March 11, 2019 / 5:43 AM / 12 days ago

CARE ratings for Indian debt instruments-Mar 11

    Mar 11 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 8, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Accusonic Controls Pvt Ltd            ST Bk Fac          CARE A4        40      Reaffirmed
A.R.C. Mills Pvt Ltd                  ST Bk Fac          -              -       Withdrawn
Agio Pharmaceuticals Ltd              ST Bk Fac          CARE A4        92.5    Reaffirmed
                                      (Non-fund Based)
Bronze Granito Llp                    ST Bk Fac          CARE A4        28.5    -

Issuer not cooperating
Credo Brands Marketing Pvt Ltd        ST Bk Fac(Non Fund CARE A1+       105     Reaffirmed
                                      Based)
(Reduced from 17.50 Crore)
Deevya Shakti Paper Mills Pvt Ltd     ST Bk Fac Total    --             -       Withdrawn
Dawer Sons Pvt Ltd                    ST Bk Fac          CARE A4        15      -
Issuer not cooperating
Diach Chemicals & Pigments Pvt Ltd    ST Bk Fac (Fund    CARE A4+       65      Assigned
                                      based)
Diach Chemicals & Pigments Pvt Ltd    ST Bk Fac (Non     CARE A4+       45      Assigned
                                      fund based)
Floressence Perfumes Pvt Ltd          ST Bk Fac          CARE D         5       Revised from
                                                                                CARE A4
Finfoot Lifestyle Pvt Ltd             ST Bk Fac          CARE A4        2       -
Issuer not cooperating
Galaxy Motors                         ST BkFac           CARE A4        45      -
Issuer not cooperating
Hi-Power Electrical Industries        ST BkFac           CARE A2 (SO)   20      Reaffirmed
Onkar Dies Pvt Ltd                    ST BkFac           CARE A4+       70      -
Issuer not cooperating
Orient Press Ltd                      ST BkFac           CARE A3+       210     Revised from
                                                                                CARE A3+
(reduced from 40.41 Crore)
P. R. Rolling Mills Pvt Ltd           ST Bk Fac          CARE A2        100     Reaffirmed
Pir Panchal Constructions Pvt Ltd     ST Bk Fac          CARE A4        50      Reaffirmed
Precision Power Products (India) Pvt  ST Bk Fac          CARE A4        60      -
Ltd
Issuer not cooperating
Royal Infraconstru Ltd                ST Bk Fac          -              -       Withdrawn
Rohan Builders (India) Pvt Ltd        ST Fac             CARE A2+       1380    Assigned
Siddhivinayak Aesthetics Pvt Ltd      ST Bk Fac          -              -       Withdrawn
S. Rajendran                          Shot-term Bk Fac   CARE A4        35      Assigned
Sonic Ceramic Pvt Ltd                 ST Bk Fac          CARE D         10      Revised from
                                                                                CARE A4
(enhanced from 124 Crore)
Sanjay Construction Company           ST Bk Fac          CARE A4+       130     Reaffirmed
(Enhanced from Rs. 20 crore Crore)
Sealwel Corporation Pvt Ltd           ST Bk Fac          CARE A2        1455    Reaffirmed
Shri Ramdev Cotspin                   ST Bk Fac          CARE A4        1.5     -
Issuer not cooperating
Sify Technologies Ltd                 ST BkFac           CARE A1+       630     Reaffirmed
Sponge Sales India Pvt Ltd            ST Bk Fac          CARE A4+       360     Reaffirmed
Sri Laxmi Constructions               ST BkFac           CARE A4        54.5    Reaffirmed
Removed from Issuer not cooperating
Transcon Industries                   ST BkFac           CARE A2 (SO)   20      Reaffirmed
Umasree Texplast Pvt Ltd              ST Bk Fac          CARE A3        12.7    Reaffirmed
(reduced from 3.96 Crore)
Upl Ltd                               ST Bk Fac          CARE A1+       8500    Reaffirmed
                                      (Non-fundbased
                                      limit)
Upl Ltd                               CP issue           CARE A1+       -       Reaffirmed
Valiant Glass Works Pvt Ltd           ST Non fund based  CARE A4+       50      -
                                      Bk Faciltites –
                                      LC/BG
Issuer not cooperating
Welways Engineers (India)             ST Bk Fac          CARE A4        40      Assigned
