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CARE ratings for Indian debt instruments-Aug 20

   Aug 20  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of August 19, 2020.


COMPANY                              INSTRUMENT        RATING        AMOUNT MOVEMENT
                                                                    (RS.MLN)
-------                              ----------        ------        ------ ---------
SHORT TERM RATINGS:
-------------------
Anand Carbo Pvt Ltd                  ST Bk Fac         CARE A4+      520    -
(Issuer not cooperating; Revised from CARE A3)
Airen Copper Pvt Ltd                 ST Bk Fac         CARE D        247.5  -
(Issuer not cooperating; Revised from CARE A4+; ISSUER NOT COOPERATING)
Bharat Electrical Contractors And    ST Bk Fac         CARE A3+      2185   Reaffirmed
Manufacturers Pvt Ltd
Caparo Maruti Ltd                    ST Bk Fac         CARE A3       437.5  Reaffirmed
Elektromag Devices Pvt Ltd           ST Bk Fac         CARE A4+;     70     -
(Issuer not cooperating; Revised from CARE A3+)
Jk Tyre & Industries Ltd             ST Bk Fac CP issue* -           -      Withdrawn
(*carved out of the sanctioned fund-based working capital limits of the company.)
Elektromag-Joest Vibration Pvt Ltd   ST Bk Fac         CARE A4+;     70     -
(Issuer not cooperating; Revised from CARE A3)
Elektromag-Joest Vibration Pvt Ltd   ST Bk Fac         CARE A4+;     2.5    -
(Issuer not cooperating; Revised from CARE A3)
Future Enterprises Ltd               ST non-fund based CARE A4       6020   Reaffirmed
                                     Bk Fac – LC/BG
(rating removed from credit watch with developing implications)
Haritag Exports Pvt Ltd              ST Bk Fac         CARE A4;      15     -
(Issuer not cooperating; Based on best available information)
Prashant Enterprises                 ST Bk Fac         CARE D        593.2  -
(Revised from CARE A4; Issuer not cooperating and removed from Issuer not cooperating)
Unitech International Ltd            ST Bk Fac         CARE A4;      230    -
(Issuer not cooperating; Based on best available information)
Vipul Motors Pvt Ltd                 ST Bk Fac         CARE A4+      180    Assigned
 

