November 19, 2018 / 5:29 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 16, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ai Champdany Industries Ltd           ST Bk Fac          CARE A4+       598.4
Placed on Credit watch with developing implications
Atul Ltd                              CP (Standalone)    -                      Withdrawn
Bhawani Prasad Sharma Contractor      ST Bk Fac          CARE A4        42.5
Issuer not cooperating

Corporate Fashion Pvt Ltd             ST Bk Fac          CARE D         5
Issuer not cooperating; Revised from CARE A4
Everest Instruments Pvt Ltd           ST Bk Fac          CARE A3+       20      Assigned
Jindal Stainless Steelway Ltd         ST Bk Fac          CARE A3+       900     Reaffirmed
(enhanced from 85.00 Cr)
Jupiter International Ltd             ST Bk Fac          CARE D         20.8
Revised from CARE A4
Mulji Devshi And Company              ST Bk Fac          CARE A4        197.5   Assigned
Punjab Bevel Gears Ltd                ST Bk Fac          CARE A3        407.5   Reaffirmed
(enhanced from Rs. 32.75 cr)
Raj Borax Pvt Ltd                     ST Bk Fac          CARE A4+       55      Assigned
Sar Clothing (India) Pvt Ltd          ST Bk Fac          CARE A4        50
Revised from CARE A4+

