September 19, 2018 / 8:33 AM / 3 months ago

CARE ratings for Indian debt instruments-Sep 19

    Sep 19 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 18, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Accel Frontline Ltd                   ST Bk Fac          CARE A4+       115.2   Reaffirmed
Chander Bhan Yogesh Kumar             ST Bk Fac          CARE A4        30      -
(Issuer not cooperating; Based on best available information)
Delhi Electric Company                ST Bk Fac          CARE A4        15      Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Essel Infraprojects Ltd               ST Bk Fac          CARE A3        8642    Revised from
                                                                                CARE A3+
(Under credit watch with developing implications)
Govindam Brj Infra Projects Pvt Ltd   ST Bk Fac          CARE A4        90      Reaffirmed
Haritag Exports Pvt Ltd               ST Bk Fac          CARE A4        15      Assigned
Kairali Granites                      ST Bk Fac          CARE A4        11.5    Reaffirmed
Merrito Polymers (India) Pvt Ltd      ST Bk Fac          CARE A4        5       Reaffirmed
Renew Solar Power Pvt Ltd             ST Instruments CP  CARE A1+       350*    Reaffirmed
                                                                                and final
                                                                                rating Assigned
* The commercial paper issue is backed by unconditional and irrevocable corporate guarantee
provided by Renew Power Limited [RPL (erstwhile Renew Power Ventures Private Limited), rated
CARE A+; Stable/ CARE A1+] and structured payment mechanism
Renew Solar Power Pvt Ltd             ST Instruments CP  Provisional    1650**  Reaffirmed
                                                         CARE A1+
**The commercial paper issue is proposed to be backed by unconditional and irrevocable corporate
guarantee to be provided by RPL and structured payment mechanism. CARE notes that the combined
CP’s raised by RPL and RSPPL will not exceed Rs.525 crore.
Rodas Impex Pvt Ltd                   ST Bk Fac          CARE A4        15      Assigned
Sarvottam Atta Pvt Ltd                ST Bk Fac          CARE D         20      Revised from
                                                                                CARE A4
(Issuer Not Cooperating)
Skilled Construction Co. Ltd          ST Bk Fac          CARE A4        48.5    Reaffirmed
Sovereign Pharma Pvt Ltd              ST Bk Fac          CARE A1        20      Revised from
                                      (Non-fund based)                          CARE A2+
Sri Rathna Lakshmi Spinning Mills Pvt ST Bk Fac          CARE A4        5       Assigned
Ltd
Trishul Construction Company          ST Bk Fac          CARE A4        30      Assigned

LONG TERM RATINGS:
-------------------

Chaitanya India Fin Credit Pvt Ltd -  Series A1 PTC#     CARE A         -       Assigned
Northern Arc 2018 Mfi Ashwathama
# Both the PTCs are rated on Ultimate Payment basis
Chaitanya India Fin Credit Pvt Ltd -  Series A2 PTC#     CARE BBB+      -       Assigned
Northern Arc 2018 Mfi Ashwathama
# Both the PTCs are rated on Ultimate Payment basis
Accel Frontline Ltd                   LT Bk Fac*         -              -       Withdrawn
*The facilty has been closed and hence the rating is being withdrawn
Adani Power Ltd                       LT Bk Fac          CARE BB+       2771.8  Rating
                                                                                revised from
                                                                                CARE BB-
(Removed from credit watch)
Adani Power Ltd                       LT / ST Bk Fac     CARE BB+/A4+   396     Rating
                                                                                revised from
                                                                                CARE BB-/A4
(Removed from credit watch)
Bajaj Superpack India Ltd             Long/ST Bk Fac     CARE BB /CARE  80      Revised from
                                                         A4+                    CARE BB-
Bansal Seeds Pvt Ltd                  LT Bk Fac          CARE BB-       260     Revised from
