April 8, 2019 / 11:20 AM / 6 months ago

CARE ratings for Indian debt instruments-Apr 8

    Apr 8 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of April 5, 2019.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
Aarnav Industries Pvt Ltd             ST Bk Fac          CARE A3+       100     -
(Issuer Not Cooperating; Based on best available information)
Acme Cleantech Solutions Pvt Ltd      ST Bk Fac          CARE A2        90      Reaffirmed
Acme Solar Energy (Madhya Pradesh) PvtST Bk Fac          CARE A2+       142.9   Reaffirmed
Ltd
Adani Enterprises Ltd                 ST Bk Fac          CARE A1        3000    Reaffirmed
Adit Buildwell Pvt Ltd                ST Bk Fac          CARE A4+       50      Assigned
Aditya Marine Ltd                     ST Bk Fac          CARE A4        5       -
(Issuer not co-operating; On the basis of best available information)
Aditya Medisales Ltd                  Proposed CP issue  Provisional    5000**  -
                                                         CARE A1+    
**to be backed by credit enhancement in the form of unconditional and irrevocable corporate
guarantee by Shanghvi Finance Private Limited (SFPL, guarantor).
Agarwal Packers & Movers Ltd          ST Bk Fac          CARE A3+       160     Reaffirmed
Air Perfection                        ST Bk Fac          CARE A4        80      Reaffirmed
Ajanta Universal Fabrics Ltd          ST Bk Fac          CARE A4+       110     Reaffirmed
Anant Chemicals                       ST Bk Fac          CARE A4        25      -
(Issuer did not co-operating)
Ashok Leyland Ltd                     CP                 CARE A1+       15000   Reaffirmed
Asian Tea And Exports Ltd             ST Bk Fac          CARE A4+       32.5    Revised from
                                                                                CARE A3
Atc Telecom Infrastructure Pvt Ltd    Short -term Bk Fac CARE A1+       10800   Reaffirmed
(Removed from credit watch)
Andhra Cements Ltd                    ST Bk Fac          CARE D         430     Reaffirmed
Badve Engineering Ltd                 ST Bk Fac          CARE A1        3760    Revised from
                                      (Non-Fund Based-                          CARE A2+
                                      Working capital)
Badve Engineering Ltd                 Vendor bill        CARE A1        2310    Assigned
                                      Discounting
Baitarani Rice Mill                   ST Bk Fac          CARE A4        35      Assigned
Balaji Multiflex Pvt Ltd              ST Bk Fac          CARE A1+       47.6    Reaffirmed
Banna Lal Jat Construction Pvt Ltd    ST Bk Fac          CARE A4        240     Reaffirmed
Bhilai Jaypee Cement Ltd              ST Bk Fac- Nonfund CARE D         20      Reaffirmed
                                      based
Bhilai Jaypee Cement Ltd              ST Bk Fac-Fundbased-              -       Withdrawn 3)
3) The rating for ST fund based bank facilities of Rs.35 cr from SIDBI has been withdrawn as the
same has been fully repaid as per the No-Dues Certificate
Bharat Industries-Agra                ST Bk Fac          CARE A4        59.5    Revised from
                                                                                CARE A4
Bharat Urban Infra Developers Pvt Ltd ST Bk Fac          CARE A4        20      Revised from
                                                                                CARE A4
Bindlas Duplux Ltd                    ST Bk Fac          CARE A3        155.5   Reaffirmed
Bmr Exports                           ST Bk Fac          CARE A3        250     Reaffirmed
Christy Friedgram Industry            ST Bk Fac          CARE A3        1000    Reaffirmed
(Removed from Credit watch with Negative implications)
Creative Garments Pvt Ltd             ST Bk Fac          CARE A3+       259.1   Reaffirmed
                                      (Non-fund based)
Creative Textile Mills Pvt Ltd        Bk Fac-Non-Fund    CARE A3+       160     Reaffirmed
                                      Based - ST-BG/LC
Delphi-Tvs Technologies Ltd (Formerly ST Bk Facilitie    CARE A1        1200    Reaffirmed
Delphi Tvs Diesel Systems Ltd)
Devyani Food Industries Ltd           ST Bk Fac          CARE A2+       50      Revised from
                                                                                CARE A2+
Dhruv Industries Ltd                  ST Bk Fac          CARE A4+       305     Reaffirmed
Dyna Filters Pvt Ltd                  ST Bk Fac          CARE A4        20.4    Assigned
Ebixcash World Money Ltd              ST Bk Fac          CARE A2        362.9   Reaffirmed
(Removed from credit watch)
Etc Agro Processing (India) Pvt Ltd   ST Bk Fac (fund    CARE A3        800     -
                                      based/non-fund
                                      based)
(ISSUER NOT COOPERATING)
Etg Agro Pvt Ltd                      ST Bk Fac (fund    CARE A3        1200    -
                                      based/non-fund
                                      based)
(ISSUER NOT COOPERATING)
Eureka Forbes Ltd                     ST Bk Fac          CARE A1+       532.5   Reaffirmed
Finfoot Lifestyle Pvt Ltd             ST Bk Fac          CARE A4        2       Revised from
                                                                                CARE A4
Focus Shares & Securities Pvt.        ST Bk Fac          CARE A4        600     Reaffirmed
Gautam Freight Pvt Ltd                ST Bk Fac          CARE A2        1750    Revised from
                                                                                CARE A3+
Gkb Lens Pvt Ltd                      ST Bk Fac          CARE A3        13      Reaffirmed
Gmr Infrastructure Ltd                ST Bk Fac          CARE A4        7308.3  -
(Rating placed under credit watch with positive implications)
Godavari Biorefineries Ltd            ST Bk Fac          CARE A3        1480    Reaffirmed
                                      (Non-Fund Based)
Gopi Synthetics Pvt Ltd               ST Bk Fac          CARE A3+       100     -
(Issuer Not Cooperating; Based on best available information)
Goverdhan Energy And Petrochemicals PvST Bk Fac          CARE A4+       90      -
Ltd
(Issuer not cooperating; Based on basis of best available information)
H. P. Rajyaguru                       ST Bk Fac          CARE A4        110     Reaffirmed
Hal Offshore Ltd                      ST Bk Fac          CARE A3+       3500    Reaffirmed
(Removed from credit watch)
Haldiram Bhujiawala Ltd               ST Bk Fac          CARE A3+       3       Reaffirmed
Haresh Petrochem Pvt Ltd              ST Non Fund Based  CARE A4        1000    Reaffirmed
                                      Bk Fac
Hawa Vales (India) Pvt Ltd            ST Bk Fac          CARE A3        240     Reaffirmed
I - Design Engineering Solutions Ltd  ST Fac             CARE A3        480     Reaffirmed
Ind Swift Laboratories Ltd            ST Bk Fac          CARE A4        447.5   Assigned
Indiabulls Constructions Ltd          ST - Bk Fac –      CARE A1+       1000    Assigned
                                      Nonfund Based – LC
(Issuer not cooperating)
Indiabulls Properties Pvt Ltd         CP Issue^          CARE A1+       3000    Reaffirmed
^backed by irrevocable letter of comfort from Indiabulls Real Estate Limited
Indiabulls Real Estate Company Pvt LtdCP Issue^          CARE A1+       2000    Reaffirmed
^backed by irrevocable letter of comfort from Indiabulls Real Estate Limited
Indiabulls Real Estate Ltd            CP Issue^          CARE A1+       15000   Reaffirmed
^Backed by an undertaking given by the company stating that the company would maintain cash and
cash equivalents and undrawn facility limits in the company or its subsidiaries to the extent of
60% of the amount of CP issued during the tenure of the CP.
Industrial Energy Ltd                 ST Bk Fac (Working CARE A1+       250     Assigned
                                      Capital Demand
                                      Loan)
Infinite Water Solutions Pvt Ltd      ST Bk Fac          CARE A3+       10      Revised from
                                                                                CARE A2
Intas Pharmaceuticals Ltd             CP Issue (CP)      CARE A1+       750     Reaffirmed
                                      (Standalone)
Integrated Service Point Pvt Ltd      ST Bk Fac          CARE A4+       100     Reaffirmed
Jain Irrigation Systems Ltd           ST Bk Fac          CARE A3+       22200   Revised from
                                                                                CARE A2
Jm Financial Properties And Holdings LCP (IPO Financing) CARE A1+       40000   Assigned
Jp Iscon Pvt Ltd                      ST Bk Fac          CARE A2        300     Reaffirmed
Jsw Steel Ltd                         ST Bk Fac – Non    CARE A1+       184000  Reaffirmed
                                      Fund Based
Jsw Steel Ltd                         CP issue           CARE A1+       50000   Reaffirmed
                                      (Standalone)
Kanoria Chemicals & Industries Ltd    ST Bk Fac          CARE A1+       400     Reaffirmed
Kanoria Chemicals & Industries Ltd    CP                 CARE A1+       400     Reaffirmed
Kbk Chem-Engineering Pvt              ST Bk Fac          CARE A4        70      Reaffirmed
Latin Manharlal Securities Pvt Ltd    ST Bk Fac          CARE A4+       350     Reaffirmed
Leena Powertech Engineers Pvt Ltd     ST Bk Fac          CARE A2        110     Reaffirmed
Lexi Pvt Ltd                          ST Bk Fac          CARE A3+       30      Reaffirmed
Lucid Colloids Ltd                    ST Bk Fac          CARE A4        85      Reaffirmed
Mahati Industries Pvt Ltd             ST Bk Fac          CARE A3        250     Reaffirmed
Mahindra & Mahindra Ltd               ST Bk Fac          CARE A1+       660     Reaffirmed
Manali Petrochemicals Ltd             ST Bk Fac          CARE A1        500     Reaffirmed
Mediaguru Solutions Pvt Ltd           ST Bk Fac          CARE A4        20      Reaffirmed
Medicare Environmental Management Pvt ST Bk Fac-BG@      CARE A1+       20      Revised from
Ltd                                                                             CARE A3+
(Removed from credit watch)/ @Backed by credit enhancement in the form of unconditional and
irrevocable corporate guarantee by Ramky Enviro Engineers Ltd. [rated ‘CARE AA-; Stable/CARE
A1+’] 
Micro Therapeutic Research Labs Pvt LtST Bk Fac          CARE A4        1.5     -
(Issuer Not Cooperating)
Mkj Tradex Ltd                        ST Bk Fac          CARE A3        150     Assigned
Modern Insulators Ltd                 ST Bk Fac (Non     CARE A3        600     Reaffirmed
                                      Fund Based)
Muthoot Fincorp Ltd                   CP                 CARE A1        15000   Reaffirmed
Natural Food Products                 ST Bk Fac          CARE A3        200     Reaffirmed
(Removed from credit watch)
Navin Fluorine International Ltd      ST Bk Fac          CARE A1+       1350    Reaffirmed
                                      (non-fund based)
Navin Fluorine International Ltd      CP*                CARE A1+       300     Reaffirmed
*carved out of the sanctioned working capital limits of the comp
Navin Housing And Properties Pvt Ltd  ST Bk Fac          CARE A3        15      Reaffirmed
Nelco Ltd                             ST Bk Fac          CARE A1        450     Reaffirmed
Netmagic It Services Pvt Ltd          ST Bk Fac – Non    CARE A1+       1000    Revised from
                                      Fund Based                                CARE A1
Ngrt Systems Pvt Ltd                  ST Bk Fac          CARE A3        10      -
(Issuer not Co-operating)
