March 7, 2018 / 8:42 AM / 3 months ago

CARE ratings for Indian debt instruments-Mar 7

    Mar 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 6, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arvee Electricals And Engineers Pvt   ST Bk Fac          CARE A4        100     Re-affirmed
Ltd 
Berk Auto Ltd Liability Partnership   ST Bk Fac          CARE A4        305     Reaffirmed
Chakrapani Vyapar Pvt Ltd             ST BkFac           -              -       Withdrawn@
@Short term rating is withdrawn as the facility is not renewed
Choudhary Construction Company        ST Bk Fac          CARE A3        151     Revised from
                                                                                CARE A4+
Delphi-Tvs Diesel Systems Ltd         ST Bk Fac          CARE A2+       1500    Reaffirmed
Dkc Projects Pvt Ltd                  ST Bk Fac          CARE A4        50      Assigned
Escorts Heart & Super Speciality      ST BkFac           CARE A2        150     Revised from
Hospital Ltd                          (Overdraft) ^                             CARE A1+ (SO)#
^ The facility is backed by credit enhancement in the form of unconditional and irrevocable
Corporate Guarantee of Fortis
Global Healthcare Infrastructure Pte. Ltd. (FGHIPL). 
Escorts Heart Institute And Research  ST Bk Fac          CARE A2        250     Revised from
Centre Ltd                                                                      CARE A2+ @
Escorts Heart Institute And Research  ST Bk Fac          CARE A2        250     Revised from
Centre Ltd                                                                      CARE A2+ @
Finar Ltd                             ST Bk Fac          CARE A3+       60      Reaffirmed
Fortis Health Management Ltd          ST BkFac           CARE A2 (SO)   70      Revised from
                                      (Overdraft) ^                             CARE A1+ (SO)
                                                                                #
^ The facility is backed by credit enhancement in the form of unconditional and irrevocable
Corporate Guarantee of Fortis Global Healthcare Infrastructure Pte. Ltd. (FGHIPL)
Fortis Healthcare Ltd.                ST Fac             CARE A2        560     Revised from
                                                                                CARE A2+ @
Fortis Healthcare Ltd.                CPs                CARE A2        6000    Revised from
                                                                                CARE A2+ @
Gujarat Cooperative Milk Marketing    CP (CP) issue      CARE A1+       5000    Reaffirmed
Federation Ltd
Imp Powers Ltd                        ST Bk Fac          CARE A4+       939.7   Revised from
                                                                                CARE A3
International Hospital Ltd            ST BkFac           CARE A2 (SO)   260     Revised from
                                      (Overdraft) ^                             CARE A1+ (SO)#
^ The facility is backed by credit enhancement in the form of unconditional and irrevocable
Corporate Guarantee of Fortis Global Healthcare Infrastructure Pte. Ltd. (FGHIPL)
International Hospital Ltd            CP @               CARE A2 (SO)   1500    Revised from
                                                                                Provisional
                                                                                CARE A1+ (SO)#
@ The provisional rating assigned is based on indicative terms of the proposed issue. The
facility is proposed to be backed by Corporate Guarantee of RHT Health Trust (RHT)
Isc Projects Pvt Ltd                  ST Bk Fac          CARE A3        600     Reaffirmed
(enhanced from 43.99 Crore)
Jcc Infraprojects Pvt Ltd             ST Bk Fac          CARE A4        300     Assigned
Kapsons Industries Pvt Ltd            ST Bk Fac          CARE D         290
ISSUER NOT COOPERATING
Kaira District Cooperative Milk       ST Bk Fac          CARE A1+       8450    Reaffirmed
Producers' Union Ltd
(reduced from 895.00 Crore)
