Dec 27 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 26, 2019.
COMPANY INSTRUMENT RATING AMOUNT MOVEMENT
(RS.MLN)
------- ---------- ------ ------- ---------
SHORT TERM RATINGS:
-------------------
Anjani Portland Cement Ltd ST Bk Fac-Non Fund CARE A1 100 Reaffirmed
Based
Apollo World Connect Ltd ST Bk Fac CARE A4 (CE) 40 -
Chettinad Cement Corporation Pvt Ltd ST Bk Fac CARE A1+ 1750 Reaffirmed
Clean Max Enviro Energy Solutions Pvt ST Bk Fac CARE A2 3350 Reaffirmed
Ltd
(enhanced from Rs.115 Crore)
Embassy One Developers Pvt Ltd ST Bk Fac- LC CARE A4+ 100
Revised from CARE A3
Eon Kharadi Infrastructure Pvt Ltd ST Bk Fac - - Withdrawn
Envirad Projects Pvt Ltd ST Bk Fac CARE A4 300 -
Issuer not cooperating Based on best available information
Guru Nanak Engineering Services ST Bk Fac CARE A4: 110 -
Issuer not cooperating; Based on best available information
Inspirisys Solutions Ltd ST Bk Fac CARE A3 26
Revised from CARE A4+; (Reduced from 11.52 Crore)
Jay Jee Enterprises ST Bk Fac - -
Revised to CARE A4 from CARE A4+ and subsequently withdrawn
Kamakshi Steels Pvt Ltd ST Bk Fac CARE A4 20 Assigned
M B Agro Mills ST Bk Fac CARE A4 0.9
Based on best available information
Pankaj C. Patel ST Bk Fac CARE A4 10
Reaffirmed and removed from Issuer Noncooperation
Sudhir Cement Pipe Industries Pvt Ltd ST Bk Fac CARE A4 30 -
Issuer not cooperating; Based on best available information
Supreme Polytubes Ltd ST Bk Fac CARE A4 100 -
Issuer not cooperating, Based on best available information
Talettutayi Solar Projects Two Pvt LtdST Bk Fac- LC CARE A1 (CE) 446
Revised from CARE A1+ (CE); (reduced from Rs.60.60 Crore)
Tvs Motor Co. Ltd ST Bk Fac CARE A1+ 4000 Reaffirmed
Tvs Motor Co. Ltd CP CARE A1+ 4000 Reaffirmed
Amit Oils Pvt Ltd LT Bk Fac CARE BB-/ 270 -
Stable
Issuer not cooperating; Based on best available information
Anjani Portland Cement Ltd ST Bk Fac- Fund - - Withdrawn
Based^
^CARE has withdrawn the rating assigned to the short-term bank facilities (working capital
demand loan) of APCL with immediate effect, as the company has repaid the aforementioned bank
facilities rated by us in full and there is no amount outstanding under the facility as on date
LONG TERM RATINGS:
-------------------
Anjani Portland Cement Ltd LT Bk Fac CARE A/ Stable 300 Reaffirmed
Apollo World Connect Ltd LT Bk Fac CARE BBB- 181.7 -
(CE)/ Negative
Apollo World Connect Ltd LT Bk Fac CARE BBB- 30 -
(CE)/ Negative
Appu Hotels Ltd LT Bk Fac (TL) CARE D 1963.4
“Issuer not cooperating; Based on best available Information”
Appu Hotels Ltd LT Bk Fac – Fund CARE D 50
based (CC)
“Issuer not cooperating; Based on best available Information” Revised from CARE C; Stable
Appu Hotels Ltd NCD (NCD) issue CARE D 301.5
“Issuer not cooperating; Based on best available Information”
Appu Hotels Ltd LT/ ST Bk Fac CARE D/CARE D 90
(Non-Fund based)
“Issuer not cooperating; Based on best available Information” Revised from CARE C; Stable/CARE
A4
Chettinad Cement Corporation Pvt Ltd LT Bk Fac CARE AA+/ 1250 Reaffirmed
Stable
Chettinad Cement Corporation Pvt Ltd LT/ST Bk Fac CARE AA+/ 750 Assigned
Stable/CARE A1+
