November 11, 2019 / 4:50 AM / 4 months ago

CARE ratings for Indian debt instruments-Nov 11

    Nov 11 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 08, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bhatia Colour Company                 ST BkFac           CARE A4 (A     150     Reaffirmed
                                                         Four)
Competent Engineers                   ST Bk Fac          CARE A4 (A     0.5     Assigned
                                                         Four)
Grenic Tiles Pvt Ltd                  ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Gnanam Tex                            ST Bk Fac          CARE A4 (A     20      Reaffirmed
                                                         Four)
International Print-O-Pac Ltd         ST Bk Fac          CARE A4+       125     Revised from
                                                                                CARE A3
Khudiram Cold Storage Pvt Ltd         ST Bk Fac          CARE A4 (A     1       Reaffirmed
                                                         Four )
Kreedai Exim                          ST Bk Fac          CARE A4 (A     100     Reaffirmed
                                                         Four)
Polychem Exports                      ST Bk Fac          CARE A4 (A     230     Reaffirmed
                                                         Four)
Raksan Transformers Pvt Ltd           ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
Rajesh Projects (India) Pvt Ltd       ST Bk Fac          CARE D         230     -
(Issuer not Cooperating)
S T Cottex Exports Pvt Ltd            ST Bk Fac (Fund    CARE A4+       550     -
                                      Based)
(Issuer not Cooperating)
Sabarkantha District Cooperative Milk Proposed CP (CP)   CARE A1+       1000    Assigned
Producers' Union Ltd                  issue (standalone)
Saptagir Camphor Ltd                  ST Bk Fac          CARE A1        96.6    Reaffirmed
Surya Roshni Ltd                      (i) CP             CARE A1+ (CE)^ 1850    Reaffirmed
^Commercial Paper (i) is backed by credit enhancement (CE) in the form of unconditional and
irrevocable Stand by Letter of Credit (SBLC Letter) from State Bank of India (SBI, rated CARE
AAA; (stable)/ CARE A1+ and HDFC Bank Ltd (HDFC, rated CARE AAA; (stable)/ CARE A1+). The rating
for Commercial Paper (ii) is provisional and will be confirmed upon receipt of valid
unconditional and irrevocable SBLC letter from a bank rated CARE A1+ for its short term ratings.
Surya Roshni Ltd                      (ii) CP            CARE A1+ (CE)^ 150     Assigned
^Commercial Paper (i) is backed by credit enhancement (CE) in the form of unconditional and
irrevocable Stand by Letter of Credit (SBLC Letter) from State Bank of India (SBI, rated CARE
AAA; (stable)/ CARE A1+ and HDFC Bank Ltd (HDFC, rated CARE AAA; (stable)/ CARE A1+). The rating
for Commercial Paper (ii) is provisional and will be confirmed upon receipt of valid
unconditional and irrevocable SBLC letter from a bank rated CARE A1+ for its short term ratings.
Sunrise Silichem Industries Pvt Ltd   ST Bk Fac          -              -       -
(Reaffirmed at CARE A3 and Withdrawn)
Susheel Engineers                     Short –Term Bk Fac CARE D         25      Revised from
                                                                                CARE A4
(Issuer not Cooperating)
Value Line Trade Pvt Ltd              Short- term BkFac  CARE A4        46.5    -
(Issuer not Cooperating)
Vasuki Trade Link Pvt Ltd             ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Zee Media Corporation Ltd             ST Bk Fac – BG     CARE A4        380     -
(Rating revised from CARE A3+)

