March 13, 2019 / 6:14 AM / 6 days ago

CARE ratings for Indian debt instruments-Mar 13

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


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajmera Pharmasure Ltd                 ST Bk Fac          -              -       Withdrawn
Balaji Mobitech Pvt Ltd               ST Bk Fac          CARE D         100
(Issuer Not Cooperating)
Bhaskar Steel & Ferro Alloy Pvt Ltd   ST Bk Fac          -              0       Withdrawn#
# the outstanding rating(s) of ‘CARE BBB(SO)-; Stable/CARE A3(SO)’ *Triple B Minus; Outlook:
Stable (Structured Obligation) / A Three (Structured Obligation)] assigned to the bank
facilities[(mentioned in (iii) and (iv) in the above table] has been withdrawn with immediate
effect at the request of the company vide email dated March 03, 2019 along with ‘No Objection
Certificate’ from State Bank of India. Meanwhile, please ensure that the aforesaid ratings are
not used hereafter, for any purpose whatsoever.
Bhaskar Steel & Ferro Alloy Pvt Ltd   ST Bk Fac          CARE A3 (SO) @ 60
(Issuer Not Cooperating)@The ratings are based on credit enhancement in the form of
unconditional & irrevocable guarantee from SRMB Srijan Pvt Ltd .
Cuarzo                                ST Bk Fac          CARE A3+       50      Reaffirmed
Capital Enterprises                   ST Bk Fac          CARE D         70
(Issuer Not Cooperating)
Chandna Infraprojects (India) Pvt Ltd ST Bk Fac          CARE D         5       Reaffirmed
Datamini Technologies (India) Ltd     ST Bk Fac          CARE A4+       30
(Issuer Not Cooperating)
Dr. O.P. Chaudhary Memorial Trust     ST Bk Fac          CARE A4        16
(Issuer Not Cooperating)
Emrald Resilient Tyre Manufacturers PvST Bk Fac          CARE A4        347.5   Reaffirmed
Ltd
(enhanced from 33.25 Crore)
Enaltec Labs Pvt Ltd                  ST Bk Fac – Fund   -              -       Withdrawn
                                      Based*
*Facilities pertaining to SBM Bank (Mauritius) Ltd have been withdrawn on receipt of no dues
statement
Esaf Small Finance Bank Ltd           Proposed           CARE A1+       5000    Assigned
                                      Certificate
                                      Deposits (CD)
Gondwana Engineers Ltd                ST Bk Fac          CARE D         540
(Issuer Not Cooperating)
Kyb Conmat Pvt Ltd                    ST Bk Fac          CARE A2        50      Reaffirmed
Lulu Flight Kitchen Pvt Ltd           ST Bk Fac          CARE A3+       50      Reaffirmed
Madhurima International Pvt Ltd       ST Bk Fac          CARE A2        50      Assigned
Nahar Poly Films Ltd                  ST Bk Fac          CARE A2+       210     Reaffirmed
Nocil Ltd                             ST Bk Fac          CARE A1+       800     Reaffirmed
                                      (non-fund based)
Rajshree Construction                 ST BkFac           CARE A4        37.5
(Issuer Not Cooperating)
Ruksh Exim Pvt Ltd                    ST BkFac           CARE A4        90      Assigned
Shakambhari Ispat & Power Ltd         STBk Fac           CARE A3        970     Reaffirmed
(enhanced from 77.00 Crore)
Shreeji Construction Company          ST BkFac           CARE A4        40
(Issuer Not Cooperating)
Siepmanns Card Systems Pvt Ltd        ST Bk Fac          CARE A3        100     Reaffirmed
Sloka Advertising Pvt Ltd             ST Bk Fac          CARE A4+       4.5     Assigned
Sonai Infrastructure Pvt Ltd          ST Bk Fac          CARE A4        44
(Issuer Not Cooperating)
Srmb Srijan Pvt Ltd                   ST Bk Fac          -              -       Withdrawn#
# the outstanding rating(s) of ‘CARE BBB-; Stable/CARE A3’ *Triple B Minus; Outlook: Stable/ A
Three + assigned to the bank facilities [mentioned in (iii) and (iv) in the above table] has
been withdrawn with immediate effect on the request of the company vide email dated March 03,
2019 along with ‘No Objection Certificate’ from Oriental Bank of Commerce. Meanwhile, please
ensure that the aforesaid ratings are not used hereafter, for any purpose whatsoever
Srmb Srijan Pvt Ltd                   ST Bk Fac          CARE A3        640
(Issuer Not Cooperating)
Stone Concern Infrastructure          ST Bk Fac          CARE A4        200     Assigned
Development Pvt Ltd
Troikaa Pharmaceuticals Ltd           ST BkFac           CARE A3+       97      Reaffirmed
Usha Martin Ltd                       ST Bk Fac          CARE A4+       22750
Continues on credit watch with positive implications
Zigma Modular Systems Pvt Ltd         ST Bk Fac          -              -       Withdrawn 

LONG TERM RATINGS:
-------------------
Ajay Engi Infrastructure Pvt Ltd      LT/ STBk Fac       CARE BBB+/A2   150     Reaffirmed
Ajmera Pharmasure Ltd                 LT Bk Fac          -              -       Withdrawn
Avanse Financial Services Ltd         CP**               -              -       Withdrawn
**CARE has withdrawn the rating assigned to the commercial paper issue with immediate effect, as
the company has repaid the amount in full and there is no amount outstanding under the issue as
on date.  
