July 31, 2020 / 7:53 AM / 7 days ago

CARE ratings for Indian debt instruments-Jul 31

    Jul 31  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of July 30, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ace Wood Industries                  ST Bk Fac         CARE A4       70     Reaffirmed
Bangera Seaworld Pvt Ltd             ST Bk Fac         CARE A4+      100    Reaffirmed
Chromic Steel Llp                    ST BkFac          CARE A4;      45
(Issuer not cooperating; based on best available information)
Enkay Texfab Pvt Ltd                 ST BkFac          CARE A4;      1.2
(Issuer not cooperating; based on best available information)
Hubergroup India Pvt Ltd             CP (CP) issue*    CARE A1+      1000   Reaffirmed
*carved out of the sanctioned working capital limits of the company
Jamnagar Utilities & Power Pvt Ltd   CP                CARE A1+      40000  Assigned
Oil And Natural Gas Corporation Ltd  ST Bk Fac         CARE A1+      80350  Reaffirmed
Oil And Natural Gas Corporation Ltd  CPs               CARE A1+      100000 Reaffirmed
P.K. Thakur And Company Pvt Ltd      ST Bk Fac         CARE A4;      55
(Issuer not cooperating; based on best available information)
Pil Italica Lifestyle Ltd            ST Bk Fac         CARE A4       10     Reaffirmed
Prafulla Kumar Mohanty               ST Bk Fac         CARE A4;      35
(Issuer not cooperating; based on best available information)
Prag Electricals Pvt Ltd             ST Bk Fac         CARE A4;      100
(Issuer not cooperating; based on best available information)
Rsv Global                           ST BkFac          CARE A4;      1.1
(Issuer not cooperating; based on best available information)
Samarth Engineering Co Pvt Ltd       ST Bk Fac         CARE A4;      15
(Issuer not cooperating; based on best available information)
Shri Mahalaxmi Industries            ST Bk Fac         CARE A4;      140
(Issuer not cooperating; based on best available information)
Sikka Ports & Terminals Ltd          CP                CARE A1+      55000  Assigned
Supreme And Company Pvt Ltd          STBk Fac          CARE A4;      1025   Revised from
                                                                            CARE A4+
(Issuer not cooperating; on the basis of best available information)
Terna Public Charitable Trust        ST BkFac          CARE A4,      30
(Issuer not cooperating; based on best available information)
Buddha Global Ltd                    ST Bk Fac         CARE D;       300
(Issuer not cooperating; based on best available information)
Zulaikha Motors Pvt Ltd              ST BkFac          CARE A4;      160
(Issuer not cooperating; based on best available information)

LONG TERM RATINGS:
-------------------
Ace Wood Industries                  LT Bk Fac         CARE BB-;     36     Reaffirmed
                                                       Stable
(enhanced from Rs.3.00 Crore)
Ace Wood Industries                  LT/STBk Fac       CARE BB-;     20     Reaffirmed
                                                       Stable/CARE A4
Ahuja Builders                       Long/STBk Fac     CARE B+;      150    Revised from
                                                       Stable/CARE A4;      CARE BB;
                                                                            Stable/CARE A4
(Issuer not cooperating; on the basis of best available information)
Ahuja Builders                       LT BkFac          CARE B+;      85     Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Ashashree Frozen Foods Pvt Ltd       LT Bk Fac         CARE D;       67
(Issuer not cooperating; based on best available information)
Aussee Oats India Ltd                LT/ST Bk Fac      CARE BB (CE)  30^    Revised from
                                                       /CARE A4 (CE)        Provisional
                                                       (Credit watch with   CARE A- (CE) / CARE
                                                       developing           A2+ (CE) 
                                                       implications  
Continues to be on credit watch with developing implications*, *The ratings have been placed
under  Credit Watch with Developing Implications  from  Credit watch with Negative Implications
. ,^Proposed facilities, to be backed by proposed credit enhancement in the form of
unconditional and irrevocable corporate guarantees of Future Consumer Limited 
Aussee Oats India Ltd                LT/ST Bk Fac      CARE BB (CE)  80     Revised from
                                                       /CARE A4 (CE)        CARE A-
                                                       (Credit watch       (CE)/CARE A2+ (CE) 
                                                        Developing
                                                        implications
Continues to be on credit watch with developing implications*, *The ratings have been placed
under  Credit Watch with Developing Implications  from  Credit watch with Negative Implications
. 
