November 21, 2019 / 7:31 AM / 16 days ago

CARE ratings for Indian debt instruments-Nov 21

    Nov 21 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 20, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aastrid Life Sciences Pvt Ltd         Short - term Bk FacCARE A3        35      Assigned
Ankita Impex                          Short - term Bk FacCARE A4        49.2    -
(Issuer not cooperating Based on best available information)
Brijbasi Hi-Tech Udyog Ltd            Short - term Bk FacCARE A4        80      Reaffirmed
Das Processors                        ST Bk Fac          CARE A4        30      -
(Issuer not cooperating Based on best available information)
Elsteel Modular Products India Pvt LtdShort - term Bk FacCARE A4        76      -
(Issuer not cooperating Based on best available information)
Frizo India Pvt Ltd                   Short - term Bk FacCARE A4+       122.5   Reaffirmed
Ganpati Moulders Pvt Ltd              Short - term Bk FacCARE A4        10      -
(Issuer not cooperating Based on best available information)
Gare Brothers                         ST Bk Fac          CARE A4        15      -
(Issuer not cooperating Based on best available information)
Greenply Industries Ltd               ST Bk Fac          CARE A1+       2500    -
(Removed from credit watch; Rating Reaffirmed)
Hardik Construction Company           Short - term Bk FacCARE A4        60      -
(Issuer not cooperating Based on best available information)
Hijaz Leathers Pvt Ltd                ST Bk Fac          CARE A4        200     Reaffirmed
Oceanic Pharmachem Pvt Ltd            Short - term Bk FacCARE A2        150     Assigned
Passion Industries Pvt Ltd            Short - term Bk FacCARE A4        40      -
(Issuer not cooperating Based on best available information)
Reliance Jio Infocomm Ltd             CP                 CARE A1+       350000  Reaffirmed
Sem Industrial Syndicate              ST Bk Fac          CARE A4        87.5    -
(Issuer not cooperating Based on best available information)
Sharma Construction Company           Short - term Bk FacCARE A4        30      -
(Issuer not cooperating Based on best available information)
Speciality Organics Pvt Ltd           Short - term Bk FacCARE A4        30      Assigned
Technical Associates Ltd              Short - term Bk FacCARE A3+       600     Assigned
Unitech Fabricators & Engineers Pvt   ST Bk Fac          CARE A4        42      -
Ltd
(Issuer not cooperating Based on best available information)
Ved Prakash Mithal And Sons           ST Bk Fac          CARE A4        40      Revised from
                                                                                CARE A4
(Issuer not cooperating)
Visaka Industries Ltd                 Short - term Bk FacCARE A1+       2300    Reaffirmed
Ibc Ltd                               ST Bk Fac          CARE D         -       Revised from
                                                                                CARE A4 and
                                                                                Withdrawn
Shree Hari Chemicals Export Ltd       Short - term Bk Fac-              -       Withdrawn



MEDIUM TERM RATINGS:
-------------------
Visaka Industries Ltd                 Fixed Deposit      CARE AA- (FD); 250     Reaffirmed
                                      programme          Stable


