October 15, 2019 / 7:40 AM / 3 months ago

CARE ratings for Indian debt instruments-Oct 15

    Oct 15 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 14, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ahuja Overseas                        ST BkFac           CARE A4        198     Reaffirmed
Alom Poly Extrusions Ltd              ST Bk Fac          CARE A4        6.5
(Issuer Not Cooperating); Based on best available information.
Baba Saw Mill                         ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Brite Neon Signs Pvt Ltd              ST Bk Fac          CARE A4+       35      Reaffirmed

Bvg India Ltd                         ST Bk Fac          CARE A1        1635
Placed on credit watch with negative implications
Cineplex Pvt Ltd                      ST Bk Fac          -              -       Withdrawn
Cool Caps Industries Pvt Ltd          ST Bk Fac          CARE A4        2       Assigned
Dynamic Engineers                     ST Bk Fac          CARE A4        70      Assigned
Dynamicengineers Infratrack Pvt Ltd   ST Bk Fac          CARE A4        110     Assigned
Enn Aar Poles                         ST Bk Fac          CARE A4;       50
(Issuer Not Cooperating); Based on best available information.
Jindal Infrastructure                 ST BkFac           CARE A4        40
(Issuer Not Cooperating); based on best available information.
Jindal Prl Infrastructure (Joint      ST BkFac           CARE A4        120
Venture)
(Issuer Not Cooperating); based on best available information.
Kulkarni Power Tools Ltd              ST Bk Fac          -              0       Withdrawn
(reduced from 1.02 Crore)
Kulkarni Power Tools Ltd              ST Bk Fac          CARE A4        138.8   Reaffirmed
(reduced from 14.88 Crore)
Mpa Projects Pvt Ltd                  ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Mayur Distributors                    ST Bk Fac          CARE A4        23.3    Assigned
Northern Electric Cables Pvt Ltd      ST Bk Fac          CARE A4        66      Revised from
                                                                                CARE A4;
(Issuer Not Cooperating)
Saraswati Associates Company          ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn
Stone Age Pvt Ltd                     ST Bk Fac          CARE A4        135     Reaffirmed
Sumangala Steel Pvt Ltd               ST Bk Fac          CARE A3+       105
(Issuer Not Cooperating) based on best available information
Tesla Transmission Control            ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                Withdrawn 

