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CARE ratings for Indian debt instruments-Aug 21

    Aug 21  - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for
local debt instruments as of August 20, 2020.

COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.S. Patel                           ST BkFac          CARE A4;      50     -
(Issuer not cooperating; based on best available information)
Apollo Animal Medical Group Trust    ST Bk Fac         CARE A4;      50     -
(Issuer not cooperating; based on best available information)
Associate Builders And Traders       STBk Fac          CARE A4;      10     -
(Issuer not cooperating; based on best available information)
Avani Dye Chem Industries            ST BkFac          CARE A4+      22     Reaffirmed
Dynamic Agro International           ST Bk Fac         CARE A4       4.9    Reaffirmed
(reduced from 0.81 Crore)
Floorex Tiles                        ST Bk Fac         CARE A4;      255    -
(Issuer not cooperating; based on best available information)
Future Retail Ltd                    CP Issue          -             -      Withdrawn
Future Retail Ltd                    CP Issue*         -             -      Withdrawn
(*carved out of working capital limits)
Future Retail Ltd                    ST non-fund based CARE A4+      25000  -
                                     Bk Fac – LC/BG    (Credit watch
                                                       with developing 
                                                       implications)
Gagan Fibres Pvt Ltd                 ST Bk Fac         CARE A4;      2.5    -
(Issuer not cooperating; based on best available information)
Incred Financial Services Ltd        CP                CARE A1       2500   Reaffirmed
Jindal Hotels Ltd                    ST BkFac          CARE A4+      80     Revised from
                                                                            CARE A3
                                                                            (Credit watch with
                                                                             Negative
                                                                            implications)
Kanwar Enterprises Pvt Ltd           STBk Fac          CARE A4;      330    Revised from
                                                                            CARE A4+
(Issuer not cooperating; based on best available information)
Kargwal Constructions Pvt Ltd        ST Bk Fac         CARE A4       180    Reaffirmed
Kudu Industries Ltd                  ST BkFac          CARE A4;      3.7    -
(Issuer not cooperating; based on best available information)
Paramount Pharma                     ST Bk Fac         CARE A4;      100    -
(Issuer not cooperating; based on best available information)
Patiala Distilleries And ManufacturerST Bk Fac         CARE A4;      3.5
Ltd
(Issuer not cooperating; based on best available information)
Renjin Construction                  ST Bk Fac         CARE A4;      70     -
(Issuer not cooperating; based on best available information)
Ruchira Printing And Packaging       ST Bk Fac         CARE A4;      1      -
(Issuer not cooperating; based on best available information)
Sangrur Autos (Malerkotla)           ST Bk Fac         CARE A4;      5      -
(Issuer not cooperating; based on best available information)
Shree Hari Spintex Ltd               ST Bk Fac         CARE A4;      5      -
(Issuer not cooperating; based on best available information)
Super Hitech Engineers & Contractors ST Bk Fac         CARE A4       65     Reaffirmed
Winsome Textile Industries Ltd       ST Bk Fac         CARE A3       2771   Reaffirmed
A.K. Soni Hosiery Mills Pvt Ltd      ST Bk Fac         CARE D;       5      -
(Issuer not cooperating; based on best available information)
Himachal Fibres Ltd                  ST Bk Fac         CARE D;       50     -
(Issuer not cooperating; based on best available information)
Kapsons Industries Pvt Ltd           ST Bk Fac         CARE D;       290    -
(Issuer not cooperating; based on best available information)
Oswal Knit India Ltd                 ST Bk Fac         CARE D;       167    -
(Issuer not cooperating; based on best available information)
Pattabhi Agro Foods Pvt Ltd          ST Bk Fac         -             -      Reaffirmed at
                                                                            CARE A3 and
                                                                            Withdrawn
(Issuer not cooperating)
Rajalakshmy Packaging Pvt Ltd        ST Bk Fac         CARE D;       20     Revised from
                                                                            CARE A4
(Issuer not cooperating; on the basis of best available information)
Shirpur Gold Refinery Ltd            ST Bk Fac         CARE D;       3280   -
(Issuer not cooperating; based on best available information)
Shiva Speciality Yarns Ltd           ST Bk Fac         CARE D;       10     -
(Issuer not cooperating; based on best available information)
Varsity Instruments Pvt Ltd          Short –term Bk Fac--            0      Withdrawn
Yogindera Worsted Ltd                ST Bk Fac         CARE D;       92.5   -
(Issuer not cooperating; based on best available information)

LONG TERM RATINGS:
-------------------
A.K. Soni Hosiery Mills Pvt Ltd      LT Bk Fac         CARE D;       179.6  -
(Issuer not cooperating; based on best available information)
A.S. Patel                           LT BkFac          CARE B;       30     Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Apollo Animal Medical Group Trust    LT Bk Fac         CARE B-;      80     Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Aspiro Pharma Ltd                    LT Bk Fac         -             -      Withdrawn
