March 21, 2018 / 9:04 AM / 4 months ago

CARE ratings for Indian debt instruments-Mar 21

    Mar 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 20, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arkay Energy (Rameswarm) Ltd          ST Bk Fac          CARE D         550     Reaffirmed
Adhunik Power & Natural Resources Ltd ST Bk Fac          CARE D         2261.1  -
                                      (Non-Fund based)
Arb Bearings Ltd                      ST Bk Fac          -              -       Withdrawn
Abhinav Industries                    ST Bk Facility     CARE A4        120     Assigned
Asahi Songwon Colors Ltd              ST Bk Fac          CARE A1+       420     Reaffirmed
(Enhanced from Rs.33.00 crore Crore)
Asahi Songwon Colors Ltd              CP (Carved out of  CARE A1+       200     Reaffirmed
                                      Sanctioned fund
                                      based working capital limits)
Badajena Iron And Steel Industries PvtShort- term Bk     CARE A4        50      Assigned
Ltd                                   Facility
Bend Joints Pvt Ltd                   ST Bk Fac          CARE A4        30      “Issuer not
                                                                                cooperating
ISSUER NOT COOPERATING
Century Tiles Ltd                     ST Bk Fac          CARE A4        30      Reaffirmed
                                                                                and removed
                                                                                from Issuer Not
cooperating
ISSUER NOT COOPERATING
Cesc Ltd                              ST BkFac           CARE A1+       2500    Reaffirmed
Chetak Enterprises Ltd                ST Bk Fac          CARE A1+       20      -
Chetak Enterprises Ltd                CP (CP)(carved     CARE A1+       200     -
                                      out of FBworking
                                      capital limits)
Chetak Enterprises Ltd                CP (Standalone)    CARE A1+       250     -
Chetak Jainco Tollways Ltd            ST Bk Fac          CARE A1+ (SO)  19.4    Reaffirmed
Chetak Mitra Tollways Ltd             ST Bk Fac          CARE A1+ (SO)  35.3    Reaffirmed
City Centre Mall Nashik Pvt Ltd       ST Bk Fac          CARE A4+       18      Reaffirmed
Deem Construction Company Pvt Ltd     ST BkFac           CARE A4        50      -
ISSUER NOT COOPERATING
Deem Construction Company Pvt Ltd     ST BkFac           CARE A4        50      -
ISSUER NOT COOPERATING
Devi Fisheries Ltd                    ST Bk Fac          CARE A1        250     Assigned
Essar Steel India Ltd                 ST Bk Fac          CARE D         1000    -
ISSUER NOT COOPERATING
Flash Electronics India Pvt Ltd       ST Bk Fac          CARE A2        502.6   Reaffirmed
Freewill Sports Pvt Ltd               ST Bk Fac          CARE A2+       30      Reaffirmed
Handicraft And Handloom Export        ST Bk Fac          CARE A4        184     Reaffirmed
Corporation Of India Ltd
Hyt Engineering Pvt Ltd               ST Bk Fac          CARE A3        1315    Assigned
Ind-Sphinx Precision Ltd              ST Bk Fac          CARE A2        55      Reaffirmed
Kalki Communication Technologies Pvt  ST Bk Fac          CARE A4+       72.5    -
Limted
ISSUER NOT COOPERATING
Leena Powertech Engineers Pvt Ltd     ST Bk Fac          CARE A2        110     Reaffirmed
M/S Baba Chandrasekhar Rice Mill      ST Bk Fac          CARE A4        10      Assigned
Maral Overseas Ltd                    ST Bk Fac          CARE A3+       1576.6  Reaffirmed
Mediaguru Solutions Pvt Ltd           ST Bk Fac          CARE A4        20      Reaffirmed
Nabha Power Ltd                       ST Bk Fac (LOC/BG) CARE A1        1000    Reaffirmed
(reduced from 250.00 Crore)
Neo Pack Plast (India) Pvt Ltd        ST Bk Fac          CCARE A4       3.5     -
ISSUER NOT COOPERATING
Nivik Constrictions                   ST Bk Fac          CARE A4        30      Assigned
