October 23, 2019 / 10:22 AM / 4 months ago

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, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Akrati Technimont Ltd                 ST Bk Fac          CARE A4        100     -
(Issuer not cooperating;Based on the best available information)
Al-Nasir Exports Pvt Ltd              ST Bk Fac          CARE A4        450     -
(Issuer not cooperating;Based on the best available information)
Cable Corporation Of India Ltd        ST Bk Fac          CARE D         1120    Revised from
                                                                                CARE A4
Electro International Company Pvt Ltd ST Bk Fac          CARE A4        59      Reaffirmed
Tirupati Basmati Exports Pvt Ltd      ST Bk Fac          CARE D         7.5     -
(Issuer not cooperating; Based on best available information)
Everest Instruments Pvt Ltd           ST Bk Fac          CARE A3+       20      Reaffirmed
Gopish Pharma Ltd                     ST Bk Fac          CARE D         25      -
(Issuer not cooperating;Based on the best available information)
G K Roofings India Pvt Ltd            ST Bk Fac          CARE A4        10      -
(Issuer not cooperating;Based on the best available information)
Goyal Agro Processing                 ST Bk Fac          CARE A4        50      Assigned
Jash Engineering Ltd                  ST Bk Fac          CARE A2        50#     Reaffirmed
(reduced from 5.56 Crore). 
#reclassified Rs.4.25 crore long term back facility and Rs.0.56 crore short 
term back facility to long-term/Short term bank facility. 
Northern Power Erectors Ltd           ST Bk Fac          CARE A4        40      -
(Issuer not cooperating; Based on best available information )
Omsai Udyog India Pvt Ltd             ST Bk Fac          CARE A4;       100     Revised from
                                                                                CARE A4+;
(Issuer not cooperating; Based on best available information )
Kannu Aditya (India) Ltd              ST Bk Fac          CARE D         750     -
(Issuer not cooperating; Based on best available information )
Khwahish Marketing Pvt Ltd            ST Bk Fac          CARE D         10      -
(Issuer not cooperating; Based on best available information )
Mastana Foods Pvt Ltd                 ST Bk Fac          CARE D         10      -
(Issuer not cooperating; Based on best available information )
Shree Banke Bihari Buildcon           ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
Udaipur Poly Sacks Ltd                ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Priya Blue Industries Pvt Ltd         ST Bk Fac          CARE A3+       2500    Reaffirmed
Harso Steels Pvt Ltd                  ST Bk Fac          CARE D         111.8   -
(Issuer Not Cooperating; Based on best available information )
Santlal Industries Ltd                ST Bk Fac          CARE A4        370     -
(Issuer not cooperating; Based on best available information )
Snj Synthetics Ltd                    ST Bk Fac          CARE A4        125.5   Reaffirmed
Vidya Construction Company            ST Bk Fac          CARE A4;       20      -
(Issuer not cooperating; Based on best available information)


LONG TERM RATINGS:
-------------------
Akrati Technimont Ltd                 LT Bk Fac          CARE BB-;      70      -
                                                         Stable
(Issuer not cooperating;Based on the best available information)
Al-Nasir Exports Pvt Ltd              LT Bk Fac          CARE BB        50      -
(Issuer not cooperating;Based on the best available information)
Ashvi Developers Pvt Ltd              LT Bk Fac          CARE D         2500    -
(Issuer not cooperating;Based on the best available information)
Avarampalayam Sarvodaya Sangh         LT Bk Fac          CARE BB+       270     Assigned
Biaora To Dewas Highway Pvt Ltd       LT Bk Fac          CARE BBB-      12945.9 -
(Placed on credit watch with developing implications)
Cable Corporation Of India Ltd        LT Bk Fac          CARE D         388.5   Revised from
                                                                                CARE C
Dakshin Odisha Urja Pvt Ltd           LT Bk Fac          CARE D         1900    Revised from
                                                                                CARE BB+
(Under Credit Watch with Developing Implications)
Electro International Company Pvt Ltd LT Bk Fac          CARE BB-       61      Reaffirmed
Everest Instruments Pvt Ltd           LT Bk Fac          CARE BBB       35.6    Reaffirmed
(reduced from Rs.6.36 crore Crore)
Everest Instruments Pvt Ltd           LT/ST Bk Fac       CARE BBB;      415     Reaffirmed
                                                         Stable/CARE A3+
(enhanced from Rs.34.50 crore Crore)
Foundation For Life Sciences And      LT Bk Fac          CARE BB-       441.2   -
Business Management (Shoolini
University)
(Issuer not cooperating;Based on the best available information)