Associate Builders And Traders       LT BkFac          CARE B-;      71.5   Revised from
                                                                            CARE B;
(Issuer not cooperating; on the basis of best available information)
Auto Vogue Pvt Ltd                   LT Bk Fac         CARE B+;      47.2   Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Avani Dye Chem Industries            LT BkFac          CARE BB-;     0.01   Reaffirmed
                                                       Stable
(reduced from 0.16 Crore)
Avani Dye Chem Industries            LT/ ST Bk Fac     CARE BB-;     45     Reaffirmed
                                                       Stable/CARE A4+
Coral Steel                          Long -term Bk Fac CARE B; Stable30     Revised from
                                                                            CARE B+;Stable
(Issuer not cooperating; on the basis of best available information)
Dhanraj Cotton Industries            LT Bk Facility    CARE          120    Assigned
                                                       BB-;Stable
Dhanuka Soya Pvt Ltd                 LT BkFac          CARE BB+;     110    Revised from
                                                       Stable;              CARE BBB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Duhan Electric Works                 LT Bk Fac         CARE B;       66.5   Revised from
                                                       Stable;              CARE B+;Stable
(Issuer not cooperating; on the basis of best available information)
Dynamic Agro International           LT Bk Fac         CARE BB-;     26     Reaffirmed
                                                       Stable
(enhanced from 2.55 Crore)
Dynamic Agro International           LT/ST BkFac       CARE BB-;     65.5   Reaffirmed
                                                       Stable/CARE A4
(reduced from 6.62 Crore)
Floorex Tiles                        LT Bk Fac         CARE B-;      222.7  Revised from
                                                       Stable;              CARE B;Stable
(Issuer not cooperating; on the basis of best available information)
Future Retail Ltd                    LT - TL           CARE BB+      5280   -
                                                       (Credit watch
                                                       with developing implications)
Future Retail Ltd                    LT fund based Bk  CARE BB+      32500  -
                                     Fac – CC          (Credit watch
                                                        with developing 
                                                        implications)
Future Retail Ltd                    NCD Issue         CARE BB+      1990   -
                                                       (Credit watch
                                                        with developing 
                                                       implications)
Future Retail Ltd                    Proposed NCD IssueCARE BB+      1000   -
                                                       (Credit watch
                                                       with developing 
                                                       implications)
Future Retail Ltd                    Fixed Deposit     CARE BB+(FD)  7000   -
                                     Programme         (Credit watch
                                                       with developing implications)
Gagan Fibres Pvt Ltd                 LT Bk Fac         CARE B-;      140    Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Geeta Educational Trust- Kurukshetra LT Bk Fac         CARE D;       77.5   -
(Issuer not cooperating; based on best available information)
Gems Paradise                        LT Bk Fac         CARE B+;      80     Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Himachal Fibres Ltd                  LT Bk Fac         CARE D;       220    -
(Issuer not cooperating; based on best available information)
Incred Financial Services Ltd        NCDs              CARE A;       5250   Reaffirmed
                                                       Negative
Incred Financial Services Ltd        NCDs              CARE A;       2500   Assigned
                                                       Negative
Incred Financial Services Ltd        LT Bk Lines       CARE A;       12000  Reaffirmed
                                                       Negative
Incred Financial Services Ltd        Secured RedeemableCARE PP-MLD A;2000   Reaffirmed
                                     PrincipalProtectedNegative
                                     – Market Linked Non
                                     Convertible Debenture 
                                     (PP-MLD)
J P Foods Oil Company                LT Bk Fac         CARE B;       88.5   Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Jindal Hotels Ltd                    LT BkFac          CARE BB+;     417.4  Revised from
                                                       Negative;            CARE
                                                                            BBB-(Credit watch
                                                                            with negative
                                                                            implications)
(reduced from 43.55 Crore)
Kanwar Enterprises Pvt Ltd           LT BkFac          CARE BB;      70     Revised from
