Rs.11.00 crore Crore)
Rmc Gems India Ltd                    ST Bk Fac          CARE A4+       510     Revised from
                                                                                CARE A3
Sunder Impex Pvt Ltd                  ST Bk Fac          -              -       Withdrawn
Sunder Impex Pvt Ltd                  ST Bk Fac          -              -       Withdrawn
Satya Subal Himghar Pvt Ltd           ST Bk Fac          CARE A4        1.7     Reaffirmed
Seabridge Terminal Pvt. Ltd           ST Bk Fac-FC*      -              -       Withdrawn
*Bank Guarantee and Forward Cover facilities have not renewed
Shreyans Industries Ltd               ST Bk Fac          CARE A2+       440     Reaffirmed
(enhanced from 40.00 Crore)
Tci-Concor Multimodal Solutions Pvt   ST Bk Fac- Non     CARE A-/Stable 140     Reaffirmed
Ltd                                   Fund Based - LC/BG
(enhanced from 11 Crore)
Siddeshwar Multipurpose Heemghar Pvt  ST Bk Fac          CARE A4        1.2     Reaffirmed
Ltd
Silmohan Gems Pvt Ltd                 ST Bk Fac          CARE A4        101.9   Reaffirmed
Vem Technologies Pvt Ltd              ST Bk Fac          CARE A3        123.5   Revised from
                                                                                CARE A3+
(Reduced from 17.38 Crore)
Welspun India Ltd                     ST Bk Fac          CARE A1+       4041.7  Reaffirmed


LONG TERM RATINGS:
-------------------
Aarti Surfactants Ltd                 RedeemablePS       CARE BB+       185     Assigned
                                                         (RPS)/Stable
Aarti Surfactants Ltd                 LT BkFac           CARE           1000    Assigned
                                                         BBB-/Stable
Agarwal Coal Suppliers                LT Bk Fac          CARE B+ /Stable60      -
Issuer Not Cooperating on the basis of best available information
Ajai Builders                         LT Bk Fac          -              -       Withdrawn
Reaffirmed at CARE B+; Outlook: Stable
Alliance Mall Developers Co Pvt Ltd   LT Bk Fac – TL     CARE           1908    Reaffirmed
                                                         BBB/Stable
Amrut Exports                         LT/ST Bk Fac       CARE BB+/A4+   1500    Revised from
                                                                                CARE
                                                                                BB+;Stable/
                                                                                CARE A4+
Issuer Not Cooperating on the basis of best available information
Aria Hotels And Consultancy Services  LT Bk Fac (TL)     -              -       Reaffirmed at
Pvt Ltd                                                                         CARE BBB-;
                                                                                Stable and
                                                                                Withdrawn
B. T. Fisheries                       LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
                                                                                Withdrawn
Bell-O-Seal Valves Pvt Ltd            LT Bk Fac          CARE BB+/Stable165     Reaffirmed
Bhaskar Industries Pvt Ltd            LT - TL            CARE           808.4   Reaffirmed
                                                         BBB+/Stable
(reduced from 89.22 Crore)
Bhaskar Industries Pvt Ltd            LT fund based – CC CARE           1180    -
                                                         BBB+/Stable
(reduced from 178.00 Crore)
Catwalk Worldwide Pvt Ltd             LT Bk Fac          CARE           300     Rating
                                                         BBB-/Negative          revised from
                                                                                BBB; Positive to
BBB-;Negative
Deccan Auto Ltd                       LT Bk Fac          CARE D         423.5   Revised from
                                                                                CARE BB+;
                                                                                Stable
Ess Kay Fincorp Ltd                   LT BkFac           CARE A / Stable3672.2  Revised from
                                                                                CARE A-
Ess Kay Fincorp Ltd                   LT Fac(Tier II)    CARE A / Stable200     Revised from
                                                                                CARE A-
