July 27, 2020 / 7:44 AM / 13 days ago

CARE ratings for Indian debt instruments-Jul 27

    Jul 27  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of July 24, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Alin Cashews                         ST Bk Fac         CARE A4       168    Assigned
As Ifgl Exports Ltd)                                                        CARE A1+ and
                                                                            Withdrawn
Brahmagiri Development Society       ST Bk Fac         CARE A4;      10     -
(Issuer not cooperating; based on best available information)
Friends International                ST Bk Fac         CARE A4 ;     55
(Issuer not cooperating; based on best available information)
H.B. Ravi Kumar                      ST BkFac          CARE A4;      60     -
(Issuer not cooperating; based on best available information)
Ifci Factors Ltd.                    ST BkFac          CARE A4       2215   Reaffirmed
Katti-Ma Exports Pvt Ltd             ST Bk Fac         CARE A4;      75     Revised from
                                                                            CARE A4+
(Issuer not cooperating; based on best available information)
Kotak Mahindra Mutual Fund           Kotak Overnight   CARE A1+mfs   -      Reaffirmed
                                     Fund Open Ended
                                     Debt Scheme
Sabar Flex Industries                ST Bk Fac         CARE A4;      5      -
(Issuer not cooperating; based on best available information)
Saksham Food Industries              ST Bk Fac         CARE A4;      40     -
(Issuer not cooperating; based on best available information)
Swiss Singapore India Pvt Ltd        ST Bk Fac         CARE A2+      2250   Assigned
Card Pro Solutions Pvt Ltd           ST Bk Fac         CARE D;       23     -
(Issuer not cooperating; based on best available information)
Sri Venkateswara Constructions Pvt   ST Bk Fac         CARE D;       240    -
Ltd
(Issuer not cooperating; on the basis of best available information)
The Cotton Corporation Of India Ltd  Bk Fac-Fund Based -             -      Reaffirmed at
                                     – ST                                   CARE A4+; and
                                                                            withdrawn
The Cotton Corporation Of India Ltd  Bk Fac-Fund Based -             -      Reaffirmed at
                                     - ST Working                           CARE A4+; and
                                     Capital Limits                         withdrawn
(Issuer not cooperating; based on best available information)
Etco Digital Pvt Ltd                 ST Bk Fac         CARE D;       70     -
(Issuer not cooperating; based on best available information)
Gupta Tex Prints Pvt Ltd             ST Bk Fac         CARE D;       2.5    -
(Issuer not cooperating; based on best available information)
Ifgl Refractories Ltd.(Formerly KnownST Bk Fac         -             -      Reaffirmed at
Shine Cot-Spin Pvt Ltd               ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4+ and
                                                                            simultaneously
                                                                            withdrawn
Unnati Wire Industries               ST BkFac          CARE A4       30     Assigned

