CARE ratings for Indian debt instruments-Mar 20

Last Updated: Mon, Mar 20, 2017 13:00 hrs

Mar 20 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of March 17, 2017. COMPANY INSTRUMENT RATING AMOUNT MOVEMENT (RS.MLN) ------- ---------- ------ ------- --------- SHORT TERM RATINGS: ------------------- Abc India Ltd ST Bk Fac CARE A3 70 Reaffirmed Akash Fishmeal & Fishoil Pvt Ltd ST Bk Fac CARE A4 40 Reaffirmed (reduced from 5 crore) Anandaloke Medical Centre Pvt. Ltd ST Bk Fac CARE A3+ 3.4 Reaffirmed Beeta Poly Coats Pvt Ltd ST Bk Fac CARE A4 25 Reaffirmed Blue Star Engineering & Electronics Ltd CP* CARE A1+(SO) 100 Reaffirmed *The rating assigned to the aforesaid commercial papers is based on the credit enhancement in the form of letter of comfort which has been issued to the investors of commercial paper by BSL. The proposed issue of commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) will be earmarked to the working capital bank facilities of BSEEL which are already backed by unconditional and irrevocable corporate guarantee issued by BSL. Blue Star Engineering & Electronics Ltd CP* CARE A1+(SO) 100 Reaffirmed *The rating assigned to the aforesaid commercial papers is based on the credit enhancement in the form of letter of comfort which has been issued to the investors of commercial paper by BSL. The proposed issue of commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) will be earmarked to the working capital bank facilities of BSEEL which are already backed by unconditional and irrevocable corporate guarantee issued by BSL. Blue Star Engineering & Electronics Ltd CP* CARE A1+(SO) 50 Reaffirmed *The rating assigned to the aforesaid commercial papers is based on the credit enhancement in the form of letter of comfort which has been issued to the investors of commercial paper by BSL. The proposed issue of commercial paper by Blue Star Engineering & Electronics Limited (BSEEL) will be earmarked to the working capital bank facilities of BSEEL which are already backed by unconditional and irrevocable corporate guarantee issued by BSL. Chirayu Charitable Foundation ST Bk Fac CARE A4+ 95 Issuer not cooperating Consite Engineering Co. Ltd ST Bk Fac (Non-FB) CARE A4 78 Issuer not cooperating Ct Educational Society ST Bk Fac CARE A3 250 Assigned Divyaratna Agrotech Pvt Ltd ST Bk Fac CARE D 295 Issuer not cooperating Durgesh Impex Pvt Ltd ST Bk Fac CARE A4+ 40 Issuer not cooperating Hasmukh Parekh Jewellers ST Bk Fac CARE A3 170 Reaffirmed Hema Dyechem Pvt Ltd ST Bk Fac CARE A3 23 Issuer not cooperating Hira Steels Ltd ST Bk Fac CARE A3 5 Reaffirmed (reduced from Rs.0.65 crore) Janico Buildcon Ltd ST Bk Fac CARE A4+ 140 Assigned Jhaveri Flexo India Ltd ST Bk Fac CARE A4+ 340 Assigned Kalika Steel Jalna Pvt Ltd ST Bk Fac CARE A4 25 Issuer not cooperating Ln Constructions ST Bk Fac CARE A4 40 Assigned Lohiya Edible Oils Pvt Ltd ST Bk Fac CARE A3+ 1050.3 Reaffirmed Lohiya Industries ST Bk Fac CARE A3+ 1800 Reaffirmed Maa Ganga Rice Mill ST Bk Fac CARE A4 3.2 Suspension revoked and reaffirmed Maharashtra State Power Generation Co.ST Bk Fac CARE A2+ 11500 Reaffirmed Ltd (enhanced from Rs. 750 crore) Mangal Electrical Industries Pvt. Ltd ST Bk Fac CARE A4 157.5 Issuer not (Non-fundbased- cooperating; LOC) Revised from CARE A4+; Based on best available information Natural And Essential Oils Pvt Ltd ST Bk Fac CARE A4 50 Reaffirmed (enhanced from 3.00 CR) Neilsoft Ltd ST Bk Fac CARE A2+ 20 Reaffirmed Oracle Granito Ltd ST Bk Fac CARE A3 90 Reaffirmed