September 17, 2019 / 7:09 AM / a month ago

CARE ratings for Indian debt instruments-Sep 17

    Sep 17 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 16, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Emcure Pharmaceuticals Ltd            ST Bk Fac          CARE A2+       980     Revised from
                                      (Non-Fund based)                          CARE A1
Farista Vanijya Pvt Ltd               ST Bk Fac          CARE A4        4
(Issuer Not Cooperating) Based on best available information
Gennova Biopharmaceuticals Ltd        ST Bk Fac          CARE A2+(CE)   70      Revised from
                                                                                A1(SO)
Kirorimal Kashiram Marketing And      ST Bk Fac          CARE A4+       50      Reaffirmed
Agencies Pvt Ltd
(Reduced from 10.00crs)
London Star Diamond Company (India) PvST Bk Fac          CARE D         128.5
Ltd
(Issuer Not Cooperating) Based on best available information
Marcan Pharmaceuticals Inc            ST Bk Fac          CARE A2+(CE)   216.9   Revised from
                                                                                CARE A1(SO)
Tirupati Niryat Pvt Ltd               ST Bk Fac          CARE A4
(Issuer Not Cooperating) Based on best available information
Vama Construction Company             ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Yasho Industries Ltd                  ST Bk Fac          CARE A3        555     Reaffirmed
(enhanced from Rs.27.50 crore)

LONG TERM RATINGS:
-------------------
Atria Solar Power Pvt Ltd             LT Bk Fac          CARE BB        72.5
(reduced from 88.00)/(Issuer Not Cooperating) Based on best available information
Bagmane Green Power Llp               LT Bk Fac – Fund   CARE A+(CE)    1895.5  Assigned
                                      Based              Positive
Darbhanga Motihari Transmission Co.   NCDs Issues        -              -       Withdrawal
Ltd 
Darbhanga Motihari Transmission Co.   NCDs Issues        CARE AAA Stable7700    Assigned
Ltd
Dhabaleswar Traders                   LT Bk Fac          CARE B+ Stable 100     Assigned
Emcure Pharmaceuticals Ltd            LT Bk Fac          CARE A Negative10529   Revised from
                                                                                CARE A+ Stable
Emcure Pharmaceuticals Ltd            LT / ST Bk Fac     CARE A         5860    Revised from
                                      (Fund based)       Negative/CARE          CARE A+
                                                         A2+                    Stable/ CARE A1
Farista Vanijya Pvt Ltd               LT Bk Fac          CARE B         69
(Issuer Not Cooperating) Based on best available information
Feedback Energy Distribution Co. Ltd  LT Instrument -    -              -       Withdrawn
                                      NCD*
*The ratings are based on the credit enhancement in the form of corporate guarantee from
Feedback Infra Private Limited (rated CARE BBB+ Positive / CARE A3+
Foundation Brake Manufacturing Pvt LtdIssuer Rating      CARE BBB+ (Is) -
(laced on credit watch with developing implications)
Gennova Biopharmaceuticals Ltd        LT Bk Fac          CARE A (CE)    260.8   Revised from
                                                         Negative               CARE A+(SO)
                                                                                Stable
Gennova Biopharmaceuticals Ltd        LT / ST Bk Fac     CARE A (CE)    130     Revised from
                                                         Negative/CARE          CARE A+(SO)
                                                         A2+(CE)                Stable/ CARE A
                                                                                (SO)
Kinglike Retail Ventures Pvt Ltd      LT Bk Fac          CARE B Stable  160
(Issuer Not Cooperating) Based on best available information
Kirorimal Kashiram Marketing And      LT Bk Fac          CARE BB+ Stable500     Reaffirmed
Agencies Pvt Ltd
(Reduced from 61crs )
London Star Diamond Company (India) PvLT / ST Bk Fac     CARE D /CARE D 108
Ltd
(Issuer Not Cooperating) Based on best available information
Marcan Pharmaceuticals Inc            LT Bk Fac          CARE A (CE)    1958.8  Revised from
                                                         Negative               CARE A+(SO)
                                                                                Stable
Navin Cotex                           LT Bk Fac          CARE B+/ Stable-       Revised from
                                                                                CARE BB-
                                                                                Stable
(Issuer Not Cooperating)) and Subsequently Withdrawn
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB+      600     Reaffirmed
                                                         Stable
(Reduced from 65crs)
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB+      620     Reaffirmed
                                                         Stable
(Reduced from 65crs)
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB+      510     Assigned
                                                         Stable
Nrss Xxxi (B) Transmission Ltd        NCDs Issues        -              -       Withdrawn
Nrss Xxxi (B) Transmission Ltd        NCDs Issues        CARE AAA Stable6020    Assigned
Overseas Infrastructure Alliance      LT/ ST Bk Fac      CARE D/CARE D  7590
(India) Pvt Ltd
(Issuer Not Cooperating) Based on best available information
Punjab State Power Corporation Ltd    Non- SLR Bonds*    -              -       Withdrawn
*based on credit enhancement in the form of unconditional and irrevocable guarantee from
Government of Punjab (GoP)
Salas Pharmaceuticals Pvt Ltd         LT Bk Fac          CARE B Stable  94.4    Revised form
                                                                                CARE B+
                                                                                Outlook: Stable
(Issuer Not Cooperating) Based on best available information
Sanaka Educational Trust              LT Bk Fac          CARE D         494.2   Revised from
                                                                                CARE B- Stable
(Issuer Not Cooperating)
Sri Koundinya Educational Society     LT Bk Fac          CARE BBB-      70      Reffirmed
                                                         Stable
Tirupati Niryat Pvt Ltd               LT Bk Fac          CARE B                 Revised form
                                                                                CARE B+
(Issuer Not Cooperating) Based on best available information
Vama Construction Company             LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Yasho Industries Ltd                  LT Bk Fac          CARE BBB-      160     Reaffirmed
                                                         Stable
(Reduced from Rs.34 crore)
Yasho Industries Ltd                  LT/ST Bk Fac       CARE BBB-      650     Reaffirmed
                                                         Stable/CARE A3
(reduced from Rs.75 crore)
--------------------------------------------------------------------------------------------
$: 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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