April 3, 2018 / 10:44 AM / 4 months ago

CARE ratings for Indian debt instruments-Apr 3

   Apr 3 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 2, 2018.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.M Vinyl Pvt Ltd                     ST Bk Fac          CARE A4+       135     Assigned
Active Clothing Co. Ltd               ST Bk Fac          CARE A3        8       -
ISSUER NOT COOPERATING
Adachi Natural Polymer Pvt Ltd        ST Bk Fac          CARE A4        0.4     -

ISSUER NOT COOPERATING
Agrawal Construction Company          ST Bk Fac          CARE A4        25
ISSUER NOT COOPERATING
Agro Phos (India) Ltd                 ST Bk Fac          CARE A3        60      Reaffirmed
Allen Reinforced Plastics Pvt Ltd     ST Bk Fac          CARE A4        140     -
ISSUER NOT COOPERATING
Alucop India Pvt Ltd                  ST Bk Fac          CARE A4        350     Reaffirmed
Amon-Ra Impex Pvt Ltd                 ST Bk Fac          CARE A4        72.5    Assigned
Anm Pharma Pvt Ltd                    ST Bk Fac          CARE A1+(SO)*  720     Reaffirmed
*The above ratings are based on the credit enhancement in the form of
 unconditional & irrevocable corporate guarantee provided by Mankind
 Pharma Ltd./(reduced from 90.00 Crore) 
Apricot Tiles India Pvt Ltd           ST Bk Fac          CARE A4        16
ISSUER NOT COOPERATING
Aroma Organics Ltd                    ST Bk Fac          CARE A4        230.2   Reaffirmed
Arvind Techno Engineers Pvt Ltd       ST Bk Fac          CARE A3        432250  Revised from
                                                                                CARE A2+
Avion Exim Pvt Ltd                    ST Bk Fac          CARE A3        150     Reaffirmed
Banglore Polycotters Pvt Ltd          ST Bk Fac          CARE A4        40
ISSUER NOT COOPERATING
Basanti Mata Agri Product Pvt Ltd     ST Bk Facility     CARE A4        1.8     Revised from
                                                                                CARE A4
ISSUER NOT COOPERATING
Breech Oralcare Pvt Ltd               ST Bk Fac          -              -       Withdrawn
Black Diamond Explosives Pvt Ltd      ST Bk Fac          CARE A3+       506     Reaffirmed
(enhanced from Rs.47.600 crore Crore)
Contour Steel Engineering India Pvt LtST Bk Fac          CARE A4        20      -
ISSUER NOT COOPERATING
Dakshin Gujarat Vij Co. Ltd           ST Bk Fac          CARE A1+       300     Reaffirmed
Devi Construction Company Pvt Ltd     ST Bk Fac (Non     CARE A1+ (SO)  131.7   Assigned
                                      Fund Based –
                                      BkGuarantee)^
Dhanvridhi Commercial Pvt Ltd         ST Bk Fac          CARE D         48.7    Revised from
                                                                                CARE A4-
Sakal Papers Pvt Ltd                  ST Bk Fac          -              -       Withdrawn
Devi Construction Company Pvt Ltd     ST Bk Fac (Non     CARE A3+       300     Re-affirmed
                                      Fund Based –
                                      BkGuarantee)
Diarough Manufacturing India          ST Bk Fac          CARE A4+       500     Assigned
Llp-(Formerly Known As Diaworks Diamond
Manufacturing Llp)
[Enhanced from Rs.25.00 crore]
Ebullient Packaging Pvt Ltd           ST Bk Fac          CARE A3        7.5     Assigned
Exclusive Steel And Casting Ltd       ST Bk Fac          CARE A4        5       Assigned
Ferozepur Foods Energy Pvt Ltd        ST Bk Fac          CARE A4        6.9     -
ISSUER NOT COOPERATING
Gharpure Engineering And ConstructionsST Bk Fac          CARE A3        2000    -
Pvt Ltd
ISSUER NOT COOPERATING
Growel Feeds Pvt Ltd                  ST Bk Fac          CARE A3+       247.5   Reaffirmed
(enhanced from 3.75 Crore)
Gujarat Construction Company          ST Bk Fac          CARE A4        120     -
ISSUER NOT COOPERATING
Gujarat Energy Transmission CorporatioST Bk Fac          CARE A1+       8330    Reaffirmed
Ltd
Gujarat State Electricity Corporation ST Bk Fac          CARE A1+       30141.5 Reaffirmed
Ltd
Gujarat Urja Vikas Nigam Ltd          ST Bk Fac          CARE A1+       30199.5 Reaffirmed
Gvk Transportation Pvt Ltd            ST Bk Fac          CARE A4        282     Revised from
                                                                                CARE A4 to
                                                                                CARE D and
                                                                                upgraded to
                                                                                CARE A4
(reduced from 30 Crore)
Hansraj Exports                       ST Bk Fac          CARE A4        80      Reaffirmed
Hi-Reach Construction Equipments Pvt Ltd ST Bk facilitatesCARE A4       2.5     -
ISSUER NOT COOPERATING
