September 28, 2018 / 4:43 AM / in 2 months

CARE ratings for Indian debt instruments-Sep 28

    Sep 28 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 27, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Annadata Rice Mill                    ST Bk Fac          CARE A4+       6.6
Revised from CARE A4
Annapurna Industries                  ST Bk Fac          CARE A4        120     Reaffirmed
(reduced from 14.00 Crore)

Ashok Auto Sales Ltd                  ST Bk Fac          CARE A4+       150     -
Issuer not cooperating; Revised from CARE A3; ISSUER NOT COOPERATING based on best available
information
Ashok Khandelwal                      ST Bk Fac          CARE A4        49.5    -
Issuer Not Cooperating;Based on best available information
Atishay Ltd                           ST Bk Fac          CARE A3+       25      Reaffirmed
Atul Ltd                              ST Bk Fac          CARE A1+       920     Reaffirmed
Atul Ltd                              CP (CP)            CARE A1+       3000    Reaffirmed
Fashion Flare International Pvt Ltd   ST Bk Fac          CARE A4        60      Assigned
Gmmco Ltd                             CP (Carved out)    CARE A1+       2000    Reaffirmed
Hari Udyog Pvt. Ltd                   ST Bk Fac          CARE A4+       45.2    Reaffirmed
Hbl Power Systems Ltd                 ST Bk Fac          CARE A2+       7400    Reaffirmed
Indus Projects Pvt Ltd                ST Bk Fac          CARE A3        160     Reaffirmed
Krbl Ltd                              CP*                CARE A1+       7000    Reaffirmed
*carved out of the sanctioned working capital limits of the company
Leiner Shoes Pvt Ltd                  ST Bk Fac          CARE A1        27      Reaffirmed
Narayani Flour Mill                   ST Bk Fac          CARE A4        54      -
Issuer not cooperating Based on best available information.
Pearl Beverages Ltd                   ST Bk Fac          CARE A4        50      Reaffirmed
Vimal Intertrade Pvt Ltd              ST Bk Fac          CARE A3+       840     Reaffirmed
Yadav Tractor Company                 ST Bk Fac          CARE A4        30      Reaffirmed
Issuer not cooperating on the basis of best available information

LONG TERM RATINGS:
-------------------
Al- Sami Food Exports Pvt Ltd         LT Bk Fac          CARE BB-       10      Reaffirmed
Al- Sami Food Exports Pvt Ltd         LT/Short- Bk term  CARE BB-/CARE  90      Reaffirmed
                                      Fac                A4
Annadata Rice Mill                    LT Bk Fac          CARE BB+       103.6
Revised from CARE BB; (reduced from 11.60 Crore)
Annapurna Industries                  LT Bk Fac          CARE BB        80      Reaffirmed
(reduced from 9.00 Crore)
A-One Tex Tech Pvt Ltd                LT Bk Fac          CARE BB-       97.4    Reaffirmed
Arman Financial Services Ltd          LT Bk Fac          CARE BBB+      817.1   Reaffirmed
(enhanced from Rs.39.00 Crore)
Ashok Auto Sales Ltd                  LT Bk Fac          CARE BB+       400     -
Issuer not cooperating; Revised from CARE BBB-; ISSUER NOT COOPERATING based on best available
information
Ashok Khandelwal                      LT Bk Fac          CARE BB        50.5    -
Issuer Not Cooperating;Based on best available information
Atishay Ltd                           LT Bk Fac          CARE BBB       55.5    Reaffirmed
Atul Ltd                              LT Bk Fac          CARE AA+       4380    Reaffirmed
B. N. Civitech                        LT Bk Fac          CARE B+        100     Assigned
Coffee Day Global Ltd                 LT Bk Fac TL       CARE AA-       574.1   Reaffirmed
(reduced from Rs.135.4 Crore)
Coffee Day Global Ltd                 LT Bk Fac- Working CARE AA-       3972    Reaffirmed
                                      Capital
(enhanced from Rs.319.19 Crore)
Delhi Aviation Services Pvt Ltd       LT – Fund based –  CARE A-        66      Reaffirmed
                                      TL
Delhi Aviation Services Pvt Ltd       LT – Fund based –  CARE A-        140     Reaffirmed
                                      CC
Fusion Building Materials (Vizag) Pvt LT Bk Fac          CARE B+        170     Assigned
Ltd
Gmmco Ltd                             LT Bk Fac          CARE AA+       6873.9
