March 28, 2018 / 5:11 AM / a month ago

CARE ratings for Indian debt instruments-Mar 28

    Mar 28 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 27, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A. R. Enterprises                     ST Bk Fac          CARE A4        25      Assigned
Anand Carbo Pvt. Ltd.                 ST Bk Fac          CARE A3+       500     Reaffirmed
(enhanced from 25.00 Crores)
Autoline Industries Ltd               ST Bk Fac          CARE D         200     Reaffirmed
Banmore Foam Pvt Ltd                  ST Bk Fac          CARE A4        22.5    Reaffirmed

Bla Power Pvt Ltd                     ST Bk Fac          CARE D         46      -
ISSUER NOT COOPERATING
Cantabil Retail India Ltd             ST Bk Fac          CARE A3+       130     Assigned
Celkon Impex Pvt Ltd                  ST Bk Fac          CARE A3        940     Reaffirmed
(Reduced from 107.00 Crores)
Centenary Polytex Pvt Ltd             ST Bk Fac          CARE A4        4.5     Reaffirmed
(reduced from 2.00 Crores)
Crystal Crop Protection Ltd           ST Bk Fac          CARE A1        3566    Reaffirmed
(enhanced from 299.50 Crores)
Dcb Bank Ltd                          ST Bk Fac          CARE A1+       3000    Reaffirmed
(Enhanced from Rs.200 Crores)
Deepkiran Foods Pvt Ltd               ST Bk Fac          CARE A1        5       Reaffirmed
Devi Fisheries Ltd                    ST Bk Fac          CARE A1        370     Reaffirmed
(enhanced from 25.00 Crores)
Fatehpuria Transformers And SwitchgearST Bk Fac          CARE A4        380     Reaffirmed
Pvt Ltd
Fullerton India Home Finance Co. Ltd. CP (CP) issue      CARE A1+       2500    Reaffirmed
Ganga R. K. Industries Pvt Ltd        ST Bk Fac          CARE A4        15      Reaffirmed
Il & Fs Financial Services Ltd        CP issue           CARE A1+       40000   Reaffirmed
(enhanced from Rs.3,000 Crores)
Indra Marshal Power Pvt Ltd           ST Bk Fac          CARE A4        70      Reaffirmed
Innovative Cuisine Pvt Ltd            ST Bk Fac          CARE A1        3.5     Revised from
                                                                                CARE A2+
Kei Industries Ltd.                   Corporate          CGR 3+         -       Reaffirmed
                                      Governance Rating
Kotecha Steel Forge Pvt Ltd           ST Bk Fac          CARE A4        9.5     Reaffirmed
Kyb-Conmat Pvt Ltd                    ST Bk Fac          CARE A2        50      Revised from
                                                                                CARE A3+
Modern Papers                         ST Bk Fac          CARE A1 (SO)   50      Reaffirmed
Mohini Health And Hygiene Ltd         ST Bk Fac          CARE A4+       200
(Erstwhile Mohini Fibers Ltd)
ISSUER NOT COOPERATING
Oswal Cables Pvt Ltd                  ST Bk Fac          CARE A4+       850
ISSUER NOT COOPERATING
Paragon Polymer Products Pvt Ltd      ST Bk Fac          CARE A2+       530     Reaffirmed
(enhanced from 43 Crores)
Pbm Polytex Ltd                       ST Bk Fac          CARE A2+       109.4   Reaffirmed
Perfect Filaments Ltd                 ST Bk Fac          CARE A2        26.2    Assigned
Preston India Pvt Ltd                 ST Bk Fac          -              -       Withdrawn
R & D Multiples (Metal Cast) Pvt Ltd  ST Bk Fac          CARE A4        175     Reaffirmed
Skipper Ltd                           Commercial Paper   CARE A1+       2000    Reaffirmed
                                      issue*
(enhanced from 100.00 Crores) /* changed from carved out to standalone
Steel Forge And Cast Industries       ST Bk Fac          CARE A4        15      Reaffirmed
South West Mining Ltd                 ST Fac             -              -       Withdrawn
The Motwane Manufacturing Company Pvt ST Bk Fac –        -              0       Withdrawn
