June 12, 2019 / 8:00 AM / 3 months ago

CARE ratings for Indian debt instruments-Jun 12

    Jun 12 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 11, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agri Best India Ltd.                  ST Bk Fac          CARE A4        70      -
(Issuer Not Cooperating): Based on best available Information
Ask Home Furnishing Pvt Ltd           ST Bk Fac          CARE D         10      -
(Issuer Not Cooperating): Based on best available Information
Akshaya Solar Power India Pvt Ltd     ST Bk Fac          CARE A4        40      -
(Issuer Not Cooperating): Based on best available Information

Cox And Kings Ltd                     CP issue           CARE A1+       3750    Reaffirmed
Cox And Kings Ltd                     CP Issue (carved   CARE A1+       16850   Reaffirmed
                                      out)*
*Carved out of the sanctioned working capital limits of the company
Curio Crafts                          ST Bk Fac          CARE A4        85      -
(Issuer Not Cooperating); Based on best available information
Granite Products Corporation          ST Bk Fac          CARE A4        76.2    -
(Issuer Not Cooperating); Based on best available information
Gupta Textiles                        ST Bk Fac          CARE A4+       130     Assigned
Eco Tech Papers                       ST Bk Fac          -              -       Withdrawn
Amoda Iron And Steel Ltd              Short- term Bk Fac CARE D         50      -
(Issuer Not Cooperating); Revised from CARE A4; Stable on the basis of best available
information
Global Profiles Ltd                   ST Bk Fac          -              120     Withdrawn
Hindustan Motor Finance Corporation Ltd ST Bk Fac         -              -       Withdrawn
Haritag Exports Pvt Ltd               ST Bk Fac          CARE A4        15      -
(Issuer Not Cooperating); Based on best available information
Indiabulls Properties Pvt. Ltd        CP Issue^          CARE A1+ (SO)  3000    Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
^ backed by irrevocable letter of comfort from Indiabulls Real Estate Limited
Indiabulls Real Estate Company Pvt Ltd CP Issue^         CARE A1+ (SO)  2000    Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
^backed by irrevocable letter of comfort from Indiabulls Real Estate Limited
Indiabulls Real Estate Ltd            CP Issue^          CARE A1+       15000   Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
^Backed by an undertaking given by the company stating that the company would
 maintain cash and cash equivalents and undrawn facility limits in the company 
 or its subsidiaries to the extent of 60% of the amount of CP issued during 
 the tenure of the CP. 

Magadh Construction Works             ST Bk Fac          CARE A4        80      Reaffirmed
Maruthi Tubes Pvt Ltd                 ST Bk Fac          CARE A4        100     -
(Issuer Not Cooperating); Based on best available information
R M Katore And Co                     ST Bk Fac          CARE A4        35.2    Assigned
R. M. Automobiles                     ST Bk Fac          CARE A4        0.5     -
(Issuer Not Cooperating); Based on best available information
Rajalakshmy Packaging Pvt Ltd         ST Bk Facility     CARE A4        20      -
(Issuer Not Cooperating); Based on best available information
Saroj Construction                    ST Fac             CARE A4        70      Assigned
Sri Durga Automotives                 ST Bk Fac          CARE A4+       55.5    -
(Issuer Not Cooperating); Based on best available information
Sylvanus Properties Ltd               CP Issue           CARE A1+ (SO)  500     Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
Vasishta Projects                     ST Bk Fac          CARE A4        380     -
(Issuer Not Cooperating); Based on best available information



