for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

CARE ratings for Indian debt instruments-Oct 14

    Oct 14  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of October 13, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Bhatia Colour Company                 ST Bk Fac          CARE A4        150     -
Placed on Credit watch with Developing Implications
Deetya Projects                       ST Bk Fac          CARE A4        60      -
(Issuer not cooperating); Based on best available information
Ganesh Tamuli Engineering Pvt Ltd     ST Bk Fac          CARE A4;       52      -
(Issuer not cooperating); Based on best available information
Gujarat Foils Ltd                     ST Bk Fac – (Non-  -              0       Withdrawn
                                      fund based)
India Power Corporation Ltd           ST Bk Fac          CARE A3        226.1   Reaffirmed
(Reduced from 27.57 crs)
Indian Armour Systems Pvt Ltd         ST Bk Fac          CARE A4;       38      -
(Issuer not cooperating); Based on best available information
Lakshmi Prestress Concrete Works Pvt LST Bk Fac          CARE A4        10      -
(Issuer not cooperating); Based on best available information
Lokesh Machines Ltd                   ST Bk Fac          CARE A4        132.5   Reaffirmed
Manu Electricals Pvt Ltd              ST Bk Fac          CARE A4;       100     -
(Issuer not cooperating); Based on best available information
P. C. Patel Infra Pvt Ltd             ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4+; and
                                                                                Withdrawn
(Issuer not cooperating); Based on best available information
Rac Papers Ltd                        ST Bk Fac          CARE A4        3.3     -
(Issuer not cooperating); Based on best available information
Raiganj Jeevan Rekha Diagnostic Pvt LtST Bk Fac          CARE A4        4       -
(Issuer not cooperating); Based on best available information
Reliance Retail Ltd                   CP                 CARE A1+       100000  Reaffirmed
S. D. Corporation Pvt Ltd             CP#                CARE A2+(CE)   7500    Revised from
                                                                                CARE A1+(CE)
#backed by unconditional & irrevocable guarantee by SPCPL/)(Under Credit
watch with Developing Implications)
S. N. Hotels And Resorts Pvt Ltd      ST Bk Fac          CARE A4;       1.5     -
(Issuer not cooperating); Based on best available information
Sajeev Mathew And Company             ST Bk Fac          CARE A4        50      -
(Issuer not cooperating); Based on best available information
Shri Ramchander Straw Products Ltd    ST Bk Fac          CARE A4        6       -
(Issuer not cooperating); Based on best available information
Shubhalakshmi Polyesters Ltd          ST Bk Fac          CARE A4        6280    Revised from
                                                                                CARE A3;
(Issuer not cooperating); Based on best available information
Slmi Infra Projects Pvt Ltd           ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4; and
                                                                                Withdrawn
(Issuer not cooperating)
Smilax Laboratories Ltd               ST Bk Fac          CARE D         187.9   Revised from
                                                                                CARE A4
Talettutayi Solar Projects Two Pvt LtdST Bk Fac – LC     -              -       Withdrawn
Tirupati Balaji Fbres Ltd             ST Bk Fac          CARE D         25.5    Revised from
                                                                                CARE A4+ and
                                                                                removed from INC
(Issuer not cooperating)
Vbs Textiles Pvt Ltd                  ST Bk Fac          CARE A4        42.5    Assigned


MEDIUM TERM RATINGS:
-------------------
Reliance Retail Ltd                   Fixed Deposit      CARE AAA (FD); 5000    -
                                      Programme (Gold    Stable
                                      Saving Scheme)
 
 
LONG TERM RATINGS:
-------------------
Ambica Iron And Steel Pvt. Ltd.       LT Bk Fac          CARE B; Stable 60      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Ashirwad Corporation                  LT Bk Fac          CARE B; Stable;200     Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Bhatia Colour Company                 LT Bk Fac          CARE BB        150     -
Placed on Credit watch with Developing Implications
Deetya Projects                       LT Bk Fac          CARE B+;       40      Revised from
                                                         Stable;                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Emmanuel Resorts Pvt Ltd              LT Bk Fac          CARE B-;       113     Revised from
                                                         Stable;                CARE B;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Food Corporation Of India             Proposed Bond      CARE AAA (CE); 80000   Assigned
                                      Issue (Series IX)^ Stable
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable guarantee from Government of India (GoI) for servicing of the Interest and principal
repayment obligations for the entire tenure of the bond issue supported by trustee administered
structured payment mechanism.
