March 12, 2020 / 8:02 AM / a month ago

CARE ratings for Indian debt instruments-Mar 12

    Mar 12 - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of March 11, 2020.


COMPANY                                INSTRUMENT         RATING       AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                                ----------         ------       -------  ---------
SHORT TERM RATINGS:
-------------------
Addya Sakti Cold Storage Pvt Ltd       ST Bk Fac         CARE A4       2      -
Issuer not cooperating;Based on best available information
Aegis Logistics Ltd                    ST Bk Fac         CARE A1+      4619.8 Reaffirmed
Reduced from Rs.496.98 crore
Agarwal Packers And Movers Ltd         ST Bk Fac         CARE A3+      160    Reaffirmed
Ashok Auto Sales Ltd                   Bk Fac – FundbasedCARE A4       150
                                       –ST – Working
                                       Capital Limits
Issuer not cooperating; Revised from CARE A4+ on the basis of best available information
Coral Coil India Pvt Ltd               ST Bk Fac         CARE A4+      25     Assigned
Coral Rewinding India Pvt Ltd          ST Bk Fac         CARE A4+      30     Assigned
Ganesha Ecosphere Ltd                  ST Bk Fac         CARE A1       235    Reaffirmed
Ib Valley Transport                    ST Bk Fac         CARE A4       100
Revised from CARE A4; Issuer not cooperating
Jsw Projects Ltd                       ST Bk Fac         CARE A1+      350    Reaffirmed
K.Siddappa                             ST Bk Fac         CARE A4       35     -
Issuer not cooperating; Based on best available information
Katgora Srikrishna Krishak Himghar Pvt ST Bk Fac         CARE A4       2      Assigned
Ltd
Landmark Sizing                        ST Bk Fac         CARE A4       18.5   Reaffirmed
Neco Heavy Engineering And Castings LtdST Bk Fac         CARE A4       20     Assigned
Patspin India Ltd                      ST Bk Fac         CARE D        1438   -
Issuer not cooperating; Based on best available information (reduced from 157.50 Crore)
Pradhan Associates Pvt Ltd             ST Bk Fac         CARE A4       4.5
Sandeep Enterprises                    ST                CARE A4       10     -
Issuer not cooperating; on the basis of best available information
Shivakriti International Ltd           ST Bk Fac         -             -
Reaffirmed at CARE A4+; Issuer not cooperating and Withdrawn
Shantol Green (India) Pvt Ltd          ST Bk Fac         -             -
Reaffirmed at CARE D and Withdrawn
Silver Spark Apparel Ltd               ST Bk Fac         CARE A1       170    -
Tata Chemicals Ltd                     ST Bk Fac         CARE A1+      24480  Reaffirmed
Tavasya Venture Partners Pvt Ltd       ST Bk Fac         CARE A4       75     Reaffirmed
(enhanced from Rs.4.00 Crore)
Texport Syndicate (India) Ltd          Bk Fac-Non-Fund   CARE A3,      290    -
                                       Based - ST-BG/ LC
The Punjab State Co-Operative Supply   ST Bk Fac         CARE A4+      660    Reaffirmed
And Marketing Federation Ltd (Markfed)
reduced from Rs. 145 crore
Trisha Engineers                       ST Bk Fac         -             -
Reaffirmed at CARE A4 and Withdrawn
Trisha Engineers Pvt Ltd               ST Bk Fac         CARE A4       80     Assigned
Tt Ltd                                 ST Bk Fac         CARE A4       110    Reaffirmed
                                       (Non-Fund Based)
Tt Ltd                                 ST Bk Fac (Fund   CARE A4       1468.5 Reaffirmed
                                       Based)

MEDIUM TERM RATINGS:
-------------------
Savery Transport Finance Ltd           Medium Term Fixed CARE BBB+     8.6    Reaffirmed
                                       Deposits

LONG TERM RATINGS:
-------------------
8K Miles Software Services Ltd         LT Bk Fac         CARE C; Stable100    -
Issuer not cooperating; Revised from CARE C, Stable on the basis of best available information
8K Miles Software Services Ltd         LT/ ST Bk Fac     CARE C;       100    -
                                                         Stable/CARE A4
Issuer not cooperating; Revised from CARE C; Stable/ CARE A4 on the basis of best available
information
Addya Sakti Cold Storage Pvt Ltd       LT Bk Fac         CARE B-/ Stabl110    -
Issuer not cooperating;Revised from CARE B;Stable based on best available information.
