July 25, 2019 / 7:43 AM / a month ago

CARE ratings for Indian debt instruments-Jul 25

    Jul 25 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 24, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ace Footmark Pvt Ltd                  ST Bk Fac          CARE A4        42
(Issuer Not Cooperating)
Aachi Special Foods Pvt Ltd           ST Bk Fac          -              -       Withdrawn
Alfa Flexitubes Pvt Ltd               ST BkFac           CARE A4        12.4
(Issuer Not Cooperating)
Aquafil Polymers Company Pvt Ltd      ST Bk Fac          CARE D         170
(Issuer Not Cooperating)
Bag Poly International Pvt Ltd        ST Bk Fac          CARE A4        5
(Issuer Not Cooperating)
Bindals Papers Mills Ltd              ST Bk Fac          -              -       Withdrawn
Chaitanya Electric Company            ST Bk Fac          CARE A4        50
(Issuer Not Cooperating)
Chromic Steel Llp                     ST Bk Fac          CARE A4        45
(Issuer Not Cooperating)
Delfina Ceramic Pvt Ltd               ST Bk Fac          CARE A4        12.5
(Issuer Not Cooperating)
Delhi Electric Company                ST BkFac           CARE A4        15
(Issuer Not Cooperating)
Dgb Constructions Pvt Ltd             ST Bk Fac          CARE A4        70      Reaffirmed
Dgn Faser Pvt Ltd                     ST Bk Fac          CARE A4        2
(Issuer Not Cooperating)
Hemodiaz Life Sciences Pvt Ltd        ST Bk Fac          CARE A4        34
(Issuer Not Cooperating)
Jalpa Diamond                         ST Bk Fac          -              -       Withdrawn
Kd Infraengicon Pvt Ltd               Long/ST BkFac      CARE D         40      Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Kalki Communication Technologies Pvt  ST Bk Fac          -              -       Withdrawn
Ltd 
Kanara Hardwares                      ST BkFac           CARE A4        10
(Issuer Not Cooperating)
Kripa Telecom                         ST Bk Fac          CARE A4        60
(Issuer Not Cooperating)
Logan Ceramic                         ST Bk Fac          CARE A4        17
(Issuer Not Cooperating)
Marigold Paints Pvt Ltd               ST Bk Fac          -              -       withdrawn
Mahindra Aerostructures Pvt Ltd       ST Bk Fac          CARE A3+       250     Reaffirmed
National Co-Operative Development     CP                 CARE A1+       21050*  Reaffirmed
Corporation
(enhanced from 1,888 Crore)/*Outstanding of Rs.1,850 crore as on July 04, 2019
Prayan Ispat & Steel Pvt Ltd          ST Bk Fac          CARE D         15
(Issuer Not Cooperating)
R.Venkata Reddy                       ST Bk Fac          CARE A4        22.5
(Issuer Not Cooperating)
Ra International                      ST Bk Fac          CARE A4        380
(Issuer Not Cooperating)
S. A. Iron And Alloys Pvt Ltd         ST Bk Fac          CARE D         30      Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Sajeev Mathew And Company             ST Bk Fac          CARE A4        50
(Issuer Not Cooperating)
Shivani Scientific Industries Pvt Ltd ST Fac             -              -       Withdrawn
Sharp Chucks And Machines Pvt Ltd     ST Bk Fac          CARE A4        10      Reaffirmed
Shilpan Harishkumar Shah              ST Bk Fac          CARE A4        40
(Issuer Not Cooperating)
Somi Conveyor Beltings Ltd            ST Bk Fac          CARE A4+       200     Reaffirmed
revoked from (Issuer Not Cooperating)
Tirupati Plastomatics Pvt Ltd         ST Bk Fac          CARE A4        -       Downgraded
                                                                                from CARE A4+
                                                                                and Withdrawn
(Issuer Not Cooperating)
 
LONG TERM RATINGS:
-------------------
Ace Footmark Pvt Ltd                  LT Bk Fac          CARE B+        185.8
(Issuer Not Cooperating)
Ace Footmark Pvt Ltd                  LT/ ST Bk Fac      CARE B+/A4     20
(Issuer Not Cooperating)
Agarwal Reclaim And Rubber Products   LT Bk Fac          -              -       Withdrawn
Pvt Ltd
Agrasen Cotton Industries             LT Bk Fac          CARE B         80
(Issuer Not Cooperating)
Alfa Flexitubes Pvt Ltd               LT BkFac           CARE B+        10      Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Alfa Flexitubes Pvt Ltd               LT/ST Bk Fac       CARE B+/A4     145     Revised from
                                                                                CARE BB/ CARE