Bangera Seaworld Pvt Ltd             LT Bk Fac            -          0^     Withdrawn
(reduced from 0.75 Crore)^withdrawn facilities amounting to Rs.0.75 crore based on No Due
Certificate received from the banker.
Basundhara Green Power Ltd           LT Bk Fac         CARE C;       102    Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; based on best available information)
Bloom Foods And Beverages Pvt Ltd    LT Bk Fac         CARE BB (CE)  150    Revised from
                                                       (Under Credit        CARE A- (CE)
                                                       watch with           Continues
                                                       developing           to be on credit
                                                       implications         watch with
                                                       (Credit              developing
                                                       Enhancement)         implications*
*The ratings have been placed under Credit Watch with Developing Implications from Credit watch
with Negative Implications.
Buddha Global Ltd                    LT Bk Fac         CARE D;       80
(Issuer not cooperating; based on best available information)
Chromic Steel Llp                    LT/Shortterm BkFacCARE B-/CARE  29     Revised from
                                                       A4;                  CARE B+/CARE
                                                                            A4
(Issuer not cooperating; on the basis of best available information)
Chromic Steel Llp                    LT BkFac          CARE B-;      20.1   Revised from
                                                                            CARE B+
(Issuer not cooperating; on the basis of best available information)
Cks Medicare Pvt Ltd                 LT Bk Fac         CARE BB-;     292.5  Revised from
                                                       Stable               CARE B+;
                                                                            Stable
(Issuer not cooperating;)Non Cooperation revoked
Cmi Ltd                              LT Bk Fac         CARE BBB;     3069.9 Revised from
                                                       Stable               CARE BBB+;
                                                                            Stable/CARE A3+
Cmi Ltd                              LT / ST Bk Fac    CARE BBB;     2350   Revised from
                                                       Stable/CARE A3       CARE BBB+;
                                                                            Stable/CARE A3+
Diamond Solvex Pvt Ltd               LT Bk Fac         CARE D;       270
(Issuer not cooperating; based on best available information)
Eastern Navigation Pvt. Ltd          LT Bk Fac         CARE BB;      94     Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Enkay Texfab Pvt Ltd                 LT BkFac          CARE BB-;     87.5   Revised from
                                                                            CARE BB
(Issuer not cooperating; on the basis of best available information)
Hubergroup India Pvt Ltd             LT BkFac          CARE AA+;     2800   Revised from
                                                       Stable               CARE AAA;
                                                                            Stable/CARE A1+
(reduced from 350.00 Crore)
Hubergroup India Pvt Ltd             LT/Shortterm Bk FaCARE AA+;     5550   Revised from
                                                       Stable/CARE A1+      CARE AAA;
                                                                            Stable/CARE A1+
(reduced from 768.40 Crore)
Indiafirst Life Insurance Co. Ltd    Subordinated Debt CARE AA;      1250   Assigned
                                                       Stable
Jamnagar Utilities & Power Pvt Ltd   NCDs              CARE AAA;     53500  Reaffirmed
                                                       Stable
Ksjn Chemicals Pvt Ltd               LT/ST Bk Fac      CARE BB-;     47     Revised from
                                                       Stable/CARE A4;      CARE BB;
                                                                            Stable/CARE A4
(Issuer not cooperating; based on best available information)
Lonsen Kiri Chemical Industries Ltd  LT/ST Bk Fac      -             -      Withdrawn
Oil And Natural Gas Corporation Ltd  LT Bk Fac         CARE AAA;     32420  Reaffirmed
                                                       Stable
Oil And Natural Gas Corporation Ltd  LT/ST Nonfund     CARE AAA;     40600  Reaffirmed
                                     based Bk Fac      Stable /CARE
                                                       A1+
Oil And Natural Gas Corporation Ltd  LT/ST Fund Based  CARE AAA;     96630  Reaffirmed
                                     Bk Fac            Stable /CARE
                                                       A1+
Ongc Petro Additions Ltd             Proposed NCD      CARE AAA (CE);5000   Reaffirmed
                                     (Proposed NCDs)   Stable#
                                                       (CreditEnhancement)
#based on the proposed term sheet and credit enhancement in the form of letter of comfort from
ONGC which shall be unconditional and irrevocable, valid and remain operative till the NCDs are
fully redeemed. Furthermore, the ratings will be confirmed once the company submits copies of
relevant executed documents, to the satisfaction of CARE. CARE shall issue the final rating
letter, brief rationale and rating rationale at the time of confirmation of the rating
Ongc Petro Additions Ltd             Compulsorily      CARE AAA (CE);56150  Reaffirmed
                                     Convertible       Stable*
                                     Debenture (CCDs-1)(Credit Enhancement)
*Backed by Irrevocable and unconditional undertaking from ONGC (Oil and Natural Gas Corporation
Limited) to purchase CCDs from Investors on exercise of put-option and to fund coupon service
account on or before payment date.
