November 20, 2019 / 5:38 AM / 25 days ago

CARE ratings for Indian debt instruments-Nov 20

    Nov 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 19, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Avg Logistics Ltd                     ST Bk Fac          CARE A3+       85      -
Placed on credit watch with developing implications
Elektrolites (Power) Pvt Ltd          ST Bk Fac          CARE A3        235     Reaffirmed
Excel Associates Pvt Ltd              ST Bk Fac          CARE A3        35      Reaffirmed

Fairdeal Jumbo Packaging Pvt Ltd      ST Bk Fac          CARE A4        32      Reaffirmed
J.K. Files (India) Ltd                ST BkFac           CARE A1 (A     180     -
                                                         One)
Placed on credit watch with developing implications
Jaideep Shiksha Utthan Samiti         ST Bk Fac          CARE A4        10      -
Issuer not cooperating; Based on best available information
Lisie Medical Institutions            ST Bk Fac          CARE A2        50      Revised from
                                                                                CARE A2+
Issuer not cooperating; Based on best available information
Gondwana Engineers Ltd                ST Bk Fac          -              -       Withdrawn
Mahadeb Rice Mill Pvt Ltd             ST Bk Fac          CARE A4        4.5     -
Issuer not cooperating; Based on best available information
Manaksia Steels Ltd                   ST Bk Fac          CARE A1        1800    Reaffirmed
Patels Airtemp (India) Ltd            ST Bk Fac          CARE A2        70      Revised from
                                                                                CARE A2+
Point Textiles Pvt Ltd                ST Bk Fac          CARE A4        15      -
Issuer not cooperating*; based on best available information
Rampex Labs Pvt Ltd                   ST Bk Fac          -              -       Withdrawn
Ravi Technoforge Pvt Ltd              ST BkFac           CARE A4+       23      Reaffirmed
(reduced from Rs.3.58 crore Crore)
Sbs Transpole Logistics Pvt Ltd       ST BkFac           CARE D         1160    Reaffirmed
Sam Industrial Enterprises Ltd        ST Bk Fac          CARE A4        25      -
Issuer not cooperating; Based on best available information
Sri Surya Rama Constructions          ST BkFac           CARE A4        20      -
Issuer not cooperating; Based on best available information
Surya Roshni Ltd                      (i) CP             CARE A1+ (CE)^ 1850    Reaffirmed
(enhanced from 100.00 Crore) ,^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+, HDFC
Bank Ltd (HDFC, rated CARE AAA; (stable)/ CARE A1+), Canara Bank and Union Bank of India (rated
CARE AA+/ CARE AA/ CARE AA- Credit watch with Developing implications)]. The rating for
Commercial Paper (ii) is backed by credit enhancement (CE) in the form of unconditional and
irrevocable Stand by Letter of Credit (SBLC Letter) from Union Bank of India.
Surya Roshni Ltd                      (ii) CP            CARE A1+ (CE)^ 150     Final Rating
^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+, HDFC Bank Ltd (HDFC, rated CARE AAA; (stable)/ CARE A1+), Canara Bank
and Union Bank of India (rated CARE AA+/ CARE AA/ CARE AA- Credit watch with Developing
implications)]. The rating for Commercial Paper (ii) is backed by credit enhancement (CE) in the
form of unconditional and irrevocable Stand by Letter of Credit (SBLC Letter) from Union Bank of
India.

