Home Featured CARE ratings for Indian debt instruments-Jan 27
CARE ratings for Indian debt instruments-Jan 27

CARE ratings for Indian debt instruments-Jan 27

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Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of January 24, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Abhishek Millennium Contracts Pvt Ltd ST Bk Fac          CARE A4+       200     Reaffirmed
Arvee Electricals And Engineers Pvt   ST Bk Fac          CARE D         100     -
Ltd
Issuer not cooperating; based on best available information
Anupam Nirman Pvt Ltd                 ST Bk Fac          CARE A4+       730     -
Issuer not cooperating; based on best available information
B. D Roadways                         ST BkFac           CARE A4        3.0     Revised from
                                                                                CARE A4+
Issuer not cooperating; based on best available information
B. S. Enterprise                      ST BkFac           CARE A4        3.0     Revised from
                                                                                CARE A4+
Issuer not cooperating; based on best available information
B. S. Roadways                        ST BkFac           CARE A4        3.0     Revised from
                                                                                CARE A4+
Issuer not cooperating; based on best available information
B. S. Transport Company               ST BkFac           CARE A4        3.0     Revised from
                                                                                CARE A4+
Issuer not cooperating; based on best available information
Bhupinder Singh                       ST BkFac           CARE A4        3.0     Revised from
                                                                                CARE A4+
Issuer not cooperating; based on best available information
Centuary Fibre Plates Pvt Ltd         ST Bk Fac          CARE A3+       11.0    -
Issuer not cooperating; based on best available information
Gautam Exim Ltd                       ST Bk Fac          CARE A4        5.0     Reaffirmed
(Reduced from Rs.10.50 crore Crore)*
Nivik Constructions                   ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
Piccolo Mosaic Ltd                    ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A3
                                                                                Withdrawn
Issuer not cooperating; based on best available information
Kailash Electricals                   STBk Fac           CARE A4        110     -
Issuer not cooperating; based on best available information
Parsewar Seeds And Fertilizers        ST Bk Fac          -              -       Withdrawn
Mahakali Chandrapur Polytex Pvt Ltd   ST BkFac           CARE A4        5.60    -
Issuer not cooperating; based on best available information
Nickunj Edm Wires & Consumables Pvt LtST BkFac           CARE A4 (A     35.0    Assigned
                                                         Four)
Northern Arc 2019 Gl Levante          Series A PTC       CARE A1+ (SO)  284.7   Assigned
Padma Polymers                        ST Fac             CARE A4        70      Assigned
R. K. Enterprise (Howrah)             STBk Fac           CARE A4        3.0     Revised from
                                                                                CARE A4+
Issuer not cooperating; based on best available information
Rattan Kaur                           ST BkFac           CARE A4        3.0     Revised from
                                                                                CARE A4+
Issuer not cooperating; based on best available information
Shanti Parboiling Industries          ST Bk Fac          CARE A4        19.2    -
Issuer not cooperating; based on best available information
Shree Malani Foams Pvt Ltd            ST Bk Fac          CARE A3+       12.5    -
Issuer not cooperating; based on best available information
T. K Roadlines                        ST BkFac           CARE A4        3.0     Revised from
                                                                                CARE A4+
Issuer not cooperating; based on best available information
Tejinder Kaur                         ST BkFac           CARE A4        3.0     -
Issuer not cooperating; based on best available information
V2 Innovatives Pvt Ltd                ST Bk Fac          CARE A4        15.0    Assigned
Zenith Metaplast Pvt Ltd              ST Bk Fac          CARE A4 (A     180     Reaffirmed
                                                         Four)

LONG TERM RATINGS:
-------------------
7 Seas Unit Ii                        LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
                                                                                withdrawn
7 Seas Unit Ii                        LT/ST Bk Fac       -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable/CARE
