November 22, 2019 / 9:03 AM / 20 days ago

CARE ratings for Indian debt instruments-Nov 22

    Nov 22 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 21, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
-------------
SHORT TERM RATINGS:
-------------------
Abhijit Realtors & Infraventures Pvt LST BkFac           CARE A4        55
(Issuer Not Cooperating)
Davinder Exports                      ST Bk Fac          CARE A4       20       Revised from
                                                                                CARE A4+
(Issuer Not Cooperating)
Gati Ltd                              ST Bk Fac          CARE A4+       50      Revised from
                                                                                CARE A3
Jayanita                              ST Bk Fac          CARE A4        66      Reaffirmed
Karni Communication Pvt Ltd           ST Bk Fac          CARE A4       15
(Issuer Not Cooperating)
Lambda Therapeutic Research Ltd       ST BkFac           CARE A1+       20      Reaffirmed
Nav Bharat Trading Company            ST Bk Fac          CARE A4       100
(Issuer Not Cooperating)
Pal Enterprises                       ST Bk Fac          CARE A4       150
(Issuer Not Cooperating)
Rajasthan Fort And Palace Pvt Ltd     ST Bk Fac          CARE A4+       50      Revised from
                                                                                CARE A4
Shraddha Energy And Infraprojects Pvt ST Bk Fac          CARE D         139.5   Revised from
Ltd                                                                             CARE A4
(Issuer Not Cooperating)
Spacewood Office Solutions Pvt Ltd    ST Bk Fac          CARE A3        92.5    Assigned
Surendra Prasad And Lahri ConstructionST Bk Fac          CARE A4       125
Pvt Ltd
(Issuer Not Cooperating)
Victor Agencies                       ST BkFac           CARE A4+       55
(Issuer Not Cooperating)