                                                                                CARE BB
(Issuer Not Cooperating)
Bhai Industries Pvt Ltd               LT Bk Fac          CARE B         60      Assigned
Bhind Mihona Gopalpur Toll Road Ltd   LT Bk Fac          CARE BBB-      523.5   Revised from
                                                                                CARE BBB+
(Under credit watch with developing implications)
Bina Khimalasa Malthon Toll Roads Ltd LT Bk Fac          CARE BBB-      408.7   Revised from
                                                                                CARE BBB+
(Under credit watch with developing implications)
Bindal Coir Pvt Ltd                   LT Bk Fac          CARE BB-       65      Assigned
Bmd Pvt Ltd                           CP Issue           -              -       Withdrawn
Chaitanya India Fin Credit Pvt Ltd -  Series A1 PT#      Provisional    -       Assigned
Vivriti Jean 08 2018                                     CARE A- 
# The PTCs are rated on Ultimate Payment basis
Chaitanya India Fin Credit Pvt Ltd -  Series A2 PTC#     Provisional    -       Assigned
Vivriti Jean 08 2018                                     CARE BBB
# The PTCs are rated on Ultimate Payment basis
Chander Bhan Yogesh Kumar             LT Bk Fac          CARE B         80      -
(Issuer not cooperating; Based on best available information)
Choudhary And Company                 LT Bk Fac          CARE BB        4.7     Reaffirmed
Choudhary And Company                 LT/ST Bk Fac       CARE BB/A4     42      Reaffirmed
Coruscation Vidyut Vitaran (Ujjain) PvLT Bk Fac -        CARE BBB-      625     Revised from
Ltd                                   Working Capital                           CARE BBB+
                                      Demand Loan
(Under credit watch with  developing implications)
Damoh Jabalpur Toll Roads Ltd         LT Bk Fac          CARE BBB-      767.2   Revised from
                                                                                CARE BBB+
(Under credit watch with developing implications)
Delhi Electric Company                LT Bk Fac          CARE B+        37.5    Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Dhampur Sugar Mills Ltd.              Proposed CP Issue  -              -       Withdrawn
Dreamland Infratech Pvt Ltd           LT Bk Fac          CARE BB-       150     Assigned
Essel Ahmedabad Godhra Tollroads Ltd  LT Bk Fac          CARE BBB-      7726.4  Revised from
                                                                                CARE BBB+
(Under credit watch with developing implications)
Essel Gwalior Shivpuri Toll Roads Pvt LT Bk Fac          CARE BBB-      10900   Revised from
Ltd                                                                             CARE BBB+
(Under credit watch with developing implications)
Essel Infraprojects Ltd               LT Bk Fac          CARE BBB-      5135    Revised from
                                                                                CARE BBB+
(Under credit watch with developing implications)
Essel Walajahpet Poonamallee Toll RoadLT Bk Fac (TL)     CARE BBB-      1641.4  Revised from
Pvt Ltd                                                                         CARE BBB+
(Under credit watch with developing implications)
G.Sivaiah And G. Padmaja              LT Bk Fac          CARE BB-       60      Assigned
Govindam Brj Infra Projects Pvt Ltd   LT Bk Fac          CARE BB-       60      Reaffirmed
Haritag Exports Pvt Ltd               LT Bk Fac          CARE B+        50      Assigned
Harrow Educational Society            LT Bk Fac          CARE D         53.9    -
(Issuer not cooperating; Based on best available information)
Il&Fs Technologies Ltd                LT Bk Fac (FB)     CARE BBB       530     Revised from
                                                                                CARE A-
Il&Fs Technologies Ltd                LT Bk Fac          CARE BBB       1570    Revised from
                                      (Non-fund based)                          CARE A-
Jai Bharat Rice Mills                 LT Bk Fac          CARE B+        250     Assigned
Kairali Granites                      LT Bk Fac          CARE B+        155.3   Reaffirmed
