March 16, 2020 / 8:57 AM / 19 days ago

CARE ratings for Indian debt instruments-Mar 16

    Mar 16  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of March 13, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Amman-Try Sponge And Power Pvt Ltd    ST Bk Fac          CARE A3        150     Reaffirmed
Associated Container Terminals Ltd    ST BkFac           CARE A3+       30      Revised from
                                                                                CARE A2+
(Issuer Not Cooperating)
Btl Epc Ltd                           ST BkFac*          CARE A3        627.5   Reaffirmed
(reduced from 143.30 Crore)*Reclassified
Gautam Solar Pvt Ltd                  ST BkFac           CARE A2        25.5
(Issuer Not Cooperating)
Gouranga Cold Storage Pvt Ltd         ST Bk Fac          CARE A4        4       Assigned
Igarashi Motors India Ltd             ST BkFac           CARE A1+       600     Reaffirmed
International Conveyors Ltd           ST BkFac           CARE A4+       13.8    Reaffirmed
Kamal Packaging Pvt Ltd               Short term BkFac   CARE A4        30      Reaffirmed
Kothari Agritech Pvt Ltd              ST Bk Fac          CARE A3+       -       Reaffirmed
Maa Chandi Nirman Company             ST BkFac           CARE A4        50
(Issuer Not Cooperating)
Madhya Bharat Power Corporation Ltd   ST Non-FundBased   CARE A3 (CE)   100     Reaffirmed
                                      Bk Fac BG 
Mangalam Rice Mill Pvt Ltd            ST BkFac           CARE A4        4.8     Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Manu Impex Pvt Ltd                    ST BkFac           CARE A4        80
(Issuer Not Cooperating)
Moon House Projects Ltd               ST Bk Fac          CARE A4+       190     Assigned
Power Engineering Corporation         ST BkFac           CARE A4        40
(Issuer Not Cooperating)
Puspa Agencies Pvt Ltd                ST BkFac           CARE A4        37.5    Reaffirmed
S.S. Duraisamy Nadar                  ST Bk Fac          CARE A4        100     Reaffirmed
Shree Mahalaxmi Himghar Pvt Ltd       ST Bk Fac          CARE A4        4       Assigned
Special Banking Arrangement Against   Special Bking      CARE A1+ (CE)  100000  Assigned
Subsidy To Fertilizer Companies (Pnb) Arrangement
                                      against subsidy to fertilizer companies (PNB) 
                                     (ST Bk facility)
Unitriveni Overseas                   ST Bk Fac          CARE D         30
(Issuer Not Cooperating)
 
LONG TERM RATINGS:
-------------------
A.Tosh And Sons (India) Ltd           LT Bk Fac          CARE BB/ Stable180     Revised from
                                                                                CARE BB+;
                                                                                Stable
Almighty Techserv                     LT                 CARE B-/ Stable30      Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Almighty Techserv                     LT/ST              CARE B-/       30      Revised from
                                                         Stable/CARE A4         CARE B/A4
(Issuer Not Cooperating)
Amman-Try Sponge And Power Pvt Ltd    LT Bk Fac          CARE BBB/      50      Reaffirmed
                                                         Stable
Anshu Hospitals Ltd                   LT Bk Fac (TL)     -              -       Reaffirmed at
                                                                                CARE BBB-;
                                                                                Stable and
                                                                                Withdrawn
Anshu Hospitals Ltd                   LT Bk Fac (CC)     -              -
Anshu Hospitals Ltd                   Long/ ST Bk Fac-   -              -       Reaffirmed at
                                      Non Fund                                  CARE BBB-;
                                      Based(LC/BG)                              Stable/CARE A3
                                                                                and Withdrawn
Armour Steel Buildings India Pvt Ltd  Long -term Bk Fac  CARE BB/ Stable40.1    Revised from
                                                                                CARE
                                                                                BB+;Stable
(Issuer Not Cooperating)
Armour Steel Buildings India Pvt Ltd  LT/ST BkFac        CARE BB/       30      Revised from
                                                         Stable/CAREA4          CARE
                                                                                BB+;Stable/CARE
                                                                                A4+
(Issuer Not Cooperating)
Art Housing Finance (India) Ltd       LT Bk Fac          CARE: BBB      4000    Revised from
                                                                                CARE A- Stable
