May 15, 2020 / 8:51 AM / 16 days ago

CARE ratings for Indian debt instruments-May 15

    May 15  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of May 14, 2020.


COMPANY                              INSTRUMENT        RATING       AMOUNT  MOVEMENT
                                                                    (RS.MLN)
-------                              ----------        ------       ------- ---------
SHORT TERM RATINGS:
-------------------
Antonova Tiles (India) Pvt Ltd       ST Bk Fac         CARE D        20.5   Reaffirmed
Ambattur Fashion India Pvt Ltd       ST Bk Fac         CARE A3+      330    -
(Revised from CARE A2 )
Amit N Shah                          ST Bk Fac         CARE A4       75     -
(Issuer not cooperating; Based on best available information)
Green Woods Palaces And Resorts Pvt LTD ST Bk Fac      CARE A3+      150    Reaffirmed
Graffiti (India) Pvt Ltd             ST Bk Fac         CARE D        30     -
(Issuer not co-operating; Based on Best Available Information)
Jyoti Spinners                       ST BK Fac         CARE A4       32     -
(Issuer Not Cooperating; on the basis of best available information)
Krishna Traders                      ST Bk Fac         CARE A4       20     -
(Issuer not cooperating; Based on best available information)
Lalaji Travels Pvt Ltd               ST Bk Fac         CARE A4       110    -
(Issuer not cooperating; Based on best available information)
Maharshee Geomembrane (India) Pvt Ltd ST Bk Fac        CARE A4       39.5   -
(Issuer not cooperating; Based on best available information)
Medicare Hygiene Ltd                 ST Bk Fac         CARE A4       1.5    -
(Issuer not co-operating; based on best available information)
Rattan Polychem Pvt Ltd              ST Bk Fac         CARE D        50     -
(Issuer Not Cooperating; on the basis of best available information)
Sara Spintex India Pvt Ltd           ST Bk Fac         CARE D        20     -
(ISSUER NOT COOPERATING; Based on best available information)
Sewri Engineering Company Pvt Ltd    ST Bk Fac         CARE A4       50     -
(CARE A4; Issuer Not Cooperating On the basis of best available information)
Sidhi Vinayak Rice Mills             ST Bk Fac         CARE D        180    -
(Issuer not cooperating; Based on best available information )
Shree Parashnath Re-Rolling Mills Ltd ST Bk Fac        CARE D        539.2  -
(Issuer Not Cooperating; on the basis of best available information)
Shanker Wood Pvt Ltd                 ST BK Fac         CARE A4       120    -
(Issuer Not Cooperating; on the basis of best available information)
Shree Ram Rubtech Pvt Ltd            ST Bk Fac         CARE A4       20     -
(Issuer not cooperating; Based on best available information)
Shri Ramdev Cotspin                  ST Bk Fac         CARE A4       1.5    -
(Issuer Not Cooperating ;Based on best available information)
Suncity Projects Pvt Ltd             ST Bk Fac (BGs)   CARE A3       1100   Reaffirmed
Suncity Projects Pvt Ltd             ST Bk Fac – Bk    -             -      Withdrawn*
                                     overdraft
(*The company has repaid the aforementioned bank facilities in full and there is no amount
outstanding under the said facility as on date)
Thermo Products Pvt Ltd              ST Bk Fac         CARE D        5      -
(ISSUER NOT COOPERATING; Based on best available information)
Vijendra Pratap Singh                ST BK Fac         CARE A4       50     -
(Issuer Not Cooperating; on the basis of best available information)
Vinayak International Housewares Pvt ST Bk Fac         CARE A4      170    -