Ludhiana Talwandi Toll Roads Pvt Ltd  LT Bk Fac          CARE BBB-      5239.5  Revised from
                                                                                CARE BBB+
(Under credit watch with developing implications)
M.S. Solvent Industries               LT Bk Fac          CARE B         75      -
(Issuer Not Cooperating; Based on best available Information)
Mahaluxmi Steels                      LT Bk Fac          CARE B+        60      Revised from
                                                                                CARE B
Malegaon Manmad Kopargaon             LT Bk Fac          CARE BBB-      1344    Revised from
Infrastructure & Toll Roads Pvt Ltd.                                            CARE BBB+
(Under credit watch with  developing implications)
Merrito Polymers (India) Pvt Ltd      LT Bk Fac          CARE B+        50      Reaffirmed
Mhow Ghatabillod Toll Roads Pvt Ltd   LT Bk Fac          CARE BBB-      2001    Revised from
                                                                                CARE BBB+
(Under credit watch with  developing implications)
Mukarba Chowk-Panipat Toll Roads Ltd  LT Bk Fac          CARE BBB-      13750   Revised from
                                                                                CARE BBB+
(Under credit watch with  developing implications)
Narmadadevi Cotspin Llp               LT Bk Fac          CARE B+        237     Assigned
Nirupam Associates                    LT Bk Fac          CARE B+        80      Revised from
                                                                                CARE BB-
(Issuer not cooperating)
Orange Agar Wind Power Pvt Ltd        LT Bk Fac          CARE BBB+      2550    Reaffirmed
Orange Jaisalmer Wind Energy Pvt Ltd  LT Bk Fac          CARE A-        1360.4  Reaffirmed
Orange Mamatkheda Wind Pvt Ltd        LT Bk Fac          CARE BBB+      9872    Reaffirmed
Paramesu Biotech Pvt Ltd              LT Bk Fac          CARE BB+       1047.2  Reaffirmed
Pundrikaksh Granites Pvt Ltd          LT Bk Fac          CARE BB-       166.7   Reaffirmed
Pundrikaksh Granites Pvt Ltd          LT / ST Bk Fac     CARE BB-/A4    95      Reaffirmed
Rodas Impex Pvt Ltd                   LT Bk Fac          CARE BB-       185.8   Reaffirmed
Non-cooperation revocation
S. M. Autostar Pvt Ltd                LT Bk Fac          CARE D         79.9    Revised from
                                                                                CARE B
S. V. Foods (Jaipur)                  LT Bk Fac          CARE B         65      Reaffirmed
Sadbhav Infrastructure Projects Ltd   LT NCD - I         -              -       Withdrawn
Sadbhav Infrastructure Projects Ltd   LT NCD – II        CARE A+        5320    Reaffirmed
Sadbhav Infrastructure Projects Ltd   LT NCD – III       CARE A+        3600    Final Rating
Sagar Damoh Toll Roads Ltd            LT Bk Fac          CARE BBB-      419.5   Revised from
                                                                                CARE BBB+
(Under credit watch with developing implications)
Sarvottam Atta Pvt Ltd                LT Bk Fac          CARE D         180     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating)
Sethia Oils Ltd                       LT Bk Fac          CARE BB+       105     Assigned
Sion Steels                           LT Bk Fac          CARE BB-       100     Assigned
Skilled Construction Co. Ltd          LT Bk Fac          CARE BB-       36.5    Reaffirmed
Sovereign Pharma Pvt Ltd              LT Bk Fac          CARE A         83.4    Reaffirmed
Sovereign Pharma Pvt Ltd              LT / ST Bk Fac     CARE A/A1      100     Reaffirmed /
                                                                                Revised from
                                                                                CARE A2+
Spencers Travel Services Ltd          LT Bk Fac          CARE BB        150     Assigned
Sri Rathna Lakshmi Spinning Mills Pvt LT Bk Fac          CARE BB-       145     Assigned
Ltd
Trishul Construction Company          LT Bk Fac          CARE BB-       30      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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