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Company News

CARE ratings for Indian debt instruments-Apr 27

    Apr 27  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of April 24, 2020.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Atc Telecom Infrastructure Pvt Ltd   Short -term Bk Fac-             -      Withdrawn**
** CARE has withdrawn the rating assigned to the proposed short term bank facilities of ATC
Telecom Infrastructure Private Limited (ATIPL) at the request of ATIPL. 
Classicon Construction (India) Pvt   ST BkFac          CARE A4;      50.5   -
Ltd
Issuer not cooperating; based on best available information
Cochin Frozen Food Exports Pvt Ltd   ST BkFac          CARE A4       469.4  Reaffirmed
Spray Engineering Devices Ltd        ST Bk Fac         CARE D;       160    Revised from
                                                                            CARE A4;
Issuer not cooperating; based on best available information
Cochin Frozen Foods                  ST BkFac          CARE A4       80     Assigned

(enhanced from 298.0 Crore)
Reliance Communications Ltd          ST debt issue     CARE D;       28800  -
Issuer not cooperating; based on best available information
Firstsource Solutions Ltd            ST Bk Fac – Non FBCARE A1+      400    Reaffirmed
                                     Fac
Pnb Housing Finance Ltd              Fixed Deposit     CARE AA+      185000 Reaffirmed
                                     programme
Outlook revised from Stable to Negative
Reliance Communications Ltd          ST Non –FB Fac    CARE D;       80340  -
Issuer not cooperating; based on best available information
Jm Financial Products Ltd            CP                CARE A1+      2720   Reaffirmed
(Reduced from 4000)
Mahak Rice Industries                ST BkFac          CARE A4;      50     -
Issuer not cooperating; based on best available information
Nurneher Agro Products Pvt Ltd       ST BkFac          CARE A4;      1.9    -
Issuer not cooperating; based on best available information
Oberoi Realty Ltd                    ST instruments -  CARE A1+      3000   Reaffirmed
                                     CP
Pnb Housing Finance Ltd              CP (CP) issue     CARE A1+      250000 Reaffirmed
Transworld Furtichem Pvt Ltd         ST BkFac          CARE A3       302.5  Revised from
                                                                            CARE A3+
Tropical Agrosystem (India) Pvt Ltd  ST Bk Fac         CARE A2       900    Reaffirmed
(enhanced from 29.50 Crore)

