September 25, 2019 / 8:15 AM / 4 months ago

CARE ratings for Indian debt instruments-Sep 25

    Sep 25 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 24, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Advaith International                 ST BkFac           CARE A4        4       -
Issuer not cooperating; based on best available information
Balasaheb R. Bhadane                  ST Bk Fac          CARE A4        30      -
Issuer not cooperating; Revised from CARE A4+(A Four Plus) on the basis of best available
information

Creative Garments                     ST Bk Fac          CARE A4+       20      Reaffirmed
Modern Dairies Ltd                    ST Bk Fac          CARE D         41      -
Issuer not cooperating; Based on best available information
Dhariwal Infrastructure Ltd           ST Bk Fac          CARE A3 (A     750     Reaffirmed
                                                         Three)
Ganesh Saw Mills Pvt Ltd              Short –term BkFac  CARE A4        50      -
Issuer not cooperating; based on best available information
Goyal Sons                            ST Bk Fac          CARE A4        5       Revised from
                                                                                CARE A4+;
                                                                                Stable
Issuer not cooperating; Revised from CARE A4+; Issuer notcooperating (A Four Plus; Issuernot
cooperating) on the basis of best available information
Indiabulls Commercial Credit Ltd      CP                 CARE A1+       80000   Reaffirmed
Limra Enterprises                     ST BkFac           -              -       Withdrawn
Indiabulls Housing Finance Ltd        ST Bk Fac          CARE A1+       -       Reaffirmed
Indiabulls Housing Finance Ltd        CP issue           CARE A1+       150000  Reaffirmed
Legency Remedies Pvt Ltd              ST BkFac           CARE A4        7.5     -
Issuer not cooperating; Based on best available information
M.D. Hygiene Pvt Ltd                  ST Bk Fac          CARE A4        8.1     Reaffirmed
Maa Yarn And Fibers                   ST BkFac           CARE A4        77.5    Reaffirmed
Maynaguri Agro Tea Pvt Ltd            ST Bk Fac          CARE A4        5.9     Assigned
Pavit Ceramics Pvt Ltd                ST Bk Fac          CARE A3        27.5    Reaffirmed
R.K. Pharmaceuticals                  ST Bk Fac          CARE A4        100     -
Issuer not cooperating, Based on best available information
Replika Press Pvt Ltd                 ST Bk Fac          CARE A4+       320     Revised from
                                                                                CARE A3
Issuer not cooperating on the basis of best available information
Shiv Shakti Rice Mills- Moonak        ST BkFac           CARE A4        80      -
Issuer not cooperating on the basis of best available information
Sriyansh Knitters                     ST BkFac           CARE A4        15      -
Issuer not cooperating on the basis of best available information
Swiss Garnier Genexiaa Sciences Pvt   ST BkFac           CARE A4        10      Revised from
Ltd                                                                             CARE A4+
Team United Marketing Pvt Ltd         ST Bk Fac          CARE A4        45      Reaffirmed
Viral Corporation India Pvt Ltd       ST Bk Fac          CARE A4        60      -
Issuer not cooperating; Based on best available information
Vms Industries Ltd                    ST Bk Fac          CARE A3        55      Reaffirmed

LONG TERM RATINGS:
-------------------
Advaith International                 LT BkFac           CARE B         52.3    -
Issuer not cooperating; based on best available information
Aifaz Cotton Processors               LT BkFac           CARE B+        120     -
Issuer not cooperating; based on best available information
Amar Alloys Pvt Ltd                   LT Bk Fac          CARE B+; Stable100     -
Issuer not cooperating; based on best available information
Arawali Phosphate Ltd                 LT Bk Fac          -              -       Withdrawn
Withdrawn
Axis Wind Farms (Mpr Dam) Pvt Ltd     LT Bk Fac (TL)     -              -       Withdrawn
Withdrawn
Balaji Ginning And Pressing           LT Bk Fac          CARE B; Stable 90      -
Issuer not cooperating; Revised from CARE B+; Stable (Single B Plus; Outlook: Stable) on the
basis of best available information
Balasaheb R. Bhadane                  LT BkFac           CARE BB; Stable90      -
Issuer not cooperating; Revised from CARE BB+;Stable(Double B Plus; Outlook: Stable) on the
basis of best available information
Bharti Charitable Trust               LT Bk Fac          CARE BB; Stable68      Reaffirmed
Capital Trust Ltd                     LT Bk Fac          CARE BBB;      3000    Revised from
                                                         Negative               CARE BBB+
Capital Trust Ltd                     NCDs               CARE BBB;      1500    Revised from
                                                         Negative               CARE BBB+
Capital Trust Microfinance Pvt Ltd    LT Bk Fac          CARE BBB       500     Revised from
                                      (Proposed)         (CE);Negative          Provisional
                                                                                CAREBBB+
Corona Remedies Pvt Ltd               LT Bk Fac          CARE A-; Stable500     Assigned
Assigned
Corona Remedies Pvt Ltd               LT/ STBk Fac       CARE A-;       250     Reaffirmed
                                                         Stable/CARE A2+
