October 6, 2017 / 8:11 AM / 2 months ago

CARE ratings for Indian debt instruments-Oct 6

   Oct 6 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of October 5, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adani Agri Logistics (Hoshangabad) LtdLT/ST Bk Fac       CARE A3+       21.5    Reaffirmed
Bahdl Hospitality Ltd                 ST Bk Fac          CARE A3        75      Reaffirmed
Bodal Chemicals Ltd                   ST Bk Fac          CARE A1        850     Reaffirmed
Cadmach Machinery Company Pvt Ltd     ST Bk Fac          CARE A2+       42.5    Reaffirmed

Can Fin Homes Ltd                     CP                 CARE A1+       45000   Assigned
Dee Development Engineers Ltd         ST Bk Fac          CARE A2        1760    Reaffirmed
Dfm Foods Ltd                         ST Bk Fac          CARE A1        93.3    Reaffirmed
Durga Construction Co.                ST Bk Fac          CARE A4        20      Assigned
Eih Ltd                               ST Bk Fac          CARE A1+       500     Assigned
Gujarat Alkalies And Chemicals Ltd    ST Bk Fac          CARE A1+       450     Reaffirmed
Gujarat Alkalies And Chemicals Ltd    CP Issue           CARE A1+       1000    Reaffirmed
Gujarat State Petronet Ltd            ST Bk Fac          CARE A1+       1000    Reaffirmed
Gv Knits Pvt Ltd                      ST Bk Fac          CARE A4        2       Reaffirmed
Havells India Ltd                     Corporate          CARE CGR 2+            Reaffirmed
                                      Governance Rating
Indus Projects Pvt Ltd                ST Bk Fac          CARE A3        160     Revised from
                                                                                CARE A4+
Iup Jindal Metals & Alloys Ltd        ST Bk Fac          CARE A2        50      Revised from
                                                                                CARE A3+
Jaigad Power Transco Ltd              ST Bk Fac NFB      CARE A1+       75      Assigned
Jm Financial & Investment Consultancy CP                 CARE A1+       2000    Assigned
Services Pvt Ltd
Jm Financial & Investment Consultancy CP (IPO Financing) CARE A1+       8000    Assigned
Services Pvt Ltd
Jm Financial Institutional Securities CP                 CARE A1+       10000   Assigned
Ltd
Jm Financial Properties And Holdings LCP (for IPO        CARE A1+       10000   Assigned
                                      financing)
Jmc Projects (India) Ltd              CP Issue (carved   CARE A1+       1500    Reaffirmed
                                      out of working
                                      capital limits)
K A I International Pvt Ltd           ST Bk Fac          CARE A4+       462.2   Revised from
                                                                                CARE A4
Kota Dall Mill                        ST Bk Fac          CARE A3        1350    Revised from
                                                                                CARE A3+
Kriti Industries (India) Ltd          ST Bk Fac          CARE A2        30      Reaffirmed
Leiner Shoes Pvt Ltd                  ST Bk Fac          CARE A1        27      Reaffirmed
Merino Industries Ltd                 ST Bk Fac          CARE A1+       850     Reaffirmed
Merino Industries Ltd                 CP*                CARE A1+       500     Reaffirmed
*carved out of the sanctioned working capital limits
Merino Panel Products Ltd             ST Bk Fac          CARE A1+       500     Reaffirmed
Minda Kosei Aluminium Wheel Pte Ltd   ST Bk Fac          CARE A1        150     Assigned
Mittal Coin Pvt Ltd                   ST Bk Fac          CARE A3+       200     Reaffirmed
Oil India Ltd                         ST Bk Fac          CARE A1+       24020.3 Reaffirmed
Om Metals Infraprojects Ltd           ST Bk Fac          CARE A2        50      Reaffirmed
Pearl Beverages Ltd                   ST Bk Fac (NonFund CARE A4        100     Reaffirmed
                                      Based)
Power Grid Corporation Of India Ltd   ST Borrowing       CARE A1+       51000   Reaffirmed
                                      Programme/ CP issue
Reliance Industries Ltd               ST - CP            CARE A1+       140000  Reaffirmed
Sahaj Solar Pvt Ltd                   ST Bk Fac          CARE A4        53      Assigned
Sainsons Paper Industries Pvt Ltd     ST Bk Fac          CARE A3+       20      Reaffirmed
Shreeji Pesticides Pvt Ltd            ST Bk Fac          CARE A2+       60      Assigned
Simplex Infrastructures Ltd           ST Debt (including CARE A1        6500    Reaffirmed
                                      CP)@
@ carved out of working capital limits
Soktas India Pvt Ltd                  ST Bk Fac          CARE A3        100     Reaffirmed