                                                                                A4
(Issuer Not Cooperating)
Aquafil Polymers Company Pvt Ltd      LT Bk Fac          CARE D         311.9
(Issuer Not Cooperating)
Ashtavinayak Builders & Developers    LT Bk Fac          CARE B         75
(Issuer Not Cooperating)
Bag Poly International Pvt Ltd        Long term Bk Fac   CARE B         234
(Issuer Not Cooperating)
Bag Poly International Pvt Ltd        Long/Short term    CARE B/A4      79.5
                                      Bk Fac
(Issuer Not Cooperating)
Baharampore Farakka Highways Ltd      LT Bk Fac          CARE BB        7450.4  Assigned
(Issuer Not Cooperating)
Bindals Papers Mills Ltd              LT Bk Fac          -              -       Withdrawn
Chaitanya Electric Company            Long -term BkFac   CARE B         10      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Chromic Steel Llp                     LT Bk Fac          CARE B+        20.1
(Issuer Not Cooperating)
Chromic Steel Llp                     LT/ST Bk Fac       CARE B+/A4     29
(Issuer Not Cooperating)
Coastal Farms                         Long -term BkFac   CARE BB        525     Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Delfina Ceramic Pvt Ltd               LT Bk Fac          CARE BB-       48.2
(Issuer Not Cooperating)
Delhi Electric Company                LT BkFac           CARE B         37.5    Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Dev Cotex Pvt Ltd                     LT Bk Fac          CARE D         100
(Issuer Not Cooperating)
Dgb Constructions Pvt Ltd             LT Bk Fac          CARE BB-       80      Reaffirmed
Dgn Faser Pvt Ltd                     LT Bk Fac          CARE B-        45.6
(Issuer Not Cooperating)
Dgn Faser Pvt Ltd                     LT/ST Bk Fac       CARE B-/A4     7
(Issuer Not Cooperating)
Edu Smart Services Pvt Ltd            LTBkFac-TL         CARE D         1162.9
(Issuer Not Cooperating)
Educomp Infrastructure & School       Cumulative         CARE C         340
Management Ltd                        Compulsory
                                      Convertible PS
(Issuer Not Cooperating)
Farakka Raiganj Highways Ltd          LT Bk Fac          CARE BB        9696.7  Assigned
(Issuer Not Cooperating)
Green Mirror Buildcon Pvt Ltd         LT Bk Fac          CARE D         115
(Issuer Not Cooperating)
Hemodiaz Life Sciences Pvt Ltd        LT Bk Fac          CARE B+        34
(Issuer Not Cooperating)
J.B. Cotton                           LT Bk Fac          CARE B+        48.4    Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Jai Mata Di Ginning & Pressing FactoryLT Bk Fac          CARE B+        56.1    Assigned
K.R. Kumar                            Long -term BkFac   CARE B         90      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Kailash Hillways Engineering AssociateLT Bk Fac          CARE BB-       32.2    Reaffirmed
Kailash Hillways Engineering AssociateLT / ST BkFac      CARE BB-/A4    35      Reaffirmed
Kalki Communication Technologies Pvt  LT Bk Fac          -              -       Withdrawn
Ltd 
Kanara Hardwares                      Long -term BkFac   CARE B+        51      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Kd Infraengicon Pvt Ltd               LT BkFac           CARE D         31.5    Revised from
                                                                                CARE B+
(Issuer Not Cooperating)/(reduced from 4.25 Crore)
Khandwa Industries Pvt Ltd            LT Bk Fac          CARE D         121.5
(Issuer Not Cooperating)
Kilburn Engineering Ltd               LT BkFac           CARE B         1200    Revised from
                                                                                CARE BB+
Kilburn Engineering Ltd               LT/Shortterm BkFac CARE B/A4      750     Revised from
                                                                                CARE BB+ /
                                                                                CARE A4+
Klm Axiva Finvest Ltd                 NCD issue          CARE BB+       1250    Assigned
Kripa Telecom                         Long -term BkFac   CARE B         30      Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Logan Ceramic                         LT Bk Fac          CARE B+        105.1
(Issuer Not Cooperating)
Madhav Solar (Vadodara Rooftop) Pvt LtLT BkFac#          CARE A-(CE)    138.6   Reaffirmed