                                                                                A4 and withdrawn
Alfa Trust March 2019                 Series A PTC       CARE A (SO)    17.6    Reaffirmed
Algol Business Systems Pvt Ltd        LT Bk Fac          CARE BB; Stable9       Assigned
Anupam Nirman Pvt Ltd                 LT Bk Fac          CARE BB+       200     -
Issuer not cooperating; based on best available information
Arvee Electricals And Engineers Pvt   LT Bk Fac          CARE D         15.0    -
Ltd
Issuer not cooperating; based on best available information
As Nutra Tech Pvt Ltd                 LT Bk Fac          CARE D         134.0   -
Issuer not cooperating; based on best available information
B. D Roadways                         Long –term BkFac   CARE BB-;      90.7
                                                         Stable
Issuer not cooperating; based on best available information
B. S. Enterprise                      Long –term BkFac   CARE BB-;      88.8    -
                                                         Stable
Issuer not cooperating; based on best available information
B. S. Roadways                        Long –term BkFac   CARE BB-;      89.9    -
                                                         Stable
Issuer not cooperating; based on best available information
B. S. Transport Company               Long –term BkFac   CARE BB-;      87.7    -
                                                         Stable
Issuer not cooperating; based on best available information
Bhupinder Singh                       LT BkFac           CARE BB-;      87.2    -
                                                         Stable
Issuer not cooperating; based on best available information
Bmw Iron & Steel Industries Ltd       LT Bk Fac          CARE D         465.0   Issuer Not
                                                                                cooperating;
                                                                                Based on best
available information
Issuer not cooperating; based on best available information
Capri Global Capital Ltd              LT Bk Fac          CARE A+;       45000   Reaffirmed
                                                         Negative
Issuer not cooperating; based on best available information
Centuary Fibre Plates Pvt Ltd         LT Bk Fac          CARE BBB       115.0   -
Issuer not cooperating; based on best available information
Dayakara Solar Power Pvt Ltd          LT BkFac*          CARE BBB+      1996.0  Reaffirmed
                                                         (CE); Negative
(reduced from Rs. 211.12 crore Crore)*Based on credit enhancement in the form of a Co-Obligor
Undertaking signed between Mihit Solar Power Private
Limited, Grahati Solar Energy Private Limited (rated CARE BBB+ (CE); Negative) and Dayakara
Solar Power Private Limited (rated CARE BBB+ (CE); Negative) (co-obligors) in favour of each
other as well as the lender, as per which in the event of insufficiency of funds in debt
servicing, the lenders/lender s agent shall utilize the amounts available in surplus account to
meet such shortfall in accordance with the Trust and Retention Account (TRA) Agreement to ensure
debt service by the
due date. 
Gautam Exim Ltd                       LT Bk Fac          CARE BB; Stable1       Reaffirmed
Gautam Exim Ltd                       LT/STBk Fac        CARE BB;       275.0   Reaffirmed
                                                         Stable/CARE A4
Godavari Concast                      LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                Stable and
Withdrawn
Gomati Ginning Industries             LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE
                                                                                BB-;Stableand
Withdrawn
Gorakhpur Kasia Tollways Pvt Ltd      LT BkFac           CARE A+; Stable9       Reaffirmed
Gorakhpur Kasia Tollways Pvt Ltd      Long/STBk Fac      CARE A+;       352.9   Reaffirmed
                                                         Stable/CARE A1+
Grahati Solar Energy Pvt Ltd          LT BkFac*          CARE BBB+      3295.7  Reaffirmed
                                                         (CE); Negative
(reduced from Rs. 349.15 crore Crore),(Credit Enhancement);
Outlook: Negative],*Based on credit enhancement in the form of a Co-Obligor Undertaking signed
between Mihit Solar Power Private Limited, Grahati Solar Energy Private Limited (rated CARE BBB+
(CE); Negative) and Dayakara Solar Power Private Limited (rated CARE BBB+ (CE); Negative)
(co-obligors) in favour of each other as well as the lender, as per which in the event of
insufficiency of funds in debt servicing, the lenders/lender s agent shall utilize the amounts
available in surplus account to meet such shortfall in accordance with the Trust and Retention
Account (TRA) Agreement to ensure debt service by the due date. 