Steel Authority Of India Ltd          ST CP/ICD ProgrammeCARE A1+       80000   Reaffirmed
Sunil Healthcare Ltd                  ST Bk Fac          CARE A3+       152.5   Assigned
Super Tannery Ltd                     ST Bk Fac          CARE A3        170     Reaffirmed
Thriveni Earthmovers Pvt Ltd          ST Bk Fac          CARE A2+       6039.6  Placed on
                                                                                credit watch
                                                                                with Developing 
                                                                                Implication
Trion Chemicals Pvt Ltd               ST Bk Fac          CARE A3        158.9   Reaffirmed
Vardaan Exports                       ST Bk Fac          CARE D         10      Issuer not
                                                                                cooperating;
                                                                                Revised from 
                                                                                CARE A4
Vibfast Pigments                      ST Bk Fac          CARE A4        22.4    Assigned
Vibfast Pigments Pvt Ltd              ST Bk Fac          CARE A4        11      Assigned
Vibrant Global Trading Pvt Ltd        ST Bk Fac          CARE A3        173     Reaffirmed
Willowood Chemicals Pvt Ltd           ST Bk Fac          CARE A2+       300     Assigned
Willowood Crop Sciences Pvt Ltd       ST Bk Fac          CARE A2+       30      Assigned


LONG TERM RATINGS:
-------------------
Adani Agri Logistics (Harda) Ltd      LT Bk Fac          CARE BBB       184.8   Reaffirmed
Adani Agri Logistics (Harda) Ltd      LT/ST Bk Fac       CARE BBB/CARE  21.5    Reaffirmed
                                                         A3+
Adani Agri Logistics (Hoshangabad) LtdLT Bk Fac          CARE BBB       186.3   Reaffirmed
Adani Agri Logistics (Satna) Ltd      LT Bk Fac          CARE BBB       174     Reaffirmed
Adani Agri Logistics (Satna) Ltd      LT/ST Bk Fac       CARE BBB/CARE  21.5    Reaffirmed
                                                         A3+
Akshar Cotton Industries              LT Bk Fac          CARE B+        100     Assigned
Alipurduar Transmission Ltd           LT Bk Fac          CARE A-        8370    Reaffirmed
Amit Constructions                    LT Bk Fac          CARE B         50      Assigned
Amul Cotton Industries                LT Bk Fac          CARE B+        65      Reaffirmed
Arcotech Ltd                          LT Bk Fac          CARE BB-       2668.1  Issuer not
                                                                                cooperating;
                                                                                Revised from 
                                                                                CARE BB
Arcotech Ltd                          ST Bk Fac          CARE BB-/CARE  2050    Issuer not
                                                         A4                     cooperating;
                                                                                Revised from 
                                                                                CARE BB/CARE A4
Arl Infratech Ltd                     LT Bk Fac          CARE A-        250     Reaffirmed
Arl Infratech Ltd                     LT / ST Bk Fac     CARE A- /CARE  50      Reaffirmed
                                                         A2+
Arman Financial Services Ltd          LT Bk Fac          CARE BBB       390     Reaffirmed
Arvind Envisol Pvt Ltd                Long/ST Bk Fac#    CARE AA (SO)   370     Reaffirmed
                                                         /CARE A1+ (SO)
Athena Infrastructure Ltd             FB-LT-TL@                                 Withdrawn
@ The above facility is backed by unconditional and irrevocable corporate
  guarantee issued by Indiabulls Real Estate Ltd to the lenders of the 
  company for the repayment obligation on the said facility/instrument. 
Atria Wind Power (Bijapur 2) Pvt Ltd  LT Bk Fac          CARE BBB-      1473.4  Assigned
Babasaheb Bapusaheb Gunjate           LT Bk Fac          CARE B+        60      Assigned
Bahdl Hospitality Ltd                 LT Bk Fac          CARE BBB-      959     Reaffirmed
Baramati Agro Ltd                     *LT Bk Fac         CARE A-        6779.5  Revised from
                                                                                CARE A-
*Bank facilities amounting to Rs.20.00 crore have been reclassified from short
 term facility to long term facility due to interchangeability of 
 fund based and non-fund based limits. 
