July 24, 2019 / 7:23 AM / 4 months ago

CARE ratings for Indian debt instruments-Jul 24

    Jul 24 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 23, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Andhra Pradesh Heavy Machinery And    ST Bk Fac          CARE A3        10      Revised from
Engineering Ltd                                                                 CARE A1
Cnc India Tools And Services Pvt Ltd  ST Bk Fac          CARE A4        70      Revised from
                                                                                CARE A4+
(Issuer Not Cooperating; based on best available information)
Chamunda Nandikeshwar Mining          ST Bk Fac          -              -       Withdrawn
Everest Sea Foods Exports Pvt Ltd     ST Bk Fac          CARE A4        1.5     -
(Issuer Not Cooperating; based on best available information)
Friends International                 ST Bk Fac          CARE A4        55      -
(Issuer Not Cooperating; based on best available information)
Future Enterprises Ltd                ST Bk Fac – TL     CARE A1+       500     Reaffirmed
Future Enterprises Ltd                CP Issue*          CARE A1+       1500    Reaffirmed
*Carved out of working capital limits
Future Retail Ltd                     ST non-FB Fac –    CARE A1+       25000   Reaffirmed
                                      LC/BG
Future Retail Ltd                     CP Issue*          CARE A1+       6500    Reaffirmed
*Carved out of working capital limits
Future Retail Ltd                     CP Issue^          CARE A1+       4500    Reaffirmed
^As per undertaking submitted by FRL to CARE, the outstanding CP including working capital
borrowings will not exceed lower of the sanctioned working capital limits or drawing power at
any point of time. 
Future Retail Ltd                     CP Issue           CARE A1+       3000    Reaffirmed
Jay Fe Cylinders Ltd                  ST Bk Fac          CARE A4+       500     Revised from
                                                                                CARE A3
(Issuer Not Cooperating; based on best available information)
Med Freshe Pvt Ltd                    ST Bk Fac          CARE A4        85      Assigned
Narula Exports                        ST Bk Fac          CARE A4        32      Assigned
Sea Blue Shipyard Ltd                 ST Bk Fac          CARE D         130     -
(Issuer Not Cooperating; based on best available information)
Sbg Cleantech Project Co Five Pvt Ltd ST Bk Fac          CARE A1 (CE) ^ 4100    Reaffirmed
                                                                                and final
                                                                                rating assigned
^The Letter of Credit facility is backed by an unconditional and irrevocable Corporate Guarantee
provided by SB Energy Holdings Limited (SBEH) in favour of the lender for the entire amount.
Shiv Shakti Fibre Udyog               ST Bk Fac          CARE A4        50      -
(Issuer Not Cooperating; based on best available information)
Stanlubes & Specialities (India) Pvt  ST Bk Fac          -              -       Withdrawn


MEDIUM TERM RATINGS:
-------------------
Future Enterprises Ltd                Fixed Deposit      CARE AA-(FD)   7000    Revised from
                                      Programme                                 CARE AA-
Future Retail Ltd                     Fixed Deposit      CARE AA-(FD)   7000    Revised from
                                      Programme                                 CARE AA- (FD)



