October 30, 2018 / 5:27 AM / in 20 days

CARE ratings for Indian debt instruments-Oct 30

    Oct 30 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 29, 2018.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aaditya Finechem Pvt Ltd              ST Bk Fac          CARE A3        50      Reaffirmed
Agrawal Sponge Pvt Ltd                ST BkFac           CARE A3        100     Revised from
                                                                                CARE A4
Alembic Pharmaceuticals Ltd           Proposed CP (CP)   CARE A1+       5000    Assigned
                                      Issue
Ambuja Intermediates Pvt Ltd          ST Bk Fac          CARE A2+       270     -
Ratings placed on credit watch with developing implications
Ambuja Solvex Pvt Ltd                 ST Bk Fac          CARE A2+ (SO)  10      -
Ratings placed on credit watch with developing implications
Camerich Papers Pvt Ltd               ST Bk Fac          CARE A4        50      Assigned
Geecy Engineering Pvt Ltd             ST Bk Fac          CARE A3+       210     Reaffirmed
Mahabal Metals Pvt Ltd                ST Bk Fac*         CARE A2+       50      Reaffirmed
(Bank facilities amounting to Rs. 5.00 crore has been reclassified from Long Term/Short Term
bank facilities to Short Term bank facilities due to change in the nature of the facility)

Milestone Gears Pvt Ltd               ST BkFac           CARE A3+       250     Reaffirmed
(reduced from Rs. 30.00 cr. Crore)
Nav Durga Fuel Pvt Ltd                ST BkFac           CARE A4        137.5   -
ISSUER NOT COOPERATING
Operational Energy Group India Ltd    ST Fac             CARE A3        65      Reaffirmed
Prijai Heat Exchangers Pvt Ltd        ST BkFac           CARE A4+       47.5    Assigned
Safe And Secure Logistics Pvt Ltd     ST BkFac           CARE A4        5       -
ISSUER NOT COOPERATING
Shreeji Woodcraft Pvt Ltd             ST BkFac           CARE A3        30      Reaffirmed
Sintex-Bapl Ltd                       ST BkFac           CARE A2        2500    Revised from
                                                                                CARE A2+
Standard Fireworks Pvt Ltd            ST Bk Fac          CARE A2        1150    -
Placed on credit watch with negative implications

LONG TERM RATINGS:
-------------------
Aaditya Finechem Pvt Ltd              LT Bk Fac          CARE BBB-      60      Reaffirmed
Agrawal Sponge Pvt Ltd                LT BkFac           CARE BBB-,     200     Revised from
                                                                                CARE BB+
Ambuja Intermediates Pvt Ltd          LT Bk Fac          CARE A-        260.5   -
Ratings placed on credit watch with developing implications
Ambuja Intermediates Pvt Ltd          LT/ ST BkFac       CARE A-/A2+    300     -
Ratings placed on credit watch with developing implications
Ambuja Solvex Pvt Ltd                 LT Bk Fac          CARE A- (SO)   0.4     -
Ratings placed on credit watch with developing implications
Ambuja Solvex Pvt Ltd                 LT/ ST BkFac       CARE A-        120     -
                                                         (SO)/A2+ (SO)
Ratings placed on credit watch with developing implications
Asence Pharma Pvt Ltd                 LT Bk Fac          CARE BB-       69.2    Assigned
Asence Pharma Pvt Ltd                 LT/ ST Bk Fac      CARE BB-/A4    60      Assigned

Avp Powerinfra Pvt Ltd                LT Bk Fac – TL     CARE A (SO)/@  1704    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 

Avp Powerinfra Pvt Ltd                LT Bk Fac – CC     CARE A (SO)/@  149*    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms

Badoni Power Pvt Ltd                  LT Bk Fac – TL     CARE A (SO)/@  1832    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 

Badoni Power Pvt Ltd                  LT Bk Fac – CC     CARE A (SO)/@  124*    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms

