September 5, 2017 / 6:06 AM / in 2 months

CARE ratings for Indian debt instruments-Sep 5

    Sep 5 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 4, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Agarwal Tmt Industries Pvt Ltd        ST Bk Fac          CARE A4        8       Reaffirmed
Asian Hotels (West) Ltd               ST Bk Fac          CARE A3+       150     Revised from
                                                                                CARE A3
Balaji International                  ST Bk Fac          CARE A4        80

Issuer not cooperating
Bathsha Marine Exports Pvt Ltd        ST Bk Fac          CARE A4        55      Assigned
Carbon Edge Industries Ltd            ST Bk Fac          CARE A3        10      Revised from
                                                                                CARE A3
Reduced from Rs.4.84 CR
Cold Steel Corporation                ST Bk Fac          CARE A4+       33      Revised from
                                                                                CARE A4
Fastrack Communications Pvt Ltd       ST Bk Fac          CARE A4+       650     Revised from
                                                                                CARE A4
enhanced from Rs.55 crore
Granny’S Spices (India) Llp           ST Bk Fac          CARE A4        2.5     Assigned
Likhita Energy Systems Pvt Ltd        ST Bk Fac          CARE A4        30      Assigned
Mec Shot Blasting Equipments Pvt Ltd  ST Bk Fac          CARE A4        65
Issuer not cooperating
Patkar Extrusions Pvt Ltd             ST Bk Fac          CARE A4        30
Issuer not cooperating
Power Finance Corporation Ltd         ST instruments –   CARE A1+       150000  Reaffirmed
                                      Market Borrowing
                                      Programme (FY18)
reduced from 10,000 CR
R.C. Patel                            ST Bk Fac          CARE A4        150
Issuer not cooperating
Red Exim                              Bk Fac-FB -        CARE A3        75      Reaffirmed
                                      STEPC/PSC
Sam Industrial Enterprises Ltd        ST Bk Fac          CARE A4        25
Issuer not cooperating
Sanginita Chemicals Ltd               ST Bk Fac          CARE A3        22.5    Revised from
                                                                                CARE A4+
Shree Nakoda Infrasteel Pvt Ltd       ST Bk Fac          CARE A4        30      Reaffirmed
Subizz Travel Solutions Pvt Ltd       ST Bk Fac          CARE A4        4.8
Issuer not cooperating
Suven Life Sciences Ltd               ST Bk Fac          CARE A2+       225     Reaffirmed