Karnavati Engineering Ltd             ST Bk Fac          CARE A3        10      Reaffirmed
Kennigton Industries Pvt. Ltd         Bk Fac-Non Fund    -              -       withdrawn
                                      Based- ST
Kena Alloys Pvt Ltd                   Short- term Bk Fac CARE D         4
ISSUER NOT COOPERATING
Kennigton Industries Pvt. Ltd         Bk Fac-Non Fund    CARE A3        60
                                      Based- ST
ISSUER NOT COOPERATING
Kris Flexipacks Pvt Ltd               ST Non Fund        CARE A3+       291.5   Reaffirmed
                                      BasedBk Fac
(Reduced from 29.41 Crore)
L.B. Kunjir                           ST Bk Fac          CARE A4        184
ISSUER NOT COOPERATING
Mahatma Jyotiba Fule Vidyapeeth SamitiLT/ST Bk Fac       CARE A4        15      Revised from
                                                                                CARE BB+
ISSUER NOT COOPERATING
Murli Krishna Pharma Pvt Ltd          ST Bk Fac          CARE A4        99
ISSUER NOT COOPERATING
Oil And Gas Corporation Ltd           ST Fac- TL         CARE A1+       250000  Assigned
Pantel Technologies Pvt Ltd           ST Bk Fac          CARE D         100
ISSUER NOT COOPERATING
Patiala Distillers And Manufacturers LST Bk Fac          CARE A4        3.5
ISSUER NOT COOPERATING
Prerna Services Pvt Ltd               ST Bk Fac          CARE D         20
ISSUER NOT COOPERATING
Priyanka India Pvt Ltd                ST Bk Fac          CARE A4        65
ISSUER NOT COOPERATING
Solaris Ceramics Pvt Ltd              ST Bk Fac          CARE A2+       78      Reaffirmed
Technocon Constructions And           ST Bk Fac          -              -       Withdrawn
Infrastructure Pvt Ltd
Tarawade Logistics Pvt Ltd            ST Bk Fac          CARE A4        50
ISSUER NOT COOPERATING
Tocco Ceramic Pvt Ltd                 ST Bk Fac          CARE A2+       55.5    Reaffirmed
(Reduced from Rs.6.00 crore Crore)
Usha Prabha Industries                ST Bk Fac          CARE A4        2
ISSUER NOT COOPERATING
Varmora Granito Pvt Ltd               ST Bk Fac          CARE A2+       117.3   Reaffirmed
(Enhanced from Rs.11.35 crore Crore)
Varmora International                 ST Bk Fac          CARE A2+       10      Reaffirmed
    
MEDIUM TERM RATINGS:
-------------------
Newlink Overseas Finance Ltd          Fixed Deposit      CARE BBB (FD)  200     Reaffirmed
                                      programme
(Enhanced from Rs.18.96 crore Crore)
LONG TERM RATINGS:
-------------------
Agrow Foods                           LT Bk Fac          Care B         100
ISSUER NOT COOPERATING
Ahmedabad District Cooperative Milk   LT Bk Fac          CARE AAA (SO)  1314    Reaffirmed
Producers’ Union Ltd
Amol Pharmaceuticals Pvt Ltd          LT Bk Fac          CARE BBB-      75      Reaffirmed
Amol Pharmaceuticals Pvt Ltd          LT Bk Fac/ ST Bk   CARE BBB-/A3   260     Reaffirmed
                                      Fac
Arvee Electricals And Engineers Pvt LtLT Bk Fac          CARE B+        15      Re-affirmed
Asan Memorial Association             LT Bk Fac          CARE BB-       55.4    Revised from
                                                                                CARE D
removed from Issuer not cooperating/(reduced from 8.38 Crore)
Bansal Pathways Pvt Ltd               LT Bk Fac          CARE BBB+      727.9   Revised from
                                                                                CARE BBB
Berk Auto Ltd Liability Partnership   LT Bk Fac          CARE BB-       84.3    Reaffirmed
Bharat Hitech (Cements) Pvt Ltd       LT Bk Fac          CARE BB        177.4   Reaffirmed
Chakrapani Vyapar Pvt Ltd             LT BkFac           CARE BB+       650     Reaffirmed
Choudhary Construction Company        LT Bk Fac          CARE BBB-      19      Revised from
                                                                                CARE BB+
Chowdary Spinners Ltd                 LT BkFac           CARE BB-       495     Reaffirmed
(enhanced from 42.50 Crore)
Cogent Steel And Pipes Pvt Ltd        LT Bk Fac          CARE B+        147     Assigned
