May 9, 2019 / 3:54 AM / 15 days ago

CARE ratings for Indian debt instruments-May 9

    May 9 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of May 8, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Neueon Towers Ltd (Erstwhile Sujana   ST Bk Fac          CARE D         2000.2
Towers Ltd)
(Issuer Not Cooperating)
Sohum Shoppe Pvt Ltd.                 ST Bk Fac (Non     CARE A3        3.6     Reaffirmed
                                      Fund Based)
Splendid Metal Products Ltd (ErstwhileST Bk Fac          CARE D         2691.3
Sujana Metal Products Ltd)
(Issuer Not Cooperating) 
Sri Venkateswara Constructions Pvt LtdST Bk Fac          CARE D         240     Revised from
                                                                                CARE A4
(Issuer Not Cooperating)    
Umang Boards Ltd                      ST Bk Fac          CARE A4+       174.5   Reaffirmed
(Enhanced from Rs.10.20 Crore)
Vaishali Gems                         ST Bk Fac          -              -       Withdrawn
Vishwaa Apparels                      ST Bk Fac          CARE A4        50      Assigned
 
LONG TERM RATINGS:
-------------------
Ahuja Automobiles                     LT Bk Fac          CARE D         133
(Issuer Not Cooperating)
Baba Bhuman Shah Ji Rice Mills        LT Bk Fac          CARE B         142.8
(Issuer Not Cooperating)
Balaji Polycot Pvt Ltd                LT Bk Fac          CARE BB-       115.5
(Issuer Not Cooperating)
Ecophos Gnfc India Pvt Ltd            LT Bk Fac          CARE BBB-      4060    Assigned
Impact Leasing Pvt Ltd                LT Bk Fac          CARE BB-       55      Reaffirmed
Multi Commodity Exchange Clearing     Issuer Rating*     CARE AA+ (Is)  -       Assigned
Corporation Ltd
*The rating is subject to the company maintaining overall gearing not exceeding 1.5x times 
Nakshatra Creations Pvt Ltd           LT Bk Fac          CARE BB-       70      Assigned
Neueon Towers Ltd (Erstwhile Sujana   LT Bk Fac          CARE D         14202.4
Towers Ltd)
(Issuer Not Cooperating)
P.K. Metal Industries                 LT Bk Fac          CARE B+        64.5    Revised from
                                                                                CARE B
(Issuer Not Cooperating)
S. D. Corporation Pvt Ltd             NCD^               CARE AA (SO)   14550
(reduced from 1,505.00 Crore) /Continues on credit watch with developing implications /^credit
enhancement in the form of Unconditional Irrevocable and revolving Debt Service Reserve Account
(DSRA) guarantee from Shapoorji Pallonji and Company Private Limited (SPCPL, rated: CARE AA;
Credit Watch with developing implications/CARE A1+)
Sachdev Steel Works Pvt Ltd           LT Bk Fac          CARE D         103.3   Assigned
Sharwin Cottex                        LT Bk Fac          CARE B+        145
(Issuer Not Cooperating)
Shri Laxmi Polycoat Pvt Ltd           LT Bk Fac          CARE BB        108.7
(Issuer Not Cooperating)
Sohum Shoppe Pvt Ltd.                 LT Bk Fac (TL)     CARE BBB-      59      Reaffirmed
Sohum Shoppe Pvt Ltd.                 LT Bk Fac (Fund    CARE BBB-      230     Reaffirmed
                                      Based)
(Enhanced from 19.00 Crore)
Splendid Metal Products Ltd (ErstwhileLT Bk Fac          CARE D         17018.4
Sujana Metal Products Ltd)
(Issuer Not Cooperating)
Sprng Energy Pvt Ltd                  Issuer Rating      CARE A- (Is)   -*      Assigned
*The rating is subject to consolidated overall gearing not exceeding 3.50 times and total
consolidated debt not exceeding Rs.7200 crore as of March 31, 2021
Srg Aluminium Pvt Ltd                 LT Bk Fac          -              -       Withdrawn
Srg Aluminium Pvt Ltd                 LT / ST Bk Fac     -              -       Withdrawn
Sri Veer Anjanaya Agro Foods          Long -term Bk Fac  CARE B+        70
(Issuer Not Cooperating)
Sri Venkateswara Constructions Pvt LtdLong -term Bk Fac  CARE D         140     Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Srinivasa Edifice Pvt Ltd             LT Bk Fac          CARE BB        150     Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Tagore Educational Trust              LT Bk Fac          CARE D         413.4   Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Umang Boards Ltd                      LT Bk Fac          CARE BB+       413.9   Reaffirmed
(Enhanced from Rs.21.84 Crore)
Venkatesh Cotton Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Vishwaa Apparels                      LT Bk Fac          CARE BB-       160     Assigned
--------------------------------------------------------------------------------------------
$: 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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