September 26, 2019 / 7:31 AM / 20 days ago

CARE ratings for Indian debt instruments-Sep 26

    Sep 26 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 25, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ajanta Pharma Ltd                     ST Bk Fac          CARE A1+       450     Reaffirmed
Annapurna Traders                     ST Bk Fac          CARE A4        60
(Issuer not cooperating) Based on best available information
Ashiyana Constructions                ST Bk Fac          CARE A4        70
(Issuer not cooperating) Based on best available information
Bharati Motors Pvt Ltd                ST Bk Fac          CARE A4        7
(Issuer not cooperating) Based on best available information
Hilton Metal Forging Ltd              ST Bk Fac          CARE A4        250     Reaffirmed
Iscon Craft Paper Mill Pvt Ltd        ST Bk Fac          CARE A4        5       Assigned
Kairali Granites                      ST Bk Fac          -              #       Withdrawn
#Stand by line of credit have been fully paid off
Kaushalya Estate Pvt Ltd              ST Bk Fac          CARE A4        117.9
(Issuer not cooperating) Based on best available information
Kg Petrochem Ltd                      ST Bk Fac          CARE A3+       322     Assigned
Mark Steels Ltd.                      ST Bk Fac          CARE A3+       8       Reaffirmed
Mukherjee Enterprise                  ST Bk Fac          CARE A4        7
(Issuer not cooperating) Based on best available information
Omkar Textile Mills Pvt Ltd           ST Bk Fac          CARE A4        20      Reaffirmed
Paxal Corporation                     ST Bk Fac          CARE A4        110     Assigned
Rajesh Kaila                          ST Bk Fac          CARE A4        60      Assigned
Rl Steels And Energy Ltd              ST                 CARE A4        751.4   Reaffirmed
Rmbay                                 ST Bk Fac          CARE A4        80      Reaffirmed
Shaily Engineering Plastics Ltd       ST Bk Fac          CARE A2+       300     Reaffirmed
Sidharth Construction And Trading Pvt ST Bk Fac          CARE A4        75
Ltd
(Issuer not cooperating) Based on best available information
Tata Value Homes Ltd                  CP Issue           CARE A1+       2000    Reaffirmed
Teja Sea Foods                        ST Bk Fac          CARE A4        30      Reaffirmed
The Ananda Bag Tea Co. Ltd            ST Bk Fac          CARE A4        68      Assigned
Unipearl Alloys                       ST Bk Fac          CARE B         24.5
(Issuer not cooperating) Based on best available information
Upl Ltd                               ST Bk Fac          CARE A1+       8500    Reaffirmed
                                      (Non-fundbased
                                      limit)
Upl Ltd                               CP issue           CARE A1+       13500   Reaffirmed
Vaasavaa Pharmaceuticals Pvt Ltd      ST Bk Fac          CARE A4        20      Reaffirmed
(enhanced from Rs. 1.50crore)
Varalakshmi Starch Industries Pvt Ltd ST Bk Fac          CARE A4+       80      Revised from
                                                                                CARE A4
Vascular Concepts Ltd                 ST Bk Fac          CARE A4+       100     Reaffirmed
Vibfast Pigments                      ST Bk Fac          CARE A4        152.4   Reaffirmed
Vibfast Pigments Pvt Ltd              ST Bk Fac          CARE A4        150.4   Reaffirmed
Vision Vidyut Engineers Pvt Ltd       ST Bk Fac          CARE A4        15      Reaffirmed

LONG TERM RATINGS:
-------------------
Ajanta Gartex Processors Pvt Ltd      Long- Term Bk Fac  -              -       Withdrawn
Ajanta Pharma Ltd                     LT/ST Bk Fac       CARE AA        425     Reaffirmed
                                                         Stable/CARE A1+
(reduced from Rs.75.00 crore)
Aleph Enterprises                     Long -term Bk Fac  CARE B         10      Revised from
                                                                                CARE B+
(Issuer not cooperating) Based on best available information
Aleph Enterprises                     LT/Short - term Bk CARE B /CARE A470      Revised from
                                      Fac                                       CARE B+/CARE
                                                                                A4
(Issuer not cooperating) Based on best available information
Annapurna Kalpana Warehousing         LT Bk Fac          CARE B+ Stable 111.7
Enterprises
(Issuer not cooperating) Based on best available information
Annapurna Traders                     LT Bk Fac          CARE B- Stable 32.6    Revised From
                                                                                CARE B+
                                                                                Outlook :Stable
(Issuer not cooperating) Based on best available information
Arjav Diamonds (India) Pvt Ltd        LT Bk Facility     CARE BB        2430    Revised from
                                                                                CARE BBB-
(Issuer not cooperating) Based on best available information
Ashiyana Constructions                LT Bk Fac          CARE B Stable  20      Revised From
