November 25, 2019 / 8:48 AM / 17 days ago

CARE ratings for Indian debt instruments-Nov 25

    Nov 25 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 22, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Amp Solar India Pvt Ltd               ST BkFac           CARE A3+       200     Revised from
                                                                                CARE A3
Anv Construction Company              ST Bk Fac          CARE A4        90      Assigned
Asi Industries Ltd                    ST BkFac           CARE A4+       250     Revised from
                                                                                CARE A3+
(Issuer Not Cooperating)
Cossmo Tex                            ST Bk Fac          CARE A4        37.5    Reaffirmed
Emprada Mines And Minerals Pvt Ltd    ST Bk Fac-LC &     -              -       Withdrawn
                                      FDBP#
#the rating assigned to short term bank facility (LC & FDBP) has been withdrawn at the request
of the client and NOC received from the banker.
Emprada Mines And Minerals Pvt Ltd    ST Bk Fac          CARE A4        90      Withdrawn
Ghai Construction Ltd                 Short- term Bk Fac CARE A4        200
(Issuer Not Cooperating)
Kesar Pertoproducts Ltd               ST Bk Fac          CARE A4+       50      Reaffirmed
Kiran Cables Pvt Ltd                  ST Bk Fac          CARE A4        7.1
(Issuer Not Cooperating)
Krushi Infras India Pvt Ltd           ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
(Issuer Not Cooperating)
Krbl Ltd                              CP*                CARE A1+       5000
Continues on credit watch with negative implications/(enhanced from Rs. 200 Crore) /*carved out
of the sanctioned working capital limits of the company
Metroglobal Ltd                       ST Bk Fac          CARE A2        250     Reaffirmed
Navneet Education Ltd                 ST BkFac           CARE A1+       20      Reaffirmed
Neeraj Paper Marketing Ltd            STBk Fac           CARE A4        200     Reaffirmed
Padam Motors Pvt Ltd                  ST Bk Fac          CARE A4        150
(Issuer Not Cooperating)
Padmapat Engineers                    ST Bk Fac          CARE A4        30
(Issuer Not Cooperating)
Pbm Polytex Ltd                       ST BkFac           CARE A2        109.4   Revised from
                                                                                CARE A2+
Rakesh Advertising Pvt Ltd            ST Bk Fac          CARE A4        85      Reaffirmed
Rex Sewing Machine Company Pvt Ltd    ST Bk Fac          CARE A4        27.5
(Issuer Not Cooperating)
Ring Plus Aqua Ltd                    ST Bk Fac          CARE A1+       119
Under Credit watch with developing implications
Rmc Switch Gears Ltd                  ST Bk Fac          CARE A4+       300     Reaffirmed
Sms Pharmaceuticals Ltd               ST Bk Fac          CARE A2        508.3   Reaffirmed
Suditi Industries Ltd                 ST Bk Fac          CARE A4+       10      Revised from
                                                                                CARE A3
Sundar Sons (India) Exports           ST Bk Fac          CARE A4        10      Assigned
Tayo Enterprise                       ST BkFac           CARE A4        30
(Issuer Not Cooperating)
Travancore Cocotuft Pvt Ltd           ST Bk Fac          CARE A4+       240     Reaffirmed
Universal Starch Chem Allied Ltd      ST Bk Fac          CARE A4        134
(Issuer Not Cooperating)
Usha Martin Ltd                       ST Bk Fac          -              -       Revised to
                                                                                CARE A2 from
                                                                                CARE A4+ and
                                                                                Withdrawn
Credit watch with positive implication
Usha Martin Ltd                       ST Bk Fac          -              -       Withdrawn
 

LONG TERM RATINGS:
-------------------
Amp Solar India Pvt Ltd               LT BkFac           CARE BBB       50      Revised from
                                                         Stable                 CARE BBB- 
                                                                                Stable
Anv Construction Company              LT Bk Fac          CARE BB-       60      Assigned
                                                         Stable
Aphelion Finance Pvt Ltd              LT Bk Fac          CARE BB+       500     Assigned
                                                         Stable
Asi Industries Ltd                    LT BkFac           CARE BB+       1070.5  Revised from
                                                         Stable                 CARE BBB 
                                                                                Stable
(Issuer Not Cooperating)
Blue Blends (India) Ltd               Redeemable PS      CARE C (RPS)   90
(Issuer Not Cooperating)
Cossmo Tex                            LT Bk Fac          CARE BB  Stable9.9     Reaffirmed
(Reduced from 1.41 crore Crore)
Emprada Mines And Minerals Pvt Ltd    LT Bk Fac          CARE BB        70      Revised from
                                                         Stable                 CARE
                                                                                BB-;Stable
