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CARE ratings for Indian debt instruments-Sep 9

CARE ratings for Indian debt instruments-Sep 9

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


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aryan Constructions                   ST Bk Fac          CARE A4        50
Reaffirmed and Non-Cooperation revoked
Bharat Industrial Enterprises Ltd     ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Dolphin Offshore Enterprises (India)  ST non-fund based  CARE D         617.5   Revised from
Ltd                                   Bk Fac                                    CARE A4
Dolphin Offshore Enterprises (India)  ST fund based Bk   CARE D         140     Revised from
Ltd                                   Fac – optionally                          CARE A4
                                      convertible debenture
Gravita India Ltd                     ST Bk Fac          CARE A2        310     Revised from
                                                                                CARE A2+
Gravita Metal Inc                     ST Bk Fac *        CARE A2 (CE)   7.2     Revised from
                                                                                CARE A2+ (SO)
* backed by unconditional and irrevocable corporate guarantee provided by Gravita India Ltd. to
the above mentioned bank facilities.
Jk Lakshmi Cement Ltd                 ST Bk Fac          CARE A1+       7000    Reaffirmed
Jk Lakshmi Cement Ltd                 CP*                CARE A1+       1750    Reaffirmed
*Carved out of working capital limits
K G Denim Ltd                         ST Bk Fac          CARE A3        1170.1  Reaffirmed
reduced from 122.22crs)
Krbl Ltd                              CP*                CARE A1+       2000
(reduced from 700.00 crs)*carved out of the sanctioned working capital limits of the
company/Continues on credit watch with negative implications.
M2M Cybernetics Pvt Ltd               ST Bk Fac          CARE A4+       91.4    Reaffirmed
Mahavir Coal Washeries Pvt Ltd        ST Bk Fac          CARE A4        40      Revised from
                                                                                CARE A4+
(Issuer Not Cooperating) Based on best available information
Saifuddin Appalal Mulla               ST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
S S Infrastructure Development        Short -term Bk Fac CARE A4        80
Consultants Ltd
(Formerly Known As S S
Infrastructure Development Consultants Ltd)
(Issuer Not Cooperating) Based on best available information
Sai Security Printers Pvt Ltd         ST Bk Fac          CARE A3        80      Reaffirmed
Sanvi Spinning Mill Pvt Ltd           ST Bk Fac          CARE A4+       22.5    Revised from
                                                                                CARE A4
(reduced from 2.75 crs)
Sgs Marine Habitability Pvt Ltd       ST Bk Fac          CARE A4        60
(Issuer Not Cooperating) Based on best available information
Shri Ram Commodities                  ST Bk Fac          CARE A4        137.5   Assigned
Smilax Laboratories Ltd               ST Bk Fac          CARE A4        187.9   Revised from
                                                                                CARE D
(Issuer Not Cooperating) Based on best available information
Today Footwear Pvt Ltd                ST Bk Fac          -              -       Withdrawn
Vidyut Controls And Automation Pvt LtdST Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Vrijesh Natural Fibre And Fabrics Pvt ST Bk Fac          CARE A3        110     Reaffirmed
Ltd
Vrijesh Natural Fibre And Fabrics Pvt Proposed ST Bk Fac CARE A3        25      Reaffirmed
Ltd
York Transport Equipment (India) Pvt  ST Bk Fac          -              -       Withdrawn
Ltd 
 
