April 25, 2017 / 8:41 AM / 4 months ago

CARE ratings for Indian debt instruments-Apr 25

    Apr 25 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 24, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aa Food Factory                       ST Bk Fac          CARE A4        40      Issuer not
                                                                                cooperating
Agrimas Chemicals Ltd                 Short -term Bk Fac CARE A3        180     Reaffirmed
Apollo Metalex Pvt Ltd                CP*                CARE A1+       500     Reaffirmed
* carved out of the sanctioned working capital limits of the company. enhanced from 25 CR
Avion Exim Pvt Ltd                    Short -term Bk Fac CARE A3        10      Reaffirmed
Btl Epc Ltd                           ST Bk Fac          CARE A3        1113    Revised from
                                                                                CARE A3+
C. P. Milk And Food Products Pvt Ltd  Short -term Bk Fac CARE A3        50      Revised from
                                                                                CARE A4+
Coromondal Agrico Pvt Ltd             Short -term Bk Fac CARE A3        220     Reaffirmed
Dgn Faser Pvt Ltd                     ST Bk Fac          CARE A4        2       Issuer not
                                                                                cooperating
Dharani Sugars And Chemicals Ltd      ST Bk Fac          CARE A4        271.1   Reaffirmed
(enhanced from 26.79)
Ducon Infratechnologies Ltd           Short -term Bk Fac CARE A4+       70      #
Gemini Equipments And Rentals Pvt Ltd ST Bk Fac          CARE D         6       Revised from
                                                                                CARE A4
Global Enetworks Ltd                  ST Bk Fac          CARE A4        50.5    Assigned
Gripwell Tools Industries             Short -term Bk Fac CARE A4+       70      ISSUER NOT
                                                                                COOPERATING
Him Alloys And Steel Pvt Ltd          ST Bk Fac          CARE D         35      Revised from
                                                                                CARE A4
Hindustan Motor Finance Corporation LtST Bk Fac          CARE A3+       200     #
Hule Constructions Pvt Ltd            Short -term Bk Fac CARE A4        30      Reaffirmed
Ideal Carpet Industries               ST Bk Fac          CARE A4        80      Reaffirmed
Idfc Mutual Fund                      ST Bk Fac*         CARE A1+       10000   Reaffirmed
*Facility is extended to 14 debt schemes of IDFC Mutual Fund
Karthik Induction Ltd                 ST Bk Fac – Bill   --                     Withdrawn
                                      Discounting
K D Infra                             ST Bk Fac          CARE A3        40      Issuer not
                                                                                cooperating
Karthik Induction Ltd                 Short -term Bk Fac CARE A4        77.5    Reaffirmed
Kei Industries Ltd                    Corporate          CARE CGR 3+            Revised from
                                      Governance Rating                         CARE CGR 3
Lahari Laminates Pvt Ltd              ST Bk Fac          CARE A4+ (SO)* 25      Downgraded
                                                                                from CARE A3
                                                                                (SO)
*backed by unconditional & irrevocable guarantee of Nutan Ispat & Power Private Limited (NIPPL)
Legency Remedies Pvt Ltd              Short -term Bk Fac CARE A4        7.5     Issuer not
                                                                                cooperating
Mahindra Cie Automotive Ltd           Short -term Bk Fac --                     Withdrawn
Manali Petrochemicals Ltd             ST Bk Fac          CARE A1        400     Reaffirmed
Mani Square Ltd.                      ST Bk Fac –        CARE A3        1250    Reaffirmed
                                      Non-Fund Based
Milano Bathroom Fittings (P) Ltd      ST Bk Fac          CARE A3+ (SO) @2.5     Reaffirmed
@ backed by Letter of Comfort (LOC) provided by Prism Cement Ltd in favor of the lender of MBFL
for timely debt servicing.
