September 6, 2019 / 11:12 AM / 2 months ago

CARE ratings for Indian debt instruments-Sep 6

   Sep 6 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of September 5, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Ambit Finvest Pvt Ltd                 CP Issue           CARE A1+(CE) 2 1000    Reaffirmed
Bhargava Motors                       ST Bk Fac          CARE A4        47.5    -
(Issuer not cooperating) Based on best available information
Dynatech Industries Pvt Ltd           ST Bk Fac          CARE A4;       20      -
Issuer not Cooperating Based on best available information
Incred Financial Services Ltd (FormerlCP                 CARE A1+       2500    Revised from
Known As Visu Leasing Finance Pvt Ltd)                                          CARE A1
Iris Products Pvt Ltd                 ST Bk Fac          CARE A4        25      Reaffirmed
Kanakashri Electricals                ST Bk Fac          CARE A4;       40      -
(Issuer not cooperating) Based on best available information
Motor World Pvt Ltd                   ST Bk Fac          CARE A4        215     Assigned
Goyal Industries                      ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
National Plastic Industries Ltd       ST Bk Fac          CARE A3        20      Reaffirmed
New Delhi Television Ltd              ST Bk Fac          CARE A4+       40      Continues to
                                                                                be on Credit
                                                                                Watch
New Horizon Knits Pvt Ltd             ST Bk Fac          CARE A4;       16      -
(Issuer not cooperating) Based on best available information
Patel Kismatrai Chunilal              ST Bk Fac          CARE A4;       26.3    -
Issuer not Cooperating Based on best available information
Sab Industries Ltd                    ST Bk Fac          CARE A4        75      Revised from
                                                                                CARE A4+;
Shree Balaji Woollen Mills            ST Bk Fac          CARE A4        19.2    Reaffirmed
Shriram Housing Finance Ltd           Bk Fac-ST          CARE A1+       3000    Reaffirmed
Technico Strips And Tubes Pvt Ltd     ST Bk Fac          CARE D         145     Revised from
                                                                                CARE A4
Shriram Housing Finance Ltd           CP                 CARE A1+       3000    Reaffirmed
Sreenagar Cold Storage Pvt Ltd        ST Bk Fac          CARE A4        2.4     -
(Issuer not cooperating) Based
on best available information.
Superlite Jointings Pvt Ltd           ST Bk Fac          CARE A4        47      Reaffirmed
Tathva Projects Pvt Ltd               ST Bk Fac          CARE A4;       47      -
Issuer not Cooperating Based on best available information
Transformers & Rectifiers (India) Ltd ST Bk Fac          CARE A3+       1500    Reaffirmed
Uppal Housing Pvt Ltd                 ST Bk Fac          CARE A4        1550    -
(Issuer not cooperating) Revised from CARE A4+
Vidhyut Control (India) Pvt Ltd       ST Bk Fac          CARE A4        40      -
Revised from CARE BB; Stable; Issuer not Cooperating


LONG TERM RATINGS:
-------------------
Ambit Finvest Pvt Ltd                 LT Bk Fac *        CARE A+(CE)2 ; 3917.5  Reaffirmed
                                                         Stable
*based on credit enhancement in the form of an unconditional and irrevocable
 guarantee from the parent, Ambit Private Limited (APL)
Ambit Finvest Pvt Ltd                 LT Bk Fac*#        CARE A+(CE)2;  500     Final Rating
                                                         Stable
* based on credit enhancement in the form of an unconditional and irrevocable
 guarantee from the parent, Ambit Private Limited (APL). 
# Final rating assigned upon receipt of executed guarantee documents
Ambit Finvest Pvt Ltd                 LT Bk Fac*^        ProCARE A+     3082.5  Reaffirmed
                                                         (CE)2; Stable
* based on credit enhancement in the form of an unconditional and irrevocable
 guarantee from the parent, Ambit Private Limited (APL). 
^ The rating is provisional and will be confirmed upon receipt of executed
 guarantee documents to the satisfaction of CARE.