Avanse Financial Services Ltd         CP**               -              -       Withdrawn
**CARE has withdrawn the rating assigned to the commercial paper issue with immediate effect, as
the company has repaid the amount in full and there is no amount outstanding under the issue as
on date.  
Avanse Financial Services Ltd         Sub Debt*          CARE A(SO)     750     Revised from
                                                                                CARE AA- (SO)
(Credit watch with developing implications)/*The ratings are based on credit enhancement in the
form of a  Letter of Comfort  issued by Dewan Housing Finance Corporation Ltd. (DHFL), rated 
CARE AA- (Double A Minus); Credit watch with developing implications , in favour of AFSL s
lenders/investors. 
Avanse Financial Services Ltd         LT BkFac*          CARE A+(SO)    19450
 (Credit watch with developing implications)*The ratings are based on credit enhancement in the
form of a ‘Letter of Comfort’ issued by Dewan Housing Finance
Corporation Ltd. (DHFL), rated ‘CARE AA- (Double A Minus); Credit watch with developing
implications’, in favour of AFSL’s lenders/investors.
Avanse Financial Services Ltd         NonConvertible     CARE A+(SO)    4450    Revised from
                                      Debentures*                               CARE AA(SO)
(Credit watch with developing implications)/*The ratings are based on credit enhancement in the
form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation Ltd. (DHFL), rated
‘CARE AA- (Double A Minus); Credit watch with developing implications’, in favour of AFSL’s
lenders/investors.
Avanse Financial Services Ltd         LT Bk Fac*         CARE A+(SO)    19450   Revised from
                                                                                CARE AA (SO)
(Credit watch with developing implications)/*The ratings are based on credit enhancement in the
form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation Ltd. (DHFL), rated
‘CARE AA- (Double A Minus); Credit watch with developing implications’, in favour of AFSL’s
lenders/investors.
Avanse Financial Services Ltd         NonConvertible     ProvCARE A+    6550    Revised from
                                      Debentures*        (SO)                   Provisional
                                                                                CARE AA (SO)
(Credit watch with developing implications)/*The ratings are based on credit enhancement in the
form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation Ltd. (DHFL), rated
‘CARE AA- (Double A Minus); Credit watch with developingimplications’, in favour of
AFSL’s lenders/investors.
Avanse Financial Services Ltd         LT Bk Fac*         ProvCARE       2550    Revised from
                                                         A+(SO)                 Provisional
                                                                                CARE AA (SO)
(Credit watch with developing implications)/*The ratings are based on credit enhancement in the
form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation Ltd. (DHFL), rated
‘CARE AA- (Double A Minus); Credit watch with developing implications’, in favour of
AFSL’s lenders/investors.
Azure Power Makemake Pvt Ltd          LT Bk Fac          CARE A-        1444.3  Revised from
                                                                                CARE BBB+
Balaji Mobitech Pvt Ltd               LT Bk Fac          CARE D         100
(Issuer Not Cooperating)
Bhaskar Steel & Ferro Alloy Pvt Ltd   LT Bk Fac          -              0       Withdrawn#
# the outstanding rating(s) of ‘CARE BBB(SO)-; Stable/CARE A3(SO)’ *Triple B Minus; Outlook:
Stable (Structured Obligation) / A Three (Structured Obligation)] assigned to the bank
facilities[(mentioned in (iii) and (iv) in the above table] has been withdrawn with immediate
effect at the request of the company vide email dated March 03, 2019 along with ‘No Objection
Certificate’ from State Bank of India. Meanwhile, please ensure that the aforesaid ratings are
not used hereafter, for any purpose whatsoever.