Kanin India Ltd                       ST Bk Fac          CARE A3        52      Reaffirmed
(reduced from Rs. 5.80 crore Crore)
Karnatak Lingayat Education Society   ST Bk Fac-Non-Fund CARE A1+       58.5    Reaffirmed
                                      Based
(reduced from 17.50 Crore)
Kishore Vadilal Pvt Ltd               ST Bk Fac          CARE A3        40      -
ISSUER NOT COOPERATING
L.G. Agro Impex                       ST Bk Fac          CARE A4        30      Assigned
Lalitha Metals                        ST Bk Fac          CARE A4        1.5     -
ISSUER NOT COOPERATING
Locuz Enterprise Solutions Ltd        ST Bk Fac          CARE A4        220     Reaffirmed
Ltc Commercial Company Pvt Ltd        ST Bk Fac          CARE A3+       294     Reaffirmed
Lyophilization Systems India Pvt Ltd  ST Bk Fac          CARE A4+       40      -
ISSUER NOT COOPERATING
Madhya Gujarat Vij Co. Ltd            ST Bk Fac          CARE A1+       370     Reaffirmed
Mahalaxmi Exports                     ST Bk Fac          CARE A3        141.5   Reaffirmed
Mahalaxmi Rubtech Ltd                 ST Bk Fac          CARE A2        35      Reaffirmed
Medicare Hygiene Ltd                  ST Bk Fac          CARE A4        1.5     Reaffirmed
(enhanced from 0.05 Crore)
Milestone Gears Pvt Ltd               STFac              CARE A3        300     Reaffirmed
Modern Rice & General Mills           ST Bk Fac          CARE A4        25      Assigned
Navin Drilling Fluids & Minerals Pvt Ltd ST Bk Fac       CARE A4        20      -
ISSUER NOT COOPERATING
Optus Laminates Pvt Ltd               ST Bk Fac          CARE A4        40      Assigned
Panache Digilife Ltd                  ST Bk Fac          CARE A4+       90      Reaffirmed
Paramount Forge                       ST Bk Fac          CARE A4        71.2    Assigned
Paras Defence And Space Technologies Ltd ST Bk Fac       CARE A4        100     -
ISSUER NOT COOPERATING
Paschim Gujarat Vij Co. Ltd           ST Bk Fac          CARE A1+       900     Reaffirmed
Pasupati Acrylon Ltd                  ST Bk Fac          CARE A2        2350    Assigned
Prescient Color Ltd                   ST Bk Fac@         CARE A1 (SO)   40      Reaffirmed
Process Construction And Technical    ST Bk Fac          CARE A4+       175     Assigned
Services Pvt Ltd
Progressive Motors                    ST Bk Facility     CARE A4        33      Assigned
R. K. Cylinders                       ST Bk Fac          CARE A4        80      Assigned
Rathi Hatcheries Pvt Ltd              ST Bk Fac          CARE A4        16      Revised from
                                                                                CARE D
Rieco Industries Ltd                  ST Bk Fac          CARE A1 (SO)   600     Reaffirmed
(reduced from 70.00 Crore)
Shingora Textiles Ltd                 ST Bk Fac          CARE A3+       42.9    Revised from
                                                                                CARE A2
Shivratna Construction And EarthmoversST Bk Fac          CARE A4        15      Reaffirmed
Shri Sakthi Papers India Pvt Ltd      ST Bk Fac          CARE A4        47      Reaffirmed
(reduced from 1.53 Crore)
Shyam Polyspin Pvt Ltd                ST Bk Fac          CARE A4        20      -
ISSUER NOT COOPERATING
Snr Edatas Pvt Ltd                    ST Bk Fac          CARE A4        145     -
ISSUER NOT COOPERATING
Sree Balaji Associates                ST Bk Facility     CARE A4        49      Assigned
Surat Textiles Mills Ltd              ST Bk Fac          CARE A3        250     Reaffirmed
Tamboli Castings Ltd                  ST Bk Fac          CARE A2        42      Reaffirmed
Tara Shakti Rice Mill                 ST Bk Facility     CARE A4        4.8     -
The Rajaratna Mills Pvt Ltd           ST Bk Fac          CARE A4        102.9   -
ISSUER NOT COOPERATING
Urban Transit Pvt Ltd                 ST – Non Fund      CARE A4(SO)    100     Revised from
                                      Based – LC/BG@                            CARE A3 )
Uttar Gujarat Vij Co. Ltd             ST Bk Fac          CARE A1+       935     Reaffirmed
Vallabh Corporation                   ST Bk Fac          CARE A4        35      Reaffirmed
Value Line Home Style Pvt Ltd         ST Bk Fac          CARE A4        33      -
ISSUER NOT COOPERATING
Value Line Trade Pvt Ltd              ST Bk Fac          CARE A4        46.5    -
ISSUER NOT COOPERATING
Vistas Investments Pvt Ltd            ST Bk Fac          CARE A3+       100     Removed from
                                                                                Issuer Non
                                                                                Cooperation 
                                                                                and revised
                                                                                from CARE A4
