November 5, 2019 / 6:29 AM / 18 days ago

CARE ratings for Indian debt instruments-Nov 5

    Nov 5 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 4, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aa Food Factory                       ST Bk Fac          CARE A4        75      Reaffirmed
Aakash Textiles Exports Pvt Ltd       ST Bk Fac          CARE A4        250     Reaffirmed
Bio Med Healthcare Products Pvt Ltd   ST Bk Fac                         -       Revised from
                                                         -                      CARE A4+
Grannys Spices (India) Llp            ST Bk Fac          CARE A4        2.5     Revised from
                                                                                CARE D

Menon Pistons Ltd                     ST Bk Fac – Fund   CARE A2        20      Reaffirmed
                                      Based
(reduced from 3.00 Crore)
Rishabh Constructions Pvt Ltd         ST Bk Fac          CARE D         25      -
Issuer not cooperating; Based on best available information
Si Creva Capital Services Pvt Ltd     ST Bk Fac          CARE A3        250     Assigned
Texmaco Rail & Engineering Ltd        ST BkFac           CARE A1+       50      Reaffirmed
Vapi Care Pharma Pvt Ltd              ST Bk Fac          CARE A4        5       Reaffirmed
Welspun Corp Ltd                      ST Bk Fac          CARE A1+       55000   Reaffirmed
(Reduced from Rs. 5,600.00 crore Crore)
Welspun Corp Ltd                      CP (CP) Issue      CARE A1+       5000    Reaffirmed

MEDIUM TERM RATINGS:
-------------------
Newlink Overseas Finance Ltd          Fixed Deposits     CARE BB+       183.4   Revised from
                                                         (FD)/Stable            CARE BBB

LONG TERM RATINGS:
-------------------
Aa Food Factory                       LT Bk Fac          CARE B+/Stable 15.5    Reaffirmed
Amaravathi Tourism Projects Pvt Ltd   Long -term Bk Fac  CARE B/Stable  79      Revised from
                                                                                CARE B+
Issuer not cooperating; Based on best available information
Bio Med Healthcare Products Pvt Ltd   LT Bk Fac                         -       Revised from
                                                         -                      CARE BB+
Bon Voyage Tavern Pvt Ltd             LT Bk Fac          CARE B-/Stable 98.6    Assigned
Clarion Wind Farm Pvt Ltd             LT Bk Fac          CARE D         952.2   Reaffirmed
Gamma Green Power Pvt Ltd             LT Bk Fac          CARE D         314.5   Reaffirmed
Grannys Spices (India) Llp            LT Bk Fac          CARE B+/Stable 43      Revised from
                                                                                CARE D
(reduced from 6.00 Crore)
Grannys Spices (India) Llp            LT /ST Bk Fac      CARE           120     Revised from
                                                         B+/Stable/A4           CARED/ CARE D
(enhanced from 3.00 Crore)
Ku-Koo-Ch-Ku Poultry Farm             LT Bk Fac          CARE BB/Stable 254.8   Reaffirmed
Menon Pistons Ltd                     LT Bk Fac- Fund    CARE           180     Reaffirmed
                                      Based              BBB+/Stable
Menon Pistons Ltd                     LT Bk Fac –Non     CARE           10      Reaffirmed
                                      Fund Based         BBB+/Stable
Newlink Overseas Finance Ltd          NCDs-III           CARE           41.2    Revised from
                                                         BB+/Stable             CARE BBB-
(reduced from 5.00 Crore)
Newlink Overseas Finance Ltd          NCDs-IV            CARE           124.9   Revised from
                                                         BB+/Stable             CARE BBB-
(reduced from 13.38 Crore)
Newlink Overseas Finance Ltd          NCD - Proposed     CARE           150     Revised from
                                                         BB+/Stable             CARE BBB-
Newlink Overseas Finance Ltd          NCD - Proposed     CARE           100     Revised from
                                                         BB+/Stable             CARE BBB-
Rishabh Constructions Pvt Ltd         LT Bk Fac          CARE D         130.3   -
Issuer not cooperating; Based on best available information
Rishabh Constructions Pvt Ltd         LT/ST Bk Fac       CARE D/D       1016    -
Issuer not cooperating; Based on best available information
Si Creva Capital Services Pvt Ltd     LT Bk Fac          CARE BBB /     500     Reaffirmed
                                                         Stable
Si Creva Capital Services Pvt Ltd     LT Bk Fac          CARE BBB+      250     Reaffirmed
                                                         (CE)2 /Stable
Srg Aluminium Pvt Ltd                 LT Bk Fac          CARE B+/Stable 139.4   Assigned
Texmaco Rail & Engineering Ltd        CP (CP)*           -              -       Withdrawn
*carved out of the sanctioned fund based working capital limits of the company
Texmaco Rail & Engineering Ltd        LT BkFac           CARE A+/Stable 4940    Reaffirmed
Texmaco Rail & Engineering Ltd        LT/STBk Fac        CARE           19119.9 Reaffirmed
                                                         A+/Stable/A1+
Union Mutual Fund                     Union Overnight    CARE AAAmfs    -       Assigned
                                      Fund Open Ended
                                      Debt Scheme
Vapi Care Pharma Pvt Ltd              LT Bk Fac          CARE BB/Stable 50.2    Reaffirmed
(Enhanced from 3.22 Crore)
Vapi Care Pharma Pvt Ltd              LT/ST BkFac        CARE           140     Reaffirmed
                                                         BB/Stable/A4
Welspun Corp Ltd                      LT Bk Fac          CARE AA-:      374.6   Reaffirmed
                                                         Positive
(Reduced from Rs. 160.08 crore Crore)
Welspun Corp Ltd                      NCD-I              CARE AA-:      2000    Reaffirmed
                                                         Positive
Welspun Corp Ltd                      NCD-II             CARE AA-:      900     Reaffirmed
                                                         Positive
--------------------------------------------------------------------------------------------
$: 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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