Creative Garments                     Long/ST BkFac      CARE BB+;      150     Assigned
                                                         Stable/CARE A4+        /Reaffirmed
Dekson Castings Ltd                   LT BkFac           CARE B; Stable 126.2   -
Issuer not cooperating; Based on best available information
Dhariwal Infrastructure Ltd           LT Bk Fac          CARE BBB:      33210   Reaffirmed
                                                         Stable
Dhroov Resorts                        LT Bk Fac          CARE D         110     -
Issuer not cooperating, Based on best available information
Ess Pee Industrial Corporation        LT Bk Fac          CARE B         40.2    -
Issuer not cooperating, Based on best available information
Ess Pee Industrial Corporation        Long/ST Bk Fac     CARE B; /CARE  34.5    -
                                                         A4
Issuer not cooperating, Based on best available information
Fairdeal Motors And Workshop Pvt Ltd  LT Bk Fac          CARE BBB;      500     Reaffirmed
                                                         Negative
Rating Reaffirmed with Outlook revised to Negative from Stable
Ganesh Saw Mills Pvt Ltd              Long/STBk Fac      CARE B; Stable 25      -
                                                         /CARE A4
Issuer not cooperating; based on best available information
Ganpat Rai Shri Ram And Company       LT Bk Fac          CARE B+; Stable120     Reaffirmed
Reaffirmed
Gokul Dairy Products                  LT Bk Fac          CARE BB-;      81.7    Assigned
                                                         Stable
Assigned
Goyal Sons                            LT BkFac           CARE BB-;      45      Revised from
                                                         Stable                 CARE BB+;
                                                                                Stable
Issuer not cooperating; Revised from CARE BB+; Stable; ISSUER NOT COOPERATING (Double BPlus;
Outlook: Stable; Issuer not cooperating) on the basis of best a available information 
Greenko Energies Pvt Ltd              LT Instruments     -              -       Withdrawn
                                      (NCDs)
Greenko Solar Energy Pvt Ltd          LT Instruments     -              -       Withdrawn
                                      (NCDs)
Greenko Solar Energy Pvt Ltd          LT Instruments     -              -       Withdrawn
                                      (NCDs)
Gupta Automobiles                     LT Bk Fac          -              -       Withdrawn
Indiabulls Commercial Credit Ltd      Subordinate Debt   CARE AA+       12000   Revised from
                                                                                CARE AAA
Continues to be on Credit Watch with developing implications
Indiabulls Commercial Credit Ltd      Public issue of    CARE AA+       50000   Revised from
                                      secured redeemable                        CARE AAA
                                      NCDs
Continues to be on Credit Watch with developing implications
Indiabulls Commercial Credit Ltd      Public issue of    CARE AA+       5000    Revised from
                                      unsecured                                 CARE AAA
                                      redeemable NCDs
Continues to be on Credit Watch with developing implications
Indiabulls Commercial Credit Ltd      LT Bk Fac          CARE AA+       150000  Revised from
                                                                                CARE AAA
Continues to be on Credit Watch with developing implications
Indiabulls Commercial Credit Ltd      NCDs               CARE AA+^      20000   Revised from
                                                                                CARE AAA
[Reduced from  Rs.2,500 crore],^NCD s amounting to Rs.500 crore reduced on account of
redemptions on account of call option exercise,continues to be on Credit Watch with developing
implications
Indiabulls Housing Finance Ltd        Perpetual Debt     CARE AA        2000    Revised from
                                                                                CARE AAA
Continues to be on Credit Watch with developing implications
Indiabulls Housing Finance Ltd        Subordinate Debt   CARE AA+       50000   Revised from
                                                                                CARE AAA
Continues to be on Credit Watch with developing implications
Indiabulls Housing Finance Ltd        NCDs*              CARE AA+       68011.4 Revised from
                                                                                CARE AAA
Continues to be on Credit Watch with developing implications,*Public Issue of Non-Convertible
Debentures and Subordinate Debt
Indiabulls Housing Finance Ltd        Subordinate Debt*  CARE AA+       1988.6  Revised from
                                                                                CARE AAA
Continues to be on Credit Watch with developing implications,*Public Issue of Non-Convertible
Debentures and Subordinate Debt
Indiabulls Housing Finance Ltd        LT Bk Fac          CARE AA+       525000  Revised from
                                                                                CARE AAA
Continues to be on Credit Watch with developing implications
Indiabulls Housing Finance Ltd        NCDs               CARE AA+^      334365  Revised from
                                                                                CARE AAA
Continues to be on Credit Watch with developing implications[Reduced from Rs.