LONG TERM RATINGS:
-------------------
Agarwal Associates (Promoters) Ltd   LT Bk Fac         CARE BBB-;    155    Reaffirmed
                                                       Stable
Airen Copper Pvt Ltd                 LT Bk Fac         CARE D        50     -
(Issuer not cooperating; Revised from CARE BB+; Stable; ISSUER NOT COOPERATING)
Anand Carbo Pvt Ltd                  LT Bk Fac         CARE BB+;     250    -
                                                       Stable
(Issuer not cooperating; Revised from CARE BBB-; Stable;)
Belstar Microfinance Ltd             NCDs – I          -             -      Withdrawn
Belstar Microfinance Ltd             NCDs – II         -             -      Withdrawn
Belstar Microfinance Ltd             Redeemable        -             -      Withdrawn
                                     Preference Share
Belstar Microfinance Ltd             NCDs – III        CARE A+;Stable 3000  Reaffirmed
Belstar Microfinance Ltd             NCDs – IV         CARE A+;Stable 3000  Reaffirmed
Belstar Microfinance Ltd             Subordinated debt CARE A+;Stable 100   Reaffirmed
                                     – I
Belstar Microfinance Ltd             Subordinated debt CARE A+;Stable 900   Reaffirmed
                                     – II
Bharat Electrical Contractors And    LT Bk Fac         CARE BBB;     325    Reaffirmed
Manufacturers Pvt Ltd                                  Negative
(Outlook revised from Stable to Negative)
Caparo Maruti Ltd                    LT Bk Fac         CARE BBB-;    893.4  -
                                                       Negative
(Revised from CARE BBB; Negative)
Educomp Solutions Ltd                LT Bk Fac         -             -      Withdrawn
Educomp Solutions Ltd                LT/ST Bk Fac      -             -      Withdrawn
Educomp Solutions Ltd                NCD               -             -      Withdrawn
Educomp Solutions Ltd                Receivables       -             -      Withdrawn
                                     Assignment Facility
Elektromag Devices Pvt Ltd           LT Bk Fac         CARE BB+;     22.5   -
                                                       Stable
(Issuer not cooperating; Revised from CARE BBB; Stable)
Elektromag-Joest Vibration Pvt Ltd   LT Bk Fac         CARE BB+;     60     -
                                                       Stable
(Issuer not cooperating; Revised from CARE BBB-; Stable)
Future Enterprises Ltd               LT - TL           CARE C        5500   -
(Revised from CARE BB. rating removed from credit watch
with developing implications)
Future Enterprises Ltd               LT fund based Bk  CARE C        6250   -
                                     Fac – CC
(Revised from CARE BB. rating removed from credit watch
with developing implications)
Future Enterprises Ltd               NCD Issue         CARE C        24590  -
(Revised from CARE BB rating removed from credit watch with developing implications)
Future Enterprises Ltd               Fixed Deposit     CARE C (FD)   7000   -
                                     Programme
(Revised from CARE BB (FD)(Fixed Deposit) rating removed from credit watch with developing
implications)
Future Enterprises Ltd               NCD Issue         CARE D        2650   -
(Revised from CARE BB rating removed from credit watch with developing implications)
Haritag Exports Pvt Ltd              LT Bk Fac         CARE B; Stable 50    -
(Issuer not cooperating; Revised from CARE B+;)
Kogta Financial (India) Ltd          Proposed NCD      CARE A-; Stable 250  Assigned
Neogrowth Credit Pvt Ltd             NCDs              CARE BBB+;    1156   Reaffirmed
                                                       Stable
Neogrowth Credit Pvt Ltd             NCDs              CARE BBB+;    600    Reaffirmed
                                                       Stable
Neogrowth Credit Pvt Ltd             NCDs              CARE BBB+;    1050   Reaffirmed
                                                       Stable
Neogrowth Credit Pvt Ltd             NCDs              CARE BBB+;    620    Reaffirmed
                                                       Stable
Neogrowth Credit Pvt Ltd             NCDs              CARE BBB+;    510    Reaffirmed
                                                       Stable
Neogrowth Credit Pvt Ltd             NCDs              CARE BBB+;    700    Reaffirmed
                                                       Stable
Neogrowth Credit Pvt Ltd             NCDs              CARE BBB+;    720    Reaffirmed
                                                       Stable
Neogrowth Credit Pvt Ltd             NCDs              CARE BBB+;    800    Reaffirmed
                                                       Stable
Niha International Pvt Ltd           LT Bk Fac         CARE B-; Stable 74.5 -
(Revised from CARE B; Stable, Issuer not cooperating on the basis of best available information)
Radiant Polymers Pvt Ltd             NCDs              CARE D        750    -
(Revised from CARE B+; Stable)
Rameshwaram Cotton Mills             LT Bk Fac         CARE C; Stable 100   -
(Issuer Not Cooperating; Revised from CARE B; Stable)
Save Financial Services Pvt Ltd      Vivriti Pretorius Provisional   -      -
                                     08 2020 Series A  CARE BBB+ (SO)
                                     PTC
Sri Pavithra Cotton Mills Pvt Ltd    LT Bk Fac         CARE B-;Stable 164.5  -
(Revised from CARE B; Stable, Issuer not cooperating on the basis of best available information)
Team Thai                            LT Bk Fac         CARE BBB-;    400    Assigned
                                                       Stable
Unitech International Ltd            LT Bk Fac         CARE B+       120    -
(Issuer not cooperating; Revised from CARE BB-)
Vipul Motors Pvt Ltd                 LT Bk Fac         CARE BB+;     450    Assigned
                                                       Stable /CARE
                                                       A4+
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

CARE may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222/3317 7222, E-mail at rru.data@refinitiv.com)
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