MEDIUM TERM RATINGS:
-------------------
Gati Ltd                              Medium Term Fixed  CARE BB+      500      Revised from
                                      Deposits           Stable                 CARE BBB
                                                                                Negative
LONG TERM RATINGS:
-------------------
A C Strips Pvt Ltd                    LT Bk Fac          CARE BB-      82.5
                                                         Stable
(Issuer Not Cooperating)
A.R.T. Fabrication Industries Pvt Ltd LT Bk Fac          CARE BB-      60       Reaffirmed
                                                         Stable
Abhijit Realtors & Infraventures Pvt LLT BkFac           CARE B+ Stable289.9    Revised from
                                                                                CARE
                                                                                BB-(Stable)
(Issuer Not Cooperating)
Balaji Weft Pvt Ltd                   LT BkFac           -              -       Revised from
                                                                                CARE BBB
                                                                                (CE) Negative
                                                                                and 
                                                                                simultaneously 
                                                                                withdrawn
(Issuer Not Cooperating)
Balaji Weft Pvt Ltd                   LT/ Shortterm Bk   -              -
                                      Fac
Revised from CARE BBB(CE) Negative/CARE A3+ (CE) toCARE BB+ (CE) Stable / CARE A4+ (CE)
simultaneously withdrawn (Issuer Not Cooperating)
Banglore Polymers Pvt Ltd             LT Bk Fac          CARE B+ Stable210
(Issuer Not Cooperating)
Banglore Polymers Pvt Ltd             LT / ST Bk Fac     CARE B+       90
                                                         Stable/CARE A4
(Issuer Not Cooperating)
Davinder Exports                      LT Bk Fac          CARE BB        165     Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Deepak Builders & Engineers India Pvt LT Bk Fac          CARE BB-      1750
Ltd                                                      Stable
(Issuer Not Cooperating)
Deepak Singal Engineers And Builders  LT Bk Fac          CARE B+ Stable70       Revised from
Pvt Ltd                                                                         CARE BB-
                                                                                Stable
(Issuer Not Cooperating)
Deepshikha Exim Pvt Ltd               LT BkFac #         CARE BB+ (CE) 237      Revised from
                                                         Stable                 CARE BBB
                                                                                (CE) Negative
(Issuer Not Cooperating)# Bank facilities are backed by the unconditional and irrevocable
corporate guarantee of Jindal Worldwide Limited (JWL)
Eon Electric Ltd                      LT Bk Fac          CARE C Stable 400      Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Eon Electric Ltd                      Long/ST Bk Fac     CARE C        550      Revised from
                                                         Stable /CARE           CARE B /CARE
                                                         A4                     A4
(Issuer Not Cooperating)
Fathimuthu Amma Mills Ltd             LT Bk Fac          CARE BBB-     231.3    Reaffirmed
                                                         Stable
(Reduced from 23.25 Crore)
Gati Ltd                              LT Bk Fac          CARE BB+      1384.3   Revised from
                                                         Stable                 CARE BBB
                                                                                Negative
(reduced from 173.02 Crore)
Gayatri Weavers Pvt Ltd               LT BkFac #         -              -
Revised fromCARE BBB(CE) Negative to CARE BB+ (CE) Stable and, simultaneously withdrawn
(Issuer Not Cooperating)/# This rating was based on the unconditional and irrevocable corporate
guarantee of Jindal Worldwide Limited (JWL)
Ircon Vadodara Kim Expressway Ltd     Unsupported Rating CARE A- Stable-
Ircon Vadodara Kim Expressway Ltd     LT Bk Fac          ProvCARE AAA   7540    Assigned
                                      (Proposed TL)      (CE) Stable **
**Proposed to be backed by unconditional and irrevocable corporate guarantee of IRCON
International Limited. Rating assigned shall be provisional and shall be confirmed upon
execution of unconditional irrevocable corporate guarantee from IRCON International Ltd and
receipt of other documents to the satisfaction of CARE Ratings Ltd
Jayanita                              LT Bk Fac          CARE BB-      49       Reaffirmed
                                                         Stable
Karni Communication Pvt Ltd           LT Bk Fac          CARE BB-       45      Revised from
                                                         Stable                 CARE BB
(Issuer Not Cooperating)
Lambda Therapeutic Research Ltd       LT BkFac           CARE AA-      160      Reaffirmed
                                                         Stable
Lambda Therapeutic Research Ltd       LT / ShortTerm Bk  CARE AA-      300      Reaffirmed
                                      Fac                Stable /CARE
                                                         A1+
Mithra Coaches Pvt Ltd                LT Bk Fac          CARE D         281.1   Revised from
                                                                                CARE B Stable
Mourya Aquex Pvt Ltd                  LT Bk Fac          CARE BBB-     304      Assigned
                                                         Stable
Mourya Aquex Pvt Ltd                  LT/ST BkFac        CARE BBB-     600      Assigned
                                                         Stable/CARE A3
Nav Bharat Trading Company            LT Bk Fac          CARE BB-       20      Revised from
                                                         Stable                 CARE BB
(Issuer Not Cooperating)
Nikhil Pulses Pvt Ltd                 LT Bk Fac          CARE B+       100      Reaffirmed
                                                         Stable
(Enhanced from Rs. 7.00 Crore)
Patran Foods Pvt Ltd                  LT Bk Fac          CARE BB-      690
                                                         Stable
(Issuer Not Cooperating)
Rajasthan Fort And Palace Pvt Ltd     LT Bk Fac          CARE BB+      285.3    Revised from
                                                         Stable                 CARE
                                                                                BB(Stable)
Rajkamal Electric Press               LT Bk Fac          CARE BB-       67.2    Revised from
                                                         Stable                 CARE BB
(Issuer Not Cooperating)
Repco Home Finance Ltd                LT BkFac           CARE AA       76450    Reaffirmed
                                                         Stable
(enhanced from Rs 6,045 Crore)
Rishi Traders                         LT Bk Fac          CARE BB-      77.3*    Reaffirmed
                                                         Stable
*Term loans sanctioned from Hero FinCorp Limited were withdrawn based on No Due Certificate from
the lender dated July 10, 2019
S M Enterprises                       LT BkFac           CARE BB-      129.8    Revised from
                                                         Stable                 CARE BB
                                                                                Stable
(Issuer Not Cooperating)
Saroj Weavers Pvt Ltd                 LT BkFac #         -              -
Revised from CARE BBB (CE) Negative to CARE BB+ (CE) Stable and, simultaneously withdrawn
(Issuer Not Cooperating)/# This rating was based on the unconditional and irrevocable corporate
guarantee of Jindal Worldwide Limited (JWL)
Seth Construction Company             Long/ST BkFac      CARE B-       150      Revised from
                                                         Stable/CARE A4         CARE BB+
                                                                                Stable/ CARE A4+
Shraddha Energy And Infraprojects Pvt LT Bk Fac ( TL)    CARE D         1063.1  Revised from
Ltd                                                                             CARE B+
                                                                                Stable
(Issuer Not Cooperating)
Shraddha Energy And Infraprojects Pvt LT Bk Fac ( Fund   CARE D         580     Revised from
Ltd                                   Based)                                    CARE B+
                                                                                Stable
(Issuer Not Cooperating)
Shree Ram Cottex Industries Pvt Ltd   LT BkFac           CARE B+ Stable300      Reaffirmed
Spacewood Office Solutions Pvt Ltd    LT Bk Fac          CARE BBB-     154.1    Assigned
                                                         Stable
Surendra Prasad And Lahri ConstructionLT Bk Fac          CARE B+       25
Pvt Ltd                                                  Stable
(Issuer Not Cooperating)
Viaton Energy Pvt Ltd                 LT BkFac-LT- TL    CARE BBB (CE) 374.8    Reaffirmed
                                                         Stable
(Enhanced from Rs. 36.55 Crore)
Viaton Energy Pvt Ltd                 LT BkFac-LT-CC     CARE BBB (CE) 150      Assigned
                                                         Stable
Victor Agencies                       LT BkFac           CARE BB+      25
                                                         Stable
(Issuer Not Cooperating)
Victor Agencies                       LT/Shortterm BkFac CARE BB+      80
                                                         Stable/CARE A4+
(Issuer Not Cooperating)
Yash Weavers Ltd                      LT/STBk Fac        CARE BB+ (CE) 25.5     Revised from
                                                         Stable/CARE            CARE BBB
                                                         A4+(CE)                (CE) Negative/
                                                                                CARE A3+ (CE)
(Issuer Not Cooperating)
Yash Weavers Ltd                      LTBk Fac           CARE BB+ (CE) 311.2    Revised from
                                                         Stable                 CARE BBB
                                                                                (CE) Negative
(Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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