CARE ratings for Indian debt instruments-Mar 21
81
0
Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 20, 2018.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------- ---------- ------ ------- ---------
SHORT TERM RATINGS:
-------------------
Arkay Energy (Rameswarm) Ltd ST Bk Fac CARE D 550 Reaffirmed
Adhunik Power & Natural Resources Ltd ST Bk Fac CARE D 2261.1 -
(Non-Fund based)
Arb Bearings Ltd ST Bk Fac - - Withdrawn
Abhinav Industries ST Bk Facility CARE A4 120 Assigned
Asahi Songwon Colors Ltd ST Bk Fac CARE A1+ 420 Reaffirmed
(Enhanced from Rs.33.00 crore Crore)
Asahi Songwon Colors Ltd CP (Carved out of CARE A1+ 200 Reaffirmed
Sanctioned fund
based working capital limits)
Badajena Iron And Steel Industries PvtShort- term Bk CARE A4 50 Assigned
Ltd Facility
Bend Joints Pvt Ltd ST Bk Fac CARE A4 30 “Issuer not
cooperating
ISSUER NOT COOPERATING
Century Tiles Ltd ST Bk Fac CARE A4 30 Reaffirmed
and removed
from Issuer Not
cooperating
ISSUER NOT COOPERATING
Cesc Ltd ST BkFac CARE A1+ 2500 Reaffirmed
Chetak Enterprises Ltd ST Bk Fac CARE A1+ 20 -
Chetak Enterprises Ltd CP (CP)(carved CARE A1+ 200 -
out of FBworking
capital limits)
Chetak Enterprises Ltd CP (Standalone) CARE A1+ 250 -
Chetak Jainco Tollways Ltd ST Bk Fac CARE A1+ (SO) 19.4 Reaffirmed
Chetak Mitra Tollways Ltd ST Bk Fac CARE A1+ (SO) 35.3 Reaffirmed
City Centre Mall Nashik Pvt Ltd ST Bk Fac CARE A4+ 18 Reaffirmed
Deem Construction Company Pvt Ltd ST BkFac CARE A4 50 -
ISSUER NOT COOPERATING
Deem Construction Company Pvt Ltd ST BkFac CARE A4 50 -
ISSUER NOT COOPERATING
Devi Fisheries Ltd ST Bk Fac CARE A1 250 Assigned
Essar Steel India Ltd ST Bk Fac CARE D 1000 -
ISSUER NOT COOPERATING
Flash Electronics India Pvt Ltd ST Bk Fac CARE A2 502.6 Reaffirmed
Freewill Sports Pvt Ltd ST Bk Fac CARE A2+ 30 Reaffirmed
Handicraft And Handloom Export ST Bk Fac CARE A4 184 Reaffirmed
Corporation Of India Ltd
Hyt Engineering Pvt Ltd ST Bk Fac CARE A3 1315 Assigned
Ind-Sphinx Precision Ltd ST Bk Fac CARE A2 55 Reaffirmed
Kalki Communication Technologies Pvt ST Bk Fac CARE A4+ 72.5 -
Limted
ISSUER NOT COOPERATING
Leena Powertech Engineers Pvt Ltd ST Bk Fac CARE A2 110 Reaffirmed
M/S Baba Chandrasekhar Rice Mill ST Bk Fac CARE A4 10 Assigned
Maral Overseas Ltd ST Bk Fac CARE A3+ 1576.6 Reaffirmed
Mediaguru Solutions Pvt Ltd ST Bk Fac CARE A4 20 Reaffirmed
Nabha Power Ltd ST Bk Fac (LOC/BG) CARE A1 1000 Reaffirmed
(reduced from 250.00 Crore)
Neo Pack Plast (India) Pvt Ltd ST Bk Fac CCARE A4 3.5 -
ISSUER NOT COOPERATING
Nivik Constrictions ST Bk Fac CARE A4 30 Assigned