(Issuer not cooperating; Based on best available information)


LONG TERM RATINGS:
-------------------
Accord Watertech And Infrastructure  LT Bk Fac         CARE B+;Stable 90    -
Pvt Ltd
(Revised from CARE BB-; Stable; Issuer Not Cooperating)
Alkey Synthetics Pvt Ltd             LT Bk Fac         CARE BB-;Stable 48.2 -
(Revised from CARE BB-; Stable; Issuer Not Cooperating)
Ambattur Fashion India Pvt Ltd       LT Bk Fac         CARE BBB;     60     -
                                                       Negative
(Revised from CARE BBB; Stable)
Amit N Shah                          LT Bk Fac         CARE B+; Stable 50   -
(Issuer not cooperating; Revised from CARE BB; Stable)
Antonova Tiles (India) Pvt Ltd       LT Bk Fac         CARE D        182.9  Reaffirmed
Ashtech Buildpro India Pvt Ltd       LT Bk Fac         CARE B-; Stable 145  -
(Issuer Not Cooperating; on the basis of best available information)
Club 29 Pvt Ltd                      LT Bk Fac         CARE D        128.8  -
(Issuer Not Cooperating; Based on best available information)
Cms It Services Pvt Ltd              LT FBL            -             -      -
(Reaffirmed at CARE BBB-, Stable and withdrawn)
Cms It Services Pvt Ltd              LT/ST FBL         -             -      -
(Reaffirmed at CARE BBB-; Stable/CARE A3 and withdrawn)
Deepak Automobiles                   LT Bk Fac         CARE B-;Stable 57.1  -
(Issuer Not Cooperating; Revised from CARE B+;Stable;)
Durgeshwari Industries Ltd           LT Bk Fac         CARE C        150    -
(Issuer Not Cooperating; Revised from CARE B+; Stable;) 
Essel Housing Projects Pvt Ltd       LT Bk Fac (Fund   CARE BBB (CE)/1200   -
                                     Based)- TL@       Negative
(Rating reaffirmed and outlook revised to Negative from Stable.
 (reduced from Rs. 150.00 crore Crore) 
@ Backed by credit enhancement in the form of Suncity Projects Private Limited acting as
co-borrower for the rated facilities.)
Essel Housing Projects Pvt Ltd       LT Bk Fac (Non    CARE BBB (CE)/200    -
                                     Fund Based)- BG@  Negative
(Rating reaffirmed and outlook revised to Negative from Stable; 
@ Backed by credit enhancement in the form of Suncity Projects Private Limited acting as
co-borrower for the rated facilities.)
Gayatri Sea Foods & Feeds Pvt Ltd    Bk Fac-Fund Based CARE D        185    -
                                     - LT-CC
(Issuer Not Cooperating; Revised from CARE B; Stable;)
Gayatri Sea Foods & Feeds Pvt Ltd    Bk Fac-Non-Fund   CARE D        65     -
                                     Based -ST-LOC
(Issuer Not Cooperating; Revised from CARE A4; on the basis of best available information)
Graffiti (India) Pvt Ltd             LT Bk Fac         CARE D        120    -
(Issuer not co-operating; Based on Best Available Information)
Green Woods Palaces And Resorts Pvt Ltd LT Bk Fac      CARE BBB+/    2087.5 Reaffirmed
                                                       Negative
(reduced from 215.61 Crore)
Hamilton Land Developers Pvt Ltd     LT Bk Fac         -             -      -
(Reaffirmed at CARE B; Stable; Issuer not cooperating and Withdrawn)
Jyoti Spinners                       LT Bk Fac         CARE B-       63     -
(Issuer not Cooperating; Revised from CARE B)
Kamakhya Traders                     LT Bk Fac         CARE B-;      100    -
                                                       Stable
(Issuer not cooperating; Revised from CARE B; Stable)
Krishna Traders                      LT Bk Fac         CARE B-;      42     -
                                                       Stable
