November 19, 2019 / 6:47 AM / a month ago

CARE ratings for Indian debt instruments-Nov 19

    Nov 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 18, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aarti Infra Projects Pvt Ltd          ST Bk Fac          CARE D         150
(Issuer Not Coperating)
Ace Brain Systems And Software Pvt LtdST Bk Fac          CARE A4        75
(Issuer Not Coperating)
Angel Fibers Ltd                      ST Bk Fac          CARE D         35      Revised from
                                                                                CARE A4+
Anand Mine Tools Pvt Ltd              ST Bk Fac          CARE A4        16
(Issuer Not Coperating)
Apex Diamonds                         ST Bk Fac          CARE A4+       73.7
Aquarius Shipyard Pvt Ltd             ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4+ and
                                                                                withdrawn
(Issuer Not Coperating)
Binayak Hi-Tech Engineering Pvt Ltd   ST Bk Fac          -              -       Withdrawn
Bvg India Ltd                         ST Bk Fac          CARE A2        1635    Revised from
                                                                                CARE A1
(Credit watch with negative implications)
C.R.I Pumps Pvt Ltd                   ST Bk Fac          CARE A1+       1205    Reaffirmed
C.R.I Pumps Pvt Ltd                   Proposed CP issue  CARE A1+       200     Reaffirmed
Celebrations Apparel Ltd              (iii) ST BkFac     CARE A1+ (CE)  -
Credit Watch with developing implications /@backed by unconditional and irrevocable corporate
guarantee provided by Raymond Ltd
Celebrations Apparel Ltd              (ii) ST BkFac      CARE A3        33.3
Placed on credit watch with developing implications
Deccan Hyderabad Trade Impex Pvt Ltd  ST Bk Fac          CARE D         100
(Issuer Not Coperating)
Hi-Tech Elastomers Ltd                ST Bk Fac          -              -       Withdrawn
Machinfabrik Industries Pvt Ltd       ST Bk Fac          -              -       Withdrawn
Nandi Grain Derivatives Pvt Ltd       ST Bk Fac          CARE D         5
(Issuer Not Coperating)
Nice Sesame Agro Industries           ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
(Issuer Not Coperating)
Kesoram Industries Ltd                ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Precot Meridian Ltd                   ST Bk Fac          CARE A3        495     Reaffirmed
Premier Solvents Pvt Ltd              ST BkFac           CARE A4        30
(Issuer Not Coperating)
Raymond Apparel Ltd                   Proposed CP*       CARE A1+       500
Placed on credit watch with developing implications /*Will be carved out of working capital
limits
Raymond Apparel Ltd                   ST BkFac           CARE A1+       300
(Placed on credit watch with developing implications)
Raymond Ltd                           ST Bk Fac          CARE A1+       6900
(Placed on credit watch with developing implications)
Raymond Ltd                           CP                 CARE A1+       5500
(Placed on credit watch with developing implications)
Raymond Luxury Cottons Ltd            ST BkFac           CARE A1        1320
(Placed on credit watch with developing implications)
Singan Projects Ltd                   ST Bk Fac          CARE D;        215
(Issuer Not Coperating)
Sakar Healthcare Ltd                  ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Sanghi Brothers (Indore) Pvt Ltd      ST Bk Fac          CARE A4        190     Revised from
                                                                                CARE A4+
(Issuer Not Coperating)
Sharma Industries (Jodhpur)           ST Bk Fac          CARE A3+       30      Reaffirmed
Silver Spark Apparel Ltd              ST BkFac           CARE A1        170
(Placed on credit watch with developing implications)
Vasavi Power Services Pvt Ltd         ST Bk Fac          CARE D         500
(Issuer Not Coperating)
Zsl Pvt Ltd                           ST Bk Fac          CARE A4        73      Assigned

