July 11, 2019 / 7:32 AM / 2 months ago

CARE ratings for Indian debt instruments-Jul 11

   Jul 11 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 10, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bharat Heavy Electricals Ltd          CP*                CARE A1+       80000   Reaffirmed
*Rs.3,000 crore carved out of fund based working capital limits of the company.
Corrosion Engineers Pvt Ltd           ST Bk Fac          CARE A4        60      Assigned
Mechvac India Ltd                     ST Bk Fac          -              -       Withdrawn
Eneroil Offshore Drilling Ltd         ST Bk Fac          CARE A4+       200     Assigned

Ganga Roller Flour Mills Pvt Ltd      ST Bk Fac          CARE A3        20      Assigned
Jagannath Polymers Ltd                ST Bk Fac          CARE A4        50      Assigned
Jagannath Polypacks Ltd               ST Bk Fac          CARE A4        15      Assigned
Kohinoor International Pvt Ltd        ST Bk Fac          CARE A4        50      Assigned
Lansh Engineering Pvt Ltd             ST Bk Fac          CARE A4        45      -
(Issuer Not Cooperating; Based on best available information)
Maxwell                               ST Bk Fac          CARE A4        50      Assigned
Pruthvi Builders                      ST Bk Fac          CARE A4        75      -
(Issuer Not Cooperating; Based on best available information)
Sabar Flex Industries                 ST Bk Fac          CARE A4        5       -
(Issuer Not Cooperating; Based on best available information)
Sadbhav Engineering Ltd               ST Bk Fac          CARE A1        200     Placed on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Sadbhav Engineering Ltd               CP (carved out of  CARE A1        1500    Placed on
                                      working capital                           credit watch
                                      limits)                                   with
                                                                                developing 
                                                                                implications
Safe And Secure Logistics Pvt Ltd     ST Bk Fac          CARE A4        5       -
(Issuer Not Cooperating; Based on best available information)
Viraat Fashion                        ST Bk Fac          CARE A4        40      Reaffirmed
                                                                                and removed
                                                                                from Issuer
                                                                                Not cooperating
(reduced from 6.00)
Vertex Dye Chem                       ST Bk Fac          -              -       Withdrawn
Win-Stone Industries (India) Pvt Ltd  ST Bk Fac          CARE D         6       -


MEDIUM TERM RATINGS:
-------------------
CHD Developers Ltd                    Medium term        CARE BB+ (FD)  381.5   Revised from
                                      instruments- Fixed                        CARE BBB (FD)
                                      deposit programme 1
CHD Developers Ltd                    Medium term        CARE BB+ (FD)  73.7    Revised from
                                      instruments- Fixed                        CARE BBB (FD)
                                      deposit programme 2