3F Oil Palm Agrotech Pvt Ltd          LT Bk Fac          CARE BBB;      574.6   Revised from
                                                                                CARE BBB-;
                                                                                Stable;
Aarohi Constructions Pvt. Ltd.        Long -term Bk Fac  CARE B+; Stable110     Reaffirmed
Aksigen Hospital Care                 Long -term Bk Fac  CARE BB        120     Revised from
                                                                                CARE BB+
Bhargava Motors                       Long -term Bk Fac  CARE B+        117.5   -
Issuer Not Cooperating Revised from CARE BB-;Stable; on the basis of best available information
Coffee Day Global Ltd                 LT Bk Fac-TL       CARE D         724.1   -
Revised from CARE BBB (Triple B); and removed from credit watch with negative implications
Coffee Day Global Ltd                 LT Bk Fac- Working CARE D         3972    -
                                      Capital
Revised from CARE BBB (Triple B); and removed from credit watch with negative implications
Dynatech Industries Pvt Ltd           LT Bk Fac          CARE B+;       67.5    -
Issuer not Cooperating Based on best available information
Goyal Industries                      Long -term Bk Fac  -              -       Reaffirmed
                                                                                and Withdrawn
Hdfc'S Assignment Of Receivables Of   Assignee Payouts   Equivalent     -       -
May’09-I [Originator: Hdfc Ltd]                          toCARE AAA (SO)
Hdfc'S Assignment Of Receivables Of   Second loss        Equivalent     -       -
May’09-I [Originator: Hdfc Ltd]       Facility           toCARE AAA (SO)
Incred Financial Services Ltd (FormerlLT Bk Fac          CARE A; Stable 12000   Reaffirmed
Known As Visu Leasing Finance Pvt Ltd)
Incred Financial Services Ltd (FormerlNCDs               CARE A; Stable 5250    Reaffirmed
Known As Visu Leasing Finance Pvt Ltd)
Iris Products Pvt Ltd                 LT Bk Fac          CARE BB+;      62.5    Reaffirmed
                                                         Stable
Ishika Packaging Pvt Ltd              LT Bk Fac          CARE B-;       100.1   -
                                                         Stable;
(Issuer not cooperating) Revised from CARE B; Stable on the basis of best available information.
Kanakashri Electricals                LT Bk Fac          CARE B+;       20      -
                                                         Stable;
Revised from CARE BB-; Stable Based on best available information
Kish Exports Ltd                      Long -term Bk Fac  CARE B+; Stable110     -
Revised from CARE B; Stable; ISSUER NOT COOPERATING
Motor World Pvt Ltd                   LT Bk Fac          CARE BB-;      190     Assigned
                                                         Stable;
Muthoot Vehicle And Asset Finance Ltd LT Bk Fac          CARE BBB+;     525     Reaffirmed
                                                         Stable
Muthoot Vehicle And Asset Finance Ltd NCD(Proposed)      CARE BBB+;     2000    Reaffirmed
                                                         Stable
Muthoot Vehicle And Asset Finance Ltd LT/ ST Bk Fac      CARE BBB+;     3550*   Reaffirmed
                                                         Stable/CARE A2
National Plastic Industries Ltd       LT Bk Fac          CARE BBB-;     293.3   Reaffirmed
                                                         Stable
New Delhi Television Ltd              LT Bk Fac          CARE BB+       1009.9  Continues to
                                                                                be on Credit
                                                                                Watch
New Horizon Knits Pvt Ltd             LT Bk Fac          CARE B;        64      -
(Issuer not cooperating) Based on best available information
Northern Arc 2019 2W Legasov          Series A1 PTC      CARE A (SO)    89.6    Final rating
(Originator: Kanakadurga Finance Ltd                                            Assigned
(Kfl))
Northern Arc 2019 2W Legasov          Series A2 PTC      CARE BBB+ (SO) 3       Final rating
(Originator: Kanakadurga Finance Ltd                                            Assigned
(Kfl))
Omid Engineering Pvt Ltd              Long -term Bk Fac  CARE D         140     -
(Issuer not cooperating) Based on best available information
Palla Vajara Kiran Textiles Pvt Ltd   Long -term Bk Fac  CARE BB-;      50      -
(Issuer not cooperating) Based on best available information
Panchami Agro Commodities             Long -term Bk Fac  CARE B+; Stable60      Assigned
Patel Kismatrai Chunilal              LT Bk Fac          CARE BB;       32.5    -
                                                         Stable;
Issuer not Cooperating Based on best available information
Pavan Traders                         LT Bk Fac          CARE B; Stable 52.5    Issuer not
                                                                                co-operating
                                                                                Revised from
                                                                                CARE B+
Radhakanta Himghar Pvt Ltd            LT Bk Fac          CARE B; Stable;100.5   -
(Issuer not cooperating) Revised from CARE B+; Stable on the basis of best available
information.
