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CARE ratings for Indian debt instruments-Aug 26

   Aug 26 - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local
debt instruments as of August 25, 2020.


COMPANY                              INSTRUMENT        RATING        AMOUNT  MOVEMENT
                                                                    (RS.MLN)
-------                              ----------        ------        ------- ---------
SHORT TERM RATINGS:
-------------------
Ace Footmark Pvt Ltd                 ST Bk Fac         CARE A4       42     -
(Issuer not cooperating; Based on best available information)
Beekaylon Synthetics Pvt Ltd         ST Bk Fac         CARE A2+      150    Reaffirmed
Brooks Laboratories Ltd              ST Bk Fac         CARE D        25     -
(Revised from CARE A4 ISSUER NOT COOPERATING)
C Eswara Reddy And Co                ST Bk Fac         CARE A4       75     -
(Issuer not cooperating; Based on best available information)
C Gopal Reddy And Company            ST Bk Fac         CARE A4       20     -
(Issuer not cooperating; Based on best available information)
Dish Tv India Ltd                    ST Bk Fac(ii)     -             -      Withdrawn
Dish Tv India Ltd                    ST Bk Fac (i)     CARE A4       6000   -
(Revised from CARE D)
Hemodiaz Life Sciences Pvt Ltd       ST Bk Fac         CARE A4       34     -
(Issuer not cooperating; Based on best available information)
Jk Tyre & Industries Ltd             ST Bk Fac         CARE A2+      11700  -
(Revised from CARE A1)
Kalsi Brothers                       ST Bk Fac         CARE A4       130    Reaffirmed
Kanakadurga Finance Ltd              Proposed ST NCD   CARE A3       250    Assigned
                                     (NCD) issue
Kpc Flexi Tubes                      ST Bk Fac         CARE A4       120    -
(Issuer not cooperating; Based on best available information)
Kuber Casting Pvt Ltd                ST Bk Fac         CARE A4       35     -
(Issuer not cooperating; Based on best available Information)
Manaksia Aluminium Co. Ltd           ST Bk Fac (Non    CARE A3       1050   -
                                     Fund Based)
(Issuer Not Cooperating; Revised from CARE A3+)
National Cooperative Development     CP                CARE A1+      25350  Reaffirmed
Corporation
Orient Cement Ltd                    CP (CP) issue     CARE A1+      1500   Reaffirmed
                                     (Carved out)*
(*Carved out of the sanctioned working capital limits of the company.)
Timex Art Décor Pvt Ltd              ST Bk Fac         -             -      Withdrawn
Sujala Pipes Pvt Ltd                 ST Bk Fac         CARE D        150.7  -
(Issuer not cooperating; Based on best available information)
Orient Cement Ltd                    CP (CP) issue     CARE A1+      1000   Reaffirmed
Rnr Imports & Exports ( Partnership) ST Bk Fac         CARE D        120    -
(Issuer not cooperating; Based on best available information)
Rohan Builders (India) Pvt Ltd       ST Bk Fac-Non FBL CARE A2+      1380   Reaffirmed
Roj Leather Exports Pvt Ltd          ST Bk Fac         CARE A4       103    -
(Issuer not cooperating; Revised from CARE A4+;)
The Sandesh Ltd                      ST Bk Fac         CARE A1+      350    Reaffirmed
 
LONG TERM RATINGS:
-------------------
Aamor Inox Ltd                       LT / ST Bk Fac    CARE BB-;     450    -
                                                       Stable /CARE A4
(Issuer not cooperating; Based on best available information)
Aamor Inox Ltd                       LT Bk Fac         CARE BB-;     320    -
                                                       Stable;
(Issuer not cooperating; Based on best available information)
Ace Footmark Pvt Ltd                 LT/ ST Bk Fac     CARE C;       20     -
                                                       Stable/CARE A4
(Issuer not cooperating; Revised from CARE B+; Stable/ CARE A4)
Ace Footmark Pvt Ltd                 LT Bk Fac         CARE C;Stable 185.8  -
(Issuer not cooperating; Revised from CARE B+;)
Anjali Enterprises                   LT Bk Fac         CARE C;Stable 60     -
(Issuer Not Cooperating; Revised from CARE B+)
Ats Heights Pvt Ltd                  LT Instruments    CARE B-;      1650   -
                                     (Non Convertible   Negative
                                     Debentures-NCDs)
(Issuer not Cooperating; Revised from CARE BB)
Beekaylon Synthetics Pvt Ltd         LT Bk Fac         CARE A-;Stable 1540   -
(Revised from CARE A-; Positive)
Brooks Laboratories Ltd              LT Bk Fac         CARE D        274.6  -
(Revised from CARE BB-; Stable; ISSUER NOT COOPERATING)
C Eswara Reddy And Co                LT Bk Fac         CARE B;Stable 50     -
(Issuer not cooperating; Revised from CARE BB-; Stable)
C Gopal Reddy And Company            LT Bk Fac         CARE B;Stable 98     -
(Issuer not cooperating; Revised from CARE BB-; Stable)
Cavendish Industries Ltd             LT Bk Fac         CARE BBB (CE);25500  -
                                                       Negative
(Revised from CARE BBB+ (CE); Negative)