Ganesh Tamuli Engineering Pvt Ltd     LT Bk Fac          CARE B; Stable;27.5    Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Gng Promoters                         LT Bk Fac          CARE B+ Stable 85.6    Assigned
Gujarat Foils Ltd                     LT Bk Fac – (TL)   -              0       Withdrawn
Gujarat Foils Ltd                     LT Bk Fac – (Fund  -              0       Withdrawn
                                      Based)
India Power Corporation Ltd           LT Bk Fac          CARE BBB       2256.5  Reaffirmed
(Enhanced from 225.52crs)
India Power Corporation Ltd           NCDs               CARE BBB       280     Reaffirmed
(Reduced from 32.00 crs)
Indian Armour Systems Pvt Ltd         LT Bk Fac          CARE B-;       30      Revised from
                                                                                CARE B;
(Issuer not cooperating); Based on best available information
Jubilee Infrastructures               LT Bk Fac          CARE D         60      -
(Issuer not cooperating); Based on best available information
Jyote Motors Pvt Ltd                  LT Bk Fac          CARE BB+;      650     Assigned
                                                         Stable
Ksr Developers Pvt Ltd                LT Bk Fac          CARE B; Stable 200     Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Lakshmi Prestress Concrete Works Pvt  LT Bk Fac          CARE B+;       40      Revised from
Ltd                                                      Stable;                CARE BB;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Lakshmi Rail Infra Pvt Ltd            LT Bk Fac          CARE B+; Stable50      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Lokesh Machines Ltd                   LT Bk Fac          CARE BB+;      756.7   Reaffirmed
                                                         Negative               and outlook
                                                                                revised from
                                                                                stable
(Enhanced from 62.61 crs)
Lokesh Machines Ltd                   LT / ST Bk Fac     CARE BB+;      62.5    Reaffirmed
                                                         Negative /CARE         and outlook
                                                         A4                     revised from
                                                                                stable
Madarkhat Tea Co Pvt Ltd              LT Bk Fac          CARE C; Stable 58      Revised from
                                                                                CARE B-;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Mansarovar Holidays                   LT Bk Fac          CARE D         63.7    -
(Issuer not cooperating); Based on best available information
Manu Electricals Pvt Ltd              LT Bk Fac          CARE BB-;      150     Revised from
                                                         Stable;                CARE BB;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Oxyzo Financial Services Pvt Ltd      NCDs               CARE BBB+;     500     Revised from
                                                         Stable                 CARE BBB;
                                                                                Stable
Oxyzo Financial Services Pvt Ltd      LT/ST Bk Facility  CARE BBB+;     2000    Revised from
                                                         Stable/CARE A2         CARE BBB;
                                                                                Stable/CARE A2
P. C. Patel Infra Pvt Ltd             LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB+; and
                                                                                Withdrawn
(Issuer not cooperating); Based on best available information
P. C. Patel Infra Pvt Ltd             LT/ ST Bk Fac      -              -       Reaffirmed at
                                                                                CARE BB+;
                                                                                Stable/CARE A4+;
                                                                                and Withdrawn
(Issuer not cooperating); Based on best available information
Priti Gems Exports Pvt Ltd            LT Bk Fac          CARE D         450     Revised from
                                                                                CARE BB;
(Issuer not cooperating); Based on best available information
Priti Gems Exports Pvt Ltd            Proposed LT Bk Fac CARE D         100     Revised from
                                                                                CARE BB;
(Issuer not cooperating); Based on best available information
Rac Papers Ltd                        LT Bk Fac          CARE C; Stable 133     -
(Issuer not cooperating); Based on best available information
Raiganj Jeevan Rekha Diagnostic Pvt   LT Bk Fac          CARE B-; Stable70      Revised from
Ltd                                                                             CARE B; Stable
(Issuer not cooperating); Based on best available information
Rajlaxmi Agro Processor Pvt Ltd       LT Bk Fac          CARE B; Stable 60      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating); Based on best available information
Rajlaxmi Constructions Ltd            LT Bk Fac          CARE BBB-;     190     Assigned
                                                         Stable