Nirosha Power Pvt Ltd                 ST Bk Fac          CARE A3+       300     Reaffirmed
Nutech Appliances                     ST Bk Fac          CARE A4        30      Reaffirmed
Opg Power Generation Pvt Ltd          ST Bk Fac          CARE A2        6180    Revised from
                                                                                CARE A+
Optus Laminates Pvt Ltd               ST Bk Fac          CARE A4        40      -
(Issuer not cooperating)
Orient Abrasives Ltd                  ST Bk Fac          CARE A2+       150     Revised from
                                                                                CARE A1
Paragon Polymer Products Pvt Ltd      ST Bk Fac          CARE A2        520     Revised from
                                                                                CARE A2+
Pasupati Acrylon Ltd                  ST Bk Fac          CARE A2        2799.6  Reaffirmed
Patanjali Ayurved Ltd                 ST Bk Fac          CARE A1        5500    Revised from
                                                                                CARE A1+
Precision Power Products (India) Pvt LST Bk Fac          CARE A4        155     Revised from
                                                                                CARE A4
(Issuer not co-operating)
Pune Metagraph                        ST Bk Fac          CARE A3+       65      Reaffirmed
Punjab State Power Corporation Ltd    ST Bk Fac          CARE A4+       7695    Reaffirmed
                                      (Non-Fund Based)
Punjab State Power Corporation Ltd    ST Bk Fac (TL)     CARE A4+       5000    Reaffirmed
Radiance Realty Developers India Ltd  ST Bk Fac          CARE A3+       350     Reaffirmed
Ramky Enviro Engineers Ltd            ST Bk Fac          CARE A1+       2540    Rating
                                                                                revised from
                                                                                CARE A3+
(Removed from credit watch)
Rashi Peripherals Pvt Ltd             ST Bk Fac          CARE A2        80      Assigned
Rashmi Cement Ltd                     ST Bk Fac          CARE A2        850     -
(Issuer not cooperating; Based on best available information)
Rashmi Metaliks Ltd                   ST Bk Fac          CARE A2        1700    Revised from
                                                                                CARE A2+
(Issuer not cooperating)
Rasi Nutri Foods                      ST Bk Fac          CARE A3        400     Reaffirmed
(Removed from credit watch)
Rivipac Polymers Pvt Ltd              ST Bk Fac          CARE A4        1.9     Reaffirmed
Roha Dyechem Pvt. Ltd                 Bk Fac-Non-FB -    CARE A2+       450     Reaffirmed
                                      ST-BG/LC
Rsb Transmissions (I) Ltd             ST Bk Fac          CARE A3        455     Reaffirmed
S. D. Corporation Pvt Ltd             CP#                CARE A1+       11700   Reaffirmed
(Continues on credit watch with developing implication/#credit enhancement in the form of an
unconditional, irrevocable and revolving Corporate Guarantee provided/to be provided by
Shapoorji Pallonji and Company Private Limited (SPCPL, rated: CARE AA; Credit Watch with
developing implications/CARE A1+)
Sanmar Matrix Metals Ltd (Smml)       ST Bk Fac          CARE A1        100     Revised from
                                                                                CARE A3+
Satco Capital Markets Ltd             ST Bk Fac          CARE A4        400     Reaffirmed
Saurashtra Fuels Pvt Ltd              ST Bk Fac          CARE A4        1600    Revised from
                                                                                CARE A3
Seamec Ltd                            ST Bk Fac          CARE A2        50      Reaffirmed
(Removed from credit watch)
Seshaasai Eforms Pvt Ltd              ST Bk Fac – LC/BG  CARE A3+       25      Reaffirmed
Seshasayee Paper & Boards Ltd         ST Bk Fac - Non    CARE A1+       2050    Reaffirmed
                                      Fund Based
Shakti Industries - Fazilka           ST Bk Fac          CARE A4        25      Assigned
Shapoorji Pallonji And Company Pvt LtdCP (CP) / ST Debt  CARE A1+       25000   Reaffirmed
                                      (STD) Issue*
*within an overall Short Term Facility limit (including STD / CP issue) of Rs.2500 crore
Sharda Educational Trust              ST Bk Fac          CARE A3        650     Reaffirmed
Shree Ram Rub-Tech Pvt Ltd            ST Bk Fac          CARE A4        20      -
(Issuer Not Cooperating; Based on best available information)
Shri Vaari Electricals Pvt Ltd        ST Bk Fac          CARE A3        50      Reaffirmed
Shri Vile Parle Kelavani Mandal       ST Bk Fac          CARE A1        150     Reaffirmed
Si Air Springs Pvt Ltd                ST Bk Fac          CARE A2+       12      Revised from
                                                                                CARE A2
Sindia Steels Ltd                     ST Bk Fac          CARE A4+       95      Reaffirmed
Star Agriwarehousing Collateral       ST Bk Fac – Non    CARE A2        300     Reaffirmed
Management Ltd                        Fund Based
Sunteck Realty Ltd (Srl)              ST Bk Fac –        CARE A1+       100     Reaffirmed
                                      Non-Fund based
Sunteck Realty Ltd (Srl)              CP issue#          CARE A1+       1000    Reaffirmed
# Based on the undertaking from the company that overdraft/line of credit to remain unutilized
to the extent of outstanding commercial paper at any point of time 
Suvarnabhoomi Enterprises Pvt Ltd     ST Bk Fac          CARE A3        175     Reaffirmed
(Removed from Credit watch
with Negative implications)
Tatanet Services Ltd                  ST Bk Fac          CARE A1        30      Reaffirmed
Terapanth Foods Ltd                   ST Bk Fac          CARE A3        70      Reaffirmed
The India Cements Ltd                 ST Bk Fac          CARE A1        7500    Reaffirmed
The India Cements Ltd                 CP (Carved out)    CARE A1        2500    Reaffirmed
Transworld Furtichem India Pvt Ltd    ST Bk Fac (non-    CARE A3+       755     Revised from
                                      fund based)                               CARE A2
Us Technology International Pvt Ltd   ST Bk Fac          CARE A2        3530    Revised from
                                                                                CARE A3+
Vishvaraj Infrastructure Ltd          ST Bk Fac          CARE A3        750     Reaffirmed
Veerprabhu Marketing Ltd              ST Bk Fac          CARE A3        300     Assigned
West Coast Fine Foods (India) Pvt Ltd ST Bk Fac          CARE A3        11.1    Reaffirmed
West Coast Frozen Foods Pvt Ltd       ST Bk Fac          CARE A3        1062.5  Reaffirmed
Sks Power Generation (Chhattisgarh) LtST Bk Fac          CARE D         5040    -
(Issuer not cooperating; Based on best available information)
Shubhalakshmi Polyesters Limi         ST Bk Fac          CARE A3+       6280    Reaffirmed
Shriram Epc Ltd                       ST Bk Fac          CARE D         7651.1  Reaffirmed
Process Construction And Technical    ST Bk Fac          CARE D         175     -
Services Pvt Ltd
(Issuer Not Cooperating; Based on best available information)
Ostro Jaisalmer Pvt Ltd               ST Bk Fac          -              -       Withdrawn
Oriental Pathways (Indore) Pvt Ltd    ST Bk Fac          CARE BBB+      726.8   Reaffirmed
                                      (Subordinated Debt)
Jaypee Cement Corporation Ltd         ST Bk Fac          CARE D         500     Reaffirmed
Jaiprakash Associates Ltd             ST Bk Fac          CARE D         25130   Reaffirmed
Urban Infrastructure Venture Capital  ST Bk Fac          CARE A2        100     Revised from
                                                                                CARE A2+
(Continues to be on credit watch with developing implications)
Seya Industries Ltd                   ST Non Fund Based  CARE A3+       60      Revised from
                                      Bk Fac                                    CARE A2



MEDIUM TERM RATINGS:
-------------------
Akme Fintrade (India) Ltd             Fixed Deposit      CARE BBB (FD)  30      Revised from
                                      Programme                                 CARE BBB-(FD)
(ISSUER NOT COOPERATING)
Godavari Biorefineries Ltd            Fixed Deposit      CARE BBB(FD)   400*    Reaffirmed
                                      Programme
*Outstanding Rs. 21.05 crores as at March 31, 2018
Sreeragh General Finance Ltd          Fixed deposits     CARE BB+(FD)   49.1    Revised from
                                                                                CARE BB+(FD)




LONG TERM RATINGS:
-------------------
Aarnav Industries Pvt Ltd             LT Bk Fac          CARE BBB       568.8   -
(Issuer Not Cooperating; Based on best available information)
Aarnav Industries Pvt Ltd             LT / ST Bk Fac     CARE BBB/CARE  10      -
                                                         A3+
(Issuer Not Cooperating; Based on best available information)
Acme Cleantech Solutions Pvt Ltd      LT Bk Fac          CARE BBB+      100     Reaffirmed
Acme Cleantech Solutions Pvt Ltd      LT/ST Bk Fac       CARE BBB+/A2   5150    Reaffirmed
Acme Solar Energy (Madhya Pradesh) PvtLT Bk Fac #        CARE A         1713.5  Reaffirmed
Ltd
# backed by unconditional & irrevocable co-obligor undertaking provided by co-obligor viz. Acme
Solar Technologies (Gujarat) Private Limited
Acp Tollways Pvt Ltd                  LT Bk Fac          CARE BBB       12093.7 Reaffirmed
Adani Enterprises Ltd                 LT / ST Bk Fac     CARE A /CARE A184000   Reaffirmed
Adani Enterprises Ltd                 LT Bk Fac #        CARE A+        9350    Reaffirmed
# Rating is based on the Credit Enhancement which is available in the form of a ring-fenced cash
flow structure as per Trust and Retention Account (TRA) agreement for priority in debt servicing
of loans availed for funding the implementation & operations of Parsa East & Kente Basin (PEKB)
coal block project within Adani Enterprises Limited (AEL) 
Adani Enterprises Ltd                 LT / ST Bk Fac #   CARE A+/A1+    6100    Reaffirmed
# Rating is based on the Credit Enhancement which is available in the form of a ring-fenced cash
flow structure as per Trust and Retention Account (TRA) agreement for priority in debt servicing
of loans availed for funding the implementation & operations of Parsa East & Kente Basin (PEKB)
coal block project within Adani Enterprises Limited (AEL)
Adani International Container TerminalLT Bk Fac          CARE AA        6174.8  Revised from
Pvt Ltd                                                                         CARE AA-
Adani Ports And Special Economic Zone NCDs (Proposed) – ICARE AA+       7500    Reaffirmed
Ltd
Adani Ports And Special Economic Zone NCDs Issue – II *  CARE AA+       400     Reaffirmed
Ltd
*backed by the escrow of entire receivables of Indian Oil Corporation Ltd for the single point
mooring (SPM) facility of APSEZ
Adit Buildwell Pvt Ltd                LT Bk Fac          CARE BB+       30      Assigned
Aditya Group                          LT Bk Fac (Fund    CARE B+        46.8    Assigned
                                      based)
Aditya Marine Ltd                     LT Bk Fac          CARE BB-       349.2   -
(Issuer not co-operating; On the basis of best available information)
Aditya Medisales Ltd                  Proposed NCD*      CARE AA+       5000    Assigned
* backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
by Shanghvi Finance Private Limited (SFPL, guarantor). 