Cavendish Industries Ltd             Long/ST Bk Fac    CARE BBB (CE);4000   -
                                                       Negative /CARE
                                                       A3+ (CE)
(Revised from CARE BBB+ (CE); Negative / CARE A2 (CE))
Cheeka Rice Mill                     LT Bk Fac         CARE C        80     -
(Issuer not cooperating; Revised from CARE B;)
Dish Infra Services Pvt Ltd          LT / ST Bk Fac    -             -      Withdrawn
Dish Infra Services Pvt Ltd          LT Bk Fac         CARE B+ (CE); 10240  -
                                                       Stable
(Revised from CARE C)
Dish Infra Services Pvt Ltd          LT / ST Bk Fac    CARE B+ (CE); 3490   -
                                                       Stable /CARE
                                                       A4 (CE)
(Revised from CARE C / CARE A4)
Dish Infra Services Pvt Ltd          LT / ST Bk Fac    CARE B+ (CE); 2988.8 -
                                                       Stable /CARE
                                                       A4 (CE)
(Revised from CARE C / CARE A4)
Gati Infrastructure Pvt Ltd          LT Bk Fac         CARE D        2292.3 -
(Issuer not cooperating; Based on best available information)
Globalite Industries Pvt Ltd         LT Bk Fac         CARE C; Stable 126   -
(Issuer not cooperating; Revised from CARE B; Stable;)
Globalite Industries Pvt Ltd         LT/ ST Bk Fac     CARE C;       6      -
                                                       Stable/CARE A4
(Issuer not cooperating; Revised from CARE B; Stable/ CARE A4)
Godawari Green Energy Ltd            LT Bk Fac – TL    CARE BBB;     3876.7 Reaffirmed
                                                       Stable
Godawari Green Energy Ltd            LT Bk Fac – Fund  CARE BBB;     70     Reaffirmed
                                     Based             Stable
Hemodiaz Life Sciences Pvt Ltd       LT Bk Fac         CARE B-;      34     -
                                                       Stable;
(Issuer not cooperating; Revised from CARE B+;)
Indian Bank                          Proposed          CARE AA+      20000  -
                                     Additional Tier I
                                     Perpetual Bonds (Basel III)@
(@CARE has rated the aforesaid Basel III Compliant Tier-I Perpetual Bonds after taking into
consideration its key features as below:
 The bank has full discretion at all times to cancel coupon payments.
 The coupon is to be paid out of current year profits. However, if the current year’s profits
are not sufficient, coupon payment may be paid subject to availability of sufficient revenue
reserves and/or credit balance in profit and loss account provided the bank meets the minimum
regulatory requirements for Common Equity Tier I [CET I], Tier I and Total Capital Ratios at all
times and subject to the requirements of capital buffer frameworks as prescribed by the Reserve
Bank of India      .
 The instrument may be written-down upon CET I breaching the pre-specified trigger of 5.5%
before March 31, 2019, and 6.125%, on and after September 30, 2020, or written-off / converted
into common equity shares on occurrence of trigger event called point of non-viability (PONV).
The PONV trigger shall be determined by RBI.
 Any delay in the payment of interest/principal (as the case may be) due to invocation of any
of the features mentioned above 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 the conventional subordinated debt instruments.) 
Indian Bank                          Proposed Tier II  CARE AAA      20000  -
                                     Bonds (Basel III)#
(#Tier II Bonds under Basel III are characterized by a ‘Point of Non-Viability’ (PONV) trigger
due to which the investor may suffer a loss of principal. PONV will be determined by the Reserve
Bank of India (RBI) and is a point at which the bank may no longer remain a going concern on its
own unless appropriate measures are taken to revive its operations and thus, enable it to
continue as a going concern. In addition, the difficulties faced by a bank should be such that
these are likely to result in financial losses and raising the Common Equity Tier I capital of
the bank should be considered as the most appropriate way to prevent the bank from turning
non-viable) 
Irb Infrastructure Developers Ltd    LT NCDs (NCDs)    CARE A+; Stable 2000 Assigned
Irep Credit Capital Pvt Ltd          LT Bk Fac         CARE BBB;     650    Reaffirmed
                                                       Negative
(Outlook revised from Stable )
Irep Credit Capital Pvt Ltd          NCDs              CARE BBB;     350    Reaffirmed
                                                       Negative
(Outlook revised from Stable )
J.B. Gold Pvt Ltd                    Bk FacFund Based -CARE D        90     -
                                     LT – Bk Overdraft
(Issuer not cooperating; Based on best available information)
Jk Tornel S.A De C.V.                LT Bk Fac         CARE BBB;     3620   -
                                                       Negative