Pacific Academy Of Higher Education AnST Bk Fac          CARE A4+       62      -
Research Society
ISSUER NOT COOPERATING
Premier Car Sales Ltd                 ST Bk Fac          CARE A4+       357.4   Reaffirmed
Renew Power Ventures Pvt Ltd          CP                 CARE A1+       3250    Reaffirmed
(enhanced from Rs.300 crore Crore)
Renew Power Ventures Pvt Ltd          STFac              CARE A1+       3000    Reaffirmed
Sambhav Gems Ltd                      ST Bk Fac          CARE A4        123     Reaffirmed
Sarda Metals And Alloys Ltd           ST Bk Fac          CARE A3        2302    Revised from
                                                                                CARE A4+
(enhanced from 220.60 Crore)
Shree Vardhman Power Pvt Ltd          ST Bk Fac          CARE A4        90      Assigned
Shriram City Union Finance Ltd        CP programme       CARE A1+       25000   Reaffirmed
[enhanced from Rs. 2000 crore]
Shruti Fashions Pvt Ltd               ST Bk Fac          CARE A4        3.4     Revised from
                                                                                CARE A4+
ISSUER NOT COOPERATING
Shyam Joti Rice Mill Pvt. Ltd.        ST Bk Fac          CARE A4        14      Reaffirmed
Sohum Shoppe Pvt Ltd.                 ST Bk Fac (Non     CARE A3        3.6     Reaffirmed
                                      Fund Based)
South City Projects (Kolkata) Ltd     ST Bk Fac          CARE A2        403.6   Assigned
Spc Chetak Tollways Pvt Ltd           ST Bk Fac          CARE A1+ (SO)  20.3    Reaffirmed
Spy Agro Industries Ltd               ST Bk Fac          CARE A4        144     -
ISSUER NOT COOPERATING
Sun-N-Sand Hotels Pvt Ltd             ST Bk Fac- BG/LC   CARE A1+       15      Reaffirmed
Supreme And Company Pvt Ltd           ST Bk Fac          CARE A4+       1025    -
ISSUER NOT COOPERATING
Tirupati Rice Mill                    ST Bk Fac          CARE A4        3.7     Assigned
Vertex Dye Chem                       ST Bk Fac          CARE A4        20      Reaffirmed
Viacom18 Media Pvt Ltd                ST Bk Fac          CARE A1+       2000    Reaffirmed
Viacom18 Media Pvt Ltd                CP                 CARE A1+       5000    Reaffirmed

LONG TERM RATINGS:
-------------------
Abhinav Industries                    LT Bk Facility     CARE B+        23.8    Assigned
Adhunik Power & Natural Resources Ltd LT Bk Fac (TL)     CARE D         24997   -
ISSUER NOT COOPERATING
Adhunik Power & Natural Resources Ltd LT Bk Fac (Fund    CARE D         3369    -
                                      based)
ISSUER NOT COOPERATING
ISSUER NOT COOPERATING
Ajita Sil Chem Pvt Ltd                LT BkFac           CARE BB+       259.4   -
ISSUER NOT COOPERATING
Ajita Sil Chem Pvt Ltd                LT/ ST BkFac       CARE BB+/A4+   60      -
ISSUER NOT COOPERATING
Arb Bearings Ltd                      LT Bk Fac          -              -       Withdrawn
Arb Bearings Ltd                      LT/ST Bk Fac       -              -       Withdrawn
Arkay Energy (Rameswarm) Ltd          LT Bk Fac          CARE D         2622.2  Reaffirmed
Asahi Songwon Colors Ltd              Long- Term Bk Fac  CARE AA-       290     Reaffirmed
(Enhanced from Rs.5.25 crore Crore)
Asahi Songwon Colors Ltd              LT/ST BkFac        CARE AA-/A1+   660     Reaffirmed
(Enhanced from Rs.41.00 crore Crore)
Ashashree Frozen Food Pvt. Ltd.       LT Bk Facility     CARE B+        67      Revised from
                                                                                CARE B
ISSUER NOT COOPERATING
Asian Roller Bearings                 LT Bk Fac          -              -       Withdrawn
Atria Solar Power Pvt Ltd             LT Bk Fac          CARE BB        880     -
ISSUER NOT COOPERATING
Baazar Style Retail Pvt Ltd           LT Bk Fac          CARE BBB       150     Assigned
Badajena Iron And Steel Industries PvtLT Bk Facility     CARE B+        23.5    Assigned
Ltd
Bend Joints Pvt Ltd                   LT Bk Fac          CARE BB        113     “Issuer not