Delphi-Tvs Diesel Systems Ltd         Proposed CP (CP)   -              -       Withdrawn
                                      issue
Delphi-Tvs Diesel Systems Ltd         LT Bk Fac          CARE A-        2758.1  Reaffirmed
Delphi-Tvs Diesel Systems Ltd         Long/ ST Bk Fac    CARE A-/A2+    50      Reaffirmed
Dhunseri Tea & Industries Ltd         LT Bk Fac          CARE A+        1254.7  Reaffirmed
(enhanced from 115.47 Crore)
Dkc Projects Pvt Ltd                  LT Bk Fac          CARE BB-       30      Assigned
Dora Trust                            LT Bk Fac          CARE BB        550     Reaffirmed
Escorts Heart Institute And Research  LT Bk Fac          CARE BBB+      280     Revised from
Centre Ltd                                                                      CARE A- @
Escorts Heart Institute And Research  LT Bk Fac          CARE BBB+      280     Revised from
Centre Ltd                                                                      CARE A- @
Eses Commercials Pvt. Ltd.            LT Bk Fac          -              -       Withdrawn
Finar Ltd                             Long -term Bk Fac  CARE BBB       255.5   Reaffirmed
(enhanced from Rs.18.42 crore Crore)
Fortis Healthcare Ltd.                LT Fac             CARE BBB+      1440    Revised from
                                                                                CARE A- @
Global Dhall Industries               LT Bk Fac          CARE BB-       170     Assigned
Godawari Traders                      LT Bk Fac          CARE BB-       70      Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Imp Powers Ltd                        LT Bk Fac          CARE BB+       2442.3  Revised from
                                                                                CARE BBB-
Interocean Shipping (India) Pvt Ltd   LT Bk Fac          CARE BBB       270     Reaffirmed
Isc Projects Pvt Ltd                  Long/ST Bk Fac     CARE BBB/A3    100     Reaffirmed
(enhanced from 6 Crore)
Javery Incorporation                  LT Bk Fac          Care B         75      Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Jcc Infraprojects Pvt Ltd             LT Bk Fac          CARE BB        200     Assigned
Kaira District Cooperative Milk       LT Bk Fac          CARE AA+       1823.1  Reaffirmed
Producers' Union Ltd
(reduced from 204.59 Crore)
Kaira District Cooperative Milk       LT / ST Bk Fac     CARE AA+/A1+   1200    Reaffirmed
Producers' Union Ltd
(reduced from 170.00 Crore)
Kaizen Autocars Pvt Ltd               LT Bk Fac          CARE B         95.7
ISSUER NOT COOPERATING
Kamarajar Port Ltd                    TFBs issue-I       CARE AA        946.5   Reaffirmed
Kamarajar Port Ltd                    TFBs issue-II      CARE AA        3654.7  Reaffirmed
Kapsons Industries Pvt Ltd            LT Bk Fac          CARE D         1294
ISSUER NOT COOPERATING
Karnavati Engineering Ltd             LT Bk Fac          CARE BBB-      89      Reaffirmed
Kena Alloys Pvt Ltd                   Long- term Bk Fac  CARE D         47.5
ISSUER NOT COOPERATING
Kennigton Industries Pvt. Ltd         Bk Fac-Fund Based  -              -       withdrawn
                                      – LT
Kennigton Industries Pvt. Ltd         Bk Fac-Fund Based  CARE BBB-      300
                                      – LT
ISSUER NOT COOPERATING
Kgn Motors Pvt Ltd                    LT BkFac           CARE B+        148.9   Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Kris Flexipacks Pvt Ltd               LT Fund Based Bk   -              -       Withdrawn
                                      Fac ( TL)
Kris Flexipacks Pvt Ltd               LT Fund Based      CARE BBB+      590     Reaffirmed
                                      BkFac
Kriti Nutrients Ltd                   LT/ ST Bk Fac (Non -              -       Withdrawn #
                                      Fund based)
# Due to re-classification of non-fund based limits to fund based limits, long-term/short-term
rating assigned to non-fund based facilities has been withdrawn.