Revised from CARE AA; (Enhanced from Rupees 663.12 Crore)
Gmmco Ltd                             Long/ ST Bk Fac    CARE AA+/A1+   6000
Revised from CARE AA; (Enhanced from Rupees 525 Crore)
Grd Trucks Pvt Ltd                    LT Bk Fac          CARE B+        45      -
Issuer Not cooperating; Based on best available information
Gupta Solvent Pvt Ltd                 LT Bk Fac          CARE BB        179.7   Assigned
H.N. Profiles And Engineering Pvt Ltd Long / ST Bk Fac   CARE B+/A4     80      Assigned
Hari Udyog Pvt. Ltd                   LT Bk Fac          CARE BB        104.5   Reaffirmed
(reduced from 10.75 Crore)
Hbl Power Systems Ltd                 LT Bk Fac          CARE A-        3933.4  Reaffirmed
(enhanced from 345.83 Crore)
Indiabuild Property Developers Pvt LtdNCDs               CARE BB        350     Reaffirmed
Indus Projects Pvt Ltd                LT Bk Fac          CARE BBB-      55      Reaffirmed
Leiner Shoes Pvt Ltd                  LT Bk Fac          CARE A         60      Reaffirmed
Leiner Shoes Pvt Ltd                  LT/ ST Bk Fac      CARE A/A1      240     Reaffirmed
Magus Bengal Estates Llp              LT Bk Fac          -              -       Withdrawn
Mainak Agro Food Product              LT Bk Fac          CARE BB-       45.4    -
Issuer Not Cooperating; based on best available information.
Namra Finance Ltd                     LT Bk Fac          CARE BBB+      2239.8  Reaffirmed
(enhanced from Rs.160.00 Crore)
Narayani Flour Mill                   LT Bk Fac          CARE B+        12      -
Issuer Not Cooperating;Revised from CARE BB-; based on best available information.
Northern Arc 2018 Cv Carnegie         Series A1 PTC      Provisional    -       Assigned
(Originator: Kanakadurga Finance Ltd)                    CARE A (SO)
Northern Arc 2018 Cv Carnegie         Series A2 PTC      Provisional    -       Assigned
(Originator: Kanakadurga Finance Ltd)                    CARE BBB+ (SO)
Northern Arc 2018 Mfi Prometheus      Series A1 PTC      Provisional    -       Assigned
(Originator: Fusion Microfinance Pvt                     CARE A (SO)
Ltd)
Northern Arc 2018 Mfi Prometheus      Series A2 PTC      Provisional    -       Assigned
(Originator: Fusion Microfinance Pvt                     CARE BBB+ (SO)
Ltd)
Ntpc Tamil Nadu Energy Co. Ltd        LT Bk Fac (FB)     CARE A-        15000   Reaffirmed
Ntpc Tamil Nadu Energy Co. Ltd        LT/ST Bk Fac       CARE A-/A2     2000    Reaffirmed
                                      (Non-fund based)
Ntpc-Sail Power Co. Ltd               LT Instrument -    CARE AA        15000   Reaffirmed
                                      Bond Programme
Ongc Petro-Additions Ltd              Compulsorily       CARE AAA (SO)* 56150   Reaffirmed
                                      Convertible
                                      Debentures (CCD-1)
*The rating(s) is based on the credit enhancement in the form of irrevocable & unconditional
undertaking from Oil and Gas Corporation Ltd for (a) funding Service Account with amount of
interest before/on due date and (b) buy-out of CCDs on exercise of put-option by investors. 
Ongc Petro-Additions Ltd              Compulsory         CARE AAA (SO)* 4920    Reaffirmed
                                      -Convertible
                                      Debentures (CCD-2)
*The rating(s) is based on the credit enhancement in the form of irrevocable & unconditional
undertaking from Oil and Gas Corporation Ltd for (a) funding Service Account with amount of
interest before/on due date and (b) buy-out of CCDs on exercise of put-option by investors. 
Ongc Petro-Additions Ltd              NCDs (NCD)         CARE AAA       30000   Reaffirmed
                                                         (SO)/@
@The rating is based on the proposed credit enhancement in form of letter of comfort from Oil
and Natural Gas Corporation Ltd (ONGC) which shall be unconditional and irrevocable, valid and
remain operative till the NCDs are fully redeemed and no dues certificate is issued by concerned
debenture trustee. Further the rating is ‘Provisional’ and shall be confirmed upon the execution
of documents (including signed term sheet, debenture trust deed etc.) to the satisfaction of
CARE. 
