March 18, 2020 / 7:51 AM / 21 days ago

CARE ratings for Indian debt instruments-Mar 18

    Mar 18  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of March 17, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Atmastco Ltd                         ST Bk Fac         CARE A4+      245    Revised from
                                                                            CARE A3
Issuer Not Cooperating based on best available information
Environmental And Spatial Solutions  ST BkFac          CARE A4       27.5   Reaffirmed
India Pvt Ltd
Erhardt + Leimer (India) Pvt Ltd     STBk Fac          CARE A3+      18.2   Assigned
Flash Electronics India Pvt Ltd      ST Bk Fac         CARE A2       502.6  Reaffirmed
Fluentgrid Ltd                       ST Bk Fac         CARE A3+      800    Reaffirmed
(Enhanced from Rs.52.21 Crore)
Akua Infinite Trade Llp              ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4 and
                                                                            Withdrawn
Goyum Screw Press                    ST Bk Fac         CARE A4       80     Reaffirmed
Inkel Ltd                            ST Bk Fac         CARE A4+      850    Revised from
                                                                            CARE A3
Maithan Steel & Power Ltd            ST Bk Fac         CARE A4+      220    Revised from
                                                                            CARE A3
Issuer not cooperating; based on best available information
Mediaguru Solutions Pvt Ltd          ST BkFac          CARE A4       20     -
Issuer not cooperating; based on best available information
Il&Fs Transportation & Networks Ltd  Short--Term Bk FacCARE D        2300   -
Issuer not cooperating; based on best available information
Pulikkal Medical Foundation          ST Bk Fac         CARE A1       50     Reaffirmed
Byrnihat Coal Pvt Ltd                ST Bk Fac         CARE D        25     Revised form
                                                                            CARE A4
Issuer Not Cooperating based on best available information
Centurion Tea Factory                ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A4 and
                                                                            Withdrawn
Gajmukh Mercantile Pvt Ltd           ST Bk Fac         CARE D        37.1   Revised from
                                                                            CARE A4
Issuer Not Cooperating based on best available information
Newtech Creations                    ST Bk Fac         -             -      Rating
                                                                            Re-affirmed
                                                                            at CARE A4
                                                                           and Withdrawn
Perfect Ply Industries Pvt Ltd       ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE D
                                                                            and Withdrawn
Sonic Ceramic Pvt Ltd                ST BkFac          CARE D        10     -
Issuer not cooperating; Based on best available information
Sbm Nirman Construction Pvt Ltd      ST Bk Fac         CAREA4        15     Reaffirmed
Seguro-Inkel Consortium Llp          ST Bk Fac         CARE A4+ (CE) 60     Revised from
                                                                            CARE A3 (CE)
(Credit Enhancement)
Shree Narshing Construction          STBk Fac          CARE A4       30     -
Issuer not cooperating; Based on best available information
Simpan Ceramic Pvt Ltd               ST Bk Fac         CARE A4       6.2    -
Issuer not cooperating; Based on best available information
Amr India Ltd                        ST Bk Fac         CARE D        5702.2 -
Issuer Not Cooperating based on best available information
Soni Auto & Allied Industries Ltd    ST BkFac          CARE A4+      23.1   Assigned
Surindera Cycles Pvt Ltd             ST Bk Fac         CARE A4       10     Reaffirmed
Textech Indo India Pvt Ltd           ST Bk Fac         CARE A4       10     Reaffirmed
Vasupati Agro Products Pvt. Ltd      ST Bk Fac         CARE A4       1.3    -
Issuer not cooperating; Based on best available information

MEDIUM TERM RATINGS:
-------------------
Inkel Ltd                            Fixed Deposit     CARE BB+(FD)/ 400    Revised from
                                     Programme         Stable               CARE BBB(FD);
                                                                            Negative
Sardar Sarovar Narmada Nigam Ltd     Fixed             CARE BBB+     10000  Reaffirmed
                                     DepositProgramme  (FD)/ Stable
*out of which Rs.707.73 crore was outstanding as on December 31, 2019


LONG TERM RATINGS:
-------------------
Aadhar Housing Finance Ltd (ErstwhileLT Bk Fac         CARE AA/ Stabl80882.4Re-affirmed
Dhfl Vysya Housing Finance Ltd)
(enhanced from Rs. 6764.64 crore Crore)
Aadhar Housing Finance Ltd (ErstwhileNCD               CARE AA/ Stabl16764  Re-affirmed
Dhfl Vysya Housing Finance Ltd)