Kriti Nutrients Ltd                   LT/ ST Bk Fac      CARE BBB+/A2   520     Revised from
                                      (Fund based)                              CARE BBB /
                                                                                CARE A3+
L.B. Kunjir                           LT Bk Fac          CARE BB-       251.2
ISSUER NOT COOPERATING
Leopard Vitrified Pvt Ltd             LT BkFac           CARE BB        383.2
ISSUER NOT COOPERATING/(reduced from Rs.39.55 crore Crore)
Leopard Vitrified Pvt Ltd             LT/ ST Bk Fac      CARE BB/A4     42.5
ISSUER NOT COOPERATING
Mahalaxmi Vidyut Pvt Ltd              LT Bk Facility     CARE BBB+      41.4    Revised from
                                                                                CARE BBB
(reduced from 11.52 Crore)
Mahatma Jyotiba Fule Vidyapeeth SamitiLT Bk Fac          CARE B         34.9    Revised from
                                                                                CARE BB+
ISSUER NOT COOPERATING
Maratha Vidya Prasarak Samaj,Nashik   LT Bk Fac (CC)     CARE A+        50      Reaffirmed
(Erstwhile Nashik District Maratha
Vidya Prasarak Samaj
Maratha Vidya Prasarak Samaj,Nashik   LT Bk Fac          CARE A+        40      Reaffirmed
(Erstwhile Nashik District Maratha    (Overdraft)
Vidya Prasarak Samaj
Maratha Vidya Prasarak Samaj,Nashik   LT Bk Fac (TL)     CARE A+        23.4    Reaffirmed
(Erstwhile Nashik District Maratha
Vidya Prasarak Samaj
Meenakshi Cotgin                      LT Bk Fac          CARE B+        63.9    Reaffirmed
Midwest Granite Pvt Ltd               Issuer Rating      CARE BBB       0       Assigned
Minakshi Cotton Pvt Ltd               LT Bk Fac          CARE B+        189.4   Reaffirmed
Murli Krishna Pharma Pvt Ltd          LT Bk Fac          CARE B+        28.1    Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
N. C. Foods                           LT Bk Fac          CARE B         75.1    Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Newlink Overseas Finance Ltd          NCDs               CARE BBB-      20      Reaffirmed
(reduced from 8.00 Crore)
Newlink Overseas Finance Ltd          NCDs               CARE BBB-      150     Reaffirmed
Newlink Overseas Finance Ltd          NCDs (Proposed)    CARE BBB-      150     Assigned
Oil And Gas Corporation Ltd           LT Bk Fac          CARE AAA       5000    Reaffirmed
Oil And Gas Corporation Ltd           LT/ST Bk Fac       CARE AAA/A1+   95000   Reaffirmed
Pantel Technologies Pvt Ltd           LT Bk Fac          CARE D         140
ISSUER NOT COOPERATING
Patanjali Ayurved Ltd                 Proposed CP Issue  -              -       Withdrawn
Patiala Distillers And Manufacturers LLT Bk Fac          CARE B         100     Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Pharmachem Traders Pvt Ltd            LT Bk Fac          CARE BB-       20      Assigned
Pharmachem Traders Pvt Ltd            Long/ST BkFac      CARE BB-/A4    85      Assigned
Pratiti Health Educational Institutes LT Bk Fac          CARE B         225     Revised from
Pvt. Ltd.                                                                       CARE B+
ISSUER NOT COOPERATING
Prerna Services Pvt Ltd               LT Bk Fac          CARE D         52.2
ISSUER NOT COOPERATING
Priyanka India Pvt Ltd                LT Bk Fac          CARE B+        10      Revised from
                                                                                CARE BB