MEDIUM TERM RATINGS:
-------------------
Jk Lakshmi Cement Ltd                 Fixed Deposits     CARE AA- (FD)  500     Reaffirmed
                                                         Stable
Dolphin Offshore Enterprises (India)  Fixed Deposit      CARE D (FD)    50      Revised from
Ltd                                   Programme                                 CARE C (FD)
                                                                                Stable 
LONG TERM RATINGS:
-------------------
Achintya Solar Power Pvt Ltd          LT Bk Fac (TL)     -              -       Withdrawn
Achintya Solar Power Pvt Ltd          LT/ST Bk Fac (BG)  -              -       Withdrawn
Advansys (India) Pvt Ltd              LT Bk Fac          CARE BB- Stable176.4   Assigned
Animala Wind Power Pvt Ltd            LT Bk Fac (TL)     -              -       Withdrawn
Aryan Constructions                   LT Bk Fac          CARE BB- Stable4.5     Revised from
                                                                                CARE B+ Stable
Bharat Industrial Enterprises Ltd     LT/ST Bk Fac       -              -       Reaffirmed
                                                                                and Withdrawn
Bharat Industrial Enterprises Ltd     LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Ch. Veeraraghavulu Construction Pvt   LT Bk Fac          CARE BB+ Stable60      Reaffirmed
Ltd 
Ch. Veeraraghavulu Construction Pvt   LT/ST Bk Fac       CARE BB+       240     Reaffirmed
Ltd                                                      Stable/CARE A4+
Dolphin Offshore Enterprises (India)  LT fund based Bk   CARE D         255     Revised from
Ltd                                   Fac                                       CARE C Stable
Esmart Energy Solutions Pvt Ltd       Long -term Bk Fac  -              0       Withdrawn
Esmart Energy Solutions Pvt Ltd       LT Bk Fac          CARE BB- Stable465.8   Reaffirmed
(Enhanced from Rs. 20.00 crore)
Gravita India Ltd                     LT Bk Fac          CARE BBB+      447.9   Revised from
                                                         Stable                 CARE A-
                                                                                Negative
Gravita India Ltd                     LT/ST Bk Fac       CARE BBB+      2090    Revised from
                                                         Stable /CARE A2        CARE A-
                                                                                Negative / CARE
                                                                                A2+
Gravita Metal Inc                     LT Bk Fac *        CARE BBB+ (CE) 90      Revised from
                                                         Stable                 CARE A- (SO)
                                                                                Negative
* backed by unconditional and irrevocable corporate guarantee provided by Gravita India Ltd. to
the above mentioned bank facilities
Greenko Energies Pvt Ltd              LT Instruments     -              -       Withdrawn
                                      (NCDs)
Grinibhrit Solar Power Pvt Ltd        LT Bk Fac (TL)     -              -       Withdrawn
Grinibhrit Solar Power Pvt Ltd        LT/ST Bk Fac (BG)  -              -       Withdrawn
Iswarya Enterprises                   LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Jk Lakshmi Cement Ltd                 CP**               -              -       Withdrawn
**CARE has withdrawn the rating assigned to the Commercial Paper issue (standalone) of the
company with immediate effect, as the company has repaid the aforementioned issue in full and
there is nil amount outstanding under the said issue as on date
Jk Lakshmi Cement Ltd                 LT Bk Fac          CARE AA- Stable14128.4 Reaffirmed
Jk Lakshmi Cement Ltd                 LT Instruments     CARE AA- Stable3366    Reaffirmed
K G Denim Ltd                         LT Bk Fac          CARE BBB-      1142.2  Revised from
                                                         Negative               CARE BBB-
                                                                                Stable
(reduced from 137.75 crs)
Khushbu Auto Finance Ltd              LT Bk Fac          CARE A+ (CE)   1150    Revised from
                                                         Negative               CARE A+ (SO)
                                                                                Stable
M2M Cybernetics Pvt Ltd               LT Bk Fac          CARE BB+ Stable110.5   Reaffirmed
(reduced from 11.13 crs)
Mahavir Coal Washeries Pvt Ltd        LT Bk Fac          CARE BB        260     Revised from
                                                                                CARE BB+
(Issuer Not Cooperating) Based on best available information
Mahavir Coal Washeries Pvt Ltd        LT/Shortterm Bk FacCARE BB/CARE A4100     Revised from
                                                                                CARE BB+/
                                                                                CARE A4+
(Issuer Not Cooperating) Based on best available information
