November 26, 2018 / 5:33 AM / 23 days ago

CARE ratings for Indian debt instruments-Nov 26

    Nov 26 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 23, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bansal Extraction And Exports Pvt Ltd ST Bk Fac          CARE A4        30      Reaffirmed
Bharat Wire Ropes Ltd.                ST Bk Fac          CARE D         650     -
(Issuer Not Cooperating)
Il&Fs Securities Services Ltd         Bk Fac(non-fund    CARE A2        5250    Revised from
                                      based)                                    CARE A1+
(Continues to be under credit watch with developing implications)
International Conveyors Ltd           ST Bk Fac          CARE A4+       13.8    Revised from
                                                                                CARE A3
Issl Settlement & Transaction ServicesBk Fac (Nonfund    CARE A2        1100    Revised from
Ltd                                   based)                                    CARE A1+
(Credit watch with developing implications)
Kalyan Toll Infrastructure Ltd        ST Bk Fac          -              -       Withdrawn
Manokamana Agrotech Pvt. Ltd          ST BkFac           CARE A4        40      -
(Issuer Not Cooperating)
Rts Power Corporation Ltd             ST BkFac           CARE A4+       404.3   Revised from
                                                                                CARE A4
Spray Engineering Devices Ltd         ST Bk Fac          CARE A4        160     Revised from
                                      (Non-Fund Based)                          CARE D
Spray Engineering Devices Ltd         ST Bk Fac          -              -       Withdrawn*
                                      (Proposed Non-Fund
                                      Based)
*CARE has withdrawn the rating assigned to the proposed Non-Fund based facility of Spray
Engineering Devices Limited (SEDL), with immediate effect since the said facility was neither
sanctioned nor does the company plans to get it sanctioned in the near future. The above action
has been taken at the request of SEDL 
Sunil Healthcare Ltd                  ST Bk Fac          CARE A3        189     Reaffirmed
Sunraja Oil Industries Pvt Ltd        ST Bk Fac          CARE A3+       90      Reaffirmed
Suzlon Energy Ltd                     CP                 CARE A3        10000   Revised from
                                                                                CARE A3+
Tag Offshore Ltd.                     ST Bk Fac- Non     CARE D         560     Revised from
                                      Fund Based                                CARE A4
(Issuer Not Cooperating)
Tania Industries Pvt Ltd              ST Bk Fac          CARE A3+       130     Reaffirmed
                                      (fund/non-FBL)
    