Ess Kay Fincorp Ltd                   NCD issue (Tier    CARE A / Stable200     Revised from
                                      II)(INE124N08042)                         CARE A-
Ess Kay Fincorp Ltd                   Principal          CARE A / Stable75.1    Revised from
                                      Protected Market                          CARE A-
                                      Linked Debentures (PP-MLD) (INE124N07077)
Ess Kay Fincorp Ltd                   Principal          CARE A / Stable250     Revised from
                                      Protected Market                          CARE A-
                                      Linked Debentures (PP-MLD) (INE124N07127)
Ess Kay Fincorp Ltd                   NCD issue          CARE A / Stable500     Revised from
                                      (INE124N07242)                            CARE A-
Ess Kay Fincorp Ltd                   NCD issue          CARE A /Stable 200     Revised from
                                      (unsecured)                               CARE A-
                                      (INE124N08034)
Ess Kay Fincorp Ltd                   Principal          CARE PP-MLD A/ 250     Revised from
                                      Protected Market   Stable                 CARE A-
                                      Linked Debenture (INE124N08067)
Fedbank Financial Services Ltd.       LT Bk Fac          CARE AA-/Stable25000   Reaffirmed
(enhanced from 2,000 Crore)
Fedbank Financial Services Ltd.       NCDs               CARE AA-/Stable2000    Reaffirmed
Gem Rough                             LT Bk Fac          CARE B+/Stable 50      Revised from
                                                                                CARE BB-;
                                                                                Stable
Revised from CARE BB-; Stable (Double B minus; Outlook: Stable)Based on best available
Information
Gem Rough                             LT / ST Bk Fac     CARE B+/Stable 70      Revised from
                                                                                CARE BB-;
                                                                                Stable
Long term rating revised from CARE BB-; Stable (Double B minus; Outlook: Stable)and short term
rating reaffirmed Based on best available Information
Ghcl Ltd                              LT Bk Fac          CARE A+/Stable 9400.1  Reaffirmed
Ghcl Ltd                              LT/ STBk Fac       CARE           13940   Reaffirmed
                                                         A+/Stable/A1+
(enhanced from 1,339.00 Crore)
Gokul Ginning Factory                 LT Bk Fac          -              -       Withdrawn
Reaffirmed at CARE BB- ; Stable(Double B Minus; Outlook:Stable) and Withdrawn
Graphtech Exim Pvt Ltd                LT/ST Bk Fac       CARE           155     Revised from
                                                         B+/Stable/A4           CARE BB-;
                                                                                Stable/CARE A4
“Issuer not cooperating; Revised from CARE BB-; Stable/CARE A4 (Double B Minus, Outlook; Stable/
A Four) on the basis of best available information”
Hazelo Lab Pvt Ltd                    LT Bk Fac          CARE BBB/Stable200     Reaffirmed
Hindys Lab Pvt Ltd                    LT Bk Fac          CARE           282.5   Reaffirmed
                                                         BBB-/Stable
(Reduced from Rs.28.75 Crore)
Ind Sphinx Precision Ltd              LT/STBk Fac        CARE BBB+ /A2  202.4   Reaffirmed
(enhanced from 18.70 Crore),Outlook revised from stable to negative
Ind Sphinx Precision Ltd              LT Bk Fac          CARE           256.6   Reaffirmed
                                                         BBB+/Negative
(reduced from 32.97 Crore),Outlook revised from stable to negative
Jindal Itf Ltd                        LT Bk Fac – CC*    CARE AA        420     Reaffirmed
                                                         (CE)/Stable
* The facilities are backed by unconditional and irrevocable corporate guarantee provided by
Jindal Saw Limited (JSAW rated CARE AA; Stable/ CARE A1+).        
Jindal Itf Ltd                        LT Bk Fac – TL*    CARE AA        815.8   Reaffirmed
                                                         (CE)/Stable
(reduced from 92.11 Crore)* The facilities are backed by unconditional and irrevocable corporate
guarantee provided by Jindal Saw Limited (JSAW rated CARE AA; Stable/ CARE A1+).
