September 16, 2019 / 5:15 AM / 2 months ago

CARE ratings for Indian debt instruments-Sep 16

    Sep 16 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 13, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ansapack Pvt Ltd                      ST Bk Fac          CARE A4        -       Withdrawn
Armstrong India Constructions         ST Bk Fac          CARE A4        170     Reaffirmed
Armstrong India Constructions         Proposed -ST Bk    CARE A4        130     Assigned
                                      Fac
Bansal Associates                     ST Bk Fac          CARE A4/       70      -
Issuer not cooperating; Based on best available information
Daga Poly Laminators Pvt Ltd          ST Bk Fac          CARE A4        85
“Issuer not cooperating; Revised from CARE A4+ on the basis of best available Information”
Daga Strips Pvt Ltd                   ST Bk Fac          CARE A4        10
“Issuer not cooperating; Based on best available Information”
Deep Industries Ltd                   ST Bk Fac          CARE A2+       21.7
Continues to be on credit watch with developing implications
Divine Cera Wool India Llp            ST Bk Fac          CARE A4        10      -
Issuer not co-operating; Based on best available information
Hindustan Adhesives Ltd               ST Bk Fac – Fund / CARE A3        110.6   Assigned
                                      Non fund based
International Print-O-Pac Ltd.        ST Bk Fac          CARE A3        125
Revised from CARE A2
K Sambhav Powertronics Pvt Ltd        ST Bk Fac          CARE A4        30      -
Issuer not cooperating; Based on best available information
Mangaldeep Superstructures Pvt Ltd    ST Bk Fac          CARE A4        35
“Issuer not cooperating; based on best available information”
Manu Electricals Pvt Ltd              ST Bk Fac          CARE A4        100     -
Issuer not cooperating; Based on best available information
Mother Dairy Fruit & Vegetable Pvt LtdBk Fac – FB – ST–  CARE A1+       550     Reaffirmed
                                      Pre/ Post shipment
                                      credit
Mother Dairy Fruit & Vegetable Pvt LtdBk Fac – Non-FB –  CARE A1+       1100    Reaffirmed
                                      ST Fac
(enhanced from 80.00 Crore)
Mother Dairy Fruit & Vegetable Pvt LtdBk Fac – FB – ST–  CARE A1+       2000    Assigned
                                      TL
Mother Dairy Fruit & Vegetable Pvt LtdCP*                CARE A1+       6000    Reaffirmed
*carved out of the sanctioned working capital limits of the company.
Partap Fabrics Pvt Ltd                ST Bk Fac          CARE A4        68
INC revoked;Rating revised from CARE A4+; Issuer not cooperating (reduced from 50.50 Crore)
Rudra Industries                      ST Bk Fac          -              -
Reaffirmed and Withdrawn
Shri Ram Panels                       ST Bk Fac          CARE A4        20      Reaffirmed
Tata Realty And Infrastructure Ltd    ST Bk Fac – Fund   CARE A1+       1000    Reaffirmed
                                      Based
Tata Realty And Infrastructure Ltd    ST Bk Fac –        CARE A1+       1850    Reaffirmed
                                      Non-fund Based
Tata Realty And Infrastructure Ltd    ST Bk Fac – Fund   CARE A1+       1150    Reaffirmed
                                      based/Non-fund
                                      Based
Tata Realty And Infrastructure Ltd    CP Issue           CARE A1+       22000   Reaffirmed
(enhanced from Rs.1800 crore)
Touchstone Fine Jewellery             ST Bk Fac          CARE A4/       1       -
Issuer not cooperating Based on best available information
Varad Extrusions Pvt Ltd              Short -term Bk Fac CARE A4,       30      -
Issuer not cooperating: On the basis of best available Information

LONG TERM RATINGS:
-------------------
Agrawal Roadlines Pvt Ltd             LT Bk Fac          CARE BB/       140     Reaffirmed
                                                         Stable
Agrawal Roadlines Pvt Ltd             LT/ ST Bk Fac      CARE BB/       71.5    Reaffirmed
                                                         Stable/ A4+
(Enhanced from 3.00 Crore)
Ajmer Vidyut Vitran Nigam Ltd         Proposed LT bond   Prov-CARE A+   -       Withdrawn
                                      issue              (SO); Stable
Ansapack Pvt Ltd                      TL                 CARE BB;Stable -       Withdrawn
Ansapack Pvt Ltd                      LT Bk Fac          CARE BB;Stable -       Withdrawn
Arman Financial Services Ltd          NCD Issue          CARE BBB+/     275     Reaffirmed
                                                         Stable
(reduced from 28.00 Crore)
Arman Financial Services Ltd          NCD Issue          CARE BBB+/     275     Reaffirmed
                                                         Stable
(reduced from 28.00 Crore)
Armstrong India Constructions         LT Bk Fac          CARE BB-/      70      Reaffirmed
                                                         Stable
Armstrong India Constructions         Proposed -LT Bk    CARE BB-/      30      Assigned
                                      Fac                Stable
Bajoria Agro Processing Pvt Ltd       LT Bk Fac          CARE B/ Stable 320
“Issuer not cooperating; Revised from CARE B+; Stable; Issuer not cooperating on the basis of
best available information
Bank Of Baroda                        Tier II Bonds      CARE AAA/      30000   Assigned
                                      (Basel III         Stable
                                      compliant)&
&Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable.
