March 30, 2018 / 7:16 AM / 3 months ago

CARE ratings for Indian debt instruments-Mar 30

   Mar 30 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 29, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Apm Industries Ltd                    ST Bk Fac          CARE A2        72.5    Reaffirmed
Alumatic Cans Pvt Ltd                 ST Bk Fac          CARE D         4.3     -
Issuer not cooperating”Based on Best available Information
Associated Container Terminals Ltd    ST Bk Fac          CARE A2+       30      Reaffirmed
Avon Steel Industries Pvt Ltd         ST Bk Fac          CARE A2        700     Reaffirmed
Chetak Tollways Ltd                   ST Bk Fac          CARE A3        255.6   Reaffirmed

Eastern Media Ltd                     ST Bk Fac          CARE A3        20      Assigned
Gajkesari Steels And Alloys Pvt Ltd   ST Bk Fac (BG)     -              -       Withdrawn
(Erstwhile “Kalika Steel Jalna Pvt Ltd”)
Goel Industries                       ST Bk Fac          CARE A4        16      Assigned
Insight Business Machines Pvt Ltd     ST Bk Fac          CARE A3        5       Assigned
J.K. Files (India) Ltd                ST Bk Fac          CARE A1        180     Reaffirmed
Karle International Pvt Ltd           ST Bk Fac          CARE A4        400     Reaffirmed
Loxim Industries Ltd                  ST Bk Fac          CARE A2        148     Revised from
                                                                                CARE A3+
M. S. Ramaiah Developers And Builder  ST Bk Fac          CARE A3        180     Revised from
Pvt Ltd                                                                         CARE A3+
Reliance Life Sciences Pvt Ltd        ST Bk Fac          CARE A1+       2000    Reaffirmed
Rohan Rajdeep Kerala Road Projects LtdST Bk Fac          CARE A2 (SO)   40.5    Reaffirmed
S.V.K. Shipping Services Pvt Ltd      ST Bk Fac          CARE A4        10      Reaffirmed
Salem Stainless Steel Suppliers Pvt Ltd ST Bk Fac        -              -       Withdrawn
Shri Mahavir Ferro Alloys Pvt Ltd     ST Bk Fac          CARE D         155     Reaffirmed
Shakti Motors Pvt Ltd                 ST Bk Fac          CARE A3        32.5    Reaffirmed
Shirdi Sai Electricals Ltd            ST Bk Fac          CARE A2+       1597.5  Reaffirmed
Shyamsree Food Processing Pvt Ltd     ST Bk Fac          CARE A2+       4.9     Revised from
                                                                                CARE A2
Shriya Overseas Pvt Ltd               ST Bk Fac          CARE D         125     Revised from
                                                                                CARE A4
Sigma Projects Inc                    ST Bk Fac          CARE A4        53      -
Issuer not cooperating Based on best available information
Sree Sree Rakhahari Cold Storage Pvt Ltd ST Bk Fac       CARE A4        1.4     Reaffirmed
Kpc Medical College And Hospital      ST Bk Fac          CARE D         100     -
Issuer not cooperating Revised from CARE BB on the basis of best available information
South West Mining Ltd                 ST Bk Fac          Provisional    1250**  Assigned
                                                         CARE A+(SO)
** The above rating to the extent of Rs 125 crore is based on the credit
   enhancement in the form of letter of shortfall support undertaking to 
   be provided by JSW Energy Rated CARE AA-, Outlook Negative, CARE A1+ 
Staragri Finance Ltd                  ST Bk Fac          CARE A2        500     Revised from
                                      (Proposed)                                Provisional
                                                                                CARE A2 (SO)
Strata Geosystems (India) Pvt Ltd     ST Bk FacNon Fund  CARE A2+       90      Reaffirmed
                                      based
Theon Pharmaceuticals Ltd             ST Bk Fac          CARE A2+       224     Reaffirmed
Alfa Trust Dec 2016 (Originator: Ikf  Series A PTC       CARE A+ (SO)           Revised from
Finance Ltd)                                                                    CARE A- (SO)