LONG TERM RATINGS:
-------------------
Akshar Cotton Industries             LT Bk Fac         CARE D        100    Revised from
                                                                            CARE B+;
                                                                            Stable
Alin Cashews                         LT Bk Fac         CARE B+; Stabl30     Assigned
Brahmagiri Development Society       LT Bk Fac         CARE B-;      60.9   Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Card Pro Solutions Pvt Ltd           LT Bk Fac         CARE D;       48.4   -
(Issuer not cooperating; based on best available information)
Chalukya Holiday Resorts Pvt Ltd     LT Bk Fac – Lease CARE BBB-;    900    Revised from
                                     Rental DiscountingStable               CARE BBB+;
                                                                            Stable
(enhanced from 25 Crore)
D. D. Construction                   LT Bk Fac         CARE BB-;     70     Reaffirmed
                                                       Stable
Dhanraj Diamonds                     LT Bk Fac         -             -      Revised to
                                                                            CARE B-;
                                                                            Stable from CARE D
                                                                            and Withdrawn
Etco Digital Pvt Ltd                 LT Bk Fac         CARE D;       40     -
(Issuer not cooperating; based on best available information)
Friends International                LT / ST Bk Fac    CARE B- /CARE 55     Revised from
                                                       A4;                  CARE B / CARE
                                                                            A4
(Issuer not cooperating; on the basis of best available information)
Green Field Material Handling Pvt LtdLT Bk Fac         CARE B;       115.1  Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Gupta Tex Prints Pvt Ltd             LT/ST Bk Fac      CARE D/CARE D;70     -
(Issuer not cooperating; based on best available information)
Gupta Tex Prints Pvt Ltd             LT Bk Fac         CARE D;       97.6   -
(Issuer not cooperating; based on best available information)
H.B. Ravi Kumar                      Long -term BkFac  CARE B;       60     Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Hanuman Dal Industries Pvt Ltd       LT Bk Fac         CARE D;       350    -
(Issuer not cooperating; based on best available information)
Ifci Factors Ltd.                    LT BkFac          CARE BB+      2075   Reaffirmed
                                                       Negative
Ifci Factors Ltd.                    LTInstruments- NCDCARE BB+;     1581   Reaffirmed
                                                       Negative
Ifgl Refractories Ltd. (Formerly KnowLT Bk Fac         -             -      Withdrawn
As Ifgl Exports Ltd)
Ifgl Refractories Ltd.(Formerly KnownLong/ ST Bk Fac   -             -      Reaffirmed at
As Ifgl Exports Ltd)                                                        CARE
                                                                            A+;Stable/ CARE A1+
                                                                            and Withdrawn
Ifgl Refractories Ltd.(Formerly KnownST Instrument - CP-             -      Reaffirmed at
As Ifgl Exports Ltd)                                                        CARE A1+ and
                                                                            Withdrawn
$carved out of fund based working capital limit
Katti-Ma Exports Pvt Ltd             LT Bk Fac         CARE BB;      175    Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Leel Electricals Ltd                 LT/ST Bk Fac – NonCARE D/CARE D;5950   -
                                     Fund Based
(Issuer not cooperating; based on best available information)
Leel Electricals Ltd                 LT Bk Fac – Fund  CARE D;       4550   -
                                     Based
(Issuer not cooperating; based on best available information)
Nilkanth Cotton Industries           LT Bk Fac         CARE D;       73.2   -
(Issuer not cooperating; based on best available information)
Pnc Delhi Industrialinfra Pvt Ltd    LT Bk Fac         CARE BBB+;    637.7  Reaffirmed
                                                       Stable
Outlook revised from Positive to Stable,(reduced from 79.35)
Sabar Flex Industries                LT Bk Fac         CARE B-;      74.7   Revised from
                                                                            CARE B
(Issuer not cooperating; on the basis of best available information)
Saksham Food Industries              LT Bk Fac         CARE B;       57.5   Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Satyam Cottex                        LT Bk Fac         CARE B-;      58.1   Revised from
                                                                            CARE B+;
(Issuer not cooperating; on the basis of best available information)
Shine Cot-Spin Pvt Ltd               LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE BB;
                                                                            Stable and
                                                                            simultaneously
                                                                            withdrawn
Shivaji Cane Processors Ltd          LT Bk Fac         CARE D;       590    -
(Issuer not cooperating; based on best available information)
Sree Praagna Hospitals Pvt Ltd       Long -term Bk Fac CARE C;       80     Revised from
                                                       Stable;              CARE B;Stable
(Issuer not cooperating; on the basis of best available information)
Sri Venkateswara Constructions Pvt   Long -term Bk Fac CARE D;       140    -
Ltd
(Issuer not cooperating; on the basis of best available information)
Swiss Singapore India Pvt Ltd        LT Bk Fac         CARE A-;      1750   Assigned
                                                       Stable
The Mysore Paper Mills Ltd           Redeemable        CARE AA- (CE) 125    Reaffirmed
                                     Non-Convertible   (Credit watch
                                     Unsecured TBs @ (BwithDeveloping Implications)
Continues on credit watch with developing implications ,@ backed by unconditional and
irrevocable guarantee from Government of Karnataka (GoK) vide notifications dated July 8, 2010
and April 9, 2012 respectively, for Bond A and Bond B. 
The Mysore Paper Mills Ltd           Redeemable        CARE BB (CE)  250    Revised from
                                     Non-Convertible   (Credit watch        CARE BBB +
                                     Unsecured TBs @ (BwithDeveloping Implic(CE)
(Reduced from 37.5 Crore)  Continues on credit watch with developing implications ,@ backed by
unconditional and irrevocable guarantee from Government of Karnataka (GoK) vide notifications
dated July 8, 2010 and April 9, 2012 respectively, for Bond A and Bond B. 
Unnati Wire Industries               LT BkFac          CARE BB-;     95.4   Assigned
                                                       Stable
Zee Learn Ltd                        Rating Advisory   -             -      -
Zee Learn Limited (ZLL) had delayed in servicing of redemption of Non-Convertible Debentures
(NCDs) (ISIN: INE565L07018) due on July 08, 2020, which was backed by letter of Undertaking
(LOU) given by Zee Entertainment Enterprises Limited (ZEEL). ZLL s revenues in Q1FY21 were
severely impacted due to Covid-19 lockdown as there were various restrictions in collecting
school fee during this period. Given the poor liquidity condition, ZLL requested the UTI Mutual
Fund (Investor) for moratorium on its NCD payment which was rejected. Subsequently, ZLL filed a
writ petition against UTI Mutual Fund in the Bombay High Court on June 25, 2020 to seek
moratorium on its NCD repayments. At the same time, ZEEL, committed to repay the NCDs
outstanding to UTI Mutual Fund, if the Bombay High Court did not provide any relief to ZLL. On
July 13, 2020, Bombay High Court rejected the writ petition, after which, ZEEL paid the amount
outstanding under NCD to UTI Mutual Fund on July 14, 2020, and became the new investor in the
NCDs. Given that the delay in the NCD payment, stemmed from the liquidity challenges faced by
ZLL due to Covid-19, and the time taken at the Bombay High Court to decide on the writ petition,
the rating is reaffirmed at  CARE B; negative (Single B; outlook: Negative) . Currently, ZLL is
seeking modification in the various terms of NCD with ZEEL. CARE will continue to monitor the
developments and seek information for necessary rating action.
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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