Bansal Associates                     LT Bk Fac          CARE BB/ Stable30      -
Issuer not cooperating; Based on best available information
Bhavanam Textiles India Pvt Ltd       Long -term Bk Fac  CARE B+/       122.3   -
                                                         Stable
Issuer not cooperating: On the basis of best available Information
Cgr Collateral Management Ltd         LT Bk Fac          CARE D/        95
“Issuer not cooperating; Based on best available information”
Cleanmax Ipp 2 Pvt Ltd                LT Bk Fac          CARE BBB/      1580    Assigned
                                                         Stable
Daga Poly Laminators Pvt Ltd          LT Bk Fac          CARE BB/       6
                                                         Stable/
“Issuer not cooperating; Revised from CARE BB+ Stable Outlook:Stable on the basis of best
available Information”
Daga Poly Laminators Pvt Ltd          LT/ST Bk Fac       CARE BB/       120
                                                         Stable/ A4
“Issuer not cooperating; Revised from CARE BB+ Stable/CARE A4+(Outlook:Stable) on the basis of
best available Information”
Daga Polypack Pvt Ltd                 LT Bk Fac          CARE BB-/      39.5
                                                         Stable
“Issuer not cooperating; Based on best available Information”
Daga Polypack Pvt Ltd                 LT/ST Bk Fac       CARE BB-/      24
                                                         Stable/ A4
“Issuer not cooperating; Based on best available Information”
Daga Strips Pvt Ltd                   LT Bk Fac          CARE BB-/      18.9
                                                         Stable
“Issuer not cooperating; Based on best available Information”
Daga Strips Pvt Ltd                   LT/ST Bk Fac       CARE BB-/      25
                                                         Stable/ A4
“Issuer not cooperating; Based on best available Information”
Daga Udhyog                           LT Bk Fac          CARE BB-/      3.2
                                                         Stable
“Issuer not cooperating; Based on best available Information”
Daga Udhyog                           LT/ST Bk Fac       CARE BB-/      90
                                                         Stable/ A4
“Issuer not cooperating; Based on best available Information”
Dcm Shriram Industries Ltd            CP Issue           -              -       Withdrawn
Deep Industries Ltd                   LT Bk Fac          CARE A-        1271.1
Continues to be on credit watch with developing implications (reduced from 150.62 Crore)
Deep Industries Ltd                   LT / ST Bk Fac     CARE A-/ A2+   775
Continues to be on credit watch with developing implications (reduced from 90.00 Crore)
Divine Cera Wool India Llp            LT Bk Fac          CARE B/ Stable 75.4    -
Issuer not co-operating; Based on best available information
Dodsal Enterprises Pvt Ltd            LT Bk Fac          CARE BB (CE),  350     -
                                                         Stable
Issuer not cooperating, Revised from CARE BBB- (SO); Stable [Outlook: Stable] on the basis of
best available information ; *backed by credit enhancement in the form of Irrevocable and
unconditional corporate guarantee extended by Dodsal Engineering and Construction Pte Limited
(DECPL, operating out of Dubai, UAE) to the lenders of Dodsal Enterprises Pvt Ltd (DEPL) for
repayment of the obligations on the bank facilities of Rs.575 crore.