37,203.50 crore]^NCD s amounting to Rs.3,767 crore reduced on account of redem
Kl Export Pvt Ltd                     LT Bk Fac          CARE BB; Stable74.5    -
Issuer not cooperating; Based on best available information
Legency Remedies Pvt Ltd              LT BkFac           CARE B+        78      -
Issuer not cooperating; Based on best available information
Limra Enterprises                     LT BkFac           -              -       Withdrawn
Liquinox Gases Pvt Ltd                Long -term Bk Fac  CARE B; Stable 274.1   Reaffirmed
(enhanced from Rs.25.00 crore)
M. S. Elastic And Tapes Pvt Ltd       LT BkFac           CARE BB+;      127.7   Reaffirmed
                                                         Stable
M.D. Hygiene Pvt Ltd                  LT Bk Fac          CARE B+; Stable53.3    Reaffirmed
(reduced from 6.73)
M.D. Hygiene Pvt Ltd                  LT/ ST BkFac       CARE B+;       60      Reaffirmed
                                                         Stable/CARE A4
Maa Yarn And Fibers                   LT Bk Fac          CARE BB; Stable2.5     Revised from
                                                                                CARE BB-
Revised from CARE BB-; Stable
Madura Micro Finance Ltd              Spectre MFI        -              -       Withdrawn
                                      Northern Arc 2018
                                      Series A1 PTCs
Madura Micro Finance Ltd              Spectre MFI        -              -       Withdrawn
                                      Northern Arc 2018
                                      Series A2 PTCs
Madura Micro Finance Ltd              Hardman MFI        -              -       Withdrawn
                                      Northern Arc 2018
                                      Series A1 PTCs
Madura Micro Finance Ltd              Hardman MFI        -              -       Withdrawn
                                      Northern Arc 2018
                                      Series A2 PTCs
Mange Ram Enterprises Pvt Ltd         LT Bk Fac          CARE B+; Stable150     Reaffirmed
Maynaguri Agro Tea Pvt Ltd            LT Bk Fac          CARE B+; Stable141.7   Assigned
Mayur Roller Flour Mills              LT Bk Fac          -              -       Withdrawn
Modern Dairies Ltd                    LT Bk Fac          CARE D         1212.5  -
Issuer not cooperating; Based on best available information
Nikkamal Jewellers Pvt Ltd            LT BkFac           CARE B; Stable 180     Revised
                                                                                fromCARE BB-;
                                                                                Stable;
Issuer not cooperating; Based on best available information
Ocean Healthcare Pvt Ltd              Long -term Bk Fac  CARE D         131     -
Issuer not cooperating; based on best availableinformation
Panvelkar Infrastructures Pvt Ltd     LT Bk Fac          CARE B+; Stable157.5   Assigned
Pavit Ceramics Pvt Ltd                LT Bk Fac          CARE BBB-;     134.8   Reaffirmed
                                                         Stable
Pavit Ceramics Pvt Ltd                LT /ST Bk Fac      CARE BBB-;     45      Reaffirmed
                                                         Stable/CARE A3
Polygenta Technologies Ltd            LT Bk Fac          CARE B         60.6    -
Rating put under credit watch
Prevail Agro Packers                  LT Bk Fac          CARE B+; Stable100     Assigned
Punjab And Sind Bank                  Lower Tier II Bonds-              -       Withdrawn*
Withdrawn basis redemptions of instruments (INE608A09098 and INE608A09114)
Punjab And Sind Bank                  Basel III          CARE A+; Stable10000   Reaffirmed
                                      Compliant Tier I
                                      Bonds
Punjab And Sind Bank                  Lower Tier II BondsCARE AA; Stable3000    Reaffirmed
Punjab And Sind Bank                  Tier II Bonds      CARE AA; Stable7373    Reaffirmed
                                      (Basel-III)*
Withdrawn basis redemptions of instruments (INE608A09098 and INE608A09114)
Punjab And Sind Bank                  Tier II Bonds      CARE AA; Stable5000    Reaffirmed
                                      (Basel-III)
                                      (Proposed)
R.K. Pharmaceuticals                  LT Bk Fac          CARE B;        50      -
Issuer not cooperating, Based on best available information
Rec Ltd                               LT Market          CARE AAA ,     36462   Reaffirmed
                                      Borrowing          Stable
                                      programme (FY’09)
Rec Ltd                               LT Market          CARE AAA ;     101697.8Reaffirmed
                                      Borrowing          Stable
                                      programme (FY’11)
Rec Ltd                               Market Borrowing   CARE AAA ;     86235   Reaffirmed
                                      programme (FY’12)  Stable
Rec Ltd                               Market Borrowing   CARE AAA ;     75442   Reaffirmed
                                      programme (FY’13)  Stable
Rec Ltd                               Market Borrowing   CARE AAA ;     147230  Reaffirmed
                                      programme (FY’14)  Stable