Oswal Lumbers Pvt Ltd ST Bk Fac CARE A4+ 200 Reaffirmed Park Hospitals ST Bk Fac CARE A2+ 50 Reaffirmed Pooja Technocast ST Bk Fac CARE A4 3 Issuer not cooperating Power Finance Corporation Ltd ST Market CARE A1+ 320000 Reaffirmed Borrowing Programme - FY17 R. A. Shaikh Paper Mills Pvt Ltd ST Bk Fac CARE A4 8 Reaffirmed Radheshyam Spinning Mills Pvt Ltd ST Bk Fac CARE A4 33 Issuer not cooperating Rexon Strips Ltd. ST Bk Fac CARE A4 20 Reaffirmed Ras Bearings Pvt Ltd ST Bk Fac# - 2.5 Withdrawn # these facilities were backed by credit enhancement in the form of an unconditional and irrevocable corporate guarantee extended by TBL; the same has now been withdrawn as the company has fully repaid the amounts under the said bank facility and there is no amount ? outstanding under the facility as on date. S & J Granulate Solutions Pvt Ltd ST Bk Fac CARE A4 30 Assigned Seth Industrial Corporation ST Bk Fac CARE A3 100 Reaffirmed Shivmani Exports Pvt. Ltd. ST Bk Fac CARE A4 143 Reaffirmed Skipper Ltd CP Issue* CARE A1+ 1000 Reaffirmed (enhanced from 50.0 CR),*Carved out of the sanctioned working capital limits of the company. Smd Engineers & Contractors ST Bk Fac CARE A4 86.7 Issuer not cooperating Sprint Exports Pvt Ltd ST Bk Fac CARE A3 7815 Reaffirmed Vasantha Industries Ltd ST Bk Fac CARE A3 14.07 Reaffirmed (reduced from 14.66 CR) Yarncoms India Pvt Ltd ST Bk Fac CARE A4 35 Assigned MEDIUM TERM RATINGS: ------------------- Sardar Sarovar Narmada Nigam Ltd. FD CARE BBB(FD)* 10000 Reaffirmed *out of which Rs.584.25 crore was outstanding as on March 31, 2016 LONG TERM RATINGS: ------------------- Abc India Ltd LT Bk Fac CARE BBB- 188.9 Reaffirmed (reduced from 23.85 CR) Adishwar India Ltd LT Bk Fac CARE BBB- 580 Reaffirmed Akash Fishmeal & Fishoil Pvt Ltd LT Bk Fac CARE BB- 185 Reaffirmed (reduced from 26 crore) Anandaloke Medical Centre Pvt. Ltd LT Bk Fac CARE BBB 64.9 Reaffirmed Beeta Poly Coats Pvt Ltd LT Bk Fac CARE B+ 123.6 Reaffirmed Blue Star Engineering & Electronics Ltd LT Bk Fac (TL)@ CARE AA+(SO) 249.7 Reaffirmed @backed by unconditional and irrevocable corporate guarantee issued by BlueStar Limited (BSL; rated ‘CARE AA+; Stable/CARE A1+’ for bank facilities and instruments). Brijbhoomi Expressway Pvt Ltd LT Bk Facility CARE BBB 1452.3 Reaffirmed (reduced from Rs.150.71 crore) Chirayu Charitable Foundation LT Bk Fac CARE BB 860.9 Issuer not cooperating Consite Engineering Co. Ltd LT Bk Fac (FB) CARE B 55 Issuer not cooperating Ct Educational Society LT Bk Facility CARE BBB- 900 Assigned Dashmesh Weaving & Dyeing Milss Pvt Ltd LT Bk Fac CARE BB- 137 Issuer not cooperating; Based on best available information Divyaratna Agrotech Pvt Ltd LT Bk Fac CARE D 40 Issuer not cooperating Durgesh Impex Pvt Ltd LT/ST Bk Fac CARE BB+ /CARE 250 Issuer not A4+ cooperating Globeop Financial Services (India) PvtProposed NCD issue CARE BBB- 3250 Reaffirmed Ltd (enhanced from 300 CR) Grandiose Buildteck Pvt Ltd LT Bk Fac CARE BB 150 Assigned Greenko Godavari Power Projects Pvt Ltd LT Bk Fac^ CARE A+(SO) 950 Assigned ^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ) Greenko Godavari Power Projects Pvt LtST Bk Fac# CARE A+(SO) 10 Assigned #proposed to be backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ) Greenko Solar Energy Pvt Ltd NCD issue ^ CARE A+(SO) 4500 Final Rating ^Backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ) Greenko Solar Energy Pvt Ltd Proposed CARE A+(SO) 1500 Assigned NonConvertible Debenture issue # #proposed to be backed by