July 31, 2019 / 5:44 AM / 3 months ago

CARE ratings for Indian debt instruments-Jul 31

    Jul 31 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of July 30, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Apollo Zipper India Ltd               ST Bk Fac          CARE A3+       50
Continues on credit watch with developing implications
Autometers Energitec Ltd              ST Bk Fac          CARE A4 +      5       Assigned
Bajaj Hindusthan Sugar Ltd            ST Bk Fac          CARE D         3290.4
Issuer not cooperating
Bharat Hotels Ltd                     ST Bk Fac          CARE A3+       550
Continues on credit watch with developing implications
Corporate Fashion Pvt Ltd             ST Bk Fac          CARE D         5
“Issuer not cooperating; based on best available information”
Dayakara Solar Power Pvt Ltd          ST Bk Fac          -              -       Withdrawn^
^CARE has withdrawn the rating assigned to the short term bank facilities Dayakara Solar Power
Private Limited with immediate effect, as the company has fully repaid the amounts under the
said facility and there is no amount outstanding under the facility
Deep Plast Industries                 ST Bk Fac          CARE A4        50
Issuer not co operating;Based on best available information
Empire Industries Ltd                 ST Bk Fac          CARE A1        250     Reaffirmed
Eurokon Global Exports Pvt Ltd        Short- Term Bk Fac CARE A4        -       Withdrawn
Grahati Solar Energy Pvt Ltd          ST Bk Fac          -              -       Withdrawn^
^CARE has withdrawn the rating assigned to the short term bank facilities Grahati Solar Energy
Private Limited with immediate effect, as the company has fully repaid the amounts under the
said facility and there is no amount outstanding under the facility
Gujarat Ambuja Exports Ltd            CP #               CARE A1+       1000    Reaffirmed
# carved out of sanctioned fund based working capital limits of the company
Jindal Hotels Ltd                     ST Bk Fac          CARE A3        80      Reaffirmed
Kujjal Hotels Pvt Ltd                 ST Bk Fac          CARE A3+       105
Continues on credit watch with developing implications
Mamta Cold Storage                    ST Bk Fac          -              -       Withdrawn
Mihit Solar Power Pvt Ltd             ST Bk Fac          -              -       Withdrawn^
^CARE has withdrawn the rating assigned to the short term bank facilities Mihit Solar Power
Private Limited with immediate effect, as the company has fully repaid the amounts under the
said facility and there is no amount outstanding under the facility.
Milan Pipe Industries                 ST Bk Fac          CARE A4        10      Reaffirmed
Raghav Cotspin Pvt Ltd                ST Bk Fac          CARE A4        30
Issuer not cooperating; Based on best available information
Rajat Infra Developers Pvt Ltd        ST Bk Fac          CARE A4        70
Issuer not cooperating; Based on best available information
Ravji Manji Sorathia And Company      ST Bk Fac          CARE A4        100
Issuer not cooperating; Based on best available information
Sarla Handicrafts Pvt Ltd             ST Bk Fac          CARE A4+       10      Reaffirmed
Sharekhan Bnp Paribas Financial       CP Issue (IPO      CARE A1+       20000   Assigned
Services Ltd                          Financing)
Shri Vaijanath Industries Pvt Ltd     ST Bk Fac          CARE D         3.1
Issuer not cooperating; Revised from CARE A4 ; Issuer not cooperating on the basis of best
available information
Shree Sita Udyog                      ST Bk Fac          CARE A4+       20      Assigned
Sita Agro Tech Pvt Ltd                ST Bk Fac          CARE A4+       50      Assigned

LONG TERM RATINGS:
-------------------
Aavas Financiers Ltd                  LT Bk Fac          CARE AA-       26620   Reaffirmed
(enhanced from 1,662.00 Crore)
Acuity India Resorts Pvt Ltd          LT Bk Fac          CARE D         83.7
Issuer not cooperating, Based on best available information
Acute Retail Infra Pvt Ltd            LT Bk Facility –TL CARE A+ (SO)   660
Revised from CARE A+ (SO);
Adore Suitings Pvt Ltd                LT Bk Fac          CARE B         57.3
“Issuer not cooperating ; based on best available information”
Altura Financial Services Ltd         LT Bk Fac          CARE BB+       1500    Assigned
Apollo Zipper India Ltd               LT Bk Fac          CARE BBB       1066.7
Continues on credit watch with developing implications
Autometers Energitec Ltd              LT Bk Fac          CARE BB+       45      Assigned
Autometers Energitec Ltd              LT/ ST Bk Fac      CARE BB+/A4+   50      Assigned