Baramati Agro Ltd                     Long- term/ ST Bk  CARE A- /CARE  2068    Revised from
                                      Fac                A2                     CARE A-;
                                                                                Negative/ CARE
A2
Bhilwara Jaipur Toll Road Pvt Ltd     LT Bk Fac*         CARE BBB+ (SO) 2320    Reaffirmed
Bihani Binayake Cotex Pvt Ltd         LT Bk Fac          CARE B+        106.9   Assigned
Bloom Fruit & Vegetables Pvt. Ltd.    ST Bk Fac *        CARE A (SO)    50      Assigned
* Backed by unconditional and irrevocable corporate guarantees of Future Consumer Ltd
Bloom Fruit & Vegetables Pvt. Ltd.    ST Bk Fac %        Provisional    50      Assigned
                                                         CARE A (SO)
% Proposed to be backed by unconditional and irrevocable corporate
  guarantees of Future Consumer Ltd.
Bodal Chemicals Ltd                   LT Bk Fac          CARE A         770     Revised from
                                                                                CARE A
Brua Hydrowatt Pvt Ltd                LT Bk Fac          CARE BBB-      530     Reaffirmed
Cadmach Machinery Company Pvt Ltd     LT Bk Fac          CARE A-        44.3    Reaffirmed
Can Fin Homes Ltd                     Secured Redeemable CARE AAA       25000*  Reaffirmed
                                      NonConvertible
                                      Debenture
Can Fin Homes Ltd                     Secured Redeemable CARE AAA       25000#  Reaffirmed
                                      NonConvertible
                                      Debenture
Can Fin Homes Ltd                     Tier II Bonds      CARE AAA       3000    Reaffirmed
                                      (Subordinated
                                      Bonds)
Can Fin Homes Ltd                     Proposed Secured   CARE AAA       30000   Assigned
                                      Redeemable NCD
Can Fin Homes Ltd                     Secured Redeemable                        Withdrawn
                                      NonConvertible
                                      Debenture^
^Withdrawn as the instrument has been fully redeemed there is no amount
 outstanding against the said instrument
Caspian Impact Investments Pvt Ltd    NCDs               CARE BBB       800     Reaffirmed
Caspian Impact Investments Pvt Ltd    LT Bk Fac          CARE BBB       200     Reaffirmed
Celogen Pharma Pvt Ltd                LT/ST Bk Fac       CARE BB-/CARE  60      Assigned
                                                         A4
Celogen Pharma Pvt Ltd                Proposed LT/ST Bk  CARE BB-/CARE  30      Assigned
                                      Fac                A4
Container Corporation Of India Ltd    LT Bk Fac          CARE AAA       3820    Reaffirmed
Container Corporation Of India Ltd    Issuer Rating*     CARE AAA (Is)          Reaffirmed
*CARE Rating has applied its rating methodology for Issuer rating to assess 
credit rating of Container Corporation of India Limited.
