September 26, 2017 / 4:08 AM / 24 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, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A &D International Pvt Ltd            ST Bk Fac          CARE A4        17.5    Assigned
Ankita Impex                          ST Bk Fac          CARE A4        49.2    Assigned
Century Flour Mills Ltd               ST Bk Fac          CARE A2+       70      Assigned
Durga Krishna Store Pvt Ltd           ST Bk Fac          CARE A4+       130     Assigned

Greenply Industries Ltd               ST Bk Fac          CARE A1+       3200    Reaffirmed
enhanced from 305 CR
Greenply Industries Ltd               STD/CP*            CARE A1+       250     Reaffirmed
*carved out of the sanctioned working capital limits
Hvr Projects Pvt Ltd                  ST Bk Fac          CARE A4        10      Assigned
Icici Home Finance Company Ltd        CP                 CARE A1+       40000   Assigned
K.K. Builders                         ST Bk Fac          CARE A4        350     Assigned
Kesoram Industries Ltd                ST Bk Fac          CARE A2+       5850    Revised from
                                                                                CARE A1
Mahavishnu Spinning Mills Pvt Ltd     ST Bk Fac          CARE A4        17.5    Assigned
Modern Construction Co                ST Bk Fac          CARE A4        100     Assigned
R S Software (India) Ltd              ST Bk Fac          CARE A2        5       Revised from
                                                                                CARE A1
R T Rice Industries                   ST Bk Fac          CARE A4        50      Reaffirmed
enhanced from 0.10 CR
Shaily Engineering Plastics Ltd       ST Bk Fac          CARE A2+       300     Revised from
                                                                                CARE A2
Shakti Pumps (India) Ltd              ST Bk Fac          CARE A2+       820     Revised from
                                                                                CARE A2
Shree Rama Newsprint Ltd              ST Bk Fac          CARE A4        900     Reaffirmed
Standard Frozen Foods Export Pvt Ltd  ST Bk Fac          CARE A4        120     Reaffirmed
The Anup Engineering Ltd              ST Bk Fac          CARE A1+       150     Reaffirmed
Viral Associates                      ST Bk Fac          CARE A4        65      Assigned
Welspun India Ltd                     ST Bk Fac          CARE A1+       3657.5  Reaffirmed
Welspun India Ltd                     CP*                CARE A1+       3000    Reaffirmed
*Standalone

LONG TERM RATINGS:
-------------------
A &D International Pvt Ltd            LT Bk Fac          CARE B+        87.7    Assigned
Agarwal Polysacks Ltd                 LT Bk Fac          --                     Withdrawn
Agarwal Polysacks Ltd                 ST Bk Fac          --                     Withdrawn
Ankita Impex                          LT Bk Fac          CARE B         5.2     Assigned
Annapurna Dal Mill                    LT Bk Fac          CARE BB        52.8    Assigned
Anubhav Gems Pvt Ltd                  Bk Fac             CARE BB-/ A4   95      Assigned
Aris Capital Pvt Ltd                  LT Bk Fac          CARE BBB-      350     Assigned
Arogya Hospital And Research Centre   LT Bk Fac          CARE B+        73.5    Assigned
Asirvad Micro Finance Ltd             NCD I              --                     Withdrawn
Asirvad Micro Finance Ltd             LT Bk Fac          CARE A+        1000    Reaffirmed
                                      (Proposed)
Asirvad Micro Finance Ltd             NCD II             CARE A+        700     Reaffirmed
Asirvad Micro Finance Ltd             NCD III            CARE A+        330     Reaffirmed
Asirvad Micro Finance Ltd             NCD IV             CARE A+        400     Reaffirmed
Asirvad Micro Finance Ltd             NCD V (Proposed)   CARE A+        340     Reaffirmed
Biff And Bright Welfare Society       LT Bk Fac          CARE BBB-      144     Assigned
Century Flour Mills Ltd               LT Bk Fac          CARE A-        250     Assigned
Chhajed Warehousing                   LT Bk Fac          --                     Withdrawn
Dbl Jaora Sailana Tollways Ltd        LT Bk Fac          CARE A-        1019.8  Reaffirmed
reduced from Rs.115.66 crore
Dbl Nadiad Modasa Tollways Ltd        LT Bk Fac          CARE A         1229.8  Reaffirmed
reduced from Rs.140.00 crore
Dbl Uchera Nagod Tollways Ltd         LT Bk Fac          CARE A-        791     Reaffirmed
reduced from Rs.87.24 crore
Durga Krishna Store Pvt Ltd           LT Bk Fac          CARE BB        20      Assigned
Emtici Engineering Ltd                LT Bk Fac          CARE A-        367.7   Reaffirmed
Greenply Industries Ltd               LT Bk Fac          CARE AA-       3561.7  Reaffirmed
reduced from 415.05 CR
Hvr Projects Pvt Ltd                  LT Bk Fac          CARE B         124.4   Assigned
Inland Waterways Authority Of India   Government of      CARE AAA       10000   Revised from
                                      India Fully                               CARE AAA (SO)
                                      Serviced Bonds raised by IWAI*
*The repayment of principal and interest on the said bonds will be met by the Government of
India (GoI) by making suitable budgetary provisions. The ratings
K Y S Manufacturers And Exporters Pvt LT Bk Fac          CARE BB-       115     Revised from
Ltd                                                                             CARE B+
Reduced from 13.13 CR
K.K. Builders                         LT Bk Fac          CARE BB        50      Assigned
K.K. Leisures And Tourism InternationaLT Bk Fac          CARE B         110     Assigned
