July 6, 2020 / 6:51 AM / a month ago

CARE ratings for Indian debt instruments-Jul 6

    Jul 6  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of July 3, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Accurex Biomedical Pvt Ltd           ST Bk Fac         CARE A4       28.9   Reaffirmed
Choicest Enterprises Ltd             ST Bk Fac         CARE A3       30     Assigned
Crescent Tanners Pvt Ltd             ST Bk Fac         CARE A4       85     Assigned
Delta Paper Mills Ltd                ST BkFac          CARE A4       200    Reaffirmed
(Removed from Issuer Not Cooperating)
Havells India Ltd                    CP                CARE A1+      5000   Assigned
Havells India Ltd                    ST Bk Fac         CARE A1+      6550   Reaffirmed
Hindustan Aeronautics Ltd            CP Issue @        CARE A1+      25000  Reaffirmed
@Carved out of WC limits
Magma Fincorp Ltd                    CP issue          CARE A1+      2500   Reaffirmed
(reduced from 500.00 Crore)
Mahabal Auto Ancillaries Pvt Ltd     ST Bk Fac         CARE A3+      0.2    Reaffirmed
P. Rajesh Ship Breaking Pvt Ltd      ST BkFac          CARE A4       10     Reaffirmed
Pnb Housing Finance Ltd              CP (CP) issue     CARE A1+      250000 Reaffirmed
Prashast Food Products Pvt Ltd       ST Bk Fac         CARE A4       5.8    Assigned
Kgps Mechanical Pvt Ltd              ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4 and
                                                                            withdrawn
Ramky Enviro Engineers Ltd           ST Bk Fac         -             0      Reaffirmed at
                                                                            CARE A1+ and
                                                                            Withdrawn
Shoe Tecnik International CorporationST Bk Fac         CARE A4       77.5   Assigned
Ltd
Sumangala Steel Pvt Ltd              ST BkFac          CARE A4+      105    Revised from
                                                                            CARE A3+
(Issuer not cooperating; on the basis of best available information)
Texmaco Infrastructure & Holdings LtdST Bk Fac         CARE A1+      125    Reaffirmed

LONG TERM RATINGS:
-------------------
Accurex Biomedical Pvt Ltd           LT Bk Fac         CARE B+;Stable50.6   Reaffirmed
Ashutosh Chawal Udyog                LT Bk Fac         CARE BB-;     321.6  Reaffirmed
                                                       Stable               and Non
                                                                            Cooperation revoked
(Enhanced from Rs.17.78 crore Crore)
Brindco Enterprises Pvt Ltd          LT Bk Fac         CARE BBB+     150    Assigned
                                                       (CE); Stable
                                                       (Credit Enhancement) @
@ The bank facilities (Cash Credit) of Brindco Enterprises Private Limited are backed by the
Corporate Guarantee from its group concern, Brindco Sales Private Limited
Canara Robeco Asset Management Co.   Canara Robeco     CARE AAAmfs   -      Reaffirmed
Ltd                                  Capital Protection(SO)
                                     Oriented Fund – 
                                     Series 8 Close-
                                     Ended Capital 
                                     Protection 
                                     Oriented Fund
Canara Robeco Asset Management Co.   Canara Robeco     CARE AAAmfs   -      Reaffirmed
Ltd                                  Capital Protection(SO)
                                     Oriented Fund – 
                                     Series 9 Close-
                                     Ended Capital 
                                     Protection 
                                     Oriented Fund
Canara Robeco Asset Management Co.   Canara Robeco     CARE AAAmfs   -      Reaffirmed
Ltd                                  Capital Protection(SO)
                                     Oriented Fund – 
                                     Series 10 Close-
                                     Ended Capital 
                                     Protection 
                                     Oriented Fund
Canara Robeco Asset Management Co.   Canara Robeco     CARE AAAmfs   -      Reaffirmed
Ltd                                  Capital Protection(SO)
                                     Oriented Fund – 
                                     Series 11 Close-
                                     Ended Capital 
                                     Protection 
                                     Oriented Fund
Capri Global Capital Ltd             NCD               A+; Negative  3000   Assigned
Capri Global Capital Ltd             NCD               A+; Negative  3000   Reaffirmed
Capri Global Capital Ltd             Bk Fac            A+; Negative  39000  Reaffirmed
(reduced from 4,200 Crore)
Choicest Enterprises Ltd             LT Bk Fac         CARE BBB-;    730    Assigned
                                                       Negative
Crescent Tanners Pvt Ltd             LT Bk Fac         CARE B-; Stabl5      Assigned
