May 8, 2019 / 9:37 AM / 18 days ago

CARE ratings for Indian debt instruments-May 8

    May 8 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 7, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agrow Allied Ventures Pvt Ltd         ST Bk Fac          -              -       Withdrawn
Adroit Pharmaceuticals Pvt Ltd        ST Bk Fac          CARE A4        30      Reaffirmed
Dynamech Electropower Pvt Ltd         ST Bk Fac          -              -       Withdrawn
D.D. Agro Industries Ltd              ST Bk Fac          CARE A4        15      -
(Issuer not cooperating); Based on best available information
H.Q. Lamps Manufacturing Company Pvt LST Bk Fac          CARE A4        350     -

(Issuer not cooperating); Based on best available information
Kamdhenu Ltd                          ST Bk Fac          CARE A2+       200     -
Ratings put under credit watch with negative implications
Italia Ceramics Ltd                   ST Bk Fac          -              -       Withdrawn
Lipi Data Systems Ltd                 ST Bk Fac          CARE A3+       1440    Revised from
                                                                                CARE A3
Palriwal Industries Pvt Ltd           ST Bk Fac          CARE A3        50      Reaffirmed*
*Reclassified from Long/Short term facility to Short term facility
Srikalahasthi Pipes Ltd               ST Bk Fac          CARE A1+       7648.4  Reaffirmed