Ongc Petro Additions Ltd             NCD (NCD-I)       CARE AAA (CE);3350   Reaffirmed
                                                       Stable@
                                                       (Credit Enhancement)
@Credit enhancement in form of letter of comfort from ONGC which is unconditional and
irrevocable, valid and remain operative till the NCDs are fully redeemed and no dues certificate
is issued by concerned debenture trustee. 
Ongc Petro Additions Ltd             NCD (NCD-II)      CARE AAA (CE);4850   Reaffirmed
                                                       Stable@
                                                       (Credit Enhancement)
@Credit enhancement in form of letter of comfort from ONGC which is unconditional and
irrevocable, valid and remain operative till the NCDs are fully redeemed and no dues certificate
is issued by concerned debenture trustee. 
Ongc Petro Additions Ltd             NCD (NCD-III)     CARE AAA (CE);4350   Reaffirmed
                                                       Stable@
                                                       (Credit Enhancement)
@Credit enhancement in form of letter of comfort from ONGC which is unconditional and
irrevocable, valid and remain operative till the NCDs are fully redeemed and no dues certificate
is issued by concerned debenture trustee. 
Ongc Petro Additions Ltd             NCD (NCD-IV)      CARE AAA (CE);8366   Reaffirmed
                                                       Stable@
                                                       (Credit Enhancement)
@Credit enhancement in form of letter of comfort from ONGC which is unconditional and
irrevocable, valid and remain operative till the NCDs are fully redeemed and no dues certificate
is issued by concerned debenture trustee. 
Ongc Petro Additions Ltd             NCD (NCD-V)       CARE AAA (CE);9084   Reaffirmed
                                                       Stable@
                                                       (Credit Enhancement)
@Credit enhancement in form of letter of comfort from ONGC which is unconditional and
irrevocable, valid and remain operative till the NCDs are fully redeemed and no dues certificate
is issued by concerned debenture trustee. 
Ongc Petro Additions Ltd             Compulsorily -    CARE AAA (CE);4920   Reaffirmed
                                     Convertible       Stable^
                                     Debenture (CCDs-2)(Credit Enhancement)
^Backed by Irrevocable and unconditional undertaking from ONGC to purchase CCDs from Investors
on exercise of put-option and to fund coupon service account on or before payment date. 