LONG TERM RATINGS:
-------------------
Agarwal Tmt Industries Pvt Ltd        LT Bk Fac          CARE BB-       383.7   Reaffirmed
enhanced from Rs.14.20 crore
Amber Builders                        LT Bk Fac          CARE BB-       50      Reaffirmed
Amber Builders                        Bk Fac             CARE BB- /A4   90      Reaffirmed
Ashish Ship Breakers Pvt Ltd          Bk Fac             CARE BB /A4+   500
Issuer not cooperating
Ashish Vessel Demolition Pvt Ltd      Bk Fac             CARE BB- /A4   300
Issuer not cooperating
Asian Hotels (West) Ltd               LT Bk Fac          CARE BBB       2000    Revised from
                                                                                CARE BBB-
Balaji International                  LT Bk Fac          CARE B+        20
Issuer not cooperating
Bathsha Marine Exports Pvt Ltd        LT Bk Fac          CARE B         39.2    Assigned
Carbon Edge Industries Ltd            LT Bk Fac          CARE BBB       130     Revised from
                                                                                CARE BBB-
Reduced from Rs.13.04 CR
Carbon Edge Industries Ltd            Bk Fac             CARE BBB /A3   570     Revised from
                                                                                CARE BBB- /A3
Reduced from Rs.60 CR
Chandak Marbles Pvt Ltd               Bk Fac             CARE B+ /A4    90      Reaffirmed
Cold Steel Corporation                LT Bk Fac          CARE BB+       55      Revised from
                                                                                CARE BB
Corrtech International Pvt Ltd        LT Bk Fac          CARE D         75      Reaffirmed
Corrtech International Pvt Ltd        Bk Fac             CARE D /D      70      Reaffirmed
Dr. Agarwal’S Eye Hospital Ltd        LT Bk Fac          CARE BBB+      245.1   Reaffirmed
Fastrack Communications Pvt Ltd       LT Bk Fac          CARE BB+       225     Revised from
                                                                                CARE BB
enhanced from Rs.20 crore
Fepl Engineering Pvt Ltd              LT Bk Fac          CARE D         20
Issuer not cooperating
Fepl Engineering Pvt Ltd              Bk Fac             CARE D/D       35
Issuer not cooperating
Fusion Microfinance Pvt Ltd           LT Bk Fac          CARE BBB+      5000    Reaffirmed
enhanced from 300 CR
Fusion Microfinance Pvt Ltd           NCD                CARE BBB+      100     Reaffirmed
Fusion Microfinance Pvt Ltd           NCD (Proposed)     CARE BBB+      200     Assigned
Gramco Inftatech Pvt Ltd              LT Bk Fac          CARE B         98.2    Reaffirmed
Granny’S Spices (India) Llp           LT Bk Fac          CARE BB-       67.5    Assigned
Granny’S Spices (India) Llp           Bk Fac             CARE BB- /A4   30      Assigned
Green Space Infraheights Pvt. Ltd.    LT Bk Fac- TL      CARE BB        400     Reaffirmed
Harrin Poultry Farm                   LT Bk Fac          CARE B+        110     Assigned
Hinduja National Power Corporation LtdLT Bk Fac - TL I   CARE A-        44880   Final Rating
Hinduja National Power Corporation LtdLT Bk Fac - TL II  CARE A-        14970   Final Rating
Hinduja National Power Corporation LtdLT Bk Fac - CC     CARE A-        12900   Final Rating
India Mortgage Guarantee Corporation  Issuer Rating      CARE AA+ (Is)          Reaffirmed
Pvt Ltd
Janakalyan Consultancy And Services PvLT Bk Fac          CARE BB-       150     Assigned
Ltd
K.P. Energy Ltd                       LT Bk Fac          CARE BBB-      405.7   Reaffirmed
K.P. Energy Ltd                       Bk Fac             CARE BBB- /A3  90      Reaffirmed
K.V.J Builders And Developers Pvt Ltd LT Bk Fac          CARE B+        105     Assigned
Likhita Energy Systems Pvt Ltd        LT Bk Fac          CARE B+        145     Revised from
                                                                                CARE B
Enhanced from 10.70 CR
M.S. Solvent Industries               LT Bk Fac          CARE B         75      Suspension
                                                                                Revoked and
                                                                                rating
reaffirmed
enhanced form Rs. 5.00 CR
Mec Shot Blasting Equipments Pvt Ltd  LT Bk Fac          CARE B+        55
Issuer not cooperating
Nysa Industries                       LT Bk Fac          --                     Withdrawn
Oswal Extrusion Ltd                   LT Bk Fac          --                     Withdrawn
Oswal Extrusion Ltd                   ST Bk Fac          --                     Withdrawn
Oswal Extrusion Ltd                   Bk Fac             --                     Withdrawn
Patel Bridge Nirman Pvt Ltd           LT Bk Fac          CARE A         1620.5  Reaffirmed
Patkar Extrusions Pvt Ltd             LT Bk Fac          CARE BB+       61.6
Issuer not cooperating
Power Finance Corporation Ltd         LT instruments –   CARE AAA       360000  Reaffirmed
                                      Market Borrowing
                                      Programme (FY18)
reduced from 41,000 CR
Prudhvi Infra Projects Pvt Ltd        LT Bk Fac          CARE BB-       225     Revised from
                                                                                CARE B+
R.C. Patel                            LT Bk Fac          CARE BB        100
Issuer not cooperating
Ramalingeshwara Cotton Industries     LT Bk Fac          CARE BB-       51      Revised from
                                                                                CARE B+
Reduced from Rs 5.80 crore
Red Exim                              LT/ST Bk           CARE BBB- /A3  175     Reaffirmed
                                      Fac-Working capital
enhanced from Rs 7.50 crore
Sahajanand Cotton Industries          LT Bk Fac          --                     Withdrawn
Sail-Rites Bengal Wagon Industry Pvt LLT Bk Fac          CARE BBB-      576     Reaffirmed
Reduced from 72 CR
Sam Industrial Enterprises Ltd        LT Bk Fac          CARE B+        75
Issuer not cooperating
Sanginita Chemicals Ltd               LT Bk Fac          CARE BBB-      7       Revised from
                                                                                CARE BB+
Reduced from Rs.1.00 crore
Sanginita Chemicals Ltd               Bk Fac             CARE BBB- /A3  250     Revised from
                                                                                CARE BB+ /A4+
Senbo Engineering Ltd                 LT Bk Fac          CARE D         1426.8  Revised from
                                                                                CARE B+
Senbo Engineering Ltd                 ST Bk Fac          CARE D         1573.2  Revised from
                                                                                CARE A4
Shree Nakoda Infrasteel Pvt Ltd       LT Bk Fac          CARE BB-       56.4    Reaffirmed
Shree Sachidanand Industries Pvt Ltd  LT Bk Fac          CARE BB-       16.1    Assigned
Shree Sachidanand Industries Pvt Ltd  Bk Fac             CARE BB- /A4   56      Assigned
Shri Rasbihari Agro Processors Pvt LtdLT Bk Fac          CARE B+        88.4    Assigned
Sorento Granito Pvt Ltd               Bk Fac             CARE B+ /A4    177.5   Reaffirmed
Srg Housing Finance Ltd.              LT Bk Fac          CARE BBB-      350.4   Revised from
                                                                                CARE BB+
Sri Shyam Jewellers                   LT Bk Fac          CARE BB-       50      Revised from
                                                                                CARE B+
Subizz Travel Solutions Pvt Ltd       LT Bk Fac          CARE B+        4.4
Issuer not cooperating
Subizz Travel Solutions Pvt Ltd       Bk Fac             CARE B+ /A4    10.8
Issuer not cooperating
Suven Life Sciences Ltd               LT Bk Fac          CARE A-        680.1   Reaffirmed
reduced from 84.83 CR
Swayam Micro Services                 LT Bk Fac          CARE BB        200     Reaffirmed
enhanced from 15 CR

--------------------------------------------------------------------------------------------
$: 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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