Murli Electrode Pvt Ltd               ST Bk Fac          CARE A4        10      Issuer not
                                                                                cooperating
Nirlep Appliances Pvt Ltd             Short -term Bk Fac CARE A4+       50      Revised from
                                                                                CARE A3
Nutan Ispat & Power Pvt Ltd           ST Bk Fac          CARE A4+       165     Revised from
                                                                                CARE A3
Power Grid Corporation Of India Ltd   ST Borrowing       --                     Withdrawn
                                      Programme (FY16)
Power Grid Corporation Of India Ltd   ST Borrowing       CARE A1+       51000   Reaffirmed
                                      Programme
                                      (Including CP)
enhanced from 4,600 CR
Precision Camshafts Ltd               Short -term Bk Fac CARE A1        440     Revised from
                                                                                CARE A2
enhanced from 32 CR
Premierworld Technology Ltd           Short -term Bk Fac CARE D         132.1   Revised from
                                                                                CARE A4
R. I. Cotton Pvt Ltd                  Short -term Bk Fac CARE A4        22.5    ISSUER NOT
                                                                                COOPERATING
Ra International                      Short -term Bk Fac CARE A3        380     Reaffirmed
Rathi Industries Ltd                  Short -term Bk Fac CARE A3        70      Revised from
                                                                                CARE A3+
Rexon Laboratories Ltd                Short -term Bk Fac CARE A4        70      ISSUER NOT
                                                                                COOPERATING
Rsg Foods Pvt Ltd                     Short -term Bk Fac CARE A4        10      Issuer not
                                                                                cooperating
S.D.S Electronics Pvt Ltd             Short -term Bk Fac CARE A4        50      ISSUER NOT
                                                                                COOPERATING
S.K. Brothers                         ST Bk Fac          CARE A4        20      Issuer not
                                                                                cooperating
S.V. Sivalinga Nadar And Sons         Proposed ST Bk Fac CARE A4+       165.5   Assigned
Saeco Strips Pvt Ltd                  ST Bk Fac          CARE A4        10      Issuer not
                                                                                cooperating
Satin Creditcare Network Ltd          CP                 CARE A2        500     Revised from
                                                                                CARE A1
Servotech India Ltd                   Short -term Bk Fac CARE A4        110     Reaffirmed
Shri Lakshmi Metal Udyog Ltd          CP*                CARE A1+       500     Reaffirmed
* carved out of the sanctioned working capital limits of the company
Shri Lakshmi Metal Udyog Ltd          Short -term Bk Fac@CARE A1+ (SO)  50      Reaffirmed
@backed by the corporate guarantee provided by APL Apollo Tubes Ltd (rated ‘CARE A+; Stable’ and
‘CARE A1+’).
Softtech Engineers Pvt Ltd            ST Bk Fac          CARE A4+       116.8   Revised from
                                                                                CARE A4
(enhanced from 8.68)
Srei Equipment Finance Ltd            ST Bk Fac          CARE A1+       7500    Reaffirmed
(reduced from 1,250.00)
Sukhmani Mega Structure Pvt Ltd       ST Bk Fac          CARE A4        70      Issuer not
                                                                                cooperating
Sunil Chemical Industries             ST Bk Fac          CARE A4        89      Reaffirmed
Surat Textiles Mills Ltd              Short -term Bk Fac CARE A3        250     Reaffirmed
Swajit Abrasives Pvt Ltd              ST Bk Fac          CARE A4        11.5    Issuer not
                                                                                cooperating
Swastik Oil Refinery Pvt Ltd          Short -term Bk Fac CARE D         179     Revised from
                                                                                CARE A4
Tata Power Renewable Energy Ltd       ST Bk Fac*         CARE A+ (SO)   935.3   Reaffirmed
*Credit enhancement in the form of an unconditional and irrevocable corporate guarantee from The
Tata Power Company Limited that will be valid for three years from the date of commissioning of
the project (Daloth) and would be released only subject to satisfaction of certain
pre-conditions stipulated by lenders.