Pvt Ltd
Kesoram Industries Ltd                LT Bk Fac          CARE A-        4300    Revised from
                                                                                CARE A
Kesoram Industries Ltd                Bk Fac             CARE A- /A2+   13150   Revised from
                                                                                CARE A /A1
Kiwi Ifmr Capital 2016 (Originator:   Series A1 PTC      CARE A- (SO)           Reaffirmed
Annapurna Microfinance Pvt Ltd)
Kiwi Ifmr Capital 2016 (Originator:   Series A2 PTC      CARE BB (SO)           Reaffirmed
Annapurna Microfinance Pvt Ltd)
M.C. Roller Flour Mills Pvt Ltd       LT Bk Fac          CARE BB-       120
Issuer not cooperating
Mahavishnu Spinning Mills Pvt Ltd     LT Bk Fac          CARE B+        80      Assigned
Modern Construction Co                LT Bk Fac          CARE B+        60      Assigned
Morgan Credits Pvt. Ltd.              NCD                CARE AA        5500    Final Rating
Narendranath Agency                   LT Bk Fac          CARE BB-       70
Issuer not cooperating
Navachetana Microfin Services Pvt Ltd LT Bk Fac          CARE BB+       800     Reaffirmed
Nero Ifmr Capital 2016 (Originator:   Series A1 PTC      CARE A- (SO)           Reaffirmed
Annapurna Microfinance Pvt Ltd)
Nero Ifmr Capital 2016 (Originator:   Series A2 PTC      CARE BB (SO)           Reaffirmed
Annapurna Microfinance Pvt Ltd)
Oasis Realty                          Bk facility – LT   CARE AA+ (SO)  3000    Reaffirmed
                                      loans
Oasis Realty                          Bk Facility        CARE AA+ (SO)  750     Reaffirmed
                                                         /A1+ (SO)
R S Software (India) Ltd              LT Bk Fac          CARE A-        245     Revised from
                                                                                CARE A
R T Rice Industries                   LT Bk Fac          CARE B+        17.8    Reaffirmed
reduced from 6.68 CR
Renew Akshay Urja Pvt Ltd             Proposed LT        CARE AA+ (SO)  7600    Provisional
                                      instrument – NCDs @
Santaram Spinners Ltd                 LT Bk Fac          CARE B+        153     Reaffirmed
enhanced from 2.80 CR
Santaram Spinners Ltd                 Bk Fac             CARE B+ /A4    145     Reaffirmed
enhanced from 8 CR
Shaily Engineering Plastics Ltd       LT Bk Fac          CARE A-        973.3   Revised from
                                                                                CARE BBB+
Shakti Pumps (India) Ltd              LT Bk Fac          CARE A-        1016.5  Revised from
                                                                                CARE BBB+
Shakti Pumps (India) Ltd              Bk Fac             CARE A- /A2+   200     Revised from
                                                                                CARE BBB+ /A2
Shree Karthik Papers Ltd              LT Bk Fac          CARE BB+       127.5   Revised from
                                                                                CARE BB
Shree Rama Newsprint Ltd              ST Bk Fac@         --                     Withdrawn
@ We have noted that SRNL has repaid the aforementioned loan in full and there is no outstanding
under the said facility as on date. Taking cognizance of th
Shree Rama Newsprint Ltd              LT Bk Fac          CARE BB        1759.05 Revised from
                                                                                CARE BB-
Shree Rama Newsprint Ltd              LT Bk Fac#         CARE BBB (SO)  230     Reaffirmed
# Backed by irrevocable and unconditional corporate guarantee of Riddhi Siddhi Gluco Biols
Limited
Shree Siddhivinayak Real Homes Pvt. LtProposed NCDs      CARE BB        3950    Reaffirmed
enhanced from Rs.360 crore
Shrine Buildtech Pvt Ltd              LT Bk Fac          CARE BB        400     Assigned
Standard Frozen Foods Export Pvt Ltd  LT Bk Fac          CARE B+        230     Reaffirmed
The Anup Engineering Ltd              LT Bk Fac          CARE A+        150     Reaffirmed
The Anup Engineering Ltd              Bk Fac             CARE A+ /A1+   1450    Reaffirmed
Tirupati Enterprise                   LT Bk Fac          CARE B+        58      Assigned
Tmt Steels Pvt Ltd                    LT Bk Fac          CARE D         75      Revised from
                                                                                CARE BB-
reduced from 10 CR
Tmt Steels Pvt Ltd                    ST Bk Fac          CARE D         75      Revised from
                                                                                CARE A4
reduced from 10 CR
Venture Steel Pvt Ltd                 LT Bk Fac          --                     Withdrawn
Venture Steel Pvt Ltd                 ST Bk Fac          --                     Withdrawn
Viral Associates                      LT Bk Fac          CARE BB-       5       Assigned
Vizag Profiles Pvt Ltd                LT Bk Fac          CARE D         400     Revised from
                                                                                CARE BB+
Vizag Profiles Pvt Ltd                ST Bk Fac          CARE D         760     Revised from
                                                                                CARE A4+
Welspun India Ltd                     LT Bk Fac          CARE AA        32285.5 Revised from
                                                                                CARE AA-
Yamuna Bio Energy Pvt Ltd             LT Bk Fac          CARE BB-       69.1    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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