May 20, 2020 / 11:43 AM / 12 days ago

CARE ratings for Indian debt instruments-May 20

    May 20  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of May 19, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Akar Auto Industries Ltd             ST Bk Fac         CARE A4       285    Reaffirmed
(enhanced from 5.00 Crore)
Amp Energy Green Pvt Ltd             ST Bk Fac- Bid    CARE A3       190    Assigned
                                     Bond BG (Proposed*)
*The facilities being rated are proposed facilities and not yet sanctioned by the bank
Bhaarathi Spintex India Pvt Ltd      ST Bk Fac         CARE A4;      13.6
Issuer not cooperating; based on best available information
Drashti Cotspin Pvt Ltd              ST Bk Fac         CARE A4;      16.5
Issuer not cooperating; based on best available information
Gr Power Switchgear Ltd              ST BkFac          CARE A4       120    Reaffirmed
I – Design Engineering Solutions Ltd ST BkFac          CARE A3       30     Reaffirmed
Kei Industries Ltd                   Corporate         CGR 3+        0      Reaffirmed
                                     Governance Rating
Maxx Orthopedics, Inc.               ST Bk Facility    CARE A2       525    Reaffirmed
[Enhanced from Rs.36.00 Crore]
Oasis Tradelink Ltd                  ST Bk Fac         CARE D;       150    Reaffirmed
Navitas Llp                          ST Bk Fac         CARE A1+      120    Reaffirmed
R. C. Patel                          ST Bk Fac         CARE A4;      100
Issuer not cooperating; based on best available information
Gb Global Ltd (Earlier, Mandhana     ST Bk Fac         CARE D;       875
Industries Ltd)
Rajkripal Lumbers Ltd                ST Bk Fac         CARE A4       404    Reaffirmed
(Enhanced from Rs. 20.40 crores Crore)
Rsb Transmissions (I) Ltd            ST BkFac          CARE A3       455    Reaffirmed
Sunny View Estates Pvt Ltd           ST Fac- TL^       CARE A1+      750    Final Rating
^Credit enhancement in the form of an unconditional, irrevocable and revolving DSRA (Debt
Service Reserve Account) Guarantee provided by Shapoorji Pallonji and Company Private Limited
(SPCPL, rated CARE A+ / CARE A1+; under Credit Watch with Developing Implications) 
Supreme Paper Mills Ltd              ST Bk Fac         CARE A4;      60
Issuer not cooperating; based on best available information
Vadera Tradelink Pvt Ltd             ST Bk Fac         CARE A4;      30
Issuer not cooperating; based on best available information
Vyankatesh Metals And Alloys Pvt Ltd ST Bk Fac         CARE A4;      5
Issuer not cooperating; based on best available information

LONG TERM RATINGS:
-------------------
Akar Auto Industries Ltd             LT Bk Fac         CARE BB;      122.3  Assigned
                                                       Stable
Akar Auto Industries Ltd             LT / ST BkFac     CARE BB;      208    Reaffirmed
                                                       Stable /CARE A4
(enhanced from 20.00 Crore)
Amp Energy Green Pvt Ltd             LT Bk Fac- PBG    CARE BBB-;    190    Assigned
                                     (Proposed*)       Stable
*The facilities being rated are proposed facilities and not yet sanctioned by the bank
Art Housing Finance (India) Ltd      LT Bk Fac         CARE:         4000   Revised from
                                                       BB+;Stable           CARE: BBB
                                                                            (CARE Triple B)
(Credit Watch with negative implications)
Art Housing Finance (India) Ltd      LT Non-ConvertibleCARE:         -      Revised from
                                     Debentures        BB+;Stable           CARE: BBB
                                                                            (CARE Triple B)
(Credit Watch with negative implications)
Avanta Engineerings Pvt Ltd          LT BkFac          CARE B+;      90
                                                       Stable;
Issuer not cooperating; based on best available information
Basant City Centre Malls Pvt Ltd     LT Bk Fac         CARE D;       500    Revised from
                                                                            CARE B+;
                                                                            Stable;
Issuer not cooperating; based on best available information
Bhaarathi Spintex India Pvt Ltd      Long –term Bk Fac CARE BB-;     411.7  Revised from
                                                       Stable;              CARE BB;
                                                                            Stable;
Issuer not cooperating; based on best available information
Blue Star Engineering & Electronic   LT Bk Fac (WorkingCARE AA+      1000   Rating
Ltd                                  capital limits) @                      Reaffirmed
                                                                            
@backed by unconditional and irrevocable corporate guarantee issued by Blue Star Limited (BSL;
rated ‘CARE AA+; Stable/CARE A1+’ for bank facilities & instrument) outlook revised from Stable
Cesc Ltd                             LT – Proposed     CARE AA;      1500   Assigned
                                     NonConvertible    Stable
                                     Debenture IssueSeries D
Cesc Ltd                             LT – Proposed     CARE AA;      1800   Reaffirmed
                                     NonConvertible    Stable
                                     Debenture IssueSeries D
Cesc Ltd                             LT –NCD Issue     CARE AA;      600    Reaffirmed
                                     Series A          Stable
Cesc Ltd                             LT –NCD Issue     CARE AA;      550    Reaffirmed
                                     Series B          Stable
Cesc Ltd                             LT –NCD Issue     CARE AA;      550    Reaffirmed
                                     Series C          Stable
Drashti Cotspin Pvt Ltd              LT Bk Fac         CARE B;       240.9  Revised from
                                                       Stable;              CARE B+;
                                                                            Stable;
Issuer not cooperating; based on best available information