Dodsal Enterprises Pvt Ltd            LT/ST Bk Fac       CARE BB (CE)/  5400    -
                                                         Stable / A4
                                                         (CE)
Issuer not cooperating, Revised from CARE BBB- (SO); Stable /CARE A3 (SO)[Outlook: Stable] on
the basis of best available information ; *backed by credit enhancement in the form of
Irrevocable and unconditional corporate guarantee extended by Dodsal Engineering and
Construction Pte Limited (DECPL, operating out of Dubai, UAE) to the lenders of Dodsal
Enterprises Pvt Ltd (DEPL) for repayment of the obligations on the bank facilities of Rs.575
crore.
Dr Anar Singh Educational Trust       LT Bk Fac          CARE B/ Stable -       Withdrawn
Drs Warehousing (North) Pvt Ltd       LT Bk Fac          CARE BB+/      431.5
                                                         Stable
Revised from CARE BBB-;Stable; Outlook Stable; Issuer not cooperating on the basis of best
available information
Hindustan Adhesives Ltd               LT Bk Fac – TL     CARE BBB-/     231.4   Assigned
                                                         Positive
Hindustan Adhesives Ltd               LT Bk Fac – fund   CARE BBB-/     208     Assigned
                                      based              Positive
Icon Hospitality Pvt Ltd              LT Bk Fac- TL      CARE BBB (CE)/ 200     -
                                                         Stable
Issuer not cooperating; Based on best available information
International Print-O-Pac Ltd.        LT Bk Fac          CARE BBB-/     125
                                                         Negative
Revised from CARE BBB+;Stable (Outlook: Stable)
Jaipur Vidyut Vitran Nigam Ltd        Proposed LT bond   Prov-CARE A+   -       Withdrawn
                                      issue              (SO); Stable
Jodhpur Vidyut Vitran Nigam Ltd       Proposed LT bond   Prov-CARE A+   -       Withdrawn
                                      issue              (SO); Stable
K Sambhav Powertronics Pvt Ltd        LT Bk Fac          CARE B/ Stable 30      -
Issuer not cooperating; Based on best available information
Kamal Ideal Infratech Pvt Ltd         LT Bk Fac          -              -       Withdrawan#
# The ratings have been withdrawn on the receipt of the No Dues Certificate from the bank and
the withdrawal request from the client as per CARE’s policy.
Kamal Ideal Infratech Pvt Ltd         Non-FB - LT/       CARE D         7.9     -
                                      ST-BG/LC
Issuer not cooperating; Based on best available information
Kashi Vishwanath Stone Crusher        LT Bk Fac          CARE B+/ Stable50      -
Issuer not cooperating; Based on best available information
Ksheersagar Developers Pvt. Ltd       LT Bk Fac- TL      CARE BBB (CE)/ 389.9   -
                                                         Stable
Issuer not cooperating; Based on best available information
Kusumgar Corporates Pvt Ltd           LT Bk Fac TL       CARE BBB+/     197.5
                                                         Stable
Rating reaffirmed; Outlook revised from Positive to Stable
Kusumgar Corporates Pvt Ltd           LT/ST Bk Fac -     CARE BBB+/     235
                                      FB/NFB             Stable/ A2
Rating reaffirmed; Outlook revised from Positive to Stable
Lords Travels Pvt Ltd                 LT Bk Fac          CARE BB/ Stable50      -
Issuer not cooperating; Based on best available information
Mahadev Marmo Pvt Ltd                 LT Bk Fac          CARE BB; Stable-
Reaffirmed and Withdrawn
Mangaldeep Superstructures Pvt Ltd    LT Bk Fac          CARE B/ Stable 62.5
“Issuer not cooperating; Revised from CARE B+; Stable; Issuer not cooperating on the basis of
best available information
Manu Electricals Pvt Ltd              LT Bk Fac          CARE BB/ Stable150     -
Issuer not cooperating; Based on best available information
Maruti International                  LT Bk Fac          CARE B+; Stable-       Withdrawn
Mn Bio-Technology Pvt Ltd             LT Bk Fac          CARE BBB-/     500     Assigned
                                      (Proposed Lease    Stable
                                      Rental Discounting loan)
Mother Dairy Fruit & Vegetable Pvt LtdBk Fac – FB – LT – CARE AA+/      9400
                                      CC                 Stable
Revised from CARE AAA; Stable [Outlook: Stable]
Mother Dairy Fruit & Vegetable Pvt LtdBk Fac – FB – LT – CARE AA+/      337.5
                                      TL                 Stable
Revised from CARE AAA; Stable [Outlook: Stable]
Mswipe Technologies Pvt Ltd           LT Bk Fac          CARE BB+/      165.5   Assigned
                                                         Stable
Namra Finance Ltd                     NCD Issue-1        CARE BBB+/     333     Reaffirmed
                                                         Stable
Namra Finance Ltd                     NCD Issue-2        CARE BBB+/     415     Reaffirmed
                                                         Stable
(reduced from 43.00 Crore)
North Karnataka Expressway Ltd        LT instruments-    -              -       Withdrawn
                                      NCD (NCDs)
Northern Arc 2019 Mfi Witten          Series A1 PTC      CARE A (SO)    149.5
(Originator Dvara Kshetriya Gramin
Financial Services Pvt Ltd)...