unconditional and irrevocable corporate guarantee of Greenko Energies Private Limited (GEPL; rated CARE A+; Stable/CARE A1+ ) Hardyal Milk Product Pvt Ltd LT Bk Fac CARE D 507.2 Revised from CARE BB (reduced from 68.15 CR) Hema Dyechem Pvt Ltd LT/ST Bk Fac CARE BBB- 145 Issuer not /CARE A3 cooperating Hira Steels Ltd LT Bk Facility CARE BBB- 319.2 Reaffirmed (reduced from Rs.34.64 crore) Integra Micro Systems Pvt Ltd LT Bk Fac CARE BBB- 120 Reaffirmed Integra Micro Systems Pvt Ltd LT/ ST Bk Fac CARE BBB- 160 Reaffirmed /CARE A3 (enhanced from 15 CR) Jai Maa Iron Foundry Pvt Ltd LT Bk Fac CARE BB- 185.2 Issuer not cooperating; Based on best available information Janico Buildcon Ltd LT Bk Facility CARE BB 110 Assigned Jewelmark India Pvt Ltd LT/ST Bk Fac CARE BB+ /CARE 70 Reaffirmed A4+ Jhaveri Flexo India Ltd TL CARE BB+ 60 Assigned Jhaveri Flexo India Ltd LT Bk Fac CARE BB+ 400 Assigned Jupiter Petrochem LT Bk Facility CARE BB 150 Issuer not cooperating K.G.P Gold Palace LT Bk Fac CARE B 90 Reaffirmed Kalika Steel Jalna Pvt Ltd LT Bk Fac CARE BB 300 Issuer not cooperating Ln Constructions LT Bk Fac CARE B+ 47.5 Assigned Lohiya Edible Oils Pvt Ltd LT Bk Fac CARE BBB 284.2 Reaffirmed Lohiya Industries LT Bk Fac CARE BBB 220 Reaffirmed Maa Ganga Rice Mill LT Bk Fac CARE B+ 48 Suspension revoked and reaffirmed Machine Tools (India) Ltd LT Bk Facility CARE BBB- 50 Issuer not cooperating Machine Tools (India) Ltd LT/ST Bk Fac CARE BBB- 85 Issuer not /CARE A3 cooperating Maharashtra State Power Generation Co.LT Bk Facility CARE BBB+ 79373.1 Reaffirmed Ltd (enhanced from Rs 5799.96 crore) Mangal Electrical Industries Pvt. Ltd LT Bk Fac (FB-CC) CARE BB 140 Issuer not cooperating; Revised from CARE BB+; Based on best available information Mangal Electrical Industries Pvt. Ltd LT/ST Bk Fac CARE BB/CARE A4222.5 Issuer not (Fundbased-CC) cooperating; Revised from CARE BB+/ CARE A4+; Based on best available information Mantra Earth LT Bk Fac CARE B+ 150 Issuer not cooperating Mantra Island Homes Chimbli Llp LT Bk Fac CARE BBB- 350 Issuer not cooperating Mantra Residency Llp LT Bk Fac CARE BBB- 200 Issuer not cooperating Mb Ispat Corporation Ltd LT Bk Fac CARE B+ 112.5 Issuer not cooperating Moon Diamonds LT Bk Fac (FB) CARE BBB- 170 Issuer not cooperating Natural And Essential Oils Pvt Ltd LT Bk Fac CARE BB 188.5 Reaffirmed (enhanced from 9.81 CR) Neilsoft Ltd LT Bk Facility CARE A- 120 Reaffirmed (Enhanced from 10 CR) Nutrient Marine Foods Ltd LT/ST Bk Fac CARE BB /CARE 400 Reaffirmed A4 (reduced from 60 CR) Oracle Granito Ltd LT Bk Facility CARE BBB- 446.3 Reaffirmed (enhanced from 42.89 CR) Oswal Lumbers Pvt Ltd LT Bk Fac CARE BB 20 Reaffirmed Park Hospitals LT Bk Fac CARE A- 450 Reaffirmed Periwal Polymers Pvt Ltd LT Bk Fac CARE B+ 40 Reaffirmed Periwal Polymers Pvt Ltd LT /ST Bk Fac CARE B+ /CARE 30 Reaffirmed A4 Polywell Enterprises LT Bk Fac CARE BB 55.6 Reaffirmed Pooja Technocast LT Bk Fac CARE BB- 114.1 Issuer not cooperating Power Finance Corporation Ltd LT Market CARE AAA 600000 Reaffirmed Borrowing Programme - FY17 Puranchand & Sons Trading Llp LT Bk Fac CARE BB 75 Issuer not cooperating R. A. Shaikh Paper Mills Pvt Ltd LT Bk Fac CARE BB 101.9 Reaffirmed Radheshyam Spinning Mills Pvt Ltd LT Bk Fac CARE BB- 159.5 Issuer not cooperating Radheshyam Spinning Mills Pvt Ltd LT/ ST Bk Fac CARE BB- 110 Issuer not cooperating Rahul Wire Ropes LT Bk Fac CARE BB 73.9 Reaffirmed Ras Bearings Pvt Ltd LT Bk Facility # - 167.5 Withdrawn # these facilities were backed