LONG TERM RATINGS:
-------------------
Ahuja Overseas                        LT BkFac           CARE BB Stable 4.4     Revised from
                                                                                CARE BB-;
                                                                                Stable
Alom Poly Extrusions Ltd              LT Bk Fac          CARE B+ Stable 100
(Issuer Not Cooperating); Based on best available information.
Baba Saw Mill                         LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B;
                                                                                Stable and
                                                                                Withdrawn
Brite Neon Signs Pvt Ltd              LT Bk Fac          CARE BB        65      Reaffirmed
Bvg India Ltd                         LT Bk Fac          CARE A+        6870
(Placed on credit watch with negative implications)
Bvg India Ltd                         LT/ST Bk Fac       CARE A+/CARE   6320
                                                         A1
(Placed on credit watch with negative implications)
C.A. Vege Fruit Stores                LT Bk Fac          CARE D         82.9
(Issuer Not Cooperating); Based on best available information
Cedar Inclusive Finance Trust 5       Series A1 PTCs     -              -       Withdrawn
(Originator: Esaf Small Finance Bank
Ltd)-Cedar Inclusive Finance Trust 5
Cedar Inclusive Finance Trust 5       Series A2 PTCs     -              -       Withdrawn
(Originator: Esaf Small Finance Bank
Ltd)-Cedar Inclusive Finance Trust 5
Cedar Inclusive Finance Trust 5       Series A3 PTCs     -              -       Withdrawn
(Originator: Esaf Small Finance Bank
Ltd)-Cedar Inclusive Finance Trust 5
Cineplex Pvt Ltd                      LT Bk Fac          -              -       Withdrawn
Cool Caps Industries Pvt Ltd          LT Bk Fac          CARE B Stable  93.7    Assigned
Crescent Power Ltd                    LT BkFac           CARE A         1977.1  Reaffirmed
Dynamic Engineers                     LT Bk Fac          CARE BB Stable 100     Assigned
Dynamic Fine Paper Mill Pvt Ltd       LT Bk Fac          CARE BB-Stable 220     Assigned
                                                         Stable
Dynamicengineers Infratrack Pvt Ltd   LT Bk Fac          CARE BB Stable 40      Assigned
Enn Aar Poles                         LT Bk Fac          CARE B Stable  50      Revised form
                                                                                CARE B+;
                                                                                Stable;
(Issuer Not Cooperating)
Ibfsl Direct Assignment Feb’12        Assignee Payouts   -              -       Withdrawn
I(Originator: Indiabulls Housing
Finance Ltd)
Jindal Infrastructure                 LT BkFac           CARE B;        110     Revised from
                                                         Stable;                CARE B+;Stable
(Issuer Not Cooperating)
Jindal Prl Infrastructure (Joint      LT BkFac           CARE B+        30      Revised from
Venture)                                                 Stable                 CARE
                                                                                BB-;Stable
(Issuer Not Cooperating)
Kulkarni Power Tools Ltd              LT Bk Fac          CARE BB Stable 187.7   Revised from
                                                                                CARE BB-;
                                                                                Stable
(reduced from 22.75)
Kulkarni Power Tools Ltd              Long/ST BkFac      CARE BB        120#    Revised from
                                                         Stable/CARE A4         CARE BB-;
                                                                                Stable/
                                                                                reaffirmed
(reduced from 10.00 Crore)/#Change in nature of facility
Mangal Sponge And Steel Pvt Ltd       LT Bk Fac          CARE BB        125     Assigned
                                                         Stable
Mayur Distributors                    LT Bk Fac          CARE BB        55      Assigned
                                                         Stable
Mpa Projects Pvt Ltd                  LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-;
                                                                                Stable and
                                                                                Withdrawn
Northern Arc 2018 Mfi                 Series A1 PTCs     -              -       Withdrawn
Nordhaus Originator: Midland Microfin
Ltd
Northern Arc 2018 Mfi                 Series A2 PTCs     -              -       Withdrawn
Nordhaus Originator: Midland Microfin
Ltd
Northern Arc 2018 Mfi                 Series A1 PTCs     -              -       Withdrawn
Prometheus Originator: Fusion
Microfinance Pvt Ltd
Northern Arc 2018 Mfi                 Series A2 PTCs     -              -       Withdrawn
Prometheus Originator: Fusion
Microfinance Pvt Ltd
Northern Electric Cables Pvt Ltd      LT Bk Fac          CARE           64      Revised from
                                                         B+ Stable              CARE BB-
                                                                                ;Stable
(Issuer Not Cooperating)
Oxyzo Financial Services Pvt Ltd      NCDs               CARE BBB       500     Assigned
                                                         Stable
Platinum Aac Blocks Pvt Ltd           LT Bk Fac          CARE D         107.5   Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer Not Cooperating)
Ramji Lal And Sons                    LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
Ramji Lal Behari Lal                  LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
Saha Drug Distributor                 LT Bk Facility     CARE BB; Stable75      Assigned
Saraswati Associates Company          LT Bk Fac          -              -       Withdrawn
Shanti Agro Foods Pvt Ltd             LT Bk Fac          CARE D;        294.2
(Issuer Not Cooperating); Based on best available information
Sri Spm Weaving Mills                 Long -term Bk Fac  CARE C  Stable 150     Revised from
                                                                                CARE BB-
                                                                                ;Stable
(Issuer Not Cooperating)
Stone Age Pvt Ltd                     LT / ST BkFac      CARE BB        75      Reaffirmed
                                                         Stable/CARE A4
Stone Hub India                       LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Sumangala Steel Pvt Ltd               LT Bk Fac          CARE BBB;      269.3
                                                         Stable
“(Issuer Not Cooperating) based on best available information”
Sunflower Trust 2019(Originator:     Series A1 PTC       -              -       Assigned
Navachetana Microfin Services Pvt Ltd)
Suryataap Energies & Infrastructure PvLT Bk Fac          CARE BBB-      245.8   Reaffirmed
Ltd                                                      Negative
Outlook revised to Negative from Stable /(reduced from 25.92 Crore)
Tesla Transmission Control            LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
                                                                                Withdrawn
Uttarakhand Uthan Samiti              LT BkFac           CARE BB-       183.7   Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Vikramshila Educational Charitable TruLT BkFac           CARE B         73.6
                                                         Stable 
(Issuer Not Cooperating)*;Based on best available information.
Vivriti Krishi 003 2018 (Originator:  Series A1 PTCs     -              -       Withdrawn
Samunnati Financial Intermediation And
Services Pvt Ltd)
Vivriti Krishi 003 2018 (Originator:  Series A2 PTCs     -              -       Withdrawn
Samunnati Financial Intermediation And
Services Pvt Ltd)
--------------------------------------------------------------------------------------------
$: 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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