Tc Travel And Services Ltd            ST Bk Fac          CARE A1+       100     Reaffirmed
Tebma Shipyards Ltd                   ST Bk Fac          CARE D         4804.7  Revised from
                                                                                CARE A4
Urban Tree Infrastructures Pvt Ltd    Oxygen (Phase I &  CARE Chennai –         Assigned
                                      II) project        5 Star
Vaibhav Laxmi Exports Pvt Ltd         ST Bk Fac          CARE A4        35      Issuer not
                                                                                cooperating
Vatsala Electricals                   ST Bk Fac          CARE A4        15.2    Reaffirmed
Vishal Paper Industries Pvt Ltd       ST Bk Fac          CARE A4        30      Issuer not
                                                                                Cooperating
LONG TERM RATINGS:
-------------------
A2Z Infraservices Ltd                 LT Bk Fac          CARE D         440     Revised from
                                                                                CARE BB
Aa Food Factory                       LT Bk Fac          CARE B+        24.9    Issuer not
                                                                                cooperating
Aastha Hi-Tech Storage Llp            LT Bk Fac          CARE D         90      Assigned
Agrimas Chemicals Ltd                 LT Bk Fac          CARE BBB       250     Reaffirmed
Amity Global Education Organisation   LT Bk Fac          CARE AA- (SO)  1575    Assigned
Apex Realty Pvt Ltd                   LT Bk Fac@         CARE AA (SO)   500     Assigned
@ backed by unconditional and irrevocable guarantee extended by Tata Housing Development Company
Limited
Appu Hotels Ltd                       LT Bk Fac          CARE B+        2116.4  Reaffirmed
Appu Hotels Ltd                       NCD issue          CARE B+        421.5   Reaffirmed
Appu Hotels Ltd                       LT/ ST Bk Fac      CARE B+ /CARE  90      Reaffirmed
                                                         A4
Avion Exim Pvt Ltd                    LT Bk Fac          CARE BBB-      10      Reaffirmed
Avtec Ltd                             LT Bk Fac          --                     Withdrawn
Avtec Ltd                             Short -term Bk Fac --                     Withdrawn
Baba Budha Sahib Cradiac Centre Ltd   LT Bk Fac          CARE BB-       198.5   ISSUER NOT
                                                                                COOPERATING
Barbarik Tie-Up Pvt Ltd               LT Bk Fac          CARE BB+       100     Assigned
Berggruen Hotels Pvt. Ltd             LT Bk FacTL        CARE BBB- (SO) 1782    Reaffirmed
Btl Epc Ltd                           LT Bk Fac          CARE BBB       1638    Revised from
                                                                                CARE BBB+
C. P. Milk And Food Products Pvt Ltd  LT Bk Fac          CARE BBB-      210     Revised from
                                                                                CARE BB+
Choudhary Layer Farms                 LT Bk Fac          CARE B         62.3    Reaffirmed
Coromondal Agrico Pvt Ltd             LT Bk Fac          CARE BBB       482     Reaffirmed
Dgn Faser Pvt Ltd                     LT Bk Fac          CARE B-        45.6    Issuer not
                                                                                cooperating
Dgn Faser Pvt Ltd                     LT/Shortterm Bk FacCARE B-/CARE A47       Issuer not
                                                                                cooperating
Dharani Sugars And Chemicals Ltd      LT Bk Fac          CARE B-        5737    Reaffirmed
(reduced from 600.27)
Dynacons Systems & Solutions Ltd      LT Bk Fac - TL     -              -       Withdrawn
Dynacons Systems & Solutions Ltd      LT Bk Fac          CARE BB+       210     Reaffirmed
Dynacons Systems & Solutions Ltd      LT/ST Bk Fac       CARE BB+ /CARE 129.5   Reaffirmed
                                                         A4+
Eagle Corporation Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Earthen Treasures Natural Resources PvLT Bk Fac          CARE D         50      Issuer not
Ltd                                                                             cooperating
Essar Agrotech Ltd                    LT Bk Fac          CARE B         216.5   Reaffirmed
Fullerton India Credit Company Ltd    NCD                CARE AAA       23950   Reaffirmed
reduced from 2545 CR
Fullerton India Credit Company Ltd    Subordinated Debt  CARE AAA       4500    Reaffirmed
Fullerton India Credit Company Ltd    LT Bk Fac          CARE AAA       1500    Assigned
Gemini Equipments And Rentals Pvt Ltd LT Bk Fac          CARE D         102     Revised from
                                                                                CARE C
Gera Developments Pvt Ltd             NCD#               -              1700    Withdrawn
