Dec 18 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 17, 2019.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------- ---------- ------ ------- ---------
SHORT TERM RATINGS:
-------------------
Abc Builders ST Bk Fac CARE A4 45 -
(Issuer not cooperating; Based on best available information)
Cuarzo ST Bk Fac CARE A3+ 50 -
(Placed on Credit Watch with Negative Implications)
Earth Stone Global ST Bk Fac CARE A4 107.5 Reaffirmed
Garg Inox Ltd ST Bk Fac CARE D 827.6 -
(Issuer not cooperating; Based on best available information)
Gupta Metal Sheets Ltd ST Bk Fac CARE A4 520.2 -
(Issuer not cooperating; Based on best available information)
Gopinath Chem-Tech Ltd ST Bk Fac - - Reaffirmed
and Withdrawn
Hind Aluminium Industries Ltd ST Bk Fac CARE A3+ 850 Revised from
CARE A2+
Locuz Enterprise Solutions Ltd ST Bk Fac - - Withdrawn
Madhu Overseas ST Bk Fac CARE A4 51 -
(Issuer not cooperating; Based on best available information)
Mahagouri Aluminium Pvt Ltd ST Bk Fac CARE A4 11 Assigned
Opg Power Generation Pvt Ltd ST Bk Fac CARE A2 6180 Removed from
CARE A2
(Removed from CARE A2; ISSUER NOT COOPERATING (A Two; ISSUER NOT COOPERATING) and reaffirmed)
S. D. Corporation Pvt Ltd CP CARE A1+(CE) 7500^ -
(Reaffirmed and placed under Credit Watch with Developing Implications)
^backed by unconditional & irrevocable guarantee by SPCPL. Due to unutilization of the
Commercial Paper limits, SDCPL has requested to reduce the amount of Commercial Paper limits
rated, from Rs.1170 crore to Rs.750 crore.
Sigachi Industries Pvt Ltd ST Bk Fac CARE A3+ 60 Revised from
CARE A3
Sp Imperial Star Pvt Ltd NCD- “Series B” CARE A+ (CE) 2 500 Revised from
issue^ CARE AA-(CE)
^backed by credit enhancement in the form of an unconditional and irrevocable DSRA guarantee
from Shapoorji Pallonji and Company (SPCPL, rated CARE A+; under credit watch with developing
implications/CARE A1+; under credit watch with developing implications)
Spray Engineering Devices Ltd ST Bk Fac CARE A4 160 -
(Issuer not cooperating; Based on best available information)
Sunny Trexim Pvt Ltd ST Bk Fac CARE A4 1000 Reaffirmed
Venkata Sai Agro Industries ST Bk Fac CARE A4 10 -
(Issuer not cooperating; Based on best available information)
Suncity Enterprises ST Bk Fac - - -
(Reaffirmed at CARE A4 and Withdrawn)
LONG TERM RATINGS:
-------------------
Abc Builders LT Bk Fac CARE BB-; 10 -
Stable
(Issuer not cooperating; Based on best available information)
Aditya Extractions Pvt Ltd LT Bk Fac CARE BB-; 105 Reaffirmed
Stable
Agp Cgd India Pvt Ltd LT Bk Fac CARE BBB; 5180 Assigned
(Proposed) Stable
Agromach Spares Corporation LT/Shortterm Bk FacCARE A-; 100 -
Stable/ A2+
(Revised from CARE A-; Stable/CARE A2 (Single A Minus; Outlook: Stable/A Two)
Amber Spintex Pvt Ltd LT Bk Fac - - Reaffirmed
and Withdrawn
Associated Aluminium Industries Pvt LT/ ST Bk Fac CARE BBB; 200 Revised from
Ltd Stable/ A3+ CARE BBB+;
Stable / A2
Bharat Sheet Grah Pvt Ltd LT Bk Fac CARE B+; Stable57.7 Reaffirmed
Cuarzo LT Bk Fac CARE BBB 72.3 -
(Placed on Credit Watch with Negative Implications)
Cuarzo LT / ST Bk Fac CARE BBB /CARE 150 -
A3+
(Placed on Credit Watch with Negative Implications)
Deepak Cosmo Ltd Long -term Bk Fac CARE BB; Stable200 -
(Issuer not cooperating; Based on best available information)
Earth Stone Global LT Bk Fac CARE B+; Stable12.5 Reaffirmed
Essel Lucknow Raebareli Toll Roads LtdNCDs (NCD) issue CARE BBB: 4677 Revised from
Negative CARE AA;
Negative
(On the basis of best available information)
Garg Inox Ltd Long -term Bk Fac CARE D 1107 -
(Issuer not cooperating; Based on best available information)
Good Media News Pvt Ltd LT Bk Fac CARE B; Stable 105.8 Assigned
Gopalpur Ports Ltd Fund Based Bk Fac- CARE A-(CE) 14000^ Revised from