LONG TERM RATINGS:
-------------------
Akshat Roller Flour Mills Pvt Ltd     LT Bk Fac (CC)     CARE BB        200     Revised from
                                                                                CARE BB+
(Issuer not Cooperating)
Bhatia Colour Company                 LT BkFac           CARE           150     Revised from
                                                         BB/Negative            CARE BB/
                                                                                Stable
Competent Engineers                   LT Bk Fac          CARE BB-/Stable85.3    Assigned
Gnanam Tex                            LT Bk Fac          CARE B+/Stable 98.7    Reaffirmed
Grenic Tiles Pvt Ltd                  LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
International Print-O-Pac Ltd         LT Bk Fac          CARE BB /      125     Revised from
                                                         Stable                 CARE BBB-/
                                                                                Negative
Jumbo Finvest (India) Ltd             LT BkFac           CARE BB+/      5250.3  Revised from
                                                         Stable                 CARE BBB+/
                                                                                Stable
(Issuer not Cooperating)
Khudiram Cold Storage Pvt Ltd         LT Bk Fac          CARE B+/ Stable108     Reaffirmed
Mundra Investments Pvt Ltd            LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B
(Issuer not Cooperating) / Withdrawn
Mundra Investments Pvt Ltd            LT/Short- term Bk  -              -       Reaffirmed at
                                      Fac                                       CARE B/ CARE
                                                                                A4
(Issuer not Cooperating) / Withdrawn
Niharika Threads Pvt Ltd              LT Bk Fac #        -              -       Withdrawn
# Bank facilities are backed by the unconditional and irrevocable corporate guarantee of Jindal
Worldwide Limited (JWL)
Northern Arc 2019 Mfi Wichita -       Series A1 PTC#     Provisional    199.9   Assigned
S.M.I.L.E. Microfinance Ltd                              CARE A(SO)
#Series A1 and Series A2 PTCs are rated on Ultimate Payment basis
Northern Arc 2019 Mfi Wichita -       Series A2 PTC#     Provisional    8.8     Assigned
S.M.I.L.E. Microfinance Ltd                              CARE BBB+
#Series A1 and Series A2 PTCs are rated on Ultimate Payment basis
P.M. Cariappa                         Long -term BkFac   CARE B / Stable110     Revised from
                                                                                CARE B+/
                                                                                Stable
(Issuer not Cooperating)
Patil Construction & Infrastructure   LT Bk Fac          CARE D/ISSUER  245.8   Revised from
LTD                                                      NOT COOPERATING        CARE BB+/
                                                                                Stable
(Issuer not Cooperating)
Polychem Exports                      LT/ STBk Fac       CARE           150     Reaffirmed
                                                         B+(Stable) / A4
Radhadamodar Multipurpose Cold StorageLT Bk Fac          CARE B+/ Stable69.4    Reaffirmed
Pvt Ltd
Raipur Speciality Steels Pvt Ltd      LT Bk Fac          CARE B / Stable56.1    Revised From
                                                                                CARE B+
(Issuer not Cooperating)
Rajesh Projects (India) Pvt Ltd       LT Bk Fac          CARE D         562.6   -
(Issuer not Cooperating)
Raksan Transformers Pvt Ltd           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-/
                                                                                Stable and
                                                                                Withdrawn
S T Cottex Exports Pvt Ltd            LT Bk Fac (TL)     CARE BB+       1183.8  -
(Issuer not Cooperating)
S T Cottex Exports Pvt Ltd            LT/ST Bk Fac (Fund CARE BB+/A4+   1070    -
                                      Based)
(Issuer not Cooperating)
S T Cottex Exports Pvt Ltd            LT/ST Bk Fac       CARE BB+/A4+   200     -
                                      (Non-Fund Based)
(Issuer not Cooperating)
Saptagir Camphor Ltd                  LT Bk Fac          CARE A+        1525    Reaffirmed
Shree Shubhlaxmi Dal And Oil Mill Ltd LT Bk Fac          CARE B+/ Stable65      Reaffirmed
Sonigara Jewellers Pvt Ltd            LT Bk Fac          CARE BB-/      120     Assigned
                                                         Stable
Sree Shiva Ginning And Pressing       LT Bk Fac          CARE BB-/      58.3    Reaffirmed
                                                         Stable
Sunmark Energy Projects Ltd           LT Bk Fac          CARE BB+/      565.7   -
                                                         Stable
(Issuer not Cooperating)
Sunrise Silichem Industries Pvt Ltd   LT Bk Fac          -              -       -
(Reaffirmed at CARE BBB-; Stable and Withdrawn)
Susheel Engineers                     LT Bk Fac          CARE D         95      Revised from
                                                                                CARE B/ Stable
(Issuer not Cooperating)
Universal Polysack (India) Pvt Ltd    LT Bk Fac          CARE B / Stable82      Revised from
                                                                                CARE B+/
                                                                                Stable
(Issuer not Cooperating)
Value Line Trade Pvt Ltd              LT BkFac           CARE B+ /      61.2    -
                                                         Stable
(Issuer not Cooperating)
Vasuki Trade Link Pvt Ltd             LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Zee Media Corporation Ltd             LT Bk Fac – TL     CARE BB        1132    -
(Rating revised from CARE BBB and outlook revised from Stable)
Zee Media Corporation Ltd             LT Bk Fac – CC     CARE BB        1000    -
(Rating revised from CARE BBB and outlook revised from Stable)

--------------------------------------------------------------------------------------------
$: 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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