March 9, 2018 / 7:31 AM / in 5 months

CARE ratings for Indian debt instruments-Mar 9

    Mar 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 8, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abc Transformers                      ST Bk Fac          CARE A4        45      Assigned
Agile Electric Sub Assembly Pvt Ltd   ST Bk Fac*         CARE A1+       785     Reaffirmed
*The company s bank facilities have been reclassified from long-term/short-term bank facilities
to short-term bank facilities.
Anantshree Polymers Pvt Ltd           ST Bk Fac          CARE A4+       2.5     Revised from
                                                                                CARE A4
De Converter India Pvt Ltd            ST Bk Fac          CARE A4+       1.2     Revised from
                                                                                CARE A4
Healthfore Technologies Ltd           ST Bk Facility**   CARE A4        71      -
ISSUER NOT COOPERATING / Credit Watch with negative implications 
***backed by unconditional and irrevocable Corporate Guarantee of RHC Holding Pvt Ltd
Himachal Fibres Ltd                   ST Bk Fac          CARE D*        50      -
* Issuer not cooperating
Igarashi Motors India Ltd             ST Bk Fac*         CARE A1+       550     Reaffirmed
*The company s bank facilities have been reclassified from long-term/short-term bank facilities
to short-term bank facilities
Indomet Steel Industries Pvt Ltd      ST Bk Fac          -              -       withdrawn
Ligare Aviation Ltd                   ST Bk Fac^^        CARE D         50      -
ISSUER NOT COOPERATING / Credit Watch with negative implications / ^^Standalone
Jm Financial Capital Ltd              CP (IPO Financing) CARE A1+       3000    Assigned
Jm Financial Products Ltd             CP (IPO Financing) CARE A1+       5000    Assigned
K.S.D Construction                    ST Bk Fac          CARE A4        150     Reaffirmed
Kaygaon Paper Mills Ltd               ST Bk Fac          CARE A4        87.5    Reaffirmed
Marvelous Metals Pvt Ltd              ST Bk Fac          CARE A4+       7.5     Reaffirmed
Mittal Filaments Pvt Ltd              ST Bk Fac          CARE A4        2.5     -
ISSUER NOT COOPERATING
Natural And Essential Oils Pvt Ltd    ST Bk Fac          CARE A4        50      Reaffirmed
Pathfinder Infrastructures Pvt Ltd    ST Bk Fac          CARE A4        115     Assigned
Plasto Eltronics Pvt Ltd              ST Bk Fac          CARE A4+       24      Assigned
Sandip Nanavati                       ST Bk Fac          CARE A4+       240     Reaffirmed
Saurashtra Calcine Bauxite & Allied   ST Bk Fac          CARE A4        31      Revised from
Industries Ltd                                                                  CARE A4+
R. K. Industries - Kaship             ST Bk Fac          CARE B*        6       -
*Issuer not cooperating
Shiva Speciality Yarns Ltd            ST Bk Fac          CARE D*        10      -
* Issuer not cooperating
Shree Hari Spintex Ltd                ST Bk Fac          CARE A4        5       -
Issuer not cooperating
Shree Jeenmata Dyeing & Printing MillsST Bk Fac          CARE A4+       1       Assigned
Pvt Ltd
Surya Roshni Ltd                      CP                 CARE A1+ #     2700    Reaffirmed
#The reaffirmation of the above rating continues to take into account the credit enhancement in
the form of unconditional and irrevocable Stand by Letter of Credit (SBLC) letters issued by
State Bank of India, Canara Bank and HDFC Bank.
Surya Roshni Ltd                      CP                 CARE A1+ @     350     -
Placed on credit watch with developing implications /
@The above rating is placed on ‘credit watch with developing implications’ in view of the
ratings of SBLC issuer Punjab National Bank being placed on credit watch with developing
implication by CARE
Vama Construction Company             ST Bk Fac          CARE A4        20      -
ISSUER NOT COOPERATING
Yogindra Worsted Ltd                  ST Bk Fac          CARE D*        92.5    -
* Issuer not cooperating
Zigma Modular Systems Pvt Ltd         ST Bk Fac          CARE A4        5       Assigned

LONG TERM RATINGS:
-------------------
Abc Transformers                      LT Bk Fac          CARE BB-       35      Assigned
Ae Tollway Pvt Ltd                    LT Bk Fac (TL) #   CARE BBB+      16500   Revised from
                                                                                CARE BBB
# backed by Irrevocable and unconditional Corporate Guarantee from IRB Infrastructure Developers
Limited (IRB) to the effect that it shall provide an interest-free unsecured loan to meet
shortfall in interest / debt servicing of the Loan from Scheduled Six-Laning Date(SSLD) till
DSCR of 1.10x(without promoter support) is reached.
