March 14, 2019 / 7:46 AM / in a month

CARE ratings for Indian debt instruments-Mar 14

   Mar 14 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 13, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ansapack Pvt Ltd                      ST Bk Fac          CARE A4        107.5   -
(Issuer not cooperating);Revised from CARE A4+ on the basis of best available information
Ansapack Pvt Ltd                      ST Bk Fac          -              -       Withdrawn
Arcadia Shipping Ltd                  ST Bk Fac (BG)     CARE A4        100     -
(Issuer not cooperating); Based on best available information
City Centre Mall Nashik Pvt Ltd       ST Bk Fac          -              -       Withdrawn
Ducon Infratechnologies Ltd           ST Bk Fac          CARE A4        550     -
(Issuer not cooperating)
Flash Electronics India Pvt Ltd       ST Bk Fac          CARE A2        502.6   Reaffirmed
G.Hemanth Reddy                       ST BkFac           CARE A4        77.5    -
(Issuer not cooperating), based on best available information
Highland Exim Pvt Ltd                 ST Bk Fac          CARE A4        4       Assigned
Hmda Ancon Kcp Logistics Pvt Ltd      ST Bk Fac          CARE A4        20      -
(Issuer not cooperating), based on best available information
Jewelex India Pvt Ltd                 ST Bk Fac (Fund    CARE A2+       6503    Reaffirmed
                                      Based)
Jewelex India Pvt Ltd                 ST Bk Fac          CARE A2+       20      Reaffirmed
                                      (Non-Fund Based)
K K Polycolor Asia Ltd                ST Bk Fac          CARE A4        80      Reaffirmed
Evertogen Life Sciences Ltd           ST Bk Fac          -              -       Withdrawn
Kanchan India Ltd                     ST Bk Fac          CARE A4+       129.2   -
(Issuer not cooperating);Revised from CARE A3+; on the basis of best available information 
Maral Overseas Ltd                    ST BkFac           CARE A3+       1847.8  Reaffirmed
(enhanced from Rs. 157.66 crore Crore)
Netafim Agricultural Financing Agency ST Bk Fac          CARE A2+       1300    Reaffirmed
Pvt Ltd
Ntpc Ltd                              CP Programme       CARE A1+       180000  Reaffirmed
(enhanced from 16,000 Crore)
Pbm Polytex Ltd                       LT/ST Bk Fac       CARE A2+       109.4   Reaffirmed
Pms Construction Company              ST Bk Fac          CARE A4        90      Assigned
S. B. Enterprises_Jodhpur             ST Bk Fac          CARE A4 (A     130     Assigned
                                                         Four)
Satin Creditcare Network Ltd          CP (CP) issue      CARE A1        2000    Revised from
                                                                                CARE A2+
Lakshmi Precision Screws Ltd          ST Bk Fac          CARE D         770     -
(Issuer not cooperating)
Shree Ganpati Food Products           ST BkFacility      CARE A4        35      -
(Issuer not cooperating)
Shree Nursingsahay Mudungopal EngineerST Bk Fac          CARE A4        30      -
Pvt Ltd
(Issuer not cooperating)
Silver Star Exports                   ST Bk Fac          CARE A2        180     Reaffirmed
Sasmos Het Technologies Ltd           ST bank facilities -              -       Withdrawn
                                      – Fund Based
Surat Textile Mills Ltd               ST Bk Fac          CARE A3        250     Reaffirmed
Shri Sakthi Papers India Pvt Ltd      ST Bank Facilities CARE D         47      -
(Issuer not cooperating) Revised from CARE A4 on the basis of best available information
Ucal Polymer Industries Ltd           ST Bk Fac          CARE A3        3       Reaffirmed
Zenstar Jewellery Llp                 ST Bk Fac(Non Fund CARE A3+       10      Reaffirmed
                                      Based)