# The rating has been withdrawn as the company has not placed the above Non-convertible
debenture (NCD) Details of instruments/facilities in Anneuxre-1
Gera Developments Pvt Ltd             NCD issue          CARE A+        250     Reaffirmed
Gera Developments Pvt Ltd             NCD issue Series - CARE A+        250     Reaffirmed
                                      I
Gera Developments Pvt Ltd             NCD issue Series - CARE A+        250     Reaffirmed
                                      II
Gera Developments Pvt Ltd             NCD issue Series - CARE A+        240     Reaffirmed
                                      III
Gera Developments Pvt Ltd             NCD issue Series - CARE A+        300     Reaffirmed
                                      BIV
Gera Developments Pvt Ltd             NCD issue Series - CARE A+        300     Reaffirmed
                                      BIV
Gera Developments Pvt Ltd             LT Bk Fac          CARE A+        4808.5  Reaffirmed
Ghaziabad Aligarh Expressway Pvt Ltd  LT Bk Fac          CARE D         13370.4 Reaffirmed
(reduced from 1450.45)
Global Enetworks Ltd                  LT Bk Fac          CARE BB        9.5     Assigned
Golden Mandhir Retail Pvt Ltd         LT Bk Fac          CARE BB        360.8   Revised from
                                                                                CARE BB-
(enhanced from 13.94)
Gour Road Tar Coat Pvt Ltd            LT Bk Fac          CARE BB        30      ISSUER NOT
                                                                                COOPERATING
Gour Road Tar Coat Pvt Ltd            Bk Fac             CARE BB        70      ISSUER NOT
                                                                                COOPERATING
Green Field Material Handling Pvt Ltd LT Bk Fac          CARE BB+       115.1   Reaffirmed
Gripwell Tools Industries             LT Bk Fac          CARE BB+       49.4    ISSUER NOT
                                                                                COOPERATING
Gupta Foods                           LT Bk Fac          CARE B         95      Issuer not
                                                                                cooperating
Him Alloys And Steel Pvt Ltd          LT Bk Fac          CARE D         561.9   Revised from
                                                                                CARE BB
(Reduced from Rs.56.88 crore)
Him Cylinders Ltd                     LT Bk Fac          CARE BB-       180     Reaffirmed
Him Valves And Regulators Pvt Ltd     LT Bk Fac          CARE BB-       181.4   Reaffirmed
(Reduced from 18.70)
Hindustan Motor Finance Corporation LtLT Bk Fac          -              -       Withdrawn
Hindustan Motor Finance Corporation LtLT Bk Fac          CARE BBB+      50      #
Hindustan Motor Finance Corporation LtLT/ ST Bk Fac      CARE BBB+/CARE 100     #
Hule Constructions Pvt Ltd            LT Bk Fac          CARE B+        90      Reaffirmed
Ideal Carpet Industries               LT Bk Fac          CARE BB-       40.8    Reaffirmed
Indiannica Learning Pvt Ltd           LT / ST Bk Fac     CARE AA+ (SO)  200     Assigned
                                                         /CARE A1+ (SO)
Jalaram Ginning And Pressing          LT Bk Fac          CARE BB-       68.2    Issuer not
                                                                                cooperating
Joshi Auto Wheels Pvt Ltd             LT Bk Fac          CARE B+        80      ISSUER NOT
                                                                                COOPERATING
Jyoti Vidyapeeth Trust                LT Bk Fac          CARE BBB-      310.3   Reaffirmed
K D Infra                             LT Bk Fac          CARE BBB-      110     Issuer not
                                                                                cooperating
Karthik Induction Ltd                 LT Bk Fac          CARE B         113.7   Reaffirmed
Kiran Jewels (India)                  LT Bk Fac          CARE A         100     Reaffirmed
Kisan Agro                            LT Bk Fac          CARE B+        95      Issuer not
                                                                                cooperating
Kolkata-One Excelton Pvt Ltd          LT Bk Fac          CARE AA-       900     Assigned
Lahari Laminates Pvt Ltd              LT Bk Fac          CARE BB+ (SO)* 93.1    Downgraded
                                                                                from CARE
                                                                                BBB- (SO)
*backed by unconditional & irrevocable guarantee of Nutan Ispat & Power Private Limited (NIPPL)
Legency Remedies Pvt Ltd              LT Bk Fac          CARE BB        78      Issuer not
                                                                                cooperating
