November 20, 2018 / 4:16 AM / 20 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, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
B. K. Agro Products Pvt Ltd           ST Bk Fac          CARE A3        5.5     Revised from
                                                                                CARE A4+
Bansala Engineers Powertech Llp       ST Bk Fac          CARE A4        37.5
(Issuer not cooperating)
Capital First Home Finance Ltd        CP                 CARE A1+       10000   Reaffirmed
(Enhanced from Rs.700 Crore)
Gainup Industries India Pvt Ltd       ST Bk Fac          CARE A3        100     Revised from
                                                                                CARE A4
Instromedix India Pvt Ltd             ST Bk Fac          -              -       Withdrawn
Mvr Gas                               ST Bk Fac          CARE A4        66.7    Assigned
Rama Krishna Spintex Pvt Ltd          ST Bk Fac          CARE D         7       Revised from
                                                                                CARE A4
Ritu Logistics                        ST Bk Fac          -              -       Withdrawn
Vem Technologies Pvt Ltd              ST Bk Fac          CARE A3+       173.8   Reaffirmed
(enhanced form 12.58 crs)

LONG TERM RATINGS:
-------------------
Adani Power Maharashtra Ltd           LT Bk Fac ^        CARE A-(SO)    440     Assigned
^ The rating assigned is based on the credit enhancement in the form of 25% of the facility
amount being kept as margin in the form of Fixed Deposit (FD) under lien with the lender; along
with security of first and exclusive pledge of promoters  unencumbered shares of Adani Ports and
Special Economic Zone Limited (APSEZ; rated CARE AA+; Stable) such that the value of these
shares provides a cover of at least 1.50 times of the facility amount (net of cash margin)
throughout the tenor of the facility.
Adani Power Rajasthan Ltd             LT Bk Fac ^        CARE A-(SO)    450     Assigned
^ The rating assigned is based on the credit enhancement in the form of 25% of the facility
amount being kept as margin in the form of Fixed Deposit (FD) under lien with the lender; along
with security of first and exclusive pledge of promoters unencumbered shares of Adani Ports and
Special Economic Zone Limited (APSEZ; rated CARE AA+; Stable) such that the value of these
shares provides a cover of at least 1.50 times of the facility amount (net of cash margin)
throughout the tenor of the facility.
B. K. Agro Products Pvt Ltd           LT Bk Fac          CARE BBB-      60      Revised from
                                                                                CARE BB+
Bansala Engineers Powertech Llp       LT Bk Fac          CARE BB-       15
(Issuer not cooperating)
Best Value Chem Pvt. Ltd.             LT / ST Bk Fac     CARE BBB /CARE 115.5   Assigned
                                                         A3+
Ccl International Ltd                 LT Bk Fac          CARE BB        35      Assigned
Ccl International Ltd                 LT/ ST Bk Fac      CARE BB /CARE  100     Assigned
                                                         A4
Emerge Glass India Pvt. Ltd.          LT/ST Bk Fac       -              -       Withdrawn
Gainup Industries India Pvt Ltd       LT Bk Fac          CARE BBB-      483.8   Revised from
                                                                                CARE BB
(reduced from 71.00crs)
Geofast Flour Mills Pvt Ltd           LT Bk Fac          -              -       Withdrawn
Greater Visakhapatnam Municipal       LT Bonds           -              -       Withdrawn
Corporation
H S Weavers Pvt Ltd                   LT Bk Fac          CARE BB        147     Revised from
                                                                                CARE BB-
(Enhanced from 5.65 crs)
Instromedix India Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Instromedix India Pvt Ltd             LT/Short -term Bk  -              -       Withdrawn
                                      Fac
Ku-Koo-Ch-Ku-Poultry Farm             LT Bk Fac          CARE BB        459.5   Revised from
                                                                                CARE BB+
(Enhanced from 20.52 crs)
Morgan Credits Pvt. Ltd.              NCD                ProvCARE A-    9500    Revised from
                                                                                CARE A-
Morgan Credits Pvt. Ltd.              NCD                ProvCARE A-    2100    Reaffirmed
Mvr Gas                               LT Bk Fac          CARE BB-       333.3   Assigned
Rama Krishna Spintex Pvt Ltd          LT Bk Fac          CARE D         770.2   Revised from
                                                                                CARE BB
Ritu Logistics                        LT Bk Fac          -              -       Withdrawn
Sanvira Industries Ltd                LT Bk Fac          CARE A-        3693.5  Reaffirmed
(enhanced from 319.35 crs)
Sanvira Industries Ltd                LT/Shortterm Bk FacCARE A- /CARE  1600    Reaffirmed
                                                         A2
(enhanced from 120.00 crs)
Vem Technologies Pvt Ltd              LT Bk Fac          CARE BBB+      2478.8  Reaffirmed
(enhanced from 245.00crs)
Vem Technologies Pvt Ltd              Long/ST Bk Fac     CARE BBB+      1350    Reaffirmed
                                                         /CARE A3+
(enhanced from 100.00crs)
Vinodsai Agri Cold Storage Llp        LT Bk Fac          CARE B+        115     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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