Yarncoms India Pvt Ltd                ST Bk Fac          CARE A4        35      Reaffirmed


LONG TERM RATINGS:
-------------------
A.M Vinyl Pvt Ltd                     LT Bk Fac          CARE BB+       315     Assigned
Aaditya Transport                     LT Bk Fac          -              -       Withdrawn
Active Clothing Co. Ltd               LT Bk Fac          CARE BBB-      694.1   -
ISSUER NOT COOPERATING
Adachi Natural Polymer Pvt Ltd        LT Bk Fac          CARE BB        24.5    -
ISSUER NOT COOPERATING
Adachi Natural Polymer Pvt Ltd        LT/ST Bk Fac       CARE BB/A4     65      -
ISSUER NOT COOPERATING
Aegis Value Homes Ltd                 LT Bk Fac          CARE D         237.5   Revised from
                                                                                CARE BB-
Agrawal Construction Company          LT Bk Fac          CARE BB-       25
ISSUER NOT COOPERATING
Agro Phos (India) Ltd                 LT Bk Fac          CARE BBB-      150     Reaffirmed
Ahluwalia Contracts (India) Ltd       LT Bk Fac          CARE A         850     Reaffirmed
Ahluwalia Contracts (India) Ltd       Long/ST Bk Fac     CARE A/A1      9000    Reaffirmed
Allen Reinforced Plastics Pvt Ltd     LT Bk Fac          CARE BB        60      -
ISSUER NOT COOPERATING
Allen Reinforced Plastics Pvt Ltd     LT/ ST Bk Fac      CARE BB/A4     50      -
ISSUER NOT COOPERATING
Alucop India Pvt Ltd                  LT Bk Fac          CARE BB-       100     Reaffirmed
Amon-Ra Impex Pvt Ltd                 LT Bk Fac          CARE B+        5       Assigned
Anm Pharma Pvt Ltd                    LT/ST Bk Fac       CARE AA (SO)*  280     Reaffirmed
                                                         / A1 + (SO)*
*The above ratings are based on the credit enhancement in the form of
 unconditional & irrevocable corporate guarantee provided by Mankind
 Pharma Ltd.(enhanced from 5.00 Crore) 
Apricot Tiles India Pvt Ltd           LT Bk Fac          CARE B+        94.1
ISSUER NOT COOPERATING
Aroma Organics Ltd                    LT Bk Fac          CARE BB        5.5     Reaffirmed
Arulmigu Karpaga Vinayaga Educational Long – term Fac    CARE BB-       29.3    Reaffirmed
Trust
Arvind Techno Engineers Pvt Ltd       Long / ST Bk Fac   CARE BBB/A3    1050    Revised from
                                                                                CARE A-/CARE
                                                                                A2+
Arya Educational And Cultural Society LT Bk Facility     CARE B+        90      Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Ashiana Housing Ltd                   Issuer Rating      CARE A *       -       Reaffirmed
*The issuer rating is subject to the company maintaining overall gearing not
 exceeding 0.50x (projected level as on March 31, 2019)
Avadh Cotton Industries               LT Bk Fac          CARE B+        52.7    -
ISSUER NOT COOPERATING
Avanta Engineerings Pvt Ltd           LT Bk Fac          CARE B+        90      Assigned
Avion Exim Pvt Ltd                    LT Bk Fac          CARE BBB-      100     Reaffirmed
Ayushajay Construction Pvt Ltd        LT Bk Fac          CARE BBB+      40      Reaffirmed
(reduced from Rs.5 crore Crore)
Ayushajay Construction Pvt Ltd        LT/ST Bk Fac       CARE BBB+/A2   810     Reaffirmed
(reduced from Rs.100 crore Crore)
Babu & Company                        LT Bk Fac          CARE BB        100.2   Reaffirmed
(reduced from 11.22 Crore)
Bajaj Allianz Life Insurance Company  CPA/Financial      CARE AAA       -       Reaffirmed
Ltd.                                  Strength
Banglore Polycotters Pvt Ltd          LT Bk Fac          CARE B         40.5    Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Basanti Mata Agri Product Pvt Ltd     LT Bk Facility     CARE B+        134.4   Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Bhoomi Ginning And Seed Processing PlaLT Bk Fac          CARE B+        50      Assigned
Bidwal Renewable Pvt Ltd              LT Bk Fac          CARE BBB       2896    Assigned
Black Diamond Explosives Pvt Ltd      LT Bk Fac          CARE BBB       120     Reaffirmed
(reduced from Rs.15.00 crore Crore)
Bp Equities Pvt Ltd                   Proposed CP Issue  -              -       Withdrawn
Breech Oralcare Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Brotherhood Trust                     LT Bk Fac          -              -       Withdrawn
Capital First Ltd                     Subordinated Debt  CARE AA+       9000    Reaffirmed
Continues to be on credit watch with positive implications/(enhanced from Rs.800 crore)
Clean Solar Power (Hiriyur) Pvt Ltd   LT Bk Fac          CARE BBB+      504.3   Rating placed
                                                                                on credit
                                                                                watch with 