Pacific Academy Of Higher Education AnST Bk Fac CARE A4+ 62 -
Research Society
ISSUER NOT COOPERATING
Premier Car Sales Ltd ST Bk Fac CARE A4+ 357.4 Reaffirmed
Renew Power Ventures Pvt Ltd CP CARE A1+ 3250 Reaffirmed
(enhanced from Rs.300 crore Crore)
Renew Power Ventures Pvt Ltd STFac CARE A1+ 3000 Reaffirmed
Sambhav Gems Ltd ST Bk Fac CARE A4 123 Reaffirmed
Sarda Metals And Alloys Ltd ST Bk Fac CARE A3 2302 Revised from
CARE A4+
(enhanced from 220.60 Crore)
Shree Vardhman Power Pvt Ltd ST Bk Fac CARE A4 90 Assigned
Shriram City Union Finance Ltd CP programme CARE A1+ 25000 Reaffirmed
[enhanced from Rs. 2000 crore]
Shruti Fashions Pvt Ltd ST Bk Fac CARE A4 3.4 Revised from
CARE A4+
ISSUER NOT COOPERATING
Shyam Joti Rice Mill Pvt. Ltd. ST Bk Fac CARE A4 14 Reaffirmed
Sohum Shoppe Pvt Ltd. ST Bk Fac (Non CARE A3 3.6 Reaffirmed
Fund Based)
South City Projects (Kolkata) Ltd ST Bk Fac CARE A2 403.6 Assigned
Spc Chetak Tollways Pvt Ltd ST Bk Fac CARE A1+ (SO) 20.3 Reaffirmed
Spy Agro Industries Ltd ST Bk Fac CARE A4 144 -
ISSUER NOT COOPERATING
Sun-N-Sand Hotels Pvt Ltd ST Bk Fac- BG/LC CARE A1+ 15 Reaffirmed
Supreme And Company Pvt Ltd ST Bk Fac CARE A4+ 1025 -
ISSUER NOT COOPERATING
Tirupati Rice Mill ST Bk Fac CARE A4 3.7 Assigned
Vertex Dye Chem ST Bk Fac CARE A4 20 Reaffirmed
Viacom18 Media Pvt Ltd ST Bk Fac CARE A1+ 2000 Reaffirmed
Viacom18 Media Pvt Ltd CP CARE A1+ 5000 Reaffirmed
LONG TERM RATINGS:
-------------------
Abhinav Industries LT Bk Facility CARE B+ 23.8 Assigned
Adhunik Power & Natural Resources Ltd LT Bk Fac (TL) CARE D 24997 -
ISSUER NOT COOPERATING
Adhunik Power & Natural Resources Ltd LT Bk Fac (Fund CARE D 3369 -
based)
ISSUER NOT COOPERATING
ISSUER NOT COOPERATING
Ajita Sil Chem Pvt Ltd LT BkFac CARE BB+ 259.4 -
ISSUER NOT COOPERATING
Ajita Sil Chem Pvt Ltd LT/ ST BkFac CARE BB+/A4+ 60 -
ISSUER NOT COOPERATING
Arb Bearings Ltd LT Bk Fac - - Withdrawn
Arb Bearings Ltd LT/ST Bk Fac - - Withdrawn
Arkay Energy (Rameswarm) Ltd LT Bk Fac CARE D 2622.2 Reaffirmed
Asahi Songwon Colors Ltd Long- Term Bk Fac CARE AA- 290 Reaffirmed
(Enhanced from Rs.5.25 crore Crore)
Asahi Songwon Colors Ltd LT/ST BkFac CARE AA-/A1+ 660 Reaffirmed
(Enhanced from Rs.41.00 crore Crore)
Ashashree Frozen Food Pvt. Ltd. LT Bk Facility CARE B+ 67 Revised from
CARE B
ISSUER NOT COOPERATING
Asian Roller Bearings LT Bk Fac - - Withdrawn
Atria Solar Power Pvt Ltd LT Bk Fac CARE BB 880 -
ISSUER NOT COOPERATING
Baazar Style Retail Pvt Ltd LT Bk Fac CARE BBB 150 Assigned
Badajena Iron And Steel Industries PvtLT Bk Facility CARE B+ 23.5 Assigned
Ltd