LONG TERM RATINGS:
-------------------
Amber Spintex Pvt Ltd                 LT Bk Fac          CARE BB; Stable377.3   -
Issuer did not cooperate; Based on best available information
Angle Infrastructure Pvt Ltd          LT Bk Fac          CARE D         900     -
Issuer did not cooperate; Based on best available information
Avg Logistics Ltd                     LT Bk Fac-TL       CARE BBB       115     -
Placed on credit watch with developing implications
Avg Logistics Ltd                     LT Bk Fac- CC      CARE BBB       275     -
Placed on credit watch with developing implications
Classic Enterprises Pvt Ltd           LT Bk Fac          CARE BBB-;     7.1     Reaffirmed
                                                         Stable
Classic Enterprises Pvt Ltd           LT/ST BkFac        CARE BBB-;     59      Reaffirmed
                                                         Stable/CARE A3
Dbl Mangalwedha Solapur Highways Pvt  LT Bk Fac          CARE A; Stable 3960    Reaffirmed
Ltd
(enhanced from Rs.338.95 crore Crore)
Dolphin Terra Firma Pvt Ltd           LT Bk Fac          CARE B; Stable 89      -
Issuer did not cooperate; Based on best available information
Elektrolites (Power) Pvt Ltd          Long- term/ ST     CARE BBB-;     105     Reaffirmed
                                      BkFac              Negative/CARE
                                                         A3
Outlook revised from Positive
Emco Electrodyne Pvt Ltd              LT Bk Fac          CARE B+; Stable70      -
Issuer did not cooperate; Based on best available information
Excel Associates Pvt Ltd              Long- term Bk Fac  CARE BBB-;     27      Reaffirmed
                                                         Negative
Outlook revised from Positive
Fairdeal Fibc Overseas                LT Bk Fac          CARE D         16.8    Revised from
                                                                                CARE BB;
                                                                                Stable
Fairdeal Fibc Overseas                LT /ST Bk Fac      CARE D/CARE D  15      Revised from
                                                                                CARE BB;
                                                                                Stable /CARE A4
Fairdeal Jumbo Packaging Pvt Ltd      LT Bk Fac          CARE B+; Stable10.5    Revised from
                                                                                CARE BB;
                                                                                Stable
Fairdeal Jumbo Packaging Pvt Ltd      LT/ST BkFac        CARE B+;       188     Revised long
                                                         Stable /CARE A4        term rating
                                                                                from
CARE BB; Stable
Revised long term rating fromCARE BB; Stable/Short Term Rating-Reaffirmed
Gondwana Engineers Ltd                LT Bk Fac          -              -       Withdrawn
Ircon Davanagere Haveri Highway Ltd   LT Bk Fac          CARE AAA (CE); -       Assigned
                                                         Stable
**Proposed to be backed by unconditional and irrevocable corporate guarantee of IRCON
International limited (IRCON, rated CARE AAA; Stable/ CARE A1+). Rating assigned shall be
provisional and shall be confirmed upon the execution of unconditional irrev ocable
deed of corporate guarantee from IRCON.
J.K. Files (India) Ltd                LT Bk Fac          CARE A         941     -
Placed on credit watch with developing implications
Jaideep Shiksha Utthan Samiti         LT Bk Fac          CARE B+; Stable72.5    -
Issuer not cooperating; Based on best available information
Jilesh Power Pvt Ltd                  LT Bk Fac          --             -       Withdrawn
Kamran Exports Pvt Ltd                LT Bk Fac          CARE D         300     Reaffirmed
Kanji Kalyanji And Co                 LT Bk Fac          CARE B; Stable 55      -
Issuer not cooperating;Based on best available information
Kunal Founder And Engineers Pvt Ltd   LT Bk Fac          CARE B; Stable 44      -
Issuer not cooperating; Based on best available information
L&T Finance Ltd. (Erstwhile Family    Public Issue of    CARE AAA;      50000   Assigned
Credit Ltd.)                          Secured            Stable
                                      RedeemableNCDs and/orUnsecured Subordinated RedeemableNCDs
Lisie Medical Institutions            LT Bk Fac          CARE BBB+;     450     Revised from
                                                         Stable                 CARE A-
Issuer not cooperating; Based on best available information
Mahadeb Rice Mill Pvt Ltd             LT Bk Fac          CARE BB; Stable50      -
Issuer not cooperating; Based on best available information
Manaksia Steels Ltd                   LT Bk Fac          CARE A;        500     Reaffirmed