G K Roofings India Pvt Ltd            LT Bk Fac          CARE B         60      Revised from
                                                                                CARE B+
(Issuer not cooperating;Based on the best available information)
Gangapada Super Speciality Hospital Pvt LT Bk Fac        CARE B+        100     Assigned
Ltd
Globe Panel Industries India Pvt Ltd  LT Bk Fac          CARE BB        308     -
(Issuer not cooperating;Based on the best available information)
Gopish Pharma Ltd                     LT Bk Fac          CARE D         90      -
(Issuer not cooperating;Based on the best available information)
Gopish Pharma Ltd                     LT/ ST Bk Fac      CARE D         5       -
(Issuer not cooperating;Based on the best available information)
Goyal Agro Processing                 LT Bk Fac          CARE B+        100     Assigned
Gupta Agro Products                   LT Bk              -              -       Withdrawn*
                                      Fac(Proposed-Fund
                                      BasedLimits)
*CARE has withdrawn the rating assigned to the proposed Fund based facility of 
Gupta Agro Products (GAP), with immediate effect since the said facility was neither
sanctioned nor does the firm plans to get it sanctioned in the near future.
The above action has been taken at the request of GAP. 
Gupta Agro Products                   LT Bk Fac          CARE B+        65      Revised from
                                                                                CARE B
(Issuer not cooperating;Based on the best available information)
Harso Steels Pvt Ltd                  LT Bk Fac          CARE D         148.2   -
(Issuer Not Cooperating; Based on best available information )
Jash Engineering Ltd                  LT Bk Fac          CARE BBB+      825.8   Revised from
                                                                                CARE A-
(reduced from 92.12 Crore)#
#reclassified Rs.4.25 crore long term back facility and Rs.0.56 crore short 
 term back facility to long-term/Short term bank facility 
Jash Engineering Ltd                  Long/ST Bk Fac     CARE BBB+;     553.1   Long-term
                                                          Stable/CARE A2        rating
                                                                                Revised
                                                                                from 
                                                                                CARE A-
(enhanced from 50.50 Crore)#
#reclassified Rs.4.25 crore long term back facility and Rs.0.56 crore short 
 term back facility to long-term/Short term bank facility 
Kannu Aditya (India) Ltd              LT Bk Fac          CARE D         2000    -
(Issuer not cooperating; Based on best available information )
Karanj Textile Park Pvt Ltd           LT Bk Fac          CARE D(Single  178.1   Revised from
                                                         D)                     CARE BB-
Khwahish Marketing Pvt Ltd            LT Bk Fac          CARE D         75      -
(Issuer not cooperating; Based on best available information )
Libra Auto Car Co. Ltd                LT Bk Fac          CARE C         100     -
(Issuer not cooperating; Based on best available information )
Mastana Foods Pvt Ltd                 LT Bk Fac          CARE D         1582.8  -
(Issuer not cooperating; Based on best available information )
Metro Agri Industries Ltd             LT Bk Fac          CARE D         138.4   -
(Issuer not cooperating; Based on best available information )
Metro Agri Industries Ltd             Longterm/Shortterm CARE D         26.6    -
                                      Bk Fac
(Issuer not cooperating; Based on best available information )
Northern Power Erectors Ltd           LT Bk Fac          CARE B         140     Revised from
                                                                                CARE B+
(Issuer not cooperating; Based on best available information )
Omsai Udyog India Pvt Ltd             LT Bk Fac          CARE BB-;Stable120     Revised from
                                                                                CARE BB;
                                                                                Stable ;
(Issuer not cooperating; Based on best available information )
Ongc Petro Additions Ltd              LT Instruments     CARE AAA(CE)/# 17450   Reaffirmed
                                      (NCDs) Proposed
'#based on the proposed credit enhancement in the form of letter of comfort from ONGC which
shall be unconditional and irrevocable, valid and remain operative till the NCDs are fully
redeemed. Furthermore, the ratings will be confirmed once the company submits copies of relevant
executed documents, to the satisfaction of CARE. CARE shall issue the final rating letter, brief
rationale and rating rationale at the time of confirmation of the rating. 
