November 26, 2019 / 5:35 AM / 3 months 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 25, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ambattur Fashion India Pvt Ltd        ST Bk Fac          CARE A2        330     Reaffirmed
C&S Himoinsa (P) Ltd                  ST Bk Fac          CARE A3        50      Reaffirmed
Dish Tv India Ltd                     ST Bk Fac (LOC /   CARE A4+       1500    Revised from
                                      Bk Guarantee)                             CARE A3+
Dish Tv India Ltd                     ST Bk Fac (TL)     CARE A4+       2500    Revised from
                                                                                CARE A3+
Dish Tv India Ltd                     ST Bk Fac          CARE A4+       4500    Revised from
                                      (Overdraft)                               CARE A3+
Hisar Metal Industries Ltd            ST Bk Fac          CARE A4+       300     Revised from
                                                                                CARE A3
(Issuer not cooperating; On the basis of best available information)
J P Extrusiontech Ltd                 ST Bk Fac          CARE A4+       30      Reaffirmed
Jagannath Extrusion India Ltd         ST Bk Fac          CARE A4+       50      Reaffirmed
Kings International Ltd               ST Bk Fac          CARE A4        90      -
(Issuer Not Cooperating ; Based on best available information)
Matadeen Ramchandra Agarwal           Long Short/Short-  CARE A4        20      Reaffirmed
                                      term BkFac
Msp Steel & Power Ltd                 ST Bk Fac          CARE A4+       1170    Reaffirmed
Patspin India Ltd                     ST Bk Fac          CARE D         1575    Revised from
                                                                                CARE A4
Sahyog Exports Pvt Ltd                ST Bk Fac          CARE A4+       120     Reaffirmed
Sayaji Industries Ltd                 ST Bk Fac          CARE A3        355     Reaffirmed
Setco Automotive Ltd                  ST Bk Fac          CARE A4        20      Reaffirmed
Shakti Pumps (India) Ltd              ST BkFac           CARE A2+       1800    Reaffirmed
Sunrise Foam Product Pvt Ltd          ST Bk Fac          CARE A4        50      -
(Issuer not cooperating; Based on best available information)
The Angus Co. Ltd                     ST Bk Fac          CARE A4+       30      Revised from
                                                                                CARE A4
Uniroyal Marine Exports Ltd           ST Bk Fac          CARE A4        307.5   -
(Issuer not cooperating; Based on best available information)


MEDIUM TERM RATINGS:
-------------------
Sayaji Industries Ltd                 Medium Term        CARE BBB (FD); 300     Revised from
                                      Instrument-Fixed   Negative               CARE BBB
                                      Deposit Programme                         (FD); Stable


LONG TERM RATINGS:
-------------------
Ambattur Fashion India Pvt Ltd        LT Bk Fac          CARE BBB;      60      Reaffirmed
                                                         Stable
Asl Logistics Pvt Ltd                 LT Bk Fac          CARE B; Stable 50      Assigned
Asl Logistics Pvt Ltd                 Proposed LT BkFac  CARE B; Stable 10      Assigned
Bindal Coir Pvt Ltd                   LT Bk Fac          CARE B+; Stable65      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating)
C&S Himoinsa (P) Ltd                  LT Bk Fac          CARE BBB-;     50      Reaffirmed
                                                         Stable
Cooper Corporation Pvt Ltd            LT Bk Fac          CARE A+; Stable505.1   Assigned
Cooper Corporation Pvt Ltd            LT/ST Bk Fac       CARE A+;       1689    Assigned
                                                         Stable / A1
Couple International Pvt Ltd          LT Bk Fac          CARE D         87      -
(Issuer not Cooperating ; Based on best available information)
Dalmia Refractories Ltd               LT Bk Fac-Fund     CARE A-        400     -
                                      Based
(Placed on credit watch with developing implications)
Dalmia Refractories Ltd               LT Bk Fac-         CARE A-        930     -
                                      Non-Fund Based
                                      (stand by limit)
(Placed on credit watch with developing implications)
Dalmia Refractories Ltd               LT/ST Bk Fac –     CARE A-/CARE   400     -
                                      Non-FundBased      A2+
(Placed on credit watch with developing implications)
Dish Infra Services Pvt Ltd           LT/ ST Bk Fac (FB  CARE BB+ (CE)  19686   -
                                      / Non fund based)  ; Negative/
                                                         A4+ (CE)
Rating revised from CARE BBB+(CE); Stable/A3+(CE)
Dish Infra Services Pvt Ltd           LT/ ST Bk Fac (BG) CARE BB+ (CE)  1000    -
                                                         ; Negative/
                                                         A4+ (CE)
Rating revised from CARE BBB+(CE); Stable/A3+(CE)
Dish Infra Services Pvt Ltd           LT Bk Fac(TL)      CARE BB+ (CE)  14309   -
                                                         ;Negative
Rating revised from CARE BBB+(CE) ; Stable
Dish Infra Services Pvt Ltd           LT Bk Fac (CC)     CARE BB+ (CE); 400     -
                                                         Negative
Rating revised from CARE BBB+(CE) ; Stable
Encana International                  LT Bk Fac          CARE B+;       68.9    Reaffirmed
                                                         Stable
Fourth Dimension Solution Ltd         LT Bk Fac          CARE D         300     Reafffirmed
Fourth Dimension Solution Ltd         LT/ST Bk Fac       CARE D/CARE D  700     Reafffirmed
Grand Pinkcity Infraproject           LT Bk Fac          -              -       -
(Reaffirmed at CARE B+; Stable and withdrawn)
Hisar Metal Industries Ltd            LT BkFac           CARE BB+;      200     Revised from
                                                         Stable                 CARE BBB-;
                                                                                Stable
(Issuer not cooperating; On the basis of best available information)