                                                                                cooperating
ISSUER NOT COOPERATING
Bengal Aerotropolis Projects Ltd      LT Bk Fac          CARE D         5303.1  Revised from
                                                                                CARE BB
Binny Ltd                             Issuer Rating      CARE BB-       -       Reaffirmed
Century Tiles Ltd                     LT Bk Fac          CARE BB        104     Reaffirmed
                                                                                and removed
                                                                                from Issuer Not
cooperating
ISSUER NOT COOPERATING
Cesc Ltd                              LT BkFac           CARE AA        22395.1 Reaffirmed
(enhanced from 2,116.37 Crore)
Chetak Enterprises Ltd                LT Bk Fac          CARE A+        3331.7  Reaffirmed
(Reduced from Rs.351.69 crore Crore)
Chetak Enterprises Ltd                Proposed LT NCDs   CARE A+        450     Reaffirmed
                                      (NCD)
Chetak Enterprises Ltd                LT/ST BkFac        CARE A+/A1+    8500    -
(Enhanced from Rs.450 crore Crore)
Chetak Jainco Tollways Ltd            LT Bk Fac*         CARE A+ (SO)   386.9   Reaffirmed
(reduced from 41.00 Crore)
Chetak Mitra Tollways Ltd             LT Bk Fac*         CARE A+ (SO)   471.6   Reaffirmed
(reduced from 48.45 Crore)
City Centre Mall Nashik Pvt Ltd       LT Bk Fac          CARE BB+       146.6   Reaffirmed
Classic Citi Investments Pvt Ltd      LT Bk Fac – TL     CARE A+ (SO@)  829.1   Reaffirmed
Deem Construction Company Pvt Ltd     LT BkFac           CARE BB        100     -
ISSUER NOT COOPERATING
Deem Construction Company Pvt Ltd     LT BkFac           CARE BB        100     -
ISSUER NOT COOPERATING
Deem Construction Company Pvt Ltd     LT BkFac/ STBk Fac CARE BB/A4     290     -
ISSUER NOT COOPERATING
Deem Construction Company Pvt Ltd     LT BkFac/ STBk Fac CARE BB/A4     290     -
ISSUER NOT COOPERATING
Despina Cv Ifmr Capital 2016          Series A1 PTCs     -              -       Withdrawn
[Originator: Equitas Small Finance Bank
Ltd ]
Despina Cv Ifmr Capital 2016          Series A2 PTCs     -              -       Withdrawn
[Originator: Equitas Small Finance Bank
Ltd ]
Devi Fisheries Ltd                    LT Bk Fac          CARE A         1620    Assigned
Djs Printers Pvt Ltd                  LT Bk Fac          CARE BB        132.7   Assigned
Djs Printers Pvt Ltd                  LT/STBk Fac        CARE BB/A4     30      Assigned
Eca Infrastructure India Pvt Ltd      LT BkFac*          CARE A+ (SO)   702.1   Reaffirmed
(reduced from 79.29 Crore)
Eca Infrastructure India Pvt Ltd      LT/ Shortterm      CARE A+        76.4    Reaffirmed
                                      BkFac*             (SO)/A1+ (SO)
Ems Infracon Pvt Ltd                  Long- Term Bk Fac  CARE BBB-      157.5   -
ISSUER NOT COOPERATING
Ems Infracon Pvt Ltd                  Long- Term/ ST Bk  CARE BBB-/A3   1400    -
                                      Fac
ISSUER NOT COOPERATING
Envyrons Infrastructure Pvt Ltd       LT Bk Fac          CARE B+        400     Assigned
Ess Kay Fincorp Ltd.                  LT Bk Fac          CARE BBB+      3672.2  Reaffirmed
Essar Steel India Ltd                 LT Bk Fac          CARE D         300000  -
ISSUER NOT COOPERATING
Essar Steel India Ltd                 LT/ST Bk Fac       CARE D         120000  -
ISSUER NOT COOPERATING
Essar Steel India Ltd                 Non- Convertible   CARE D         2625    -
                                      Debenture Issue
ISSUER NOT COOPERATING
Flash Electronics India Pvt Ltd       LT Bk Fac (Buyer’s -              -       Withdrawn
                                      credit)
Flash Electronics India Pvt Ltd       LT Bk Fac          CARE A-        1519.1  Reaffirmed
                                                                                with change
                                                                                in outlook
