May 31, 2018 / 8:56 AM / 19 days ago

CARE ratings for Indian debt instruments-May 31

   May 31 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 30, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
B L Agarwala                          ST Bk Fac          CARE A4        150     Reaffirmed
Bhandari Foils And Tubes Ltd          ST Bk Fac          CARE D         1032.6  Revised from
                                                                                CARE A3
Bhagirath Associates                  LT/ST BkFac        CARE A4+       79.5    Assigned
Birendra Prasad Singh                 ST Bk Fac          CARE A4        75      Assigned
Energy Efficiency Services Ltd        ST Bk Fac –TL      CARE A1+       5100    Reaffirmed

Haldia Nirman Projects Pvt Ltd        ST BkFac           CARE A4        150     Reaffirmed
Kalapara Kishan Himghar Pvt Ltd       ST Bk Fac          CARE A4        1.5     Assigned
Saraya Industries Ltd                 ST Bk Fac (Non     CARE D         36      Assigned
                                      Fund Based)
Sri Sai Constructions                 ST Bk Fac          CARE A4+       140     -
(ISSUER NOT COOPERATING)


LONG TERM RATINGS:
-------------------
79 Developers                         Long- term Bk Fac  -              -       Withdrawn
Amarnath Enterprises                  LT Bk Fac          CARE B         64.5    -
(ISSUER NOT COOPERATING)
B L Agarwala                          LT Bk Fac          CARE BB        30      Reaffirmed
Bhagirath Associates                  LT Bk Fac          CARE BB        20      Assigned
Bhandari Foils And Tubes Ltd          LT Bk Fac          CARE D         900     Revised from
                                                                                CARE BBB-
Bharati Cv Northern Arc Capital       Series A PTC       CARE A- (SO)   -       -
2018-(Originator: Kanakadurga Finance
Ltd)
Birendra Prasad Singh                 LT Bk Fac          CARE BB-       5       Assigned
Bisui Poultry Pvt Ltd                 LT Bk Fac          CARE B+        87.5    Assigned
Energy Efficiency Services Ltd        NCD issue (NCD –I) CARE AA        5000    Reaffirmed
Energy Efficiency Services Ltd        NCD issue (NCD –   CARE AA        4500    Reaffirmed
                                      II)
Energy Efficiency Services Ltd        NCD issue (NCD –   CARE AA        5000    Reaffirmed
                                      III)
Energy Efficiency Services Ltd        LT/ ST BkFac       CARE AA /CARE  4900    Reaffirmed
                                                         A1+
Essar Vizag Terminal Ltd              LT Bk Fac – TL     CARE BBB-      6271.7  Reaffirmed
Essar Vizag Terminal Ltd              LT Bk Fac – LC/BG  CARE BBB-      1150    Reaffirmed
Foodworld Supermarkets Pvt Ltd        LT Bk Fac          CARE BBB-      800     Placed on
                                                                                Credit watch
                                                                                with Developing 
                                                                                Implications
Haldia Nirman Projects Pvt Ltd        LT BkFac           CARE BB        50      Revised from
                                                                                CARE BB-
Hentech Agrovet Pvt Ltd               LT Bk Fac          CARE BB        95.7    Assigned
Il&Fs Energy Development Co. Ltd      LT - NCDs Tranche-ICARE AA+ (SO)  1950    Final Rating
Il&Fs Energy Development Co. Ltd      Proposed LT NCDs   Provisional    3050    Reaffirmed
                                      Tranche II         CARE AA+ (SO)
Jovial Stainless Steel And Alloys     LT Bk Fac          CARE B+        150     Assigned
Jp Structures Pvt Ltd                 LT Bk Fac          CARE BBB+      188.9   Assigned
Jp Structures Pvt Ltd                 LT / ST Bk Fac     CARE BBB+/A2   665.5   Assigned
Kalapara Kishan Himghar Pvt Ltd       LT Bk Fac          CARE B+        52      Assigned
L. N. Fields Pvt Ltd                  LT Bk Fac          CARE B+        160     Assigned
N & N Constructions                   LT Bk Fac          CARE D         122.5   -
(ISSUER NOT COOPERATING)
Rawassa Construction                  LT/ST BkFac        CARE BB/A4     300     Reaffirmed
Saraya Industries Ltd                 LT Bk Fac (TL)     CARE D         222.2   Assigned
Saraya Industries Ltd                 LT Bk Fac (Fund    CARE D         218.8   Assigned
                                      Based)
Shri Mangalam Auto Pvt Ltd            LT Bk Fac          CARE BB        100     Assigned
Sri Sai Constructions                 LT Bk Fac          CARE BB+       50      -
(ISSUER NOT COOPERATING)
Taquito Lease Operators Pvt Ltd       LT Bk Fac          -              -       Withdrawn
--------------------------------------------------------------------------------------------
$: 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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