LONG TERM RATINGS:
-------------------
Advanced Sys-Tek Pvt Ltd              Long/ST Bk Fac     CARE BBB-/A3   300     Revised from
                                                                                CARE BB+/A4+
Andhra Pradesh Heavy Machinery And    LT Bk Fac          CARE BBB       180     Revised from
Engineering Ltd                                                                 CARE A
Badve Engineering Ltd                 LT Bk Fac          CARE A         17439.8 Reaffirmed
Badve Engineering Ltd                 LT/ ST Bk Fac      CARE A / A1    4022.5  Reaffirmed
Chacha Lifestyle Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Chamunda Nandikeshwar Mining          LT Bk Fac          -              -       Withdrawn
Cnc India Tools And Services Pvt Ltd  LT Bk Fac          CARE BB        95      Revised from
                                                                                CARE BB+
(Issuer Not Cooperating; based on best available information)
Everest Sea Foods Exports Pvt Ltd     LT Bk Fac          CARE BB-       83.3    -
(Issuer Not Cooperating; based on best available information)
Everest Sea Foods Pvt Ltd             LT Bk Fac          CARE BB-       101     Revised from
                                                                                CARE BB
(Issuer Not Cooperating; based on best available information)
Friends International                 LT / ST Bk Fac     CARE B/CARE A4 55      -
(Issuer Not Cooperating; based on best available information)
Future Enterprises Ltd                LT Bk Fac – TL     CARE AA-       15187.2 Revised from
                                                                                CARE AA-
Future Enterprises Ltd                NCD Issue          CARE AA-       44815   Revised from
                                                                                CARE AA-
Future Retail Ltd                     LT Bk Fac – TL     CARE AA-       5400    Revised from
                                                                                CARE AA-
Future Retail Ltd                     NCD Issue          CARE AA-       3000    Revised from
                                                                                CARE AA-
Golden Jubilee Hotels Pvt Ltd         LT Bk Fac          CARE D         4950    -
(Issuer Not Cooperating; based on best available information)
Golden Jubilee Hotels Pvt Ltd         LT/ST Bk Fac       CARE D         500     -
(Issuer Not Cooperating; based on best available information)
Jay Fe Cylinders Ltd                  LT Bk Fac          CARE BB+       292.5   Revised from
                                                                                CARE BBB-
(Issuer Not Cooperating; based on best available information)
Kmg Infotech Ltd                      LT Bk Fac          CARE B         97.5    Reaffirmed
Maha Associated Hotels Pvt Ltd        LT Bk Fac          CARE D         700     -
(Issuer Not Cooperating; based on best available information)
Maha Associated Hotels Pvt Ltd        LT/ST Bk Fac       CARE D / D     50      -
(Issuer Not Cooperating; based on best available information)
Narula Exports                        LT Bk Fac          CARE B+        33      Assigned
Paradise Polymers Ltd                 LT Bk Fac          CARE D         81      -
(Issuer Not Cooperating; based on best available information)
Paradise Polymers Ltd                 LT/ST Bk Fac       CARE D / D     20      -
(Issuer Not Cooperating; based on best available information)
Pioneer Computronix Pvt Ltd           LT Bk Fac          -              -       -
(Revised from CARE BB-; Stable / ISSUER NOT COOPERATING to CARE D (Single D) & Rating Withdrawn)
Pioneer Computronix Pvt Ltd           LT / ST Bk Fac     -              -       -
(Revised from CARE BB-/ A4; Stable / ISSUER NOT COOPERATING to CARE D (Single D) & Rating
Withdrawn)
Primaflex                             LT Bk Fac          CARE D         83      -
(Issuer Not Cooperating; based on best available information)
Saptarishi Hotels Pvt Ltd             LT Bk Fac          CARE D         2200    -
(Issuer Not Cooperating; based on best available information)
Saptarishi Hotels Pvt Ltd             LT/ST Bk Fac       CARE D / D     200     -
(Issuer Not Cooperating; based on best available information)
Sea Blue Shipyard Ltd                 LT Bk Fac          CARE D         115.7   -
(Issuer Not Cooperating; based on best available information)
Shiv Shakti Fibre Udyog               LT Bk Fac          CARE B         25      -
(Issuer Not Cooperating; based on best available information)
Shlok Developers                      LT Bk Fac          -              -       Withdrawn
Shree Krishna Educational Trust       LT Bk Fac          CARE B-        150     Revised from
                                                                                CARE B
Shreeji Builders                      LT Bk Facility     CARE B+        100     Assigned
Sml Films Ltd                         LT Bk Fac (TL)     -              -       Withdrawn
Sml Films Ltd                         LT/ ST Bk Fac      -              -       Withdrawn
                                      (NFBL)
Sml Films Ltd                         LT Bk Fac (FBL)    CARE BBB+      300@    Issuer Not
                                                                                Cooperating
@ The reduction in rated exposure is on account of withdrawal of bank facilities extended by one
of the lender followed by No Objection letter received from the lender along with the request of
the company for withdrawal of rating.
Stanlubes & Specialities (India) Pvt  LT Bk Fac          -              -       Withdrawn
Tushar Fabrics                        LT Bk Fac          -              -       Withdrawn
Usha Chem                             LT/ST Bk Fac       CARE B / A4    100     Revised from
                                                                                CARE B+/A4
(Issuer Not Cooperating; based on best available information)
Vivekanand Projects Llp               LT Bk Fac          CARE B+        100     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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