                                                                                CARE B+
                                                                                Outlook :Stable
(Issuer not cooperating) Based on best available information
Atlas Pet Plas Industries Ltd         LT Bk Fac          -              -       Withdrawn
                                      (Proposed)
Bharati Motors Pvt Ltd                LT Bk Fac          CARE BB- Stable87.5    Revised From
                                                                                CARE BB
                                                                                Outlook :Stable
(Issuer not cooperating) Based on best available information
Blue Star Diamonds Pvt Ltd            LT / ST (Fund      CARE BB        4296    Revised from
                                      Based)                                    CARE BB+
(Issuer not cooperating) Based on best available information
Deccan Industries                     LT Bk Fac          CARE BB- Stable94      Assigned
F3 Marine Foods Worldwide             LT Bk Fac*         -                      Withdrawn
*The ratings assigned to the long-term bank facilities had been withdrawn as it was a proposed
loan and the same has not been sanctioned
F3 Marine Foods Worldwide             LT Bk Fac          CARE B Stable  45.2    Revised from
                                                                                CARE B+ Stable
Gauri Land Developers Llp             LT Bk Fac          CARE BB+ Stable500     Reaffirmed
Grd Foods Pvt Ltd                     LT Bk Fac          CARE D         148.9   Revised from
                                                                                CARE B
(Issuer not cooperating) Based on best available information
Hdfc'S Assignment Of Receivables Of   Assignee Payouts   Equivalent     307.9   Reaffirmed
Dec’09-I [Originator: Hdfc Ltd]                          toCARE AAA (SO)
Hdfc'S Assignment Of Receivables Of   Second loss        Equivalent     170.6   Reaffirmed
Dec’09-I [Originator: Hdfc Ltd]       Facility           toCARE AAA (SO)
Hilton Metal Forging Ltd              LT Bk Fac          CARE BB Stable 70      Reaffirmed
Inductotherm (India) Pvt Ltd          LT Bk Fac          CARE AA+ Stable150     Reaffirmed
Inductotherm (India) Pvt Ltd          LT/ST Bk Fac       CARE AA+       700     Reaffirmed
                                                         Stable/CARE A1+
Iscon Craft Paper Mill Pvt Ltd        LT Bk Fac          CARE BB Stable 9.9     Assigned
Iscon Craft Paper Mill Pvt Ltd        LT/ ST Bk Fac      CARE BB        87.5    Assigned
                                                         Stable/CARE A4
Jagadeesh And Shashirekha             LT Bk Fac          CARE BB- Stable115.1   Revised from
                                                                                CARE B+ Stable
(Reduced from 12.00 crs)
Kairali Granites                      LT Bk Fac          -              *       Withdrawal
                                                                                based on NOC
*The proposed term loan has not been availed
Kairali Granites                      LT Bk Fac          CARE B+ Stable 152.6   Reaffirmed
Kaushalya Estate Pvt Ltd              LT Bk Fac          CARE B+ Stable 2.1
(Issuer not cooperating) Based on best available information
Kg Petrochem Ltd                      LT Bk Fac          CARE BBB Stable918     Assigned
Kg Petrochem Ltd                      LT/ST Bk Fac       CARE BBB       580     Assigned
                                                         Stable/CARE A3+
Kpm Warehousing Enterprises           LT Bk Fac          CARE B+ Stable 132
(Issuer not cooperating) Based on best available information
Land Kart Builders Pvt Ltd            Proposed LT Bk Fac CARE AA Stable 2000    Assigned
Leela Krishna Dairy Pvt Ltd           LT Bk Fac          CARE B+ Stable 80      Assigned
Mark Steels Ltd.                      LT/ST Bk Fac       CARE BBB       165     Reaffirmed
                                                         Stable/CARE A3+
(enhanced from 12.00 crs)
Mukherjee Enterprise                  LT Bk Fac          CARE B+ Stable 90      Revised From
                                                                                CARE BB-
                                                                                Stable
(Issuer not cooperating) Based on best available information
Nakoda Technofibe Pvt Ltd             LT Bk Fac          CARE B         84.8    Reaffirmed
Omkar Textile Mills Pvt Ltd           LT Bk Fac          CARE BB Stable 217.5   Reaffirmed
(enhanced from 14.16 crs)
Osr Infra Pvt Ltd                     LT Bk Fac          CARE B+ Stable 132
(Issuer not cooperating) Based on best available information
Osr Mp Warehousing Enterprises        LT Bk Fac          CARE B+ Stable 31.8
(Issuer not cooperating) Based on best available information
Osr Up Warehousing Enterprises        LT Bk Fac          CARE B+ Stable 182.8
(Issuer not cooperating) Based on best available information
Parmeshwari Silk Mills Ltd            LT Bk Fac          CARE BB+ Stable150     Assigned
Paxal Corporation                     LT Bk Fac          CARE BB- Stable100     Assigned
Pln Silks Pvt Ltd                     Long -term Bk Fac  CARE BB-       70