P.K. Thakur And Company Pvt Ltd      LT Bk Fac         CARE B-;      30.1   Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; based on best available information)
Pac Bio Fungbact Pvt Ltd             LT Bk Fac         CARE D        110    Assigned
Pacific Medical University           LT Bk Fac         CARE D        878.6  Reaffirmed
Padmavati Ginning And Pressing Pvt   LT Bk Fac         CARE D;       70
Ltd
(Issuer not cooperating; based on best available information)
Pawan Enterprises                    LT/ STBk Fac      CARE B-/CARE  88     Revised from
                                                       A4;                  CARE B/ CARE
                                                                            A4
(Issuer not cooperating; on the basis of best available information)
Pil Italica Lifestyle Ltd            LT Bk Fac         CARE BB;      60     Reaffirmed
                                                       Stable
Prafulla Kumar Mohanty               LT Bk Fac         CARE B-;      50     Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Prag Electricals Pvt Ltd             LT Bk Fac         CARE B;       50     Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Prakash Stainless Pvt Ltd            LT Bk Fac         CARE D;       150
(Issuer not cooperating; based on best available information)
Rivaaz Trade Ventures Pvt Ltd        NCD Issue         CARE BB (CE)  192.8  Revised from
                                                       (Credit watch        BBB+ (CE)
                                                       with developing     (Credit Enhancement)
                                                       Implications        Continues to be on
                                                                           credit watch
*The rating based on the credit enhancement in the form of escrow agreement between Future
Retail Ltd. (FRL), Rivaaz Trade Ventures Private Limited (RTVPL) and  RTVPL s debenture trustee
and Escrow Bank .
Rsv Global                           LT BkFac          CARE B-;      70     Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Samarth Engineering Co Pvt Ltd       LT Bk Fac         CARE B+;      40.9   Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Sangam Dresses Pvt Ltd               LT BkFac          CARE BB-;     79.8   Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Santha Cashew                        LT Bk Fac         CARE B+;      75     Assigned
                                                       Stable
Sathya Lifestyles Pvt Ltd            LT Bk Fac         CARE D;       100
(Issuer not cooperating; based on best available information)
Shankar Parvati Industries           LT BkFac          -             -      Reaffirmed at
                                                                            CARE B;
                                                                            Stable and Withdrawn
(Issuer not cooperating;)
Shiv Shiva Steel Pvt Ltd             LT BkFac          CARE B- Stable320    Revised from
                                                                            CARE B; Stable
(Issuer not cooperating; based on best available information)
Shiv Shiva Steel Pvt Ltd             LT BkFac          CARE B-;      320    Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; based on best available information)
Shreenathji Cotton Industries        LT Bk Fac         CARE BB-;     80     Reaffirmed
                                                       Stable
Sikka Ports & Terminals Ltd          NCDs              CARE AAA;     205000 Reaffirmed
                                                       Stable
Slylandro Power Pvt Ltd              Long –term Bk Fac CARE BB-;     113.7  Assigned
                                                       Stable
Star Granito                         LT BkFac          CARE B+;      47.5   Reaffirmed
                                                       Stable
Sun Agrifresh Industries Pvt Ltd     LT Bk Fac         CARE D;       575
(Issuer not cooperating; based on best available information)
Sun Agrifresh Industries Pvt Ltd     LT/ ST Bk Fac     CARE D;       25
(Issuer not cooperating; based on best available information)
Supreme And Company Pvt Ltd          Long/ST BkFac     CARE BB-;     1210   Revised from
                                                       Stable/CARE A4;      CARE BB+;
                                                                            Stable /CARE A4+
(Issuer not cooperating; on the basis of best available information)
Supreme And Company Pvt Ltd          LTBk Fac          CARE BB-;     587.1  Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Terna Public Charitable Trust        LT BkFac          CARE B+,      315.1  Revised from
                                                       Stable,              CARE BB
(Issuer not cooperating; based on best available information)
The Tamilnadu Industrial Investment  Bond Issue*       CARE A- (CE); 1500   Reaffirmed
Corporation Ltd                                        Stable
                                                       (Credit Enhancement)
* The bonds carry an unconditional and irrevocable guarantee for the repayment of principal and
payment of interest from the Government of Tamil Nadu (GoTN) issued by Finance Department (Loans
& Advances Cell) vide G.O.Ms.No.354 dated .
Trident Texofab Ltd                  LT BkFac          CARE BB Stable141    Reaffirmed
Zulaikha Motors Pvt Ltd              LT/Shortterm Bk FaCARE B;       96.9   Revised from
                                                       Stable/CARE A4;      CARE B+;
                                                                            Stable / CARE A4
(Issuer not cooperating; on the basis of best available information)
Zulaikha Motors Pvt Ltd              LT BkFac          CARE B;       75.9   Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; on the basis of 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@refinitiv.com)
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