LONG TERM RATINGS:
-------------------
Ajit Agro Industries                  LT Bk Fac          CARE B-        64      Assigned
Ashiana Dwellings Pvt. Ltd            LT Bk Fac          -              -       Withdrawn
Azure Power India Pvt Ltd             LT Bk Fac          CARE A+        5730    Assigned
Chd Developers Ltd                    LT Bk Fac          CARE BB+       2353    Revised from
                                                                                CARE BBB
Corrosion Engineers Pvt Ltd           LT Bk Fac          CARE B-        30      Assigned
Cox And Kings Ltd                     LT Bk Fac          CARE D         17600   Revised from
                                                                                CARE C
Cox And Kings Ltd                     NCDs-I             CARE D         2500    Reaffirmed
Cox And Kings Ltd                     NCDs- ( Proposed)  CARE D         2750    Revised from
                                                                                CARE C
Cox And Kings Ltd                     CP issue           CARE D         3750    Reaffirmed
Cox And Kings Ltd                     CP Issue (carved   CARE D         16850   Revised from
                                      out)*                                     CARE A4
*Carved out of the sanctioned working capital limits of the company
Cox And Kings Ltd                     Issuer Rating#     CARE D(Is)     -       Revised from
                                                                                CARE C(Is)
#The Issuer Rating would be subject to overall gearing not 
exceeding 1.01x times (Level as of 31st March 2018)
Eneroil Offshore Drilling Ltd         LT Bk Fac          CARE BB+       50      Assigned
Gammon India Ltd                      LT FB Fac – CC     CARE D         9490.5  -
(Issuer Not Cooperating; Based on best available information)
Gammon India Ltd                      Long/ ST Non-FB    CARE D         90927.8 -
                                      Fac – CC
(Issuer Not Cooperating; Based on best available information)
Gammon India Ltd                      NCDs               CARE D         3240    -
(Issuer Not Cooperating; Based on best available information)
Ganga Roller Flour Mills Pvt Ltd      LT Bk Fac          CARE BBB-      171.9   Assigned
Goa Industrial Development CorporationLT Bk Fac (Fund    -              -       Withdrawn
                                      Based – Proposed)#
#The above rating was provisional and was proposed to be backed by irrevocable, 
continuing and un-conditional guarantee to be executed by Government of 
Goa in the favor of Goa Industrial Development Corporation (Goa-IDC). 
Jagannath Plastipacks Ltd             LT Bk Fac          CARE B+        50      Assigned
Jagannath Polymers Ltd                LT Bk Fac          CARE B+        70      Assigned
Jagannath Polypacks Ltd               LT Bk Fac          CARE B+        75      Assigned
Knowledge Vistas Ltd                  LT Bk Fac          -              -       Withdrawn
Kohinoor International Pvt Ltd        LT / ST Bk Fac     CARE B+/CARE A450      Assigned
Lansh Engineering Pvt Ltd             LT Bk Fac          CARE B         50      Revised from
                                                                                CARE B+
(Issuer Not Cooperating; Based on best available information)
Maxwell                               LT Bk Fac          CARE B+        45      Assigned
Mechvac India Ltd                     LT Bk Fac          -              -       Withdrawn
Muthoot Fincorp Ltd                   CP Issue           -              -       Withdrawn
Novopay Solutions Pvt Ltd             LT Bk Fac          CARE BBB-      160     Assigned
Ntpc Ltd                              LT Instruments-    CARE AAA       120000  Reaffirmed
                                      Bond Programme*
*Includes current outstanding of Rs. 7,056.50 crore
Paras Defence And Space Technologies Ltd LT / ST Bk Fac  -              -       Withdrawn
Paras Defence And Space Technologies Ltd LT Bk Fac       -              -       Withdrawn
Pravara Renewable Energy Ltd          LT Bk Fac          CARE D         1860.8  -
(Issuer Not Cooperating; Based on best available information)
Pruthvi Builders                      LT Bk Fac          CARE B+        30      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating; Based on best available information)
Rajendra Agro Industries              LT Bk Fac          CARE B+        93      Assigned
Ramswaroop Shivhare                   LT Bk Fac          CARE B+        50      -
(Issuer Not Cooperating; Based on best available information)
Ramswaroop Shivhare                   LT/ST Bk Fac       CARE B+/CARE A450      -
(Issuer Not Cooperating; Based on best available information)
Sabar Flex Industries                 LT Bk Fac          CARE B         74.7    -
(Issuer Not Cooperating; Based on best available information)
Sadbhav Engineering Ltd               LT Bk Fac          CARE A         7019.3  Placed on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Sadbhav Engineering Ltd               LT NCD – II        CARE A         480     Placed on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Sadbhav Engineering Ltd               LT NCD – III       CARE A         1700    Placed on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Sadbhav Engineering Ltd               LT NCD – IV        CARE A         1900    Placed on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Sadbhav Engineering Ltd               LT NCD – V         CARE A         1000    Placed on
                                      (Proposed)                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Sadbhav Engineering Ltd               LT/ST Bk Fac       CARE A /CARE A120000   Placed on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Sadbhav Infrastructure Project Ltd    LT NonConvertible  CARE A (CE)    7940    Placed on
                                      Debentures*                               credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
*backed by unconditional and irrevocable corporate guarantee of Sadbhav 
 Engineering Limited [SEL; rated CARE A / CARE A1 
(Credit watch with Developing Implications)] 
Sadbhav Infrastructure Project Ltd    LT / Short – term  CARE A- /CARE  4000    Placed on
                                      Bk Fac             A2+                    credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
Safe And Secure Logistics Pvt Ltd     LT Bk Fac          CARE B+        190     -
(Issuer Not Cooperating; Based on best available information)
Satyam Cottex                         LT Bk Fac          CARE B+        58.1    -
(Issuer Not Cooperating; Based on best available information)
Seajuli Developers & Finance Ltd      LT Bk Fac          CARE D         1070    Revised from
                                                                                CARE BB
Tee Ventures India Pvt Ltd            LT Bk Fac          CARE B-        80      Revised from
                                                                                CARE B+
Universal Fabricators                 LT Bk Fac          CARE B+        100     Assigned
Vertex Dye Chem                       LT Bk Fac          -              -       Withdrawn
Viraat Fashion                        LT Bk Fac          CARE BB-       8.6     Reaffirmed
                                                                                and removed
                                                                                from Issuer 
                                                                                Not cooperating
Viraat Fashion                        LT Bk Fac/ ST Bk   CARE BB-/CARE  40      Reaffirmed
                                      Fac                A4                     and removed
                                                                                from Issuer 
                                                                                Not cooperating
 (reduced from 2.91)
Whitelotus Industries Ltd             LT Bk Fac          -              -       Withdrawn
Win-Stone Industries (India) Pvt Ltd  LT Bk Fac          CARE D         142.6   -
(Issuer Not Cooperating; Based on best available information)
(Issuer Not Cooperating; Based on best available information)
Zubic Lifescience Pvt Ltd             LT Bk Fac          CARE D         128     -
(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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