Ongc Petro Additions Ltd              NCD (NCDs-III)     CARE AAA(CE)/^ 4350    Final Rating
^based on the credit enhancement in the form of letter of comfort from ONGC which is
unconditional and irrevocable, valid and remain operative till the NCDs are fully redeemed and
no dues certificate is issued by concerned debenture trustee. 
Paliwal And Sons                      LT Bk Fac          CARE BB-       132.5   Reaffirmed
Pan Intellecom Ltd                    LT Bk Fac          CARE BB        30      -
(Issuer not cooperating; Based on best available information )
Pan Intellecom Ltd                    LT /STBk Fac       CARE BB/CARE   90      -
                                                         A4;
(Issuer not cooperating; Based on best available information )
Priya Blue Industries Pvt Ltd         LT Bk Fac          CARE BBB       270     Reaffirmed
Prominent Metal Pvt Ltd               LT Bk Fac          CARE D         150     -
(Issuer not cooperating; Based on best available information )
Raj Electricals                       LT Bk Fac          CARE BB-       22.5    Revised from
                                                                                CARE B+
Raj Electricals                       LT/ST Bk Fac       CARE BB-;      65      Revised from
                                                         Stable/CARE A4         CARE B+
Rana Education Society                LT Bk Fac          CARE B; Stable 121.5   Reaffirmed
Rana Education Society                LT Bk Fac          CARE B; Stable 7.5     Reaffirmed
                                      (Proposed)
Real Constructions                    LT Bk Fac          CARE BB; Stable100     -
(Issuer not cooperating; Based on best available information )
Rohtas Fastners Pvt Ltd               LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BBB-
(Issuer not cooperating; Based on best available information )
Santlal Industries Ltd                LT Bk Fac          CARE B         600     -
(Issuer not cooperating; Based on best available information )
Shree Banke Bihari Buildcon           LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B
Shree Rupanadham Steel Pvt Ltd        LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB
(Issuer not cooperating; Based on best available information )
Shree Rupanadham Steel Pvt Ltd        LT/ST Bk Fac       -              -       Reaffirmed at
                                                                                CARE BB
(Issuer not cooperating; Based on best available information )
Snj Synthetics Ltd                    LT Bk Fac          CARE BB+       340.1   Revised from
                                                                                CARE BB
Sri Krishna Poultry Farm              LT Bk Fac          CARE BB-       80      Assigned
Stoneage Resources                    LT Bk Fac          -              -       Withdrawn
Stoneage Resources                    LT /ST Bk Fac      -              -       Withdrawn
Tirupati Basmati Exports Pvt Ltd      LT Bk Fac          CARE D         75.7    -
(Issuer not cooperating; Based on best available information)
Tirupati Basmati Exports Pvt Ltd      LT /ST Bk Fac      CARE D         1235    -
(Issuer not cooperating; Based on best available information)
Tm Motors Pvt Ltd                     LT Bk Fac          CARE BB+       120     -
(Issuer not cooperating; Based on best available information)
Udaipur Poly Sacks Ltd                LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Vidya Construction Company            LT Bk Fac          CARE B+;       30      -
                                                         Stable;
(Issuer not cooperating; Based on best available information)
Vivriti Corey 02 2019 [Originator:    Series A PTC       CARE AA- (SO)  -       Reaffirmed
Incred Financial Services Ltd (Ifsl)]
--------------------------------------------------------------------------------------------
$: 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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