Bhaskar Steel & Ferro Alloy Pvt Ltd   LT Bk Fac          CARE BBB-(SO)@ 406.9
(Issuer Not Cooperating)
Capital Enterprises                   LT Bk Fac          CARE D         50
(Issuer Not Cooperating)
Chandna Infraprojects (India) Pvt Ltd LT Bk Fac          CARE D         95      Reaffirmed
Colors Sulzer Pvt Ltd                 LT Bk Fac          CARE BB+       154.3   Reaffirmed
Cuarzo                                LT Bk Fac          CARE BBB       72.3    Reaffirmed
Cuarzo                                LT / ST Bk Fac     CARE BBB/A3+   150     Reaffirmed
Datamini Technologies (India) Ltd     LT Bk Fac          CARE BB+       35
(Issuer Not Cooperating)
Dormann Doors Pvt Ltd                 LT Bk Fac          CARE B+        60      Assigned
Dr. O.P. Chaudhary Memorial Trust     LT Bk Fac          CARE B         44.9    Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Dunac Motors Pvt Ltd                  LT Bk Fac          CARE BB-       150     Assigned
Emrald Resilient Tyre Manufacturers PvLT Bk Fac          CARE BB        121.9   Reaffirmed
Ltd
(reduced from 14.78 Crore)
Enaltec Labs Pvt Ltd                  LT Bk Fac – TL     -              -       Withdrawn
Enaltec Labs Pvt Ltd                  LT Bk Fac – Fund   -              -       Withdrawn
                                      Based*
*Facilities pertaining to SBM Bank (Mauritius) Ltd have been withdrawn on receipt of no dues
statement
Encore Theme Technologies Ltd         LT Bk Fac          CARE BB+       106.4   Reaffirmed
(enhanced from 5.25 Crore)
Encore Theme Technologies Ltd         LT/ ST Bk Fac      CARE BB+/A4+   59.5    Reaffirmed
(reduced from 9.55 Crore)
Flexpack Fibc                         LT BkFac           CARE B         90
(Issuer Not Cooperating)
Gondwana Engineers Ltd                LT Bk Fac          CARE D         420
(Issuer Not Cooperating)
Goyal Metallics Pvt Ltd               LT Bk Fac          CARE BB-       90      Assigned
Hilton Infrastructure                 LT Bk Fac          CARE D         139.1   Reaffirmed
India Infrastructure Trust            Proposed NCD issue CARE AAA       63700   Assigned
Jyoti Vidyapeeth Trust                LT Bk Fac          CARE BBB-      210.3   Reaffirmed
Kanakadurga Finance Ltd               LT Bk Fac          CARE BBB       1028    Reaffirmed
Kanakadurga Finance Ltd               NCD (NCD) issue    CARE BBB       150     Reaffirmed
Khushi Foods Ltd                      LT Bk Fac          CARE D         73.7
(Issuer Not Cooperating)
Kyb Conmat Pvt Ltd                    LT Bk Fac          CARE BBB+      150     Reaffirmed
Lulu Flight Kitchen Pvt Ltd           LT Bk Fac          CARE BBB       50      Reaffirmed
Lulu Flight Kitchen Pvt Ltd           LT/ST BkFac        CARE BBB/A3+   150     Reaffirmed
Madhurima International Pvt Ltd       LT Bk Fac          CARE A-        200     Reaffirmed
Nahar Poly Films Ltd                  LT Bk Fac (TL)     -              -       Withdrawn*
*CARE has withdrawn the rating assigned to the term loan facility of Nahar Poly Films Limited,
with immediate effect since there is no amount outstanding under the facility. 
Nahar Poly Films Ltd                  LT Bk Fac (Fund    CARE A-        420     Reaffirmed
                                      Based)
Nichem Industries                     LT/ STBk Fac       -              -       Withdrawn
Nocil Ltd                             LT Bk Fac (fund    CARE AA        1200    Reaffirmed
                                      based)
Oasis School                          LT BkFac           CARE BB-       50
(Issuer Not Cooperating)
Panchwati Prayogshala Pvt Ltd         LT Bk Fac -        -              -       Withdrawn
                                      Term-Loan
Panchwati Prayogshala Pvt Ltd         LT Bk Fac          CARE BBB-      88      Reaffirmed
(Reduced from 9.27 Crore)
Panchwati Prayogshala Pvt Ltd         LT / ST Bk Fac     CARE BBB-/A3   7.3     Reaffirmed
Rajshree Construction                 LT BkFac           CARE BB        51.4
(Issuer Not Cooperating)
Reliance Business Broadcast News      NCD issue 1 @      CARE A+(SO)    4000    Revised from
Holdings Ltd (Erstwhile Known As                                                CARE AA (SO)
Business Broadcast News Holdings Ltd
 Continues on credit watch with developing implications /@backed by unconditional and
irrevocable corporate guarantee from Reliance Capital Limited (RCL; Guarantor or
Benefactor rated CARE A+; Credit Watch with Developing Implications)
Reliance Business Broadcast News      NCD issue 2 @      CARE A+(SO)    2000    Revised from
Holdings Ltd (Erstwhile Known As                                                CARE AA (SO)
Business Broadcast News Holdings Lts
Continues on credit watch with developing implications /@backed by unconditional and irrevocable
corporate guarantee from Reliance Capital Limited (RCL; Guarantor or Benefactor rated CARE A+;
