April 1, 2019 / 9:56 AM / 3 months ago

CARE ratings for Indian debt instruments-Apr 1

   Apr 1 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of March 29 & March 31, 2019.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.K. Capital Finance Ltd              CP                 CARE A1+       1000    Reaffirmed
Aayur Technology Solutions Pvt Ltd    ST Bk Fac          CARE A4        35      Assigned
Adani Agrifresh Ltd                   ST BkFac           CARE A3        100     Reaffirmed
Adinath Cars Pvt Ltd                  ST Bk Fac          CARE A4 (A     5       Reaffirmed
                                                         Four)
Agrawal Distilleries Pvt Ltd          ST Bk Fac          CARE A4        20      -
(Issuer not cooperating); Based on best available information
Ajanta Advertisers                    ST Bk Fac          CARE A4        40      Assigned
Als Tuticorin Pvt Ltd                 Non FB – LT/ST-    CARE A3 (SO)   32.5    Assigned
                                      LC/BG
Andhra Bank                           CDProgramme        CARE A1+       150000  Reaffirmed
(enhanced from Rs.10,000 crore Crore)
Apollo Logisolutions Ltd.             ST BkFac           CARE A3        10      Reaffirmed
Apollo World Connect Pvt Ltd          ST Bk FacNon Fund  CARE A3 (SO)   40      Assigned
                                      Based
Aso Agro Pvt Ltd                      ST BkFac           CARE A4        7.5     Reaffirmed
Avadh Sugar & Energy Ltd              ST BkFac           CARE A2        398     Revised from
                                                                                CARE A2+
(reduced from 54.80 Crore)
Bapalal Keshavlal                     ST Bk Fac          CARE A3        100     Reaffirmed
Rallifan Ltd                          ST Bk Fac          -              -       Withdrawn
Sai Fertilizers Pvt. Ltd              ST Bk Fac          -              -       Withdrawn
Bhasin & Company                      ST Bk Fac           CARE A4        100     -
(Issuer not cooperating); Based on best available information
Bhasin Industries                     ST Bk Fac           CARE A4        65      -
(Issuer not cooperating);Based on best available information
Bony Polymers Pvt Ltd                 Short- Term Bk Fac CARE A3        276     Reaffirmed
removed from (Issuer not cooperating)
S.N Rice Mills                        ST Bk Fac          -              -       Withdrawn
Dee Vee Projects Ltd                  ST Bk Fac          CARE BBB+/CARE 1700    -
                                                         A2
(Issuer not cooperating); Based on best available informationC.P. Milk And Food Products Pvt.
Ltd. ST Bk Fac          CARE A3        0.1     Reaffirmed
Cargo Motors Pvt Ltd                  ST Bk Fac          CARE A4+       900     Reaffirmed
Celebi Nas Airport Services India Pvt ST Bk Fac – Non    CARE A1        700     Reaffirmed
Ltd                                   Fund based BG/LC
Forace Industries Pvt Ltd             ST Bk Fac          -              -       Withdrawn
Continental Carbon India Ltd          STFac              CARE A2 (SO)   3267.4  -
(Issuer not cooperating)
Dayal Lumbers Pvt Ltd                 ST Bk Fac          CARE A4        100     -
(Issuer not cooperating);Based on best available information
Dee Vee Projects Ltd                  ST Bk Fac                         -       Withdrawn
Devi Fisheries Ltd                    ST Bk Fac          CARE A1        1410    Reaffirmed
(enhanced from 37.00 Crore)
Digiflic Controls India Pvt Ltd       ST Bk Fac          CARE A4        40      -
(Issuer not cooperating)
Freewill Sports Pvt Ltd               ST Bk Fac          CARE A2+       30      Reaffirmed
Kryfs Transformers Pvt Ltd            ST/LT Bk Fac       CARE A-        100     Revised from
                                      (FundBased/Non     (SO*)/CARE A2+         CARE A
                                      fund based)        (SO*)
*Based on the credit enhancement in the form of unconditional, irrevocable 
and continuing corporate guarantee extended by KRYFS Power Components Ltd. 
(rated CARE A-; Stable/CARE A2+) to the lenders of KRYFS Transformers Private Limited
(KTPL) formerly known as Pratik Transformers Private Ltd. 
G.A. Projects Pvt Ltd                 ST Bk Fac          CARE A4        20      -
(Issuer not cooperating);Based on best available information
Galaxy Concab (India) Pvt Ltd         ST Bk Fac          CARE A4        210     Reaffirmed
Gem Motors India Pvt Ltd              ST BkFac           CARE A4        50      -
(Issuer not cooperating)
Global Ceramics Pvt Ltd               ST Bk Fac          CARE A3        10      Revised from
                                                                                CARE A4+
(reduced from Rs.6.00 crore Crore)
Golden Chem Tech Ltd                  ST Bk Fac          CARE A4        47.5    -
(Issuer not cooperating); Based on best available information
Gujarat Liqui Pharmacaps Pvt Ltd      ST Bk Fac          -              -       Withdrawn
Hansraj Exports                       ST Bk Fac          CARE A4        80      Reaffirmed
Indian Phosphate Ltd                  ST Bk Fac          CARE A4+       185     Revised from
                                                                                CARE A4
Nakkheeran Publications               ST Bk Fac          CARE D         7.5     -
(Issuer not cooperating). 
Revised from CARE A4 (A Four) on the basis of best available information
Indiana Gratings Pvt Ltd              ST Bk Fac          CARE A1        600     Reaffirmed
Indore Sahakari Dugdh Sangh Maryadit  ST BkFac           CARE A1        200     Continues on
                                                                                be on credit 
                                                                                watch with 
                                                                                developing 
                                                                                implications
Innovative Textiles Ltd               ST Fac             CARE A3        130     Revised from
                                                                                CARE A4+
(reduced from Rs.33.00 crore Crore)
Nandi Vardhana Textile Mills Ltd      ST Bk Fac          CARE D         34      -
(Issuer not cooperating); Based on best available information
Integra Micro Systems Pvt Ltd         ST BkFac           CARE A3+       40      Revised from
                                                                                CARE A3
(enhanced from 2.00 Crore)
Involute Technologies Pvt Ltd         ST Bk Fac          CARE A2+       10      Reaffirmed
Jai Bhushan Malik Contractors         ST Bk Fac          CARE A4        115     -
(Issuer not cooperating); Based on best available information
Jai Raj Ispat Ltd                     ST Bk Fac          CARE A3        161.7   Revised from
                                                                                CARE A2+
Jaipur Vidyut Vitran Nigam Ltd        ST Bk Fac @        CARE A2+ (SO)  1000    Assigned
@ Backed by irrevocable and without any condition guarantee by Government of Rajasthan
Jaipur Vidyut Vitran Nigam Ltd        ST Bk Fac $        CARE A2+ (SO)  2290    Assigned
$ The above ratings are currently Provisional and will be confirmed once the
 company fulfills the following conditions to the satisfaction of CARE:
a. Execution of irrevocable and without any condition guarantee by Government 
of Rajasthan for timely servicing of the said bank facilities. 