Industrial Progressive (India) Ltd    LT Bk Fac          CARE D         550     Reafffirmed
J P Extrusiontech Ltd                 LT Bk Fac          CARE BB+;      33.9    Reaffirmed
                                                         Stable
J P Extrusiontech Ltd                 LT/ST BkFac        CARE BB+;      35      Reaffirmed
                                                         Stable / A4+
Jagannath Extrusion India Ltd         LT Bk Fac          CARE BB+;      47.6    Reaffirmed
                                                         Stable
(Outlook revised from Positive to Stable)
Jagannath Extrusion India Ltd         LT /ST Bk Fac      CARE BB+;      7.5     Reaffirmed
                                                         Stable/ A4+
(Outlook revised from Positive to Stable)
Kings International Ltd               LT Bk Fac          CARE B+; Stable50      Revised from
                                                                                CARE
                                                                                BB-;Stable
(Issuer Not Cooperating ; Based on best available information)
Lava Cast Pvt Ltd                     LT BkFac           CARE B (CE);   1567    -
                                                         Negative
Revised from CARE BB (CE); Negative
Mahip Industries Ltd (Erstwhile Known LT Bk Fac          CARE B+        237.2   Revised from
As Care Corupack Ltd)                                                           CARE BB-
(Issuer Not Cooperating)
Malegaon Power Supply Ltd             LT BkFac           CARE BBB-;     500     Assigned
                                                         Stable
Malegaon Power Supply Ltd             LT/ST Bk Fac       CARE BBB-;     500     Assigned
                                                         Stable / A3
Matadeen Ramchandra Agarwal           Long- term Bk Fac  CARE BB-;      45      Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Mitcon Solar Alliance Ltd             LT Bk Fac          -              -       Withdrawn
Msp Steel & Power Ltd                 LT Bk Fac          CARE BB+       5381.4  Reaffirmed
(Outlook revised from Stable)
Nrss Xxxvi Transmission Ltd           LT Bk Fac- TL      CARE D         3060    Revised from
                                                                                CARE BB+
[Under Credit Watch with Developing Implications]
Patspin India Ltd                     LT Bk Fac          CARE D         920.3   Reaffirmed
Patspin India Ltd                     Long/ST Bk Fac     CARE D/CARE D  70      Revised from
                                                                                CARE C
Pundrikaksh Granites Pvt Ltd          LT Bk Fac          CARE B+; Stable121.3   Revised from
                                                                                CARE BB-;
                                                                                Stable
Pundrikaksh Granites Pvt Ltd          LT / ST Bk Fac     CARE B+;       120     Revised from
                                                         Stable / A4            CARE BB-;
                                                                                Stable/ A4
Santosh Warehousing Ltd               LT Bk Fac          CARE D         230     Reafffirmed
Sayaji Industries Ltd                 LT Bk Fac          CARE BBB;      362.3   Revised from
                                                         Negative               CARE BBB;
                                                                                Stable
Sayaji Industries Ltd                 LT/ST BkFac        CARE BBB;      1035    Revised from
                                                         Negative / A3          CARE BBB;
                                                                                Stable/ A3
Setco Automotive Ltd                  LT Bk Fac          CARE B;        2571.8  Revised from
                                                         Negative               CARE BB;
                                                                                Negative
Shakti Pumps (India) Ltd              LT BkFac           CARE A-;       934.9   Revised from
                                                         Negative               CARE A-;
                                                                                Stable
Simplex Infrastructures Ltd           LT Bk Fac          CARE BB+;      26000   Revised from
                                                         Negative               CARE BBB;
                                                                                Negative
Simplex Infrastructures Ltd           NCDs               CARE BB+;      4950    Revised from
                                                         Negative               CARE BBB;
                                                                                Negative
Simplex Infrastructures Ltd           Long/ST Bk Fac     CARE BB+;      79000   Revised from
                                                         Negative / A4          CARE BBB;
                                                                                Negative / A3
Sree Karpagamoorthy Automobiles       Long -term Bk Fac  CARE B Stable  70      Revised from
                                                                                CARE B+;
                                                                                Stable
Sunrise Foam Product Pvt Ltd          LT Bk Fac          CARE B+; Stable72      Revised from
                                                                                CARE BB- ;
                                                                                Stable
(Issuer not cooperating; Based on best available information)
The Angus Co. Ltd                     LT Bk Fac          CARE BB; Stable63      Revised from
                                                                                CARE BB-;
                                                                                Stable
Vikram Monarch (Aop)                  LTBk Fac           CARE BBB- (CE) 220     Revised from
                                                         ; Stable               CARE BBB+
                                                                                (CE); Stable
(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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