Bend Joints Pvt Ltd LT Bk Fac CARE BB 113 “Issuer not
cooperating
ISSUER NOT COOPERATING
Bengal Aerotropolis Projects Ltd LT Bk Fac CARE D 5303.1 Revised from
CARE BB
Binny Ltd Issuer Rating CARE BB- - Reaffirmed
Century Tiles Ltd LT Bk Fac CARE BB 104 Reaffirmed
and removed
from Issuer Not
cooperating
ISSUER NOT COOPERATING
Cesc Ltd LT BkFac CARE AA 22395.1 Reaffirmed
(enhanced from 2,116.37 Crore)
Chetak Enterprises Ltd LT Bk Fac CARE A+ 3331.7 Reaffirmed
(Reduced from Rs.351.69 crore Crore)
Chetak Enterprises Ltd Proposed LT NCDs CARE A+ 450 Reaffirmed
(NCD)
Chetak Enterprises Ltd LT/ST BkFac CARE A+/A1+ 8500 -
(Enhanced from Rs.450 crore Crore)
Chetak Jainco Tollways Ltd LT Bk Fac* CARE A+ (SO) 386.9 Reaffirmed
(reduced from 41.00 Crore)
Chetak Mitra Tollways Ltd LT Bk Fac* CARE A+ (SO) 471.6 Reaffirmed
(reduced from 48.45 Crore)
City Centre Mall Nashik Pvt Ltd LT Bk Fac CARE BB+ 146.6 Reaffirmed
Classic Citi Investments Pvt Ltd LT Bk Fac – TL CARE A+ (SO@) 829.1 Reaffirmed
Deem Construction Company Pvt Ltd LT BkFac CARE BB 100 -
ISSUER NOT COOPERATING
Deem Construction Company Pvt Ltd LT BkFac CARE BB 100 -
ISSUER NOT COOPERATING
Deem Construction Company Pvt Ltd LT BkFac/ STBk Fac CARE BB/A4 290 -
ISSUER NOT COOPERATING
Deem Construction Company Pvt Ltd LT BkFac/ STBk Fac CARE BB/A4 290 -
ISSUER NOT COOPERATING
Despina Cv Ifmr Capital 2016 Series A1 PTCs - - Withdrawn
[Originator: Equitas Small Finance Bank
Ltd ]
Despina Cv Ifmr Capital 2016 Series A2 PTCs - - Withdrawn
[Originator: Equitas Small Finance Bank
Ltd ]
Devi Fisheries Ltd LT Bk Fac CARE A 1620 Assigned
Djs Printers Pvt Ltd LT Bk Fac CARE BB 132.7 Assigned
Djs Printers Pvt Ltd LT/STBk Fac CARE BB/A4 30 Assigned
Eca Infrastructure India Pvt Ltd LT BkFac* CARE A+ (SO) 702.1 Reaffirmed
(reduced from 79.29 Crore)
Eca Infrastructure India Pvt Ltd LT/ Shortterm CARE A+ 76.4 Reaffirmed
BkFac* (SO)/A1+ (SO)
Ems Infracon Pvt Ltd Long- Term Bk Fac CARE BBB- 157.5 -
ISSUER NOT COOPERATING
Ems Infracon Pvt Ltd Long- Term/ ST Bk CARE BBB-/A3 1400 -
Fac
ISSUER NOT COOPERATING
Envyrons Infrastructure Pvt Ltd LT Bk Fac CARE B+ 400 Assigned
Ess Kay Fincorp Ltd. LT Bk Fac CARE BBB+ 3672.2 Reaffirmed
Essar Steel India Ltd LT Bk Fac CARE D 300000 -
ISSUER NOT COOPERATING
Essar Steel India Ltd LT/ST Bk Fac CARE D 120000 -
ISSUER NOT COOPERATING
Essar Steel India Ltd Non- Convertible CARE D 2625 -
Debenture Issue
ISSUER NOT COOPERATING
Flash Electronics India Pvt Ltd LT Bk Fac (Buyer’s - - Withdrawn
credit)
Flash Electronics India Pvt Ltd LT Bk Fac CARE A- 1519.1 Reaffirmed
with change
in outlook
