July 10, 2019 / 7:21 AM / 4 months ago

CARE ratings for Indian debt instruments-Jul 10

    Jul 10 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 9, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Anik Industries Ltd                   ST Bk Fac          CARE A4        1750
(Issuer Not Cooperating)
Apollo Zipper India Ltd               ST Bk Fac          CARE A3+ (CE)  50
(Rating put under credit watch)
Bharat Hotels Ltd                     ST Bk Fac          CARE A3+       550
(Rating put under credit watch)
Datta Agro Services Pvt Ltd           ST Bk Fac          CARE D         250
(Issuer Not Cooperating)
Deepak And Company Infra Pvt Ltd      ST Bk Fac          CARE A4+       53      Assigned
Eshyan Infratech                      ST Bk Fac          CARE A4        40
(Issuer Not Cooperating)
Haresh Petrochem Pvt Ltd              ST Bk Fac          CARE A4        1140    Reaffirmed
(enhanced from 100.00 Crore)
Jai Jalpesh Flour Mills Pvt Ltd       ST BkFac           CARE A4        5       Assigned
Kujjal Hotels Pvt Ltd                 ST Bk Fac          CARE A3+ (CE)  105
(Rating put under credit watch)
Lalitha Metals                        ST BkFac           CARE A4        1.5
(Issuer Not Cooperating)
Maa Sarala Agritech Pvt Ltd           ST Bk Fac          CARE A4        50      Assigned
Maksteel Wire Healds Pvt Ltd          ST Bk Fac          -              -       Withdrawn
P. Rajesh Ship Breaking Pvt Ltd       ST Bk Fac          CARE A4        460     Assigned
Raghuram Hume Pipes Pvt Ltd           ST Bk Fac          -              -       Withdrawn
Santosh Charitable Trust              ST Bk Fac          CARE D         7.4     Reaffirmed
Sattik Packaging Pvt Ltd              ST Bk Fac          -              -       Withdrawn
Shubham Tex-O-Pack Pvt Ltd            ST Bk Fac          CARE A4        10
(Issuer Not Cooperating)
Sulson Overseas Pvt Ltd               ST BkFac           CARE A4        40
(Issuer Not Cooperating)
Surjeet Auto Agency                   ST Bk Fac          CARE A4        10
(Issuer Not Cooperating)
Surjeet Auto Pvt Ltd                  ST Bk Fac          CARE A4        7.5     Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
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)
Ved Parkash And Sons Lumbers Pvt Ltd  ST Bk Fac          CARE A4        125
(Issuer Not Cooperating)
Western India Metal Processors Ltd    ST Bk Fac          CARE D         230
(Issuer Not Cooperating)
West India Construction Company       ST Bk Fac          -              -       Withdrawn
  

LONG TERM RATINGS:
-------------------
Aadhishiva Enterprises                Long -term Bk Fac  CARE D         63.5
(Issuer Not Cooperating)
Aatash Power Pvt Ltd                  LT Bk Fac          CARE BBB       76
(Ratings placed on Credit watch with developing Implications)
Aditya Traders                        LT Bk Fac          CARE BB-       5       Revised from
                                                                                CARE B+
Amruth Organic Fertilizers            Long -term BkFac   CARE B         100
(Issuer Not Cooperating)
Anik Industries Ltd                   LT Bk Fac          CARE C         650     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Apollo Zipper India Ltd               LT Bk Fac          CARE BBB (CE)  1066.7
(Rating put under credit watch)
Bharat Hotels Ltd                     LT Bk Fac          CARE BBB       12158.1
(enhanced from 1148.25 Crore) Rating put under credit watch
Care Utility Products Pvt Ltd         LT Bk Fac          CARE B         81.3
(Issuer Not Cooperating)
Coruscation Vidyut Vitaran (Ujjain) PvLT Bk Fac -        **CARE C (CE)  625     Revised from
Ltd (Erstwhile Known As Essel Vidyut  Working Capital                           CARE BB(SO)
Vitaran  (Ujjain) Private Limited)    DemandLoan
(Issuer Not Cooperating)/** The bank facilities of Coruscation Vidyut Vitaran (Ujjain) Private
Limited (CVVUPL) are backed by an unconditional and irrevocable corporate guarantee by Essel
Infraprojects Limited [EIL, rated CARE A4; Issuer Not Cooperating] to bring in additional funds
towards shortfall during the tenure of the facility. The rating is sensitive to any variation in
the credit profile of guarantor, i.e. EIL.