Dee Development Engineers Ltd         LT Bk Fac          CARE A-        493.6   Reaffirmed
Dee Development Engineers Ltd         LT/ST Bk Fac       CARE A-/CARE A25140    Reaffirmed
Dfm Foods Ltd                         LT Bk Fac          CARE A         996.6   Reaffirmed
Dhanlaxmi Bank Ltd                    Upper Tier II BondsCARE BB        275     Revised from
                                                                                CARE D
Dhanlaxmi Bank Ltd                    Lower Tier II BondsCARE BB+       1177    Reaffirmed
Dhruvi Pharma Pvt Ltd                 LT Bk Fac          CARE A-(SO)    170     Reaffirmed
Dhunseri Tea & Industries Ltd         LT Bk Fac – CC     CARE A+        670     Reaffirmed
Dhunseri Tea & Industries Ltd         LT Bk Fac –        CARE A+        484.7   Reaffirmed
                                      Standby LOC
Diya Hygiene Flours Pvt Ltd           LT Bk Fac          CARE BB        50      Assigned
Durga Construction Co.                LT Bk Fac          CARE B+        40      Assigned
Emson Gears Ltd                       LT Bk Fac          CARE BB*       680     Revised from
                                                                                CARE BB-
*The combined business and financial risk profiles of Emson Gears Limited 
 (EGL) and Osho Forge Limited (OFL) have been considered as both companies 
 (together referred to as ‘Group’) have common management and have operational linkages 
Focus Medisales Pvt Ltd               LT Bk Fac          CARE A-(SO)    150     Reaffirmed
Gspl India Gasnet Ltd                 LT / ST Bk Fac     CARE AA+ (SO)  400     Reaffirmed
                                                         /CARE A1+ (SO)
Gspl India Transco Ltd                LT / ST Bk Fac     CARE AA+ (SO)  250     Reaffirmed
                                                         /CARE A1+ (SO)
Gujarat Alkalies And Chemicals Ltd    LT Bk Fac          CARE AA+       3495.7  Reaffirmed
Gujarat State Petronet Ltd            LT Bk Fac          CARE AA+       4000    Reaffirmed
Gujarat State Petronet Ltd            LT / ST Bk Fac     CARE AA+ /CARE 28000   Reaffirmed
                                                         A1+
Gv Knits Pvt Ltd                      LT Bk Fac          CARE B+        63.9    Reaffirmed
Heritage Distilleries Pvt Ltd         LT Bk Fac          CARE B         11.8    Assigned
Himalayan Creamery Pvt Ltd            LT Bk Fac          CARE B         80      Assigned
Indus Projects Pvt Ltd                LT Bk Fac          CARE BBB-      35      Revised from
                                                                                CARE BB+
Iup Jindal Metals & Alloys Ltd        Long/ST Bk Fac     CARE A-/CARE A2250     Revised from
                                                                                CARE BBB+/
                                                                                CARE A3+
Jaigad Power Transco Ltd              LT Bk Fac (TL)     CARE AA-       2200    Revised from
                                                                                CARE A+
Jaigad Power Transco Ltd              LT Bk Fac CC       CARE AA-       150     Revised from
                                                                                CARE A+
Jmc Projects (India) Ltd              LT Bk Fac          CARE A+        8249.6  Reaffirmed
Jmc Projects (India) Ltd              LT/ST Bk Fac       CARE A+ /CARE  35000   Reaffirmed
                                                         A1+
K A I International Pvt Ltd           LT Bk Fac          CARE BB+       250     Revised from
                                                                                CARE BB
Keimed Pvt Ltd                        LT Bk Fac          CARE A-        450     Reaffirmed
Kota Dall Mill                        LT Bk Fac          CARE BBB-      100     Reaffirmed
Kota Dall Mill                        LT / ST Bk Fac     CARE BBB-      400     rating
                                                         /CARE A3               revised from
                                                                                CARE A3+
Kriti Industries (India) Ltd          LT Bk Fac          CARE BBB+      646.2   Reaffirmed
Kriti Industries (India) Ltd          Long/ST Bk Fac     CARE BBB+/CARE 1108.8  Reaffirmed
                                                         A2
Kriti Nutrients Ltd                   LT Bk Fac          CARE BBB       320     Reaffirmed
Kriti Nutrients Ltd                   Long/ST Bk Fac     CARE BBB/CARE  200     Reaffirmed
                                                         A3+
Leiner Shoes Pvt Ltd                  LT Bk Fac          CARE A         60      Assigned
Leiner Shoes Pvt Ltd                  LT/ST Bk Fac       CARE A/CARE A1 240     Reaffirmed
Lic Housing Finance Ltd.              NCD issue          CARE AAA       1207910 Reaffirmed
Lic Housing Finance Ltd.              Lower Tier II BondsCARE AAA       7500    Reaffirmed
Lic Housing Finance Ltd.              Upper Tier II BondsCARE AAA       16000   Reaffirmed
Lucky Pharmaceuticals Pvt Ltd         LT Bk Fac          CARE A-(SO)    120     Reaffirmed
Mahabal Metals Pvt Ltd                LT Bk Fac*         CARE A-        362.4   Revised from
                                                                                CARE BBB+
* Bank facilities amounting to Rs.32.00 crore have been reclassified from
  long term to long term/short term facility due to interchangeability of
  the fund based and non-fund based limits. 
Mahabal Metals Pvt Ltd                LT/ST Bk Fac*      CARE A-/CARE   320     Long term
                                                         A2+                    rating
                                                                                revised from 
                                                                                CARE BBB+
* Bank facilities amounting to Rs.32.00 crore have been reclassified from
  long term to long term/short term facility due to interchangeability of
  the fund based and non-fund based limits. 