Flash Viven Machining Technologies PvtLT Bk Fac (CC)     -              -       Withdrawn
Ltd
Flash Viven Machining Technologies PvtLT Bk Fac          CARE A-(SO)    1415    Reaffirmed
Ltd                                                                             with change
                                                                                in outlook
Fonroche Raajhans Energy Pvt Ltd      LT Bk Fac (TL)     CARE A         391.4   Revised from
                                                                                CARE A-
(reduced from 40.92 Crore)
Fonroche Raajhans Energy Pvt Ltd      LT FB Fac (CC)     CARE A         10      Revised from
                                                                                CARE A-
Fonroche Saaras Energy Pvt Ltd        LT Bk Fac (TL)     CARE A         1224.4  Revised from
                                                                                CARE A-
(reduced from 128.00)
Fonroche Saaras Energy Pvt Ltd        LT Bk Fac (CC)     CARE A         30      Outlook:
                                                                                Stable)
Freewill Sports Pvt Ltd               LT Bk Fac          CARE A         206.8   Revised from
                                                                                A-
(Reduced from 24.75 Crore)
Friends Salt Works & Allied IndustriesLT Bk Fac          CARE BBB+      3122    Reaffirmed
(Reduced from Rs.357.88 crore Crore)
Friends Salt Works & Allied IndustriesLT/ST Bk Fac       CARE BBB+/A3+  450     Reaffirmed
Handicraft And Handloom Export        LT Bk Fac          CARE BB+       50      Reaffirmed
Corporation Of India Ltd
Hyt Engineering Pvt Ltd               LT Bk Fac          CARE BBB-      975     Assigned
Hyt Engineering Pvt Ltd               LT/ST BkFac        CARE BBB-/A3   860     Assigned
Iced Dessert And Food Parlours (India)LT Bk Fac          CARE B         150     -
Ltd
ISSUER NOT COOPERATING
Indiabulls Real Estate Company Pvt LtdLT – Lease Rental  CARE AA-       10000   Assigned
                                      Discounting        (SO)/*^
*Proposed to be backed by unconditional and irrevocable corporate guarantee from Indiabulls Real
Estate Limited ^The above rating is provisional and will be confirmed once the company submits
copies of relevant executed documents, to the satisfaction of CARE.
Indospace Industrial Park Oragadam    LT Bk Fac          CARE A-        1095.8  Revised from
Walajabad Ltd                                                                   CARE BBB+:
                                                                                Stable (Triple B
Plus
Ind-Sphinx Precision Ltd              LT Bk Fac          CARE BBB+      363.6   Reaffirmed
(enhanced from 35.97 Crore)
Ind-Sphinx Precision Ltd              LT/ST Fac          CARE BBB+/A2   186.6   Reaffirmed
                                                         (Triple B
                                                         Plus/Outlook: /A Two)
(enhanced from 16.66 Crore)
Inox Air Products Pvt Ltd             LT Instruments-    CARE AA        5300    Reaffirmed
                                      NCDs
Janam Steel And Alloys                LT Bk Fac          -              -       Withdrawn
Kalki Communication Technologies Pvt  LT Bk Fac          CARE BB+       118.7   -
Limted
ISSUER NOT COOPERATING
Khushboo Cool Products Pvt Ltd        LT Bk Fac          CARE B+        65      Assigned
Koyili Hospital                       LT Bk Fac          CARE BB-       198.2   -
ISSUER NOT COOPERATING
Lakshmi Precision Screws Ltd          LT Bk Fac          CARE D         1155    Assigned
Lakshmi Precision Screws Ltd          ST Bk Fac          CARE D         770     Assigned
Leena Powertech Engineers Pvt Ltd     LT Bk Fac          CARE BBB+      250     Reaffirmed
Leena Powertech Engineers Pvt Ltd     LT / ST BkFac      CARE BBB+/A2   1140    Reaffirmed
                                      NCD issue          CARE BB(SO)    680     -