                                                                                Developing 
                                                                                Implications
(Reduced from 53.72 Crore)
Contour Steel Engineering India Pvt Ltd LT Bk Fac        CARE BB-       60      -
ISSUER NOT COOPERATING
Cosmos Infra Engineering India Pvt. Ltd LTBk Fac         CARE B+        720     Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Crest Promoters Pvt. Ltd.             LT Bk Fac          CARE BB+       540     Revised from
                                                                                CARE BB
(reduced from Rs.80 crore Crore)/(Credit watch with developing
implications)
Dakshin Gujarat Vij Co. Ltd           LT Bk Fac          CARE AA-       5750    Reaffirmed
(Reduced from Rs.585.37 crore Crore)
Dakshin Gujarat Vij Co. Ltd           Long /ST Bk Fac    CARE AA-/A1+   605     Reaffirmed
Dasari Builders Pvt Ltd               LT Bk Fac          CARE BBB-      250     Reaffirmed
Dcs Ltd                               LT Bk Fac          CARE BB+       1283.8  Reaffirmed
(Reduced from 132.65 Crore)
Devi Construction Company Pvt Ltd     LT Bk Fac          --             --      Withdrawn
Devihalli Hassan Tollway Ltd          LT Bk Fac*         CARE A+(SO)    1071    Reaffirmed
*based on the credit enhancement in the form of cash pooling mechanism 
 wherein the three SPVs (namely Western Andhra Tollways Limited (WATL),
 Krishnagiri Thopur Tollroad Limited (KTTL) and Devihalli Hassan 
 Tollway Limited (DHTL))  have given undertakings which irrevocably 
 and unconditionally guarantee to the lenders that in case of
 short-fall in any of the three SPVs, the other two SPVs shall
 transfer surplus funds to meet the short-fall. 
Devihalli Hassan Tollway Ltd          NCD *              CARE A+(SO)    1597.2  Reaffirmed
*based on the credit enhancement in the form of cash pooling mechanism wherein 
 the three SPVs (namely Western Andhra Tollways Limited (WATL), Krishnagiri
 Thopur Tollroad Limited (KTTL) and Devihalli Hassan Tollway Limited (DHTL))
 have given undertakings which irrevocably and unconditionally guarantee to
 the lenders that in case of short-fall in any of the three SPVs, the other
 two SPVs shall transfer surplus funds to meet the short-fall. 
Dhanvridhi Commercial Pvt Ltd         LT Bk Fac (Term    CARE D         35      Reaffirmed
                                      Debt)
Dhanvridhi Commercial Pvt Ltd         LT Bk Fac (Fund    CARE D         45      Revised from
                                      Based)                                    CARE B-
Dhanvridhi Commercial Pvt Ltd         LT/ST Bk Fac       CARE D         16.3    Revised from
                                                                                CARE B-/ CARE
                                                                                A4
Digamber Capfin Ltd.                  LT Bk Fac          -              -       Withdrawn
Durgapur Ispat Peoples Society        LT Bk Fac          CARE BB        200     Reaffirmed
Eagle Infra India Ltd                 LT Bk Fac          -              -       Withdrawn
Eagle Infra India Ltd                 LT/ ST Bk Fac      -              -       Withdrawn
Ebullient Packaging Pvt Ltd           LT Bk Fac          CARE BBB-      92.5    Assigned
Ebullient Packaging Pvt Ltd           LT/ST Bk Fac       CARE BBB-/A3   150     Assigned
Exclusive Steel And Casting Ltd       LT/ ST Bk Fac      CARE BB-/A4    115     Assigned
Facor Power Ltd                       LT Bk Fac          CARE D         150     Revised from
                                                                                CARE C
Facor Power Ltd                       Long/ST Bk Fac     CARE D/D       150     Reaffirmed
Ferozepur Foods Energy Pvt Ltd        LT Bk Fac          CARE BB-       401.5   -
ISSUER NOT COOPERATING
Ferozepur Foods Energy Pvt Ltd        Longterm/ST Bk Fac CARE BB-/A4    350     -
ISSUER NOT COOPERATING
Fusion Microfinance Pvt Ltd           Subordinated       CARE BBB+      300     Assigned
                                      (Proposed)
Ganjam Trading Company Pvt Ltd        LT Bk FacLRD-I@    CARE A- (SO)   273     Reaffirmed
(reduced from 30.00crs)/@ Factory premise at Valsad, Gujarat leased to
 Essel Propack Ltd (referred to as LRD-II)

Ganjam Trading Company Pvt Ltd        LT Bk FacLRD-I^    CARE BBB+ (SO) 190.5   Reaffirmed
(reduced from 30.00crs)/@ Factory premise at Valsad, Gujarat leased to
 Essel Propack Ltd (referred to as LRD-II)
Geoxa Logistics                       LT Bk Fac          CARE B         66      Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Geoxa Steels Pvt Ltd                  LT Bk Fac          CARE B+        50      Revised from