LT TL CARE A+(CE)
^CLC – Capex Letter of Credit; ^LOU – Letter of Undertaking for Buyer s Credit; *Loan Equivalent
Risk. / (Credit Enhancement)] and Continues under credit watch with developing implication)
Gopalpur Ports Ltd Non Fund Based Bk CARE A-(CE) 500 Revised from
Fac – BG CARE A+(CE)
(Credit Enhancement)] and Continues under credit watch with developing implication)
Gopalpur Ports Ltd Fund Based – CC CARE A-(CE) 250 Revised from
Limits CARE A+(CE)
(Credit Enhancement)] and Continues under credit watch with developing implication)
Gopalpur Ports Ltd LER* Limit - LT CARE A-(CE) 250 Revised from
(Derivative) CARE A+(CE)
Facility
(Credit Enhancement)] and Continues under credit watch with developing implication) / *Loan
Equivalent Risk
Gopinath Chem-Tech Ltd LT Bk Fac - - Reaffirmed
and Withdrawn
Gopinath Chem-Tech Ltd LT / ST Bk Fac - - Reaffirmed
and Withdrawn
Gupta Metal Sheets Ltd Long -term Bk Fac CARE B- 750 Revised from
CARE B
(Issuer not cooperating; Based on best available information)
Hind Aluminium Industries Ltd LT/ ST Bk Fac - - Withdrawn*
*withdrawn as the same was proposed and the company has not raised any amount against the same.
Hind Aluminium Industries Ltd LT Bk Fac CARE BBB+; 1716.5 Revised from
Stable CARE A-;
Negative
J. K. Industries (Indore) LT/ ST Bk Fac CARE 200 Reaffirmed
B+;Stable/ A4
Jalaram Feeds LT Bk Fac CARE B; Stable 59.3 Reaffirmed
Jm Enviro Technologies Pvt Ltd LT/ ST Bk Fac CARE BB-; 120 -
Stable/ A4
(Issuer not cooperating; Based on best available information)
Kanjiravelil Traders LT Bk Fac CARE BB; Stable307 Reaffirmed
Kmv Spaces Llp LT Bk Fac - - Withdrawn
Ku-Koo-Ch-Ku Poultry Farm LT Bk Fac CARE BB; Stable3500 Reaffirmed
Locuz Enterprise Solutions Ltd LT Bk Fac - - Withdrawn
Madhu Overseas LT Bk Fac CARE B; Stable 15 -
(Issuer not cooperating; Based on best available information)
Mahagouri Aluminium Pvt Ltd LT Bk Fac CARE B+; Stable77.7 Assigned
Mahesvara Cashew Industries Long -term Bk Fac CARE B; Stable 108.5 Revised from
CARE B+;
Stable
(Issuer not cooperating; Based on best available information)
Marigold Allied Corporation Long -term Bk Fac CARE BB-; 54.7 Reaffirmed
Stable
National Institute Of Aeronautical LT Bk Fac CARE BB; Stable72 -
Engineering Educational Society
(Issuer not cooperating; Based on best available information)
Opg Power Generation Pvt Ltd LT Bk Fac CARE BBB+; 7434.6 Removed from
Stable CARE BBB+;
Stable
(Removed from CARE BBB+; Stable; ISSUER NOT COOPERATING (Triple B Plus; Outlook: Stable; ISSUER
NOT COOPERATING) and reaffirmed)
Owais Ali Overseas LT Bk Fac - - Withdrawn
Paikar Real Estates Pvt Ltd LT Bk Fac (TL)^ CARE A-(CE) 1618.7 Revised from
CARE A+(CE)
^Credit enhancement in the form of Letter of Comfort (LoC) extended by Shapoorji Pallonji and
Company Private Limited (SPCPL, rated CARE A+ / CARE A1+; under Credit Watch with Developing
Implication)
Pnp Maritime Services Pvt Ltd LT Bk Fac CARE BBB; 483.3 Revised from
Stable CARE BBB+;
Stable
Pnp Maritime Services Pvt Ltd LT Bk Fac^ CARE A (CE) 2 867.7 Revised from
CARE A+(CE)
^ An unconditional and irrevocable corporate guarantee from Shapoorji Pallonji and Company
Private Limited [SPCPL, rated CARE A+(Credit Watch with Developing Implications)/A1+(Credit
Watch with Developing Implications)] for maintaining revolving Debt Service Reserve Account
(DSRA) for an amount payable towards one quarter interest and one quarter principal for
immediately succeeding quarter during the tenure of the facility. However, upon occurrence of an
Event of Default, the accelerated repayments of the outstanding loan will not be covered by DSRA
guarantee, and shall be restricted to next scheduled debt servicing obligation.