Madhav Infracon (Astha Kannod CorridorLT Bk Fac          CARE BBB       61.9    Reaffirmed
Pvt Ltd
Madhav Infracon (Vidisha Kurwai       LT Bk Fac          CARE BBB-      113.7   Revised from
Corridor) Pvt Ltd                                                               CARE BBB
Mahindra Cie Automotive Ltd           LT Bk Fac          --                     Withdrawn
Mahindra Cie Automotive Ltd           Bk Fac             --                     Withdrawn
Manali Petrochemicals Ltd             LT Bk Fac          CARE A-        600     Reaffirmed
Mani Square Ltd.                      LT Bk Fac –        CARE BBB-      100     Reaffirmed
                                      Non-Fund Based
Mani Square Ltd.                      LT Bk Fac – TL –   CARE BBB (SO)  2182.6  Reaffirmed
                                      Lease Rental
                                      Discounting (LRD)
(reduced from 229.85)
Mani Square Ltd.                      LT Bk Fac – Fund   CARE BBB (SO)  4070    Reaffirmed
                                      Based
(enhanced from 375.0)
Mep Infrastructure Developers Ltd     LT Bk limits       CARE BBB-      4000    Reaffirmed
Mep Infrastructure Developers Ltd     LT /ST Bk limits   CARE BBB-      3750    Reaffirmed
                                                         /CARE A3
Mhow Agroh Pathways Pvt Ltd           LT Bk Fac          CARE BBB+ (SO) 1387.3  Assigned
Milano Bathroom Fittings (P) Ltd      LT Bk Fac          CARE BBB+(SO) @100     Reaffirmed
@ backed by Letter of Comfort (LOC) provided by Prism Cement Ltd in favor of the lender of MBFL
for timely debt servicing.
Murli Electrode Pvt Ltd               LT Bk Fac          CARE B+        40      Issuer not
                                                                                cooperating
Nirlep Appliances Pvt Ltd             LT – TL            --                     Withdrawn
Nirlep Appliances Pvt Ltd             LT Bk Fac          CARE BB+       206.8   Revised from
                                                                                CARE BBB-
Nupower Wind Farms Ltd                LT fund based Bk   CARE BBB-      1100    Reaffirmed
                                      limits
Nutan Ispat & Power Pvt Ltd           LT Bk Fac          CARE BB+       329.4   Revised from
                                                                                CARE BBB-
Octopus Papers Ltd                    LT Bk Fac          CARE BB-       88.8    ISSUER NOT
                                                                                COOPERATING
Power Grid Corporation Of India Ltd   LT Bk Fac – Line   CARE AAA       120000  Assigned
                                      of Credit
Power Grid Corporation Of India Ltd   LT Borrowing       CARE AAA       140000  Assigned
                                      Programme (FY18)
Precision Camshafts Ltd               LT Bk Fac          CARE A         733.6   Revised from
                                                                                CARE A-
reduced from 128.63 CR
Precision Camshafts Ltd               Bk Fac             CARE A /A1     665     Revised from
                                                                                CARE A- /A2
Premierworld Technology Ltd           LT Bk Fac          CARE D         65.1    Revised from
                                                                                CARE BB
Prl Agastya Pvt Ltd.                  LT Bk Fac- TL      CARE A-        5050    Reaffirmed
R Rajesh Exports                      LT Bk FacFB        CARE BB+       1010    Reaffirmed
R. I. Cotton Pvt Ltd                  LT Bk Fac          CARE B         165.6   Revised from
                                                                                CARE B+
Rajalakshmi Educational Trust         LT Bk Fac          CARE BBB-      1216.3  Reaffirmed
Rana Oil Industries                   LT Bk Fac          CARE B         150     Issuer not
                                                                                cooperating
Rathi Industries Ltd                  LT Bk Fac          CARE BBB-      793.7   Revised from
                                                                                CARE BBB
reduced from 80.55 CR
Rexon Laboratories Ltd                LT Bk Fac          CARE B+        10      ISSUER NOT
                                                                                COOPERATING
Rsg Foods Pvt Ltd                     LT Bk Fac          CARE B+        230     Issuer not
                                                                                cooperating
Rsm Sapthagiri Finance Ltd            LT Bk Fac          CARE BBB       400     Reaffirmed
(reduced from 50.00)
S K Agros                             LT Bk Fac          CARE B         130     Assigned
S.D.S Electronics Pvt Ltd             LT Bk Fac          CARE B+        40      Revised from
