November 23, 2017 / 5:51 AM / 7 months ago

CARE ratings for Indian debt instruments-Nov 23

    Nov 23 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 22, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Apollo Polyvinyl Pvt Ltd              ST Bk Fac          CARE A4        130     Assigned
Bajoria Agro Processing Pvt Ltd       ST Bk Fac          CARE A4        15      Assigned
Bst Textile Mills Pvt Ltd             Bk Fac-Non-fund    CARE A3        10      Assigned
                                      based - ST-BGs

Clean Max Enviro Energy Solutions Pvt ST Bk Fac (LC/     CARE A2        1150    Assigned
Ltd                                   Forward cover)
High Breetd Fashions                  ST Bk Fac          CARE A4        95      Reaffirmed
Jesons Industries Ltd                 ST Bk Fac Non-FB   CARE A3+       1305    Revised from
                                                                                CARE A3
Kapoor Imaging Pvt Ltd                ST Bk Fac          CARE A4        200     Reaffirmed
Mahajan Fabrics Pvt Ltd               ST Bk Fac          CARE A4        40      Reaffirmed
Piramal Enterprises Ltd               CP                 CARE A1+       90000   Reaffirmed
Rajhans Metals Pvt Ltd                ST Bk Fac          CARE A4        531.5   Reaffirmed
(enhanced from 19.35 CR)
Sai Overseas                          ST Bk Fac          CARE A4        40      Assigned
The Cotton Corporation Of India Ltd   ST Bk Fac (For     CARE A1+       40000   Reaffirmed
                                      Commercial
                                      Operations)
The Cotton Corporation Of India Ltd   ST Bk Fac* (For    CARE A1+ (SO)  250000  Reaffirmed
                                      MSP Operations)
* Credit enhancement being received in the form of the Letter of Comfort issued by Ministry of
Textiles, Government of India (GoI) for the cotton season 2017- 18; towards reimbursing any loss
on account of MSP operations to be conducted by CCI
LONG TERM RATINGS:
-------------------
Acuity India Resorts Pvt Ltd          LT Bk Fac          CARE D         83.7    Revised from
                                                                                CARE B+
Akme Fincon Ltd.                      LT Bk Fac          CARE BB+       350
Suspension revoked and reaffirmed
Ambit Finvest Pvt Ltd                 LT Debt Programme* CARE A+ (SO)   650     Final Rating#
*based on credit enhancement in the form of an unconditional and irrevocable guarantee from the
parent, Ambit Private Limited (APL); # Final rating assigned

Ambit Finvest Pvt Ltd                 LT Debt Programme* CARE A+ (SO)   1517.5  Reaffirmed
(Reduced from Rs.161.75 crore); *based on credit enhancement in the form of an unconditional and
irrevocable guarantee from the parent, Ambit Private Limited (APL) 

Ambit Finvest Pvt Ltd                 LT Debt Programme*^CARE A+ (SO)   1332.5  Reaffirmed
(Reduced from Rs.188.25 crore); *based on credit enhancement in the form of an unconditional and
irrevocable guarantee from the parent, Ambit Private Limited (APL); ^The rating is provisional
and will be confirmed upon receipt of executed guarantee documents to the satisfaction of CARE

Apollo Polyvinyl Pvt Ltd              LT Bk Fac – TL     CARE BB-       438.8   Reaffirmed
Apollo Polyvinyl Pvt Ltd              LT Bk Fac – CC     CARE BB-       130     Assigned
Ashwini Frozen Foods                  LT Bk Fac          CARE D         1.5     Revised from
                                                                                CARE B
Ashwini Frozen Foods                  ST Bk Fac          CARE D         2.5     Revised from
                                                                                CARE A4
Ashwini Frozen Foods                  Bk Fac             CARE D         60      Revised from
                                                                                CARE B /A4
Bajoria Agro Processing Pvt Ltd       LT Bk Fac          CARE BB-       125     Assigned
Bst Textile Mills Pvt Ltd             Bk Fac-Fund based  CARE BBB       392.5   Reaffirmed
                                      - LT-CC
(enhanced from Rs.15 crore)
Bst Textile Mills Pvt Ltd             Bk Fac-Fund based  CARE BBB       147.5   Assigned
                                      - LT-TL
Clean Max Enviro Energy Solutions Pvt LT Bk Fac (CC)     CARE BBB+      100     Assigned
Ltd
Jesons Industries Ltd                 LT Bk Fac - TL     CARE BBB+      113.4   Revised from
                                                                                CARE BBB
Jesons Industries Ltd                 LT Bk Fac FB       CARE BBB+      500     Revised from
                                                                                CARE BBB
Kapoor Imaging Pvt Ltd                LT Bk Fac – TL     CARE BB        570     Reaffirmed
Kapoor Imaging Pvt Ltd                LT Bk Fac – CC     CARE BB        220     Reaffirmed
Mahajan Fabrics Pvt Ltd               LT Bk Fac          CARE B+        124.6   Reaffirmed
(Reduced from 13.09 crore)
Mahajan Fabrics Pvt Ltd               Bk Fac             CARE B+ /A4    2.1     Reaffirmed
Mahavir Coal Resources Pvt Ltd        LT Bk Fac          CARE BB        112.5   Assigned
Orient Ispat Pvt Ltd                  LT Bk Fac@         --                     Withdrawn
'@based on the credit enhancement in the form of unconditional & irrevocable corporate guarantee
provided by P S Steel Tubes Limited (PSSTL), for the bank facilities of Orient IspatPvt Ltd
(OIPL). 

Orient Ispat Pvt Ltd                  ST Bk Fac@         --                     Withdrawn
'@based on the credit enhancement in the form of unconditional & irrevocable corporate guarantee
provided by P S Steel Tubes Limited (PSSTL), for the bank facilities of Orient IspatPvt Ltd
(OIPL). 

Orient Ispat Pvt Ltd                  LT Bk Fac          CARE BBB       150     Assigned
Paradise Properties                   LT Bk Fac          CARE BB-       256
Issuer not cooperating
Piramal Enterprises Ltd               NCD                CARE AA        1000^   Reaffirmed
^ Rs. 65 crore placed as on October 31, 2017
R.S. Foods                            LT Bk Fac          CARE B         80      Assigned
Rajhans Metals Pvt Ltd                LT Bk Fac          CARE BB        468.5   Revised from
                                                                                CARE BB-
(reduced from 47.35 CR)
Ridhi Sidhi Prime Builders            LT Bk Fac          CARE BB-       100
Issuer not cooperating
Sai Overseas                          LT Bk Fac          CARE B-        106     Assigned
Soni Traders                          LT Bk Fac          CARE D         600     Revised from
                                                                                CARE BB+
Stelis Biopharma Pvt Ltd              LT Bk Fac          --                     Withdrawn
Thane Ghodbunder Toll Road Pvt Ltd    LT Bk Fac          CARE BBB-      733.6   Reaffirmed
(reduced from 110.63 CR)
Tulip Tea Co. Ltd                     LT Bk Fac          CARE BB-       90      Assigned
Veepee Cotex Corporation              LT Bk Fac          CARE B         59.1    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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