June 13, 2019 / 8:52 AM / 12 days ago

CARE ratings for Indian debt instruments-Jun 13

    Jun 13 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of June 12, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Birla Tmt Holdings Pvt Ltd            CP                 CARE A1+       1250    Reaffirmed
Gajanan Iron Pvt Ltd                  ST Bk FacBG        CARE A3        12.5    Final Rating
Global Jewellery Pvt Ltd              ST Bk Fac          CARE A4        5       -
(Issuer not cooperating)
Indiabulls Constructions Ltd          ST - Bk Fac –      CARE A1+       1000    -
                                      Nonfund Based – LC*
(Placed on Credit Watch with developing implications)/*based on the credit enhancement in the
form of unconditional and irrevocable corporate guarantee issued by Indiabulls Real Estate
Limited to the lenders of the company for the repayment obligation on the said facility.
Jain Irrigation Systems Ltd           ST Bk Fac          CARE A4        22200   Revised from
                                                                                CARE A3+
Karam Steel Corporation               ST Bk Fac          CARE A4        50      Assigned
Nangalwala Chemical Industries        ST Bk Fac          CARE A4        30      Reaffirmed
(Issuer not cooperating)
Sree Keerthi Transport                ST Bk Fac          CARE A4        15      -
(Issuer not cooperating)
Sri Raghavendra Constructions         ST Bk Fac          CARE A4        17.5    -
(Issuer not cooperating)
Sigma Industrial Corporation          ST Bk Fac          CARE D         100     -
(Issuer not cooperating)
Virendra Singh Thakur                 ST Bk Fac          CARE A4        100     Assigned
Pushp Prem Constructions              ST Bk Fac          CARE D         16      Revised from
                                                                                CARE A4
(Issuer not cooperating)
Ramniklal & Sons                      ST Bk Fac          CARE D         60      -
(Issuer not cooperating)



LONG TERM RATINGS:
-------------------
Aamor Inox Ltd                        LT Bk Fac          CARE BB-       320     Revised from
                                                                                CARE BB
(Issuer not cooperating)
Aamor Inox Ltd                        LT/ ST Bk Fac      CARE BB-/A4    450     Revised from
                                                                                CARE BB/A4
(Issuer not cooperating)
Anila Seed Processing Industries      LT Bk Fac          CARE B-        60      Revised from
                                                                                CARE B
(Issuer not cooperating)
Ashiana Landcraft Realty Pvt Ltd      LT InstrumentsNCDs CARE C         290.1   -
(Issuer not cooperating)
Ashiana Landcraft Realty Pvt Ltd      LT InstrumentsNCDs CARE C         810     -
(Issuer not cooperating)
Ashiana Landcraft Realty Pvt Ltd      LT InstrumentsOFCDsCARE D         100     -
(Issuer not cooperating)
Autodata Technologies Pvt Ltd         LT Bk Fac          CARE BB        90      Assigned
D S Developers                        LT Bk Fac          CARE B+        150     Assigned
Gajanan Iron Pvt Ltd                  LT Bk FacCC        -              -       Withdrawn
                                      (Proposed)
Gajanan Iron Pvt Ltd                  LT Bk FacTL        CARE BBB       99      Reaffirmed
Gajanan Iron Pvt Ltd                  LT Bk FacCC        CARE BBB       380     Final Rating
Global Jewellery Pvt Ltd              LT Bk Fac          CARE B         95      -
(Issuer not cooperating)
Indiabulls Estate Ltd                 LT - Bk Fac –      CARE AA-       170     -
                                      Non-fund Based – BG
(Placed on Credit Watch with developing implications)
Indiabulls Infraestate Ltd            Proposed           Provisional    7500    -
                                      NonConvertible     CARE AA- 
                                      Debenture Issue
(Placed on Credit Watch with developing implications)
Jain Irrigation Systems Ltd           LT Bk Fac – TL     CARE BB        7832    Revised from
                                                                                CARE BBB+
Jain Irrigation Systems Ltd           LT Bk Fac –        CARE BB        16500   Revised from
                                      Working capital                           CARE BBB+
Kanagam Poultry Farm                  LT Bk Fac          CARE B         100     -
(Issuer not cooperating)
Karam Steel Corporation               LT Bk Fac          CARE BB-       120     Assigned
Klg Jewellers                         LT Bk Fac          CARE BB-       220     Assigned
Krishna Constructions                 LT Bk Fac          CARE BB        10      Assigned
Krishna Constructions                 Long / ST Bk Fac   CARE BB/A4     90      Assigned
Lucina Land Development Ltd           LT - Bk Fac – TL   CARE AA-       4050    -
(Placed on Credit Watch with developing implications)
Lucina Land Development Ltd           LT - Bk Fac – TL   CARE AA-       2000    -
Mariana Infrastructure Ltd            LT - Bk Fac – TL   CARE AA-       900     -
(Placed on Credit Watch with developing implications)
Millenium Marbles Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Millenium Marbles Pvt Ltd             LT / ST Bk Fac     -              -       Withdrawn
Nangalwala Chemical Industries        LT Bk Fac          CARE BB        47.8    Revised from
                                                                                CARE BB-
(Issuer not cooperating)
Northern Arc 2019 Mfi Sainz - Midland Series A1 PTC      CARE A         149.9   Assigned
Microfin Ltd
Northern Arc 2019 Mfi Sainz - Midland Series A2 PTC      CARE A-        5.2     Assigned
Microfin Ltd
Pushp Prem Constructions              LT Bk Fac          CARE D         24      Revised from
                                                                                CARE B+
(Issuer not cooperating)
Pushp Prem Constructions              LT / ST Bk Fac     CARE D         60      Revised from
                                                                                CARE B+/A4
(Issuer not cooperating)
Ramniklal & Sons                      LT Bk Fac          CARE D         170     -
(Issuer not cooperating)
Sai Venkatarama Oil And Agro Products LT Bk Fac          CARE B+        60      -
(Issuer not cooperating)
Satya Srinivasa Enterprises           LT Bk Fac          CARE B         80      -
(Issuer not cooperating)
Shree Padmanabh Ispat Pvt Ltd         LT Bk Fac          CARE BB-       60      Assigned
Sigma Industrial Corporation          LT Bk Fac          CARE D         100     -
(Issuer not cooperating)
Sintex Industries Ltd                 NCD (NCD) issue    CARE D         5000    Revised from
                                                                                CARE C
(Issuer not cooperating)
Spandana Sphoorty Finance Ltd - Shree Series A1 PTCs     -              -       Withdrawn
11 2017
Sprng Renewable Energy Pvt Ltd        LT Bk Fac          CARE BBB       13838   Assigned
Sree Keerthi Transport                LT Bk Fac          CARE BB-       85      -
(Issuer not cooperating)
Sri Raghavendra Constructions         LT Bk Fac          CARE BB-       50      -
(Issuer not cooperating)
Sun Corporation                       LT Bk Fac          CARE BB-       120     Revised from
                                                                                CARE BB
(Issuer not cooperating)
Suryakala Laboratories Pvt Ltd        LT Bk Fac          CARE BB-       98      -
(Issuer not cooperating)
Suryakala Laboratories Pvt Ltd        LT Bk Fac/ ST Bk   CARE BB-/A4    10      -
                                      Fac
(Issuer not cooperating)
Sve Drilling Tools Pvt Ltd            LT Bk Fac          CARE BB-       120     -
(Issuer not cooperating)
Travancore Coffee Company Pvt Ltd     LT Bk Fac          CARE D         47      Revised from
                                                                                CARE B
Virendra Singh Thakur                 LT Bk Fac          CARE B+        30      Assigned

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