Alfa Trust Sept 2016 (Originator: Ikf Series A Pass      CARE AA -(SO)          Revised from
Finance Ltd)                          Through Certificate                       CARE A- (SO)

LONG TERM RATINGS:
-------------------
Alumatic Cans Pvt Ltd                 LT Bk Fac          CARE D         119.7   -
Issuer not cooperating”Based on Best available Information
Apeksha Infraprojetcs Pvt Ltd         LT Bk Fac          CARE BB-       280     Issuer not
                                                                                cooperating
Apm Industries Ltd                    LT fund based-     -              -       Withdrawn
                                      EPC/PCFC
Apm Industries Ltd                    LT Bk Fac          CARE BBB+      506     Reaffirmed
Associated Broadcasting Company Pvt Ltd LT Bk Fac        CARE BBB       230     Revised from
                                                                                CARE BBB-
Associated Container Terminals Ltd    LT Bk Fac          CARE BBB+      10      Reaffirmed
Avon Steel Industries Pvt Ltd         LT Bk Fac          CARE BBB+      583.4   Reaffirmed
Baba Kailashpati Agro Processing Pvt Ltd LT Bk Fac       CARE B         156.9   Assigned
Barbarik Tie-Up Pvt Ltd               LT Bk Fac          CARE BB+       150     Reaffirmed
Birlasoft India Ltd                   LT Bk Fac          CARE A+        607.5   -
Placed on credit watch with developing implications
Capital First Home Finance Ltd        Subordinated Debt  CARE AA+       1000    Assigned
Chetak Tollways Ltd                   LT Bk Fac          CARE BBB       2253.9  Reaffirmed
Chetak Tollways Ltd                   LT/ ST Bk Fac      CARE BBB       1921.7  Reaffirmed
Cholamandalam Investment And Finance  Subordinated Debt  CARE AA+       7000    Assigned
Co. Ltd                               issue (Proposed)
Curo India Pvt. Ltd.                  LT Bk Fac          CARE D         -       -
Issuer not cooperating Revised from CARE BB(SO)
Deepak Nexgen Foods And Feeds Pvt Ltd LT Bk Fac          CARE BB+       557     Assigned
East India Commercial Company Ltd.    LT Bk Fac          CARE BBB       409.3   Reaffirmed
East India Commercial Company Ltd.    LT/ST Bk Fac       CARE BBB:      80      Reaffirmed
                                                         /CARE A3+
Eastern Media Ltd                     LT Bk Fac          CARE BBB-      130     Assigned
Ecstasy Realty Pvt Ltd                LT Bk Fac          CARE BB+       5250    Assigned
Ecstasy Realty Pvt Ltd                Proposed NCD issue CARE BB+       850     Assigned
Enexio Power Cooling Solutions India  LT Bk Fac(TL)      -              -       Withdrawn
Pvt Ltd
Enexio Power Cooling Solutions India  LT/ST Bk Fac       CARE BBB /CARE 700     Revised from
Pvt Ltd                                                  A3+                    CARE BBB+
Essential Hospitality Pvt Ltd         NCDs               CARE AA (SO)   978.2   Reaffirmed
Gajkesari Steels And Alloys Pvt Ltd   LT Bk Fac (CC)     -              -       Withdrawn
(Erstwhile “Kalika Steel Jalna Pvt Ltd”)
Gajkesari Steels And Alloys Pvt Ltd   LT FB Fac (CC)     CARE BB        -       Revised from
(Erstwhile “Kalika Steel Jalna Pvt Ltd”)                                        CARE BB
General Insurance Corporation Of IndiaCPA                CARE AAA       -       Reaffirmed
Ghanshyam Das Rungta Foundation       LT Bk Fac          CARE BBB       118.5   Revised from
                                                                                CARE BBB-
Goel Industries                       LT Bk Fac          CARE B+        60      Assigned
Hardman Mfi Northern Arc 2018         Series A1 PTC      Provisional
                                                         CARE A (SO)
Hardman Mfi Northern Arc 2018         Series A2 PTC      Provisional
                                                         CARE A(SO)
Hdfc S Assignment Of Receivables Of Oc First Loss Facility-              -       Unrated
11
Hdfc S Assignment Of Receivables Of OcAssignee Payouts   CARE AAA (SO)  3945.6  Reaffirmed
11
Hdfc S Assignment Of Receivables Of OcSecond Loss        CARE AAA (SO)          Revised from