Aditi Constructions                    LT Bk Fac         -             -      Withdrawn
Aegis Gas (Lpg) Pvt Ltd                LT Bk Fac         -             -      Withdrawn
(reduced from 15.00 Crore)
Aegis Gas (Lpg) Pvt Ltd                LT/ ST Bk Fac     CARE AA (CE)/ 240    Reaffirmed
                                                         Stable/CARE
                                                         A1+ (CE)
Aegis Logistics Ltd                    LT Bk Fac         CARE AA/      2948.2 Reaffirmed
                                                         Stable
Reduced from Rs.316.68 crore
Aegis Logistics Ltd                    NCDs              CARE AA/      84     Reaffirmed
                                                         Stable
Agarwal Packers And Movers Ltd         LT Bk Fac         CARE BBB/     350    Reaffirmed
                                                         Stable
Arulmigu Karpaga Vinayaga Educational  Long –term Bk Fac CARE B+; Stabl16.3   -
Trust
Issuer not cooperating; Revised from CARE BB-; on the basis of best available information
Ashok Auto Sales Ltd                   Bk Fac- Fund BasedCARE BB-      400
                                       – LT – CC
Issuer not cooperating; Revised from CARE BB+; Issuer not cooperating on the basis of best
available information
Atc Tires Pvt Ltd                      LT/ ST Bk Fac     CARE AA+/     4680   Reaffirmed
                                                         Stable/CARE A1+
Bhavani Modern Rice Mill               LT Bk Fac         -             -
Rating Re-affirmed at CARE B+; Stable and Withdrawn
Bhavani Modern Rice Mill               LT/ Short- term Bk-             -
                                       Fac
Rating Re-affirmed at CARE B+; Stable/ CARE A4; and Withdrawn
Coral Coil India Pvt Ltd               LT Bk Fac         CARE BB+;     73.5   Assigned
                                                         Stable
Coral Rewinding India Pvt Ltd          LT Bk Fac         CARE BB+;     111.7  Assigned
                                                         Stable
Creative Impression                    LT / ST           CARE B/       57.5   -
                                                         Stable/CARE A4
Issuer not cooperating; Revised from CARE B+; Stable on the basis of best available information
Dosti Realty Ltd                       Proposed LT Bk FacCARE BBB;     1500
                                                         Negative
Revised from CARE BBB+; Stable
Enkay Enterprises                      LT                CARE B/ Stable32     -
Issuer not cooperating; Revised from CARE B+; Stable on the basis of best available information
Enkay Enterprises                      LT / ST           CARE B/       28     -
                                                         Stable/CARE A4
Issuer not cooperating; Revised from CARE B+; Stable on the basis of best available information
Ganesha Ecosphere Ltd                  LT Bk Fac         CARE A/ Stable2479   Reaffirmed
Grohealthy India Agrotech Pvt Ltd      LT Bk Fac         -             -      Withdrawn
Hungama Digital Media Entertainment PvtLong – term Fac   CARE BBB+;    450
Ltd                                                      Negative
Revised from CARE BBB+; Stable ; reduced from 65.00 cr
Ikf Finance Ltd                        CP                -             -      Withdrawn
India Shelter Finance Corporation      Bk Fac – Fund     CARE A; Stable600    Reaffirmed
                                       Based – LT – TL
J.S Industries                         LT                CARE B-/ Stabl60     -
Issuer not cooperating; Revised from CARE B; Stable on the basis of best available information
J.S Industries                         LT / ST           CARE B-/      40     -
                                                         Stable/CARE A4
Issuer not cooperating; Revised from CARE B; Stable on the basis of best available information
Jsw Living Pvt Ltd                     Proposed LT/ ST Bk--            -      Withdrawn
                                       Fac
Jsw Projects Ltd                       LT Bk Fac         CARE AA-;     7390   Reaffirmed
                                                         Negative
(reduced from 1136.77 Crore)
K.Siddappa                             LT Bk Fac         CARE B+/ Stabl45     -
Issuer not cooperating; Revised from CARE BB-; stable based on best available information
Katgora Srikrishna Krishak Himghar Pvt LT Bk Fac         CARE B+/      57     Assigned
Ltd                                                      Stable
Koley Multipurpose Himghar Pvt Ltd     LT Bk Fac         -             -
Reaffirmed at CARE D and Withdrawn
Kothari Processors Pvt Ltd             LT Bk Fac         CARE BB; Stabl73.8
Revised from CARE BB+; Stable; Issuer not cooperating; Based on best available information ;
(reduced from 15.00 Crore)
Kushtagi Solar Power Pvt Ltd           LT Bk Fac         CARE BBB-     585
Placed on Credit Watch with Developing Implications
Landmark Sizing                        LT Bk Fac         CARE BB -/    177
                                                         Stable
Revised from CARE BB; Stable
Landmark Sizing                        LT/ ST Bk Fac     CARE BB-/     0.1
                                                         Stable/CARE A4
Revised from CARE BB Stable and Reaffirmed CARE A4
Laxmi India Finleasecap Da Transaction Assignee Payouts  Provisional   305.1
March-2020 Originator: Laxmi India                       Credit Opinion
Finleasecap Pvt Ltd(Lifpl)                               Equivalent toCARE A- (SO)
M. C. Roller Flour Mills Pvt Ltd       LT Bk Fac         CARE BB-/     180    -
                                                         Stable
Issuer not cooperating; Based on best available information
Maa Jay Chandi Multipurpose Cold       LT Bk Fac         CARE B-/ Stabl64     -
Storage Pvt Ltd
Issuer not cooperating;Revised from B; Stable; on the basis of best available information.