Art Housing Finance (India) Ltd       LT Non-Convertible CARE: BBB      -       Revised from
                                      Debentures                                CARE A- Stable
Associated Container Terminals Ltd    LT BkFac           CARE BBB/      10      Revised from
                                                                                CARE BBB+;
                                                                                Stable
(Issuer Not Cooperating)
Brookefields Real Estates And ProjectsLT Bk Fac          -              -       Withdrawn
Pvt Ltd
Btl Epc Ltd                           LT BkFac           CARE BBB/      950     Revised from
                                                         Negative               CARE BBB;
                                                                                Stable
Btl Epc Ltd                           LT/ ST Bk Fac*     CARE BBB/      1503    Revised from
                                                         Negative/CARE          CARE BBB;
                                                         A3                     Stable
*Reclassified 
Dakshin Exports                       LT Bk Fac          CARE BB-/      246     Assigned
                                                         Stable
Gautam Solar Pvt Ltd                  LT Bk Fac- Fund    CARE BBB/      180
                                      based              Stable
(Issuer Not Cooperating)
Gautam Solar Pvt Ltd                  LT / ST Bk Fac     CARE BBB/      520
                                                         Stable/CARE A2
(Issuer Not Cooperating)
Gouranga Cold Storage Pvt Ltd         LT Bk Fac          CARE B+/       95.5    Assigned
                                                         Stable
Ifl Housing Finance Ltd               LT Bk Fac          -              -       Withdrawn
                                      (Proposed)
Igarashi Motors India Ltd             LT BkFac           CARE A+/ Stable761.4   Reaffirmed
(reduced from 93.30 Crore)
Igarashi Motors India Ltd             LT/STBk Fac        CARE A+/       200     Reaffirmed
                                                         Stable/CARE A1+
International Conveyors Ltd           LT BkFac           CARE BB+/      280     Revised from
                                                         Positive               CARE BB+;
                                                                                Stable
(enhanced from 18.00 Crore)
International Conveyors Ltd           Long/STBk Fac      CARE BB+/      250     Revised from
                                                         Positive/CARE          CARE BB+;
                                                         A4+                    Stable/ CARE A4+
Jammu & Kashmir Bank Ltd              Lower Tier-II      -              -       Withdrawn
                                      Bonds
Jasdan Energy Pvt Ltd                 LT BkFac           CARE BBB+      1155.8
Continues to be on credit watch with developing implications /(reduced from 123.45 Crore)
Joymakali Cold Storage Pvt Ltd        LT BkFac           CARE B/ Stable 56.2    Revised from
                                                                                CARE B+ Stable
(Issuer Not Cooperating)
Kamal Packaging Pvt Ltd               LT BkFac           CARE B+/       46.9    Revised from
                                                         Stable                 CARE
                                                                                BB-;Stable
Kbs Creations                         Long/ST Bk Fac     -              -       Reaffirmed
                                                                                and Withdrawn
Kothari Agritech Pvt Ltd              LT Bk Fac          CARE BBB/      1085    Reaffirmed
                                                         Stable
(Enhanced from 52.50 Crore)
L. C. Industries Pvt Ltd              LT Bk Fac          CARE B-/ Stable0       Revised from
                                                                                CARE B+;
                                                                                Stable
L. C. Industries Pvt Ltd              LT/Short Bk Fac    CARE B-/       -       Revised from
                                                         Stable/CARE A4         CARE B+;
                                                                                Stable/CARE A4
                                                                                to CARE D and
                                                                                upgraded to CARE
                                                                                B-; Stable/CARE
                                                                                A4
Maa Chandi Nirman Company             LT BkFac           CARE B+/ Stable20      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating)