11                                    Facility                                  CARE A+ (SO)
Hdfcs Assignment Of Receivables Of SepAssignee Payouts   CARE AAA (SO)  2126.9  Reaffirmed
11
Hdfcs Assignment Of Receivables Of SepSecond Loss        CARE AAA (SO)          Revised from
11                                    Facility                                  CARE A+ (SO)
Hdfcs Assignment Of Receivables Of SepFirst Loss Facility                       Unrated
11
Icici Prudential Mutual Fund          ICICI Prudential    -             -       Withdrawn
                                      Capital Protection
                                      Oriented Fund III Plan B,E & G
Insight Business Machines Pvt Ltd     LT Bk Fac          CARE BBB-      120     Assigned
J.K. Files (India) Ltd                LT Bk Fac          CARE A         981     Reaffirmed
Jagaran Microfin Pvt Ltd              LT Bk Fac          CARE BBB-      859.1   Reaffirmed
Jai Singh Alloys Pvt Ltd              Long/ST Fund based CARE BBB-      535     Revised from
                                      / NFBL             /CARE A3               CARE BB+
                                                                                /CARE A4+
K R Enterprises                       LT Bk Fac          CARE B+        60      Revised from
                                                                                CARE B
Kamal Pressing Factory                LT Bk Fac          CARE B         50      Reaffirmed
Khandoba Distilleries Ltd             LT Bk Fac          CARE D         650
Issuer not cooperating Revised from CARE BB on the basis of best available information
Kpc Medical College And Hospital      LT Bk Fac          CARE D         893.9   -
Issuer not cooperating Revised from CARE BB on the basis of best available information
Krupanidhi Construction               LT Bk Fac          CARE B+        35      Reaffirmed
Krupanidhi Construction               LT/ST Bk Fac       CARE B+/CARE A423      Reaffirmed
Laxmi Sopan Agriculture Produce       LT Bk Fac          CARE B         32.6    Reaffirmed
Marketing Company Limite
Loxim Industries Ltd                  LT Bk Fac          CARE BBB+      395.2   Revised from
                                                                                CARE BBB
Loxim Industries Ltd                  LT / ST Bk Fac     CARE BBB+      295     Revised from
                                                         /CARE A2               CARE BBB /
                                                                                CARE A3+
M. S. Ramaiah Developers And Builder  LT Bk Fac Lease    CARE BBB       1550    Revised from
Pvt Ltd                               Rental Discounting                        CARE BBB+
M. S. Ramaiah Developers And Builder  LT Bk Fac          CARE BBB       1450    Revised from
Pvt Ltd                                                                         CARE BBB+
Madhurima International Pvt Ltd       LT Bk Fac          CARE A         250     Assigned
Manohar Lal Sarraf & Son Jewellers PvtLT/ST Bk Fac       CARE BBB /CARE 600     Reaffirmed
Ltd                                                      A3
Mayar Health Resorts Ltd              LT Bk Fac- FCTL*   -              -       Withdrawn
*CARE has withdrawn the rating assigned to the previous bank facilities of
 Mayar Health Resorts Limited (MHRL) with immediate effect, as the company 
 has repaid the aforementioned bank facilities in full and there is no
 amount outstanding under the loan as on date 
Mayar Health Resorts Ltd              LT Bk Fac          CARE B+        15.1    Revised from
                                                                                CARE D
Modern Road Makers Pvt Ltd            LT Bk Fac-TL       CARE A         429     Reaffirmed
Modern Road Makers Pvt Ltd            LT Bk Fac-TL @     CARE A+(SO)    1322.7  Revised from
                                                                                CARE A
@Unconditional and irrevocable corporate guarantee from IRB Infrastructure
 Developers Ltd (IRB) to meet any shortfall in debt servicing.