Maheshwar Multitrade Pvt Ltd          LT Bk Fac          CARE B+        126.8   Reaffirmed
Malwa Power Pvt Ltd                   LT Bk Fac          CARE A- (SO)   86.2    Reaffirmed
Maruti Gems                           LT/ ST Bk Fac      CARE BB+ /CARE 80      Reaffirmed
                                                         A4+
Mayank Aqua Products                  LT / ST Bk Fac     CARE BBB-/CARE 95      Assigned
                                                         A3
Medihauxe Pharma Pvt Ltd              LT Bk Fac          CARE A-(SO)    140     Reaffirmed
Meher Distributors Pvt Ltd            LT Bk Fac          CARE A-(SO);   360     Reaffirmed
Merino Industries Ltd                 LT Bk Fac          CARE AA-       1375.4  Reaffirmed
Merino Industries Ltd                 LT/ST Bk Fac       CARE AA-/CARE  280     Reaffirmed
                                                         A1+
Merino Panel Products Ltd             LT Bk Fac          CARE AA-       120     Reaffirmed
Merino Panel Products Ltd             LT/ST Bk Fac       CARE AA-/CARE  80      Reaffirmed
                                                         A1+
Minda Kosei Aluminium Wheel Pte Ltd   LT Bk Fac          CARE A         1450    Assigned
Minda Kosei Aluminium Wheel Pte Ltd   LT Bk Fac          CARE AA- (SO)  1480    Revised from
                                                                                CARE A+ (SO)
Mittal Appliances Ltd                 LT Bk Fac          CARE BBB+      405     Reaffirmed
Mittal Appliances Ltd                 LT/ST Bk Fac       CARE BBB+      2900    Reaffirmed
                                                         /CARE A3+
Mittal Coin Pvt Ltd                   LT Bk Fac          CARE BBB+      394.5   Reaffirmed
Modern Academy                        LT Bk Fac          CARE BB+       54.4    Assigned
Moradabad Bareilly Expressway Ltd     LT Bk Fac (TL)                            Withdrawn
Namra Finance Ltd                     LT Bk Fac*         CARE BBB (SO)  819.5   Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee extended by
 Arman Financial Services Limited (AFSL, rated CARE BBB);
Namra Finance Ltd                     NCD Issue*         CARE BBB (SO); 333     Reaffirmed
*Backed by unconditional and irrevocable corporate guarantee extended 
 by Arman Financial Services Limited (AFSL, rated CARE BBB);
Namra Finance Ltd                     LT Bk Fac#         CARE BBB;      132.5   Reaffirmed
# These facilities of Namra Finance Limited do not carry any credit enhancement by AFSL.
Namra Finance Ltd                     Proposed LT Bk Fac^Provisional    648     Reaffirmed
                                                         CARE BBB (SO);
^Proposed to be backed by an unconditional and irrevocable corporate guarantee 
 to be provided by AFSL. ‘Provisional’ rating shall be finalized on submission 
 of the executed corporate guarantee document by AFSL to the satisfaction of CARE 
Neelkanth Drugs Pvt Ltd               LT Bk Fac          CARE A-(SO)    340     Reaffirmed
Nitesh Pune Mall Pvt Ltd              NCDs               CARE B+        2350    Reaffirmed
Oil India Ltd                         LT Bk Fac          CARE AAA       2000    Reaffirmed
Om Metals Infraprojects Ltd           LT Bk Fac          CARE BBB+      1320    Reaffirmed
Om Metals Infraprojects Ltd           LT/ ST Bk Fac      CARE BBB+/CARE 4070    Reaffirmed
                                                         A2
Osho Forge Ltd                        LT Bk Fac          CARE BB        580     Revised from
                                                                                CARE BB-
Palepu Pharma Pvt Ltd                 LT Bk Fac          CARE A-(SO)    550     Reaffirmed
Pearl Beverages Ltd                   LT Bk Fac (Fund    CARE BB-       305     Reaffirmed