Zenith Metaplast Pvt Ltd              ST Bk Fac          CARE A4        180     Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Dhampur Sugar Mills Ltd               Medium-term Fixed  CARE A- (FD)   300     Rating
                                      Deposit                                   Reaffirmed

Orient Press Ltd                      Medium-term Fixed  CARE BBB (FD)  80      Revised from
                                      Deposits                                  CARE BBB


LONG TERM RATINGS:
-------------------
A.R.C. Mills Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Accusonic Controls Pvt Ltd            LT Bk Fac          CARE BB-       40      Reaffirmed
Act Plast Paints Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Adani Agri Logistics (Katihar) Ltd    LT/STBk Fac        CARE BBB/A3+   382.1   Reaffirmed
Agio Pharmaceuticals Ltd              LT Bk Fac (TL)     CARE BB        159.6   Reaffirmed
(enhanced from 2.51 Crore)
Agio Pharmaceuticals Ltd              Long/ST Bk Fac     CARE BB/A4     535.4   Reaffirmed
                                      (Fund Based)
(reduced from 66.99 Crore)
Apco Chetak Ultraway Pvt Ltd          LT Bk Fac          CARE A-        8900    Reaffirmed
Birla Corporation Ltd                 LT Bk Fac- TL      CARE AA        9760.8  Reaffirmed
(enhanced from 600.00 Crore)
Bronze Granito Llp                    LT Bk Fac          CARE B+        323.7   -
Issuer not cooperating
Credo Brands Marketing Pvt Ltd        LT Bk Fac (Fund    CARE A+        525     Reaffirmed
                                      Based)
(Enhanced from 45.50 Crore)
Dawer Sons Pvt Ltd                    LT Bk Fac          CARE BB-       70      -
Issuer not cooperating
Deevya Shakti Paper Mills Pvt Ltd     LT Bk Fac          --             -       Withdrawn
Dhampur International Pte Ltd         LT /ST - Fund      CARE           230     Rating
                                      based/Non Fund     A-(SO)*/A1             Reaffirmed
                                      based              (SO)*
Dhampur Sugar Mills Ltd               LT Bk Fac – TL     CARE A-        4437.8  Rating
                                                                                Reaffirmed
Dhampur Sugar Mills Ltd               LT Bk Fac – Fund   CARE A-        11800   Rating
                                      based                                     Reaffirmed
Diach Chemicals & Pigments Pvt Ltd    LT Bk Fac (Fund    CARE BB,       216     Assigned
                                      based)
Epoch Research Institute India Pvt LtdLT Bk Fac          CARE B+        90      Assigned
Finfoot Lifestyle Pvt Ltd             LT Bk Fac          CARE B-:       116.7   -
Issuer not cooperating
Floressence Perfumes Pvt Ltd          LT Bk Fac          CARE D         81      Revised from
                                                                                CARE B+
Floressence Perfumes Pvt Ltd          Long/ST Bk Fac     CARE D         90      Revised from
                                                                                CARE B+
Galaxy Motors                         LT BkFac           CARE B         50      -
Issuer not cooperating
Ganco Energy (India) Pvt Ltd          LT Bk Fac          CARE D         100     Revised from
                                                                                CARE B+
Issuer not cooperating
Gaurinath Agro Products Pvt Ltd       LT Bk Fac          CARE B:        92.9    -
Issuer not cooperating
Godawari Traders                      LT Bk Fac          CARE B+        70      -
Issuer not cooperating
Hi-Power Electrical Industries        LT Bk Fac          CARE A- (SO)   75      Reaffirmed
Hi-Power Electrical Industries        Long/ST BkFac      CARE A-        345     Reaffirmed
                                                         (SO)/A2 (SO)
Infotech Education Society            LT Bk Fac          CARE BB        143.5   -
Issuer not cooperating
Jaiswal Trading Company (Bhikangaon)  LT Bk Fac          CARE B+        60      Assigned
Kalanikethan Silks Pvt Ltd            LT BkFac           CARE BBB+      823.3   Reaffirmed
Karanj Textile Park Pvt Ltd           LT BkFac           CARE BB-       178.1   Reaffirmed
Karishma Finishers Pvt Ltd            LT Bk Fac          CARE B+        100     -
Issuer not cooperating,(enhanced from Rs. 60.33 crore Crore)
L&T Finance Ltd.(Erstwhile Family     LT Bk Fac          CARE AAA       260000  Reaffirmed
Credit Ltd.)
