September 4, 2019 / 11:44 AM / 14 days ago

CARE ratings for Indian debt instruments-Sep 4

   Sep 4 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 3, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Avani Textiles Ltd                    ST Bk Fac          CARE A4        400     Reaffirmed
Avinash Constructions                 ST Bk Fac          CARE A4        1       -
(Issuer Not Cooperating);
Bharat Heavy Electricals Ltd          CP*                CARE A1+       80000   Reaffirmed

*Rs.3,000 crore carved out of fund based working capital limits of the company
Coalsale Co. Ltd                      ST Bk Fac          CARE A4+       117.5   Assigned
Orchid Pharma Ltd                     ST Bk Fac          CARE D;        4985    -
(Issuer Not Cooperating);
Patidar Cot-Spin Pvt Ltd              ST Bk Fac          -              -       Withdrawn
Smt. Shakuntla Educational & Welfare  ST Bk Fac          CARE D; Issuer 500     Revised from
Society                                                  Not                    Care A4 
                                                         Cooperative
Vetrivel Forgings                     ST Bk Fac          CARE D         30      -
(Issuer Not Cooperating);
Somnath Flour Mills Pvt Ltd           ST Bk Fac          CARE A4        70      Reaffirmed
Sri Ganesh Timber Traders             Short - term Bk FacCARE A4;       75      -
(Issuer Not Cooperating);
Talin Modular Office Furniture SystemsST Bk Fac          CARE A4        20      (Issuer Not
Pvt Ltd                                                                         Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information
V.A. Products                         ST Bk Fac          CARE A4;       50      (Issuer Not
                                                                                Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information
V.A. Products                         ST Bk Fac          CARE A4;       45      (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on best
                                                                                available 
                                                                                information
Virat Alloys Pvt Ltd                  ST Bk Fac          CARE A4;       10      -
(Issuer Not Cooperating);
Zulaikha Motors Pvt Ltd               ST Bk Fac          CARE A4;       160     (Issuer Not
                                                                                Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information
E.P. Industrial & Agro Products Pvt Ltd ST Bk Fac        CARE A4;       92.5    -
(Issuer Not Cooperating);
Eminent Dealers Pvt Ltd               ST Bk Fac          CARE A3        4.1     Reaffirmed
Garg Re Surfacing And Construction    ST Bk Fac          CARE A4        85      Assigned
Hasbro Clothing Pvt Ltd               ST Bk Fac          CARE A4+       100     (Issuer Not
                                                                                Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information” 
                                                                                Revised from 
                                                                                CARE A3+
J And J Associates                    Short -term Bk Fac CARE A4;       50      -
(Issuer Not Cooperating);
K P N Textile Mills Pvt Ltd           ST Bk Fac          CARE A4;       17.7    (Issuer Not
                                                                                Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information” 
K.R. Manjunath                        ST Bk Fac          CARE A4;       30      (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on best
                                                                                available 
                                                                                information
K.V.J. Builders And Developers Pvt LtdShort -term Bk Fac CARE A4;       70      -
(Issuer Not Cooperating);
Kabra Commercial Ltd                  ST Bk Fac          CARE A4+       191.5   Assigned
Krishi Constructions Pvt Ltd          ST Bk Fac          CARE A4        50      (Issuer Not
                                                                                Cooperating)
                                                                                Based on best
                                                                                available 
                                                                                information” 
Maa Sheetla Autowheels Pvt Ltd        ST Bk Fac          CARE A4;       138.5   (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on best
                                                                                available 
                                                                                information” 
Metropolitan Transport Corporation    ST Bk Fac          CARE A4        500     Assigned
(Chennai) Ltd
Panchami Electronics Pvt Ltd          Short - term Bk FacCARE A4        4       -
(Issuer Not Cooperating);
Pine Exporters Pvt Ltd                ST Bk Fac          CARE A4        45.9    Reaffirmed
                                                                                and removed
                                                                                from 
                                                                                (Issuer Not
                                                                                Cooperating)
Prabartak Jute Mills Ltd              ST Bk Fac          CARE A4;       4       (Issuer Not
                                                                                Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information” 
R. C. Patel                           ST Bk Fac          CARE A4;       150     (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on 
                                                                                best available
                                                                                information” 
Relay Express Pvt Ltd                 ST Bk Fac          CARE A4        1       Assigned

LONG TERM RATINGS:
-------------------
Aakavi Spinning Mills Pvt Ltd         Long -term Bk Fac  CARE BB;       61.1    (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on best
                                                                                available 
                                                                                information
Anjaneya Breeding Farm And Hatcheries LT Bk Fac          CARE           86.7    Revised from
                                                         B;(Issuer Not          CARE B+;