LONG TERM RATINGS:
-------------------
Alumatic Cans Pvt Ltd                 LT Bk Fac          CARE D         37.3    Revised from
                                                                                CARE D
Revised from CARE D; (Issuer not cooperating)
Alumatic Cans Pvt Ltd                 Long/ST Bk Fac     CARE D         40      Revised from
                                                                                CARE D
Revised from CARE D; (Issuer not cooperating)
Anjaneya Cotton Traders               LT Bk Fac          CARE B         57.5    -
(Issuer not cooperating); Based on best available information Revised from CARE B+
Ansapack Pvt Ltd                      LT Bk Fac          -              -       Withdrawn
Ansapack Pvt Ltd                      TL                 CARE BB        30.8    -
(Issuer not cooperating);Revised from CARE BB+
Ansapack Pvt Ltd                      LT Bk Fac          CARE BB        280     -
(Issuer not cooperating);Revised from CARE BB+
Arcadia Shipping Ltd                  LT Bk Fac          CARE D         1291.2  -
(Issuer Not Cooperating) ;Based on best available information
Atria Solar Power (Ryapte) Pvt Ltd    LT BkFac           CARE BBB-      888.1   -
Revised from Provisional CARE BBB-; (reduced from 93 crore Crore)
Avexa Corporation Pvt Ltd             LT Bk Fac          CARE BBB+      750     Reaffirmed
Avexa Corporation Pvt Ltd             LT/ ST Bk Fac      CARE BBB+/CARE 3250    Reaffirmed
                                                         A3+
B. M Overseas Pvt Ltd                 LT Bk Fac          CARE B+        94.6    Reaffirmed
Balaji Pack & Pack Pvt Ltd            LT Bk Fac          CARE B+        80      Assigned
Bhagirath Dhannalal                   LT Bk Fac          CARE B-        65      -
(Issuer not cooperating)
C.I. Automotors Pvt Ltd               LT Bk Fac          CARE B+        175
(Issuer not cooperating)
C.I. Finlease Ltd                     LT Bk Fac          CARE B+        428.3   -
(Issuer not cooperating); on the basis of best available information; Revised from CARE BB-
Cg Marketing Pvt Ltd                  CP                 -              -       Withdrawn
City Centre Mall Nashik Pvt Ltd       LT Bk Fac          CARE BB+       175     Reaffirmed
(enhanced from Rs.14.66 crore Crore)
Ducon Infratechnologies Ltd           LT Bk Fac          CARE B+        570     -
(Issuer not cooperating)
Ecap Equities Ltd                     Principle          CARE PP-MLD AA 8000    Assigned
                                      Protected Market
                                      Linked Debenture
Ecl Finance Ltd                       Principle          CARE PP-MLD AA 3000    Assigned
                                      Protected Market
                                      Linked Debentures
Edelweiss Finvest Pvt Ltd             Principle          CARE PP-MLD AA 5000    Assigned
                                      Protected Market
                                      Linked Debentures
Essential Hospitality Pvt Ltd         NCD issue          CARE A (SO)    955.7   Revised from
                                                                                CARE AA-
Revised from CARE AA- (SO); Under credit watch with developing implications.
Evertogen Life Sciences Ltd           LT Bk Fac          -              -       Withdrawn
Flash Electronics India Pvt Ltd       LT Bk Fac          CARE A-        1516.2  Reaffirmed
Flash Viven Machining Technologies PvtLT Bk Fac          CARE A-(SO)    1355.1  Reaffirmed
Ltd
(reduced from 141.50 Crore)
G.Hemanth Reddy                       Long -term BkFac   CARE B         22.5    -
(Issuer not cooperating); Revised from CARE B+; on the basis of best available information
Gowthami Spintex India Ltd            LT Bk Fac          CARE BB-       144.8   Reaffirmed
Greenmark Developers Pvt Ltd          LT Bk Fac          CARE BBB-      100     Assigned
H M Steels Ltd                        LT Bk Fac          CARE B+        490.3   Assigned
Highland Exim Pvt Ltd                 LT Bk Fac          CARE BB-       71      Assigned
Hmda Ancon Kcp Logistics Pvt Ltd      Long -term BkFac   CARE B         130     -
(Issuer not cooperating); Revised from CARE B+; on the basis of best available information
Inled Lighting Llp                    LT BkFac           CARE BB-       60      Reaffirmed
Reaffirmed
Jay Agro Industries                   LT Bk Fac          CARE D         165.1   -
(Issuer not cooperating); Based on best available information
Jindal Saw Ltd                        CP                 -              -       Withdrawn
K K Polycolor Asia Ltd                LT Bk Fac          CARE B         106.4   Reaffirmed
(reduced from 11.64 Crore)
Kanchan India Ltd                     LT Bk Fac          CARE BB+       3484.9  -
(Issuer not cooperating); Revised from CARE BBB; on the basis of best available information
Kanchan India Ltd                     LT / ST Bk Fac     CARE BB+/CARE  1860    -
                                                         A4+
(Issuer not cooperating); Revised from CARE BBB/CARE A3+
 on the basis of best available information.
 