Jhajharia Nirman Ltd                  ST Bk Fac          CARE A3        697.5   -
(Issuer not cooperating); Revised from CARE A3+ ; Based on best available information
Jsw Cement Ltd                        ST BkFac-          CARE A1        4250    Reaffirmed
                                      Non-FundBased
K M Trans Logistics Pvt Ltd           ST Bk Fac          CARE A4+       68      Reaffirmed
K. S. D Construction                  ST Bk Fac          CARE A4        150     Reaffirmed
K.K.R Agro Mills Pvt Ltd              ST Bk Fac          CARE A4        151.7   Reaffirmed
(enhanced from 1.17 Crore)
Kailash Shipping Services Pvt Ltd     STFac              CARE A3        50      Reaffirmed
Kantilal Chhaganlal Securities Pvt LtdBGs (ST- Non-fund  CARE A4        250     Reaffirmed
                                      Based)
Karshanbhai Gangaram Parmar           ST BkFac           CARE A4        150     -
(Issuer not cooperating); based on best available information
Kevin Ceramic Pvt Ltd                 ST Bk Fac          CARE A4        10      -
Issuer not co operating; Based on Best Available Information
Kopalle Pharma Chemicals Pvt Ltd      ST BkFac           CARE A4        97.5    -
(Issuer not cooperating)
Krishnaganga Spinning Mills Pvt Ltd   ST Bk Fac          CARE A4        33.5    Reaffirmed
Kusum International                   ST Bk Fac          CARE A4+       102.5   Reaffirmed
(enhanced from 8.50 Crore)
Magadh Sugar & Energy Ltd             ST BkFac           CARE A2        395.5   Revised from
                                                                                CARE A2+
(enhanced from 24.75 Crore)
Maharashtra State Power Generation Co.ST Bk Fac          CARE A2+       30500   Reaffirmed
Ltd
(Reduced from Rs 3150 crore Crore)
Maratha Vidya Prasarak Samaj,Nashik   ST Bk Fac          CARE A1        10      Assigned
Medicare Hygiene Ltd                  ST Bk Fac          CARE A4        1.5     -
Issuer not co operating; based on best available information
Mohini Corporation Pvt Ltd            ST Bk Fac          CARE A4        10      Reaffirmed
Mrmc Foods Pvt Ltd                    ST Bk Fac          CARE A4        152     -
(Issuer not cooperating);Based on best available information
Mysore Engineers (India) Pvt Ltd      Short –term Bk Fac CARE A4        50      Reaffirmed
Nagraj Industries                     ST Bk Fac          CARE A4        18      -
(Issuer not cooperating); Based on best available information
Narbada Forest Industries Pvt Ltd     ST Bk Fac          CARE A4        10      Revoked from
                                                                                CARE A4,
                                                                                (Issuer not
                                                                                cooperating)
Pannalal Mahesh Chandra Jewellers     ST Bk Fac          CARE A4        201.5   Reaffirmed
Partap Cotex Pvt Ltd                  ST Bk Fac          CARE A2        20      Reaffirmed
Partap Spintex Pvt Ltd                ST Bk Fac          CARE A2        10      Reaffirmed
(enhanced from 0.92 Crore)
Pine Exporters Pvt Ltd                ST Bk Fac          CARE A4        45.9    -
Issuer not co-operating; On the basis of best available information
Piyanshu Chemicals Pvt Ltd            ST Bk Fac          CARE A2        110     Reaffirmed
Prince Spinners Pvt Ltd               ST Bk Fac          CARE A4        24.5    -
(Issuer not cooperating); on the basis of best available information; 
Revised from CARE A4+ 
Prince Spintex Pvt Ltd                ST Bk Fac          CARE A4        5       -
(Issuer not cooperating); on the basis of best available information
Qrg Central Hospital And Research     ST Bk Fac          CARE A2+       150     Reaffirmed
Centre Ltd
(enhanced from 10.00 Crore)
R. C. Patel                           ST Bk Fac          CARE A4        100     -
Issuer not co operating; On the basis of best available information 
Revised from CARE A4+ 
Radiant Bar Ltd                       ST Bk Fac          CARE A4        25      -
(Issuer not cooperating) Based on best available information
Raja Motors Sirsa                     ST Bk Fac          CARE A4        2       -
(Issuer not cooperating); Based on best available information
Randhawa Construction Company         ST Bk Fac          CARE A4        3.4     -
Issuer not co-operating; Based on best available information
Real Spintex Pvt Ltd                  ST Bk Fac          CARE A4        50.6    -
(Issuer not cooperating); on the basis of best available 
information; Revised from CARE A4+ 
S R Construction Company              ST Bk Fac          CARE A4+       250     Reaffirmed
(enhanced from 15 Crore)
S. Jogani Exports Pvt Ltd             ST Bk Fac          CARE A3        50      Reaffirmed
Sai Balaji Infra India Pvt Ltd        ST BkFac           CARE A4        95      -
(Issuer not cooperating) based on best available informationRevised from CARE A4+ (A Four Plus)
Sammon Infracorp                      ST BkFac           CARE A4        50      Revised from
                                                                                CARE A4+
Sandip Nanavati                       ST Bk Fac          CARE A4+       240     Reaffirmed
Sbi Funds Management Pvt. Ltd.        ST Bk Facility*    CARE A1+       20000   Reaffirmed
* The facility is extended to 8 debt schemes of SBI Mutual Fund
Seabird Resorts Pvt. Ltd              ST Bk Fac          CARE A1+ (SO)  -       Reaffirmed
Seth Industrial Corporation           ST Bk Fac          CARE A3        100     Reaffirmed
Shah Concast Pvt Ltd                  ST Bk Fac          CARE A4        105     -
(Issuer not cooperating); 
Based on the best available information
Sharman Udyog Pvt Ltd                 ST Bk Fac           CARE A4+       2       -
(Issuer not cooperating); 
Revised fromCARE A3 (A Three) on the basis of best available information
Sharu Industries Pvt Ltd              ST Bk Fac           CARE A4+       120     -
(Issuer not cooperating); 
Revised fromCARE A3 (A Three) on the basis of best available information
Shivam Construction Company           ST Bk Fac          CARE A4+       121.2   Revised from
                                                                                CARE A4
Shonan Engineering Works Pvt Ltd      ST Bk Fac          CARE A4        170     Reaffirmed
Shree Narayan Swamy Enterprises       ST Bk Fac          CARE A4        30      Assigned
Shri Anant Syntex Ltd                 ST Bk Fac          CARE A4        5       Reaffirmed
Siva Granite Products                 ST Bk Fac          CARE A4        40      -
(Issuer not cooperating); 
Revised from CARE A4 + (A Four Plus) Based on best available information
Standard Fireworks Pvt Ltd            ST BkFac           CARE A2        1150    -
Removed from Credit watch with Negative implications
T. C. Communication Pvt Ltd           ST Bk Fac          CARE A4        30      -
(Issuer not cooperating); Based on best available information
Tata Realty And Infrastructure Ltd    ST Bk Fac – Fund   CARE A1+       1000    Reaffirmed
                                      Based
Tata Realty And Infrastructure Ltd    ST Bk Fac –        CARE A1+       3000    Reaffirmed
                                      Non-Fund Based
Tata Realty And Infrastructure Ltd    CP Issue           CARE A1+       18000   Assigned
Tubas Wire And Conductor Pvt Ltd      ST Bk Fac          CARE A4        20      Reaffirmed
U V Exports Pvt Ltd                   ST Bk Fac          CARE A4        103     Reaffirmed
Udaipur Poly Sacks Ltd                ST Bk Fac          CARE A4        84      Reaffirmed
Vibhor Vaibhav Infra Pvt Ltd          ST Bk Fac          CARE A4        325     Reaffirmed
Vikram Solar Ltd                      ST Bk Fac          CARE A2        1000    Revised from
                                                                                CARE A2+
Vina Electricals Pvt Ltd              ST Bk Fac          CARE A4        80      -
(Issuer not cooperating); Based on best available information
Vishal Coaters Pvt Ltd                ST Bk Fac          CARE A4+       20      -
(Issuer not cooperating); Based on best available information
Vishal Paper Industries Pvt Ltd       ST Bk Fac          CARE A4        10      -
(Issuer not cooperating); Based on best availableinformation
A. G. Shares And Securities Ltd       ST Bk Fac          -              -       Withdrawn


MEDIUM TERM RATINGS:
-------------------
Dewan Housing Finance Corporation Ltd.Fixed Deposit      CARE A (FD)    200000  Revised from
                                      Programme                                 CARE AA- and
                                                                                continues to
                                                                                be on credit 
                                                                                watch with 
                                                                                developing 
                                                                                implications

LONG TERM RATINGS:
-------------------
A.K. Capital Finance Ltd              LT Bk Fac*^        -              -       Withdrawn
*Backed by unconditional and irrevocable corporate guarantee
 provided by A.K. Capital Services Ltd.