                                                                                CARE BB-
ISSUER NOT COOPERATING
Gharpure Engineering And ConstructionsLT Bk Fac ST Bk    CARE BBB-      400     Revised from
Pvt Ltd                               Fac                                       CARE BBB
ISSUER NOT COOPERATING
Greater Visakhapatnam Municipal       LT Bonds           CARE AA (SO)   100     Reaffirmed
Corporation
( Reduced from 20.00 Crore)
Growel Feeds Pvt Ltd                  LT Bk Fac          CARE BBB+      1485.9  Revised from
                                                                                CARE BBB
(enhanced from 127.59 Crore)
Gspl India Gasnet Ltd                 LT Bk Fac          CARE A-        44740   Assigned
Gujarat Construction Company          LT Bk Fac          CARE B         20      Revised from
                                                                                CARE B+
ISSUER NOT COOPERATING
Gujarat Energy Transmission CorporatioLT Bk Fac          CARE AA-       48098.3 Reaffirmed
Ltd
(Reduced from Rs.6,357.54 crore Crore)
Gujarat Energy Transmission CorporatioLong /ST Bk Fac    CARE AA-/A1+   3230    Reaffirmed
Ltd
Gujarat State Electricity Corporation LT Bk Fac          CARE AA-       82959.1 Reaffirmed
Ltd
(Reduced from Rs.10,124.51 crore Crore)
Gujarat State Electricity Corporation Long /ST Bk Fac    CARE AA-/A1+   3890    Reaffirmed
Ltd
Gujarat Urja Vikas Nigam Ltd          Long term Bk Fac   CARE AA-       2500    Reaffirmed
(Enhanced from Rs.226.00 crore Crore)
Gvk Transportation Pvt Ltd            LT Bk Fac          CARE D         50      Revised from
                                                                                CARE B 
(reduced from 334.65 Crore)
Hansraj Exports                       LT TL              -              -       Withdrawn
Hansraj Exports                       LT Bk Fac          CARE BB-       10      Reaffirmed
Hardayal Milk Products Pvt Ltd        LT Bk Fac          CARE D         507.2   -
ISSUER NOT COOPERATING
Hinganghat Municipal Council          Issuer Rating      -              -       Withdrawn
Hi-Reach Construction Equipments Pvt LLT Bk Fac          CARE B-        85      Revised from
                                                                                CARE B+;
ISSUER NOT COOPERATING
Ichalkaranji Municipal Council        Issuer Rating      -              -       Withdrawn
Infrastructure Leasing & Financial    Non-fund based Bk  CARE AAA/A1+   2000    Assigned
Services Ltd                          Fac
J Matadee Free Trade Zone Pvt Ltd     LT Bk Fac          CARE B+        140     -
ISSUER NOT COOPERATING
Kanin India Ltd                       LT Bk Fac          CARE BBB-      111.4   Reaffirmed
(enhanced from Rs. 5.17 crore Crore)
Kanin India Ltd                       LT/ST Bk Fac       CARE BBB- /A3  155     Reaffirmed
(enhanced from Rs. 14.00 crore Crore)
Karnatak Lingayat Education Society   LT Bk Fac-TermLoan CARE AA-       1403.1  Reaffirmed
(enhanced from 136.19 Crore)
Karnatak Lingayat Education Society   LT Bk Fac-FundBasedCARE AA-       95      Reaffirmed
(enhanced from 7.44 Crore)
Karnataka Power Transmission          LT Bk Fac          CARE A-        55000   Reaffirmed
Corporation Ltd
(enhanced from Rs. 5000 crore Crore)
Kayan Agro Industries And Company Pvt LT Bk Fac          CARE BB-       56.4    Reaffirmed
Ltd
Kings Canyon Sez Pvt Ltd              Long Term Fac      -              -       Withdrawn
Kirloskar Institute Of Advanced       LT Bk Fac(Fund     CARE BBB/      36.8    Reaffirmed
Management Studies                    based)
Kishore Vadilal Pvt Ltd               LT Bk Fac          CARE BBB-      30      -
ISSUER NOT COOPERATING
Kishore Vadilal Pvt Ltd               LT Bk Fac/ STBk FacCARE BBB-/A3   15      -
ISSUER NOT COOPERATING
Krishnagiri Thopur Toll Road Ltd      LT Bk Fac#         CARE AA-(SO)   2237.9  Reaffirmed
#based on the credit enhancement in the form of cash pooling mechanism wherein 
 the three SPVs (namely Western Andhra Tollways Limited (WATL), Krishnagiri 
 Thopur Toll Road Limited (KTTL) and Devihalli Hassan Tollway Limited (DHTL))
 have given undertakings which irrevocably and unconditionally guarantee to
 the lenders that in case of shortfall in any of the three SPVs, the other
  two SPVs shall transfer surplus funds to meet the shortfall. 
Krishnagiri Thopur Toll Road Ltd      NCD#               CARE AA-(SO)   997.3   Reaffirmed
#based on the credit enhancement in the form of cash pooling mechanism wherein
the three SPVs (namely Western Andhra Tollways Limited (WATL), Krishnagiri Thopur 
Toll Road Limited (KTTL) and Devihalli Hassan Tollway Limited (DHTL))
have given undertakings which irrevocably and unconditionally guarantee
to the lenders that in case of shortfall in any of the three SPVs, the 
other two SPVs shall transfer surplus funds to meet the shortfall. 
