Home India CARE ratings for Indian debt instruments-Oct 28
CARE ratings for Indian debt instruments-Oct 28

CARE ratings for Indian debt instruments-Oct 28

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Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of October 27, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aercomfort Pvt Ltd                    ST Bk Fac          CARE A4        41      -
(moved to ISSUER NOT COOPERATING category)
Aarti Infra Projects Pvt Ltd          ST Bk Fac          CARE D;        150     -
(Issuer not cooperating; Based on best available information)
Ashaganga Exports                     ST Bk Fac          CARE A4        130     - 
(moved to ISSUER NOT COOPERATING category)
Expanded Polymer Systems Pvt Ltd      ST Bk Fac          CARE A3        650     Reaffirmed
Greenchef Appliances Ltd              ST Bk Fac          CARE A4        10      Revised from
                                                                                CARE A4+
(moved to ISSUER NOT COOPERATING category)
K. V. R Constructions                 Short -term Bk Fac CARE A4        150     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Karla Constructions                   Short -term Bk Fac CARE A4        50      -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Plazma Technologies Pvt Ltd           ST Bk Fac          CARE D;        58      -
(Issuer not cooperating; Based on best available information)
Mgi Infra Pvt Ltd                     ST Bk Fac          CARE A4        47      -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Nilkamal Storage Systems Pvt Ltd      ST Bk Fac          CARE A1        352.5   Reaffirmed
(enhanced from Rs 25.25 crore)
Oriental Veneer Products Ltd          ST Bk Fac          CARE A3        160     Assigned
Oriental Veneer Products Ltd          ST Bk Fac          CARE A3        20      Reaffirmed
Pace Process Controls Pvt Ltd         ST Bk Fac          CARE A4        90      -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Saggi Electric Company                ST Bk Fac          CARE A4        1       -
Rating (moved to ISSUER NOT COOPERATING category)
Satya Sai Exims                       ST Bk Fac          CARE A4        50      -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Snr Edatas Pvt Ltd                    ST Bk Fac          CARE A4        145     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sri Sai Constructions                 ST Bk Fac          CARE A4        140     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
The Rishabh Winpro Pvt Ltd            ST Bk Fac          CARE A4;       70      -
 
The Waterbase Ltd                     ST Bk Fac          CARE A2+       0.3     Reaffirmed
 

LONG TERM RATINGS:
-------------------
Aarti Infra Projects Pvt Ltd          LT Bk Fac          CARE D;        262.3   -
(Issuer not cooperating; Based on best available information)
Adithya Global Health Care Pvt Ltd    LT Bk Fac          CARE B-; Stable252     Revised from
                                                                                CARE B; Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Aercomfort Pvt Ltd                    LT Bk Fac          CARE BB-;      62      Revised from
                                                         Stable                 CARE
                                                                                BB;Stable
(moved to ISSUER NOT COOPERATING category)
Amarnath Enterprises                  LT Bk Fac          CARE B-        64.5    Revised from
                                                                                CARE B
(Rating continues to remain under ISSUER NOT COOPERATING category)
Appollo Distilleries And Breweries Pvt LT Bk Fac         CARE D         574     -
Ltd
(Rating continues to remain under ISSUER NOT COOPERATING category)
Ashaganga Exports                     LT Bk Fac          CARE BB;       14.6    Revised from
                                                         Stable;                CARE BB+;
                                                                                Stable
(moved to ISSUER NOT COOPERATING category)
Dayakara Solar Power Pvt Ltd          LT Bk Fac          CARE BBB+      1928.1  Reaffirmed
                                                         (CE); Stable
Outlook revised from Negative/(Reduced from 199.60 crs)
Dhara Motor Finance Ltd               LT Bk Fac          CARE BB-;      250     revised from
                                                         Stable                 CARE BB;
                                                                                Stable
(Issuer Not Cooperating Issuer did not cooperate; Based on best available information)
Dish Infra Services Pvt Ltd           (i) LT / ST Bk Fac -              0       Withdrawn