Clean Max Enviro Energy Solutions Pvt LT fund based Bk CARE BBB+/ 1640.1 Reaffirmed
Ltd Fac Stable
(enhanced from Rs.10 Crore)
Clean Max Enviro Energy Solutions Pvt LT Instrument CARE BBB+/ 600 Assigned
Ltd Stable
Clean Solar Power (Tumkur) Pvt Ltd LT/ST Bk Fac –SBLC CARE AA (CE)/ 2000
for Buyer’sCredit Stable/CARE
A1+ (CE)
Revised from CARE AA (CE); Positive/ CARE A1+ (CE)
Dehradun Highways Projects Ltd LT Bk Fac- (TL) CARE D 5284.5 -
Issuer not cooperating; Based on best available information
Devarpan Foods Pvt Ltd LT Bk Fac CARE BBB-(CE)/ 181.9 -
Stable
Devrishi Papers Pvt Ltd LT Bk Fac CARE BB/ 200 Reaffirmed
Positive
Devrishi Papers Pvt Ltd LT/ ST Bk Fac CARE BB/ 100 Reaffirmed
Positive/CARE
A4
Eagle Infra Pvt Ltd LT Bk Fac CARE BBB (CE)/ 593.6
Stable
Revised from CARE BBB+ (CE); Stable
Eagle Infra Pvt Ltd LT Bk Fac CARE BBB-/ 1484
Stable
Revised from CARE BBB; Stable
Eagle Shrishri Jamner Pvt Ltd LT Bk Fac Prov.CARE BBB 655.1
(CE)/ Stable
Revised from Provisional CARE BBB+ (CE); Stable
Eagle Wardha Highways Pvt Ltd LT Bk Fac Prov.CARE BBB 428.6
(CE)/ Stable
Revised from Provisional CARE BBB+ (CE); Stable
Edelweiss Asset Reconstruction Co. LtdNCDs CARE A+ (CE)/ 300 Re-affirmed
Stable
Edelweiss Asset Reconstruction Co. LtdLT Bk Fac CARE A+ (CE)/ 1282.5 Re-affirmed
Stable
Edelweiss Asset Reconstruction Co. LtdNCDs Prov.CARE A+ 3700 Re-affirmed
(CE)/ Stable
Edelweiss Asset Reconstruction Co. LtdLT Bk Fac Prov.CARE A+ 2200 Re-affirmed
(CE)/ Stable
Embassy One Developers Pvt Ltd LT Bk Fac- TL - Withdrawn
Embassy One Developers Pvt Ltd LT Fac- TL CARE BB+/ 7000 Assigned
Stable
Embassy One Developers Pvt Ltd LT Bk Fac- BG CARE BB+/ 500
Stable
Revised from CARE BBB-; Stable (Triple B Minus; Outlook: Stable)
Envirad Projects Pvt Ltd LT /ST Bk Fac CARE BB-/ 50 -
Stable/CARE A4
Issuer not cooperating; Revised from CARE BB; Stable /CARE A4 on the basis of best available
information
Eon Kharadi Infrastructure Pvt Ltd LT Bk Fac CARE AA-/ 12665 Reaffirmed
Stable
Goyal Mg Gases Pvt. Ltd LT Fac CARE BBB+/ 1715.4 Reaffirmed
Stable
(reduced from Rs. 174.57 Crore)
Goyal Mg Gases Pvt. Ltd LT/Short term Fac CARE BBB+/ 200 Reaffirmed
Stable/CARE A2
Growthpath Solutions Pvt Ltd LT Bk Fac CARE B+/ Stable60 -
Issuer not cooperating; Based on best available information
Gupta Solvent Pvt Ltd LT Bk Fac - -
Reaffirmed and Withdrawn
Guru Nanak Engineering Services LT Bk Fac CARE BB/ Stable40 -
Issuer not cooperating; Based on best available information
Hindustan Aeronautics Ltd LT / ST Bk Fac CARE AA+/ 73000
Stable/CARE A1+
Revised from CARE AAA; Stable / CARE A1+ (enhanced from 2500.00 Crore)
Jay Jee Enterprises LT Bk Fac - -
Revised to CARE BB-; Stable from CARE BB; Stable and subsequently withdrawn
Jindal Films India Ltd Bk Fac – LT/ ST – CARE A (CE)/ 250 -
Fund based/ Stable/CARE A1
Nonfund based – opt(CE)
@ Jindal Poly Films Limited (JPFL, rated CARE A+; Stable/ CARE A1+), the promoter company of
JFIL, has provided Letter of Comfort (LoC) towards the facilities of JFIL
K. Girdharlal International Pvt Ltd LT Bk Fac CARE A-/ 5000 Reaffirmed
Stable
(reduced from 750.00 Crore)
Kamakshi Steels Pvt Ltd LT Bk Fac CARE B+/ 130 Assigned
Stable
