March 2, 2020 / 8:51 AM / a month ago

CARE ratings for Indian debt instruments-Mar 2

    Mar 2  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of February 28, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                      (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adarsh Transformers Pvt Ltd           ST Bk Fac          CARE D         2.8     Revised from
                                                                                CARE A4
(Issuer Not Cooperating; based on best available information.)
Arkkays National Engineering And      ST Bk Fac          CARE A3        290     Reaffirmed
Foundry Company
Baitarani Rice Mill                   ST Bk Fac          CARE A4        35      -
(Issuer Not Cooperating; based on best available information.)
Balaji Agro Food Products             ST Bk Fac          CARE A4        0.7     -
(Issuer Not Cooperating; based on best available information.)
Bhawar Sales Corporation              ST Bk Fac          CARE A3        220     Reaffirmed
Emichem Pvt Ltd                       ST Bk Fac          CARE A4        1       Reaffirmed
En En Electrical Engineers Pvt Ltd    ST Bk Fac          -              -       -
(Reaffirmed at CARE A4 and withdrawn)
Flemingo Dutyfree Shop Pvt Ltd        ST Bk Fac          -              -       Withdrawn
Golden Spinning Mills Pvt Ltd         ST Bk Fac          CARE A4        5       Reaffirmed
Hlbs Tech Pvt Ltd                     ST Bk Fac          CARE A4        80      -
(Issuer Not Cooperating; based on best available information.)
Jewel Consumer Care Pvt Ltd           ST Bk Fac          -              -       Withdrawn
Jindal Drilling & Industries Ltd      ST Bk Fac          CARE A3+       1000    -
(Issuer Not Cooperating; based on best available information.)
Johns Automotives Pvt Ltd             ST Bk Fac          CARE A4        85      Reaffirmed
Kalpak Electrical And Contractors     ST Bk Fac          CARE A4        22      -
(Issuer Not Cooperating; based on best available information.)
Kamalesh Construction Pvt Ltd         ST Bk Fac          CARE A4        40      -
(Issuer Not Cooperating; based on best available information.)
Lnsk Green House Agro Products Llp    ST Bk Fac          CARE A4        10      Revised from
                                                                                CARE A4+
Mortex (India)                        ST Bk Fac          CARE A3        2300    Reaffirmed
Mysore Mercantile Co. Ltd             ST Bk Fac          CARE A4        200     Revised from
                                                                                CARE A3+
(Issuer Not Cooperating; based on best available information.)
Nash Fashion (India) Ltd              ST Bk Fac          CARE A4        90      -
(Issuer Not Cooperating; based on best available information.)
Nks Construction And Engineers Pvt LtdST Bk Fac          CARE A4+       150     -
(Issuer Not Cooperating; based on best available information.)
Santuka Foods Pvt Ltd                 ST Bk Fac          CARE A4        35      -
(Issuer Not Cooperating; based on best available information.)
Shakti Energy Solutions Pvt Ltd       ST Bk Fac          CARE A2 (CE)   23      Revised from
                                                                                CARE A2+ (CE)
Suryamitra Exim Pvt Ltd               ST Bk Fac          CARE A3 +      130     Reaffirmed
Techno Commercial Company Pvt Ltd     ST Bk Fac          CARE A4        10      -
(Issuer Not Cooperating; based on best available information.)
Tufanganj Agro Industries Pvt Ltd     ST Bk Fac          CARE A4        7.5     Reaffirmed
T. R. Chemicals Ltd                   ST Bk Fac          CARE D         10      -
(Issuer Not Cooperating; based on best available information.)
Veerabhadra Minerals Pvt Ltd          ST Bk Fac          CARE A4        45      Reaffirmed




LONG TERM RATINGS:
-------------------
Aarryaveer Oil Industries Pvt Ltd     LT Bk Fac          CARE BB; Stable120     Assigned
Adarsh Transformers Pvt Ltd           LT Bk Fac          CARE D         0.4     Revised from
                                                                                CARE B+ ;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Adarsh Transformers Pvt Ltd           LT/ST Bk Fac       CARE D / D     49      Revised from
                                                                                CARE B+ ;
                                                                                Stable/ A4
(Issuer Not Cooperating; based on best available information.)