Ltd                                   Forward Contract
[reduced from 0.04 crs]
The Motwane Manufacturing Company Pvt ST Bk Fac –        -              0       Withdrawn
Ltd                                   Packing Credit
[reduced from 0.25 crs]
The Motwane Manufacturing Company Pvt ST Bk Fac –        CARE A3 (SO)   52.5    Reaffirmed
Ltd                                   BG/Letter of
                                      Credit
The Ravalgaon Sugar Farm Ltd          ST BkFac           CARE A4        5       Reaffirmed
Tirupati Plastomatics Pvt. Ltd.       ST Bk Fac          CARE A4+       90      -
ISSUER NOT COOPERATING
Uma Polymers Ltd.                     ST BkFac           CARE A3        430     Reaffirmed
Unifab Engineering Projects Pvt Ltd   ST Bk Fac          CARE A4        25      Reaffirmed
ISSUER NOT COOPERATING

LONG TERM RATINGS:
-------------------
A. R. Enterprises                     LT Bk Fac          CARE BB        100     Assigned
Agroha Industries                     LT Bk Facility     CARE BB-       81.9    Assigned
Akansha Fashions                      LT Bk Fac          CARE B+        75      Assigned
Anand Carbo Pvt. Ltd.                 LT Bk Fac          CARE BBB       250     Reaffirmed
(enhanced from 20.00 Crores)
Ansh Cotex                            LT Bk Fac          -              -       Withdrawn
Ariel Sbl Ifmr Capital 2015           Series A1 PTC      CARE A- (SO)   41.1    Reaffirmed
Ariel Sbl Ifmr Capital 2015           Series A2 PTC      CARE BBB+ (SO) 2.8     Reaffirmed
Attis Sbl Ifmr Capital                Series A1          CARE A- (SO)   112.8   Reaffirmed
2016-[Originator: Aptus Value Housing Pass
Through Finance India Ltd ]                   
Certificates
Attis Sbl Ifmr Capital                Series A2          CARE BBB (SO)  5.2     Reaffirmed
2016-[Originator: Aptus Value Housing Pass
Through Finance India Ltd ]                   
Certificates
Autoline Industries Ltd               LT Bk Fac          CARE D         1249.1  Reaffirmed
Banmore Foam Pvt Ltd                  LT Bk Fac          CARE B+        59.2    Reaffirmed
Bharti Construction Company           LT Bk Fac          CARE BB+       180     Reaffirmed
Bharti Construction Company           LT/ST BkFac        CARE BB+/A4+   374     Reaffirmed
Bla Power Pvt Ltd                     LT Bk Fac          CARE D         5719.3  -
ISSUER NOT COOPERATING
Cantabil Retail India Ltd             LT Bk Fac          CARE BBB       420     Assigned
Celkon Impex Pvt Ltd                  LT Bk Fac          CARE BBB-      239.2   Revised from
                                                                                CARE BBB-
(Reduced from 25.00 Crores)
Centenary Polytex Pvt Ltd             LT Bk Fac          CARE BB        83.9    Revised from
                                                                                CARE BB-
(enhanced from 3.39 Crores)
Centenary Polytex Pvt Ltd             LT Bk Fac/ST Bk    CARE BB        100     Revised from
                                      Fac                                       CARE BB-
                                                                                /Reaffirmed
(enhanced from 5.00 Crores)
Clarion Properties Ltd                LT Bk Fac          CARE BB+       164.2   Revised from
                                                                                CARE BB
Clarion Properties Ltd                ST Bk Fac          CARE BB+/A4    26.4    Revised from
                                                                                CARE BB/CARE A4
Crystal Crop Protection Ltd           LT Bk Fac          CARE A         2934    Reaffirmed
(enhanced from 150.50 Crores)
Deepkiran Foods Pvt Ltd               LT / ST BkFac      CARE A/A1      170     Reaffirmed
Devi Fisheries Ltd                    LT Bk Fac          CARE A         2620    Reaffirmed
