July 9, 2020 / 7:31 AM / a month ago

CARE ratings for Indian debt instruments-Jul 9

    Jul 9  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of July 8, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Alfa Transformers Ltd                ST Bk Fac         CARE A4       118    Reaffirmed
Galaxy Construction And Contractors  ST Bk Fac         CARE A4;      20
Pvt Ltd
(Issuer not cooperating; based on best available information)
Hisar Metal Industries Ltd           ST BkFac          CARE A4       300    Revised from
                                                                            CARE A4+
(Issuer not cooperating; on the basis of best available information)
L. B. Kunjir                         ST BkFac          CARE A4       85
(Issuer not cooperating; based on best available information)
Tathastu Spintex Pvt Ltd             ST Bk Fac         -             -      Withdrawn
Rajshree Polypack Ltd                ST BkFac          CARE A4+      39     Revised from
                                                                            CARE A3
(Issuer not cooperating; based on best available information)
Sayaji Industries Ltd.               ST Bk Fac         CARE A3       355    Reaffirmed
Orfina Ceramic Pvt Ltd               ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4 and
                                                                            withdrawn
Tinna Trade Ltd                      ST Bk Fac         CARE A4       200    Revised from
                                                                            CARE A4+
MEDIUM TERM RATINGS:
-------------------
Sayaji Industries Ltd.               Medium Term       CARE BBB-     300    Revised from
                                     Instrument-Fixed  (FD); Stable         CARE BBB
                                     Deposit Programme                      (FD); Negative
 
LONG TERM RATINGS:
-------------------
Airtravel Enterprises India Ltd      LT BkFac          CARE B-; Stabl600    Revised from
                                                                            CARE B; Stable
(Issuer not cooperating; based on best available information)
Airtravel Enterprises India Ltd      LT/ Shortterm BkFaCARE B-;      80     Revised from
                                                       Stable/CARE A4       CARE B;
                                                                            Stable/CARE A4
(Issuer not cooperating; based on best available information)
Alfa Transformers Ltd                LT Bk Fac         CARE B; Stable88.3   Revised from
                                                                            CARE B+;
                                                                            Stable
(Reduced from Rs.8.94 crore Crore)
Bioworld Merchandising India Pvt Ltd LT Bk Fac         CARE BB-;     160    Assigned
                                                       Stable
Galaxy Construction And Contractors  LT BkFac          CARE C; Stable320    Revised from
Pvt Ltd                                                                     CARE B; Stable
(Issuer not cooperating; based on best available information)
Hari Shankar Singhania Elastomer & TyLT Bk Fac         CARE BBB (CE);700    Assigned
Research Institute (Hasetri)                           Negative*
* The above rating(s) are based on credit enhancement in the form of Letter of comfort and
Research grant agreement from JK Tyre and Industries Limited.
Hari Shankar Singhania Elastomer & TyLT/ST Bk Fac      CARE BBB (CE);300    Assigned
Research Institute (Hasetri)                           Negative/CARE
                                                       A3+ (CE)*
* The above rating(s) are based on credit enhancement in the form of Letter of comfort and
Research grant agreement from JK Tyre and Industries Limited.
Hisar Metal Industries Ltd           LT BkFac          CARE BB; Stabl200    Revised from
                                                                            CARE BB+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
K. R. Pumps & Co.                    LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE B;
                                                                            Stable and withdrawn
K. R. Pumps & Co.                    LT/ ST Bk Fac     -             -      Reaffirmed at
                                                                            CARE B;
                                                                            Stable/ CARE A4 and
                                                                            withdrawn
L. B. Kunjir                         LT BkFac          CARE B+;Stable354.4  Revised from
                                                                            CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Manappuram Finance Ltd               NCD (Proposed)    CARE AA;Stable1250   Assigned
Orfina Ceramic Pvt Ltd               LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE BB-;
                                                                            Stable and withdrawn
Rajshree Polypack Ltd                LT BkFac          CARE BB+      205.9  Revised from
                                                                            CARE BBB
(Issuer not cooperating; based on best available information)
Rosemerry Solvent Pvt Ltd            LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE B;
                                                                            Stable and Withdrawn
(Issuer not cooperating )
Sai Poultry Farm                     LT BkFac          CARE B-;Stable63     Revised from
                                                                            CARE B+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Sayaji Industries Ltd.               LT Bk Fac         CARE BBB-;    362.3  Revised from
                                                       Stable               CARE BBB;
                                                                            Negative
Sayaji Industries Ltd.               LT/ST BkFac       CARE BBB-;    1035   Revised from
                                                       Stable/CARE A3       CARE BBB;
                                                                            Negative/CARE A3
Tathastu Spintex Pvt Ltd             LT Bk Fac         -             -      Withdrawn
Tinna Trade Ltd                      LT Bk Fac         CARE BB-;     396    Revised from
                                                       Stable               CARE BB;
                                                                            Negative
--------------------------------------------------------------------------------------------
$: 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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