May 20, 2019 / 9:16 AM / 2 months ago

CARE ratings for Indian debt instruments-May 20

    May 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 17, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Arcadia Shipping Ltd                  ST Bk Fac          -              -       Withdrawn
Bihani Agro Foods Pvt Ltd             ST Bk Fac          CARE A4        0.3     -
Issuer Not Cooperating; based on best available information
Eco Cements Ltd                       ST Bk Fac          CARE A4        500     -
Issuer Not Cooperating; based on best available information
J.S.R & Company                       ST Bk Fac          CARE A4        50      Assigned
Jsw Jaigarh Port Ltd                  ST Bk Fac          CARE A1+       930     Reaffirmed
Kalyaneswari Polyfabs Pvt Ltd         ST Bk Fac          CARE A4        5       -
Issuer Not Cooperating; based on best available information
M V Agrotech Pvt Ltd                  ST Bk Fac          CARE A4        9.4     Assigned
Narsingh Construction                 ST Bk Fac          CARE A4        40      -
Issuer Not Cooperating; based on best available information
Kavita Industries                     ST Bk Fac          -              -       Withdrawn
Krishna Industries                    ST Bk Fac          -              -       Withdrawn
P.M. Industries                       ST Bk Fac          CARE D         23.6    -
Issuer Not Cooperating; based on best available information
Pitambara Foods                       ST Bk Fac          -              -       Withdrawn
Ranergy Solutions Pvt Ltd             ST Bk Fac          -              -       Withdrawn
Rsi Switchgear Pvt Ltd                ST Bk Fac          -              -       Withdrawn
Sujata Udit Builders Pvt Ltd          ST Bk Fac          -              -       Withdrawn
Pims Medical & Education Charitable   ST Bk Fac          CARE A4        50      -
Society
Issuer Not Cooperating; based on best available information
Power Grid Corporation Of India Ltd   CP                 CARE A1+       39000   Reaffirmed
(enhanced from 3,000)
Ramdhan Spintex                       ST Bk Fac          CARE A4        15      Reaffirmed
removed from Issuer Not Cooperating
S Kumars Associates                   ST Bk Fac          CARE A4        70      -
Issuer Not Cooperating; based on best available information
S. K. Pradhan Construction Company PvtST Bk Fac          CARE A4        60      Assigned
Ltd
Youth Welfare Association             ST Bk Fac          CARE D         7.5     -
Issuer Not Cooperating; based on best available information
Sadguru Engineers & Allied Services PvST Bk Fac          CARE A4        170     Reaffirmed
Ltd
Saibaba Agrotech Pvt Ltd              ST Bk Fac          CARE A4        70      -
Issuer Not Cooperating; based on best available information
Sri Ram Enterprises                   ST Bk Fac          CARE A4        60      -
Issuer Not Cooperating; based on best available information
Sri Venkateswara Constructions        ST Bk Fac          CARE A4        50      Reaffirmed
Issuer Not Cooperating and Removed from Non Cooperation
Stadmed Pvt Ltd                       ST Bk Fac          CARE A4+       6       Assigned
The Belgachi Tea Co. Ltd              ST Bk Fac          CARE A4        5.8     -
Issuer Not Cooperating; based on best available information

LONG TERM RATINGS:
-------------------
Anjani Cotgin                         LT Bk Fac          CARE B         70.2    Revised from
                                                                                CARE B+
Issuer Not Cooperating; based on best available information
Arcadia Shipping Ltd                  LT Bk Fac          -              -       Withdrawn
Arg Royal Ensign Developers Pvt Ltd   LT Bk Fac          -              -       Withdrawn
Aussee Oats India Ltd                 LT/ST - Bk Fac     CARE A (SO);   50      Reaffirmed
                                                         /CARE A1 (SO)
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
Aussee Oats India Ltd                 LT/ST - Bk Fac     CARE A (SO);   30      Final Rating
                                                         /CARE A1 (SO)
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
Aussee Oats India Ltd                 LT/ST - Bk Fac     CARE A (SO);   30      Reaffirmed
                                                         /CARE A1 (SO)
^To be backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd.