Flash Viven Machining Technologies PvtLT Bk Fac (CC) - - Withdrawn
Ltd
Flash Viven Machining Technologies PvtLT Bk Fac CARE A-(SO) 1415 Reaffirmed
Ltd with change
in outlook
Fonroche Raajhans Energy Pvt Ltd LT Bk Fac (TL) CARE A 391.4 Revised from
CARE A-
(reduced from 40.92 Crore)
Fonroche Raajhans Energy Pvt Ltd LT FB Fac (CC) CARE A 10 Revised from
CARE A-
Fonroche Saaras Energy Pvt Ltd LT Bk Fac (TL) CARE A 1224.4 Revised from
CARE A-
(reduced from 128.00)
Fonroche Saaras Energy Pvt Ltd LT Bk Fac (CC) CARE A 30 Outlook:
Stable)
Freewill Sports Pvt Ltd LT Bk Fac CARE A 206.8 Revised from
A-
(Reduced from 24.75 Crore)
Friends Salt Works & Allied IndustriesLT Bk Fac CARE BBB+ 3122 Reaffirmed
(Reduced from Rs.357.88 crore Crore)
Friends Salt Works & Allied IndustriesLT/ST Bk Fac CARE BBB+/A3+ 450 Reaffirmed
Handicraft And Handloom Export LT Bk Fac CARE BB+ 50 Reaffirmed
Corporation Of India Ltd
Hyt Engineering Pvt Ltd LT Bk Fac CARE BBB- 975 Assigned
Hyt Engineering Pvt Ltd LT/ST BkFac CARE BBB-/A3 860 Assigned
Iced Dessert And Food Parlours (India)LT Bk Fac CARE B 150 -
Ltd
ISSUER NOT COOPERATING
Indiabulls Real Estate Company Pvt LtdLT – Lease Rental CARE AA- 10000 Assigned
Discounting (SO)/*^
*Proposed to be backed by unconditional and irrevocable corporate guarantee from Indiabulls Real
Estate Limited ^The above rating is provisional and will be confirmed once the company submits
copies of relevant executed documents, to the satisfaction of CARE.
Indospace Industrial Park Oragadam LT Bk Fac CARE A- 1095.8 Revised from
Walajabad Ltd CARE BBB+:
Stable (Triple B
Plus
Ind-Sphinx Precision Ltd LT Bk Fac CARE BBB+ 363.6 Reaffirmed
(enhanced from 35.97 Crore)
Ind-Sphinx Precision Ltd LT/ST Fac CARE BBB+/A2 186.6 Reaffirmed
(Triple B
Plus/Outlook: /A Two)
(enhanced from 16.66 Crore)
Inox Air Products Pvt Ltd LT Instruments- CARE AA 5300 Reaffirmed
NCDs
Janam Steel And Alloys LT Bk Fac - - Withdrawn
Kalki Communication Technologies Pvt LT Bk Fac CARE BB+ 118.7 -
Limted
ISSUER NOT COOPERATING
Khushboo Cool Products Pvt Ltd LT Bk Fac CARE B+ 65 Assigned
Koyili Hospital LT Bk Fac CARE BB- 198.2 -
ISSUER NOT COOPERATING
Lakshmi Precision Screws Ltd LT Bk Fac CARE D 1155 Assigned
Lakshmi Precision Screws Ltd ST Bk Fac CARE D 770 Assigned
Leena Powertech Engineers Pvt Ltd LT Bk Fac CARE BBB+ 250 Reaffirmed
Leena Powertech Engineers Pvt Ltd LT / ST BkFac CARE BBB+/A2 1140 Reaffirmed
NCD issue CARE BB(SO) 680 -
M/S Baba Chandrasekhar Rice Mill LT Bk Fac CARE B+ 68.3 Assigned
Madhav Cold Storage LT Bk Fac - - Withdrawn
Maral Overseas Ltd LT Bk Fac CARE BBB 1167.1 Reaffirmed