Khattar Edibles Pvt Ltd LT Bk Fac CARE B+/ 67.7 Reaffirmed
Stable
M B Agro Mills LT Bk Fac CARE B/ Stable 160
Revised from CARE B+; Stable on the basis of best available information
Mayanagri Worldone Pvt Ltd Proposed NCD - - Withdrawn
Nlc Tamil Nadu Power Ltd LT Bk Fac @ CARE AA+(CE)/ 31109.2
Stable
Revised from CARE AAA(CE); Stable; @carries letter of comfort from NLC India Limited
Northern Arc 2019 Mfi Kubo Originator:Series A1 PTC# Prov.CARE A- 433.2 Assigned
Dvara Kshetriya Gramin Financial (SO)
Services Pvt Ltd
#Both the PTCs are rated on Ultimate Payment basis
Northern Arc 2019 Mfi Kubo Originator:Series A2 PTC# Prov.CARE BBB 19.3 Assigned
Dvara Kshetriya Gramin Financial (SO)
Services Pvt Ltd
#Both the PTCs are rated on Ultimate Payment basis
Nsl Wind Power Company (Satara) Pvt LtLT Bk Fac CARE BBB/ 1559 Reaffirmed
Stable
(reduced from 166.77 Crore)
P. Das Infrastructure LT Bk Fac - -
Reaffirmed at CARE BB; Stable and Withdrawn
P. Das Infrastructure LT/ ST Bk Fac - -
Reaffirmed at CARE BB; Stable/ CARE A4+ and Withdrawn
Pankaj C. Patel LT Bk Fac CARE B/ Stable 50*
Revised from CARE B-; Stable and removed from Issuer Non-cooperation ; (enhanced from 4.20
Crore); *CARE has withdrawn the rating assigned to the term loan facility of the firm as it has
been fully repaid
Rithwik Projects Pvt Ltd LT Bk Fac CARE D 4430 -
Issuer not cooperating; Revised from CARE BBB-;Negative on the basis of best available
information
Rithwik Projects Pvt Ltd LT/Shortterm Bk FacCARE D 16244.5 -
Issuer not cooperating; Revised from CARE BBB-; Negative/CARE A3 on the basis of best available
information
Rkc Infrabuilt (Mehsana-Himatnagar) LT Bk Fac CARE BBB+ 1500 Reaffirmed
Road Project Pvt Ltd (CE)/ Stable
Rkc Infrabuilt (Savli-Halol) Road LT Bk Fac CARE BBB+(CE)/ 145.4 Reaffirmed
Project Pvt Ltd Stable
(reduced from 15.00 Crore)
Rkc Infrabuilt (Tarapur-Khambhat) RoadLT Bk Fac CARE BBB+ 60.1 Reaffirmed
Project Pvt Ltd (CE)/ Stable
(reduced from 15.00 Crore)
Rkc Infrabuilt Pvt Ltd LT Bk Fac CARE BBB+/ 400 Reaffirmed
Stable
Rkc Infrabuilt Pvt Ltd LT/ ShortTerm Bk CARE BBB+/ 2000 Reaffirmed
Fac Stable/CARE A3+
Sindicatum Solar Energy Gujarat Pvt LtLT Bk Fac TL CARE A/ Stable 723.7
Revised from CARE A-; Stable; (reduced from 84.27 Crore)
Sudhir Cement Pipe Industries Pvt Ltd LT Bk Fac CARE B/ Stable 40 -
Issuer not cooperating; Based on best available information
Suncity Realtors Pvt Ltd LT Bk Fac CARE BBB-/ 547
Stable
Revised from CARE BBB- (CE); Stable; (reduced from Rs.59.37 Crore)
Supreme Polytubes Ltd LT Bk Fac CARE BB-/ 150 -
Stable
Issuer not cooperating, Based on best available information
Tvs Motor Co. Ltd LT Bk Fac CARE AA+/ 2114.2 Reaffirmed
Stable
(enhanced from 136.85 Crore)
Tvs Motor Co. Ltd LT/ ST Bk Fac CARE AA+/ 3500 Reaffirmed
Stable/CARE A1+
Welspun Pipes Inc FB Fac (LT)^ CARE A+/ 3586.3 Reaffirmed
Positive
Reaffirmed; Outlook revised from Stable to Positive; ^USD 50 Million @ Rs. 71.72/USD
--------------------------------------------------------------------------------------------
$: 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)
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