Rake Power Ltd                        LT Bk Fac          CARE D         70      Assigned
Rake Power Ltd                        LT/ST Bk Fac       CARE D/CARE D  30      Assigned
Renuka Poultry Farm                   LT Bk Fac          CARE B         124.8   -
Revised from CARE B+: (Issuer not cooperating) Based on best available information
Royal Ispat Udyog                     Long -term Bk Fac  CARE BB;       100     -
                                                         Stable;
(Issuer not cooperating) Based on best available information
Sab Industries Ltd                    LT Bk Fac          CARE BB-;      26.3    Revised from
                                                         Stable;                CARE BB+;
                                                                                Stable
Savas Engineering Company Pvt Ltd     LT Bk Fac          CARE BBB+(CE); 30      Revised from
                                                         Stable                 CARE
                                                                                BBB+(SO); Stable
Savas Engineering Company Pvt Ltd     LT/ST Bk Fac       CARE BBB+(CE); 45      Revised from
                                                         Stable/CARE            CARE
                                                         A3+(CE)                BBB+(SO); 
                                                                                Stable/ 
                                                                                CARE A3+(SO)
Shree Balaji Woollen Mills            Long -term Bk Fac  CARE BB-;      45.3    Reaffirmed
Shri Kuber Industries                 LT Bk Fac          CARE B+; Stable160.1   Reaffirmed
Shri Mangalam Auto Pvt Ltd            Long -term Bk Fac  CARE BB; Stable99.5    Reaffirmed
Shriram Housing Finance Ltd           NCD –IV            -              -       Reaffirmed
Shriram Housing Finance Ltd           Bk Fac-LT          CARE AA+;      12000   Reaffirmed
                                                         Stable
Shriram Housing Finance Ltd           NCD – I            CARE AA+;      1000    Reaffirmed
                                                         Stable
Shriram Housing Finance Ltd           NCD – II           CARE AA+;      140     Reaffirmed
                                                         Stable
Shriram Housing Finance Ltd           NCD –III           CARE AA+;      550     Reaffirmed
                                                         Stable
Shriram Housing Finance Ltd           NCD –V             CARE AA+;      500     Reaffirmed
                                                         Stable
Shriram Housing Finance Ltd           NCD –VI            CARE AA+;      300     Reaffirmed
                                                         Stable
Shriram Housing Finance Ltd           NCD –VII           CARE AA+;      3900    Reaffirmed
                                                         Stable
Shriram Housing Finance Ltd           NCD –VIII          CARE AA+;      2500    Reaffirmed
                                                         Stable
Shriram Housing Finance Ltd           Subordinate Debt   CARE AA+;      2000    Reaffirmed
                                                         Stable
Span Outsourcing Pvt Ltd              LT/ST Bk Fac       CARE B+;       100     -
                                                         Stable/CARE A4;
(Issuer not cooperating) Based on best available information
Sreenagar Cold Storage Pvt Ltd        LT Bk Fac          CARE B-;       83.6    -
                                                         Stable;
(Issuer not cooperating)
Revised from CARE B; Stable on the basis of best available information.
Sri Ganeswara Rice Tech               LT Bk Fac          CARE BB; Stable361.7   Reaffirmed
Sri Kanya Corporation                 LT Bk Fac          CARE B+;Stable;174.3   -
(Issuer not cooperating on the basis of best available information) [Revised
from CARE BB-; Stable
Stride’S Charitable Trust             LT Bk Fac          CARE B; Stable 72.2    Revised from
                                                                                CARE B+;
                                                                                Stable
Sujitha Poultry Farm                  Long -term Bk Fac  CARE B; Stable 50      -
Revised from CARE B+; Stable; ISSUER NOT COOPERATING* on the basis of best available information
Sunderkraft Clothing Pvt Ltd          LT / ST Bk Fac     CARE BB-;      75      -
                                                         Stable/CARE A4;
(Issuer not cooperating) Based on best available information
Superfine Bleaching Co. Ltd           Long -term Bk Fac  CARE B+;       89.6    -
Revised from CARE BB-; ISSUER NOT COOPERATING* on the basis of best available information
Superlite Jointings Pvt Ltd           LT Bk Fac          CARE BB; Stable51.4    Reaffirmed
Supersonic Distribution & Services PvtLT/ST Bk Fac       CARE B+;       269.3   Reaffirmed
Ltd                                                      Stable/CARE A4
Tathva Projects Pvt Ltd               LT Bk Fac          CARE B+;       3       -
(Issuer not Cooperating Based on best available information)
Technico Strips And Tubes Pvt Ltd     Long -term Bk Fac  CARE D         215.5   Revised from
                                                                                CARE BB-;
                                                                                Stable
Transformers & Rectifiers (India) Ltd LT Bk Fac          CARE BBB+;     405     Reaffirmed
                                                         Stable
Transformers & Rectifiers (India) Ltd LT/ST Bk Fac       CARE BBB+;     9250    Reaffirmed
                                                         Stable/CARE A3+
Tulsi Cotton Industries               LT Bk Fac          CARE BB-;      50      Assigned
                                                         Stable
Umang Realtech Pvt Ltd                LT Bk Fac^         CARE BB-(CE*); 1000    -
                                                         Stable;
^The above rating is based on the credit enhancement in the form of unconditional 
and irrevocable corporate guarantee from Uppal Housing Private Limited (UHPL) rated 
CARE A4; ISSUER NOT COOPERATING. ISSUER NOT COOPERATING;
Revised from CARE BB+(SO). 
*As per SEBI Circular SEBI/ HO/ MIRSD/ DOS3/ CIR/ P/ 2019/ 70 dated June 13, 2019, 
CARE now assigns CE (Credit Enhancement) suffix for the ratings backed by explicit 
credit enhancements from third party/parent/group company.
Previously, CARE had assigned SO (Structured Obligation) suffix for ratings backed 
by such credit enhancements. 
Vidhyut Control (India) Pvt Ltd       LT Bk Fac          CARE BB; Stable40      -
Revised from CARE BB; Stable; Issuer not Cooperating
Vulcan Cold Forge Pvt Ltd             LT Bk Fac          CARE BB-;      143.1   -
                                                         Stable;
(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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