Mcnally Bharat Engineering Co Ltd     Non- Convertible   CARE D (RPS)   435
                                      Redeemable PS
(Issuer Not Cooperating) Based on best available information
N.B. Commercial Enterprises Ltd       LT/ST Bk Fac       CARE BBB (CE)  250     Reaffirmed
                                                         Stable/CARE A3
                                                         (CE)
Nagaur Mukundgarh Highways Pvt Ltd    LT Bk Fac*         CARE AA- (CE)  2355.9  Reaffirmed
                                                         Positive
*backed by unconditional and irrevocable corporate guarantee extended by G R Infraprojects
Limited (GRIL rated CARE AA- Positive/CARE A1+).
Nagaur Mukundgarh Highways Pvt Ltd    LT/Shortterm Bk    CARE AA- (CE)  381     Reaffirmed
                                      Fac*               Positive/CARE
                                                         A1+(CE)
*backed by unconditional and irrevocable corporate guarantee extended by G R Infraprojects
Limited (GRIL rated CARE AA- Positive/CARE A1+).
Orange Agar Wind Power Pvt Ltd        LT Bk Fac          -              -       Withdrawn
Rising Sun Power Pvt Ltd              Long -term Bk Fac  CARE D         52.6
(Issuer Not Cooperating) Based on best available information
S S Infrastructure Development        Long -term Bk Fac  CARE BB Stable 20
Consultants Ltd
(Formerly Known As S S
Infrastructure Development Consultants Ltd)
(Issuer Not Cooperating) Based on best available information
Sai Security Printers Pvt Ltd         LT Bk Fac          CARE BBB-      346.9   Reaffirmed
                                                         Stable
(enhanced from 27.00 crs)
Saifuddin Appalal Mulla               LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Sanvi Spinning Mill Pvt Ltd           LT Bk Fac          CARE BB+ Stable636.6   Revised from
                                                                                CARE BB Stable
(reduced from 68.54 crs)
Sanvi Spinning Mill Pvt Ltd           LT / Shortterm Bk  CARE BB+       50      Revised from
                                      Fac                Stable/CARE A4+        CARE BB Stable
(reduced from 6.50 crs)
Savani Infracon Llp                   LT Bk Fac          CARE B+ Stable 250
(Issuer Not Cooperating) Based on best available information
Sayaji Ingritech Llp                  LT Bk Fac          CARE BBB (CE)  31.9    Reaffirmed
                                                         Stable
Sayaji Ingritech Llp                  LT/ST Bk Fac       CARE BBB (CE)  30      Reaffirmed
                                                         Stable/CARE A3
                                                         (CE)
Sayaji Seeds Llp                      LT/ST Bk Fac       CARE BBB (CE)  90      Reaffirmed
                                                         Stable/CARE A3
                                                         (CE)
Sgs Marine Habitability Pvt Ltd       Long -term Bk Fac  CARE B+ Stable 140
(Issuer Not Cooperating) Based on best available information
Shivsahaj Engineering And Plastics PvtLT Bk Fac          CARE B+ Stable 96.3    Reaffirmed
Ltd
(reduced from 10.43 crs)
Smilax Laboratories Ltd               LT Bk Fac          CARE B         1280.8  Revised from
                                                                                CARE D
(Issuer Not Cooperating) Based on best available information
Smilax Laboratories Ltd               LT/ST Bk Fac       CARE B/CARE A4 50      Revised from
                                                                                CARE D
(Issuer Not Cooperating) Based on best available information
Snehith Enterprises                   LT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Sri Maruthi Cashews                   LT Bk Fac          CARE B Stable  64.6    Revised from
                                                                                CARE B+ Stable
Suvarchas Solar Power Pvt Ltd         LT Bk Fac (TL)     -              -       Withdrawn
Suvarchas Solar Power Pvt Ltd         LT/ST Bk Fac (BG)  -              -       Withdrawn
Svm Oil Industries                    LT Bk Fac          CARE B Stable  140     Assigned
Today Footwear Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Vidyut Controls And Automation Pvt LtdLT Bk Fac          -              -       Reaffirmed
                                                                                and Withdrawn
Vishvarupa Solar Power Pvt Ltd        LT Bk Fac (TL)     -              -       Withdrawn
Vishvarupa Solar Power Pvt Ltd        LT/ST Bk Fac (BG)  -              -       Withdrawn
Vrijesh Natural Fibre And Fabrics Pvt Proposed LT Bk Fac -              -       Withdrawn
Ltd
Vrijesh Natural Fibre And Fabrics Pvt LT Bk Fac          CARE BBB Stable37.6    Reaffirmed
Ltd
York Transport Equipment (India) Pvt  LT Bk Fac          -              -       Withdrawn
Ltd 
--------------------------------------------------------------------------------------------
$: 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: reuters
Anand Gupta Editor - EQ Int'l Media Network

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