(Enhanced from 2.50 Crore)
Esense Learning Pvt Ltd               LT / ST Bk Fac     CARE AA+ (CE)  150     Reaffirmed
                                                         Stable /CARE
                                                         A1+ (SO)
Ghai Construction Ltd                 Long- term Bk Fac  CARE BB-       50
(Issuer Not Cooperating)
Idfc Asset Management Co. Ltd-Idfc    Open Ended Debt    CARE AAAmfs    -       Assigned
Ultra Short Term Fund                 Scheme
Indiannica Learning Pvt Ltd           LT / ST Bk Fac     CARE AA+ (CE)  300     Reaffirmed
                                                         Stable /CARE
                                                         A1+ (SO)
Innovative Ideals And Services India LLT Bk Fac          CARE D         57.5    Revised from
                                                                                CARE B- 
                                                                                Stable
Joyville Shapoorji Housing Pvt Ltd    Sub-Total                         7849.3
(Continues to be under credit watch with negative implications)
Joyville Shapoorji Housing Pvt Ltd    NCD (NCDs) Series ACARE A+        2150.8
(Continues to be under credit watch with negative implications)
Joyville Shapoorji Housing Pvt Ltd    NCDs Series A @    CARE A+        204     Revised from
                                                                                Provisional
                                                                                CARE A+ and
                                                                                final rating
                                                                                assigned
 Credit watch with Negative implications/@The company has submitted the relevant executed
documents i.e. Debenture Trustee Agreement, Debenture Trust Deed and Information Memorandum to
the satisfaction of CARE basis which the final rating has been assigned to latest tranche.
Joyville Shapoorji Housing Pvt Ltd    NCDs Series B      CARE A+        5018.5
Continues to be under credit watch with negative implications
Joyville Shapoorji Housing Pvt Ltd    NCDs- Series- B @  CARE A+        476     Revised from
                                                                                Provisional
                                                                                CARE A+ and
                                                                                rating assigned
Credit watch with Negative implications/@The company has submitted the relevant executed
documents i.e. Debenture Trustee Agreement, Debenture Trust Deed and Information Memorandum to
the satisfaction of CARE basis which the final rating has been assigned to latest tranche.
Joyville Shapoorji Housing Pvt Ltd    Proposed Series A  ProvCARE A+    1245.2
(Continues to be under credit watch with negative implications)
Joyville Shapoorji Housing Pvt Ltd    Proposed Series B  ProvCARE A+    2905.5
(Continues to be under credit watch with negative implications)
Kesar Pertoproducts Ltd               LT Bk Fac          CARE BB+       100     Reaffirmed
                                                         Stable
Kiran Cables Pvt Ltd                  LT Bk Fac          CARE B  Stable 55      Revised from
                                                                                CARE B+
                                                                                Stable
(Issuer Not Cooperating)
Kisan Udyog                           LT BkFac           CARE B-  Stable90      Revised from
                                                                                CARE B+
                                                                                Stable
(Issuer Not Cooperating)
Krushi Infras India Pvt Ltd           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+, and
                                                                                withdrawn
(Issuer Not Cooperating)
Libas Designs Ltd                     LT Bk Fac          CARE BB+       130.1
                                                         Stable
(Issuer Not Cooperating)
Metroglobal Ltd                       LT Bk Fac          CARE BBB+      205.4   Reaffirmed
                                                         Stable
Naga Sindhu Spinning And Ginning MillsLT Bk Fac          CARE B+        150     Revised from
Pvt Ltd                                                  Stable                 CARE D
Navneet Education Ltd                 Long/ST BkFac      CARE AA+       4500    Reaffirmed
                                                         Stable/CARE A1+
Neeraj Paper Marketing Ltd            LTBk Fac           CARE B+        600     Revised from
                                                         Negative               CARE BB
(Issuer Not Cooperating)
Nidhi Auto Pvt Ltd                    LT Bk Fac          CARE BB+       132.5   Assigned
                                                         Stable
Nidhi Auto Pvt Ltd                    Long/ST BkFac      CARE BB+       3       Assigned
                                                         Stable/CARE A4+
Northern Arc 2019 Mfi                 Series A1 PTCs     CARE A (SO)    300     Assigned
Makino
(Originator: S.M.I.L.E.