Mak Controls & Systems Pvt Ltd         LT Bk Fac         CARE BBB+/    261.2  Reaffirmed
                                                         Stable
(enhanced from 24.87 Crore)
Mak Controls & Systems Pvt Ltd         Long/ ST Bk Fac   CARE BBB+/    350    Reaffirmed
                                                         Stable/CARE A
(enhanced from 23.00 Crore)
Mangalmoyee Maa Chandi Multipurpose    LT Bk Fac         CARE B-/ Stabl105.3  -
Cold Storage Pvt Ltd
Issuer not cooperating;Revised from B; Stable; on the basis of best available information.
Meenakshi Textile Mills                LT Bk Fac         CARE B+/      126.6  Assigned
                                                         Stable
Narayan Cold Storage Pvt Ltd           LT Bk Fac         CARE B/ Stable83.5   -
Issuer not cooperating;Revised from CARE B+; Stable based on best available information.
Neco Heavy Engineering And Castings LtdLT Bk Fac         CARE B, Stable115    Assigned
New Delhi Municipal Council            Issuer Ratings*   CARE AA+      -      Reaffirmed
*The issuer rating is based on council availing and maintaining an overall debt not exceeding
Rs.500 crore.
Patspin India Ltd                      LT Bk Fac         CARE D        683.6  -
Issuer not cooperating; Based on best available information (reduced from 92.03 Crore)
Patspin India Ltd                      Long/ ST Bk Fac   CARE D/CARE D 70     -
Issuer not cooperating; Based on best available information
Pradhan Associates Pvt Ltd             LT Bk Fac         CARE B+; Stabl70.5
R J Cold Storage Pvt Ltd               LT Bk Fac         CARE B        300    -
Issuer not cooperating; Revised from CARE B+; Issuer not cooperating on the basis of best
available information
Rajshree Corporation                   LT Bk Fac         CARE B/ Stable120    -
Issuer not co operating;Based on best available information
Raunaq Ice & Cold Storage              LT/ ST Bk Fac     -             -
Reaffirmed at CARE BB-;Stable/ CARE A4+ and withdrawn
Saha Drug Distributors                 LT Bk facility    CARE BB-/     75     -
                                                         Stable
Issuer not cooperating; Revised from CARE BB; Stable on the basis of best available information
Sai Bharathi Homes                     LT Bk Fac         CARE BB-/     200    Assigned
                                                         Stable
Sandeep Enterprises                    LT                CARE B+/ Stabl90     -
Issuer not cooperating;Revised from CARE BB-; Stable on the basis of best available information
Sarvodaya Mining Services              LT / ST Bk Fac    CARE BBB-/    100
                                                         Stable /CARE A3
Revised from CARE BBB; Stable / CARE A3+ ;Enhanced from Rs.5.50 crore
Savery Transport Finance Ltd           LT Bk Fac         CARE BBB+/    400    Reaffirmed
                                                         Stable
Shantol Green (India) Pvt Ltd          LT Bk Fac         -             -
Reaffirmed at CARE D and Withdrawn
Shivakriti International Ltd           LT/ ST Bk Fac     -             -
Reaffirmed at CARE BB+; Stable/ CARE A4+; Issuer not cooperating and Withdrawn
Shivakriti International Ltd           LT Bk Fac         -             -
Reaffirmed at CARE BB+; Stable, Issuer not cooperating and Withdrawn
Silver Spark Apparel Ltd               LT Bk Fac         CARE A        644    Reaffirmed
Silver Spark Apparel Ltd               LT/ ST Bk Fac     CARE A/CARE A1300    -
Simhapuri Expressway Ltd               LT Bk Fac         CARE BBB-/    19518.9
                                                         Stable
Removed from Credit Watch; Rating Revised from CARE BB (reduced from 2,029.89 Crore)
Six Sigma Readymix Concrete Pvt Ltd    LT Bk Fac         CARE B/ Stable100    -
Issuer not cooperating;On the basis of best available information
Sree Andal And Company                 LT Bk Fac         CARE B; Stable220
Issuer not cooperating; Revised from CARE B+; Stable on the basis of best available information