Agile Electric Sub Assembly Pvt Ltd   LT Bk Fac          CARE A+        749.8   Reaffirmed
Anantshree Polymers Pvt Ltd           LT Bk Fac          CARE BB+       56.6    Revised from
                                                                                CARE BB
Bewakoof Brands Pvt Ltd               LT Bk Fac          CARE BB        80      Assigned
De Converter India Pvt Ltd            LT Bk Fac          CARE BB+       56.8    Revised from
                                                                                CARE BB
Deepak Automobiles                    LT Bk Fac          CARE B+        57.1    Assigned
Future Brands Ltd                     LT Bk Fac          CARE BBB-      3857.5  Reaffirmed
Hare Krishna Orchid                   LT Bk Fac          CARE BB-       150     Assigned
Healthfore Technologies Ltd           LT Bk Facility*    CARE C         1000    -
ISSUER NOT COOPERATING / Credit Watch with negative implications / *backed by unconditional and
irrevocable put option with banker provided by RHC Holding
Healthfore Technologies Ltd           LT Bk Facility**   CARE C         1666.7  -
ISSUER NOT COOPERATING / Credit Watch with negative implications / **backed by shortfall
undertaking from RHC Holding Private Limited
Himachal Fibres Ltd                   LT Bk Fac          CARE D*        220     -
* Issuer not cooperating
Igarashi Motors India Ltd             LT Bk Fac          CARE A+        672.9   Reaffirmed
Indomet Steel Industries Pvt Ltd      LT Bk Fac          -              -       withdrawn
Irb Westcoast Tollway Pvt Ltd         LT Bk Fac (TL)#    CARE BBB       14060   Reaffirmed
# Irrevocable and unconditional corporate guarantee from IRB Infrastructure Developers Limited
to meet shortfall between outstanding amount of the Obligations and termination payments
received from NHAI in case of termination of Concession Agreement for any reason
K.S.D Construction                    LT Bk Fac          CARE BB        70      Reaffirmed
Kamla Rice And General Mills          LT Bk Fac          CARE BB-       98      Assigned
Kaygaon Paper Mills Ltd               LT Bk Fac          CARE BB        309.5   Reaffirmed
L&T Finance Ltd (Erstwhile Family     CP (for IPO        -              -       withdrawn
Credit Ltd)                           financing)
L&T Housing Finance Ltd               CP (for IPO        -              -       withdrawn
                                      financing)
L&T Infrastructure Finance Co. Ltd    CP (for IPO        -              -       withdrawn
                                      financing)
Ligare Aviation Ltd                   LT Bk Fac*         CARE C         1000    -
ISSUER NOT COOPERATING / Credit Watch with negative implications / 
*backed by unconditional and irrevocable Corporate Guarantee of RHC Holding Pvt Ltd (RHC)
Ligare Aviation Ltd                   LT Bk Fac#         CARE C         350     -
ISSUER NOT COOPERATING / Credit Watch with negative implications / 
#backed by put option with banker provided by RHC
Ligare Aviation Ltd                   LT Bk Fac%         CARE C         833.3   -
ISSUER NOT COOPERATING / Credit Watch with negative implications / 
%backed by shortfall undertaking from RHC
Ligare Aviation Ltd                   LT Bk Fac&         CARE C         166.7   -
ISSUER NOT COOPERATING / Credit Watch with negative implications / 
& backed by unconditional & irrevocable Corporate Guarantee of Malav Holdings Pvt Ltd & Shivi
Holdings Pvt Ltd
Mahaveer Fibres Pvt Ltd               LT Bk Fac          CARE BB-       132.6   Reaffirmed
Marvelous Metals Pvt Ltd              LT Bk Fac          CARE BB+       61.5    Reaffirmed
Mittal Filaments Pvt Ltd              LT Bk Fac          CARE BB-       109     -
ISSUER NOT COOPERATING
Natural And Essential Oils Pvt Ltd    LT Bk Fac          CARE BB-       164.1   Revised from
                                                                                CARE BB