(enhanced from 162.00 Crores)
Earthcon Buildtech Pvt Ltd            LT Bk Fac          CARE D         90      -
ISSUER NOT COOPERATING
Earthcon Constructions Pvt Ltd        LT Bk Fac          CARE D         700     -
ISSUER NOT COOPERATING
Elastrex Polymers Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Elastrex Polymers Pvt Ltd             LT/ST Bk Fac       -              -       Withdrawn
Fatehpuria Transformers And SwitchgearLT Bk Fac          CARE BB-       110     Reaffirmed
Pvt Ltd
Fullerton India Home Finance Co. Ltd. LT Debt programme  CARE AA+       20000   Reaffirmed
(enhanced from Rs. 1,000 Crores)
Ganga R. K. Industries Pvt Ltd        LT STBk Fac        CARE BB-       30      Assigned
Ganga R. K. Industries Pvt Ltd        LT/ STBk Fac       CARE BB-/A4    70      Reaffirmed
Gemini Fashion                        LT Bk Fac          CARE B+        80      Assigned
Gr Phagwara Expressway Ltd            LT Bk Fac @        CARE A+        5400    Final rating
(Enhanced from 150.00 Crores)
@CARE has confirmed the earlier ‘Provisional’ rating assigned to the bank facilities upon
receipt of ‘appointed date’ from National Highways Authority of India (NHAI) and terms of
repayment of loan    
Helios Infratech Pvt Ltd              LT Bk Fac          CARE BBB       5805    Reaffirmed
Il&Fs Energy Development Co. Ltd      Proposed LT- NCDs  ProvCARE AA+   5000    Assigned
                                                         (SO)
Enhanced from Rs.50 crores
Indiabulls Commercial Credit Ltd      LT Bk Fac          CARE AAA       60000   Reaffirmed
(enhanced from Rs.2,500 Crores)
Indra Marshal Power Pvt Ltd           LT Bk Fac          CARE C         50      Revised from
                                                                                CARE B-
Innovative Cuisine Pvt Ltd            LT Bk Fac          CARE A         320.5   Revised from
                                                                                CARE A-
(reduced from Rs.43.05 Crores)
Innovative Cuisine Pvt Ltd            LT / ST Bk Fac     CARE A/A1      165     Revised
                                                                                from CARE A-/
                                                                                CARE A2+
(reduced from Rs.18.50 Crores)
International Land Developers Pvt Ltd LT Bk Fac          CARE BB-       334.8   Reaffirmed
Jai Beverages Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Jharkhand Road Projects ImplementationNCD(NCDs)^         CARE AA(SO)    16325   Reaffirmed
Co. Ltd
^NCDs backed by discounting of future annuity receivables of the road project
Jugnu Foods Pvt Ltd                   LT Bk Fac          CARE BB-       105.4   Revised from
                                                                                CARE B+
K World Estate Pvt Ltd                NCD issue          CARE BB+       550     Revised from
                                                                                CARE BB
(reduced from 68.00 Crores)
Kef Infrastructure India Pvt. Ltd.    LT Bk Fac          CARE BB+       3314.3  Reaffirmed
Kef Infrastructure India Pvt. Ltd.    LT/ ST BkFac       CARE BB+/A4+   1400    Reaffirmed
Kotecha Steel Forge Pvt Ltd           LT/ STBk Fac       CARE BB-/A4    50      Reaffirmed
Kyb-Conmat Pvt Ltd                    LT Bk Fac          CARE BBB+      150     Revised from
                                                                                CARE BBB
Marikal Solar Parks Pvt Ltd           LT Bk Fac          CARE BBB+      471.6   Reaffirmed
(reduced from Rs.50.41 Crores)
Modern Papers                         LT Bk Fac*         CARE A (SO)    200     Reaffirmed
* backed by the unconditional and irrevocable Letter of Comfort from Crystal Crop Protection
Ltd. (rated CARE A Stable, CARE A1 ).