Ecron Acunova Ltd                    LT BkFac          CARE AA-      204    Revised from
                                                                            CARE AA-(CE);
                                                                            Stable (Credit
Enhancement)
Ecron Acunova Ltd                    Long/ ST BkFac    CARE AA-      150    Revised from
                                                                            CARE AA-(CE);
                                                                            Stable (Credit
Enhancement)
Ecron Acunova Ltd                    LT BkFac^         CARE AA-      400    Revised from
                                                                            CARE AA-(CE);
                                                                            Stable 
(Credit Enhancement) ^ Pursuant to receipt of the documents (Supplemental Letter of Guarantee)
and fulfillment of other conditions, CARE has reviewed and final rating assigned to the said
facility. 
Future Style Lab Ltd                 LT/ST Fund        CARE A+       150    Assigned
                                     Based/Non Fund
                                     based – Working Capital
Gb Global Ltd (Earlier, Mandhana     LT Bk Fac         CARE D;       8796.3 Reaffirmed
Industries Ltd)
Issuer not cooperating; based on best available information
Gb Global Ltd (Earlier, Mandhana     NCDs              CARE D;       570    Reaffirmed
Industries Ltd)
Issuer not cooperating; based on best available information
Gr Power Switchgear Ltd              LT BkFac          CARE BB-;     242    Reaffirmed
                                                       Stable;
Gsr Eco Bricks Pvt Ltd               LT Bk Fac         CARE D        190    Revised from
                                                                            CARE B; Stable
Health & Glow Pvt Ltd                LT BkFac          CARE BBB-;    50500  Reaffirmed
                                                       Negative
Outlook Revised from Stable to Negative
I – Design Engineering Solutions Ltd LT BkFac          -             0      Withdrawn
I – Design Engineering Solutions Ltd LT BkFac          CARE BBB      30.4   Reaffirmed
outlook revised from stable
Inmark Retail Pvt Ltd                LT Bk Fac         CARE D;       190.5  Revised from
                                                                            CARE C;
                                                                            Stable;
Issuer not cooperating; based on best available information
Jagadishwar Cold Storage Pvt Ltd     LT BkFac          CARE B-;      65     Revised from
                                                       Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
Jai Shri Balaji Infracon Pvt Ltd     LT Bk Fac         CARE B;       90     Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Kanachur Islamic Education Trust     LT Bk Fac         CARE C;       1400   Revised from
                                                                            CARE B; Stable
Issuer not cooperating; based on best available information
Kerala Police Housing Co-Operative   LT BkFac          CARE BBB;     5000   Revised from
Society Ltd                                            Stable;              CARE BBB;
                                                                            Positive
Issuer not cooperating; based on best available information
Mahakaleshwar Tollways Pvt Ltd       LT Bk Fac         CARE B+;      1648.4 Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
Issuer not cooperating; based on best available information
Mahakali Cold Storage Pvt Ltd        LT BkFac          CARE B-;      92     Revised from
                                                       Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
Maruti Clean Coal And Power Ltd      LT Bk Fac – Fund  CARE BBB+;    11071.6Reaffirmed
                                     based – TL        Negative
outlook revised to Negative from Stable
Maruti Clean Coal And Power Ltd      LT Bk Fac – Fund  CARE BBB+;    1000   Reaffirmed
                                     based – CC        Negative
outlook revised to Negative from Stable
Maruti Clean Coal And Power Ltd      LT/ ST Bk Fac –   CARE BBB+;    1370   Reaffirmed
                                     Nonfund based –   Negative /CARE
                                     BG/LC             A3+
outlook revised to Negative from Stable
Medchem Labs                         LT BkFac          CARE B-;      62.5   Revised from
                                                       Stable               CARE B; Stable
Issuer not cooperating; based on best available information
Navitas Llp                          LT Bk Fac         CARE AA-      150    Revised from
                                                                            CARE AA-(CE);
                                                                            Stable
(Credit Enhancement)
Oasis Tradelink Ltd                  LT Bk Fac         CARE D;       150    Reaffirmed
Pawan Edifice Pvt Ltd                LT Bk Fac         CARE D;       114.4
Issuer not cooperating; based on best available information
R. C. Patel                          LT Bk Fac         CARE B+;      20     Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
Issuer not cooperating; based on best available information
Rajkripal Lumbers Ltd                LT Bk Fac         CARE BB-;     50     Reaffirmed
                                                       Stable
Rsb Castings Ltd                     LTFac             CARE BBB      610    Reaffirmed
outlook revised from stable
Rsb Transmissions (I) Ltd            LT BkFac          CARE BBB;     5603.5 Reaffirmed
                                                       Negative
(reduced from 587.06 Crore),outlook revised from stable
Shapoorji Pallonji Forbes Shipping LtLT BkFacility^    CARE BBB+     693.6  Revised from
                                                                            CARE A-(CE);
                                                                            Stable
(Credit Enhancement), 
*INR equivalent of USD 9.17mn: Rate considered INR/USD@75.64 as on May 08, 2020. 
