November 27, 2019 / 8:00 AM / 2 months ago

CARE ratings for Indian debt instruments-Nov 27

   Nov 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 26, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A. Thajudeen                          ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Aastha Crops Mill Pvt Ltd             ST Bk Fac          CARE A4        3.5     -
(Issuer Not Cooperating; based on best available information)
Bst Textile Mills Pvt Ltd             Bk Fac- Non Fund   CARE A3        10      Reaffirmed
                                      based- ST – BGs

Forbes And Co. Ltd                    ST NFBL            CARE A1        385     Assigned
Forte Furniture Products India Pvt LtdST Bk facility –   CARE A4 (CE)   100     Revised from
                                      NonFBL^                                   CARE A3
^ backed by credit enhancement in form of short-fall undertaking from Zuari Global Limited
(ZGL).
Genesys International Corporation Ltd ST Bk Fac          CARE A3        50      Reaffirmed
Grace Jewels Pvt Ltd                  ST Bk Fac          CARE A4        60      Reaffirmed
Jocil Ltd                             ST Bk Fac          CARE A2        180     Reaffirmed
Jocil Ltd                             Fixed Deposit      CARE A2 (FD)   200     Reaffirmed
Kanika Furniture Pvt Ltd              ST Bk Fac          CARE A4        50      Reaffirmed
Kartick Chandra Agro Products Pvt Ltd ST Bk Fac          CARE A4        1.4     -
(Issuer Not Cooperating; based on best available information)
Kufri Fun Campus Pvt Ltd              ST Bk Fac          CARE A4        85      Reaffirmed
Nagreeka Exports Ltd                  ST – Bk Fac        CARE A3        2088.3  Reaffirmed
Neeli Aqua Pvt Ltd                    LT/ST BkFac        CARE A4+       120     Revised from
                                                                                CARE A4
Osaw Industrial Products Pvt Ltd      ST Bk Fac          CARE A4+       24      -
Issuer not cooperating,Based on best available information
Parvati Industries Pvt Ltd            ST Bk Fac          CARE A4        50      Reaffirmed
Saptagir Camphor Pvt Ltd              ST Bk Fac          CARE A1        96.6    Reaffirmed
Shapoorji Pallonji And Company Pvt LtdCP (CP) / ST Debt  CARE A1+       -       -
                                      (STD) Issue
Reaffirmed and placed under Credit Watch with Developing Implications
Sarna Chemicals Pvt Ltd               ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A3+ and
                                                                                Withdrawn
South Malabar Steels & Alloys Pvt Ltd ST Bk Fac          CARE A4        15      Reaffirmed
(Reduced from 3.00 Crore)
Tarini Motors Pvt Ltd                 ST Bk Fac          CARE A4        5.5     Assigned
Tele Home Elect Distribution Hub Llp  Short- term Bk Fac CARE A4        55      Assigned
The Sukhjit Starch And Chemicals Ltd  ST Bk Fac          CARE A1        910     Reaffirmed
(enhanced from Rs. 60 crore Crore)


LONG TERM RATINGS:
-------------------
A. Thajudeen                          LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-
Aastha Crops Mill Pvt Ltd             LT Bk Fac          CARE BB-       90      -
(Issuer Not Cooperating; based on best available information)
Bhanushri Realities                   LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE D
Big Healthcare Pvt Ltd                LT Bk Fac          CARE BB        110     -
(Issuer Not Cooperating; based on best available information)
BST Textile Mills Pvt Ltd             Bk Fac – Fund      -              -       Withdrawn
                                      based – LT –TL
BST Textile Mills Pvt Ltd             Bk Fac- Fund       CARE BBB-      392.5   Revised from
                                      based- LT- CC                             CARE BBB
Etawah Chakeri (Kanpur) Highway Pvt Ltd LT Bk Fac        ProCARE BBB+   13237.4 Revised from
                                                         (CE)                   CARE BB
(reduced from Rs.1375.20 crore Crore)
Forbes And Co. Ltd                    LT Bk Fac          CARE A         1719.9  Revised from
                                                                                CARE A+
(enhanced from Rs.110 crore Crore)
Forbes And Co. Ltd                    Proposed NCDs      CARE A         1000    Revised from
                                                                                CARE A+
Forte Furniture Products India Pvt LtdLT Bk facility -   CARE BB (CE)   50      Revised from
                                      CashCredit^                               CARE BBB-
^ backed by credit enhancement in form of short-fall undertaking from Zuari Global Limited
(ZGL).