                                                         Cooperating)           
Arupadai Arulmurugan Spinners Pvt Ltd Long -term Bk Fac  CARE B+; Stable88.1    (Issuer Not
                                                                                Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information
Asahi India Glass Ltd                 LT Bk Fac          CARE A;        19448   Reaffirmed
                                                         Negative               and Outlook
                                                                                revised
Asahi India Glass Ltd                 LT/ST Bk Fac       CARE A;        1600    Reaffirmed
                                                         Negative /CARE         and Outlook
                                                         A1                     revised
Avani Textiles Ltd                    LT Bk Fac          CARE BB-;      267.5   Revised from
                                                         Stable                 CARE C; Stable
Avinash Constructions                 Long -term Bk Fac  CARE B; Stable;79      -
(Issuer Not Cooperating);
Bharat Heavy Electricals Ltd          LT Bk Fac (Fund    CARE AA+/      60000   Reaffirmed
                                      Based)             Stable
Bharat Heavy Electricals Ltd          LT/ST Bk Fac       CARE AA+/      540000  Reaffirmed
                                      (LC/BG)            Stable/CARE A1+
Coalsale Co. Ltd                      LT Bk Fac          CARE BB+;      7.5     Assigned
                                                         Stable
Dhara Motor Finance Ltd               LT Bk Fac          CARE BB; Stable250     Revised from
                                                                                CARE BB+;
Dharampal Pipe & Tubes Pvt Ltd        LT Bk Fac          CARE B+;Stable 70      Assigned
E.P. Industrial & Agro Products Pvt Ltd LT Bk Fac        CARE B ;       60      Revised from
                                                         Stable;                CARE B+;
                                                                                Stable
(Issuer Not Cooperating);
Eminent Dealers Pvt Ltd               LT Bk Fac          CARE BBB-;     87.5    Reaffirmed
                                                         Stable
Eminent Dealers Pvt Ltd               LT/ST Bk Fac       CARE BBB-;     140     Reaffirmed
                                                         Stable/CARE A3
Emson Tools Manufacturing Corporation LT Bk Fac          CARE B+;       180     Revised from
Ltd                                                                             CARE BB-
(Issuer Not Cooperating);
Garg Re Surfacing And Construction    LT Bk Fac          CARE BB-;      10      Assigned
                                                         Stable
Glow Mac Lighting Pvt Ltd             LT Bk Fac          CARE C         100     Revised from
                                                                                CARE B;
                                                                                Stable 
                                                                                Based on
                                                                                best 
                                                                                available
                                                                                information
Gourmet Empire Pvt Ltd                LT Bk Fac          CARE B;        67.6    -
(Issuer Not Cooperating);
Hasbro Clothing Pvt Ltd               LT Bk Fac          CARE BB+;      300     (Issuer Not
                                                         Stable                 Cooperating);
                                                                                Based on
                                                                                best 
                                                                                available
                                                                                information
                                                                                Revised
                                                                                from 
                                                                                CARE BBB
Indiabulls Asset Management Co. Ltd   Indiabulls Income  -              -       Withdrawn
                                      Fund
J And J Associates                    Long -term Bk Fac  CARE B; Stable;47.5    -
(Issuer Not Cooperating);
K P N Textile Mills Pvt Ltd           Long -term Bk Fac  CARE BB;       84      (Issuer Not
                                                         Stable;                Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information
K World Estate Pvt Ltd                NCD                -              -       Withdrawn
K. C. Jammu Automart Pvt Ltd          LT Bk Fac          CARE B+        120     Revised from
                                                                                CARE BB-
(Issuer Not Cooperating);
K.R. Manjunath                        LT Bk Fac          CARE B+;       40      (Issuer Not
                                                         Stable;                Cooperating);
                                                                                Revised from
                                                                                CARE BB-
K.V.J. Builders And Developers Pvt LtdLong -term Bk Fac  CARE B+;       105     -
                                                         Stable;
(Issuer Not Cooperating);
Kabra Commercial Ltd                  LT Bk Fac          CARE BB; Stable7.5     Assigned
Krishi Constructions Pvt Ltd          LT Bk Fac          CARE BB-;      30      (Issuer Not
                                                         Stable                 Cooperating)
                                                                                Based on best
                                                                                available 
                                                                                information
Kuber Securities                      LT Bk Fac          CARE B; Stable;27.5    (Issuer Not
                                                                                Cooperating);
                                                                                Based on best
                                                                                available 
                                                                                information