(reduced from Rs. 3000 crore Crore)
Akua Infinite Trade Llp              LT Bk Fac         -             -      Rating
                                                                            reaffirmed at
                                                                            CARE B+; Stable
                                                                            and Withdrawn
Amr India Ltd                        LT Bk Fac         CARE D        3750.2 -
Issuer Not Cooperating based on best available information
Anjani Closures Pvt Ltd              LT Bk Fac         CARE B/ Stable120    -
Issuer Not Cooperating based on best available information
Apeetex Fabrics Pvt Ltd              LT Bk Fac         CARE D        62.1   -
Issuer Not Cooperating based on best available information
Arvindbhai Bechardas Jewellers Pvt LtLT Bk Fac         CARE BBB+/    500    Reaffirmed
                                                       Stable
Associated Industrial Furnaces Pvt   ST BkFac          CARE A4/      135    -

Issuer Not Cooperating based on best available information
Associated Industrial Furnaces Pvt   LT BkFac          CARE B/ Stable115    Revised from
Ltd                                                                         CARE B+;Stable
Issuer Not Cooperating based on best available information
Atmastco Ltd                         LT Bk Fac         CARE BB+/     605.3  Revised from
                                                       Stable               CARE BBB-;
                                                                            Stable
Issuer Not Cooperating based on best available information
Aurangabad Jalna Tollway Ltd         LT Bk Fac         CARE A        2134.7 -
(reduced from 218.83 Crore) ,Continues on Credit watch with Developing Implications
B D Agricare Pvt Ltd                 LT Bk Fac         CARE B+ /     60.5   Reaffirmed
                                                       Stable
B D Agricare Pvt Ltd                 LT/ST BkFac       CARE B+ /     11.8   Reaffirmed
                                                       Stable/CARE A4
Bhoomi Ginning And Seeds Processing  LT Bk Fac         CARE B/ Stable50     Revised from
Plant                                                                       CAREB+; Stable
Issuer Not Cooperating based on best available information
Br Designs Pvt Ltd                   LT Bk Fac         CARE BB/ Stabl90.4   Reaffirmed
Br Designs Pvt Ltd                   LT/ STBk Fac      CARE BB/      166.7  Reaffirmed
                                                       Stable/CARE A4
Brightsolar Renewable Energy Pvt Ltd LT BkFac- TL      CARE BBB+     544
Continues to remain under Credit watch with Negative implications
Byrnihat Coal Pvt Ltd                LT Bk Fac         CARE D        45     Revised form
                                                                            CARE B-;
                                                                            Stable
Issuer Not Cooperating based on best available information
Centurion Tea Factory                LT Bk Fac         -             -      Revised to
                                                                            CARE B;
                                                                            Stable and Withdrawn
C-Net Infotech Pvt Ltd               LT Bk Fac         CARE D        44.5   -
Issuer Not Cooperating based on best available information
C-Net Infotech Pvt Ltd               LT/ST Bk Fac      CARE D/CARE D 30     -
Issuer Not Cooperating based on best available information
Edison Energy India Pvt Ltd          LT Bk Fac         CARE BB+/     450.2  -
                                                       Stable
Issuer Not Cooperating based on best available information
Environmental And Spatial Solutions  LT Bk Fac         CARE BB-/     42.5   Reaffirmed
India Pvt Ltd                                          Stable
Erhardt + Leimer (India) Pvt Ltd     LTBk Fac          CARE BBB/     60     Assigned
                                                       Stable
Erhardt + Leimer (India) Pvt Ltd     LT / ST Bk Fac    CARE BBB/     12.2   Assigned
                                                       Stable/CARE A3+
Evershine Builders Pvt. Ltd.         LT/ST Bk Fac      --            0      Withdrawn
Fermi Solarfarms Pvt Ltd             LT Bk Fac – TL    -             -      Reaffirmed at
                                                                            CARE BBB+;
                                                                            Stable and Withdrawn
Fermi Solarfarms Pvt Ltd             LT Bk Fac – NonFBL-             -      Reaffirmed at
                                                                            CARE BBB+;
                                                                            Stableand Withdrawn
Flash Electronics India Pvt Ltd      LT Bk Fac         CARE A-/      1389.9 Reaffirmed
                                                       Negative
Flash Viven Machining Technologies PvLT BkFac          CARE A- (CE)  1209   Reaffirmed
Ltd
Fluentgrid Ltd                       LT Bk Fac         CARE BBB+/    701.4  Reaffirmed