Rajlaxmi Constructions Ltd            LT/ST Bk Fac       CARE BBB-;     310     Assigned
                                                         Stable /CARE A3
S. D. Corporation Pvt Ltd             NCDs@              CARE A- (CE)   2250    Revised from
                                                                                CARE A+ (CE)
'@backed by unconditional, irrevocable and revolving Debt Service Reserve Account (DSRA)
guarantee from Shapoorji Pallonji & Company Private Limited (SPCPL, rated CARE A-/A2+; under
Credit Watch with Negative Implications revised on September 29, 2020)/ (Under Credit
watch with Developing Implications) 
S. D. Corporation Pvt Ltd             NCDs^              CARE A+ (CE)   7500    Revised from
                                                                                CARE AA (CE)
^backed by the credit enhancement in the form of put option available jointly and severally on
investments companies of the Shapoorji Pallonji (SP) group namely, Cyrus Investment Private
Limited (CIPL) and Sterling Investment Corporation Private Limited (SICPL) together known as
“Put Option Providers” (POPs) and an unconditional and irrevocable corporate guarantee by SPCPL
ensuring timely servicing of rated obligations./ rating put under credit watch
S. N. Hotels And Resorts Pvt Ltd      LT Bk Fac          CARE B; Stable;55.9    Revised from
                                                                                CARE B+;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Sajeev Mathew And Company             LT Bk Fac          CARE B         100     -
(Issuer not cooperating); Based on best available information
Sarvottam Poultry Feed Supply Centre  LT Bk Fac          CARE B-;       153     Revised from
Pvt Ltd                                                                         CARE B;
(Issuer not cooperating); Based on best available information
Shirpur Gold Dmcc (Erstwhile Zee Gold LT Bk Fac          CARE D         750     Reaffirmed
Dmcc)
Shri Ramchander Straw Products Ltd    LT Bk Fac          CARE B-        80      Revised from
                                                                                CARE B+;
(Issuer not cooperating); Based on best available information
Shubhalakshmi Polyesters Ltd          LT Bk Fac          CARE BB-;      7181    Revised from
                                                         Stable;                CARE BBB-;
                                                                                Stable;
(Issuer not cooperating); Based on best available information
Slmi Infra Projects Pvt Ltd           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
                                                                                Withdrawn
(Issuer not cooperating)
Smilax Laboratories Ltd               LT Bk Fac          CARE D         776.2   Revised from
                                                                                CARE BB-;
                                                                                Stable
Smilax Laboratories Ltd               LT/ST Bk Fac       CARE D         50      Revised from
                                                                                CARE BB-;
                                                                                Stable/CARE A4
Sps Spinning Mills                    LT Bk Fac          -              66.3    Revised from
                                                                                CARE BB-;
                                                                                Stable and
                                                                                removed from INC
(Issuer not cooperating)(Enhanced from 5.63crs)
Tdi International India Pvt Ltd       LT Bk Fac          CARE B         1690.7  Reaffirmed
Outlook revised from Stable to Under Credit Watch with Developing Implications /(enhanced from
135.00 crs)
Tejas Ispat Pvt Ltd                   LT Bk Fac          CARE B-; Stable90      Revised from
                                                                                CARE B; Stable
(Issuer not cooperating); Based on best available information
The Mysore Paper Mills Ltd            Redeemable         CARE BB (CE)   250     -
                                      Non-Convertible
                                      Unsecured TBs@
(Credit watch with Developing Implications)/@backed by unconditional and irrevocable guarantee
from Government of Karnataka (GoK) vide notification dated April 9, 2012.
Tirupati Balaji Fbres Ltd             LT Bk Fac          CARE D         273.3   Revised from
                                                                                CARE BB+;
                                                                                Stable and 
                                                                                removed from INC
(Issuer not cooperating)
Vatsa Automobiles Pvt Ltd             LT Bk Fac          CARE D         120.4   -
(Issuer not cooperating); Based on best available information
Vbs Textiles Pvt Ltd                  LT Bk Fac          CARE B; Stable 471.5   Assigned
Vikas Steel Inc                       LT Bk Fac          CARE B         200     -
(Issuer not cooperating); Based on best available information
Vikas Steel Inc                       LT / ST Bk Fac     CARE B         50      -
(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@refinitiv.com)
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up