Lakshmi Balaji Constructions          LT Bk Fac          CARE B; Stable;120     Revised from
                                                                                CARE B+;
                                                                                Stable
MAA Sheetla Autowheels Pvt Ltd        LT Bk Fac          CARE B;        75      Revised from
                                                         Stable; ISSUER         CARE B+;Stable
                                                         NOT 
                                                         COOPERATING
Mdj Texco Fab Pvt Ltd                 LT Bk Fac          CARE BB-;      71.4    Reaffirmed
                                                         Stable
Microtex Fashion Industries           LT Bk Fac          CARE D;        72.3    (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on
                                                                                best 
                                                                                available 
                                                                                information
Orchid Pharma Ltd                     LT Bk Fac          CARE D;        26874.9 -
(Issuer Not Cooperating);
Panchami Electronics Pvt Ltd          LT Bk Fac          CARE B; Stable;56      Revised from
                                                                                CARE B+;
                                                                                Stable
Patidar Cot-Spin Pvt Ltd              LT Bk Fac          -              -       Withdrawn
Patidar Cot-Spin Pvt Ltd              LT/ST Bk Fac       -              -       Withdrawn
Pine Exporters Pvt Ltd                LT Bk Fac          CARE B+        35      Revised from
                                                                                CARE B;
                                                                                Stable; 
                                                                                (Issuer Not 
                                                                                Cooperating)
Prabartak Jute Mills Ltd              LT Bk Fac          CARE B; Stable;56      Revised from
                                                                                CARE B+;
                                                                                Stable 
                                                                                Based on 
                                                                                best 
                                                                                available
                                                                                information
R. C. Patel                           LT Bk Fac          CARE BB;       100     (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on
                                                                                best 
                                                                                available 
                                                                                information
Reliance Commercial Finance Ltd       NCDs*              CARE BB        2000    Revised from
                                                         (CE)2;                 CARE BBB
Removed Credit watch with negative implications
*rating is backed by unconditional and irrevocable corporate guarantee by Reliance Capital
Limited.
Reliance Financial Ltd                Market Linked      CARE PP-MLD    3500    Revised from
                                      Debentures*        BB- (CE)2;             CARE PP-MLD
                                                         Stable                 BBBB- (CE) 
                                                                                [PP-MLD Triple
                                                                                 B Minus
                                                                                (Credit
                                                                                Enhancement)] 
                                                                                 and removed
                                                                                 from
                                                                                 credit watch 
                                                                                 implication
*The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’ 
issued by Reliance Capital Ltd. (RCL), rated ‘CARE BB; Stable’, in favour of RFL’s debt
instruments 
Reliance Financial Ltd                Market Linked      CARE PP-MLD    500     Revised from
                                      Debentures*        BB-                    CARE PP-MLD
                                                         (CE)2;Stable           (CE) 
                                                                                [PP-MLD Triple
                                                                                 B Minus
                                                                                (Credit
                                                                                 Enhancement)] 
                                                                                 and removed
                                                                                 from
                                                                                 credit watch 
                                                                                 implication
*The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’ 
issued by Reliance Capital Ltd. (RCL), rated ‘CARE BB; Stable’, in favour of RFL’s debt
instruments 
Reliance Mediaworks Financial ServicesMarket Linked      CARE BB (CE)2  6382    Revised from
Pvt Ltd                               Debentures*        [Double B              CARE BBB (CE)
                                                         (Credit Enhancement)]; [Triple B 
                                                                                (Credit 
                                                                                 enhancement)] 
                                                                                 and removed 
                                                                                 from credit 
                                                                                 watch with 
                                                                                 negative 
                                                                                 implication.