^Bank facilities Withrawn on Request from client and NOC
A.K. Capital Finance Ltd              LT Bk Fac^         -              -       Withdrawn
^Bank facilities Withrawn on Request from client and NOC 
from Banker whose facility was rated by CARE.
Aavishkaar Mfl Northern Arc 2018      Series A1 PTC      CARE A (SO)    -       -
(Originator: Arohan Financial Services
Pvt Ltd)
Aavishkaar Mfl Northern Arc 2018      Series A2 PTC      CARE A- (SO)   -       -
(Originator: Arohan Financial Services
Pvt Ltd)
Aayur Technology Solutions Pvt Ltd    LT Bk Fac          CARE B         62.5    Assigned
Adani Agrifresh Ltd                   LT BkFac           CARE BBB-      92.6    Reaffirmed
(reduced from Rs.17.41 crore Crore)
Adani Agrifresh Ltd                   LT/ST Bk Fac        CARE BBB-;     1450    Reaffirmed
                                                         Stable/CARE A3
Adinath Cars Pvt Ltd                  LT Bk Fac          CARE BB        99      Reaffirmed
(enhanced from 1.50 Crore)
Adinath Cars Pvt Ltd                  LT/ST Bk Fac       CARE BB/CARE   460     Reaffirmed
                                                         A4                     and
                                                                                Reclassified
                                                                                from CARE A4
(enhanced from 24.36 Crore)
Agrasen Iron And Steels Pvt Ltd       LT Bk Fac          CARE BB+       140     -
(Issuer not cooperating); Based on best available information
Agrawal Cotspin Pvt Ltd               LT Bk Fac          CARE B+        92      -
Issuer not co operating; best on best available information
Agrawal Distilleries Pvt Ltd          LT Bk Fac          CARE BB-       71.6    -
(Issuer not cooperating);Revised from CARE BB; on the basis of best available information
Ahmedabad Ring Road Infrastructure LtdLT Bk Fac          CARE A+        2172.2  Reaffirmed
Ajanta Advertisers                    LT Bk Fac          CARE BB-       30      Assigned
Als Tuticorin Pvt Ltd                 LT BkFac- TL       CARE BBB- (SO) 204.8   Assigned
Als Tuticorin Pvt Ltd                 LT BkFac- CC       CARE BBB- (SO) 40      Assigned
Amity Global Education Organisation   LT Bk Fac          CARE AA-(SO)*  1575    Reaffirmed
* backed by an unconditional and irrevocable guarantee from Ritnand Balved Education Foundation
Anamika Sugar Mills Pvt. Ltd.         LT Bk Fac          CARE BBB-      432.5   Reaffirmed
Ananda Exports                        LT / ST Bk Fac     CARE B/CARE A4 70      Assigned
Anant Overseas Pvt Ltd                LT Bk Fac          CARE BB-       190     -
(Issuer not cooperating); Based on the best available information
Andhra Pradesh State Road Transport   LT Bk Fac^         CARE A- (SO)   5000    Assigned
Corporation
Andhra Pradesh State Road Transport   Proposed LT BkFac# CARE A- (SO)   10000   Assigned
Corporation
#The rating assigned to the proposed Long-term bank facilities is based
 on the credit enhancement in the form of unconditional and irrevocable 
 guarantee proposed to be extended by the Government of Andhra Pradesh. 
 The final rating is subject to execution of the guarantee documents 
 to the satisfaction of CARE
 
Andhra Pradesh State Road Transport   LT Bk Fac          CARE BB        15000   Reaffirmed
Corporation
(reduced from 2000.00 Crore)
Anm Pharma Pvt Ltd                    FB - LT-Bk         -              -       Withdrawn
                                      Overdraft
Anm Pharma Pvt Ltd                    Non-FB - ST-LOC    -              -       Withdrawn
Anm Pharma Pvt Ltd                    LT/ST Bk Fac       -              -       Withdrawn
Apollo Fiege Integrated Logistics Pvt LT Fac             CARE BBB- (SO) 250     Reaffirmed at
Ltd                                                                             CARE BBB-
Apollo Logisolutions Ltd.             LT BkFac           CARE BBB-      660     Reaffirmed at
                                                                                CARE BBB-
Apollo World Connect Pvt Ltd          LT Bk FacTL        CARE BBB- (SO) 181.7   Assigned
Apollo World Connect Pvt Ltd          LT Bk FacFund      CARE BBB- (SO) 30      Assigned
                                      Based-CC
Aso Agro Pvt Ltd                      LT BkFac           CARE B+        161.5   Reaffirmed
Avadh Sugar & Energy Ltd              LT BkFac           CARE BBB+      9688    Revised from
                                                                                CARE A-
(enhanced from 895.50 Crore)
Bajaj Steels And Industries Ltd       LT Bk Fac          CARE B         60      -
(Issuer not cooperating); Revised from CARE B+; on the basis of best available information
Balkrishna Agro Products              LT BkFac           CARE B+        21      -
Issuer not cooperating; based on best available information
Balkrishna Agro Products              LT / ShortTerm     CARE B+/CARE A460      -
                                      BkFac
(Issuer not cooperating); based on best available information
Bharti Construction Company           LT Bk Fac          CARE BB+       180     Reaffirmed
Bharti Construction Company           LT/ST BkFac        CARE BB+/CARE  374     Reaffirmed
                                                         A4+
Bhasin & Company                      LTBk Fac           CARE BB-       80      -
(Issuer not cooperating); Based on best available information
Bhasin Industries                     LTBk Fac           CARE BB-       55      -
(Issuer not cooperating);Based on best available information
Bony Polymers Pvt Ltd                 Long- Term Bk Fac  CARE BBB-      809.2   Reaffirmed
(Issuer not cooperating) , (enhanced from 79.65 Crore)
Bridge Track And Tower Pvt. Ltd.      LT Bk Fac (TL)     -              -       Withdrawn
Bridge Track And Tower Pvt. Ltd.      Long/ ST BkFac     CARE BBB-/A3   470     Reaffirmed
C.P. Milk And Food Products Pvt. Ltd. LT Bk Fac          CARE BBB-      418.8   Reaffirmed
Calcom Cement India Ltd               LT Bk Fac          -              -       Withdrawn
Cargo Motors Pvt Ltd                  LT Bk Fac          CARE BB+       10      Reaffirmed
Caspian Impact Investments Pvt Ltd    LT Bk Fac          -              -       Withdrawn
Caspian Impact Investments Pvt Ltd    NCD issue          CARE BBB       800     Reaffirmed
(Rs. Eighty crore only Crore)
Celebi Nas Airport Services India Pvt LT Fac – Fund      CARE A         1650    Reaffirmed
Ltd                                   Based TL
Celebi Nas Airport Services India Pvt LT Bk Fac – Fund   CARE A         250     Reaffirmed
Ltd                                   Based – CC
Citylife Retail Pvt Ltd               LT Bk Fac          CARE BBB+      700     Revised from
                                                                                CARE BBB
Continental Carbon India Ltd          LTFac              CARE BBB (SO)  64.8    -
(Issuer not cooperating)
Cs Performance Chemicals Pvt Ltd      LT Bk Fac          CARE A- (SO)   14      Reaffirmed
(reduced from 3.14 Crore)
Cs Specialty Chemicals Pvt Ltd        Long/ ST BkFac     CARE A-;       125     Reaffirmed
                                                         Stable/CARE A2
Dakshin Odisha Urja Pvt Ltd           LT Bk Fac          CARE BB+       1900    Revised from
                                                                                CARE BBB-
Darshita Southern India Happy Homes PvNCD issue (NCD)    CARE BB+       528     Reaffirmed
Ltd
Dayal Lumbers Pvt Ltd                 LT Bk Fac          CARE B         15      -
(Issuer not cooperating);
Revised from CARE B+; on the basis of best available information
Dee Vee Projects Ltd                  LT Bk Fac          -              -       Withdrawn
Dee Vee Projects Ltd                  LT Bk Fac          CARE BBB+      176     -
(Issuer not cooperating); Based on best available information
Dev Priya Products Pvt Ltd            LT Bk Fac          CARE A-        450     Re-affirmed
Devi Fisheries Ltd                    LT/ST Bk Fac       CARE A/CARE A1 2500    Reaffirmed
(reduced from 262.00 Crore)
Goyal Petrofils Yarns Pvt Ltd         LT BkFac ST BkFac  CARE BBB-CARE  334.51  Reaffirmed
                                                         A3
Dewan Housing Finance Corporation Ltd.Non Convertible    CARE A         290000  Revised from
                                      Debentures (Public                        CARE AA- and
