January 1, 2018 / 10:04 AM / 19 days ago

CARE ratings for Indian debt instruments-Jan 1

    Jan 1 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE)
for local debt instruments as of December 29, 2017.


COMPANY                               INSTRUMENT         RATING        AMOUNT   MOVEMENT
                                                                       (RS.MLN)
-------                               ----------         ------        -------  ---------
SHORT TERM RATINGS:
-------------------
A.C. Brothers                         ST Bk Fac          CARE A3        67.7    Reaffirmed
Athani Sugars Ltd                     ST Bk Fac          -              -       Withdrawn
Adhunik Niryat Ispat Ltd              ST Bk Fac          CARE A4+       195     Upgraded from
                                                                                CARE A4
(enhanced from 14.50 Crore)

Alpha Foam Ltd                        ST Bk Fac          CARE A3+       16      Reaffirmed
Apollo Logisolutions Ltd              ST Fac             CARE A3        80      Revised from
                                                                                CARE A3+
(reduced from Rs.20 crore)
Automobile Corporation Of Goa Ltd     ST Bk Fac          CARE A1+       30      Reaffirmed
Bscpl Infrastructure Ltd              ST Bk Fac          CARE D         800     Revised from
                                                                                CARE A4
Balasore Alloys Ltd                   ST Bk Fac          CARE A3/Credit 953     -
                                                         watch with
                                                         negative implications
Bajaj Electricals Ltd                 CP                 CARE A1+       5000    Assigned
(Rs. 500 crore only Crore)
Basu And Co. Road Contractors Pvt. LtdST Bk Fac          CARE A4+       110     ISSUER NOT
                                                                                COOPERATING
Chemical Process Piping Pvt Ltd       ST Non Fund        CARE A2        650     Reaffirmed
                                      BasedBk Fac
(enhanced from 46.00 Crore)
Eastern Hatcheries Pvt Ltd            ST Bk Fac          -              -       Withdrawn
Edible Products India Ltd             ST Bk Fac          CARE A4+       25      Assigned
Energy Efficiency Services Ltd        ST Bk Fac – TL     CARE A1+       5100    Reaffirmed
Forward Alloys & Castings             ST Bk Fac          CARE A4        25      Assigned
Genus Innovation Ltd                  LT/ST Bk Fac       CARE A3        1246    Reaffirmed
(enhanced from 32.00 Crore)
Gmmco Ltd                             CP issue (Carved   CARE A1+       2000    Reaffirmed
                                      out)
H.K. Designs                          ST Bk Fac          CARE A2+       38.7    Reaffirm
Hari Krishna Exports Pvt Ltd          Non-FB- ST         CARE A2+       459.9   Reaffirm
Honour Labs Ltd                       ST Bk Fac          CARE A2        1450    Revised from
                                                                                CARE A3+
Independent News Services Pvt Ltd     ST Bk Fac          CARE A1+       10      Revised from
                                                                                CARE A1
Jai Maa Sharda Agro & Rice Mills Pvt  ST Bk Fac          CARE A4        5       ISSUER NOT
Ltd.                                                                            COOPERATING
Ju Agri Sciences Pvt Ltd              ST Bk Fac          CARE A3+       500     Reaffirmed
(enhanced from 30 Crore)
K. D. Infraengicon Pvt Ltd            ST Bk Fac          CARE A4        40      Assigned
Kailash Shipping Services Pvt Ltd     ST Fac             CARE A3        50      Revised from
                                                                                CARE A3+
(reduced from Rs.15 Crore)
Karni Communications Pvt Ltd          ST Fac             CARE A4        15      Assigned
Kishan Agro Product                   ST Bk Fac          CARE A4        2.3     Reaffirmed
Krishna Siddegowda                    ST Bk Fac          CARE A4        100     Assigned
Lalwani Ferro Alloys Ltd              ST Bk Fac          CARE A3+       1101    Assigned
Madhuram Construction Company         STBk Fac           CARE A4+       115     Revised from
                                                                                CARE A3
Mangalam Cement Ltd                   CP (CP) issue^     CARE A1+       750     Reaffirmed
(Enhanced from 50.00 Crore) ; 
^ Carved out of the sanctioned fund based working capital limits of the company.