Agarwal Packers & Movers Ltd          LT Bk Fac          CARE BBB       350     Reaffirmed
Ahluwalia Contracts (India) Ltd       LT Bk Fac          CARE A+        850     Revised from
                                                                                CARE A
Ahluwalia Contracts (India) Ltd       Long/ST Bk Fac     CARE A+/A1     11000   Revised from
                                                                                CARE A/A1
Air Perfection                        LT Bk Fac          CARE BB-       60      Reaffirmed
Ajanta Universal Fabrics Ltd          LT Bk Fac          CARE BB+       142.1   Reaffirmed
Ajanta Universal Fabrics Ltd          Long / ST Bk Fac   CARE BB+/A4+   22.9    Reaffirmed
Alpha Corp Development Pvt Ltd        Proposed           CARE BBB-      3000    Assigned
                                      NonConvertible
                                      Debenture issue*
*Proposed NCDs shall rank subordinate to senior debt with reference to annual debt service
obligations
Anant Chemicals                       LT Bk Fac          CARE BB-       236.3   -
(Issuer did not co-operating)
Andhra Cements Ltd                    LT Bk Fac          CARE D         9157.9  Reaffirmed
Annapurna Finance Pvt Ltd             LT Bk Fac          CARE A-        3173.4  Revised from
                                                                                CARE BBB+
Apco Infratech Pvt Ltd                LT Bk Fac          CARE A-        2000    Reaffirmed
Apco Infratech Pvt Ltd                Long/ST Bk Fac     CARE A-/A2+    8000    Reaffirmed
Arohan Financial Services Ltd         LT Bk Fac – TL     CARE A-        36779.8 Reaffirmed
Arohan Financial Services Ltd         LT Bk Fac – CC     CARE A-        1050    Reaffirmed
Arya Omnitalk Wireless Solutions Pvt  LT Bk Fac          CARE BBB+      50      Assigned
Arya Omnitalk Wireless Solutions Pvt  LT/ ST Bk Fac      CARE BBB+/A2   200     Assigned
Ashok Leyland Ltd                     Long/ ST Bk Fac    CARE AA+/CARE  26000   Reaffirmed
                                                         A1+
Ashok Leyland Vehicles Ltd            LT Bk Fac          -              -       Withdrawn
Asian Tea And Exports Ltd             LT Bk Fac          CARE BB+       47.5    Revised from
                                                                                CARE BBB-
Aswini Apartments                     LT Bk Fac          CARE BBB-      70      Reaffirmed
Atc Telecom Infrastructure Pvt Ltd    LT Bk Fac          CARE AA-       19360   Reaffirmed
(Removed from credit watch)
Atria Convergence Technologies Ltd    LT Bk Fac          CARE A+        3099.4  Reaffirmed
Avanse Financial Services Ltd         Sub Debt           CARE A         750     Revised from
                                                                                CARE A
(Continues to be on credit watch with developing implications)
Avanse Financial Services Ltd         NCDs               CARE A+        4450    Revised from
                                                                                CARE A+
(Continues to be on credit watch with developing implications)
Avanse Financial Services Ltd         NCDs               CARE A+        6550    Revised from
                                                                                CARE A+
(Continues to be on credit watch with developing implications)
Avanse Financial Services Ltd         LT Bk Fac          CARE A+        19450   Revised from
                                                                                CARE A+
(Continues to be on credit watch with developing implications)
Avanse Financial Services Ltd         LT Bk Fac          CARE A+        2550    Revised from
                                                                                Provisional
                                                                                CARE A+
(Continues to be on credit watch with developing implications)
Azure Power India Pvt Ltd             LT Bk Fac          CARE A+        7944.6  Reaffirmed
Azure Power India Pvt Ltd             LT NonConvertible  CARE A+        1500    Reaffirmed
                                      Debentures
Azure Power India Pvt Ltd             LT / ST Bk Fac     CARE A+/A1+    8610    Reaffirmed
Azure Power India Pvt Ltd             LT / ST Bk Fac     CARE A+/A1+    5600    Reaffirmed
Badve Engineering Ltd                 LT Bk Fac (Fund    -              -       Withdrawn
                                      Based –Working
                                      capital)
Badve Engineering Ltd                 LT Bk FacTL        CARE A         15450   Reaffirmed
Badve Engineering Ltd                 Long/ST Bk Fac     CARE A/A1      1240    -
                                      (Non-Fund Based)
(Long term rating Reaffirmed, short term rating revised from CARE A2+)
Baid Leasing And Finance Co. Ltd.     LT Bk Fac          CARE BBB-      450     -
(Continues on credit watch with developing implications)
Baitarani Rice Mill                   LT Bk Fac          CARE B+        35.8    Assigned
Bajaj Allianz Life Insurance Company  CPA/Financial      CARE AAA (In)  -       Reaffirmed
Ltd.                                  Strength
Balaji Multiflex Pvt Ltd              LT Bk Fac          CARE A+        400     Reaffirmed
Balaji Multiflex Pvt Ltd              Long / ST Bk Fac*  CARE A+ /CARE  250     Reaffirmed
                                                         A1+
*reclassified from long-term to long-term/short
Banna Lal Jat Construction Pvt Ltd    LT Bk Fac          CARE BB-       40      Revised from
                                                                                CARE BB
Barmer Power Transmission Service Ltd LT Bk Fac          CARE A-        1412    Revised from
                                                                                CARE BBB+
Bee Gee Automobiles (Solan)           LT Bk Fac          CARE BB-       100     Assigned
Bengal Aerotropolis Projects Ltd      LT Bk Fac          CARE BB        1295.7  Revised from
                                                                                CARE D
Better Value Leasing And Finance Ltd  LT Bk Fac          CARE BBB-      270     Reaffirmed
(Placed on credit watch with developing implications)
Bharat Industries-Agra                LT Bk Fac          CARE BB-       3       Revised from
                                                                                CARE B+
Bharat Urban Infra Developers Pvt Ltd LT Bk Fac          CARE B+        55      Revised from
                                                                                CARE B
Bharati Vidyapeeth, Pune              LT Bk Fac          CARE A         2413    Revised from
                                                                                CARE A-
Bhilai Jaypee Cement Ltd              LT Bk Fac-TL       -              -       Withdrawn 2)
2) The rating for term loan of Rs.120 cr from SBI has been withdrawn as the same has been fully
repaid as per the bank statement
Bhilai Jaypee Cement Ltd              LT Bk Fac-CC       CARE D         500     Reaffirmed
Bindlas Duplux Ltd                    LT Bk Fac          CARE BBB-      305     Reaffirmed
Calyx Estate                          LT Bk Fac          -              -       Withdrawn
Catch Realty Pvt Ltd                  LT Bk Fac          CARE B+        60      Assigned
Christy Friedgram Industry            LT Bk Fac          CARE BBB       1500    Reaffirmed
(Removed from Credit watch with Negative implications)
Cleantech Solar Energy (India) Pvt LtdLT Bk Fac          CARE BBB       1919.1  Revised from
                                                                                CARE BBB-
Cms Computers Ltd                     LT/ST Bk Fac       -              -       Withdrawn
Creative Garments Pvt Ltd             LT Bk Fac (TL)     CARE BBB+      2.8     Reaffirmed
Creative Garments Pvt Ltd             Long/ST Bk Fac     CARE BBB+/A3+  1360    Reaffirmed
                                      (Fund based)
Creative Impression                   Long/ST Bk Fac     CARE B+ /CARE  57.5    Assigned
                                                         A4
Creative Textile Mills Pvt Ltd        Bk Fac-Fund Based  CARE BBB+      446     Reaffirmed
                                      - LT-TL
Creative Textile Mills Pvt Ltd        Bk Fac-Fund Based  CARE BBB+/A3+  2075    Reaffirmed
                                      - LT/
                                      ST-CC/PC/Bill Discounting
Crescent Power Ltd                    LT Bk Fac          CARE A         2657.9  Reaffirmed
Dakshin Haryana Bijli Vitran Nigam LtdIssuer Rating      CARE BB+ (Is)  -       Reaffirmed
Darbhanga Motihari Transmission Co. LtNCD Issue*         CARE AAA       8495    Reaffirmed
*NCD Issue is backed by discounting of future income receivables from Power Grid Corporation of
India Limited (PGCIL; rated CARE AAA; Stable/ CARE A1+). This is supplemented by a Trustee
monitored Structured Payment Mechanism (SPM) having tight Waterfall for servicing of the NCDs. 