Haigreeva Infratech Projects Ltd      LT Bk Fac          -              -       -
Issuer not cooperating; Based on best available information and Withdrawn
Hotel Deepali                         LT BkFac           CARE BB; Stable72.6    Revised from
                                                                                CARE BB-;
                                                                                Stable
Issuer Not Cooperating) and
removed from Issuer Not Cooperating
Ifci Ltd                              LT Bk Fac          CARE BBB-;     54000   Reaffirmed
                                                         Negative
(reduced from 7,825.00 Crore)
Ifci Ltd                              LT Instruments     CARE BBB-;     20322.7 Reaffirmed
                                                         Negative
(reduced from 2,655.00 Crore)
Jsw Energy (Barmer) Ltd               LT Bklimits        CARE AA-       29566.2 Reaffirmed
Credit watch with Negative Implications.
Kailash Electricals                   LT BkFac           CARE BB-;      10      Revised from
                                                         Stable                 CARE BB
Issuer not cooperating; based on best available information
Laxmi Venkatesh Ginning And Pressing  LT Bk Fac          CARE B+; Stable77.5    -
Factory
Issuer not cooperating; based on best available information
Lourdes Society For Health Care And   LT Bk Fac- TL      -              -       Reaffirmed at
Research                                                                        CARE BBB;
                                                                                Outlook Stable
and withdrawn
Lourdes Society For Health Care And   LT Bk Fac-         -              -       Reaffirmed at
Research                              optionally                                CARE BBB;
                                      convertible debenture                     Outlook Stable
and
                                                                                withdrawn
Madhav Cotton Pvt Ltd                 LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE B+;
                                                                                StableOutlook
Stable
                                                                                and Withdrawn
Madhav Infra Projects Ltd             LT BkFac*          CARE BBB-;     1688.5  -
                                                         Stable
Issuer not cooperating; based on best available information
Madhav Infra Projects Ltd             LT/ ST Bk Fac*     CARE BBB-;     3740.4  -
                                                         Stable/CARE A3
Issuer not cooperating; based on best available information
Mahakali Chandrapur Polytex Pvt Ltd   LT BkFac           CARE B-        48.6    -
Issuer not cooperating; based on best available information
Mihit Solar Power Pvt Ltd             LT BkFac*          CARE BBB+      3623.2  Reaffirmed
                                                         (CE); Negative
(reduced from Rs. 383.90 crore Crore),*Based on credit enhancement in the form of a Co-Obligor
Undertaking signed between Mihit Solar Power Private Limited, Grahati Solar Energy Private
Limited (rated CARE BBB+ (CE); Negative) and Dayakara Solar Power Private Limited (rated CARE
BBB+ (CE); Negative) (co-obligors) in favour of each other as well as the lender, as per which
in the event of insufficiency of funds in debt servicing, the lenders/lender s agent shall
utilize the amounts available in surplus account to meet such shortfall in accordance with the
Trust and Retention Account (TRA) Agreement to ensure debt service by the due date. 