Dish Infra Services Pvt Ltd           (ii) LT Bk Fac     CARE B+ (CE);  9848    Reaffirmed
                                                         Stable
(Reduced from 1,024.00 crs)
Dish Infra Services Pvt Ltd           (iii) LT / ST Bk   CARE B+ (CE);  3978.8  Reaffirmed
                                      Fac                Stable /CARE
                                                         A4 (CE)
(Reduced from 497.88 crs)
Divya Agro Roller Flour Mills Pvt Ltd LT Bk Fac          CARE D         96      -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Durgashakti Foods Pvt Ltd             FB- LT-TL          -              -       Withdrawn
Durgashakti Foods Pvt Ltd             FB- LT-Funded      -              -       Withdrawn
                                      Interest TL
Durgashakti Foods Pvt Ltd             FB- LT-CC          -              -       Reaffirmed at
                                                                                CARE D and
                                                                                Withdrawn
(Issuer Not Cooperating)
Durgashakti Foods Pvt Ltd             Non-FB- ST-BGs     -              -       Reaffirmed at
                                                                                CARE D and
                                                                                Withdrawn
(Issuer Not Cooperating)
Expanded Polymer Systems Pvt Ltd      LT Bk Fac          CARE BBB-;     340     Reaffirmed
                                                         Negative
Gali Bhanu Prakash                    LT Bk Fac          CARE C; Stable 55.3    Revised from
                                                                                CARE B; Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Grahati Solar Energy Pvt Ltd          LT Bk Fac          CARE BBB+      3182.7  Reaffirmed
                                                         (CE); Stable
Outlook revised from Negative/(Reduced from 329.57 crs)
Greenchef Appliances Ltd              LT Bk Fac          CARE BB; Stable 190    Revised from
                                                                                CARE BB+;
                                                                                Stable
(moved to ISSUER NOT COOPERATING category)
Jakson Solar Pvt Ltd                  LT Bk Fac – fund   -              -       Revised to
                                      based – TL                                CARE BB+;
                                                                                Stable from
                                                                                CARE BB+;
                                                                                Stable and
                                                                                Withdrawn
(Issuer Not Cooperating)
Jharkhand Road Projects Implementation NCDs (NCD)        CARE D         12755.1 Revised from
Co. Ltd                                                                         CARE C
(Rating continues to remain under ISSUER NOT COOPERATING category)
K. V. R Constructions                 Long -term Bk Fac  CARE B+; Stable 250    Revised from
                                                                                CARE BB-;
                                                                                Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Kaizen Autocars Pvt Ltd               LT Bk Fac          CARE B-; Stable 95.7   Revised from
                                                                                CARE B; Stable
(Issuer not cooperating)
Karla Constructions                   Long -term Bk Fac  CARE C         70      Revised from
                                                                                CARE B
(Rating continues to remain under ISSUER NOT COOPERATING category)
Mahavir Steel Industries Ltd          LT Bk Fac          CARE BB+;      9       Revised from
                                                         Stable                 CARE BBB+;
                                                                                Stable
(Issuer not cooperating)
Mgi Infra Pvt Ltd                     LT Bk Fac          CARE B-;       40      Revised from
                                                                                CARE B+
(Rating continues to remain under ISSUER NOT COOPERATING category)
Mihit Solar Power Pvt Ltd             LT Bk Fac*         CARE BBB+      3479.7  Reaffirmed
                                                         (CE); Stable
(Outlook revised from Negative/(Reduced from 362.32 crs)/
*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); Stable) and
Dayakara Solar Power Private Limited (rated CARE BBB+ (CE); Stable) (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.) 