Credit Watch with Developing Implications)
Reliance Business Broadcast News      NCD issue 3 @      CARE A+(SO)    2500    Revised from
Holdings Ltd (Erstwhile Known As                                                CARE AA (SO)
Business Broadcast News Holdings Ltd
Continues on credit watch with developing implications /@backed by unconditional and irrevocable
corporate guarantee from Reliance Capital Limited (RCL; Guarantor or Benefactor rated CARE A+;
Credit Watch with Developing Implications)
Renuka Construction                   LT Bk Fac          CARE B+        200     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Ruksh Exim Pvt Ltd                    LT Bk Fac          CARE B+        3.4     Assigned
Ruksh Exim Pvt Ltd                    LT/ STBk Fac       CARE B+ /A4    31.6    Assigned
S.S. Food Products Pvt Ltd            LT Bk Fac          CARE B+        62.4    Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Sadbhav Nainital Highway Pvt Ltd      LT Bk Fac          CARE A         3150    Reaffirmed
Shakambhari Ispat & Power Ltd         LTBk Fac           CARE BBB-      7645.4  Reaffirmed
(enhanced from 748.86 Crore)
Shapers Industries Ltd                LT Bk Fac          -              -       Withdrawn
Shree Kalka Fibers Pvt Ltd            LT Bk Fac          CARE B+        60
(Issuer Not Cooperating)
Shree Kaushalya Fibres                LT Bk Fac          CARE B+        51.4
(Issuer Not Cooperating)
Shreeji Construction Company          LT BkFac           CARE BB-       25
(Issuer Not Cooperating)
Shreeji Distributors Pharma Pvt Ltd   LT Bk Fac          CARE BB        100
(Issuer Not Cooperating)
Shrivallabh Pittie Industries Ltd     LT Bk Fac (TL)     CARE C         1850    Revised from
                                                                                CARE BBB-
(Issuer Not Cooperating)
Shrivallabh Pittie Industries Ltd     LT Bk Fac (CC)     CARE C         800     Revised from
                                                                                CARE BBB-
(Issuer Not Cooperating)
Shrivallabh Pittie Industries Ltd     LT Bk Fac (TL) –   CARE D         900     Revised from
                                      Bk of                                     CARE BBB-
                                      Baroptionally convertible debenturea
(Issuer Not Cooperating)
Siepmanns Card Systems Pvt Ltd        LT Bk Fac          CARE BBB-      48.3    Reaffirmed
Siepmanns Card Systems Pvt Ltd        LT/STFac           CARE BBB-/A3   189.8   Reaffirmed
Singh Construction Company            LT Bk Fac          CARE BBB-      1160    Reaffirmed
(enhanced from Rs. 80 cr. Crore)
Sloka Advertising Pvt Ltd             LT Bk Fac          CARE BB+       55.5    Assigned
Sonai Infrastructure Pvt Ltd          LT Bk Fac          CARE BB-       78
(Issuer Not Cooperating)
Srmb Srijan Pvt Ltd                   LT Bk Fac          -              -       Withdrawn#
# the outstanding rating(s) of ‘CARE BBB-; Stable/CARE A3’ *Triple B Minus; Outlook: Stable/ A
Three + assigned to the bank facilities [mentioned in (iii) and (iv) in the above table] has
been withdrawn with immediate effect on the request of the company vide email dated March 03,
2019 along with ‘No Objection Certificate’ from Oriental Bank of Commerce. Meanwhile, please
ensure that the aforesaid ratings are not used hereafter, for any purpose whatsoever
Srmb Srijan Pvt Ltd                   LT Bk Fac          CARE BBB-      1146.9
(Issuer Not Cooperating)
Stone Concern Infrastructure          LT Bk Fac          CARE BB        100     Assigned
Development Pvt Ltd
Tecnimont Pvt Ltd                     LT Bk Fac          CARE AA-       150     Reaffirmed
(reduced from 45.00 Crore)
Tecnimont Pvt Ltd                     LT/ST BkFac        CARE AA-/A1+   6250    Reaffirmed
(increased from 405.00 Crore)
Troikaa Pharmaceuticals Ltd           LT BkFac           CARE BBB+      865.5   Revised from
                                                                                CARE BBB
(Reduced from Rs.87.64 Crore)
Troikaa Pharmaceuticals Ltd           LT/ ST Bk Fac      CARE BBB+/A3+  1265    Revised from
                                                                                CARE BBB /
                                                                                CARE A3+
(Enhanced from Rs.101.50 Crore)
Uma Spintex India Pvt Ltd             LT Bk Fac          CARE BB+       766     Revised from
                                                                                CARE BB
(reduced from Rs. 85.10 Crore)
Zigma Modular Systems Pvt Ltd         LT Bk Fac          -              -       Withdrawn
--------------------------------------------------------------------------------------------
$: 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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