Narayan Maruti Mahajan                LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB-;
                                                                                Stable and
Withdrawn
Nathella Sampath Jewelry Pvt Ltd      LT / ST Bk Fac     -              -       Withdrawn
National Co-Operative Development     LT Instruments     CARE AA; Stable5000    Assigned
Corporation                           Bonds (Proposed)
Nickunj Edm Wires & Consumables Pvt LtLT BkFac           CARE BB-;      120     Assigned
                                                         Stable
Nivik Constructions                   LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
withdrawn
Padma Polymers                        LT Fac             CARE B+;Stable 80      Assigned
Paras Foods                           LT Bk Fac          -              -       Withdrawn
Parsewar Seeds And Fertilizers        LT Bk Fac          -              -       Withdrawn
Piccolo Mosaic Ltd                    LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BBB-;
                                                                                Stable and
Withdrawn
Issuer not cooperating; based on best available information
Piccolo Mosaic Ltd                    LT/ STBk Fac       -              -       Reaffirmed at
                                                                                CARE BBB-;
                                                                                Stable/ CARE A3
Withdrawn
Issuer not cooperating; based on best available information
Pittappillil Agencies                 LT BkFac           CARE B+; Stable200     Revised from
                                                                                CARE
                                                                                BB-;Stable
Issuer not cooperating; based on best available information
Proteus Enterprise Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Proteus Enterprise Pvt Ltd            LT/ST Bk Fac       -              -       Withdrawn
R. K. Enterprise (Howrah)             Long –termBk Fac   CARE BB-;      78.9    -
                                                         Stable
Issuer not cooperating; based on best available information
Radheyshyam Agrawal                   LT Bk Fac          CARE BBB,      59.0    Reaffirmed
                                                         Stable
Radheyshyam Agrawal                   Long/ ST Bk Fac    CARE BBB,      591.0   Reaffirmed
                                                         Stable/CARE A3+
Rajendra Ispat Pvt Ltd                LT Bk Fac          CARE B; Stable 265.0   Revised from
                                                                                CARE B+;Stable
Issuer not cooperating; based on best available information
Rattan Kaur                           LT BkFac           CARE BB-;      84.1    -
                                                         Stable
Issuer not cooperating; based on best available information
Ritika Pvt Ltd                        LT Bk Fac          CARE BBB-;     733.0   Reaffirmed
                                                         Stable
(enhanced from 48.95 Crore)
Satya Stone Exports                   LT Bk Fac          CARE BB-;Stable92.2    Assigned
Shanti Parboiling Industries          LT Bk Fac          CARE B; Stable 70.00   Revised from
                                                                                CARE B+;Stable
Issuer not cooperating; based on best available information
Shree Guru Raghvendra Ginning And     LT Bk Fac          CARE B; Stable 52.5    -
Pressing
Issuer not cooperating; based on best available information
Shree Malani Foams Pvt Ltd            LT Bk Fac          CARE BBB       132.5   -
Issuer not cooperating; based on best available information
Sports International                  LT Bk Fac          -              -       Reaffirmed at
                                                                                CARE BB;
                                                                                Stable and
withdrawn
Sports International                  ST Bk Fac          -              -       Reaffirmed at
                                                                                CARE A4 and
                                                                                withdrawn
Sree Parimala Cotton Ginning And      LT Bk Fac          CARE B+; Stable62.5    -
Pressing Factory
Issuer not cooperating; based on best available information
Sriya Farm                            LT Bk Fac          CARE BB-;      210     Revised from
                                                         Stable                 CARE BB;
                                                                                Stable
Issuer not cooperating; based on best available information
T. K Roadlines                        Long –term BkFac   CARE BB-;      88.3    -
                                                         Stable
Issuer not cooperating; based on best available information
Tab India Granites Pvt Ltd            LT/STBk Fac        CARE BBB;      250     Assigned
                                                         Stable /CARE
                                                         A3+
Tejinder Kaur                         LT BkFac           CARE BB-;      87.2    -
                                                         Stable
Issuer not cooperating; based on best available information
Tek Travels Pvt Ltd                   LT Bk Fac          CARE BBB+      100     Rating
                                                                                reaffirmed
                                                                                and outlook
revised from Positive to stable
(reduced from Rs.14.50 crore Crore)
Tek Travels Pvt Ltd                   LT/ST Bk Fac       CARE BBB+;     1730    Rating
                                                         Stable/CARE A2         reaffirmed
                                                                                and outlook
revised from Positive to stable
(enhanced from Rs.125 crore Crore)
V2 Innovatives Pvt Ltd                LT Bk Fac          CARE B+; Stable124.7   Assigned
Vl Farms                              LT BkFac           CARE D         63.7    -
Issuer not co-operating; Based of best available information
Zenith Metaplast Pvt Ltd              LT Bk Fac^         -              -       Withdrawn
^rating is withdrawn based on No Dues Certificate from the bank
Zenith Metaplast Pvt Ltd              LT Bk Fac          CARE BB; Stable410     Revised from
                                                                                CARE BB-;
                                                                                Stable
(reduced from Rs.42.00 Crore)
$: 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@refinitiv.com)

Source: reuters
Anand Gupta Editor - EQ Int'l Media Network

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