by credit enhancement in the form of an unconditional and irrevocable corporate guarantee extended by TBL; the same has now been withdrawn as the company has fully repaid the amounts under the said bank facility and there is no amount ? outstanding under the facility as on date. Ras Bearings Pvt Ltd LT Bk Fac – (a) CARE BBB- 48.8 Assigned Ras Bearings Pvt Ltd LT Bk Fac – (b) * CARE BBB(SO) 85.2 Assigned *backed by credit enhancement in the form of a letter of comfort extended by Texspin Bearings Limited (TBL; rated ‘CARE BBB+; Positive/CARE A2’) for ensuring its debt servicing Ras Bearings Pvt Ltd LT/ST Bk Fac - (c) CARE BBB(SO) 2.5 Assigned * /CARE A3+(SO) *backed by credit enhancement in the form of a letter of comfort extended by Texspin Bearings Limited (TBL; rated ‘CARE BBB+; Positive/CARE A2’) for ensuring its debt servicing BBB+; Positive/CARE A2 ) for ensuring its debt servic Rashtriya Ispat Nigam Ltd LT Instruments – withdrawn Proposed Bonds Issue Rda Energy Pvt Ltd LT Bk Fac CARE BBB+ 449.5 Reaffirmed Rexon Strips Ltd. LT Bk Fac CARE B 220 Revised from CARE B+ S & J Granulate Solutions Pvt Ltd LT Bk Facility CARE BB 159.1 Assigned Sarala Development & Microfinance Pvt LT Bk Fac CARE BBB- 1000 Reaffirmed Ltd (enhanced from 30 CR) Seth Industrial Corporation LT Bk Fac CARE BBB- 504.2 Reaffirmed Shivmani Exports Pvt. Ltd. LT Bk Fac CARE BB 1 Reaffirmed Shree Seco Pvt. Ltd. LT Bk Fac CARE C 15.9 Reaffirmed Shree Seco Pvt. Ltd. LT/ST Bk Fac CARE C /CARE A465 Reaffirmed Shreenathji Terine Pvt. Ltd. LT Bk Fac CARE BB- 22.6 Assigned Shreenathji Terine Pvt. Ltd. LT/ST Bk Fac CARE BB- /CARE 45 Assigned A4 Silk Cotton LT Bk Fac CARE D 75.2 Issuer not cooperating Sita Ram Rice Mills LT Bk Fac CARE B+ 65.6 Reaffirmed Smd Engineers & Contractors LT Bk Fac CARE BB 25 Issuer not cooperating Sonam Clock Pvt Ltd LT Bk Fac CARE BB 16.2 Revised from CARE BB- Sonam Clock Pvt Ltd LT/ ST Bk Fac CARE BB /CARE 125 Revised from A4 CARE BB- Sprint Exports Pvt Ltd LT/ ST Bk Fac CARE BBB- 450 Reaffirmed /CARE A3 Stella Udyog Long/ST Bk Fac CARE B+/CARE 70 Issuer not A4; cooperating Surabhi Agrico Pvt Ltd LT Bk Fac CARE B 100 Assigned Technobit Industries Pvt Ltd LT Bk Fac CARE B 73.2 Issuer not cooperating Technobit Industries Pvt Ltd LT/ ST Bk Fac CARE B 21 Issuer not cooperating Thermal Powertech Corporation India Ltd LT Bk Fac CARE A 95074.7 Reaffirmed (reduced from 9513.13 CR) Vasantha Industries Ltd LT Bk Fac CARE BBB- 1975.6 Reaffirmed (reduced from 234.38 CR) Vasundhara Diamond Roof Pvt Ltd LT Bk Facility CARE BBB 150 Revised from CARE BBB- Vikas Steel Inc LT Bk Fac CARE BB- 200 Reaffirmed (enhanced from 15 CR) Vikas Steel Inc LT/ST Bk Fac CARE BB- /CARE 50 Reaffirmed A4 Vishal Conduit Products Pvt Ltd LT Bk Fac/ ST Bk CARE B-/CARE 50 Issuer not Fac A4; cooperating; Revised from CARE B /CARE A4 on basis of best available information Xrbia Abode Developers Pvt Ltd LT Bk Fac CARE BBB 600 Issuer not cooperating Xrbia Chakan Developers Pvt Ltd LT Bk Fac CARE BBB 700 Issuer not cooperating Xrbia Developers Ltd LT Bk Fac CARE BBB 1900 Issuer not cooperating Xrbia North Hinjewadi Developers Pvt Ltd LT Bk Fac CARE BBB 200 Issuer not cooperating Xrbia Warai Developers Pvt Ltd LT Bk Fac CARE BBB 800 Issuer not cooperating Yarncoms India Pvt Ltd LT Bk Fac CARE B 50 Assigned -------------------------------------------------------------------------------------------- $: 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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