B.M. Enterprises                      LT Bk Fac          CARE B         50      Revised from
                                                                                CARE B+
Issuer Not Cooperating; based on best available information
Bihani Agro Foods Pvt Ltd             LT Bk Fac          CARE B         96.5    Revised from
                                                                                CARE B+
Issuer Not Cooperating; based on best available information
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  821.8   Revised from
                                      - Series II – 2013                        CARE AAA (SO)
                                      Series A1 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  34.2    Revised from
                                      - Series II – 2013                        CARE AAA (SO)
                                      Series A2 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  984     Revised from
                                      - Series III –                            CARE AAA (SO)
                                      2013 Series A1 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  41      Revised from
                                      - Series III –                            CARE AAA (SO)
                                      2013 Series A2 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  534.2   Revised from
                                      - Series IV – 2013                        CARE AAA (SO)
                                      Series A1 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  22.3    Revised from
                                      - Series IV – 2013                        CARE AA (SO)
                                      Series A2 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  82.1    Revised from
                                      - Series I – 2014                         CARE AAA (SO)
                                      Series A1 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  3.4     Revised from
                                      - Series 1 – 2014                         CARE AAA (SO)
                                      Series A2 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  318.5   Revised from
                                      - Series III –                            CARE AAA (SO)
                                      2014 Series A1 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  13.3    Revised from
                                      - Series III –                            CARE AA (SO)
                                      2014 Series A2 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  126.1   Revised from
                                      - Series IV – 2014                        CARE AAA (SO)
                                      Series A1 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  941.3   Revised from
                                      - Series I – 2015                         CARE AAA (SO)
                                      Series A1 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  29.1    Revised from
                                      - Series I – 2015                         CARE AA (SO)
                                      Series A2 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  1289.5  Revised from
                                      - Series II – 2015                        CARE AAA (SO)
                                      Series A1 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  39.9    Revised from
                                      - Series II – 2015                        CARE AA (SO)
                                      Series A2 PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  913.9   Revised from
                                      – Series I – 2016                         CARE AA (SO)
                                      Series A PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  1079.8  Revised from
                                      – Series II – 2016                        CARE AA (SO)
                                      Series A PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust CARE BBB (SO)  9384.2  Revised from
                                      – Series I – 2018                         CARE AA (SO)
                                      Series A PTC
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd DHFL Direct        Equivalent     650.7   Revised from
                                      Assignment March   toCARE BBB (SO)        CARE AAA (SO)
                                      2012 – I Assignee
                                      Payouts
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd DHFL Direct        Equivalent     583.6   Revised from
                                      Assignment March   toCARE BBB (SO)        CARE AAA (SO)
                                      2012 – II Assignee
                                      Payouts
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd DHFL Direct        Equivalent     228.6   Revised from
                                      Assignment March   toCARE BBB (SO)        CARE AAA (SO)
                                      2012 – III Assignee
                                      Payouts
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust Equivalent     72.4    Revised from
                                      – Series II – 2016 toCARE BBB (SO)        CARE A- (SO)
                                      Second Loss
                                       Facility
(Under Credit Watch with Negative Implications)
Dewan Housing Finance Corporation Ltd Nirmaan RMBS Trust Equivalent     526.9   Revised from
                                      – Series I – 2018  toCARE BBB (SO)        CARE A- (SO)
                                      Second Loss
                                      Facility
(Under Credit Watch with Negative Implications)
Eco Cements Ltd                       LT Bk Fac          CARE BB        291.5   -
Issuer Not Cooperating; based on best available information
Ecoplus Steels Pvt Ltd                LT Bk Fac          CARE BB        589.1   -
Issuer Not Cooperating; based on best available information
Gamut Infosystems Ltd                 LT Bk Fac          CARE BB-       70      Assigned
Gamut Infosystems Ltd                 LT/ST Bk Fac       CARE BB- /CARE 30      Assigned
                                                         A4
Henraajh Feeds India Pvt Ltd          LT Bk Fac          CARE BB        177.2   -
Issuer Not Cooperating; based on best available information
J.S.R & Company                       LT Bk Fac          CARE BB        30      Assigned
Jsw Jaigarh Port Ltd                  LT Bk Fac          CARE AA-       15925   Reaffirmed
(enhanced from Rs 1487.50 crore)
Jyoti Chandrashekhar Bawankule        LT Bk Fac          CARE BB-       74.8    Reaffirmed