                                      Issue)                                    continues to 
                                                                                be on credit 
                                                                                watch with 
                                                                                developing 
                                                                                implications
Dewan Housing Finance Corporation Ltd.Subordinated Debt  CARE A-        22050   Revised from
                                                                                CARE A+ and
                                                                                continues to
                                                                                be on credit 
                                                                                watch with 
                                                                                developing 
                                                                                implications
Dewan Housing Finance Corporation Ltd.Non Convertible    CARE A         176551.2Revised from
                                      Debentures                                CARE AA- and
                                                                                continues to
                                                                                be on credit 
                                                                                watch with 
                                                                                developing 
                                                                                implications
Dewan Housing Finance Corporation Ltd.LT Bk Fac          CARE A         427138  Revised from
                                                                                CARE AA- and
                                                                                continues to
                                                                                be on credit 
                                                                                watch with 
                                                                                developing 
                                                                                implications
Dewan Housing Finance Corporation Ltd.Non convertible    CARE A- (RPS)  7500    Revised from
                                      Redeemable                                CARE A+ and
                                      CumulativePreference share                continues to
                                                                                continues to
                                                                                be on credit 
                                                                                watch with 
                                                                                developing 
                                                                                implications
Dewan Housing Finance Corporation Ltd.Perpetual Debt     CARE BBB+      13000   Revised from
                                                                                CARE A and
                                                                                continues to
                                                                                be on credit 
                                                                                watch with 
                                                                                developing 
                                                                                implications
Dharwad Mishra Pedha And Food         Long -term Bk Fac  CARE BB-       300     -
Processing Industry
(Issuer not cooperating),based on best available information
Digiflic Controls India Pvt Ltd       Long -term Bk Fac  CARE B+        82.6    Revised from
                                                                                CARE BB-
Doaba Khalsa Trust                    LT Bk Fac          CARE D         312     -
(Issuer not cooperating); Based on best available information
Eastern Logica Infoway Ltd            LT Bk Fac          CARE BBB       350     Reaffirmed
Enchikandathil Jewellery              Long -term Bk Fac  CARE B         80      Revised from
                                                                                CARE B+
                                                                                (Issuer not 
                                                                                cooperating)
Fatehpuria Vidyut Udyog Pvt Ltd       LT Bk Fac          CARE B+        73.1    Assigned
Flexirural Urja Jalgaon Pvt Ltd       LT Bk Fac          CARE BB+       660     Revised from
                                                                                CARE BBB
Fm Pbw Bearings Pvt Ltd               LT/ ST BkFac       CARE BBB/CARE  97.5    Reaffirmed
                                                         A3+
Food Service India Pvt Ltd            LT Bk Fac – TL     CARE BBB-      86.7    Reaffirmed
(reduced from Rs.10.00 crore Crore)
Food Service India Pvt Ltd            LT/ST Bk Fac       CARE BBB-/CARE 110     Reaffirmed
                                                         A3
Forace Industries Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Fortis Healthcare Ltd                 CP Issue           -              -       Withdrawn
Freewill Sports Pvt Ltd               LT Bk Fac          CARE A         364.8   Reaffirmed
(enhanced from 20.68 Crore)
G.A. Projects Pvt Ltd                 Long -term Bk Fac  CARE B+        30      -
(Issuer not cooperating);Based on best available information
Galaxy Concab (India) Pvt Ltd         LT Bk Fac          CARE BB-       81.3    Revised from
                                                                                CARE B+
Gangdari Hydro Power Pvt Ltd          LT BkFac*          CARE A+ (SO)   1050    Assigned
Ganpati Sugar Industries Ltd          LT BkFac           CARE BBB       365     Reaffirmed
(reduced from 42.69 Crore)
Gawar Construction Ltd                LT Bk Fac          CARE A+        2000    Reaffirmed
Gawar Construction Ltd                Long/ST BkFac      CARE A+/CARE   17100   Reaffirmed
                                                         A1+
(enhanced from 1,510 Crore)
Gea Bgr Energy System India Ltd       LT Bk Fac          CARE A-        163.6   Reaffirmed
Gea Bgr Energy System India Ltd       LT/ST Bk Fac        CARE A-/CARE   650     Reaffirmed
                                                         A2+
Gem Motors India Pvt Ltd              LT BkFac           CARE B         197.8   Revised from
                                                                                CAREB+
Ghaziabad Aligarh Expressway Pvt Ltd  LT Bk Fac          CARE D         10979.6 Reaffirmed
(reduced from 1,211.52 Crore)
Glisten Gold Collections Pvt Ltd      LT Bk Fac          CARE BBB-      105     Reaffirmed
Global Ceramics Pvt Ltd               LT Bk Fac          CARE BBB-      451.9   Revised from
                                                                                CARE BB+
(enhanced from Rs.43.38 crore Crore)
Golden Chem Tech Ltd                  LT Bk Fac          CARE BB        300     -
(Issuer not cooperating); Based on best available information
Gujarat Liqui Pharmacaps Pvt Ltd      LT/ST BkFac        -              -       Withdrawn
Gyanmudra Education Foundation        LT Bk Fac          CARE BB-       85.1    Reaffirmed
(reduced from 10.75 Crore)
Hansraj Exports                       LT Bk Fac          CARE BB-       20      Reaffirmed
(enhanced from 1.00 Crore)
Hasti Petro Chemical & Shipping Ltd   LT Bk Fac          CARE BB+       650.2   -
(Issuer not cooperating); Based on best available information
Impresario Entertainment & HospitalityLT BkFac           CARE BBB-      2       Revised from
Pvt Ltd                                                                         CARE BB-
Impresario Entertainment & HospitalityLT BkFac           CARE BBB-      98.2    Revised from
Pvt Ltd                                                                         CARE BB-
Indiabulls Dual Advantage Commercial  Indiabulls Dual    CARE AAA (AIF) -       Reaffirmed