LONG TERM RATINGS:
-------------------
Asha Entrade Pvt Ltd                 LT Bk Fac         CARE B+;      58.6   Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(reduced from Rs.1736.00 crore Crore)
Atc Telecom Infrastructure Pvt Ltd   LT Bk Fac- Non    -             -      Withdrawn*
                                     Fund Based
*CARE has withdrawn the rating assigned to the long term bank facilities- Non-Fund based of ATC
Telecom Infrastructure Private Limited (ATIPL) with immediate effect, as the firm has repaid the
aforementioned bank facilities rated by us in full and there is no amount outstanding under the
bank facilities as on date.
Atc Telecom Infrastructure Pvt Ltd   LT Bk Fac- Fund   CARE AA-;     5960   Reaffirmed
                                     Based             Negative
Reaffirmed and Outlook revised from Stable to Negative (reduced from Rs.1736.00 crore)
Berggruen Hotels Pvt Ltd             Bk Fac – FundbasedCARE A-       1045.7 -
                                     – LT – TL
Ratings reaffirmed and outlook revised from Stable to Negative
Berggruen Hotels Pvt Ltd             Bk Fac – FundbasedCARE A-       150    -
                                     – LT – CC
Ratings reaffirmed and outlook revised from Stable to Negative
Chouhan Automobiles Llp              LT BkFac          CARE C;       205    Revised from
                                                       Stable;              CARE B+;Stable
Issuer not cooperating; based on best available information
Classicon Construction (India) Pvt   LT BkFac          CARE B-;      19.5   Revised from
Ltd                                                    Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
Cn Iffco Pvt Ltd                     LT Bk Fac         CARE BBB;     3250   Assigned
                                                       Stable
Cochin Frozen Food Exports Pvt Ltd   LT BkFac          -             -      Withdrawn
Firstsource Solutions Ltd            Long/ST BkFac – FBCARE          3110   Reaffirmed
                                     Fac               A+:Stable/CARE
                                                       A1+
Incline Realty Pvt. Ltd.             NCD issue         CARE AA+      2500   -
Reaffirmed and outlook revised to “Negative” from “Stable”
Jaora Nayagaon Toll Road Company Pvt LT BkFac          CARE AA-;     3673.6 Revised from
                                                       Negative             CARE AA-;
                                                                            Stable
Jm Financial Products Ltd            CP (IPO Financing)-             -      Withdrawn
*The client had requested for withdrawal of the rating assigned to the commercial paper issue
(episodic state) of JM Financial Products Limited (JMFPL)
Jm Financial Products Ltd            NCDs              CARE AA;      1500   Reaffirmed
                                                       Stable
(Reduced from 2500)
Kas Industries India Pvt Ltd         LT Bk Fac         CARE BBB-;    607.6  -
                                                       Stable;
Issuer not cooperating; based on best available information
Lakshmi Tobaccos                     Long -term Bk Fac CARE D;       99     -
Issuer not cooperating; based on best available information
Mahak Rice Industries                LT Bk Fac         CARE B+;      21.7   Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable;
Issuer not cooperating; based on best available information
Minerva Poultry Pvt Ltd              LT Bk Fac         CARE B-;      37.1   Revised from
                                                       Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
Nurneher Agro Products Pvt Ltd       LT BkFac          CARE C;       68.3   Revised from
                                                       Stable;              CARE B; Stable
Issuer not cooperating; based on best available information
Oberoi Constructions Ltd.            LT Bk Fac – Drop  CARE AA+      5000   -
                                     Line Project
                                     optionally convertible debenture@
Reaffirmed and outlook revised to “Negative” from “Stable”
Oberoi Realty Ltd                    LT / ST Bk        CARE AA+;     1500   Reaffirmed
                                     facility (Line of Negative /CARE       with outlook
                                     Credit)*          A1+                  revised from
                                                                            Stable to Negative
(Reduced from 225.00)
Piramal Enterprises Ltd              NCDs              CARE AA;      30000  Assigned
                                                       Stable
Pnb Housing Finance Ltd              LT Bk Fac         CARE AA+;     156000 Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     5000   Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     10000  Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     6000   Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     85000  Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     70000  Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     50000  Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     1250   Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     28750  Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     1500   Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     2000   Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Bonds/NCDs     CARE AA+;     65010  Reaffirmed
                                                       Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Tier-II        CARE AA+;     10000  Reaffirmed
                                     Bonds/SubordinatedNegative
                                     Debt
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Tier-II        CARE AA+;     2000   Reaffirmed
                                     Bonds/SubordinatedNegative
                                     Debt
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Tier-II        CARE AA+;     5000   Reaffirmed
                                     Bonds/SubordinatedNegative
                                     Debt
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT Tier-II Bonds/ CARE AA+;     4990   Reaffirmed
                                     Subordinated Debt Negative
Outlook revised from Stable to Negative
Pnb Housing Finance Ltd              LT/STBk Fac       CARE AA+;     64000  Reaffirmed
                                                       Negative /CARE
                                                       A1+
Outlook revised from Stable to Negative
Rashi Dall Mills                     LT Bk Fac         CARE C;       76.4   Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
Issuer not cooperating; based on best available information
Reliance Communications Ltd          LT Bk Fac         CARE D;       93220  -
Issuer not cooperating; based on best available information
Reliance Communications Ltd          LT instruments    CARE D;       7500   -
                                     (NCD)
Issuer not cooperating; based on best available information
Sardar Cotton                        LT Bk Fac         CARE D;       108.7  -
Issuer not cooperating; based on best available information
Satyam Builders                      LT Bk Fac         CARE B;       100    Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
Issuer not cooperating; based on best available information
Southmade Retail Pvt Ltd             LT Bk Fac (i)     CARE A-       72     -
Placed on credit watch with Negative Implications
Southmade Retail Pvt Ltd             Proposed LT Bk FacProCARE A-    78     -
                                     (ii)
Placed on credit watch with Negative Implications
Spinnmax Tyres Pvt Ltd               LT Bk Fac         ProCARE A+    1600   Assigned
Spray Engineering Devices Ltd        LT Bk Fac         CARE D;       210    Revised from
                                                                            CARE C; Stable
Issuer not cooperating; based on best available information
Spring Field Shelters Pvt Ltd        LT Bk Fac         CARE D;       368.5  -
Sunlit Elements Pvt Ltd              Long - Term Bk FacCARE B-;      95     Revised from
                                                       Stable,              CARE B; Stable
Issuer not cooperating; based on best available information
Tamil Nadu Transmission Corporation  Bond Issue        -             -      Withdrawn
Ltd
Tamil Nadu Transmission Corporation  Bond Issue        -             -      Withdrawn
Ltd
Transworld Furtichem Pvt Ltd         LT BkFac          CARE BBB-;    937.3  Revised from
                                                       Negative             CARE BBB;
                                                                            Stable
Tropical Agrosystem (India) Pvt Ltd  LT Bk Fac         CARE BBB+;    1000   Reaffirmed
                                                       Positive
(reduced from 107 Crore)
Tropical Agrosystem (India) Pvt Ltd  LT/ST BkFac       CARE BBB+;    500    Reaffirmed
                                                       Positive/CARE
                                                       A2
Umachi Foods & Commodities Pvt Ltd   LT Bk Fac         CARE D;       90     Revised from
                                                                            CARE B; Stable
Issuer not cooperating; based on best 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@refinitiv.com)
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