Delhi Duty Free Services Pvt Limite   LT Bk Fac          CARE AA-       2782.5  Reaffirmed
Delhi Duty Free Services Pvt Limite   LT / ST Bk Fac     CARE AA-/A1+   248     Reaffirmed
Delhi Msw Solutions Ltd               LT Bk Fac-Cash     -              -       Withdrawn
                                      Credi
Delhi Msw Solutions Ltd               LT Bk Fac-TL       CARE AA-       1915.8  Revised from
                                                                                CARE BBB+
Delphi-Tvs Technologies Ltd (Formerly LT Bk Fac          CARE A         1607.4  Reaffirmed
Delphi Tvs Diesel Systems Ltd)
Delphi-Tvs Technologies Ltd (Formerly Long/ ST Bk Fac    CARE A/A1      250     Assigned
Delphi Tvs Diesel Systems Ltd)
Dena Bank                             Perpetual Bonds@   CARE A         1250    Reaffirmed
@
CARE has rated the aforesaid Perpetual Bonds after taking into consideration their increased
sensitivity to Dena Bank’s Capital Adequacy Ratio (CAR), capital raising ability and
profitability during the long tenure of the instruments. The rating factors in the additional
risk arising due to the existence of the lock-in clause in hybrid instruments. Any delay in
payment of interest/principal (as the case may be) following invocation of the lock-in-clause,
would constitute as an event of default as per CARE’s definition of default and as such these
instruments may exhibit a somewhat sharper migration of the rating compared with conventional
subordinated debt instruments
Dena Bank                             Tier II Bonds      CARE A+        7800    Reaffirmed
                                      (Basel III
                                      compliant)
Dena Bank                             Lower Tier II      CARE A+        2000    Reaffirmed
                                      Bonds - Series XI
Dena Bank                             Lower Tier II      CARE A+        12000   Reaffirmed
                                      Bonds – Series XII
Dena Bank                             Tier II Bonds      CARE A+        4000    Reaffirmed
                                      (Basel III
                                      compliant)
Deoband Highways Pvt Ltd              LT Bk Fac          CARE BBB-      3740.6  Reaffirmed
Devyani Food Industries Ltd           LT Bk Fac          CARE A-        720     Revised from
                                                                                CARE A-
Devyani Food Industries Ltd           Long/ST Bk Fac     CARE A-/A2+    4450    Revised from
                                                                                CARE A-/A2+
Dhruv Industries Ltd                  LT Bk Fac          CARE BB+       90.3    Reaffirmed
Dmi Finance Pvt Ltd                   LT Bk Fac          CARE AA-       9000    Reaffirmed
Dmi Finance Pvt Ltd                   NCDs               CARE AA-       5000    Reaffirmed
Dmi Housing Finance Pvt Ltd           LT Bk Fac - CC@    CARE AA-       250     Reaffirmed
@ Based on unconditional and irrevocable corporate guarantee by DMI Finance Private Limited
Dmi Housing Finance Pvt Ltd           LT Bk Fac –TL@     CARE AA-       325.5   Reaffirmed
@ Based on unconditional and irrevocable corporate guarantee by DMI Finance Private Limited
Dmi Housing Finance Pvt Ltd           LT Bk Fac – TL (%) Provisional    424.5   Reaffirmed
                                                         CARE AA-
% Based on proposed unconditional and irrevocable corporate guarantee by DMI Finance Private
Limited
Dolvi Coke Projects Ltd               LT Bk Fac Fund     CARE BBB+      12000   -
                                      based
(Continues on Credit Watch)
Dolvi Coke Projects Ltd               LT Bk Fac Non-     CARE BBB+      13000   -
                                      Fund based
(Continues on Credit Watch)
Dolvi Coke Projects Ltd               LT/ ST Bk          CARE BBB+/A2   3900    -
                                      Fac-FB/Nonfund base
(Continues on Credit Watch)
Dtc Projects Pvt Ltd                  LT Bk Fac          CARE BBB-      0.1     Reaffirmed
Dtc Projects Pvt Ltd                  Proposed LT Bk Fac CARE BBB-      250     Assigned
Dyna Filters Pvt Ltd                  LT Bk Fac          CARE BB-       140.6   Reaffirmed
Ebixcash World Money Ltd              LT Bk Fac          CARE A-        1478.1  Reaffirmed
(Removed from credit watch)
Ebixcash World Money Ltd              Proposed LT / ST   CARE A-/A2     159     Reaffirmed
                                      Bk Fac
(Removed from credit watch)
Ecstasy Realty Pvt Ltd                NCD issue          CARE BB+       6000    -
(Placed on credit watch with negative implications)
Ecstasy Realty Pvt Ltd                LT Bk Fac – TL     CARE BB+       -       -
(Placed on credit watch with negative implications)
Eden Realty Ventures Pvt Ltd          LT Bk Fac          CARE BBB-      917.5   Reaffirmed
Essential Hospitality Pvt Ltd         NCD issue          CARE BBB+      955.7   Revised from
                                                                                CARE A
Etawah-Chakeri (Kanpur) Highway Pvt LtLT Bk Fac          CARE BB        13752   Reaffirmed
Etc Agro Processing (India) Pvt Ltd   LT/ST Bk Fac (fund CARE BBB /CARE 1500    -
                                      based/nonfund      A3
                                      based)
(ISSUER NOT COOPERATING)
Etg Agro Pvt Ltd                      LT/ST Bk Fac (fund CARE BBB/A3    1000    -
                                      based/nonfund
                                      based)
(ISSUER NOT COOPERATING)
Eureka Forbes Ltd                     LT Bk Facilitie    CARE A+        2615    Revised from
                                                                                CARE AA-
Eureka Forbes Ltd                     Issuer Rating      CARE A+ (Is)   -       Revised from
                                                                                CARE AA-
Fair Deal Food Ventures Pvt Ltd       LT Bk Fac          CARE BBB       350     Reaffirmed
(Removed from credit watch)
Farmers Fortune (India) Pvt Ltd       LT Bk Fac          CARE BBB+      196     Reaffirmed
Farmers Fortune (India) Pvt Ltd       Long/ST Bk Fac –   CARE BBB+/A2   50      Reaffirmed
                                      Fund based/ Non
                                      Fund based
Farmico Cold Chain And Logistics Ltd  LT Bk Fac          CARE B+        247.5   Assigned
Financial Software And Systems Pvt LtdLT Bk Fac          CARE A-        7098    Reaffirmed
Finfoot Lifestyle Pvt Ltd             LT Bk Fac          CARE B-        105.2   Revised from
                                                                                CARE B-
Forbes And Co. Ltd                    LT Bk Fac          CARE A+        1100    Revised from
                                                                                CARE AA-
Forbes And Co. Ltd                    Proposed NCD       CARE A+        1000    Revised from
                                                                                CARE AA-
Friends Bulk Handlers Ltd             LT Bk Fac          CARE BBB-      341.3   Reaffirmed
Friends Salt Works & Allied IndustriesLT Bk Fac          CARE BBB       2585.8  Revised from
                                                                                CARE BBB+
Friends Salt Works & Allied IndustriesLT/ST Bk Fac       CARE BBB/A3    450     Revised from
                                                                                CARE BBB+/A3+
G D Metsteel Pvt Ltd                  LT Bk Fac          CARE BB+       270     Revised from
                                                                                CARE BB-
Gautam Freight Pvt Ltd                LT Bk Fac          CARE BBB+      217.5   Reaffirmed
Gill & Company Pvt Ltd                LT– Fund Based     CARE BBB-      1550    Reaffirmed
Giriraj Exim Pvt Ltd                  LT/ST Bk Fac (fund CARE BB+/CARE  700     -
                                      based)             A4+
(Issuer not cooperating; Based on best available information)
Gkb Lens Pvt Ltd                      LT Bk Fac          CARE BBB-      130     Reaffirmed
Gkb Lens Pvt Ltd                      Long/ST Bk Fac     CARE BBB-/A3   10      Reaffirmed
Gmr Infrastructure Ltd                LT Bk Fac          CARE BB        13725.9 -
(Rating placed under credit watch with positive implications)
Gmr Infrastructure Ltd                NCD issue          CARE BB        4325    -
(Rating placed under credit watch with positive implications)
Godavari Biorefineries Ltd            LT Bk Fac (TL)     CARE BBB-      2500    Reaffirmed
Godavari Biorefineries Ltd            LT Bk Fac (Fund    CARE BBB-      4000    Reaffirmed
                                      Based)
Godavari Biorefineries Ltd            NCD Issue          CARE BBB-      650     Reaffirmed
Gopalpur Ports Ltd                    Fund Based Bk      CARE AA-       14000   -
                                      FacLT TL
(CLC^/ LOU^ sublimit of 600.00)/ ^CLC – Capex Letter of Credit; ^LOU – Letter of Undertaking for
Buyer’s Credit/ (Continues on credit watch with developing implications) 
Gopalpur Ports Ltd                    Non Fund Based Bk  CARE AA-       500     -
                                      Fac – BG
Continues on credit watch with developing implication
Gopalpur Ports Ltd                    Fund Based – CC    CARE AA-       250     -
                                      Limits
Continues on credit watch with developing implication
Gopalpur Ports Ltd                    LER* Limit - LT    CARE AA-       250     -
                                      (Derivative)
                                      Facility
Continues on credit watch with developing implication
Gopi Synthetics Pvt Ltd               LT Bk Fac          CARE BBB       1104.3  -
(Issuer Not Cooperating; Based on best available information)
Gopi Synthetics Pvt Ltd               LT / ST Bk Fac     CARE BBB /CARE 35      -
                                                         A3+
(Issuer Not Cooperating; Based on best available information)
Goswami Infratech Pvt Ltd             NCDs (NCDs) issue* CARE AA+       6000    Reaffirmed
* backed by joint and several Credit Support Undertaking (CSU) from S C Finance and Investments
Pvt Ltd, S P Finance Pvt Ltd, Cyrus Investments Pvt. Ltd and Sterling Investment Corporation
Pvt. Ltd; jointly referred to as Credit Support Providers (CSPs); to unconditionally and
irrevocably ensure timely servicing of rated debt obligations. 
Goswami Infratech Pvt Ltd             NCDs (NCDs) issue* CARE AA+       3750    Assigned
* backed by joint and several Credit Support Undertaking (CSU) from S C Finance and Investments
Pvt Ltd, S P Finance Pvt Ltd, Cyrus Investments Pvt. Ltd and Sterling Investment Corporation
Pvt. Ltd; jointly referred to as Credit Support Providers (CSPs); to unconditionally and
irrevocably ensure timely servicing of rated debt obligations. 