Asset Fund                            Advantage
                                      Commercial Asset Fund
Indiabulls High Yield Fund            Indiabulls High    CARE AAA (AIF) -       Reaffirmed
                                      Yield Fund
Indiabulls Real Estate Fund           Indiabulls Real    CARE AAA (AIF) -       Reaffirmed
                                      Estate Fund
Indian Phosphate Ltd                  LT Bk Fac          CARE BB+       310     Revised from
                                                                                CARE BB
Indiana Conveyors Pvt Ltd             LT Bk Fac          CARE BBB-      10      Reaffirmed
Indiana Conveyors Pvt Ltd             Long/ST Bk Fac     CARE BBB-/CARE 180     Reaffirmed
                                                         A3
(enhanced from 10.00 Crore)
Indiana Gratings Pvt Ltd              LT Bk Fac          CARE A         400     Reaffirmed
Indukuri Enterprises                  LT Bk Fac          CARE B-        39      -
(Issuer not cooperating); Revised from CARE B; on the basis of best available information
Infertility Institute And Research    LT Bk Fac          CARE BB-       94.8    -
Centre Pvt Ltd
(Issuer not cooperating)
Innovative Textiles Ltd               LT Fac             CARE BBB-      869     Revised from
                                                                                CARE BB+
(reduced from Rs.132.69 crore Crore)
Integra Micro Systems Pvt Ltd         LT BkFac           CARE BBB       117.5   Revised from
                                                                                CARE BBB
Integra Micro Systems Pvt Ltd         LT/ ST Bk Fac       CARE BBB/CARE  90      Revised from
                                                         A3+                    CARE BBB
(reduced from 20.00 Crore)
Involute Technologies Pvt Ltd         LT Bk Fac          CARE A         401.5   Reaffirmed
(reduced from 45.50 Crore)
Involute Technologies Pvt Ltd         LT/ ST BkFac       CARE A/CARE    400     Reaffirmed
                                                         A2+
Iswarya Enterprises                   Long -term BkFac   CARE B+        100     -
(Issuer not cooperating); Based on best available information
J. M. Hosiery & Co. Ltd               LT Bk Fac          CARE A-        1100    -
Continues on credit watch with developing implications
Jagatjit Industries Ltd               LT Bk Fac          CARE B+        900     -
(Issuer not cooperating); Based on best available information
Jagatjit Industries Ltd               LT/ST BkFac        CARE B+/CARE A4200     -
(Issuer not cooperating); Based on best available information
Jai Bhushan Malik Contractors         LT Bk Fac          CARE B+        5       -
(Issuer not cooperating); Based on best available information
Jai Raj Ispat Ltd                     LT Bk Fac          CARE BBB       7210    Revised from
                                                                                CARE A-
(enhanced from Rs. 25.00 crore Crore)
Jaipur Vidyut Vitran Nigam Ltd        LT Bk Fac @        CARE A- (SO)   1000    Assigned
@ Backed by irrevocable and without any condition guarantee by Government of Rajasthan
Jaipur Vidyut Vitran Nigam Ltd        LT Bk Fac $        CARE A- (SO)   1300    Assigned
$ The above ratings are currently Provisional and will be confirmed once the 
company fulfills the following conditions to the satisfaction of CARE:
a. Execution of irrevocable and without any condition guarantee by Government 
of Rajasthan for timely servicing of the said bank facilities. 
Jaisingh Alloys Pvt Ltd               Fund based / NFBL  CARE BBB-/CARE 535     Reaffirmed
                                                         A3
Jayalakshmi Cotton Traders            LT Bk Fac          CARE BB-       94.5    -
(Issuer not cooperating)
Jhajharia Nirman Ltd                  LT Bk Fac          CARE BBB-      32.5    -
(Issuer not cooperating); Revised from CARE BBB; based on best available information
Jsw Cement Ltd                        LT BkFac-TL        CARE A-        25961.1 Reaffirmed
(enhanced from Rs.2194.66 crore Crore)
Jsw Cement Ltd                        LT BkFac-Fund basedCARE A-        1140    Reaffirmed
(reduced from Rs.135.92 crore Crore)
Jyotsanaben K. Goswami                LT Bk Fac          CARE B-        37.7    Rating
                                                                                revised from
                                                                                CARE B
(reduced from 6.96 Crore)
K M Trans Logistics Pvt Ltd           LT Bk Fac          CARE BB+       430     Reaffirmed
K. K. R. Flour Mills                  LT Bk Fac          -              -       Withdrawn
K. S. Cot Fibre Pvt Ltd               LT / ST BkFac      CARE B/CARE A4 70      Reaffirmed
K. S. D Construction                  LT Bk Fac          CARE BB        70      Reaffirmed
K.K.R Agro Mills Pvt Ltd              LT Bk Fac          CARE BB        200     Assigned
K.K.R Agro Mills Pvt Ltd              Long/ST BkFac      CARE BB/CARE   445     Reaffirmed
                                                         A4
(enhanced from 33.00 Crore)
K.K.R Mills                           LT Bk Fac          -              -       Withdrawn
K.K.R. Food Products                  LT Bk Fac          -              -       Withdrawn
Kailash Shipping Services Pvt Ltd     LT Fac             CARE BBB-      163.2   Reaffirmed at
                                                                                CARE BBB-
                                                                                with a
                                                                                negative 
                                                                                outlook
(reduced from Rs.18.29 crore Crore)
Karshanbhai Gangaram Parmar           LT BkFac           CARE B+        30      -
(Issuer not cooperating); based on best available information;Revised from CARE BB-; Stable
Karthika Modern Rice Mill             LT Bk Fac          -              -       Withdrawn
Karthikey Industries                  Long- term/ ST Bk  -              -       Withdrawn
                                      Fac
Kevin Ceramic Pvt Ltd                 LT Bk Fac          CARE BB-       42.7    -
Issuer not co operating; Based on Best Available Information
Khagaria Purnea Highway Project Ltd   LT BkFac           CARE BBB       300     Revised from
                                      (Sub-ordinate debt)                       CARE BBB+
Khagaria Purnea Highway Project Ltd   LT BkFac (Senior   CARE BBB+      4228.2  Revised from
                                      debt)                                     CARE A-
Kontinental Steel & Power Ltd.        Long/ ST BkFac     CARE BBB/CARE  180     Reaffirmed
                                                         A3+
Kopalle Pharma Chemicals Pvt Ltd      LT BkFac           CARE B+        150     -
(Issuer not cooperating)
Krishna Shipping And Allied Services  LT Bk Fac          CARE B+        50      Reaffirmed
(reduced from 8.75 Crore)
Krishnaganga Spinning Mills Pvt Ltd   LT Bk Fac          CARE C         180     Revised from
                                                                                CARE BB-
(Issuer not cooperating)
Kryfs Power Components Ltd            LT Bk Fac- (TL)    CARE A-        52.5    Revised from
                                                                                CARE A
Kryfs Power Components Ltd            LT Bk Fac (Fund    CARE A-        600     Revised from
                                      Based)                                    CARE A
(enhanced from 25.00 Crore)
Kryfs Power Components Ltd            ST/LT Bk Fac (Fund CARE A-/CARE   2850    Revised from
                                      Based/Non fund     A2+                    CARE A
                                      based)
(enhanced from 205.00 Crore)
Kryfs Transformers Pvt Ltd            LT Bk Fac (Fund    CARE A- (SO*)  37.5    Revised from
                                      Based)                                    CARE A
*Based on the credit enhancement in the form of unconditional, irrevocable and 
continuing corporate guarantee extended by KRYFS Power Components Ltd. 
(rated CARE A-; Stable/CARE A2+) to the lenders of KRYFS Transformers Private Limited
(KTPL) formerly known as Pratik Transformers Private Ltd. 
