October 23, 2018 / 6:20 AM / in a month

CARE ratings for Indian debt instruments-Oct 23

   Oct 23 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 22, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Benara Bearings & Pistons Ltd         ST Bk Fac (Non     CARE A4+       29.9    Assigned
                                      Fund Based)
Bhagwati Kripa Paper Mills Pvt Ltd    ST Bk Fac          CARE A4        168     Reaffirmed
Bharti Realty Ltd                     Proposed CP        CARE A1+       9000    Assigned
Diamond Footcare Udyog Pvt Ltd        ST Bk Fac          -              -       Withdrawn
JM Financial Home Loans Ltd           CP                 CARE A1+       1000    Assigned
Kamdar & Associates                   ST Bk Fac          CARE A3        816     Reaffirmed
Panchvati Ship Breakers               ST Bk Fac          CARE A3        796     Reaffirmed
Sagar Laxmi Ship Breakers             ST Bk Fac          CARE A3        796     Reaffirmed
Sico India                            ST Bk Fac          CARE A4        25      Assigned
SPL Industries Ltd                    ST Bk Fac –        CARE A3        100     Reaffirmed
                                      Packing Credit
SPL Industries Ltd                    ST Bk Fac – BG     CARE A3        5       Assigned


LONG TERM RATINGS:
-------------------
Asian Hotels (North) Ltd              LT Bk Fac          -              -       Withdrawn
Benara Bearings & Pistons Ltd         LT Bk Fac (TL)     CARE BB+       84.1    Assigned
Benara Bearings & Pistons Ltd         LT Bk Fac (Fund    CARE BB+       386     Assigned
                                      Based)
Bhagwati Kripa Paper Mills Pvt Ltd    LT Bk Fac          CARE BB+       145     Reaffirmed
Bloomflex Pvt Ltd                     LT Bk Fac          CARE B+        101.1   -
(Issuer Not Cooperating)
Diamond Footcare Udyog Pvt Ltd        LT Bk Fac          -              -       Withdrawn
Ganco Energy India Pvt Ltd            LT Bk Fac          CARE B+        100     Revised from
                                                                                CARE BB-
Growing Opportunity Finance (India) PVT LT Bk Fac        CARE BBB-      2000    Reaffirmed
Ltd
Herrera Ifmr Capital 2017 (Originator: Series A2 PTCs    -              -       Withdrawn
Annapurna Finance Pvt Ltd) - Herrera
IFMR Capital 2017
Jm Financial Home Loans Ltd           NCDs               CARE AA        1000    Assigned
Kaithal Solvent Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Kamdar & Associates                   LT Bk Fac          CARE BBB-      100     Reaffirmed
Mimir Ifmr Capital 2018 (Originator:  Series A1 PTCs     -              -       Withdrawn
Midland Microfin Ltd) - Mimir Ifmr
Capital 2018
Mimir Ifmr Capital 2018 (Originator:  Series A2 PTCs     -              -       Withdrawn
Midland Microfin Ltd) - Mimir Ifmr
Capital 2018
Panchvati Ship Breakers               LT Bk Fac          CARE BBB-      120     Reaffirmed
Sagar Laxmi Ship Breakers             LT Bk Fac          CARE BBB-      120     Reaffirmed
Scofiled Sbl Ifmr Capital 2017        Series A1 PTCs     -              -       Withdrawn
(Originator: Visage Holdings & Finance
Pvt Ltd) - Scofiled Sbl Ifmr Capital 2017

Scofiled Sbl Ifmr Capital 2017        Series A2 PTCs     -              -       Withdrawn
(Originator: Visage Holdings & Finance
Pvt Ltd) - Scofiled Sbl Ifmr Capital 2017

Sico India                            LT Bk Fac          CARE B         25      Assigned
SPL Industries Ltd                    LT Bk Fac          CARE BBB-      23.4    Reaffirmed
SRI Venkateswara Agencies             LT Bk Fac          CARE B+        60      Reaffirmed
Vivriti Gudmundsson 072018 (Originator Series A1 PTCs    CARE A- (SO)   141     -
Kanakadurga Finance Ltd)
Vivriti Gudmundsson 072018 (Originator Series A2 PTCs    CARE BBB (SO)  10      -
Kanakadurga Finance Ltd)
Vivriti Luke 082018 (Originator: FusioSeries A1 PTC #    CARE A (SO)    362     -
Microfinance Pvt Ltd)
# Both the PTCs are rated on Ultimate Payment basis
Vivriti Luke 082018 (Originator: FusioSeries A2 PTC#     CARE BBB- (SO) 32.5    -
Microfinance Pvt Ltd)
# Both the PTCs are rated on Ultimate Payment basis
Walmark Meditech Pvt Ltd              LT Bk Fac          CARE D         154.7   Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
--------------------------------------------------------------------------------------------
$: 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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