LONG TERM RATINGS:
-------------------
Aakaf Steel Pvt Ltd                   Bk Fac             CARE B+ /A4    180
Issuer not co operating; Based on best available information
Adinath Cold Storage Pvt Ltd          LT Bk Fac          CARE D         85
Issuer Not Cooperating, Revised from CARE B
Ai Champdany Industries Ltd           LT Bk Fac          CARE BB+       900.7
Placed on Credit watch with developing implications
Associated Broadcasting Company Pvt LtLT Bk Fac          -                      Withdrawn
Baba Jatadhari Agro India Pvt Ltd     LT Bk Fac          CARE B+        58.1    Reaffirmed
Balaji Medical And Diagnostics ResearcLT Bk Fac          CARE A         1685.3  Reaffirmed
Centre
Baruanagar Tea Estate Pvt Ltd         LT Bk Facility     CARE B+        83.9
Revised from CARE B; (Reduced from 8.74 cr)
Bellissimo Developers Thane Pvt Ltd   NCDs@              CARE BBB- (SO) 4950
[Formerly Known As Lodha Developers
@ Based on the credit enhancement in the form of unconditional and irrevocable corporate
guarantee extended by Lodha Developers Limited 
Thane Pvt Limited
Placed on credit watch with developing implications
Bhawani Prasad Sharma Contractor      LT Bk Fac          CARE BB-       18.5
Issuer not cooperating; Revised from CARE BB
Corporate Fashion Pvt Ltd             LT Bk Fac          CARE D         54.6
Issuer not cooperating; Revised from CARE BB-
D. C. Corporation                     LT Bk Fac          CARE BB        70      Assigned
Eon Electric Ltd                      LT Bk Fac          CARE B         400
Revised from CARE BB; issuer not cooperating
Eon Electric Ltd                      Bk Fac             CARE B         550
Revised from CARE BB; issuer not cooperating
Everest Instruments Pvt Ltd           LT Bk Fac          CARE BBB       63.6    Assigned
Everest Instruments Pvt Ltd           Bk Fac             CARE BBB /A3+  345     Assigned
Gig Motors                            LT Bk Fac          CARE B+        103.1   Assigned
Gr Akkalkot Solapur Highway Pvt Ltd   LT Bk Fac          CARE A         3340    Assigned
Icon Hospitality Pvt Ltd              LT Bk Fac@         CARE BBB (SO)  200
Revised from CARE BBB-(SO); (enhanced from 18.0 cr); @ backed by unconditional and irrevocable
corporate guarantee provided by Royal Orchid Hotels Limited (rated CARE BBB; Stable) 
Jindal Stainless Steelway Ltd         LT Bk Fac          CARE BBB       1300    Reaffirmed
Jupiter International Ltd             LT Bk Fac          CARE D         815.9
Revised from CARE BB-
Jupiter International Ltd             Bk Fac             CARE D /D      128.7
Revised from CARE BB- /A4
Kare Power Resources Pvt Ltd          LT Bk Fac          CARE BBB-      691.5   Reaffirmed
(reduced from 69.70 cr)
Karvy Solar Power Ltd                 NCDs - Series A @  CARE A+ (SO)   900     Final Rating
@backed by unconditional and irrevocable corporate guarantee extended Greenko Energies Private
Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’).
Karvy Solar Power Ltd                 NCDs - Series B @  CARE A+ (SO)   400     Final Rating
@backed by unconditional and irrevocable corporate guarantee extended Greenko Energies Private
Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’).
Ksheer Sagar Developers Pvt Ltd       LT Bk Fac@         CARE BBB (SO)  389.9
Revised from CARE BBB-(SO); (reduced from 45.0 cr); @ backed by unconditional and irrevocable
corporate guarantee provided by Royal Orchid Hotels Limited (rate
Maruti Educational Trust              LT Bk Fac          -                      Withdrawn
Matadeen Ramchandra Agarwal           LT Bk Fac          CARE BB        45      Reaffirmed
Matadeen Ramchandra Agarwal           Bk Fac             CARE BB /A4    20      Reaffirmed
New Era Enviro Ventures Mahbubnagar PvNCDs - Series A @  CARE A+ (SO)   350     Final Rating
Ltd
@backed by unconditional and irrevocable corporate guarantee extended Greenko Energies Private
Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’).
New Era Enviro Ventures Mahbubnagar PvNCDs - Series B @  CARE A+ (SO)   160     Final Rating
Ltd
@backed by unconditional and irrevocable corporate guarantee extended Greenko Energies Private
Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’).
Pennar Renewables Pvt Ltd             NCDs - Series A @  CARE A+ (SO)   960     Final Rating
@backed by unconditional and irrevocable corporate guarantee extended Greenko Energies Private
Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’).
Pennar Renewables Pvt Ltd             NCDs - Series B @  CARE A+ (SO)   440     Final Rating
@backed by unconditional and irrevocable corporate guarantee extended Greenko Energies Private
Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’).
Premier Photovoltaic Medak Pvt Ltd    NCDs - Series A @  CARE A+ (SO)   1390    Final Rating
@backed by unconditional and irrevocable corporate guarantee extended Greenko Energies Private
Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’).
Premier Photovoltaic Medak Pvt Ltd    NCDs - Series B @  CARE A+ (SO)   620     Final Rating
@backed by unconditional and irrevocable corporate guarantee extended Greenko Energies Private
Limited (GEPL, rated ‘CARE A+; Stable/ CARE A1+’).
Punjab Bevel Gears Ltd                LT Bk Fac          CARE BBB-      172.9   Reaffirmed
(reduced from Rs. 28.07 cr)
Raheja Icon Entertainment Pvt Ltd     NCD issue          CARE B (SO)    680
CARE has sought confirmation from the investor and debenture trustee on repayment and invocation
of Corporate Guarantee but no confirmation on the same has been received till date. 
Raj Borax Pvt Ltd                     LT Bk Fac          CARE BB+       55      Assigned
Rjp Technologies Pvt Ltd              LT Bk Fac          CARE B+        120     Assigned
Royal Orchid Hotels Ltd               LT Bk Fac          CARE BBB       384.8
Revised from CARE BBB-; (Reduced from 50.0 cr)
Shukla Agritech Flour Industires Pvt LLT Bk Fac          CARE D         107.1   Assigned
Superlite Aac Blocks Industry         LT Bk Facility     CARE BB-       263.1
Revised from CARE B+; (Enhanced from 13.55 cr)

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