Arkkays National Engineering And      lT Bk Fac          CARE BBB-;     411.7   Reaffirmed
Foundry Company                                          Stable
Baitarani Rice Mill                   LT Bk Fac          CARE B; Stable 35.8    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Balaji Acqua & Agro Products Pvt Ltd  LT Bk Fac          CARE B; Stable 120     Revised from
                                                                                CARE B+ ;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Balaji Agro Food Products             LT Bk Fac          CARE B+; Stable83.5    Revised from
                                                                                CARE BB- ;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Barak Valley Cements Ltd              LT Bk Facility-TL  CARE C; Stable 160     Assigned
Bhawar Sales Corporation              LT Bk Fac          CARE BBB-;     200     Reaffirmed
                                                         Stable
Biostadt India Ltd                    LT/ short - term   CARE A+;       1000    Reaffirmed
                                      Bk Fac (Fund       Stable/CARE A1
                                      based/ NonFund based)
Bokahola Tea Co Pvt Ltd               LT Bk Fac          CARE BB-;      220     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Borkhedi Wardner Pathways Pvt Ltd     Long/ ST Bk Fac    -              -       Withdrawn
Colossus Trade Links Ltd              LT Bk Fac          CARE BB-;      250     Assigned
                                                         Stable
Crescent Epc Projects And Technical   Long- term Bk Fac  -              -       Withdrawn
Services Ltd
Crescent Epc Projects And Technical   LT/ST Bk Fac       -              -       Withdrawn
Services Ltd
Dalmia Refractories Ltd               LT Bk Fac Fund     CARE A-        400     Revised from
                                      Based                                     CARE A-
(Under Credit Watch with Developing Implications)
Dalmia Refractories Ltd               LT Bk Fac Non-Fund CARE A-        930     Revised from
                                      Based (stand by                           CARE A-
                                      limit)
(Under Credit Watch with Developing Implications)
Dalmia Refractories Ltd               LT/ST Bk Fac –     CARE A- / A2+  400     Revised from
                                      Non-Fund Based                            CARE A-/A2+
(Under Credit Watch with Developing Implications)
Diva Ravi Agro And Founders Pvt Ltd   LT Bk Fac          CARE B+; Stable150     Assigned
Divine Solren Pvt Ltd                 Long -term Bk Fac  CARE A-        2389.6  -
(Placed under Credit Watch with Developing Implications)
Divya Shree Industries                LT Bk Fac          CARE B; Stable 115     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Emichem Pvt Ltd                       LT Bk Fac          CARE BB; Stable69      Reaffirmed
En En Electrical Engineers Pvt Ltd    LT Bk Fac          -              -       -
(Revised to CARE B+; Stable and withdrawn)
Flemingo Dutyfree Shop Pvt Ltd        LT Bk Fac          CARE BBB+      423.8   Revised from
                                                                                CARE A
Flemingo Dutyfree Shop Pvt Ltd        LT/ST Bk Fac       CARE BBB+/CARE 2076.2  Revised from
                                                         A2                     CARE A/ CARE
                                                                                A2+
Ghevariya Exports                     LT/ST Bk Fac       CARE BB / A4   120     Revised from
                                                                                CARE BB+;
                                                                                Stable/ A4+
Golden Spinning Mills Pvt Ltd         LT Bk Fac          CARE B+; Stable75      Reaffirmed
Harsha International                  Long -term Bk Fac  CARE D         250     Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Hlbs Tech Pvt Ltd                     LT Bk Fac          CARE BB-;      60      -
                                                         Stable
(Issuer Not Cooperating; based on best available information.)
Jewel Consumer Care Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Jewel Consumer Care Pvt Ltd           LT/ST Bk Fac       -              -       Withdrawn
Jindal Drilling & Industries Ltd      LT Bk Fac          CARE BBB+;     200     -
                                                         Stable
(Issuer Not Cooperating; based on best available information.)
Johns Automotives Pvt Ltd             LT Bk Fac          CARE BB-;      13.2    Reaffirmed
                                                         Stable
Kach Motors Pvt Ltd                   LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BBB-;
                                                                                Stable
Kalpak Electrical And Contractors     LT Bk Fac          CARE B; Stable 48      Revised from
                                                                                CARE B+ ;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Kalyani Construction                  LT Bk Fac          CARE D         43.5    -
(Removed from Issuer Not cooperating and Reaffirmed)
Kamalesh Construction Pvt Ltd         LT Bk Fac          CARE B; Stable 37.9    Revised from
                                                                                from CARE B+;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Kamna Medical Center Pvt Ltd          LT Bk Fac          CARE D         77.6    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Karle Infra Pvt Ltd                   LT Bk Fac – Lease  -              -       Withdrawn#
                                      Rental Discounting
                                      (LRD)
#Withdrawn based on No Due Certificate from the lender
Karle Infra Pvt Ltd                   LT Bk Fac – TL     CARE BB; Stable4050    Revised from
                                                                                CARE BBB-/
                                                                                Stable
(reduced from 4250^) 
^reduction to the extent of Rs. 20 Cr is based on No Due Certificate from the lender
Kbk Biotech Pvt Ltd                   LT Bk Fac          CARE B; Stable 200     Revised from
                                                                                CARE B+ ;
                                                                                Stable
(Issuer not cooperating)
Lnsk Green House Agro Products Llp    LT Bk Fac          CARE BB; Stable260     Revised from
                                                                                CARE BB+ ;
                                                                                Stable
Lnsk Green House Agro Products Llp    LT/ ST Bk Fac      CARE BB;       20      Revised from
                                                         Stable/ A4             CARE BB+ ;
                                                                                Stable/ A4+
Maa Sarbamangala Udyog                LT Bk Fac          CARE D         71.3    -
(Issuer Not Cooperating; based on best available information.)