(Issuer Not Cooperating Revised from CARE B; Stable)
Krishna Traders                      LT/ ST Bk Fac     CARE B-;      29     -
                                                       Stable/CARE A4
(Issuer Not Cooperating Revised from CARE B; Stable/CARE A4 )
Kuber Paper & Pack                   LT Bk Fac         -             -      -
(Reaffirmed at CARE B; Stable; Issuer not cooperating and Withdrawn)
Magnum Steels Ltd                    Long- term Bk Fac CARE B-; stable 200  -
(Issuer not cooperating; Revised from CARE B; Stable)
Maharshee Geomembrane (India) Pvt Ltd LT Bk Fac        CARE B; Stable 50    -
(Issuer not cooperating; Based on best available information)
Mahendra Brothers Exports Pvt Ltd    LT / ST BK Fac    CARE A-;      10000  -
                                                       Negative/CARE
                                                       A2
(Revised from CARE A-;Stable/CARE A2)
Mbmg Diamonds Pvt Ltd                LT / ST Bk Fac    CARE A-;      400    -
                                                       Negative/CARE
                                                       A2
(Revised from CARE A-; Stable/CARE A2)
Medicare Hygiene Ltd                 LT Bk Fac         CARE BB; Stable 60.9 -
(Issuer not co-operating; based on best available information)
National Plastics                    LT Bk Fac         CARE B; Stable 63.2  -
(Issuer not cooperating; Revised from CARE B+; Stable; Based on best available information)
Nigam Industries                     LT Bk Fac         CARE B; Stable 64    -
(Issuer not cooperating; Revised from CARE B+; Stable; Based on best available information)
Persang Alloy Industries Pvt Ltd     LT Bk Fac         CARE BB; Stable 46.2  -
(Issuer not cooperating; Based on best available information)
Persang Alloy Industries Pvt Ltd     LT/ ST Bk Fac     CARE BB;      110    -
                                                       Stable /CARE
                                                       A4+
(Issuer not cooperating; Based on best available information)
Ram Aabhoshan                        LT Bk Fac         CARE B-; Stable 150  -
(Issuer Not Cooperating Revised from CARE B; Stable;)
Rattan Polychem Pvt Ltd              LT Bk Fac         CARE D        130    -
(Issuer Not Cooperating; on the basis of best available information)
Rattan Polychem Pvt Ltd              LT Bk Fac /ST Bk  CARE D        120    -
                                     Fac
(Issuer Not Cooperating; on the basis of best available information)
Raviraj Hi-Tech Pvt Ltd              LT Bk Fac         CARE D        105    -
(Issuer Not Cooperating; Based on best available information)
Real Value Ventures Pvt Ltd          NCDs Issue I^     -             -      Withdrawn
(^CARE has withdrawn the rating assigned to the Non-Convertible Debenture issues (NCD issue I
and NCD issue II, with ISINs INE511T07015 and INE511T07023) of Real Value Ventures Private
Limited with immediate effect. As per CARE’s withdrawal policy, the rating has been withdrawn on
account of restructuring of the aforementioned instruments with change in issue terms.)
Real Value Ventures Pvt Ltd          NCDs Issue II^    -             -      Withdrawn
(^CARE has withdrawn the rating assigned to the Non-Convertible Debenture issues (NCD issue I
and NCD issue II, with ISINs INE511T07015 and INE511T07023) of Real Value Ventures Private
Limited with immediate effect. As per CARE’s withdrawal policy, the rating has been withdrawn on
account of restructuring of the aforementioned instruments with change in issue terms.)