                                                       Negative
(Enhanced from Rs.63.14 crore Crore)
Gajmukh Mercantile Pvt Ltd           LT/ST Bk Fac      CARE D/CARE D 80     Revised from
                                                                            CARE B;
                                                                            Stable / CARE A4
Issuer Not Cooperating based on best available information
Gawar Construction Ltd               LT BkFacLong/ST   CARE A+/      1900   affirmed;
                                     BkFac             Positive
(reduced from 200 Crore),Outlook revised from Stable to Positive Rating reaffirmed; Outlook
revised from Stable to Positive
Goyum Screw Press                    LT Bk Fac         CARE B+, Stabl30     Reaffirmed
Hentech Agrovet Pvt Ltd              LT Bk Fac         -             -      Withdrawn
Hentech Agrovet Pvt Ltd              LT Bk Fac         CARE BB/ Stabl75     Reaffirmed
Ikf Finance Ltd                      NCD issue-II      -             -      Withdrawn
Ikf Finance Ltd                      LT Bk Fac         CARE A/ Stable10650  Reaffirmed
Ikf Finance Ltd                      (NCD) issue-I     CARE A/ Stable97.5   Reaffirmed
Ikf Finance Ltd                      (NCD) issue-IV    CARE A/ Stable156.3  Reaffirmed
Ikf Finance Ltd                      (NCD) issue-V     CARE A/ Stable150    Reaffirmed
Ikf Finance Ltd                      Principal         CARE PP MLD A/-      Reaffirmed
                                     Protected Market  Stable               Withdrawn
                                     Linked Debenture (PP-MLD) issueNon-ConvertibleDebentures
(NCD) issue-III
Il&Fs Transportation & Networks Ltd  Long - Term Bk FacCARE D        22415  -
Issuer not cooperating; based on best available information
Il&Fs Transportation & Networks Ltd  Long/ST Bk Fac    CARE D        8900   -
Issuer not cooperating; based on best available information
Il&Fs Transportation & Networks Ltd  NCD issue (NCD)   CARE D        19900  -
Issuer not cooperating; based on best available information
Il&Fs Transportation & Networks Ltd  Proposed NCD      CARE D        2000   -
Issuer not cooperating; based on best available information
Inkel Ltd                            Proposed LT BkFac CARE BB+/     50     Revised from
                                                       Stable               CARE BBB;
                                                                            Negative
Jaipur-Mahua Tollway Ltd             LT BkFac          CARE AA/ Stabl1246   Reaffirmed
(reduced from 125.27 Crore)
Jaipur-Mahua Tollway Ltd             LT Instruments    CARE AA/ Stabl1548   Reaffirmed
(reduced from 155.22 Crore)
Jindal Films India Ltd               Bk Fac – LT/ST –  CARE A (CE)/  250    Reaffirmed
                                     Fund based/       Stable/CARE A1
                                     Non-fund based – o(CE)
Jindal Poly Films Ltd                LT - Bk Fac – fundCARE A+/ Stabl1867.3 Reaffirmed
                                     based – TL
(reduced from 224.13 Crore)
Jindal Poly Films Ltd                LT/ST – Bk Fac –  CARE A+/      1390   Reaffirmed
                                     fund/non fund –   Stable/CARE A1+
                                     CC/BG/ LC/ EPC/PCFC/FBP/FBD
(enhanced from 109.00 Crore)
L&T Deccan Tollways Ltd              LT Bk Fac         CARE BBB+/    9308   Revised from
                                                       Stable               CARE BBB;
                                                                            Stable
Maithan Steel & Power Ltd            LT Bk Fac         CARE BB+      599.7  Revised from
                                                                            CARE BBB-
                                                                            Stable
Issuer not cooperating; based on best available information
Mars Packaging Industries            LT Bk Fac         -             -      Withdrawn
Mediaguru Solutions Pvt Ltd          LT BkFac          CARE BB-/     20     Revised from
                                                       Stable               CARE BB;
                                                                            Stable
Issuer not cooperating; based on best available information
Mediaguru Solutions Pvt Ltd          LT/ShortTerm Bk FaCARE BB-/     60     Revised from
                                                       Stable/CARE A4       CARE BB/A4
Issuer not cooperating; based on best available information
Miv Logistics Pvt Ltd                LT Bk Fac         CARE BB+ (CE)/210    Revised from
                                                       Stable               CARE BBB
                                                                            (CE); Negative
Nezone Tubes Ltd                     LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE A;
                                                                            Stable and withdrawn
Noor Impex Pvt Ltd                   LT/ST Bk Fac      CARE D/CARE D 180    -