Goverdhan Energy And Petrochemicals PvLT Bk Fac          CARE BB        191.4   -
Ltd
(Issuer not cooperating; Based on basis of best available information)
Goverdhan Energy And Petrochemicals PvLT/ST Bk Fac       CARE BB /CARE  50      -
Ltd                                                      A4+
(Issuer not cooperating; Based on basis of best available information)
Great Wall Corporate Services Pvt Ltd LT Bk Fac          CARE BB        157.9   Revised from
                                                                                CARE BB+
(Issuer not cooperating)
Great Wall Corporate Services Pvt Ltd LT/ST Bk Fac       CARE BB /CARE  10      Revised from
                                                         A4                     CARE BB+ /
                                                                                CARE A4+
(Issuer not cooperating)
Green Infra Btv Ltd (Gibtvl)          LT Bk Fac          CARE BBB+      85.7    Reaffirmed
Green Infra Corporate Solar Ltd       LT Bk Fac          CARE A         880.6   Revised from
                                                                                CARE A-
Green Infra Corporate Solar Ltd       LT Bk Fac          CARE AA-       5344.3  Revised from
                                                                                CARE A-
Green Infra Corporate Wind Ltd        LT Bk Fac          CARE AA-       618     Revised from
                                                                                CARE A+
Green Infra Solar Energy Ltd (Gisel)  LT Bk Fac (TL)     -              -       Withdrawn
Green Infra Solar Energy Ltd (Gisel)  LT Bk Fac          CARE A+        50      Revised from
                                      (optionally                               CARE A
                                      convertible debenture)
Green Infra Wind Energy Assets Ltd    LT Bk Fac (TL)     -              -       Withdrawn
(Giweal)
Green Infra Wind Energy Assets Ltd    LT Bk Fac          CARE A-        70      Reaffirmed
(Giweal)                              (optionally
                                      convertible debenture)
Green Infra Wind Power Ltd            LT Bk Fac          CARE AA-       605     Revised from
                                                                                CARE A+
Green Infra Wind Power Theni Ltd      LT Bk Fac (TL)     -              -       Withdrawn
Green Infra Wind Power Theni Ltd      LT Bk Fac          CARE A-        0       Reaffirmed
                                      (optionally
                                      convertible debenture)
Grow India Realcon Llp                LT Bk Fac          CARE BB-       500     -
(Issuer not cooperating; Based on basis of best available information)
Gufic Biosciences Ltd.                LT Bk Fac (CC)     CARE BBB-      820     -
(Continues on credit watch with developing implications)
Gufic Biosciences Ltd.                LT Bk Fac (TL)     CARE BBB-      54.3    -
(Continues on credit watch with developing implications)
Gufic Biosciences Ltd.                LT/ ST Bk Fac      CARE BBB-/A3   155.7   -
                                      (fund based and
                                      nonfund based)
(Continues on credit watch with developing implications)
H. P. Rajyaguru                       LT Bk Fac          CARE BB-       90      Reaffirmed
Hadoti Power Transmission Service Ltd LT Bk Fac          CARE BBB+      1720    Revised from
                                                                                CARE BBB+
Hal Offshore Ltd                      LT Bk Fac          CARE BBB       2030    Reaffirmed
(Removed from credit watch)
Haldiram Bhujiawala Ltd               LT Bk Fac          CARE BBB+      464.1   Reaffirmed
Haresh Petrochem Pvt Ltd              LT Fund Based Bk   CARE BB        100     Reaffirmed
                                      Fac
Hawa Vales (India) Pvt Ltd            LT Bk Fac          CARE BBB-      646.7   Revised from
                                                                                CARE BBB
Hawa Vales (India) Pvt Ltd            LT / Shortterm Bk  CARE BBB-/A3   1000    Revised from
                                      Fac                                       CARE BBB
Hyderabad Integrated Msw Ltd          LT Bk Fac (ii)     -              -       Withdrawn
Hyderabad Integrated Msw Ltd          LT Bk Fac (i) @    CARE AA-       0       Revised from
                                                                                CARE BBB+
@Backed by credit enhancement in the form of unconditional and irrevocable corporate guarantee
by Ramky Enviro Engineers Ltd. [rated ‘CARE AA-; Stable/CARE A1+]
I - Design Engineering Solutions Ltd  LT Fac             CARE BB+       0.3     Reaffirmed
I - Design Engineering Solutions Ltd  LT Fac             CARE BBB       32.4*   Revised from
                                                                                CARE BBB-
*backed by unconditional and irrevocable guarantee of RSB Transmission (I) Ltd
Ind Swift Laboratories Ltd            LT Bk Fac          CARE C         961     Assigned
Indiabulls Commercial Credit Ltd      LT Bk Fac          CARE AAA       150000  Reaffirmed
Indiabulls Estate Ltd                 LT - Bk Fac –      CARE AA-       170     Reaffirmed
                                      Nonfund Based – BG
Indiabulls Infraestate Ltd            NCD Issue          -              -       Withdrawn
Indiabulls Infraestate Ltd            Proposed           Provisional    7500    Assigned
                                      NonConvertible     CARE AA-
                                      Debenture Issue
Indiabulls Properties Pvt Ltd         NCD                -              -       Withdrawn
Indiabulls Properties Pvt Ltd         LT - Bk Fac – LRD* CARE AA-       25445.6 Reaffirmed
*backed by an unconditional and irrevocable corporate guarantee from Indiabulls Real Estate
Limited
Indiabulls Properties Pvt Ltd         LT/ST - Bk Fac –   CARE AA-       300     Reaffirmed
                                      BG*
Indiabulls Real Estate Company Pvt LtdLT - Bk Fac – LRD* CARE AA-       21901   Reaffirmed
*backed by an unconditional and irrevocable corporate guarantee from Indiabulls Real Estate
Limited
Indiabulls Real Estate Company Pvt LtdLT - Bk Fac – TL*  CARE AA-       5000    Reaffirmed
*backed by an unconditional and irrevocable corporate guarantee from Indiabulls Real Estate
Limited
Indiabulls Real Estate Ltd            NCD issue          -              -       Withdrawn
Indiabulls Real Estate Ltd            NCD Issue*         CARE AA        2250    Reaffirmed
*The above rating is based on the credit enhancement in the form of Debt Service Reserve Account
(DSRA) equivalent to at least 25.50% of the outstanding amo
Indiabulls Real Estate Ltd            LT - Bk Fac – TL   CARE AA-       5425    Reaffirmed
Indiabulls Real Estate Ltd            LT - Bk Fac – BG   CARE AA-       987.3   Reaffirmed
Indiabulls Real Estate Ltd            NCD issue          CARE AA-       14850   Reaffirmed
Indiabulls Real Estate Ltd            Proposed           CARE AA-       750     Reaffirmed
                                      NonConvertible
                                      Debenture Issue
Indiabulls Real Estate Ltd            Proposed           CARE AA-       1000    Reaffirmed
                                      NonConvertible
                                      Debenture Issue
Indospace Industrial Park Oragadam    LT Bk Fac          CARE A-        967     Revised from
Walajabad Ltd                                                                   CARE A-
Industrial Energy Ltd                 LT Bk Fac          CARE AA        6604.2  Reaffirmed
Infinite Water Solutions Pvt Ltd      LT Bk Fac          CARE BBB       30      Revised from
                                                                                CARE BBB+
Intas Pharmaceuticals Ltd             LT/ ST Bk Fac      CARE AA /CARE  11000   Revised from
                                                         A1+                    CARE AA
Integrated Coal Mining Ltd            LT Bk Fac          CARE A-        333.8   Reaffirmed
Integrated Service Point Pvt Ltd      LT Bk Fac          CARE BB-       135     Reaffirmed
J.S Industries                        LT Bk Fac          CARE B         60      Assigned
J.S Industries                        Proposed           CARE B/A4      40      Assigned
                                      LT/Shortterm Bk Fac
Jain Irrigation Systems Ltd           LT Bk Fac          CARE BBB+      24332   Revised from
                                                                                CARE A-
Jaiprakash Associates Ltd             LT Bk Fac          CARE D         212449.7Reaffirmed
Jaiprakash Associates Ltd             LT/ST Bk Fac       CARE D         54572.3 Reaffirmed
Jaiprakash Associates Ltd             LT NCDs            CARE D         14382.3 Reaffirmed
                                      (aggregate) IV,
                                      VIII, X, XI, XII, XIII
Jaiprakash Power Ventures Ltd         LT Bk Fac          CARE D         114746.5Reaffirmed
Jaipur-Mahua Tollway Ltd              LT Bk Fac          CARE AA        1252.7  Revised from
                                                                                CARE AA-
Jaipur-Mahua Tollway Ltd              LT Instrument      CARE AA        1552.2  Revised from
                                                                                CARE AA-
Jas Toll Road Co. Ltd                 LT Bk Fac          CARE B+        579.7   Reaffirmed
Jaypee Cement Corporation Ltd         LT Bk Fac          CARE D         23129.4 Reaffirmed
Jp Iscon Pvt Ltd                      LT Bk Fac          CARE BBB+      2600.7  Reaffirmed
Jp Iscon Pvt Ltd                      LT / ST Bk Fac     CARE BBB+/A2   400     Assigned
Jsw Steel Ltd                         LT Bk Fac – TL     CARE AA        314891.6Reaffirmed
Jsw Steel Ltd                         LT Bk Fac – Fund   CARE AA        13860   Reaffirmed
                                      Based
Jsw Steel Ltd                         NCDs               CARE AA        51843.8 Reaffirmed
Jsw Steel Ltd                         Issuer Rating^     CARE AA (Is)   -       Reaffirmed
^The rating is subject to the company maintaining overall gearing not exceeding 2.10 times
(overall gearing projected as on March 31, 2019).