Dbl Bangalore Nidagatta Highways Pvt LT BkFac (TL)     CARE A-;      7520   Reaffirmed
                                                       Stable
Dbl Borgaon Watambare Highways Pvt   LT Bk Fac (BG)    -             514.7
Ltd
Dbl Borgaon Watambare Highways Pvt   LT Bk Fac (TL)    CARE A; Stable3104   Reaffirmed
Ltd
Delhi Msw Solutions Ltd              LT Bk Fac         -             0      Reaffirmed at
                                                                            CARE AA-
                                                                            (CE); Stable Credit
                                                                             Enhancement and
                                                                             Withdrawn
Delta Paper Mills Ltd                LT BkFac          CARE BB; Stabl1250   Revised from
                                                                            CARE BB-;
                                                                            Stable
(Issuer Not Cooperating)
Gour Road Tar Coat Pvt Ltd           Long/ ST Bk Fac   CARE          70
                                                       BB-/CAREA4;
(Issuer not cooperating; based on best available information)
Gour Road Tar Coat Pvt Ltd           LT BkFac          CARE BB-;     30
(Issuer not cooperating; based on best available information)
Gourmet Empire Pvt Ltd               LT Bk Fac         CARE D;       67.6   Revised from
                                                                            CARE B
(Issuer not cooperating; based on best available information)
Gujarat Road And Infrastructure Co.  NCD(NCD) issue    CARE AAA;     2100   Reaffirmed
Ltd.                                                   Stable
(reduced from 235.00 Crore)
Havells India Ltd                    LT Bk Fac (CC)    CARE AAA;     1450   Reaffirmed
                                                       Stable
Havells India Ltd                    LT Bk Fac (TL)    CARE AAA;     5000   Assigned
                                                       Stable
Hinduja Leyland Finance Ltd          LT Bk Fac         CARE AA-;     177030 Reaffirmed
                                                       Stable
(enhanced from 15,703 crore Crore)
Hinduja Leyland Finance Ltd          NCD issue-XIX     CARE AA-;     5500   Assigned
                                     (Proposed)        Stable
Hindustan Aeronautics Ltd            LT / ST BkFac     CARE AA+;     120500 Reaffirmed
                                                       Stable/CARE A1+
(enhanced from 7300.00 Crore)
Hyderabad Integrated Msw Ltd         LT Bk Fac         -             0      Reaffirmed at
                                                                            CARE AA-
                                                                            (CE); Stable 
                                                                           (Credit Enhancement)
                                                                            and Withdrawn
Jindal Power Ltd                     LT Bk Fac (TL)    CARE BBB+;    29725.5Reaffirmed;
                                                       Negative
(Reduced from 3,039.53 Crore) ,Outlook revised to Negative from Stable
Kgps Mechanical Pvt Ltd              LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE C;
                                                                            Stable and withdrawn
Kogta Financial (India) Ltd          NCD               CARE A-;      100    Reaffirmed
                                                       Stable
Kogta Financial (India) Ltd          Proposed NCD      CARE A-;      500    Assigned
                                                       Stable
Maa Peetambra Sugar And Power Ltd    LT Bk Fac         CARE D;       136.7
(Issuer not cooperating; based on best available information)
Magma Fincorp Ltd                    Perpetual Debt    CARE A+;      864    Reaffirmed
                                                       Negative
Magma Fincorp Ltd                    LT Bk Fac         CARE AA-;     49795  Reaffirmed
                                                       Negative
(reduced from 4,992.00 Crore)
Magma Fincorp Ltd                    Secured NCDs      CARE AA-;     1050   Reaffirmed
                                     (NCDs)            Negative
Magma Fincorp Ltd                    Proposed Secured  CARE AA-;     2457   Assigned
                                     NCDs              Negative
Magma Fincorp Ltd                    Unsecured         CARE AA-;     3270   Reaffirmed
                                     Subordinated Tier Negative
                                     II NCDs
Magma Fincorp Ltd                    Long/ST BkFac     CARE AA-;     3445.8 Reaffirmed
                                                       Negative/CARE
                                                       A1+
Mahabal Auto Ancillaries Pvt Ltd     LT Bk Fac         -             -      Withdrawal
Mahabal Auto Ancillaries Pvt Ltd     LT Bk Fac         CARE BBB+;    314.8  Reaffirmed