Pearl Beverages Ltd                   LT Bk Fac          CARE BB        886.8   Reaffirmed
Pearl Drinks Ltd                      LT Bk Fac          CARE BB        60      Reaffirmed
R J Cold Storage Pvt Ltd              LT Bk Fac          CARE B+        300     -
Issuer Not cooperating; Based on best available information
Raja Agro Cold Storage                LT Bk Fac          CARE B+        97.6    -
Issuer Not Cooperating; based on best available information.
S.S. Agri Business Pvt Ltd            LT Bk Fac          CARE B         115.3   -
Issuer not cooperating; Revised from CARE B+; Stable(Single B plus; Outlook: Stable) on the
basis of best available information
Sail -Rites Bengal Wagon Industry Pvt LT Bk Fac          CARE BBB       899
Ltd
Revised from CARE BBB-; (enhanced from 57.6 Crore)
Satyam Mineral                        Long- term Bk Fac  CARE B+        60      Assigned
Sb Energy Pvt Ltd                     LT Bk Fac*         CARE A-        7000    Reaffirmed
*SB Energy Pvt. Ltd. (SBPL), SB Energy Six Pvt. Ltd. (SBSIPL), SB Energy Seven Pvt. Ltd.
(SBSEPL), SB Energy Solar Pvt. Ltd. (SBSPL), SBG Cleantech Energy Eight Private Limited
(SBEEPL), SBE Renewables Ten Private Limited (SBTPL), SBERP Solar Project Co Private Limited
(SBERP) and SBG Cleantech ProjectCo Five Private Limited (SCPPL) (collectively referred to as
co-obligors) are authorized to utilize the aforementioned limits interchangeably, subject to
maximum availment of the amount of facility specified (i.e. Rs.700 crore) and would be jointly
and severally liable for the facility.
Sharekhan Bnp Paribas Financial       CP Issue (IPO      -              -       Withdrawn
Services Pvt Ltd                      Financing)
Shirish Hotels Pvt Ltd                LT Bk Fac          CARE B+        128.5   Reaffirmed
(reduced from 13.35 Crore)
Shiv Shakti Industries (Mehsana)      LT Bk Fac          -              -       Withdrawn
Shree Nathji Cotton & Oil Industries  LT Bk Fac          CARE B         76.6    -
Issuer Not Cooperating; Based on best available information Revised from CARE B+;
Skytouch Polypack                     LT Bk Fac          CARE BB-       58.5    Assigned
Stoneage Resources                    LT Bk Fac          CARE B+        45.1    Assigned
Stoneage Resources                    LT Bk Fac/ ST Bk   CARE B+/A4     15      Assigned
                                      Fac
Super Spintex Pvt Ltd                 LT Bk Fac          CARE B+        1300
Revised from CARE BB-, Issuer Not Cooperating
Super Spintex Pvt Ltd                 LT/ST Bk Fac       CARE B+        50
Revised from CARE BB-, Issuer Not Cooperating
The Byke Hospitality Ltd              LT Bk Fac          CARE A-        200     Reaffirmed
(enhanced from Rs.6.00 Crore)
Tirupati Industries                   LT Bk Fac          CARE BB-       279.7   Reaffirmed
(Reduced from Rs.29.35 Crore)
Tolaram Surendra Kumar Kundalia       LT Bk Fac          CARE B+        60      -
Issuer Not Cooperating; based on best available information.
Vetrivel Forgings                     Long -term Bk Fac  CARE D         89.1    -
Issuer Not Cooperating; Revised from CARE B+; Stable on the basis of best available information
Vetrivel Forgings                     Short -term Bk Fac CARE D         30      -
Issuer Not Cooperating; Revised from CARE A4 on the basis of best available information
Vimal Intertrade Pvt Ltd              LT Bk Fac          CARE BBB       560     Reaffirmed
Vimal Intertrade Pvt Ltd              LT/ST Bk Fac       CARE BBB/A3+   500     Reaffirmed
Vimal Lifesciences Pvt Ltd            LT/ST Bk Fac       CARE BBB/A3+   240     Reaffirmed
Vulcan Cold Forge Pvt Ltd             LT Bk Fac          CARE BB-       143.1   Assigned
Warbler Cv Ifmr Capital 2017-         Series A1 PTC      CARE AA (SO)   -
(Originator: Ikf Finance Ltd)
Revised from CARE A (SO)
Warbler Cv Ifmr Capital 2017-         Series A2 PTC      CARE AA- (SO)  -
(Originator: Ikf Finance Ltd)
Revised from CARE A- (SO)
Yadav Tractor Company                 LT Bk Fac          CARE B         34.3
Revised from CARE B+; Issuer Not Cooperating, on the basis of 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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