^ unconditional and irrevocable DSRA guarantee from Forbes & Company Limited (FCL, rated CARE
A-; /CARE A2+; under credit watch with negative implications) long term rating revised in May
2020) for maintenance of debt service reserve equivalent to next instalment of scheduled
principal and interest amount throughout the tenure of the facility. However, upon occurrence of
Event of Default, the accelerated repayments of the outstanding loan will not be covered by DSRA
guarantee, and shall be restricted to next scheduled debt servicing obligation. 
Sharwin Cottex                       LT BkFac          CARE B+;      145
Issuer not cooperating; based on best available information
Southern Power Distribution Company  (i) LT Bk Fac- TL CARE A-       25000  Revised from
Of Andhra Pradesh Ltd                                                       CARE A-(CE);
                                                                            Stable
(Credit Enhancement)
Southern Power Distribution Company  (ii) LT Bk Fac- CCCARE A-       2500   Revised from
Of Andhra Pradesh Ltd                                                       CARE A-(CE);
                                                                            Stable
(Credit Enhancement)
Southern Power Distribution Company  (iii) LT Bk Fac- CCARE A-       3000   Assigned
Of Andhra Pradesh Ltd
Southern Power Distribution Company  (iv) LT Bk Fac-   CARE A-       55500  Revised from
Of Andhra Pradesh Ltd                   ProposedTL                          CARE A-(CE);
                                                                            Stable
(Credit Enhancement)
Southern Power Distribution Company  (v) LT/ST Bk Fac- CARE A-       7000   Revised from
Of Andhra Pradesh Ltd                     LC/BG                             Provisional
                                                                            CARE A- (CE);
                                                                            Stable/CARE A2(CE)
(enhanced from 250.00 Crore)(Credit Enhancement)
Sri Saraswathi Educational Society   LT Bk Fac         CARE B; Stable150    Assigned
Supreme Paper Mills Ltd              LT Bk Fac         CARE B+;      75     Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
Issuer not cooperating; based on best available information
Swastik Enterprises                  LT Bk Fac         CARE B;       79.5   Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Take Solutions Ltd                   Issuer Rating#    CARE AA-      -      Revised from
                                                                            CARE AA-
                                                                            (Is); Stable
Issuer not cooperating; based on best available information, Issuer not cooperating; based on
best available information,# The issuer rating is subject to the company maintaining overall
gearing not exceeding 0.50x 
The Heaven                           LT BkFac          CARE B-;      75     Revised from
                                                       Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
The Singareni Collieries Co. Ltd     LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE AA-;
                                                                            Stable and withdrawn
Issuer not cooperating; based on best available information
Tirupati Balajee Nutrition Pvt Ltd   LT BkFac          CARE B-;      77.1   Revised from
                                                       Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
Tirupati Cold Storage                LT Bk Fac         CARE D;       55.4
Issuer not cooperating; based on best available information
Vadera Tradelink Pvt Ltd             LT Bk Fac         CARE B;       120    Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
Issuer not cooperating; based on best available information
Vasa Nonwoven Industries Pvt Ltd     Long –term Bk Fac CARE B;       75.2   Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Vivek Agrotech Pvt Ltd               LT Bk Fac         CARE BB-;     136.4  Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
Issuer not cooperating; based on best available information
Vyankatesh Metals And Alloys Pvt Ltd LT Bk Fac         CARE B-;      45     Revised from
                                                       Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
Win Enterprise                       LT Bk Fac         CARE B-;      99.5   Revised from
                                                       Stable;              CARE B; Stable
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@refinitiv.com)
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