Final Rating Assigned; Series A1 and A2 PTCs are rated on Ultimate Payment basis
Northern Arc 2019 Mfi Witten          Series A2 PTC      CARE BBB (SO)  10.7
(Originator Dvara Kshetriya Gramin
Financial Services Pvt Ltd)...
Final Rating Assigned; Series A1 and A2 PTCs are rated on Ultimate Payment basis
Omrv Hospitals Pvt Ltd                Long -term Bk Fac  CARE B/ Stable 61.4    -
Issuer not cooperating: On the basis of best available Information
Partap Fabrics Pvt Ltd                LT Bk Fac          CARE BB/       410.4
                                                         Stable
INC revoked;Rating revised from CARE BB+; Stable; Issuer not cooperating Outlook: Stable;
Pink City Expressway Pvt Ltd          LT Bk Fac          CARE D         17905.5 -
Issuer not cooperating; Based on best available information
Radhegovindkripa Developers Pvt Ltd   LT Bk Fac          -              -       Withdrawn
Raheja Developers Ltd                 LT Bk Fac          CARE D         11716.4
Revised from CARE B; Stable; Issuer not cooperating Outlook; Stable;
Raheja Icon Entertainment Pvt Ltd     NCD issue^         CARE D         680
Revised from CARE B (CE); Stable; Issuer not cooperating; Based on best available information ;
^The above rating is based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee from Raheja Developers Limited (RDL) rated CARE D; Issuer Not
Cooperating
Royal Orchid Hotels Ltd               LT Bk Fac- TL      CARE BBB/      384.8   -
                                                         Stable
Issuer not cooperating; Based on best available information
Rudra Industries                      LT Bk Fac          -              -
Reaffirmed and Withdrawn
Shree Daga Steel                      LT Bk Fac          CARE BB-/      3.3
                                                         Stable
“Issuer not cooperating; Based on best available Information”
Shree Daga Steel                      LT/ST Bk Fac       CARE BB-/      55
                                                         Stable/ A4
“Issuer not cooperating; Based on best available Information”
Shree Mahavir Agency                  LT Bk Fac          CARE BB/       100     Reaffirmed
                                                         Stable
Shri Babu Singh Daddu Ji Educational  Long- Term Bk Fac  -              -       Withdrawn
Trust
Shri Ram Panels                       LT Bk Fac          CARE BB/       120
                                                         Stable
Revised from CARE BB-; Stable (Outlook: Stable)
Sri Seetarama Agro Industries         LT Bk Fac          CARE BB-/      124.5
                                                         Stable
Non-cooperation revoked and revised from CARE B+; Stable; Issuer not cooperating (Outlook:
Stable)
Sri Shandar Snacks Pvt Ltd            LT Bk Fac          CARE D         80      -
Issuer not cooperating; Based on best available information
Touchstone Fine Jewellery             LT Bk Fac          CARE B+/ Stable100     -
Issuer not cooperating: Based on best available information
Trishul Dream Homes Ltd               LT Bk Fac          CARE B+/ Stable150     -
Issuer not cooperating;Based on best available information
Trishul Dream Homes Ltd               Non-fundbased -    CARE B+/       270     -
                                      LT/ STBG/LC        Stable / A4
Issuer not cooperating;Based on best available information
Varad Extrusions Pvt Ltd              Long -term Bk Fac  CARE BB-/      93.6    -
                                                         Stable/
Issuer not cooperating: Revised from CARE BB: Stable(Outlook:Stable) On the basis of best
available Information
Vichita Estate And Warehousing Pvt LtdLT Bk Fac          CARE B+/       59      -
                                                         Stable
Issuer not cooperating; Based on best available information

--------------------------------------------------------------------------------------------
$: 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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