Genesys International Corporation Ltd LT Bk Fac          CARE BBB-      250     Reaffirmed
Gera Developments Pvt Ltd             LT Bk Fac          CARE AA-       990     -
Placed on Credit Watch with Developing Implications
Gera Developments Pvt Ltd             NCD issue-Proposed CARE AA-       1745    -
Placed on Credit Watch with Developing Implications
Gera Developments Pvt Ltd             NCD issue          CARE AA-       250     -
Placed on Credit Watch with Developing Implications
Gera Developments Pvt Ltd             NCD issue          CARE AA-       250     -
Placed on Credit Watch with Developing Implications
Gera Developments Pvt Ltd             NCD issue          CARE AA-       250     -
Placed on Credit Watch with Developing Implications
Gera Developments Pvt Ltd             NCD issue          CARE AA-       250     -
Placed on Credit Watch with Developing Implications
Gera Developments Pvt Ltd             NCD issue          CARE AA-       250     -
Placed on Credit Watch with Developing Implications
Gera Developments Pvt Ltd             NCD issue          CARE AA-       200     -
Placed on Credit Watch with Developing Implications
Gera Developments Pvt Ltd             NCD issue          CARE AA-       1755    -
Placed on Credit Watch with Developing Implications
Gobind Sugar Mills Ltd                LT Bk Fac*-TL      CARE BB+       3046.3  Revised from
                                                                                CARE BBB
* The rating was earlier based on unconditional and irrevocable corporate 
guarantee provided by Zuari Global Limited.
Grace Jewels Pvt Ltd                  LT Bk Fac          CARE B+        5       Reaffirmed
Investors Clinic Infratech Pvt Ltd    LT Bk Fac          CARE B+        190     Reaffirmed
(reduced from 20.00 Crore)
Jai Mata Di Paper Mills Pvt Ltd       LT Bk Fac          CARE B+        100     Reaffirmed
Jocil Ltd                             LT Bk Fac          CARE A-        400     Revised from
                                                                                A-
Kanika Furniture Pvt Ltd              LT Bk Fac          CARE BB-       24.9    Reaffirmed
Kartick Chandra Agro Products Pvt Ltd LT Bk Fac          CARE B         115     -
(Issuer Not Cooperating; based on best available information)
Kufri Fun Campus Pvt Ltd              LT Bk Fac          CARE B+        73      Reaffirmed
MAA Chandi Rice Industries            LT Bk Fac          CARE B         52.5    Revised from
                                                                                CARE B+
(Issuer Not Cooperating; based on best available information)
MAA Chandi Rice Industries            Long term/ST BkFac CARE B;        27.5    Revised from
                                                         Stable; /CARE          CARE B+
                                                         A4;
(Issuer Not Cooperating; based on best available information)
Mahadeo Dall Mill                     LT Bk Fac          CARE B+        89      Revised from
                                                                                CARE BB-
(Issuer Not Cooperating; based on best available information)
MEP Infrastructure Developers Ltd     LT/ST Bk           -              -       Withdrawn
                                      Fac-Non-fund based
MEP Infrastructure Developers Ltd     LT Bk Fac-Fund     CARE BB+       192.4   -
                                      based
(Issuer Not Cooperating; based on best available information)
MEP Nagpur Ring Road 1 Pvt Ltd        LT Bk Fac – TL     CARE BB+(CE^)  2509.5  -
(Issuer Not Cooperating; based on best available information)
MEP Sanjose Nagpur Ring Road 2 Pvt LtdLT Bk Fac – TL     CARE BB+(CE^)  3035.5  -
(Issuer Not Cooperating; based on best available information)
Mrjv Construction Company             LT Bk Fac          CARE BB-       350     Revised from
                                                                                CARE BB
Nagreeka Exports Ltd                  LT – Bk Fac        CARE BBB-      123.4   Reaffirmed