N & N Constructions                   LT Bk Fac          CARE D         122.5   -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Navin Cotton Fiber                    LT Bk Fac          CARE B-; Stable 90     Revised from
                                                                                CARE B; Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Nikki Steels Pvt Ltd                  LT Bk Fac          CARE B-;       120     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Nilkamal Storage Systems Pvt Ltd      LT Bk Fac          CARE A;        117.5   Reaffirmed
                                                         Positive
Oriental Foundry Pvt Ltd              LT Bk Fac          CARE BBB-;     295     Assigned
                                                         Stable
Oriental Foundry Pvt Ltd              LT Bk Fac          CARE BBB-;     575     Reaffirmed
                                                         Stable
(Enhanced from 20.00 crs)
Oriental Foundry Pvt Ltd              LT / ST Bk Fac     CARE BBB-;     130     Reaffirmed
                                                         Stable /CARE A3
Oriental Veneer Products Ltd          LT Bk Fac          CARE BBB-;     320     Reaffirmed
                                                         Stable
(Enhanced from 14.00 crs)
Pace Process Controls Pvt Ltd         LT Bk Fac          CARE B+; Stable 7      Revised from
                                                                                CARE BB-;
                                                                                Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Pavan Traders                         LT Bk Fac          CARE B-; Stable 52.5   Revised from
                                                                                CARE B; Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Plazma Technologies Pvt Ltd           LT Bk Fac          CARE D;        26.3    -
(Issuer not cooperating; Based on best available information)
Ramakrishna Electronics_ (Karnataka   LT Bk Fac          CARE D         60      -
Division)
(Rating continues to remain under ISSUER NOT COOPERATING category)
Saggi Electric Company                LT Bk Fac          CARE B; Stable 50      -
Rating (moved to ISSUER NOT COOPERATING category)
Satya Sai Exims                       LT Bk Fac          CARE B; Stable 60.3    Revised from
                                                                                CARE BB-;
                                                                                Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Siti Networks Ltd                     LT Bk Fac          CARE D         870     -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sri Ram Enterprises_(Visakhapatnam)   LT Bk Fac          CARE B         43.6    Revised from
                                                                                CARE B+
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sri Rama Marketing                    LT Bk Fac          CARE B; Stable 150     Revised from
                                                                                CARE BB- ;
                                                                                Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sri Ranganathaswamy Jewellary Works   Long -term Bk Fac  CARE D         75      -
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sri Sai Constructions                 LT Bk Fac          CARE B+        50      Revised from
                                                                                CARE BB
(Rating continues to remain under ISSUER NOT COOPERATING category)
Srinivasa Rice Industry               LT Bk Fac          CARE C         68      Revised from
                                                                                CARE B
(Rating continues to remain under ISSUER NOT COOPERATING category)
Sundyota Numandis Pharmaceuticals Pvt LT Bk Fac          CARE BB+;      61.2    Revised from
Ltd                                                      Stable                 CARE BB;
                                                                                Stable
T G R Projects India Pvt Ltd          LT Bk Fac          CARE B-; Stable 320    Revised from
                                                                                CARE B; Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
Tarang Jewels Pvt Ltd                 LT Bk Fac          CARE D         75      Revised from
                                                                                CARE B-;
                                                                                Stable;
(Rating Continues to remain under Issuer not cooperating)
The Great Eastern Shipping Co. Ltd    Proposed NCDs      CARE AA+;      1500    Assigned
                                                         Stable
The Rishabh Winpro Pvt Ltd            LT Bk Fac          CARE B-;       49.7    Revised from
                                                                                CARE B
(Rating continues to remain under ISSUER NOT COOPERATING category)
The Waterbase Ltd                     LT Bk Fac          -              0       Withdrawn
The Waterbase Ltd                     LT/ST Bk Fac       CARE A-;       738.1   Reaffirmed
                                                         Stable/CARE A2+
Vikram Traders                        LT Bk Fac          CARE B-; Stable 110    Revised from
                                                                                CARE B+;
                                                                                Stable
(Rating continues to remain under ISSUER NOT COOPERATING category)
--------------------------------------------------------------------------------------------
$: 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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