                                                       Stable;              CARE BB+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Kapsons Industries Pvt Ltd           LT Bk Fac         CARE D;       1294   -
(Issuer not cooperating; based on best available information)
Kargwal Constructions Pvt Ltd        LT Bk Fac         CARE BB;      70     Reaffirmed
                                                       Stable
Kudu Industries Ltd                  LT BkFac          CARE B;       121.6  Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Macro Group Pvt Ltd                  LT Bk Fac         CARE D;       165    -
(Issuer not cooperating; based on best available information)
Mahabir Industries                   LT Bk Fac         CARE B;       90     Revised from
                                                       Stable;              CARE B+;
                                                                            Stable
(Issuer not cooperating; based on best available information)
Manohar Infrastructure And           LT Bk Fac         CARE B+;      900    Revised from
Constructions Pvt Ltd                                  Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Mep Nagpur Ring Road 1 Pvt Ltd       LT Bk Fac         CARE D;       2509.5 Revised from
                                                                            CARE BB+(CE)^
(Issuer not cooperating; on the basis of best available information)^Credit enhancement in the
form of an unconditional, irrevocable and continuing corporate guarantee extended by MEP
Infrastructure Developers Limited (MEPIDL, rated CARE D; Issuer Not Cooperating) towards timely
servicing of debt obligations. 
Mep Sanjose Nagpur Ring Road 2 Pvt   LT Bk Fac         CARE D;       3035.5 Revised from
Ltd                                                                         CARE BB+(CE)^
(Issuer not cooperating; on the basis of best available information) ^Credit enhancement in the
form of an unconditional, irrevocable and continuing corporate guarantee extended by MEP
Infrastructure Developers Limited (MEPIDL, rated CARE D; Issuer Not Cooperating) towards timely
servicing of debt obligations
Naveen Rice Mills                    LT BkFac          CARE B-;      150    Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Navyug Industries                    LT BkFac          CARE B+;      150    Revised from
                                                       Stable;              CARE BB-;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Northern Arc 2019 Mfi Krugman        Series A1 PTC     -             -      Withdrawn
Originator: Dvara Kshetriya Gramin
Financial Services Pvt Ltd (Dkgfs)
Northern Arc 2019 Mfi Krugman        Series A2 PTC     -             -      Withdrawn
Originator: Dvara Kshetriya Gramin
Financial Services Pvt Ltd (Dkgfs)
Novopay Solutions Pvt Ltd            LT Bk Fac         --            0      Withdrawn
Oswal Knit India Ltd                 LT Bk Fac         CARE D;       190    -
(Issuer not cooperating; based on best available information)
Paisabuddy Finance Pvt Ltd           LT Bk Fac         -             -      Withdrawn
                                     (Proposed)
Pallavi Motors Pvt Ltd               LT Bk Fac         CARE BB+;     282.3  Revised from
                                                       Stable               CARE BBB-;
                                                                            Stable
Pallavi Motors Pvt Ltd               LT/ST Bk Fac      CARE BB+;     25     Revised from
                                                       Stable/CARE A4+      CARE BBB-;
                                                                            Stable/ CARE A3
Paramount Pharma                     LT Bk Fac         CARE B-;      100    Revised from
                                                       Stable;              CARE B;Stable
(Issuer not cooperating; on the basis of best available information)
Patiala Distilleries And ManufacturerLT Bk Fac         CARE B-;      100    Revised from
Ltd                                                    Stable;              CARE B; Stable
(Issuer not cooperating; based on best available information)
Pattabhi Agro Foods Pvt Ltd          LT Bk Fac         -             -      Reaffirmed at
                                                                            CARE BBB-;
                                                                            Stable and Withdrawn
(Issuer not cooperating)
Pooja Mining And Marbles Pvt Ltd     LT Bk Fac         -             0      Withdrawn
Pooja Mining And Marbles Pvt Ltd     LT Bk Fac         CARE BB-;     10     Revised from
                                                       Stable               CARE B+;
                                                                            Stable
(Issuer not cooperating) (Reduced from 2.50 Crore)
Pooja Mining And Marbles Pvt Ltd     LT Bk Fac/ ST Bk  CARE BB-;     60     Reaffirmed
                                     Fac               Stable/CARE A4
(Reduced from 7.50 Crore)
Raima Toll Road Pvt Ltd              LT Bk Fac         CARE D;       648    Revised from
                                                                            CARE
                                                                            BB+(CE)^; Negative
^Credit enhancement in the form of an unconditional, irrevocable and continuing corporate
guarantee extended by MEP Infrastructure Developers Limited (MEPIDL, rated CARE D; Issuer Not
Cooperating) towards timely servicing of debt obligations. 