Neeli Aqua Pvt Ltd                    LT Bk Fac          CARE BB+       94.3    Revised from
                                                                                CARE BB
Northern Arc 2019 MFI Kremer          Series A1 PTC      CARE A- (SO)   247.1   Final Rating
Originator: Dvara Kshetriya Gramin                                              Assigned
Financial Services Pvt Ltd (Dkgfs)
Northern Arc 2019 MFI Kremer          Series A2 PTC      CARE BBB (SO)  13.9    Final Rating
Originator: Dvara Kshetriya Gramin                                              Assigned
Financial Services Pvt Ltd (Dkgfs)
Osaw Industrial Products Pvt Ltd      LT Bk Fac          CARE BB+       248     -
Issuer not cooperating,Based on best available information
Osaw Industrial Products Pvt Ltd      LT Bk Fac/ ST Bk   CARE BB+;      111     -
                                      Fac                Stable; /CARE
                                                         A4+ 
Issuer not cooperating,Based on best available information
Parvati Industries Pvt Ltd            LT Bk Fac          CARE BB+       390     Reaffirmed
Pc Jeweller Ltd                       Medium Term        CARE B (FD)    -       Revised from
                                      Instrument-FD                             CARE BB+
                                      Programme
Saptagir Camphor Pvt Ltd              LT Bk Fac          CARE A+        1150    Reaffirmed
Saptagir Camphor Pvt Ltd              LT/ST Bk Fac       CARE A+;       375     Assigned
                                                         Stable/CARE A1
Sarna Chemicals Pvt Ltd               LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BBB
Shapoorji Pallonji And Company Pvt LtdProposed NCD (NCD) CARE A+        1000    -
Revised from CARE AA- and Continues under Credit Watch with Developing Implications
Shree Jagdamba Poultry Pvt Ltd        LT Bk Fac          CARE D         115     Revised from
                                                                                CARE B
Issuer not cooperating; Based on best available information
Shreenidhi Metals Pvt Ltd             LT Bk Fac          CARE D         62.2    -
Issuer not cooperating; Based on best available information
Simon India Ltd                       LT Bk Fac*         CARE BB (CE)   750     Revised from
                                                                                CARE BBB
*Backed by unconditional and irrevocable corporate guarantee of Zuari Global Ltd (ZGL)
South Malabar Steels & Alloys Pvt Ltd LT Bk Fac          CARE BB        75.2    Reaffirmed
(Enhanced from 5.00 Crore)
Sukhjit Mega Food Park & Infra Ltd    LT Bk Fac          CARE A+ (CE)   -       Reaffirmed
Tarini Motors Pvt Ltd                 LT Bk Fac          CARE B+        71.9    Assigned
Tele Home Elect Distribution Hub Llp  LT Bk Fac          CARE B+        10      Assigned
The Sukhjit Starch And Chemicals Ltd  LT Bk Fac          CARE A+        2950    Reaffirmed
(enhanced from Rs. 256 crore Crore)
The Sukhjit Starch And Chemicals Ltd  Fixed public       CARE A+ (FD)   700     Reaffirmed
                                      Deposits
Vennar Ceramics Ltd                   LT Bk Fac          CARE A- (CE)   168.3   Reaffirmed
(reduced from 23.17 Crore)
Vennar Ceramics Ltd                   LT/ST BkFac        CARE A- (CE);  60      Reaffirmed
                                                         Stable /CARE
                                                         A2 (CE)
(enhanced from 4.00 Crore)
Vikas Telecom Pvt Ltd                 LT Bk Fac          CARE BBB (SO)  16250   Assigned
Zuari Sugar And Power Ltd             LT Bk Fac*         CARE BB (CE)   974.7   Revised from
                                                                                CARE BBB
*Backed by irrevocable and unconditional corporate guarantee of Zuari Global Ltd (ZGL)
--------------------------------------------------------------------------------------------
$: 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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