Camerich Papers Pvt Ltd               LT Bk Fac          CARE BB        1220    Assigned
Geecy Engineering Pvt Ltd             Long/ST BkFac      CARE BBB/A3+   90      Reaffirmed
Goyal Energy & Steel Pvt. Ltd.        LTBk Fac           CARE BB+       914.2   Revised from
                                                                                CARE BBB-
ISSUER NOT COOPERATING
Hotel Deepali                         LT Bk Fac          CARE BB        88.5    Reaffirmed
Jpm Exports Pvt Ltd                   LT Bk Fac          CARE D         450     Revised from
                                                                                CARE BB+
Jpm Exports Pvt Ltd                   ST Bk Fac          CARE D         50      Revised from
                                                                                CARE A4+
Krish Cereals Pvt Ltd                 LT BkFac           CARE BB+       230     Revised from
                                                                                CARE BB
(enhanced from 10.00 Crore) ,ISSUER NOT COOPERATING
Mahabal Metals Pvt Ltd                LT BkFac           CARE A         1050.5  Reaffirmed
(enhanced from 36.24 Crore)

Mahabal Metals Pvt Ltd                LT/Shortterm BkFac*CARE A, /A2+   470     Reaffirmed
(enhanced from 27.00 Crore),(Bank facilities amounting to Rs. 5.00 crore has been reclassified
from Long Term/Short Term bank facilities to Short Term bank facilities due to change in the
nature of the facility)

Maheshwari Agro                       LT Bk Fac          CARE B+        8.8     Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Maheshwari Agro                       LT/ ST Bk Fac      CARE B+/A4     60      Revised from
                                                                                CARE BB- /
                                                                                CARE A4
ISSUER NOT COOPERATING
Milestone Gears Pvt Ltd               LT BkFac           CARE BBB       1868.5  Reaffirmed
(enhanced from Rs. 110.92 cr. Crore)
Nav Durga Fuel Pvt Ltd                LT BkFac           CARE BB-       591.5   -
ISSUER NOT COOPERATING
Navayuga Quazigund Expressway Pvt Ltd LT Bk Fac          CARE D         20303.5 Revised from
                                                                                CARE BB+
Operational Energy Group India Ltd    LT Fac             CARE BBB       200     Reaffirmed
(enhanced from 18 Crore)
Ostro Anantapur Pvt Ltd               LT Bk Fac – TL     CARE A (SO)/@  7139    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 

Ostro Anantapur Pvt Ltd               LT Bk Fac – CC     CARE A (SO)/@  436*     Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers.
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms

Ostro Jaisalmer Pvt Ltd               LT Bk Fac – TL     CARE A (SO)/@  3303    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 

Ostro Jaisalmer Pvt Ltd               LT Bk Fac – CC     CARE A (SO)/@  167*    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms

Ostro Madhya Wind Pvt Ltd             LT Bk Fac – TL     CARE A (SO)/@  5563    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 

Ostro Madhya Wind Pvt Ltd             LT Bk Fac – CC     CARE A (SO)/@  559*    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms.


Ostro Urja Wind Pvt Ltd               LT Bk Fac – TL     CARE A (SO)/@  4800    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 

Ostro Urja Wind Pvt Ltd               LT Bk Fac – CC     CARE A (SO)/@  402*    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers.  
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms.

Parsuram Arawali Highways Pvt Ltd     LT Bk Fac – Fund   CARE A-        3200    Assigned
                                      based
(Revised from Provisional CARE A
Parsuram Arawali Highways Pvt Ltd     LT Bk Fac – Non    CARE A-        335     Assigned
                                      Fund based
(Revised from Provisional CARE A
Prathamesh Solarfarms Ltd             LT Bk Fac – TL     CARE A (SO)/@  3465    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 

Prathamesh Solarfarms Ltd             LT Bk Fac – CC     CARE A (SO)/@  119*    Final Rating
@ Structured payment in the form of waterfall payment mechanism as per which in case of
insufficiency of funds to meet the amounts required to be maintained in Debt Service Payment
Account in any of the seven SPVs, the deficit shall be met by support from Surplus Account and
Debt Service Reserve Account of other Co-Borrowers. 
* Sanctioned amount SPV-wise, total amount not to exceed Rs.100 crore on an aggregate basis as
per the sanctioned terms.