Krishnapatnam Port Co. Ltd            CP                 -              -       Withdrawal
L.G. Agro Impex                       LT Bk Fac          CARE B+        60      Reaffirmed
(Reduced from 9.00 Crore)
Lalitha Metals                        LT Bk Fac          CARE B-        73.7    -
ISSUER NOT COOPERATING
Little Flower Hospital Trust          LT Bk Fac          CARE BB+       412.2   Reaffirmed
(enhanced from 37.42 Crore)
Locuz Enterprise Solutions Ltd        LT Bk Fac          CARE BB        70      Revised from
                                                                                CARE BB-
Ltc Commercial Company Pvt Ltd        LT Bk Fac          CARE BBB       89.3    Reaffirmed
Lyophilization Systems India Pvt Ltd  LT Bk Fac          CARE BB+       25      -
ISSUER NOT COOPERATING
Maahi Milk Producer Co. Ltd           Issuer Rating      CARE AA-       -       Reaffirmed
Madhya Gujarat Vij Co. Ltd            LT Bk Fac          CARE AA-       3821.4  Reaffirmed
(Reduced from Rs.391.62 crore Crore)
Madhya Gujarat Vij Co. Ltd            Long /ST Bk Fac    CARE AA-/A1+   480     Reaffirmed
Mahalaxmi Rubtech Ltd                 LT Bk Fac          CARE BBB+      239.3   Reaffirmed
(enhanced from Rs.14.77 crore Crore)
Mahalaxmi Rubtech Ltd                 LT/ST Bk Fac       CARE BBB+/A2   95.5    Reaffirmed
(reduced from Rs.12.45 crore Crore)
Mangalmoyee Maa Chandi Multipurpose   LT Bk Fac          CARE B         100     Assigned
Cold Storage Pvt Ltd
Medicare Hygiene Ltd                  LT Bk Fac          CARE BB        60.9    Reaffirmed
(reduced from 6.54 Crore)
Meenakshi Hatcheries                  LT Bk Fac          CARE B+        40      -
ISSUER NOT COOPERATING
Milestone Gears Pvt Ltd               LTFac              CARE BBB-      1109.2  Reaffirmed
Modern Rice & General Mills           LT Bk Fac          CARE BB-       150     Assigned
Modern Rice & General Mills           LT Bk Fac/ ST Bk   CARE BB-/A4    20      Assigned
                                      Fac
Myco Infra Pvt Ltd                    LT Bk Fac          CARE B+        271.4   Revised from
                                                                                CARE B
Nalli Nkr Trust                       LT Bk Fac          -              -       Withdrawn
National Highways Authority Of India  LT TFBs            CARE AAA       100000  Reaffirmed
National Highways Authority Of India  LT TFBs            CARE AAA       50000   Reaffirmed
National Highways Authority Of India  LT TFBs            CARE AAA       190000  Reaffirmed
National Highways Authority Of India  LT Borrowing       CARE AAA       331180  Reaffirmed
                                      Programme for
                                      FY16-17
National Highways Authority Of India  LT Borrowing       CARE AAA       590000  Reaffirmed
                                      Programme for
                                      FY17-18
National Highways Authority Of India  LT Borrowing       CARE AAA       620000  Assigned
                                      Programme for
                                      FY18-19
National Plastic                      LT Fac             CARE B+        63.2
ISSUER NOT COOPERATING
Navayuga Dhola Infra Projects Ltd     LT Bk Fac          CARE BBB+      4614.6  Revised from
(Erstwhile Navayuga Dhola Infra                                                 CARE BBB
Projects Pvt Ltd)
Navin Drilling Fluids & Minerals Pvt LLT Bk Fac          CARE B+        32.3    -
ISSUER NOT COOPERATING
Omid Engineering Pvt Ltd              LT Bk Fac          CARE D         140     -
ISSUER NOT COOPERATING
Optus Laminates Pvt Ltd               LT Bk Fac          CARE BB        90      Assigned
Optus Laminates Pvt Ltd               LT/STBk Fac        CARE BB/A4     115     Assigned
Opulent Hospitality India Pvt Ltd     LT Bk Fac          CARE B+        53      -
ISSUER NOT COOPERATING
Pacific Education Trust               LT Bk Fac          CARE D         68.5    Revised from
                                                                                CARE BB
Panache Digilife Ltd                  LT Bk Fac          CARE BB+       203.4   Reaffirmed
Paramount Forge                       LT Bk Fac          CARE BB-       178     Assigned
Paras Defence And Space Technologies Ltd LT / ST Bk Fac  CARE BB-/A4    180     -
ISSUER NOT COOPERATING
Paschim Gujarat Vij Co. Ltd           LT Bk Fac          CARE AA-       6696.6  Reaffirmed
Paschim Gujarat Vij Co. Ltd           Long /ST Bk Fac    CARE AA-/A1+   490     Reaffirmed
Pasupati Acrylon Ltd                  LT Bk Fac          CARE BBB+      150     Assigned
Patel Phoschem Ltd                    LT Bk Fac          CARE BB-       147.5   Reaffirmed