LONG TERM RATINGS:
-------------------
Adarsh Infrainterio Pvt Ltd           LT Bk Fac          CARE BB+       50      Assigned
Adarsh Infrainterio Pvt Ltd           LT/ST Bk Fac       CARE BB+/CARE  12.5    Assigned
                                                         A4+
Adroit Pharmaceuticals Pvt Ltd        LT Bk Fac          CARE BB-       30      Reaffirmed
Agrow Allied Ventures Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Aptus Finance India Pvt Ltd           NCDs (Proposed)    CARE A         500     Assigned
Bhagwati Recycling Pvt Ltd            LT Bk Fac          CARE B         185.2   Assigned
D.D. Agro Industries Ltd              LT Bk Fac          CARE BB-       172.9   -
(Issuer not cooperating); Based on best available information
Dhanda Breeding Farm Pvt Ltd          LT Bk Fac          CARE B+        66.4    -
(Issuer not cooperating); Based on best available information
Dwarka Textile Park                   LT Bk Fac          CARE D         146     Revised from
                                                                                CARE B
(Issuer not cooperating); Based on best available information
Dynamech Electropower Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Dynamech Electropower Pvt Ltd         LT/ST Bk Fac       -              -       Withdrawn
G L Metallica Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Gokul Mamra Pvt Ltd                   LT Bk Fac          -              -       Withdrawn
H.Q. Lamps Manufacturing Company Pvt Ltd LT Bk Fac       CARE BB        300     -
(Issuer not cooperating); Based on best available information
Italia Ceramics Ltd                   LT Bk Fac          -              -       Withdrawn
Joonktollee Tea & Industries Ltd      LT Bk Fac (CC)     CARE BB+       100     Assigned
Kamdhenu Ltd                          LT Bk Fac          CARE A-        1300    -
Ratings put under credit watch with negative implications
Levram Lifesciences Pvt Ltd           LT / ST Bk Fac     CARE BB /CARE  50      Long term
                                                         A4                     assigned/
                                                                                Short term 
                                                                                reaffirmed
Lipi Data Systems Ltd                 LT Bk Fac          CARE BBB       300     Revised from
                                                                                CARE BBB-
Lipi Data Systems Ltd                 LT/ST Bk Fac       CARE BBB/CARE  200     Revised from
                                                         A3+                    CARE BBB-/
                                                                                CARE A3
Mewar Fabrics Pvt Ltd                 LT Bk Fac          CARE B         72.8    Revised from
                                                                                CARE B+
(Issuer not cooperating); Based on best available information
Ncml Batala Pvt Ltd                   LT Bk Fac-TL       CARE A+ (SO)   404.2   Final Rating
                                                                                Assigned*
Ncml Batala Pvt Ltd                   Bk Facility- BG    CARE A+ (SO)   46      Final Rating
                                                                                Assigned*
Ncml Bhattu Pvt Ltd                   LT Bk Fac-TL       CARE A+ (SO)   397.6   Final Rating
                                                                                Assigned*
*The rating was finalized on receipt of executed version of the unconditional, 
 irrevocable corporate guarantee from NCML and verification of their conformity 
 as per draft documents provided to CARE.
from NCML and verification of their conformit
Ncml Bhattu Pvt Ltd                   Bk Facility- BG    CARE A+ (SO)   36      Final Rating
                                                                                Assigned*
*The rating was finalized on receipt of executed version of the unconditional, 
 irrevocable corporate guarantee from NCML and verification of their conformity 
 as per draft documents provided to CARE.
Ncml Deoria Pvt Ltd                   LT Bk Fac-TL       CARE A+ (SO)   410.8   Final Rating
                                                                                Assigned*
*The rating was finalized on receipt of executed version of the unconditional, 
 irrevocable corporate guarantee from NCML and verification of their conformity 
 as per draft documents provided to CARE.
Ncml Deoria Pvt Ltd                   Bk Facility- BG    CARE A+ (SO)   43      Final Rating
                                                                                Assigned*
*The rating was finalized on receipt of executed version of the unconditional, 
 irrevocable corporate guarantee from NCML and verification of their conformity 
 as per draft documents provided to CARE.
Ncml Jalalabad Pvt Ltd                LT Bk Fac-TL       CARE A+ (SO)   395.5   Final Rating
                                                                                Assigned*
*The rating was finalized on receipt of executed version of the unconditional, 
 irrevocable corporate guarantee from NCML and verification of their conformity 
 as per draft documents provided to CARE.
Ncml Jalalabad Pvt Ltd                Bk Facility- BG    CARE A+ (SO)   43      Final Rating
                                                                                Assigned*
*The rating was finalized on receipt of executed version of the unconditional, 
 irrevocable corporate guarantee from NCML and verification of their conformity 
 as per draft documents provided to CARE.
Ncml Palwal Pvt Ltd                   LT Bk Fac-TL       CARE A+ (SO)   427.7   Final Rating
                                                                                Assigned*
Ncml Palwal Pvt Ltd                   Bk Facility- BG    CARE A+ (SO)   45      Final Rating
                                                                                Assigned*
Ncml Varanasi Pvt Ltd                 LT Bk Fac-TL       CARE A+ (SO)   450.7   Final Rating
                                                                                Assigned*
*The rating was finalized on receipt of executed version of the unconditional, 
irrevocable corporate guarantee from NCML and verification of their conformity 
as per draft documents provided to CARE.
Ncml Varanasi Pvt Ltd                 Bk Facility- BG    CARE A+ (SO)   48      Final Rating
                                                                                Assigned*
*The rating was finalized on receipt of executed version of the unconditional, 
irrevocable corporate guarantee from NCML and verification of their conformity 
as per draft documents provided to CARE.
Newlink Overseas Finance Ltd          NCDsVI (Proposed)  CARE BBB-      100     Assigned
Nirmala Goenka Estates Pvt Ltd        LT Bk Fac          CARE BBB (SO)  2500    Assigned
                                      (Proposed)
Nishant Marketing                     LT/ ST Bk Fac      -              -       Withdrawn
Palriwal Industries Pvt Ltd           LT Bk Fac          CARE BBB-      397     Reaffirmed
Palriwal Industries Pvt Ltd           LT/ST Bk Fac       CARE BBB-/CARE 185     Reaffirmed
                                                         A3
Proventus Ager India Pvt Ltd          LT Bk Fac          CARE D         130     Revised from
                                                                                CARE B+
Issuer Not Cooperating
Rajasthan Industries                  LT Bk Fac          -              -       Withdrawn
Rd Brown Box Packaging Pvt Ltd        LT Bk Fac          CARE B+        270.3   Assigned
Siyaram Yarn Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Sri Adhi Parasakthi Agro Tech         LT Bk Fac          CARE B+        79      -
(Issuer not cooperating); Based on best available information
Srikalahasthi Pipes Ltd               LT Bk Fac          CARE AA-       4448.4  Reaffirmed
Ultra Drugs Pvt Ltd                   LT Bk Fac          CARE BB-       50      Revised from
                                                                                CARE BB
(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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