*The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’
 issued by Reliance Capital Ltd. (RCL), rated ‘CARE BB; Stable’, 
 in favour of RFL’s debt instruments 
Reliance Securities Ltd               Market Linked      CARE PP-MLD    1500    Revised from
                                      Debentures*        BB- (CE)2;             CARE PP-MLD
                                                         Stable                 BBBB- (CE)2 
                                                                               [PP-MLD Triple
                                                                                B Minus 
                                                                                (Credit 
                                                                                 enhancement)] 
                                                                                 and removed 
                                                                                 from credit 
                                                                                 watch with 
                                                                                 negative 
                                                                                 implication.
*The rating is based on the credit enhancement in the form of a ‘Letter of Comfort’
 issued by Reliance Capital Ltd. (RCL), rated ‘CARE BB; Stable’, in favor of RSL’s
 investors/lenders in the aforesaid instruments 
Raj Ispat Udyog                       LT Bk Fac          CARE B;        70      Revised from
                                                                                CARE B+
(Issuer Not Cooperating);
Raj Steel Industries                  LT Bk Fac          CARE B         50      (Issuer Not
                                                                                Cooperating);
                                                                                Revised
                                                                                from CARE B+
Raj Steel Industries                  LT Bk Fac          CARE B;        50      Revised from
                                                                                CARE B+
(Issuer Not Cooperating);
Relay Express Pvt Ltd                 LT Bk Fac          CARE BB; Stable20      Assigned
Rmj Modern Rice Mill                  Long -term Bk Fac  CARE B+;       118.9   Revised from
                                                                                CARE BB-
(Issuer Not Cooperating);
Salasar Highways Pvt Ltd              LT Bk Fac          CARE BB-;Stable2260    (Issuer Not
                                                                                Cooperating);
                                                                                Based on 
                                                                                best 
                                                                                available
                                                                                information
Sangam Steels                         LT Bk Fac          CARE B-;       70      -
(Issuer Not Cooperating);
Satish Agro Industries                LT Bk Fac          CARE D ;       60      (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on 
                                                                                best 
                                                                                available
                                                                                information
Sharvaya Metals Pvt Ltd               LT Bk Fac          CARE BB-;Stable129.2   Revised from
                                                                                CARE BB;
                                                                                Stable
Sheetal Agro Food Park Pvt Ltd        LT Bk Fac          CARE D; Issuer 50      Revised from
                                                         Not Cooperating        CARE B;
                                                                                Stable;
Shivram Synthetics Pvt Ltd            LT Bk facility     CARE B+;       100     (Issuer Not
                                                         Stable;                Cooperating);
                                                                                Revised 
                                                                                from CARE BB-; 
                                                                                Stable; ISSUER
                                                                                NOT 
                                                                                COOPERATING 

Shreeji Construction Company_Vadodara LT Bk Fac          CARE D         85      -
(Issuer Not Cooperating);
Sidhartha Buildhome Pvt Ltd           LT Bk Fac          CARE D;        1290    (Issuer Not
                                                         (Issuer Not            Cooperating);
                                                         Cooperating)           Based on
                                                                                best 
                                                                                available
                                                                                information
Smt. Shakuntla Educational & Welfare  LT Bk Fac          CARE D; Issuer 1486.2  Revised from
Society                                                  Not Cooperating        CARE B+;
                                                                                Stable;
                                                                                Cooperating
                                                                                CARE A4
Somnath Flour Mills Pvt Ltd           LT Bk Fac          CARE B+; Stable35.5    Reaffirmed
Sri Ganesh Timber Traders             LT Bk Fac          CARE B-;       20      -
                                                         Stable;(Issuer Not Cooperating);
Star Raison Landmarks                 LT Bk Fac          CARE B+;       400     (Issuer Not
