November 6, 2018 / 6:45 AM / in 9 days

CARE ratings for Indian debt instruments-Nov 6

    Nov 6 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of November 5, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adage Automation Pvt Ltd              ST Bk Fac          CARE A3        54.7    Reaffirmed
Allied Engineering Works Pvt Ltd      STBk Fac           CARE A4        150     -
(Issuer not cooperating)
Bannari Amman Spinning Mills Ltd      ST Bk Fac          CARE A3+       1987.5  Reaffirmed

Brijbasi Hi-Tech Udyog Ltd            Short - term Bk    CARE A4        80      Reaffirmed
                                      Fac
Chettinad Cement Corporation Pvt Ltd  ST Bk Fac          CARE A1+       1000    Reaffirmed
Creative Garments                     Short -term Bk Fac CARE A4+       170     Reaffirmed
Elektromag Devices Pvt Ltd            ST Bk Fac          CARE A3+       70      Reaffirmed
Elektromag-Joest Vibration Pvt Ltd    ST Bk Fac          CARE A3        72.5    Reaffirmed
Finar Ltd                             ST BkFac           CARE A2        60      Revised from
                                                                                CARE A3+
Forward Alloys & Castings             ST BkFac           CARE A4        25      Reaffirmed
Gypsy Exports                         ST Bk Fac          CARE A4        27      Assigned
Jay Chemicals                         Short -term Bk Fac CARE A3+       107     Reaffirmed
Jsw Steel Salav Ltd                   ST Non fund based  CARE A1+ (SO)  1050    -
                                      working capital
                                      facility (LC/BG) @
@Backed by Letter of Comfort (LoC) from JSW Steel Limited (JSWSL: rated CARE AA; Stable/A1+)
Omega Traexim Inc                     ST Bk Fac          CARE D         500     -
(Issuer not cooperating)
provided on behalf of JSSL to the lenders.
Laxmi Diamond Pvt Ltd                 ST Bk Fac          CARE A4+       601.5   Revision from
                                                                                CARE A2
(Issuer not cooperating)
Power Finance Corporation Ltd         ST Borrowing       CARE A1+       50000   Reaffirmed
                                      Programme for FY-19
Power Finance Corporation Ltd         CP Issue for FY19  CARE A1+       90000   Reaffirmed
Rolex Rings Pvt Ltd                   ST Bk Fac          CARE D         2907.4  Reaffirmed
Sakar Healthcare Ltd                  ST Bk Fac          CARE A3+       35      Reaffirmed
The Ganges Manufacturing Co. Ltd      ST Bk Fac          CARE A4        30      Assigned