(Revised from CARE BBB+; Negative)
Jk Tyre & Industries Ltd             Long/ ST          CARE A- (FD); 1400   -
                                     instruments-Fixed Negative/CARE
                                     Deposit programme A2+ (FD)
(Revised from CARE A (FD); Negative/ CARE A1 (FD))
Jk Tyre & Industries Ltd             LT Bk Fac         CARE A-;      36589.8-
                                                       Negative
(Revised from CARE A; Negative)
Jk Tyre & Industries Ltd             LT / ST Bk Fac    CARE A-;      2800   -
                                                       Negative /CARE
                                                       A2+
(Revised from CARE A; Negative / CARE A1)
Kalsi Brothers                       LT Bk Fac         CARE B+; Stable 140  Reaffirmed
Kpc Flexi Tubes                      LT Bk Fac         CARE B-;      22     -
(Issuer not cooperating; Revised from CARE B)
Kuber Casting Pvt Ltd                LT Bk Fac         CARE B        35     -
(Issuer not cooperating; Revised from CARE B+)
Kuber Casting Pvt Ltd                LT Bk Fac/ ST Bk  CARE B/CARE A4 15     -
                                     Fac
(Issuer not cooperating; Revised from CARE B+/ CARE A4)
Lalchnd Gem & Jeweller Pvt Ltd       LT Bk Fac         CARE BBB-;    310    Assigned
                                                       Stable
Manaksia Aluminium Co. Ltd           LT Bk Fac (TL)    CARE BBB-;    150    -
                                                       Stable;
(Issuer Not Cooperating; Revised from CARE BBB; Stable)
Manaksia Aluminium Co. Ltd           LT Bk Fac (Fund   CARE BBB-;    450    -
                                     Based)            Stable;
(Issuer Not Cooperating; Revised from CARE BBB; Stable)
National Cooperative Development     LT – TBs          CARE AA;Stable 5000   Reaffirmed
Corporation
National Cooperative Development     LT - TBs          CARE AA;Stable 5000   Reaffirmed
Corporation
National Cooperative Development     Bk Fac -LT/ ST    CARE AA;      300000 Reaffirmed
Corporation                                            Stable/CARE A1+
Orient Cement Ltd                    LT Bk Fac         CARE AA-;     11752.4Reaffirmed
                                                       Stable
Orient Cement Ltd                    LT Bk Fac (CC)    CARE AA-;     1000   Assigned
                                                       Stable
Prem Cables Pvt Ltd                  LT Bk Fac         -             -      -
(Reaffirmed at CARE BBB+; Stable; ISSUER NOT COOPERATING and Withdrawn)
Prem Cables Pvt Ltd                  LT/ST Bk Fac      -             -      -
(Reaffirmed at CARE BBB+; Stable / CARE A2+; ISSUER NOT COOPERATING and Withdrawn)
Rohan Builders (India) Pvt Ltd       LT Bk Fac-FBLed   CARE BBB+;    300    Reaffirmed
                                                       Stable
Roshni Jewellers Pvt Ltd             Bk Fac Fund Based CARE D        90     -
                                     - LT - CC
(Issuer not cooperating; Based on best available information)
Shree Ganesh Education And Welfare   LT Bk Fac         CARE D        70     -
Society
(Issuer not cooperating; Based on best available information)
Srei Equipment Finance Ltd           CP Issue*         -             -      Withdrawn
(*Carved out of the sanctioned working capital limits of the company)
St. John’S Education Trust           Proposed LT Bk Fac CARE BB; Stable 120  -
(Issuer not co-operating; Based on best available information)
St. John’S Rajakumar Education And   Proposed LT Bk Fac CARE BB; Stable 730  -
Research Trust
(Issuer not co-operating; Based on best available information)
Sujala Pipes Pvt Ltd                 LT Bk Fac         CARE D        318    -
(Issuer not cooperating; Based on best available information)
Tamilnadu Petroproducts Ltd          LT Bk             CARE A-;Stable 560    Assigned
Tamilnadu Petroproducts Ltd          Long/ST Bk Fac    CARE A-;      630    Assigned
                                                       Stable/CARE A2+
The Sandesh Ltd                      LT Bk Fac         CARE AA;Stable 600    Reaffirmed
Timex Art Décor Pvt Ltd              LT Bk Fac         -             -      Withdrawn
Vasu Metplast Pvt Ltd                LT Bk Fac         CARE B-;Stable 70     -
(Issuer Not Cooperating; Revised from CARE B+;)
Vatika Seven Elements Pvt Ltd        LT Bk Fac         CARE B;Stable 2250   -
(Issuer not cooperating; Based on best available information)
Vinayak Tmt Bars Pvt Ltd             LT Bk Fac         CARE BB+;     317.3  -
                                                       Stable
(Issuer not cooperating; Revised from CARE BBB-; Stable;)
Vinayak Tmt Bars Pvt Ltd             LT / ST Bk Fac    CARE BB+;     50     -
                                                       Stable /CARE
                                                       A4+;
(Issuer not cooperating; Revised from CARE BBB-; Stable / CARE A3;)
Vintage Home Fashions                LT Bk Fac         CARE D        57.5   -
(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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