September 24, 2019 / 6:48 AM / a month ago

CARE ratings for Indian debt instruments-Sep 24

    Sep 24 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 23, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Adithya Automotive Applications       ST Bk Fac          CARE A2        150     Reaffirmed
Pvt Ltd
Agc Networks Ltd                      ST Bk Fac          CARE A4        387     Revised from
                                                                                CARE A4
(Removed from credit watch with developing implications)
Coral Telecom Ltd                     ST Bk Fac          -              -       Withdrawn
Delta Electronics India Pvt Ltd.      ST Bk Fac          -              -       -
(Reaffirmed at CARE A1 and withdrawn)
Dura Roof Pvt Ltd                     ST Bk Fac          CARE A4        25      -
(Issuer not cooperating; Based on best available information)
Fusion Jewelry Manufacturing Company  ST Bk Fac          CARE A4        75      Reaffirmed
Pvt Ltd
Geetha Timber                         ST Bk Fac          CARE A4        127     Assigned
International Trade Links Pvt Ltd     ST Bk Fac          CARE A4        3       -
(Issuer not cooperating; Based on best available information)
Jmj Switch Gears Pvt Ltd              ST Bk Fac          CARE D         17.2    -
(Issuer not cooperating; Based on best available information)
Kairali Steels And Alloys Pvt Ltd     ST Bk Fac          CARE A4        350     Reaffirmed
Msr India Ltd                         ST Bk Fac          CARE A4        30      Revised from
                                                                                CARE A3
Muslim Ali                            ST Bk Fac          CARE A4        40      -
(Issuer not cooperating; Based on best available information)
Reed And Pick                         ST Bk Fac          -              -       Withdrawn
Spinora Tiles Pvt Ltd                 ST Bk Fac          CARE A4        17.5    Reaffirmed
Sri Ram Technopack Pvt Ltd            ST Bk Fac          CARE A4        2.5     -
(Issuer not cooperating; Based on best available information)
Traditional Gallery Pvt Ltd           ST Bk Fac          CARE A4        33      Reaffirmed


LONG TERM RATINGS:
-------------------
Adithya Automotive Applications Pvt   LT Bk Fac          CARE BBB+;     100     Reaffirmed
Ltd                                                      Stable
Agc Networks Ltd                      LT Bk Fac (FB      CARE C; Stable 1000    Revised from
                                      facility)                                 CARE BB+
(Removed from credit watch with developing implications)
Agc Networks Ltd                      LT Bk Fac (TL)*    CARE D         213.7   Revised from
                                                                                CARE BB+
(Removed from credit watch with developing implications)
*As confirmed by the management, the term loan has been fully repaid in July 2019. However, No
Dues Certificate has not been received by CARE.
Agrocrops India Ltd                   LT Bk Fac          CARE BB+;      130     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Cogent Steel And Pipes Pvt Ltd        LT Bk Fac          CARE B; Stable 147     -
(Issuer not cooperating; Based on best available information)
Coral Telecom Ltd                     LT Bk Fac          -              -       Withdrawn
Delta Electronics India Pvt Ltd.      LT Bk Fac          -              -       -
(Reaffirmed at CARE A; Stable and withdrawn)
Dev Automates Pvt Ltd                 LT Bk Fac          CARE B+; Stable65      Assigned
Dura Roof Pvt Ltd                     LT Bk Fac          CARE B; Stable 174.9   Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating; Based on best available information)
Fusion Jewelry Manufacturing Company  LT Bk Fac          CARE BB-;      6.5     Assigned
Pvt Ltd                                                  Stable
Geetha Timber                         LT Bk Fac          CARE BB-;Stable20      Assigned
Himalaya Construction Company Pvt Ltd LT Bk Fac          CARE C; Stable 40      Assigned
Himalaya Construction Company Pvt Ltd LT/ ST Bk Fac      CARE C;        200     Assigned
                                                         Stable/ A4
International Trade Links Pvt Ltd     LT Bk Fac          CARE B+; Stable245.5   -
(Issuer not cooperating; Based on best available information)
Jmj Switch Gears Pvt Ltd              LT Bk Fac          CARE D         51.2    -
(Issuer not cooperating; Based on best available information)
K.P. Chacko And Sons                  LT Bk Fac          CARE B+; Stable170     Reaffirmed
Kairali Steels And Alloys Pvt Ltd     LT Bk Fac          CARE BB-;      150     Reaffirmed
                                                         Stable
M.P Mining And Energy Ltd             LT Bk Fac          CARE D         100     -
(Issuer not cooperating; Based on best available information)
Mainaam Garden                        LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Maruti Nandan Food Products Pvt. Ltd  LT Bk Fac          CARE D         150     -
(Issuer not cooperating; Based on best available information)
Moonlight Commtrade Pvt Ltd           LT Bk Fac          CARE BB-;      90      Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer not cooperating; Based on best available information)
Msr India Ltd                         LT Bk Fac          CARE BB; Stable100     Revised from
                                                                                CARE BBB-;
                                                                                Negative
Muslim Ali                            LT Bk Fac          CARE B;Stable  20      Revised from
                                                                                CARE B+;
                                                                                Stable
(Issuer not cooperating; Based on best available information)
Orbit Aviation Pvt Ltd                LT Bk Fac          CARE D         595.2   -
(Issuer not cooperating; Base on best available information)
Orbit Resorts Ltd                     LT Bk Fac          CARE D         2489.1  -
(Issuer not cooperating; Based on best available information)
P.D. Agrawal Infrastructure Ltd       LT Bk Fac          CARE BBB+;     200     Reaffirmed
                                                         Stable
P.D. Agrawal Infrastructure Ltd       LT/ST Bk Fac*      CARE BBB+;     1550    Reaffirmed
                                                         Stable / A2
*Reclassified bank facilities of Rs.5 crore from Long-term to Long-term/ Short-term 
Primary Agricultural Cooperative      LT Bk Fac          CARE BB-;      457.6   Reaffirmed
Society Ltd, Chandupatla                                 Stable
Rahil Cold Storage Llp                LT Bk Fac          CARE C         32.5    Revised from
                                                                                CARE B
(Issuer not cooperating; Based on best available information)
Reed And Pick                         LT Bk Fac          -              -       Withdrawn
Shuklaam Exim Ltd                     LT Bk Fac          -              -       Revised and
                                                                                Withdrawn
Sobha Limit                           LT Bk Fac-Fund     -              -       Withdrawn
                                      Based
Spinora Tiles Pvt Ltd                 LT Bk Fac          CARE BB-;      136.3   Reaffirmed
                                                         Stable
Sri Ram Technopack Pvt Ltd            LT Bk Fac          CARE B; Stable 49      -
(Issuer not cooperating; Based on best available information)
Sunbeam Dealers Pvt Ltd               LT Bk Fac          CARE B; Stable 100     Revised from
                                                                                CARE B+;
                                                                                Stable
Traditional Gallery Pvt Ltd           LT Bk Fac          CARE BB; Stable6.9     Reaffirmed
Traditional Gallery Pvt Ltd           LT/ST Bk Fac       CARE BB;       80      Reaffirmed
                                                         Stable/ A4

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