LONG TERM RATINGS:
-------------------
Aarson Motors                         LT Bk Fac          CARE B+        60      Assigned
Adage Automation Pvt Ltd              LT Bk Fac          CARE BBB-      80      Reaffirmed
Adage Automation Pvt Ltd              LT/STBk Fac        CARE BBB-/A3   100     Reaffirmed
Aditya Hotels And Hospitalities Pvt   LT Bk Fac          CARE B         122.7   Reaffirmed
Ltd
Agh Altech Pvt Ltd                    LT Bk Fac          CARE B-        100     Reaffirmed
Allied Engineering Works Pvt Ltd      LT BkFac           CARE B +       80      -
(Issuer not cooperating)
Ashapura Intimates Fashion Ltd        LT BkFac-CC        CARE B         575     -
Removed from credit watch with negative implication and Revised from CARE BBB-
Ashapura Intimates Fashion Ltd        LT BkFac-TL        CARE B         150     -
Removed from credit watch with negative implication and Revised from CARE BBB-
Assam Air Products Pvt Ltd            LT Bk Fac          CARE BBB+      330     Assigned
Assam Air Products Pvt Ltd            LT/ST BkFac        CARE BBB+/A3+  70      Assigned
Bannari Amman Spinning Mills Ltd      LT Bk Fac          CARE BBB+      2812.7  Reaffirmed
Bannari Amman Spinning Mills Ltd      LT/ ST BkFac       CARE BBB+/A3+  3620    Reaffirmed
Belstar Investment And Finance Pvt LtdRedeemable PS      CARE A(RPS)    500     Revised from
                                                                                CARE A-
Belstar Investment And Finance Pvt LtdLT Bk Fac          CARE A+        20000   Revised from
                                                                                CARE A
Belstar Investment And Finance Pvt LtdNCDs-I             CARE A+        1100    Revised from
                                                                                CARE A
Belstar Investment And Finance Pvt LtdNCDs-II            CARE A+        2025    Revised from
                                                                                CARE A
Belstar Investment And Finance Pvt LtdSubordinated Debt  CARE A+        100     Revised from
                                      issue-I                                   CARE A-
Belstar Investment And Finance Pvt LtdSubordinated Debt  CARE A+        900     Revised from
                                      issue-I                                   CARE A-
Brijbasi Hi-Tech Udyog Ltd            LT Bk Fac          CARE B         80      Revised from
                                                                                CARE B-
Brookefield Real Estates And Projects LT BkFac           CARE A-        8600    -
Pvt Ltd
Placed under Credit watch with developing implications
Calista Properties Pvt Ltd            LT Bk Fac          CARE B-        150     Reaffirmed
Chennamanagathihalli Solar Power      LT Bk Fac          CARE B         138.5   Reaffirmed
Project Llp
Chettinad Cement Corporation Pvt Ltd  LT Bk Fac          CARE AA+       2750    Reaffirmed
Dhingra Exports                       LT BkFac/STBk Fac  CARE BB-/A4    100     Revised from
                                                                                CARE B+
Dolvi Coke Projects Ltd               LT Bk Fac- Fund    CARE BBB+      12000   -
                                      based
Rating placed on credit watch with positive implications
Dolvi Coke Projects Ltd               LT Bk Fac- Non-    CARE BBB+      5000    -
                                      Fund based
Rating placed on credit watch with positive implications
Elektromag Devices Pvt Ltd            LT Bk Fac          CARE BBB       22.5    Reaffirmed
Elektromag-Joest Vibration Pvt Ltd    LT Bk Fac          CARE BBB-      60      Reaffirmed
Finar Ltd                             Long -term BkFac   CARE BBB+      214.3   Revised from
                                                                                CARE BBB
Forward Alloys & Castings             LT BkFac           CARE BB        29.8    Revised from
                                                                                CARE BB-
Forward Alloys & Castings             Long / ST Bk Fac   CARE BB/A4     40      Revised from
                                                                                CARE BB-
Gypsy Exports                         LT Bk Fac          CARE B+        34      Assigned
Hukkeri Solar Power Project Llp       LT Bk Fac          CARE B         90      Reaffirmed
Jasbir Singh & Company                LTBkFac            CARE B         80      Revised from
                                                                                CARE B+
(Issuer not cooperating)
Jay Chemicals                         LT Bk Fac          CARE BBB       120     Reaffirmed
Jsw Steel Salav Ltd                   LT Bk Fac (TL)@    CARE AA- (SO)  7250    -
Ratings placed on credit watch with positive implications ,@Backed by Letter of Comfort (LoC)
from JSW Steel Limited (JSWSL: rated CARE AA; Stable/A1+) provided on behalf of JSSL
to the lenders. 
Jsw Steel Salav Ltd                   LT Bk Fac (Fund    CARE AA- (SO)  200     -
                                      Based)@
@Backed by Letter of Comfort (LoC) from JSW Steel Limited (JSWSL: rated CARE AA; Stable/A1+)
provided on behalf of JSSL to the lenders.
Laxmi Diamond Pvt Ltd                 LT/Shortterm Bk    CARE BB+/A4+   8908.5  Revision from
                                      Fac                                       CARE
                                                                                BBB+/CARE A2
(Issuer not cooperating)
Manisha Naturopathy And Wellness CentrLT Bk Fac          CARE B+        100     Assigned
Pvt Ltd
Momai Apparels Ltd                    LT BkFac           CARE B (SO)    325     -
Removed from credit watch
Mosh Varaya Infrastructure Ltd        LT Bk Fac- CC/     CARE BBB (SO)  20      Assigned
                                      WorkingCapital
                                      Demand Loan
Mosh Varaya Infrastructure Ltd        LT/ST BkFac -      CARE BBB       180     Assigned
                                      LC/BG              (SO)/A3 (SO)
Nedcommodities India Pvt Ltd          LT/STBk Fac        CARE BBB+/A2   2760    Reaffirmed
Nikhil Pulses Pvt Ltd                 LT Bk Fac          CARE B+        70      Reaffirmed
Nutech Global Ltd                     LT Bk Fac          -              -       Withdrawn
Omega Traexim Inc                     LT Bk Fac          CARE D         500     -
(Issuer not cooperating)
Ortel Communications Ltd.             a. LT Bk Fac       CARE D         79.8    Revised from
                                                                                CARE C
Ortel Communications Ltd.             c. ST Bk Fac       CARE D         200     Reaffirmed
Ortel Communications Ltd.             b. LT Bk Fac       CARE D         320     Reaffirmed
Power Finance Corporation Ltd         LT Borrowing       CARE AAA       430000  Reaffirmed
                                      Programme for FY-19
Rolex Rings Pvt Ltd                   LT Bk Fac          CARE D         2314    Reaffirmed
Saikrupa Cotgin Pvt Ltd               LT Bk Fac (Fund    CARE D         183.7   Revised from
                                      Based)                                    CARE B+
Saikrupa Fiber Pvt Ltd                LT Bk Fac          CARE D         163.3   Revised from
                                                                                CARE B
Sakar Healthcare Ltd                  LT Bk Fac          CARE BBB       123.1   Reaffirmed
Sanvira Industries Ltd                LT BkFac           CARE A-        3193.5  Revised from
                                                                                CARE BBB+
Sanvira Industries Ltd                LT/STBk Fac        CARE A-/A2     1200    Revised from
                                                                                CARE BBB+
Sarvoday Sat Isabgol Factory          LT BkFac           CARE BB-       10.4    Reaffirmed
Sarvoday Sat Isabgol Factory          LT / Shortterm Bk  CARE BB- /A4   200     Reaffirmed
                                      Fac
Shree Baba Exports                    LT Bk Fac          CARE B+        90      Assigned
Shri Ram Ginning Pressing And Oil MillLT Bk Fac          CARE B+        110.3   Reaffirmed
Shweta Breeding Farm                  LT Bk Fac          -              -       Withdrawn
Southwinds Projects Llp               LT Bk Fac          -              -       Withdrawn
Sree Veerabhadreshwara Rice & Flour   LT Bk Fac          CARE B+        100     Reaffirmed
Mill
The Ganges Manufacturing Co. Ltd      LT Bk Fac          CARE BB-       70      Assigned
Ummeed Housing Finance Pvt Ltd        LT BkFac           CARE BBB       750     Revised from
                                                                                CARE BBB-
Ummeed Housing Finance Pvt Ltd        NCDs               CARE BBB       430     Assigned
Vault Agritech Pvt Ltd                LT BkFac           CARE B+        97.3    Assigned
Vivekanand Projects Llp               LT Bk Fac          CARE B+        100     Assigned
White Pearls Hotels & Investments Pvt LT Bk Fac          CARE B+        150     Reaffirmed
Ltd
Yarganvi Solar Power Project Llp      LT Bk Fac          CARE B         126.3   Reaffirmed

--------------------------------------------------------------------------------------------
$: 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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