                                                         Stable;                Cooperating);
                                                        (Issuer Not Cooperating Revised from 
                                                                                CARE BB-; 
                                                                                Stable; 
                                                                                on the basis 
                                                                                of best
                                                                                available
                                                                                information
Sujay Feeds                           LT Bk Fac          CARE B+; Stable88      -
(Issuer Not Cooperating);
Sunpaul Properties Pvt Ltd            Long -term Bk Fac  CARE B;        90      Revised from
                                                                                CARE B+
(Issuer Not Cooperating);
Supreme Exports                       Long -term Bk Fac  CARE B         80      Revised from
                                                                                CARE B+;
                                                                                Stable; 
                                                                                (Issuer Not 
                                                                                Cooperating)
Tafa Agri Industries                  LT / ST Bk Fac     CARE B+;       1       (Issuer Not
                                                         Stable /CARE           Cooperating);
                                                         A4;                    Based on 
                                                                                best
                                                                                available
                                                                                information
Tafa Agri Industries                  LT Bk Fac          CARE B+;Stable 89      (Issuer Not
                                                                                Cooperating);
                                                                                Based on 
                                                                                best
                                                                                available
                                                                                information
Talin Modular Office Furniture SystemsLT Bk Fac          CARE B+;Stable 70      Revised from
Pvt Ltd                                                                         CARE BB-;
                                                                                Stable
                                                                                (Issuer
                                                                                 Not
                                                                                 Cooperating)
Tejas Agro Irrigation Systems Pvt Ltd LT Bk Fac          CARE B-; Stable155     Assigned
Tejas Agro Irrigation Systems Pvt Ltd Long /ST Bk Fac    CARE           50      Assigned
                                                         B-;Stable/CARE
                                                         A4
Thriveni Sainik Mining Pvt Ltd        LT Bk Fac*         CARE BBB+      700     Final Rating@
                                                         (CE); Positive
*backed by unconditional & irrevocable corporate guarantee provided by Thriveni 
Earthmovers Private Limited (TEPL). @CARE has confirmed the rating assigned to 
the bank facilities of Thriveni Sainik Mining Private Limited upon the execution 
of the corporate guarantee and submission of requisite documents
to the satisfaction of CARE. 
V.A. Products                         LT Bk Fac          CARE B; Stable;5       Revised from
                                                                                CARE B+;
                                                                                Stable
Based on best available
information
V.A. Products                         Long -term Bk Fac  CARE B-;       15      Revised from
                                                         Stable;                CARE B;
                                                                                Stable 
                                                                                Based on
                                                                                best
                                                                                available
                                                                                information
Vetrivel Forgings                     Long -term Bk Fac  CARE D         89.1    -
(Issuer Not Cooperating);
Virat Alloys Pvt Ltd                  LT / Shortterm Bk  CARE BB-;      87      -
                                      Fac                Stable /CARE
                                                         A4;
(Issuer Not Cooperating);
Virat Alloys Pvt Ltd                  LT Bk Fac          CARE BB-;      109     -
                                                         Stable;
(Issuer Not Cooperating);
Zulaikha Motors Pvt Ltd               LT Bk Fac          CARE B+; Stable75.9    (Issuer Not
                                                                                Cooperating);
                                                                                Based on 
                                                                                best
                                                                                available
                                                                                information
Zulaikha Motors Pvt Ltd               LT/ST Bk Fac       CARE B+;       96.9    (Issuer Not
                                                         Stable /CARE           Cooperating);
                                                         A4;                    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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