Jsw Steel Ltd                         Long/ST Bk Fac –   CARE AA/A1+    100704.7Reaffirmed
                                      Non Fund Based
Kandla Agro And Chemicals Pvt Ltd     LT Bk Fac          CARE BBB       68.6    Reaffirmed
Kandla Agro And Chemicals Pvt Ltd     LT/ ST Bk Fac      CARE BBB/A3+   2300    Reaffirmed
Kanoria Chemicals & Industries Ltd    LT Bk Fac – TL     CARE A+        730     Assigned
Kanoria Chemicals & Industries Ltd    LT Bk Fac          CARE A+        100     Reaffirmed
Kanoria Chemicals & Industries Ltd    Long/ST Bk Fac     CARE A+/A1+    140     Reaffirmed
Kashi Vishwanath Stone Crusher        LT Bk Fac          CARE B+        50      Assigned
Kbk Chem-Engineering Pvt              LT Bk Fac          CARE B-        60      Reaffirmed
Krishnapatnam Port Co. Ltd            LT Bk              CARE A         58621.6 Revised from
                                      FacRefinanced                             CARE A
                                      facility-TL
Krishnapatnam Port Co. Ltd            LT Bk Fac –        CARE A         2849    Revised from
                                      External                                  CARE A
                                      commercial borrowing
Krishnapatnam Port Co. Ltd            LT Bk Fac – CC     CARE A         3000    Revised from
                                                                                CARE A
Krishnapatnam Port Co. Ltd            LT/ST Bk Fac-BGs   CARE A/A1      2000    Revised from
                                                                                CARE A/A1
L&T Geostructure Llp                  LT Bk Fac- TL@     -              -       Withdrawn
L&T Geostructure Llp                  LT Bk Fac          CARE A+        700     Revised from
                                                                                CARE A
L&T Geostructure Llp                  LT/ST Bk Fac       CARE A+/A1+    2700    Revised from
                                                                                CARE A/A2+
Latin Manharlal Securities Pvt Ltd    LT Bk Fac          CARE BB-       92      Reaffirmed
Laxmi Oil And Vanaspati Pvt Ltd       LT Bk Fac          CARE BB        500     Revised from
                                                                                CARE BBB-
Laxmi Rice Mills - Muktsa             LT Bk Fac          CARE B         128.3   Assigned
Lbtex Pvt Ltd                         LT Bk Fac #        CARE BB+       321.7   Revised from
                                                                                CARE BBB-
# backed by first charge on the escrow of its entire receivables from Arvind Limited (Arvind;
rated CARE AA; Stable/CARE A1+)
Leena Powertech Engineers Pvt Ltd     LT Bk Fac          CARE BBB+      250     Reaffirmed
Leena Powertech Engineers Pvt Ltd     LT / ST Bk Fac     CARE BBB+/A2   1140    Reaffirmed
Lexi Pvt Ltd                          LT Bk Fac          CARE BBB       90      Reaffirmed
Lucid Colloids Ltd                    LT Bk Fac          CARE BB-/CARE  1130    Reaffirmed
                                                         A4
Lucina Land Development Ltd           LT - Bk Fac – TL   CARE AA-       4200    Reaffirmed
Lucina Land Development Ltd           LT - Bk Fac – TL   CARE AA-       2000    Final Rating
M/S Fashion Accessories               Bk Fac-Fund        CARE BBB-      125.9   Reaffirmed
                                      Based-LT -TL
M/S Fashion Accessories               Bk Fac-Fund        CARE BBB-/A3   350     Reaffirmed
                                      Based-LT/STEPC/PCFC
Madan Udyog Pvt Ltd                   LT Bk Fac          CARE BB        100     Assigned
Mahalaxmi Vidyut Pvt Ltd              LT Bk Fac          CARE BBB+      18.3    Reaffirmed
Mahati Industries Pvt Ltd             LT Bk Fac          CARE BBB-      195.6   Reaffirmed
Mahindra & Mahindra Ltd               LT Bk Fac          CARE AAA       1840    Reaffirmed
Manali Petrochemicals Ltd             LT Bk Fac          CARE A-        500     Reaffirmed
Manba Finance Ltd                     LT Bk Fac          CARE BBB+      1322.3  Reaffirmed
Manipal Health Systems Pvt Ltd        LT Bk FacStandby   CARE BBB-      1250^   Reaffirmed
                                      LOC
^equivalent to USD 17.25 million, forward exchange rate of 1USD equivalent to Rs.72.46
Mariana Infrastructure Ltd            LT - Bk Fac – TL   CARE AA-       1000    Assigned
Matix Fertilizers And Chemicals Ltd   LT Bk Fac          CARE D         43050   -
(Issuer not cooperating; based on best available information)
Mediaguru Solutions Pvt Ltd           LT Bk Fac          CARE BB        20      Revised from
                                                                                CARE BB-
Mediaguru Solutions Pvt Ltd           LT/ST Bk Fac       CARE BB/A4     60      Revised from
                                                                                CARE BB-/A4
Medicare Environmental Management Pvt LT Bk Fac-TL       -              -       Withdrawn
Ltd
Megaplast India Pvt Ltd               LT Bk Fac          CARE BBB       100     Reaffirmed
Megaplast India Pvt Ltd               LT / ST Bk Fac     CARE BBB/A3+   200     Reaffirmed
Memco Engineering Pvt Ltd             LT Bk Fac          CARE A @       59.7    Assigned
@ The above ratings are based on the credit enhancement in the form of an unconditional and
irrevocable corporate guarantee provided by Precision Camshafts
Memco Engineering Pvt Ltd             LT Bk Fac /ST Bk   CARE A @/A1@   80      Assigned
                                      Fac
@ The above ratings are based on the credit enhancement in the form of an unconditional and
irrevocable corporate guarantee provided by Precision Camshafts Limited (PCL) for the bank
facilities of MEMCO Engineering Private Limited (MEMCO)
Micro Therapeutic Research Labs Pvt LtLT Bk Fac          CARE B-        146.2   Revised from
                                                                                CARE B
(Issuer Not Cooperating)
Midwest Granite Pvt Ltd               Issuer Rating      CARE BBB       -       Revised from
                                                                                CARE BBB (Is)
Mkj Tradex Ltd                        LT Bk Fac          CARE BBB       850     Reaffirmed
Modern Insulators Ltd                 LT Bk Fac (Fund    CARE BBB-      1460    Reaffirmed
                                      Based)
Motherson Advanced Tooling Solutions  LT Bk Fac (TL)     -              -       Withdrawn
Motherson Advanced Tooling Solutions  LT Bk Fac (CC      -              -       Withdrawn
Mulanur Renewable Energy Pvt Ltd      LT Bk Fac          CARE A-        1223    Reaffirmed
Multiland Electronics Pvt Ltd         LT Bk Fac          CARE B         50      Assigned
Mumbai Waste Management Ltd           Long/ST Bk         -              -       Withdrawn
                                      Fac-BG/LOC
Mumbai Waste Management Ltd           LT Bk FacTL (i)@   CARE AA-       0.1     Rating
                                                                                revised from
                                                                                CARE BBB+
(Removed from credit watch)/@Backed by credit enhancement in the form of unconditional and
irrevocable corporate guarantee by Ramky Enviro Engineers Ltd. 
[rated ‘CARE AA-; Stable/CARE A1+’]
Mumbai Waste Management Ltd           LT Bk FacCC (ii)^  Provisional    0.1     Rating
                                                         CARE AA-               revised from
                                                                                CARE BBB+
(Removed from credit watch)/^Proposed unconditional and irrevocable corporate guarantee to be
extended by Ramky Enviro Engineers Limited for the cash credit facility
Muthoot Fincorp Ltd                   LT Bk Fac          CARE A-        28316.6 Reaffirmed
Myco Infra Pvt Ltd                    LT Bk Fac          CARE BB        106.3   Revised from
                                                                                CARE B+
Nalli Trust                           LT Bk Fac          CARE BBB+      1103.1  -
(Issuer did not co-operating)
Natural Food Products                 LT Bk Fac          CARE BBB       660     Reaffirmed
(Removed from credit watch)
Navin Fluorine International Ltd      LT Bk Fac (Fund    CARE AA        850     Reaffirmed
                                      based)
Navin Housing And Properties Pvt Ltd  LT Bk Fac          CARE BBB-      523     Reaffirmed
Ndore Municipal Corporation           Issuer Rating      -              -       Withdrawn
Nelco Ltd                             LT Bk Fac          CARE A         1596    Reaffirmed
Nelco Ltd                             LT / ST Bk Fac     CARE A /CARE A1504.4   Reaffirmed
Netmagic It Services Pvt Ltd          LT Bk Fac – TL     CARE AA        800     Revised from
                                                                                CARE AA-
Netmagic It Services Pvt Ltd          LT Bk Fac – Fund   CARE AA        200     Revised from
                                      Based                                     CARE AA-
Ngrt Systems Pvt Ltd                  LT Bk Fac          CARE BBB-      150     -
(Issuer not Co-operating)
Nirosha Power Pvt Ltd                 LT Bk Fac          CARE BBB       1673.2  Reaffirmed
Nutech Appliances                     LT Bk Fac          CARE B         30      Reaffirmed
Opg Power Generation Pvt Ltd          LT Bk Fac          CARE BBB+      10121.7 Revised from
                                                                                CARE A+
Optus Laminates Pvt Ltd               LT Bk Fac          CARE BB        90      -
(Issuer not cooperating)
Optus Laminates Pvt Ltd               LT/ST Bk Fac       CARE BB/A4     115     -
(Issuer not cooperating)
Orient Abrasives Ltd                  LT Bk Fac          CARE A-        988.5   Revised from
                                                                                CARE A
Oriental Pathways (Indore) Pvt Ltd    LT Bk Fac (Senior  CARE A-        1439.5  Reaffirmed
                                      Debt)
Oriental Pathways (Indore) Pvt Ltd    NCDs (NCDs)        CARE A-        1846.4  Reaffirmed
Oriental Structural Engineers Pvt Ltd LT Bk Fac – TL     CARE A-        5340.6  Reaffirmed
Oriental Structural Engineers Pvt Ltd LT/ST Bk Fac –     CARE A-/A2+    12500   Reaffirmed
                                      LC/BG
Ostro Anantapur Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Ostro Anantapur Pvt Ltd               LT Bk Fac          CARE BBB       1000    Reaffirmed
Ostro Jaisalmer Pvt Ltd               LT Bk Fac          -              -       Withdrawn
Ostro Jaisalmer Pvt Ltd               LT Bk Fac          CARE BBB+      1450    Reaffirmed
Ostro Madhya Wind Pvt Ltd             LT Bk Fac          -              -       withdrawn
Ostro Madhya Wind Pvt Ltd             LT Bk Fac          CARE BBB+      1477.5  Reaffirmed
Ostwal Phoschem (India) Ltd           LT Bk Fac          CARE BBB       120     Reaffirmed
Paragon Polymer Products Pvt Ltd      LT Bk Fac          CARE BBB+      529.8   Revised from
                                                                                CARE A-
Paragon Polymer Products Pvt Ltd      LT/ST Bk Fac       CARE BBB+/A2   1810    Revised from
                                                                                CARE A-/A2+
Pasupati Acrylon Ltd                  LT Bk Fac          CARE BBB+      113.6   Reaffirmed
Patanjali Ayurved Ltd                 LT Bk Fac          CARE A+        17121.5 Revised from
                                                                                CARE AA-
Patanjali Ayurved Ltd                 LT/ST Bk Fac-      CARE A+/A1     1000    Revised from
                                      Non-fund based                            CARE AA-/A1+
Patanjali Ayurved Ltd                 LT/ST Bk Fac- FB   CARE A+/A1     6733.3  Revised from
                                                                                CARE AA-/A1+
Perigee Infratech Pvt Ltd             LT Bk Fac          -              -       Withdrawn
Perigee Infratech Pvt Ltd             LT Bk Fac*         CARE BB+       242.7   Reaffirmed
*The rating is based on the unconditional and irrevocable corporate guarantee deed for bank
facilities of Rs. 25 cr from SG Estates Limited
Pnp Maritime Services Pvt Ltd         LT Bk Fac^         CARE AA-       1051.5  -
^ An unconditional and irrevocable corporate guarantee from Shapoorji Pallonji and Company
Private Limited [SPCPL,rated CARE AA(Credit Watch with Developing Implications)/A1+] for
maintaining revolving Debt Service Reserve Account DSRA) for an amount payable towards one
quarter interest and one quarter principal for immediately succeeding quarter during the tenure
of the facility. However, upon occurrence of an Event of Default, the accelerated repayments of
the utstanding loan will not be covered by DSRA guarantee, and shall be restricted to next
scheduled debt servicing bligation.
Pnp Maritime Services Pvt Ltd         LT Bk Fac          CARE BBB+      674.3   Reaffirmed
Precision Power Products (India) Pvt LLT Bk Fac          CARE BB-       78.9    Revised from
                                                                                CARE BB-
(Issuer not co-operating)
Process Construction And Technical    LT Bk Fac          CARE D         158     -
Services Pvt Ltd
(Issuer Not Cooperating; Based on best available information)
Process Construction And Technical    LT / ST Bk Fac     CARE D         667     -
Services Pvt Ltd
(Issuer Not Cooperating; Based on best available information)
Ps Group Realty Pvt Ltd               LT Bk Fac          CARE A-        2254.7  Reaffirmed
Pt Armada Gema Nusantara              LT Bk Fac          CARE A-        24703.4*Reaffirmed
*INR equivalent of USD 358 Million
Pt Barasentosa Lestari                LT Bk Fac (TL)^    CARE BB        2208    -
(Continues to be on credit watch, with positive implications)/ ^The facility is backed by
unconditional and irrevocable corporate guarantee provided by GMR Infrastructure Ltd. (GIL)
rated CARE BB/CARE A4; under credit watch with positive implications.
Pune Metagraph                        LT Bk Fac          CARE BBB       134.5   Reaffirmed
Punjab State Power Corporation Ltd    LT Bk Fac (TL)     CARE BB+       34166.3 Reaffirmed
Punjab State Power Corporation Ltd    LT Bk Fac (Fund    CARE BB+       8600    Reaffirmed
                                      Based)
Punjab State Power Corporation Ltd    Non-SLR Bonds*     CARE BBB       244     Reaffirmed
*based on the credit enhancement in the form of unconditional and irrevocable guarantee provided
by Government of Punjab (GoP).