                                      Based)
Pearl Beverages Ltd                   LT Bk Fac (TL)     CARE BB-       97.5    Reaffirmed
Pearl Bottling Pvt Ltd                LT Bk Fac (Fund    CARE BB-       175     Reaffirmed
                                      Based)
Pearl Bottling Pvt Ltd                LT Bk Fac (TL)     CARE BB-       86.9    Reaffirmed
Pearl Drinks Ltd                      LT Bk Fac (Fund    CARE BB-       60      Reaffirmed
                                      Based)
Pondicherry Tindivanam Tollway Ltd    LT Bk Fac          CARE B         2109.4  Reaffirmed
Power Grid Corporation Of India Ltd   LT Bk Fac          CARE AAA       266190  Reaffirmed
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       816637.2Reaffirmed
                                      Programme
Power Grid Corporation Of India Ltd   LT bonds (Series   CARE AAA       8520    Reaffirmed
                                      XXVI & XXVII)
Power Grid Corporation Of India Ltd   LT/ST Bk Fac       CARE AAA/CARE  22000   Reaffirmed
                                                         A1+
Premiere Cryogenics Ltd               LT Bk Fac          CARE BBB+      350     Reaffirmed
Punjab Infrastructure Development BoarBonds-Series I     CARE BBB (SO)  309.3   Placed on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
Punjab Infrastructure Development BoarBonds-Series II    CARE BBB (SO)  4999.3  Placed on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
Punjab Infrastructure Development BoarBonds-Series III   CARE BBB (SO)  1500.3  Placed on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
Punjab Infrastructure Development BoarBonds – Series IV  CARE BBB (SO)  3050    Placed on
                                                                                Credit Watch
                                                                                with Developing
                                                                                Implications
Rahul Pam Pvt Ltd                     LT Bk Fac          CARE BB-;      240     Reaffirmed
Rbl Bank Ltd                          Tier II Bonds      CARE AA-       8000    Reaffirmed
                                      (Basel III)
Reliance Industries Ltd               NCD                CARE AAA       100000
Reliance Industries Ltd               NCD/CP(Proposed)   CARE           10000
                                                         AAA;Stable
                                                         /CARE A1+
Rimjhim Stainless Ltd                 LT Bk Fac          CARE BBB- (SO) 1288.8  Revised from
                                                                                CARE B+
Rithwik Projects Pvt Ltd              LT Bk Fac          CARE BB        15127.1 Reaffirmed
Rohan Gruhnirman Llp                  LT Bk Fac*         CARE BBB+ (SO  700     Assigned
*Based on the strength of the co borrower of the loan, Rohan Builders 
and Developers Private Limited (CARE BBB+).
Roopchand Hotels Pvt Ltd              LT Bk Fac          CARE B+        55.8    Assigned
Sahaj Solar Pvt Ltd                   LT Bk Fac          CARE BB-       24.1    Assigned
Sainsons Paper Industries Pvt Ltd     LT Bk Fac          CARE BBB+      455.1   Reaffirmed
Samridhi Realty Homes Pvt Ltd         LT Bk Fac          CARE BB-       600     Reaffirmed
Sanjeevani Pharma Distributors Pvt LtdLT Bk Fac          CARE A-(SO)    200     Reaffirmed
Segno Ceramics Pvt Ltd                LT Bk Fac          CARE BB-       330.3   Reaffirmed
Selene Construction Ltd               FB-LT-TL@                                 Withdrawn
@ The above facility is backed by unconditional and irrevocable corporate
  guarantee issued by Indiabulls Real Estate Ltd to the lenders of the company 
  for the repayment obligation on the said facility/instrument. 