Kunal Spaces Pvt Ltd                  LT Bk Fac          CARE BBB-      596.1   -
(Issuer not cooperating); Based on Best available information
Kusum International                   LT Bk Fac          CARE BB        7.5     Reaffirmed
L&T Deccan Tollways Ltd               LT BkFac           CARE BBB       9385.8  Reaffirmed
L&T Rajkot Vadinar Tollway Ltd        LT Bk Fac          CARE BBB-      -       Reaffirmed
*as on February 28, 2019
Maahi Milk Producer Co. Ltd           Issuer Rating                     -       Reaffirmed
Magadh Sugar & Energy Ltd             LT BkFac           CARE BBB+      5055    Revised from
                                                                                CARE A-
(enhanced from 346.30 Crore)
Mahadevi Silk And Sarees Textiles And LT Bk Fac          CARE B         89.9    Revised from
Garments                                                                        CARE B+
Maharashtra State Power Generation Co.LT Bk Fac          CARE BBB+      75600.8 Reaffirmed
Ltd
(reduced from Rs 7706.78 crore Crore)
Malabar Precious Jewels (India) Pvt LtD LT Bk Fac        CARE BBB-      71.1    Reaffirmed
(reduced from 8 Crore)
Malaxmi Highway Pvt Ltd               LT Bk Fac          CARE BB-       1376.2  Reaffirmed
(reduced from 160.16 Crore)
Malkani Properties                    LT Bk Fac          CARE B+        170     -
(Issuer not cooperating); 
Revised from CARE BB-; on the basis of best available information
Mangal Murti Fabrics Pvt Ltd          LT Bk Fac          CARE B+        70.4    Reaffirmed
(reduced from 9.13 Crore)
Maratha Vidya Prasarak Samaj,Nashik   LT Bk Fac          CARE A+        257.9   Reaffirmed
(enhanced from 11.34 Crore)
Matrix Roller Mills Pvt Ltd           LT Bk Fac          CARE B         140     -
(Issuer not cooperating); Revised from CARE B+; on the basis of best available information
Mayar Health Resorts Ltd              LT Bk Fac          CARE B+        15.1    -
(Issuer not cooperating); based on best available information
Medicare Hygiene Ltd                  LT Bk Fac          CARE BB        60.9    -
Issuer not co operating; based on best available information
Meenakshi Power Pvt Ltd               LT Bk Fac          CARE BB+       1243.1  Reaffirmed
(reduced from 148.11 Crore)
Meta Tiles Pvt Ltd                    LT / ST Bk Fac     CARE D         137     Revised From
                                                                                CARE BB-
Modi Solvex                           LT Bk Fac          CARE B+        102.5   -
(Issuer not cooperating);Based on best available information
Mohini Corporation Pvt Ltd            LT Bk Fac          CARE BB-       120     Reaffirmed
Mrmc Foods Pvt Ltd                    LT Bk Fac          CARE BB-       400     -
(Issuer not cooperating);Based on best available information
Muthoot Mercantile Ltd                LT Bk Fac          CARE BB+       250     Reaffirmed
Mysore Engineers (India) Pvt Ltd      LT Bk Fac          CARE BB-       125     Reaffirmed
Nagraj Industries                     Long -term Bk Fac  CARE B         62      Revised from
                                                                                CARE B+
                                                                                (Issuer not 
                                                                                cooperating)
Nakkheeran Publications               Long -term Bk Fac  CARE D         129.5   -
(Issuer not cooperating). 
Revised from CARE B; Stable (Single B) on the basis of best available information
Nandi Vardhana Textile Mills Ltd      Long -term Bk Fac  CARE D         245.6   -
(Issuer not cooperating); Based on best available information
Narbada Forest Industries Pvt Ltd     LT Bk Fac          CARE BB-       60.9    Revoked from
                                                                                CARE BB-
National Bank For Agriculture And RuraLT Instruments     CARE AAA       9894.3  Reaffirmed
Development
(Reduced from Rs.6,706.09 crore Crore)
Navin Fluorine International Ltd      CP (Standalone)    -              -       Withdrawn
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB+      1156    Reaffirmed
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB+      650     Reaffirmed
Neogrowth Credit Pvt Ltd              NCDs               CARE BBB+      1050    Reaffirmed
New Baba Rice Mill                    LT Bk Fac          CARE B+        58      Assigned
Nila Infrastructures Ltd              LT Bk Fac          CARE BBB+      473     Removed from
                                                                                credit watch
(reduced from 49.00 Crore)
Nila Infrastructures Ltd              LT/ST BkFac        CARE BBB+/CARE 1210    Removed from
                                                         A2                     credit watch
(reduced from 128.50 Crore)
Noor India Buildcon Pvt Ltd           LT Bk Fac          CARE D         70      -
Issuer not co operating; Based on Best Available Information
Nuziveedu Seeds Ltd                   LT Bk Fac          CARE A+        2100    Reaffirmed
Paayas Milk Producer Co. Ltd          Issuer Rating      -              -       Reaffirmed
Panama Agriculture Pvt Ltd            LT Bk Fac          CARE D         19.5    -
(Issuer not cooperating); Based on best available information
Pannalal Mahesh Chandra Jewellers     LT/ST Bk Fac        CARE BB/CARE   90      Reaffirmed
                                                         A4
Partap Cotex Pvt Ltd                  LT Bk Fac          CARE BBB+      203     Reaffirmed
(enhanced from 19.40 Crore)
Partap Spintex Pvt Ltd                LT Bk Fac          CARE BBB+      780.1   Reaffirmed
(enhanced from 77.08 Crore)
Patna Sahib Charitable Educational TruLT Bk Fac          CARE D         217.5   -
(Issuer not cooperating); on the basis of best available information
Periyar Agro Food Industries Pvt Ltd  Long -term Bk Fac  CARE B+        90      Revised from
                                                                                CARE BB-
                                                                                (Issuer not
                                                                                cooperating)
Revised from CARE BB-;(Issuer not cooperating); Based on best available information
Pine Exporters Pvt Ltd                LT Bk Fac          CARE B         35      -
Issuer not co-operating; On the basis of best available information
Pivot Fabrique                        LT Bk Fac          CARE BB        79.2    -
(Issuer not cooperating);
Revised from CARE BB+; on the basis of best available information
Piyanshu Chemicals Pvt Ltd            LT Bk Fac          CARE BBB+      160     Reaffirmed
Pnc Bareilly Nainital Highways Pvt LtdLT Bk Fac          CARE BBB       4380.5  Reaffirmed
(reduced from 451.43 Crore)
Pnc Infratech Ltd                     CP                 -              -       Withdrawn
Prakash Whitegold Ginners Pvt Ltd     LT Bk Fac          CARE B         96.2    -
(Issuer not cooperating); 
Revised from CARE B+; on the basis of best available information
Prince Spinners Pvt Ltd               LT Bk Fac          CARE BB        120.9   -
(Issuer not cooperating); on the basis of best available information; 
Revised from CARE BB+; 
Prince Spinners Pvt Ltd               LT / ST Bk Fac     CARE BB/CARE A475      -
(Issuer not cooperating); on the basis of best available information; 
Revised from CARE BB+; Stable / CARE A4+ 
Prince Spintex Pvt Ltd                LT Bk Fac          CARE BB-       627.5   -
(Issuer not cooperating); on the basis of best available information
Prince Spintex Pvt Ltd                LT / Shortterm Bk  CARE BB-/CARE  45      -
                                      Fac                A4
(Issuer not cooperating); on the basis of best available information
Priyanka Communications India Pvt Ltd LT Bk Fac Fund     -              -       Revised from
                                      Based                                     CARE BBB
(Issuer not cooperating); on the basis of best available information
Priyanka Communications India Pvt Ltd ST Bk Fac Non-fund -              -       Revised from
                                      Based                                     CARE A3+
(Issuer not cooperating); on the basis of best available information
Promptec Renewable Energy Solutions PvLT Bk Fac          -              -       Withdrawn
Ltd
Promptec Renewable Energy Solutions PvLT/ST Bk Fac       -              -       Withdrawn
Ltd
Qrg Central Hospital And Research     LT Bk Fac          CARE A-        30      Reaffirmed
Centre Ltd
R. C. Patel                           LT Bk Fac          CARE BB-       20      -
Issuer not co operating; On the basis of best available information.