                                                                                CARE BB
S.K. Brothers                         LT Bk Fac          CARE BB-       41      Issuer not
                                                                                cooperating
S.K. Brothers                         Long/ST Bk Fac     CARE BB- /CARE 75      Issuer not
                                                         A4                     cooperating
S.V. Sivalinga Nadar And Sons         LT Bk Fac          CARE BB+       9.5     Assigned
Sadashiv Castings Pvt Ltd             LT Bk Fac          CARE BB-       220     Issuer not
                                                                                cooperating
Saeco Strips Pvt Ltd                  LT Bk Fac          CARE B         174.4   Revised from
                                                                                CARE B+
Safari Retreats Pvt Ltd               LT Bk Fac          CARE BBB-      2200    Reaffirmed
reduced from 223 CR
Sakrat Texfab Pvt Ltd                 LT Bk Fac          CARE B         88.4    Issuer not
                                                                                cooperating
Sakrat Texfab Pvt Ltd                 LT/Shortterm Bk FacCARE B /CARE A44       Issuer not
                                                                                cooperating
Samyakth Realties                     LT Bk Fac          CARE BB-       100     ISSUER NOT
                                                                                COOPERATING
Satin Creditcare Network Ltd          NCD                CARE BBB       500     Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          Preference Share   CARE BBB       250     Revised from
                                      Capital                                   CARE BBB+
                                                                                     
Satin Creditcare Network Ltd          LT Bk Fac          CARE BBB+      22000   Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD                CARE BBB+      250     Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD#               CARE BBB+      -       Withdrawn
# Withdrawn upon reciept of No Dues Certificate
Satin Creditcare Network Ltd          NCD                CARE BBB+      180     Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD - Subordinated CARE BBB+      210     Revised from
                                      Debentures                                CARE BBB+
Satin Creditcare Network Ltd          NCD                CARE BBB+      515     Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD                CARE BBB+      262.8   Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD                CARE BBB+      500     Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD                CARE BBB+      464.4   Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD                CARE BBB+      250     Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD                CARE BBB+      700^    Revised from
                                                                                CARE A-
^ Exchange Rate USD 1 = INR 70 for Instrument of USD 10 million
Satin Creditcare Network Ltd          NCD                CARE BBB+      34^^    Revised from
                                                                                CARE A-
^^ Exchange Rate USD 1 = INR 68 for Instrument of USD 5 million
Satin Creditcare Network Ltd          NCD                CARE BBB+      0.5     Revised from
                                                                                CARE A-
% NCDs of Rs. 25 crore and Rs. 15 crore raised so far against the proposed issue
Satin Creditcare Network Ltd          NCD                CARE BBB+      150     Revised from
                                                                                CARE A-
Satin Creditcare Network Ltd          NCD                CARE BBB+      250     Revised from
                                                                                CARE A-
Servotech India Ltd                   LT Bk Fac          CARE BB        100     Reaffirmed
Servotech India Ltd                   Bk Fac             CARE BB /A4    20      Reaffirmed
Shanti Agro Foods Pvt Ltd             LT Bk Fac          CARE B+        294.2   Issuer not
                                                                                cooperating
Shapoorji Pallonji And Company Pvt LtdProposed Non-      CARE AA+       1000    Reaffirmed
                                      Convertible
                                      Debenture
Shiv Shiva Steel Pvt Ltd              LT Bk Fac          CARE B         320     Assigned
Shri Lakshmi Metal Udyog Ltd          LT Bk Fac@         CARE A+ (SO)   50      Reaffirmed
@backed by the corporate guarantee provided by APL Apollo Tubes Ltd (rated ‘CARE A+; Stable’ and
‘CARE A1+’).