LONG TERM RATINGS:
-------------------
Aastrid Life Sciences Pvt Ltd         LT Bk Fac          CARE BBB-;     115     Assigned
                                                         Stable
Ankita Impex                          LT Bk Fac          CARE B; Stable 5.2     -
(Issuer not cooperating Based on best available information)
Brijbasi Hi-Tech Udyog Ltd            LT Bk Fac          CARE B+; Stable80      Revised from
                                                                                CARE B; Stable
Cantech Engineers Pvt Ltd             LT Bk Fac          CARE BB; Stable73.4    Revised from
                                                                                CARE BB+;
                                                                                Stable
(Issuer not cooperating Based on best available information)
Chennai Petroleum Corporation Ltd     LT Bk Fac          CARE AAA;      8600    Reaffirmed
                                                         Stable
Das Processors                        Long- term Bk Fac  CARE BB-;      40      -
                                                         Stable
(Issuer not cooperating Based on best available information)
Earthen Treasures Natural Resources   LT Bk Fac          CARE D         50      -
Pvt Ltd
(Issuer not cooperating Based on best available information)
Eastern Automotive                    LT Bk Fac          CARE B; Stable 80      -
(Issuer not cooperating Based on best available information)
Elsteel Modular Products India Pvt LtdLT Bk Fac          CARE BB-       29.4    -
(Issuer not cooperating Based on best available information)
Frizo India Pvt Ltd                   LT Bk Fac          CARE BB+;      30      Reaffirmed
                                                         Stable
Ganpati Moulders Pvt Ltd              LT Bk Fac          CARE B+        108.1   Revised from
                                                                                CARE BB-
(Issuer not cooperating Based on best available information)
Ganpati Moulders Pvt Ltd              Long/ST Bk Fac     CARE B+/A4     18.8    Revised from
                                                                                CARE BB-/A4
(Issuer not cooperating Based on best available information)
Gare Brothers                         Long- term Bk Fac  CARE B-        50      -
(Issuer not cooperating Based on best available information)
Greenply Industries Ltd               CP                 -              -       Withdrawn
Greenply Industries Ltd               LT Bk Fac          CARE AA-       1280    -
(Removed from credit watch; Rating Reaffirmed)
Hardik Construction Company           LT Bk Fac          CARE B; Stable 40      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating Based on best available information)
Ibc Ltd                               LT Bk Fac          CARE D         -       Revised from
                                                                                CARE B;
                                                                                Stable & 
                                                                                Withdrawn
Joshi Enterprise                      LT Bk Fac          CARE B; Stable 50      Reaffirmed
Kotak Agro Processing Pvt Ltd         LT Bk Fac          CARE BB-;      91.3    Revised from
                                                         Stable                 CARE B; Stable
Oceanic Pharmachem Pvt Ltd            LT Bk Fac          CARE BBB;      110     Assigned
                                                         Stable
Passion Industries Pvt Ltd            LT Bk Fac          CARE B+; Stable109     -
(Issuer not cooperating Based on best available information)
Reliance Financial Ltd                Market Linked      CARE PP-MLD BB-3500    Revised from
                                      Debentures                                CARE BB-
                                                                                (CE)2/ Stable
(Credit watch with developing implications)
Reliance Financial Ltd                Market Linked      CARE PP-MLD BB-500     Revised from
                                      Debentures                                CARE BB-
                                                                                (CE)2/ Stable
(Credit watch with developing implications)
Reliance Jio Infocomm Ltd             NCD                CARE           20000   Assigned
                                                         AAA(CE)^;Stable
^ backed/to be backed by unconditional and irremovable corporate guarantee from its parent
Reliance Industries Limited (RIL, rated CARE AAA; Stable/CARE A1+)
Reliance Jio Infocomm Ltd             LT Bk Fac          CARE AAA;      500000  Assigned
                                                         Stable
Reliance Jio Infocomm Ltd             NCD                CARE AAA;      200000  Assigned
                                                         Stable
Reliance Jio Infocomm Ltd             NCD (Proposed)     Provisional    60000   Assigned
                                                         CARE
                                                         AAA(CE) ^
                                                         ;Stable
^ backed/to be backed by unconditional and irremovable corporate guarantee from its parent
Reliance Industries Limited (RIL, rated CARE AAA; Stable/CARE A1+) 
Reliance Mediaworks Financial ServicesNCDs               CARE B-;       6382    Revised from
Pvt Ltd                                                  Negative               CARE BB (CE)2
                                                                                / Stable
Reliance Securities Ltd               Market Linked      CARE PP-MLD BB-1500    Revised from
                                      Debentures                                CARE PP-MLD
                                                                                BB- (CE) 2
(Credit watch with developing implications)
Sem Industrial Syndicate              LT Bk Fac          CARE B; Stable 37.5    Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating Based on best available information)
Sharma Construction Company           LT Bk Fac          CARE B+        50      -
(Issuer not cooperating Based on best available information)
Shiv Shankar Rice Mills               LT Bk Fac          CARE BB-;      130     Reaffirmed
                                                         Stable
Shivam Protein Products Pvt Ltd       LT Bk Fac          CARE D         96.9    Revised from
                                                                                CARE B
(Issuer not cooperating Based on best available information)
Shree Hari Chemicals Export Ltd       LT Bk Fac          -              -       Withdrawn
Solid Stone Co. Ltd                   LT Bk Fac          CARE BB +;     138     Reaffirmed
                                                         Stable
Speciality Organics Pvt Ltd           LT Bk Fac          CARE BB; Stable60      Assigned
Technical Associates Ltd              LT Bk Fac          CARE BBB;      400     Assigned
                                                         Stable
Technical Associates Ltd              Long/ST Bk Fac     CARE BBB;      1900    Assigned
                                                         Stable/A3+
Tuf Commodities Dmcc                  LT/ Shortterm Bk   CARE BBB-;     175     Revised from
                                      Fac                Stable/CARE A3         Provisional
                                                                                CARE BBB/ CARE 
                                                                                A3+ (CE)
(Credit watch with developing implications)
Tuf Metallurgical Pvt Ltd             LT/ ST Bk Fac      CARE BBB;      600     Reaffirmed
                                                         Stable/ A3+
Unitech Fabricators & Engineers Pvt   Long- term Bk Fac  CARE BB-;      55.4    -
LTD                                                      Stable
(Issuer not cooperating Based on best available information)
Ved Prakash Mithal And Sons           LT Bk Fac          CARE B+; Stable67      Revised from
                                                                                CARE B+/
                                                                                Stable
(Issuer not cooperating)
Ved Prakash Mithal And Sons           LT/ ST Bk Fac      CARE B+;       43      Revised from
                                                         Stable/CARE A4         CARE B+;
                                                                                Stable/ A4
(Issuer not cooperating)
Visaka Industries Ltd                 LT Bk Fac          CARE AA-;      2496.4  Reaffirmed
                                                         Stable
Welcos Spunfab                        LT /ST Bk Fac      CARE B+;       95      -
                                                         Stable / A4
(Issuer not cooperating Based on best available information)
--------------------------------------------------------------------------------------------
$: 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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