Datta Agro Services Pvt Ltd           LT Bk Fac          CARE D         300.9
(Issuer Not Cooperating)
Deepak And Company Infra Pvt Ltd      LT Bk Fac          CARE BB        70      Assigned
Eshyan Infratech                      LT Bk Fac          CARE B         20      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Essel Bagalkot Solar Energy Pvt Ltd   LT Bk Fac – TL     **CARE C (CE)  301.4   Revised from
                                                                                CARE BB(SO)
(Issuer Not Cooperating)/** The bank facilities of Essel Bagalkot Solar Energy Pvt Ltd (EBSEPL)
are backed by an unconditional and irrevocable corporate guarantee by Essel Infraprojects
Limited [EIL, rated CARE A4; Issuer Not Cooperating] to bring in additional funds towards
shortfall during the tenure of the facility. The rating is sensitive to any variation in the
credit profile of guarantor, i.e. EIL.
Essel Green Energy Pvt Ltd            LTBk Fac           CARE C (CE)    1000    Revised from
                                                                                CARE BB (SO)
Essel Gulbarga Solar Power Pvt Ltd    LT BkFac – TermLoan**CARE C (CE)  198.1   Revised from
                                                                                CARE BB(SO)
(Issuer Not Cooperating)** The bank facilities of Essel Gulbarga Solar Power Private Limited
(EGSPPL) are backed by an unconditional and irrevocable corporate guarantee by Essel
Infraprojects Limited [EIL, rated CARE A4; Issuer Not Cooperating] to bring in additional funds
towards shortfall during the tenure of the facility. The rating is sensitive to any variation in
the credit profile of guarantor, i.e. EIL.
Essem 18 Constructions                LT Bk Fac          -              -       Withdrawn
Guranditta Mal Mohan Lal              LT BkFac           CARE B-        170     Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Haresh Petrochem Pvt Ltd              LT Bk Fac          CARE BB        100     Reaffirmed
Haresh Petrochem Pvt Ltd              LT/ST BkFac        CARE BB/A4     10      Assigned
Jabalpur Msw Pvt Ltd                  LT BkFac – TL      **CARE C (CE)  1123.6  Revised from
                                                                                CARE BB(SO)
(Issuer Not Cooperating)/** The bank facilities of Jabalpur MSW Private Limited (JMPL) are
backed by an unconditional and irrevocable corporate guarantee by Essel Infraprojects Limited
[EIL, rated CARE A4; Issuer Not Cooperating] to bring in additional funds towards shortfall
during the tenure of the facility. The sponsor (EIL) has also undertaken to bring in additional
equity/interest free subordinated debt into the company to meet any cost overruns, over and
above the estimated project cost without recourse to the lenders and also to meet the minimum
DSCR requirements of 1.30 times during the period between the operational period and final
settlement date. The rating is sensitive to any variation in the credit profile of guarantor,
i.e. EIL.
Jabalpur Msw Pvt Ltd                  LT BkFac – CC      **CARE C (CE)  50      Revised from
                                                                                CARE BB(SO)
(Issuer Not Cooperating)/** The bank facilities of Jabalpur MSW Private Limited (JMPL) are
backed by an unconditional and irrevocable corporate guarantee by Essel Infraprojects Limited
[EIL, rated CARE A4; Issuer Not Cooperating] to bring in additional funds towards shortfall
during the tenure of the facility. The sponsor (EIL) has also undertaken to bring in additional
equity/interest free subordinated debt into the company to meet any cost overruns, over and
above the estimated project cost without recourse to the lenders and also to meet the minimum
DSCR requirements of 1.30 times during the period between the operational period and final
settlement date. The rating is sensitive to any variation in the credit profile of guarantor,
i.e. EIL.