Periyar Agro Food Industries Pvt Ltd  LT Bk Fac          CARE BB-       90      Reaffirmed
Polywell Enterprises                  LT Bk Fac          CARE BB-       55.6
ISSUER NOT COOPERATING
Pranav Foundations Pvt Ltd            LTBk Fac           CARE B+        300
ISSUER NOT COOPERATING
Pratap Wahini Samaj Kalyan Sansthan   LT Bk Fac          -              -       Withdrawn
Pratap Wahini Samaj Kalyan Sansthan   ST Bk Fac          -              -       Withdrawn
Prescient Color Ltd                   LT Bk Fac@         CARE A+(SO)    216     Reaffirmed
(reduced from 24.89 Crore)
Process Construction And Technical    LT Bk Fac          CARE BB+       158     Assigned
Services Pvt Ltd
Process Construction And Technical    LT-ST Bk Fac       CARE BB+/A4+   667     Assigned
Services Pvt Ltd
Progressive Motors                    LT Bk Facility     CARE BB-       40      Assigned
Pugalur Renewable Pvt Ltd             LT Bk Fac          CARE BBB       3674    Assigned
R. K. Cylinders                       LT Bk Fac          CARE BB-       18.5    Assigned
R.G. Spinning Mills Pvt Ltd           Long -term Bk Fac  CARE BB        150     -
ISSUER NOT COOPERATING
Rathi Hatcheries Pvt Ltd              LT Bk Fac          CARE B         91.4    Revised from
                                                                                CARE D
Reliance Innoventures Pvt Ltd         LT Bk Fac          CARE A+        4000    Assigned
Renew Wind Energy (Ap3) Pvt Ltd       LT Bk Fac          CARE BBB       2255.8  Reaffirmed
(enhanced from Rs.108.50 crore)
Rieco Industries Ltd                  LT Bk Fac@         CARE A+(SO)    280     Reaffirmed
(reduced from 30.00 Crore)
Rock And Storm Bottlers Pvt. Ltd.     LT Bk Fac          CARE B+        100     Revised
                                                                                from
CARE BB-
ISSUER NOT COOPERATING
S. R. Metallizers                     LT Bk Fac          CARE B+        67.6    -
ISSUER NOT COOPERATING
S. R. Metallizers                     LT/ST Bk Fac       CARE B+/A4     69.7    -
ISSUER NOT COOPERATING
Sabyasachi Couture                    LT/ST Bk Fac       CARE A-/A2+    600     Assigned
Sakal Papers Pvt Ltd                  LT Bk Fac          -              -       Withdrawn
Sakthi Elegant Towers Pvt Ltd         LT Bk Fac          CARE B+        112.5   -
ISSUER NOT COOPERATING
Sgmm Ores Pvt Ltd                     LT Bk Fac          CARE BB        75      Assigned
Shingora Textiles Ltd                 LT Bk Fac          CARE BBB       380.4   Revised from
                                                                                CAREBBB+
                                                                                (Triple B Plus
Shiv Polymers Industries              LT Bk Fac          CARE B         138.5   Revised from
                                                                                CARE B
(reduced from 14.00 Crore)
Shivratna Construction And EarthmoversLT Bk Fac          CARE BB        40      Reaffirmed
Shree Cottex                          LT Bk Fac          -              -       Withdrawn
Shree Hari Developers                 LT Bk Fac          CARE BB-       51.6    Revised from
                                                                                CARE B+
(reduced from 6.18 Crore)
Shree Rupanadham Steel Pvt Ltd        LT Bk Fac          CARE BB        50      Assigned
Shree Rupanadham Steel Pvt Ltd        LT/ST Bk Fac       CARE BB/A4     100     Reaffirmed
Shree Siddhivinayak Real Homes Pvt LtdNCDs               -              -       Withdrawn
Shree Yogiraj Industries              LT Bk Fac          CARE B         44.6    -
ISSUER NOT COOPERATING
Shri Krishna Motor Company            LT Bk Fac          CARE BB-       85      Reaffirmed
Shri Sakthi Papers India Pvt Ltd      LT Bk Fac          CARE BB-       495     Reaffirmed
(enhanced from 33.50 Crore)
Shruti Power Projects Pvt Ltd         LT Bk Fac          CARE A-        520     Assigned
Shyam Polyspin Pvt Ltd                LT Bk Fac          CARE B+        180     -
ISSUER NOT COOPERATING
Society For Education For Life        LT Bk Fac          CARE BBB-      400     Reaffirmed
(Enhanced from Rs. 30.0 Crore)
Sp Imperial Star Pvt Ltd              LT- NCD Series-A   CARE A         6500    Reaffirmed
                                      (Zero Coupon)
Sp Imperial Star Pvt Ltd              LT- NCD Series B   CARE AA+ (SO)  500     -
                                      (Zero Coupon)*
Spm Marbles Pvt Ltd                   LT Bk Fac          CARE BB-       70      “Issuer not
                                                                                cooperating