Sri Subam Textiles                     LT Bk Fac         CARE B+;      132.2
                                                         Stable;
Revised from CARE BB-; Stable on the basis of best available information
St. Peters Society                     LT                CARE BB/ Stabl56.6   -
Issuer not cooperating; Revised from CARE BB+;Stable on the basis of best available information
St. Peters Society                     LT/ ST            CARE BB/      23.4   -
                                                         Stable/CARE A4
Issuer not cooperating; Revised from CARE BB+/CAREA4+ on the basis of best available information
Supreme Agro Foods Pvt Ltd             LT Bk Fac         CARE BBB+/    530    Reaffirmed
                                                         Stable
Tata Chemicals Ltd                     LT Bk Fac         CARE AA+/     18970  Reaffirmed
                                                         Stable
Tavasya Venture Partners Pvt Ltd       LT Bk Fac         CARE BB-/     45     Reaffirmed
                                                         Stable
(enhanced from Rs.1.50 Crore)
Texport Syndicate (India) Ltd          Bk Fac-Fund       CARE BBB-/    609    -
                                       Based LT TL       Stable,
Texport Syndicate (India) Ltd          Bk Fac-Fund Based CARE BBB-/    1200   -
                                       – LT/ ST-EPC/ PSC/Stable/CARE A3
                                       Bills Discounting
Issuer not cooperating; based on best available information
The Kolhapur Steel Ltd                 LT Bk Fac         CARE BBB-/    28.1   Assigned
                                                         Stable
The Kolhapur Steel Ltd                 LT/ ST Bk Fac     CARE BBB-/    71.9   Assigned
                                                         Stable/CARE A3
The Panoramic Gateway                  LT Bk Fac         CARE B+/ Stabl82.4
Revised from CARE BB-; Stable (reduced from 13.16 Crore)
The Punjab State Co-Operative Supply   LT Bk Fac         CARE BB+/     6980   Reaffirmed
And Marketing Federation Ltd (Markfed)                   Stable
reduced from Rs. 750 crore
Tirupati Sugars Ltd                    LT Bk Fac         CARE BB+/     1711.7
                                                         Stable
Revised from CARE BBB-; Stable ; reduced from 215.70 Crore
Trisha Engineers                       LT Bk Fac         -             -
Reaffirmed at CARE BB; Stable and Withdrawn
Trisha Engineers Pvt Ltd               LT Bk Fac         CARE BB;      60     Assigned
                                                         Stable
Tt Ltd                                 LT Bk Fac (TL)    CARE BB/      387.6  Reaffirmed
                                                         Stable
Tt Ltd                                 LT Bk Fac (FB)    CARE BB/      500    Reaffirmed
                                                         Stable
Veeda Clinical Research Pvt Ltd        LT Bk Fac @       -             -      Withdrawn
@ The erstwhile rated long term bank facility became a sub-limit of total sanctioned limit of
Rs.20 crore, taking cognizance of the fact, CARE has withdrawn the rating assigned to the long
term bank facility.
Veeda Clinical Research Pvt Ltd        LT/ ST Bk Fac     CARE BBB+/    200    Reaffirmed
                                                         Stable/CARE A3+
Vijay Tanks And Vessels Pvt Ltd        LT Bk Fac         CARE A+/      850    Reaffirmed
                                                         Stable
Vijay Tanks And Vessels Pvt Ltd        LT/ ST Bk Fac     CARE A+/      6700   Reaffirmed
                                                         Stable/CARE A1+
Vishal Precision Products Pvt Ltd      Long – term Fac   CARE B+;      125.4  -
                                                         Stable
Issuer not cooperating; Based on best available information
--------------------------------------------------------------------------------------------
$: 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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