 Revised from CARE BB
Radiant Bar Ltd                       LT Bk Fac          CARE BB+       100     -
(Issuer not cooperating) Based on best available information
Raja Motors Bathinda                  LT Bk Fac          CARE B         86.3    -
(Issuer not cooperating); 
Revised from CARE B+; on the basis of best available information
Raja Motors Sirsa                     LT Bk Fac          CARE B         75      -
(Issuer not cooperating); 
Revised from CARE B+; on the basis of best available information
Rajasthan Electronics & Instruments LtLT BkFac           CARE BBB+      34.3    Reaffirmed
Rajasthan Electronics & Instruments LtLT/ST Bk Fac       CARE BBB+/CARE 350     Reaffirmed
                                                         A3+
Rallifan Ltd                          LT Bk Fac          -              -       Withdrawn
Rama Cotspin Pvt Ltd                  LT Bk Fac          CARE BBB+      122.6   Reaffirmed
(reduced from 15.00 Crore)
Randhawa Construction Company         LT Bk Fac          CARE B+        40      -
(Issuer not cooperating);
revised from CARE BB; based on best available information
Randhawa Construction Company         LT/ST Bk Fac       CARE B+/CARE A450      -
Issuer not co-operating; 
revised from CARE BB; /CARE A4  Based on best available information
Real Spintex Pvt Ltd                  LT Bk Fac          CARE BB        531.3   -
(Issuer not cooperating); 
on the basis of best available information; Revised from CARE BB+;
Rishab Industries                     LT Bk Fac          CARE BB        5       -
(Issuer not cooperating); Revised from CARE BB+; on the basis of best available information
Rishab Industries                     LT/ST Fac          CARE BB/CARE A445      -
(Issuer not cooperating); 
Revised from CARE BB+; / CARE A4+ on the basis of best available information
Ritnand Balved Education Foundation   LT Bk Fac          CARE AA-       18274.8 Reaffirmed
Ritnand Balved Education Foundation   LT / ST BkFac      CARE AA-/CARE  150     Reaffirmed
                                                         A1+
Rock And Storm Distillaries Pvt Ltd   LT Bk Fac          -              -       Withdrawn
Rsm Sapthagiri Finance Ltd            LT Bk Fac          CARE BBB       650     Reaffirmed
S. D. International                   LT Bk Fac          -              -       Withdrawn
S. Jogani Exports Pvt Ltd             LT Bk Fac          CARE BBB       -       Reaffirmed
S.C.S. Pvt Ltd                        LT Bk Fac          CARE BB-       45      -
(Issuer not cooperating); 
Revised from CARE BB; on the basis of best available information
S.C.S. Pvt Ltd                        LT/ST Bk Fac        CARE BB-/CARE  105     -
                                                         A4
(Issuer not cooperating); 
Revised from CARE BB; on the basis of best available information
S.N Rice Mills                        LT Bk Fac          -              -       Withdrawn
S.V.S. Cottons (India) Pvt Ltd        LT Bk Fac          CARE BB-       50      -
(Issuer not cooperating)
Saha Infratech Pvt Ltd                NCD issue          CARE D         1600    -
(Issuer not cooperating); Based on best available information
Sai Balaji Infra India Pvt Ltd        Long -term BkFac   CARE BB        10      -
(Issuer not cooperating) based on best available informationRevised from CARE BB+,
Sai Fertilizers Pvt. Ltd              LT Bk Fac          CARE A-        300     Reaffirmed
(enhanced from 18.00 Crore)
Sai Fertilizers Pvt. Ltd              LT/ST Bk Fac       CARE A-/CARE   180     Assigned
                                                         A2+
Sai Sulphonates Pvt. Ltd              LT Bk Fac          CARE A-        418     Reaffirmed
(Enhanced from 33.70 Crore)
Sai Sulphonates Pvt. Ltd              LT/ST BkFac        CARE A-/CARE   250     Reaffirmed
                                                         A2+
Sai Sumukha Properties Pvt Ltd        Long -term Bk Fac  CARE B         124.9   Revised CARE
                                                                                B+
Sai Vyshnavi Tradings                 LT Bk Fac          CARE BB-       75      Assigned
Saligram Timbers                      LT Bk Fac          CARE B+        115     -
(Issuer not cooperating); Based on best available information
Samaroh Hospitality Llp               LT Bk Fac          CARE D         74.1    Revised from
                                                                                CARE B+
Sammon Infracorp                      Long / ST Bk Fac   CARE BB-/CARE  127.5   Revised from
                                                         A4                     CARE BB
Sandip Nanavati                       LT Bk Fac          CARE BB+       7.5     Reaffirmed
Sapthagiri Hospitality Pvt Ltd        LT Bk Fac          CARE BB-       151.9   Reaffirmed
(reduced from 15.59 Crore)
Seabird Marine Services Pvt. Ltd      LT Bk Fac          CARE A+        425     Reaffirmed
Seabird Marine Services Pvt. Ltd      LT/ST Bk Fac       CARE A+/CARE   400     Reaffirmed
                                                         A1+
Seabird Resorts Pvt Ltd               LT Bk Fac          CARE A-        180.3   Reaffirmed
Seabird Resorts Pvt. Ltd              LT Bk Fac          CARE A+ (SO)   -       Reaffirmed
Secure Meters Ltd                     LT Bk Fac          CARE AA-       4777.6  Placed on
                                                                                credit watch
                                                                                with developing 
                                                                                implications
(reduced from 517.00 Crore)
Secure Meters Ltd                     LT/ ST Bk Fac       CARE AA-/CARE  5600   Placed on
                                                         A1+                    credit watch
                                                                                with developing
                                                                                implications
Seth Industrial Corporation           LT Bk Fac          CARE BBB-      504.2   Reaffirmed
Shah Concast Pvt Ltd                  LT Bk Fac          CARE B+        102     -
(Issuer not cooperating); Based on the best available information
Sharman Udyog Pvt Ltd                 LTBk Fac           CARE BB+       191.9   -
(Issuer not cooperating); Revised from CARE BBB-; on the basis of best available information
Sharu Industries Pvt Ltd              LTBk Fac           CARE BB+       160     -
(Issuer not cooperating); Revised from CARE BBB-; on the basis of best available information
Shikhar Constructions                 LT Bk Fac          CARE B         60      -
(Issuer not cooperating); Revised from CARE B+; on the basis of best available information
Shiv Gram Udyog Sansthan              LT Bk Fac          CARE B         110     -
(Issuer not cooperating); Based on best available information
Shivam Concrete Technology And        LT Bk Fac          CARE BB-       47.4    Reaffirmed
Consultancy Pvt Ltd
(Reduced from 7.91 Crore)
Shivam Concrete Technology And        LT/ ST Bk Fac      CARE BB-/CARE  60      Reaffirmed
Consultancy Pvt Ltd                                      A4
(Reduced from 6.95 Crore)
Shivam Construction Company           LT Bk Fac          CARE BB+       6       Revised from
                                                                                CARE BB
Shm Shipcare                          LT Bk Fac (Fund    CARE BB+       426.6   Assigned
                                      based)
Shm Shipcare                          LT / ShortTerm Bk  CARE BB+/CARE  800     Assigned
                                      Fac(Non-Fund based)A4+
Shonan Engineering Works Pvt Ltd      LT Bk Fac          CARE BB-       75      Reaffirmed
Shree Ganesh Jewellers Ltd            LT Bk Fac          CARE B+        240     Reaffirmed
Shree Narayan Swamy Enterprises       LT Bk Fac          CARE B+        70      Assigned
Shree Ram Agro Industries             LT Bk Fac          CARE BB-       120     Revoked from
                                                                                CARE BB-
Revoked from CARE BB-;Stable (Issuer not cooperating)
Shree Ram Oxy-Gas Pvt Ltd             LT Bk Fac          CARE BB+       265     -
Issuer non cooperating; on the basis of best available information
Shree Ram Oxy-Gas Pvt Ltd             LT/ ST Bk Fac      CARE BB+/CARE  70      -