LONG TERM RATINGS:
-------------------
Aadheesh Texfab Pvt Ltd               LT Bk Fac          CARE BB-       136.7   Reaffirmed
                                                         Stable
Aarson Motors                         LT BkFac           CARE B         60      Revised from
                                                         Stable                 CARE B+
                                                                                Stable
(Issuer Not Coperating)
Aarti Infra Projects Pvt Ltd          LT Bk Fac          CARE D         262.3
(Issuer Not Coperating)
Ace Brain Systems And Software Pvt LtdLT Bk Fac          CARE B+        10
(Issuer Not Coperating)
Amish Dairy & Foods Pvt Ltd           LT Bk Fac          CARE B+ Stable 70.3    Reaffirmed
Anand Mine Tools Pvt Ltd              LT Bk Fac          CARE B-        49.5
(Issuer Not Coperating)
Angel Fibers Ltd                      LT Bk Fac          CARE D         721.1   Revised from
                                                                                CARE BB+
                                                                                Stable
Aquarius Shipyard Pvt Ltd             LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB+ and
                                                                                withdrawn
(Issuer Not Coperating)
Bajrang Agro Industries               LT BkFac           CARE D         65.9    Revised from
                                                                                CARE B+
                                                                                Stable
(Issuer Not Coperating)
Binayak Hi-Tech Engineering Pvt Ltd   LT Bk Fac          -              -       Withdrawn
Bvg India Ltd                         LT Bk Fac          CARE A-        6870    Revised from
                                                                                CARE A+
(Credit watch with negative implications)
Bvg India Ltd                         LT/ST Bk Fac       CARE A-/CARE   6320    Revised from
                                                         A2                     CARE A+/CARE
                                                                                A1
(Credit watch with negative implications
C.R.I Pumps Pvt Ltd                   Proposed NCDs      -              -       Withdrawn
C.R.I Pumps Pvt Ltd                   LT Bk Fac          CARE A+        8608.1  Reaffirmed
                                                         Stable
(enhanced from 725.87 Crore)
Celebrations Apparel Ltd              (i) LT BkFac       CARE BBB       114.6
Placed on credit watch with developing implications
Chemicals And Ferro Alloys Pvt Ltd    LT Bk Fac          CARE BB+       1107    Assigned
                                                         Stable
Everblue Apparel Ltd                  LT Bk Fac          -              -       Withdrawn
Gishnu Gears                          LT Bk Fac          -              -
(Reaffirmed at CARE BB- ; Stable and Withdrawn)
Hi-Tech Elastomers Ltd                LT Bk Fac          -              -       Withdrawn
Hi-Tech Elastomers Ltd                LT/ST Bk Fac       -              -       Withdrawn
Indigo Facility Services Pvt Ltd      Long -term BkFac   CARE B         108.5   Revised from
                                                         Stable                 CARE B+
                                                                                Stable
(Issuer Not Coperating)
Johnson Cables                        LT Bk Fac          CARE BB-       56.5    Assigned
                                                         Stable
Keimed Pvt Ltd                        LT Bk Fac          CARE A Stable  743.8   Reaffirmed
(Enhanced from 45.00 Crore)
Kesoram Industries Ltd                LT/ ST Bk Fac      -              -       Reaffirmed
                                                                                and Withdrawn
Machinfabrik Industries Pvt Ltd       LT Bk Fac          -              -       Withdrawn
Machinfabrik Industries Pvt Ltd       LT/ST Bk Fac       CARE BB+;      100     Reaffirmed
                                                         Stable/CARE A4+
Nandi Grain Derivatives Pvt Ltd       LT Bk Fac          CARE D;        693
(Issuer Not Coperating)
Nice Sesame Agro Industries           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable and
                                                                                Withdrawn
(Issuer Not Coperating)
Oxyzo Financial Services Pvt Ltd      LT/ST BkFacility   CARE BBB       2000    Assigned
                                                         Stable/CARE A2
Parasmal Khasgiwala Memorial CharitablLT Bk Fac          CARE B Stable  66      Reaffirmed
Trust
Pascal Switchcare India Pvt Ltd       LT Bk Fac          CARE BB+       30      Reaffirmed
                                                         Positive
Pascal Switchcare India Pvt Ltd       Long/ST BkFac      CARE BB+       150     Reaffirmed
                                                         Positive/CARE
                                                         A4+
(enhanced from 12 Crore)
Precot Meridian Ltd                   LT Bk Fac          CARE BBB-      1816.2  Revised
                                                         Negative               from 
                                                                                CARE BBB-
Precot Meridian Ltd                   Long/ST Bk Fac     CARE BBB-      1585    Revised
                                                         Negative/CARE          from 
                                                         A3                     CARE BBB-
                                                                                Stable/
                                                                                Care A3
Premier Solvents Pvt Ltd              LT Bk Fac          CARE B+ Stable 60
(Issuer Not Coperating)
Raymond Apparel Ltd                   LT Bk Fac          CARE A+        1700
(Placed on credit watch with developing implications)
Raymond Ltd                           LT Bk Fac          CARE AA        9750
(Placed on credit watch with developing implications)
Raymond Ltd                           NCDs               CARE AA        3500
(Placed on credit watch with developing implications)
Raymond Ltd                           Proposed NCDs      CARE AA        2000
(Placed on credit watch with developing implications)
Raymond Luxury Cottons Ltd            LT BkFac           CARE A-        3149.3
(Placed on credit watch with developing implications)
Rukmani Power And Steel Pvt Ltd       LT BkFac           CARE BB        120     Reaffirmed
                                                         Stable
Saastha Mega Food Parks Pvt Ltd       LT Bk Fac – TL     CARE BB+       1200
(Issuer Not Coperating)
Saastha Warehousing Ltd               LT Bk Fac – TL     CARE BB+       200
(Issuer Not Coperating)
Sahaj Solar Pvt Ltd                   LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
                                                                                Stable and
                                                                                Withdrawn
Sahaj Solar Pvt Ltd                   LT/ ST Bk Fac      -              -       Reaffirmed at
                                                                                CARE BB-;
                                                                                Stable/CARE A4
                                                                                and Withdrawn
Sakar Healthcare Ltd                  LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Salasar Balaji Industries             LT BkFac           CARE B+        150     Revised from
                                                                                CARE BB-
(Issuer Not Coperating)
Sanghi Brothers (Indore) Pvt Ltd      LT Bk Fac          CARE B+        820     Revised from
                                                         Stable                 CARE BB+
                                                                                Stable
(Issuer Not Coperating)
Sharma Industries (Jodhpur)           LT Bk Fac          CARE BBB       114.8   Reaffirmed
                                                         Stable
Shirish Hotels Pvt Ltd                Long -term BkFac   CARE B         128.5   Revised from
                                                         Stable                 CARE B+
                                                                                Stable
(Issuer Not Coperating)
Silver Spark Apparel Ltd              LT BkFac           CARE A         644
(Placed on credit watch with developing implications)
Silver Spark Apparel Ltd              LT/Shortterm BkFac CARE A/CARE A1 300
(Placed on credit watch with developing implications)
Singan Projects Ltd                   LT Bk Fac          CARE D         330
(Issuer Not Coperating)
Tharun Texspin Mills Pvt Ltd          LT Bk Fac          CARE B+        295     Assigned
                                                         Stable
Vasavi Power Services Pvt Ltd         LT Bk Fac          CARE D         150
(Issuer Not Coperating)
Zsl Pvt Ltd                           LT Bk Fac          CARE B+       25      Assigned
                                                         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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