M/S Baba Chandrasekhar Rice Mill      LT Bk Fac          CARE B+        68.3    Assigned
Madhav Cold Storage                   LT Bk Fac          -              -       Withdrawn
Maral Overseas Ltd                    LT Bk Fac          CARE BBB       1167.1  Reaffirmed
(reduced from 146.33 Crore)
Mediaguru Solutions Pvt Ltd           LT Bk Fac          CARE BB-       20      Reaffirmed
Mediaguru Solutions Pvt Ltd           LT/ST Fac          CARE BB-/A4    60      Reaffirmed
(enhanced from 2.00 Crore)
Meenakshi Power Pvt Ltd               LT Bk Fac          CARE BB+       1481.1  Reaffirmed
(reduced from 159.08 Crore)
Mfl Securitisation Trust Xxxi         Series A1 PTCs     -              -       Withdrawn
Originator: Magma Fincorp Ltd
Mfl Securitisation Trust Xxxi         Series A2 PTCs     -              -       Withdrawn
Originator: Magma Fincorp Ltd
Mfl Securitisation Trust Xxxi         Second Loss        -              -       Withdrawn
Originator: Magma Fincorp Ltd         Facility
Mfl Securitisation Trust Xxxi         Liquidity Facility -              -       Withdrawn
Originator: Magma Fincorp Ltd
Morgan Credits Pvt Ltd                NCD                CARE AA        500     Final Rating
Nabha Power Ltd                       LT Bk Fac          CARE A         4130    Reaffirmed
                                      (External
                                      commercial borrowings)
(reduced from 439.99 Crore)
Nabha Power Ltd                       LT Bk Fac (Working CARE A         6250    Reaffirmed
                                      capital limits)
(reduced from 750.00 Crore)
Nabha Power Ltd                       LT Bk Fac (BG)     CARE A         800     Reaffirmed
Neo Pack Plast (India) Pvt Ltd        LT Bk Fac          CARE BB-       8       -
ISSUER NOT COOPERATING
Neo Pack Plast (India) Pvt Ltd        LT Bk Fac/ ST Bk   CARE BB-/A4    60      -
                                      Fac
ISSUER NOT COOPERATING
Nivik Constrictions                   LT Bk Fac          CARE BB        30      Assigned
Pacific Academy Of Higher Education   LT Bk Fac          CARE BB+       430.9   -
And Research Society
ISSUER NOT COOPERATING
Premier Car Sales Ltd                 LT Bk Fac          CARE BB+       571.4   Reaffirmed
Raheja Icon Entertainment Pvt Ltd     NCD issue          CARE BB(SO)    680     -
ISSUER NOT COOPERATING,CARE has sought confirmation from the Issuer and debenture trustee on
repayment and no confirmation on the same has been received till date. 
Ratnagiri Gas And Power Pvt Ltd       LT Bk Fac          CARE D         77736.8 Reaffirmed
Rausheena Exm                         LT Bk Fac          CARE BB        60      -
ISSUER NOT COOPERATING
Renew Power Ventures Pvt Ltd          LT Fac             CARE A+        1430    Assigned
Renew Power Ventures Pvt Ltd          LT Fac             CARE A+        13000   Reaffirmed
Renew Power Ventures Pvt Ltd          LT/Shortterm Bk FacCARE A+/A1+    19800   Reaffirmed
(enhanced from Rs.1,680 crore Crore)
Rlj Infracement Pvt Ltd               LT Bk Fac          CARE D         120     -
ISSUER NOT COOPERATING
Rohtak Panipat Tollway Pvt Ltd        LT Bk Fac          CARE BB+       9707.2  Revised from
                                                                                CARE BBB-
Sadashiv Castings Pvt Ltd             LT Bk Fac          CARE D         220     -
ISSUER NOT COOPERATING
Sansar Trust March 2018 Ii (OriginatorSeries A PTC Shriram Transport Finance Co. Ltd )
Vrs Foods Ltd                         LT Bk Fac (Non     CARE A3+       350     -
                                      Fund Based)
ISSUER NOT COOPERATING
Vrs Foods Ltd                         LT Bk Fac (Non     CARE A3+       350     -
                                      Fund Based)
ISSUER NOT COOPERATING  
--------------------------------------------------------------------------------------------
$: 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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