ISSUER NOT COOPERATING
R.S. Enterprises                      LT Bk Fac          CARE B         90      Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Radiant Corporation Pvt Ltd           LT Bk Fac          CARE A+        9.5     Reaffirmed
Radiant Corporation Pvt Ltd           LT/ ST Bk Fac      CARE A+/A1+    500     Reaffirmed
Rahul Electronic Pvt Ltd              LT Bk Fac          CARE B         60
ISSUER NOT COOPERATING
Ram Nath Memorial Trust Society       LT Bk Fac          CARE D         201.5
ISSUER NOT COOPERATING
Raviraj Hi-Tech Pvt Ltd               LT Bk Fac          Care B+        105
ISSUER NOT COOPERATING
S.D. Bansal Iron & Steel Pvt Ltd      LT Bk Fac          CARE BB        120     Reaffirmed
Sai Leasing Company                   LT Bk Fac          CARE D         100     Assigned
Sanai Enterprise                      LT Bk Fac          CARE BB-       80      Assigned
Sembcorp Energy India Ltd (Erstwhile  LT Bk Fac          CARE A         90550.8 #
Thermal Powertech Corporation India Ltd)
Shaktigarh Textiles And Industries LtdLT Bk Fac          CARE BB        281.6   Reaffirmed
(reduced from Rs.33.00 crore Crore)
Shree Construction And Leisure Pvt LtdLong term BkFac    CARE B-        143     Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Shri Giriraj Cold Storage Pvt Ltd     LT Bk Facility     CARE B+        67      Assigned
Sohanlal Sons                         LT Bk Fac          CARE B+        80
ISSUER NOT COOPERATING
Solaris Ceramics Pvt Ltd              LT Bk Fac          CARE A-        43.5    Reaffirmed
(Reduced from Rs.9.66 crore Crore)
Solaris Ceramics Pvt Ltd              Long/ST BkFac      CARE A-/A2+    150     Reaffirmed
(Reduced from Rs.18.00 crore Crore)
Solutrean Building Technologies Ltd   LT Bk Fac          CARE BB-       500     Reaffirmed
Star Plastics                         LT Bk Fac          CARE BB        193.8   Re-affirmed
(enhanced from 15 Crore)
Suryoday Small Finance Bank Ltd       CP Issue           -              -       Withdrawn
Tarawade Logistics Pvt Ltd            LT Bk Fac          CARE B         10      Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Technocon Constructions And           LT Bk Fac          -              -       Withdrawn
Infrastructure Pvt Ltd
Tirupati Cotton Corporation           LT Bk Fac          CARE B+        94.8    Reaffirmed
Tirupati Export And Import CorporationLT Bk Fac          CARE B+        90      Assigned
Tocco Ceramic Pvt Ltd                 LT Bk Fac          CARE A-        46.5    Reaffirmed
(Reduced from Rs.9.78 crore Crore)
Tocco Ceramic Pvt Ltd                 Long/ST BkFac      CARE A-/A2+    180     Reaffirmed
Usha Prabha Industries                LT Bk Fac          CARE B+        48.6
ISSUER NOT COOPERATING
Vaibhav Cotex Pvt Ltd                 LT Bk Fac          CARE B+        65.9    Reaffirmed
Varmora Granito Pvt Ltd               LT Bk Fac          CARE A-        172.3   Reaffirmed
(Reduced from Rs.18.32 crore Crore)
Varmora Granito Pvt Ltd               Long/ST BkFac      CARE A-/CARE   520     Reaffirmed
                                                         A2+
(Enhanced from Rs.35.00 crore Crore)
Varmora International                 Long/ST BkFac      CARE A-/A2+    200     Reaffirmed
--------------------------------------------------------------------------------------------
$: 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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