Prijai Heat Exchangers Pvt Ltd        LT BkFac           CARE BB+       150.3   Assigned
Prijai Heat Exchangers Pvt Ltd        LT BkFac / STBk    CARE BB+/A4+   100     Assigned
                                      Fac
Safe And Secure Logistics Pvt Ltd     LT BkFac           CARE B+        190     Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Salas Pharmaceuticals Pvt Ltd         LT BkFac           CARE B+        94.4    Revised from
                                                                                CARE BB
ISSUER NOT COOPERATING
San & Co.                             LT Bk Fac          CARE BB-       75      Reaffirmed
Satguru Metals And Power Pvt Ltd      LT BkFac           CARE B+        130.8   Reaffirmed
(enhanced from 4.95 Crore)
Satyesh Brinechem Pvt Ltd             LT BkFac           CARE BBB+      4289    Reaffirmed
Satyesh Brinechem Pvt Ltd             LT/STBk Fac        CARE BBB+/A3+  1500    Reaffirmed
(Enhanced from Rs.122.10 crore Crore)
Sentini Flopipes India Pvt Ltd        LT Bk Fac          CARE BB+       150     Assigned
Shree Gauri Rice Mill Pvt Ltd         LT Bk Fac          CARE BB-       110     Reaffirmed
Shreeji Woodcraft Pvt Ltd             LT BkFac           CARE BBB-      90      Reaffirmed
Sintex-Bapl Ltd                       LT BkFac           CARE BBB+      -       Revised from
                                                                                CARE A
(reduced from Rs.1,961.72 crore Crore)
Sintex-Bapl Ltd                       NCDs (NCD)         CARE BBB+      2000    Revised from
                                                                                CARE A
Sri Langta Baba Steels Pvt Ltd        LT Bk Fac          CARE B+        250     -
ISSUER NOT COOPERATING
Standard Fireworks Pvt Ltd            LT Bk Fac          CARE A-        869.1   -
Placed on credit watch with negative implications
Standard Fireworks Pvt Ltd            LT/ STBk Fac       CARE A- /A2    8       -
Placed on credit watch with negative implications
Stanford Education Society            LT Bk Fac          CARE B         112.5   Assigned
Sunil Hitech Solar (Dhule) Pvt. Ltd.  LT Bk Fac          CARE BB-       232.3   Revised from
                                                                                CARE BB(SO)
Ufm Industries Ltd                    LT Bk Fac          CARE BB        70      Assigned
Varenyam Motor Car                    LT Bk Fac          CARE BB-       112.5   -
ISSUER NOT COOPERATING
Vidhata Industries Pvt Ltd            LT Bk Fac          CARE B+        100     Assigned
Yantra Esolar India Pvt Ltd           LT Bk Fac          CARE B         198.1   Revised from
                                                                                CARE BB(SO)
8K Miles Software Services Ltd        LT Bk Facility-CC  CARE C         150     Revised from
                                      facility                                  CARE BB+
8K Miles Software Services Ltd        Proposed NCDs      CARE C         500     Revised from
                                                                                CARE BB+
8K Miles Software Services Ltd        LT/ST Bk Fac- Over CARE C/A4      100     Revised from
                                      Draft                                     CARE BB+/
                                                                                CARE A4+
8K Miles Software Services Ltd        LT Bk Fac- TL      CARE D         250     Revised from
                                                                                CARE BB+
--------------------------------------------------------------------------------------------
$: 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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