                                                       Stable
(Enhanced from Rs.5 crore Crore)
Nalli Trust                          LT BkFac – TL     -             -      Withdrawn
                                     (SIDBI)
Nalli Trust                          LT BkFac – TL     CARE BB+;     348.7  Revised from
                                                       Stable;              CARE
                                                                            BBB+;Stable
(Issuer not cooperating; on the basis of best available information)
Nalli Trust                          LT BkFac – WorkingCARE BB+;     650    Revised from
                                     capital           Stable;              CARE
                                                                            BBB+;Stable
(Issuer not cooperating; on the basis of best available information)
Northern Arc 2019 Mfi Godard         Series A PTC      CARE A (SO)   427.2  Final Rating
(Originator: Satin Creditcare Network                                       Assigned
Ltd)
Northern Arc 2020 Mfi Kruger         Series A1 PTC     CARE A (SO)   349.9  Final Rating
Originator: S.M.I.L.E. Microfinance Ltd                                     Assigned
Northern Arc 2020 Mfi Kruger         Series A2 PTC     CARE BBB+ (SO)16.5   Final Rating
Originator: S.M.I.L.E. Microfinance Ltd                                     Assigned
Ozone Projects Pvt Ltd               NCD               CARE C        1263   -
CARE has sought confirmation from the Debenture trustee, Investor and client pertaining to the
payment towards coupon and redemption of the bond. No formal confirmation has been received from
them so far.List of instruments with no confirmation on payment status 
P. Rajesh Ship Breaking Pvt Ltd      LT / Shortterm Bk CARE BB-;     505    Reaffirmed
                                     Fac               Stable /CARE A4
Pnb Housing Finance Ltd              Fixed Deposit     CARE AA (FD); 185000 Revised from
                                     programme         Stable               CARE AA+
                                                                            (FD);Negative
Pnb Housing Finance Ltd              LT Bk Fac         CARE AA; Stabl156000 Revised from
                                                                            CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl1500   Revised from
                                                                            CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl1250   Revised from
                                                                            CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl2000   Revised from
                                                                            CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl10000  Revised from
                                                                            CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl6000   Revised from
                                                                            CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl65010  Revised from
                                                                            CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl85000  Reaffirmed
                                                                            and Outlook
                                                                            revised from 
                                                                            Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl70000  Reaffirmed
                                                                            and Outlook
                                                                            revised from 
                                                                            Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA; Stabl50000  Reaffirmed
                                                                            and Outlook
                                                                            revised from 
                                                                            Stable to Negative
Pnb Housing Finance Ltd              LT Tier-IIBonds   CARE AA; Stabl10000  Reaffirmed
                                     /Subordinated Debt                     and Outlook
                                                                            revised from 
                                                                            Stable to Negative
Pnb Housing Finance Ltd              LT Tier-IIBonds   CARE AA; Stabl2000   Reaffirmed
                                     /Subordinated Debt                     and Outlook
                                                                            revised from 
                                                                            Stable to Negative
Pnb Housing Finance Ltd              LT Tier-IIBonds   CARE AA; Stabl5000   Reaffirmed
                                     /Subordinated Debt                     and Outlook
                                                                            revised from 