Kerala Police Housing Co-Operative    LT BkFac           CARE BBB       -       Revised from
Society Ltd                                                                     CARE BBB
Revised from CARE BBB; (Issuer not cooperating)
Kushal Karyashala                     LT Bk Fac          CARE BB        55      Assigned
Lakshmi Precision Screws Ltd          LT Bk Fac          CARE D         1155    -
(Issuer not cooperating)
Lakshmi Tobaccos                      LT Bk Fac          CARE D         99      -
(Issuer not cooperating); Based on best available information. Revised from CARE B+
Lourdes Society For Health Care And   LT Bk Fac          CARE BBB       185.2   Assigned
Research
Mahendra Brothers Exports Pvt Ltd     LT / ST Bk Fac     CARE A-/CARE   10000   Reaffirmed
                                                         A2
Maral Overseas Ltd                    LT Bk Fac          CARE BBB       1314    Reaffirmed
(enhanced from Rs. 116.71 crore Crore)
Mbmg Diamonds Pvt Ltd                 LT / STBk Fac      CARE A-/CARE   400     Reaffirmed
                                                         A2
Mohan Iron And Steel (India) Pvt Ltd  LT Bk Fac          CARE B+        60.6    Assigned
Motel Nagpal Regency Pvt Ltd          LT Bk Fac          CARE BB-       65      Assigned
Netafim Agricultural Financing Agency LT Bk Fac          CARE A-        2857.9  Reaffirmed
Pvt Ltd
(reduced from 368.26 Crore)
Ntpc Ltd                              LT Bk Fac          CARE AAA       730000  Reaffirmed
(enhanced from 68,000 Crore)
Padmavati Steels Ltd                  LT Bk Fac          CARE B+        86.5    Assigned
Pbm Polytex Ltd                       LT Bk Fac          CARE A-        322.7   Reaffirmed
(reduced from Rs.37.73 crore Crore)
Pms Construction Company              LT Bk Fac          CARE BB-       20      Assigned
Polylace India Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Polylace India Pvt Ltd                LT/ST Bk Fac       -              -       Withdrawn
Rama Power & Steel Pvt Ltd            LT Bk Fac          CARE BB        200     -
(Issuer not cooperating); Revised from CARE BBB-;on the basis of best available information
Rama Udyog Pvt Ltd                    LT Bk Fac          CARE BB        250     -
(Issuer not cooperating); Revised from CARE BBB-; on the basis of best available information
Reliance Broadcast Network Ltd        #LT NCDs(NCD) – 3  CARE A         1150    -
                                                         (SO)/credit
                                                         watch
Revised from CARE AA-(SO); credit watch  and continues on credit watch 
with developing implications;(Reduced from Rs 150.00 crores Crore); 
# backed by letter of comfort from RCL. 
Reliance Broadcast Network Ltd        @Long Term         CARE           -       -
                                      BankFacilities     A+(SO)/credit
                                      #Long Term BankFaciwatch
Revised from CARE AA(SO); credit watch  and continues on credit watch with
developing implications Revised from CARE AA-(SO);  
@backed by unconditional and irrevocable corporate guarantee 
from Reliance Capital Limited (RCL; Guarantor or Benefactor rated CARE A+; 
Credit Watch with Developing Implications)
Reliance Broadcast Network Ltd        @Long term         CARE           1000    -
                                      NonConvertible     A+(SO)/credit
                                     Debentures(NCD) – 1  watch
Revised from CARE AA(SO); credit watch  and continues on credit watch with 
developing implications ;(Reduced formRs.280.00 crore Crore); 
@backed by unconditional and irrevocable corporate guarantee 
from Reliance Capital Limited (RCL; Guarantor or Benefactor rated CARE A+; 
Credit Watch with Developing Implications) 
Reliance Broadcast Network Ltd        %Long term         CARE           2584    -
                                      NonConvertible     A+(SO)/credit
                                     Debentures(NCD) – 2 watch
Revised from CARE AA(SO); credit watch   and continues on credit watch with 
developing implications; % backed by credit enhancement in the form of an 
unconditional and irrevocable mandatory PUT option from RCL, in favour of the 
debenture trustee on behalf of the debenture holders for 
timely repayment of all outstanding amounts.
Reliance Financial Ltd                Market Linked      CARE PP-MLD A  3500    -
                                      Debentures*        (SO)
Revised from CARE  PP- MLD AA-   and continues to be on Credit watch 
with developing implications; *The ratings are based on credit enhancement 
in the form of a ‘Letter of Comfort’ issued by Reliance Ca pital Ltd. (RCL),
rated ‘CARE A+’ (Credit watch with developing implications), 
in favour of RFL’s debt instruments.
Reliance Financial Ltd                Market Linked      CARE PP-MLD A  500     -
                                      Debentures*        (SO)
Revised from CARE  PP- MLD AA-   and continues to be on Credit watch with 
developing implications ;*The ratings are based on credit enhancement in 
the form of a ‘Letter of Comfort’ issued by Reliance Ca pital Ltd. (RCL),
rated ‘CARE A+’ (Credit watch with developing implications), 
in favour of RFL’s debt instruments.
Reliance Mediaworks Financial ServicesNCDs*              CARE A+ (SO)   6500    -
Pvt Ltd
Revised from CARE AA   and continues to be on Credit watch with developing 
implications; 
*The NCDs are proposed to be backed by credit enhancement in the form of a 
Corporate Guarantee issued by Reliance Capital Ltd. (RCL), 
rated ‘CARE A+’ (Credit watch with developing implications),
in favor of the NCD investors.
Reliance Securities Ltd               Market Linked      CARE PP-MLD A  1500    -
                                      Debentures*        (SO)
Revised from CARE  PP- MLD AA-   and continues to be on Credit watch with developing
 implications; *The rating is based on the credit enhancement in the form of a 
‘Letter of Comfort’ issued by Reliance Capital Ltd. (RCL),
rated ‘CARE A+’ (Credit watch with developing implications),
in favor of RSL’s investors/lenders in the aforesaid instruments
Rice Lake Weighing Systems India Ltd  LT Facilities      -              -       Withdrawn #
#Facility was fully repaid.
Rice Lake Weighing Systems India Ltd  LT/ST Bank         CARE BBB/CARE  200     -
                                      Facilities         A3+
(Revised from CARE BBB-)
 