Mansi International Pvt Ltd           ST Bk Fac          CARE A4        35      Reaffirmed
                                                                                CARE A4 from
                                                                                Issuer Not
                                                                                Cooperating
Model Exims                           ST Bk Fac          CARE A3+       40      Reaffirmed
Msrm Organics Pvt Ltd                 ST Bk Fac          CARE A4        15      Assigned
Munish Forge Pvt Ltd                  ST Bk Fac          CARE A4+       200     Reaffirmed
Muthoot Homefin (India) Ltd           CP                 CARE A1+       3000    Assigned
Narayani Coke Pvt Ltd                 ST Bk Fac          CARE A3        563     Assigned
Nirman Engicons Pvt Ltd               ST Bk Fac          CARE A4        30      -
ISSUER NOT COOPERATING
Raminfo Ltd                           ST Bk Fac          CARE A4        150     Assigned
Salasar Techno Engineering Ltd        ST Bk Fac          CARE A2        750     Revised from
                                                                                CARE A3+
(Enhanced from 60.00 Crore)
Sharp Ferro Alloys Ltd                ST Bk Fac          CARE A3        402.5   Revised from
                                                                                CARE A4
Shree Tatyasaheb Kore Warana Sahakari ST Bk Fac          CARE A4        1533.6  -
Sakhar Karkhana Ltd
ISSUER NOT COOPERATING
South Asia Lpg Company Pvt Ltd        ST Bk Fac          CARE A1+       40      Reaffirmed
Sri Jagannatha Spinners Pvt Ltd       ST Bk Fac          CARE A3        56      Reaffirmed
Supertron Electronics Pvt. Ltd        ST Bk Fac          CARE A2+       1960    Reaffirmed
(enhanced from 166 CRORE)
Swiss Garnier Genexiaa Sciences       ST Bk Fac          CARE A4+       10      Reaffirmed
Tata Global Beverages Ltd             Proposed CP^       CARE A1+       7150    Assigned
^ Total borrowing under CP and fund based facilities from banks to remain within
 an overall limit of Rs. 715 crore.
Tech Connect Services Pvt Ltd         ST Bk Fac          CARE A4        20      -
ISSUER NOT COOPERATING
Venkateshwara Hatcheries Pvt Ltd      ST Bk Fac          CARE A2        597.5   Revised from
                                                                                CARE A3+
(enhanced from Rs.43.75 Crore)
Venky’S India Ltd                     ST Bk Fac          CARE A2        525     Revised from
                                                                                CARE A3+

LONG TERM RATINGS:
-------------------
A.C. Brothers                         LT Bk Fac          CARE BBB-      107.3   Reaffirmed
(Enhanced from 0.73 Crore)
Adhunik Niryat Ispat Ltd              LT Bk Fac          CARE BB+       30      Upgraded from
                                                                                CARE BB
Alpha Foam Ltd                        LT Bk Fac          CARE BBB       344.5   Reaffirmed
Al-Sami Food Exports Pvt Ltd          LT Bk Fac          CARE BB-       10      Revised from
                                                                                CARE B+
Al-Sami Food Exports Pvt Ltd          LT/ST Bk Fac       CARE BB-/CARE  90      Revised from
                                                         A4                     CARE B+/ CARE
                                                                                A4
Apollo Fiege Integrated Logistics Pvt LT Fac             CARE BBB- (SO) 250     Revised from
Ltd                                                                             CARE BBB (SO);
Apollo Logisolutions Ltd              LT Fac             CARE BBB-      695     Revised from
                                                                                CARE BBB
(reduced from Rs.197.58 crore)
Arjav Diamonds (India) Pvt Ltd        LT / ST Bk Fac     -              -       Revised from
                                                                                CARE BBB+
Arjav Diamonds (India) Pvt Ltd        LT / ST Bk Fac     CARE BBB-      2430    Revised from
                                                                                CARE BBB+
Athani Sugars Ltd                     LT Bk Fac          -              -       Withdrawn
Automobile Corporation Of Goa Ltd     LT Bk Fac          CARE AA        100     Reaffirmed
Avanse Financial Services Ltd         Sub debt           CARE AA (SO)*  750     Reaffirmed
*The ratings are based on credit enhancement in the form of a Letter of Comfort 
issued by DHFL, rated CARE AAA; Stable, in favour of AFSL s lenders/investor
Bala Industries And Entertainment Pvt LT Bk Fac          CARE BBB+ (SO) 50      Revised from
Ltd                                                                             CARE BBB (SO);
Balasore Alloys Ltd                   LT Bk Fac          CARE           900     Placed on
                                                         BBB-/Credit            credit watch
                                                         watch with negative impwith negative