                                                                            Stable to Negative
Pnb Housing Finance Ltd              LT Tier-II Bonds /CARE AA; Stabl4990   Revised from
                                     Subordinated Debt                      CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA;      5000   Revised from
                                                       Stable               CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA;      28750  Revised from
                                                       Stable               CARE AA+;
                                                                            Negative
Pnb Housing Finance Ltd              LT/ST BkFac       CARE AA;      164000 Revised from
                                                       Stable /CARE         CARE
                                                       A1+                  AA+;Negative / 
                                                                            CARE A1+
(increased from 6,400 Crore)
Prashast Food Products Pvt Ltd       Long- term Bk Fac CARE BB-;     194.2  Reaffirmed
                                                       Stable
(enhanced from 11.00 Crore)
Ramky Enviro Engineers Ltd           LT Bk Fac         -             0      Reaffirmed at
                                                                            CARE AA-;
                                                                            Stable and Withdrawn
Renew Akshya Urja Ltd                LT instrument– NCDCARE AA+ (CE) 6853   Placed on
                                     @                 (Credit              Credit watch
                                                       Enhancement)         with developing
                                                                            implications
(reduced from 718.00 Crore)  ,@ backed by unconditional and irrevocable first loss partial
credit guarantee from Indian Infrastructure Finance Company Ltd (IIFCL, rated  CARE AAA; Stable
) and Indian Renewable Energy Development Agency Limited (IREDA, rated  CARE AA+; Stable )
whereby they guarantee to pay to the Debenture Trustee any shortfall in the amount required to
be paid by the Issuer to the Debenture Trustee in respect of Redemption Amounts (to the extent
of Principal Amounts and Interest payable) up to a maximum amount as specified in the Guarantee
Agreement (partial guarantee ranging from 31.5% to 34.8% of outstanding principal amount and
averaging around 33% for the tenure of NCD). The obligations of each guarantor (IIFCL & IREDA)
to pay the aggregate shortfall amount are in the proportion of applicable IIFCL Available
Residual Guaranteed Amount to the IREDA Available Residual Guaranteed Amount
Renew Solar Power Pvt Ltd            LT Bk Fac – TL    CARE A+ (CE); 1700   Assigned
                                                       Stable [Credit
                                                       Enhancement]*
* Credit enhancement in the form of unconditional & irrevocable Corporate Guarantee from Renew
Power Private Limited (RPPL, rated CARE A+; Stable/ CARE A1+)
Sanwariya Packaging Pvt Ltd          Long/ST Bk Fac    CARE BB-/CARE 40     Revised from
                                                       A4;                  CARE BB/ CARE
                                                                            A4
(Issuer not cooperating; on the basis of best available information)
Sanwariya Packaging Pvt Ltd          LT Bk Fac         CARE BB-;     19.6   Revised from
                                                                            CARE BB
(Issuer not cooperating; on the basis of best available information)
Shoe Tecnik International CorporationLT Bk Fac         CARE B-; Stabl2.5    Assigned
Ltd
Sumangala Steel Pvt Ltd              LT BkFac          CARE          269.3  Revised from
                                                       BB+;Stable           CARE BBB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Texmaco Infrastructure & Holdings LtdLT Bk Fac         CARE A+;      236.3  Reaffirmed
                                                       Stable
Thdc India Ltd                       LT Bk Facility- CCCARE AA; Stabl3750   Assigned
Thdc India Ltd                       Proposed LT Bonds CARE AA; Stabl8000   Assigned
Thdc India Ltd                       LT Bonds          CARE AA; Stabl6000   Reaffirmed
                                                                            and removed
                                                                            from credit watch
Vishwa (Dwaraka - Okha) Road Links   LT Bk Fac         CARE D;       800    Revised
Pvt Ltd                                                                     fromCARE BB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Vkan United Technologies             LT Bk Fac         -             0      Withdrawn
--------------------------------------------------------------------------------------------
$: 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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