(reduced from 24.49 Crore)
L&T Finance Ltd.(Erstwhile Family     NCD                CARE AAA       43750   Assigned
Credit Ltd.)
L&T Housing Finance Ltd.              LT Bk Fac          CARE AAA       70000   Reaffirmed
(enhanced from Rs. 21100 crore Crore)
L&T Housing Finance Ltd.              NCD                CARE AAA       15000   Assigned
L&T Infrastructure Finance Co. Ltd    LT Bk Fac          CARE AAA       98000   Reaffirmed
(enhanced from Rs.5400 crore Crore)
L&T Infrastructure Finance Co. Ltd    Subt-Debt          CARE AAA       24000   Assigned
Maa Sarbamangala Udyog                LT Bk Fac          CARE D         71.3    Revised from
                                                                                CARE B
Issuer not cooperating,(enhanced from 8000 crores Crore)
Magnolia Hospitality Pvt Ltd          LT Bk Fac          CARE BB+       112.3   Revised from
                                                                                CARE BBB-
Issuer not cooperating
Mahayana Theravada Vajrayana Buddhist LT Bk Fac          CARE BBB-      282.7   Reaffirmed
Religious And Charitable Trust
(Erstwhile Subharati K.K.B Char...
(enhanced from 7.22 Crore)
Mahayana Theravada Vajrayana Buddhist LT/STBk Fac        CARE BBB-/A3   675     Reaffirmed
Religious And Charitable Trust
(Erstwhile Subharati K.K.B Char...
Maruti Clean Coal And Power Ltd       LT Bk Fac – Fund   CARE BBB+      11661.1 Reaffirmed
                                      based – TL
(reduced from 36.13 Crore)
Maruti Clean Coal And Power Ltd       LT Bk Fac – Fund   CARE BBB+/A3+  1001370 Reaffirmed
                                      based – CCLT/ ST
                                      Bk Fac –Non-fund based – BG/LC
Onkar Dies Pvt Ltd                    LT BkFac           CARE BB+       270     -
Issuer not cooperating
Orange City Water Pvt Ltd             LT Bk Fac ST Bk    CARE D         2114.6  Revised from
                                      Fac                                       CARE BB-
Orient Press Ltd                      LT BkFac           CARE BBB       380.2   Revised from
                                                                                CARE BBB
Orient Press Ltd                      LT/Shortterm BkFac CARE BBB/A3+   145     Revised from
                                                                                CARE BBB
(reduced from 232.64 Crore) 15
P. R. Rolling Mills Pvt Ltd           LT Bk Fac          CARE BBB+      282.6   Reaffirmed
Paramount Chempro                     LT Bk Fac          CARE B+        70      -
Issuer not cooperating
Pir Panchal Constructions Pvt Ltd     LT Bk Fac          CARE B+        10      Reaffirmed
Precision Power Products (India) Pvt  LT Bk Fac          CARE BB-       77.6    -
Ltd
Issuer not cooperating
Premier Synthetics Ltd                Non-convertible    CARE B (RPS)   95      Reaffirmed
                                      NonCumulative
                                      Redeemable PS
Quatrro Business Support Solutions PvtLT/ ST BkFac       CARE BBB/A3    46.2    Revised from
Ltd                                                                             CARE A3+
Quatrro Global Services Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Quatrro Global Services Pvt Ltd       LT/ ST BkFac       CARE BBB/A3    35      Revised from
                                                                                CARE A3+
Quatrro Processing Services Pvt Ltd   LT/ STBk Fac       CARE BBB/A3    70      Revised from
                                                                                CARE A3+
Rohan Builders (India) Pvt Ltd        LT Fac             CARE BBB+      300     Assigned
(reduced from 30.72 Crore)
Royal Infraconstru Ltd                LT Bk Fac          -              -       Withdrawn
Royal Infraconstru Ltd                Long/ST Bk Fac     -              -       Withdrawn
Royal Techno Projects (India) Pvt Ltd LT/ STBk Fac       CARE BB-/A4    75      Reaffirmed
S. R. S. Sponge Pvt Ltd               LT Bk Fac          CARE BB-       70      Assigned