                                                                                implications
Baruanagar Tea Estates Pvt Ltd        LT Bk Facility     CARE B         87.4    Assigned
Basu And Co. Road Contractors Pvt. LtdLT Bk Fac          CARE BB        57.5    ISSUER NOT
                                                                                COOPERATING
Bengal Shriram Hitech City Pvt Ltd    LT Bk Fac-Proposed ProCARE BBB    1750    Assigned
                                                         (SO)
Bharat Ispat Udyog (Prop. Impression  LT Bk Fac          CARE BB+       80      Reaffirmed
Securities Pvt Ltd)
Blue Star Diamonds Pvt Ltd            LT / ST Bk Fac     CARE BB+       4296    Revised from
                                                                                CARE BBB+
Blue Star Diamonds Pvt Ltd            LT / ST Bk Fac     CARE BB+       -       Revised from
                                                                                CARE BBB+
Bscpl Infrastructure Ltd              LT Bk Fac          CARE D         8724.9  Revised from
                                                                                CARE BB-
Bscpl Infrastructure Ltd              LT/ST Bk Fac       CARE D         26115.8 Revised from
                                                                                CARE BB-/CARE
                                                                                A4
Chatterjee Cleaning Arts Services Pvt LT Bk Fac          CARE BB-       94      Assigned
Ltd
Chemical Process Piping Pvt Ltd       LT Fund Based Bk   -              -       Withdrawn
                                      Fac
Chemical Process Piping Pvt Ltd       LT Fund Based Bk   CARE BBB+      120     Reaffirmed
                                      Fac
(enhanced from 8.00 Crore)
Eastern Hatcheries Pvt Ltd            LT Bk Fac          -              -       Withdrawn
Eastern Hatcheries Pvt Ltd            LT/ST Bk Fac       -              -       Withdrawn
Edible Products India Ltd             LT Bk Fac          CARE BB        101.7   Assigned
Energy Efficiency Services Ltd        NCD issue (NCD –I) CARE AA        5000    Reaffirmed
Energy Efficiency Services Ltd        NCD issue (NCD –   CARE AA        4500    Reaffirmed
                                      II)
Energy Efficiency Services Ltd        NCD issue (NCD –   CARE AA        5000    Assigned
                                      III)
Energy Efficiency Services Ltd        LT/ ST Bk Fac      CARE AA/CARE   4900    Reaffirmed
                                                         A1+
Forward Alloys & Castings             LT Bk Fac          CARE BB-       33.8    Assigned
Forward Alloys & Castings             Long / ST Bk Fac   CARE BB-/CARE  40      Assigned
                                                         A4
Gemini Cv Trust Ii Dec 2017           Credit             Equivalent to  201     -
                                      Collateral-Second  ProCARE A -
                                      Loss Facility      (SO)
Gemini Cv Trust Ii Dec 2017           Series A PTC       ProCARE AAA    2871.4  Assigned
                                                         (SO)
Gemini Cv Trust Ii Dec 2017           Credit             Unrated        172.3   -
                                      Collateral-First
                                      Loss Facility
General Trading Corporation           LT Bk Fac          CARE BB        140     Reaffirmed
(Enhanced from Rs.10.00 crore)
General Trading Corporation           LT/ST Bk Fac       CARE BB/CARE   80      Reaffirmed
                                                         A4
Genus Innovation Ltd                  LT Bk Fac          CARE BBB-      442     Reaffirmed
(reduced from 50.26 Crore)
Gmmco Ltd                             Proposed NCD       -              -       Withdrawn
Gmmco Ltd                             LT Bk Fac          CARE AA        6631.2  Reaffirmed
(reduced from Rs.683.22 Crore)
Gmmco Ltd                             Long/ ST Bk Fac    CARE AA/CARE   5250    Reaffirmed
                                                         A1+
(enhanced from Rs.500 Crore)
Gowthami Spintex India Ltd            LT Bk Fac          CARE BB-       180     Assigned
Greenesol Power Systems Pvt Ltd       LT Bk Fac          CARE BB        40      Reaffirmed
(reduced from Rs.11.00 Crore)
Greenesol Power Systems Pvt Ltd       LT/ST Bk Fac       CARE BB/CARE   310     Reaffirmed
                                                         A4
(reduced from Rs. 64.00 Crore)
H.K. Designs                          LT /ST Bk Fac      CARE A/CARE A2+1036.3  Reaffirm
Hari Krishna Exports Pvt Ltd          Fund Based TL- LT  CARE A         11.3    Reaffirm
Hari Krishna Exports Pvt Ltd          FB- LT             CARE A         16809   Reaffirm
Honour Labs Ltd                       LT Bk Fac          CARE A-        4044.7  Revised from
                                                                                CARE BBB+
(reduced from 421.89 Crore)
Independent News Services Pvt Ltd     LT Bk Fac          CARE A+        180     Revised from