Osmed Formulations Pvt. Ltd.          LT Bk Fac          -              -       withdrawn
Parth Infrastructure Pvt Ltd          LT/ST Bk Fac       CARE BB+ /CARE 170     Reaffirmed
                                                         A4+
Pathfinder Infrastructures Pvt Ltd    Long/ST Bk Fac     CARE B /CARE A415      Assigned
Plasto Eltronics Pvt Ltd              LT Bk Fac          CARE BB        36      Assigned
Prag Distillery Pvt. Ltd.             LT Bk Fac (TL-ECB) CARE D         128.2   -
ISSUER NOT COOPERATING
Prag Distillery Pvt. Ltd.             LT Bk Fac          CARE D         200     -
                                      (Fundbased)
ISSUER NOT COOPERATING
Quadros Motors Pvt Ltd                LT Bk Fac          CARE D         62      -
ISSUER NOT COOPERATING
R. K. Industries - Kaship             LT Bk Fac          CARE B*        51      Revised from
                                                                                CARE B+
*Issuer not cooperating
S S Poultries                         LT Bk Fac          CARE B         54.6    Assigned
Saidristi Suitings Pvt Ltd            LT Bk Fac          CARE B+        47.1    Reaffirmed
Sandip Nanavati                       LT Bk Fac          CARE BB+       7.5     Reaffirmed
Saurashtra Calcine Bauxite & Allied   LT/ST Bk Fac       CARE BB-       175     Revised from
Industries Ltd                                                                  CARE BB
Shiva Speciality Yarns Ltd            LT Bk Fac          CARE D*        698.9   -
* Issuer not cooperating
Shree Hari Spintex Ltd                LT Bk Fac          CARE B+        169.2   Revised from
                                                                                CARE BB-
Issuer not cooperating
Shree Jeenmata Dyeing & Printing MillsLT Bk Fac          CARE BB+       150.2   Reaffirmed
Pvt Ltd
Shrigovind Polytex Pvt Ltd            LT Bk Fac          CARE B+        117.5   Assigned
Solapur Yedeshi Tollway Pvt Ltd       LT Bk Fac (TL)#    CARE BBB+      9100    Revised from
                                                                                CARE BBB
# Irrevocable and unconditional Corporate Guarantee from IRB Infrastructure Developers Ltd to
the effect that it shall provide an interest-free unsecured loan to meet shortfall in interest /
debt servicing of the Loan from COD till DSCR of 1.10 is reached. Such loan shall be without
recourse to Lenders/other FIs/banks and on terms acceptable to Lenders
Sorathia Velji Ratna And Company      LT Bk Fac          CARE BBB+      245     Reaffirmed
Sorathia Velji Ratna And Company      LT/ST Bk Fac       CARE BBB+/A3+  1055    Reaffirmed
Sri Satnam Jewells Pvt Ltd            LT Bk Fac          CARE B+        120     -
ISSUER NOT COOPERATING
Tata Motors Ltd                       LT Bk Fac          CARE AA+       23500   Reaffirmed
Vama Construction Company             LT Bk Fac          CARE B+        30      -
ISSUER NOT COOPERATING
Vikas Steel Inc.                      LT Bk Fac          CARE B+        200     Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Vikas Steel Inc.                      LT/ST Bk Fac       CARE B+/A4     50      Revised from
                                                                                CARE BB-/
                                                                                CARE A4
ISSUER NOT COOPERATING
Ych Logistics (India) Pvt Ltd         LT Bk Fac          CARE BBB       200.6   Reaffirmed
Yogindra Worsted Ltd                  LT Bk Fac          CARE D*        661.8   -
* Issuer not cooperating
Zigma Modular Systems Pvt Ltd         LT Bk Fac          CARE B         35      Assigned

--------------------------------------------------------------------------------------------
$: 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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