Mh Technique Solaire India Pvt Ltd    LT Bk Fac Forward  -              -       Withdrawn*
                                      contract /
                                      derivative limit
*CARE has withdrawn the rating assigned to the bank facilities (Forward contract/derivative
limit) of MTSIPL with immediate effect, as the company has repaid the aforementioned facility in
full and there is no amount outstanding as on date.
Mh Technique Solaire India Pvt Ltd    LT Bk Fac – TL     CARE BBB-;     540     Reaffirmed
                                                         Stable
Mortex (India)                        Long/ST Bk Fac     CARE BBB;      100     Reaffirmed
                                                         Stable/ A3
Mysore Mercantile Co. Ltd             LT Bk Fac          CARE BB;       299.9   Revised from
                                                         Negative               CARE BBB;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Nash Fashion (India) Ltd              LT Bk Fac          CARE B-; Stable146     Revised from
                                                                                CARE B; Stable
(Issuer Not Cooperating; based on best available information.)
Nash Fashion (India) Ltd              LT/ST Bk Fac       CARE B-;       155     Revised from
                                                         Stable/A4              CARE B;
                                                                                Stable / A4
(Issuer Not Cooperating; based on best available information.)
Navdurga Pulp And Paper Mills India   LT Bk Fac          CARE B+; Stable147     Revised from
Pvt Ltd                                                                         CARE BB-;
                                                                                Stable
Navya Foods Pvt Ltd                   LT Bk Fac          CARE BB-;      89.5    Revised from
                                                         Stable                 CARE BB
Nks Construction And Engineers Pvt LtdLT Bk Fac          CARE BB; Stable51      -
(Issuer Not Cooperating; based on best available information.)
Peesari Sudhakar Reddy                LT Bk Fac          CARE B; Stable 65      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Prem Kumar Pradeep Kumar              LT Bk Fac          CARE B-; Stable99      Revised from
                                                                                CARE B+;
                                                                                Stable
R. R. Proteins And Agro Ltd           LT Bk Fac          CARE B+; Stable132.5   Assigned
Raja Agro Cold Storage                LT Bk Fac          CARE B; Stable 95.6    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Sai Kripa Industries                  LT Bk Fac          CARE D         66.9    -
(Issuer Not Cooperating; based on best available information.)
Santuka Foods Pvt Ltd                 LT Bk Fac          CARE B; Stable 30      Revised from
                                                                                CARE B+ ;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Shakti Energy Solutions Pvt Ltd       LT Bk Fac          CARE BBB+      163.9   Revised from
                                                         (CE); Stable           CARE A- (CE)
Sp Imperial Star Pvt Ltd              Non-Convertible    Provisional    10500   Assigned
                                      Bonds@             CARE A-;Stable
@The rating is provisional and will be confirmed once the company submits copies of the
following executed transaction documents, to the satisfaction of CARE:
1) Executed version of agreements/documents such as Bond Trust Deed,
2) Information Memorandum, etc. 
Sumit Texspin Pvt Ltd                 LT Bk Fac          CARE B+; Stable750     Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Suryamitra Exim Pvt Ltd               LT Bk Fac          CARE BBB;      2014    Reaffirmed
                                                         Stable
T. R. Chemicals Ltd                   LT Bk Fac          CARE D         164     -
(Issuer Not Cooperating; based on best available information.)
Techno Commercial Company Pvt Ltd     LT Bk Fac          CARE B+; Stable90      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Truba Education Society               LT Bk Fac          CARE B+; Stable236.3   Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Tufanganj Agro Industries Pvt Ltd     LT Bk Fac          CARE BB-;      73      Reaffirmed
                                                         Stable
Ushnish Agrotech Pvt Ltd              LT Bk Fac          CARE B; Stable 69      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating; based on best available information.)
Uv Asset Reconstruction Co. Ltd       LT Bk Fac          CARE BBB;      1500    Reaffirmed
                                                         Stable
Veerabhadra Minerals Pvt Ltd          LT Bk Fac          CARE BB; Stable30      Reaffirmed
Vinayak Founders Pvt Ltd              LT Bk Fac          CARE BB-;      75      Assigned
                                                         Stable
Zenith Precision Pvt Ltd              Long -term Bk Fac  CARE D         256.9   Revised from
                                                                                CARE BB-;
                                                                                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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