(Issuer not cooperating) Based on best available information
Rajesh Kaila                          LT Bk Fac          CARE BB- Stable27.5    Assigned
Rfe Belgaum Solar Pvt Ltd             LT Bk Facility     -              -       Withdrawn
Rl Steels And Energy Ltd              LT                 CARE B+ Stable 771.9   Reaffirmed
Reduced from (90.70)
Rl Steels And Energy Ltd              LT/ST              CARE B+        580.7   Reaffirmed
                                                         Stable/CARE A4
Rmbay                                 LT Bk Fac          CARE BB Stable 118.5   Reaffirmed
[enhanced from Rs.10.50 crore]
Ruchi Infrastructure Ltd              LT Bk Fac          CARE BB- Stable546.2   Reaffirmed
(reduced from 77.66crs)
Sant Autowheels Pvt Ltd               LT Bk Fac          CARE B         58
(Issuer not cooperating) Based on best available information
Shaily Engineering Plastics Ltd       LT Bk Fac          CARE A- Stable 1876.5  Reaffirmed
(enhanced from 106.40 crs)
Sidharth Construction And Trading Pvt LT Bk Fac          CARE BB- Stable20      Revised From
Ltd                                                                             CARE BB Stable
(Issuer not cooperating) Based on best available information
Sunil Charitable Society              LT Bk Fac          CARE BBB-      855.4   Reaffirmed
                                                         Stable
(reduced from Rs. 96.84 cr)
Taneja Overseas                       LT Bk Fac          CARE B         90
(Issuer not cooperating) Based on best available information
Tata Housing Development Co. Ltd      LT/ST Bk Fac       CARE AA        9500    Reaffirmed
                                                         Stable/CARE A1+
Tata Value Homes Ltd                  Non- Convertible   CARE AA Stable 4000    Reaffirmed
                                      Debenture Issue
Tata Value Homes Ltd                  Non- Convertible   CARE AA Stable 2000    Assigned
                                      Debenture Issue
                                      (Proposed)
Tata Value Homes Ltd                  LT Bk Fac – Fund   CARE AA        3500    Reaffirmed
                                      Based              Stable/CARE A1+
Teja Sea Foods                        LT Bk Fac          CARE B+ Stable 110     Reaffirmed
The Ananda Bag Tea Co. Ltd            LT Bk Fac          CARE BB Stable 82      Assigned
The Nilgiri Dairy Farm Pvt Ltd        LT Bk Fac*         CARE A (CE)    420     Reaffirmed
                                                         Stable
* The facilities are backed by unconditional and irrevocable guarantee from Future Consumer
Limited (erstwhile Future Consumer Enterprises Limited) rated CARE A/Stable/A1 (re-affirmed in
RCM dated September 20, 2019).
Unipearl Alloys                       LT Bk Fac          CARE B         35
(Issuer not cooperating) Based on best available information
Upl Ltd                               NCD issue          CARE AA+       6250    Reaffirmed
                                                         Negative
Upl Ltd                               Proposed           CARE AA+       5000    Reaffirmed
                                      NonConvertible     Negative
                                      Debenture
Upl Ltd                               Long/ST Bk Fac (FB CARE AA+       16500   Reaffirmed
                                      limit)             Negative/CARE
                                                         A1+
Vaasavaa Pharmaceuticals Pvt Ltd      LT Bk Fac          CARE BB Stable 100.3   Revised from
                                                                                CARE BB-
                                                                                Stable
(enhanced from Rs. 8.73 crore)
Varalakshmi Starch Industries Pvt Ltd LT Bk Fac          CARE BB+ Stable170     Revised from
                                                                                CARE BB Stable
Vascular Concepts Ltd                 LT Bk Fac          CARE BB+ Stable180     Reaffirmed
Vibfast Pigments                      LT/ ST Bk Fac      CARE BB+       10      Revised from
                                                         Stable/CARE A4         CARE BB
                                                                                Stable/ CARE A4
Vibfast Pigments Pvt Ltd              LT/ST Bk Fac       CARE BB+       11      Revised
                                                         Stable/CARE A4         fromCARE BB
                                                                                Stable/ CARE A4
Vijay Engineering Works               LT / ST Bk Fac     CARE B /CARE A463      Revised from
                                                                                CARE B+ /CARE
                                                                                A4
(Issuer not cooperating) Based on best available information
Vision Vidyut Engineers Pvt Ltd       LT Bk Fac          CARE B+ Stable 62.9    Reaffirmed
Vk Warehousing Enterprises            LT Bk Fac          CARE B+ Stable 349
(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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