ISSUER NOT COOPERATING
Sree Balaji Associates                LT Bk Facility     CARE BB        30      Assigned
Sri Dhandayuthapani Spinning Mills PvtLong -term Bk Fac  CARE B         146     -
Ltd
ISSUER NOT COOPERATING
Sumedha Vehicles Pvt Ltd              LT Bk Fac          CARE B+        173.7   Reaffirmed
Sungold Energy Pvt Ltd                LT Bk Fac          -              -       Withdrawn
Supreme Hydro Engineering Pvt Ltd     LT Bk Fac          CARE BBB       372.2   Reaffirmed
Supreme Hydro Engineering Pvt Ltd     Long/ ST Bk Fac    CARE BBB/A3    120     Reaffirmed
Surat Textiles Mills Ltd              LT Bk Fac          CARE BBB-      50      Reaffirmed
Surya Cotton Industries               LT Bk Fac          CARE B+        68.3    -
ISSUER NOT COOPERATING
Swarna Pragati Housing Microfinance PvLT Bk Fac          CARE BBB-      1500    Reaffirmed
Ltd
Tamboli Castings Ltd                  LT Bk Fac          CARE BBB+      199.6   Reaffirmed
(reduced from Rs.22.59 crore Crore)
Tara Shakti Rice Mill                 LT Bk Facility     CARE BB-       58      Assigned
Teach For India Education Research    LT Bk Fac          CARE BBB-      101     Reaffirmed
Samiti
The Daughters Of Mary Immaculate And  LT Bk Fac          CARE BBB-      230.6   Reaffirmed
Collaborators Trust
The Rajaratna Mills Pvt Ltd           Long -term Bk Fac  CARE BB-       337.2   -
ISSUER NOT COOPERATING
The Society Of Daughters Of Mary      LT Bk Fac          CARE BBB-      560     Reaffirmed
Immaculate And Collaborators
Tirupati Sarjan Ltd                   LT Bk Fac          -              -       Withdrawn
Tirupati Sarjan Ltd                   LT/ ST Bk Fac      -              -       Withdrawn
Unovel Industries Pvt Ltd             LT Bk Fac*         CARE BBB-(SO)  315     Assigned
Urban Transit Pvt Ltd                 LT Bk Fac – CC@    CARE BB(SO)    1520    Revised from
                                                                                CARE BBB-
Uttar Gujarat Vij Co. Ltd             LT Bk Fac          CARE AA-       2750    Reaffirmed
(Enhanced from Rs.250.00 crore Crore)
Uttar Gujarat Vij Co. Ltd             Long /ST Bk Fac    CARE AA-/A1+   797.5   Reaffirmed
Vallabh Corporation                   LT Bk Fac          CARE B+        32.5    Reaffirmed
Value Line Home Style Pvt Ltd         LT Bk Fac          CARE BB-       47      -
ISSUER NOT COOPERATING
Value Line Trade Pvt Ltd              LT Bk Fac          CARE B         75      -
ISSUER NOT COOPERATING
Velox Ceramics                        LT Bk Fac          CARE BB-       116     Reaffirmed
Velox Ceramics                        LT/ST Bk Fac       CARE BB-/A4    17.5    Reaffirmed
Venkateshwara Power Project Ltd       LT Bk Fac          CARE BB        2733.9  Reaffirmed
Vinayak Raj Shikshan Sansthan         LT Bk Fac          CARE BBB-      40.3    Reaffirmed
Vishnu Priya Agro Industries          LT Bk Facility     CARE B+        112.5   Assigned
Vishnu Priya Drier Industries         LT Bk Facility     CARE B+        71      Assigned
Vishwanath Paper & Boards Ltd.        LT Bk Fac          CARE D         470     -
ISSUER NOT COOPERATING
Western Andhra Tollways Ltd           LT Bk Fac#         CARE AA-(SO)   1213.9  Reaffirmed
#based on the credit enhancement in the form of cash pooling mechanism wherein 
 the three SPVs (namely Western Andhra Tollways Limited (WATL), Krishnagiri
 Thopur Toll Road Limited (KTTL) and Devihalli Hassan Tollway Limited
(DHTL)) have given undertakings which irrevocably and unconditionally
 guarantee to the lenders that in case of shortfall in any of the three SPVs,
 the other two SPVs shall transfer surplus funds to meet the shortfall 
Western Andhra Tollways Ltd           NCD #              CARE AA-(SO)   955     Reaffirmed
#based on the credit enhancement in the form of cash pooling mechanism wherein 
the three SPVs (namely Western Andhra Tollways Limited (WATL), Krishnagiri Thopur 
Toll Road Limited (KTTL) and Devihalli Hassan Tollway Limited
(DHTL)) have given undertakings which irrevocably and unconditionally 
guarantee to the lenders that in case of shortfall in any of the three SPVs,
 the other two SPVs shall transfer surplus funds to meet the shortfall 
Yarncoms India Pvt Ltd                Long – term Fac    CARE           39.5    Revised from
                                                         B+/(Single B           CARE B
                                                         Plus/Outlook: /)       
--------------------------------------------------------------------------------------------
$: 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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