Modern Road Makers Pvt Ltd            LT Bk Fac-CC@      CARE A+(SO)    6250    Revised from
                                                                                CARE A
@Unconditional and irrevocable corporate guarantee from IRB Infrastructure 
 Developers Ltd (IRB) to meet any shortfall in debt servicing.
Modern Road Makers Pvt Ltd            LT/ ST Bk Fac- @   CARE A+(SO)    5500    Revised from
                                                         /CARE A1+(SO)          CARE A/CARE
                                                                                A1
@Unconditional and irrevocable corporate guarantee from IRB Infrastructure
 Developers Ltd (IRB) to meet any shortfall in debt servicing.
N Ranga Rao And Sons Pvt Ltd          LT Bk Fac          CARE A-        1675.1  Revised from
                                                                                CARE A-
Newtonia Cv Ifmr Capital 2017         Series A1 PTCs     CARE A(SO)             Reaffirmed
(Originator: Ikf Finance Ltd)
Newtonia Cv Ifmr Capital 2017         Series A2 PTCs     CARE BBB+ (SO)         Reaffirmed
(Originator: Ikf Finance Ltd)
Omkar Infratech Ltd                   LT Bk Fac          CARE B+                Assigned
One Education Initiatives Pvt Ltd     LT Bk Fac          CARE BB+;      343     Reaffirmed
Pan India Paryatan Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Pearl Trust March 2018 (Originator:   Series A PTC       Provisional    -       -
Staragri Finance Ltd)                                    CARE A (SO)
Prathap Foundation For Education And  LT Bk Fac          CARE BBB       90.6    Reaffirmed
Training
Prima Telecom Ltd                     LT Bk Fac          CARE BBB       500     Assigned
Prince Fab                            LT Bk Fac          -              -       Withdrawn
Prince Fab                            LT/ST Bk Fac       -              -       Withdrawn
Punj Lloyd Ltd                        LT Bk Fac          CARE D         49954   Reaffirmed
Punj Lloyd Ltd                        NCD I              CARE D         1350    Reaffirmed
Punj Lloyd Ltd                        NCD II             CARE D         3000    Reaffirmed
Punj Lloyd Ltd                        LT/ST Bk Fac       CARE D/CARE D  79147.6 Reaffirmed
Rajdeep Info Techno Pvt Ltd           LT Bk Fac          CARE BBB+(SO)* 53      Revised from
                                                                                CARE BBB(SO*)
*backed by unconditional and irrevocable corporate guarantee of Rajdeep Buildcon Private Limited
Rajdeep Info Techno Pvt Ltd           LT/ ST Bk Fac      CARE BBB+(SO)* 80      Revised from
                                                         /CARE A3+ (SO)*        CARE BBB(SO*)
*backed by unconditional and irrevocable corporate guarantee of Rajdeep Buildcon Private Limited
Ranjit Buildcon Ltd                   LT Bk Fac          CARE A+        450     Reaffirmed
Ranjit Buildcon Ltd                   LT/ST Bk Fac       CARE A+ /CARE  8550    Reaffirmed
                                                         A1+
Ranjit Toll Road Pvt Ltd              Long- Term Bk      -              -       Withdrawn
                                      FacTL#
# The term loan has been repaid in full and there is no outstanding against it.
 Taking cognizance of this fact along with the receipt of the ‘no due certificate’ 
 from the bank, CARE has withdrawn the rating assigned to the said term loan. 
Ranjit Toll Road Pvt Ltd              Long- Term Bk      CARE A+ (SO)   800     Assigned
                                      FacTL@
@ The rating is based on the credit enhancement in the form of unconditional 
 and irrevocable corporate guarantee extended by Ranjit Buildcon Limited (RBL; 
 rated CARE A+; stable/CARE A1+). 