Microfinance Ltd)
Northern Arc 2019 Mfi                 Series A2 PTCs     CARE BBB+ (SO) 15      Assigned
Makino
(Originator: S.M.I.L.E.
Microfinance Ltd)
Padam Motors Pvt Ltd                  LT Bk Fac          CARE B+        129.3   Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Padmapat Engineers                    LT Bk Fac          CARE B+; Stable57.8
(Issuer Not Cooperating)
Paithan Mega Food Park Pvt Ltd        LT BkFac@          CARE BBB (CE); 275     Reaffirmed
                                                         Stable
(reduced from 30.00 Crore)/@Based on the credit enhancement in the form of an unconditional and
irrevocable corporate guarantee provided by Nath Bio Genes India Limited (NBGIL) for the bank
facilities of Paithan Mega Food Park Private Limited (PMFPPL)
Bio Genes I
Paithan Mega Food Park Pvt Ltd        LT BkFac           CARE BBB (CE); 136     Reaffirmed
                                                         Stable
Pbm Polytex Ltd                       LT BkFac           CARE BBB+;     307.5   Revised from
                                                         Stable                 CARE A-;
                                                                                Stable
(reduced from Rs.32.27 Crore)
Rakesh Advertising Pvt Ltd            LT Bk Fac          CARE BB;       40      Reaffirmed
                                                         Stable
Ramen Deka                            LT Bk Fac          CARE D         52.8    Revised from
                                                                                CARE B+;
                                                                                Stable
Rex Sewing Machine Company Pvt Ltd    LT Bk Fac          CARE B;        122.5   Revised from
                                                                                CARE B+
(Issuer Not Cooperating)
Ring Plus Aqua Ltd                    LT Bk Fac          CARE A+        920.3
(Under Credit watch with developing implications)
Rmc Switch Gears Ltd                  Long- term Bk Fac  CARE BB+       167.5   Reaffirmed
Outlook revised from Stable
Samarth Dairy And Agro Products Pvt LtLT Bk Fac          CARE B+;Stable 50.7
(Issuer Not Cooperating)
Shree Muthukumaran Silks              LT Bk Fac          CARE BB-       80      Reaffirmed
                                                         Stable
Sms Pharmaceuticals Ltd               LT Bk Fac          CARE A-Stable  2867.5  Reaffirmed
(Enhanced from 174.25 Crore)
Suditi Industries Ltd                 LT Bk Fac          CARE BB+       270     Revised from
                                                         Stable                 CARE BBB-;
(Outlook revised from Negative to Stable)
Sundar Sons (India) Exports           LT Bk Fac          CARE BB Stable 132.4   Revised from
                                                                                CARE
                                                                                BB-Stable
Supra Steel And Power Pvt Ltd         LT Bk Fac          CARE B+ Stable 130
(Issuer Not Cooperating)
Supreme Solvex Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Tata Power Co. Ltd                    NCDs               CARE AA        2500    Assigned
                                                         Stable
Tayo Enterprise                       LT BkFac           CARE BB-       80      Revised from
                                                                                CARE BB
                                                                                Stable
(Issuer Not Cooperating)
Universal Starch Chem Allied Ltd      LT Bk Fac          CARE B+  Stable330     Revised from
                                                                                CARE BB-
                                                                                Stable
(Issuer Not Cooperating)
Vivriti Leonidas 09 2019 (Originator: Series A PTC       CARE A+ (SO)   494.6   Assigned
Asirvad Microfinance Ltd)
Vodafone Idea Ltd                     LT Bk Fac (TL)     CARE BBB-      139844.7Revised from
                                                                                CARE A-
(Continues to be on Credit Watch with Negative Implications)
Vodafone Idea Ltd                     LT Bk Fac (Fund    CARE BBB-      8220    Revised from
                                      based)                                    CARE A-
(Continues to be on Credit Watch with Negative Implications)
Vodafone Idea Ltd                     LT Bk Fac          CARE BBB-      219557.9Revised from
                                      (Non-fund based)                          CARE A-
(Continues to be on Credit Watch with Negative Implications)
Vodafone Idea Ltd                     LT Bk Fac          CARE BBB-      127041.7Revised from
                                      (Non-fund based)                          CARE A-
(Continues to be on Credit Watch with Negative Implications)
Vodafone Idea Ltd                     NCD (NCD) issue    CARE BBB-      75000*  Revised from
                                                                                CARE A-
Continues to be on Credit Watch with Negative Implications /(reduced from 7,901.00 Crore)
Zuari Global Ltd                      Proposed NCD       ProvCARE BB    1180    Assigned
                                                         (CE) 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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