Bajaj Hindusthan Sugar Ltd            LT Bk Fac          CARE D         72271.3
Issuer not cooperating
Bassaiya Steel Corporation            LT Bk Fac          CARE B-        57.5
“Issuer not cooperating; revised from CARE B; Issuer not cooperating on the basis of best
available information”
Bhagwati Cotton Industries            LT Bk Fac          CARE B         80
Issuer not cooperating; Based on best available information
Bhai Industries Pvt Ltd               LT Bk Fac          CARE D         -       Withdrawn
Bharat Hotels Ltd                     LT Bk Fac          CARE BBB       12158.1
Continues on credit watch with developing implications
Corporate Fashion Pvt Ltd             LT Bk Fac          CARE D         54.6
“Issuer not cooperating; based on best available information”
Dayakara Solar Power Pvt Ltd          LT Bk Fac          CARE BBB+ (CE) 2111.2
Revised from CARE A- (SO);
Deep Plast Industries                 LT Bk Fac          CARE B+        100
Revised from CARE BB-;; Issuer NotCooperating; Based on best available information
Empire Industries Ltd                 LT Bk Fac          CARE A         459.4   Reaffirmed
Empire Industries Ltd                 Fixed Deposit      CARE A         830     Reaffirmed
                                      programme
Grahati Solar Energy Pvt Ltd          LT Bk Fac          CARE BBB+ (CE) 3491.5
Revised from CARE A- (SO);
Gujarat Ambuja Exports Ltd            LT Bk Fac          CARE A+        36.2    Reaffirmed
(reduced from 7.24 Crore)
Hindusthan National Glass & IndustriesLT Bk Fac          CARE D         20630
Ltd.
Issuer not cooperating; Based on best available information
Hindusthan National Glass & IndustriesNCD - Series- III  CARE D         2000
Ltd.
Issuer not cooperating; Based on best available information
Hindusthan National Glass & IndustriesLT / ST Bk Fac     CARE D/D       6000
Ltd.
Issuer not cooperating; Based on best available information
Jewelmark India Pvt Ltd               Long/ST Bk Fac     -              -       Withdrawn
Jindal Hotels Ltd                     LT Bk Fac          CARE BBB-      435.5   Reaffirmed
(reduced from 44.77 Crore)
Jm Financial Capital Ltd              CP Issue (IPO      -              -       Withdrawn
                                      Financing)
Jm Financial Products Ltd             CP Issue (IPO      -              -       Withdrawn
                                      Financing)
Jm Financial Properties And Holdings LCP (IPO financing) -              -       Withdrawn
Joyville Shapoorji Housing Pvt Ltd    NCDs (NCDs)-       CARE A+        2150.8
                                      Series- A^
Revised from CARE AA-  Under credit watch with developing implications and placed on Credit
Watch with Negative Implications ; ^ Series A subscribed by sponsor and Series B subscribed by
Investors
Joyville Shapoorji Housing Pvt Ltd    NCDs- Series- B^   CARE A+        5018.5
Revised from CARE AA-  Under credit watch with developing implications and placed on Credit
Watch with Negative Implications ; ^ Series A subscribed by sponsor and Series B subscribed by
Investors
Joyville Shapoorji Housing Pvt Ltd    Proposed NCDs-     CARE A+        1449.2
                                      Series- A^*
Revised from Provisional CARE AA-  Under credit watch with developing implications and placed on
Credit Watch with Negative Implications ; ^ Series A subscribed by sponsor and Series B
subscribed by Investors; *The rating is ‘provisional’ and will be confirmed once the company
submits the required documents
Joyville Shapoorji Housing Pvt Ltd    Proposed NCDs-     CARE A+        3381.5
                                      Series- B^*
Revised from Provisional CARE AA-  Under credit watch with developing implications and placed on
Credit Watch with Negative Implications ; ^ Series A subscribed by sponsor and Series B
subscribed by Investors; *The rating is ‘provisional’ and will be confirmed once the company
submits the required documents
Joyville Shapoorji Housing Pvt Ltd    LT Bk Fac- TL      CARE BBB       1000
Revised from CARE BBB+; Stable
Kujjal Hotels Pvt Ltd                 LT Bk Fac          CARE BBB       1060
Continues on credit watch with developing implications
Lic Mutual Fund Asset Management Ltd  LIC MF Savings     CARE A+mfs     -
                                      Fund (Erstwhile
                                      LIC MF Savings PlusFund)
Revised from CARE AAAmfs and removed from curing period
Lords Oriental Resorts Developers     LT Bk Fac          CARE D         131.6
(Silvassa) Pvt Ltd
Issuer not cooperating; On the basis of best available information
Maheshwari Agro                       LT Bk Fac          CARE B+        8.8