                                                                                CARE A
India Tv Interactive Media P Ltd      LT Bk Fac          CARE BBB+      270     Reaffirmed
Indo Brine Industries Ltd             LT Bk Fac          CARE BB-       150     Revised from
                                                                                CARE B+
Jai Maa Sharda Agro & Rice Mills Pvt  LT Bk Fac          CARE BB-       47.5    ISSUER NOT
Ltd.                                                                            COOPERATING
Ju Agri Sciences Pvt Ltd              LT Bk Fac          CARE BBB+      400     Reaffirmed
(enhanced from 15 Crore)
Juhi Alloys Ltd                       LT Bk Fac          CARE BB+       200     Revised from
                                                                                CARE B+
K. D. Infraengicon Pvt Ltd            LT Bk Fac          CARE B+        42.5    Assigned
Kailash Shipping Services Pvt Ltd     LT Fac             CARE BBB-      182.9   Revised from
                                                                                CARE BBB
(reduced from Rs.19.22 Crore)
Karni Communications Pvt Ltd          LT Fac             CARE BB-       45      Assigned
Karni Communications Pvt Ltd          LT/ST Bk Fac       CARE BB-/CARE  40      Assigned
                                                         A4
Kishan Agro Product                   LT Bk Fac          CARE BB-       67.2    Reaffirmed
(Reduced from 6.93 Crore)
Kissan Hatcheries Pvt Ltd             LT Bk Fac          CARE B+        155     Reaffirmed
(reduced from 16 Crore)
Konkan Railway Corporation Ltd        Redeemable Bonds   CARE AA+       2500    Reaffirmed
                                      -17-I
Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA (SO)  1700    Reaffirmed
                                      16-I
* The Ministry of Railways (MoR), Government of India(GoI), has issued a 
‘Letter of Comfort’ for these bond issue and it has undertaken to make
 funds available to the company, if required, to ensure timely repayment 
 of principal and interest thereon 
Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA (SO)  1200    Reaffirmed
                                      16-II
* The Ministry of Railways (MoR), Government of India(GoI), has issued a 
‘Letter of Comfort’ for these bond issue and it has undertaken to make
 funds available to the company, if required, to ensure timely repayment 
 of principal and interest thereon 
Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA (SO)  1100    Reaffirmed
                                      16-III
* The Ministry of Railways (MoR), Government of India(GoI), has issued a 
‘Letter of Comfort’ for these bond issue and it has undertaken to make
 funds available to the company, if required, to ensure timely repayment 
 of principal and interest thereon 
Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA (SO)  5000    Reaffirmed
                                      16-IV
* The Ministry of Railways (MoR), Government of India(GoI), has issued a 
‘Letter of Comfort’ for these bond issue and it has undertaken to make
 funds available to the company, if required, to ensure timely repayment 
 of principal and interest thereon 
Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA (SO)  2500    Reaffirmed
                                      17-II
* The Ministry of Railways (MoR), Government of India(GoI), has issued a 
‘Letter of Comfort’ for these bond issue and it has undertaken to make
 funds available to the company, if required, to ensure timely repayment 
 of principal and interest thereon 
Konkan Railway Corporation Ltd        Redeemable Bonds*  CARE AAA (SO)  3000    Reaffirmed
                                      17-II
* The Ministry of Railways (MoR), Government of India(GoI), has issued a 
‘Letter of Comfort’ for these bond issue and it has undertaken to make
 funds available to the company, if required, to ensure timely repayment 
 of principal and interest thereon 
Konkan Railway Corporation Ltd        Redeemable Bonds   Withdrawal     -       Withdrawal
                                      15B
Krishna Siddegowda                    LT Bk Fac          CARE BB-       30      Assigned
Kumar Agro Products Pvt Ltd           NCD issue @        CARE B+ (SO)   800     Revised from
                                                                                Pro CARE BB-
                                                                                , Stable;
                                                                                final 
                                                                                rating 
                                                                                assigned*
* CARE has assigned final rating subsequent to the receipt of the duly executed 
debenture trust deed and adherence to the structured payment mechanism.;
@The above rating is based on the strength of the proposed transaction 
structure which stipulates a structured payment mechanism wherein, the 
cashflows from the project will be utilized as per the stipulated waterfall 
mechanism mentioned below.