Jindal Itf Ltd                        LT Bk Fac – BGs^   CARE BBB (CE)  3590    -
Placed under credit watch with developing implications
Jk Hitech Rice Mill Pvt Ltd           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable
Issuer Not Cooperating and Withdrawn
K S Motors Pvt Ltd                    LT BkFac           CARE B+/Stable 186.7   Reaffirmed
Blueflame Industries Pvt Ltd          LT Bk Fac          CARE A4        30      Reaffirmed
Keya Foods International Pvt Ltd      LT Bk Fac – Rupee  CARE           23.4    Reaffirmed
                                      TL                 BBB-/Stable
Keya Foods International Pvt Ltd      LT Bk Fac – BG     CARE           0.4     Reaffirmed
                                                         BBB-/Stable
Keya Foods International Pvt Ltd      LT/ST BkFac – CC   CARE           100     Reaffirmed
                                                         BBB-/Stable/A3
Kings Canyon Sez Pvt Ltd              LT Bk Fac          CARE           6000    Assigned
                                                         BBB-/Stable
Ksh Distriparks Pvt Ltd               LT Bk Fac          CARE BBB       65      Reaffirmed
                                                         +/Stable
Ksh Logistics Pvt Ltd                 LT Bk Fac          CARE BBB       102     Reaffirmed
                                                         /Stable
(reduced from 16.00 Crore)
L&T Geostructure Llp                  LT BkFac           CARE A+/Stable 1500    Reaffirmed
(enhanced from Rs.70.00 crore Crore)
L&T Geostructure Llp                  LT/STBk Fac        CARE A+/Stable 2700    Reaffirmed
                                                         /A1+                                   
                    
Madhepura Electric Locomotive Pvt Ltd LT Bk Fac          CARE           11630   Reaffirmed
                                                         A-/Negative
Outlook revised from Stable to Negative
Magadh Sugar & Energy Ltd             LT BkFac           CARE           4945.6  Reaffirmed
                                                         BBB+/Positive
(reduced from 505.50 Crore),outlook revised from Stable
Mahalaxmi Agro Mills                  LT Bk Fac          CARE B/Stable  47.7    Reaffirmed
Maru Transmission Service Co. Ltd     LT BkFac           CARE A/Stable  865     Revised from
                                                                                CARE A-;
                                                                                Stable
(reduced from Rs.89.77 crore Crore)
Marwadi Shares And Finance Ltd        LT BkFac           CARE           1000    Reaffirmed
                                                         BBB+/Stable
Medics International Lifesciences Ltd LT Bk Fac          CARE A-/Stable 2050    Reaffirmed
Metecno (India) Pvt Ltd               LT Bk Fac          CARE BB-/Stable246.1   -
Issuer Not Cooperating; Based on best available information
Metecno (India) Pvt Ltd               LT/ST Bk Fac       CARE           200     -
                                                         BB-/Stable/A4
Issuer Not Cooperating; Based on best available information
Nedcommodities India Pvt Ltd          LT/STBk Fac        CARE           2600    Revised from
                                                         BBB-/Stable/A3         CARE BBB+;
                                                                                Stable/ CARE A2
(reduced from 276 Crore)
Nivara Home Finance Ltd               LT Bk Fac          CARE           600     Reaffirmed
                                                         BBB-/Stable
P. Kirtilal & Co.                     LT Bk Fac          CARE BB-/Stable80      Revised from
                                                                                CARE BB;
                                                                                Stable
Issuer Not Cooperating; Based on best available information
P. Kirtilal & Co.                     LT / ST Bk Fac     CARE           120     Long term
                                                         BB-/Stable/A4          rating
                                                                                revised from
CARE BB; Stable
Issuer Not Cooperating; Based on best available information
Pab Organics Pvt Ltd                  LT Bk Fac          CARE           31.3    Reaffirmed
                                                         BBB-/Stable
(reduced from 4.40 Crore)
Pab Organics Pvt Ltd                  LT/STBk Fac        CARE           205     Reaffirmed
                                                         BBB-/Stable/A3
Paras Dyeing And Printing Mills       LT Bk Fac          CARE BB-/Stable90      Reaffirmed
Patel Jiva Sales Pvt Ltd              LT Bk Fac          CARE B+/Stable 68.5    Revised from
                                                                                CARE B+;
                                                                                Stable
Issuer Not Cooperating; Based on best available information
Plus Medicare Hospitals Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Prakash Polyester Pvt Ltd             LT Bk Fac          CARE B+/Stable 78.9    Reaffirmed
Q1 Bone & Joint Hospital              LT Bk Fac          CARE BB-/Stable111.2   -
Issuer not cooperating: On the basis of best available Information*
R & D Multiples (Metal Cast) Pvt Ltd  LT Bk Fac          CARE           110.9   Reaffirmed
                                                         BB+/Stable