Quest Properties India Ltd            LT Bk Fac          CARE A-        1523.9  Reaffirmed
R. K. Marble Pvt Ltd                  LT Bk Fac          CARE A         1300    Revised from
                                                                                CARE A+
R. K. Marble Pvt Ltd                  LT / Short - term  CARE A/A1+     510     Revised from
                                      Bk Fac                                    CARE A+/A1+
R.R Business Pvt Ltd                  Long/ST Bk Fac     CARE BB /CARE  148     Reaffirmed
                                                         A4
Radiance Realty Developers India Ltd  LT Bk Fac          CARE BBB+      1418.6  Reaffirmed
Radiance Realty Developers India Ltd  NCD                CARE BBB+      825     Assigned
Railway Energy Management Co. Ltd     LT - Bk Fac - Fund CARE AA        505.6   Reaffirmed
(Remcl)                               Based – TL
Ramachandra Educational Trust         LT Bk Fac          CARE BBB       517.5   Revised from
                                                                                CARE BBB-
Ramky Enviro Engineers Ltd            LT Bk Fac          CARE AA-       850.1   Rating
                                                                                revised from
                                                                                CARE BBB+
(Removed from credit watch)
Ranga Particle Board Industries Ltd   LT Bk Fac          CARE BB-       995     -
(Issuer not cooperating; Based on best available information)
Rashi Peripherals Pvt Ltd             LT Bk Fac          CARE A-        4877    Assigned
Rashmi Cement Ltd                     LT Bk Fac          CARE BBB+      300     Revised from
                                                                                CARE A-
Rashmi Metaliks Ltd                   LT Bk Fac          CARE BBB+      600     Revised from
                                                                                CARE A-
(Issuer not cooperating)
Rasi Nutri Foods                      LT Bk Fac          CARE BBB       400     Reaffirmed
(Removed from credit watch)
Raxa Security Services Ltd            LT Bk Fac @        CARE BB        2210    -
(Rating placed under credit watch with positive implications)/@ backed by unconditional and
irrevocable corporate guarantee of GMR Infrastructure Limited (GIL; rated CARE BB; Under credit
watch with positive implications)
Raxa Security Services Ltd            Long/ST Bk Fac@    CARE BB/A4     50      -
(Rating placed under credit watch with positive implications)/@ backed by unconditional and
irrevocable corporate guarantee of GMR Infrastructure Limited (GIL; rated CARE BB; Under credit
watch with positive implications) 
Reliance General Insurance Company LtdSubordinated Debt  CARE AA-       2540    Revised from
                                      issue                                     CARE AA
Renew Wind Energy (Budh 3) Pvt Limi   LT Bk Fac          CARE BBB       917     Reaffirmed
Rishi Reality Leasing Services Pvt LtdLT Bk Fac          CARE BB+       152.5   Reaffirmed
Rivipac Polymers Pvt Ltd              LT Bk Fac          CARE B         29.6    Reaffirmed
Rivipac Polymers Pvt Ltd              Long / ST Bk Fac   CARE B/A4      28.5    Reaffirmed
Roha Dyechem Pvt. Ltd                 Bk Fac - LT-TL     CARE A-        3098.8  Reaffirmed
Roha Dyechem Pvt. Ltd                 Bk Fac-FB - LT/    CARE A-/A2+    1350    Reaffirmed
                                      ST-CC/PC/Bill
                                      Discounting
Rsb Castings Ltd                      LT Bk Fac          CARE BBB       610     Revised from
                                                                                CARE BBB-
Rsb Transmissions (I) Ltd             LT Bk Fac          CARE BBB       6314.3  Revised from
                                                                                CARE BBB-
S. D. Corporation Pvt Ltd             NCD^               CARE AA        15050   -
(Continues on credit watch with developing implications)
Saija Finance Pvt Ltd                 NCDs               CARE BBB-      234.5^  Reaffirmed
^equivalent USD 4 Mn
Saija Finance Pvt Ltd                 NCDs               CARE BBB-      200&    Reaffirmed
& equivalent of approximately USD 3.1 million
Saija Finance Pvt Ltd                 NCDs               CARE BBB-      234.5*  Reaffirmed
*equivalent to approximately USD 3.5 m
Sanghvi Foods Pvt Ltd                 LT Bk Fac          CARE A-        783.6   Reaffirmed
Sanmar Matrix Metals Ltd (Smml)       LT Bk Fac          CARE A         767.7   Revised from
                                                                                CARE BBB-
Sanmar Matrix Metals Ltd (Smml)       LT /ST Bk Fac      CARE A/A1      100     Revised from
                                                                                CARE BBB-/A3
Sanmar Shipping Ltd                   LT Bk Fac          CARE A-        769.3   Reaffirmed
Saurashtra Fuels Pvt Ltd              LT Bk Fac          CARE BB+       900     Revised from
                                                                                CARE BBB-
Sd Svp Nagar Redevelopment Pvt Ltd    NCDs^              CARE AA        750     -
Seamec Ltd                            LT/ST Bk Fac       -              -       Withdrawn
Seamec Ltd                            LT/ST Bk Fac       CARE BBB+      250     Reaffirmed
                                                         /CARE A2
(Removed from credit watch)
Seshaasai Eforms Pvt Ltd              LT Bk Fac – TL     CARE BBB       140     Reaffirmed
Seshaasai Eforms Pvt Ltd              LT Bk Fac – CC     CARE BBB       130     Reaffirmed
Seshasayee Paper & Boards Ltd         LT Bk Fac – TL     CARE A+        1203.4  Reaffirmed
Seshasayee Paper & Boards Ltd         LT Bk Fac - Fund   CARE A+        2050    Reaffirmed
                                      Based
Seya Industries Ltd                   LT Fund Based Bk   CARE BBB+      4388.5  Revised from
                                      Fac ( TL)                                 CARE A-
Seya Industries Ltd                   LT Fund Based Bk   CARE BBB+      711     Revised from
                                      Fac                                       CARE A-
Shakti Industries - Fazilka           LT Bk Fac          CARE B+        125     Assigned
Shapoorji Pallonji And Company Pvt LtdProposed NCD issue CARE AA        1000    -
                                      (NCD)
Continues on credit watch with developing implication
Shapoorji Pallonji Forbes Shipping LtdLT Bk Fac^^        CARE A         706     -
^^ backed by an unconditional and irrevocable Debt Service Reserve Amount (DSRA) guarantee from
Forbes & Company Limited(FCL, rated ‘CARE A+; Stable’, downgraded in April 2019) for maintenance
of debt service reserve equivalent to next instalment of scheduled principal and interest amount
throughout the tenure of the facility. However, upon occurrence of Event Of Default, the
accelerated repayments of the outstanding loan will not be covered by DSRA guarantee, and shall
be restricted to next scheduled debt servicing obligation. 
Shapoorji Pallonji Forbes Shipping LtdLT Bk Fac^         CARE AA-       1630.8* -
* USD 1 = INR 68.87 for facility of USD 23.68 million/ ^ backed by an unconditional and
irrevocable Debt Service Reserve Amount (DSRA) guarantee from Shapoorji Pallonji and Company
Pvt. Ltd (SPCPL, rated ‘CARE AA(Credit Watch with Developing Implications)’; downgraded in
December 2018) for maintenance of debt service reserve equivalent to next instalment of
scheduled principal and interest amount throughout the tenure of the facility 
Sharda Educational Trust              LT Bk Fac          CARE BBB-      1066    Reaffirmed
Shree Ram Rub-Tech Pvt Ltd            LT/ ST Bk Fac      CARE B+ /CARE  30      -
                                                         A4
(Issuer Not Cooperating; Based on best available information)
Shree Umiya Builders & Developers     Proposed LT Bk Fac -              -       Withdrawn
Shree Umiya Builders & Developers     LT Bk Fac          CARE BB        300     Rating
                                                                                reaffirmed 
Shri Dattaprabhu Agro Industries Pvt LLT Bk Fac          CARE B+        116.2   Reaffirmed
Shri Vaari Electricals Pvt Ltd        LT Bk Fac          CARE BBB-      100     Reaffirmed
Shri Vaari Electricals Pvt Ltd        LT /ST Bk Fac      CARE BBB-/CARE 250     Reaffirmed
                                                         A3
Shri Vile Parle Kelavani Mandal       LT Bk Fac          CARE A+        11006.6 Reaffirmed
Shriram Epc Ltd                       LT Bk Fac          CARE D         5487.1  Reaffirmed
Shriram Epc Ltd                       LT/ ST Bk Fac      CARE D         480     Reaffirmed
Shubhalakshmi Polyesters Limi         LT Bk Fac          CARE BBB       7181    Reaffirmed
Si Air Springs Pvt Ltd                LT Bk Fac          CARE A-        88.8    Reaffirmed
Sindia Steels Ltd                     LT Bk Fac          CARE BB+       75      Reaffirmed
Sinnar Thermal Power Ltd              Bk Fac – FB – LT – CARE D         21561.8 Reaffirmed
                                      TL
Sinnar Thermal Power Ltd              Bk Fac – FB – LT – CARE D         10000   Reaffirmed
                                      CC
Sinnar Thermal Power Ltd              Bk Fac – Non-fund  CARE D         9930    Reaffirmed
                                      based – LT – LC/BG
Skb Food Products Pvt Ltd             LT Bk Fac          CARE BB+       140     Reaffirmed
Skeiron Renewable Energy Amidyala Ltd LT Bk Fac (Senior  CARE BBB       11968.7 Revised from
                                      Debt)                                     CARE BBB-
Skeiron Renewable Energy Amidyala Ltd LT Bk Fac          CARE BBB       1788.5  Revised from
                                      (Sub-Debt)                                CARE BBB-
Skeiron Renewable Energy Amidyala Ltd Working Capital    CARE BBB       390.6   Revised from
                                      Fac (Proposed)                            CARE BBB-
Sks Power Generation (Chhattisgarh)   LT Bk Fac          CARE D         54569.6 -
(Issuer not cooperating; Based on best available information)
Sks Power Generation (Chhattisgarh)   NCD issue          CARE D         2587.4  -
(Issuer not cooperating; Based on best available information)
Sohn Steel Pvt Ltd                    LT Bk Fac          CARE BB+       190.8   Revised from
                                                                                CARE BB-
Sohn Steel Pvt Ltd                    LT Bk /ST Bk       CARE BB+/A4+   70      Revised from
                                      Facilitie                                 CARE BB-/A4
Soni Soya Products Ltd                LT Bk Fac          CARE BB+       95      Revised from
                                                                                CARE BB-
Sophisticated Industrial Materials    LT Bk Fac          CARE BB+       58.3    -
Analytic Labs Pvt Ltd
(Issuer not cooperating; Based on best available information)
Sophisticated Industrial Materials    LT/Shortterm Bk FacCARE BB+ /CARE 120     -
Analytic Labs Pvt Ltd                                    A4+