Issuer not cooperating; Based on best available information
Olive Bar And Kitchen Pvt Ltd        LT Bk Fac         CARE BB+/     136.9  Revised from
                                                       Stable               CARE
                                                                            BBB-;Negative
Ongc Petro Additions Ltd             LT proposed       CARE AAA(CE)/ 5000   Assigned
                                     Instruments       Stable@
@The rating is based on the proposed term sheet and credit enhancement in the form of letter of
comfort from Oil and Natural Gas Corporation Ltd (ONGC) which s
Perfect Ply Industries Pvt Ltd       LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE D
                                                                            (Single D) and
Withdrawn
Pratiksha Gems                       LT BkFac          CARE B+/ Stabl48.2   Issuer not
                                                                            cooperating;
                                                                            Based on best
available information
Pugalur Renewable Pvt Ltd            LT Bk Fac – TL    CARE A-/ Stabl3316.9 Reaffirmed
(reduced from 354.70 Crore)
Pulikkal Medical Foundation          LT Bk Fac         CARE A+/ Stabl25     Reaffirmed
R.K. Wind Farms (Karur) Pvt Ltd      Long -term Bk Fac CARE BB-/     97.3   -
                                                       Stable
Issuer not cooperating; Based on best available information
Rajasthan Marudhara Gramin Bank      Tier I Perpetual  CARE A-/ Stabl5000   Assigned
                                     DebtInstrument
                                     (PDI)
Rishi Builders And Developers        LT Bk Fac         CARE BB-/     129.5  Revised from
                                                       Stable               CARE BB;
                                                                            Stable
Issuer not cooperating; Based on best available information
Sabar Cotton Pvt Ltd                 LT BkFac          CARE B/ Stable123.5  Revised from
                                                                            CARE B+;
                                                                            Stable
Issuer not cooperating; Based on best available information
Sai Enterprises                      LT Bk Fac         CARE B-/ Stabl100    Revised from
                                                                            CARE B; Stable
Issuer not cooperating; Based on best available information
Sai Enterprises                      LT/ST BkFac       CARE B-/      20     Revised from
                                                       Stable/CARE A4       CARE
                                                                            B;Stable/CARE A4
Issuer not cooperating; Based on best available information
Saija Finance Pvt Ltd                NCDs              CARE BB+/     234.5  Ratings
                                                       Stable               revised from
                                                                            CAREBBB-; Stable
Issuer not cooperating; Based on best available information ^equivalent USD 4 Mn
Saija Finance Pvt Ltd                NCDs              CARE BB+/     200    Ratings
                                                       Stable               revised from
                                                                            CAREBBB-; Stable
Issuer not cooperating; Based on best available information & equivalent of approximately USD
3.1 million
Saija Finance Pvt Ltd                NCDs              CARE BB+/     234.5  Ratings
                                                       Stable               revised from
                                                                            CAREBBB-; Stable
Issuer not cooperating; Based on best available information *equivalent to approximately USD 3.5
million
Sam International                    LT/ShortTerm Bk FaCARE B+/      79     Revised from
                                                       Stable/CARE A4       CARE BB-/A4
Issuer not cooperating; Based on best available information
Sangha Refrigeration                 LT BkFac          CARE B/ Stable102.2  Revised from
                                                                            CARE B+;
                                                                            Stable
Issuer not cooperating; Based on best available information
Saurashtra Gramin Bank               Tier I Perpetual  CARE A+/ Stabl2000   Assigned
                                     Debt Instrument
                                     (PDI)
Sbm Nirman Construction Pvt Ltd      LT Bk Fac         CARE B+/ Stabl47.6   Reaffirmed
Seguro-Inkel Consortium Llp          LT Bk Fac         CARE BB+ (CE)/190    Revised from
                                                       Stable               CARE BBB
                                                                            (CE); Negative
Shiv Agrevo Ltd                      LT Bk Fac         CARE BBB:     200    Reaffirmed