Madhya Bharat Power Corporation Ltd   LT Bk Fac – TLLT   CARE BB        7842.3  Reaffirmed
                                      Non-FundBased Bk   StableCARE BB/
                                      Fac – BG           Stable
(enhanced from 759.98 Crore)10
Madhya Bharat Power Corporation Ltd   Long/ST BkFac- LOC CARE BBB(CE)/  490     Reaffirmed
                                                         Stable/CARE
                                                         A3(CE)
Mahajan Engineering Works             LT Bk Fac          CARE BBB-/     300     Reaffirmed
                                                         Stable
Mangalam Rice Mill Pvt Ltd            LT Bk Fac          CARE BB-/      87.9    Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer Not Cooperating)
Manu Impex Pvt Ltd                    LT Bk Fac          CARE B+/ Stable25
(Issuer Not Cooperating)
Mbe Coal & Mineral Technology India PvLT Bk Fac          CARE C/ Stable 100     Reaffirmed
Ltd
Mbe Coal & Mineral Technology India PvLong/ST Bk Fac     CARE C/        100     Reaffirmed
Ltd                                                      Stable/CARE A4
Mbe Coal & Mineral Technology India PvLT Bk Fac          CARE D         85      Reaffirmed
Ltd
Moon House Projects Ltd               LT Bk Fac          CARE BB/       50      Assigned
                                                         Stable
Nani Resorts And Floriculture Pvt Ltd LT Bk Fac          CARE B-/       85.2    Revised from
                                                         Stable                 CARE D
                                                                                (Single D)
(reduced from 20.45 Crore)
Ntpc Ltd                              Proposed LT Bonds  CARE AAA/      150000  Assigned
                                                         Stable
Power Engineering Corporation         LT BkFac           CARE B/ Stable 20      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Puspa Agencies Pvt Ltd                LT BkFac           CARE B+/       134.5   Revised from
                                                         Stable                 CARE BB-
                                                                                Stable
(reduced from 16.25 Crore)
Ramsons Organics Ltd                  LT Bk Fac          CARE B+/ Stable51.4    Revised from
                                                                                CARE BB-
S.S. Duraisamy Nadar                  LT Bk Fac          CARE B+/       10      Reaffirmed
                                                         Stable
Sarvodaya Agrotech (India) Ltd        LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Sarvodaya Agrotech (India) Ltd        LT/ ST BkFac       -              -       Reaffirmed
                                                                                and Withdrawn
Satin Finserv Ltd                     LT Bk Fac @        ProvCARE BBB+  500     Assigned
                                                         (CE)/ Stable
Proposed to be backed by LoC from Satin Creditcare Network Limited (rated CARE A-; Stable/BBB+
     ; Stable/CARE A1) 
Shiv Real Ispat Pvt Ltd               LT BkFac           CARE BB/ Stable60      Revised
                                                                                fromCARE BB+;
                                                                                Stable
(Issuer Not Cooperating)
Shree Mahalaxmi Himghar Pvt Ltd       LT Bk Fac          CARE B+/ Stable95.5    Assigned
Shri Kalyanika Promotors & Developers LT Bk Fac          -              -       Reaffirmed at
Pvt Ltd                                                                         CARE B;
                                                                                Stable and
                                                                                withdrawn
Sikka Ports & Terminals Ltd           NCD - Proposed     CARE AAA/      75000   Assigned
                                                         Stable
Spectra Vision                        LT Bk Fac          CARE B+/ Stable50      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Tejankar Health Care And Medical      LT Bk Fac          -              -       Reaffirmed at
Research Institute Pvt Ltd                                                      CARE
                                                                                B+;Stable and
                                                                                withdrawn
Unitriveni Overseas                   LT Bk Fac          CARE D         170
(Issuer Not Cooperating)
Vasundhara Diamond Roof Pvt Ltd       LT BkFac           CARE BBB/      250     Reaffirmed
                                                         Stable
--------------------------------------------------------------------------------------------
$: 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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