                                                         A4+
Issuer non cooperating; on the basis of best available information
Shri Anant Syntex Ltd                 LT Bk Fac          CARE BB        279.1   Reaffirmed
Siva Granite Products                 Long -term Bk Fac  CARE BB        9       -
(Issuer not cooperating); Revised from CARE BB+; Based on best available information
Siyaram Yarn Pvt Ltd                  LT BkFac           CARE BB-       69.6    -
(Issuer not cooperating); On the basis of best available information
Sky Industries Ltd                    LT Bk Fac          CARE BB        85      -
(Issuer not cooperating); Based on best available information
Sky Industries Ltd                    LT/ST Bk Fac       CARE BB/CARE   50      -
                                                         A4+
(Issuer not cooperating); Based on best available information
Small Industries Development Bank Of  CDProgram / CP     CARE AAA/CARE  400000  Reaffirmed
India                                                    A1+
(enhanced from Rs.21,600 crore Crore)
Sml Films Ltd (Previously Known As    LT BkFac           CARE BBB+      50      -
Surat Metallics Ltd)
(Issuer not cooperating);Based on best available information
Sml Films Ltd (Previously Known As    LT/Shortterm Bk FacCARE BBB+/CARE 2106.5  -
Surat Metallics Ltd)                                     A2
(Issuer not cooperating);Based on best available information
Square Petrofield Pvt Ltd             LT Bk Fac          CARE B         48.2    Revised from
                                                                                CARE B+
Square Petrofield Pvt Ltd             LT /ST Bk Fac      CARE B/CARE    45.8    Revised from
                                                         A4                     CARE B+
Sri Chakra Ecotex (India) Pvt Ltd     Long -termBk Fac   CARE B         1000    -
(Issuer not cooperating); 
Revised from CARE B+;Stable on the basis of best available information*
Standard Fireworks Pvt Ltd            LT BkFac           CARE A-        811.9   -
Removed from Credit watch with Negative implications, (reduced from 86.91 Crore)
Standard Fireworks Pvt Ltd            LT/ Shortterm BkFacCARE A-/CARE A28       -
Removed from Credit watch with Negative implications
Stuti Processors Pvt Ltd              LT Bk Fac          CARE B+        185.5   -
(Issuer not cooperating);Based on best available information
Sumedha Vehicles Pvt Ltd              LT BkFac           CARE BB-       169.2   Revised from
                                                                                CARE B+
Sunflag Iron & Steel Co. Ltd          CP Issue           --             -       Withdrawn
Super Cotton Industries               LT Bk Fac          -              -       Withdrawn
Suraj Ispat                           LT Bk Fac          CARE B-        60      Revised from
                                                                                CARE B
(Issuer not cooperating)
Suraj Value Infrastructure Pvt Ltd    LT Bk Fac          CARE D         103     -
Revised from CARE D; (Issuer not cooperating)
T. C. Communication Pvt Ltd           LT Bk Fac          CARE BB-       120     -
(Issuer not cooperating); Based on best available information
The Federal Bank Ltd                  Tier II bonds      CARE AA        5000    Reaffirmed
                                      (Under Basel III)
The Phaltan Education Society         LT Bk Fac          CARE BB-       56.2    -
(Issuer not cooperating); 
Revised from CARE BB; on the basis of best available information
Tikaula Sugar Mills Ltd               LT Bk Fac (Fund    CARE BBB+      1000    Reaffirmed
                                      based)
Tikaula Sugar Mills Ltd               LT Bk Fac (TL)     CARE BBB+      38.9    Reaffirmed
(reduced from 8.80 Crore)
Tirupati Sprinklers                   LT Bk Fac          CARE BB-       35      Rating
                                                                                Reaffirmed
Tubas Wire And Conductor Pvt Ltd      LT Bk Fac          CARE B+        42.5    Reaffirmed
U V Exports Pvt Ltd                   LT Bk Fac          CARE BB        43.9    Revised from
                                                                                CARE BB-
Udaipur Poly Sacks Ltd                LT Bk Fac          CARE B         242     Reaffirmed
Unnat Agro Industries                 LT Bk Fac          CARE B         201.1   -
(Issuer not cooperating); Based on the best available Information
Venkateshwara Power Project Ltd       LT Bk Fac          CARE BB        2733.9  -
(Issuer not cooperating); Based on best available information
Veria Lifestyle Inc                   LT Bk Fac          CARE BB+       8250    Revised from
                                                                                CARE BBB-
Vibhor Vaibhav Infra Pvt Ltd          LT BkFac           CARE BB        115     Revised from
                                                                                CARE BB-
Vijay Sales                           LT/ST Bk Fac       CARE A+/CARE   1000    Assigned
                                                         A1+
Vikram Solar Ltd                      LT Bk Fac          CARE BBB+      1046.9  Revised from
                                                                                CARE A-
(Reduced from 105.69 Crore)
Vina Electricals Pvt Ltd              LT Bk Fac          CARE B         120     -
(Issuer not cooperating); 
Revised from CARE B +; on the basis of best available information
Vishal Coaters Pvt Ltd                LT Bk Fac          CARE BB+       129.4   -
(Issuer not cooperating); Based on best available information
Vishal Paper Industries Pvt Ltd       LT Bk Fac          CARE BB-       170.6   -
(Issuer not cooperating); Based on best availableinformation
Vishnu Oil Mill Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Vitthal Corporation Ltd               LT BkFac           CARE B         1712.5  Revised from
                                                                                CARE B+
(enhanced from 153.60 Crore)
Wadhawan Global Capital Ltd           NCD Issue*         CARE A (SO)    2250    Revised from
                                                                                CARE AA- and
                                                                                continues 
                                                                                to be on 
                                                                                credit watch
                                                                                with developing 
                                                                                implications
*The NCD is secured by pledge of Optionally Convertible Debentures (OCDs) which 
in turn are backed by the unconditional and irrevocable revolving DSRA guarantee
from Dewan Housing Finance Corporation Ltd. [DHFL; rated ‘CARE A; Credit
watch with developing implications’]
Wadhawan Global Capital Ltd           NCD Issue#         CARE A (SO)    19000   Revised from
                                                                                CARE AA- and
                                                                                continues 
                                                                                to be on 
                                                                                credit watch
                                                                                with developing 
                                                                                implications
#The NCD is backed by pledge of Compulsorily Convertible Debentures (CCDs) 
issued by DHFL Investments Ltd (DIL; a 100% subsidiary of DHFL) which in 
turn are backed by the unconditional put option from Dewan Housing Finance Corporation
Ltd.
West Bengal Infrastructure DevelopmentBond Series IB     CARE A (SO)    10000   Reaffirmed
Finance Corporation Ltd               (AG, AH,
                                      AI/2009-10)
Yadvendra Foods Pvt Ltd               LT BkFac           CARE B+        120     -
(Issuer not cooperating) 
Revised from CARE BB-; On the basis of available information
--------------------------------------------------------------------------------------------
$: 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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