LONG TERM RATINGS:
-------------------
Agarwal Industrial Corporation Ltd    LT Bk Fac          CARE BBB       900     Assigned
                                      (including
                                      proposed Rs. 18.50 crore)
Agarwal Industrial Corporation Ltd    LT/ST Bk Fac       CARE BBB;      100     Assigned
                                      (proposed)         Stable /CARE A3
Agri Best India Ltd.                  LT/ ST Bk Fac      CARE B+        100     -
(Issuer Not Cooperating): Based on best available Information
Akshaya Solar Power India Pvt Ltd     LT Bk Fac          CARE BB-       50      -
(Issuer Not Cooperating): Based on best available Information
All Rich Dairy Pvt Ltd                LT Bk Fac          CARE BB-       94      -
(Issuer Not Cooperating): Based on best available Information
Amoda Iron And Steel Ltd              Long -term Bk Fac  CARE D         100     -
(Issuer Not Cooperating); Revised from CARE B+; Stable on the basis of best available
information
Ask Home Furnishing Pvt Ltd           LT Bk Fac          CARE D         175.3   -
(Issuer Not Cooperating): Based on best available Information
Balaji Cotton Agros                   LT Bk Fac          CARE B+        140     -
(Issuer Not Cooperating): Based on best available Information
Byreddy Vishnuvardhan Reddy           LT Bk Fac          CARE B         65      -
(Issuer Not Cooperating); Revised from CARE B+; Based on best available information
Chandana Rice Industries              LT BkFac           CARE B         170     -
Revised from CARE B+; Stable (Issuer Not Cooperating) On the basis of best available Information
Cox And Kings Ltd                     LT Bk Fac          CARE AA-       17600   Revised from
                                                                                CARE AA:
                                                                                Stable
Cox And Kings Ltd                     NCDs               CARE AA-       5250    Revised from
                                                                                CARE AA:
                                                                                Stable
Cox And Kings Ltd                     Issuer Rating#     CARE AA-(Is)   -       Revised from
                                                                                CARE AA
(Issuer Not Cooperating). #The Issuer Rating would be subject to overall gearing not
 exceeding 1.01x times (Level as of 31st March 2018)
Eco Tech Papers                       LT Bk Fac          -              -       Withdrawn
Global Profiles Ltd                   Long -term Bk Fac  -              20      Withdrawn
Golden Star Designer Pvt Ltd          LT Bk Fac          -              -       Withdrawn
Granite Products Corporation          Long -term Bk Fac  CARE B         3.8     -
(Issuer Not Cooperating); Based on best available information
Haritag Exports Pvt Ltd               Long -term Bk Fac  CARE B+        50      -
(Issuer Not Cooperating); Based on best available information
Hindustan Motor Finance Corporation Ltd LT Bk Fac         -              -       Withdrawn
Hindustan Motor Finance Corporation Ltd LT/ ST BkFac      -              -       Withdrawn
Indiabulls Properties Pvt. Ltd        LT - Bk Fac –LRD*  CARE AA- (SO)  25279.5 Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
(reduced from 2,544.56 Crore); 
*The above facility/instrument is backed by unconditional and irrevocable corporate 
 guarantee issued by Indiabulls Real Estate Ltd to the lenders of the company for
 the repayment obligation on the said facility/instrument. 

Indiabulls Properties Pvt. Ltd        LT/ST - Bk Fac –BG*CARE AA- (SO)  300     Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
*The above facility/instrument is backed by unconditional and irrevocable 
corporate guarantee issued by Indiabulls Real Estate Ltd to the lenders of
the company for the repayment obligation on the said facility/instrument.

Indiabulls Real Estate Company Pvt LtdLT - Bk Fac – LRD* CARE AA- (SO)  21608   Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
*backed by an unconditional and irrevocable corporate guarantee
 from Indiabulls Real Estate Limited
Indiabulls Real Estate Company Pvt LtdLT - Bk Fac – TL*  CARE AA- (SO)  5000    Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
*backed by an unconditional and irrevocable corporate guarantee 
 from Indiabulls Real Estate Limited
Indiabulls Real Estate Ltd            NCD Issue          -              -       Withdrawn
Indiabulls Real Estate Ltd            LT - Bk Fac –TL    CARE AA-       5425    Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
Indiabulls Real Estate Ltd            LT - Bk Fac – BG   CARE AA-       987.3   Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
Indiabulls Real Estate Ltd            NCD issue          CARE AA-       10350   Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
Indiabulls Real Estate Ltd            Proposed NCDIssue  CARE AA-       750     Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
Indiabulls Real Estate Ltd            Proposed NCDIssue  CARE AA-       1000    Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
Indiabulls Real Estate Ltd            NCD Issue*         CARE AA (SO)   2250    Placed on
                                                                                Credit Watch
                                                                                with 
                                                                                developing 
                                                                                implications
*The above rating is based on the credit enhancement in the form of Debt Service
 Reserve Account (DSRA) equivalent to at least 25.50% of the outstanding amount 
 of the NCDs to be maintained in the form of “AAA” rated bonds/“AAA” rated Bank’s
 fixed deposits till the tenure of the bonds, liened to the Trustees of the NCD issue

Magadh Construction Works             LT Bk Fac          CARE BB        20      Reaffirmed
Manchal Agro And Poultry Farms Pvt LtdLT Bk Fac          CARE B         117     -
Revised from CARE B+; Stable (Issuer Not Cooperating)
Maruthi Tubes Pvt Ltd                 LT Bk Fac          CARE B-        80      -
Revised from CARE B; Stable (Issuer Not Cooperating)
N. Srikanth Babu                      LT Bk Fac          CARE B+        110     -
(Issuer Not Cooperating); Based on best available information
Ongc Petro Additions Ltd              Compulsorily       CARE AAA (SO)  56150   Reaffirmed
                                      Convertible
                                      Debentures-I*
*Backed by Irrevocable and unconditional undertaking of Oil and natural gas corporation
 Limited (ONGC) to fund coupon service account on or before payment date and put
 option for buying CCDs from Investors prior to the expiry of 53rd month
from deemed date of allotment (i.e. July 2, 2016) 