Jai Jalpesh Flour Mills Pvt Ltd       LT BkFac           CARE B+        77.8    Assigned
Kisan Proteins Pvt Ltd                LT/ ST Bk Fac      -              -       Withdrawn
Kpt Spinning Mills Pvt Ltd            LT Bk Fac          CARE B-        45.2    Assigned
Kpt Spinning Mills Pvt Ltd            LT / STFac         CARE B- /A4    0.4     Assigned
Kujjal Hotels Pvt Ltd                 LT Bk Fac          CARE BBB (CE)  1060
Rating put under credit watch
Lalitha Metals                        Long -term BkFac   CARE B-        73.7
(Issuer Not Cooperating)
Maa Sarala Agritech Pvt Ltd           LT Bk Fac          CARE B         50      Assigned
Maksteel Wire Healds Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Maksteel Wire Healds Pvt Ltd          LT / ST Bk Fac     -              -       Withdrawn
Meenakshi Hatcheries                  Long -term BkFac   CARE B+        40
(Issuer Not Cooperating)
Metropolitan Infrahousing Pvt. Ltd.   NCDs               -              -       Withdrawn
Mittal Clothing Company               Long -term BkFac   CARE BB-       205.1   Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
P. Rajesh Ship Breaking Pvt Ltd       LT Bk Fac          CARE BB-       55      Assigned
Paramount Blankets Pvt Ltd            LT Bk Fac          CARE D         210
(Issuer Not Cooperating)
Paramount Blankets Pvt Ltd            LT/ ST Bk Fac      CARE D         10
(Issuer Not Cooperating)
Pn Clean Energy Ltd                   LT Bk Fac – TL     **CARE C (CE)  894.3   Revised from
                                                                                CARE BB(SO)
(Issuer Not Cooperating)/** The bank facilities of PN Clean Energy Limited (PNCEL) are backed by
an unconditional and irrevocable corporate guarantee by Essel Infraprojects Limited [EIL, rated
CARE A4; Issuer Not Cooperating] to bring in additional funds towards shortfall during the
tenure of the facility. The rating is sensitive to any variation in the credit profile of
guarantor, i.e. EIL.
Pn Renewable Energy Ltd               LT BkFac – TL      **CARE C (CE)  431.6   Revised from
                                                                                CARE BB(SO)
(Issuer Not Cooperating)/** The bank facilities of PN Renewable Energy Limited (PNREL) are
backed by an unconditional and irrevocable corporate guarantee by Essel Infraprojects Limited
[EIL, rated CARE A4; Issuer Not Cooperating] to bring in additional funds towards shortfall
during the tenure of the facility. The rating is sensitive to any variation in the credit
profile of guarantor, i.e. EIL.
Raghuram Hume Pipes Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Ratnachintamani Metalloys Pvt Ltd     LT BkFac*          CARE BB        140     Reaffirmed
(Enhanced from 8.00 Crore)*Rating reclassified from Long-term/Short-term Bank Facilities to
Long-term Bank Facilities as the Letter for Credit sublimit has been discontinued by
Ratnachintamani Metalloys Private Limited (RMPL)
S.V. Foods (Karnal)                   LT Bk Fac          CARE B         88.3    Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Santosh Charitable Trust              LT Bk Fac          CARE D         36.3    Reaffirmed
Sarvottam Vegetable Oil Refinery Pvt LLT Bk Fac          CARE D         102.4
(Issuer Not Cooperating)
Sattik Packaging Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Shri Sona Traders                     LT Bk Fac          CARE B+        120     Reaffirmed
Shubham Tex-O-Pack Pvt Ltd            LT Bk Fac          CARE B+        82.6    Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Sood Agro Mills                       LT Bk Fac          -              -       Withdrawn
Sukhmani Holidays Inn Pvt Ltd         LT Bk Fac          CARE D         133.1
(Issuer Not Cooperating)
Sulson Overseas Pvt Ltd               LT BkFac           CARE B+        20
(Issuer Not Cooperating)
Supremo India Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Surjeet Auto Agency                   LT/ ST Bk Fac      CARE B/A4      82.5    Revised from
                                                                                CARE B+/CARE
                                                                                A4
(Issuer Not Cooperating)
Surjeet Auto Pvt Ltd                  LT/ ST Bk Fac      CARE BB/A4     112.5   Revised from
                                                                                CARE BB+/CARE
                                                                                A4+
(Issuer Not Cooperating)
Theos Imaging And Diagnostics Llp     Long -term BkFac   CARE D         150
(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)
Ved Parkash And Sons Lumbers Pvt Ltd  LT Bk Fac          CARE B         25
(Issuer Not Cooperating)
Vimal Platinum Pvt Ltd                LT Bk Fac          CARE BB-       71.5    Assigned
Vinayak Buildtech                     LT Bk Fac          -              -       Withdrawn
Warora Kurnool Transmission Ltd       LT BkFac- TL       CARE C         27900   Revised from
                                                                                CARE BB+
under credit watch with developing implications
Warora Kurnool Transmission Ltd       LT BkFac-          CARE C         1050    Revised from
                                      BkGuarantees                              CARE BB+
under credit watch with developing implications
West India Construction Company       LT Bk Fac          -              -       Withdrawn
Western India Metal Processors Ltd    LT Bk Fac          CARE D         700
(Issuer Not Cooperating)
Zenith Dairy Products                 LT BkFac           CARE C         160     Assigned
--------------------------------------------------------------------------------------------
$: 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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