Rec Ltd                               LT Market          CARE AAA ;     126310  Reaffirmed
                                      Borrowing          Stable
                                      Programme for FY16
Rec Ltd                               LT Market          CARE AAA ;     186000  Reaffirmed
                                      Borrowing          Stable
                                      Programme for FY17
Rec Ltd                               LT bonds (GoI      CARE AAA ;     150000  Reaffirmed
                                      fully serviced     Stable
                                      Bonds)
Rec Ltd                               Market Borrowing   CARE AAA ;     209050  Reaffirmed
                                      programme (FY’15)  Stable /CARE
                                                         A1+
Rec Ltd                               Market Borrowing   CARE AAA ;     550000* Reaffirmed
                                      programme for FY18 Stable /CARE
                                                         A1+
*including short term borrowing programme of Rs. 5,000 crore as sublimit of total MBP for FY18
Rec Ltd                               Market borrowing   CARE AAA;      850000& Reaffirmed
                                      programme forFY19 Stable /CARE
                                      – LT/ST            A1+
&Including ST market borrowing programme of Rs.9,000 cr as sublimit of total MBP of Rs.85,000 cr
for FY19
Details of instruments/facilities in Annexure-1
Rec Ltd                               Market borrowing   CARE AAA;      900000# Reaffirmed
                                      programme          Stable /CARE
                                      for FY19-20-LT/ST  A1+
#Including ST market borrowing programme of Rs.12,000 cr as a sublimit of total MBP of Rs.90,000
cr for FY20
Rec Ltd                               LT Market          CARE AAA;Stable58494   Reaffirmed
                                      Borrowing
                                      programme (FY’10)
Reliance Commercial Finance Ltd       NCDs               CARE D         23000   Revised from
                                                                                CARE C
Reliance Commercial Finance Ltd       Subordinated Debt  CARE D         5000    Revised from
                                                                                CARE C
Reliance Commercial Finance Ltd       Proposed NCDs      CARE D         10000   Revised from
                                                                                CARE C
Reliance Commercial Finance Ltd       LT debt Programme  CARE D         10000   Revised from
                                                                                CARE C
Reliance Commercial Finance Ltd       Market Linked      CARE PP-MLD D  2000    Revised from
                                      Debentures                                CARE PP-MLD C
Replika Press Pvt Ltd                 LT Bk Fac          CARE BB+       540     Revised from
                                                                                CARE BBB-
Issuer not cooperating on the basis of best available information
S. K. Timbers                         LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Shiv Shakti Rice Mills- Moonak        LT BkFac           CARE B+; Stable70      -
Issuer not cooperating on the basis of best available information
Shri Shivjot Developers And Builders  LT BkFac           CARE B-        95      Revised from
Ltd                                                                             CARE B
Issuer not cooperating on the basis of best available information
Sriyansh Knitters                     LT BkFac           CARE B         115     -
Issuer not cooperating on the basis of best available information
Swiss Garnier Genexiaa Sciences Pvt   LT BkFac           CARE BB;       914.1   Revised from
Lrd                                                      Negative               CARE BB+
Team United Marketing Pvt Ltd         LT Bk Fac          CARE B+; Stable5       Revised from
                                                                                CARE B
Tesna Tech Pvt Ltd                    LT Bk Fac          CARE BB+;      63.8    Assigned
                                                         Stable
Venus India Asset-Finance Pvt Ltd     LT Bk Fac/CC       CARE BBB;      1250    Reaffirmed
                                                         Stable
Viral Corporation India Pvt Ltd       LT Bk Fac          CARE B; Stable 65      -
Issuer not cooperating; Based on best available information
Vishwanath Paper And Boards Ltd       LT Bk Fac          CARE D         470     -
Based on best available information
Vms Industries Ltd                    LT/STBk Fac        CARE BBB-;     1100    Reaffirmed
                                                         Stable/CARE A3
Vms Tmt Pvt Ltd                       LT Bk Fac          CARE BBB-(CE); 109     Reaffirmed
                                                         Stable
(Credit Enhancement); Outlook Stable]
--------------------------------------------------------------------------------------------
$: 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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