(reduced from 146.33 Crore)
Mediaguru Solutions Pvt Ltd LT Bk Fac CARE BB- 20 Reaffirmed
Mediaguru Solutions Pvt Ltd LT/ST Fac CARE BB-/A4 60 Reaffirmed
(enhanced from 2.00 Crore)
Meenakshi Power Pvt Ltd LT Bk Fac CARE BB+ 1481.1 Reaffirmed
(reduced from 159.08 Crore)
Mfl Securitisation Trust Xxxi Series A1 PTCs - - Withdrawn
Originator: Magma Fincorp Ltd
Mfl Securitisation Trust Xxxi Series A2 PTCs - - Withdrawn
Originator: Magma Fincorp Ltd
Mfl Securitisation Trust Xxxi Second Loss - - Withdrawn
Originator: Magma Fincorp Ltd Facility
Mfl Securitisation Trust Xxxi Liquidity Facility - - Withdrawn
Originator: Magma Fincorp Ltd
Morgan Credits Pvt Ltd NCD CARE AA 500 Final Rating
Nabha Power Ltd LT Bk Fac CARE A 4130 Reaffirmed
(External
commercial borrowings)
(reduced from 439.99 Crore)
Nabha Power Ltd LT Bk Fac (Working CARE A 6250 Reaffirmed
capital limits)
(reduced from 750.00 Crore)
Nabha Power Ltd LT Bk Fac (BG) CARE A 800 Reaffirmed
Neo Pack Plast (India) Pvt Ltd LT Bk Fac CARE BB- 8 -
ISSUER NOT COOPERATING
Neo Pack Plast (India) Pvt Ltd LT Bk Fac/ ST Bk CARE BB-/A4 60 -
Fac
ISSUER NOT COOPERATING
Nivik Constrictions LT Bk Fac CARE BB 30 Assigned
Pacific Academy Of Higher Education LT Bk Fac CARE BB+ 430.9 -
And Research Society
ISSUER NOT COOPERATING
Premier Car Sales Ltd LT Bk Fac CARE BB+ 571.4 Reaffirmed
Raheja Icon Entertainment Pvt Ltd NCD issue CARE BB(SO) 680 -
ISSUER NOT COOPERATING,CARE has sought confirmation from the Issuer and debenture trustee on
repayment and no confirmation on the same has been received till date.
Ratnagiri Gas And Power Pvt Ltd LT Bk Fac CARE D 77736.8 Reaffirmed
Rausheena Exm LT Bk Fac CARE BB 60 -
ISSUER NOT COOPERATING
Renew Power Ventures Pvt Ltd LT Fac CARE A+ 1430 Assigned
Renew Power Ventures Pvt Ltd LT Fac CARE A+ 13000 Reaffirmed
Renew Power Ventures Pvt Ltd LT/Shortterm Bk FacCARE A+/A1+ 19800 Reaffirmed
(enhanced from Rs.1,680 crore Crore)
Rlj Infracement Pvt Ltd LT Bk Fac CARE D 120 -
ISSUER NOT COOPERATING
Rohtak Panipat Tollway Pvt Ltd LT Bk Fac CARE BB+ 9707.2 Revised from
CARE BBB-
Sadashiv Castings Pvt Ltd LT Bk Fac CARE D 220 -
ISSUER NOT COOPERATING
Sansar Trust March 2018 Ii (OriginatorSeries A PTC Shriram Transport Finance Co. Ltd )
Vrs Foods Ltd LT Bk Fac (Non CARE A3+ 350 -
Fund Based)
ISSUER NOT COOPERATING
Vrs Foods Ltd LT Bk Fac (Non CARE A3+ 350 -
Fund Based)
ISSUER NOT COOPERATING
--------------------------------------------------------------------------------------------
$: 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)
Source: in.reuters