(Reduced from Rs. 7.63 Crore)
Kalyaneswari Polyfabs Pvt Ltd         LT Bk Fac          CARE B         99.5    -
Issuer Not Cooperating; based on best available information
Kavita Industries                     LT Bk Fac          -              -       Withdrawn
Krishna Industries                    LT Bk Fac          -              -       Withdrawn
M V Agrotech Pvt Ltd                  LT Bk Fac          CARE BB        90.6    Assigned
Mahaganapati Food And Agro Products PvLT Bk Fac          -              -       Withdrawn
Ltd
Mindscape International Education     LT Bk Fac          CARE B-        50.8    -
Society
Issuer Not Cooperating; based on best available information
Mittal Agro Oil Industries            LT Bk Fac          CARE B         60      Revised from
                                                                                CARE B+
Issuer Not Cooperating; based on best available information
Namra Finance Ltd                     Proposed NCD Issue CARE BBB+      430     Assigned
                                      (NCD – II)
Narsingh Construction                 LT Bk Fac          CARE B+        10      Revised from
                                                                                CARE BB
Issuer Not Cooperating; based on best available information
P.M. Industries                       LT Bk Fac          CARE D         76.4    -
Issuer Not Cooperating; based on best available information
Pacific Medical University            LT Bk Fac          CARE D         995.7   Reaffirmed
removed from Issuer Not Cooperating
Pae Ltd                               LT Bk Fac          CARE D         150     -
Issuer Not Cooperating; based on best available information
Pae Ltd                               LT/ST - Bk Fac     CARE D         50      -
Issuer Not Cooperating; based on best available information
Pallavi Motors Pvt Ltd                LT Bk Fac          CARE BBB-      325     Assigned
Pallavi Motors Pvt Ltd                LT/ST Bk Fac       CARE BBB-/CARE 25      Assigned
                                                         A3
Pitambara Foods                       LT Bk Fac          -              -       Withdrawn
Pratiti Health Educational Institutes LT Bk Fac          CARE B         225     -
Pvt Ltd
Issuer Not Cooperating; based on best available information
R B Rungta Steels & Food Products Pvt LT Bk Fac          CARE BB-       76.6    -
Ltd
Issuer Not Cooperating; based on best available information
R. R. And Company Pvt Ltd             LT Bk Fac          CARE B+        53.5    Revised from
                                                                                CARE BB-
Issuer Not Cooperating; based on best available information
Rakesh Kumar Gupta Rice Mills Pvt Ltd LT Bk Fac          CARE B+        75      -
Issuer Not Cooperating; based on best available information
Ramdhan Spintex                       LT Bk Fac          CARE BB        210     Revised from
                                                                                CARE BB-
removed from Issuer Not Cooperating
Ranergy Solutions Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Reliance Capital Ltd                  LT debt programme  CARE BBB       180000  Revised from
                                                                                CARE A
(Continues on Credit Watch with Developing Implications)
Reliance Capital Ltd                  Subordinated Debt  CARE BBB       20000   Revised from
                                                                                CARE A
(Continues on Credit Watch with Developing Implications)
Reliance Capital Ltd                  Market Linked      CARE PP-MLD BBB10000   Revised from
                                      Debenture                                 CARE PP-MLD A
(Continues on Credit Watch with Developing Implications)
Rsi Switchgear Pvt Ltd                LT Bk Fac          -              -       Withdrawn
S Kumars Associates                   LT Bk Fac          CARE B+        20      Revised from
                                                                                CARE BB-
Issuer Not Cooperating; based on best available information
S. K. Pradhan Construction Company PvtLT Bk Fac          CARE B         25      Assigned
Ltd
Sadguru Engineers & Allied Services   LT Bk Fac          CARE BB        50      Reaffirmed
Pvt Ltd
Saibaba Agrotech Pvt Ltd              LT Bk Fac          CARE B         22.4    Revised from
                                                                                CARE B+
Issuer Not Cooperating; based on best available information
Samrat Plastic Industries             LT Bk Fac          CARE B+        81.1    -
Issuer Not Cooperating; based on best available information
Sarala Foods Pvt Ltd                  Fund based –LT     CARE BB        180     Assigned
Seven Hills Educational And Health CarLT Bk Fac          CARE B         186.1   Revised from
Society                                                                         CARE B+
Shri Mahavir Iron & Steel Pvt Ltd     LT Bk Fac          CARE B+        70      Revised from
                                                                                CARE BB-
Issuer Not Cooperating; based on best available information
Sri Ram Enterprises                   LT Bk Fac          CARE BB-       12.5    Revised from
                                                                                CARE BB
Issuer Not Cooperating; based on best available information
Sri Satnam Jewells Pvt Ltd            LT Bk Fac          CARE B         120     Revised from
                                                                                CARE B+
Issuer Not Cooperating; based on best available information
Sri Venkateswara Constructions        LT Bk Fac          CARE BB-       100     Revised from
                                                                                CARE B+
Issuer Not Cooperating and Removed from Non Cooperation
Stadmed Pvt Ltd                       LT Bk Fac          CARE BB-       143.7   Assigned
Sujata Udit Builders Pvt Ltd          LT Bk Fac          -              -       Withdrawn
The Belgachi Tea Co. Ltd              LT Bk Fac          CARE B+        99      Revised from
                                                                                CARE BB-
Issuer Not Cooperating; based on best available information
Tripurashwari Agro Product Pvt Ltd    LT Bk Fac          CARE B+        50      -
Issuer Not Cooperating; based on best available information
V. N. Marketing                       LT Bk Fac          CARE B-        60      -
Issuer Not Cooperating; based on best available information
Youth Welfare Association             LT Bk Fac          CARE D         60.4    -
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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