Waterfall mechanism:
a. Construction expense
b. Indirect taxes on the goods procured and/or services availed for the project
c. Marketing expenses and other sales and related expenditure
d. The remaining, if any, will be distributed to the promoters and the lender in
   the ratio of 50% each
 -Further, the cash being distributed to the lender will be apportioned 
  in the following sequence:
i. Interest payment
ii. Principal payment
iii. Premium on redemption
e. Admin fees 
Lalwani Ferro Alloys Ltd              LT Bk Fac          CARE BBB       670     Assigned
Madhuram Construction Company         LTBk Fac           CARE BB+       55      Revised from
                                                                                CARE BBB-
Mahajyoti Fibers Pvt Ltd              LT Bk Fac          CARE D         74.5    -
ISSUER NOT COOPERATING
Mangalam Cement Ltd                   LT Bk Fac          CARE AA-       4682.8  Reaffirmed
(enhanced from 458.30 Crore)
Mangalam Cement Ltd                   Long/Short Term    CARE AA-/CARE  1250    Reaffirmed
                                      Bk Fac             A1+
Mansi International Pvt Ltd           LT Bk Fac          CARE BB-       65      Reaffirmed
                                                                                CARE BB- from
                                                                                Issuer Not 
                                                                                Cooperating
Model Exims                           LT/ ST Bk Fac      CARE BBB/CARE  450     Reaffirmed
                                                         A3+
Model Exims India Pvt Ltd             LT/ ST Bk Fac      CARE BBB/CARE  180     Reaffirmed
                                                         A3+
Msrm Organics Pvt Ltd                 LT Bk Fac          CARE B         75      Assigned
Munish Forge Pvt Ltd                  LT Bk Fac          CARE BB+       300     Reaffirmed
Namdev Finvest Pvt. Ltd.              LT Bk Fac          CARE BB        130     Assigned
Narayani Coke Pvt Ltd                 LT Bk Fac          CARE BBB-      43.5    Assigned
Narayani Coke Pvt Ltd                 Long/ ST Bk Fac    CARE BBB-      60      Assigned
                                                         /CARE A3
Nirman Engicons Pvt Ltd               LT Bk Fac          CARE BB-       70      -
ISSUER NOT COOPERATING
Nspr Kp Road Projects Pvt Ltd         LT Bk Fac          CARE BBB+      402     Reaffirmed
(Reduced from 43.40 Crore)
Oriental Hotels Ltd                   LT Bk Fac          CARE A+        855     Reaffirmed
Oriental Hotels Ltd                   NCD issue          CARE A+        2000    Reaffirmed
P. R. Packagings Ltd                  LT Bk Fac          CARE BB        150     Reaffirmed
Parmeshwari Tea Company               LT Bk Fac          CARE BB-       65.5    Reaffirmed
(reduced from 7.41 Crore)
Rajeshree Cotex                       LT Bk Fac          CARE BB-       100     Reaffirmed
Rajeshree Cotex                       LT/ST Bk Fac       CARE BB-/CARE  180     Reaffirmed
                                                         A4
Rajeshree Fibers                      LT Bk Fac          CARE B+        80      Revised from
                                                                                CARE BB-
Rajeshree Industries India Pvt Ltd    LT Bk Fac          CARE BB-       200     Reaffirmed
                                                                                with outlook
                                                                                revised from 
                                                                                Stable to 
                                                                                Negative
Rama Cotspin Pvt Ltd                  LT Bk Fac          CARE BB+       150     Revised from
                                                                                CARE BB
Raminfo Ltd                           LT Bk Fac          CARE BB        40      Assigned
Reliance Financial Ltd                NCDs*              CARE AA (SO)   500     Reaffirmed
*The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’
  issued by Reliance Capital Ltd. (RCL), rated ‘CARE AA+ (credit watch with
  developing implications)’, in favor of RFL’s debt instruments. 
Reliance Financial Ltd                Market Linked      CARE PP-MLD AA 3500    Reaffirmed
                                      Debentures*        (SO)
*The ratings are based on credit enhancement in the form of a ‘Letter of Comfort’
  issued by Reliance Capital Ltd. (RCL), rated ‘CARE AA+ (credit watch with
  developing implications)’, in favor of RFL’s debt instruments. 