Shri Ram Charitable Trust             LT Bk Fac          CARE BBB-      136.3   Reaffirmed
Shri Samarth Oil Refinery Llp         LT Bk Fac          CARE B+        72.5    Issuer not
                                                                                cooperating
Shristi Infrastructure Development    LT Bk Fac          CARE BBB-      900     Reaffirmed
Corporation Ltd
enhanced from Rs. 50.00 crore
Shristi Infrastructure Development    Bk Fac             CARE BBB- /A3  200     Reaffirmed
Corporation Ltd
Softtech Engineers Pvt Ltd            LT Bk Fac          CARE BB+       60      Reaffirmed
(enhanced from 5.00)
Srei Equipment Finance Ltd            LT Bk Fac          CARE AA-       131936.3Reaffirmed
(enhanced from 12,082.52)
Star Realcon Pvt Ltd                  LT Bk Fac          CARE B         85      Assigned
Sukhmani Mega Structure Pvt Ltd       LT Bk Fac          CARE B+        110     Issuer not
                                                                                cooperating
Sun Direct Tv Pvt Ltd                 LT Bk Fac          CARE BBB+      3696.8  Revised from
                                                                                CARE BBB
Sunil Chemical Industries             LT Bk Fac          -              -       Withdrawn
Surat Textiles Mills Ltd              LT Bk Fac          CARE BBB-      50      Reaffirmed
Swajit Abrasives Pvt Ltd              LT Bk Fac          CARE B+        42.5    Issuer not
                                                                                cooperating
Swarnsarita Gems Ltd                  Bk Fac-FB - LT-CC  CARE BB+       950     Assigned
Swastik Oil Refinery Pvt Ltd          LT Bk Fac          CARE D         871     Revised from
                                                                                CARE B
Tata Power Renewable Energy Ltd       LT Bk Fac – TL     CARE A         12089.2 Reaffirmed
Tata Power Renewable Energy Ltd       Bk Fac             CARE A /A1     6250    Reaffirmed
Tata Power Renewable Energy Ltd       LT Instruments -   CARE AA (SO)   4250    Reaffirmed
                                      NCD%
% Credit enhancement in the form of an unconditional and irrevocable corporate guarantee from
The Tata Power Company Limited
Tata Power Renewable Energy Ltd       LT Instruments -   CARE AA (SO)   5750    Reaffirmed
                                      NCD%
% Credit enhancement in the form of an unconditional and irrevocable corporate guarantee from
The Tata Power Company Limited
Tata Power Renewable Energy Ltd       LT Instruments -   CARE AA (SO)   5640    Reaffirmed
                                      NCD%
% Credit enhancement in the form of an unconditional and irrevocable corporate guarantee from
The Tata Power Company Limited
Tebma Shipyards Ltd                   LT Bk Fac          CARE D         1646.8  Revised from
                                                                                CARE B
The Indian Hotels Co. Ltd             Proposed Non-      CARE AA+       2000    Assigned
                                      Convertible
                                      Debenture
Union Mutual Fund                     Union Capital      -              -       Withdrawn
                                      Protection
                                      Oriented Fund – Series 5
Urban Tree Infrastructures Pvt Ltd    CARE Chennai – 5   -              -       Assigned
                                      Star
Vaibhav Laxmi Exports Pvt Ltd         LT/ Shortterm Bk   CARE B/CARE A4 170     Revised from
                                      Fac                                       CARE B+/ CARE
                                                                                A4
Vatsala Electricals                   LT Bk Fac          CARE B+        50      Revised from
                                                                                CARE BB-
Vidhya Peeth Education Trust          LT Bk Fac          CARE BBB-      158.9   Reaffirmed
Vishal Paper Industries Pvt Ltd       LT Bk Fac          CARE B         223.2   Issuer not
                                                                                cooperating
Viswakarma Roofings (India) Pvt Ltd   LT Bk Fac          CARE B+        150     Issuer not
                                                                                cooperating
--------------------------------------------------------------------------------------------
$: 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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