S. Rajendran                          LT Bk Fac          CARE BB-       20      Assigned
Sai Smaran Foods Ltd                  LT Bk Fac          CARE BBB-      550     Reaffirmed
Sanjay Construction Company           LT Bk Fac          CARE BB+       20      Reaffirmed
Sealwel Corporation Pvt Ltd           LT Bk Fac          CARE A-        215     Reaffirmed
Shah Agri Impex Pvt Ltd               LT Bk Fac          CARE B+        150     Assigned
Shah Pulse Mill                       LT Bk Fac          CARE B+        500     Assigned
Shiv S. Balvantrai Rotliwala          LT / Shortterm Bk  CARE BBB-/A3   350     Reaffirmed
                                      Fac
Shree Ram Agro India                  LT BkFac           CARE B+        51.8    -
Issuer not cooperating
Shri Ramdev Cotspin                   LT Bk Fac          CARE B+        145     -
Issuer not cooperating,(Enhanced from Rs.30.00 Crore Crore)
Siddhivinayak Aesthetics Pvt Ltd      Long/Short – Term  -              -       Withdrawn
                                      Bk Fac
Sify Technologies Ltd                 LT BkFac           CARE A+        8451.6  Reaffirmed
Sify Technologies Ltd                 LT/ STBk Fac       CARE A+/A1+    1580    Reaffirmed
(reduced from 875.26 Crore)
Sonic Ceramic Pvt Ltd                 Long- term Bk Fac  CARE D         208.4   Revised from
                                                                                CARE B+
Sponge Sales India Pvt Ltd            LT Bk Fac          CARE BB+       140     Reaffirmed
(reduced from 21 Crore)
Sri Laxmi Constructions               LT BkFac           CARE BB-       125     Revised from
                                                                                CARE BB
Removed from Issuer not cooperating
Star Agriseeds Pvt Ltd                LT Bk Fac          -              -       Withdrawn
(enhanced from 8.00 Crore)
Steel Authority Of India Ltd          LT Bk Fac (TL)     CARE AA-       300000  Assigned
(enhanced from 5.00 Crore)
Transcon Industries                   LT Bk Fac          CARE A- (SO)   90      Reaffirmed
Transcon Industries                   Long/ST BkFac      CARE A-        360     Reaffirmed
                                                         (SO)/A2 (SO)
Umasree Texplast Pvt Ltd              LT Bk Fac          CARE BBB-      23.7    Reaffirmed
Umasree Texplast Pvt Ltd              LT/ST Bk Fac       CARE BBB-/A3   297     Reaffirmed
Upl Ltd                               NCD issue          CARE AA+       13500   Revised
                                                                                fromCARE AA+
Upl Ltd                               Long/ST Bk Fac (FB CARE AA+/A1+   16500   Revised from
                                      limit)                                    CARE AA+
                                                                                /CARE A1+
(enhanced from 26.20 Crore)
Valiant Glass Works Pvt Ltd           LT Fund based Bk   CARE BB+       1       -
                                      Fac – TL
Issuer not cooperating
Valiant Glass Works Pvt Ltd           LT/ST Fund based   CARE BB+/A4+   700     -
                                      Bk Fac – PCFC
Issuer not cooperating
Vasundhara Diamond Roof Pvt Ltd       LT Bk Fac          CARE BBB       250     Reaffirmed
Velox Ceramic                         LT Bk Fac          CARE BB-       116     -
Issuer not cooperating
Velox Ceramic                         LT/ST Bk Fac       CARE BB-/A4    17.5    -
Issuer not cooperating
Vidarbha Institute Of Medical SciencesLT Bk Fac          CARE B:        217     -
Pvt Ltd
Issuer not cooperating
Visual Percept Solar Projects Pvt Ltd LT Bk Fac          CARE A+        89.9    Reaffirmed
Wagad Infraprojects Pvt Ltd           LT/ST BkFac        CARE BBB-/A3   150     Assigned
Welways Engineers (India)             LT Bk Fac          CARE B         29      Assigned
(Reduced from 65.81 Crore)
Zenith Metaplast Pvt Ltd              LT Bk Fac          CARE BB-       429.2   Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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