R Chem (Somanahalli) Pvt Ltd          LT Bk Fac          CARE           21.2    Reaffirmed
                                                         BBB-/Stable
(reduced from 3.11 Crore)
Rajat Agro Commodities Pvt Ltd        LT/ STBk Fac       CARE           400     Reaffirmed
                                                         BB+/Stable /A4+
Ramkrupa Ginning And Pressing Pvt Ltd LT Bk Fac          CARE B+/Stable 200     Reaffirmed
Ranasaria Poly Pack Pvt Ltd           LT/ST BkFac        CARE           250     Reaffirmed
                                                         BBB-/Stable/A3
Rdt Precision Tools Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Royal Mudhol Hospital And Research    LT Bk Fac          CARE BB/Stable 1737.7  Reaffirmed
Centre Llp
S. V. Foods_(Jaipur)                  LT Bk Fac          CARE B-/Stable 65      Revised from
                                                                                CARE B; Stable
Sadbhav Bhimasar Bhuj Highway Pvt Ltd LT Bk Fac          -              -       Withdrawn
Sagar Wines Marketeers Pvt Ltd        Bk Fac-Fundbased - CARE BB/Stable 270     Revised from
                                      LT-CC                                     CARE BBB-;
                                                                                Stable
Issuer not cooperating: On the basis of best available Information*
Sarvoday Sat Isabgol Factory          LT BkFac           CARE BB-/Stable8.7     Reaffirmed
(reduced from Rs.1.04 crore Crore)
Sarvoday Sat Isabgol Factory          LT / ST Bk Fac     CARE           200     Reaffirmed
                                                         BB-/Stable/A4
Satya Subal Himghar Pvt Ltd           LT Bk Fac          CARE B/Stable  87.2    Reaffirmed
(reduced from 9.91 Crore)
Seabridge Terminal Pvt. Ltd           LT Bk Fac          CARE           55.2    Reaffirmed
                                                         BBB/Stable
                                                         (Triple B/Outlook:Stable)
(reduced from 12.12 Crore)
Shemon Jewels                         LT Bk Fac          CARE BB-/Stable42      Revised from
                                                                                CARE BB;
                                                                                Stable
Issuer not cooperating: On the basis of best available Information*
Shemon Jewels                         Proposed Long/ST   CARE           78      Long term
                                      Bk Fac             BB-/Stable/A4          rating
                                                                                revised from
                                                                                CARE
                                                                                BB; Stable
Issuer not cooperating: On the basis of best available Information*
Shiv S. Balvantrai Rotliwala          LT / Shortterm Bk  CARE           450     Reaffirmed
                                      Fac                BBB-/Stable/A3
                                                         
(enhanced from Rs.35.00 crore Crore)
Shreyans Industries Ltd               LT Bk Fac          CARE A-/Stable 588.7   Reaffirmed
(enhanced from 35.97 Crore)
Shri Balaji Wire                      LT Bk Fac          CARE B+/Stable 55      Assigned
Shri Vardhman Rice Mills Pvt Ltd      LT BkFac           CARE D         267.7   -
Issuer not cooperating on the basis of best available information
Siddeshwar Multipurpose Heemghar Pvt LLT Bk Fac          CARE B/Stable  65.6    Reaffirmed
(reduced from 7.54 Crore)
Sincere Constructions                 Long/ST BkFac      CARE           50      Reaffirmed
                                                         BB-/Stable/A4
Stanford Education Society            LTFac              -              -       Withdrawn
Reaffirmed at CARE B;StableOutlook; Stable)
Suryavanshi Infrastructure Pvt Ltd    LT Bk Fac #        -              -       Withdrawn
# backed by unconditional and irrevocable corporate guarantee extended by Dilip Buildcon Limited
(DBL, rated CARE A; Stable / CARE A1)
Suryavanshi Infrastructure Pvt Ltd    LT / ST Bk Fac #   -              -       Withdrawn
# backed by unconditional and irrevocable corporate guarantee extended by Dilip Buildcon Limited
(DBL, rated CARE A;
Stable / CARE A1)
Tci-Concor Multimodal Solutions Pvt   LT Bk Fac-CC/WCDL  CARE A-/Stable 190     Reaffirmed
Ltd
Tci-Concor Multimodal Solutions Pvt   LT Bk Fac- TL      CARE A-/Stable 50      Reaffirmed
Ltd
Vem Technologies Pvt Ltd              LT Bk Fac          CARE           2398.9  Revised from
                                                         BBB-/Stable            CARE BBB+;
                                                                                Stable
(Reduced from 247.88 Crore)
Vem Technologies Pvt Ltd              LT Bk Fac/ ST Bk   CARE           1480.2  Revised from
                                      Fac                BBB-/Stable/A3         CARE
                                                                                BBB+;Stable/
                                                                                CARE A3+
(Enhanced from 135.00 Crore)
Welspun India Ltd                     LT Bk Fac          CARE AA/Stable 21668.2 Reaffirmed
(reduced from Rs.2523.77 crore Crore)
Zydus Wellness Ltd                    NCD issue          CARE AA+/Stable15000   Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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