Reliance Life Sciences Pvt Ltd        LT Bk Fac          CARE AAA       2312.5  Reaffirmed
Renuka Construction                   LT Bk Fac – TL     CARE BB-       200     Assigned
Rohan Rajdeep Kerala Road Projects LtdLT Bk Fac          CARE BBB+ (SO) 681.1   Reaffirmed
S.V.K. Shipping Services Pvt Ltd      LT Bk Fac          CARE BB        50      Reaffirmed
Sagar Nutriments Pvt Ltd              LT Bk Fac          CARE BB+       548.7   Revised from
                                                                                CARE BB
Sagar Steel Processing And            LT Bk Fac          CARE BBB       150     Assigned
Manufacturing Unit
Salem Stainless Steel Suppliers Pvt Ltd LT Bk Fac        -              -       Withdrawn
Samarth Commodities Merchants Pvt Ltd LT Bk Fac          CARE B+        60      Assigned
Shakti Motors Pvt Ltd                 LT Bk Fac          CARE BBB-      243     Reaffirmed
Shapers Industries Ltd                LT Bk Fac          CARE BB        69      Reaffirmed
Shirdi Sai Electricals Ltd            LT Bk Fac          CARE A         1100    Reaffirmed
Shirdi Sai Electricals Ltd            LT/ST Bk Fac       CARE A /CARE   5120    Reaffirmed
                                                         A2+
Shivaji Cane Processors Ltd           LT Bk Fac          CARE BB-       350     -
Issuer not cooperating”Based on Best available Information
Shri Mahavir Ferro Alloys Pvt Ltd     LT Bk Fac          CARE D         5377.4  Reaffirmed
Shristi Infrastructure Development    LT Bk Fac          -              -       Withdrawn
Corporation Ltd
Shristi Infrastructure Development    LT/ST Bk Fac       -              -       Withdrawn
Corporation Ltd
Shriya Overseas Pvt Ltd               LT Bk Fac          CARE D         100     Revised from
                                                                                CARE BB-
Shyam Corporation Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Shyam Corporation Pvt Ltd             LT/ST Bk Fac       -              -       Withdrawn
Shyamsree Food Processing Pvt Ltd     LT Bk Fac          CARE A-        306.6   Revised from
                                                                                CARE BBB+
Sigma Projects Inc                    LT Bk Fac          CARE BB-       22      -
Issuer not cooperating Based on best available information
South West Mining Ltd                 LT Bk Fac          CARE A+(SO)    2750*   Assigned
*The above rating to the extent of Rs 275 crore is based on the credit 
 enhancement in the form of letter of shortfall support undertaking
 extended by JSW Energy Rated CARE AA-, Outlook Negative, CARE A1+. 
Sr Brahmmas Agro Products Pvt Ltd     LT Bk Fac          CARE BB+       400     Reaffirmed
Sree Sree Rakhahari Cold Storage Pvt Ltd LT Bk Fac       CARE B+        38.5    Reaffirmed
Ssv Spinners Pvt Ltd                  LT Bk Fac          CARE B+        371.6   -
Issuer not cooperating (Based on best available information)
Staragri Finance Ltd                  LT Bk Fac          CARE BBB+      3225.2  Revised from
                                                                                CARE BBB+ (SO)
Staragri Finance Ltd                  LT Bk Fac          CARE BBB+      3274.8  Revised from
                                      (Proposed)                                Provisional
                                                                                CARE BBB+ (SO)
Strata Geosystems (India) Pvt Ltd     LT Bk FacTL        CARE A-        458.2   Reaffirmed
Strata Geosystems (India) Pvt Ltd     LT Bk FacFund basedCARE A-        200     Reaffirmed
Sun Packaging                         LT Bk Fac          CARE B-        60      Revised from
                                                                                B+;
Suraj Ispat                           LT Bk Fac          CARE B+        60      Reaffirmed
Suraj Value Infrastructure Pvt Ltd    LT Bk Fac          CARE B+        106.1   Revised from
                                                                                CARE B
Swastik Enterprises                   LT Bk Fac          CARE B+        79.5    Assigned
The Singareni Collieries Co. Ltd      LT Bk Fac          CARE AA-       4310    Reaffirmed
Theon Pharmaceuticals Ltd             LT Bk Fac          CARE A-        470.9   Reaffirmed
Vertical Infra                        LT Bk Fac          CARE BB-       200     Assigned
Vijayalakshmi Agro Food Industries    LT Bk Fac          CARE B+        150     -
Issuer not cooperating (Based on best available information)
--------------------------------------------------------------------------------------------
$: 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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