R M Katore And Co                     LT Bk Fac          CARE BB-       46      Assigned
R. M. Automobiles                     LT Bk Fac          CARE B+        49.5    -
(Issuer Not Cooperating); Based on best available information
Rajalakshmy Packaging Pvt Ltd         LT Bk Facility     CARE B         90      -
(Issuer Not Cooperating); Based on best available information
Rajarambapu Patil Sahakari Sakhar     LT BkFac           CARE B+        5000    -
Karkhana Ltd
(Issuer Not Cooperating); Revised from CARE BB-
Rdt Precision Tools Pvt Ltd           LT Bk Facility     CARE B+        127.5   -
(Issuer Not Cooperating); Revised from CARE BB-
Rvr Farms                             LT Bk Fac          CARE B         159.2   -
(Issuer Not Cooperating); Revised from CARE B+
Rvv Agri Feeds Pvt Ltd                Long -term Bk Fac  CARE B+        88      -
(Issuer Not Cooperating); Based on best available information
Rvv Hatcheries                        LT Bk Fac          CARE BB-       73.3    -
(Issuer Not Cooperating); Based on best available information
S.N. Milk Products Pvt Ltd            LT Bk Fac          CARE BB-       450     Revised from
                                                                                CARE BB
(Issuer Not Cooperating); Revised from CARE BB
Saiyed Paper Mills Ltd                LT Bk Fac          -              -       Withdrawn
Saiyed Paper Mills Ltd                LT/ ST Bk Fac      -              -       Withdrawn
Saroj Construction                    LT Bk Fac          CARE BB-       30      Assigned
Shree Yogiraj Industries              LT Bk Fac          -              -       Withdrawn
Sree Astalaxmi Spinning Mills Pvt Ltd LT BkFac           CARE BB        88.4    -
(Issuer Not Cooperating); Based on best available information
Sri Bhavani Wire Industries           LT Bk Fac          CARE BB-       50      Reaffirmed
Sri Durga Automotives                 Long -term Bk Fac  CARE BB-       170     -
(Issuer Not Cooperating); Based on best available information
Sri Sri Gruhanirman India Pvt Ltd     Long -term Bk Fac  CARE B+        180     -
(Issuer Not Cooperating); Based on best available information
Sylvanus Properties Ltd               LT - Bk Fac – TL   CARE AA- (SO)  333.3   Placed on
                                                                                credit watch
                                                                                with 
                                                                                developing 
                                                                                implications
 (reduced from 50.00 Crore)
Talwalkars Better Value Fitness Ltd   LT Bk Fac (TL)     CARE A+        842     Revised from
                                                                                CARE AA
(reduced from 85.09 Crore)
Talwalkars Better Value Fitness Ltd   LT NCD             CARE A+        500     Revised from
                                                                                CARE AA
Talwalkars Better Value Fitness Ltd   LT NCD             CARE A+        300     Revised from
                                                                                CARE AA
Talwalkars Better Value Fitness Ltd   LT NCD             CARE A+        250     Revised from
                                                                                CARE AA
Talwalkars Better Value Fitness Ltd   Proposed NCD Issue CARE A+        250     Revised from
                                                                                CARE AA
Talwalkars Healthclubs Ltd            NCDs               -              -       Withdrawn
Talwalkars Healthclubs Ltd            LT Bk Fac-TL       CARE A+        2807.4  Revised from
                                                                                CARE AA
(reduced from 282.98 Crore)
Talwalkars Healthclubs Ltd            NCDs               CARE A+        250     Revised from
                                                                                CARE AA
Talwalkars Healthclubs Ltd            NCDs               CARE A+        633.4   Revised from
                                                                                CARE AA
(reduced from 71.67 Crore)
Talwalkars Healthclubs Ltd            NCDs               CARE A+        250     Revised from
                                                                                CARE AA
Talwalkars Healthclubs Ltd            NCDs               CARE A+        250     Revised from
                                                                                CARE AA
Talwalkars Healthclubs Ltd            NCDs               CARE A+        250     Revised from
                                                                                CARE AA
Talwalkars Healthclubs Ltd            Proposed NCD       CARE A+        250     Revised from
                                                                                CARE AA
Tata Mutual Fund                      Tata Liquid Fund   CARE AAA mfs   -       Assigned
                                      (TLF)
Tiger Logistics (India) Ltd           LT BkFac           CARE BBB       310     Rating
                                                                                Reaffirmed
Tiger Logistics (India) Ltd           LT / STBk Fac      CARE BBB/CARE  40      Rating
                                                         A3                     Reaffirmed
Varun Procon Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Varun Procon Pvt Ltd                  LT/ST Bk Fac       -              -       Withdrawn
Vasishta Projects                     LT Bk Fac          CARE B+        120     -
(Issuer Not Cooperating); Revised from CARE BB-
Vpn Raw And Boiled Rice Mill          LT Bk Fac          CARE B         90      -
(Issuer Not Cooperating); Revised from CARE B+
--------------------------------------------------------------------------------------------
$: 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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