MEDIUM TERM RATINGS:
-------------------
Paranjape Schemes (Construction) Ltd  Fixed Deposits     CARE BB-(FD)   550     Revised from
                                                                                CARE BB+ (FD)
(Issuer Not Cooperating)
LONG TERM RATINGS:
-------------------
Amplus Solar Power Pvt Ltd            LT Bk Fac          CARE BBB+      2000    Assigned
Amruta Hatcheries And Foods           LT Bk Fac          CARE BB-       42.4    Assigned
Ashapura Intimates Fashion Ltd.       LT Bk FacCC        CARE C         575     Revised from
                                                                                CARE B
Ashapura Intimates Fashion Ltd.       LT Bk FacTL        CARE C         150     Revised from
                                                                                CARE B
Bansal Extraction And Exports Pvt Ltd LT Bk Fac          CARE B+        129     Reaffirmed
(reduced from 17.15crs)
Bansal Extraction And Exports Pvt Ltd LT / ST Bk Fac     CARE B+/A4     450     Reaffirmed
Bharat Wire Ropes Ltd.                LT Bk Fac          CARE D         3850    -
(Issuer Not Cooperating)
Capital Trust Ltd                     LT Bk Fac          CARE BBB+      3000    Revised from
                                                                                CARE BBB+
Capital Trust Ltd                     NCDs               CARE BBB+      1500    Revised from
                                                                                CARE BBB+
Eurotek Engineering Enterprises       LT Bk Fac          CARE B+        67.5    Assigned
Fusion Microfinance Pvt Ltd           LT Bk Fac          CARE BBB+      9000    Revised from
                                                                                CARE BBB+
(enhanced from 500.00 CRS)
Fusion Microfinance Pvt Ltd           NCD                CARE BBB+      100     Revised from
                                                                                CARE BBB+
Fusion Microfinance Pvt Ltd           NCD                CARE BBB+      200     Revised from
                                                                                CARE BBB+
Fusion Microfinance Pvt Ltd           Subordinated Debt  CARE BBB+      300     Revised from
                                                                                CARE BBB+
Fusion Microfinance Pvt Ltd           NCDs               CARE PP-MLD    250     Revised from
                                                         BBB+                   CARE PP-MLD
                                                                                BBB+
Gopalpur Ports Ltd                    Fund Based Bk Fac- CARE AA (SO)** 14000   Reaffirmed
                                      LT TL
**Facilities is backed by a Letter of Comfort from Shapoorji Pallonji and Company Private
Limited (SPCPL, rated CARE AA+;Stable/ CARE A1+)
Gopalpur Ports Ltd                    Non Fund Based Bk  CARE AA (SO)** 500     Reaffirmed
                                      Fac – BG
**Facilities is backed by a Letter of Comfort from Shapoorji Pallonji and Company Private
Limited (SPCPL, rated CARE AA+;Stable/ CARE A1+)
Gopalpur Ports Ltd                    Fund Based – CC    CARE AA (SO)** 250     Reaffirmed
                                      Limits
**Facilities is backed by a Letter of Comfort from Shapoorji Pallonji and Company Private
Limited (SPCPL, rated CARE AA+;Stable/ CARE A1+)
Gopalpur Ports Ltd                    LER* Limit - LT    CARE AA (SO)** 250     Reaffirmed
                                      (Derivative)
                                      Facility
**Facilities is backed by a Letter of Comfort from Shapoorji Pallonji and Company Private
Limited (SPCPL, rated CARE AA+;Stable/ CARE A1+)
International Conveyors Ltd           LT Bk Fac          CARE BB+       180     Revised from
                                                                                CARE BBB-
International Conveyors Ltd           Long/ST BkFac      CARE BB+/A4+   250     Revised from
                                                                                CARE BBB-/
                                                                                CARE A3
Jumbo Finvest (India) Ltd             LT Bk Fac          CARE BBB+      5250.3  Reaffirmed
(Enhanced from Rs.400.03 crore)
Kalyan Keti Toll Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Kalyan Keti Toll Pvt Ltd              LT / ST Bk Fac     -              -       Withdrawn
Kalyan Toll Infrastructure Ltd        LT Bk Fac          -              -       Withdrawn
Kalyan Toll Infrastructure Ltd        LT / ST Bk Fac     -              -       Withdrawn
Khandaka Sons Jewellers               LT Bk Fac          CARE D         60      Revised from
                                                                                CARE B
Laxmiraj Distributors Pvt Ltd         LT Bk Fac          -              -       Withdrawn
Laxmiraj Distributors Pvt Ltd         LT/ST Bk Fac       -              -       Withdrawn
Manokamana Agrotech Pvt. Ltd          LT BkFac           CARE BB        110     -
(Issuer Not Cooperating)
Momai Apparels Ltd.                   LT BkFac           CARE C *       325     Revised from
                                                                                CARE B
* Backed by the unconditional and irrevocable corporate guarantee from Ashapura Intimates
Fashions Limited (AIFL) to the lenders of Momai Apparels Limited (MAL) for repayment of debt
obligations of MAL. 
Paranjape Schemes (Construction) Ltd  NCDs               CARE BB-       1750    Revised from
                                                                                CARE BB+
(Issuer Not Cooperating)
Pari Agro Exports                     LT Bk Fac          CARE B-        70      Revised from
                                                                                CARE D
Pittappillil Agencies                 LT Bk Fac          CARE BB-       200     Reaffirmed
Primarc Retail Stores Pvt Ltd         LT Fund Based      CARE BBB-      400     Assigned
                                      (CC)
Rts Power Corporation Ltd             LT/ST Bk Fac       CARE BB+/A4+   830.7   Revised from
                                                                                CARE BB/CARE
                                                                                A4
S.D. Bansal Iron & Steel Pvt Ltd      LT BkFac           CARE BB+       120     Revised from
                                                                                CARE BB
Sarala Development & Microfinance Pvt LT Bk Fac          CARE BBB-      1189.2  Reaffirmed
Ltd
Spray Engineering Devices Ltd         LT Bk Fac (Fund    CARE C         210     Revised from
                                      Based)                                    CARE D
Srinivasa Medisales Pvt Ltd           LT Bk Fac          CARE A- (SO)   280     Reaffirmed
Sunil Healthcare Ltd                  LT Bk Fac (TL)     -              -       Withdrawn*
*CARE has withdrawn the rating assigned to the term loan facility of Sunil Healthcare Limited,
with immediate effect since there is no amount outstanding under the facility 
Sunil Healthcare Ltd                  LT Bk Fac (Fund    CARE BBB-      280     Reaffirmed
                                      Based)
Sunraja Oil Industries Pvt Ltd        LT Bk Fac          CARE BBB       10      Reaffirmed
Suzlon Energy Ltd                     LT BkFac           CARE BBB-      100700  Revised from
                                                                                CARE BBB
Suzlon Energy Ltd                     LT / ShortTerm     CARE BBB-/CARE 64060   Revised from
                                      BkFac              A3                     CARE BBB
                                                                                /CARE A3+
Swadesh Milk Products Pvt Ltd         LT Bk Fac          CARE BB        150     Assigned
Tag Offshore Ltd.                     LT Bk Fac- TL      CARE D         9290    -
(Issuer Not Cooperating)
Tag Offshore Ltd.                     LT Bk Fac- Fund    CARE D         300     Revised from
                                      Based                                     CARE C
(Issuer Not Cooperating)
Tania Industries Pvt Ltd              LT Bk Fac (FBL)    CARE BBB       150     Reaffirmed
V.I. Shetty And Company               LT Bk Fac          CARE BB-       85.9    Assigned
Vadodara Bharuch Tollway Ltd          LT BkFac           CARE A         209.5*  Reaffirmed
*outstanding as on September 30, 2018
Vadodara Bharuch Tollway Ltd          NCD Issue          CARE A         2500    Reaffirmed
Varindera Constructions Ltd           LT/ST Bk Fac       CARE BBB/A3+   3250    Assigned
Vl Farms                              LT Bk Fac          CARE D         63.7    Assigned
Women’S Next Loungeries Ltd           LT Bk Fac          CARE D         125     Revised from
                                                                                CARE B
--------------------------------------------------------------------------------------------
$: 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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