Rksk Steel India Pvt Ltd              LT Bk Fac          CARE BB        250     -
(Issuer not cooperating); Revised from CARE BBB-; on the basis of best available information
 
Rukmani Power And Steel Pvt Ltd       Long term bank     CARE BB        120     Reaffirmed
                                      facilities
S. B. Enterprises_Jodhpur             LT Bk Fac          CARE B+        20      Assigned
Sasmos Het Technologies Ltd           Long/ST bank       -              -       Withdrawn
                                      facilities – Non
                                      fund based
Saviour Mines And Minerals Pvt Ltd    Long term Bank     CARE D         85      -
                                      Facilities
(Issuer not cooperating); Based on best available information. Revised from CARE B+
 
Shree Ganpati Food Products           LT BankFacility    CARE B         21.4    -
(Issuer not cooperating);
Revised from CARE B+;Stable on the basis of best available information
Shree Nursingsahay Mudungopal Engineer LT Bk Fac         CARE B-        90      -
Pvt Ltd
(Issuer not cooperating)
Shri Sakthi Papers India Pvt Ltd      Long -term Bank    CARE D         495     -
                                      Facilities
(Issuer not cooperating)* Revised from CARE BB-; on the basis of best available information
 
Shriram Housing Finance Ltd           Subordinated Debt  CARE AA+       2000    Assigned
                                      issue (Proposed)
Sr Brahmmas Agro Products Pvt Ltd     LT Bk Fac          CARE BB-       400     Revised from
                                                                                CARE BB+
Sree Rukmini Silk Emporium            LT Bk Fac          CARE B+        99      Assigned
Sri Annapoorna Enterprises            LT BankFacilities  CARE B         85      -
(Issuer not cooperating); Based on best available information Revised from CARE B+.
 
Sri Lakshmi Enterprises               Long term Bank     CARE D         80      -
                                      Facilities
(Issuer not cooperating); Based on best available information. Revised from CARE B+.
 
Surat Textile Mills Ltd               LT Bk Fac          CARE BBB-      50      Reaffirmed
Thirumalsree Spinners Pvt Ltd         Long -term Bank    CARE B+        100     -
                                      Facilities
(Issuer not cooperating)
Ucal Polymer Industries Ltd           Long term Bank     CARE BBB-      47.5    Reaffirmed
                                      Facilities
Uni Design Elite Jewellery Pvt Ltd    Long Term / STBank CARE A-/CARE   500     Reaffirmed
                                      Facilities         A2
Uni-Design Jewellery (India) Pvt Ltd  Long Term / STBank CARE A-/CARE   400     Reaffirmed
                                      Facilities         A2
Uni-Design Jewellery Pvt Ltd          Long Term / STBank CARE A-/CARE   1000    Reaffirmed
                                      Facilities         A2
Vardaan Biotech Pvt Ltd               LT Bk Fac          CARE BB-       100     Assigned
Vinayak Raj Shikshan Sansthan         LT Bk Fac          -              -       Withdrawn
Vivek Agrotech Pvt Ltd                LT Bank Facilities CARE BB        136.4   -
(Issuer not cooperating)
Vohra Foods Pvt Ltd                   LT Bk Fac          CARE B+        110     Assigned
Women’S Next Loungeries Ltd           LT Bk Fac          CARE D         125     -
(Issuer not cooperating)
Zenstar Jewellery Llp                 Long term/ ST      CARE BBB+/CARE 150     Reaffirmed
                                      Bank Facilities    A3+
                                      (Fund Based)
--------------------------------------------------------------------------------------------
$: 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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