Mohini Health And Hygiene Ltd         LT/ Short- term Bk CARE BB+/A4+   250
(Erstwhile Mohini Fibers Ltd)         Fac
ISSUER NOT COOPERATING
Mounthill Realty Pvt Ltd              LT BkFac           CARE BB-       650     Assigned
Mvr Infrastructure And Tollways Pvt LtLT Bk Fac – TL     -              -       Withdrawn
Mvr Infrastructure And Tollways Pvt LtLT Instrument –    -              -       Withdrawn
                                      NCD
Oswal Cables Pvt Ltd                  LT Bk Fac          CARE BB+       41.6    Revised from
                                                                                CARE BB+
ISSUER NOT COOPERATING
Oswal Cables Pvt Ltd                  LT/ST Bk Fac       CARE BB+/A4+   400     Revised from
                                                                                CARE BB+/CARE
                                                                                A4+
ISSUER NOT COOPERATING
Paragon Polymer Products Pvt Ltd      LT Bk Fac          CARE A-        690.1   Reaffirmed
(enhanced from 9.65 Crores)
Paragon Polymer Products Pvt Ltd      LT/ ST Bk Fac      CARE A-/A2+    1810    Reaffirmed
(enhanced from 131 Crores)
Pbm Polytex Ltd                       LT Bk Fac          CARE A-        377.3   Reaffirmed
(reduced from Rs.43.29 Crores)
Perfect Filaments Ltd                 LT Bk Fac          CARE A-        1243.8  Assigned
Prasad Education Trust                LT Bk Fac          CARE D         438.2   -
ISSUER NOT COOPERATING
Preston India Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Preston India Pvt Ltd                 LT/ST Bk Fac       -              -       Withdrawn
Pune Buildtech Pvt. Ltd.              LT Bk Fac          CARE D         2860    -
ISSUER NOT COOPERATING
Pushpawati Singhania Hospital &       LT Bk Fac          CARE BBB       500     Reaffirmed
Research Institute
R & D Multiples (Metal Cast) Pvt Ltd  LT Bk Fac          CARE BB        116.1   Reaffirmed
Ramdev Cotton Industries              Long- term Bk Fac  CARE B+        95      Reaffirmed
Rda Energy Pvt Ltd                    LT BkFac           CARE A-        418.4   Revised from
                                                                                CARE BBB+
(reduced from Rs.44.95 Crores)
Rongoge Mega Food Park Pvt Ltd        LT Bk Fac          CARE BB        120.7   Assigned
Sanaka Educational Trust              LT BkFac           CARE B         494.2   Revised from
                                                                                CARE B+
Sharma Brothers                       LT Bk Fac          CARE BB        200     Reaffirmed
Shreegluco Biotech Pvt Ltd            LT Bk Fac          CARE BB        1540    Revised from
                                                                                CARE BB-
(enhanced from Rs. 118 Crores)
Shri Vardhman Milk Dairy Pvt Ltd      LT Bk Fac          -              -       Withdrawn
Skipper Ltd                           Long -term Bk Fac  CARE AA-       5884.1  Revised from
                                                                                CARE A+
(enhanced from 458.70 Crores)
Skipper Ltd                           Long /ST Bk Fac    CARE AA-/A1+   14000   Revised from
                                                                                CARE
                                                                                A+/Reaffirmed
(enhanced from 1300.00 Crores)
South West Mining Ltd                 LT Bk Fac          -              -       Withdrawn
Stage Door                            LT Bk Fac          CARE B-        80      Revised from
                                                                                CARE B
ISSUER NOT COOPERATING
Steel Forge And Cast Industries       LT/ STBk Fac       CARE BB-/A4    45      Reaffirmed
Sulabh Pharmaceutical Pvt Ltd         LT Bk Fac          CARE BB        120     Reaffirmed
(Enhanced fromRs. 11.00 Crores)
The Motwane Manufacturing Company Pvt LT Bk Fac – Bills  -              0       Withdrawn
Ltd                                   Discounting
[reduced from 0.75 crs]
The Motwane Manufacturing Company Pvt LT Bk Fac – CC     CARE BBB- (SO) 62.5    Reaffirmed
Ltd
The Ravalgaon Sugar Farm Ltd          LT BkFac           CARE B         59.2    Revised from
                                                                                CARE B+
Three Brothers Flour And General MillsLT Bk Fac          CARE BB        50      Revised from
                                                                                CARE BB-
Tirupati Plastomatics Pvt. Ltd.       LT Bk Fac          CARE BB+       50      -
ISSUER NOT COOPERATING
Tirupati Plastomatics Pvt. Ltd.       LT/ ST Bk Fac      CARE BB+/A4+   250     -
ISSUER NOT COOPERATING
Uma Polymers Ltd.                     LT BkFac           CARE BBB-      758.7   Reaffirmed
Uma Polymers Ltd.                     LT/STBk Fac        CARE BBB-/A3   130
Unifab Engineering Projects Pvt Ltd   LT Bk Fac          CARE BB        5       Reaffirmed
ISSUER NOT COOPERATING
Unifab Engineering Projects Pvt Ltd   LT/ ST Bk Fac      CARE BB/A4     15      Reaffirmed
ISSUER NOT COOPERATING
Yes Capital (India) Pvt Ltd           NCD issue          CARE AA        6300    Final Rating
--------------------------------------------------------------------------------------------
$: 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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