Real Value Ventures Pvt Ltd          NCDs Issue III    CARE D        270    -
(Issuer not cooperating; Based on best available information)
Real Value Ventures Pvt Ltd          NCDs Issue IV     CARE D        160    -
(Issuer not cooperating; Based on best available information)
Sambhav Exim                         Long- term Bk Fac CARE D        89.7   -
(Issuer not co-operating; Based on best available information)
Sambhav Exim                         Long- term/ ST Bk CARE D/CARE D 60     -
                                     Fac
(Issuer not co-operating; Based on best available information)
Sara Spintex India Pvt Ltd           LT Bk Fac         CARE D        363.6  -
( ISSUER NOT COOPERATING; Based on best available information)
Sewri Engineering Company Pvt Ltd    LT Bk Fac         CARE B-; Stable 49.5  -
(Revised from CARE B+; Stable; Issuer Not Cooperating On the basis of best available
information)
Shanker Wood Pvt Ltd                 LT Bk Fac         CARE B; Stable 30    -
(Issuer not Cooperating; Revised from CARE B+;Stable) 
Shree Parashnath Re-Rolling Mills Ltd LT Bk Fac        CARE D        1669.5 -
(Issuer Not Cooperating; on the basis of best available information)
Shree Ram Rubtech Pvt Ltd            LT/ ST Bk Fac     CARE B+;      30     -
                                                       Stable/CARE A4
(Issuer not cooperating; Based on best available information)
Shree Rameshwar Cotex Industries     LT Bk Fac         CARE B        73     -
(Issuer not co-operating ; Revised from CARE B+ ; on the basis of best available information)
Shri Ram Agro Sciences Pvt Ltd       LT Fac            CARE B-       150    -
(Issuer not cooperating; Revised from CARE B)
Shri Ram Cot Fab                     LT Bk Fac         CARE B        324.5  -
(Issuer not co-operating ;Revised from CARE B+ ; on the basis of best available information)
Shri Ramdev Cotspin                  LT Bk Fac         CARE B;Stable 145   -
(Issuer Not Cooperating; Revised from CARE B+; Stable; on the basis of best available
information)
Shri Siddhi Vinayak Sarees           LT Bk Fac         CARE B-;stable 60   -
(Issuer not cooperating; Revised from CARE B; Stable)
Sidhi Vinayak Rice Mills             LT Bk Fac         CARE D        41.4   -
(Issuer not cooperating; Based on best available information)
Sikkim Iffco Organics Ltd            LT Bk Fac         CARE BBB;     330    Assigned
                                                       Stable
Smt. Malti Devi Memorial Trust       LT Bk Fac         CARE B-; Stable 45.5 -
(Issuer Not Cooperating Revised from CARE B; Stable)
Sri Veeranjaneya Eco-Bricks Pvt Ltd  LT Bk Fac         CARE B-/      60     -
                                                       Stable
(Issuer Not Cooperating Revised from CARE B; Stable)
Suncity Hi-Tech Projects Pvt Ltd     LT Bk Fac (Fund   CARE BBB (CE); 50    -
                                     Based)- TL@       Negative
(Rating reaffirmed and outlook revised to Negative from Stable.
 (reduced from Rs. 125.00 crore Crore)
@ Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
from Suncity Projects Private Limited rated CARE BBB; Negative/ CARE A3)
Suncity Projects Pvt Ltd             LT Bk Fac – Bk    -             -      Withdrawn*
                                     overdraft
(*The company has repaid the aforementioned bank facilities in full and there is no amount
outstanding under the said facility as on date)
Suncity Projects Pvt Ltd             LT Bk Fac (TL)    CARE BBB;     1440   -
                                                       Negative
(Rating reaffirmed and outlook revised to Negative from Stable . (enhanced from 128.41 Crore))
Suryansh Agro                        LT Bk Fac         CARE B-; Stable 63.3 -
(Issuer not cooperating; Revised from CARE B; Stable) 
Thermo Products Pvt Ltd              LT Bk Fac         CARE D        53.3   -
( ISSUER NOT COOPERATING ;Based on best available information)
Uni Design Elite Jewellery Pvt Ltd   LT / ST Bk Fac    CARE A-;      500    -
                                                       Negative/CARE
                                                       A2
(Revised from CARE A-; Stable/CARE A2)
Uni Design Jewellery (India) Pvt Ltd LT / ST BK Fac     CARE A-;      400    -
                                                       Negative/CARE
                                                       A2
(Revised from CARE A-; Stable/CARE A2)
Uni Design Jewellery Pvt Ltd         LT / ST Bk Fac    CARE A-;      1000   -
                                                       Negative/CARE
                                                       A2
(Revised from CARE A-; Stable/CARE A2)
Vijendra Pratap Singh                LT Bk Fac         CARE B; Stable 45    -
(Issuer not Cooperating; Revised from CARE B+; Stable;)
Vinayak International Housewares Pvt LT Fac            CARE B; stable 15    -
(Issuer not cooperating; Revised from CARE B+; Stable)
--------------------------------------------------------------------------------------------
$: 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@refinitiv.com)
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