Issuer not cooperating; Based on best available information
Maheshwari Agro                       LT/ Shortterm Bk   CARE B+/A4     60
                                      Fac
Issuer not cooperating; Based on best available information
Mihit Solar Power Pvt Ltd             LT Bk Fac          CARE BBB+ (CE) 3839
Revised from CARE A- (SO);
Milan Pipe Industries                 LT Bk Fac          CARE B+        77      Reaffirmed
(reduced from 8.62 Crore)
Nand Estate Developers Pvt Ltd        LT Fac             CARE B         385
Issuer not cooperating; Based on best available information
Ozone Properties Pvt Ltd              LT Bk Fac          CARE BBB-(SO)  2350    Assigned
Paras Seeds Corporation               LT Bk Fac          CARE B+        100
Issuer not cooperating; Based on Best available information
Patel Phoschem Ltd                    LT Bk Fac          CARE D         147.5
“Issuer not cooperating; revised from CARE B+; Stable; Issuer not cooperating based on best
available information”
Pranaav Marathe Jewellers Pvt Ltd     LT Bk Fac          -              -       Withdrawn
Raghav Cotspin Pvt Ltd                LT Bk Fac          CARE B         515
Issuer not cooperating; Based on best available information
Raghav Cotspin Pvt Ltd                LT/ ST Bk Fac      CARE B/A4      28.5
Issuer not cooperating; Based on best available information
Rajat Infra Developers Pvt Ltd        LT Bk Fac          CARE B+        30
Revised from CARE BB-; Stable; Issuer not cooperating; Based on best available information
Ravji Manji Sorathia And Company      LT Bk Fac          CARE B+        50
Revised from CARE BB; ;Issuer not cooperating; Based on best available information
Rivaaz Trade Ventures Pvt Ltd         NCD Issue          CARE A+ (SO)   1764.1
Revised from CARE A+ (SO);
Sarla Handicrafts Pvt Ltd             LT Bk Fac          CARE BB        60      Reaffirmed
Shree Sita Pulses Pvt Ltd             LT Bk Fac          CARE BB        187     Assigned
Shree Sita Udyog                      LT Bk Fac          CARE BB+       80      Assigned
Shri Vaijanath Industries Pvt Ltd     Long - term Bk Fac CARE D         20
Issuer not cooperating; On the basis of best available information
Shri Vaijanath Industries Pvt Ltd     LT Bk Fac          CARE D         41
Issuer not cooperating; Revised from CARE C; Issuer not cooperating on the basis of best
available information
Sita Agro Tech Pvt Ltd                LT Bk Fac          CARE BB+       50      Assigned
Steelcast Ltd                         LT/ STBk Fac       CARE BBB+/A2   909
(reduced from Rs.105.00 crore); Revised from CARE BBB; Stable / CARE A3+
Subhash Kabini Power Corporation Ltd  LT Bk Fac          CARE D         537.6
Issuer not cooperating, Based on best available information
Talwalkars Better Value Fitness Ltd   LT Bk Fac (TL)     CARE B         842
Revised from CARE A+; Stable Placed on credit watch with negative implications
Talwalkars Better Value Fitness Ltd   LT NCD             CARE B         500
Placed on credit watch with negative implications
Talwalkars Better Value Fitness Ltd   LT NCD             CARE B         300
Placed on credit watch with negative implications
Talwalkars Better Value Fitness Ltd   LT NCD             CARE B         250
Placed on credit watch with negative implications
Talwalkars Better Value Fitness Ltd   Proposed NCD Issue CARE B         250
Placed on credit watch with negative implications
Talwalkars Healthclubs Ltd            LT Bk Fac- TL      CARE B         2807.4
Revised from CARE A+
Talwalkars Healthclubs Ltd            NCDs               CARE B         250
Revised from CARE A+
Talwalkars Healthclubs Ltd            NCDs               CARE B         633.4
Revised from CARE A+
Talwalkars Healthclubs Ltd            NCDs               CARE B         250
Revised from CARE A+
Talwalkars Healthclubs Ltd            NCDs               CARE B         250
Revised from CARE A+
Talwalkars Healthclubs Ltd            NCDs               CARE B         250
Revised from CARE A+
Talwalkars Healthclubs Ltd            Proposed Non-      CARE B         250
                                      Convertible
                                      Debenture
Revised from CARE A+
United Cold Storage                   LT Bk Fac          CARE D         68      Assigned
UTI Mutual Fund                       UTI – Treasury     CARE BBB+ mfs  -
                                      Advantage Fund
Revised from CARE AAAmfs

--------------------------------------------------------------------------------------------
$: 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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