                                                         Negative
Outlook revised
from stable
Moon Diamonds                         LT BkFac           CARE B+        170     Revised from
                                                                                CARE BB+
Issuer not cooperating; based on best available information
Nirvin Cold Storage Pvt Ltd           LT Bk Fac          CARE B; Stable 84      -
Issuer not cooperating; based on best available information
Ozone Gsp Infratech                   LT Bk Fac          CARE D         350     -
Issuer not cooperating;Based on best available information
Patel Vadodara-Kim Expressway Pvt Ltd LT BkFac           CARE A-; (CE); 8210    Revised from
                                                         Negative               CARE A (CE);
                                                                                Negative
Patels Airtemp (India) Ltd            LT Bk Fac          CARE BBB+;     700     Reaffirmed
                                                         Stable
Patels Airtemp (India) Ltd            LT/ST BkFac        CARE BBB+;     350     -
                                                         Stable/CARE A2
Long-term rating reaffirmed and Short-term rating revised from CARE A2+
Point Textiles Pvt Ltd                Long -term Bk Fac  CARE B; Stable 176.4   -
Issuer not cooperating*; based on best available information
Premier Agencies                      LT Bk Fac          CARE B+; Stable70      Revised from
                                                                                CARE BB-;
                                                                                Stable
Issuer not cooperating; Revised from CARE BB-; Stable (Double B Minus; Outlook: Stable) on the
basis of best available information
Quatrro Business Support Solutions PvtLT/ ST Fac         -              -       Withdrawn
Ltd
Quatrro Global Services Pvt Ltd       LT/ ST Fac         -              -       Withdrawn
Quatrro Processing Services Pvt Ltd   LT/ ST Fac         -              -       Withdrawn
Rampex Labs Pvt Ltd                   LT Bk Fac          -              -       Withdrawn
Ratnawali Dairy Products Llp          LT Bk Fac          CARE B; Stable 56.2    Reaffirmed
Ravi Technoforge Pvt Ltd              LT BkFac           CARE BB+;      635.4   Revised from
                                                         Negative               CARE BB+;
                                                                                Stable
(enhanced from Rs.46.35 crore Crore)
Ravi Technoforge Pvt Ltd              LT / Shortterm Bk  CARE BB+;      300     Revised from
                                      Fac                Negative /CARE         CARE BB+;
                                                         A4+                    Stable / CARE
                                                                                A4+
Sam Industrial Enterprises Ltd        LT Bk Fac          CARE C         75      Revised from
                                                                                CARE B+
Issuer not cooperating; Based on best available information
Sanmar Shipping Ltd                   LT Bk Fac          CARE A-;       2421.4  Revised from
                                                         Positive               CARE A-;
                                                                                Stable
(enhanced from 179.09 Crore)
Sbs Transpole Logistics Pvt Ltd       LT Bk Fac          CARE D         1000    Reaffirmed
Siddhi Vinayak Importers              LT Bk Fac          CARE B; Stable 60      Revised from
                                                                                CARE B+;
                                                                                Stable
Sri Ramachandra Pooja Industries      LT Bk Fac          CARE B+; Stable70      Reaffirmed
(reduced from 10.00 Crore),Removed from INC
Sri Surya Rama Constructions          LT BkFac           CARE B+; Stable35      Revised from
                                                                                CARE BB-
Issuer not cooperating; Based on best available information
Technology House (India) Pvt Ltd      LT Bk Fac          -              -       Withdrawn
Vasudev Khandsari Udyog               LT Bk Facility     CARE B; Stable 40      Assigned
West Coast Frozen Foods Pvt Ltd       LT Bk Fac – TL     CARE D         0.00^   Revised from
                                                                                CARE BBB-
Issuer not cooperating; Based on best available information ,^No-Dues certificate yet to be
submitted by the company
Yogi Cotex Pvt Ltd                    LT Bk Fac          CARE BB-;      130     Reaffirmed
                                                         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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