Shree Rathi Steel (Dakshin) Ltd       LT Bk Fac          CARE BBB+      125     Issuer not
                                                                                cooperating
Shreeji Pesticides Pvt Ltd            LT Bk Fac          CARE BBB+      90      Assigned
Simplex Infrastructures Ltd           LT Bk Fac          CARE A         25429.6 Reaffirmed
Simplex Infrastructures Ltd           NCDs               CARE A         5500    Reaffirmed
Simplex Infrastructures Ltd           Long/ST Bk Fac     CARE A/CARE A1 80000   Reaffirmed
Simplex Infrastructures Ltd           ST Debt (including                        Withdrawn
                                      CP)
Singh Construction Company            LT Bk Fac          CARE BBB-;     800     Assigned
Soktas India Pvt Ltd                  LT Bk Fac          CARE BBB-      408.4   Reaffirmed
Soktas India Pvt Ltd                  Long/ST Bk Fac     CARE BBB-      200     Reaffirmed
                                                         /CARE A3
Srinivasa Medisales Pvt Ltd           LT Bk Fac          CARE A-(SO)    100     Reaffirmed
Steel Authority Of India Ltd          LT Bond Programme-ICARE AA-       43230   Revised from
                                                                                CARE AA
Steel Authority Of India Ltd          LT Bond            CARE AA-       30000   Revised from
                                      Programme-II                              CARE AA
Steel Authority Of India Ltd          LT Bond            CARE AA-       60000   Revised from
                                      Programme-III                             CARE AA
Steel Authority Of India Ltd          LT Bond            CARE AA-       20000   Revised from
                                      Programme-IV                              CARE AA
Steel Authority Of India Ltd          Proposed LT Bond   CARE AA-       20000   Revised from
                                      Programme-V                               CARE AA
Steel Authority Of India Ltd          Proposed LT Public CARE AA-       10000   Revised from
                                      Deposit Programme                         CARE AA
Stride’S Charitable Trust             LT Bk Fac          CARE B+        80      Assigned
Sunil Healthcare Ltd                  LT Bk Fac          CARE BBB       286.8   Assigned
Super Tannery Ltd                     LT Bk Fac          CARE BBB-      1016    Reaffirmed
Supreme Exports                       LT Bk Fac          CARE B+        80      Revised from
                                                                                CARE B
Sushma Buildtech Ltd                  LT Bk Fac          CARE BBB-      1125.7  Reaffirmed
The Madras Silks India Pvt Ltd        LT Bk Fac          CARE BBB       1326.6  Revised from
                                                                                CARE BBB+
The Madras Silks India Pvt Ltd        LT/ST Bk Fac       CARE BBB/CARE  1620    Revised from
                                                         A3+                    CARE BBB+/
                                                                                CARE A3+
Thriveni Earthmovers Pvt Ltd          LT Bk Fac          CARE A-        2529.8  Placed on
                                                                                credit watch
                                                                                with Developing
                                                                                Implication
Trion Chemicals Pvt Ltd               LT Bk Fac          CARE BBB-      344     Reaffirmed
United Petro Finance Ltd              LT Bk Fac          CARE BBB       1000    Assigned
Vardaan Exports                       LT Bk Fac          CARE D         140     Issuer not
                                                                                cooperating;
                                                                                Revised from
                                                                                CARE B+
Vardaan Exports                       LT/ ST Bk Fac      CARE D         30      Issuer not
                                                                                cooperating;
                                                                                Revised from 
                                                                                CARE B+/CARE A4
Vardhman Pharma Distributors Pvt Ltd  LT Bk Fac          CARE A-(SO)    350     Reaffirmed
Velankani Information Systems Ltd     NCDSubordinated    CARE A- (SO)   500     Reaffirmed
                                      (Series B and D
                                      NCDs)
Velankani Information Systems Ltd     NCDSenior NCD      CARE AA (SO)   2650    Reaffirmed
                                      (Series A,C,E,F)
Velankani Information Systems Ltd     Non- Convertible   CARE BBB       290
                                      Debenture
                                      Subordinated NCD
Vibfast Pigments                      LT/ST Bk Fac       CARE BB/CARE A4112     Assigned
Vibfast Pigments Pvt Ltd              LT Bk Fac          CARE BB        10.2    Assigned
Vibfast Pigments Pvt Ltd              LT/ST Bk Fac       CARE BB/CARE A4102     Assigned
Vibrant Global Trading Pvt Ltd        LT Bk Fac          CARE BBB-      300     Reaffirmed
Vijay M. Mistry Construction Pvt Ltd  LT/ST Bk Fac       CARE A-/CARE   2500    Reaffirmed
                                                         A2+
Vikram Traders                        LT Bk Fac          CARE BB-       110     Revised from
                                                                                CARE BB
Welspun Pipes Inc                     FB Fac (LT)^       CARE A+        3248    Reaffirmed
^USD 50 Million @ 64.9596, RBI Reference Rate as on Sep 22, 2017
Welspun Pipes Inc                     LT Bk FacTL                       656.3   Withdrawn
Willowood Chemicals Pvt Ltd           LT Bk Fac          CARE BBB+      200     Assigned
Willowood Crop Sciences Pvt Ltd       LT Bk Fac          CARE BBB+      170     Assigned
--------------------------------------------------------------------------------------------
$: 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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