Rjp Infrastructure Pvt Ltd            LT Bk Fac          CARE BBB       50      Reaffirmed
                                                                                with change
                                                                                in outlook 
                                                                                from stable
Rjp Infrastructure Pvt Ltd            LT/ST Bk Fac       CARE BBB/CARE  550     Reaffirmed
                                                         A3+                    with change
                                                                                in outlook
                                                                                from stable
Rk Trade Vision Pvt Ltd               LT Bk Fac          CARE B         80      -
ISSUER NOT COOPERATING
Salasar Techno Engineering Ltd        LT Bk Fac          CARE BBB+      900     Revised from
                                                                                CARE BBB
(Enhanced from 40.00 Crore)
Sharp Ferro Alloys Ltd                LT Bk Fac          CARE BBB-      399.4   Revised from
                                                                                CARE BB
(reduced from 43.57 Crore)
Shiva Satya Hotels Pvt Ltd            LT Bk Fac          CARE BBB-      244.6   Revised from
                                                                                CARE BB-
(reduced from Rs. 30.88 CRORE)
Shree Tatyasaheb Kore Warana Sahakari LT Bk Fac          CARE BB        950     -
Sakhar Karkhana Ltd
ISSUER NOT COOPERATING
Shree Tatyasaheb Kore Warana Sahakari LT/STBk Fac        CARE BB        4100    -
Sakhar Karkhana Ltd
ISSUER NOT COOPERATING
South Asia Lpg Company Pvt Ltd        LT Bk Fac – TL@    -              -       Withdrawn
'@CARE has withdrawn the ratings assigned to the term loan of South Asia LPG
 Company Private Limited with immediate effect, as the company has repaid the
 term loan in full and there is no amount outstanding under the term loan as on date. 
South Asia Lpg Company Pvt Ltd        LT Bk Fac –        CARE AAA       40      Revised from
                                      Working Capital                           CARE AA+
Sri Jagannatha Spinners Pvt Ltd       LT Bk Fac          CARE BBB-      243.4   Reaffirmed
(enhanced from 23.77 Crore)
Suman Vinimay Pvt Ltd                 LT Bk Fac – TL     -              -       Withdrawn
Suman Vinimay Pvt Ltd                 LT Bk Fac – CC     CARE BB        320     Reaffirmed
Removed from Issuer not cooperating
Supertron Electronics Pvt. Ltd        LT Bk Fac          CARE A-        3200    Reaffirmed
(enhanced from 115 Crore)
Suzlon Energy Ltd                     Long term / ST     CARE A+        13000   Reaffirmed,
                                      Bk Fac             (SO)/CARE A1+          Final Rating
                                                         (SO)                   Assigned
*Backed by credit enhancement in the form of unconditional and irrevocable
 corporate guarantee by Lakshdeep Investments & Finance Pvt. Ltd. (LIFPL, guarantor)
Swiss Garnier Genexiaa Sciences       LT Bk Fac          CARE BB+       1298.1  Revised from
                                                                                CARE BB+
(enhanced from 114 Crore)
Tech Connect Services Pvt Ltd         LT Bk Fac          CARE BB        80      -
ISSUER NOT COOPERATING
Truba Education Society               LT Bk Fac          CARE BB-       300     Revised from
                                                                                CARE B+,
                                                                                stable
Tuf Commodities Dmcc                  Long/ ST Bk Fac*   CARE BBB-      227.5   Assigned
                                                         (SO)/CARE A3
                                                         (SO)
*backed by unconditional & irrevocable corporate guarantee provided by TUF
 Metallurgical Private Limited (TMPL; rated CARE BBB-; Stable/ CARE A3 )
Tuf Metallurgical Pvt Ltd             LT/ ST Bk Fac      CARE BBB-/CARE 600     Reaffirmed
                                                         A3
Unity Jewels                          Fund Based - LT    CARE A         470     Reaffirm
Venkateshwara Hatcheries Pvt Ltd      LT Bk Fac          CARE BBB+      5078.6  Revised from
                                                                                CARE BBB
(enhanced from Rs.187.41 Crore)
Venkateshwara Hatcheries Pvt Ltd      LT/STBk Fac        CARE BBB+/CARE 3216.2  Revised from
                                                         A2                     CARE BBB
(reduced from 707.48 Crore)
Venky’S India Ltd                     LT Bk Fac          CARE BBB+      2352.5  Revised from
                                                                                CARE BBB
(reduced from 303.22 Crore)
Venky’S India Ltd                     LT/STBk Fac        CARE BBB+/CARE 3350    Revised from
                                                         A2                     CARE BBB
(reduced from 400 Crore)
--------------------------------------------------------------------------------------------
$: 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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