Rajalakshmy Packaging Pvt Ltd        LT Bk Fac         CARE D;       90     Revised from
                                                                            CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Rcs Steel & Auto Pvt Ltd             LT Bk Fac         CARE B-;      39.8   -
(Issuer not cooperating; based on best available information)
Renjin Construction                  LT Bk Fac         CARE BB-;     80     -
                                                       Stable;
(Issuer not cooperating; based on best available information)
Ridhi Sidhi Electrical Engg. And ConsLT / ST Bk Fac    CARE B-;      22.5   Revised from
Company                                                Stable /CARE         CARE B;
                                                       A4;                  Stable / CARE A4
(Issuer not cooperating; on the basis of best available information)
Ridhi Sidhi Electrical Engg. And ConsLT Bk Fac         CARE B-;      35     Revised from
Company                                                Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Rr Polynet Pvt Ltd                   LT/ Shortterm Bk  CARE D/CARE D;56     -
                                     Fac
(Issuer not cooperating; based on best available information)
Rr Polynet Pvt Ltd                   LT Bk Fac         CARE D;       31.8   -
(Issuer not cooperating; based on best available information)
Ruchira Printing And Packaging       LT Bk Fac         CARE B-;      167.5  Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Saktthi Footwear                     Long –term/ STBk  CARE B;       90     Revised from
                                     Fac               Stable/CARE A4;      CARE B+;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Sandhu Farms Pvt Ltd                 LT Bk Fac         CARE D;       30.3   -
(Issuer not cooperating; based on best available information)
Sangrur Autos (Malerkotla)           LT Bk Fac         CARE B-;      50     Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Savitri Swadeshi Bikri Kendra        LT BkFac          CARE B-;      100    Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; based on best available information)
Shirpur Gold Refinery Ltd            LT Bk Fac         CARE D;       375    -
(Issuer not cooperating; based on best available information)
Shiva Speciality Yarns Ltd           LT Bk Fac         CARE D;       698.9  -
(Issuer not cooperating; based on best available information)
Shree Hari Spintex Ltd               LT Bk Fac         CARE B-;      169.2  Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Shree R. R. Pipes                    LT Bk Fac         CARE D;       100    -
(Issuer not cooperating; based on best available information)
Shri Ram Finance Corporation Pvt Ltd LT BkFac          -             -      Reaffirmed at
                                                                            CARE BB+;
                                                                            Stable and withdrawn
(Issuer not cooperating; based on best available information)
Sri Guru Granth Sahib World          LT Bk Fac         CARE D;       300    -
University
(Issuer not cooperating; based on best available information)
Super Hitech Engineers & Contractors LT Bk Fac         CARE BB-;     60     Reaffirmed
                                                       Stable
T M Motors                           LT Bk Fac         CARE B+;      110    Revised from
                                                       Stable;              CARE BB;
                                                                            Stable
(Issuer not cooperating; on the basis of best available information)
Unnat Feeds Pvt Ltd                  LT Bk Fac         CARE B-;      118.1  Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Varsity Instruments Pvt Ltd          LT Bk Fac         --            0      Withdrawn
Venus Multiplex                      LT BkFac          CARE B-;      150    Revised from
                                                       Stable;              CARE B; Stable
(Issuer not cooperating; on the basis of best available information)
Welcos Spunfab                       LT / ST Bk Fac    CARE B; Stable95     Revised from
                                                       /CARE A4;            CARE B+;
                                                                            Stable / CARE A4
(Issuer not cooperating; on the basis of best available information)
Winsome Textile Industries Ltd       LT Bk Fac         CARE BBB-;    1644   Reaffirmed
                                                       Negative
(enhanced from 155.30 Crore) (Outlook revised from Stable to Negative )
Yogindera Worsted Ltd                LT Bk Fac         CARE D;       661.8  -
(Issuer not cooperating; based on best available information)
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

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

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

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