                                                       Stable
Shiv Edibles Ltd                     LT Bk Fac         CARE BBB:     400    Reaffirmed
                                                       Stable
Shiv Vegpro Pvt Ltd                  LT Bk Fac         CARE BBB:     300    Reaffirmed
                                                       Stable
Shree Narshing Construction          LT BkFac          CARE B+/ Stabl60     Revised from
                                                                            BB-; Stable
Issuer not cooperating; Based on best available information
Shruti Power Projects Pvt Ltd        LTBk Fac          CARE A/ Stable460.2  Revised from
                                                                            CARE A-;
                                                                            Stable
(reduced from Rs. 48.62 crore Crore)
Simpan Ceramic Pvt Ltd               LT Bk Fac         CARE B+/ Stabl61.5   -
Issuer not cooperating; Based on best available information
Singh Construction Company           LT BkFac          CARE BB/ Stabl1160   Revised from
                                                                            CARE BBB-;
                                                                            Stable
Issuer not cooperating; Based on best available information
Sonamoti Agrotech Pvt Ltd            LT Bk Fac         CARE B/ Stable87.8   Revised from
                                                                            CARE BB-;
                                                                            Stable
Issuer not cooperating; Based on best available information
Soni Auto & Allied Industries Ltd    LT BkFac          CARE BB+/     151.9  Assigned
                                                       Stable
Sonic Ceramic Pvt Ltd                LT Bk Fac         CARE D        208.4  -
Issuer not cooperating; Based on best available information
Sp Imperial Star Pvt Ltd             (NCBs)@           CARE A-/ Stabl11170  Reaffirmed
(enhanced from 1050.00 Crore) ,@The rating is provisional and will be confirmed once the company
submits copies of the following executed transaction
documents
Sreenivasa Mechanical Works          LT BkFacST BkFac  CARE BB-/     35.3   -
                                                       Stable /CARE A4
Issuer not cooperating; Based on best available information
Supreetha Poultry Service            LT Bk Fac         -             -      Rating
                                                                            Re-affirmed
                                                                            at Withdrawn
Surindera Cycles Pvt Ltd             LT Bk Fac         CARE BB-/     213.7  Reaffirmed
                                                       Stable
(reduced from 21.85 Crore)
Tapasya Shiksha Samiti               LT Bk Fac         CARE BB-/     76.7   Reaffirmed
                                                       Stable
(Enhanced from Rs.6.00 crore Crore)
Tarun Enterprises Pvt Ltd            LT Bk Fac         CARE BB/ Stabl90     Revised from
                                                                            CARE BB-;
                                                                            Stable (Double B
Minus ;Outlook: Stable)
Temple Packaging Pvt Ltd             LT Bk Fac- TL     CARE BBB-/    294.6  Revised from
                                                       Stable               CARE BBB;
                                                                            Stable; Issuer not
cooperating(Triple B; Outlook: Stable; Issuer not cooperating)
Textech Indo India Pvt Ltd           LT Bk Fac         CARE BB-/     42.6   Reaffirmed
                                                       Stable
The Clearing Corporation Of India LtdNC Red PS Issue   CARE AAA/     500    Reaffirmed
                                                       Stable
The Neotia University                LT Bk Fac         CARE BBB-/    207.5  Assigned
                                                       Stable
The Neotia University                Long/ ST BkFac    CARE BBB-/    17     Assigned
                                                       Stable/CARE A3
The Poona District Police Co-OperativLT BkFac          CARE BB+/     3000   Assigned
Credit Society Ltd                                     Stable
Uttarakhand Gramin Bank              Tier I Perpetual  CARE BBB+/    3000   Assigned
                                     Debt Instrument   Stable
                                     (PDI)
Vasupati Agro Products Pvt. Ltd      LT Bk Fac         CARE B/ Stable49.1   Revised from
                                                                            CARE B+;
                                                                            Stable
White Gold Agro Industries           LT BkFac          CARE B/ Stable72.7   Reaffirmed
(reduced from 7.36 Crore)
--------------------------------------------------------------------------------------------
$: 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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