Removed from credit watch with negative implications/(reduced from Rs.15.50 crore Crore)/#backed
by unconditional and irrevocable corporate guarantee of WAA Solar Limited (WSL; rated CARE A-;
Stable)
Madhuram Industries Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Mahindra Aerostructures Pvt Ltd       LT Bk Fac – Fund   CARE BBB+      180.6   Reaffirmed
                                      Based
(reduced from Rs. 28.98 Crore)
Mahindra Aerostructures Pvt Ltd       LT Bk Fac – Non -  CARE BBB+      40      Reaffirmed
                                      fund Based
Marigold Paints Pvt Ltd               LT Bk Fac          -              -       withdrawn
Morgan Credits Pvt. Ltd.              NCD                CARE A- (CE)   8000    Revised from
                                                                                CARE A-
(Reduced from Rs. 950 crore Crore)
Nandagudi Oils & Agro Industries Llp  Long -term BkFac   CARE B         100     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
P.H. Woven Sacks Pvt Ltd              LT Bk Fac          CARE B         68.5
(Issuer Not Cooperating)
Prayan Ispat & Steel Pvt Ltd          LT Bk Fac          CARE D         50.9
(Issuer Not Cooperating)
R.Venkata Reddy                       Long -term BkFac   CARE BB-       45
(Issuer Not Cooperating)
Raiganj Dalkhola Highways Ltd         LT Bk Fac          CARE D         3216.3
(Issuer Not Cooperating)
Rui Laboratories Pvt Ltd              LT Bk Fac          -              -       Withdrawn
S. A. Iron And Alloys Pvt Ltd         LT Bk Fac          CARE D         620     Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
S. V. Foods_(Karnal)                  LT Bk Fac          -              -       Withdrawn
S.M Musthafa                          Long -term BkFac   CARE B-        220     Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Saarth Enterprises Pvt Ltd            LT Bk Fac          CARE D         80
(Issuer Not Cooperating)
Sajeev Mathew And Company             Long -term BkFac   CARE B         100
(Issuer Not Cooperating)
Sharp Chucks And Machines Pvt Ltd     LT Bk Fac          CARE BB+       65.3    Reaffirmed
Sharp Chucks And Machines Pvt Ltd     LT Bk Fac / ST Bk  CARE BB+/A4    260     Reaffirmed
                                      Fac
Shilpan Harishkumar Shah              LT Bk Fac          CARE B+        41.6
(Issuer Not Cooperating)
Shivani Scientific Industries Pvt Ltd LT Fac             -              -       Withdrawn
Simon India Ltd                       LT Bk Fac          CARE BBB (CE)* 750     Revised from
                                                                                CARE BBB+(SO)
Somi Conveyor Beltings Ltd            LT/ST BkFac        CARE BB+/A4+   180     Reaffirmed
revoked from (Issuer Not Cooperating)
Tirupati Plastomatics Pvt Ltd         LT Bk Fac          CARE BB-       -       Downgraded
                                                                                from CARE BB+
                                                                                and Withdrawn
(Issuer Not Cooperating)
Tirupati Plastomatics Pvt Ltd         LT/ST Bk Fac       CARE BB-/CARE  -       Downgraded
                                                         A4                     from CARE
                                                                                BB+/ CARE A4+and
Withdrawn
(Issuer Not Cooperating)
Waa Solar Ltd                         LT BkFac           CARE A-        814.4   Reaffirmed
Removed from credit watch with negative implications/(reduced from Rs.88.25 crore Crore)
Yash Laxmi Solvent Pvt Ltd            LT Bk Fac          CARE BB        233.1   Reaffirmed
Zee Gold Dmcc                         LT Bk Fac          CARE BB+ (CE)  750     Assigned
Zuari Global Ltd                      NCD                CARE BB (CE)   1970    Final Rating^
^ Pursuant to receipt of copy of Signed copy of Executed Debenture Trustee Deed between Zuari
Global Limited (Issuer of
NCD) and Catalyst Trusteeship Limite
Zuari Sugar And Power Ltd             LT Bk Fac          CARE BBB (CE)* 974.7   Revised from
                                                                                CARE BBB+(SO)
*Backed by irrevocable and unconditional corporate guarantee of Zuari Global Ltd (ZGL)
--------------------------------------------------------------------------------------------
$: 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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