R.N. Knitfab Pvt Ltd LT Bk Fac CARE BBB-; 100 Reaffirmed
Stable
Renew Mega Solar Power Pvt Ltd Long -term Bk Fac CARE BBB+; 2528.8 Reaffirmed
Negative
Renew Saur Shakti Pvt Ltd Long -term Bk Fac CARE BBB+; 4859.5 Reaffirmed
Negative
Revathi Engineering Pvt Ltd LT Bk Fac CARE B+; Stable30 Reaffirmed
Revathi Engineering Pvt Ltd LT/ ST Bk Fac CARE B+; 25 Reaffirmed
Stable/CARE A4
Rudra Solarfarms Ltd Long -term Bk Fac CARE BBB; 900 Revised from
Negative CARE BBB;
Stable
S. D. Corporation Pvt Ltd NCDs CARE A+(CE) 6150# Revised from
CARE AA-(CE)
(Continues to be under Credit Watch with Developing Implications) / #backed by unconditional,
irrevocable and revolving Debt Service Reserve Account (DSRA)
Sangamner Shetki Sahakari Sangh Ltd LT Bk Fac CARE BB-; 100 Assigned
Stable
Setia Auto Finance Pvt Ltd LT Bk Fac CARE BB+; 250 Assigned
Stable
Shivansh Diamond Pvt Ltd Long -term Bk Fac CARE D 470 -
(Issuer not cooperating; Based on best available information)
Shree Padmanabh Ispat Pvt Ltd Long -term Bk Fac CARE BB; Stable60 Revised from
CARE BB- ;
Stable
Shree Radha Krishna Alloys (P) Ltd LT Bk Fac - - -
(Reaffirmed at CARE B, outlook Stable and withdrawn)
Shukla Agritech Flour Industries Pvt LT Bk Fac CARE D - -
LTD
(Reaffirmed at CARE D and withdrawn)
Sigachi Industries Pvt Ltd LT Bk Fac CARE BBB; 300.3 Revised from
Stable CARE BBB-;
Positive
Sp Imperial Star Pvt Ltd NCD- “Series A” CARE A-; Stable6500 Revised from
issue CARE A; Stable
Spray Engineering Devices Ltd Long -term Bk Fac CARE C; Stable 210 -
(Issuer not cooperating; Based on best available information)
Suncity Enterprises LT Bk Fac - - -
(Reaffirmed at CARE BB; stable and Withdrawn)
Suncity Enterprises Long/ST Bk Fac - - -
(Reaffirmed at CARE BB; stable/ CARE A4 and Withdrawn)
Surajkiran Renewable Resources Pvt LtdLT Fac CARE BBB; 2610 Reaffirmed
Negative
Talettutayi Solar Projects Pvt Ltd LT Bk Fac CARE BBB; 564.8 Reaffirmed
Stable
Talettutayi Solar Projects Six Pvt LtdLT Bk Fac CARE BBB; 564.8 Reaffirmed
Stable
Venkata Sai Agro Industries Long -term Bk Fac CARE B+; Stable80 -
(Issuer not cooperating; Based on best available information)
Vijaya Lakshmi Spintex Ltd LT Bk Fac - - Withdrawn
Vijaya Lakshmi Spintex Ltd LT/ST Fac - - Withdrawn
Vishnu Prakash R Punglia Ltd LT Bk Fac CARE BBB-; 800 Assigned
Stable
Vishnu Prakash R Punglia Ltd LT/ST Bk Fac CARE BBB-; 2050 Assigned
Stable/ A3
Zebion Infotech Pvt Ltd LT Bk Fac CARE B+; Stable26 Assigned
Zebion Infotech Pvt Ltd LT / ST Bk Fac CARE B+; 151 Assigned
Stable/ A4
--------------------------------------------------------------------------------------------
$: 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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