(Issuer not cooperating; Based on best available information)
Sp Imperial Star Pvt Ltd              NCD- “Series A”    CARE A         6500    Reaffirmed
                                      issue
Sp Imperial Star Pvt Ltd              NCD- “Series B”    CARE AA        500     -
                                      issue*
(Continues on credit watch with developing implications)
* credit enhancement in the form of unconditional and irrevocable DSRA guarantee from Shapoorji
Pallonji and Company Private Limited (SPCPL, rated: CARE AA; Credit Watch with developing
implications/CARE A1+)
 St. Peter’S Society                   LT Bk Fac          CARE BB+       56.6    Assigned
St. Peter’S Society                   LT/ST Bk Fac       CARE BB+/A4+   23.4    Assigned
Star Agriinfrastructure Pvt Ltd       LT Bk Fac – TL     CARE BBB       176.3   Reaffirmed
Star Agriwarehousing Collateral       LT Bk Fac – TL     CARE BBB+      293.5   Reaffirmed
Management Ltd
Star Agriwarehousing Collateral       Long/ST Bk Fac –   CARE BBB+/CARE 550     Reaffirmed
Management Ltd                        Fund based/ Non    A2
                                      Fund based
Sterling And Wilson Cogen Solutions PvLT/shortterm Bk FacCARE BBB-      2450    Reaffirmed
Ltd                                                      /CARE A3
Sunny View Estates Pvt Ltd            NCDs^              CARE AA        2000    -
Continues on credit watch with developing implications) / ^credit enhancement in the form of an
unconditional, irrevocable and revolving DSRA Guarantee provided by Shapoorji Pallonji and
Company Private Ltd (SPCPL, rated CARE AA; Credit Watch with developing implications/CARE A1+)
Sunny View Estates Pvt Ltd            NCDs^              CARE AA        1000    -
(Continues on credit watch with developing implications) / ^credit enhancement in the form of an
unconditional, irrevocable and revolving DSRA Guarantee provided by Shapoorji Pallonji and
Company Private Ltd (SPCPL, rated CARE AA; Credit Watch with developing implications/CARE A1+) 
Sunteck Realty Ltd (Srl)              Proposed NCD issue -              -       Withdrawn*
* SRL has not raised the aforementioned Proposed Non-Convertible Debentures
Sunteck Realty Ltd (Srl)              LT Bk Fac – TL     CARE AA-       5240    Reaffirmed
Sunteck Realty Ltd (Srl)              LT Bk Fac – Fund   CARE AA-       5330    Reaffirmed
                                      based
Sunteck Realty Ltd (Srl)              NCD issue          CARE AA-       200     Reaffirmed
Sustainable Agro-Commercial Finance LtLT Bk Fac          CARE BBB       3330    Revised from
                                                                                CARE BBB+
Sustainable Agro-Commercial Finance LtNCDs               CARE BBB       700     Revised from
                                                                                CARE BBB+
Suvarnabhoomi Enterprises Pvt Ltd     LT Bk Fac          CARE BBB       470     Reaffirmed
(Removed from Credit watch with Negative implications)
Suzlon Global Services Ltd            LT Bk Fac          -              -       Withdrawn
Suzlon Global Services Ltd            LT/ShortTerm Bk Fac-              -       Withdrawn
Svc Co-Operative Bank Ltd             Bk Fac – Non fund  CARE BBB/CARE  1000    Assigned
                                      based – LT/ST –    A2
                                      LC/BG
Sylvanus Properties Ltd               CP Issue           CARE A1+       500     Reaffirmed
Sylvanus Properties Ltd               LT - Bk Fac – TL   CARE AA-       500     Reaffirmed
Tamil Nadu Urban Finance And          LT Bk Fac          CARE BBB+      2080.1  Assigned
Infrastructure Development Corporation
Tamil Nadu Urban Finance And          Issuer Rating*     CARE BBB+ (Is) -       Reaffirmed
Infrastructure Development Corporation
*The Issuer rating is subject to the company’s overall gearing not exceeding 4.0x (projected
level as on 31-03-2020)
Tamilnadu Waste Management Ltd        LT Bk FacTL        CARE AA-       0.1     Revised from
                                                                                CARE BBB+
Tamilnadu Waste Management Ltd        LT Bk FacCC        CARE AA-       0.1     Revised from
                                                                                CARE BBB+
Tatanet Services Ltd                  LT Bk Fac          CARE A         252.5   Reaffirmed
Tatanet Services Ltd                  LT / ST Bk Fac     CARE A /CARE A1480     Reaffirmed
Terapanth Foods Ltd                   LT Bk Fac          CARE BBB-      271.9   Reaffirmed
Thar Power Transmission Service Ltd   LT Bk Fac          CARE A-        1288    Revised from
                                                                                CARE BBB+
The India Cements Ltd                 LT Bk Fac          CARE A         37401.1 Reaffirmed
The India Cements Ltd                 NCD                CARE A         925     Reaffirmed
The Kutch Salt & Allied Industries LtdLT Bk Fac          CARE BB+       269     Reaffirmed
The Kutch Salt & Allied Industries LtdLT Bk Fac          CARE BBB       361.6   Revised from
                                                                                CARE BBB+
The Lake Palace Hotels & Motels Pvt LtLT Bk Fac          -              -       Withdrawn*
*Rating assigned to the long term bank facilities (term debt) has been withdrawn since the
company has repaid the entire amount.
The Lake Palace Hotels & Motels Pvt LtLT Bk Fac          CARE A-        1000    Assigned@
@backed by the credit enhancement in the form of structured securitization of lease rental
receivables from The Indian Hotels Company Limited (IHCL) (rated CARE AA+; Stable/CARE A1+).
The Lake Palace Hotels & Motels Pvt LtLT Bk Fac          CARE BBB-      200     Revised from
                                                                                CARE BB+
Titagarh Singapore Pte Ltd            LT Bk Fac          CARE A-        1060.8  Revised from
                                                                                CARE A
Transworld Furtichem India Pvt Ltd    LT Bk Fac (Fund    CARE BBB       755     Reaffirmed
                                      based)
Transworld Furtichem India Pvt Ltd    LT Bk Fac (TL)     CARE BBB       60      Reaffirmed
Trn Energy Pvt Ltd                    LT Bk FacTL        CARE BBB+      30565.7 Reaffirmed
Trn Energy Pvt Ltd                    Long/ ST Bk Fac    CARE BBB+/A3+  2250    Reaffirmed
                                      (Non-Fund based)
Trn Energy Pvt Ltd                    Long/ ST Bk Fac    CARE BBB+/A3+  2050    Reaffirmed
                                      (Fund/Non-Fund
                                      based)
Tulip Infratech Pvt Ltd               LT Bk Fac          CARE BBB       1600    Reaffirmed
Tvs Argomm Pvt Ltd                    LT Bk Fac          CARE A-        50      Reaffirmed
Tvs Argomm Pvt Ltd                    Long/ ST Bk Fac    CARE A-/A2+    30      Reaffirmed
Universal Infra & Agri Oil Pvt. Ltd   LT Bk Fac          -              -       Withdrawn
Universal Infra & Agri Oil Pvt. Ltd   LT Bk Fac          CARE BB+       200     Reaffirmed
Urjankur Shree Tatyasaheb Kore Warana LT Bk Fac          CARE BB        1228.2  -
Power Co. Ltd
(Issuer not cooperating; based on best available information)
Us Technology International Pvt Ltd   LT Bk Fac          CARE A-        220     Revised from
                                                                                CARE BBB+
Us Technology Resources Pvt Ltd       LT Bk Fac          CARE A-        500     Revised from
                                                                                CARE BBB+
Ust Global Information Technology ParkLT Bk Fac          CARE A-        1300@   Revised from
Pvt Ltd                                                                         CARE BBB+
Ust Global Technology Services (India)LT Bk Fac          CARE A-        350     Revised from
Pvt Limit                                                                       CARE BBB+
Uttar Haryana Bijli Vitran Nigam Ltd  Issuer Rating      CARE BB+ (Is)  -       Reaffirmed

Veerprabhu Marketing Ltd              LT/ST Bk Fac       CARE BBB-/CARE 700     Reaffirmed
                                                         A3
Vertical Infra                        LT Bk Fac          CARE B+        200     Revised from
                                                                                CARE BB-
Vishvaraj Infrastructure Ltd          LT Bk Fac – TL     CARE BBB-      419.5   Reaffirmed
Vishvaraj Infrastructure Ltd          LT Bk Fac – CC     CARE BBB-      330     Reaffirmed
Vohra Solvex Pvt Ltd                  LT Bk Fac          CARE B+        110     Assigned
Vunison Infracon Llp                  LT Bk Fac          CARE B+        80      Assigned
West Bengal State Electricity         Secured Redeemable CARE BBB+      5000    Reaffirmed
Distribution Co. Ltd                  Bond Issue –
                                      Series II
West Bengal State Electricity         Secured Redeemable CARE BBB+      2500    Reaffirmed
Distribution Co. Ltd                  Bond Issue –
                                      Series I Tranche I
West Bengal State Electricity         Secured Redeemable CARE BBB+      2500    Reaffirmed
Distribution Co. Ltd                  Bond Issue –
                                      Series I Tranche I
West Bengal State Electricity         LT Bk Fac          CARE A         701.1   Reaffirmed
Transmission Co. Ltd
West Bengal State Electricity         LT Secured         CARE A         183     Reaffirmed
Transmission Co. Ltd                  Redeemable Bonds
                                      Series I – Tranche I
West Bengal State Electricity         LT Secured         CARE A         2500    Reaffirmed
Transmission Co. Ltd                  Redeemable Bonds
                                      Series II
West Bengal State Electricity         Issuer Rating*     CARE A         -       Reaffirmed
Transmission Co. Ltd
* The rating is subject to the company maintaining overall gearing not exceeding 1x.
West Bengal State Electricity         Long/ST Bk Fac     CARE A/A1      3250    Reaffirmed
Transmission Co. Ltd
West Coast Fine Foods (India) Pvt Ltd LT Bk Fac          CARE BBB-      240     Reaffirmed
West Coast Fine Foods (India) Pvt Ltd LT/ST Fund based   CARE BBB-/A3   150     Reaffirmed
                                      Bk Fac
West Coast Frozen Foods Pvt Ltd       LT Bk Fac          CARE BBB-      57.5    Reaffirmed
Xrbia Developers Ltd                  LT Bk Fac          CARE BBB+      1250    Revised from
                                                                                CARE BB+
Yours Projects Pvt Ltd                LT Bk Fac          CARE BB-       150     Revised from
                                                                                CARE BB+
(Issuer not cooperating)

--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected
CARE may apply + or - signs for ratings to reflect a comparative standing within the category.
BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.
(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@thomsonreuters.com)
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